Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Apr. 01, 2012
Apr. 03, 2011
ASSETS    
Cash and cash equivalents $ 214 $ 205
Accounts receivable (net of allowances of $1,062 at April 1, 2012 and $1,395 at April 3, 2011):    
Due from factor 19,441 17,819
Other 882 834
Inventories 11,839 13,560
Prepaid expenses 2,427 2,360
Assets held for sale 275 275
Deferred income taxes   230
Total current assets 35,078 35,283
Property, plant and equipment - at cost:    
Vehicles 187 58
Leasehold improvements 217 215
Machinery and equipment 2,351 2,622
Furniture and fixtures 747 730
Property, plant and equipment - gross 3,502 3,625
Less accumulated depreciation 2,988 3,153
Property, plant and equipment - net 514 472
Finite-lived intangible assets - at cost:    
Customer relationships 5,411 5,411
Other finite-lived intangible assets 6,858 6,674
Finite-lived intangible assets - gross 12,269 12,085
Less accumulated amortization 6,297 5,290
Finite-lived intangible assets - net 5,972 6,795
Goodwill 1,126 1,126
Deferred income taxes 1,864 1,904
Other 107 122
Total Assets 44,661 45,702
LIABILITIES AND SHAREHOLDERS' EQUITY    
Accounts payable 6,092 4,763
Accrued wages and benefits 896 1,167
Accrued royalties 1,337 1,181
Dividends payable 1,160 287
Other accrued liabilities 333 621
Deferred income taxes 127  
Current maturities of long-term debt   1,952
Total current liabilities 9,945 9,971
Long-term debt   4,336
Commitments and contingencies      
Preferred stock - $0.01 par value per share; Authorized no shares at April 1, 2012 and 1,000,000 shares at April 3, 2011; No shares issued at April 1, 2012 and April 3, 2011 0 0
Common stock - $0.01 par value per share; Authorized 40,000,000 shares at April 1, 2012 and 74,000,000 shares at April 3, 2011; Issued 11,132,272 shares at April 1, 2012 and 10,830,772 shares at April 3, 2011 111 108
Additional paid-in capital 43,664 42,227
Treasury stock - at cost - 1,465,780 shares at April 1, 2012 and 1,248,162 shares at April 3, 2011 (5,391) (4,358)
Accumulated deficit (3,668) (6,582)
Total shareholders' equity 34,716 31,395
Total Liabilities and Shareholders' Equity $ 44,661 $ 45,702