|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
|
3 Months Ended |
|
Apr. 28, 2012
|
Apr. 30, 2011
|
| Operating activities |
|
|
| Net income |
$ 2,071,000 |
$ 3,252,000 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
39,000 |
17,000 |
| Amortization of trademarks |
336,000 |
335,000 |
| Deferred income taxes |
(103,000) |
459,000 |
| Net loss on retirement of assets |
76,000 |
|
| Stock-based compensation |
231,000 |
150,000 |
| Changes in current assets and liabilities: |
|
|
| (Increase) decrease in accounts receivable |
(1,863,000) |
77,000 |
| (Increase) decrease in prepaid expenses and other assets |
(85,000) |
30,000 |
| (Increase) decrease in income taxes receivable |
(1,086,000) |
1,105,000 |
| Increase (decrease) in accounts payable |
234,000 |
(504,000) |
| Decrease in deferred revenue |
(164,000) |
|
| Decrease in accrued compensation |
(143,000) |
(4,314,000) |
| Increase in income taxes payable and other accrued liabilities |
2,141,000 |
837,000 |
| Net cash provided by operating activities |
1,684,000 |
1,444,000 |
| Investing activities |
|
|
| Purchase of property and equipment |
(104,000) |
(81,000) |
| Purchase of trademarks, registration and renewal costs |
(78,000) |
(108,000) |
| Net cash used in investing activities |
(182,000) |
(189,000) |
| Financing activities |
|
|
| Proceeds from term loan |
|
10,000,000 |
| Payment of term loan |
(124,000) |
(704,000) |
| Proceeds from exercise of stock options |
|
161,000 |
| Repurchase & retirement of common stock |
|
(7,260,000) |
| Dividends |
(1,678,000) |
(1,699,000) |
| Net cash provided by (used in) financing activities |
(1,802,000) |
498,000 |
| Increase (decrease) in cash and cash equivalents |
(300,000) |
1,753,000 |
| Cash and cash equivalents at beginning of period |
7,421,000 |
9,587,000 |
| Cash and cash equivalents at end of period |
7,121,000 |
11,340,000 |
| Cash paid during period for: |
|
|
| Income taxes |
299,000 |
94,000 |
| Declaration of dividends |
$ 1,678,000 |
$ 1,701,000 |