Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Jan. 31, 2015 | Mar. 06, 2015 | |
Entity Registrant Name | National Beverage Corp. | |
Entity Central Index Key | 69891 | |
Current Fiscal Year End Date | 3 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 46,371,715 | |
Document Type | 10-Q | |
Document Period End Date | 31-Jan-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | FALSE |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and equivalents | $40,447 | $29,932 |
Trade receivables - net | 51,301 | 58,205 |
Inventories | 46,493 | 43,914 |
Deferred income taxes net | 2,925 | 2,685 |
Prepaid and other assets | 7,785 | 8,405 |
Total current assets | 148,951 | 143,141 |
Property, plant and equipment - net | 58,197 | 59,494 |
Goodwill | 13,145 | 13,145 |
Intangible assets | 1,615 | 1,615 |
Other assets | 5,122 | 5,446 |
Total assets | 227,030 | 222,841 |
Current liabilities: | ||
Accounts payable | 33,478 | 45,606 |
Accrued liabilities | 19,145 | 18,873 |
Income taxes payable | 41 | 44 |
Total current liabilities | 52,664 | 64,523 |
Long-term debt | 15,000 | 30,000 |
Deferred income taxes net | 14,325 | 13,873 |
Other liabilities | 7,568 | 8,244 |
Shareholders' equity: | ||
Common stock, $.01 par value - 75,000,000 shares authorized; 50,404,499 shares issued (50,367,799 shares at May 3) | 504 | 504 |
Additional paid-in capital | 37,511 | 42,775 |
Retained earnings | 117,628 | 80,737 |
Accumulated other comprehensive income (loss) | -440 | -205 |
Total shareholders' equity | 137,473 | 106,201 |
Total liabilities and shareholders' equity | 227,030 | 222,841 |
Series C Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock, value | 150 | 150 |
Treasury stock, value | -5,100 | -5,100 |
Series D Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock, value | 120 | 240 |
Common Treasury Stock [Member] | ||
Shareholders' equity: | ||
Treasury stock, value | ($12,900) | ($12,900) |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Jan. 31, 2015 | 3-May-14 |
Preferred stock, par value (in dollars per share) | $1 | $1 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 50,404,499 | 50,367,799 |
Series C Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 150,000 | 150,000 |
Treasury stock, shares (in shares) | 150,000 | 150,000 |
Series D Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 120,000 | 240,000 |
Preferred stock, aggregate liquidation preference | $6,000,000 | $12,000,000 |
Common Treasury Stock [Member] | ||
Treasury stock, shares (in 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. 31, 2015 | Jan. 25, 2014 | Jan. 31, 2015 | Jan. 25, 2014 |
Net sales | $143,021 | $136,774 | $481,233 | $476,793 |
Cost of sales | 96,931 | 92,086 | 317,569 | 314,526 |
Gross profit | 46,090 | 44,688 | 163,664 | 162,267 |
Selling, general and administrative expenses | 32,593 | 34,461 | 108,201 | 114,228 |
Interest expense | 81 | 153 | 311 | 515 |
Other expense (income) - net | 70 | -208 | -1,104 | -150 |
Income before income taxes | 13,346 | 10,282 | 56,256 | 47,674 |
Provision for income taxes | 4,538 | 3,146 | 19,127 | 15,971 |
Net income | 8,808 | 7,136 | 37,129 | 31,703 |
Less preferred dividends and accretion | 38 | 150 | 238 | 449 |
Earnings available to common shareholders | $8,770 | $6,986 | $36,891 | $31,254 |
Earnings per common share: | ||||
Basic (in dollars per share) | $0.19 | $0.15 | $0.80 | $0.67 |
Diluted (in dollars per share) | $0.19 | $0.15 | $0.79 | $0.67 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 46,358 | 46,331 | 46,345 | 46,330 |
Diluted (in shares) | 46,580 | 46,522 | 46,550 | 46,516 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 25, 2014 | Jan. 31, 2015 | Jan. 25, 2014 |
Net income | $8,808 | $7,136 | $37,129 | $31,703 |
Other comprehensive (loss) income, net of tax: | ||||
Cash flow hedges, net of tax | -846 | 342 | -235 | 383 |
Comprehensive income | $7,962 | $7,478 | $36,894 | $32,086 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (Unaudited) (USD $) | Total | Accumulated Other Comprehensive Income (Loss) [Member] | Additional Paid-in Capital [Member] | Common Stock [Member] | Retained Earnings [Member] | 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] |
In Thousands | 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 | |||||||||||
Series D preferred redeemed | ||||||||||||
Stock-based compensation | 56 | |||||||||||
Other | -35 | |||||||||||
Net income | 31,703 | 31,703 | ||||||||||
Preferred stock dividends and accretion | -449 | |||||||||||
Cash flow hedges, net of tax | 383 | 383 | ||||||||||
End of period at Jan. 25, 2014 | -581 | |||||||||||
End of period at Jan. 25, 2014 | -5,100 | -12,900 | ||||||||||
Total Shareholders' Equity at Jan. 25, 2014 | 101,974 | |||||||||||
End of period at Jan. 25, 2014 | 504 | 150 | 400 | |||||||||
End of period at Jan. 25, 2014 | 50,419 | |||||||||||
End of period at Jan. 25, 2014 | 69,082 | |||||||||||
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 D preferred redeemed | -120 | |||||||||||
Series D preferred redeemed | -5,791 | |||||||||||
Stock-based compensation | 212 | |||||||||||
Other | 315 | |||||||||||
Net income | 37,129 | 37,129 | ||||||||||
Preferred stock dividends and accretion | -238 | |||||||||||
Cash flow hedges, net of tax | -235 | -235 | ||||||||||
End of period at Jan. 31, 2015 | -440 | -440 | ||||||||||
End of period at Jan. 31, 2015 | -5,100 | -5,100 | -12,900 | -12,900 | ||||||||
Total Shareholders' Equity at Jan. 31, 2015 | 137,473 | |||||||||||
End of period at Jan. 31, 2015 | 504 | 150 | 150 | 120 | 120 | |||||||
End of period at Jan. 31, 2015 | 37,511 | 37,511 | ||||||||||
End of period at Jan. 31, 2015 | $117,628 | $117,628 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 25, 2014 |
Operating Activities: | ||
Net income | $37,129 | $31,703 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 8,873 | 8,909 |
Deferred income tax provision (benefit) | 350 | -149 |
(Gain) loss on disposal of property, net | -1,255 | 10 |
Stock-based compensation | 212 | 56 |
Changes in assets and liabilities: | ||
Trade receivables | 6,904 | 12,812 |
Inventories | -2,579 | -3,229 |
Prepaid and other assets | -301 | -1,814 |
Accounts payable | -12,128 | -11,162 |
Accrued and other liabilities | -491 | -4,829 |
Net cash provided by operating activities | 36,714 | 32,307 |
Investing Activities: | ||
Additions to property, plant and equipment | -7,161 | -8,009 |
Proceeds from sale of property, plant and equipment | 1,848 | 34 |
Net cash used in investing activities | -5,313 | -7,975 |
Financing Activities: | ||
Dividends paid on preferred stock | -201 | -449 |
Repayments under credit facilities | -15,000 | -15,000 |
Redemption of preferred stock | -6,000 | |
Other, net | 315 | -35 |
Net cash used in financing activities | -20,886 | -15,484 |
Net Increase in Cash and Equivalents | 10,515 | 8,848 |
Cash and Equivalents - Beginning of Year | 29,932 | 18,267 |
Cash and Equivalents - End of Period | 40,447 | 27,115 |
Other Cash Flow Information: | ||
Interest paid | 320 | 589 |
Income taxes paid | $18,744 | $17,835 |
Note_1_Significant_Accounting_
Note 1 - Significant Accounting Policies | 9 Months Ended |
Jan. 31, 2015 | |
Notes to Financial Statements | |
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 January 31, 2015 are comprised of finished goods of $27.5 million | |
and raw materials of $19.0 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 | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | 2 | ||||||||
. PROPERTY, PLANT AND EQUIPMENT | |||||||||
Property consists of the following: | |||||||||
(In thousands) | |||||||||
January 31, | May 3, | ||||||||
2015 | 2014 | ||||||||
Land | $ | 9,500 | $ | 9,779 | |||||
Buildings and improvements | 49,809 | 51,494 | |||||||
Machinery and equipment | 155,325 | 148,699 | |||||||
Total | 214,634 | 209,972 | |||||||
Less accumulated depreciation | (156,437 | ) | (150,478 | ) | |||||
Property, plant and equipment – net | $ | 58,197 | $ | 59,494 | |||||
Depreciation expense was $2.5 million and $7.8 million for the three and nine months ended January 31, 2015, respectively, and $2.5 million and $7.5 million for the three and nine months ended January 25, 2014, respectively. |
Note_3_Debt
Note 3 - Debt | 9 Months Ended |
Jan. 31, 2015 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3 |
. DEBT | |
At January 31, 2015, a subsidiary of the Company maintained unsecured revolving credit facilities with banks aggregating $100 million (the “Credit Facilities”). The Credit Facilities expire from April 30, 2016 to October 10, 2017 and current borrowings bear interest at .9% above one-month LIBOR (1.1% at January 31, 2015). Borrowings outstanding under the Credit Facilities were $15 million at January 31, 2015 and $30 million at May 3, 2014. At January 31, 2015, $2.2 million of the Credit Facilities was reserved for standby letters of credit and $82.8 million was 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 31, 2015, we were in compliance with all loan covenants. |
Note_4_Stockbased_Compensation
Note 4 - Stock-based Compensation | 9 Months Ended |
Jan. 31, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 4 |
. STOCK-BASED COMPENSATION | |
During the nine months ended January 31, 2015, options to purchase 276,800 shares of common stock were granted (weighted average exercise price of $17.84 per share), options to purchase 36,700 shares were exercised (weighted average exercise price of $3.92 per share) and options to purchase 7,800 shares were cancelled (weighted average exercise price of $17.35). At January 31, 2015, options to purchase 636,655 shares (weighted average exercise price of $11.17 per share) were outstanding and stock-based awards to purchase 2,769,089 shares of common stock were available for grant. |
Note_5_Derivative_Financial_In
Note 5 - Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Notes to Financial Statements | |||||||||||||||||
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 hedges were immaterial. The following summarizes the gains (losses) recognized in the Consolidated Statements of Income and AOCI relative to cash flow hedges for the three and nine months ended January 31, 2015 and January 25, 2014: | |||||||||||||||||
(In thousands) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Recognized in AOCI: | |||||||||||||||||
Gain (loss) before income taxes | $ | (1,096 | ) | $ | (53 | ) | $ | 152 | $ | (1,203 | ) | ||||||
Less income tax provision (benefit) | (407 | ) | (20 | ) | 56 | (447 | ) | ||||||||||
Net | $ | (689 | ) | $ | (33 | ) | $ | 96 | $ | (756 | ) | ||||||
Reclassified from AOCI to cost of sales: | |||||||||||||||||
Gain (loss) before income taxes | $ | 249 | $ | (596 | ) | $ | 526 | $ | (1,811 | ) | |||||||
Less income tax provision (benefit) | 92 | (221 | ) | 195 | (672 | ) | |||||||||||
Net | $ | 157 | $ | (375 | ) | $ | 331 | $ | (1,139 | ) | |||||||
Net change to AOCI | $ | (846 | ) | $ | 342 | $ | (235 | ) | $ | 383 | |||||||
As of January 31, 2015, the notional amount of our outstanding aluminum swap contracts was $44.9 million and, assuming no change in the commodity prices, $424,000 of unrealized loss before tax will be reclassified from AOCI and recognized in earnings over the next twelve months. See Note 1. | |||||||||||||||||
As of January 31, 2015, the fair value of the derivative asset, derivative long-term asset and derivative liability was $273,000, $56,000 and $697,000, which was included in prepaid and other assets, other assets and accrued liabilities, respectively. At May 3, 2014, the fair value of the derivative asset was $5,000, 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 | 9 Months Ended |
Jan. 31, 2015 | |
Notes to Financial Statements | |
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 | 9 Months Ended |
Jan. 31, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 7 |
. | |
COMMITMENTS AND CONTINGENCIES | |
As of January 31, 2015, we guaranteed the residual value of certain leased equipment in the amount of $5.0 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. |
Significant_Accounting_Policie
Significant Accounting Policies (Policies) | 9 Months Ended |
Jan. 31, 2015 | |
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 January 31, 2015 are comprised of finished goods of $27.5 million | |
and raw materials of $19.0 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) | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Notes Tables | |||||||||
Property, Plant and Equipment [Table Text Block] | (In thousands) | ||||||||
January 31, | May 3, | ||||||||
2015 | 2014 | ||||||||
Land | $ | 9,500 | $ | 9,779 | |||||
Buildings and improvements | 49,809 | 51,494 | |||||||
Machinery and equipment | 155,325 | 148,699 | |||||||
Total | 214,634 | 209,972 | |||||||
Less accumulated depreciation | (156,437 | ) | (150,478 | ) | |||||
Property, plant and equipment – net | $ | 58,197 | $ | 59,494 |
Note_5_Derivative_Financial_In1
Note 5 - Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Notes Tables | |||||||||||||||||
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | (In thousands) | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Recognized in AOCI: | |||||||||||||||||
Gain (loss) before income taxes | $ | (1,096 | ) | $ | (53 | ) | $ | 152 | $ | (1,203 | ) | ||||||
Less income tax provision (benefit) | (407 | ) | (20 | ) | 56 | (447 | ) | ||||||||||
Net | $ | (689 | ) | $ | (33 | ) | $ | 96 | $ | (756 | ) | ||||||
Reclassified from AOCI to cost of sales: | |||||||||||||||||
Gain (loss) before income taxes | $ | 249 | $ | (596 | ) | $ | 526 | $ | (1,811 | ) | |||||||
Less income tax provision (benefit) | 92 | (221 | ) | 195 | (672 | ) | |||||||||||
Net | $ | 157 | $ | (375 | ) | $ | 331 | $ | (1,139 | ) | |||||||
Net change to AOCI | $ | (846 | ) | $ | 342 | $ | (235 | ) | $ | 383 |
Note_1_Significant_Accounting_1
Note 1 - Significant Accounting Policies (Details Textual) (USD $) | Jan. 31, 2015 | 3-May-14 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Inventory, Finished Goods, Gross | $27.50 | $27.20 |
Inventory, Raw Materials, Gross | $19 | $16.70 |
Note_2_Property_Plant_and_Equi2
Note 2 - Property, Plant and Equipment (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 25, 2014 | Jan. 31, 2015 | Jan. 25, 2014 |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $2.50 | $2.50 | $7.80 | $7.50 |
Note_2_Property_Plant_and_Equi3
Note 2 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) (USD $) | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | ||
Land | $9,500 | $9,779 |
Buildings and improvements | 49,809 | 51,494 |
Machinery and equipment | 155,325 | 148,699 |
Total | 214,634 | 209,972 |
Less accumulated depreciation | -156,437 | -150,478 |
Property, plant and equipment b net | $58,197 | $59,494 |
Note_3_Debt_Details_Textual
Note 3 - Debt (Details Textual) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2015 | 3-May-14 |
Debt Disclosure [Abstract] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 100 | |
Debt Instrument, Interest Rate, Effective Percentage | 1.10% | |
Long-term Line of Credit | 15 | 30 |
Letters of Credit Outstanding, Amount | 2.2 | |
Line of Credit Facility, Remaining Borrowing Capacity | 82.8 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Disclosure [Abstract] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.90% |
Note_4_Stockbased_Compensation1
Note 4 - Stock-based Compensation (Details Textual) (USD $) | 9 Months Ended |
Jan. 31, 2015 | |
Share-based Compensation [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 276,800 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $17.84 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 36,700 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $3.92 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 7,800 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $17.35 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 636,655 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $11.17 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,769,089 |
Note_5_Derivative_Financial_In2
Note 5 - Derivative Financial Instruments (Details Textual) (USD $) | Jan. 31, 2015 | 3-May-14 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, Notional Amount | $44,900,000 | |
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | -424,000 | |
Accounts Payable and Accrued Liabilities [Member] | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Liability, Current | 697,000 | |
Other Noncurrent Assets [Member] | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Asset, Noncurrent | 56,000 | |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Asset, Current | $273,000 | $5,000 |
Note_5_Derivative_Financial_In3
Note 5 - Derivative Financial Instruments - Derivatives Instruments Statements of Financial Performance and Financial Position (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 25, 2014 | Jan. 31, 2015 | Jan. 25, 2014 |
Recognized in AOCI: | ||||
Gain (loss) before income taxes | ($1,096) | ($53) | $152 | ($1,203) |
Less income tax provision (benefit) | -407 | -20 | 56 | -447 |
Net | -689 | -33 | 96 | -756 |
Reclassified from AOCI to cost of sales: | ||||
Gain (loss) before income taxes | 249 | -596 | 526 | -1,811 |
Less income tax provision (benefit) | 92 | -221 | 195 | -672 |
Net | 157 | -375 | 331 | -1,139 |
Net change to AOCI | ($846) | $342 | ($235) | $383 |
Note_6_Preferred_Stock_Redempt1
Note 6 - Preferred Stock Redemption (Details Textual) (Series D Preferred Stock [Member], USD $) | 0 Months Ended |
Aug. 01, 2014 | |
Series D Preferred Stock [Member] | |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Stock Redeemed or Called During Period, 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 Textual) (USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | Jul. 31, 2014 | Jan. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | ||
Guaranteed Residual Value of Assets Under Operating Leases | $5 | |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 3 years |