Quarterly report pursuant to Section 13 or 15(d)

Note 11 - Leases

v3.22.2.2
Note 11 - Leases
3 Months Ended
Jul. 03, 2022
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]

Note 11 Leases

 

The Company made cash payments related to its recognized operating leases of $480,000 and $497,000 during the three months ended July 3, 2022 and June 27, 2021, respectively. Such payments reduced the operating lease liabilities and were included in the cash flows provided by operating activities in the accompanying unaudited condensed consolidated statements of cash flows. As of July 3, 2022, the Company’s operating leases have a weighted-average remaining lease term of 1.7 years and the weighted-average discount rate is 3.6%.

 

During the three-month periods ended July 3, 2022 and June 27, 2021, the Company classified its operating lease costs within the accompanying unaudited condensed consolidated statements of income as follows (in thousands):

 

   

Three-Month Periods Ended

 
   

July 3, 2022

   

June 27, 2021

 

Cost of products sold

  $ 401     $ 400  

Marketing and administrative expenses

    41       47  

Total operating lease costs

  $ 442     $ 447  

 

The maturities of the Company’s operating lease liabilities as of July 3, 2022 are as follows (in thousands):

 

Fiscal Year

       

2023

  $ 1,465  

2024

    550  

2025

    223  

2026

    171  

Total undiscounted operating lease payments

    2,409  

Less imputed interest

    77  

Operating lease liabilities - net

  $ 2,332