Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jan. 30, 2016 | Mar. 04, 2016 | |
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) | 46,549,150 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jan. 30, 2016 | May. 02, 2015 |
Series C Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock, value | $ 150 | $ 150 |
Treasury stock, value | (5,100) | (5,100) |
Series D Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock, value | 120 | 120 |
Common Treasury Stock [Member] | ||
Shareholders' equity: | ||
Treasury stock, value | (12,900) | (12,900) |
Cash and equivalents | 86,101 | 52,456 |
Trade receivables - net | 59,553 | 59,951 |
Inventories | 44,322 | 42,924 |
Deferred income taxes net | 4,870 | 4,348 |
Prepaid and other assets | 6,819 | 8,050 |
Total current assets | 201,665 | 167,729 |
Property, plant and equipment - net | 60,230 | 60,182 |
Goodwill | 13,145 | 13,145 |
Intangible assets | 1,615 | 1,615 |
Other assets | 4,977 | 5,079 |
Total assets | 281,632 | 247,750 |
Accounts payable | 37,665 | 44,896 |
Accrued liabilities | 27,721 | 21,257 |
Income taxes payable | 31 | 98 |
Total current liabilities | $ 65,417 | 66,251 |
Long-term debt | 10,000 | |
Deferred income taxes net | $ 15,584 | 15,245 |
Other liabilities | 7,683 | 8,472 |
Common stock, $.01 par value - 75,000,000 shares authorized; 50,533,934 shares issued (50,418,019 shares at May 2) | 505 | 504 |
Additional paid-in capital | 39,649 | 37,759 |
Retained earnings | 173,322 | 129,773 |
Accumulated other comprehensive loss | (2,798) | (2,524) |
Total shareholders' equity | 192,948 | 147,782 |
Total liabilities and shareholders' equity | $ 281,632 | $ 247,750 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Millions | Jan. 30, 2016 | 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) | 50,533,934 | 50,418,019 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Jan. 30, 2016 | Jan. 31, 2015 | |
Net sales | $ 161,687 | $ 143,021 | $ 525,751 | $ 481,233 |
Cost of sales | 109,135 | 96,931 | 349,679 | 317,569 |
Gross profit | 52,552 | 46,090 | 176,072 | 163,664 |
Selling, general and administrative expenses | 35,434 | 32,593 | 109,489 | 108,201 |
Interest expense | 40 | 81 | 153 | 311 |
Other (expense) income - net | (2) | (70) | (76) | 1,104 |
Income before income taxes | 17,076 | 13,346 | 66,354 | 56,256 |
Provision for income taxes | 5,840 | 4,538 | 22,693 | 19,127 |
Net income | 11,236 | 8,808 | 43,661 | 37,129 |
Less preferred dividends and accretion | (37) | (38) | (112) | (238) |
Earnings available to common shareholders | $ 11,199 | $ 8,770 | $ 43,549 | $ 36,891 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.24 | $ 0.19 | $ 0.94 | $ 0.80 |
Diluted (in dollars per share) | $ 0.24 | $ 0.19 | $ 0.93 | $ 0.79 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 46,448 | 46,358 | 46,420 | 46,345 |
Diluted (in shares) | 46,707 | 46,580 | 46,648 | 46,550 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Jan. 30, 2016 | Jan. 31, 2015 | |
Net income | $ 11,236 | $ 8,808 | $ 43,661 | $ 37,129 |
Other comprehensive income (loss), net of tax: | ||||
Cash flow hedges | 1,755 | (846) | (274) | (235) |
Comprehensive income | $ 12,991 | $ 7,962 | $ 43,387 | $ 36,894 |
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 Jan. 31, 2015 | $ 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 | $ 144 | |||||||||||
End of period at Jan. 31, 2015 | $ 504 | |||||||||||
Beginning of period at May. 03, 2014 | 42,775 | |||||||||||
Series D preferred redeemed | (5,791) | |||||||||||
Stock-based compensation | 212 | |||||||||||
Stock-based tax benefits | 171 | |||||||||||
End of period at Jan. 31, 2015 | 37,511 | |||||||||||
Beginning of period at May. 03, 2014 | $ 80,737 | |||||||||||
Net income | 37,129 | $ 37,129 | ||||||||||
Preferred stock dividends and accretion | (238) | |||||||||||
End of period at Jan. 31, 2015 | 117,628 | |||||||||||
Beginning of period at May. 03, 2014 | $ (205) | |||||||||||
Cash flow hedges, net of tax | (235) | (235) | ||||||||||
End of period at Jan. 31, 2015 | (440) | |||||||||||
Beginning and end of period at Jan. 31, 2015 | $ (5,100) | $ (12,900) | ||||||||||
Total Shareholders' Equity at Jan. 31, 2015 | 137,473 | |||||||||||
Beginning and end of period at Jan. 31, 2016 | $ 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 | 681 | ||||||||||
End of period at Jan. 31, 2016 | 505 | |||||||||||
Beginning of period at May. 02, 2015 | 37,759 | 37,759 | ||||||||||
Stock-based compensation | 182 | |||||||||||
Stock-based tax benefits | 1,027 | |||||||||||
End of period at Jan. 31, 2016 | 39,649 | |||||||||||
Beginning of period at May. 02, 2015 | 129,773 | 129,773 | ||||||||||
Net income | 43,661 | |||||||||||
Preferred stock dividends and accretion | (112) | |||||||||||
End of period at Jan. 31, 2016 | 173,322 | |||||||||||
Beginning of period at May. 02, 2015 | (2,524) | (2,524) | ||||||||||
Cash flow hedges, net of tax | (274) | |||||||||||
End of period at Jan. 31, 2016 | (2,798) | |||||||||||
Beginning and end of period at Jan. 31, 2016 | $ (5,100) | $ (12,900) | ||||||||||
Total Shareholders' Equity at Jan. 31, 2016 | 192,948 | |||||||||||
Beginning and end of period at Jan. 30, 2016 | 150 | 120 | ||||||||||
Beginning of period at May. 02, 2015 | $ 120 | 150 | $ 120 | |||||||||
Beginning of period at May. 02, 2015 | $ 504 | 504 | ||||||||||
End of period at Jan. 30, 2016 | 505 | |||||||||||
Beginning of period at May. 02, 2015 | $ 37,759 | 37,759 | ||||||||||
End of period at Jan. 30, 2016 | 39,649 | |||||||||||
Beginning of period at May. 02, 2015 | $ 129,773 | 129,773 | ||||||||||
Net income | 43,661 | |||||||||||
End of period at Jan. 30, 2016 | 173,322 | |||||||||||
Beginning of period at May. 02, 2015 | $ (2,524) | (2,524) | ||||||||||
Cash flow hedges, net of tax | (274) | |||||||||||
End of period at Jan. 30, 2016 | (2,798) | |||||||||||
Beginning and end of period at Jan. 30, 2016 | $ (5,100) | $ (12,900) | ||||||||||
Total Shareholders' Equity at Jan. 30, 2016 | $ 192,948 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Operating Activities: | ||
Net income | $ 43,661 | $ 37,129 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 9,071 | 8,873 |
Deferred income tax (benefit) provision | (21) | 350 |
Gain on sale of property, net | (36) | (1,255) |
Stock-based compensation | 182 | 212 |
Changes in assets and liabilities: | ||
Trade receivables | 398 | 6,904 |
Inventories | (1,398) | (2,579) |
Prepaid and other assets | (194) | (301) |
Accounts payable | (7,231) | (12,128) |
Accrued and other liabilities | 5,390 | (491) |
Net cash provided by operating activities | 49,822 | 36,714 |
Investing Activities: | ||
Additions to property, plant and equipment | (7,817) | (7,161) |
Proceeds from sale of property, plant and equipment | 43 | 1,848 |
Net cash used in investing activities | (7,774) | (5,313) |
Financing Activities: | ||
Dividends paid on preferred stock | (112) | (201) |
Repayments under credit facilities | $ (10,000) | (15,000) |
Redemption of preferred stock | (6,000) | |
Proceeds from stock options exercised | $ 682 | 144 |
Stock-based tax benefits | 1,027 | 171 |
Net cash used in financing activities | (8,403) | (20,886) |
Net Increase in Cash and Equivalents | 33,645 | 10,515 |
Cash and Equivalents - Beginning of Period | 52,456 | 29,932 |
Cash and Equivalents - End of Period | 86,101 | 40,447 |
Other Cash Flow Information: | ||
Interest paid | 91 | 320 |
Income taxes paid | $ 21,761 | $ 18,744 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 9 Months Ended |
Jan. 30, 2016 | |
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 January 30, 2016 are comprised of finished goods of $25.1 million and raw materials of $19.2 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 | 9 Months Ended |
Jan. 30, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 2 . PROPERTY, PLANT AND EQUIPMENT Property consists of the following: (In thousands) January 30 , 2016 May 2, 2015 Land $ 9,500 $ 9,500 Buildings and improvements 50,816 50,405 Machinery and equipment 163,833 156,702 Total 224,149 216,607 Less accumulated depreciation (163,919 ) (156,425 ) Property, plant and equipment – net $ 60,230 $ 60,182 Depreciation expense was $2.5 million and $7.8 million for the three and nine months ended January 30, 2016 and January 31, 2015, respectively. |
Note 3 - Debt
Note 3 - Debt | 9 Months Ended |
Jan. 30, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3 . DEBT At January 30, 2016, 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 January 30, 2016 and $10 million was outstanding at May 2, 2015. At January 30, 2016, $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 January 30, 2016, we were in compliance with all loan covenants. |
Note 4 - Stock-based Compensati
Note 4 - Stock-based Compensation | 9 Months Ended |
Jan. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 4 . STOCK-BASED COMPENSATION During the nine months ended January 30, 2016, options to purchase 3,000 shares of common stock were granted (weighted average exercise price of $9.59 per share), options to purchase 115,915 shares were exercised (weighted average exercise price of $5.89 per share) and options to purchase 17,725 shares were cancelled (weighted average exercise price of $16.02). At January 30, 2016, options to purchase 482,495 shares (weighted average exercise price of $11.45 per share) were outstanding and stock-based awards to purchase 2,793,814 shares of common stock were available for grant. |
Note 5 - Derivative Financial I
Note 5 - Derivative Financial Instruments | 9 Months Ended |
Jan. 30, 2016 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 5 . DERIVATIVE FINANCIAL INSTRUMENTS From time to time, we enter into aluminum swap contracts to partially mitigate our exposure to changes in the cost of aluminum cans. Such financial instruments are designated and accounted for as a cash flow hedge. Accordingly, gains or losses attributable to the effective portion of the cash flow hedge are reported in Accumulated Other Comprehensive Income (Loss) (“AOCI”) and reclassified into earnings through cost of sales in the period in which the hedged transaction affects earnings. The ineffective portion of the change in fair value of our cash flow hedges were immaterial. The following summarizes the gains (losses) recognized in the Consolidated Statements of Income and AOCI relative to cash flow hedges for the three and nine months ended January 30, 2016 and January 31, 2015: (In thousands) Three Months Ended Nine Months Ended 2016 2015 2016 2015 Recognized in AOCI: Gain (loss) before income taxes $ 620 $ (1,096 ) $ (6,444 ) $ 152 Less income tax provision (benefit) 230 (407 ) (2,391 ) 56 Net $ 390 $ (689 ) $ (4,053 ) $ 96 Reclassified from AOCI to cost of sales: (Loss) gain before income taxes $ (2,171 ) $ 249 $ (6,008 ) $ 526 Less income tax (benefit) provision (806 ) 92 (2,229 ) 195 Net $ (1,365 ) $ 157 $ (3,779 ) $ 331 Net change to AOCI $ 1,755 $ (846 ) $ (274 ) $ (235 ) As of January 30, 2016, the notional amount of our outstanding aluminum swap contracts was $18.6 million and, assuming no change in the commodity prices, $4.2 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 January 30, 2016 and May 2, 2015, the fair value of the derivative liability was $4.2 million and $3 million, respectively, which was included in accrued liabilities. At May 2, 2015, the fair value of the derivative long-term liability was $751,000, which was included in other liabilities. Such valuation does not entail a significant amount of judgment and the inputs that are significant to the fair value measurement are Level 2 as defined by the fair value hierarchy as they are observable market based inputs or unobservable inputs that are corroborated by market data. |
Note 6 - New Accounting Pronoun
Note 6 - New Accounting Pronouncements | 9 Months Ended |
Jan. 30, 2016 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 6 . NEW ACCOUNTING PRONOUNCEMENTS In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016 -02, “Leases” (“ASU 2016 -02”). ASU 2016-02 requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. ASU 2016-02 is effective for our fiscal year beginning April 28, 2019 . We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In November 2015, the 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 29, 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 | 9 Months Ended |
Jan. 30, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 7 . COMMITMENTS AND CONTINGENCIES As of January 30, 2016, we guaranteed the residual value of certain leased equipment in the amount of $4.5 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) | 9 Months Ended |
Jan. 30, 2016 | |
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 January 30, 2016 are comprised of finished goods of $25.1 million and raw materials of $19.2 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) | 9 Months Ended |
Jan. 30, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In thousands) January 30 , 2016 May 2, 2015 Land $ 9,500 $ 9,500 Buildings and improvements 50,816 50,405 Machinery and equipment 163,833 156,702 Total 224,149 216,607 Less accumulated depreciation (163,919 ) (156,425 ) Property, plant and equipment – net $ 60,230 $ 60,182 |
Note 5 - Derivative Financial17
Note 5 - Derivative Financial Instruments (Tables) | 9 Months Ended |
Jan. 30, 2016 | |
Notes Tables | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | (In thousands) Three Months Ended Nine Months Ended 2016 2015 2016 2015 Recognized in AOCI: Gain (loss) before income taxes $ 620 $ (1,096 ) $ (6,444 ) $ 152 Less income tax provision (benefit) 230 (407 ) (2,391 ) 56 Net $ 390 $ (689 ) $ (4,053 ) $ 96 Reclassified from AOCI to cost of sales: (Loss) gain before income taxes $ (2,171 ) $ 249 $ (6,008 ) $ 526 Less income tax (benefit) provision (806 ) 92 (2,229 ) 195 Net $ (1,365 ) $ 157 $ (3,779 ) $ 331 Net change to AOCI $ 1,755 $ (846 ) $ (274 ) $ (235 ) |
Note 1 - Significant Accounti18
Note 1 - Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | Jan. 30, 2016 | May. 02, 2015 |
Inventory, Finished Goods, Gross | $ 25.1 | $ 24.9 |
Inventory, Raw Materials, Gross | $ 19.2 | $ 18 |
Note 2 - Property, Plant and 19
Note 2 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Jan. 30, 2016 | Jan. 31, 2015 | |
Depreciation | $ 2.5 | $ 7.8 | $ 2.5 | $ 7.8 |
Note 2 - Property Plant, and Eq
Note 2 - Property Plant, and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | May. 02, 2015 |
Land | $ 9,500 | $ 9,500 |
Buildings and improvements | 50,816 | 50,405 |
Machinery and equipment | 163,833 | 156,702 |
Total | 224,149 | 216,607 |
Less accumulated depreciation | (163,919) | (156,425) |
Property, plant and equipment – net | $ 60,230 | $ 60,182 |
Note 3 - Debt (Details Textual)
Note 3 - Debt (Details Textual) - USD ($) | 9 Months Ended | |
Jan. 30, 2016 | 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) | 9 Months Ended |
Jan. 30, 2016$ / 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 | 115,915 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares | $ 5.89 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 17,725 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ / shares | $ 16.02 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 482,495 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 11.45 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,793,814 |
Note 5 - Derivative Financial23
Note 5 - Derivative Financial Instruments (Details Textual) - USD ($) | Jan. 30, 2016 | May. 02, 2015 |
Other Liabilities [Member] | ||
Derivative, Notional Amount | $ 18,600,000 | |
Derivative Liability, Noncurrent | $ 751,000 | |
Accrued Liabilities1 [Member] | ||
Derivative Liability, Current | 4,200,000 | $ 3,000,000 |
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | $ (4,200,000) |
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 | 9 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Jan. 30, 2016 | Jan. 31, 2015 | |
Recognized in AOCI: | ||||
Gain (loss) before income taxes | $ 620 | $ (1,096) | $ (6,444) | $ 152 |
Less income tax provision (benefit) | 230 | (407) | (2,391) | 56 |
Net | 390 | (689) | (4,053) | 96 |
Reclassified from AOCI to cost of sales: | ||||
(Loss) gain before income taxes | (2,171) | 249 | (6,008) | 526 |
Less income tax (benefit) provision | (806) | 92 | (2,229) | 195 |
Net | (1,365) | 157 | (3,779) | 331 |
Net change to AOCI | $ 1,755 | $ (846) | $ (274) | $ (235) |
Note 7 - Commitments and Cont25
Note 7 - Commitments and Contingencies (Details Textual) $ in Millions | Jan. 30, 2016USD ($) |
Guaranteed Residual Value of Assets Under Operating Leases | $ 4.5 |