Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Aug. 02, 2014 | Sep. 04, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'NATIONAL BEVERAGE CORP | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--05-02 | ' |
Entity Common Stock, Shares Outstanding | ' | 46,340,015 |
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 | 2-Aug-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Aug. 02, 2014 | 3-May-14 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and equivalents | $37,287 | $29,932 |
Trade receivables - net | 60,558 | 58,205 |
Inventories | 47,466 | 43,914 |
Deferred income taxes - net | 2,493 | 2,685 |
Prepaid and other assets | 4,826 | 8,405 |
Total current assets | 152,630 | 143,141 |
Property, plant and equipment - net | 57,804 | 59,494 |
Goodwill | 13,145 | 13,145 |
Intangible assets | 1,615 | 1,615 |
Other assets | 5,156 | 5,446 |
Total assets | 230,350 | 222,841 |
Current liabilities: | ' | ' |
Accounts payable | 42,114 | 45,606 |
Accrued liabilities | 20,424 | 18,873 |
Income taxes payable | 4,985 | 44 |
Total current liabilities | 67,523 | 64,523 |
Long-term debt | 25,000 | 30,000 |
Deferred income taxes - net | 14,017 | 13,873 |
Other liabilities | 7,873 | 8,244 |
Preferred stock, $1 par value - 1,000,000 shares authorized: | ' | ' |
Common stock, $.01 par value - 75,000,000 shares authorized; 50,369,799 shares issued (50,367,799 shares at May 3) | 504 | 504 |
Additional paid-in capital | 37,060 | 42,775 |
Retained earnings | 95,937 | 80,737 |
Accumulated other comprehensive income (loss) | 166 | -205 |
Treasury stock - at cost: | ' | ' |
Total shareholders' equity | 115,937 | 106,201 |
Total liabilities and shareholders' equity | 230,350 | 222,841 |
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 | 120 | 240 |
Common Treasury Stock [Member] | ' | ' |
Treasury stock - at cost: | ' | ' |
Treasury Stock | ($12,900) | ($12,900) |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Aug. 02, 2014 | 3-May-14 |
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 | 50,369,799 | 50,367,799 |
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 | 120,000 | 240,000 |
Preferred stock, aggregate liquidation preference (in Dollars) | $6,000 | $12,000 |
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 | |
In Thousands, except Per Share data, unless otherwise specified | Aug. 02, 2014 | Jul. 27, 2013 |
Net sales | $174,637 | $172,353 |
Cost of sales | 114,795 | 113,604 |
Gross profit | 59,842 | 58,749 |
Selling, general and administrative expenses | 37,638 | 40,086 |
Interest expense | 124 | 196 |
Other income (expense) - net | 1,197 | -40 |
Income before income taxes | 23,277 | 18,427 |
Provision for income taxes | 7,914 | 6,357 |
Net income | 15,363 | 12,070 |
Less preferred dividends and accretion | -163 | -150 |
Earnings available to common shareholders | $15,200 | $11,920 |
Earnings per common share: | ' | ' |
Basic (in Dollars per share) | $0.33 | $0.26 |
Diluted (in Dollars per share) | $0.33 | $0.26 |
Weighted average common shares outstanding: | ' | ' |
Basic (in Shares) | 46,336 | 46,330 |
Diluted (in Shares) | 46,529 | 46,517 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Aug. 02, 2014 | Jul. 27, 2013 |
Net income | $15,363 | $12,070 |
Other comprehensive income (loss), net of tax: | ' | ' |
Cash flow hedges | 371 | -280 |
Comprehensive income | $15,734 | $11,790 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (Unaudited) (USD $) | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series D Preferred Stock [Member] | Series D Preferred Stock [Member] | Common Treasury Stock [Member] | Common Treasury Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands, unless otherwise specified | Preferred Stock [Member] | Treasury Stock [Member] | Preferred Stock [Member] | Treasury Stock [Member] | ||||||||
Beginning of period at Apr. 27, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $37,828 | ' | ' |
Beginning of period at Apr. 27, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -964 | ' |
Beginning of period at Apr. 27, 2013 | ' | ' | ' | 400 | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning of period at Apr. 27, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | 50,398 | ' | ' | ' |
Additional Paid-In Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercised | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' |
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 37 | ' | ' | ' |
Stock-based tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' |
Retained Earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,070 | ' | 12,070 |
Preferred stock dividends and accretion | ' | ' | ' | ' | ' | ' | ' | ' | ' | -150 | ' | ' |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flow hedges, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -280 | -280 |
End of period at Jul. 27, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,244 | ' |
End of Year at Jul. 27, 2013 | ' | -5,100 | ' | ' | ' | -12,900 | ' | ' | ' | ' | ' | ' |
Total Shareholders' Equity at Jul. 27, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82,000 |
End of period at Jul. 27, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,748 | ' | ' |
End of year at Jul. 27, 2013 | 150 | ' | ' | 400 | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning and end of period at Jul. 27, 2013 | ' | ' | ' | ' | ' | ' | ' | 504 | ' | ' | ' | ' |
End of period at Jul. 27, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | 50,442 | ' | ' | ' |
Beginning of period at May. 03, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,737 | ' | 80,737 |
Beginning of period at May. 03, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -205 | -205 |
Beginning of period at May. 03, 2014 | ' | ' | 150 | 240 | 240 | ' | ' | ' | ' | ' | ' | ' |
Beginning of period at May. 03, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | 42,775 | ' | ' | 42,775 |
Series C Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series D preferred redeemed | ' | ' | ' | -120 | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Paid-In Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series D preferred redeemed | ' | ' | ' | ' | ' | ' | ' | ' | -5,791 | ' | ' | ' |
Stock options exercised | ' | ' | ' | ' | ' | ' | ' | ' | 23 | ' | ' | ' |
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 51 | ' | ' | ' |
Stock-based tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' |
Retained Earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,363 | ' | 15,363 |
Preferred stock dividends and accretion | ' | ' | ' | ' | ' | ' | ' | ' | ' | -163 | ' | ' |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flow hedges, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 371 | 371 |
End of period at Aug. 02, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 166 | 166 |
End of Year at Aug. 02, 2014 | ' | -5,100 | 5,100 | ' | ' | -12,900 | 12,900 | ' | ' | ' | ' | ' |
Total Shareholders' Equity at Aug. 02, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,937 |
End of period at Aug. 02, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95,937 | ' | 95,937 |
End of year at Aug. 02, 2014 | 150 | ' | 150 | 120 | 120 | ' | ' | ' | ' | ' | ' | ' |
Beginning and end of period at Aug. 02, 2014 | ' | ' | ' | ' | ' | ' | ' | 504 | ' | ' | ' | 504 |
End of period at Aug. 02, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | $37,060 | ' | ' | $37,060 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Aug. 02, 2014 | Jul. 27, 2013 |
Operating Activities: | ' | ' |
Net income | $15,363 | $12,070 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 3,048 | 2,948 |
Deferred income tax provision (benefit) | 117 | -57 |
(Gain) loss on disposal of property, net | -1,255 | 14 |
Stock-based compensation | 51 | 37 |
Changes in assets and liabilities: | ' | ' |
Trade receivables | -2,353 | 1,523 |
Inventories | -3,552 | -4,583 |
Prepaid and other assets | 941 | 564 |
Accounts payable | -3,492 | 317 |
Accrued and other liabilities | 9,332 | 5,338 |
Net cash provided by operating activities | 18,200 | 18,171 |
Investing Activities: | ' | ' |
Additions to property, plant and equipment | -1,593 | -2,397 |
Proceeds from sale of property, plant and equipment | 1,848 | ' |
Net cash provided by (used in) investing activities | 255 | -2,397 |
Financing Activities: | ' | ' |
Dividends paid on preferred stock | -125 | -150 |
Repayments under credit facilities | -5,000 | -5,000 |
Redemption of preferred stock | -6,000 | ' |
Proceeds from stock options exercised | 23 | 4 |
Stock-based tax benefits | 2 | 3 |
Net cash used in financing activities | -11,100 | -5,143 |
Net Increase in Cash and Equivalents | 7,355 | 10,631 |
Cash and Equivalents - Beginning of Year | 29,932 | 18,267 |
Cash and Equivalents - End of Period | 37,287 | 28,898 |
Other Cash Flow Information: | ' | ' |
Interest paid | 117 | 223 |
Income taxes paid | $132 | $770 |
Note_1_Significant_Accounting_
Note 1 - Significant Accounting Policies | 3 Months Ended |
Aug. 02, 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 May 3, 2014. 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 August 2, 2014 are comprised of finished goods of $28.1 million and raw materials of $19.4 million. Inventories at May 3, 2014 are comprised of finished goods of $27.2 million and raw materials of $16.7 million. |
Note_2_Property_Plant_and_Equi
Note 2 - Property, Plant and Equipment | 3 Months Ended | ||||||||
Aug. 02, 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) | |||||||||
August 2, | May 3, | ||||||||
2014 | 2014 | ||||||||
Land | $ | 9,500 | $ | 9,779 | |||||
Buildings and improvements | 49,764 | 51,494 | |||||||
Machinery and equipment | 150,160 | 148,699 | |||||||
Total | 209,424 | 209,972 | |||||||
Less accumulated depreciation | (151,620 | ) | (150,478 | ) | |||||
Property, plant and equipment – net | $ | 57,804 | $ | 59,494 | |||||
Depreciation expense was $2.7 million for the three months ended August 2, 2014 and $2.5 million for the three months ended July 27, 2013. |
Note_3_Debt
Note 3 - Debt | 3 Months Ended |
Aug. 02, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
3. DEBT | |
At August 2, 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 August 2, 2014). Borrowings outstanding under the Credit Facilities were $25 million at August 2, 2014 and $30 million at May 3, 2014. At August 2, 2014, $2.2 million of the Credit Facilities were used for standby letters of credit and $72.8 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 August 2, 2014, we were in compliance with all loan covenants. |
Note_4_StockBased_Compensation
Note 4 - Stock-Based Compensation | 3 Months Ended |
Aug. 02, 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 three months ended August 2, 2014, options to purchase 186,300 shares of common stock were granted (weighted average exercise price of $17.59 per share) and options to purchase 2,000 shares were exercised (weighted average exercise price of $11.35 per share). At August 2, 2014, options to purchase 588,655 shares (weighted average exercise price of $9.81 per share) were outstanding and stock-based awards to purchase 2,851,789 shares of common stock were available for grant. |
Note_5_Derivative_Financial_In
Note 5 - Derivative Financial Instruments | 3 Months Ended | ||||||||
Aug. 02, 2014 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||
5. DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||
From time to time, we enter into aluminum swap contracts to partially mitigate our exposure to changes in the cost of aluminum cans. Such financial instruments are 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 Income (Loss) (“AOCI”) 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 AOCI relative to cash flow hedges for the three months ended August 2, 2014 and July 27, 2013: | |||||||||
(In thousands) | |||||||||
2014 | 2013 | ||||||||
Recognized in AOCI: | |||||||||
Gain (loss) before income taxes | $ | 605 | $ | (1,012 | ) | ||||
Less income tax provision (benefit) | 224 | (376 | ) | ||||||
Net | 381 | (636 | ) | ||||||
Reclassified from AOCI to cost of sales: | |||||||||
Gain (loss) before income taxes | 15 | (566 | ) | ||||||
Less income tax provision (benefit) | 5 | (210 | ) | ||||||
Net | 10 | (356 | ) | ||||||
Net change to AOCI | $ | 371 | $ | (280 | ) | ||||
As of August 2, 2014, the notional amount of our outstanding aluminum swap contracts was $6.5 million and, assuming no change in the commodity prices, $595,000 of unrealized gain before tax will be reclassified from AOCI and recognized in earnings over the next nine months. See Note 1. | |||||||||
As of August 2, 2014 and May 3, 2014, the fair value of the derivative asset was $595,000 and $5,000, respectively, which was included in prepaid and other assets. 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_Preferred_Stock_Redempt
Note 6. Preferred Stock Redemption | 3 Months Ended |
Aug. 02, 2014 | |
Disclosure Text Block Supplement [Abstract] | ' |
Preferred Stock [Text Block] | ' |
6. PREFERRED STOCK REDEMPTION | |
On August 1, 2014, the Company redeemed 120,000 shares of Series D Preferred, representing 50% of the amount outstanding, for an aggregate price of $6 million plus accrued dividends. In connection therewith, the Company accreted and charged to retained earnings $89,000 of original issuance costs, which was deducted from income available to common shareholders for earnings per share calculation. |
Note_7_Commitments_and_Conting
Note 7 - Commitments and Contingencies | 3 Months Ended |
Aug. 02, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
7. COMMITMENTS AND CONTINGENCIES | |
As of August 2, 2014, we guaranteed the residual value of certain leased equipment in the amount of $5.2 million. On July 31, 2014, the lease term was extended for 36 months to August 1, 2017. If the proceeds from the sale of such equipment are less than the balance required by the lease when the lease terminates, the Company shall be required to pay the difference up to such guaranteed amount. The Company expects to have no loss on such guarantee. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Aug. 02, 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 May 3, 2014. 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 August 2, 2014 are comprised of finished goods of $28.1 million and raw materials of $19.4 million. Inventories at May 3, 2014 are comprised of finished goods of $27.2 million and raw materials of $16.7 million |
Note_2_Property_Plant_and_Equi1
Note 2 - Property, Plant and Equipment (Tables) | 3 Months Ended | ||||||||
Aug. 02, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
(In thousands) | |||||||||
August 2, | May 3, | ||||||||
2014 | 2014 | ||||||||
Land | $ | 9,500 | $ | 9,779 | |||||
Buildings and improvements | 49,764 | 51,494 | |||||||
Machinery and equipment | 150,160 | 148,699 | |||||||
Total | 209,424 | 209,972 | |||||||
Less accumulated depreciation | (151,620 | ) | (150,478 | ) | |||||
Property, plant and equipment – net | $ | 57,804 | $ | 59,494 |
Note_5_Derivative_Financial_In1
Note 5 - Derivative Financial Instruments (Tables) | 3 Months Ended | ||||||||
Aug. 02, 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) | |||||||||
2014 | 2013 | ||||||||
Recognized in AOCI: | |||||||||
Gain (loss) before income taxes | $ | 605 | $ | (1,012 | ) | ||||
Less income tax provision (benefit) | 224 | (376 | ) | ||||||
Net | 381 | (636 | ) | ||||||
Reclassified from AOCI to cost of sales: | |||||||||
Gain (loss) before income taxes | 15 | (566 | ) | ||||||
Less income tax provision (benefit) | 5 | (210 | ) | ||||||
Net | 10 | (356 | ) | ||||||
Net change to AOCI | $ | 371 | $ | (280 | ) |
Note_1_Significant_Accounting_1
Note 1 - Significant Accounting Policies (Details) (USD $) | Aug. 02, 2014 | 3-May-14 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Inventory, Finished Goods, Gross | $28.10 | $27.20 |
Inventory, Raw Materials, Gross | $19.40 | $16.70 |
Note_2_Property_Plant_and_Equi2
Note 2 - Property, Plant and Equipment (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Aug. 02, 2014 | Jul. 27, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' |
Depreciation | $2.70 | $2.50 |
Note_2_Property_Plant_and_Equi3
Note 2 - Property, Plant and Equipment (Details) - Summary of Property, Plant and Equipment (USD $) | Aug. 02, 2014 | 3-May-14 |
In Thousands, unless otherwise specified | ||
Summary of Property, Plant and Equipment [Abstract] | ' | ' |
Land | $9,500 | $9,779 |
Buildings and improvements | 49,764 | 51,494 |
Machinery and equipment | 150,160 | 148,699 |
Total | 209,424 | 209,972 |
Less accumulated depreciation | -151,620 | -150,478 |
Property, plant and equipment b net | $57,804 | $59,494 |
Note_3_Debt_Details
Note 3 - Debt (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Aug. 02, 2014 | 3-May-14 |
Note 3 - Debt (Details) [Line Items] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $100 | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.90% | ' |
Long-term Line of Credit | 25 | 30 |
Letters of Credit Outstanding, Amount | 2.2 | ' |
Line of Credit Facility, Remaining Borrowing Capacity | $72.80 | ' |
London Interbank Offered Rate (LIBOR) [Member] | ' | ' |
Note 3 - Debt (Details) [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | 1.10% | ' |
Note_4_StockBased_Compensation1
Note 4 - Stock-Based Compensation (Details) (USD $) | 3 Months Ended |
Aug. 02, 2014 | |
Note 4 - Stock-Based Compensation (Details) [Line Items] | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $17.59 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 2,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in Dollars per share) | $11.35 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 588,655 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $9.81 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,851,789 |
SARS, Dividend Equivalents and Other Awards [Member] | Omnibus Plan [Member] | ' |
Note 4 - Stock-Based Compensation (Details) [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 186,300 |
Note_5_Derivative_Financial_In2
Note 5 - Derivative Financial Instruments (Details) (USD $) | Aug. 02, 2014 | 3-May-14 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Derivative, Notional Amount | $6,500,000 | ' |
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | 595,000 | ' |
Derivative, Fair Value, Net | $595,000 | $5,000 |
Note_5_Derivative_Financial_In3
Note 5 - Derivative Financial Instruments (Details) - Derivatives Instruments Statements of Financial Performance and Financial Position (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Aug. 02, 2014 | Jul. 27, 2013 |
Recognized in AOCI: | ' | ' |
Gain (loss) before income taxes | $605 | ($1,012) |
Less income tax provision (benefit) | 224 | -376 |
Net | 381 | -636 |
Reclassified from AOCI to cost of sales: | ' | ' |
Gain (loss) before income taxes | 15 | -566 |
Less income tax provision (benefit) | 5 | -210 |
Net | 10 | -356 |
Net change to AOCI | $371 | ($280) |
Note_6_Preferred_Stock_Redempt1
Note 6. Preferred Stock Redemption (Details) (Series D Preferred Stock [Member], USD $) | 0 Months Ended |
Aug. 01, 2014 | |
Series D Preferred Stock [Member] | ' |
Note 6. Preferred Stock Redemption (Details) [Line Items] | ' |
Stock Redeemed or Called During Period, Shares (in Shares) | 120,000 |
Stock Redeemed in Period, Percentage | 50.00% |
Payments for Repurchase of Redeemable Preferred Stock | $6,000,000 |
Preferred Stock, Accretion of Redemption Discount | $89,000 |
Note_7_Commitments_and_Conting1
Note 7 - Commitments and Contingencies (Details) (USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Jul. 31, 2014 | Aug. 02, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Guaranteed Residual Value of Assets Under Operating Leases | ' | $5.20 |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | '36 months | ' |