National Beverage (FIZZ) 10-Q 5 Dec 19 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Oct. 26, 2019	Dec. 02, 2019
Document Information [Line Items]
Entity Central Index Key	0000069891
Entity Registrant Name	National Beverage Corp.
Amendment Flag	false
Current Fiscal Year End Date	--05-01
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Oct. 26, 2019
Entity File Number	1-14170
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	59-2605822
Entity Address, Address Line One	8100 SW Tenth Street, Suite 4000
Entity Address, City or Town	Fort Lauderdale
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33324
City Area Code	954
Local Phone Number	581-0922
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	FIZZ
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,562,579

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Oct. 26, 2019	Apr. 27, 2019
Assets
Cash and equivalents	$ 233,867	$ 156,200
Trade receivables - net	72,619	84,841
Inventories	67,776	70,702
Prepaid and other assets	10,291	9,714
Total current assets	384,553	321,457
Property, plant and equipment - net	113,353	111,316
Right-of-use assets	49,576	0
Goodwill	13,145	13,145
Intangible assets	1,615	1,615
Other assets	4,573	4,660
Total assets	566,815	452,193
Liabilities and Shareholders' Equity
Accounts payable	60,829	66,202
Current operating lease liabilities	14,267	0
Accrued liabilities	32,401	30,433
Income taxes payable	649	402
Total current liabilities	108,146	97,037
Deferred income taxes net	16,416	15,987
Non-current operating lease liabilities	35,278	0
Other liabilities	7,462	7,560
Shareholders' equity:
Preferred stock, $1 par value - 1,000,000 shares authorized: Series C - 150,000 shares issued	150	150
Common stock, $.01 par value - 200,000,000 shares authorized; 50,701,984 shares issued (50,678,084 shares at April 27)	507	507
Additional paid-in capital	37,338	37,065
Retained earnings	380,626	313,430
Accumulated other comprehensive (loss)	(1,108)	(1,543)
Total shareholders' equity	399,513	331,609
Total liabilities and shareholders' equity	566,815	452,193
Series C Preferred Stock [Member]
Shareholders' equity:
Treasury stock, value	(5,100)	(5,100)
Treasury Stock, Common [Member]
Shareholders' equity:
Treasury stock, value	$ (12,900)	$ (12,900)

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Oct. 26, 2019	Apr. 27, 2019
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	150,000	150,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issues (in shares)	50,701,984	50,678,084
Series C Preferred Stock [Member]
Treasury stock, shares (in shares)	150,000	150,000
Treasury Stock, Common [Member]
Treasury stock, shares (in shares)	4,032,544	4,032,544

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 26, 2019	Oct. 27, 2018	Oct. 26, 2019	Oct. 27, 2018
Net sales	$ 251,611	$ 260,709	$ 515,179	$ 553,299
Cost of sales	158,797	157,185	325,791	334,080
Gross profit	92,814	103,524	189,388	219,219
Selling, general and administrative expenses	51,170	51,366	103,166	104,056
Interest expense	50	51	101	101
Other income - net	1,072	1,187	1,853	2,042
Income before income taxes	42,666	53,294	87,974	117,104
Provision for income taxes	10,012	12,216	20,778	27,196
Net income	$ 32,654	$ 41,078	$ 67,196	$ 89,908
Earnings per common share:
Basic (in dollars per share)	$ 70	$ 88	$ 1.44	$ 1.93
Diluted (in dollars per share)	$ 70	$ 88	$ 1.43	$ 1.92
Weighted average common shares outstanding:
Basic (in shares)	46,653	46,628	46,650	46,623
Diluted (in shares)	46,877	46,928	46,879	46,923

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 26, 2019	Oct. 27, 2018	Oct. 26, 2019	Oct. 27, 2018
Net income	$ 32,654	$ 41,078	$ 67,196	$ 89,908
Other comprehensive income (loss), net of tax:
Cash flow hedges, net of tax	419	(2,715)	435	(4,756)
Comprehensive income	$ 33,073	$ 38,363	$ 67,631	$ 85,152

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Preferred Stock [Member]Series C 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, Common [Member]	Total
Balance at Apr. 28, 2018	$ 150	$ 507	$ 36,358	$ 307,824	$ 4,601	$ (5,100)
Stock options exercised			325
Stock-based compensation			117
Balance at Oct. 27, 2018			36,800	397,732	(155)		$ (12,900)	$ 417,034
Net income				89,908				89,908
Cash flow hedges, net of tax					(4,756)			(4,756)
Balance at Jul. 28, 2018	150	507	36,521	356,654	2,560	(5,100)
Stock options exercised			202
Stock-based compensation			77
Balance at Oct. 27, 2018			36,800	397,732	(155)		(12,900)	417,034
Net income				41,078				41,078
Cash flow hedges, net of tax					(2,715)			(2,715)
Balance at Apr. 27, 2019	150	507	37,065	313,430	(1,543)	(5,100)		331,609
Stock options exercised			147
Stock-based compensation			126
Balance at Oct. 26, 2019			37,338	380,626	(1,108)		(12,900)	399,513
Net income				67,196				67,196
Cash flow hedges, net of tax					435			435
Balance at Jul. 27, 2019	$ 150	$ 507	37,134	347,972	(1,527)	$ (5,100)
Stock options exercised			140
Stock-based compensation			64
Balance at Oct. 26, 2019			$ 37,338	380,626	(1,108)		$ (12,900)	399,513
Net income				$ 32,654				32,654
Cash flow hedges, net of tax					$ 419			$ 419

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 26, 2019	Oct. 27, 2018
Operating Activities:
Net income	$ 67,196	$ 89,908
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,946	7,355
Deferred income tax provision	292	2,822
(Loss) gain on sale of property, net	(5)	3
Stock-based compensation	126	117
Changes in assets and liabilities:
Trade receivables	12,222	50
Inventories	2,926	(19,914)
Prepaid and other assets	1,111	(7,999)
Accounts payable	(5,373)	3,089
Accrued and other liabilities	(287)	741
Net cash provided by operating activities	87,154	76,172
Investing Activities:
Additions to property, plant and equipment	(9,642)	(16,302)
Proceeds from sale of property, plant and equipment	8	1
Net cash used in investing activities	(9,634)	(16,301)
Financing Activities:
Proceeds from stock options exercised	147	325
Net cash provided by financing activities	147	325
Net Increase in Cash and Equivalents	77,667	60,196
Cash and Equivalents - Beginning of Period	156,200	189,864
Cash and Equivalents - End of Period	233,867	250,060
Other Cash Flow Information:
Interest paid	38	38
Income taxes paid	$ 22,675	$ 23,835

Note 1 - Significant Accounting

Note 1 - Significant Accounting Policies and Recently Adopted Accounting Pronouncements	6 Months Ended
	Oct. 26, 2019
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. AND RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS Basis of Presentation The condensed consolidated financial statements include the accounts of National Beverage Corp. and its subsidiaries. Significant intercompany transactions and accounts have been eliminated. The condensed 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 10 April 27, 2019. 6, The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the condensed 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 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 Condensed Consolidated Balance Sheets. The estimated fair value of derivative financial instruments is calculated based on market rates to settle the instruments. We do not 5. Inventories Inventories are stated at the lower of first first October 26, 2019 April 27, 2019 Recently Adopted Accounting Pronouncements As of April 28, 2019, 2016 02 6.

Note 2 - Property, Plant and Eq

Note 2 - Property, Plant and Equipment	6 Months Ended
	Oct. 26, 2019
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	2. , PLANT AND EQUIPMENT Property, plant and equipment consist of the following: (In thousands) October 26, 2019 April 27, 2019 Land $ 9,835 $ 9,835 Buildings and improvements 58,471 58,291 Machinery and equipment 231,120 222,243 Total 299,426 290,369 Less accumulated depreciation (186,073 ) (179,053 ) Property, plant and equipment – net $ 113,353 $ 111,316 Depreciation expense was $3.8 million and $7.6 million for the three six October 26, 2019, three six October 27, 2018,

Note 3 - Debt

Note 3 - Debt	6 Months Ended
	Oct. 26, 2019
Notes to Financial Statements
Debt Disclosure [Text Block]	3 . DEBT At October 26, 2019, October 3, 2020 June 18, 2021 one October 26, 2019 April 27, 2019. October 26, 2019, 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 October 26, 2019,

Note 4 - Stock-based Compensati

Note 4 - Stock-based Compensation	6 Months Ended
	Oct. 26, 2019
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	4 . STOCK-BASED COMPENSATION During the six October 26, 2019, October 26, 2019,

Note 5 - Derivative Financial I

Note 5 - Derivative Financial Instruments	6 Months Ended
	Oct. 26, 2019
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 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 Condensed Consolidated Statements of Income and AOCI relative to the cash flow hedge for the three six October 26, 2019 October 27, 2018: (In thousands) Three Months Ended Six Months Ended 2019 2018 2019 2018 Recognized in AOCI: (Loss) gain before income taxes $ (619 ) $ 1,076 $ (2,043 ) $ 7,424 Less income tax (benefit) provision (148 ) 257 (489 ) 1,776 Net $ (471 ) $ 819 $ (1,554 ) $ 5,648 Reclassified from AOCI to cost of sales: (Loss) gain before income taxes $ (1,170 ) $ 4,596 $ (2,614 ) $ 13,530 Less income tax (benefit) provision (280 ) 1,062 (625 ) 3,126 Net $ (890 ) $ 3,534 $ (1,989 ) $ 10,404 Net change to AOCI $ 419 $ (2,715 ) $ 435 $ (4,756 ) As of October 26, 2019, no 12 1. As of October 26, 2019 April 27, 2019, not 2

Note 6 - Leases

Note 6 - Leases	6 Months Ended
	Oct. 26, 2019
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	6. EASES The Company leases two 2027. In February 2016, 2016 02, December 15, 2018 April 28, 2019 Upon adoption of the lease standard on April 28, 2019, not not not The Company has used the following policies and assumptions in evaluating its population of leases: ● Determining a lease – The Company assesses contracts at inception to determine whether an arrangement is or includes a lease which conveys the Company’s right to control the use of an identified asset for a period of time in exchange for consideration. Operating lease right-of-use assets and associated liabilities are recognized at the commencement date and initially measured at the present value of the lease payments over the defined lease term. ● Allocating lease and non-lease components – The Company has elected the practical expedient to not ● Discount rate – The Company calculates the discount rate based on the Company’s incremental borrowing rate using the contractual lease term. ● Lease term – The Company does not 12 ● Rent increases or escalation clauses – Certain leases contain scheduled rent increases or escalation clauses. The Company assesses each contract individually and calculates variable payments based on the terms of the individual agreement. ● Renewal options and / or purchase options – Certain leases include renewal options to extend the lease term and / or purchase options to purchase the leased asset. The Company assesses these options using a threshold of reasonably certain, which is a high threshold and, therefore, the majority of the Company’s leases do not ● Option to terminate – Certain leases include the option to terminate the lease prior to its scheduled expiration. This allows a contractually bound party to terminate its obligation under the lease contract, typically in return for an agreed upon financial consideration. The terms and conditions of the termination options vary by contract; such options are not The Company’s weighted average remaining lease term was 3.8 October 26, 2019. October 26, 2019: (In thousands) Remainder of Fiscal 2020 $ 8,897 Fiscal 2021 20,315 Fiscal 2022 9,894 Fiscal 2023 7,741 Fiscal 2024 4,510 Thereafter 1,703 Total minimum lease payments including interest 53,060 Less: Amounts representing interest (3,515 ) Present value of minimum lease payments 49,545 Less: Current portion of lease liabilities (14,267 ) Non-Current portion of operating lease liabilities $ 35,278 Lease expense for the three six October 26, 2019 six October 26, 2019. Our minimum lease payments under non-cancelable operating leases as of April 27, 2019 (In thousands) Fiscal 2020 $ 16,105 Fiscal 2021 12,084 Fiscal 2022 9,894 Fiscal 2023 7,741 Fiscal 2024 4,510 Thereafter 1,703 Total minimum lease payments including interest $ 52,037

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Oct. 26, 2019
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The condensed consolidated financial statements include the accounts of National Beverage Corp. and its subsidiaries. Significant intercompany transactions and accounts have been eliminated. The condensed 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 10 April 27, 2019. 6, The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the condensed 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
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 Condensed Consolidated Balance Sheets. The estimated fair value of derivative financial instruments is calculated based on market rates to settle the instruments. We do not 5.
Inventory, Policy [Policy Text Block]	Inventories Inventories are stated at the lower of first first October 26, 2019 April 27, 2019
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements As of April 28, 2019, 2016 02 6.

Note 2 - Property, Plant and _2

Note 2 - Property, Plant and Equipment (Tables)	6 Months Ended
	Oct. 26, 2019
Notes Tables
Property, Plant and Equipment [Table Text Block]	(In thousands) October 26, 2019 April 27, 2019 Land $ 9,835 $ 9,835 Buildings and improvements 58,471 58,291 Machinery and equipment 231,120 222,243 Total 299,426 290,369 Less accumulated depreciation (186,073 ) (179,053 ) Property, plant and equipment – net $ 113,353 $ 111,316

Note 5 - Derivative Financial_2

Note 5 - Derivative Financial Instruments (Tables)	6 Months Ended
	Oct. 26, 2019
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 2019 2018 2019 2018 Recognized in AOCI: (Loss) gain before income taxes $ (619 ) $ 1,076 $ (2,043 ) $ 7,424 Less income tax (benefit) provision (148 ) 257 (489 ) 1,776 Net $ (471 ) $ 819 $ (1,554 ) $ 5,648 Reclassified from AOCI to cost of sales: (Loss) gain before income taxes $ (1,170 ) $ 4,596 $ (2,614 ) $ 13,530 Less income tax (benefit) provision (280 ) 1,062 (625 ) 3,126 Net $ (890 ) $ 3,534 $ (1,989 ) $ 10,404 Net change to AOCI $ 419 $ (2,715 ) $ 435 $ (4,756 )

Note 6 - Leases (Tables)

Note 6 - Leases (Tables)	6 Months Ended
	Oct. 26, 2019
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	(In thousands) Remainder of Fiscal 2020 $ 8,897 Fiscal 2021 20,315 Fiscal 2022 9,894 Fiscal 2023 7,741 Fiscal 2024 4,510 Thereafter 1,703 Total minimum lease payments including interest 53,060 Less: Amounts representing interest (3,515 ) Present value of minimum lease payments 49,545 Less: Current portion of lease liabilities (14,267 ) Non-Current portion of operating lease liabilities $ 35,278
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	(In thousands) Fiscal 2020 $ 16,105 Fiscal 2021 12,084 Fiscal 2022 9,894 Fiscal 2023 7,741 Fiscal 2024 4,510 Thereafter 1,703 Total minimum lease payments including interest $ 52,037

Note 1 - Significant Accounti_2

Note 1 - Significant Accounting Policies and Recently Adopted Accounting Pronouncements (Details Textual) - USD ($) $ in Millions	Oct. 26, 2019	Apr. 27, 2019
Inventory, Finished Goods, Gross, Total	$ 46	$ 48.7
Inventory, Raw Materials, Gross, Total	$ 21.8	$ 22

Note 2 - Property, Plant and _3

Note 2 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 26, 2019	Oct. 27, 2018	Oct. 26, 2019	Oct. 27, 2018
Depreciation, Total	$ 3.8	$ 3.4	$ 7.6	$ 6.3

Note 2 - Property, Plant and _4

Note 2 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Oct. 26, 2019	Apr. 27, 2019
Land	$ 9,835	$ 9,835
Buildings and improvements	58,471	58,291
Machinery and equipment	231,120	222,243
Total	299,426	290,369
Less accumulated depreciation	(186,073)	(179,053)
Property, plant and equipment – net	$ 113,353	$ 111,316

Note 3 - Debt (Details Textual)

Note 3 - Debt (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Thousands	6 Months Ended
	Oct. 26, 2019	Apr. 27, 2019
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000
Long-term Line of Credit, Total	0	$ 0
Letters of Credit Outstanding, Amount	3,200
Line of Credit Facility, Remaining Borrowing Capacity	$ 96,800
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	9.00%

Note 4 - Stock-based Compensa_2

Note 4 - Stock-based Compensation (Details Textual)	6 Months Ended
	Oct. 26, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	16,500
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares	$ 8.92
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	305,945
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares	$ 11.29
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	2,811,613

Note 5 - Derivative Financial_3

Note 5 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	Oct. 26, 2019	Apr. 27, 2019
Derivative, Notional Amount	$ 20.1
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months	1.5
Accrued Liabilities1 [Member]
Derivative Liability, Current	$ 1.5	$ 2

Note 5 - Derivative Financial_4

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. 26, 2019	Oct. 27, 2018	Oct. 26, 2019	Oct. 27, 2018
(Loss) gain before income taxes	$ (619)	$ 1,076	$ (2,043)	$ 7,424
Less income tax (benefit) provision	(148)	257	(489)	1,776
Net	(471)	819	(1,554)	5,648
(Loss) gain before income taxes	(1,170)	4,596	(2,614)	13,530
Less income tax (benefit) provision	(280)	1,062	(625)	3,126
Net	(890)	3,534	(1,989)	10,404
Net change to AOCI	$ 419	$ (2,715)	$ 435	$ (4,756)

Note 6 - Leases (Details Textua

Note 6 - Leases (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Oct. 26, 2019	Oct. 26, 2019	Apr. 28, 2019	Apr. 27, 2019
Operating Lease, Liability, Total	$ 49,545	$ 49,545
Operating Lease, Right-of-Use Asset	$ 49,576	$ 49,576		$ 0
Operating Lease, Weighted Average Remaining Lease Term	3 years 9 months 18 days	3 years 9 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	3.38%	3.38%
Operating Lease, Expense	$ 3,400	$ 6,700
Short-term Lease, Cost	$ 3,000	8,000
Operating Lease, Payments		$ 7,500
Accounting Standards Update 2016-02 [Member]
Operating Lease, Liability, Total			$ 55,500
Operating Lease, Right-of-Use Asset			$ 55,500

Note 6 - Leases - Future Minimu

Note 6 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Oct. 26, 2019	Apr. 27, 2019
Remainder of Fiscal 2020	$ 8,897
Fiscal 2021	20,315
Fiscal 2022	9,894
Fiscal 2023	7,741
Fiscal 2024	4,510
Thereafter	1,703
Total minimum lease payments including interest	53,060
Less: Amounts representing interest	(3,515)
Present value of minimum lease payments	49,545
Less: Current portion of lease liabilities	14,267	$ 0
Non-Current portion of operating lease liabilities	$ 35,278	$ 0

Note 6 - Leases - Future Mini_2

Note 6 - Leases - Future Minimum Rental Payments (Details) $ in Thousands	Apr. 27, 2019USD ($)
Fiscal 2020	$ 16,105
Fiscal 2021	12,084
Fiscal 2022	9,894
Fiscal 2023	7,741
Fiscal 2024	4,510
Thereafter	1,703
Total minimum lease payments including interest	$ 52,037