Restatement | 6 Months Ended |
Oct. 25, 2013 |
Accounting Changes And Error Corrections [Abstract] | ' |
Restatement | ' |
12. Correction of Prior Consolidated Financial Statements |
|
During the second quarter of fiscal 2014, we identified errors related to federal and state income tax receivables ($966 benefit), primarily related to worthless stock deduction calculation, deferred taxes ($3,272 benefit), primarily related to basis differences on fixed assets and deferred compensation, property plant and equipment ($15,630 benefit), accumulated depreciation ($10,438 expense) and other less significant items (individually and in the aggregate) related to sales and operating wage cut-off and accrued rent. The impact of the errors in the three prior fiscal years was not material to any of those years, however, the cumulative effect of all of the prior period errors of $10,589 benefit (as of April 26, 2013) and $9,812 benefit (as of July 26, 2013) would be material to our current year consolidated net income. We also identified an error during the first quarter of fiscal 2014 relating to prior fiscal years pertaining to overstatement of accrued interest on uncertain tax positions of $777 expense. As we disclosed previously, this error, which was originally corrected in the first quarter of fiscal 2014, was material to that period, but was not expected to be material for the fiscal year ended April 25, 2014. Consequently, we have corrected the aforementioned errors for all prior periods presented by restating the consolidated financial statements and other information included herein. Periods not presented herein will be restated as they are included in future filings. |
We have recast the consolidated financial statements to reflect the Mimi's Café operations as a discontinued operation for all periods presented below. We have also restated the financial statements for the impact of the error corrections after reflecting the impact of the discontinued operations. The as recast column is to present Mimi's Café as a discontinued operation for all periods presented. The as adjusted columns are to reflect the corrections of the previously noted errors (in thousands): |
Consolidated Balance Sheets | | 26-Jul-13 | | |
| | As Reported | | Adjustments | | As Adjusted | | |
Federal and state income taxes | | $44,372 | | $966 | | $45,338 | | |
Total Current Assets | | 129,863 | | 966 | | 130,829 | | |
Property, Plant and Equipment | | 1,506,421 | | 15,630 | | 1,522,051 | | |
Less accumulated depreciation | | 686,081 | | 10,438 | | 696,519 | | |
Net Property, Plant And Equipment | | 820,340 | | 5,192 | | 825,532 | | |
Total Assets | | 1,023,524 | | 6,158 | | 1,029,682 | | |
| | | | | | | | |
Federal and state income taxes | | 9,825 | | -382 | | 9,443 | | |
Deferred income taxes | | 41,873 | | -3,272 | | 38,601 | | |
Total Long-Term Liabilities | | 95,152 | | -3,654 | | 91,498 | | |
| | | | | | | | |
Retained Earnings | | 835,442 | | 9,812 | | 845,254 | | |
Total Stockholders' Equity | | 575,741 | | 9,812 | | 585,553 | | |
Total Liabilities and Stockholders Equity | | 1,023,524 | | 6,158 | | 1,029,682 | | |
| | | | | | | | |
| | | | | | | | |
| | 26-Apr-13 | | |
| | As reported (1) | | Adjustments | | As Adjusted | | |
Federal and state income taxes | | $62,934 | | $966 | | $63,900 | | |
Total current assets | | 146,714 | | 966 | | 147,680 | | |
Land | | 232,543 | | 15,630 | | 248,173 | | |
Less accumulated depreciation | | 665,287 | | 10,438 | | 675,725 | | |
Net Property, Plant and Equipment | | 782,023 | | 5,192 | | 787,215 | | |
Total Assets | | 1,013,837 | | 6,158 | | 1,019,995 | | |
| | | | | | | | |
Federal and state income taxes | | 10,602 | | -1,159 | | 9,443 | | |
Deferred income taxes | | 41,873 | | -3,272 | | 38,601 | | |
Total Long-Term Liabilities | | 91,822 | | -4,431 | | 87,391 | | |
| | | | | | | | |
Retained earnings | | 833,723 | | 10,589 | | 844,312 | | |
Total Stockholders' Equity | | 581,131 | | 10,589 | | 591,720 | | |
Total Liabilities and Stockholders' Equity | $ | 1,013,837 | $ | 6,158 | $ | 1,019,995 | | |
| | | | | | | | |
(1) Includes reclassification of held for sale assets to conform to the current year presentation | | |
| | 27-Apr-12 |
| | As Reported | | As Recast | | Adjustments | | As Adjusted |
Assets | | | | | | | | |
Current Assets | | | | | | | | |
Cash and cash equivalents | | $35,946 | | $32,846 | | $ - | | $32,846 |
Accounts receivable, net | | 29,850 | | 27,141 | | - | | 27,141 |
Inventories | | 23,388 | | 19,497 | | - | | 19,497 |
Deferred income taxes | | 11,738 | | 11,738 | | - | | 11,738 |
Prepaid expenses | | 2,725 | | 2,340 | | - | | 2,340 |
Current assets of discontinued operations | | - | | 10,085 | | - | | 10,085 |
Total Current Assets | | 103,647 | | 103,647 | | - | | 103,647 |
Property Plant And Equipment | | | | | | | | |
Land | | 250,408 | | 242,562 | | 15,630 | | 258,192 |
Buildings and improvements | | 946,361 | | 754,508 | | - | | 754,508 |
Machinery and equipment | | 504,586 | | 389,946 | | - | | 389,946 |
Construction in progress | | 5,111 | | 5,046 | | - | | 5,046 |
Less accumulated depreciation | | 823,171 | | 669,161 | | 10,226 | | 679,387 |
Net Property Plant And Equipment | | 883,295 | | 722,901 | | 5,404 | | 728,305 |
Other Assets | | | | | | | | |
Deposits and other | | 8,996 | | 6,593 | | - | | 6,593 |
Long-term note receivable | | 263 | | 263 | | - | | 263 |
Long-term investments | | 28,132 | | 28,132 | | - | | 28,132 |
Goodwill | | 1,567 | | 1,567 | | - | | 1,567 |
Other intangible assets | | 39,877 | | - | | - | | - |
Long-term assets of discontinued operations | | - | | 202,674 | | - | | 202,674 |
Total Other Assets | | 78,835 | | 239,229 | | - | | 239,229 |
Total Assets | | $1,065,777 | | $1,065,777 | | $5,404 | | $1,071,181 |
| | | | | | | | |
Liabilities and Stockholders' Equity | | | | | | | | |
Current Liabilities | | | | | | | | |
Current maturities of long-term debt | | $38,571 | | $38,571 | | $ - | | $38,571 |
Accounts payable | | 26,085 | | 26,095 | | 389 | | 26,484 |
Federal and state income taxes | | 12,469 | | 12,469 | | 2,796 | | 15,265 |
Accrued non-income taxes | | 21,251 | | 15,738 | | - | | 15,738 |
Accrued wages and related liabilities | | 33,505 | | 28,429 | | -718 | | 27,711 |
Self-insurance | | 26,079 | | 21,044 | | - | | 21,044 |
Deferred revenue | | 15,476 | | 12,325 | | - | | 12,325 |
Other accrued expenses | | 21,453 | | 18,212 | | - | | 18,212 |
Current liabilities of discontinued operations | | - | | 22,006 | | -621 | | 21,385 |
Total Current Liabilities | | 194,889 | | 194,889 | | 1,846 | | 196,735 |
Long-Term Liabilities | | | | | | | | |
Deferred compensation | | 30,688 | | 27,561 | | - | | 27,561 |
Federal and state income taxes | | 9,633 | | 9,633 | | -1,107 | | 8,526 |
Deferred income taxes | | 48,089 | | 48,089 | | -3,192 | | 44,897 |
Deferred rent and other | | 25,097 | | 5,415 | | - | | 5,415 |
Long-term debt | | 97,145 | | 97,145 | | - | | 97,145 |
Liabilities of discontinued operations | | - | | 22,809 | | 1,541 | | 24,350 |
Total-Long Term Liabilities | | 210,652 | | 210,652 | | -2,758 | | 207,894 |
Stockholders' Equity | | | | | | | | |
Common stock | | 426 | | 426 | | - | | 426 |
Capital in excess of par | | 202,365 | | 202,365 | | - | | 202,365 |
Retained Earnings | | 866,799 | | 866,799 | | 6,316 | | 873,115 |
Treasury Stock | | -409,354 | | -409,354 | | - | | -409,354 |
Total Stockholders' Equity | | 660,236 | | 660,236 | | 6,316 | | 666,552 |
Total Liabilities and Stockholders Equity | | $1,065,777 | | $1,065,777 | | $5,404 | | $1,071,181 |
| | | | | | | | |
Consolidated Statement of Stockholders' Equity | | | | | | | | |
| | 29-Apr-11 | | |
| | As Reported | | Adjustments | | As Adjusted | | |
| | | | | | | | |
Retained Earnings | | 822,211 | | 5,802 | | 828,013 | | |
Total Stockholders' Equity | | 667,760 | | 5,802 | | 673,562 | | |
| | | | | | | | |
| | 30-Apr-10 | | |
| | As Reported | | Adjustments | | As Adjusted | | |
| | | | | | | | |
Retained Earnings | | 791,699 | | 5,491 | | 797,190 | | |
Total Stockholders' Equity | | 641,807 | | 5,491 | | 647,298 | | |
| | | | | | | | |
Consolidated Statements of Net Income | | | | | | | | |
| For the Three Months Ended July 26, 2013 | | | | |
| As Reported | | Adjustments | As Adjusted | | | | |
Provision for income taxes | $3,002 | | $777 | $3,779 | | | | |
Income from continuing operations | 9,153 | | -777 | 8,376 | | | | |
Net income | 9,153 | | -777 | 8,376 | | | | |
| | | | | | | | |
Earnings per share - Income from continuing operations | | | | | | | | |
Basic | $0.33 | | ($0.03) | $0.30 | | | | |
Diluted | $0.33 | | ($0.03) | $0.30 | | | | |
| | | | | | | | |
Earnings per share - Net income | | | | | | | | |
Basic | $0.33 | | ($0.03) | $0.30 | | | | |
Diluted | $0.33 | | ($0.03) | $0.30 | | | | |
| | | | | | | | |
| For the Three Months Ended October 26, 2012 | | | | |
| As Reported | As Recast | Adjustments | As Adjusted | | | | |
Depreciation and amortization expense | $21,972 | $16,258 | $53 | $16,311 | | | | |
Operating income | 16,757 | 23,526 | -53 | 23,473 | | | | |
Income from continuing operations before income taxes | 15,284 | 22,053 | -53 | 22,000 | | | | |
Provision for income taxes from continuing operations | 4,942 | 7,560 | -110 | 7,450 | | | | |
Income from continuing operations | - | 14,493 | 57 | 14,550 | | | | |
Loss from discontinued operations, net of income taxes | - | -4,151 | 912 | -3,239 | | | | |
Net income | 10,342 | 10,342 | 969 | 11,311 | | | | |
| | | | | | | | |
Earnings per share - Income from continuing operations | | | | | | | | |
Basic | | $0.51 | $0.00 | $0.51 | | | | |
Diluted | | $0.51 | $0.00 | $0.51 | | | | |
| | | | | | | | |
Earnings per share - Loss from discontinued operations | | | | | | | | |
Basic | | ($0.15) | $0.03 | ($0.11) | | | | |
Diluted | | ($0.15) | $0.03 | ($0.11) | | | | |
| | | | | | | | |
Earnings per share - Net income | | | | | | | | |
Basic | $0.36 | $0.36 | $0.03 | $0.40 | | | | |
Diluted | $0.36 | $0.36 | $0.03 | $0.40 | | | | |
| | | | | | | | |
| For the Six Months Ended October 26, 2012 | | | | |
| As Reported | As Recast | Adjustments | As Adjusted | | | | |
Operating wages and fringe benefit expenses | $266,319 | $202,079 | $718 | $202,797 | | | | |
Other operating expenses | 145,218 | 103,039 | -389 | 102,650 | | | | |
Depreciation and amortization expense | 42,983 | 31,514 | 106 | 31,620 | | | | |
Operating income | 42,021 | 49,036 | -435 | 48,601 | | | | |
Income from continuing operations before income taxes | 38,492 | 45,507 | -435 | 45,072 | | | | |
Provision for income taxes from continuing operations | 13,142 | 15,986 | -687 | 15,299 | | | | |
Income from continuing operations | - | 29,521 | 252 | 29,773 | | | | |
Loss from discontinued operations, net of income taxes | - | -4,171 | 818 | -3,353 | | | | |
Net income | 25,350 | 25,350 | 1,070 | 26,420 | | | | |
| | | | | | | | |
Earnings per share - Income from continuing operations | | | | | | | | |
Basic | | $1.04 | $0.01 | $1.05 | | | | |
Diluted | | $1.04 | $0.01 | $1.05 | | | | |
| | | | | | | | |
Earnings per share - Loss from discontinued operations | | | | | | | | |
Basic | | ($0.15) | $0.03 | ($0.12) | | | | |
Diluted | | ($0.15) | $0.03 | ($0.12) | | | | |
| | | | | | | | |
Earnings per share - Net income | | | | | | | | |
Basic | $0.90 | $0.90 | $0.04 | $0.93 | | | | |
Diluted | $0.89 | $0.89 | $0.04 | $0.93 | | | | |
| | | | | | | | |
| For the Year Ended April 26, 2013 | | | | |
| As Reported | As Recast | Adjustments | As Adjusted | | | | |
Net Sales | $1,608,909 | $1,330,226 | $ - | $1,330,226 | | | | |
Cost of sales | 486,855 | 413,916 | - | 413,916 | | | | |
Operating wages and fringe benefits expenses | 512,292 | 404,395 | 718 | 405,113 | | | | |
Other operating expenses | 267,827 | 200,488 | -389 | 200,099 | | | | |
Selling, general and administrative | 180,158 | 153,083 | - | 153,083 | | | | |
Depreciation and amortization expense | 79,482 | 66,138 | 212 | 66,350 | | | | |
Impairment of assets held for sale | 68,409 | - | - | - | | | | |
Loss on Sale of Mimi's Café | 57,743 | - | - | - | | | | |
Operating (loss) income | -43,857 | 92,206 | -541 | 91,665 | | | | |
Net interest expense | 11,485 | 11,485 | | 11,485 | | | | |
(Loss) income from continuing operations before taxes | -55,342 | 80,721 | -541 | 80,180 | | | | |
(Benefit) for income taxes from continuing operations | -52,480 | -734 | -3,871 | -4,605 | | | | |
(Loss) income from continuing operations | -2,862 | 81,455 | 3,330 | 84,785 | | | | |
Loss from discontinued operations, net of income taxes | | -84,317 | 943 | -83,374 | | | | |
Net (loss) income | -2,862 | -2,862 | 4,273 | 1,411 | | | | |
| | | | | | | | |
Earnings per share - Income from continuing operations | | | | | | | | |
Basic | | $2.90 | $0.12 | $3.02 | | | | |
Diluted | | $2.88 | $0.12 | $3.00 | | | | |
| | | | | | | | |
Earnings per share - Loss from discontinued operations | | | | | | | | |
Basic | | ($3.00) | $0.03 | ($2.97) | | | | |
Diluted | | ($2.99) | $0.03 | ($2.95) | | | | |
| | | | | | | | |
Earnings per share - Net (loss) income | | | | | | | | |
Basic | ($0.10) | ($0.10) | $0.15 | $0.05 | | | | |
Diluted | ($0.10) | ($0.10) | $0.15 | $0.05 | | | | |
| | | | | | | | |
| For the Year Ended April 27, 2012 | | | | |
| As Reported | As Recast | Adjustments | As Adjusted | | | | |
Net sales | $1,654,413 | $1,288,398 | -1,188 | $1,287,210 | | | | |
Cost of sales | 509,816 | 411,735 | - | 411,735 | | | | |
Operating wages and fringe benefits expenses | 535,069 | 398,782 | -1,431 | 397,351 | | | | |
Other operating expenses | 268,799 | 187,346 | -1,655 | 185,691 | | | | |
Selling, general and administrative | 150,743 | 125,193 | - | 125,193 | | | | |
Depreciation and amortization expense | 82,112 | 58,536 | 486 | 59,022 | | | | |
Operating income | 107,874 | 106,806 | 1,412 | 108,218 | | | | |
Net interest expense | 7,884 | 7,884 | - | 7,884 | | | | |
Income from continuing operations before taxes | 99,990 | 98,922 | 1,412 | 100,334 | | | | |
Provision for income taxes from continuing operations | 27,140 | 28,372 | 1,355 | 29,727 | | | | |
Income from continuing operations | 72,850 | 70,550 | 57 | 70,607 | | | | |
Income from discontinued operations, net of income taxes | - | 2,300 | 457 | 2,757 | | | | |
Net income | 72,850 | 72,850 | 514 | 73,364 | | | | |
| | | | | | | | |
Earnings per share - Income from continuing operations | | | | | | | | |
Basic | | $2.38 | $0.00 | $2.38 | | | | |
Diluted | | $2.37 | $0.00 | $2.37 | | | | |
| | | | | | | | |
Earnings per share - Income from discontinued operations | | | | | | | | |
Basic | | $0.08 | $0.02 | $0.09 | | | | |
Diluted | | $0.08 | $0.02 | $0.09 | | | | |
| | | | | | | | |
Earnings per share - Net income | | | | | | | | |
Basic | $2.45 | $2.45 | $0.02 | $2.47 | | | | |
Diluted | $2.45 | $2.45 | $0.02 | $2.46 | | | | |
| | | | | | | | |
| For the Year Ended April 29, 2011 | | | | |
| As Reported | As Recast | Adjustments | As Adjusted | | | | |
Net sales | $1,676,906 | $1,296,639 | $67 | $1,296,706 | | | | |
Cost of sales | 509,849 | 406,213 | - | 406,213 | | | | |
Operating wages and fringe benefits expenses | 559,193 | 418,211 | -497 | 417,714 | | | | |
Other operating expenses | 270,694 | 187,397 | 680 | 188,077 | | | | |
Selling, general and administrative | 165,482 | 132,074 | - | 132,074 | | | | |
Depreciation and amortization expense | 83,148 | 58,481 | 695 | 59,176 | | | | |
Operating income | 88,540 | 94,263 | -811 | 93,452 | | | | |
Net interest expense | 8,867 | 8,867 | - | 8,867 | | | | |
Income from continuing operations before taxes | 79,673 | 85,396 | -811 | 84,585 | | | | |
Provision for income taxes from continuing operations | 25,510 | 29,141 | -1,131 | 28,010 | | | | |
Income from continuing operations | 54,163 | 56,255 | 320 | 56,575 | | | | |
Loss from discontinued operations, net of income taxes | - | -2,092 | -9 | -2,101 | | | | |
Net income | 54,163 | 54,163 | 311 | 54,474 | | | | |
| | | | | | | | |
Earnings per share - Income from continuing operations | | | | | | | | |
Basic | | $1.85 | $0.01 | $1.87 | | | | |
Diluted | | $1.85 | $0.01 | $1.86 | | | | |
| | | | | | | | |
Earnings per share - Loss from discontinued operations | | | | | | | | |
Basic | | ($0.07) | $0.00 | ($0.07) | | | | |
Diluted | | ($0.07) | $0.00 | ($0.07) | | | | |
| | | | | | | | |
Earnings per share - Net income | | | | | | | | |
Basic | $1.79 | $1.79 | $0.01 | $1.80 | | | | |
Diluted | $1.78 | $1.78 | $0.01 | $1.79 | | | | |
Consolidated Statements of Cash Flows | | | | | | | | |
| For the Three Months Ended July 26, 2013 | | | | | |
| As Reported | Adjustments | As Adjusted | | | | | |
Operating Activities: | | | | | | | | |
Net income | $9,153 | ($777) | $8,376 | | | | | |
Income from continuing operations | 9,153 | -777 | 8,376 | | | | | |
Federal and state income taxes | 17,785 | 777 | 18,562 | | | | | |
Net cash provided by operating activities | 47,965 | - | 47,965 | | | | | |
| | | | | | | | |
| For the Six Months Ended October 26, 2012 | | | | |
| As Reported | As Recast | Adjustments | As Adjusted | | | | |
Operating Activities: | | | | | | | | |
Net income | $25,350 | $25,350 | $1,070 | $26,420 | | | | |
Less loss from discontinued operations | | 4,171 | -818 | 3,353 | | | | |
Income from continuing operations | 25,350 | 29,521 | 252 | 29,773 | | | | |
Depreciation and amortization | 42,983 | 31,514 | 106 | 31,620 | | | | |
Accounts payable | -2,276 | -2,286 | -389 | -2,675 | | | | |
Federal and state income taxes | -20,701 | -20,701 | -687 | -21,388 | | | | |
Accrued wages and related liabilities | -7,393 | -6,363 | 718 | -5,645 | | | | |
Net cash provided by operating activities | 43,101 | 31,460 | - | 31,460 | | | | |
| For the Year Ended April 26, 2013 | | | | |
| As Reported | As Recast | Adjustments | As Adjusted | | | | |
Operating Activities: | | | | | | | | |
Net (loss) income | ($2,862) | ($2,862) | $4,273 | $1,411 | | | | |
Less loss from discontinued operations | - | 84,317 | -943 | 83,374 | | | | |
(Loss) income from continuing operations | -2,862 | 81,455 | 3,330 | 84,785 | | | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | |
Depreciation and amortization | 79,482 | 66,138 | 212 | 66,350 | | | | |
Loss on intangibles impairment | 39,398 | - | - | - | | | | |
Loss on disposal/impairment of fixed assets | 38,753 | 7,523 | - | 7,523 | | | | |
Gain on long-term investments | -1,277 | -1,277 | - | -1,277 | | | | |
Loss on sale of business | 57,743 | - | - | - | | | | |
Deferred compensation | 1,452 | 4,579 | - | 4,579 | | | | |
Stock compensation expense | 8,606 | 8,606 | - | 8,606 | | | | |
Deferred income taxes | -7,567 | -7,567 | -80 | -7,647 | | | | |
Deferred rent | 1,410 | 137 | - | 137 | | | | |
Changes in current assets and current liabilities: | | | | - | | | | |
Accounts receivable | -4,934 | -6,344 | - | -6,344 | | | | |
Inventories | -894 | -1,571 | - | -1,571 | | | | |
Prepaid expenses | -3,872 | -2,879 | - | -2,879 | | | | |
Accounts payable | 1,577 | -3,212 | -389 | -3,601 | | | | |
Federal and state income taxes | -74,434 | -22,688 | -3,791 | -26,479 | | | | |
Accrued wages and related liabilities | 245 | 1,790 | 718 | 2,508 | | | | |
Self-insurance | 1,467 | 28 | - | 28 | | | | |
Accrued non-income taxes | 1,074 | 608 | - | 608 | | | | |
Deferred revenue | 1,251 | 590 | - | 590 | | | | |
Other accrued expenses | 7,208 | 11,516 | - | 11,516 | | | | |
Net cash provided by operating activities | 143,826 | 137,432 | - | 137,432 | | | | |
| | | | | | | | |
Investing Activities: | | | | | | | | |
Purchase of property, plant and equipment | -124,346 | -118,200 | - | -118,200 | | | | |
Net proceeds from sale of business | 14,517 | - | - | - | | | | |
Acquisition of business | -52,285 | -52,285 | - | -52,285 | | | | |
Proceeds from sale of property, plant and equipment | 15,955 | 15,512 | - | 15,512 | | | | |
Purchase of long-term investments | -314 | -314 | - | -314 | | | | |
Deposits and other | -7 | -9 | - | -9 | | | | |
Net cash used in investing activities | -146,480 | -155,296 | - | -155,296 | | | | |
| | | | | | | | |
Financing Activities: | | | | | | | | |
Cash dividends paid | -30,214 | -30,214 | - | -30,214 | | | | |
Net increase in credit facility borrowings | 201,433 | 201,433 | - | 201,433 | | | | |
Proceeds from debt | 1,000 | 1,000 | - | 1,000 | | | | |
Principal payments on long-term debt | -135,716 | -135,716 | - | -135,716 | | | | |
Prepayment penalty on debt | -6,150 | -6,150 | - | -6,150 | | | | |
Repurchase of common stock | -63,052 | -63,052 | - | -63,052 | | | | |
Proceeds from issuance of stock awards and treasury stock | 8,642 | 8,642 | - | 8,642 | | | | |
Cash paid for shares net settled related to stock-based compensation | -2,615 | -2,615 | - | -2,615 | | | | |
Excess tax benefits from stock-based compensation | 2,390 | 2,390 | - | 2,390 | | | | |
Net cash used in financing activities | -24,282 | -24,282 | - | -24,282 | | | | |
Net cash used in continuing operations | -26,936 | -42,146 | - | -42,146 | | | | |
Net cash provided by operating activities of discontinued operations | - | 6,394 | - | 6,394 | | | | |
Net cash provided by investing activities of discontinued operations | - | 8,816 | - | 8,816 | | | | |
Net cash provided by discontinued operations | - | 15,210 | - | 15,210 | | | | |
| | | | | | | | |
Cash and equivalents at the beginning of the period | 35,946 | 35,946 | - | 35,946 | | | | |
Cash and equivalents at the end of the period | $9,010 | $9,010 | $ - | $9,010 | | | | |
| For the Year Ended April 27, 2012 | | | | |
| As Reported | As Recast | Adjustments | As Adjusted | | | | |
Operating Activities: | | | | | | | | |
Net income | 72,850 | $72,850 | $514 | $73,364 | | | | |
Less income from discontinued operations | - | -2,300 | -457 | -2,757 | | | | |
Income from continuing operations | 72,850 | 70,550 | 57 | 70,607 | | | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | |
Depreciation and amortization | 82,112 | 58,536 | 486 | 59,022 | | | | |
Loss on disposal/impairment of fixed assets | 5,331 | 2,993 | - | 2,993 | | | | |
Gain on long-term investments | -34 | -34 | - | -34 | | | | |
Deferred compensation | 1,003 | 1,333 | - | 1,333 | | | | |
Stock compensation expense | 5,610 | 5,196 | - | 5,196 | | | | |
Deferred income taxes | -5,916 | -5,916 | -185 | -6,101 | | | | |
Deferred rent | 619 | 1,063 | - | 1,063 | | | | |
Changes in current assets and current liabilities: | | | | - | | | | |
Accounts receivable | -3,807 | -2,134 | 1,188 | -946 | | | | |
Inventories | 138 | -465 | - | -465 | | | | |
Prepaid expenses | -1,279 | -1,160 | - | -1,160 | | | | |
Accounts payable | -4,333 | -4,309 | -1,655 | -5,964 | | | | |
Federal and state income taxes | -1,043 | -1,043 | 1,540 | 497 | | | | |
Accrued wages and related liabilities | -2,519 | -2,029 | -1,431 | -3,460 | | | | |
Self-insurance | 21 | -1,302 | - | -1,302 | | | | |
Accrued non-income taxes | 732 | -376 | - | -376 | | | | |
Deferred revenue | -813 | -933 | - | -933 | | | | |
Other accrued expenses | 4,013 | 2,996 | - | 2,996 | | | | |
Net cash provided by operating activities | 152,685 | 122,966 | - | 122,966 | | | | |
| | | | | | | | |
Investing Activities: | | | | | | | | |
Purchase of property, plant and equipment | -88,357 | -81,863 | - | -81,863 | | | | |
Proceeds from sale of property, plant and equipment | 19,308 | 19,301 | - | 19,301 | | | | |
Purchase of long-term investments | -469 | -469 | - | -469 | | | | |
Deposits and other | -4,305 | -3,667 | - | -3,667 | | | | |
Net cash used in investing activities | -73,823 | -66,698 | - | -66,698 | | | | |
| | | | | | | | |
Financing Activities: | | | | | | | | |
Cash dividends paid | -28,262 | -28,262 | - | -28,262 | | | | |
Debt issuance costs | -1,000 | -1,000 | - | -1,000 | | | | |
Principal payments on long-term debt | -13,571 | -13,571 | - | -13,571 | | | | |
Repurchase of common stock | -70,269 | -70,269 | - | -70,269 | | | | |
Proceeds from issuance of stock awards and treasury stock | 13,103 | 13,103 | - | 13,103 | | | | |
Cash paid for shares net settled related to stock-based compensation | -1,347 | -1,347 | - | -1,347 | | | | |
Excess tax benefits from stock-based compensation | 700 | 700 | - | 700 | | | | |
Net cash used in financing activities | -100,646 | -100,646 | - | -100,646 | | | | |
Net cash used in continuing operations | -21,784 | -44,378 | - | -44,378 | | | | |
Net cash provided by operating activities of discontinued operations | - | 29,719 | - | 29,719 | | | | |
Net cash used in investing activities of discontinued operations | - | -7,125 | - | -7,125 | | | | |
Net cash provided by discontinued operations | - | 22,594 | - | 22,594 | | | | |
Cash and equivalents at the beginning of the period | 57,730 | 57,730 | - | 57,730 | | | | |
Cash and equivalents at the end of the period | $35,946 | $35,946 | $ - | $35,946 | | | | |
| For the Year Ended April 29, 2011 | | | | |
| As Reported | As Recast | Adjustments | As Adjusted | | | | |
Operating Activities: | | | | | | | | |
Net income | $54,163 | $54,163 | $311 | $54,474 | | | | |
Less loss from discontinued operations | - | 2,092 | 9 | 2,101 | | | | |
Income from continuing operations | 54,163 | 56,255 | 320 | 56,575 | | | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | |
Depreciation and amortization | 83,148 | 58,481 | 695 | 59,176 | | | | |
Loss on disposal/impairment of fixed assets | 17,238 | 4,330 | - | 4,330 | | | | |
Gain on long-term investments | -2,364 | -2,364 | - | -2,364 | | | | |
Deferred compensation | 3,289 | 3,365 | - | 3,365 | | | | |
Stock compensation expense | 7,402 | 7,081 | - | 7,081 | | | | |
Deferred income taxes | -10,446 | -10,446 | - | -10,446 | | | | |
Deferred rent | 205 | 425 | - | 425 | | | | |
Changes in current assets and current liabilities: | | | | - | | | | |
Accounts receivable | -6,186 | -6,011 | -67 | -6,078 | | | | |
Inventories | 2,133 | 2,124 | - | 2,124 | | | | |
Prepaid expenses | 723 | 794 | - | 794 | | | | |
Accounts payable | 1,364 | 6,750 | 680 | 7,430 | | | | |
Federal and state income taxes | 4,310 | 4,310 | -1,131 | 3,179 | | | | |
Accrued wages and related liabilities | -3,521 | -3,747 | -497 | -4,244 | | | | |
Self-insurance | 1,893 | 1,767 | - | 1,767 | | | | |
Accrued non-income taxes | -566 | 92 | - | 92 | | | | |
Deferred revenue | 1,842 | 1,987 | - | 1,987 | | | | |
Other accrued expenses | 1,810 | 3,097 | - | 3,097 | | | | |
Net cash provided by operating activities | 156,437 | 128,290 | - | 128,290 | | | | |
| | | | | | | | |
Investing Activities: | | | | | | | | |
Purchase of property, plant and equipment | -43,987 | -38,739 | - | -38,739 | | | | |
Proceeds from sale of property, plant and equipment | 6,407 | 6,407 | - | 6,407 | | | | |
Purchase of long-term investments | -2,229 | -2,229 | - | -2,229 | | | | |
Deposits and other | -84 | -16 | - | -16 | | | | |
Net cash used in investing activities | -39,893 | -34,577 | - | -34,577 | | | | |
| | | | | | | | |
Financing Activities: | | | | | | | | |
Cash dividends paid | -23,651 | -23,651 | - | -23,651 | | | | |
Net decrease in credit facility borrowings | -14,000 | -14,000 | - | -14,000 | | | | |
Principal payments on long-term debt | -26,905 | -26,905 | - | -26,905 | | | | |
Repurchase of common stock | -19,010 | -19,010 | - | -19,010 | | | | |
Proceeds from issuance of stock awards and treasury stock | 8,239 | 8,239 | - | 8,239 | | | | |
Cash paid for shares net settled related to stock-based compensation | -1,426 | -1,426 | - | -1,426 | | | | |
Excess tax benefits from stock-based compensation | 404 | 404 | - | 404 | | | | |
Net cash used in financing activities | -76,349 | -76,349 | - | -76,349 | | | | |
Net cash provided by continuing operations | 40,195 | 17,364 | - | 17,364 | | | | |
Net cash provided by operating activities of discontinued operations | - | 28,147 | - | 28,147 | | | | |
Net cash used in investing activities of discontinued operations | - | -5,316 | - | -5,316 | | | | |
Net cash provided by discontinued operations | - | 22,831 | - | 22,831 | | | | |
Cash and equivalents at the beginning of the period | 17,535 | 17,535 | - | 17,535 | | | | |
Cash and equivalents at the end of the period | $57,730 | $57,730 | $ - | $57,730 | | | | |
Quarterly Financial Data | | | | | | | | |
| First Quarter Fiscal 2013 | | | | |
| As Reported | As Recast | Adjustments | As Adjusted | | | | |
Net sales | $409,715 | $323,441 | $ - | $323,441 | | | | |
Operating income | 25,264 | 25,510 | -382 | 25,128 | | | | |
Income from continuing operations | | 15,028 | 195 | 15,223 | | | | |
Loss from discontinued operations, net of income taxes | | -20 | -94 | -114 | | | | |
Net income | 15,008 | 15,008 | 101 | 15,109 | | | | |
Earnings per share - Income from continuing operations | | | | | | | | |
Basic | | $0.53 | $0.01 | $0.54 | | | | |
Diluted | | $0.53 | $0.01 | $0.54 | | | | |
Earnings per share - Loss from discontinued operations | | | | | | | | |
Basic | | $0.00 | $0.00 | $0.00 | | | | |
Diluted | | $0.00 | $0.00 | $0.00 | | | | |
Earnings per share - Net income | | | | | | | | |
Basic | $0.53 | $0.53 | $0.00 | $0.54 | | | | |
Diluted | $0.53 | $0.53 | $0.00 | $0.53 | | | | |
| | | | | | | | |
| First Quarter Fiscal 2012 | | | | |
| As Reported | As Recast | Adjustments | As Adjusted | | | | |
Net sales | $405,361 | $315,994 | ($1,188) | $314,806 | | | | |
Operating income | 27,495 | 27,994 | 1,447 | 29,441 | | | | |
Income from continuing operations | | 17,187 | 259 | 17,446 | | | | |
Income from discontinued operations, net of income taxes | | 625 | 407 | 1,032 | | | | |
Net income | 17,812 | 17,812 | 666 | 18,478 | | | | |
Earnings per share - Income from continuing operations | | | | | | | | |
Basic | | $0.57 | $0.01 | $0.58 | | | | |
Diluted | | $0.56 | $0.01 | $0.57 | | | | |
Earnings per share - Income from discontinued operations | | | | | | | | |
Basic | | $0.02 | $0.01 | $0.03 | | | | |
Diluted | | $0.02 | $0.01 | $0.03 | | | | |
Earnings per share - Net income | | | | | | | | |
Basic | $0.59 | $0.59 | $0.02 | $0.61 | | | | |
Diluted | $0.59 | $0.59 | $0.02 | $0.61 | | | | |
| | | | | | | | |
| Second Quarter Fiscal 2013 | | | | |
| As Reported | As Recast | Adjustments | As Adjusted | | | | |
Net sales | $410,877 | $329,555 | $ - | $329,555 | | | | |
Operating income | 16,757 | 23,526 | -53 | 23,473 | | | | |
Income from continuing operations | | 14,493 | 57 | 14,550 | | | | |
Loss from discontinued operations, net of income taxes | | -4,151 | 912 | -3,239 | | | | |
Net income | 10,342 | 10,342 | 969 | 11,311 | | | | |
Earnings per share - Income from continuing operations | | | | | | | | |
Basic | | $0.51 | $0.00 | $0.51 | | | | |
Diluted | | $0.51 | $0.00 | $0.51 | | | | |
Earnings per share - Loss from discontinued operations | | | | | | | | |
Basic | | ($0.15) | $0.03 | ($0.11) | | | | |
Diluted | | ($0.15) | $0.03 | ($0.11) | | | | |
Earnings per share - Net income | | | | | | | | |
Basic | $0.36 | $0.36 | $0.03 | $0.40 | | | | |
Diluted | $0.36 | $0.36 | $0.03 | $0.40 | | | | |
| | | | | | | | |
| Second Quarter Fiscal 2012 | | | | |
| As Reported | As Recast | Adjustments | As Adjusted | | | | |
Net sales | $407,185 | $321,115 | $ - | $321,115 | | | | |
Operating income | 21,330 | 24,378 | -122 | 24,256 | | | | |
Income from continuing operations | | 15,040 | 114 | 15,154 | | | | |
Loss from discontinued operations, net of income taxes | | -2,293 | 13 | -2,280 | | | | |
Net income | 12,747 | 12,747 | 127 | 12,874 | | | | |
Earnings per share - Income from continuing operations | | | | | | | | |
Basic | | $0.50 | $0.00 | $0.50 | | | | |
Diluted | | $0.50 | $0.00 | $0.50 | | | | |
Earnings per share - Loss from discontinued operations | | | | | | | | |
Basic | | ($0.08) | $0.00 | ($0.08) | | | | |
Diluted | | ($0.08) | $0.00 | ($0.08) | | | | |
Earnings per share - Net income | | | | | | | | |
Basic | $0.42 | $0.42 | $0.00 | $0.43 | | | | |
Diluted | $0.42 | $0.42 | $0.00 | $0.43 | | | | |
| | | | | | | | |
| Third Quarter Fiscal 2013 | | | | |
| As Reported | As Recast | Adjustments | As Adjusted | | | | |
Net sales | $434,440 | $343,321 | $ - | $343,321 | | | | |
Operating (loss) income | -47,388 | 20,202 | -53 | 20,149 | | | | |
Income from continuing operations | | 23,223 | 1,856 | 25,079 | | | | |
Loss from discontinued operations, net of income taxes | | -78,459 | -1,760 | -80,219 | | | | |
Net loss | -55,236 | -55,236 | 96 | -55,140 | | | | |
Earnings per share - Income from continuing operations | | | | | | | | |
Basic | | $0.83 | $0.07 | $0.90 | | | | |
Diluted | | $0.83 | $0.07 | $0.89 | | | | |
Earnings per share - Loss from discontinued operations | | | | | | | | |
Basic | | ($2.80) | ($0.06) | ($2.87) | | | | |
Diluted | | ($2.79) | ($0.06) | ($2.85) | | | | |
Earnings per share - Net loss | | | | | | | | |
Basic | ($1.97) | ($1.97) | $0.00 | ($1.97) | | | | |
Diluted | ($1.97) | ($1.96) | $0.00 | ($1.96) | | | | |
| | | | | | | | |
| Third Quarter Fiscal 2012 | | | | |
| As Reported | As Recast | Adjustments | As Adjusted | | | | |
Net sales | $428,339 | $333,391 | $ - | $333,391 | | | | |
Operating income | 30,258 | 26,459 | -121 | 26,338 | | | | |
Income from continuing operations | | 17,174 | -38 | 17,136 | | | | |
Income from discontinued operations, net of income taxes | | 3,081 | -19 | 3,062 | | | | |
Net loss | 20,255 | 20,255 | -57 | 20,198 | | | | |
Earnings per share - Income from continuing operations | | | | | | | | |
Basic | | $0.59 | $0.00 | $0.58 | | | | |
Diluted | | $0.58 | $0.00 | $0.58 | | | | |
Earnings per share - Loss from discontinued operations | | | | | | | | |
Basic | | $0.11 | $0.00 | $0.10 | | | | |
Diluted | | $0.10 | $0.00 | $0.10 | | | | |
Earnings per share - Net income | | | | | | | | |
Basic | $0.69 | $0.69 | $0.00 | $0.69 | | | | |
Diluted | $0.69 | $0.69 | $0.00 | $0.69 | | | | |
| | | | | | | | |
| Fourth Quarter Fiscal 2013 | | | | |
| As Reported | As Recast | Adjustments | As Adjusted | | | | |
Net sales | $353,877 | $333,909 | $ - | $333,909 | | | | |
Operating (loss) income | -38,490 | 22,968 | -53 | 22,915 | | | | |
Income from continuing operations | | 28,711 | 1,222 | 29,933 | | | | |
Loss from discontinued operations, net of income taxes | | -1,687 | 1,885 | 198 | | | | |
Net loss | 27,024 | 27,024 | 3,107 | 30,131 | | | | |
Earnings per share - Income from continuing operations | | | | | | | | |
Basic | | $1.03 | $0.04 | $1.08 | | | | |
Diluted | | $1.03 | $0.04 | $1.07 | | | | |
Earnings per share - Loss from discontinued operations | | | | | | | | |
Basic | | ($0.06) | $0.07 | $0.01 | | | | |
Diluted | | ($0.06) | $0.07 | $0.01 | | | | |
Earnings per share - Net loss | | | | | | | | |
Basic | $0.97 | $0.97 | $0.11 | $1.09 | | | | |
Diluted | $0.97 | $0.97 | $0.11 | $1.08 | | | | |
| | | | | | | | |
| Fourth Quarter Fiscal 2012 | | | | |
| As Reported | As Recast | Adjustments | As Adjusted | | | | |
Net sales | $413,528 | $317,898 | $ - | $317,898 | | | | |
Operating income | 28,791 | 27,975 | 208 | 28,183 | | | | |
Income from continuing operations | | 21,149 | -278 | 20,871 | | | | |
Income from discontinued operations, net of income taxes | | 887 | 56 | 943 | | | | |
Net income | 22,036 | 22,036 | -222 | 21,814 | | | | |
Earnings per share - Income from continuing operations | | | | | | | | |
Basic | | $0.73 | ($0.01) | $0.72 | | | | |
Diluted | | $0.73 | ($0.01) | $0.72 | | | | |
Earnings per share - Income from discontinued operations | | | | | | | | |
Basic | | $0.03 | $0.00 | $0.03 | | | | |
Diluted | | $0.03 | $0.00 | $0.03 | | | | |
Earnings per share - Net income | | | | | | | | |
Basic | $0.76 | $0.76 | ($0.01) | $0.75 | | | | |
Diluted | $0.76 | $0.76 | ($0.01) | $0.75 | | | | |