National Beverage (FIZZ) 10-Q 5 Mar 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jan. 25, 2020	Feb. 28, 2020
Document Information [Line Items]
Entity Central Index Key	0000069891
Entity Registrant Name	National Beverage Corp.
Amendment Flag	false
Current Fiscal Year End Date	--05-02
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 25, 2020
Document Transition Report	false
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
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		46,616,479

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jan. 25, 2020	Apr. 27, 2019
Assets
Cash and equivalents	$ 261,660	$ 156,200
Trade receivables - net	72,523	84,841
Inventory	61,202	70,702
Prepaid and other assets	11,592	9,714
Total current assets	406,977	321,457
Property, plant and equipment - net	115,771	111,316
Right of use assets, net	47,549	0
Goodwill	13,145	13,145
Intangible assets	1,615	1,615
Other assets	4,253	4,660
Total assets	589,310	452,193
Liabilities and Equity
Accounts payable	58,931	66,202
Accrued liabilities	35,612	30,433
Operating lease liability	13,754	0
Income taxes payable	867	402
Total current liabilities	109,164	97,037
Deferred income taxes net	17,177	15,987
Operating lease liability - non-current	33,731	0
Other liabilities	7,036	7,560
Total liabilities	167,108	120,584
Shareholders' equity:
Preferred stock: $1 par value - 1,000,000 shares authorized: Series C - 150,000 shares issued at each period end	150	150
Common stock: $.01 par value - 200,000,000 shares authorized; 50,754,884 shares issued (50,678,084 shares issued at April 27, 2019)	507	507
Additional paid-in capital	37,660	37,065
Accumulated other comprehensive (loss)	(985)	(1,543)
Retained earnings	407,189	313,430
Total shareholders' equity	422,202	331,609
Total liabilities and shareholders' equity	589,310	452,193
Treasury Stock, Common [Member]
Shareholders' equity:
Treasury stock, value	(17,219)	(12,900)
Total shareholders' equity	(17,219)	(12,900)
Series C Preferred Stock [Member]
Shareholders' equity:
Treasury stock, value	$ (5,100)	$ (5,100)

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Jan. 25, 2020	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 issued (in shares)	50,754,884	50,678,084
Treasury Stock, Common [Member]
Treasury stock, shares (in shares)	4,139,405	4,032,544
Series C Preferred Stock [Member]
Treasury stock, shares (in shares)	150,000	150,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 25, 2020	Jan. 26, 2019	Jan. 25, 2020	Jan. 26, 2019
Net sales	$ 222,814	$ 220,891	$ 737,993	$ 774,190
Cost of sales	140,719	140,338	466,510	474,418
Gross profit	82,095	80,553	271,483	299,772
Selling, general and administrative expenses	48,882	49,535	152,049	153,591
Operating income	33,213	31,018	119,434	146,181
Interest expense	51	51	151	151
Other income - net	1,032	1,235	2,885	3,276
Income before provision for income taxes	34,194	32,202	122,168	149,306
Provision for income taxes	7,631	7,393	28,409	34,589
Net income	$ 26,563	$ 24,809	$ 93,759	$ 114,717
Earnings per common share:
Basic (in dollars per share)	$ 0.57	$ 0.53	$ 2.01	$ 2.46
Diluted (in dollars per share)	$ 0.57	$ 0.53	$ 2	$ 2.44
Weighted average common shares outstanding:
Basic (in shares)	46,600	46,638	46,633	46,628
Diluted (in shares)	46,802	46,934	46,853	46,927

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 25, 2020	Jan. 26, 2019	Jan. 25, 2020	Jan. 26, 2019
Net income	$ 26,563	$ 24,809	$ 93,759	$ 114,717
Other comprehensive income (loss), net of tax:
Cash flow hedges	123	(1,242)	558	(5,998)
Comprehensive income	$ 26,686	$ 23,567	$ 94,317	$ 108,719

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Preferred Stock [Member]Series C Preferred Stock [Member]	Common Stock Outstanding [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Treasury Stock [Member]Series C Preferred Stock [Member]	Treasury Stock, Common [Member]	Total
Balance at Apr. 28, 2018	$ 150	$ 507	$ 36,358	$ 4,601	$ 307,824	$ (5,100)	$ (12,900)
Stock options exercised			403
Stock-based compensation			179
Balance at Jan. 26, 2019			36,940	(1,397)	287,294		(12,900)	$ 305,494
Cash flow hedges, net of tax				(5,998)				(5,998)
Net income					114,717			114,717
Common stock cash dividend					(135,247)
Repurchase of common shares							$ 0
Balance (in shares) at Apr. 28, 2018		46,618,240,000				150,000,000	4,302,544,000
Stock option exercises (in shares)		24,300,000
Repurchase of common shares (in shares)		0					0
Balance (in shares) at Jan. 26, 2019		46,642,540,000					4,032,544,000
Repurchase of common shares (in shares)		0					0
Balance at Oct. 27, 2018	150	$ 507	36,800	(155)	397,732	$ (5,100)	$ (12,900)
Stock options exercised			78
Stock-based compensation			62
Balance at Jan. 26, 2019			36,940	(1,397)	287,294		(12,900)	305,494
Cash flow hedges, net of tax				(1,242)				(1,242)
Net income					24,809			24,809
Common stock cash dividend					(135,247)
Repurchase of common shares							$ 0
Balance (in shares) at Oct. 27, 2018		46,636,740,000				150,000,000	4,032,544,000
Stock option exercises (in shares)		5,800,000
Repurchase of common shares (in shares)		0					0
Balance (in shares) at Jan. 26, 2019		46,642,540,000					4,032,544,000
Repurchase of common shares (in shares)		0					0
Balance at Apr. 27, 2019	150	$ 507	37,065	(1,543)	313,430	$ (5,100)	$ (12,900)	331,609
Stock options exercised			406
Stock-based compensation			189
Balance at Jan. 25, 2020			37,660	(985)	407,189		(17,219)	422,202
Cash flow hedges, net of tax				558				558
Net income					93,759			$ 93,759
Common stock cash dividend					0
Repurchase of common shares							$ (4,319)
Balance (in shares) at Apr. 27, 2019		46,645,540,000				150,000,000	4,032,544,000
Stock option exercises (in shares)		76,800,000						76,800
Repurchase of common shares (in shares)		(106,861,000)					(106,861,000)
Balance (in shares) at Jan. 25, 2020		46,615,479,000					4,139,405,000
Repurchase of common shares (in shares)		106,861,000					106,861,000
Balance at Oct. 26, 2019	$ 150	$ 507	37,338	(1,108)	380,626	$ (5,100)	$ (12,900)
Stock options exercised			259
Stock-based compensation			63
Balance at Jan. 25, 2020			$ 37,660	(985)	407,189		(17,219)	$ 422,202
Cash flow hedges, net of tax				$ 123				123
Net income					26,563			$ 26,563
Common stock cash dividend					$ 0
Repurchase of common shares							$ (4,319)
Balance (in shares) at Oct. 26, 2019		46,662,040,000				150,000,000	4,032,544,000
Stock option exercises (in shares)		60,300,000
Repurchase of common shares (in shares)		(106,861,000)					(106,861,000)
Balance (in shares) at Jan. 25, 2020		46,615,479,000					4,139,405,000
Repurchase of common shares (in shares)		106,861,000					106,861,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jan. 25, 2020	Jan. 26, 2019
Cash Flows from Operating Activities:
Net income	$ 93,759	$ 114,717
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	13,415	11,525
Deferred income tax provision	956	4,057
(Gain) Loss on sale of property, net	(9)	2
Stock-based compensation	189	179
Changes in assets and liabilities:
Trade receivables	12,318	8,021
Inventories	9,500	(11,243)
Prepaid and other assets	(911)	(3,181)
Accounts payable	(7,271)	(15,913)
Accrued and other liabilities	3,264	(1,132)
Net cash provided by operating activities	125,210	107,032
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(15,847)	(27,456)
Proceeds from sale of property, plant and equipment	10	10
Net cash used in investing activities	(15,837)	(27,446)
Cash Flows from Financing Activities:
Proceeds from stock options exercised	406	403
Repurchase of common shares	(4,319)	0
Net cash (used in) provided by financing activities	(3,913)	403
Net Increase in Cash and Equivalents	105,460	79,989
Cash and Equivalents - Beginning of Period	156,200	189,864
Cash and Equivalents - End of Period	261,660	269,853
Supplemental disclosure of cash flow information:
Interest paid	38	38
Income taxes paid, net of refunds	$ 29,335	$ 30,908

Note 1 - Significant Accounting

Note 1 - Significant Accounting Policies	9 Months Ended
	Jan. 25, 2020
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. 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 January 25, 2020 April 27, 2019 Recently Adopted Accounting Pronouncements As of April 28, 2019, 2016 02 6

Note 2 - Composition of Certain

Note 2 - Composition of Certain Financial Statement Captions	9 Months Ended
	Jan. 25, 2020
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	2 . PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net, consisted of the following in thousands: January 25, April 27, 2020 2019 Land $ 9,835 $ 9,835 Buildings and improvements 58,747 58,291 Machinery and equipment 236,863 222,243 Total 305,445 290,369 Less accumulated depreciation (189,674 ) (179,053 ) Property, plant and equipment – net $ 115,771 $ 111,316 Depreciation expense was $3.8 million and $11.4 million for the three nine January 25, 2020, three nine January 26, 2019,

Note 3 - Debt

Note 3 - Debt	9 Months Ended
	Jan. 25, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	3 . DEBT At January 25, 2020, October 3, 2020 June 18, 2021 one January 25, 2020 April 27, 2019. January 25, 2020, 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 January 25, 2020,

Note 4 - Stock-based Compensati

Note 4 - Stock-based Compensation	9 Months Ended
	Jan. 25, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	4 . STOCK-BASED COMPENSATION During the nine January 25, 2020, January 25, 2020, 9 Table of Contents

Note 5 - Derivative Financial I

Note 5 - Derivative Financial Instruments	9 Months Ended
	Jan. 25, 2020
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 nine January 25, 2020 January 26, 2019 ( Three Months Ended Nine Months Ended January 25, 2020 January 26, 2019 January 25, 2020 January 26, 2019 Recognized in AOCI: (Loss) gain before income taxes $ (581 ) $ (1,937 ) $ (2,623 ) $ 5,487 Less income tax (benefit) provision (139 ) (463 ) (628 ) 1,313 Net (442 ) (1,474 ) (1,995 ) 4,174 Reclassified from AOCI to cost of sales: (Loss) gain before income taxes (742 ) (305 ) (3,356 ) 13,225 Less income tax (benefit) provision (177 ) (73 ) (803 ) 3,053 Net (565 ) (232 ) (2,553 ) 10,172 Net change to AOCI $ 123 $ (1,242 ) $ 558 $ (5,998 ) As of January 25, 2020, no 12 As of January 25, 2020, April 27, 2019, not 2

Note 6 - Leases

Note 6 - Leases	9 Months Ended
	Jan. 25, 2020
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	6. The Company leases two 2030. February 2016, 2016 02, December 15, 2018 April 28, 2019 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 3.75 years and weighted average discount rate was 3.38% as of January 25, 2020. January 25, 2020 ( Remainder of Fiscal 2020 (4th quarter 2020) $ 3,599 Fiscal 2021 20,318 Fiscal 2022 10,690 Fiscal 2023 8,398 Fiscal 2024 5,005 Thereafter 2,084 Total minimum lease payments including interest 50,094 Less: Amounts representing interest (2,609 ) Present value of minimum lease payments 47,485 Less: Current portion of lease liabilities (13,754 ) Non-Current portion of operating lease liabilities $ 33,731 Lease expense for the three nine January 25, 2020 nine January 25, 2020. Our minimum lease payments under non-cancelable operating leases as of April 27, 2019 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 7 - Capital Stock and Tran

Note 7 - Capital Stock and Transactions With Related Parties	9 Months Ended
	Jan. 25, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	7. The Company is authorized under its stock buy back program to repurchase 1.6 million shares of its common stock. Through January 25, 2020,

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Jan. 25, 2020
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 January 25, 2020 April 27, 2019
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements As of April 28, 2019, 2016 02 6

Note 2 - Composition of Certa_2

Note 2 - Composition of Certain Financial Statement Captions (Tables)	9 Months Ended
	Jan. 25, 2020
Notes Tables
Property, Plant and Equipment [Table Text Block]	January 25, April 27, 2020 2019 Land $ 9,835 $ 9,835 Buildings and improvements 58,747 58,291 Machinery and equipment 236,863 222,243 Total 305,445 290,369 Less accumulated depreciation (189,674 ) (179,053 ) Property, plant and equipment – net $ 115,771 $ 111,316

Note 5 - Derivative Financial_2

Note 5 - Derivative Financial Instruments (Tables)	9 Months Ended
	Jan. 25, 2020
Notes Tables
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]	Three Months Ended Nine Months Ended January 25, 2020 January 26, 2019 January 25, 2020 January 26, 2019 Recognized in AOCI: (Loss) gain before income taxes $ (581 ) $ (1,937 ) $ (2,623 ) $ 5,487 Less income tax (benefit) provision (139 ) (463 ) (628 ) 1,313 Net (442 ) (1,474 ) (1,995 ) 4,174 Reclassified from AOCI to cost of sales: (Loss) gain before income taxes (742 ) (305 ) (3,356 ) 13,225 Less income tax (benefit) provision (177 ) (73 ) (803 ) 3,053 Net (565 ) (232 ) (2,553 ) 10,172 Net change to AOCI $ 123 $ (1,242 ) $ 558 $ (5,998 )

Note 6 - Leases (Tables)

Note 6 - Leases (Tables)	9 Months Ended
	Jan. 25, 2020
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Remainder of Fiscal 2020 (4th quarter 2020) $ 3,599 Fiscal 2021 20,318 Fiscal 2022 10,690 Fiscal 2023 8,398 Fiscal 2024 5,005 Thereafter 2,084 Total minimum lease payments including interest 50,094 Less: Amounts representing interest (2,609 ) Present value of minimum lease payments 47,485 Less: Current portion of lease liabilities (13,754 ) Non-Current portion of operating lease liabilities $ 33,731
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	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 (Details Textual) - USD ($) $ in Millions	Jan. 25, 2020	Apr. 27, 2019
Inventory, Finished Goods, Gross, Total	$ 38.4	$ 48.7
Inventory, Raw Materials, Gross, Total	$ 22.8	$ 22

Note 2 - Composition of Certa_3

Note 2 - Composition of Certain Financial Statement Captions (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jan. 25, 2020	Jan. 26, 2019	Jan. 25, 2020	Jan. 26, 2019
Depreciation, Total	$ 3.8	$ 3.2	$ 11.4	$ 9.5

Note 2 - Composition of Certa_4

Note 2 - Composition of Certain Financial Statement Captions - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jan. 25, 2020	Apr. 27, 2019
Land	$ 9,835	$ 9,835
Buildings and improvements	58,747	58,291
Machinery and equipment	236,863	222,243
Total	305,445	290,369
Less accumulated depreciation	(189,674)	(179,053)
Property, plant and equipment – net	$ 115,771	$ 111,316

Note 3 - Debt (Details Textual)

Note 3 - Debt (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Oct. 26, 2019	Jan. 25, 2020	Apr. 27, 2019
Letters of Credit Outstanding, Amount		$ 3,100
Line of Credit Facility, Remaining Borrowing Capacity		96,900
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000
Long-term Line of Credit, Total		$ 0	$ 0
Revolving Credit Facility [Member] | 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)	9 Months Ended
	Jan. 25, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	76,800
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares	$ 5.27
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	245,645
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares	$ 12.50
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	2,798,252

Note 5 - Derivative Financial_3

Note 5 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	Jan. 25, 2020	Apr. 27, 2019
Derivative, Notional Amount	$ 16.5
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months	1.3
Accrued Liabilities1 [Member]
Derivative Liability, Current	$ 1.2	$ 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		9 Months Ended
	Jan. 25, 2020	Jan. 26, 2019	Jan. 25, 2020	Jan. 26, 2019
(Loss) gain before income taxes	$ (581)	$ (1,937)	$ (2,623)	$ 5,487
Less income tax (benefit) provision	(139)	(463)	(628)	1,313
Net	(442)	(1,474)	(1,995)	4,174
(Loss) gain before income taxes	(742)	(305)	(3,356)	13,225
Less income tax (benefit) provision	(177)	(73)	(803)	3,053
Net	(565)	(232)	(2,553)	10,172
Net change to AOCI	$ 123	$ (1,242)	$ 558	$ (5,998)

Note 6 - Leases (Details Textua

Note 6 - Leases (Details Textual) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jan. 25, 2020	Jan. 25, 2020	Apr. 28, 2019	Apr. 27, 2019
Operating Lease, Liability, Total	$ 47,485	$ 47,485
Operating Lease, Weighted Average Remaining Lease Term	3 years 9 months	3 years 9 months
Operating Lease, Weighted Average Discount Rate, Percent	3.38%	3.38%
Operating Lease, Expense	$ 4,000	$ 10,700
Short-term Lease, Cost	5,000	1,500
Operating Lease, Payments		10,800
Operating Lease, Right-of-Use Asset	$ 47,549	$ 47,549		$ 0
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	Jan. 25, 2020	Apr. 27, 2019
Remainder of Fiscal 2020 (4th quarter 2020)	$ 3,599
Fiscal 2021	20,318
Fiscal 2022	10,690
Fiscal 2023	8,398
Fiscal 2024	5,005
Thereafter	2,084
Total minimum lease payments including interest	50,094
Less: Amounts representing interest	(2,609)
Present value of minimum lease payments	47,485
Less: Current portion of lease liabilities	(13,754)	$ 0
Non-Current portion of operating lease liabilities	$ 33,731	$ 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

Note 7 - Capital Stock and Tr_2

Note 7 - Capital Stock and Transactions With Related Parties (Details Textual)	93 Months Ended
	Jan. 25, 2020shares
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	1,600,000
Treasury Stock, Shares, Acquired	608,921
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	991,079