Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
May. 02, 2015 | Jul. 10, 2015 | Oct. 31, 2014 | |
Entity Registrant Name | National Beverage Corp. | ||
Entity Central Index Key | 69,891 | ||
Current Fiscal Year End Date | --05-02 | ||
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) | 46,398,035 | ||
Entity Public Float | $ 288.1 | ||
Document Type | 10-K | ||
Document Period End Date | May 2, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | May. 02, 2015 | May. 03, 2014 |
Series C Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock, value | $ 150 | $ 150 |
Treasury stock, value | (5,100) | (5,100) |
Common Treasury Stock [Member] | ||
Shareholders' equity: | ||
Treasury stock, value | (12,900) | (12,900) |
Cash and equivalents | 52,456 | 29,932 |
Trade receivables - net | 59,951 | 58,205 |
Inventories | 42,924 | 43,914 |
Deferred income taxes net | 4,348 | 2,685 |
Prepaid and other assets | 8,050 | 8,405 |
Total current assets | 167,729 | 143,141 |
Property, plant and equipment - net | 60,182 | 59,494 |
Goodwill | 13,145 | 13,145 |
Intangible assets | 1,615 | 1,615 |
Other assets | 5,079 | 5,446 |
Total assets | 247,750 | 222,841 |
Accounts payable | 44,896 | 45,606 |
Accrued liabilities | 21,257 | 18,873 |
Income taxes payable | 98 | 44 |
Total current liabilities | 66,251 | 64,523 |
Long-term debt | 10,000 | 30,000 |
Noncurrent deferred tax liabilities – net | 15,245 | 13,873 |
Other liabilities | 8,472 | 8,244 |
Preferred stock, value | 120 | 240 |
Common stock, $.01 par value - 75,000,000 shares authorized; 50,418,019 shares (2015) and 50,367,799 shares (2014) issued | 504 | 504 |
Additional paid-in capital | 37,759 | 42,775 |
Retained earnings | 129,773 | 80,737 |
Accumulated other comprehensive loss | (2,524) | (205) |
Total shareholders' equity | 147,782 | 106,201 |
Total liabilities and shareholders' equity | $ 247,750 | $ 222,841 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions | May. 02, 2015 | May. 03, 2014 |
Series C Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
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, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares issued (in shares) | 120,000 | 240,000 |
Preferred stock, aggregate liquidation preference | $ 6 | $ 12 |
Common Treasury Stock [Member] | ||
Treasury stock, shares (in shares) | 4,032,784 | 4,032,784 |
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) | 50,418,019 | 50,367,799 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
May. 02, 2015 | May. 03, 2014 | Apr. 27, 2013 | |
Net sales | $ 645,825 | $ 641,135 | $ 662,007 |
Cost of sales | 426,685 | 423,480 | 444,757 |
Gross profit | 219,140 | 217,655 | 217,250 |
Selling, general and administrative expenses | 145,157 | 153,220 | 146,223 |
Interest expense | 371 | 660 | 403 |
Other (income) expense - net | (1,101) | 666 | 173 |
Income before income taxes | 74,713 | 63,109 | 70,451 |
Provision for income taxes | 25,402 | 19,474 | 23,531 |
Net income | 49,311 | 43,635 | 46,920 |
Less preferred dividends and accretion | (275) | (726) | (153) |
Earnings available to common shareholders | $ 49,036 | $ 42,909 | $ 46,767 |
Earnings per common share: | |||
Earnings per common share – basic (in dollars per share) | $ 1.06 | $ 0.93 | $ 1.01 |
Earnings per common share – diluted (in dollars per share) | $ 1.05 | $ 0.92 | $ 1.01 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 46,353 | 46,331 | 46,310 |
Diluted (in shares) | 46,559 | 46,519 | 46,482 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
May. 02, 2015 | May. 03, 2014 | Apr. 27, 2013 | |
Net income | $ 49,311 | $ 43,635 | $ 46,920 |
Other comprehensive income (loss), net of tax: | |||
Cash flow hedges | (2,350) | 610 | (295) |
Other | 31 | 149 | (27) |
Total | (2,319) | 759 | (322) |
Comprehensive income | $ 46,992 | $ 44,394 | $ 46,598 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Series C Preferred Stock [Member]Preferred Stock [Member] | Series C Preferred Stock [Member]Treasury Stock [Member] | Series D Preferred Stock [Member]Preferred Stock [Member] | Common Treasury Stock [Member]Treasury Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning and end of year (in shares) at Apr. 27, 2013 | 150,000 | 150,000 | 400,000 | 4,033,000 | 50,362,000 | ||||
Beginning and end of year at Apr. 27, 2013 | $ 150 | $ (5,100) | $ 400 | $ (12,900) | $ 504 | $ 50,398 | $ 37,828 | $ (964) | $ 70,316 |
Beginning of year (in shares) at Apr. 27, 2012 | 50,322,000 | ||||||||
Beginning of year at Apr. 27, 2012 | $ 503 | 30,425 | 109,200 | (642) | |||||
Series D preferred (redeemed) issued (in shares) | 400,000 | ||||||||
Series D preferred (redeemed) issued | $ 400 | 19,304 | |||||||
Stock options exercised (in shares) | 40,000 | ||||||||
Stock options exercised | $ 1 | 238 | |||||||
Stock-based compensation | 230 | ||||||||
Other | 201 | ||||||||
Net income | 46,920 | ||||||||
Common stock dividends | (118,139) | ||||||||
Preferred stock dividends & accretion | (153) | ||||||||
Cash flow hedges | (295) | ||||||||
Other | (27) | ||||||||
Beginning and end of year (in shares) at May. 03, 2014 | 150,000 | 150,000 | 240,000 | 4,033,000 | 50,368,000 | ||||
Beginning and end of year at May. 03, 2014 | $ 150 | $ (5,100) | $ 240 | $ (12,900) | $ 504 | 42,775 | 80,737 | (205) | 106,201 |
Beginning of year (in shares) at Apr. 27, 2013 | 150,000 | 150,000 | 400,000 | 4,033,000 | 50,362,000 | ||||
Beginning of year at Apr. 27, 2013 | $ 150 | $ (5,100) | $ 400 | $ (12,900) | $ 504 | 50,398 | 37,828 | (964) | 70,316 |
Series D preferred (redeemed) issued (in shares) | (160,000) | ||||||||
Series D preferred (redeemed) issued | $ (160) | (7,722) | |||||||
Stock options exercised (in shares) | 6,000 | ||||||||
Stock options exercised | 47 | ||||||||
Stock-based compensation | 95 | ||||||||
Other | (43) | ||||||||
Net income | $ 43,635 | 43,635 | |||||||
Common stock dividends | |||||||||
Preferred stock dividends & accretion | $ (726) | ||||||||
Cash flow hedges | 610 | 610 | |||||||
Other | 149 | 149 | |||||||
Beginning and end of year (in shares) at May. 02, 2015 | 150,000 | 150,000 | 120,000 | 4,033,000 | 50,418,000 | ||||
Beginning and end of year at May. 02, 2015 | $ 150 | $ (5,100) | $ 120 | $ (12,900) | $ 504 | 37,759 | 129,773 | (2,524) | 147,782 |
Beginning of year (in shares) at May. 03, 2014 | 150,000 | 150,000 | 240,000 | 4,033,000 | 50,368,000 | ||||
Beginning of year at May. 03, 2014 | $ 150 | $ (5,100) | $ 240 | $ (12,900) | $ 504 | 42,775 | 80,737 | (205) | $ 106,201 |
Series D preferred (redeemed) issued (in shares) | (120,000) | ||||||||
Series D preferred (redeemed) issued | $ (120) | (5,791) | |||||||
Stock options exercised (in shares) | 50,000 | 50,220 | |||||||
Stock options exercised | 228 | ||||||||
Stock-based compensation | 307 | ||||||||
Other | $ 240 | ||||||||
Net income | $ 49,311 | $ 49,311 | |||||||
Common stock dividends | |||||||||
Preferred stock dividends & accretion | $ (275) | ||||||||
Cash flow hedges | (2,350) | (2,350) | |||||||
Other | $ 31 | $ 31 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
May. 02, 2015 | May. 03, 2014 | Apr. 27, 2013 | |
Operating Activities: | |||
Net income | $ 49,311,000 | $ 43,635,000 | $ 46,920,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 11,580,000 | 11,708,000 | 11,002,000 |
Deferred income tax provision | 1,076,000 | 79,000 | 172,000 |
(Gain) loss on disposal of property, net | (1,188,000) | 51,000 | 63,000 |
Stock-based compensation | 307,000 | 95,000 | 230,000 |
Changes in assets and liabilities: | |||
Trade receivables | (1,746,000) | 5,864,000 | (2,478,000) |
Inventories | 990,000 | (4,680,000) | 1,628,000 |
Prepaid and other assets | (605,000) | (2,548,000) | (2,466,000) |
Accounts payable | (710,000) | 1,345,000 | (10,614,000) |
Accrued and other liabilities | (995,000) | (3,167,000) | (4,193,000) |
Net cash provided by operating activities | 58,020,000 | 52,382,000 | 40,264,000 |
Investing Activities: | |||
Additions to property, plant and equipment | (11,630,000) | (12,124,000) | (9,693,000) |
Proceeds from sale of property, plant and equipment | 1,905,000 | 62,000 | 77,000 |
Net cash used in investing activities | $ (9,725,000) | $ (12,062,000) | (9,616,000) |
Financing Activities: | |||
Dividends paid on common stock | (118,139,000) | ||
Dividends paid on preferred stock | $ (239,000) | $ (659,000) | (12,000) |
(Repayments) borrowings under credit facilities, net | (20,000,000) | (20,000,000) | 50,000,000 |
(Redemption) issuance of preferred stock | (6,000,000) | (8,000,000) | 19,704,000 |
Proceeds from stock options exercised | 228,000 | 47,000 | 239,000 |
Other | 240,000 | (43,000) | 201,000 |
Net cash used in financing activities | (25,771,000) | (28,655,000) | (48,007,000) |
Net Increase (Decrease) in Cash and Equivalents | 22,524,000 | 11,665,000 | (17,359,000) |
Cash and Equivalents - Beginning of Year | 29,932,000 | 18,267,000 | 35,626,000 |
Cash and Equivalents - End of Year | 52,456,000 | 29,932,000 | 18,267,000 |
Other Cash Flow Information: | |||
Interest paid | 380,000 | 723,000 | 341,000 |
Income taxes paid | $ 24,745,000 | $ 23,079,000 | $ 24,327,000 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 12 Months Ended |
May. 02, 2015 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. significant accounting policies Basis of Presentation 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. The consolidated financial statements include the accounts of National Beverage Corp. and all subsidiaries. All significant intercompany transactions and accounts have been eliminated. Our fiscal year ends the Saturday closest to April 30 and, as a result, an additional week is added every five or six years. Fiscal 2015 and Fiscal 2013 consisted of 52 weeks while Fiscal 2014 consisted of 53 weeks. Cash and Equivalents Cash and equivalents are comprised of cash and highly liquid securities (consisting primarily of short-term money-market investments) with an original maturity of three months or less. 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. 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 6. 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 amounting to 206,000 shares in Fiscal 2015, 188,000 shares in Fiscal 2014 and 172,000 shares in Fiscal 2013. Fair Value The fair value of long-term debt approximates its carrying value due to its variable interest rate and lack of prepayment penalty. The estimated fair values of derivative financial instruments are calculated based on market rates to settle the instruments. These values represent the estimated amounts we would receive upon sale, taking into consideration current market prices and credit worthiness. See Note 6. Impairment of Long-Lived Assets All long-lived assets, excluding goodwill and intangible assets not subject to amortization, are evaluated for impairment on the basis of undiscounted cash flows whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impaired asset is written down to its estimated fair value based on the best information available. Estimated fair value is generally measured by discounting future cash flows. Goodwill and intangible assets not subject to amortization are evaluated for impairment annually or sooner if we believe such assets may be impaired. An impairment loss is recognized if the carrying amount or, for goodwill, the carrying amount of its reporting unit, is greater than its fair value. Income Taxes Our effective income tax rate is based on estimates of taxes which will ultimately be payable. Deferred taxes are recorded to give recognition to temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements. Valuation allowances are established to reduce the carrying amounts of deferred tax assets when it is deemed, more likely than not, that the benefit of deferred tax assets will not be realized. Insurance Programs We maintain self-insured and deductible programs for certain liability, medical and workers’ compensation exposures. Accordingly, we accrue for known claims and estimated incurred but not reported claims not otherwise covered by insurance based on actuarial assumptions and historical claims experience. At May 2, 2015 and May 3, 2014, other liabilities included accruals of $5.9 million and $6.1 million, respectively, for estimated non-current risk retention exposures, of which $4.7 million and $5.1 million were covered by insurance. Intangible Assets Intangible assets as of May 2, 2015 and May 3, 2014 consisted of non-amortizable trademarks. Inventories Inventories are stated at the lower of first-in, first-out cost or market. Inventories at May 2, 2015 were comprised of finished goods of $24.9 million and raw materials of $18.0 million. Inventories at May 3, 2014 were comprised of finished goods of $27.2 million and raw materials of $16.7 million. Marketing Costs We are involved in a variety of marketing programs, including cooperative advertising programs with customers, to advertise and promote our products to consumers. Marketing costs are expensed when incurred, except for prepaid advertising and production costs which are expensed when the advertising takes place. Marketing costs, which are included in selling, general and administrative expenses, totaled $42.4 million in Fiscal 2015, $50.2 million in Fiscal 2014 and $44.6 million in Fiscal 2013. New Accounting Pronouncement In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 requires an entity to recognize revenue in an amount that reflects the consideration to which the entity expects to receive in exchange for goods or services. ASU 2014-09 is effective for our fiscal year beginning April 30, 2017. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Additions, replacements and betterments are capitalized, while maintenance and repairs that do not extend the useful life of an asset are expensed as incurred. Depreciation is recorded using the straight-line method over estimated useful lives of 7 to 30 years for buildings and improvements and 3 to 15 years for machinery and equipment. Leasehold improvements are amortized using the straight-line method over the shorter of the remaining lease term or the estimated useful life of the improvement. When assets are retired or otherwise disposed, the cost and accumulated depreciation are removed from the respective accounts and any related gain or loss is recognized. Revenue Recognition Revenue from product sales is recognized when title and risk of loss pass to the customer, which generally occurs upon delivery. Our policy is not to allow the return of products once they have been accepted by the customer. However, on occasion, we have accepted returns or issued credit to customers, primarily for damaged goods. The amounts have been immaterial and, accordingly, we do not provide a specific valuation allowance for sales returns. Sales Incentives We offer various sales incentive arrangements to our customers that require customer performance or achievement of certain sales volume targets. When the incentive is paid in advance, we amortize the amount paid over the period of benefit or contractual sales volume; otherwise, we accrue the expected amount to be paid over the period of benefit or expected sales volume. The recognition of these incentives involves the use of judgment related to performance and sales volume estimates that are made based on historical experience and other factors. Sales incentives are accounted for as a reduction of sales and actual amounts ultimately realized may vary from accrued amounts. Segment Reporting We operate as a single operating segment for purposes of presenting financial information and evaluating performance. As such, the accompanying consolidated financial statements present financial information in a format that is consistent with the internal financial information used by management. We do not accumulate revenues by product classification and, therefore, it is impractical to present such information. Shipping and Handling Costs Shipping and handling costs are reported in selling, general and administrative expenses in the accompanying consolidated statements of income. Such costs aggregated $44.4 million in Fiscal 2015 and Fiscal 2014 and $44.2 million in Fiscal 2013. Although our classification is consistent with many beverage companies, our gross margin may not be comparable to companies that include shipping and handling costs in cost of sales. Stock-Based Compensation Compensation expense for stock-based compensation awards is recognized over the vesting period based on the grant-date fair value estimated using the Black-Scholes model. See Note 8. Trade Receivables We record trade receivables at net realizable value, which includes an appropriate allowance for doubtful accounts. We extend credit based on an evaluation of each customer’s financial condition, generally without requiring collateral. Exposure to credit losses varies by customer principally due to the financial condition of each customer. We monitor our exposure to credit losses and maintain allowances for anticipated losses based on specific customer circumstances, credit conditions and historical write-offs. Activity in the allowance for doubtful accounts was as follows: (In thousands) Fiscal 2015 Fiscal 2014 Fiscal 2013 Balance at beginning of year $ 399 $ 454 $ 399 Net charge to expense 117 95 96 Net charge-off (186 ) (150 ) (41 ) Balance at end of year $ 330 $ 399 $ 454 As of May 2, 2015 and May 3, 2014, we did not have any customer that comprised more than 10% of trade receivables. No one customer accounted for more than 10% of net sales during any of the last three fiscal years. Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and anticipated future actions, actual results may vary from reported amounts. |
Note 2 - Property, Plant and Eq
Note 2 - Property, Plant and Equipment | 12 Months Ended |
May. 02, 2015 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 2. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment as of May 2, 2015 and May 3, 2014 consisted of the following: (In thousands) 2015 2014 Land $ 9,500 $ 9,779 Buildings and improvements 50,405 51,494 Machinery and equipment 156,702 148,699 Total 216,607 209,972 Less accumulated depreciation (156,425 ) (150,478 ) Property, plant and equipment – net $ 60,182 $ 59,494 Depreciation expense was $10.2 million for Fiscal 2015, $9.8 million for Fiscal 2014 and $9.0 million for Fiscal 2013. |
Note 3 - Accrued Liabilities
Note 3 - Accrued Liabilities | 12 Months Ended |
May. 02, 2015 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 3. ACCRUED LIABILITIES Accrued liabilities as of May 2, 2015 and May 3, 2014 consisted of the following: (In thousands) 2015 2014 Accrued compensation $ 7,473 $ 7,049 Accrued promotions 3,801 3,812 Accrued insurance 1,651 2,238 Other 8,332 5,774 Total $ 21,257 $ 18,873 |
Note 4 - Debt
Note 4 - Debt | 12 Months Ended |
May. 02, 2015 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. DEBT At May 2, 2015, a subsidiary of the Company maintained unsecured revolving credit facilities with banks aggregating $100 million (the “Credit Facilities”). The Credit Facilities expire from October 10, 2017 to June 18, 2018 and current borrowings bear interest at .9% above one-month LIBOR (1.0% at May 2, 2015). Borrowings outstanding under the Credit Facilities were $10 million at May 2, 2015 and $30 million at May 3, 2014. At May 2, 2015, $2.2 million of the Credit Facilities were reserved for standby letters of credit and $87.8 million were available for borrowings. The Credit Facilities require the subsidiary to maintain certain financial ratios, principally 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 May 2, 2015, we were in compliance with all loan covenants. |
Note 5 - Capital Stock and Tran
Note 5 - Capital Stock and Transactions with Related Parties | 12 Months Ended |
May. 02, 2015 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5. CAPITAL STOCK AND TRANSACTIONS WITH RELATED PARTIES The Company paid special cash dividends on common stock of $118.1 million ($2.55 per share) on December 27, 2012. On January 25, 2013, the Company sold 400,000 shares of Special Series D Preferred Stock, par value $1 per share (“Series D Preferred”) for an aggregate purchase price of $20 million. Series D Preferred has a liquidation preference of $50 per share and accrues dividends on this amount at an annual rate of 3% through April 30, 2014 and, thereafter, at an annual rate equal to 370 basis points above the 3-Month LIBOR. Dividends are cumulative and payable quarterly. Accrued dividends at May 2, 2015 and May 3, 2014 were $37,000 and $90,000, respectively. The Series D Preferred is nonvoting and redeemable at the option of the Company beginning May 1, 2014 at $50 per share. The net proceeds of $19.7 million were used to repay borrowings under the Credit Facilities. In addition, the Company has 150,000 shares of Series C Preferred Stock, par value $1 per share, which are held as treasury stock and, therefore, such shares have no liquidation value. On May 2, 2014, the Company redeemed 160,000 shares of Series D Preferred, representing 40% of the amount outstanding, for an aggregate price of $8 million plus accrued dividends. In connection therewith, the Company accreted and charged to retained earnings $118,000 of original issuance costs, which was deducted from income available to common shareholders for earnings per share calculation. In conjunction with the partial redemption, the annual dividend rate on the outstanding Series D Preferred was reduced to 2.5% for the twelve month period beginning May 1, 2014. In evaluating the impact of the rate change, the Company determined that the related fair value change was immaterial and that no adjustment was required. 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. On May 1, 2015, the Company and the holders of the Series D Preferred agreed to extend the 2.5% annual dividend rate on the outstanding Series D Preferred through April 30, 2016. In evaluating the impact of the rate change, the Company determined that the related fair value change was immaterial and that no adjustment was required. In April 2012, the Board of Directors authorized an increase in the Company’s Stock Buyback Program from 800,000 to 1.6 million shares of common stock. As of May 2, 2015, 502,060 shares were purchased under the program and 1,097,940 shares were available for purchase. There were no shares purchased during the last three fiscal years. The Company is a party to a management agreement with Corporate Management Advisors, Inc. (“CMA”), a corporation owned by our Chairman and Chief Executive Officer. This agreement was originated in 1991 for the efficient use of management of two public companies at the time. In 1994, one of those public entities, through a merger, no longer was managed in this manner. Under the terms of the agreement, CMA provides, subject to the direction and supervision of the Board of Directors of the Company, (i) senior corporate functions (including supervision of the Company’s financial, legal, executive recruitment, internal audit and management information systems departments) as well as the services of a Chief Executive Officer and Chief Financial Officer, and (ii) services in connection with acquisitions, dispositions and financings by the Company, including identifying and profiling acquisition candidates, negotiating and structuring potential transactions and arranging financing for any such transaction. CMA, through its personnel, also provides, to the extent possible, the stimulus and creativity to develop an innovative and dynamic persona for the Company, its products and corporate image. In order to fulfill its obligations under the management agreement, CMA employs numerous individuals, whom, acting as a unit, provide management, administrative and creative functions for the Company. The management agreement provides that the Company will pay CMA an annual base fee equal to one percent of the consolidated net sales of the Company, and further provides that the Compensation and Stock Option Committee and the Board of Directors may from time to time award additional incentive compensation to CMA. The Board of Directors on numerous occasions contemplated incentive compensation and, while shareholder value has increased over 2,000% since the inception of this agreement, no incentive compensation has been paid. We incurred management fees to CMA of $6.5 million for Fiscal 2015, $6.4 million for Fiscal 2014 and $6.6 million for Fiscal 2013. Included in accounts payable were amounts due CMA of $1.6 million at May 2, 2015 and at May 3, 2014. |
Note 6 - Derivative Financial I
Note 6 - Derivative Financial Instruments | 12 Months Ended |
May. 02, 2015 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 6. 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 the cash flow hedge for Fiscal 2015, Fiscal 2014 and Fiscal 2013: (In thousands) Fiscal Fiscal Fiscal 2015 2014 2013 Recognized in AOCI- Loss before income taxes $ (3,488 ) $ (1,059 ) $ (2,521 ) Less income tax benefit (1,294 ) (393 ) (935 ) Net (2,194 ) (666 ) (1,586 ) Reclassified from AOCI to cost of sales- Gain (loss) before income taxes 248 (2,028 ) (2,060 ) Less income tax provision (benefit) 92 (752 ) (769 ) Net 156 (1,276 ) (1,291 ) Net change to AOCI $ (2,350 ) $ 610 $ (295 ) As of May 2, 2015, the notional amount of our outstanding aluminum swap contracts was $38.0 million and, assuming no change in the commodity prices, $3.0 million of unrealized loss before tax will be reclassified from AOCI and recognized in earnings over the next 12 months. See Note 1. As of May 2, 2015, the fair value of the derivative liability and derivative long-term liability was $3.0 million and $751,000, which was included in accrued liabilities and other liabilities, respectively. As of 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 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
May. 02, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. INCOME TAXES The provision for income taxes consisted of the following: (In thousands) Fiscal Fiscal Fiscal 2015 2014 2013 Current $ 24,326 $ 19,395 $ 23,359 Deferred 1,076 79 172 Total $ 25,402 $ 19,474 $ 23,531 Deferred taxes are recorded to give recognition to temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements. Valuation allowances are established to reduce the carrying amounts of deferred tax assets when it is deemed more likely than not that the benefit of deferred tax assets will not be realized. Deferred tax assets and liabilities as of May 2, 2015 and May 3, 2014 consisted of the following: (In thousands) 2015 2014 Deferred tax assets: Accrued expenses and other $ 5,281 $ 4,126 Inventory and amortizable assets 417 400 Total deferred tax assets 5,698 4,526 Deferred tax liabilities: Property 16,497 15,616 Intangibles and other 98 98 Total deferred tax liabilities 16,595 15,714 Net deferred tax liabilities $ 10,897 $ 11,188 Current deferred tax assets – net $ 4,348 $ 2,685 Noncurrent deferred tax liabilities – net $ 15,245 $ 13,873 The reconciliation of the statutory federal income tax rate to our effective tax rate is as follows: Fiscal Fiscal Fiscal 2015 2014 2013 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefit 2.3 2.3 1.6 Manufacturing deduction benefit (3.0 ) (3.0 ) (3.1 ) Adjustment of unrecognized tax benefit (.2 ) (3.3 ) (.2 ) Other differences (.1 ) (.1 ) .1 Effective income tax rate 34.0 % 30.9 % 33.4 % During April 2014, the Company reached an agreement with the Internal Revenue Service with respect to its review of the Company’s federal income tax returns for the three years ended April 2013. No material adjustments were proposed and, accordingly, the Company adjusted the related unrecognized tax benefits during the fourth quarter of Fiscal 2014. As of May 2, 2015, the gross amount of unrecognized tax benefits was $1.8 million and $191,000 was recognized as a tax benefit in Fiscal 2015. If we were to prevail on all uncertain tax positions, the net effect would be to reduce our tax expense by approximately $1.2 million. A reconciliation of the changes in the gross amount of unrecognized tax benefits, which amounts are included in other liabilities in the accompanying consolidated balance sheets, is as follows: (In thousands) Fiscal Fiscal Fiscal 2015 2014 2013 Beginning balance $ 2,123 $ 4,349 $ 4,548 Increases due to current period tax positions 122 268 415 Decreases due to lapse of statute of limitations and audit resolutions (444 ) (2,494 )* (614 ) Ending balance $ 1,801 $ 2,123 $ 4,349 _______________________________ * We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. As of May 2, 2015, unrecognized tax benefits included accrued interest of $269,000, of which approximately $82,000 was recognized as a tax benefit in Fiscal 2015. We file annual income tax returns in the United States and in various state and local jurisdictions. A number of years may elapse before an uncertain tax position, for which we have unrecognized tax benefits, is resolved. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, we believe that our unrecognized tax benefits reflect the most probable outcome. We adjust these unrecognized tax benefits, as well as the related interest, in light of changing facts and circumstances. The resolution of any particular uncertain tax position could require the use of cash and an adjustment to our provision for income taxes in the period of resolution. Federal income tax returns for fiscal years subsequent to 2013 are subject to examination. Generally, the income tax returns for the various state jurisdictions are subject to examination for fiscal years ending after fiscal 2010. |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 12 Months Ended |
May. 02, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 8. STOCK-BASED COMPENSATION Our stock-based compensation program is a broad-based program designed to attract and retain employees while also aligning employees’ interests with the interests of the shareholders. The 1991 Omnibus Incentive Plan (the “Omnibus Plan”) provides for compensatory awards consisting of (i) stock options or stock awards for up to 4,800,000 shares of common stock, (ii) stock appreciation rights, dividend equivalents, other stock-based awards in amounts up to 4,800,000 shares of common stock and (iii) performance awards consisting of any combination of the above. The Omnibus Plan is designed to provide an incentive to officers and certain other key employees and consultants by making available to them an opportunity to acquire a proprietary interest or to increase such interest in National Beverage. The number of shares or options which may be issued under stock-based awards to an individual is limited to 1,680,000 during any year. Awards may be granted for no cash consideration or such minimal cash consideration as may be required by law. Options generally have an exercise price equal to the fair market value of our common stock on the date of grant, vest over a five-year period and expire after ten years. The Special Stock Option Plan provides for the issuance of stock options to purchase up to an aggregate of 1,800,000 shares of common stock. Options may be granted for such consideration as determined by the Board of Directors. The vesting schedule and exercise price of these options are tied to the recipient’s ownership level of common stock and the terms generally allow for the reduction in exercise price upon each vesting period. Also, the Board of Directors authorized the issuance of options to purchase up to 50,000 shares of common stock to be issued at the direction of the Chairman. The Key Employee Equity Partnership Program (“KEEP Program”) provides for the granting of stock options to purchase up to 240,000 shares of common stock to key employees, consultants, directors and officers. Participants who purchase shares of stock in the open market receive grants of stock options equal to 50% of the number of shares purchased, up to a maximum of 6,000 shares in any two-year period. Options under the KEEP Program are forfeited in the event of the sale of shares used to acquire such options. Options are granted at an initial exercise price of 60% of the purchase price paid for the shares acquired and the exercise price reduces to the stock par value at the end of the six-year vesting period. We account for stock options under the fair value method of accounting using a Black-Scholes valuation model to estimate the stock option fair value at date of grant. The fair value of stock options is amortized to expense over the vesting period. Stock options granted were 276,800 shares in Fiscal 2015, 5,245 shares in Fiscal 2014 and 2,000 shares in Fiscal 2013. The weighted average Black-Scholes fair value assumptions for stock options granted are as follows: weighted average expected life of 7.4 years for Fiscal 2015, 8 years for Fiscal 2014 and 8 years for Fiscal 2013; weighted average expected volatility of 32.8% for Fiscal 2015, 35.8% for Fiscal 2014 and 38.1% for Fiscal 2013; weighted average risk free interest rates of 2.2% for Fiscal 2015, 1.9% for Fiscal 2014 and 1.6% for Fiscal 2013; and expected dividend yield of 4.6% for Fiscal 2015, 4.6% for Fiscal 2014 and 5.0% for Fiscal 2013. The expected life of stock options was estimated based on historical experience. The expected volatility was estimated based on historical stock prices for a period consistent with the expected life of stock options. The risk free interest rate was based on the U.S. Treasury constant maturity interest rate whose term is consistent with the expected life of stock options. Forfeitures were estimated based on historical experience and ranged from 0% to 16% for Fiscal 2015, Fiscal 2014 and Fiscal 2013. The following is a summary of stock option activity for Fiscal 2015: Number of Shares Price (a) Options outstanding, beginning of year 404,355 $ 6.67 Granted 276,800 17.84 Exercised (50,220 ) 4.55 Cancelled (17,800 ) 16.26 Options outstanding, end of year 613,135 11.23 Options exercisable, end of year 265,437 5.93 _______________________________ (a) Stock-based compensation expense was $307,000 for Fiscal 2015, $95,000 for Fiscal 2014 and $230,000 for Fiscal 2013. The total fair value of shares vested was $371,000 for Fiscal 2015, $90,000 for Fiscal 2014 and $453,000 for Fiscal 2013. The total intrinsic value for stock options exercised was $917,000 for Fiscal 2015, $76,000 for Fiscal 2014 and $406,000 for Fiscal 2013. Net cash proceeds from the exercise of stock options were $228,000 for Fiscal 2015, $47,000 for Fiscal 2014 and $239,000 for Fiscal 2013. Stock based income tax benefits aggregated $240,000 for Fiscal 2015, $17,000 for Fiscal 2014 and $201,000 for Fiscal 2013. The weighted average fair value for stock options granted was $8.30 for Fiscal 2015, $12.50 for Fiscal 2014 and $8.76 for Fiscal 2013. As of May 2, 2015, unrecognized compensation expense related to the unvested portion of our stock options was $872,000, which is expected to be recognized over a weighted average period of 5.7 years. The weighted average remaining contractual term and the aggregate intrinsic value for options outstanding as of May 2, 2015 was 4.3 years and $6.9 million, respectively. The weighted average remaining contractual term and the aggregate intrinsic value for options exercisable as of May 2, 2015 was 2.7 years and $4.4 million, respectively. We have a stock purchase plan which provides for the purchase of up to 1,536,000 shares of common stock by employees who (i) have been employed for at least two years, (ii) are not part-time employees and (iii) are not owners of five percent or more of our common stock. As of May 2, 2015, no shares have been issued under the plan. |
Note 9 - Pension Plans
Note 9 - Pension Plans | 12 Months Ended |
May. 02, 2015 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 9. PENSION PLANS The Company contributes to certain pension plans under collective bargaining agreements and to a discretionary profit sharing plan. Total contributions (including contributions to multi-employer plans reflected below) were $2.7 million for Fiscal 2015, $2.7 million for Fiscal 2014 and $2.6 million for Fiscal 2013. The Company participates in various multi-employer defined benefit pension plans covering certain employees whose employment is covered under collective bargaining agreements. If the Company chooses to stop participating in the multi-employer plan or if other employers choose to withdraw to the extent that a mass withdrawal occurs, the Company could be required to pay the plan a withdrawal liability based on the underfunded status of the plan. Summarized below is certain information regarding the Company’s participation in significant multi-employer pension plans including the financial improvement plan or rehabilitation plan status (“FIP/RP Status”) and the zone status under the Pension Protection Act (“PPA”). The most recent PPA zone status available in Fiscal 2015 and Fiscal 2014 is for the plans’ years ending December 31, 2013 and 2012, respectively. PPA Zone Status Fiscal Fiscal Surcharge Pension Fund 2015 2014 FIP/RP Status Imposed Central States, Southeast and Southwest Areas Pension Plan (EIN no. 36-6044243) (the “CSSS Fund”) Red Red Implemented No Western Conference of Teamsters Pension Trust Fund (EIN no. 91-6145047) (the “WCT Fund”) Green Green Not applicable No For the plan years ended December 31, 2013 and December 31, 2012, the Company was not listed in the Form 5500 Annual Returns as providing more than 5% of the total contributions for the above plans. The collective bargaining agreements expire on October 18, 2016 for the CSSS Fund and May 14, 2016 for the WCT Fund. The Company’s contributions for all multi-employer pension plans for the last three fiscal years are as follow: (In thousands) Fiscal Fiscal Fiscal Pension Fund 2015 2014 2013 CSSS Fund $ 1,103 $ 1,079 $ 1,051 WCT Fund 637 476 471 Other multi-employer pension funds 306 295 262 Total $ 2,046 $ 1,850 $ 1,784 The trustees of one of the multi-employer pension plans that is not considered individually significant have notified a subsidiary of the Company that a mass withdrawal has occurred and have provided the subsidiary with a notice of withdrawal liability. The Company disputes various aspects of the withdrawal liability calculations and intends to challenge them in accordance with applicable Federal laws. The Company anticipates that the amount of its liability, if any, will not have a material effect on its financial position or results of operations. |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
May. 02, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. COMMITMENTS AND CONTINGENCIES We lease buildings, machinery and equipment under various non-cancelable operating lease agreements expiring at various dates through 2023. Certain of these leases contain scheduled rent increases and/or renewal options. Contractual rent increases are taken into account when calculating the minimum lease payment and recognized on a straight-line basis over the lease term. Rent expense under operating lease agreements totaled approximately $8.2 million for Fiscal 2015, $7.9 million for Fiscal 2014 and $8.9 million for Fiscal 2013. Our minimum lease payments under non-cancelable operating leases as of May 2, 2015 were as follows: (In thousands) Fiscal 2016 $ 5,399 Fiscal 2017 4,620 Fiscal 2018 3,789 Fiscal 2019 3,341 Fiscal 2020 2,639 Thereafter 2,406 Total minimum lease payments $ 22,194 As of May 2, 2015, we guaranteed the residual value of certain leased equipment in the amount of $4.9 million. If the proceeds from the sale of such equipment are less than the balance required by the lease when the lease terminates on August 1, 2017, the Company shall be required to pay the difference up to such guaranteed amount. The Company expects to have no loss on such guarantee. We enter into various agreements with suppliers for the purchase of raw materials, the terms of which may include variable or fixed pricing and minimum purchase quantities. As of May 2, 2015, we had purchase commitments for raw materials of $54.0 million for Fiscal 2016. From time to time, we are a party to various litigation matters and claims arising in the ordinary course of business. We do not expect the ultimate disposition of such matters to have a material adverse effect on our consolidated financial position or results of operations. |
Note 11 - Quarterly Financial D
Note 11 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
May. 02, 2015 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 11. QUARTERLY FINANCIAL DATA (UNAUDITED) (In thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal 2015 Net sales $ 174,637 $ 163,575 $ 143,021 $ 164,592 Gross profit 59,842 57,732 46,090 55,476 Net income 15,363 12,958 8,808 12,182 Earnings per common share – basic $ .33 $ .28 $ .19 $ .26 Earnings per common share – diluted $ .33 $ .28 $ .19 $ .26 Fiscal 2014 (1) Net sales $ 172,353 $ 167,666 $ 136,774 $ 164,342 Gross profit 58,749 58,830 44,688 55,388 Net income 12,070 12,497 7,136 11,932 Earnings per common share – basic $ .26 $ .27 $ .15 $ .25 Earnings per common share – diluted $ .26 $ .27 $ .15 $ .25 _______________________________ (1) The fourth quarter of Fiscal 2014 consisted of 14 weeks while other quarters consisted of 13 weeks. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
May. 02, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation 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. The consolidated financial statements include the accounts of National Beverage Corp. and all subsidiaries. All significant intercompany transactions and accounts have been eliminated. Our fiscal year ends the Saturday closest to April 30 and, as a result, an additional week is added every five or six years. Fiscal 2015 and Fiscal 2013 consisted of 52 weeks while Fiscal 2014 consisted of 53 weeks. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Equivalents Cash and equivalents are comprised of cash and highly liquid securities (consisting primarily of short-term money-market investments) with an original maturity of three months or less. |
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. 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 6. |
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 amounting to 206,000 shares in Fiscal 2015, 188,000 shares in Fiscal 2014 and 172,000 shares in Fiscal 2013. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value The fair value of long-term debt approximates its carrying value due to its variable interest rate and lack of prepayment penalty. The estimated fair values of derivative financial instruments are calculated based on market rates to settle the instruments. These values represent the estimated amounts we would receive upon sale, taking into consideration current market prices and credit worthiness. See Note 6. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets All long-lived assets, excluding goodwill and intangible assets not subject to amortization, are evaluated for impairment on the basis of undiscounted cash flows whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impaired asset is written down to its estimated fair value based on the best information available. Estimated fair value is generally measured by discounting future cash flows. Goodwill and intangible assets not subject to amortization are evaluated for impairment annually or sooner if we believe such assets may be impaired. An impairment loss is recognized if the carrying amount or, for goodwill, the carrying amount of its reporting unit, is greater than its fair value. |
Income Tax, Policy [Policy Text Block] | Income Taxes Our effective income tax rate is based on estimates of taxes which will ultimately be payable. Deferred taxes are recorded to give recognition to temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements. Valuation allowances are established to reduce the carrying amounts of deferred tax assets when it is deemed, more likely than not, that the benefit of deferred tax assets will not be realized. |
Liability Reserve Estimate, Policy [Policy Text Block] | Insurance Programs We maintain self-insured and deductible programs for certain liability, medical and workers’ compensation exposures. Accordingly, we accrue for known claims and estimated incurred but not reported claims not otherwise covered by insurance based on actuarial assumptions and historical claims experience. At May 2, 2015 and May 3, 2014, other liabilities included accruals of $5.9 million and $6.1 million, respectively, for estimated non-current risk retention exposures, of which $4.7 million and $5.1 million were covered by insurance. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets as of May 2, 2015 and May 3, 2014 consisted of non-amortizable trademarks. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of first-in, first-out cost or market. Inventories at May 2, 2015 were comprised of finished goods of $24.9 million and raw materials of $18.0 million. Inventories at May 3, 2014 were comprised of finished goods of $27.2 million and raw materials of $16.7 million. |
Advertising Costs, Policy [Policy Text Block] | Marketing Costs We are involved in a variety of marketing programs, including cooperative advertising programs with customers, to advertise and promote our products to consumers. Marketing costs are expensed when incurred, except for prepaid advertising and production costs which are expensed when the advertising takes place. Marketing costs, which are included in selling, general and administrative expenses, totaled $42.4 million in Fiscal 2015, $50.2 million in Fiscal 2014 and $44.6 million in Fiscal 2013. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncement In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 requires an entity to recognize revenue in an amount that reflects the consideration to which the entity expects to receive in exchange for goods or services. ASU 2014-09 is effective for our fiscal year beginning April 30, 2017. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Additions, replacements and betterments are capitalized, while maintenance and repairs that do not extend the useful life of an asset are expensed as incurred. Depreciation is recorded using the straight-line method over estimated useful lives of 7 to 30 years for buildings and improvements and 3 to 15 years for machinery and equipment. Leasehold improvements are amortized using the straight-line method over the shorter of the remaining lease term or the estimated useful life of the improvement. When assets are retired or otherwise disposed, the cost and accumulated depreciation are removed from the respective accounts and any related gain or loss is recognized. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Revenue from product sales is recognized when title and risk of loss pass to the customer, which generally occurs upon delivery. Our policy is not to allow the return of products once they have been accepted by the customer. However, on occasion, we have accepted returns or issued credit to customers, primarily for damaged goods. The amounts have been immaterial and, accordingly, we do not provide a specific valuation allowance for sales returns. |
Sales Incentives [Policy Text Block] | Sales Incentives We offer various sales incentive arrangements to our customers that require customer performance or achievement of certain sales volume targets. When the incentive is paid in advance, we amortize the amount paid over the period of benefit or contractual sales volume; otherwise, we accrue the expected amount to be paid over the period of benefit or expected sales volume. The recognition of these incentives involves the use of judgment related to performance and sales volume estimates that are made based on historical experience and other factors. Sales incentives are accounted for as a reduction of sales and actual amounts ultimately realized may vary from accrued amounts. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting We operate as a single operating segment for purposes of presenting financial information and evaluating performance. As such, the accompanying consolidated financial statements present financial information in a format that is consistent with the internal financial information used by management. We do not accumulate revenues by product classification and, therefore, it is impractical to present such information. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs Shipping and handling costs are reported in selling, general and administrative expenses in the accompanying consolidated statements of income. Such costs aggregated $44.4 million in Fiscal 2015 and Fiscal 2014 and $44.2 million in Fiscal 2013. Although our classification is consistent with many beverage companies, our gross margin may not be comparable to companies that include shipping and handling costs in cost of sales. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation Compensation expense for stock-based compensation awards is recognized over the vesting period based on the grant-date fair value estimated using the Black-Scholes model. See Note 8. |
Receivables, Policy [Policy Text Block] | Trade Receivables We record trade receivables at net realizable value, which includes an appropriate allowance for doubtful accounts. We extend credit based on an evaluation of each customer’s financial condition, generally without requiring collateral. Exposure to credit losses varies by customer principally due to the financial condition of each customer. We monitor our exposure to credit losses and maintain allowances for anticipated losses based on specific customer circumstances, credit conditions and historical write-offs. Activity in the allowance for doubtful accounts was as follows: (In thousands) Fiscal 2015 Fiscal 2014 Fiscal 2013 Balance at beginning of year $ 399 $ 454 $ 399 Net charge to expense 117 95 96 Net charge-off (186 ) (150 ) (41 ) Balance at end of year $ 330 $ 399 $ 454 As of May 2, 2015 and May 3, 2014, we did not have any customer that comprised more than 10% of trade receivables. No one customer accounted for more than 10% of net sales during any of the last three fiscal years. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and anticipated future actions, actual results may vary from reported amounts. |
Note 1 - Significant Accounti20
Note 1 - Significant Accounting Policies (Tables) | 12 Months Ended |
May. 02, 2015 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (In thousands) Fiscal 2015 Fiscal 2014 Fiscal 2013 Balance at beginning of year $ 399 $ 454 $ 399 Net charge to expense 117 95 96 Net charge-off (186 ) (150 ) (41 ) Balance at end of year $ 330 $ 399 $ 454 |
Note 2 - Property, Plant and 21
Note 2 - Property, Plant and Equipment (Tables) | 12 Months Ended |
May. 02, 2015 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In thousands) 2015 2014 Land $ 9,500 $ 9,779 Buildings and improvements 50,405 51,494 Machinery and equipment 156,702 148,699 Total 216,607 209,972 Less accumulated depreciation (156,425 ) (150,478 ) Property, plant and equipment – net $ 60,182 $ 59,494 |
Note 3 - Accrued Liabilities (T
Note 3 - Accrued Liabilities (Tables) | 12 Months Ended |
May. 02, 2015 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | (In thousands) 2015 2014 Accrued compensation $ 7,473 $ 7,049 Accrued promotions 3,801 3,812 Accrued insurance 1,651 2,238 Other 8,332 5,774 Total $ 21,257 $ 18,873 |
Note 6 - Derivative Financial23
Note 6 - Derivative Financial Instruments (Tables) | 12 Months Ended |
May. 02, 2015 | |
Notes Tables | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | (In thousands) Fiscal Fiscal Fiscal 2015 2014 2013 Recognized in AOCI- Loss before income taxes $ (3,488 ) $ (1,059 ) $ (2,521 ) Less income tax benefit (1,294 ) (393 ) (935 ) Net (2,194 ) (666 ) (1,586 ) Reclassified from AOCI to cost of sales- Gain (loss) before income taxes 248 (2,028 ) (2,060 ) Less income tax provision (benefit) 92 (752 ) (769 ) Net 156 (1,276 ) (1,291 ) Net change to AOCI $ (2,350 ) $ 610 $ (295 ) |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
May. 02, 2015 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (In thousands) Fiscal Fiscal Fiscal 2015 2014 2013 Current $ 24,326 $ 19,395 $ 23,359 Deferred 1,076 79 172 Total $ 25,402 $ 19,474 $ 23,531 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (In thousands) 2015 2014 Deferred tax assets: Accrued expenses and other $ 5,281 $ 4,126 Inventory and amortizable assets 417 400 Total deferred tax assets 5,698 4,526 Deferred tax liabilities: Property 16,497 15,616 Intangibles and other 98 98 Total deferred tax liabilities 16,595 15,714 Net deferred tax liabilities $ 10,897 $ 11,188 Current deferred tax assets – net $ 4,348 $ 2,685 Noncurrent deferred tax liabilities – net $ 15,245 $ 13,873 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal Fiscal Fiscal 2015 2014 2013 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefit 2.3 2.3 1.6 Manufacturing deduction benefit (3.0 ) (3.0 ) (3.1 ) Adjustment of unrecognized tax benefit (.2 ) (3.3 ) (.2 ) Other differences (.1 ) (.1 ) .1 Effective income tax rate 34.0 % 30.9 % 33.4 % |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | (In thousands) Fiscal Fiscal Fiscal 2015 2014 2013 Beginning balance $ 2,123 $ 4,349 $ 4,548 Increases due to current period tax positions 122 268 415 Decreases due to lapse of statute of limitations and audit resolutions (444 ) (2,494 )* (614 ) Ending balance $ 1,801 $ 2,123 $ 4,349 |
Note 8 - Stock-based Compensa25
Note 8 - Stock-based Compensation (Tables) | 12 Months Ended |
May. 02, 2015 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Shares Price (a) Options outstanding, beginning of year 404,355 $ 6.67 Granted 276,800 17.84 Exercised (50,220 ) 4.55 Cancelled (17,800 ) 16.26 Options outstanding, end of year 613,135 11.23 Options exercisable, end of year 265,437 5.93 |
Note 9 - Pension Plans (Tables)
Note 9 - Pension Plans (Tables) | 12 Months Ended |
May. 02, 2015 | |
Notes Tables | |
Schedule of Multiemployer Plans [Table Text Block] | (In thousands) Fiscal Fiscal Fiscal Pension Fund 2015 2014 2013 CSSS Fund $ 1,103 $ 1,079 $ 1,051 WCT Fund 637 476 471 Other multi-employer pension funds 306 295 262 Total $ 2,046 $ 1,850 $ 1,784 |
Note 10 - Commitments and Con27
Note 10 - Commitments and Contingencies (Tables) | 12 Months Ended |
May. 02, 2015 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (In thousands) Fiscal 2016 $ 5,399 Fiscal 2017 4,620 Fiscal 2018 3,789 Fiscal 2019 3,341 Fiscal 2020 2,639 Thereafter 2,406 Total minimum lease payments $ 22,194 |
Note 11 - Quarterly Financial28
Note 11 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
May. 02, 2015 | |
Notes Tables | |
Schedule of Quarterly Financial Information [Table Text Block] | (In thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal 2015 Net sales $ 174,637 $ 163,575 $ 143,021 $ 164,592 Gross profit 59,842 57,732 46,090 55,476 Net income 15,363 12,958 8,808 12,182 Earnings per common share – basic $ .33 $ .28 $ .19 $ .26 Earnings per common share – diluted $ .33 $ .28 $ .19 $ .26 Fiscal 2014 (1) Net sales $ 172,353 $ 167,666 $ 136,774 $ 164,342 Gross profit 58,749 58,830 44,688 55,388 Net income 12,070 12,497 7,136 11,932 Earnings per common share – basic $ .26 $ .27 $ .15 $ .25 Earnings per common share – diluted $ .26 $ .27 $ .15 $ .25 |
Note 1 - Significant Accounti29
Note 1 - Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
May. 02, 2015 | May. 03, 2014 | Apr. 27, 2013 | |
Other Noncurrent Liabilities [Member] | |||
Self Insurance Reserve and Coverage by Insurance, Noncurrent | $ 5.9 | $ 6.1 | |
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 30 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Shipping, Handling and Transportation Costs | $ 44.4 | $ 44.4 | $ 44.2 |
Incremental Common Shares Attributable to Dilutive Effect of Equity Unit Purchase Agreements | 206,000 | 188,000 | 172,000 |
Self Insurance Reserve, Noncurrent, Covered by Insurance | $ 4.7 | $ 5.1 | |
Inventory, Finished Goods, Gross | 24.9 | 27.2 | |
Inventory, Raw Materials, Gross | 18 | 16.7 | |
Marketing Expense | $ 42.4 | $ 50.2 | $ 44.6 |
Note 1 - Allowance for Doubtful
Note 1 - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May. 02, 2015 | May. 03, 2014 | Apr. 27, 2013 | |
Balance at beginning of year | $ 399 | $ 454 | $ 399 |
Net charge to expense | 117 | 95 | 96 |
Net charge-off | (186) | (150) | (41) |
Balance at end of year | $ 330 | $ 399 | $ 454 |
Note 2 - Property, Plant and 31
Note 2 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
May. 02, 2015 | May. 03, 2014 | Apr. 27, 2013 | |
Depreciation | $ 10.2 | $ 9.8 | $ 9 |
Note 2 - Summary of Property, P
Note 2 - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | May. 02, 2015 | May. 03, 2014 |
Land | $ 9,500 | $ 9,779 |
Buildings and improvements | 50,405 | 51,494 |
Machinery and equipment | 156,702 | 148,699 |
Total | 216,607 | 209,972 |
Less accumulated depreciation | (156,425) | (150,478) |
Property, plant and equipment – net | $ 60,182 | $ 59,494 |
Note 3 - Summary of Accrued Lia
Note 3 - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | May. 02, 2015 | May. 03, 2014 |
Accrued compensation | $ 7,473 | $ 7,049 |
Accrued promotions | 3,801 | 3,812 |
Accrued insurance | 1,651 | 2,238 |
Other | 8,332 | 5,774 |
Total | $ 21,257 | $ 18,873 |
Note 4 - Debt (Details Textual)
Note 4 - Debt (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
May. 02, 2015 | May. 03, 2014 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | |
Debt Instrument, Interest Rate, Effective Percentage | 1.00% | |
Long-term Line of Credit | $ 10 | $ 30 |
Letters of Credit Outstanding, Amount | 2.2 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 87.8 |
Note 5 - Capital Stock and Tr35
Note 5 - Capital Stock and Transactions with Related Parties (Details Textual) - USD ($) | May. 01, 2015 | Aug. 01, 2014 | May. 02, 2014 | Jan. 25, 2013 | Dec. 27, 2012 | May. 02, 2015 | Apr. 30, 2015 | May. 03, 2014 | Apr. 27, 2013 | Apr. 30, 2014 | May. 02, 2015 | Apr. 01, 2013 | Mar. 31, 2012 |
CMA [Member] | |||||||||||||
Accounts Payable | $ 1,600,000 | $ 1,600,000 | $ 1,600,000 | ||||||||||
Related Party Transaction, Amounts of Transaction | $ 6,500,000 | $ 6,400,000 | $ 6,600,000 | ||||||||||
Series D Preferred Stock [Member] | |||||||||||||
Stock Issued During Period, Shares, New Issues | 400,000 | ||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | $ 1 | $ 1 | |||||||||
Stock Issued During Period, Value, New Issues | $ 20,000,000 | ||||||||||||
Temporary Equity, Liquidation Preference Per Share | $ 50 | ||||||||||||
Preferred Stock, Dividend Rate, Percentage | 2.50% | 2.50% | 3.00% | ||||||||||
Preferred Stock Dividend Rate Basis Spread On Variable Rate | 3.70% | ||||||||||||
Dividends Payable, Current | $ 37,000 | $ 90,000 | $ 37,000 | ||||||||||
Preferred Stock, Redemption Price Per Share | $ 50 | $ 50 | |||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 19,700,000 | ||||||||||||
Preferred Stock, Shares Issued | 120,000 | 240,000 | 120,000 | ||||||||||
Stock Redeemed or Called During Period, Shares | 120,000 | 160,000 | |||||||||||
Stock Redeemed or Called During Period Percentage | 40.00% | ||||||||||||
Stock Redeemed or Called During Period, Value | $ 8,000,000 | ||||||||||||
Issuance Cost Related to Stock Redeemed | $ 118,000 | ||||||||||||
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 | ||||||||||||
Series C Preferred Stock [Member] | |||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | $ 1 | ||||||||||
Preferred Stock, Shares Issued | 150,000 | 150,000 | 150,000 | ||||||||||
Treasury Stock, Shares, Acquired | 0 | 0 | 0 | ||||||||||
Dividends, Common Stock, Cash | $ 118,100,000 | ||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 2.55 | ||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ (6,000,000) | $ (8,000,000) | $ 19,704,000 | ||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,600,000 | 800,000 | |||||||||||
Stock Repurchased During Period, Shares | 502,060 | ||||||||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 1,097,940 | 1,097,940 |
Note 6 - Derivative Financial36
Note 6 - Derivative Financial Instruments (Details Textual) - USD ($) | May. 02, 2015 | May. 03, 2014 |
Accrued Liabilities1 [Member] | ||
Derivative Liability, Current | $ 3,000,000 | |
Other Liabilities [Member] | ||
Derivative Liability, Noncurrent | 751,000 | |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Asset, Current | $ 5,000 | |
Derivative, Notional Amount | 38,000,000 | |
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | $ 3,000,000 |
Note 6 - Derivatives Instrument
Note 6 - Derivatives Instruments Statements of Financial Performance and Financial Position (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May. 02, 2015 | May. 03, 2014 | Apr. 27, 2013 | |
Recognized in AOCI- | |||
Loss before income taxes | $ (3,488) | $ (1,059) | $ (2,521) |
Less income tax benefit | (1,294) | (393) | (935) |
Net | (2,194) | (666) | (1,586) |
Reclassified from AOCI to cost of sales- | |||
Gain (loss) before income taxes | 248 | (2,028) | (2,060) |
Less income tax provision (benefit) | 92 | (752) | (769) |
Net | 156 | (1,276) | (1,291) |
Net change to AOCI | $ (2,350) | $ 610 | $ (295) |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||||
May. 02, 2015 | May. 03, 2014 | Apr. 27, 2013 | Apr. 28, 2012 | ||
Internal Revenue Service (IRS) [Member] | Review of Fed Review of Federal Income Tax Returns Three Years Ended April 2013 [Member] | |||||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 1,907,000 | ||||
Unrecognized Tax Benefits | $ 1,801,000 | 2,123,000 | $ 4,349,000 | $ 4,548,000 | |
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | 191,000 | ||||
Changes in IncomeTax if All Uncertain Tax Positions Prevail | 1,200,000 | ||||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 444,000 | $ 2,494,000 | [1] | $ 614,000 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 269,000 | ||||
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 82,000 | ||||
[1] | Includes $1,907 related to the Internal Revenue Service review of the Company’s federal income tax returns for the three years ended April 2013 noted above. |
Note 7 - Components of Income T
Note 7 - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May. 02, 2015 | May. 03, 2014 | Apr. 27, 2013 | |
Current | $ 24,326 | $ 19,395 | $ 23,359 |
Deferred income tax provision | 1,076 | 79 | 172 |
Total | $ 25,402 | $ 19,474 | $ 23,531 |
Note 7 - Deferred Tax Assets an
Note 7 - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | May. 02, 2015 | May. 03, 2014 |
Deferred tax assets: | ||
Accrued expenses and other | $ 5,281 | $ 4,126 |
Inventory and amortizable assets | 417 | 400 |
Total deferred tax assets | 5,698 | 4,526 |
Deferred tax liabilities: | ||
Property | 16,497 | 15,616 |
Intangibles and other | 98 | 98 |
Total deferred tax liabilities | 16,595 | 15,714 |
Net deferred tax liabilities | 10,897 | 11,188 |
Current deferred tax assets – net | 4,348 | 2,685 |
Noncurrent deferred tax liabilities – net | $ 15,245 | $ 13,873 |
Note 7 - Reconciliation of Inco
Note 7 - Reconciliation of Income Tax Rate (Details) | 12 Months Ended | ||
May. 02, 2015 | May. 03, 2014 | Apr. 27, 2013 | |
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 2.30% | 2.30% | 1.60% |
Manufacturing deduction benefit | (3.00%) | (3.00%) | (3.10%) |
Adjustment of unrecognized tax benefit | (0.20%) | (3.30%) | (0.20%) |
Other differences | (0.10%) | (0.10%) | 0.10% |
Effective income tax rate | 34.00% | 30.90% | 33.40% |
Note 7 - Unrecognized Tax Benef
Note 7 - Unrecognized Tax Benefits (Details) - Scenario, Unspecified [Domain] - USD ($) $ in Thousands | 12 Months Ended | |||
May. 02, 2015 | May. 03, 2014 | Apr. 27, 2013 | ||
Beginning balance | $ 2,123 | $ 4,349 | $ 4,548 | |
Increases due to current period tax positions | 122 | 268 | 415 | |
Decreases due to lapse of statute of limitations and audit resolutions | (444) | (2,494) | [1] | (614) |
Ending balance | $ 1,801 | $ 2,123 | $ 4,349 | |
[1] | Includes $1,907 related to the Internal Revenue Service review of the Company’s federal income tax returns for the three years ended April 2013 noted above. |
Note 8 - Stock-based Compensa43
Note 8 - Stock-based Compensation (Details Textual) - USD ($) | 12 Months Ended | ||
May. 02, 2015 | May. 03, 2014 | Apr. 27, 2013 | |
KEEP Program [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants, Period | 2 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 240,000 | ||
Share Based Compensation Arrangement by Share Based Payment Award Number of Shares Authorized Per Individual | 6,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 6 years | ||
Share Based Compensation Arrangement by Share Based Payment Award Percentage of Purchased Shares Matched | 50.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 60.00% | ||
Omnibus Plan [Member] | Stock Options or Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,800,000 | ||
Omnibus Plan [Member] | SARS Dividend Equivalents and Other Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,800,000 | ||
Omnibus Plan [Member] | |||
Share Based Compensation Arrangement by Share Based Payment Award Number of Shares Authorized Per Individual | 1,680,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Special Stock Option Plan [Member] | Determined by Board of Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,800,000 | ||
Other Plan Member | Determined By Chairman Member | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 50,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Forfeiture Rate, Minimum | 0.00% | 0.00% | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Forfeiture Rate, Maximum | 16.00% | 16.00% | 16.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 276,800 | 5,245 | 2,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years 146 days | 8 years | 8 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 32.80% | 35.80% | 38.10% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.20% | 1.90% | 1.60% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 4.60% | 4.60% | 5.00% |
Allocated Share-based Compensation Expense | $ 307,000 | $ 95,000 | $ 230,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 371,000 | 90,000 | 453,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 917,000 | 76,000 | 406,000 |
Proceeds from Stock Options Exercised | 228,000 | 47,000 | 239,000 |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 240,000 | $ 17,000 | $ 201,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.30 | $ 12.50 | $ 8.76 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 872,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years 255 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 109 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 6,900,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 255 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 4,400,000 | ||
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 1,536,000 |
Note 8 - Summary of Stock Optio
Note 8 - Summary of Stock Option Activity (Details) - $ / shares | 12 Months Ended | |||
May. 02, 2015 | May. 03, 2014 | May. 02, 2015 | ||
Options outstanding, beginning of year (in shares) | 404,355 | |||
Options outstanding, beginning of year (in dollars per share) | [1] | $ 6.67 | ||
Granted (in shares) | 276,800 | 5,245 | ||
Granted (in dollars per share) | [1] | $ 17.84 | ||
Exercised (in shares) | (50,220) | |||
Exercised (in dollars per share) | [1] | $ 4.55 | ||
Cancelled (in shares) | (17,800) | |||
Cancelled (in dollars per share) | [1] | $ 16.26 | ||
Options outstanding, end of year (in shares) | 404,355 | 404,355 | 613,135 | |
Options outstanding, end of year (in dollars per share) | [1] | $ 6.67 | $ 6.67 | $ 11.23 |
Options exercisable, end of year (in shares) | 265,437 | |||
Options exercisable, end of year (in dollars per share) | [1] | $ 5.93 | ||
[1] | Weighted average exercise price. |
Note 9 - Pension Plans (Details
Note 9 - Pension Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
May. 02, 2015 | May. 03, 2014 | Apr. 27, 2013 | |
Pension Contributions | $ 2.7 | $ 2.7 | $ 2.6 |
Note 9 - Contributions for All
Note 9 - Contributions for All Multi-employer Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May. 02, 2015 | May. 03, 2014 | Apr. 27, 2013 | |
CSSS Fund [Member] | |||
Fund | $ 1,103 | $ 1,079 | $ 1,051 |
WCT Fund [Member] | |||
Fund | 637 | 476 | 471 |
Other Multi Employer Pension Funds [Member] | |||
Fund | 306 | 295 | 262 |
Fund | $ 2,046 | $ 1,850 | $ 1,784 |
Note 10 - Commitments and Con47
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
May. 02, 2015 | May. 03, 2014 | Apr. 27, 2013 | |
Operating Leases, Rent Expense | $ 8.2 | $ 7.9 | $ 8.9 |
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Residual Value of Leased Assets | 4.9 | ||
Purchase Obligation, Due in Next Twelve Months | $ 54 |
Note 10 - Future Minimun Rental
Note 10 - Future Minimun Rental Payments (Details) $ in Thousands | May. 02, 2015USD ($) |
Fiscal 2,016 | $ 5,399 |
Fiscal 2,017 | 4,620 |
Fiscal 2,018 | 3,789 |
Fiscal 2,019 | 3,341 |
Fiscal 2,020 | 2,639 |
Thereafter | 2,406 |
Total minimum lease payments | $ 22,194 |
Note 11 - Summary of Quarterly
Note 11 - Summary of Quarterly Financial Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | [1] | Jan. 25, 2014 | [1] | Oct. 26, 2013 | [1] | Jul. 27, 2013 | [1] | May. 02, 2015 | May. 03, 2014 | Apr. 27, 2013 | |
Net sales | $ 164,592 | $ 143,021 | $ 163,575 | $ 174,637 | $ 164,342 | $ 136,774 | $ 167,666 | $ 172,353 | $ 645,825 | $ 641,135 | $ 662,007 | ||||
Gross profit | 55,476 | 46,090 | 57,732 | 59,842 | 55,388 | 44,688 | 58,830 | 58,749 | 219,140 | 217,655 | 217,250 | ||||
Net income | $ 12,182 | $ 8,808 | $ 12,958 | $ 15,363 | $ 11,932 | $ 7,136 | $ 12,497 | $ 12,070 | $ 49,311 | $ 43,635 | $ 46,920 | ||||
Earnings per common share – basic (in dollars per share) | $ 0.26 | $ 0.19 | $ 0.28 | $ 0.33 | $ 0.25 | $ 0.15 | $ 0.27 | $ 0.26 | $ 1.06 | $ 0.93 | $ 1.01 | ||||
Earnings per common share – diluted (in dollars per share) | $ 0.26 | $ 0.19 | $ 0.28 | $ 0.33 | $ 0.25 | $ 0.15 | $ 0.27 | $ 0.26 | $ 1.05 | $ 0.92 | $ 1.01 | ||||
[1] | The fourth quarter of Fiscal 2014 consisted of 14 weeks while other quarters consisted of 13 weeks. |