National Beverage (FIZZ) 10-Q 10 Dec 15 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Oct. 31, 2015	Dec. 04, 2015
Entity Registrant Name	National Beverage Corp.
Entity Central Index Key	69,891
Trading Symbol	fizz
Current Fiscal Year End Date	--04-30
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)		46,433,135
Document Type	10-Q
Document Period End Date	Oct. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Oct. 31, 2015	May. 02, 2015
Series C Preferred Stock [Member]
Preferred stock, $1 par value - 1,000,000 shares authorized:
Preferred stock, value	$ 150	$ 150
Treasury stock, value	(5,100)	(5,100)
Series D Preferred Stock [Member]
Preferred stock, $1 par value - 1,000,000 shares authorized:
Preferred stock, value	120	120
Common Treasury Stock [Member]
Preferred stock, $1 par value - 1,000,000 shares authorized:
Treasury stock, value	(12,900)	(12,900)
Cash and equivalents	75,788	52,456
Trade receivables - net	57,280	59,951
Inventories	48,676	42,924
Deferred income taxes net	5,654	4,348
Prepaid and other assets	5,093	8,050
Total current assets	192,491	167,729
Property, plant and equipment - net	59,307	60,182
Goodwill	13,145	13,145
Intangible assets	1,615	1,615
Other assets	5,019	5,079
Total assets	271,577	247,750
Accounts payable	42,458	44,896
Accrued liabilities	26,631	21,257
Income taxes payable	70	98
Total current liabilities	$ 69,159	66,251
Long-term debt		10,000
Deferred income taxes net	$ 15,338	15,245
Other liabilities	8,196	8,472
Common stock, $.01 par value - 75,000,000 shares authorized; 50,462,399 shares issued (50,418,019 shares at May 2)	505	504
Additional paid-in capital	38,539	37,759
Retained earnings	162,123	129,773
Accumulated other comprehensive loss	(4,553)	(2,524)
Total shareholders' equity	178,884	147,782
Total liabilities and shareholders' equity	$ 271,577	$ 247,750

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Millions	Oct. 31, 2015	May. 02, 2015
Series C Preferred Stock [Member]
Preferred stock, issued (in shares)	150,000	150,000
Treasury stock (in shares)	150,000	150,000
Series D Preferred Stock [Member]
Preferred stock, issued (in shares)	120,000	120,000
Preferred stock, aggregate liquidation preference	$ 6	$ 6
Common Treasury Stock [Member]
Treasury stock (in shares)	4,032,784	4,032,784
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, authorized (in shares)	1,000,000	1,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	75,000,000	75,000,000
Common stock, issued (in shares)	50,462,399	50,418,019

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Net sales	$ 178,678	$ 163,575	$ 364,064	$ 338,212
Cost of sales	118,057	105,843	240,544	220,638
Gross profit	60,621	57,732	123,520	117,574
Selling, general and administrative expenses	37,249	37,970	74,055	75,608
Interest expense	62	106	113	230
Other (expense) income - net	(39)	(23)	(74)	1,174
Income before income taxes	23,271	19,633	49,278	42,910
Provision for income taxes	7,959	6,675	16,853	14,589
Net income	15,312	12,958	32,425	28,321
Less preferred dividends and accretion	(37)	(37)	(75)	(200)
Earnings available to common shareholders	$ 15,275	$ 12,921	$ 32,350	$ 28,121
Earnings per common share:
Basic (in dollars per share)	$ 0.33	$ 0.28	$ 0.70	$ 0.61
Diluted (in dollars per share)	$ 0.33	$ 0.28	$ 0.69	$ 0.60
Weighted average common shares outstanding:
Basic (in shares)	46,416	46,341	46,407	46,339
Diluted (in shares)	46,647	46,542	46,619	46,536

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Net income	$ 15,312	$ 12,958	$ 32,425	$ 28,321
Other comprehensive income (loss), net of tax:
Cash flow hedges	222	239	(2,029)	611
Comprehensive income	$ 15,534	$ 13,197	$ 30,396	$ 28,932

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Preferred Stock [Member]Series C Preferred Stock [Member]	Preferred Stock [Member]Series D Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]Series C Preferred Stock [Member]	Treasury Stock [Member]Common Treasury Stock [Member]	Series C Preferred Stock [Member]	Series D Preferred Stock [Member]	Common Treasury Stock [Member]	Total
Beginning and end of period at Nov. 01, 2014	$ 150	$ 120
Beginning of period at May. 03, 2014		240
Series D preferred redeemed		(120)
Beginning of period at May. 03, 2014			$ 504
Stock options exercised				$ 39
End of period at Nov. 01, 2014			$ 504
Beginning of period at May. 03, 2014				42,775
Series D preferred redeemed				(5,791)
Stock-based compensation				131
Stock-based tax benefits				16
End of period at Nov. 01, 2014				37,170
Beginning of period at May. 03, 2014					$ 80,737
Net income					28,321							$ 28,321
Preferred stock dividends and accretion					(200)
End of period at Nov. 01, 2014					108,858
Beginning of period at May. 03, 2014						$ (205)
Cash flow hedges, net of tax						611						611
End of period at Nov. 01, 2014						406
Beginning and end of period at Nov. 01, 2014							$ (5,100)	$ (12,900)
Total Shareholders' Equity at Nov. 01, 2014												129,208
Beginning and end of period at Oct. 31, 2015	$ 150	120							$ 150	$ 120
Beginning of period at May. 02, 2015		$ 120							150	$ 120
Beginning of period at May. 02, 2015			504									504
Stock options exercised			1	441
End of period at Oct. 31, 2015			$ 505									505
Beginning of period at May. 02, 2015				37,759								37,759
Stock-based compensation				128
Stock-based tax benefits				211
End of period at Oct. 31, 2015				$ 38,539								38,539
Beginning of period at May. 02, 2015					129,773							129,773
Net income					32,425							32,425
Preferred stock dividends and accretion					(75)
End of period at Oct. 31, 2015					$ 162,123							162,123
Beginning of period at May. 02, 2015						(2,524)						(2,524)
Cash flow hedges, net of tax						(2,029)						(2,029)
End of period at Oct. 31, 2015						$ (4,553)						(4,553)
Beginning and end of period at Oct. 31, 2015							$ (5,100)	$ (12,900)	$ (5,100)		$ (12,900)
Total Shareholders' Equity at Oct. 31, 2015												$ 178,884

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
Operating Activities:
Net income	$ 32,425	$ 28,321
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	6,055	6,053
Deferred income tax (benefit) provision	(15)	236
Gain on sale of property, net	(5)	(1,255)
Stock-based compensation	128	131
Changes in assets and liabilities:
Trade receivables	2,671	4,282
Inventories	(5,752)	(3,125)
Prepaid and other assets	583	635
Accounts payable	(2,438)	(2,635)
Accrued and other liabilities	3,509	(1,413)
Net cash provided by operating activities	37,161	31,230
Investing Activities:
Additions to property, plant and equipment	(4,413)	(4,557)
Proceeds from sale of property, plant and equipment	5	1,848
Net cash used in investing activities	(4,408)	(2,709)
Financing Activities:
Dividends paid on preferred stock	(74)	(163)
Repayments under credit facilities	$ (10,000)	(10,000)
Redemption of preferred stock		(6,000)
Proceeds from stock options exercised	$ 442	39
Stock-based tax benefits	211	16
Net cash used in financing activities	(9,421)	(16,108)
Net Increase in Cash and Equivalents	23,332	12,413
Cash and Equivalents - Beginning of Period	52,456	29,932
Cash and Equivalents - End of Period	75,788	42,345
Other Cash Flow Information:
Interest paid	90	227
Income taxes paid	$ 15,154	$ 13,040

Note 1 - Significant Accounting

Note 1 - Significant Accounting Policies	6 Months Ended
	Oct. 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 2, 2015. 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 October 31, 2015 are comprised of finished goods of $29.3 million and raw materials of $19.4 million. Inventories at May 2, 2015 are comprised of finished goods of $24.9 million and raw materials of $18 million.

Note 2 - Property, Plant and Eq

Note 2 - Property, Plant and Equipment	6 Months Ended
	Oct. 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) October 31, 2015 May 2, 2015 Land $ 9,500 $ 9,500 Buildings and improvements 50,800 50,405 Machinery and equipment 160,637 156,702 Total 220,937 216,607 Less accumulated depreciation (161,630 ) (156,425 ) Property, plant and equipment – net $ 59,307 $ 60,182 Depreciation expense was $2.6 million and $5.3 million for the three and six months ended October 31, 2015, respectively, and $2.6 million and $5.3 million for the three and six months ended November 1, 2014, respectively.

Note 3 - Debt

Note 3 - Debt	6 Months Ended
	Oct. 31, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	3 . DEBT At October 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 October 10, 2017 to June 18, 2018 and, currently, any borrowings would bear interest at .9% above one-month LIBOR. There were no borrowings outstanding under the Credit Facilities at October 31, 2015 and $10 million at May 2, 2015. At October 31, 2015, $2.2 million of the Credit Facilities were reserved for standby letters of credit and $97.8 million were available for borrowings. The Credit Facilities require the subsidiary to maintain certain financial ratios, including debt to net worth and debt to EBITDA (as defined in the Credit Facilities), and contain other restrictions, none of which are expected to have a material effect on our operations or financial position. At October 31, 2015, we were in compliance with all loan covenants.

Note 4 - Stock-based Compensati

Note 4 - Stock-based Compensation	6 Months Ended
	Oct. 31, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	4 . STOCK-BASED COMPENSATION During the six months ended October 31, 2015, options to purchase 3,000 shares of common stock were granted (weighted average exercise price of $9.59 per share), options to purchase 44,380 shares were exercised (weighted average exercise price of $9.95 per share) and options to purchase 10,140 shares were cancelled (weighted average exercise price of $16.24). At October 31, 2015, options to purchase 561,615 shares (weighted average exercise price of $11.23 per share) were outstanding and stock-based awards to purchase 2,786,229 shares of common stock were available for grant.

Note 5 - Derivative Financial I

Note 5 - Derivative Financial Instruments	6 Months Ended
	Oct. 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 six months ended October 31, 2015 and November 1, 2014: (In thousands) Three Months Ended Six Months Ended 2015 2014 2015 2014 Recognized in AOCI: (Loss) gain before income taxes $ (2,094 ) $ 643 $ (7,064 ) $ 1,248 Less income tax (benefit) provision (777 ) 239 (2,621 ) 463 Net $ (1,317 ) $ 404 $ (4,443 ) $ 785 Reclassified from AOCI to cost of sales: (Loss) gain before income taxes $ (2,446 ) $ 263 $ (3,837 ) $ 277 Less income tax (benefit) provision (907 ) 98 (1,423 ) 103 Net $ (1,539 ) $ 165 $ (2,414 ) $ 174 Net change to AOCI $ 222 $ 239 $ (2,029 ) $ 611 As of October 31, 2015, the notional amount of our outstanding aluminum swap contracts was $25.6 million and, assuming no change in the commodity prices, $6.4 million of unrealized loss before tax will be reclassified from AOCI and recognized in earnings over the next twelve months. See Note 1. As of October 31, 2015 and May 2, 2015, the fair value of the derivative liability was $6.4 million and $3 million and the fair value of the derivative long-term liability was $605,000 and $751,000, which was included in accrued liabilities and other liabilities, respectively. 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 - New Accounting Pronoun

Note 6 - New Accounting Pronouncements	6 Months Ended
	Oct. 31, 2015
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	6 . NEW ACCOUNTING PRONOUNCEMENTS In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-17, “Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”). ASU 2015-17 requires companies to classify all deferred tax liabilities and assets as noncurrent on the balance sheet. ASU 2015-17 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. In November 2014, the FASB issued Accounting Standards Update No. 2014-16, “Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity” (“ASU 2014-16”). The amendments in ASU 2014-16 do not change the current criteria for determining when separation of certain embedded derivative features in a hybrid financial instrument is required. Rather, ASU 2014-16 clarifies how current U.S. GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. ASU 2014-16 is effective for our fiscal year beginning May 1, 2016. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 requires an entity to recognize revenue in an amount that reflects the consideration it expects to receive in exchange for goods or services. On August 12, 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year and is effective for our fiscal year beginning April 30, 2018. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements.

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	6 Months Ended
	Oct. 31, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	7 . COMMITMENTS AND CONTINGENCIES As of October 31, 2015, we guaranteed the residual value of certain leased equipment in the amount of $4.7 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.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Oct. 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 2, 2015. 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 October 31, 2015 are comprised of finished goods of $29.3 million and raw materials of $19.4 million. Inventories at May 2, 2015 are comprised of finished goods of $24.9 million and raw materials of $18 million.

Note 2 - Property, Plant and 16

Note 2 - Property, Plant and Equipment (Tables)	6 Months Ended
	Oct. 31, 2015
Notes Tables
Property, Plant and Equipment [Table Text Block]	(In thousands) October 31, 2015 May 2, 2015 Land $ 9,500 $ 9,500 Buildings and improvements 50,800 50,405 Machinery and equipment 160,637 156,702 Total 220,937 216,607 Less accumulated depreciation (161,630 ) (156,425 ) Property, plant and equipment – net $ 59,307 $ 60,182

Note 5 - Derivative Financial17

Note 5 - Derivative Financial Instruments (Tables)	6 Months Ended
	Oct. 31, 2015
Notes Tables
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]	(In thousands) Three Months Ended Six Months Ended 2015 2014 2015 2014 Recognized in AOCI: (Loss) gain before income taxes $ (2,094 ) $ 643 $ (7,064 ) $ 1,248 Less income tax (benefit) provision (777 ) 239 (2,621 ) 463 Net $ (1,317 ) $ 404 $ (4,443 ) $ 785 Reclassified from AOCI to cost of sales: (Loss) gain before income taxes $ (2,446 ) $ 263 $ (3,837 ) $ 277 Less income tax (benefit) provision (907 ) 98 (1,423 ) 103 Net $ (1,539 ) $ 165 $ (2,414 ) $ 174 Net change to AOCI $ 222 $ 239 $ (2,029 ) $ 611

Note 1 - Significant Accounti18

Note 1 - Significant Accounting Policies (Details Textual) - USD ($) $ in Millions	Oct. 31, 2015	May. 02, 2015
Inventory, Finished Goods, Gross	$ 29.3	$ 24.9
Inventory, Raw Materials, Gross	$ 19.4	$ 18

Note 2 - Property, Plant and 19

Note 2 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Depreciation	$ 2.6	$ 2.6	$ 5.3	$ 5.3

Note 2 - Property Plant, and Eq

Note 2 - Property Plant, and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Oct. 31, 2015	May. 02, 2015
Land	$ 9,500	$ 9,500
Buildings and improvements	50,800	50,405
Machinery and equipment	160,637	156,702
Total	220,937	216,607
Less accumulated depreciation	(161,630)	(156,425)
Property, plant and equipment – net	$ 59,307	$ 60,182

Note 3 - Debt (Details Textual)

Note 3 - Debt (Details Textual) - USD ($)	6 Months Ended
	Oct. 31, 2015	May. 02, 2015
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	0.90%
Long-term Line of Credit	$ 0	$ 10,000,000
Line of Credit Facility, Maximum Borrowing Capacity	100,000,000
Letters of Credit Outstanding, Amount	2,200,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 97,800,000

Note 4 - Stock-based Compensa22

Note 4 - Stock-based Compensation (Details Textual)	6 Months Ended
	Oct. 31, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	3,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares	$ 9.59
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	44,380
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares	$ 9.95
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period	10,140
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ / shares	$ 16.24
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	561,615
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares	$ 11.23
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	2,786,229

Note 5 - Derivative Financial23

Note 5 - Derivative Financial Instruments (Details Textual) - USD ($)	Oct. 31, 2015	May. 02, 2015
Accrued Liabilities1 [Member]
Derivative Liability, Current	$ 6,400,000	$ 3,000,000
Other Liabilities [Member]
Derivative Liability, Noncurrent	605,000	$ 751,000
Derivative, Notional Amount	25,600,000
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months	$ (6,400,000)

Note 5 - Derivative Financial24

Note 5 - Derivative Financial Instruments - Derivatives Instruments Statements of Financial Performance and Financial Position (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Recognized in AOCI:
(Loss) gain before income taxes	$ (2,094)	$ 643	$ (7,064)	$ 1,248
Less income tax (benefit) provision	(777)	239	(2,621)	463
Net	(1,317)	404	(4,443)	785
Reclassified from AOCI to cost of sales:
(Loss) gain before income taxes	(2,446)	263	(3,837)	277
Less income tax (benefit) provision	(907)	98	(1,423)	103
Net	(1,539)	165	(2,414)	174
Net change to AOCI	$ 222	$ 239	$ (2,029)	$ 611

Note 7 - Commitments and Cont25

Note 7 - Commitments and Contingencies (Details Textual) $ in Millions	Oct. 31, 2015USD ($)
Guaranteed Residual Value of Assets Under Operating Leases	$ 4.7