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