Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Jan. 25, 2014 | Feb. 26, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'NATIONAL BEVERAGE CORP | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--05-03 | ' |
Entity Common Stock, Shares Outstanding | ' | 46,332,515 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000069891 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 25-Jan-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Jan. 25, 2014 | Apr. 27, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and equivalents | $27,115 | $18,267 |
Trade receivables - net | 51,257 | 64,069 |
Inventories | 42,463 | 39,234 |
Deferred income taxes - net | 3,534 | 3,665 |
Prepaid and other assets | 7,738 | 5,706 |
Total current assets | 132,107 | 130,941 |
Property, plant and equipment - net | 57,734 | 57,307 |
Goodwill | 13,145 | 13,145 |
Intangible assets | 1,615 | 1,615 |
Other assets | 5,549 | 5,634 |
Total assets | 210,150 | 208,642 |
Current liabilities: | ' | ' |
Accounts payable | 33,099 | 44,261 |
Accrued liabilities | 15,333 | 19,142 |
Income taxes payable | 90 | 34 |
Total current liabilities | 48,522 | 63,437 |
Long-term debt | 35,000 | 50,000 |
Deferred income taxes - net | 14,272 | 14,327 |
Other liabilities | 10,382 | 10,562 |
Preferred stock, $1 par value - 1,000,000 shares authorized: | ' | ' |
Common stock, $.01 par value - 75,000,000 shares authorized; 50,364,699 shares issued (50,361,799 shares at April 27, 2013) | 504 | 504 |
Additional paid-in capital | 50,419 | 50,398 |
Retained earnings | 69,082 | 37,828 |
Accumulated other comprehensive loss | -581 | -964 |
Treasury stock - at cost: | ' | ' |
Total shareholders' equity | 101,974 | 70,316 |
Total liabilities and shareholders' equity | 210,150 | 208,642 |
Series C Preferred Stock [Member] | ' | ' |
Preferred stock, $1 par value - 1,000,000 shares authorized: | ' | ' |
Preferred stock | 150 | 150 |
Treasury stock - at cost: | ' | ' |
Treasury Stock | -5,100 | -5,100 |
Series D Preferred Stock [Member] | ' | ' |
Preferred stock, $1 par value - 1,000,000 shares authorized: | ' | ' |
Preferred stock | 400 | 400 |
Common Treasury Stock [Member] | ' | ' |
Treasury stock - at cost: | ' | ' |
Treasury Stock | ($12,900) | ($12,900) |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Jan. 25, 2014 | Apr. 27, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 50,364,699 | 50,361,799 |
Series C Preferred Stock [Member] | ' | ' |
Preferred stock, par value (in Dollars per share) | $1 | $1 |
Preferred stock, shares issued | 150,000 | 150,000 |
Treasury Stock, shares | 150,000 | 150,000 |
Series D Preferred Stock [Member] | ' | ' |
Preferred stock, par value (in Dollars per share) | $1 | $1 |
Preferred stock, shares issued | 400,000 | 400,000 |
Preferred stock, aggregate liquidation preference (in Dollars) | $20,000 | $20,000 |
Common Treasury Stock [Member] | ' | ' |
Treasury Stock, shares | 4,032,784 | 4,032,784 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 |
Net sales | $136,774 | $144,723 | $476,793 | $494,140 |
Cost of sales | 92,086 | 98,370 | 314,526 | 334,903 |
Gross profit | 44,688 | 46,353 | 162,267 | 159,237 |
Selling, general and administrative expenses | 34,461 | 33,930 | 114,228 | 106,310 |
Interest expense | 153 | 116 | 515 | 179 |
Other (income) expense - net | -208 | 23 | -150 | 145 |
Income before income taxes | 10,282 | 12,284 | 47,674 | 52,603 |
Provision for income taxes | 3,146 | 3,870 | 15,971 | 17,780 |
Net income | 7,136 | 8,414 | 31,703 | 34,823 |
Less preferred dividends | -150 | -3 | -449 | -3 |
Earnings available to common shareholders | $6,986 | $8,411 | $31,254 | $34,820 |
Earnings per common share: | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.15 | $0.18 | $0.67 | $0.75 |
Diluted (in Dollars per share) | $0.15 | $0.18 | $0.67 | $0.75 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic (in Shares) | 46,331 | 46,321 | 46,330 | 46,304 |
Diluted (in Shares) | 46,522 | 46,482 | 46,516 | 46,478 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 |
Net income | $7,136 | $8,414 | $31,703 | $34,823 |
Other comprehensive gain, net of tax: | ' | ' | ' | ' |
Cash flow hedges | 342 | 615 | 383 | 235 |
Comprehensive income | $7,478 | $9,029 | $32,086 | $35,058 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (Unaudited) (USD $) | Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Treasury Stock [Member] | Total |
In Thousands, unless otherwise specified | Series C Preferred Stock [Member] | Series D Preferred Stock [Member] | Series C Preferred Stock [Member] | Common Treasury Stock [Member] | |||||
Beginning and end of period at Apr. 28, 2012 | $150 | ' | $503 | $30,425 | $109,200 | ($642) | ($5,100) | ($12,900) | ' |
Series C Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flow hedges, net of tax | ' | ' | ' | ' | ' | 235 | ' | ' | 235 |
Net income | ' | ' | ' | ' | 34,823 | ' | ' | ' | 34,823 |
Common stock cash dividend | ' | ' | ' | ' | -118,139 | ' | ' | ' | ' |
Preferred stock cash dividend | ' | ' | ' | ' | -3 | ' | ' | ' | ' |
Other | ' | ' | 1 | 330 | ' | ' | ' | ' | ' |
Preferred stock issued | ' | 400 | ' | 19,310 | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | 183 | ' | ' | ' | ' | ' |
End of period at Jan. 26, 2013 | ' | 400 | 504 | 50,248 | 25,881 | -407 | ' | ' | 58,776 |
Beginning and end of period at Apr. 27, 2013 | 150 | 400 | 504 | 50,398 | 37,828 | -964 | -5,100 | -12,900 | 70,316 |
Series C Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flow hedges, net of tax | ' | ' | ' | ' | ' | 383 | ' | ' | 383 |
Net income | ' | ' | ' | ' | 31,703 | ' | ' | ' | 31,703 |
Preferred stock cash dividend | ' | ' | ' | ' | -449 | ' | ' | ' | ' |
Other | ' | ' | ' | -35 | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | 56 | ' | ' | ' | ' | ' |
End of period at Jan. 25, 2014 | ' | $400 | $504 | $50,419 | $69,082 | ($581) | ' | ' | $101,974 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 |
Operating Activities: | ' | ' |
Net income | $31,703 | $34,823 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 8,909 | 8,435 |
Deferred income tax benefit | -149 | -453 |
Loss on disposal of property, net | 10 | 56 |
Stock-based compensation | 56 | 183 |
Changes in assets and liabilities: | ' | ' |
Trade receivables | 12,812 | 10,413 |
Inventories | -3,229 | -800 |
Prepaid and other assets | -1,814 | -1,540 |
Accounts payable | -11,162 | -19,949 |
Accrued and other liabilities | -4,829 | -4,198 |
Net cash provided by operating activities | 32,307 | 26,970 |
Investing Activities: | ' | ' |
Additions to property, plant and equipment | -8,009 | -6,025 |
Proceeds from sale of property, plant and equipment | 34 | 22 |
Net cash used in investing activities | -7,975 | -6,003 |
Financing Activities: | ' | ' |
Dividends paid on common stock | ' | -118,139 |
Dividends paid on preferred stock | -449 | ' |
Borrowings (repayments) under credit facilities, net | -15,000 | 60,000 |
Proceeds from sale of preferred stock, net | ' | 19,710 |
Other, net | -35 | 331 |
Net cash used in financing activities | -15,484 | -38,098 |
Net Increase (Decrease) in Cash and Equivalents | 8,848 | -17,131 |
Cash and Equivalents - Beginning of Year | 18,267 | 35,626 |
Cash and Equivalents - End of Period | 27,115 | 18,495 |
Other Cash Flow Information: | ' | ' |
Interest paid | 589 | 160 |
Income taxes paid | $17,835 | $17,527 |
Note_1_Significant_Accounting_
Note 1 - Significant Accounting Policies | 9 Months Ended |
Jan. 25, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
1. SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | |
The consolidated financial statements include the accounts of National Beverage Corp. and its subsidiaries. Significant intercompany transactions and accounts have been eliminated. | |
The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all information and notes presented in the annual consolidated financial statements. The consolidated financial statements should be read in conjunction with the annual consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended April 27, 2013. The accounting policies used in these interim consolidated financial statements are consistent with those used in the annual consolidated financial statements. | |
The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Results for the interim periods presented are not necessarily indicative of results which might be expected for the entire fiscal year. | |
Derivative Financial Instruments | |
We use derivative financial instruments to partially mitigate our exposure to changes in raw material costs. All derivative financial instruments are recorded at fair value in our Consolidated Balance Sheets. The estimated fair value of derivative financial instruments is calculated based on market rates to settle the instruments. We do not use derivative financial instruments for trading or speculative purposes. Credit risk related to derivative financial instruments is managed by requiring high credit standards for counterparties and frequent cash settlements. See Note 5. | |
Earnings Per Common Share | |
Basic earnings per common share is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated in a similar manner, but includes the dilutive effect of stock options. | |
Inventories | |
Inventories are stated at the lower of first-in, first-out cost or market. Inventories at January 25, 2014 are comprised of finished goods of $24.0 million and raw materials of $18.5 million. Inventories at April 27, 2013 are comprised of finished goods of $23.2 million and raw materials of $16.0 million. |
Note_2_Property_Plant_and_Equi
Note 2 - Property, Plant and Equipment | 9 Months Ended | ||||||||
Jan. 25, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
2. PROPERTY, PLANT AND EQUIPMENT | |||||||||
Property consists of the following: | |||||||||
(In thousands) | |||||||||
January 25, | April 27, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 9,779 | $ | 9,779 | |||||
Buildings and improvements | 50,347 | 49,391 | |||||||
Machinery and equipment | 147,289 | 141,314 | |||||||
Total | 207,415 | 200,484 | |||||||
Less accumulated depreciation | (149,681 | ) | (143,177 | ) | |||||
Property, plant and equipment – net | $ | 57,734 | $ | 57,307 | |||||
Depreciation expense was $2.5 million and $7.5 million for the three and nine months ended January 25, 2014, respectively, and $2.2 million and $6.9 million for the three and nine months ended January 26, 2013, respectively. |
Note_3_Debt
Note 3 - Debt | 9 Months Ended |
Jan. 25, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
3. DEBT | |
At January 25, 2014, a subsidiary of the Company maintained unsecured revolving credit facilities with banks aggregating $100 million (the “Credit Facilities”). The Credit Facilities expire from November 22, 2015 to April 30, 2016 and current borrowings bear interest at .9% above one-month LIBOR (1.1% at January 25, 2014). At January 25, 2014, borrowings outstanding under the Credit Facilities were $35 million, $2.3 million of the Credit Facilities were used for standby letters of credit and $62.7 million were available for borrowings. | |
The Credit Facilities require the subsidiary to maintain certain financial ratios, including debt to net worth and debt to EBITDA (as defined in the Credit Facilities), and contain other restrictions, none of which are expected to have a material effect on our operations or financial position. At January 25, 2014, we were in compliance with all loan covenants. |
Note_4_StockBased_Compensation
Note 4 - Stock-Based Compensation | 9 Months Ended |
Jan. 25, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' |
4. STOCK-BASED COMPENSATION | |
During the nine months ended January 25, 2014, options to purchase 5,245 shares of common stock were granted (weighted average exercise price of $7.43 per share), options to purchase 2,900 shares were exercised (weighted average exercise price of $5.75 per share), and options to purchase 35,900 shares were cancelled (weighted average exercise price of $7.66). At January 25, 2014, options to purchase 408,255 shares (weighted average exercise price of $6.70 per share) were outstanding and stock-based awards to purchase 3,037,289 shares of common stock were available for grant. |
Note_5_Derivative_Financial_In
Note 5 - Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||
Jan. 25, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||||||
5. DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||||||||
We have entered into various aluminum swap contracts to partially mitigate our exposure to changes in the cost of aluminum cans through April 2014. The financial instruments were designated and accounted for as a cash flow hedge. Accordingly, gains or losses attributable to the effective portion of the cash flow hedge are reported in Accumulated Other Comprehensive Loss (“AOCL”) and reclassified into earnings through cost of sales in the period in which the hedged transaction affects earnings. The ineffective portion of the change in fair value of our cash flow hedge was immaterial. The following summarizes the gains (losses) recognized in the Consolidated Statements of Income and Comprehensive Income relative to cash flow hedges for the three and nine months ended January 25, 2014 and January 26, 2013: | |||||||||||||||||
(In thousands) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Recognized in AOCL: | |||||||||||||||||
Gain (loss) before income taxes | $ | (53 | ) | $ | 735 | $ | (1,203 | ) | $ | (1,408 | ) | ||||||
Less income tax provision (benefit) | (20 | ) | 272 | (447 | ) | (523 | ) | ||||||||||
Net | $ | (33 | ) | $ | 463 | $ | (756 | ) | $ | (885 | ) | ||||||
Reclassified from AOCL to cost of sales: | |||||||||||||||||
Loss before income taxes | $ | (596 | ) | $ | (242 | ) | $ | (1,811 | ) | $ | (1,788 | ) | |||||
Less income tax benefit | (221 | ) | (90 | ) | (672 | ) | (668 | ) | |||||||||
Net | $ | (375 | ) | $ | (152 | ) | $ | (1,139 | ) | $ | (1,120 | ) | |||||
Net change to AOCL | $ | 342 | $ | 615 | $ | 383 | $ | 235 | |||||||||
As of January 25, 2014, the notional amount of our outstanding aluminum swap contracts was $8.2 million and, assuming no change in the commodity prices, $356,000 of unrealized loss before tax will be reclassified from AOCL and recognized in cost of sales over the next three months. See Note 1. | |||||||||||||||||
As of January 25, 2014 and April 27, 2013, the fair value of the derivative liability was $356,000 and $964,000, respectively, which was included in accrued liabilities. Such valuation does not entail a significant amount of judgment and the inputs that are significant to the fair value measurement are Level 2 as defined by the fair value hierarchy as they are observable market based inputs or unobservable inputs that are corroborated by market data. |
Note_6_Commitments_and_Conting
Note 6 - Commitments and Contingencies | 9 Months Ended |
Jan. 25, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
6. COMMITMENTS AND CONTINGENCIES | |
As of January 25, 2014, we guaranteed the residual value of certain leased equipment in the amount of $5.7 million. On August 1, 2013, the lease term was extended for 12 months to August 1, 2014. If the proceeds from the sale of such equipment are less than the balance required by the lease when the lease terminates, the Company will be required to pay the difference up to such guaranteed amount. The Company expects to have no loss on such guarantee. |
Note_7_Common_Stock_Cash_Divid
Note 7 - Common Stock Cash Dividends | 9 Months Ended |
Jan. 25, 2014 | |
Common Stock Cash Dividends [Abstract] | ' |
Common Stock Cash Dividends [Text Block] | ' |
7. COMMON STOCK CASH DIVIDENDS | |
On November 23, 2012, the Company declared a special cash dividend of $2.55 per share payable to shareholders of record on December 7, 2012. The cash dividend, aggregating $118.1 million, was paid from available cash and borrowings under credit facilities on December 27, 2012. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Jan. 25, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
Basis of Presentation | |
The consolidated financial statements include the accounts of National Beverage Corp. and its subsidiaries. Significant intercompany transactions and accounts have been eliminated. | |
The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all information and notes presented in the annual consolidated financial statements. The consolidated financial statements should be read in conjunction with the annual consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended April 27, 2013. The accounting policies used in these interim consolidated financial statements are consistent with those used in the annual consolidated financial statements. | |
The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Results for the interim periods presented are not necessarily indicative of results which might be expected for the entire fiscal year. | |
Derivatives, Policy [Policy Text Block] | ' |
Derivative Financial Instruments | |
We use derivative financial instruments to partially mitigate our exposure to changes in raw material costs. All derivative financial instruments are recorded at fair value in our Consolidated Balance Sheets. The estimated fair value of derivative financial instruments is calculated based on market rates to settle the instruments. We do not use derivative financial instruments for trading or speculative purposes. Credit risk related to derivative financial instruments is managed by requiring high credit standards for counterparties and frequent cash settlements. See Note 5. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Earnings Per Common Share | |
Basic earnings per common share is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated in a similar manner, but includes the dilutive effect of stock options. | |
Inventory, Policy [Policy Text Block] | ' |
Inventories | |
Inventories are stated at the lower of first-in, first-out cost or market. Inventories at January 25, 2014 are comprised of finished goods of $24.0 million and raw materials of $18.5 million. Inventories at April 27, 2013 are comprised of finished goods of $23.2 million and raw materials of $16.0 million |
Note_2_Property_Plant_and_Equi1
Note 2 - Property, Plant and Equipment (Tables) | 9 Months Ended | ||||||||
Jan. 25, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
(In thousands) | |||||||||
January 25, | April 27, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 9,779 | $ | 9,779 | |||||
Buildings and improvements | 50,347 | 49,391 | |||||||
Machinery and equipment | 147,289 | 141,314 | |||||||
Total | 207,415 | 200,484 | |||||||
Less accumulated depreciation | (149,681 | ) | (143,177 | ) | |||||
Property, plant and equipment – net | $ | 57,734 | $ | 57,307 |
Note_5_Derivative_Financial_In1
Note 5 - Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 25, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||||||||||||||
(In thousands) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Recognized in AOCL: | |||||||||||||||||
Gain (loss) before income taxes | $ | (53 | ) | $ | 735 | $ | (1,203 | ) | $ | (1,408 | ) | ||||||
Less income tax provision (benefit) | (20 | ) | 272 | (447 | ) | (523 | ) | ||||||||||
Net | $ | (33 | ) | $ | 463 | $ | (756 | ) | $ | (885 | ) | ||||||
Reclassified from AOCL to cost of sales: | |||||||||||||||||
Loss before income taxes | $ | (596 | ) | $ | (242 | ) | $ | (1,811 | ) | $ | (1,788 | ) | |||||
Less income tax benefit | (221 | ) | (90 | ) | (672 | ) | (668 | ) | |||||||||
Net | $ | (375 | ) | $ | (152 | ) | $ | (1,139 | ) | $ | (1,120 | ) | |||||
Net change to AOCL | $ | 342 | $ | 615 | $ | 383 | $ | 235 |
Note_1_Significant_Accounting_1
Note 1 - Significant Accounting Policies (Details) (USD $) | Jan. 25, 2014 | Apr. 27, 2013 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Inventory, Finished Goods, Net of Reserves | $24 | $23.20 |
Inventory, Raw Materials, Net of Reserves | $18.50 | $16 |
Note_2_Property_Plant_and_Equi2
Note 2 - Property, Plant and Equipment (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Depreciation | $2.50 | $2.20 | $7.50 | $6.90 |
Note_2_Property_Plant_and_Equi3
Note 2 - Property, Plant and Equipment (Details) - Properties (USD $) | Jan. 25, 2014 | Apr. 27, 2013 |
In Thousands, unless otherwise specified | ||
Properties [Abstract] | ' | ' |
Land | $9,779 | $9,779 |
Buildings and improvements | 50,347 | 49,391 |
Machinery and equipment | 147,289 | 141,314 |
Total | 207,415 | 200,484 |
Less accumulated depreciation | -149,681 | -143,177 |
Property, plant and equipment b net | $57,734 | $57,307 |
Note_3_Debt_Details
Note 3 - Debt (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Jan. 25, 2014 |
Note 3 - Debt (Details) [Line Items] | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $100 |
Debt Instrument, Basis Spread on Variable Rate | 0.90% |
Line of Credit Facility, Amount Outstanding | 35 |
Letters of Credit Outstanding, Amount | 2.3 |
Line of Credit Facility, Remaining Borrowing Capacity | $62.70 |
London Interbank Offered Rate (LIBOR) [Member] | ' |
Note 3 - Debt (Details) [Line Items] | ' |
Debt Instrument, Interest Rate at Period End | 1.10% |
Note_4_StockBased_Compensation1
Note 4 - Stock-Based Compensation (Details) (USD $) | 9 Months Ended |
Jan. 25, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 5,245 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $7.43 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 2,900 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in Dollars per share) | $5.75 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 35,900 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price (in Dollars per share) | $7.66 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 408,255 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $6.70 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,037,289 |
Note_5_Derivative_Financial_In2
Note 5 - Derivative Financial Instruments (Details) (USD $) | Jan. 25, 2014 | Apr. 27, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Derivative, Notional Amount | $8,200,000 | ' |
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | -356,000 | ' |
Derivative Liability, Fair Value, Gross Liability | $356,000 | $964,000 |
Note_5_Derivative_Financial_In3
Note 5 - Derivative Financial Instruments (Details) - Derivatives Instruments Statements of Financial Performance and Financial Position (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 |
Recognized in AOCL: | ' | ' | ' | ' |
Gain (loss) before income taxes | ($53) | $735 | ($1,203) | ($1,408) |
Less income tax provision (benefit) | -20 | 272 | -447 | -523 |
Net | -33 | 463 | -756 | -885 |
Reclassified from AOCL to cost of sales: | ' | ' | ' | ' |
Loss before income taxes | -596 | -242 | -1,811 | -1,788 |
Less income tax benefit | -221 | -90 | -672 | -668 |
Net | -375 | -152 | -1,139 | -1,120 |
Net change to AOCL | $342 | $615 | $383 | $235 |
Note_6_Commitments_and_Conting1
Note 6 - Commitments and Contingencies (Details) (USD $) | Jan. 25, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Residual Value of Leased Assets | $5.70 |
Note_7_Common_Stock_Cash_Divid1
Note 7 - Common Stock Cash Dividends (Details) (USD $) | 1 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 27, 2012 | Nov. 23, 2012 |
Common Stock Cash Dividends [Abstract] | ' | ' |
Common Stock, Dividends, Per Share, Declared (in Dollars per share) | ' | $2.55 |
Dividends, Common Stock | $118.10 | ' |