Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Oct. 29, 2016 | Nov. 25, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | National Beverage Corp. | |
Entity Central Index Key | 69,891 | |
Trading Symbol | fizz | |
Current Fiscal Year End Date | --04-29 | |
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) | 46,562,250 | |
Document Type | 10-Q | |
Document Period End Date | Oct. 29, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Oct. 29, 2016 | Apr. 30, 2016 |
Series C Preferred Stock [Member] | ||
Liabilities and Shareholders' Equity | ||
Preferred stock, $1 par value - 1,000,000 shares authorized: Series C - 150,000 shares issued | $ 150 | $ 150 |
Treasury stock, value | (5,100) | (5,100) |
Treasury Stock, Common [Member] | ||
Liabilities and Shareholders' Equity | ||
Treasury stock, value | (12,900) | (12,900) |
Cash and equivalents | 150,488 | 105,577 |
Trade receivables - net | 63,306 | 61,046 |
Inventories | 50,092 | 47,922 |
Deferred income taxes net | 3,793 | 4,454 |
Prepaid and other assets | 3,437 | 4,672 |
Total current assets | 271,116 | 223,671 |
Property, plant and equipment - net | 65,027 | 61,932 |
Goodwill | 13,145 | 13,145 |
Intangible assets | 1,615 | 1,615 |
Other assets | 5,088 | 5,135 |
Total assets | 355,991 | 305,498 |
Accounts payable | 43,486 | 49,391 |
Accrued liabilities | 26,577 | 26,195 |
Income taxes payable | 986 | 28 |
Total current liabilities | 71,049 | 75,614 |
Deferred income taxes net | 14,427 | 14,474 |
Other liabilities | 9,235 | 9,258 |
Common stock, $.01 par value - 75,000,000 shares authorized; 50,595,034 shares issued (50,588,734 shares at April 30) | 506 | 506 |
Additional paid-in capital | 34,844 | 34,570 |
Retained earnings | 244,332 | 190,733 |
Accumulated other comprehensive loss | (552) | (1,807) |
Total shareholders' equity | 261,280 | 206,152 |
Total liabilities and shareholders' equity | $ 355,991 | $ 305,498 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Oct. 29, 2016 | Apr. 30, 2016 |
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 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Treasury stock, shares (in shares) | 150,000 | 150,000 |
Treasury Stock, Common [Member] | ||
Treasury stock, shares (in shares) | 4,032,784 | 4,032,784 |
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) | 50,595,034 | 50,588,734 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Net sales | $ 203,180 | $ 178,678 | $ 420,288 | $ 364,064 |
Cost of sales | 124,463 | 118,057 | 256,077 | 240,544 |
Gross profit | 78,717 | 60,621 | 164,211 | 123,520 |
Selling, general and administrative expenses | 41,397 | 37,249 | 82,885 | 74,055 |
Interest expense | 50 | 62 | 88 | 113 |
Other income (expense) - net | 122 | (39) | 219 | (74) |
Income before income taxes | 37,392 | 23,271 | 81,457 | 49,278 |
Provision for income taxes | 12,788 | 7,959 | 27,858 | 16,853 |
Net income | 24,604 | 15,312 | 53,599 | 32,425 |
Less preferred dividends | (37) | (75) | ||
Earnings available to common shareholders | $ 24,604 | $ 15,275 | $ 53,599 | $ 32,350 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.53 | $ 0.33 | $ 1.15 | $ 0.70 |
Diluted (in dollars per share) | $ 0.53 | $ 0.33 | $ 1.15 | $ 0.69 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 46,560 | 46,416 | 46,558 | 46,407 |
Diluted (in shares) | 46,761 | 46,647 | 46,764 | 46,619 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Net income | $ 24,604 | $ 15,312 | $ 53,599 | $ 32,425 |
Other comprehensive income (loss), net of tax: | ||||
Cash flow hedges | 840 | 222 | 1,255 | (2,029) |
Comprehensive income | $ 25,444 | $ 15,534 | $ 54,854 | $ 30,396 |
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, Preferred [Member]Series C Preferred Stock [Member] | Treasury Stock, Common [Member] | Total |
Balance at Oct. 31, 2015 | $ 150 | $ 120 | $ 505 | $ 38,539 | $ 162,123 | $ (4,553) | $ (5,100) | $ (12,900) | $ 178,884 |
Balance at May. 02, 2015 | 504 | 37,759 | 129,773 | (2,524) | |||||
Stock options exercised | 1 | 441 | |||||||
Stock-based compensation | 128 | ||||||||
Stock-based tax benefits | 211 | ||||||||
Net income | 32,425 | 32,425 | |||||||
Preferred stock dividends | (75) | ||||||||
Cash flow hedges | (2,029) | (2,029) | |||||||
Balance at Oct. 29, 2016 | $ 150 | 506 | 34,844 | 244,332 | (552) | $ (5,100) | $ (12,900) | 261,280 | |
Balance at Apr. 30, 2016 | 506 | 34,570 | 190,733 | (1,807) | 206,152 | ||||
Stock options exercised | 100 | ||||||||
Stock-based compensation | 98 | ||||||||
Stock-based tax benefits | $ 76 | ||||||||
Net income | 53,599 | 53,599 | |||||||
Preferred stock dividends | |||||||||
Cash flow hedges | $ 1,255 | $ 1,255 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 29, 2016 | Oct. 31, 2015 | |
Operating Activities: | ||
Net income | $ 53,599 | $ 32,425 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 6,357 | 6,055 |
Deferred income tax benefit | (127) | (15) |
Gain on sale of property, net | (6) | (5) |
Stock-based compensation | 98 | 128 |
Changes in assets and liabilities: | ||
Trade receivables | (2,260) | 2,671 |
Inventories | (2,170) | (5,752) |
Prepaid and other assets | (854) | 583 |
Accounts payable | (5,905) | (2,438) |
Accrued and other liabilities | 4,456 | 3,509 |
Net cash provided by operating activities | 53,188 | 37,161 |
Investing Activities: | ||
Additions to property, plant and equipment | (8,468) | (4,413) |
Proceeds from sale of property, plant and equipment | 15 | 5 |
Net cash used in investing activities | (8,453) | (4,408) |
Financing Activities: | ||
Dividends paid on preferred stock | (74) | |
Repayments under credit facilities | (10,000) | |
Proceeds from stock options exercised | 100 | 442 |
Stock-based tax benefits | 76 | 211 |
Net cash provided by (used in) financing activities | 176 | (9,421) |
Net Increase in Cash and Equivalents | 44,911 | 23,332 |
Cash and Equivalents - Beginning of Period | 105,577 | 52,456 |
Cash and Equivalents - End of Period | 150,488 | 75,788 |
Other Cash Flow Information: | ||
Interest paid | 152 | 90 |
Income taxes paid | $ 25,770 | $ 15,154 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 6 Months Ended |
Oct. 29, 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 April 30, 2016. 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 29, 2016 are comprised of finished goods of $29.3 million and raw materials of $20.8 million. Inventories at April 30, 2016 are comprised of finished goods of $29.1 million and raw materials of $18.8 million. |
Note 2 - Property, Plant and Eq
Note 2 - Property, Plant and Equipment | 6 Months Ended |
Oct. 29, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 2 . PROPERTY, PLANT AND EQUIPMENT Property consists of the following: (In thousands) October 29, 2016 April 30, 2016 Land $ 9,500 $ 9,500 Buildings and improvements 50,943 50,856 Machinery and equipment 170,325 162,195 Total 230,768 222,551 Less accumulated depreciation (165,741 ) (160,619 ) Property, plant and equipment – net $ 65,027 $ 61,932 Depreciation expense was $2.7 million and $5.4 million for the three and six months ended October 29, 2016, respectively, and $2.6 million and $5.3 million for the three and six months ended October 31, 2015, respectively. |
Note 3 - Debt
Note 3 - Debt | 6 Months Ended |
Oct. 29, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3 . DEBT At October 29, 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 October 29, 2016 or at April 30, 2016. At October 29, 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 October 29, 2016, we were in compliance with all loan covenants. |
Note 4 - Stock-based Compensati
Note 4 - Stock-based Compensation | 6 Months Ended |
Oct. 29, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 4 . STOCK-BASED COMPENSATION During the six months ended October 29, 2016, options to purchase 6,300 shares were exercised (weighted average exercise price of $15.91 per share) and options to purchase 4,000 shares were cancelled (weighted average exercise price of $14.47). At October 29, 2016, options to purchase 408,595 shares (weighted average exercise price of $12.35 per share) were outstanding and stock-based awards to purchase 2,806,614 shares of common stock were available for grant. |
Note 5 - Derivative Financial I
Note 5 - Derivative Financial Instruments | 6 Months Ended |
Oct. 29, 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 hedge was immaterial. The following summarizes the gains (losses) recognized in the Consolidated Statements of Income and AOCI relative to cash flow hedges for the three and six months ended October 29, 2016 and October 31, 2015: (In thousands) Three Months Ended Six Months Ended 2016 2015 2016 2015 Recognized in AOCI: Gain (loss) before income taxes $ 253 $ (2,094 ) $ (197 ) $ (7,064 ) Less income tax provision (benefit) 94 (777 ) (73 ) (2,621 ) Net $ 159 $ (1,317 ) $ (124 ) $ (4,443 ) Reclassified from AOCI to cost of sales: Loss before income taxes $ (1,083 ) $ (2,446 ) $ (2,193 ) $ (3,837 ) Less income tax benefit (402 ) (907 ) (814 ) (1,423 ) Net $ (681 ) $ (1,539 ) $ (1,379 ) $ (2,414 ) Net change to AOCI $ 840 $ 222 $ 1,255 $ (2,029 ) As of October 29, 2016, the notional amount of our outstanding aluminum swap contracts was $6.5 million and, assuming no change in the commodity prices, $517,000 of unrealized loss before tax will be reclassified from AOCI and recognized in earnings over the next twelve months. See Note 1. As of October 29, 2016, the fair value of the derivative asset, derivative long-term asset and derivative liability was $159,000, $27,000 and $676,000, which was included in prepaid and other assets, other assets and accrued liabilities, respectively. At April 30, 2016, the fair value of the derivative liability was $2.5 million, which was included in accrued 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 | 6 Months Ended |
Oct. 29, 2016 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 6 . NEW ACCOUNTING PRONOUNCEMENTS In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-09, “Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). This amendment addresses several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for our fiscal year beginning April 30, 2017. Early adoption is permitted. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements, however adoption is not expected to have a material impact on our financial position, results of operations or cash flows. In February 2016, the 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. If implemented, our current deferred tax asset would be reclassified to noncurrent in the consolidated balance sheet. ASU 2015-17 has not yet been adopted. 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 , however adoption is not expected to have a material impact on our financial position, results of operations or cash flows. |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 6 Months Ended |
Oct. 29, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 7 . COMMITMENTS AND CONTINGENCIES As of October 29, 2016, we guaranteed the residual value of certain leased equipment in the amount of $3.6 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 will be required to pay the difference up to such guaranteed amount. The Company expects to have no loss on such guarantee. |
Note 8 - Subsequent Event
Note 8 - Subsequent Event | 6 Months Ended |
Oct. 29, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 8 . SUBSEQUENT EVENT On November 18, 2016, the Company declared a special cash dividend of $1.50 per share payable to shareholders of record on November 28, 2016. The cash dividend, expected to approximate $70 million, will be paid on or before January 27, 2017. The Company also announced its Board has approved in concept an additional cash dividend, in an amount to be determined, to holders of record prior to the end of the current fiscal year and the Company plans to develop a program to make a distribution to shareholders based on the length of time they have owned their shares. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Oct. 29, 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 April 30, 2016. 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 29, 2016 are comprised of finished goods of $29.3 million and raw materials of $20.8 million. Inventories at April 30, 2016 are comprised of finished goods of $29.1 million and raw materials of $18.8 million. |
Note 2 - Property, Plant and 17
Note 2 - Property, Plant and Equipment (Tables) | 6 Months Ended |
Oct. 29, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In thousands) October 29, 2016 April 30, 2016 Land $ 9,500 $ 9,500 Buildings and improvements 50,943 50,856 Machinery and equipment 170,325 162,195 Total 230,768 222,551 Less accumulated depreciation (165,741 ) (160,619 ) Property, plant and equipment – net $ 65,027 $ 61,932 |
Note 5 - Derivative Financial18
Note 5 - Derivative Financial Instruments (Tables) | 6 Months Ended |
Oct. 29, 2016 | |
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 2016 2015 2016 2015 Recognized in AOCI: Gain (loss) before income taxes $ 253 $ (2,094 ) $ (197 ) $ (7,064 ) Less income tax provision (benefit) 94 (777 ) (73 ) (2,621 ) Net $ 159 $ (1,317 ) $ (124 ) $ (4,443 ) Reclassified from AOCI to cost of sales: Loss before income taxes $ (1,083 ) $ (2,446 ) $ (2,193 ) $ (3,837 ) Less income tax benefit (402 ) (907 ) (814 ) (1,423 ) Net $ (681 ) $ (1,539 ) $ (1,379 ) $ (2,414 ) Net change to AOCI $ 840 $ 222 $ 1,255 $ (2,029 ) |
Note 1 - Significant Accounti19
Note 1 - Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | Oct. 29, 2016 | Apr. 30, 2016 |
Inventory, Finished Goods, Gross | $ 29.3 | $ 29.1 |
Inventory, Raw Materials, Gross | $ 20.8 | $ 18.8 |
Note 2 - Property, Plant and 20
Note 2 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Depreciation | $ 2.7 | $ 2.6 | $ 5.4 | $ 5.3 |
Note 2 - Property, Plant and 21
Note 2 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Oct. 29, 2016 | Apr. 30, 2016 |
Land | $ 9,500 | $ 9,500 |
Buildings and improvements | 50,943 | 50,856 |
Machinery and equipment | 170,325 | 162,195 |
Total | 230,768 | 222,551 |
Less accumulated depreciation | (165,741) | (160,619) |
Property, plant and equipment – net | $ 65,027 | $ 61,932 |
Note 3 - Debt (Details Textual)
Note 3 - Debt (Details Textual) - Revolving Credit Facility [Member] - USD ($) | 6 Months Ended | |
Oct. 29, 2016 | Apr. 30, 2016 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | |
Long-term Line of Credit | $ 0 | $ 0 |
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 Compensa23
Note 4 - Stock-based Compensation (Details Textual) | 6 Months Ended |
Oct. 29, 2016$ / sharesshares | |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,806,614 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 6,300 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares | $ 15.91 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 4,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ / shares | $ 14.47 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 408,595 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 12.35 |
Note 5 - Derivative Financial24
Note 5 - Derivative Financial Instruments (Details Textual) - USD ($) | Oct. 29, 2016 | Apr. 30, 2016 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Asset, Current | $ 159,000 | |
Other Noncurrent Assets [Member] | ||
Derivative Asset, Noncurrent | 27,000 | |
Accrued Liabilities1 [Member] | ||
Derivative Liability, Current | 676,000 | $ 2,500,000 |
Derivative, Notional Amount | 6,500,000 | |
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | $ (517,000) |
Note 5 - Derivative Financial25
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. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Recognized in AOCI: | ||||
Gain (loss) before income taxes | $ 253 | $ (2,094) | $ (197) | $ (7,064) |
Less income tax provision (benefit) | 94 | (777) | (73) | (2,621) |
Net | 159 | (1,317) | (124) | (4,443) |
Reclassified from AOCI to cost of sales: | ||||
Loss before income taxes | (1,083) | (2,446) | (2,193) | (3,837) |
Less income tax benefit | (402) | (907) | (814) | (1,423) |
Net | (681) | (1,539) | (1,379) | (2,414) |
Net change to AOCI | $ 840 | $ 222 | $ 1,255 | $ (2,029) |
Note 7 - Commitments and Cont26
Note 7 - Commitments and Contingencies (Details Textual) $ in Millions | Oct. 29, 2016USD ($) |
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Residual Value of Leased Assets | $ 3.6 |
Note 8 - Subsequent Event (Deta
Note 8 - Subsequent Event (Details Textual) - Subsequent Event [Member] $ / shares in Units, $ in Millions | Nov. 18, 2016USD ($)$ / shares |
Dividends Payable, Date Declared | Nov. 18, 2016 |
Dividends Payable, Amount Per Share | $ / shares | $ 1.50 |
Dividends Payable, Date of Record | Nov. 28, 2016 |
Dividends Payable | $ | $ 70 |
Dividends Payable, Date to be Paid | Jan. 27, 2017 |