Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Current Period Unaudited)

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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Jul. 02, 2023
Apr. 02, 2023
Current assets:    
Cash and cash equivalents $ 765 $ 1,742
Accounts receivable (net of allowances of $2,095 at July 2, 2023 and $1,474 at April 2, 2023):    
Due from factor 11,467 20,740
Other 4,325 2,068
Inventories 37,723 34,211
Prepaid expenses 1,413 1,614
Total current assets 55,693 60,375
Operating lease right of use assets 16,521 17,305
Property, plant and equipment - at cost:    
Vehicles 182 182
Leasehold improvements 473 473
Machinery and equipment 4,627 4,333
Furniture and fixtures 477 408
Property, plant and equipment - gross 5,759 5,396
Less accumulated depreciation 3,894 3,677
Property, plant and equipment - net 1,865 1,719
Finite-lived intangible assets - at cost:    
Customer relationships 8,174 8,174
Other finite-lived intangible assets 4,766 4,766
Finite-lived intangible assets - gross 12,940 12,940
Less accumulated amortization 9,613 9,467
Finite-lived intangible assets - net 3,327 3,473
Goodwill 7,919 7,912
Other 188 188
Total Assets 85,513 90,972
Current liabilities:    
Accounts payable 9,194 7,548
Accrued wages and benefits 1,073 1,087
Accrued royalties 281 614
Dividends payable 821 815
Operating lease liabilities, current 3,034 2,427
Other accrued liabilities 702 566
Total current liabilities 15,105 13,057
Non-current liabilities:    
Long-term debt 6,509 12,674
Deferred income taxes 491 815
Operating lease liabilities, noncurrent 14,112 14,889
Reserve for unrecognized tax liabilities 337 323
Total non-current liabilities 21,449 28,701
Shareholders' equity:    
Common stock - $0.01 par value per share; Authorized 40,000,000 shares at July 2, 2023 and April 2, 2023; Issued 13,051,814 shares at July 2, 2023 and April 2, 2023 131 131
Additional paid-in capital 57,317 57,126
Treasury stock - at cost - 2,897,507 shares at July 2, 2023 and April 2, 2023 (15,821) (15,821)
Retained Earnings 7,332 7,778
Total shareholders' equity 48,959 49,214
Total Liabilities and Shareholders' Equity $ 85,513 $ 90,972