Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2022 | Jun. 28, 2022 | Oct. 31, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000069891 | ||
Entity Registrant Name | National Beverage Corp. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --04-30 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Apr. 30, 2022 | ||
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 per share | ||
Trading Symbol | FIZZ | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,300,000,000 | ||
Entity Common Stock, Shares Outstanding | 93,338,246 | ||
Auditor Name | RSM US LLP | ||
Auditor Location | Fort Lauderdale, Florida | ||
Auditor Firm ID | 49 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2022 | May 01, 2021 |
Assets | ||
Cash and equivalents | $ 48,050 | $ 193,589 |
Trade receivables - net | 93,592 | 86,442 |
Inventory | 103,318 | 71,480 |
Prepaid and other assets | 29,560 | 13,431 |
Total current assets | 274,520 | 364,942 |
Property, plant and equipment - net | 144,258 | 131,027 |
Right of use assets- net | 29,251 | 41,676 |
Goodwill | 13,145 | 13,145 |
Intangible assets | 1,615 | 1,615 |
Other assets | 5,015 | 4,832 |
Total assets | 467,804 | 557,237 |
Liabilities and Shareholders' Equity | ||
Accounts payable | 95,299 | 88,754 |
Accrued liabilities | 39,090 | 43,551 |
Short-term lease obligations | 10,543 | 14,800 |
Income taxes payable | 387 | 89 |
Total current liabilities | 145,319 | 147,194 |
Long-term debt | 30,000 | 0 |
Deferred income taxes net | 23,823 | 17,294 |
Operating lease liability - non current | 20,703 | 28,837 |
Other liabilities | 8,521 | 7,915 |
Total liabilities | 228,366 | 201,240 |
Commitments and contingencies | ||
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; 101,712,358 and 101,675,858 shares issued, respectively | 1,017 | 1,016 |
Additional paid-in capital | 39,405 | 38,375 |
Retained earnings | 216,181 | 337,672 |
Accumulated other comprehensive income | 6,918 | 3,017 |
Total shareholders' equity | 239,438 | 355,997 |
Total liabilities and shareholders' equity | 467,804 | 557,237 |
Series C Preferred Stock [Member] | ||
Shareholders' equity: | ||
Treasury stock, value | (5,100) | (5,100) |
Common Stock [Member] | ||
Shareholders' equity: | ||
Treasury stock, value | $ (19,133) | $ (19,133) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Apr. 30, 2022 | May 01, 2021 |
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) | 101,712,358 | 101,675,858 |
Series C Preferred Stock [Member] | ||
Treasury stock, shares (in shares) | 150,000 | 150,000 |
Common Stock [Member] | ||
Treasury stock, shares (in shares) | 8,374,112 | 8,374,112 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Net sales | $ 1,138,013 | $ 1,072,210 | $ 1,000,394 |
Cost of sales | 720,208 | 650,594 | 630,254 |
Gross profit | 417,805 | 421,616 | 370,140 |
Selling, general and administrative expenses | 209,949 | 193,791 | 204,394 |
Operating income | 207,856 | 227,825 | 165,746 |
Other (expense) income - net | (260) | 312 | 3,709 |
Income before income taxes | 207,596 | 228,137 | 169,455 |
Provision for income taxes | 49,084 | 53,991 | 39,483 |
Net income | $ 158,512 | $ 174,146 | $ 129,972 |
Earnings per common share: | |||
Basic (in dollars per share) | $ 1.70 | $ 1.87 | $ 1.39 |
Diluted (in dollars per share) | $ 1.69 | $ 1.86 | $ 1.39 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 93,323 | 93,280 | 93,256 |
Diluted (in shares) | 93,599 | 93,620 | 93,656 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Net income | $ 158,512 | $ 174,146 | $ 129,972 |
Cash flow hedges | 3,882 | 7,930 | (3,673) |
Other | 19 | 507 | (204) |
Total | 3,901 | 8,437 | (3,877) |
Comprehensive income | $ 162,413 | $ 182,583 | $ 126,095 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | 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, Preferred [Member] Series C Preferred Stock [Member] | Treasury Stock, Common [Member] |
Balance (in shares) at Apr. 27, 2019 | 150,000 | 101,356,000 | 150,000 | 8,065,000 | ||||
Balance at Apr. 27, 2019 | $ 150 | $ 1,014 | $ 36,557 | $ 313,430 | $ (1,543) | $ (5,100) | $ (12,900) | |
Stock options exercised (in shares) | 250,000 | |||||||
Stock options exercised | $ 2 | 740 | ||||||
Stock-based compensation | 125 | |||||||
End of year | 37,422 | |||||||
Net income | $ 129,972 | 129,972 | ||||||
Cash flow hedges | (3,673) | (3,673) | ||||||
Other | (204) | (204) | ||||||
Repurchase of common stock (in shares) | 309,000 | |||||||
Repurchase of common stock | $ (6,233) | |||||||
Balance (in shares) at May. 02, 2020 | 150,000 | 101,606,000 | 150,000 | 8,374,000 | ||||
Balance at May. 02, 2020 | 452,337 | $ 150 | $ 1,016 | 37,422 | 443,402 | (5,420) | $ (5,100) | $ (19,133) |
Stock options exercised (in shares) | 70,000 | |||||||
Stock options exercised | 491 | |||||||
Stock-based compensation | 462 | |||||||
End of year | 38,375 | |||||||
Net income | 174,146 | 174,146 | ||||||
Common stock cash dividend | (279,876) | |||||||
Cash flow hedges | 7,930 | 7,930 | ||||||
Other | 507 | 507 | ||||||
Balance (in shares) at May. 01, 2021 | 150,000 | 101,676,000 | 150,000 | 8,374,000 | ||||
Balance at May. 01, 2021 | $ 355,997 | $ 150 | $ 1,016 | 38,375 | 337,672 | 3,017 | $ (5,100) | $ (19,133) |
Stock options exercised (in shares) | 36,500 | 36,000 | ||||||
Stock options exercised | $ 1 | 335 | ||||||
Stock-based compensation | 695 | |||||||
End of year | $ 39,405 | |||||||
Net income | $ 158,512 | 158,512 | ||||||
Common stock cash dividend | (280,003) | |||||||
Cash flow hedges | 3,882 | 3,882 | ||||||
Other | 19 | 19 | ||||||
Balance (in shares) at Apr. 30, 2022 | 101,712,000 | 8,374,000 | ||||||
Balance at Apr. 30, 2022 | $ 239,438 | $ 1,017 | $ 216,181 | $ 6,918 | $ (19,133) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Operating Activities: | |||
Net income | $ 158,512,000 | $ 174,146,000 | $ 129,972,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 18,544,000 | 18,097,000 | 17,234,000 |
Deferred income tax provision (benefit) | 5,326,000 | (132,000) | 11,000 |
Loss on disposal of property, net | (7,000) | 114,000 | 206,000 |
Stock-based compensation | 695,000 | 462,000 | 125,000 |
Amortization of operating right of use assets | 13,258,000 | 13,060,000 | 13,351,000 |
Changes in assets and liabilities: | |||
Trade receivables | (7,150,000) | (1,521,000) | (80,000) |
Inventories | (31,838,000) | (7,998,000) | 7,220,000 |
Operating lease right of use assets | (6,054,000) | (11,092,000) | (5,368,000) |
Prepaid and other assets | (5,084,000) | 35,000 | (5,633,000) |
Accounts payable | 6,545,000 | 14,385,000 | 8,168,000 |
Accrued and other liabilities | (12,444,000) | (4,524,000) | 19,215,000 |
Operating lease liabilities | (7,170,000) | (1,262,000) | (6,729,000) |
Net cash provided by operating activities | 133,133,000 | 193,770,000 | 177,692,000 |
Investing Activities: | |||
Additions to property, plant and equipment | (29,015,000) | (25,308,000) | (23,890,000) |
Proceeds from sale of property, plant and equipment | 11,000 | 6,000 | 9,000 |
Proceeds from sale of property, plant and equipment | (11,000) | (6,000) | (9,000) |
Net cash used in investing activities | (29,004,000) | (25,314,000) | (23,881,000) |
Financing Activities: | |||
Borrowing under loan facility | 50,000,000 | 0 | 0 |
Repayments under loan facility | (20,000,000) | 0 | 0 |
Dividends paid on common stock | (280,003,000) | (279,876,000) | 0 |
Proceeds from stock options exercised | 335,000 | 491,000 | 740,000 |
Repurchase of common stock | 0 | 0 | (6,233,000) |
Net cash used in financing activities | (249,668,000) | (279,385,000) | (5,493,000) |
Net (Decrease) Increase in Cash and Equivalents | (145,539,000) | (110,929,000) | 148,318,000 |
Cash and Equivalents - Beginning of Year | 193,589,000 | 304,518,000 | 156,200,000 |
Cash and Equivalents - End of Year | 48,050,000 | 193,589,000 | 304,518,000 |
Other Cash Flow Information: | |||
Interest paid | 371,000 | 148,000 | 51,000 |
Income taxes paid | $ 51,958,000 | $ 63,357,000 | $ 29,364,000 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation 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. The consolidated financial statements include the accounts of National Beverage Corp. and all subsidiaries. All significant intercompany transactions and accounts have been eliminated. Our fiscal year ends the Saturday closest to April 30 five six April 30, 2022 ( 2022 May 1, 2021 ( 2021 52 May 2, 2020 ( 2020 53 Cash and Equivalents Cash and equivalents are comprised of cash and highly liquid securities (consisting primarily of bank deposits and short-term government money-market investments). Derivative Financial Instruments Derivative financial instruments which are used to partially mitigate our exposure to changes in certain raw material costs are recorded at fair value. Derivative financial instruments are not 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 amounting to 276,000 shares in Fiscal 2022, 2021, 2020. Impairment of Long-Lived Assets All long-lived assets, excluding goodwill and intangible assets not may not not may Income Taxes The Company’s effective income tax rate is based on estimates of taxes which will ultimately be payable. Deferred taxes are recorded to give recognition to temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements. Valuation allowances are established to reduce the carrying amounts of deferred tax assets when it is deemed, more likely than not, not Insurance Programs The Company maintains self-insured and deductible programs for certain liability, medical and workers’ compensation exposures. Accordingly, the Company accrues for known claims and estimated incurred but not not April 30, 2022, May 1, 2021, Intangible Assets Intangible assets at April 30, 2022 May 1, 2021 Inventories Inventories are stated at the lower of first first April 30, 2022 May 1, 2021 Marketing Costs The Company utilizes a variety of marketing programs, including cooperative advertising programs with customers, to advertise and promote our products to consumers. Marketing costs are expensed when incurred, except for prepaid advertising and production costs, which are expensed when the advertising takes place. Marketing costs, which are included in selling, general and administrative expenses, totaled $47.6 million in Fiscal 2022, 2021 2020. Property, Plant and Equipment Property, plant and equipment is recorded at cost. Additions, replacements and betterments are capitalized, while maintenance and repairs that do not 5 30 3 15 Revenue Recognition Revenue is recognized upon delivery to our customers, based on written sales terms that do not may 30 may Various sales incentive arrangements are offered to our customers that require customer performance or achievement of certain sales volume targets. Sales incentives are accrued over the period of benefit or expected sales. When the incentive is paid in advance, the aggregate incentive is recorded as a prepaid and amortized over the period of benefit. The recognition of these incentives involves the use of judgment related to performance and sales volume estimates that are made based on historical experience and other factors. Sales incentives are accounted for as a reduction of sales and actual amounts ultimately realized may not Segment Reporting The Company operates as a single operating segment for purposes of presenting financial information and evaluating performance. As such, the accompanying consolidated financial statements present financial information in a format that is consistent with the internal financial information used by management. Shipping and Handling Costs Shipping and handling costs are reported in selling, general and administrative expenses in the accompanying consolidated statements of income. Such costs aggregated $87.7 million in Fiscal 2022, 2021 2020. may not Trade Receivables Trade receivables are recorded at net realizable value, which includes an estimated allowance for doubtful accounts. The Company extends credit based on an evaluation of each customer’s financial condition, generally without requiring collateral. Exposure to credit losses varies by customer principally due to the financial condition of each customer. The Company continually monitors our exposure to credit losses and maintains allowances for anticipated losses based on our experience with past due accounts, collectability and our analysis of customer data. Actual future losses from uncollectible accounts could differ from the Company’s estimate. Changes in the allowance for doubtful accounts were as follows: (In thousands) Fiscal 2022 Fiscal 2021 Fiscal 2020 Balance at beginning of year $ 1,140 $ 1,350 $ 516 Net (credit) charge to expense (581 ) (138 ) 893 Net charge-off - (72 ) (59 ) Balance at end of year $ 559 $ 1,140 $ 1,350 At April 30, 2022 May 1, 2021, 10% 10% three Use of Estimates The preparation of our financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and anticipated future actions, actual results may |
Note 2 - Property, Plant and Eq
Note 2 - Property, Plant and Equipment | 12 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 2. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment at April 30, 2022 May 1, 2021 (In thousands) 2022 20201 Land $ 9,835 $ 9,835 Buildings and improvements 65,697 62,346 Machinery and equipment 277,163 257,119 Total 352,695 329,300 Less accumulated depreciation (208,437 ) (198,273 ) Property, plant and equipment – net $ 144,258 $ 131,027 Depreciation expense was $15.8 million for Fiscal 2022, 2021 2020. |
Note 3 - Accrued Liabilities
Note 3 - Accrued Liabilities | 12 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 3. ACCRUED LIABILITIES Accrued liabilities at April 30, 2022 May 1, 2021 (In thousands) 2022 2021 Accrued compensation $ 12,079 $ 11,826 Accrued promotions 10,826 13,361 Accrued freight 3,729 3,653 Accrued insurance 2,778 2,519 Recycling deposits 5,497 7,522 Other 4,181 4,670 Total $ 39,090 $ 43,551 |
Note 4 - Leases
Note 4 - Leases | 12 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 4. LEASES The Company has entered into various non-cancelable operating lease agreements for certain of our offices, buildings, machinery and equipment expiring at various dates through January 2029. not not 2022 2021. April 30, 2022 May 1, 2021. April 30, 2022 May 1, 2021. The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of April 30, 2022: (In thousands) Fiscal 2023 $ 11,315 Fiscal 2024 8,300 Fiscal 2025 5,346 Fiscal 2026 3,397 Fiscal 2027 2,325 Thereafter 2,524 Total minimum lease payments including interest 33,207 Less: Amounts representing interest (1,961 ) Present value of minimum lease payments 31,246 Less: Current portion of lease liabilities (10,543 ) Non-Current portion of operating lease liabilities $ 20,703 |
Note 5 - Debt
Note 5 - Debt | 12 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. DEBT At April 30, 2022, April 30, 2023 October 28, 2024 April 30, 2022 May 1, 2021. April 30, 2022, On December 21, 2021, December 31, 2023 .95% April 30, 2022. April 30, 2022, The Credit Facilities and Loan Facility 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 April 30, 2022, |
Note 6 - Capital Stock and Tran
Note 6 - Capital Stock and Transactions With Related Parties | 12 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. CAPITAL STOCK AND TRANSACTIONS WITH RELATED PARTIES The Company paid a special cash dividend on Common Stock of approximately $280 million on each of December 29, 2021 January 29, 2021 The Company is a party to a management agreement with Corporate Management Advisors, Inc. (CMA), a corporation owned by our Chairman and Chief Executive Officer. This agreement was originated in 1991 two 1994, one no Under the terms of the agreement, CMA provides, subject to the direction and supervision of the Board of Directors of the Company, (i) senior corporate functions (including supervision of the Company’s financial, legal, executive recruitment, internal audit and information systems departments) as well as the services of a Chief Executive Officer and Chief Financial Officer, and (ii) services in connection with acquisitions, dispositions and financings by the Company, including identifying and profiling acquisition candidates, negotiating and structuring potential transactions and arranging financing for any such transaction. CMA, through its personnel, also provides, to the extent possible, the stimulus and creativity to develop an innovative and dynamic persona for the Company, its products and corporate image. In order to fulfill its obligations under the management agreement, CMA employs numerous individuals, who, acting as a unit, provide management, administrative and creative functions for the Company. CMA and the Company are joint owners of a corporate aircraft and pursuant to a joint ownership agreement, each party agreed to pay certain expenses associated with the use of the aircraft. During the past three The management agreement provides that the Company will pay CMA an annual base fee equal to one may no 2022, 2021 2020. April 30, 2022 May 1, 2021. |
Note 7 - Derivative Financial I
Note 7 - Derivative Financial Instruments | 12 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 7. DERIVATIVE FINANCIAL INSTRUMENTS From time to time, the Company enters 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 cash flow hedges. Accordingly, gains or losses 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 following summarizes the gains (losses) recognized in the consolidated statements of income and AOCI: (In thousands) Fiscal Fiscal Fiscal 2022 2021 2020 Recognized in AOCI- Gain (loss) before income taxes $ 15,105 $ 12,973 $ (9,613 ) Less income tax provision (benefit) 3,613 3,103 (2,299 ) Net 11,492 9,870 (7,314 ) Reclassified from AOCI to cost of sales- Gain (loss) before income taxes 10,001 2,550 (4,786 ) Less income tax provision (benefit) 2,391 610 (1,145 ) Net 7,610 1,940 (3,641 ) Net change to AOCI $ 3,882 $ 7,930 $ (3,673 ) As of April 30, 2022, no 12 As of April 30, 2022, May 1, 2021, not 2 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. INCOME TAXES The provision for income taxes consisted of the following: (In thousands) Fiscal Fiscal Fiscal 2022 2021 2020 Current $ 42,555 $ 51,520 $ 40,647 Deferred 6,529 2,471 (1,164 ) Total $ 49,084 $ 53,991 $ 39,483 Deferred taxes are recorded to give recognition to temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements. Valuation allowances are established to reduce the carrying amounts of deferred tax assets when it is deemed more likely than not not April 30, 2022 May 1, 2021 (In thousands) 2022 2021 Deferred tax assets: Accrued expenses and other $ 3,306 $ 3,347 Inventory and amortizable assets 325 544 Total deferred tax assets 3,631 3,891 Deferred tax liabilities: Property 23,863 18,814 Intangibles and other 3,591 2,371 Total deferred tax liabilities 27,454 21,185 Net deferred tax liabilities $ 23,823 $ 17,294 The reconciliation of the statutory federal income tax rate to our effective tax rate is as follows: Fiscal Fiscal Fiscal 2022 2021 2020 Statutory federal income tax rate 21.0% 21.0% 21.0% State income taxes, net of federal benefit 2.9 2.9 2.9 Other differences ( .3) (.2) (.6) Effective income tax rate 23.6% 23.7% 23.3% As of April 30, 2022, 2022. (In thousands) Fiscal Fiscal Fiscal 2022 2021 2020 Beginning balance $ 2,055 $ 1,974 $ 1,868 Increases due to current period tax positions 114 150 120 Decreases due to lapse of statute of limitations and audit resolutions (90 ) (69 ) (14 ) Ending balance $ 2,079 $ 2,055 $ 1,974 Accrued interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. As of April 30, 2022, 2022. Annual income tax returns are filed in the United States and in various state and local jurisdictions. A number of years may 2016 2015. |
Note 9 - Legal Proceedings
Note 9 - Legal Proceedings | 12 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 9. LEGAL PROCEEDINGS The Company has been named in certain legal proceedings, including those containing derivative and class action allegations. The Company is vigorously defending all legal proceedings and believes litigation will not |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 12 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 10. STOCK-BASED COMPENSATION Our stock-based compensation program is a broad-based program designed to attract and retain personnel while also aligning participants’ interests with the interests of the shareholders. The 1991 may may no may five ten The Special Stock Option Plan provides for the issuance of stock options to purchase up to an aggregate of 3,600,000 shares of common stock. Options may The Key Employee Equity Partnership Program (KEEP Program) provides for the granting of stock options to purchase up to 480,000 shares of common stock to key employees, consultants, directors and officers. Participants who purchase shares of stock in the open market receive grants of stock options equal to 50% of the number of shares purchased, up to a maximum of 12,000 shares in any two six Stock options are accounted for under the fair value method of accounting using a Black-Scholes valuation model to estimate the stock option fair value at date of grant. The fair value of stock options is amortized to expense over the vesting period. Stock options for 30,000 shares were granted in Fiscal 2022 2021. 2020. 2022 2021; 2022 2021; 2022 2021; 2022 2021. The following is a summary of stock option activity for Fiscal 2022: Number of Shares Price (a) Options outstanding, beginning of year 561,100 $ 17.74 Granted 30,000 44.73 Exercised (36,500 ) 9.19 Cancelled (18,000 ) 33.01 Options outstanding, end of year 536,600 18.97 Options exercisable, end of year 303,740 4.46 (a) Stock-based compensation expense was $695,000 for Fiscal 2022, 2021 2020. The total intrinsic value for stock options exercised was $1.4 million for Fiscal 2022, 2021 2020. 2022, 2021 2020. 2022, 2021, 2020. 2022. As of April 30, 2022, April 30, 2022 May 1, 2021 |
Note 11 - Pension Plans
Note 11 - Pension Plans | 12 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 11. PENSION PLANS The Company contributes to certain pension plans under collective bargaining agreements and to a discretionary profit sharing plan. Annual contributions (including contributions to multi-employer plans reflected below) were $4.0 million for Fiscal 2022, 2021 2020. The Company participates in three Summarized below is certain information regarding the Company’s participation in significant multi-employer pension plans including the financial improvement plan or rehabilitation plan status (“FIP/RP Status”) and the zone status under the Pension Protection Act (“PPA”). The most recent PPA zone status available in Fiscal 2022 2021 December 31, 2020 2019, PPA Zone Status Pension Fund Fiscal 2022 Fiscal 2021 FIP/RP Status Surcharge Imposed Central States, Southeast and Southwest Areas Pension Plan (EIN no. 36 6044243 Red Red Implemented Yes Western Conference of Teamsters Pension Trust Fund (EIN no. 91 6145047 Green Green Not No For the plan years ended December 31, 2020 December 31, 2019, not 5500 5% October 18, 2026 May 14, 2024, The Company’s contributions for all multi-employer pension plans for the last three (In thousands) Fiscal Fiscal Fiscal Pension Fund 2022 2021 2020 CSSS Fund $ 1,462 $ 1,469 $ 1,424 WCT Fund 817 746 799 Other multi-employer pension funds 181 166 185 Total $ 2,460 $ 2,381 $ 2,408 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. COMMITMENTS AND CONTINGENCIES The Company enters into various agreements with suppliers for the purchase of raw materials, the terms of which may April 30, 2022, 2025. As of April 30, 2022, 2024. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation 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. The consolidated financial statements include the accounts of National Beverage Corp. and all subsidiaries. All significant intercompany transactions and accounts have been eliminated. Our fiscal year ends the Saturday closest to April 30 five six April 30, 2022 ( 2022 May 1, 2021 ( 2021 52 May 2, 2020 ( 2020 53 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Equivalents Cash and equivalents are comprised of cash and highly liquid securities (consisting primarily of bank deposits and short-term government money-market investments). |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments Derivative financial instruments which are used to partially mitigate our exposure to changes in certain raw material costs are recorded at fair value. Derivative financial instruments are not |
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 amounting to 276,000 shares in Fiscal 2022, 2021, 2020. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets All long-lived assets, excluding goodwill and intangible assets not may not not may |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company’s effective income tax rate is based on estimates of taxes which will ultimately be payable. Deferred taxes are recorded to give recognition to temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements. Valuation allowances are established to reduce the carrying amounts of deferred tax assets when it is deemed, more likely than not, not |
Liability Reserve Estimate, Policy [Policy Text Block] | Insurance Programs The Company maintains self-insured and deductible programs for certain liability, medical and workers’ compensation exposures. Accordingly, the Company accrues for known claims and estimated incurred but not not April 30, 2022, May 1, 2021, |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets at April 30, 2022 May 1, 2021 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of first first April 30, 2022 May 1, 2021 |
Advertising Cost [Policy Text Block] | Marketing Costs The Company utilizes a variety of marketing programs, including cooperative advertising programs with customers, to advertise and promote our products to consumers. Marketing costs are expensed when incurred, except for prepaid advertising and production costs, which are expensed when the advertising takes place. Marketing costs, which are included in selling, general and administrative expenses, totaled $47.6 million in Fiscal 2022, 2021 2020. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment is recorded at cost. Additions, replacements and betterments are capitalized, while maintenance and repairs that do not 5 30 3 15 |
Revenue [Policy Text Block] | Revenue Recognition Revenue is recognized upon delivery to our customers, based on written sales terms that do not may 30 may Various sales incentive arrangements are offered to our customers that require customer performance or achievement of certain sales volume targets. Sales incentives are accrued over the period of benefit or expected sales. When the incentive is paid in advance, the aggregate incentive is recorded as a prepaid and amortized over the period of benefit. The recognition of these incentives involves the use of judgment related to performance and sales volume estimates that are made based on historical experience and other factors. Sales incentives are accounted for as a reduction of sales and actual amounts ultimately realized may not |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting The Company operates as a single operating segment for purposes of presenting financial information and evaluating performance. As such, the accompanying consolidated financial statements present financial information in a format that is consistent with the internal financial information used by management. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs Shipping and handling costs are reported in selling, general and administrative expenses in the accompanying consolidated statements of income. Such costs aggregated $87.7 million in Fiscal 2022, 2021 2020. may not |
Receivable [Policy Text Block] | Trade Receivables Trade receivables are recorded at net realizable value, which includes an estimated allowance for doubtful accounts. The Company extends credit based on an evaluation of each customer’s financial condition, generally without requiring collateral. Exposure to credit losses varies by customer principally due to the financial condition of each customer. The Company continually monitors our exposure to credit losses and maintains allowances for anticipated losses based on our experience with past due accounts, collectability and our analysis of customer data. Actual future losses from uncollectible accounts could differ from the Company’s estimate. Changes in the allowance for doubtful accounts were as follows: (In thousands) Fiscal 2022 Fiscal 2021 Fiscal 2020 Balance at beginning of year $ 1,140 $ 1,350 $ 516 Net (credit) charge to expense (581 ) (138 ) 893 Net charge-off - (72 ) (59 ) Balance at end of year $ 559 $ 1,140 $ 1,350 At April 30, 2022 May 1, 2021, 10% 10% three |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of our financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and anticipated future actions, actual results may |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (In thousands) Fiscal 2022 Fiscal 2021 Fiscal 2020 Balance at beginning of year $ 1,140 $ 1,350 $ 516 Net (credit) charge to expense (581 ) (138 ) 893 Net charge-off - (72 ) (59 ) Balance at end of year $ 559 $ 1,140 $ 1,350 |
Note 2 - Property, Plant and _2
Note 2 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In thousands) 2022 20201 Land $ 9,835 $ 9,835 Buildings and improvements 65,697 62,346 Machinery and equipment 277,163 257,119 Total 352,695 329,300 Less accumulated depreciation (208,437 ) (198,273 ) Property, plant and equipment – net $ 144,258 $ 131,027 |
Note 3 - Accrued Liabilities (T
Note 3 - Accrued Liabilities (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | (In thousands) 2022 2021 Accrued compensation $ 12,079 $ 11,826 Accrued promotions 10,826 13,361 Accrued freight 3,729 3,653 Accrued insurance 2,778 2,519 Recycling deposits 5,497 7,522 Other 4,181 4,670 Total $ 39,090 $ 43,551 |
Note 4 - Leases (Tables)
Note 4 - Leases (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (In thousands) Fiscal 2023 $ 11,315 Fiscal 2024 8,300 Fiscal 2025 5,346 Fiscal 2026 3,397 Fiscal 2027 2,325 Thereafter 2,524 Total minimum lease payments including interest 33,207 Less: Amounts representing interest (1,961 ) Present value of minimum lease payments 31,246 Less: Current portion of lease liabilities (10,543 ) Non-Current portion of operating lease liabilities $ 20,703 |
Note 7 - Derivative Financial_2
Note 7 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | (In thousands) Fiscal Fiscal Fiscal 2022 2021 2020 Recognized in AOCI- Gain (loss) before income taxes $ 15,105 $ 12,973 $ (9,613 ) Less income tax provision (benefit) 3,613 3,103 (2,299 ) Net 11,492 9,870 (7,314 ) Reclassified from AOCI to cost of sales- Gain (loss) before income taxes 10,001 2,550 (4,786 ) Less income tax provision (benefit) 2,391 610 (1,145 ) Net 7,610 1,940 (3,641 ) Net change to AOCI $ 3,882 $ 7,930 $ (3,673 ) |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (In thousands) Fiscal Fiscal Fiscal 2022 2021 2020 Current $ 42,555 $ 51,520 $ 40,647 Deferred 6,529 2,471 (1,164 ) Total $ 49,084 $ 53,991 $ 39,483 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (In thousands) 2022 2021 Deferred tax assets: Accrued expenses and other $ 3,306 $ 3,347 Inventory and amortizable assets 325 544 Total deferred tax assets 3,631 3,891 Deferred tax liabilities: Property 23,863 18,814 Intangibles and other 3,591 2,371 Total deferred tax liabilities 27,454 21,185 Net deferred tax liabilities $ 23,823 $ 17,294 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal Fiscal Fiscal 2022 2021 2020 Statutory federal income tax rate 21.0% 21.0% 21.0% State income taxes, net of federal benefit 2.9 2.9 2.9 Other differences ( .3) (.2) (.6) Effective income tax rate 23.6% 23.7% 23.3% |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | (In thousands) Fiscal Fiscal Fiscal 2022 2021 2020 Beginning balance $ 2,055 $ 1,974 $ 1,868 Increases due to current period tax positions 114 150 120 Decreases due to lapse of statute of limitations and audit resolutions (90 ) (69 ) (14 ) Ending balance $ 2,079 $ 2,055 $ 1,974 |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Price (a) Options outstanding, beginning of year 561,100 $ 17.74 Granted 30,000 44.73 Exercised (36,500 ) 9.19 Cancelled (18,000 ) 33.01 Options outstanding, end of year 536,600 18.97 Options exercisable, end of year 303,740 4.46 |
Note 11 - Pension Plans (Tables
Note 11 - Pension Plans (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Multiemployer Plan [Table Text Block] | (In thousands) Fiscal Fiscal Fiscal Pension Fund 2022 2021 2020 CSSS Fund $ 1,462 $ 1,469 $ 1,424 WCT Fund 817 746 799 Other multi-employer pension funds 181 166 185 Total $ 2,460 $ 2,381 $ 2,408 |
Note 1 - Significant Accounti_3
Note 1 - Significant Accounting Policies (Details Textual) Pure in Thousands, $ in Millions | 12 Months Ended | ||
Apr. 30, 2022 USD ($) shares | May 01, 2021 USD ($) shares | May 02, 2020 USD ($) shares | |
Incremental Common Shares Attributable to Dilutive Effect of Equity Unit Purchase Agreements (in shares) | shares | 276,000 | 340,000 | 400,000 |
Self Insurance Reserve and Coverage by Insurance, Noncurrent | $ 5.9 | $ 5.9 | |
Self Insurance Reserve, Noncurrent, Covered by Insurance | 4.6 | 4.6 | |
Inventory, Finished Goods, Gross | 58.6 | 43.3 | |
Inventory, Raw Materials, Gross | 44.7 | 28.2 | |
Marketing Expense | 47.6 | 43.4 | $ 54.8 |
Shipping and Handling Costs | $ 87.7 | $ 75.5 | $ 69.8 |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Number of Major Customers | 0 | 0 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Number of Major Customers | 0 | 0 | 0 |
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 30 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 15 years |
Note 1 - Significant Accounti_4
Note 1 - Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Balance at beginning of year | $ 1,140 | $ 1,350 | $ 516 |
Net (credit) charge to expense | (581) | (138) | 893 |
Net charge-off | 0 | (72) | (59) |
Balance at end of year | $ 559 | $ 1,140 | $ 1,350 |
Note 2 - Property, Plant and _3
Note 2 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Depreciation, Total | $ 15.8 | $ 14.8 | $ 14.4 |
Note 2 - Property, Plant and _4
Note 2 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | May 01, 2021 |
Land | $ 9,835 | $ 9,835 |
Buildings and improvements | 65,697 | 62,346 |
Machinery and equipment | 277,163 | 257,119 |
Total | 352,695 | 329,300 |
Less accumulated depreciation | (208,437) | (198,273) |
Property, plant and equipment – net | $ 144,258 | $ 131,027 |
Note 3 - Accrued Liabilities -
Note 3 - Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | May 01, 2021 |
Accrued compensation | $ 12,079 | $ 11,826 |
Accrued promotions | 10,826 | 13,361 |
Accrued freight | 3,729 | 3,653 |
Accrued insurance | 2,778 | 2,519 |
Recycling deposits | 5,497 | 7,522 |
Other | 4,181 | 4,670 |
Total | $ 39,090 | $ 43,551 |
Note 4 - Leases (Details Textua
Note 4 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Operating Lease, Cost | $ 14.5 | $ 13.1 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years | 3 years 21 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.08% | 3.38% |
Operating Lease, Payments | $ 6 | $ 11.1 |
Note 4 - Leases - Future Minimu
Note 4 - Leases - Future Minimum Lease Payments and Related Liabilities for Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | May 01, 2021 |
Fiscal 2023 | $ 11,315 | |
Fiscal 2024 | 8,300 | |
Fiscal 2025 | 5,346 | |
Fiscal 2026 | 3,397 | |
Fiscal 2027 | 2,325 | |
Thereafter | 2,524 | |
Total minimum lease payments including interest | 33,207 | |
Less: Amounts representing interest | (1,961) | |
Present value of minimum lease payments | 31,246 | |
Less: Current portion of lease liabilities | (10,543) | $ (14,800) |
Operating lease liability - non current | $ 20,703 | $ 28,837 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 21, 2021 | Apr. 30, 2022 | May 01, 2021 | |
Term Loan Facility [Member] | |||
Debt Instrument, Face Amount | $ 50,000 | ||
Long-term Debt, Total | $ 50,000 | ||
Long-Term Debt, Gross | $ 30,000 | ||
Long-Term Debt, Weighted Average Interest Rate, over Time | 1.35% | ||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Term Loan Facility [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.95% | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | ||
Long-term Line of Credit, Total | 0 | $ 0 | |
Letters of Credit Outstanding, Amount | 2,500 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 97,500 | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.05% |
Note 6 - Capital Stock and Tr_2
Note 6 - Capital Stock and Transactions With Related Parties (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 29, 2021 | Jan. 29, 2021 | Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Payments of Ordinary Dividends, Common Stock | $ 280,000 | $ 280,000 | $ 280,003 | $ 279,876 | $ 0 |
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 3 | $ 3 | |||
CMA [Member] | |||||
Averaged Operating Costs | 970 | ||||
Averaged Lease Buy-down Payments and Financing Costs | 550 | ||||
Related Party Transaction, Amounts of Transaction | 11,400 | 10,700 | $ 10,000 | ||
Accounts Payable, Total | $ 4,000 | $ 3,800 |
Note 7 - Derivative Financial_3
Note 7 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions | Apr. 30, 2022 | May 01, 2021 |
Derivative, Notional Amount | $ 57.7 | |
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | 8.7 | |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Asset, Current | $ 8.8 | $ 3.6 |
Note 7 - Derivative Financial_4
Note 7 - Derivative Financial Instruments - Derivatives Instruments, Statements of Financial Performance and Financial Position (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Gain (loss) before income taxes | $ 15,105 | $ 12,973 | $ (9,613) |
Less income tax provision (benefit) | 3,613 | 3,103 | (2,299) |
Net | 11,492 | 9,870 | (7,314) |
Gain (loss) before income taxes | 10,001 | 2,550 | (4,786) |
Less income tax provision (benefit) | 2,391 | 610 | (1,145) |
Net | 7,610 | 1,940 | (3,641) |
Net change to AOCI | $ 3,882 | $ 7,930 | $ (3,673) |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | Apr. 30, 2020 | Apr. 27, 2019 | |
Unrecognized Tax Benefits, Ending Balance | $ 2,079 | $ 2,055 | $ 1,974 | $ 2,100 | $ 1,868 |
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | 8 | ||||
Changes in Income Tax if All Uncertain Tax Positions Prevail | 1,900 | ||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 248 | ||||
Unrecognized Tax Benefits, Period Increase (Decrease), Total | $ (10) | ||||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||||
Open Tax Year | 2016 2017 2018 2019 2020 2021 |
Note 8 - Income Taxes - Compone
Note 8 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Current | $ 42,555 | $ 51,520 | $ 40,647 |
Deferred | 6,529 | 2,471 | (1,164) |
Total | $ 49,084 | $ 53,991 | $ 39,483 |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | May 01, 2021 |
Deferred tax assets: | ||
Accrued expenses and other | $ 3,306 | $ 3,347 |
Inventory and amortizable assets | 325 | 544 |
Total deferred tax assets | 3,631 | 3,891 |
Deferred tax liabilities: | ||
Property | 23,863 | 18,814 |
Intangibles and other | 3,591 | 2,371 |
Total deferred tax liabilities | 27,454 | 21,185 |
Net deferred tax liabilities | $ 23,823 | $ 17,294 |
Note 8 - Income Taxes - Reconci
Note 8 - Income Taxes - Reconciliation of Income Tax Rate (Details) | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Statutory federal income tax rate | 21% | 21% | 21% |
State income taxes, net of federal benefit | 2.90% | 2.90% | 2.90% |
Other differences | (3.00%) | (2.00%) | (6.00%) |
Effective income tax rate | 23.60% | 23.70% | 23.30% |
Note 8 - Income Taxes - Unrecog
Note 8 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Beginning balance | $ 2,055 | $ 1,974 | $ 1,868 |
Increases due to current period tax positions | 114 | 150 | 120 |
Decreases due to lapse of statute of limitations and audit resolutions | (90) | (69) | (14) |
Ending balance | $ 2,079 | $ 2,055 | $ 1,974 |
Note 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation (Details Textual) - USD ($) | 12 Months Ended | |||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 30,000 | 266,500 | 0 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 6 years 6 months | 7 years 2 months 12 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 20.74% | 19.36% | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.22% | 3.85% | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.48% | 1.30% | ||
Share-Based Payment Arrangement, Expense | $ 695,000 | $ 462,000 | $ 126,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | 1,400,000 | 1,900,000 | 4,900,000 | |
Proceeds from Stock Options Exercised | 335,000 | 491,000 | 740,000 | |
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 283,000 | $ 382,000 | $ 974,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | [1] | $ 44.73 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,000,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 6 years 2 months 12 days | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year) | 4 years 2 months 12 days | 4 years 10 months 24 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 10,800,000 | $ 16,900,000 | ||
Omnibus Plan [Member] | ||||
Share Based Compensation Arrangement by Share Based Payment Award Number of Shares Authorized Per Individual (in shares) | 3,360,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||
Omnibus Plan [Member] | Stock Options or Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 9,600,000 | |||
Omnibus Plan [Member] | SARS Dividend Equivalents and Other Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 9,600,000 | |||
Special Stock Option Plan [Member] | Determined by Board of Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 3,600,000 | |||
Special Stock Option Plan [Member] | Determined By Chairman Member | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 100,000 | |||
KEEP Program [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 480,000 | |||
Share Based Compensation Arrangement by Share Based Payment Award Number of Shares Authorized Per Individual (in shares) | 12,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 6 years | |||
Share Based Compensation Arrangement by Share Based Payment Award Percentage of Purchased Shares Matched | 50% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants, Period (Year) | 2 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 60% | |||
[1]Weighted average exercise price. |
Note 10 - Stock-based Compens_4
Note 10 - Stock-based Compensation - Summary of Stock Option Activity (Details) - $ / shares | 12 Months Ended | |||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | ||
Options outstanding, beginning of year (in shares) | 561,100 | |||
Options outstanding, beginning of year (in dollars per share) | [1] | $ 17.74 | ||
Granted (in shares) | 30,000 | 266,500 | 0 | |
Granted (in dollars per share) | [1] | $ 44.73 | ||
Exercised (in shares) | (36,500) | |||
Exercised (in dollars per share) | [1] | $ 9.19 | ||
Cancelled (in shares) | (18,000) | |||
Cancelled (in dollars per share) | [1] | $ 33.01 | ||
Options outstanding, end of year (in shares) | 536,600 | 561,100 | ||
Options outstanding, end of year (in dollars per share) | [1] | $ 18.97 | $ 17.74 | |
Options exercisable, end of year (in shares) | 303,740 | |||
Options exercisable, end of year (in dollars per share) | [1] | $ 4.46 | ||
[1]Weighted average exercise price. |
Note 11 - Pension Plans (Detail
Note 11 - Pension Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Payment for Pension Benefits | $ 4 | $ 3.7 | $ 3.6 |
Note 11 - Pension Plans - Contr
Note 11 - Pension Plans - Contributions for All Multi-employer Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | May 02, 2020 | |
Fund | $ (2,460) | $ (2,381) | $ (2,408) |
Fund | 2,460 | 2,381 | 2,408 |
CSSS Fund [Member] | |||
Fund | (1,462) | (1,469) | (1,424) |
Fund | 1,462 | 1,469 | 1,424 |
WCT Fund [Member] | |||
Fund | (817) | (746) | (799) |
Fund | 817 | 746 | 799 |
Other Multi-employer Pension Funds [Member] | |||
Fund | (181) | (166) | (185) |
Fund | $ 181 | $ 166 | $ 185 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) $ in Millions | Apr. 30, 2022 USD ($) |
Raw Material [Member] | |
Purchase Obligation, to be Paid, Year One | $ 19.7 |
Plant and Equipment [Member] | |
Purchase Obligation, to be Paid, Year One | $ 4.1 |