Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Apr. 27, 2014 | Oct. 27, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-K | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 27-Apr-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'FY | ' |
Trading Symbol | 'CFI | ' |
Entity Registrant Name | 'CULP INC | ' |
Entity Central Index Key | '0000723603 | ' |
Current Fiscal Year End Date | '--04-27 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | 12,250,030 | ' |
Entity Public Float | ' | $204,553,523 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Apr. 27, 2014 | Apr. 28, 2013 |
In Thousands, unless otherwise specified | ||
current assets: | ' | ' |
cash and cash equivalents | $29,303 | $23,530 |
short-term investments | 6,294 | 5,286 |
accounts receivable, net | 27,409 | 23,392 |
inventories | 40,674 | 38,418 |
deferred income taxes | 6,230 | 7,709 |
income taxes receivable | 121 | 318 |
other current assets | 2,344 | 2,093 |
total current assets | 112,375 | 100,746 |
property, plant and equipment, net | 31,376 | 30,594 |
goodwill | 11,462 | 11,462 |
deferred income taxes | 2,040 | 753 |
long-term investments | 765 | ' |
other assets | 2,917 | 1,151 |
total assets | 160,935 | 144,706 |
current liabilities: | ' | ' |
current maturities of long-term debt | 2,200 | 2,200 |
line of credit | ' | 561 |
accounts payable - trade | 26,686 | 22,357 |
accounts payable - capital expenditures | 277 | 225 |
accrued expenses | 9,181 | 11,829 |
income taxes payable | 442 | 285 |
total current liabilities | 38,786 | 37,457 |
income taxes payable - long-term | 3,962 | 4,191 |
deferred income taxes | 1,013 | 3,075 |
line of credit | 586 | ' |
deferred compensation | 2,644 | ' |
long-term debt, less current maturities | 2,200 | 4,400 |
total liabilities | 49,191 | 49,123 |
commitments and contingencies (notes 10 and 11) | ' | ' |
shareholders' equity: | ' | ' |
preferred stock, $.05 par value, authorized 10,000,000 shares | 0 | 0 |
common stock, $.05 par value, authorized 40,000,000 shares, issued and outstanding 12,250,030 at April 27, 2014 and 12,224,894 at April 28, 2013 | 612 | 611 |
capital contributed in excess of par value | 42,932 | 41,901 |
accumulated earnings | 68,260 | 53,017 |
accumulated other comprehensive (loss) income | -60 | 54 |
total shareholders' equity | 111,744 | 95,583 |
total liabilities and shareholders' equity | $160,935 | $144,706 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Apr. 27, 2014 | Apr. 28, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.05 | $0.05 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Common stock, par value | $0.05 | $0.05 |
Common stock, authorized shares | 40,000,000 | 40,000,000 |
Common stock, issued | 12,250,030 | 12,224,894 |
Common stock, outstanding | 12,250,030 | 12,224,894 |
CONSOLIDATED_STATEMENTS_OF_NET
CONSOLIDATED STATEMENTS OF NET INCOME (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Jul. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
net sales | $74,043 | $72,389 | $70,589 | $70,141 | $70,375 | $63,695 | $65,560 | $69,184 | $287,162 | $268,814 | $254,443 |
cost of sales | 62,282 | 60,552 | 58,354 | 57,067 | 57,527 | 52,010 | 53,683 | 56,064 | 238,256 | 219,284 | 214,711 |
gross profit | 11,761 | 11,837 | 12,235 | 13,074 | 12,848 | 11,685 | 11,877 | 13,120 | 48,906 | 49,530 | 39,732 |
selling, general and administrative expenses | 7,317 | 7,041 | 7,200 | 7,100 | 6,772 | 6,822 | 7,209 | 7,641 | 28,657 | 28,445 | 25,026 |
income from operations | 4,444 | 4,796 | 5,035 | 5,974 | 6,076 | 4,863 | 4,668 | 5,479 | 20,249 | 21,085 | 14,706 |
interest expense | 97 | 91 | 99 | 140 | 140 | 145 | 156 | 190 | 427 | 632 | 780 |
interest income | -139 | -148 | -102 | -92 | -90 | -105 | -96 | -127 | -482 | -419 | -508 |
other expense, net | 366 | 279 | 224 | 391 | 163 | 300 | 76 | 44 | 1,261 | 583 | 236 |
income before income taxes | 4,120 | 4,574 | 4,814 | 5,535 | 5,863 | 4,523 | 4,532 | 5,372 | 19,043 | 20,289 | 14,198 |
income tax expense (note 9) | 1,380 | -3,807 | 1,718 | 2,305 | 2,161 | 1,700 | -3,736 | 1,848 | 1,596 | 1,972 | 902 |
net income | $2,740 | $8,381 | $3,096 | $3,230 | $3,702 | $2,823 | $8,268 | $3,524 | $17,447 | $18,317 | $13,296 |
net income per share-basic | $0.22 | $0.69 | $0.25 | $0.27 | $0.31 | $0.23 | $0.68 | $0.28 | $1.43 | $1.50 | $1.05 |
net income per share-diluted | $0.22 | $0.68 | $0.25 | $0.26 | $0.30 | $0.23 | $0.67 | $0.28 | $1.41 | $1.47 | $1.03 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
net income | $17,447 | $18,317 | $13,296 |
Other comprehensive (loss) income | ' | ' | ' |
Unrealized (loss) gain on investments, net of taxes | -114 | 38 | 16 |
Total other comprehensive (loss) income | -114 | 38 | 16 |
Comprehensive income | $17,333 | $18,355 | $13,312 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | common stock | capital contributed in excess of par value | Accumulated earnings | accumulated other comprehensive income (loss) |
In Thousands, except Share data | |||||
balance at May. 01, 2011 | $80,341 | $663 | $50,681 | $28,997 | ' |
balance (in shares) at May. 01, 2011 | ' | 13,264,458 | ' | ' | ' |
net income | 13,296 | ' | ' | 13,296 | ' |
stock-based compensation | 349 | ' | 349 | ' | ' |
unrealized (loss) gain on investments | 16 | ' | ' | ' | 16 |
excess tax benefit related to stock options exercised | 64 | ' | 64 | ' | ' |
common stock repurchased (in shares) | ' | -624,127 | ' | ' | ' |
common stock repurchased | -5,384 | -31 | -5,353 | ' | ' |
fully vested common stock award | ' | 3,075 | ' | ' | ' |
common stock issued in connection with exercise of stock options (in shares) | 59,400 | 59,400 | ' | ' | ' |
common stock issued in connection with exercise of stock options | 318 | 3 | 315 | ' | ' |
balance at Apr. 29, 2012 | 89,000 | 635 | 46,056 | 42,293 | 16 |
balance (in shares) at Apr. 29, 2012 | ' | 12,702,806 | ' | ' | ' |
net income | 18,317 | ' | ' | 18,317 | ' |
stock-based compensation | 562 | ' | 562 | ' | ' |
unrealized (loss) gain on investments | 38 | ' | ' | ' | 38 |
excess tax benefit related to stock options exercised | 76 | ' | 76 | ' | ' |
common stock repurchased (in shares) | ' | -502,595 | ' | ' | ' |
common stock repurchased | -5,022 | -25 | -4,997 | ' | ' |
fully vested common stock award | ' | 1,658 | ' | ' | ' |
common stock issued in connection with exercise of stock options (in shares) | 23,025 | 23,025 | ' | ' | ' |
common stock issued in connection with exercise of stock options | 205 | 1 | 204 | ' | ' |
dividends paid | -7,593 | ' | ' | -7,593 | ' |
balance at Apr. 28, 2013 | 95,583 | 611 | 41,901 | 53,017 | 54 |
balance (in shares) at Apr. 28, 2013 | ' | 12,224,894 | ' | ' | ' |
net income | 17,447 | ' | ' | 17,447 | ' |
stock-based compensation | 710 | ' | 710 | ' | ' |
unrealized (loss) gain on investments | -114 | ' | ' | ' | -114 |
excess tax benefit related to stock options exercised | 143 | ' | 143 | ' | ' |
fully vested common stock award | ' | 3,000 | ' | ' | ' |
common stock issued in connection with exercise of stock options (in shares) | 23,125 | 23,125 | ' | ' | ' |
common stock issued in connection with exercise of stock options | 194 | 1 | 193 | ' | ' |
common stock issued surrendered for withholding taxes payable (in shares) | ' | -989 | ' | ' | ' |
common stock issued surrendered for withholding taxes payable | -15 | ' | -15 | ' | ' |
dividends paid | -2,204 | ' | ' | -2,204 | ' |
balance at Apr. 27, 2014 | $111,744 | $612 | $42,932 | $68,260 | ($60) |
balance (in shares) at Apr. 27, 2014 | ' | 12,250,030 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 |
cash flows from operating activities: | ' | ' | ' |
net income | $17,447 | $18,317 | $13,296 |
adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
depreciation | 5,312 | 5,115 | 4,865 |
amortization of other assets | 169 | 235 | 243 |
stock-based compensation | 710 | 562 | 349 |
excess tax benefit related to stock options exercised | -143 | -76 | -64 |
deferred income taxes | -1,727 | -344 | -1,682 |
gain on sale of equipment | -283 | ' | -168 |
foreign currency exchange losses (gains) | 626 | 222 | -215 |
changes in assets and liabilities, net of effects of acquisition of assets: | ' | ' | ' |
accounts receivable | -3,857 | 1,667 | -4,792 |
inventories | -2,200 | -1,979 | -7,497 |
other current assets | -270 | -49 | 395 |
other assets | -72 | -176 | -61 |
accounts payable-trade | 4,131 | -8,384 | 5,426 |
accrued expenses and deferred compensation | 34 | 2,531 | 1,710 |
accrued restructuring | ' | -40 | -4 |
income taxes | 342 | -526 | 202 |
net cash provided by operating activities | 20,219 | 17,075 | 12,003 |
cash flows from investing activities: | ' | ' | ' |
capital expenditures | -5,258 | -4,400 | -5,890 |
net cash paid for acquisition of assets | -2,640 | ' | ' |
purchase of short-term investments | -1,945 | -105 | -4,797 |
proceeds from the sale of short-term investments | 810 | 795 | 6,707 |
purchase of long-term investments | -765 | ' | ' |
proceeds from life insurance policies | ' | 716 | ' |
payments on life insurance policies | -30 | -19 | ' |
proceeds from the sale of buildings and equipment | 407 | ' | 299 |
net cash used in investing activities | -9,421 | -3,013 | -3,681 |
cash flows from financing activities: | ' | ' | ' |
proceeds from lines of credit | ' | 1,000 | 6,323 |
payments on lines of credit | ' | -1,325 | -5,500 |
payments on long-term debt | -2,200 | -2,515 | -2,404 |
debt issuance costs | -83 | ' | -37 |
repurchases of common stock | ' | -5,022 | -5,384 |
dividends paid | -2,204 | -7,593 | ' |
proceeds from common stock issued | 194 | 205 | 318 |
excess tax benefit related to stock options exercised | 143 | 76 | 64 |
net cash used in financing activities | -4,150 | -15,174 | -6,620 |
effect of exchange rate changes on cash and cash equivalents | -875 | -381 | 140 |
increase (decrease) in cash and cash equivalents | 5,773 | -1,493 | 1,842 |
cash and cash equivalents at beginning of year | 23,530 | 25,023 | 23,181 |
cash and cash equivalents at end of year | $29,303 | $23,530 | $25,023 |
GENERAL_AND_SUMMARY_OF_SIGNIFI
GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Apr. 27, 2014 | |
Accounting Policies [Abstract] | ' |
GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
1. GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Description of Business – Our operations are classified into two business segments: mattress fabrics and upholstery fabrics. The mattress fabrics segment manufacturers, sources, and sells fabrics and mattress covers to bedding manufacturers. The upholstery fabrics segment sources, manufacturers, and sells fabrics primarily to residential furniture manufacturers. The majority of our revenues are derived in North America. The company has mattress fabric operations located in Stokesdale, NC, High Point, NC, and Quebec, Canada. The company has upholstery fabric operations located in Shanghai, China, Poznan, Poland, Burlington, NC and Anderson, SC. | |
Basis of Presentation – The consolidated financial statements of the company have been prepared in accordance with U.S. generally accepted accounting principles. | |
Principles of Consolidation – The consolidated financial statements include the accounts of the company and its subsidiaries, which are wholly-owned. All significant intercompany balances and transactions have been eliminated in consolidation. The accounts of our subsidiaries located in Shanghai, China and Poznan, Poland are consolidated as of April 30, a calendar month end, which is required by the Chinese and Polish governments, respectively. No events occurred related to the difference between our fiscal year end on the Sunday closest to April 30 and our China and Polish subsidiaries year end of April 30 that materially affected the company’s financial position, results of operations, or cash flows for fiscal years 2014, 2013, and 2012. | |
Fiscal Year – Our fiscal year is the 52 or 53 week period ending on the Sunday closest to April 30. Fiscal 2014, 2013 and 2012 each included 52 weeks. | |
Use of Estimates – The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash and Cash Equivalents – Cash and cash equivalents include demand deposit and money market accounts. We consider all highly liquid instruments with original maturities of three months or less to be cash equivalents. Our Chinese subsidiaries had cash and cash equivalents of $15.3 million and $10.2 million at April 27, 2014 and April 28, 2013, respectively. Our Canadian subsidiary had cash and cash equivalents of $9.1 million and $5.0 million at April 27, 2014 and April 28, 2013, respectively. Our Polish subsidiary had cash and cash equivalents of $162,000 and $100,000 at April 27, 2014 and April 28, 2013, respectively. | |
Throughout the year, we have cash balances regarding our U.S. operations in excess of federally insured amounts on deposit with a financial institution. We have not experienced any losses in such accounts. Management believes we are not exposed to any significant credit risk related to cash and cash equivalents. | |
Short-Term Investments – Our short-term investments consist of bond funds that are classified as available-for-sale. Our short term investments had an accumulated unrealized loss totaling $60,000 at April 27, 2014 and an accumulated unrealized gain totaling $54,000 at April 28, 2013. Our short-term investments were recorded at its fair value of $6.3 million and $5.3 million at April 27, 2014 and April 28, 2013, respectively. The fair value of our short-term investments approximates its cost basis. | |
Our Canadian subsidiary had short-term investments of $5.3 million and $4.2 million at April 27, 2014 and April 28, 2013, respectively. Our U.S. operations held short-term investments of $1.0 million at April 27, 2014 and April 28, 2013, respectively. Our Chinese and Polish subsidiaries did not hold any short-term investments at April 27, 2014 and April 28, 2013, respectively. | |
Long-Term Investments – Effective January 1, 2014, we established a Rabbi Trust to set aside funds for participants of our deferred compensation plan (the “Plan”) and enable the participants to credit their contributions to various investment options of the Plan. The investments associated with the Rabbi Trust consist of investments in a money market fund and various mutual funds that are classified as available for sale. Our long-term investments were recorded at its fair value of $765,000 at April 27, 2014. The fair value of long-term investments approximates its cost basis. | |
Accounts Receivable – Substantially all of our accounts receivable are due from manufacturers in the bedding and furniture industries. We grant credit to customers, a substantial number of which are located in North America and generally do not require collateral. We record an allowance for doubtful accounts that reflects estimates of probable credit losses. Management continuously performs credit evaluations of our customers, considering numerous inputs including financial position, past payment history, cash flows, management ability, historical loss experience and economic conditions and prospects. We do not have any off-balance sheet credit exposure related to our customers. | |
Inventories – We account for inventories at the lower of first-in, first-out (FIFO) cost or market. Management continually examines inventory to determine if there are indicators that the carrying value exceeds its net realizable value. Experience has shown that the most significant indicators of the need for inventory markdowns are the age of the inventory and the planned discontinuance of certain patterns. As a result, we provide inventory valuation write-downs based upon established percentages based on the age of the inventory that are continually evaluated as events and market conditions require. Our inventory aging categories are six, nine, twelve, and fifteen months. We also provide inventory valuation write-downs based on the planned discontinuance of certain products based on the current market values at that time as compared to their current carrying values. | |
Property, Plant and Equipment – Property, plant and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Major renewals and betterments are capitalized. Maintenance, repairs and minor renewals are expensed as incurred. When properties or equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts. Amounts received on disposal less the book value of assets sold are charged or credited to income from operations. | |
Management reviews long-lived assets, which consist principally of property, plant and equipment, for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recovered. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of the asset to future net undiscounted cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, the related cost and accumulated depreciation are removed from the accounts and an impairment charge is recognized for the excess of the carrying amount over the fair value of the asset. After the impairment loss is recognized, the adjusted carrying amount is the new accounting basis. Assets to be disposed of by sale are reported at the lower of the carrying value or fair value less cost to sell when the company has committed to a disposal plan, and are reported separately as assets held for sale in the consolidated balance sheets. | |
No interest costs were capitalized for the construction of qualifying fixed assets for fiscal years 2014, 2013 and 2012. | |
Foreign Operations – Our future operations and earnings will be significantly impacted by the results of our operations in China and Canada. There can be no assurance that we will be able to successfully conduct such operations, and a failure to do so could have a material adverse effect on our financial position, results of operations, and cash flows. Also, the success of our operations will be subject to numerous contingencies, some of which may be beyond management’s control. These contingencies include general and regional economic conditions, prices for the company’s products, competition, changes in regulation, and various additional political, economic, governmental, and other uncertainties. Among other risks, our operations will be subject to the risks of restrictions on transfer of funds, export duties, quotas and embargoes, domestic and international customs and tariffs, changing taxation policies, and foreign exchange rate fluctuations and restrictions. | |
Foreign Currency Adjustments – The United States dollar is the functional currency for the company’s Canadian, Chinese, and Polish subsidiaries. All monetary foreign currency asset and liability accounts are remeasured into U.S. dollars at year-end exchange rates. Non-monetary asset and liabilities such as property, plant, and equipment are recorded at historical exchange rates. Foreign currency revenues and expenses are remeasured at average exchange rates in effect during the year, except for certain expenses related to balance sheet amounts remeasured at historical exchange rates. Exchange gains and losses from remeasurement of foreign currency denominated monetary assets and liabilities are recorded in the other expense, net line item in the Consolidated Statements of Income in the period in which they occur. | |
Our Canadian subsidiary reported a foreign currency exchange loss of $44,000, $10,000, and $19,000 for fiscal years 2014, 2013, and 2012, respectively. Our Chinese subsidiaries reported a foreign currency exchange loss of $571,000 and $158,000 for fiscal years 2014 and 2013, respectively. Our Chinese subsidiaries reported a foreign exchange gain of $320,000 in fiscal year 2012. Our Polish subsidiary reported a foreign exchange loss of $50,000, $40,000 and $145,000 in fiscal years 2014, 2013 and 2012, respectively. | |
Goodwill – Management assesses goodwill for impairment at the end of each fiscal year or between annual tests if an event that occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying values. In accordance with ASU No. 2011-08, Intangibles-Goodwill and Other (ASC Topic 350), we performed our annual impairment test on a qualitative basis. Based on our qualitative assessments as of April 27, 2014 and April 28, 2013, we determined that our goodwill was not impaired using a more likely than not standard. | |
Our goodwill of $11.5 million at April 27, 2014 and April 28, 2013, respectively, relates to our mattress fabrics segment. | |
Income Taxes – Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for temporary differences between the financial statement carrying amounts and the tax bases of our assets and liabilities and operating loss and tax credit carryforwards at income tax rates expected to be in effect when such amounts are realized or settled. The effect on deferred income taxes of a change in tax rates is recognized in income (loss) in the period that includes the enactment date. | |
Revenue Recognition – Revenue is recognized upon shipment, when title and risk of loss pass to the customer. Provision is currently made for estimated product returns, claims and allowances. Management considers historical claims and return experience, among other things, when establishing the allowance for returns and allowances. | |
Shipping and Handling Costs – Revenue received for shipping and handling costs, which is immaterial for all periods presented, is included in net sales. Shipping costs, principally freight, that comprise payments to third-party shippers are classified as cost of sales. Handling costs represent finished goods warehousing costs incurred to store, move, and prepare products for shipment in the company’s various distribution facilities. Handling costs were $3.5 million, $3.2 million and $2.6 million in fiscal 2014, 2013, and 2012, respectively, and are included in selling, general and administrative expenses. | |
Sales and Other Taxes – Sales and other taxes collected from customers and remitted to governmental authorities are presented on a net basis and, as such, are excluded from revenues. | |
Stock-Based Compensation – Our equity incentive plans are described more fully in Note 12. ASC 718, “Compensation – Stock Compensation” (formerly known as SFAS No. 123(R)), requires that all stock-based compensation be recognized as compensation expense in the financial statements and that such cost be measured at the grant date for awards issued to employees and the company’s board of directors. Equity awards issued to non-employees are measured at the earlier date of when the performance criteria are met or the end of each reporting period. Compensation expense for unvested stock options and time vested restricted stock awards are amortized on a straight-line basis over the remaining vesting periods. Compensation expense for performance based restricted stock units were recorded based on an assessment each reporting period of the probability if certain performance goals were to be met during the contingent vesting period. If performance goals were not probable of occurrence, no compensation expense was recognized and any previously recognized compensation cost was reversed. Excess tax benefits related to our equity incentive plans are reflected as financing cash inflows on the Statement of Cash Flows. We have elected to record the additional excess tax benefits associated with our equity incentive awards as a reduction in current income tax payable prior to utilizing any net operating loss carryforwards. | |
Fair Value of Financial Instruments – The accompanying consolidated financial statements include certain financial instruments, and the fair market value of such instruments may differ from amounts reflected on a historical basis. These financial instruments include our long-term debt and short-term and long-term investments. The fair value measurement of these financial instruments are described more fully in Note 13. | |
The carrying amount of cash and cash equivalents, short-term investments, accounts receivable, other current assets, line of credit, accounts payable and accrued expenses approximates fair value because of the short maturity of these financial instruments. | |
Recently Adopted Accounting Pronouncements | |
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update which requires an unrecognized tax benefit to be presented as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward that the entity intends to use and is available for settlement at the reporting date. This update did not have an impact on our financial position, results of operations, or cash flows. | |
Recently Issued Accounting Pronouncements | |
In May 2014, FASB issued accounting guidance on revenue recognition. The amended guidance will enhance the comparability of revenue recognition practices and will be applied to all contracts with customers. Improved disclosures related to the nature, amount, timing, and uncertainty of revenue that is recognized are requirements under the amended guidance. This guidance will be effective for fiscal 2018 and will be required to be applied retrospectively. We are currently assessing the impact that this guidance will have on our consolidated financial statements at this time. |
BUSINESS_COMBINATIONS_MATTRESS
BUSINESS COMBINATIONS - MATTRESS FABRIC SEGMENT | 12 Months Ended | ||||||||
Apr. 27, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
BUSINESS COMBINATIONS - MATTRESS FABRIC SEGMENT | ' | ||||||||
2. BUSINESS COMBINATIONS – MATTRESS FABRIC SEGMENT | |||||||||
On May 8, 2013, we entered into an asset purchase and consulting agreement with Bodet & Horst GMBH & Co. KG and certain affiliates (“Bodet & Horst”) that provided for, among other things, the purchase of equipment and certain other assets from Bodet & Horst and the restructuring of prior consulting and non-compete agreements pursuant to an earlier asset purchase and consulting agreement with Bodet & Horst dated August 11, 2008. This agreement was accounted for as a business combination in accordance with ASC Topic 805, Business Combinations. We agreed with Bodet & Horst to replace the prior non-compete agreement that prevented us from selling certain mattress fabrics and products to a leading manufacturer, which now allows us to make such sales. In addition, the prior consulting and non-compete agreement, under which Bodet & Horst agreed not to sell most mattress fabrics in North America, was replaced, expanded, and extended pursuant to the new asset purchase and consulting agreement. | |||||||||
The purchase price for the equipment and the other certain assets noted below was $2.6 million in cash. | |||||||||
Direct acquisition costs related to this business combination totaled $83,000. | |||||||||
The following table presents the allocation of the acquisition cost to the assets acquired based on their fair values: | |||||||||
(dollars in thousands) | Fair Value | ||||||||
Equipment (Note 13) | $ | 890 | |||||||
Non-compete agreement (Notes 7 and 13) | 882 | ||||||||
Customer relationships (Notes 7 and 13) | 868 | ||||||||
$ | 2,640 | ||||||||
The company recorded its non-compete at its fair value based on a discounted cash flow valuation model. The company recorded its customer relationships at its fair value based on a multi-period excess earnings valuation model. This non-compete agreement will be amortized on a straight line basis over the fifteen year life of the agreement. The customer relationships will be amortized on a straight line basis over their useful life of seventeen years. The equipment will be amortized on a straight line basis over its useful life of seven years. | |||||||||
The following unaudited pro forma consolidated results of operations for the years ending April 27, 2014 and April 28, 2013 have been prepared as if the acquisition of Bodet & Horst had occurred on April 30, 2012: | |||||||||
Years ended | |||||||||
(Unaudited) | |||||||||
(dollars in thousands) | 27-Apr-14 | 28-Apr-13 | |||||||
Net Sales | $ | 287,162 | $ | 278,681 | |||||
Income from operations | 20,249 | 21,048 | |||||||
Net income | 17,447 | 18,208 | |||||||
Net income per share, basic | 1.43 | 1.49 | |||||||
Net income per share, diluted | 1.41 | 1.46 | |||||||
The unaudited pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been achieved had the acquisition been consummated as of that time, nor is it intended to be a projection of future results. |
ACCOUNTS_RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended | ||||||||||||
Apr. 27, 2014 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
ACCOUNTS RECEIVABLE | ' | ||||||||||||
3. ACCOUNTS RECEIVABLE | |||||||||||||
A summary of accounts receivable follows: | |||||||||||||
April 27, | April 28, | ||||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||||
customers | $ | 28,461 | 24,715 | ||||||||||
allowance for doubtful accounts | (573 | ) | (780 | ) | |||||||||
reserve for returns and allowances and discounts | (479 | ) | (543 | ) | |||||||||
$ | 27,409 | 23,392 | |||||||||||
A summary of the activity in the allowance for doubtful accounts follows: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
beginning balance | $ | (780 | ) | (567 | ) | (776 | ) | ||||||
provision for bad debts | 139 | (283 | ) | (67 | ) | ||||||||
write-offs, net of recoveries | 68 | 70 | 276 | ||||||||||
ending balance | $ | (573 | ) | (780 | ) | (567 | ) | ||||||
A summary of the activity in the allowance for returns and allowances and discounts follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(dollars in thousands) | |||||||||||||
beginning balance | $ | (543 | ) | (478 | ) | (577 | ) | ||||||
provision for returns and allowances | (2,094 | ) | (2,454 | ) | (2,694 | ) | |||||||
and discounts | |||||||||||||
credits issued | 2,158 | 2,389 | 2,793 | ||||||||||
ending balance | $ | (479 | ) | (543 | ) | (478 | ) | ||||||
INVENTORIES
INVENTORIES | 12 Months Ended | ||||||||
Apr. 27, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
INVENTORIES | ' | ||||||||
4. INVENTORIES | |||||||||
A summary of inventories follows: | |||||||||
April 27, | April 28, | ||||||||
(dollars in thousands) | 2014 | 2013 | |||||||
raw materials | $ | 6,707 | 5,311 | ||||||
work-in-process | 2,263 | 2,539 | |||||||
finished goods | 31,704 | 30,568 | |||||||
$ | 40,674 | 38,418 |
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended | |||||||||||
Apr. 27, 2014 | ||||||||||||
Property Plant And Equipment [Abstract] | ' | |||||||||||
PROPERTY, PLANT AND EQUIPMENT | ' | |||||||||||
5. PROPERTY, PLANT AND EQUIPMENT | ||||||||||||
A summary of property, plant and equipment follows: | ||||||||||||
depreciable lives | April 27, | April 28, | ||||||||||
(dollars in thousands) | (in years) | 2014 | 2013 | |||||||||
land and improvements | 0-10 | $ | 741 | 741 | ||||||||
buildings and improvements | Jul-40 | 12,983 | 12,812 | |||||||||
leasehold improvements | ** | 1,281 | 801 | |||||||||
machinery and equipment | 12-Mar | 51,605 | 53,608 | |||||||||
office furniture and equipment | 10-Mar | 6,865 | 6,587 | |||||||||
capital projects in progress | 3,941 | 1,733 | ||||||||||
77,416 | 76,282 | |||||||||||
accumulated depreciation and amortization | (46,040 | ) | (45,688 | ) | ||||||||
$ | 31,376 | 30,594 | ||||||||||
** Shorter of life of lease or useful life. | ||||||||||||
At April 27, 2014, we had total amounts due regarding capital expenditures totaling $277,000, which pertain to outstanding vendor invoices, none of which are financed. The total outstanding amount of $277,000 is required to be paid in full in fiscal 2015. | ||||||||||||
At April 28, 2013, we had total amounts due regarding capital expenditures totaling $225,000, which pertained to outstanding vendor invoices, none of which are financed. | ||||||||||||
We did not finance any of our capital expenditures in fiscal 2014, 2013, and 2012. |
GOODWILL
GOODWILL | 12 Months Ended | ||||||||||||
Apr. 27, 2014 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
GOODWILL | ' | ||||||||||||
6. GOODWILL | |||||||||||||
A summary of the change in the carrying amount of goodwill follows: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
beginning balance | $ | 11,462 | 11,462 | 11,462 | |||||||||
loss on impairment | - | - | - | ||||||||||
acquisitions | - | - | - | ||||||||||
ending balance | $ | 11,462 | 11,462 | 11,462 | |||||||||
The goodwill balance relates to the mattress fabrics segment. |
OTHER_ASSETS
OTHER ASSETS | 12 Months Ended | ||||||||
Apr. 27, 2014 | |||||||||
Text Block [Abstract] | ' | ||||||||
OTHER ASSETS | ' | ||||||||
7. OTHER ASSETS | |||||||||
A summary of other assets follows: | |||||||||
April 27, | April 28, | ||||||||
(dollars in thousands) | 2014 | 2013 | |||||||
cash surrender value - life insurance | $ | 644 | 625 | ||||||
non-compete agreement, net | 1,041 | 185 | |||||||
customer relationships, net | 817 | - | |||||||
other | 415 | 341 | |||||||
$ | 2,917 | 1,151 | |||||||
Non-Compete Agreement | |||||||||
In connection with the asset purchase and consulting agreement with Bodet & Horst on May 8, 2013 (see note 2), we restructured our prior non-compete agreement pursuant to our asset purchase and consulting agreement dated August 11, 2008. We have agreed with Bodet & Horst to replace the prior non-compete agreement that prevented us from selling certain mattress fabrics and products to a leading manufacturer, that will now allow us to make such sales. In addition, the prior consulting and non-compete agreement, under which Bodet & Horst agreed not to sell mattress fabrics in North America, was replaced, expanded, and extended pursuant to the new asset purchase and consulting agreement. We recorded this non-compete agreement at its fair value based on a discounted cash flow valuation model. This non-compete agreement is amortized on a straight line basis over the fifteen year life of the agreement and required quarterly payments of $12,500. As of April 27, 2014 we had one remaining non-compete payment of $12,500, which was subsequently paid in May 2014. | |||||||||
During fiscal 2013 and 2012, the prior non-compete agreement associated with Bodet & Horst was amortized on a straight-line basis over the six year life of the previous agreement. | |||||||||
The gross carrying amount of this non-compete agreement was $2.0 million and $1.1 million at April 27, 2014 and April 28, 2013, respectively. At April 27, 2014, and April 28, 2013, accumulated amortization for this non-compete agreement for the non-compete agreement was $1.0 million and $940,000 respectively. | |||||||||
Of the $1.0 million non-compete carrying amount at April 27, 2014, $218,000 pertains to the prior non-compete agreement that was in place as part of the asset purchase agreement dated August 11, 2008, and $823,000 pertains to the non-compete agreement pursuant to the asset purchase agreement dated May 8, 2013 that restructured and expanded the non-compete agreement that was in place effective August 11, 2008. | |||||||||
Amortization expense for this non-compete agreement was $75,000, $198,000, and $197,000 in fiscal years 2014, fiscal 2013, and fiscal 2012, respectively. The remaining amortization expense (which includes the total remaining Bodet & Horst non-compete payment of $12,500) for the next five years and thereafter follows: FY 2015 - $75,000; FY 2016 - $75,000; FY 2017 - $75,000; FY 2018 - $75,000; FY 2019 - $75,000, and Thereafter - $679,000. | |||||||||
The weighted average amortization period for the non-compete agreement is 14 years as of April 27, 2014. | |||||||||
Customer Relationships | |||||||||
In connection with the asset purchase and consulting agreement with Bodet & Horst noted above, we purchased certain customer relationships. We recorded the customer relationships at their fair value based on a multi-period excess earnings valuation model. The gross carrying amount of these customer relationships was $868,000 at April 27, 2014. Accumulated amortization for these customer relationships was $51,000 at April 27, 2014. | |||||||||
The customer relationships are amortized on a straight-line basis over their seventeen year useful life. Amortization expense for the customer relationships was $51,000 for fiscal 2014. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2015 - $51,000; FY 2016 - $51,000; FY 2017 - $51,000; FY 2018 - $51,000; FY 2019 - $51,000; and Thereafter - $562,000. | |||||||||
The weighted average amortization period for our customer relationships is 16 years as of April 27, 2014. | |||||||||
Cash Surrender Value - Life Insurance | |||||||||
On December 27, 2012, we entered into an agreement with our Chairman of the Board and his irrevocable trust (the "Trust") dated December 11, 2012. As a result of this agreement, a previous split dollar life insurance agreement in which we purchased a policy on the life of our Chairman of the Board and his spouse, in which we retained ownership of the policy, paid premiums to support the policy, had the right to receive the cash surrender value of the policy upon the second to die of our Chairman of the Board and his spouse, with the Trust receiving the remainder of the policy's death benefit ($8.0 million), was terminated. In connection with the termination of the previous split dollar life insurance agreement, we transferred the life insurance policy to the Trust and received cash proceeds in the amount of the cash surrender value of the policy totaling $626,000. | |||||||||
Also, this agreement required us to pay our Chairman of the Board during the period of his continued employment but in an event no longer than twelve years, additional compensation totaling $60,000 annually. | |||||||||
On March 18th, 2013, we entered into another agreement with our Chairman of the Board and the trustees of the irrevocable trust (the "Trustees"). As a result of this agreement, a previous split dollar life insurance agreement in which we purchased a policy on the life of the Chairman of the Board, in which we retained ownership of the policy, paid premiums to support the policy, had the right to receive the cash surrender value of the policy upon death of the Chairman of the Board, with the Trustees receiving the policy's death benefit ($500,000) was terminated. In connection with the termination of the previous split dollar life insurance agreement, we transferred the life insurance policy to the Trustees and received cash proceeds in the amount of the cash surrender value of the policy totaling $90,000. | |||||||||
At April 27, 2014, and April 28, 2013, we had two life insurance contracts with death benefits to the respective insured totaling $4.4 million. Our cash surrender value - life insurance balance of $644,000 and $625,000 at April 27, 2014 and April 28, 2013, respectively, are collectible upon death of the respective insured. |
ACCRUED_EXPENSES
ACCRUED EXPENSES | 12 Months Ended | ||||||||
Apr. 27, 2014 | |||||||||
Text Block [Abstract] | ' | ||||||||
ACCRUED EXPENSES | ' | ||||||||
8. ACCRUED EXPENSES | |||||||||
A summary of accrued expenses follows: | |||||||||
April 27, | April 28, | ||||||||
(dollars in thousands) | 2014 | 2013 | |||||||
compensation, commissions and related benefits | $ | 7,388 | 9,831 | ||||||
interest | 71 | 111 | |||||||
other | 1,722 | 1,887 | |||||||
$ | 9,181 | 11,829 |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Apr. 27, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
9. INCOME TAXES | |||||||||||||
Income Tax Expense and Effective Income Tax Rate | |||||||||||||
Total income tax expense was allocated as follows: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
income from operations | $ | 1,596 | 1,972 | 902 | |||||||||
shareholders' equity, related to | |||||||||||||
the tax benefit arising from stock | |||||||||||||
based compensation | (143 | ) | (76 | ) | (64 | ) | |||||||
$ | 1,453 | 1,896 | 838 | ||||||||||
Income tax expense attributable to income from operations consists of: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
current | |||||||||||||
federal | $ | - | - | 79 | |||||||||
state | - | 19 | - | ||||||||||
foreign | 3,323 | 2,297 | 2,505 | ||||||||||
3,323 | 2,316 | 2,584 | |||||||||||
deferred | |||||||||||||
federal | 1,065 | 192 | 727 | ||||||||||
state | 416 | 14 | 55 | ||||||||||
undistributed earnings - foreign subsidiaries | (5,018 | ) | 7,011 | - | |||||||||
U.S. operating loss carryforwards | 1,838 | 3,665 | 1,102 | ||||||||||
foreign | (42 | ) | 608 | 143 | |||||||||
valuation allowance | 14 | (11,834 | ) | (3,709 | ) | ||||||||
(1,727 | ) | (344 | ) | (1,682 | ) | ||||||||
$ | 1,596 | 1,972 | 902 | ||||||||||
Income (loss) before income taxes related to the company’s foreign and U.S. operations consists of: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Foreign | |||||||||||||
China | $ | 11,512 | 10,593 | 9,130 | |||||||||
Canada | 2,149 | 2,075 | 2,098 | ||||||||||
Poland | (370 | ) | (630 | ) | (714 | ) | |||||||
Total Foreign | 13,291 | 12,038 | 10,514 | ||||||||||
United States | 5,752 | 8,251 | 3,684 | ||||||||||
$ | 19,043 | 20,289 | 14,198 | ||||||||||
The following schedule summarizes the principal differences between the income tax expense at the federal income tax rate and the effective income tax rate reflected in the consolidated financial statements: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
federal income tax rate | 34 | % | 34 | % | 34 | % | |||||||
foreign tax rate differential | (7.2 | ) | (6.7 | ) | (8.8 | ) | |||||||
increase in tax reserves | 4.3 | 4 | 6.1 | ||||||||||
undistributed earnings from foreign subsidiaries | (26.3 | ) | 34.6 | - | |||||||||
change in valuation allowance | 0.1 | (58.3 | ) | (26.1 | ) | ||||||||
other | 3.5 | 2.1 | 1.2 | ||||||||||
8.4 | % | 9.7 | % | 6.4 | % | ||||||||
Deferred Income Taxes | |||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities consist of the following: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||||
deferred tax assets: | |||||||||||||
accounts receivable | $ | 274 | 376 | ||||||||||
inventories | 1,801 | 1,689 | |||||||||||
compensation | 3,200 | 3,049 | |||||||||||
liabilities and other | 1,109 | 700 | |||||||||||
alternative minimum tax credit | 1,320 | 1,320 | |||||||||||
property, plant and equipment (1) | 572 | 758 | |||||||||||
loss carryforwards - U.S. | 17,161 | 19,842 | |||||||||||
loss carryforwards - foreign | 311 | 241 | |||||||||||
unrecognized tax benefits - U.S. | (9,778 | ) | (8,976 | ) | |||||||||
valuation allowances | (977 | ) | (963 | ) | |||||||||
total deferred tax assets | 14,993 | 18,036 | |||||||||||
deferred tax liabilities: | |||||||||||||
undistributed earnings on foreign subsidiaries | (1,993 | ) | (7,011 | ) | |||||||||
property, plant and equipment (2) | (4,581 | ) | (4,653 | ) | |||||||||
goodwill | (1,028 | ) | (849 | ) | |||||||||
other | (134 | ) | (136 | ) | |||||||||
total deferred tax liabilities | (7,736 | ) | (12,649 | ) | |||||||||
Net deferred tax asset | $ | 7,257 | 5,387 | ||||||||||
-1 | Pertains to the company’s operations located in China. | ||||||||||||
-2 | Pertains to the company’s operations located in the U.S. and Canada. | ||||||||||||
Federal and state net operating loss carryforwards were $45.7 million with related future tax benefits of $17.2 million at April 27, 2014. These carryforwards principally expire in 11-18 years, fiscal 2025 through fiscal 2033. The company also has an alternative minimum tax credit carryforward of approximately $1.3 million for federal income tax purposes that does not expire. | |||||||||||||
At April 27, 2014, the current deferred tax asset of $6.2 million represents $5.8 million and $372,000 from our operations located in the U.S. and China, respectively. At April 27, 2014, the non-current deferred tax asset of $2.0 million represents $1.4 million and $572,000 from our operations located in the U.S. and China, respectively. At April 27, 2014, the non-current deferred tax liability of $1.0 million pertained to our operations located in Canada. | |||||||||||||
At April 28, 2013, the current deferred tax asset of $7.7 million represents $7.4 million and $325,000 from our operations located in the U.S. and China, respectively. At April 28, 2013, the non-current deferred tax asset of $753,000 pertains to our operations located in China. At April 28, 2013, the non-current deferred tax liability of $3.1 million represents $2.0 million and $1.1 million from our operations located in the U.S. and Canada, respectively. | |||||||||||||
Deferred Income Taxes – Valuation Allowance | |||||||||||||
Summary | |||||||||||||
In accordance with ASC Topic 740, we evaluate our deferred income taxes to determine if a valuation allowance is required. ASC Topic 740 requires that companies assess whether a valuation allowance should be established based on the consideration of all available evidence using a “more likely than not” standard with significant weight being given to evidence that can be objectively verified. Since the company operates in multiple jurisdictions, we assess the need for a valuation allowance on a jurisdiction-by-jurisdiction basis, taking into account the effects of local tax law. Based on our assessment at April 27, 2014, we recorded a partial valuation allowance of $977,000, of which $666,000 pertained to certain U.S. state net operating loss carryforwards and credits and $311,000 pertained to loss carryforwards associated with our Culp Europe operation located in Poland. Based on our assessment at April 28, 2013, we recorded a partial valuation allowance of $963,000, of which $722,000 pertained to certain U.S. state net operating loss carryforwards and credits and $241,000 pertained to loss carryforwards associated with our Culp Europe operation located in Poland. | |||||||||||||
No valuation allowance was recorded against our net deferred tax assets associated with our operations located in China and Canada at April 27, 2014 and April 28, 2013, respectively. | |||||||||||||
United States | |||||||||||||
Our net deferred tax asset regarding our U.S. operations includes U.S. loss carryforwards totaling $45.7 million, $50.7 million, and $59.9 million at April 27, 2014, April 28, 2013, and April 29, 2012, respectively. | |||||||||||||
Fiscal 2012 | |||||||||||||
Due to the favorable results of our multi-year restructuring process in our upholstery fabric operations and key acquisitions and capital investments made for our mattress fabric operations, our U.S. operations earned a cumulative pretax income through the second quarter of fiscal 2012 and fiscal years 2011 and 2010 totaling $10.0 million. This increase in cumulative pre-tax income was driven by our mattress fabrics operations (which primarily resides in the U.S.). During the second quarter of fiscal 2012, our mattress fabrics operations had net sales totaling $35.2 million compared with $28.3 million in the second quarter of fiscal 2011. In addition, our mattress fabrics operations had operating income totaling $3.8 million in the second quarter of fiscal 2012 compared with $3.3 million in the second quarter of fiscal 2011. These improved results in the second quarter of fiscal 2012, which were better than expected, can be attributed to increased sales from our sales and marketing initiatives and new programs with customers who are leading suppliers in the bedding industry. Collectively these developments increased our confidence in forecasting U.S. taxable income through fiscal 2014 in the second quarter of fiscal 2012. | |||||||||||||
Although our U.S. operations' financial results continued to improve through the second quarter of fiscal 2012, the significant uncertainty in the overall economic climate also continued. As a result, to forecast medium and long-term financial results associated with our U.S. operations was difficult. Since it would have taken a significant period of time for our U.S. operations to realize their U.S. net deferred income tax assets based on earned and forecasted U.S. pre-tax income levels, we believed it was too uncertain to project U.S. pre-tax income levels associated with our U.S. operations after fiscal 2014 that support a "more likely than not" assertion as of end of our second quarter of fiscal 2012. | |||||||||||||
These trends continued through the fourth quarter of fiscal 2012 and, as a result, we maintained our position that we could only forecast U.S. taxable income through fiscal 2014. Our mattress fabric operations had net sales that totaled $145.5 million in fiscal 2012 compared with $122.4 million in fiscal 2011. In addition, our mattress fabric operations reported operating income of $15.8 million in fiscal 2012 compared with $15.4 million in fiscal 2011. | |||||||||||||
Based on the positive and negative evidence noted above, we recorded a partial valuation allowance of $12.8 million at April 29, 2012, against the net deferred tax assets associated with our U.S. operations that were expected to reverse beyond fiscal 2014. Accordingly, we recognized an income tax benefit of $4.4 million in the second quarter of fiscal 2012 for the reduction in this valuation allowance for estimated U.S. taxable income in fiscal years 2013 and 2014 that is expected reduce our U.S. loss carryfowards. In the fourth quarter of fiscal 2012, we booked an income tax charge of $211,000 due to a change in our estimate of U.S. taxable income in fiscal years 2013 and 2014 that was made in the second quarter of fiscal 2012. | |||||||||||||
Fiscal 2013 | |||||||||||||
The improvement in our U.S. operations’ financial results continued through the second quarter of fiscal 2013. Our U.S. operations earned a pre-tax income on a cumulative three-year basis as of April 29, 2012 (the end of our fiscal 2012) of $11.9 million and an additional $3.4 million through the second quarter of fiscal 2013. | |||||||||||||
This continued earnings improvement from our U.S. operations was primarily due to the operating performance of our mattress fabric operations. Through the second quarter of fiscal 2013, our mattress fabric operations had net sales that totaled $77.7 million, an increase of 15% compared with $67.4 million through the second quarter of fiscal 2012. In addition, our mattress fabric operations reported operating income of $10.3 million through the second quarter of fiscal 2013, an increase of 49% compared with $7.0 million through the second quarter of fiscal 2012. These improved results through the second quarter of fiscal 2013, which were better than expected, were attributed to the evolution of the bedding industry into a more decorative business with growing consumer demand for better bedding and a higher quality mattress fabric, and the stabilization of raw material prices. | |||||||||||||
Based on the positive evidence at the end of our second quarter of fiscal 2013, as supported by our cumulative earnings history, current and expected earnings improvement driven by our U.S. mattress fabric operations, and the significant source of U.S. taxable income from the undistributed earnings of our foreign subsidiaries (see separate section below), we recorded an income tax benefit of $12.2 million to reverse substantially all of the valuation allowance against our U.S. net deferred tax assets. In the third quarter of fiscal 2013, we recorded an income tax charge of $103,000, due to a change in our second quarter estimate of the recoverability of our U.S. state net loss operating carryforwards. | |||||||||||||
After this valuation allowance reversal of $12.1 million, we had a remaining valuation allowance against our U.S. net deferred tax assets totaling $722,000 as of April 28, 2013. This valuation allowance pertained to certain U.S. state net operating loss carryforwards and credits in which it is “more likely than not” that these U.S. state net operating loss carryforwards and credits would not be realized prior to their respective expiration dates. | |||||||||||||
Fiscal 2014 | |||||||||||||
At April 27, 2014, we had a remaining valuation allowance against our U.S net deferred tax assets totaling $666,000. This valuation allowance pertained to U.S. state net operating loss carryforwards and credits in which it is “more likely than not” that these U.S. state net operating loss carryforwards and credits would not be realized prior to their respective expiration dates. In fiscal 2014, we booked an income tax benefit of $56,000 that reduced our valuation allowance against our U.S. net deferred tax assets. This income tax benefit pertained to a change in estimate of the recoverability of our U.S. state net loss operating carryforwards at the end of fiscal 2014. | |||||||||||||
Poland | |||||||||||||
During the third quarter of fiscal 2011, we established Culp Europe, a wholly-owned subsidiary located in Poland. Due to the initial start up costs of setting up this operation and the current state of the European economy, this operation had recorded cumulative pre-tax losses totaling $1.9 million through fiscal 2014. | |||||||||||||
Based on the negative evidence, as supported by our cumulative loss history and the short carryforward period of 5 years imposed by the Polish government, we recorded a full valuation allowance against Culp Europe’s net deferred tax assets commencing in the second quarter of fiscal 2013. As of April 27, 2014, we recorded a full valuation allowance against Culp Europe’s net deferred tax assets totaling $311,000. | |||||||||||||
Change in Valuation Allowance | |||||||||||||
In fiscal 2014, we recorded an income tax charge of $14,000 for an increase of our valuation allowance. The $14,000 increase represents an income tax charge of $70,000 for an increase in the full valuation allowance against our net deferred tax assets associated with our Culp Europe operations located in Poland, offset by an income tax benefit of $56,000 for a change in estimate of the recoverability of our U.S. state net loss operating carryforwards at the end of fiscal 2014. | |||||||||||||
In fiscal 2013, we recorded an income tax benefit of $11.8 million for the reduction of our valuation allowance. This $11.8 million decrease represents a $12.1 million income tax benefit pertaining to a change in judgment about the future realization of our U.S. net deferred tax assets, offset by an income tax charge of $241,000 for the establishment of a full valuation allowance against our net deferred tax assets associated with our Culp Europe operations located in Poland. | |||||||||||||
In fiscal 2012, we recorded an income tax benefit of $3.7 million for the reduction of our valuation allowance. This $3.7 million decrease represents a $4.2 million income tax benefit pertaining to a change in judgment about the future realization of our U.S. net deferred tax assets, offset by an income tax charge of $447,000 associated with the realization of our U.S. loss carryforwards from fiscal 2012 pre-tax income. | |||||||||||||
Deferred Income Taxes – Undistributed Earnings from Foreign Subsidiaries | |||||||||||||
In accordance with ASC Topic 740, we assess whether the undistributed earnings from our foreign subsidiaries will be reinvested indefinitely or eventually distributed to our U.S. parent company. ASC Topic 740 requires that a deferred tax liability should be recorded for undistributed earnings from foreign subsidiaries that will not be reinvested indefinitely. Also, we assess the recognition of U.S. foreign income tax credits associated with foreign withholding and income tax payments and whether it is more-likely-than-not that our foreign income tax credits will not be realized. If it is determined that any foreign income tax credits need to be recognized or it is more-likely-than-not our foreign income tax credits will not be realized, an adjustment to our provision for income taxes will be recognized at that time. | |||||||||||||
Fiscal 2013 | |||||||||||||
Prior to the second quarter of fiscal 2013, it was management’s intention to indefinitely reinvest all of our undistributed foreign earnings. Accordingly, no deferred tax liability had been recorded in connection with the future repatriation of these earnings. | |||||||||||||
During the second quarter of fiscal 2013, we assessed the financial requirements of our U.S. parent company and foreign subsidiaries and determined that our undistributed earnings from our foreign subsidiaries totaling $55.6 million will not be reinvested indefinitely and will be eventually distributed to our U.S. parent company. The financial requirements of the U.S. parent company changed due to a decision to return cash to its shareholders through dividend payments and common stock repurchases. Also, in order to keep up with the recent growth in consumer demand for better bedding and a higher quality mattress fabric, it is our intention to continue our investment in our domestic mattress fabric operations. As a result of this assessment, we recorded a deferred tax liability and corresponding income tax charge of $6.6 million during the second quarter of fiscal 2013 and an additional $400,000 in the last half of fiscal 2013. | |||||||||||||
At April 28, 2013, we had accumulated earnings and profits from our foreign subsidiaries totaling $56.7 million. At the same date, the deferred tax liability associated with our undistributed earnings from our foreign subsidiaries totaled $7.0 million, which included U.S. income and foreign withholding taxes totaling $22.0 million, offset by U.S. foreign income tax credits of $15.0 million. | |||||||||||||
Fiscal 2014 | |||||||||||||
During the third quarter of fiscal 2014, our operations in China achieved positive accumulated earnings and profits for both U.S. income tax and financial reporting purposes for the first time since we determined our undistributed earnings from foreign subsidiaries would not be reinvested indefinitely in the second quarter of fiscal 2013. As a result, we recorded an income tax benefit of $5.4 million to recognize U.S. foreign income tax credits of $9.9 million offset by the U.S. income tax effects of the undistributed earnings from our China operations and foreign withholding taxes totaling $4.5 million. This $5.4 million income tax benefit was treated as a discrete event in which the full income tax benefits of this adjustment were recorded in the third quarter and full fiscal year 2014, as it pertained to a change in judgment on prior periods’ accumulated earnings and profits associated with our subsidiaries located in China. | |||||||||||||
In addition, an income tax charge of $352,000 was recorded during fiscal 2014 for the U.S. income tax effects of the undistributed earnings and foreign withholding taxes incurred in fiscal 2014 from our Canadian operations and the fourth quarter of fiscal 2014 from our China operations. | |||||||||||||
At April 27, 2014, we had accumulated earnings and profits from our foreign subsidiaries totaling $72.8 million. At the same date, the deferred tax liability associated with our undistributed earnings from our foreign subsidiaries totaled $2.0 million, which included U.S. income and foreign withholding taxes totaling $28.1 million, offset by U.S. foreign income tax credits of $26.1 million. | |||||||||||||
Uncertainty in Income Taxes | |||||||||||||
The following table sets forth the change in the company’s unrecognized tax benefit: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
beginning balance | $ | 13,166 | 12,462 | 11,739 | |||||||||
increases from prior period tax positions | 756 | 812 | 852 | ||||||||||
decreases from prior period tax positions | (182 | ) | (108 | ) | (129 | ) | |||||||
increases from current period tax positions | - | - | - | ||||||||||
ending balance | $ | 13,740 | 13,166 | 12,462 | |||||||||
At April 27, 2014, we had $13.7 million of total gross unrecognized tax benefits, of which $4.0 million would favorably affect the income tax rate in future periods. At April 28, 2013, we had $13.1 million of total gross unrecognized tax benefits, of which $4.2 million would favorably affect the income tax rate in future periods. | |||||||||||||
As of April 27, 2014, we had $13.7 million of total gross unrecognized tax benefits, of which $9.7 million and $4.0 million were classified as net non-current deferred income taxes and income taxes payable-long-term, respectively, in the accompanying consolidated balance sheets. As of April 28, 2013, we had $13.1 million of total gross unrecognized tax benefits, of which $8.9 million and $4.2 million were classified as net non-current deferred income taxes and income taxes payable- long-term, respectively, in the accompanying consolidated balance sheets. | |||||||||||||
We elected to classify interest and penalties as part of income tax expense. At April 27, 2014 and April 28, 2013, the gross amount of interest and penalties due to unrecognized tax benefits was $755,000 and $640,000, respectively. | |||||||||||||
The liability for uncertain tax positions at April 27, 2014, includes $13.7 million related to tax positions for which significant change is reasonably possible in fiscal 2015. This amount relates to double taxation under applicable tax treaties with foreign tax jurisdictions. United States federal and state income tax returns filed by the company remain subject to examination for tax years 2005 and subsequent due to loss carryforwards. Canadian federal returns remain subject to examination for tax years 2007 and subsequent. Canadian provincial (Quebec) returns remain subject to examination for tax years 2010 and subsequent. Income tax returns for the company’s China subsidiaries are subject to examination for tax years 2009 and subsequent. | |||||||||||||
Income Taxes Paid | |||||||||||||
Income tax payments, net of income tax refunds, were $3.0 million in fiscal 2014, $2.8 million in 2013, and $2.4 million in 2012. |
LONGTERM_DEBT_AND_LINES_OF_CRE
LONG-TERM DEBT AND LINES OF CREDIT | 12 Months Ended | ||||||||
Apr. 27, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
LONG-TERM DEBT AND LINES OF CREDIT | ' | ||||||||
10. LONG-TERM DEBT AND LINES OF CREDIT | |||||||||
A summary of long-term debt follows: | |||||||||
April 27, | April 28, | ||||||||
(dollars in thousands) | 2014 | 2013 | |||||||
unsecured senior term notes | $ | 4,400 | 6,600 | ||||||
current maturities of long-term debt | (2,200 | ) | (2,200 | ) | |||||
long-term debt, less current maturities | $ | 2,200 | 4,400 | ||||||
Unsecured Term Notes | |||||||||
We entered into a note agreement dated August 11, 2008 that provided for the issuance of $11.0 million of unsecured term notes with a fixed interest rate of 8.01% and a term of seven years. Principal payments of $2.2 million per year are due on the notes beginning August 11, 2011. The remaining principal payments are payable over an average term of 1.3 years through August 11, 2015. Any principal prepayments would be assessed a penalty as defined in the agreement. The agreement contains customary financial and other covenants as defined in the agreement. | |||||||||
Revolving Credit Agreement –United States | |||||||||
At April 28, 2013, we had an unsecured Amended and Restated Credit Agreement with Wells Fargo Bank, N.A. (“Wells Fargo”) that provided for a loan commitment of $7.6 million that was due to expire on August 25, 2013. This agreement provided for a pricing matrix to determine the interest rate payable on loans made under this agreement. | |||||||||
Effective August 13, 2013, we entered into a Credit Agreement (“Credit Agreement”) with Wells Fargo that replaced the agreement noted above. This Credit Agreement contains terms and covenants similar to the previous agreement and extends the term of the credit facility through August 31, 2015. Interest is charged at a rate equal to the one-month LIBOR rate plus a spread based on our ratio of debt to EBITDA as defined in the agreement (applicable interest rate of 1.75% at April 27, 2014). | |||||||||
This Credit Agreement provides for an unsecured revolving loan commitment of $10.0 million to be used to finance working capital and general corporate purposes. The amount of borrowings that are outstanding under the revolving credit agreement with Culp Europe noted below decrease the $10.0 million available under this Credit Agreement. | |||||||||
At April 27, 2014, and April 28, 2013, there was a $195,000 outstanding letter of credit (all of which related to workers compensation) provided by the Credit Agreement. There were no borrowings outstanding under the agreement associated with our U.S. operations at April 27, 2014, and April 28, 2013. | |||||||||
Revolving Credit Agreement - China | |||||||||
We have an unsecured credit agreement associated with our operations in China that provides for a line of credit up to 40 million RMB (approximately $6.5 million USD at April 27, 2014), that was set to expire on June 8, 2014. This agreement has an interest rate determined by the Chinese government. There were no borrowings under this agreement as of April 27, 2014 and April 28, 2013. | |||||||||
On May 9, 2014, we renewed the unsecured credit agreement associated with our operations in China. The renewal extended the agreement to May 9, 2015, and provides for a line of credit up to 40 million RMB (approximately $6.5 million USD). | |||||||||
Revolving Credit Agreement – Culp Europe | |||||||||
We have an unsecured credit agreement with Wells Fargo that bears interest at WIBOR (Warsaw Interbank Offered Rate) plus 2% (applicable interest rate of 4.38% and 5.25% at April 27, 2014 and April 28, 2013, respectively). There were $586,000 and $561,000 (1.8 million Polish Zloty) in borrowings outstanding under the agreement at April 27, 2014 and April 28, 2013, respectively. | |||||||||
In connection with the Credit Agreement effective August 13, 2013 noted above, the outstanding borrowings, totaling $586,000 at April 27, 2014, are due on August 31, 2015 and decrease the $10.0 million available under the Credit Agreement. | |||||||||
Effective May 2, 2014, we converted our 1.8 million Polish Zloty ($586,000 USD) denominated borrowings under this agreement to EURO denominated borrowings totaling €424,000 ($588,000 USD). In addition, our applicable interest rate of 4.38% at April 27, 2014 was reduced to 2.31%. | |||||||||
Overall | |||||||||
Our loan agreements require, among other things, that we maintain compliance with certain financial covenants. At April 27, 2014, the company was in compliance with these financial covenants. | |||||||||
The principal payment requirements for long-term debt during the next two fiscal years are: 2015 – $2.2 million; and 2016 – $2.2 million. | |||||||||
Interest paid during 2014, 2013, and 2012 totaled $466,000, $666,000, and $817,000, respectively. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Apr. 27, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
11. COMMITMENTS AND CONTINGENCIES | |
Operating Leases | |
We lease certain office, manufacturing and warehouse facilities and equipment under noncancellable operating leases. Lease terms related to real estate range from three to five years with renewal options for additional periods ranging up to nine years. The leases generally require the company to pay real estate taxes, maintenance, insurance and other expenses. Rental expense for operating leases was $2.7 million in fiscal 2014, $2.4 million in fiscal 2013, and $2.2 million in fiscal 2012. Future minimum rental commitments for noncancellable operating leases are $2.5 million in fiscal 2015; $2.2 million in fiscal 2016; $689,000 in fiscal 2017, $155,000 in fiscal 2018, and $31,000 in fiscal 2019. Management expects that in the normal course of business, these leases will be renewed or replaced by other operating leases. | |
The lease associated with our corporate headquarters building located in High Point, North Carolina requires monthly payments of $29,706 from April 1, 2012 through March 31, 2016, plus a percentage of the building’s normal occupancy costs as defined in the agreement. This lease contains renewal options as defined in the agreement for the periods from April 1, 2016 through March 31, 2019, April 1, 2019 through March 31, 2022, and April 1, 2022 through March 31, 2025. | |
We lease a plant facility associated with our mattress fabrics segment from a partnership owned by certain shareholders and officers of the company and their immediate families. This facility is being leased on a month to month basis at an amount of $12,704 per month. Rents paid to entities owned by certain shareholders and officers of the company and their immediate families totaled $152,000 in each of fiscal 2014, 2013, and 2012. | |
Chromatex Environmental Claim | |
A lawsuit was filed against us and other defendants (Chromatex, Inc., Rossville Industries, Inc., Rossville Companies, Inc. and Rossville Investments, Inc.) on February 5, 2008 in the United States District Court for the Middle District of Pennsylvania. The plaintiffs are Alan Shulman, Stanley Siegel, Ruth Cherenson as Personal Representative of Estate of Alan Cherenson, and Adrienne Rolla and M.F. Rolla as Executors of the Estate of Joseph Byrnes. The plaintiffs were partners in a general partnership that formerly owned a manufacturing plant in West Hazleton, Pennsylvania (the “Site”). Approximately two years after this general partnership sold the Site to defendants Chromatex, Inc. and Rossville Industries, Inc., we leased and operated the Site as part of our Rossville/Chromatex division. The lawsuit involves court judgments that have been entered against the plaintiffs and against defendant Chromatex, Inc. requiring them to pay costs incurred by the United States Environmental Protection Agency (“USEPA”) responding to environmental contamination at the Site, in amounts approximating $14 million, plus unspecified future environmental costs. Neither USEPA nor any other governmental authority has asserted any claim against us on account of these matters. The plaintiffs seek contribution from us and other defendants and a declaration that the company and the other defendants are responsible for environmental response costs under environmental laws and certain agreements. The plaintiffs also asserted that we tortiously interfered with contracts between them and other defendants in the case and diverted assets to prevent the plaintiffs from being paid monies owed to them. We have defended ourselves vigorously with regards to the matters described in this litigation. In addition, we have an indemnification agreement with certain other defendants in the litigation pursuant to which the other defendants agreed to indemnify us for any damages we incur as a result of the environmental matters that are the subject of this litigation, although it is unclear whether the indemnitors have significant assets at this time. | |
In the first quarter of fiscal 2014, the parties to this lawsuit reached a tentative settlement of all matters, which would require us to contribute cash to a global settlement fund. Consequently, we recorded a charge of $206,000 to other expense in the fiscal 2014 Consolidated Statement of Net Income. In the fourth quarter of fiscal 2014, we paid the $206,000 tentative settlement amount. Subsequently, the settlement was reviewed by the government during the first quarter of fiscal 2015 and the court approved the final agreement by the parties involved. The lawsuit was dismissed on June 5, 2014. | |
Other Litigation | |
The company is involved in legal proceedings and claims which have arisen in the ordinary course of business. Management has determined that it is not reasonably possible that these actions, when ultimately concluded and settled, will have a material adverse effect upon the financial position, results of operations, or cash flows of the company. | |
Purchase Commitments | |
At April 27, 2014, and April 28, 2013, we had open purchase commitments to acquire equipment for our mattress fabrics segment totaling $3.4 million and $170,000, respectively. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended | ||||||||||||||||||||||||
Apr. 27, 2014 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||||||||||||||
12. STOCK-BASED COMPENSATION | |||||||||||||||||||||||||
Equity Incentive Plan Description | |||||||||||||||||||||||||
On September 20, 2007, our shareholders approved an equity incentive plan entitled the Culp, Inc. 2007 Equity Incentive Plan (the “2007 Plan”). The types of equity based awards available for grant under the 2007 Plan include stock options, stock appreciation rights, restricted stock and restricted stock units, performance units, and other discretionary awards as determined by our Compensation Committee. An aggregate of 1,200,000 shares of common stock were authorized for issuance under the 2007 Plan. In conjunction with the approval of the 2007 Plan, our 2002 Stock Option Plan was terminated (with the exception of currently outstanding options) and no additional options will be granted under the 2002 Stock Plan. At April 27, 2014 there were 632,963 shares available for future equity based grants under the company’s 2007 Plan. | |||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||
Under our 2007 Plan, employees, directors, and others associated with the company may be granted options to purchase shares of common stock at the fair market value on the date of grant. No options were granted to employees in fiscal 2014, 2013 or 2012, respectively. | |||||||||||||||||||||||||
No options were granted to outside directors during fiscal years 2014 and 2012. | |||||||||||||||||||||||||
During fiscal year 2013, an outside director was granted 2,000 option shares to purchase shares of common stock at the fair market value on the date of grant. Options granted to outside directors vest immediately on the date of grant (October each fiscal year) and expire ten years after the date of grant. | |||||||||||||||||||||||||
The fair value of stock options granted to an outside director at each grant date during fiscal 2013 was $5.03, using the following assumptions: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Risk-free interest rate | - | 0.67 | % | - | |||||||||||||||||||||
Dividend yield | - | 3 | % | - | |||||||||||||||||||||
Expected volatility | - | 61.7 | % | - | |||||||||||||||||||||
Expected term (in years) | - | 5 | - | ||||||||||||||||||||||
The fair value of the above option award was estimated on the date of grant using a Black-Scholes option-pricing model. The assumptions utilized in the model are evaluated and revised, as necessary, to reflect market conditions, actual historical experience, and groups of participants that have similar exercise patterns that are considered separately for valuation purposes. The risk-free interest rate for periods within the contractual life of the option was based on the U.S. Treasury yield curve in effect at the time of grant. The dividend yield is based on historical experience and future dividend yields in effect at the time of grant. The expected volatility was derived using a term structure based on historical volatility and the volatility implied by exchange-traded options on the company’s common stock. The expected term of the options is based on the contractual term of the stock option award, and expected participant exercise trends. | |||||||||||||||||||||||||
The company recorded compensation expense of $10,000, $62,000, and $134,000 within selling, general, and administrative expense for incentive stock options in fiscal 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||||
The following table summarizes stock option activity for fiscal 2014, 2013, and 2012: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | |||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
Shares | Price | Shares | Price | Shares | Price | ||||||||||||||||||||
outstanding at beginning | |||||||||||||||||||||||||
of year | 182,825 | $ | 6.99 | 209,475 | $ | 7.22 | 268,875 | $ | 6.81 | ||||||||||||||||
granted | - | - | 2,000 | 12.13 | - | - | |||||||||||||||||||
exercised | (23,125 | ) | 8.4 | (23,025 | ) | 8.92 | (59,400 | ) | 5.5 | ||||||||||||||||
canceled/expired | (5,750 | ) | 9.28 | (5,625 | ) | 9.37 | - | - | |||||||||||||||||
outstanding at end of year | 153,950 | 6.7 | 182,825 | 6.99 | 209,475 | 7.22 | |||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Number | Weighted-Avg. | Number | |||||||||||||||||||||||
Range of | Outstanding | Remaining | Weighted-Avg. | Exercisable | Weighted-Avg. | ||||||||||||||||||||
Exercise Prices | at 4/27/14 | Contractual Life | Exercise Price | at 4/27/14 | Exercise Price | ||||||||||||||||||||
$1.88 - $1.88 | 40,000 | 4.7 | years | $ | 1.88 | 40,000 | $ | 1.88 | |||||||||||||||||
$4.59 - $5.41 | 6,000 | 1.8 | $ | 4.86 | 6,000 | $ | 4.86 | ||||||||||||||||||
$7.08 - $9.57 | 99,950 | 3.2 | $ | 8.42 | 99,950 | $ | 8.42 | ||||||||||||||||||
$10.11 - $12.13 | 8,000 | 4.7 | $ | 10.62 | 8,000 | $ | 10.62 | ||||||||||||||||||
153,950 | 3.6 | $ | 6.7 | 153,950 | $ | 6.7 | |||||||||||||||||||
At April 27, 2014, the aggregate intrinsic value for options exercisable was $1.8 million and had a weighted average contractual term of 3.6 years. At April 27, 2014, the aggregate intrinsic value for options outstanding was $1.8 million. | |||||||||||||||||||||||||
The aggregate intrinsic value for options exercised was $224,000, $90,000, and $220,000, in fiscal 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||||
There was no unrecognized compensation cost related to incentive stock option awards at April 27, 2014. | |||||||||||||||||||||||||
Time Vested Restricted Stock Awards | |||||||||||||||||||||||||
On July 1, 2009 (fiscal 2010), two executive officers were granted 80,000 shares of time vested restricted common stock. This time vested restricted stock award vests in equal one-third installments on July 1, 2012, 2013, and 2014. The fair value (the closing price of the company’s common stock) of this restricted stock award is measured at the date of grant (July 1, 2009) and was $5.08 per share. | |||||||||||||||||||||||||
On January 7, 2009 (fiscal 2009), certain key management employees and a non-employee were granted 115,000 shares of time vested restricted common stock. Of these 115,000 shares, 105,000 and 10,000 were granted to employees and a non-employee, respectively. This time vested restricted stock award vests in equal one-third installments on May 1, 2012, 2013, and 2014. The fair value (the closing price of the company’s common stock) of this restricted stock award for key management employees is measured at the date of grant (January 7, 2009) and was $1.88 per share. The fair value (the closing price of the company’s common stock) of this restricted stock award for the non-employee is measured at the earlier date when the service period is met or the end of each reporting period. The fair value of the one-third installment that vested on May 1, 2012, May 1, 2013, and May 1, 2014 was $11.05, $16.25, and $18.61, respectively. | |||||||||||||||||||||||||
The following table summarizes the time vested restricted stock activity for fiscal 2014, 2013, and 2012: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Shares | Shares | Shares | |||||||||||||||||||||||
outstanding at beginning | |||||||||||||||||||||||||
of year | 123,335 | 185,000 | 195,000 | ||||||||||||||||||||||
granted | - | - | - | ||||||||||||||||||||||
vested | (61,667 | ) | (61,665 | ) | (10,000 | ) | |||||||||||||||||||
outstanding at end of year | 61,668 | 123,335 | 185,000 | ||||||||||||||||||||||
During fiscal 2014, 61,667 shares of time vested restricted stock vested and had a weighted average fair value of $249,000 or $4.04 per share. During fiscal 2013, 61,665 shares of time vested restricted stock vested and had a weighted average fair value of $232,000 or $3.76 per share. During fiscal 2012, 10,000 shares of time vested restricted stock vested due to disability and had a weighted average fair value of $18,800 or $1.88 per share. | |||||||||||||||||||||||||
At April 27, 2014, there were 61,668 shares of time vested restricted stock outstanding and unvested. Of the 61,668 shares outstanding and unvested, 35,000 shares were granted on January 7, 2009 and 26,668 shares were granted on July 1, 2009. At April 27, 2014, the weighted average fair value of these outstanding and unvested shares was $4.17 per share. At April 28, 2013, there were 123,335 shares of time vested restricted stock outstanding and unvested. Of the 123,335 shares outstanding and unvested, 70,000 shares were granted on January 7, 2009 and 53,335 shares were granted on July 1, 2009. At April 28, 2013, the weighted average fair value of these outstanding and unvested shares was $4.04 per share. | |||||||||||||||||||||||||
At April 27, 2014, the remaining unrecognized compensation cost related to the unvested restricted stock awards was $5,000, which is expected to be recognized over a weighted average vesting period of 0.2 years. | |||||||||||||||||||||||||
We recorded compensation expense of $62,000, $140,000, and $189,000 within selling, general, and administrative expense for time vested restricted stock awards in fiscal 2014, 2013, and fiscal 2012, respectively. | |||||||||||||||||||||||||
Performance Based Restricted Stock Units | |||||||||||||||||||||||||
Fiscal 2014 | |||||||||||||||||||||||||
On June 25, 2013, certain key members of management were granted performance based restricted common stock units which could earn up to 72,380 shares of common stock if certain performance targets are met as defined in the related restricted stock unit agreements. These awards were valued based on the fair market value on the date of grant. The fair value of these awards was $17.12, which represents the closing price of our common stock on the date of grant. The vesting of these awards is over the requisite service period of three years. | |||||||||||||||||||||||||
Fiscal 2013 | |||||||||||||||||||||||||
On July 11, 2012, certain key members of management were granted performance based restricted common stock units which could earn up to 120,000 shares of common stock if certain performance targets are met as defined in the related restricted stock unit agreements. These awards were valued based on the fair market value on the date of grant. The fair value of these awards was $10.21, which represents the closing price of our common stock on the date of grant. The vesting of these awards is over the requisite service period of three years. | |||||||||||||||||||||||||
Fiscal 2012 | |||||||||||||||||||||||||
We did not grant any performance based restricted stock units during fiscal 2012. No performance based restricted units vested during fiscal 2012. | |||||||||||||||||||||||||
Overall | |||||||||||||||||||||||||
We recorded compensation expense of $581,000 and $340,000 within selling, general, and administrative expense for performance based restricted stock units in fiscal 2014 and 2013, respectively. No compensation expense was recorded for performance based restricted stock units in fiscal 2012 as the performance based restricted stock units granted in fiscal 2009 were fully vested in fiscal 2011 and no performance based restricted stock units were granted in fiscal years 2010 through 2012. Compensation cost is recorded based on an assessment each reporting period of the probability that certain performance goals will be met during the vesting period. If performance goals are not probable of occurrence, no compensation cost will be recognized and any recognized compensation cost would be reversed. | |||||||||||||||||||||||||
At April 27, 2014, the remaining unrecognized compensation cost related to the performance based restricted stock units was $924,000, which is expected to be recognized over a weighted average vesting period of 1.7 years. | |||||||||||||||||||||||||
Common Stock Awards | |||||||||||||||||||||||||
On October 1, 2013, we granted a total of 3,000 shares of common stock to our outside directors. These shares of common stock vested immediately and were measured at $18.84 per share, which represents the closing price of the company's common stock at the date of grant. | |||||||||||||||||||||||||
On October 8, 2012, we granted a total of 1,658 shares of common stock to certain outside directors. These shares of common stock vested immediately and were measured at $12.13 per share, which represents the closing price of the company’s common stock at the date of grant. | |||||||||||||||||||||||||
On October 1, 2011, we granted a total of 3,075 shares of common stock to our board of directors. These shares of common stock vested immediately and were measured at $8.45 per share, which represents the closing price of the company’s common stock at the date of grant. | |||||||||||||||||||||||||
We recorded $57,000, $20,000, and $26,000 of compensation expense within selling, general, and administrative expense for these common stock awards for fiscal 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||||
Other Share-Based Arrangements | |||||||||||||||||||||||||
Effective May 2, 2011, we entered into an agreement in which we granted a non-employee a stock appreciation right that was indexed on 70,000 shares of our common stock. This agreement required us to settle in cash an amount equal to $35,000, plus the excess, if any, over a stock appreciation right value of $700,000 at May 2, 2011. This stock appreciation right value of $700,000 represented the 70,000 indexed shares of common stock noted above measured at the closing price per share of $10.00 at May 2, 2011. The cash settlement in connection with the stock appreciation right value represented the difference between a stock appreciation right value that is indexed on the 70,000 shares of common stock noted above and the highest closing price per share of our common stock for the period May 2, 2011 through June 30, 2012 (limited to $12.00 per share) and the $700,000 stock appreciate right value at May 2, 2011. This award vested over the period May 2, 2011 through June 30, 2012 and represented the non-employee’s required service period. | |||||||||||||||||||||||||
During the first quarter of fiscal 2013, this award fully vested and was paid out at a fair value totaling $174,000. | |||||||||||||||||||||||||
We recorded $40,000 and $134,000 of compensation expense within selling, general, and administrative expense for this agreement during fiscal 2013 and 2012, respectively. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||
Apr. 27, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
13. Fair Value of Financial Instruments | |||||||||||||||||
ASC Topic 820 establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and the company’s assumptions (unobservable inputs). Determining where an asset or liability falls within that hierarchy depends on the lowest level input that is significant to the fair value measurement as a whole. An adjustment to the pricing method used within either level 1 or level 2 inputs could generate a fair value measurement that effectively falls in a lower level in the hierarchy. The hierarchy consists of three broad levels as follows: | |||||||||||||||||
Level 1 – Quoted market prices in active markets for identical assets or liabilities; | |||||||||||||||||
Level 2 – Inputs other than level 1 inputs that are either directly or indirectly observable, and | |||||||||||||||||
Level 3 – Unobservable inputs developed using the company’s estimates and assumptions, which reflect those that market participants would use. | |||||||||||||||||
Recurring Basis | |||||||||||||||||
The following table presents information about assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||
Fair value measurements at April 27, 2014 using: | |||||||||||||||||
Quoted prices in | Significant other | Significant | |||||||||||||||
active markets | observable inputs | unobservable | |||||||||||||||
for identical | inputs | ||||||||||||||||
assets | |||||||||||||||||
(amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | |||||||||||||||||
Limited Term Bond Fund | $ | 2,576 | N/A | N/A | $ | 2,576 | |||||||||||
Low Duration Bond Fund | 2,077 | N/A | N/A | 2,077 | |||||||||||||
Intermediate Term Bond Fund | 1,641 | N/A | N/A | 1,641 | |||||||||||||
Premier Money Market Fund | 755 | N/A | N/A | 755 | |||||||||||||
Other | 10 | N/A | N/A | 10 | |||||||||||||
Fair value measurements at April 28, 2013 using: | |||||||||||||||||
Quoted prices in | Significant other | Significant | |||||||||||||||
active markets | observable inputs | unobservable | |||||||||||||||
for identical | inputs | ||||||||||||||||
assets | |||||||||||||||||
(amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | |||||||||||||||||
Limited Term Bond Fund | $ | 2,092 | N/A | N/A | $ | 2,092 | |||||||||||
Low Duration Bond Fund | 2,076 | N/A | N/A | 2,076 | |||||||||||||
Intermediate Term Bond Fund | 1,118 | N/A | N/A | 1,118 | |||||||||||||
The determination of where an asset or liability falls in the hierarchy requires significant judgment. We evaluate our hierarchy disclosures each quarter based on various factors and it is possible that an asset or liability may be classified differently from quarter to quarter. However, we expect that changes in classifications between different levels will be rare. | |||||||||||||||||
The fair value of the company’s long-term debt is estimated by discounting the future cash flows at rates currently offered to the company for similar debt instruments of comparable maturities. At April 27, 2014, the carrying value of the company’s long-term debt was $4.4 million and the fair value was $4.6 million. At April 28, 2013, the carrying value of the company’s long-term debt was $6.6 million and the fair value was $7.0 million. | |||||||||||||||||
Nonrecurring Basis | |||||||||||||||||
As of April 27, 2014, we had no assets that are required to be measured at fair value on a nonrecurring basis other than the assets acquired from Bodet & Horst (see note 2) that were acquired at fair value. | |||||||||||||||||
Fair value measurements at April 27, 2014 using: | |||||||||||||||||
Quoted prices in | Significant other | Significant | |||||||||||||||
active markets | observable inputs | unobservable | |||||||||||||||
for identical | inputs | ||||||||||||||||
assets | |||||||||||||||||
(amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | |||||||||||||||||
Equipment | $ | - | $ | 890 | $ | - | $ | 890 | |||||||||
Non-compete Agreement | - | - | 882 | 882 | |||||||||||||
Customer Relationships | - | - | 868 | 868 | |||||||||||||
The equipment was classified as level 2 as the fair value was determined using quoted market prices from a third party. The non-compete was recorded at its fair value using a discounted cash flow valuation model that used significant unobservable inputs and was classified as level 3. The customer relationships were recorded at fair value using a multi-period excess earnings valuation model that used significant unobservable inputs and was classified as level 3. |
NET_INCOME_PER_SHARE
NET INCOME PER SHARE | 12 Months Ended | ||||||||||||
Apr. 27, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
NET INCOME PER SHARE | ' | ||||||||||||
14. NET INCOME PER SHARE | |||||||||||||
Basic net income per share is computed using the weighted-average number of shares outstanding during the period. Diluted net income per share uses the weighted-average number of shares outstanding during the period plus the dilutive effect of stock-based compensation calculated using the treasury stock method. Weighted average shares used in the computation of basic and diluted net income per share are as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
weighted-average common | |||||||||||||
shares outstanding, basic | 12,177 | 12,235 | 12,711 | ||||||||||
dilutive effect of stock-based compensation | 237 | 215 | 155 | ||||||||||
weighted-average common | |||||||||||||
shares outstanding, diluted | 12,414 | 12,450 | 12,866 | ||||||||||
All options to purchase shares of common stock were included in the computation of diluted net income for fiscal years 2014 and 2013, as the exercise price of the options was less than the average market price of common shares. | |||||||||||||
Options to purchase 24,750 shares of common stock were not included in the computation of diluted net loss per share for fiscal 2012 as the exercise price of the options were greater than the average market price of the common shares. | |||||||||||||
The computation of basic net income did not include 61,668, 123,335, and 185,000 shares of time vested restricted common stock as these shares were unvested for fiscal 2014, 2013, and 2012, respectively. |
BENEFIT_PLANS
BENEFIT PLANS | 12 Months Ended |
Apr. 27, 2014 | |
Postemployment Benefits [Abstract] | ' |
BENEFIT PLANS | ' |
15. BENEFIT PLANS | |
Defined Contribution Plans | |
The company has defined contribution plans which cover substantially all employees and provides for participant contributions on a pre-tax basis and matching contributions by the company for its U.S. and Canadian operations. Our contributions to the plan were $696,000, $635,000, and $606,000 in fiscal years 2014, 2013, and 2012, respectively. | |
Deferred Compensation Plan | |
We have a nonqualified deferred compensation plan (the “Plan”) covering officers and certain key members of management. The Plan provides for participant deferrals on a pre-tax basis that are subject to annual deferral limits by the IRS and non-elective contributions made by the company. Participant deferrals and non-elective contributions made by the company are immediately vested. | |
Our contributions to the Plan were $166,000 for fiscal 2014, $145,000 for fiscal 2013, and $132,000 for fiscal 2012, respectively. Our nonqualified deferred compensation plan liability of $2.6 million at April 27, 2014, was recorded in deferred compensation in the 2014 Consolidated Balance Sheet. Our nonqualified deferred compensation plan liability of $2.0 million at April 28, 2013, was recorded in accrued expenses in the 2013 Consolidated Balance Sheet. | |
Effective January 1, 2014, we established a Rabbi Trust (the “Trust”) to set aside funds for the participants of the Plan and enable the participants to direct their contributions to various investment options in the Plan. The investment options of the Plan consist of a money market fund and various mutual funds. The funds set aside in the Trust are subject to the claims of our general creditors in the event of the company’s insolvency as defined in the Plan. Commencing February 2014, we disbursed funds to the Trust that partially funded our existing participant account balances as of December 31, 2013 and calendar 2014 contributions. | |
The investment assets of the Trust are recorded at their fair value of $765,000 and are included in long-term investments in the 2014 Consolidated Balance Sheet. The investment assets of the Trust are classified as available for sale and accordingly, changes in their fair values are recorded in other comprehensive income (loss). |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 12 Months Ended | ||||||||||||
Apr. 27, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
SEGMENT INFORMATION | ' | ||||||||||||
16. SEGMENT INFORMATION | |||||||||||||
The company’s operations are classified into two business segments: mattress fabrics and upholstery fabrics. The mattress fabrics segment manufacturers, sources, and sells fabrics and mattress covers to bedding manufacturers. The upholstery fabrics segment manufacturers, sources, and sells fabrics primarily to residential furniture manufacturers. | |||||||||||||
Net sales denominated in U.S. dollars accounted for 82%, 85% and 86% of total consolidated net sales in 2014, 2013, and 2012, respectively. International sales accounted for 19%, 23% and 21% of net sales in 2014, 2013, and 2012, respectively, and are summarized by geographic area as follows: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
north america (excluding USA) | $ | 15,556 | 11,900 | 10,417 | |||||||||
far east and asia | 33,487 | 43,907 | 38,279 | ||||||||||
all other areas | 6,041 | 5,806 | 5,353 | ||||||||||
$ | 55,084 | 61,613 | 54,049 | ||||||||||
The company evaluates the operating performance of its segments based upon income from operations before certain unallocated corporate expenses, and other non-recurring items. Cost of sales in both segments include costs to manufacture or source our products, including costs such as raw material and finished goods purchases, direct and indirect labor, overhead and incoming freight charges. Unallocated corporate expenses primarily represent compensation and benefits for certain executive officers and all costs related to being a public company. Segment assets include assets used in operations of each segment and primarily consist of accounts receivable, inventories, and property, plant, and equipment. The mattress fabrics segment also includes in segment assets, assets held for sale, goodwill, a non-compete agreement and customer relationships associated with an acquisition. | |||||||||||||
Statements of operations for the company’s operating segments are as follows: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
net sales: | |||||||||||||
upholstery fabrics | $ | 126,457 | 114,800 | 108,924 | |||||||||
mattress fabrics | 160,705 | 154,014 | 145,519 | ||||||||||
$ | 287,162 | 268,814 | 254,443 | ||||||||||
gross profit: | |||||||||||||
upholstery fabrics | $ | 21,429 | 19,984 | 14,984 | |||||||||
mattress fabrics | 27,477 | 29,546 | 24,825 | ||||||||||
total segment gross profit | 48,906 | 49,530 | 39,809 | ||||||||||
other non-recurring charges | - | - | -77 | -1 | |||||||||
$ | 48,906 | 49,530 | 39,732 | ||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
selling, general, and administrative expenses: | |||||||||||||
upholstery fabrics | $ | 13,393 | 13,031 | 11,453 | |||||||||
mattress fabrics | 9,962 | 9,646 | 9,061 | ||||||||||
unallocated corporate | 5,302 | 5,768 | 4,512 | ||||||||||
total selling, general, and administrative | |||||||||||||
expenses | $ | 28,657 | 28,445 | 25,026 | |||||||||
Income from operations: | |||||||||||||
upholstery fabrics | $ | 8,036 | 6,953 | 3,531 | |||||||||
mattress fabrics | 17,515 | 19,900 | 15,764 | ||||||||||
total segment income from operations | 25,551 | 26,853 | 19,295 | ||||||||||
unallocated corporate expenses | (5,302 | ) | (5,768 | ) | (4,512 | ) | |||||||
other non-recurring charges | - | - | -77 | -1 | |||||||||
total income from operations | 20,249 | 21,085 | 14,706 | ||||||||||
interest expense | (427 | ) | (632 | ) | (780 | ) | |||||||
interest income | 482 | 419 | 508 | ||||||||||
other expense | (1,261 | ) | (583 | ) | (236 | ) | |||||||
income before income taxes | $ | 19,043 | 20,289 | 14,198 | |||||||||
-1 | The $77 represents employee termination benefits associated with our Anderson, SC plant facility. This charge was recorded in cost of sales in the 2012 Consolidated Statement of Net Income and relates to the upholstery fabrics segment. | ||||||||||||
One customer within the upholstery fabrics segment represented 13% of consolidated net sales in fiscal years 2014, 2013, and 2012, respectively. Two customers within the mattress fabrics segment represented 21%, 22%, and 22% of consolidated net sales in fiscal 2014, 2013, and 2012, respectively. No customers within the upholstery fabrics segment accounted for 10% or more of net accounts receivable as of April 27, 2014 and April 28, 2013, respectively. One customer within the mattress fabrics segment accounted for 11% and 10% of net accounts receivable balance as of April 27, 2014 and April 28, 2013, respectively. | |||||||||||||
Balance sheet information for the company’s operating segments follow: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
segment assets | |||||||||||||
mattress fabrics | |||||||||||||
current assets (2) | $ | 36,229 | 33,323 | 29,909 | |||||||||
assets held for sale | - | - | 15 | ||||||||||
non-compete agreements, net | 1,041 | 185 | 333 | ||||||||||
customer relationships | 817 | - | - | ||||||||||
goodwill | 11,462 | 11,462 | 11,462 | ||||||||||
property, plant, and equipment | 29,040 | -3 | 28,578 | -4 | 29,237 | -5 | |||||||
total mattress fabrics assets | $ | 78,589 | 73,548 | 70,956 | |||||||||
upholstery fabrics | |||||||||||||
current assets (2) | $ | 31,854 | 28,487 | 31,519 | |||||||||
assets held for sale | - | - | - | ||||||||||
property, plant, and equipment | 1,573 | -6 | 1,230 | -7 | 1,124 | -8 | |||||||
total upholstery fabrics assets | $ | 33,427 | 29,717 | 32,643 | |||||||||
total segment assets | 112,016 | 103,265 | 103,599 | ||||||||||
non-segment assets | |||||||||||||
cash and cash equivalents | 29,303 | 23,530 | 25,023 | ||||||||||
short-term investments | 6,294 | 5,286 | 5,941 | ||||||||||
income taxes receivable | 121 | 318 | - | ||||||||||
deferred income taxes | 8,270 | 8,462 | 5,672 | ||||||||||
other current assets | 2,344 | 2,093 | 1,989 | ||||||||||
property, plant, and equipment | 763 | -9 | 786 | -9 | 918 | -9 | |||||||
long-term investments | 765 | - | - | ||||||||||
other assets | 1,059 | 966 | 1,574 | ||||||||||
total assets | $ | 160,935 | 144,706 | 144,716 | |||||||||
capital expenditures (10): | |||||||||||||
mattress fabrics | $ | 4,380 | 3,805 | 4,875 | |||||||||
upholstery fabrics | 827 | 425 | 512 | ||||||||||
unallocated corporate | 103 | 227 | 532 | ||||||||||
$ | 5,310 | 4,457 | 5,919 | ||||||||||
depreciation expense | |||||||||||||
mattress fabrics | $ | 4,694 | 4,487 | 4,275 | |||||||||
upholstery fabrics | 618 | 628 | 590 | ||||||||||
total segment depreciation expense | $ | 5,312 | 5,115 | 4,865 | |||||||||
-2 | Current assets represent accounts receivable and inventory. | ||||||||||||
-3 | The $29.0 million at April 27, 2014, represents property, plant, and equipment located in the U.S. of $20.6 million and located in Canada of $8.4 million. | ||||||||||||
-4 | The $28.6 million at April 28, 2013, represents property, plant, and equipment located in the U.S. of $20.4 million and located in Canada of $8.2 million. | ||||||||||||
-5 | The $29.2 million at April 29, 2012, represents property, plant, and equipment located in the U.S. of $21.2 million and located in Canada of $8.0 million. | ||||||||||||
-6 | The $1.6 million at April 27, 2014, represents property, plant, and equipment located in the U.S. of $957, located in China of $572, and located in Poland of $44. | ||||||||||||
-7 | The $1.2 million at April 28, 2013, represents property, plant, and equipment located in the U.S. of $908, located in China of $265, and located in Poland of $57. | ||||||||||||
-8 | The $1.1 million at April 29, 2012, represents property, plant, and equipment located in the U.S. of $837, China of $183, and located in Poland of $104. | ||||||||||||
-9 | The $763, $786, and $918 balance at April 27, 2014, April 28, 2013, and April 29, 2012, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress and upholstery fabric segments. | ||||||||||||
-10 | Capital expenditure amounts are stated on an accrual basis. See Consolidated Statement of Cash Flows for capital expenditure amounts on a cash basis. | ||||||||||||
STATUTORY_RESERVES
STATUTORY RESERVES | 12 Months Ended |
Apr. 27, 2014 | |
Text Block [Abstract] | ' |
STATUTORY RESERVES | ' |
17. STATUTORY RESERVES | |
The company’s subsidiaries located in China are required to transfer 10% of their net income, as determined in accordance with the People’s Republic of China (PRC) accounting rules and regulations, to a statutory surplus reserve fund until such reserve balance reaches 50% of the company’s registered capital. | |
The transfer to this reserve must be made before distributions of any dividend to shareholders. As of April 27, 2014, the company’s statutory surplus reserve was $4.7 million, representing 10% of accumulated earnings and profits determined in accordance with PRC accounting rules and regulations. The surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years’ losses, if any, and may be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the par value of the shares currently held by them provided that the remaining reserve balance after such issue is not less than 25% of the registered capital. | |
The company’s subsidiaries located in China can transfer funds to the parent company with the exception of the statutory surplus reserve of $4.7 million to assist with debt repayment, capital expenditures, and other expenses of the company’s business. |
COMMON_STOCK_REPURCHASE_PROGRA
COMMON STOCK REPURCHASE PROGRAM | 12 Months Ended |
Apr. 27, 2014 | |
Text Block [Abstract] | ' |
COMMON STOCK REPURCHASE PROGRAM | ' |
18. COMMON STOCK REPURCHASE PROGRAM | |
Fiscal 2012 | |
On June 16, 2011, our board of directors authorized the expenditure of up to $5.0 million for the repurchase of shares of our common stock. On August 29, 2011, our board of directors authorized the expenditure of an additional $2.0 million for a total authorization of $7.0 million, for the repurchase of shares of our common stock. | |
During fiscal 2012, we purchased 624,127 shares of our common stock at a cost of $5.4 million. | |
Fiscal 2013 | |
On June 13, 2012, we announced that our board of directors approved a new authorization for us to acquire up to $5.0 million of our common stock. This action replaced prior authorizations to acquire up to $7.0 million of our common stock in fiscal 2012, of which $5.4 million had been used during fiscal 2012. During fiscal 2013, we purchased 502,595 shares of common stock at a cost of $5.0 million, and as a result, we reached the $5.0 million limit that was authorized on June 13, 2012. | |
On August 29, 2012, we announced that our board of directors approved a new authorization for us to acquire up to $2.0 million of our common stock. As of April 28, 2013, there were no repurchases of common stock on the $2.0 million limit that was authorized on August 29, 2012. | |
Fiscal 2014 | |
On February 25, 2014, we announced that our board of directors approved an increase to $5.0 million in the authorization for us to acquire our common stock, an increase from the $2.0 million authorization that was approved by our board of directors on August 29, 2012. | |
During fiscal 2014, there were no repurchases of our common stock. Subsequent to our fiscal 2014 year-end, we purchased 22,101 shares of our common stock at a cost of $381,000 against the $5.0 million that was authorized on February 25, 2014. | |
Under the common stock repurchase program, shares may be purchased from time to time in open market transactions, block trades, through plans established under the Securities Exchange Act Rule 10b5-1, or otherwise. The amount of shares purchased and the timing of such purchases will be based on working capital requirements, market and general business conditions, and other factors including alternative investment opportunities. | |
DIVIDEND_PROGRAM
DIVIDEND PROGRAM | 12 Months Ended |
Apr. 27, 2014 | |
Text Block [Abstract] | ' |
DIVIDEND PROGRAM | ' |
19. DIVIDEND PROGRAM | |
Fiscal 2013 | |
On June 13, 2012, we announced that our board of directors approved the payment of a cash dividend of $0.03 per share in the first quarter of fiscal 2013. These dividend payments of $0.03 per share continued each quarter for the remainder of fiscal 2013. On November 27, 2012, we announced that our board of directors approved the payment of a special cash dividend of $0.50 per share, which was paid on December 28, 2012. | |
During fiscal 2013, dividend payments totaled $7.6 million, of which $6.1 million represented the special cash dividend payment of $0.50 per share, and $1.5 million represented the quarterly dividend payments of $0.03 per share, respectively. | |
Fiscal 2014 | |
One June 12, 2013, we announced that our board of directors approved a 33% increase in payment of a quarterly cash dividend from $0.03 to $0.04 per share, commencing the first quarter of fiscal 2014. A dividend payment of $0.04 per share was paid in the second quarter of fiscal 2014. On November 25, 2013, we announced that our board of directors approved a 25% increase in payment of a quarterly cash dividend from $0.04 to $0.05 per share, commencing in the third quarter of fiscal 2014. A dividend payment of $0.05 per share was paid in the fourth quarter of fiscal 2014. | |
During fiscal 2014, dividend payments totaled $2.2 million. | |
Fiscal 2015 | |
On June 12, 2014, we announced that our board of directors approved the payments of a special cash dividend of $0.40 per share and a quarterly cash dividend of $0.05 per share. These dividend payments are payable on July 15, 2014, to shareholders of record on July 1, 2014. | |
Future dividend payments are subject to Board approval and may be adjusted at the Board’s discretion as business needs or market conditions change. |
SELECTED_QUARTERLY_DATA_UNAUDI
SELECTED QUARTERLY DATA (UNAUDITED) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Apr. 27, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
SELECTED QUARTERLY DATA (UNAUDITED) | ' | ||||||||||||||||||||||||||||||||
SELECTED QUARTERLY DATA (UNAUDITED) | |||||||||||||||||||||||||||||||||
fiscal | fiscal | fiscal | fiscal | fiscal | fiscal | fiscal | fiscal | ||||||||||||||||||||||||||
2014 | 2014 | 2014 | 2014 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||||||||||||
(amounts in thousands except per share, ratios & other, stock data) | 4th quarter | 3rd quarter | 2nd quarter | 1st quarter | 4th quarter | 3rd quarter | 2nd quarter | 1st quarter | |||||||||||||||||||||||||
INCOME STATEMENT DATA | |||||||||||||||||||||||||||||||||
net sales | $ | 74,043 | 72,389 | 70,589 | 70,141 | 70,375 | 63,695 | 65,560 | 69,184 | ||||||||||||||||||||||||
cost of sales | 62,282 | 60,552 | 58,354 | 57,067 | 57,527 | 52,010 | 53,683 | 56,064 | |||||||||||||||||||||||||
gross profit | 11,761 | 11,837 | 12,235 | 13,074 | 12,848 | 11,685 | 11,877 | 13,120 | |||||||||||||||||||||||||
selling, general and administrative expenses | 7,317 | 7,041 | 7,200 | 7,100 | 6,772 | 6,822 | 7,209 | 7,641 | |||||||||||||||||||||||||
income from operations | 4,444 | 4,796 | 5,035 | 5,974 | 6,076 | 4,863 | 4,668 | 5,479 | |||||||||||||||||||||||||
interest expense | 97 | 91 | 99 | 140 | 140 | 145 | 156 | 190 | |||||||||||||||||||||||||
interest income | (139 | ) | (148 | ) | (102 | ) | (92 | ) | (90 | ) | (105 | ) | (96 | ) | (127 | ) | |||||||||||||||||
other expense | 366 | 279 | 224 | 391 | 163 | 300 | 76 | 44 | |||||||||||||||||||||||||
income before income taxes | 4,120 | 4,574 | 4,814 | 5,535 | 5,863 | 4,523 | 4,532 | 5,372 | |||||||||||||||||||||||||
income taxes | 1,380 | (3,807 | ) | 1,718 | 2,305 | 2,161 | 1,700 | (3,736 | ) | 1,848 | |||||||||||||||||||||||
net income | $ | 2,740 | 8,381 | 3,096 | 3,230 | 3,702 | 2,823 | 8,268 | 3,524 | ||||||||||||||||||||||||
depreciation | $ | 1,348 | 1,329 | 1,331 | 1,305 | 1,297 | 1,279 | 1,285 | 1,254 | ||||||||||||||||||||||||
weighted average shares outstanding | 12,188 | 12,188 | 12,183 | 12,148 | 12,102 | 12,095 | 12,191 | 12,551 | |||||||||||||||||||||||||
weighted average shares outstanding, | |||||||||||||||||||||||||||||||||
assuming dilution | 12,413 | 12,405 | 12,389 | 12,366 | 12,323 | 12,290 | 12,348 | 12,711 | |||||||||||||||||||||||||
PER SHARE DATA | |||||||||||||||||||||||||||||||||
net income per share - basic | $ | 0.22 | 0.69 | 0.25 | 0.27 | 0.31 | 0.23 | 0.68 | 0.28 | ||||||||||||||||||||||||
net income per share - diluted | 0.22 | 0.68 | 0.25 | 0.26 | 0.3 | 0.23 | 0.67 | 0.28 | |||||||||||||||||||||||||
book value | 9.12 | 8.93 | 8.29 | 8.05 | 7.82 | 7.52 | 7.81 | 7.26 | |||||||||||||||||||||||||
BALANCE SHEET DATA | |||||||||||||||||||||||||||||||||
operating working capital (3) | $ | 41,120 | 44,657 | 41,210 | 38,442 | 39,228 | 40,214 | 35,616 | 36,637 | ||||||||||||||||||||||||
property, plant and equipment, net | 31,376 | 30,115 | 30,559 | 30,808 | 30,594 | 30,055 | 30,621 | 31,016 | |||||||||||||||||||||||||
total assets | 160,935 | 156,678 | 156,242 | 151,101 | 144,706 | 143,797 | 142,443 | 143,160 | |||||||||||||||||||||||||
capital expenditures | 2,643 | 927 | 1,082 | 658 | 1,863 | 713 | 890 | 991 | |||||||||||||||||||||||||
long-term debt, current maturities of long-term debt, and line of credit (1) | 4,986 | 4,973 | 4,985 | 7,160 | 7,161 | 7,342 | 7,692 | 9,900 | |||||||||||||||||||||||||
shareholders' equity | 111,744 | 109,443 | 101,515 | 98,585 | 95,583 | 91,966 | 95,388 | 91,831 | |||||||||||||||||||||||||
capital employed (2) | 77,394 | 80,344 | 77,068 | 78,289 | 72,699 | 71,758 | 70,596 | 75,177 | |||||||||||||||||||||||||
RATIOS & OTHER DATA | |||||||||||||||||||||||||||||||||
gross profit margin | 15.9 | % | 16.4 | % | 17.3 | % | 18.6 | % | 18.3 | % | 18.3 | % | 18.1 | % | 19 | % | |||||||||||||||||
operating income margin | 6 | 6.6 | 7.1 | 8.5 | 8.6 | 7.6 | 7.1 | 7.9 | |||||||||||||||||||||||||
net income margin | 3.7 | 11.6 | 4.4 | 4.6 | 5.3 | 4.4 | 12.6 | 5.1 | |||||||||||||||||||||||||
effective income tax rate | 33.5 | (83.2 | ) | 35.7 | 41.6 | 36.9 | 37.6 | (82.4 | ) | 34.4 | |||||||||||||||||||||||
Debt-to-total capital employed ratio (1) | 6.4 | 6.2 | 6.5 | 9.1 | 9.9 | 10.2 | 10.9 | 13.2 | |||||||||||||||||||||||||
operating working capital turnover (3) | 7 | 7 | 7.1 | 7.1 | 7.4 | 7.9 | 8.3 | 8.5 | |||||||||||||||||||||||||
days sales in receivables | 34 | 31 | 32 | 29 | 30 | 32 | 29 | 24 | |||||||||||||||||||||||||
inventory turnover | 6.1 | 5.4 | 5.4 | 5.6 | 6 | 5.3 | 5.5 | 5.2 | |||||||||||||||||||||||||
STOCK DATA | |||||||||||||||||||||||||||||||||
stock price | |||||||||||||||||||||||||||||||||
high | $ | 21.1 | 20.75 | 19.82 | 19.56 | 18.15 | 16.82 | 12.35 | 11.99 | ||||||||||||||||||||||||
low | 17.61 | 18.37 | 17.6 | 14.93 | 14.76 | 12 | 9.75 | 9 | |||||||||||||||||||||||||
close | 18.61 | 20.05 | 19.8 | 19.36 | 16.25 | 16.7 | 12.28 | 10.15 | |||||||||||||||||||||||||
daily average trading volume (shares) | 27.1 | 26.9 | 21.2 | 34.7 | 51.9 | 43.4 | 29.9 | 38.6 | |||||||||||||||||||||||||
-1 | Debt includes long-term debt, current maturities of long-term debt, and line of credit. | ||||||||||||||||||||||||||||||||
-2 | Capital employed represents long-term and current maturities of long-term debt, lines of credit, current and noncurrent deferred income tax liabilities, current and long-term income taxes payable, stockholders' equity, offset by cash and cash equivalents, short-term and long-term investments, current and noncurrent deferred income tax assets, and income taxes receivable. | ||||||||||||||||||||||||||||||||
-3 | Operating working capital for this calculation is accounts receivable and inventories, offset by accounts payable-trade and capital expenditures |
GENERAL_AND_SUMMARY_OF_SIGNIFI1
GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Apr. 27, 2014 | |
Description of Business | ' |
Description of Business – Our operations are classified into two business segments: mattress fabrics and upholstery fabrics. The mattress fabrics segment manufacturers, sources, and sells fabrics and mattress covers to bedding manufacturers. The upholstery fabrics segment sources, manufacturers, and sells fabrics primarily to residential furniture manufacturers. The majority of our revenues are derived in North America. The company has mattress fabric operations located in Stokesdale, NC, High Point, NC, and Quebec, Canada. The company has upholstery fabric operations located in Shanghai, China, Poznan, Poland, Burlington, NC and Anderson, SC. | |
Basis of Presentation | ' |
Basis of Presentation – The consolidated financial statements of the company have been prepared in accordance with U.S. generally accepted accounting principles. | |
Principles of Consolidation | ' |
Principles of Consolidation – The consolidated financial statements include the accounts of the company and its subsidiaries, which are wholly-owned. All significant intercompany balances and transactions have been eliminated in consolidation. The accounts of our subsidiaries located in Shanghai, China and Poznan, Poland are consolidated as of April 30, a calendar month end, which is required by the Chinese and Polish governments, respectively. No events occurred related to the difference between our fiscal year end on the Sunday closest to April 30 and our China and Polish subsidiaries year end of April 30 that materially affected the company’s financial position, results of operations, or cash flows for fiscal years 2014, 2013, and 2012. | |
Fiscal Year | ' |
Fiscal Year – Our fiscal year is the 52 or 53 week period ending on the Sunday closest to April 30. Fiscal 2014, 2013 and 2012 each included 52 weeks. | |
Use of Estimates | ' |
Use of Estimates – The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents – Cash and cash equivalents include demand deposit and money market accounts. We consider all highly liquid instruments with original maturities of three months or less to be cash equivalents. Our Chinese subsidiaries had cash and cash equivalents of $15.3 million and $10.2 million at April 27, 2014 and April 28, 2013, respectively. Our Canadian subsidiary had cash and cash equivalents of $9.1 million and $5.0 million at April 27, 2014 and April 28, 2013, respectively. Our Polish subsidiary had cash and cash equivalents of $162,000 and $100,000 at April 27, 2014 and April 28, 2013, respectively. | |
Throughout the year, we have cash balances regarding our U.S. operations in excess of federally insured amounts on deposit with a financial institution. We have not experienced any losses in such accounts. Management believes we are not exposed to any significant credit risk related to cash and cash equivalents. | |
Accounts Receivable | ' |
Accounts Receivable – Substantially all of our accounts receivable are due from manufacturers in the bedding and furniture industries. We grant credit to customers, a substantial number of which are located in North America and generally do not require collateral. We record an allowance for doubtful accounts that reflects estimates of probable credit losses. Management continuously performs credit evaluations of our customers, considering numerous inputs including financial position, past payment history, cash flows, management ability, historical loss experience and economic conditions and prospects. We do not have any off-balance sheet credit exposure related to our customers. | |
Inventories | ' |
Inventories – We account for inventories at the lower of first-in, first-out (FIFO) cost or market. Management continually examines inventory to determine if there are indicators that the carrying value exceeds its net realizable value. Experience has shown that the most significant indicators of the need for inventory markdowns are the age of the inventory and the planned discontinuance of certain patterns. As a result, we provide inventory valuation write-downs based upon established percentages based on the age of the inventory that are continually evaluated as events and market conditions require. Our inventory aging categories are six, nine, twelve, and fifteen months. We also provide inventory valuation write-downs based on the planned discontinuance of certain products based on the current market values at that time as compared to their current carrying values. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment – Property, plant and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Major renewals and betterments are capitalized. Maintenance, repairs and minor renewals are expensed as incurred. When properties or equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts. Amounts received on disposal less the book value of assets sold are charged or credited to income from operations. | |
Management reviews long-lived assets, which consist principally of property, plant and equipment, for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recovered. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of the asset to future net undiscounted cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, the related cost and accumulated depreciation are removed from the accounts and an impairment charge is recognized for the excess of the carrying amount over the fair value of the asset. After the impairment loss is recognized, the adjusted carrying amount is the new accounting basis. Assets to be disposed of by sale are reported at the lower of the carrying value or fair value less cost to sell when the company has committed to a disposal plan, and are reported separately as assets held for sale in the consolidated balance sheets. | |
No interest costs were capitalized for the construction of qualifying fixed assets for fiscal years 2014, 2013 and 2012. | |
Foreign Operations | ' |
Foreign Operations – Our future operations and earnings will be significantly impacted by the results of our operations in China and Canada. There can be no assurance that we will be able to successfully conduct such operations, and a failure to do so could have a material adverse effect on our financial position, results of operations, and cash flows. Also, the success of our operations will be subject to numerous contingencies, some of which may be beyond management’s control. These contingencies include general and regional economic conditions, prices for the company’s products, competition, changes in regulation, and various additional political, economic, governmental, and other uncertainties. Among other risks, our operations will be subject to the risks of restrictions on transfer of funds, export duties, quotas and embargoes, domestic and international customs and tariffs, changing taxation policies, and foreign exchange rate fluctuations and restrictions. | |
Foreign Currency Adjustments | ' |
Foreign Currency Adjustments – The United States dollar is the functional currency for the company’s Canadian, Chinese, and Polish subsidiaries. All monetary foreign currency asset and liability accounts are remeasured into U.S. dollars at year-end exchange rates. Non-monetary asset and liabilities such as property, plant, and equipment are recorded at historical exchange rates. Foreign currency revenues and expenses are remeasured at average exchange rates in effect during the year, except for certain expenses related to balance sheet amounts remeasured at historical exchange rates. Exchange gains and losses from remeasurement of foreign currency denominated monetary assets and liabilities are recorded in the other expense, net line item in the Consolidated Statements of Income in the period in which they occur. | |
Our Canadian subsidiary reported a foreign currency exchange loss of $44,000, $10,000, and $19,000 for fiscal years 2014, 2013, and 2012, respectively. Our Chinese subsidiaries reported a foreign currency exchange loss of $571,000 and $158,000 for fiscal years 2014 and 2013, respectively. Our Chinese subsidiaries reported a foreign exchange gain of $320,000 in fiscal year 2012. Our Polish subsidiary reported a foreign exchange loss of $50,000, $40,000 and $145,000 in fiscal years 2014, 2013 and 2012, respectively. | |
Goodwill | ' |
Goodwill – Management assesses goodwill for impairment at the end of each fiscal year or between annual tests if an event that occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying values. In accordance with ASU No. 2011-08, Intangibles-Goodwill and Other (ASC Topic 350), we performed our annual impairment test on a qualitative basis. Based on our qualitative assessments as of April 27, 2014 and April 28, 2013, we determined that our goodwill was not impaired using a more likely than not standard. | |
Our goodwill of $11.5 million at April 27, 2014 and April 28, 2013, respectively, relates to our mattress fabrics segment. | |
Income Taxes | ' |
Income Taxes – Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for temporary differences between the financial statement carrying amounts and the tax bases of our assets and liabilities and operating loss and tax credit carryforwards at income tax rates expected to be in effect when such amounts are realized or settled. The effect on deferred income taxes of a change in tax rates is recognized in income (loss) in the period that includes the enactment date. | |
Revenue Recognition | ' |
Revenue Recognition – Revenue is recognized upon shipment, when title and risk of loss pass to the customer. Provision is currently made for estimated product returns, claims and allowances. Management considers historical claims and return experience, among other things, when establishing the allowance for returns and allowances. | |
Shipping and Handling Costs | ' |
Shipping and Handling Costs – Revenue received for shipping and handling costs, which is immaterial for all periods presented, is included in net sales. Shipping costs, principally freight, that comprise payments to third-party shippers are classified as cost of sales. Handling costs represent finished goods warehousing costs incurred to store, move, and prepare products for shipment in the company’s various distribution facilities. Handling costs were $3.5 million, $3.2 million and $2.6 million in fiscal 2014, 2013, and 2012, respectively, and are included in selling, general and administrative expenses. | |
Sales and Other Taxes | ' |
Sales and Other Taxes – Sales and other taxes collected from customers and remitted to governmental authorities are presented on a net basis and, as such, are excluded from revenues. | |
Stock-Based Compensation | ' |
Stock-Based Compensation – Our equity incentive plans are described more fully in Note 12. ASC 718, “Compensation – Stock Compensation” (formerly known as SFAS No. 123(R)), requires that all stock-based compensation be recognized as compensation expense in the financial statements and that such cost be measured at the grant date for awards issued to employees and the company’s board of directors. Equity awards issued to non-employees are measured at the earlier date of when the performance criteria are met or the end of each reporting period. Compensation expense for unvested stock options and time vested restricted stock awards are amortized on a straight-line basis over the remaining vesting periods. Compensation expense for performance based restricted stock units were recorded based on an assessment each reporting period of the probability if certain performance goals were to be met during the contingent vesting period. If performance goals were not probable of occurrence, no compensation expense was recognized and any previously recognized compensation cost was reversed. Excess tax benefits related to our equity incentive plans are reflected as financing cash inflows on the Statement of Cash Flows. We have elected to record the additional excess tax benefits associated with our equity incentive awards as a reduction in current income tax payable prior to utilizing any net operating loss carryforwards. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments – The accompanying consolidated financial statements include certain financial instruments, and the fair market value of such instruments may differ from amounts reflected on a historical basis. These financial instruments include our long-term debt and short-term and long-term investments. The fair value measurement of these financial instruments are described more fully in Note 13. | |
The carrying amount of cash and cash equivalents, short-term investments, accounts receivable, other current assets, line of credit, accounts payable and accrued expenses approximates fair value because of the short maturity of these financial instruments. | |
Recently Adopted and Issued Accounting Pronouncements | ' |
Recently Adopted Accounting Pronouncements | |
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update which requires an unrecognized tax benefit to be presented as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward that the entity intends to use and is available for settlement at the reporting date. This update did not have an impact on our financial position, results of operations, or cash flows. | |
Recently Issued Accounting Pronouncements | |
In May 2014, FASB issued accounting guidance on revenue recognition. The amended guidance will enhance the comparability of revenue recognition practices and will be applied to all contracts with customers. Improved disclosures related to the nature, amount, timing, and uncertainty of revenue that is recognized are requirements under the amended guidance. This guidance will be effective for fiscal 2018 and will be required to be applied retrospectively. We are currently assessing the impact that this guidance will have on our consolidated financial statements at this time. | |
Short-Term Investments [Member] | ' |
Investments | ' |
Short-Term Investments – Our short-term investments consist of bond funds that are classified as available-for-sale. Our short term investments had an accumulated unrealized loss totaling $60,000 at April 27, 2014 and an accumulated unrealized gain totaling $54,000 at April 28, 2013. Our short-term investments were recorded at its fair value of $6.3 million and $5.3 million at April 27, 2014 and April 28, 2013, respectively. The fair value of our short-term investments approximates its cost basis. | |
Our Canadian subsidiary had short-term investments of $5.3 million and $4.2 million at April 27, 2014 and April 28, 2013, respectively. Our U.S. operations held short-term investments of $1.0 million at April 27, 2014 and April 28, 2013, respectively. Our Chinese and Polish subsidiaries did not hold any short-term investments at April 27, 2014 and April 28, 2013, respectively. | |
Long-Term Investments [Member] | ' |
Investments | ' |
Long-Term Investments – Effective January 1, 2014, we established a Rabbi Trust to set aside funds for participants of our deferred compensation plan (the “Plan”) and enable the participants to credit their contributions to various investment options of the Plan. The investments associated with the Rabbi Trust consist of investments in a money market fund and various mutual funds that are classified as available for sale. Our long-term investments were recorded at its fair value of $765,000 at April 27, 2014. The fair value of long-term investments approximates its cost basis. |
BUSINESS_COMBINATIONS_MATTRESS1
BUSINESS COMBINATIONS - MATTRESS FABRIC SEGMENT (Tables) | 12 Months Ended | ||||||||
Apr. 27, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Schedule of Allocation of Acquisition Cost to Assets Acquired Based on Fair Values | ' | ||||||||
The following table presents the allocation of the acquisition cost to the assets acquired based on their fair values: | |||||||||
(dollars in thousands) | Fair Value | ||||||||
Equipment (Note 13) | $ | 890 | |||||||
Non-compete agreement (Notes 7 and 13) | 882 | ||||||||
Customer relationships (Notes 7 and 13) | 868 | ||||||||
$ | 2,640 | ||||||||
Schedule of Unaudited Pro Forma Consolidated Results of Operations | ' | ||||||||
The following unaudited pro forma consolidated results of operations for the years ending April 27, 2014 and April 28, 2013 have been prepared as if the acquisition of Bodet & Horst had occurred on April 30, 2012: | |||||||||
Years ended | |||||||||
(Unaudited) | |||||||||
(dollars in thousands) | 27-Apr-14 | 28-Apr-13 | |||||||
Net Sales | $ | 287,162 | $ | 278,681 | |||||
Income from operations | 20,249 | 21,048 | |||||||
Net income | 17,447 | 18,208 | |||||||
Net income per share, basic | 1.43 | 1.49 | |||||||
Net income per share, diluted | 1.41 | 1.46 |
ACCOUNTS_RECEIVABLE_Tables
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended | ||||||||||||
Apr. 27, 2014 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Summary of Accounts Receivable | ' | ||||||||||||
A summary of accounts receivable follows: | |||||||||||||
April 27, | April 28, | ||||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||||
customers | $ | 28,461 | 24,715 | ||||||||||
allowance for doubtful accounts | (573 | ) | (780 | ) | |||||||||
reserve for returns and allowances and discounts | (479 | ) | (543 | ) | |||||||||
$ | 27,409 | 23,392 | |||||||||||
Summary of the Activity in the Allowance for Doubtful Accounts | ' | ||||||||||||
A summary of the activity in the allowance for doubtful accounts follows: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
beginning balance | $ | (780 | ) | (567 | ) | (776 | ) | ||||||
provision for bad debts | 139 | (283 | ) | (67 | ) | ||||||||
write-offs, net of recoveries | 68 | 70 | 276 | ||||||||||
ending balance | $ | (573 | ) | (780 | ) | (567 | ) | ||||||
Summary of the Activity in the Allowance for Returns and Allowances and Discounts Accounts | ' | ||||||||||||
A summary of the activity in the allowance for returns and allowances and discounts follows: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
beginning balance | $ | (543 | ) | (478 | ) | (577 | ) | ||||||
provision for returns and allowances | (2,094 | ) | (2,454 | ) | (2,694 | ) | |||||||
and discounts | |||||||||||||
credits issued | 2,158 | 2,389 | 2,793 | ||||||||||
ending balance | $ | (479 | ) | (543 | ) | (478 | ) |
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | ||||||||
Apr. 27, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summary of Inventories | ' | ||||||||
A summary of inventories follows: | |||||||||
April 27, | April 28, | ||||||||
(dollars in thousands) | 2014 | 2013 | |||||||
raw materials | $ | 6,707 | 5,311 | ||||||
work-in-process | 2,263 | 2,539 | |||||||
finished goods | 31,704 | 30,568 | |||||||
$ | 40,674 | 38,418 |
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended | |||||||||||
Apr. 27, 2014 | ||||||||||||
Property Plant And Equipment [Abstract] | ' | |||||||||||
Summary of Property, Plant, and Equipment | ' | |||||||||||
A summary of property, plant and equipment follows: | ||||||||||||
depreciable lives | April 27, | April 28, | ||||||||||
(dollars in thousands) | (in years) | 2014 | 2013 | |||||||||
land and improvements | 0-10 | $ | 741 | 741 | ||||||||
buildings and improvements | Jul-40 | 12,983 | 12,812 | |||||||||
leasehold improvements | ** | 1,281 | 801 | |||||||||
machinery and equipment | 12-Mar | 51,605 | 53,608 | |||||||||
office furniture and equipment | 10-Mar | 6,865 | 6,587 | |||||||||
capital projects in progress | 3,941 | 1,733 | ||||||||||
77,416 | 76,282 | |||||||||||
accumulated depreciation and amortization | (46,040 | ) | (45,688 | ) | ||||||||
$ | 31,376 | 30,594 | ||||||||||
** Shorter of life of lease or useful life. |
GOODWILL_Tables
GOODWILL (Tables) | 12 Months Ended | ||||||||||||
Apr. 27, 2014 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Summary of Change in Carrying Amount of Goodwill | ' | ||||||||||||
A summary of the change in the carrying amount of goodwill follows: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
beginning balance | $ | 11,462 | 11,462 | 11,462 | |||||||||
loss on impairment | - | - | - | ||||||||||
acquisitions | - | - | - | ||||||||||
ending balance | $ | 11,462 | 11,462 | 11,462 |
OTHER_ASSETS_Tables
OTHER ASSETS (Tables) | 12 Months Ended | ||||||||
Apr. 27, 2014 | |||||||||
Text Block [Abstract] | ' | ||||||||
Summary of Other Assets | ' | ||||||||
A summary of other assets follows: | |||||||||
April 27, | April 28, | ||||||||
(dollars in thousands) | 2014 | 2013 | |||||||
cash surrender value - life insurance | $ | 644 | 625 | ||||||
non-compete agreement, net | 1,041 | 185 | |||||||
customer relationships, net | 817 | - | |||||||
other | 415 | 341 | |||||||
$ | 2,917 | 1,151 |
ACCRUED_EXPENSES_Tables
ACCRUED EXPENSES (Tables) | 12 Months Ended | ||||||||
Apr. 27, 2014 | |||||||||
Text Block [Abstract] | ' | ||||||||
Summary of Accrued Expenses | ' | ||||||||
A summary of accrued expenses follows: | |||||||||
April 27, | April 28, | ||||||||
(dollars in thousands) | 2014 | 2013 | |||||||
compensation, commissions and related benefits | $ | 7,388 | 9,831 | ||||||
interest | 71 | 111 | |||||||
other | 1,722 | 1,887 | |||||||
$ | 9,181 | 11,829 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Apr. 27, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Allocation of Income Tax Expense | ' | ||||||||||||
Total income tax expense was allocated as follows: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
income from operations | $ | 1,596 | 1,972 | 902 | |||||||||
shareholders' equity, related to | |||||||||||||
the tax benefit arising from stock | |||||||||||||
based compensation | (143 | ) | (76 | ) | (64 | ) | |||||||
$ | 1,453 | 1,896 | 838 | ||||||||||
Schedule of Income Tax Expense Attributable to Income from Operations | ' | ||||||||||||
Income tax expense attributable to income from operations consists of: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
current | |||||||||||||
federal | $ | - | - | 79 | |||||||||
state | - | 19 | - | ||||||||||
foreign | 3,323 | 2,297 | 2,505 | ||||||||||
3,323 | 2,316 | 2,584 | |||||||||||
deferred | |||||||||||||
federal | 1,065 | 192 | 727 | ||||||||||
state | 416 | 14 | 55 | ||||||||||
undistributed earnings - foreign subsidiaries | (5,018 | ) | 7,011 | - | |||||||||
U.S. operating loss carryforwards | 1,838 | 3,665 | 1,102 | ||||||||||
foreign | (42 | ) | 608 | 143 | |||||||||
valuation allowance | 14 | (11,834 | ) | (3,709 | ) | ||||||||
(1,727 | ) | (344 | ) | (1,682 | ) | ||||||||
$ | 1,596 | 1,972 | 902 | ||||||||||
Schedule of Income (Loss) before Income Taxes related to Foreign and U.S. Operations | ' | ||||||||||||
Income (loss) before income taxes related to the company’s foreign and U.S. operations consists of: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Foreign | |||||||||||||
China | $ | 11,512 | 10,593 | 9,130 | |||||||||
Canada | 2,149 | 2,075 | 2,098 | ||||||||||
Poland | (370 | ) | (630 | ) | (714 | ) | |||||||
Total Foreign | 13,291 | 12,038 | 10,514 | ||||||||||
United States | 5,752 | 8,251 | 3,684 | ||||||||||
$ | 19,043 | 20,289 | 14,198 | ||||||||||
Summary of Differences in Income Tax Expense at Federal Income Tax Rate and Effective Income Tax Rate | ' | ||||||||||||
The following schedule summarizes the principal differences between the income tax expense at the federal income tax rate and the effective income tax rate reflected in the consolidated financial statements: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
federal income tax rate | 34 | % | 34 | % | 34 | % | |||||||
foreign tax rate differential | (7.2 | ) | (6.7 | ) | (8.8 | ) | |||||||
increase in tax reserves | 4.3 | 4 | 6.1 | ||||||||||
undistributed earnings from foreign subsidiaries | (26.3 | ) | 34.6 | - | |||||||||
change in valuation allowance | 0.1 | (58.3 | ) | (26.1 | ) | ||||||||
other | 3.5 | 2.1 | 1.2 | ||||||||||
8.4 | % | 9.7 | % | 6.4 | % | ||||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities consist of the following: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||||
deferred tax assets: | |||||||||||||
accounts receivable | $ | 274 | 376 | ||||||||||
inventories | 1,801 | 1,689 | |||||||||||
compensation | 3,200 | 3,049 | |||||||||||
liabilities and other | 1,109 | 700 | |||||||||||
alternative minimum tax credit | 1,320 | 1,320 | |||||||||||
property, plant and equipment (1) | 572 | 758 | |||||||||||
loss carryforwards - U.S. | 17,161 | 19,842 | |||||||||||
loss carryforwards - foreign | 311 | 241 | |||||||||||
unrecognized tax benefits - U.S. | (9,778 | ) | (8,976 | ) | |||||||||
valuation allowances | (977 | ) | (963 | ) | |||||||||
total deferred tax assets | 14,993 | 18,036 | |||||||||||
deferred tax liabilities: | |||||||||||||
undistributed earnings on foreign subsidiaries | (1,993 | ) | (7,011 | ) | |||||||||
property, plant and equipment (2) | (4,581 | ) | (4,653 | ) | |||||||||
goodwill | (1,028 | ) | (849 | ) | |||||||||
other | (134 | ) | (136 | ) | |||||||||
total deferred tax liabilities | (7,736 | ) | (12,649 | ) | |||||||||
Net deferred tax asset | $ | 7,257 | 5,387 | ||||||||||
-1 | Pertains to the company’s operations located in China. | ||||||||||||
-2 | Pertains to the company’s operations located in the U.S. and Canada. | ||||||||||||
Schedule of Unrecognized Tax Benefit | ' | ||||||||||||
The following table sets forth the change in the company’s unrecognized tax benefit: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
beginning balance | $ | 13,166 | 12,462 | 11,739 | |||||||||
increases from prior period tax positions | 756 | 812 | 852 | ||||||||||
decreases from prior period tax positions | (182 | ) | (108 | ) | (129 | ) | |||||||
increases from current period tax positions | - | - | - | ||||||||||
ending balance | $ | 13,740 | 13,166 | 12,462 |
LONGTERM_DEBT_AND_LINES_OF_CRE1
LONG-TERM DEBT AND LINES OF CREDIT (Tables) | 12 Months Ended | ||||||||
Apr. 27, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Long-Term Debt | ' | ||||||||
A summary of long-term debt follows: | |||||||||
April 27, | April 28, | ||||||||
(dollars in thousands) | 2014 | 2013 | |||||||
unsecured senior term notes | $ | 4,400 | 6,600 | ||||||
current maturities of long-term debt | (2,200 | ) | (2,200 | ) | |||||
long-term debt, less current maturities | $ | 2,200 | 4,400 |
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Apr. 27, 2014 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Share-Based Payment Award Stock Options Valuation Assumptions | ' | ||||||||||||||||||||||||
The fair value of stock options granted to an outside director at each grant date during fiscal 2013 was $5.03, using the following assumptions: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Risk-free interest rate | - | 0.67 | % | - | |||||||||||||||||||||
Dividend yield | - | 3 | % | - | |||||||||||||||||||||
Expected volatility | - | 61.7 | % | - | |||||||||||||||||||||
Expected term (in years) | - | 5 | - | ||||||||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||||||||||
The following table summarizes stock option activity for fiscal 2014, 2013, and 2012: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | |||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
Shares | Price | Shares | Price | Shares | Price | ||||||||||||||||||||
outstanding at beginning | |||||||||||||||||||||||||
of year | 182,825 | $ | 6.99 | 209,475 | $ | 7.22 | 268,875 | $ | 6.81 | ||||||||||||||||
granted | - | - | 2,000 | 12.13 | - | - | |||||||||||||||||||
exercised | (23,125 | ) | 8.4 | (23,025 | ) | 8.92 | (59,400 | ) | 5.5 | ||||||||||||||||
canceled/expired | (5,750 | ) | 9.28 | (5,625 | ) | 9.37 | - | - | |||||||||||||||||
outstanding at end of year | 153,950 | 6.7 | 182,825 | 6.99 | 209,475 | 7.22 | |||||||||||||||||||
Summary of Stock Option Activity by Range of Exercise Prices | ' | ||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Number | Weighted-Avg. | Number | |||||||||||||||||||||||
Range of | Outstanding | Remaining | Weighted-Avg. | Exercisable | Weighted-Avg. | ||||||||||||||||||||
Exercise Prices | at 4/27/14 | Contractual Life | Exercise Price | at 4/27/14 | Exercise Price | ||||||||||||||||||||
$1.88 - $1.88 | 40,000 | 4.7 | years | $ | 1.88 | 40,000 | $ | 1.88 | |||||||||||||||||
$4.59 - $5.41 | 6,000 | 1.8 | $ | 4.86 | 6,000 | $ | 4.86 | ||||||||||||||||||
$7.08 - $9.57 | 99,950 | 3.2 | $ | 8.42 | 99,950 | $ | 8.42 | ||||||||||||||||||
$10.11 - $12.13 | 8,000 | 4.7 | $ | 10.62 | 8,000 | $ | 10.62 | ||||||||||||||||||
153,950 | 3.6 | $ | 6.7 | 153,950 | $ | 6.7 | |||||||||||||||||||
Summary of Time Vested Restricted Stock Activity | ' | ||||||||||||||||||||||||
The following table summarizes the time vested restricted stock activity for fiscal 2014, 2013, and 2012: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Shares | Shares | Shares | |||||||||||||||||||||||
outstanding at beginning | |||||||||||||||||||||||||
of year | 123,335 | 185,000 | 195,000 | ||||||||||||||||||||||
granted | - | - | - | ||||||||||||||||||||||
vested | (61,667 | ) | (61,665 | ) | (10,000 | ) | |||||||||||||||||||
outstanding at end of year | 61,668 | 123,335 | 185,000 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Apr. 27, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||
The following table presents information about assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||
Fair value measurements at April 27, 2014 using: | |||||||||||||||||
Quoted prices in | Significant other | Significant | |||||||||||||||
active markets | observable inputs | unobservable | |||||||||||||||
for identical | inputs | ||||||||||||||||
assets | |||||||||||||||||
(amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | |||||||||||||||||
Limited Term Bond Fund | $ | 2,576 | N/A | N/A | $ | 2,576 | |||||||||||
Low Duration Bond Fund | 2,077 | N/A | N/A | 2,077 | |||||||||||||
Intermediate Term Bond Fund | 1,641 | N/A | N/A | 1,641 | |||||||||||||
Premier Money Market Fund | 755 | N/A | N/A | 755 | |||||||||||||
Other | 10 | N/A | N/A | 10 | |||||||||||||
Fair value measurements at April 28, 2013 using: | |||||||||||||||||
Quoted prices in | Significant other | Significant | |||||||||||||||
active markets | observable inputs | unobservable | |||||||||||||||
for identical | inputs | ||||||||||||||||
assets | |||||||||||||||||
(amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | |||||||||||||||||
Limited Term Bond Fund | $ | 2,092 | N/A | N/A | $ | 2,092 | |||||||||||
Low Duration Bond Fund | 2,076 | N/A | N/A | 2,076 | |||||||||||||
Intermediate Term Bond Fund | 1,118 | N/A | N/A | 1,118 | |||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ' | ||||||||||||||||
Fair value measurements at April 27, 2014 using: | |||||||||||||||||
Quoted prices in | Significant other | Significant | |||||||||||||||
active markets | observable inputs | unobservable | |||||||||||||||
for identical | inputs | ||||||||||||||||
assets | |||||||||||||||||
(amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | |||||||||||||||||
Equipment | $ | - | $ | 890 | $ | - | $ | 890 | |||||||||
Non-compete Agreement | - | - | 882 | 882 | |||||||||||||
Customer Relationships | - | - | 868 | 868 |
NET_INCOME_PER_SHARE_Tables
NET INCOME PER SHARE (Tables) | 12 Months Ended | ||||||||||||
Apr. 27, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Weighted Average Shares Used in the Computation of Basic and Diluted Net Income Per Share | ' | ||||||||||||
Weighted average shares used in the computation of basic and diluted net income per share are as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
weighted-average common | |||||||||||||
shares outstanding, basic | 12,177 | 12,235 | 12,711 | ||||||||||
dilutive effect of stock-based compensation | 237 | 215 | 155 | ||||||||||
weighted-average common | |||||||||||||
shares outstanding, diluted | 12,414 | 12,450 | 12,866 |
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 12 Months Ended | ||||||||||||
Apr. 27, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Summary of Segment Information by Geographic Area | ' | ||||||||||||
International sales accounted for 19%, 23% and 21% of net sales in 2014, 2013, and 2012, respectively, and are summarized by geographic area as follows: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
north america (excluding USA) | $ | 15,556 | 11,900 | 10,417 | |||||||||
far east and asia | 33,487 | 43,907 | 38,279 | ||||||||||
all other areas | 6,041 | 5,806 | 5,353 | ||||||||||
$ | 55,084 | 61,613 | 54,049 | ||||||||||
Schedule of Operating Segments Information | ' | ||||||||||||
Statements of operations for the company’s operating segments are as follows: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
net sales: | |||||||||||||
upholstery fabrics | $ | 126,457 | 114,800 | 108,924 | |||||||||
mattress fabrics | 160,705 | 154,014 | 145,519 | ||||||||||
$ | 287,162 | 268,814 | 254,443 | ||||||||||
gross profit: | |||||||||||||
upholstery fabrics | $ | 21,429 | 19,984 | 14,984 | |||||||||
mattress fabrics | 27,477 | 29,546 | 24,825 | ||||||||||
total segment gross profit | 48,906 | 49,530 | 39,809 | ||||||||||
other non-recurring charges | - | - | -77 | -1 | |||||||||
$ | 48,906 | 49,530 | 39,732 | ||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
selling, general, and administrative expenses: | |||||||||||||
upholstery fabrics | $ | 13,393 | 13,031 | 11,453 | |||||||||
mattress fabrics | 9,962 | 9,646 | 9,061 | ||||||||||
unallocated corporate | 5,302 | 5,768 | 4,512 | ||||||||||
total selling, general, and administrative | |||||||||||||
expenses | $ | 28,657 | 28,445 | 25,026 | |||||||||
Income from operations: | |||||||||||||
upholstery fabrics | $ | 8,036 | 6,953 | 3,531 | |||||||||
mattress fabrics | 17,515 | 19,900 | 15,764 | ||||||||||
total segment income from operations | 25,551 | 26,853 | 19,295 | ||||||||||
unallocated corporate expenses | (5,302 | ) | (5,768 | ) | (4,512 | ) | |||||||
other non-recurring charges | - | - | -77 | -1 | |||||||||
total income from operations | 20,249 | 21,085 | 14,706 | ||||||||||
interest expense | (427 | ) | (632 | ) | (780 | ) | |||||||
interest income | 482 | 419 | 508 | ||||||||||
other expense | (1,261 | ) | (583 | ) | (236 | ) | |||||||
income before income taxes | $ | 19,043 | 20,289 | 14,198 | |||||||||
-1 | The $77 represents employee termination benefits associated with our Anderson, SC plant facility. This charge was recorded in cost of sales in the 2012 Consolidated Statement of Net Income and relates to the upholstery fabrics segment. | ||||||||||||
Balance sheet information for the company’s operating segments follow: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
segment assets | |||||||||||||
mattress fabrics | |||||||||||||
current assets (2) | $ | 36,229 | 33,323 | 29,909 | |||||||||
assets held for sale | - | - | 15 | ||||||||||
non-compete agreements, net | 1,041 | 185 | 333 | ||||||||||
customer relationships | 817 | - | - | ||||||||||
goodwill | 11,462 | 11,462 | 11,462 | ||||||||||
property, plant, and equipment | 29,040 | -3 | 28,578 | -4 | 29,237 | -5 | |||||||
total mattress fabrics assets | $ | 78,589 | 73,548 | 70,956 | |||||||||
upholstery fabrics | |||||||||||||
current assets (2) | $ | 31,854 | 28,487 | 31,519 | |||||||||
assets held for sale | - | - | - | ||||||||||
property, plant, and equipment | 1,573 | -6 | 1,230 | -7 | 1,124 | -8 | |||||||
total upholstery fabrics assets | $ | 33,427 | 29,717 | 32,643 | |||||||||
total segment assets | 112,016 | 103,265 | 103,599 | ||||||||||
non-segment assets | |||||||||||||
cash and cash equivalents | 29,303 | 23,530 | 25,023 | ||||||||||
short-term investments | 6,294 | 5,286 | 5,941 | ||||||||||
income taxes receivable | 121 | 318 | - | ||||||||||
deferred income taxes | 8,270 | 8,462 | 5,672 | ||||||||||
other current assets | 2,344 | 2,093 | 1,989 | ||||||||||
property, plant, and equipment | 763 | -9 | 786 | -9 | 918 | -9 | |||||||
long-term investments | 765 | - | - | ||||||||||
other assets | 1,059 | 966 | 1,574 | ||||||||||
total assets | $ | 160,935 | 144,706 | 144,716 | |||||||||
capital expenditures (10): | |||||||||||||
mattress fabrics | $ | 4,380 | 3,805 | 4,875 | |||||||||
upholstery fabrics | 827 | 425 | 512 | ||||||||||
unallocated corporate | 103 | 227 | 532 | ||||||||||
$ | 5,310 | 4,457 | 5,919 | ||||||||||
depreciation expense | |||||||||||||
mattress fabrics | $ | 4,694 | 4,487 | 4,275 | |||||||||
upholstery fabrics | 618 | 628 | 590 | ||||||||||
total segment depreciation expense | $ | 5,312 | 5,115 | 4,865 | |||||||||
-2 | Current assets represent accounts receivable and inventory. | ||||||||||||
-3 | The $29.0 million at April 27, 2014, represents property, plant, and equipment located in the U.S. of $20.6 million and located in Canada of $8.4 million. | ||||||||||||
-4 | The $28.6 million at April 28, 2013, represents property, plant, and equipment located in the U.S. of $20.4 million and located in Canada of $8.2 million. | ||||||||||||
-5 | The $29.2 million at April 29, 2012, represents property, plant, and equipment located in the U.S. of $21.2 million and located in Canada of $8.0 million. | ||||||||||||
-6 | The $1.6 million at April 27, 2014, represents property, plant, and equipment located in the U.S. of $957, located in China of $572, and located in Poland of $44. | ||||||||||||
-7 | The $1.2 million at April 28, 2013, represents property, plant, and equipment located in the U.S. of $908, located in China of $265, and located in Poland of $57. | ||||||||||||
-8 | The $1.1 million at April 29, 2012, represents property, plant, and equipment located in the U.S. of $837, China of $183, and located in Poland of $104. | ||||||||||||
-9 | The $763, $786, and $918 balance at April 27, 2014, April 28, 2013, and April 29, 2012, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress and upholstery fabric segments. | ||||||||||||
-10 | Capital expenditure amounts are stated on an accrual basis. See Consolidated Statement of Cash Flows for capital expenditure amounts on a cash basis. |
Summary_of_Selected_Quarterly_
Summary of Selected Quarterly Data (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Apr. 27, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Selected Quarterly Data | ' | ||||||||||||||||||||||||||||||||
fiscal | fiscal | fiscal | fiscal | fiscal | fiscal | fiscal | fiscal | ||||||||||||||||||||||||||
2014 | 2014 | 2014 | 2014 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||||||||||||
(amounts in thousands except per share, ratios & other, stock data) | 4th quarter | 3rd quarter | 2nd quarter | 1st quarter | 4th quarter | 3rd quarter | 2nd quarter | 1st quarter | |||||||||||||||||||||||||
INCOME STATEMENT DATA | |||||||||||||||||||||||||||||||||
net sales | $ | 74,043 | 72,389 | 70,589 | 70,141 | 70,375 | 63,695 | 65,560 | 69,184 | ||||||||||||||||||||||||
cost of sales | 62,282 | 60,552 | 58,354 | 57,067 | 57,527 | 52,010 | 53,683 | 56,064 | |||||||||||||||||||||||||
gross profit | 11,761 | 11,837 | 12,235 | 13,074 | 12,848 | 11,685 | 11,877 | 13,120 | |||||||||||||||||||||||||
selling, general and administrative expenses | 7,317 | 7,041 | 7,200 | 7,100 | 6,772 | 6,822 | 7,209 | 7,641 | |||||||||||||||||||||||||
income from operations | 4,444 | 4,796 | 5,035 | 5,974 | 6,076 | 4,863 | 4,668 | 5,479 | |||||||||||||||||||||||||
interest expense | 97 | 91 | 99 | 140 | 140 | 145 | 156 | 190 | |||||||||||||||||||||||||
interest income | (139 | ) | (148 | ) | (102 | ) | (92 | ) | (90 | ) | (105 | ) | (96 | ) | (127 | ) | |||||||||||||||||
other expense | 366 | 279 | 224 | 391 | 163 | 300 | 76 | 44 | |||||||||||||||||||||||||
income before income taxes | 4,120 | 4,574 | 4,814 | 5,535 | 5,863 | 4,523 | 4,532 | 5,372 | |||||||||||||||||||||||||
income taxes | 1,380 | (3,807 | ) | 1,718 | 2,305 | 2,161 | 1,700 | (3,736 | ) | 1,848 | |||||||||||||||||||||||
net income | $ | 2,740 | 8,381 | 3,096 | 3,230 | 3,702 | 2,823 | 8,268 | 3,524 | ||||||||||||||||||||||||
depreciation | $ | 1,348 | 1,329 | 1,331 | 1,305 | 1,297 | 1,279 | 1,285 | 1,254 | ||||||||||||||||||||||||
weighted average shares outstanding | 12,188 | 12,188 | 12,183 | 12,148 | 12,102 | 12,095 | 12,191 | 12,551 | |||||||||||||||||||||||||
weighted average shares outstanding, | |||||||||||||||||||||||||||||||||
assuming dilution | 12,413 | 12,405 | 12,389 | 12,366 | 12,323 | 12,290 | 12,348 | 12,711 | |||||||||||||||||||||||||
PER SHARE DATA | |||||||||||||||||||||||||||||||||
net income per share - basic | $ | 0.22 | 0.69 | 0.25 | 0.27 | 0.31 | 0.23 | 0.68 | 0.28 | ||||||||||||||||||||||||
net income per share - diluted | 0.22 | 0.68 | 0.25 | 0.26 | 0.3 | 0.23 | 0.67 | 0.28 | |||||||||||||||||||||||||
book value | 9.12 | 8.93 | 8.29 | 8.05 | 7.82 | 7.52 | 7.81 | 7.26 | |||||||||||||||||||||||||
BALANCE SHEET DATA | |||||||||||||||||||||||||||||||||
operating working capital (3) | $ | 41,120 | 44,657 | 41,210 | 38,442 | 39,228 | 40,214 | 35,616 | 36,637 | ||||||||||||||||||||||||
property, plant and equipment, net | 31,376 | 30,115 | 30,559 | 30,808 | 30,594 | 30,055 | 30,621 | 31,016 | |||||||||||||||||||||||||
total assets | 160,935 | 156,678 | 156,242 | 151,101 | 144,706 | 143,797 | 142,443 | 143,160 | |||||||||||||||||||||||||
capital expenditures | 2,643 | 927 | 1,082 | 658 | 1,863 | 713 | 890 | 991 | |||||||||||||||||||||||||
long-term debt, current maturities of long-term debt, and line of credit (1) | 4,986 | 4,973 | 4,985 | 7,160 | 7,161 | 7,342 | 7,692 | 9,900 | |||||||||||||||||||||||||
shareholders' equity | 111,744 | 109,443 | 101,515 | 98,585 | 95,583 | 91,966 | 95,388 | 91,831 | |||||||||||||||||||||||||
capital employed (2) | 77,394 | 80,344 | 77,068 | 78,289 | 72,699 | 71,758 | 70,596 | 75,177 | |||||||||||||||||||||||||
RATIOS & OTHER DATA | |||||||||||||||||||||||||||||||||
gross profit margin | 15.9 | % | 16.4 | % | 17.3 | % | 18.6 | % | 18.3 | % | 18.3 | % | 18.1 | % | 19 | % | |||||||||||||||||
operating income margin | 6 | 6.6 | 7.1 | 8.5 | 8.6 | 7.6 | 7.1 | 7.9 | |||||||||||||||||||||||||
net income margin | 3.7 | 11.6 | 4.4 | 4.6 | 5.3 | 4.4 | 12.6 | 5.1 | |||||||||||||||||||||||||
effective income tax rate | 33.5 | (83.2 | ) | 35.7 | 41.6 | 36.9 | 37.6 | (82.4 | ) | 34.4 | |||||||||||||||||||||||
Debt-to-total capital employed ratio (1) | 6.4 | 6.2 | 6.5 | 9.1 | 9.9 | 10.2 | 10.9 | 13.2 | |||||||||||||||||||||||||
operating working capital turnover (3) | 7 | 7 | 7.1 | 7.1 | 7.4 | 7.9 | 8.3 | 8.5 | |||||||||||||||||||||||||
days sales in receivables | 34 | 31 | 32 | 29 | 30 | 32 | 29 | 24 | |||||||||||||||||||||||||
inventory turnover | 6.1 | 5.4 | 5.4 | 5.6 | 6 | 5.3 | 5.5 | 5.2 | |||||||||||||||||||||||||
STOCK DATA | |||||||||||||||||||||||||||||||||
stock price | |||||||||||||||||||||||||||||||||
high | $ | 21.1 | 20.75 | 19.82 | 19.56 | 18.15 | 16.82 | 12.35 | 11.99 | ||||||||||||||||||||||||
low | 17.61 | 18.37 | 17.6 | 14.93 | 14.76 | 12 | 9.75 | 9 | |||||||||||||||||||||||||
close | 18.61 | 20.05 | 19.8 | 19.36 | 16.25 | 16.7 | 12.28 | 10.15 | |||||||||||||||||||||||||
daily average trading volume (shares) | 27.1 | 26.9 | 21.2 | 34.7 | 51.9 | 43.4 | 29.9 | 38.6 | |||||||||||||||||||||||||
-1 | Debt includes long-term debt, current maturities of long-term debt, and line of credit. | ||||||||||||||||||||||||||||||||
-2 | Capital employed represents long-term and current maturities of long-term debt, lines of credit, current and noncurrent deferred income tax liabilities, current and long-term income taxes payable, stockholders' equity, offset by cash and cash equivalents, short-term and long-term investments, current and noncurrent deferred income tax assets, and income taxes receivable. | ||||||||||||||||||||||||||||||||
-3 | Operating working capital for this calculation is accounts receivable and inventories, offset by accounts payable-trade and capital expenditures |
Recovered_Sheet1
General and Summary of Significant Accounting Policies (Detail) (USD $) | 12 Months Ended | |||
Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | 1-May-11 | |
Segment | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of business segments | 2 | ' | ' | ' |
cash and cash equivalents | $29,303,000 | $23,530,000 | $25,023,000 | $23,181,000 |
Accumulated unrealized (loss) gain on short-term investments | -60,000 | 54,000 | ' | ' |
short-term investments | 6,294,000 | 5,286,000 | ' | ' |
Long-term investments at fair value | 765,000 | ' | ' | ' |
Inventory aging categories | 'Inventory aging categories are six, nine, twelve, and fifteen months. | ' | ' | ' |
Interest costs | 0 | 0 | 0 | ' |
Foreign currency exchange gain (loss) | -626,000 | -222,000 | 215,000 | ' |
goodwill | 11,462,000 | 11,462,000 | 11,462,000 | 11,462,000 |
Mattress Fabrics [Member] | ' | ' | ' | ' |
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
goodwill | 11,462,000 | 11,462,000 | ' | ' |
Selling, general and administrative expense [Member] | ' | ' | ' | ' |
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Handling costs | 3,500,000 | 3,200,000 | 2,600,000 | ' |
United States [Member] | ' | ' | ' | ' |
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
short-term investments | 1,000,000 | 1,000,000 | ' | ' |
Subsidiaries [Member] | China [Member] | ' | ' | ' | ' |
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
cash and cash equivalents | 15,300,000 | 10,200,000 | ' | ' |
short-term investments | 0 | 0 | ' | ' |
Foreign currency exchange gain (loss) | -571,000 | -158,000 | 320,000 | ' |
Subsidiaries [Member] | Canada [Member] | ' | ' | ' | ' |
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
cash and cash equivalents | 9,100,000 | 5,000,000 | ' | ' |
short-term investments | 5,300,000 | 4,200,000 | ' | ' |
Foreign currency exchange gain (loss) | -44,000 | -10,000 | -19,000 | ' |
Subsidiaries [Member] | Poland [Member] | ' | ' | ' | ' |
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
cash and cash equivalents | 162,000 | 100,000 | ' | ' |
short-term investments | 0 | 0 | ' | ' |
Foreign currency exchange gain (loss) | ($50,000) | ($40,000) | ($145,000) | ' |
Recovered_Sheet2
Business Combinations - Mattress Fabric Segment - Narrative (Detail) (Bodet And Horst [Member], USD $) | 12 Months Ended |
Apr. 27, 2014 | |
Business Acquisition [Line Items] | ' |
Direct acquisition costs related to business combination | $83,000 |
Equipment [Member] | ' |
Business Acquisition [Line Items] | ' |
Tangible asset, useful life | '7 years |
Non-compete Agreement [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible asset, useful life | '15 years |
Customer Relationships [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible asset, useful life | '17 years |
Recovered_Sheet3
Business Combinations - Mattress Fabric Segment - Allocation of Acquisition Cost to Assets Acquired Based on Fair Values (Detail) (Bodet And Horst [Member], USD $) | 8-May-13 |
In Thousands, unless otherwise specified | |
Business Acquisition [Line Items] | ' |
Equipment | $890 |
Purchase price for equipment and other certain assets | 2,640 |
Non-compete Agreement [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets | 882 |
Customer Relationships [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets | $868 |
Business_Combinations_Mattress2
Business Combinations - Mattress Fabric Segment - Unaudited Pro Forma Consolidated Results of Operations (Detail) (Bodet And Horst [Member], USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 |
Bodet And Horst [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Net Sales | $287,162 | $278,681 |
Income from operations | 20,249 | 21,048 |
Net income | $17,447 | $18,208 |
Net income per share, basic | $1.43 | $1.49 |
Net income per share, diluted | $1.41 | $1.46 |
Accounts_Receivable_Detail
Accounts Receivable (Detail) (USD $) | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | 1-May-11 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
customers | $28,461 | $24,715 | ' | ' |
accounts receivable, net | 27,409 | 23,392 | ' | ' |
Allowance for doubtful accounts [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
valuation allowance, balance | -573 | -780 | -567 | -776 |
Reserve for returns and allowances and discounts [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
valuation allowance, balance | ($479) | ($543) | ($478) | ($577) |
Accounts_Receivable_Allowance_
Accounts Receivable - Allowance for Doubtful Accounts (Detail) (Allowance for doubtful accounts [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 |
Allowance for doubtful accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
beginning balance | ($780) | ($567) | ($776) |
provision for bad debts | 139 | -283 | -67 |
write-offs, net of recoveries | 68 | 70 | 276 |
ending balance | ($573) | ($780) | ($567) |
Accounts_Receivable_Allowance_1
Accounts Receivable - Allowance for Returns and Allowances and Discounts (Detail) (Reserve for returns and allowances and discounts [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 |
Reserve for returns and allowances and discounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
beginning balance | ($543) | ($478) | ($577) |
provision for returns and allowances and discounts | -2,094 | -2,454 | -2,694 |
credits issued | 2,158 | 2,389 | 2,793 |
ending balance | ($479) | ($543) | ($478) |
Inventories_Detail
Inventories (Detail) (USD $) | Apr. 27, 2014 | Apr. 28, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
raw materials | $6,707 | $5,311 |
work-in-process | 2,263 | 2,539 |
finished goods | 31,704 | 30,568 |
inventories | $40,674 | $38,418 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Detail) (USD $) | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Jul. 29, 2012 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | |
In Thousands, unless otherwise specified | land and improvements [Member] | land and improvements [Member] | buildings and improvements [Member] | buildings and improvements [Member] | leasehold improvements [Member] | machinery and equipment [Member] | machinery and equipment [Member] | office furniture and equipment [Member] | office furniture and equipment [Member] | |||||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
depreciable lives | ' | ' | ' | ' | ' | ' | ' | ' | '0 years | '10 years | '7 years | '40 years | ' | [1] | '3 years | '12 years | '3 years | '10 years |
land and improvements | $741 | ' | ' | ' | $741 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
buildings and improvements | 12,983 | ' | ' | ' | 12,812 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
leasehold improvements | 1,281 | ' | ' | ' | 801 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
machinery and equipment | 51,605 | ' | ' | ' | 53,608 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
office furniture and equipment | 6,865 | ' | ' | ' | 6,587 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
capital projects in progress | 3,941 | ' | ' | ' | 1,733 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
property, plant and equipment, gross | 77,416 | ' | ' | ' | 76,282 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
accumulated depreciation and amortization | -46,040 | ' | ' | ' | -45,688 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
property, plant and equipment, net | $31,376 | $30,115 | $30,559 | $30,808 | $30,594 | $30,055 | $30,621 | $31,016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Shorter of life of lease or useful life. |
Property_Plant_and_Equipment_N
Property, Plant and Equipment - Narrative (Detail) (USD $) | Apr. 27, 2014 | Apr. 28, 2013 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment [Abstract] | ' | ' |
Capital expenditures, amounts due | $277 | $225 |
Goodwill_Detail
Goodwill (Detail) (USD $) | 12 Months Ended | ||
Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
beginning balance | $11,462,000 | $11,462,000 | $11,462,000 |
loss on impairment | 0 | 0 | 0 |
acquisitions | 0 | 0 | 0 |
ending balance | $11,462,000 | $11,462,000 | $11,462,000 |
Other_Assets_Detail
Other Assets (Detail) (USD $) | Apr. 27, 2014 | Apr. 28, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets Noncurrent [Abstract] | ' | ' |
cash surrender value - life insurance | $644 | $625 |
non-compete agreement, net | 1,041 | 185 |
customer relationships, net | 817 | ' |
other | 415 | 341 |
Other assets | $2,917 | $1,151 |
Other_Assets_Narrative_Detail
Other Assets - Narrative (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||
Apr. 28, 2013 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 28, 2013 | Dec. 11, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Mar. 18, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | 31-May-14 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | |
Compensation Agreement One [Member] | Compensation Agreement One [Member] | Compensation Agreement One [Member] | Compensation Agreement One [Member] | Compensation Agreement Two [Member] | Compensation Agreement Two [Member] | Other assets [Member] | Other assets [Member] | Other assets [Member] | Other assets [Member] | Other assets [Member] | Other assets [Member] | Other assets [Member] | Other assets [Member] | Other assets [Member] | Other assets [Member] | Other assets [Member] | |||
Chairman of the Board [Member] | Chairman of the Board [Member] | Chairman of the Board [Member] | Chairman of the Board [Member] | Chairman of the Board [Member] | Chairman of the Board [Member] | Contract | Contract | Non-compete Agreement [Member] | Non-compete Agreement [Member] | Non-compete Agreement [Member] | Non-compete Agreement [Member] | Customer Relationships [Member] | Asset Purchase Agreement Dated August 11, 2008 [Member] | Asset Purchase Agreement Dated May 8, 2013 [Member] | Prior non-compete agreement with Bodet and Horst [Member] | Prior non-compete agreement with Bodet and Horst [Member] | |||
Maximum [Member] | Subsequent Event [Member] | ||||||||||||||||||
Other Assets Noncurrent [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | '17 years | ' | ' | '6 years | '6 years |
Quarterly payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Total remaining non-compete payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount paid on remaining non-compete payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,500 | ' | ' | ' | ' | ' |
Gross carrying amount of non-compete agreement | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 940,000 | ' | ' | 51,000 | ' | ' | ' | ' |
Non-compete agreement carrying amount | 185,000 | 1,041,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 218,000 | 823,000 | ' | ' |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | 198,000 | 197,000 | ' | 51,000 | ' | ' | ' | ' |
Remaining amortization expense for the next fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | ' | ' | ' | 51,000 | ' | ' | ' | ' |
Remaining amortization expense for the second fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | ' | ' | ' | 51,000 | ' | ' | ' | ' |
Remaining amortization expense for the third fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | ' | ' | ' | 51,000 | ' | ' | ' | ' |
Remaining amortization expense for the fourth fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | ' | ' | ' | 51,000 | ' | ' | ' | ' |
Remaining amortization expense for the fifth fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | ' | ' | ' | 51,000 | ' | ' | ' | ' |
Remaining amortization expense for the fiscal year thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 679,000 | ' | ' | ' | 562,000 | ' | ' | ' | ' |
Weighted average remaining amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '14 years | ' | ' | ' | '16 years | ' | ' | ' | ' |
Gross carrying amount of customer relationships | ' | ' | ' | ' | ' | ' | ' | ' | 868,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Death benefits to beneficiary of insured on terminated life insurance agreement | ' | ' | ' | ' | 8,000,000 | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collection of cash surrender value from termination of split dollar life insurance agreement | 716,000 | ' | ' | 626,000 | ' | ' | 90,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional annual compensation commitment | ' | ' | 60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated term of the agreement | ' | ' | ' | ' | ' | '12 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of life insurance contracts owned | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Life insurance contracts, death benefits to insured | ' | ' | ' | ' | ' | ' | ' | ' | $4,400,000 | $4,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued_Expenses_Detail
Accrued Expenses (Detail) (USD $) | Apr. 27, 2014 | Apr. 28, 2013 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
compensation, commissions and related benefits | $7,388 | $9,831 |
interest | 71 | 111 |
other | 1,722 | 1,887 |
Accrued expenses | $9,181 | $11,829 |
Income_Taxes_Allocation_of_Inc
Income Taxes - Allocation of Income Tax Expense (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Jul. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
income from operations | $1,380 | ($3,807) | $1,718 | $2,305 | $2,161 | $1,700 | ($3,736) | $1,848 | $1,596 | $1,972 | $902 |
shareholders' equity, related to the tax benefit arising from stock based compensation | ' | ' | ' | ' | ' | ' | ' | ' | -143 | -76 | -64 |
income tax expense (benefit), excluding tax benefit from exercise of stock options | ' | ' | ' | ' | ' | ' | ' | ' | $1,453 | $1,896 | $838 |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Jul. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 |
current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
federal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $79 |
state | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19 | ' |
foreign | ' | ' | ' | ' | ' | ' | ' | ' | 3,323 | 2,297 | 2,505 |
current income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 3,323 | 2,316 | 2,584 |
deferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
federal | ' | ' | ' | ' | ' | ' | ' | ' | 1,065 | 192 | 727 |
state | ' | ' | ' | ' | ' | ' | ' | ' | 416 | 14 | 55 |
undistributed earnings - foreign subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -5,018 | 7,011 | ' |
U.S. operating loss carryforwards | ' | ' | ' | ' | ' | ' | ' | ' | 1,838 | 3,665 | 1,102 |
foreign | ' | ' | ' | ' | ' | ' | ' | ' | -42 | 608 | 143 |
valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | 14 | -11,834 | -3,709 |
deferred income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,727 | -344 | -1,682 |
income tax expense | $1,380 | ($3,807) | $1,718 | $2,305 | $2,161 | $1,700 | ($3,736) | $1,848 | $1,596 | $1,972 | $902 |
Income_Taxes_Income_Loss_befor
Income Taxes - Income (Loss) before Income Taxes related to Foreign and U.S. Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Jul. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes, foreign | ' | ' | ' | ' | ' | ' | ' | ' | $13,291 | $12,038 | $10,514 |
income before income taxes | 4,120 | 4,574 | 4,814 | 5,535 | 5,863 | 4,523 | 4,532 | 5,372 | 19,043 | 20,289 | 14,198 |
China [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes, foreign | ' | ' | ' | ' | ' | ' | ' | ' | 11,512 | 10,593 | 9,130 |
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes, foreign | ' | ' | ' | ' | ' | ' | ' | ' | 2,149 | 2,075 | 2,098 |
Poland [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes, foreign | ' | ' | ' | ' | ' | ' | ' | ' | -370 | -630 | -714 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes, domestic | ' | ' | ' | ' | ' | ' | ' | ' | $5,752 | $8,251 | $3,684 |
Income_Taxes_Differences_Betwe
Income Taxes - Differences Between Income Tax Expense at Federal Income Tax Rate and Effective Income Tax Rate (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Jul. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
federal income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 34.00% | 34.00% | 34.00% |
foreign tax rate differential | ' | ' | ' | ' | ' | ' | ' | ' | -7.20% | -6.70% | -8.80% |
increase in tax reserves | ' | ' | ' | ' | ' | ' | ' | ' | 4.30% | 4.00% | 6.10% |
undistributed earnings from foreign subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -26.30% | 34.60% | ' |
change in valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | 0.10% | -58.30% | -26.10% |
other | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | 2.10% | 1.20% |
effective income tax rate | 33.50% | -83.20% | 35.70% | 41.60% | 36.90% | 37.60% | -82.40% | 34.40% | 8.40% | 9.70% | 6.40% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Detail) (USD $) | Apr. 27, 2014 | Apr. 28, 2013 | ||
In Thousands, unless otherwise specified | ||||
deferred tax assets: | ' | ' | ||
accounts receivable | $274 | $376 | ||
inventories | 1,801 | 1,689 | ||
compensation | 3,200 | 3,049 | ||
liabilities and other | 1,109 | 700 | ||
alternative minimum tax credit | 1,320 | 1,320 | ||
property, plant and equipment | 572 | [1] | 758 | [1] |
loss carryforwards - U.S. | 17,161 | 19,842 | ||
loss carryforwards - foreign | 311 | 241 | ||
unrecognized tax benefits - U.S. | -9,778 | -8,976 | ||
valuation allowances | -977 | -963 | ||
total deferred tax assets | 14,993 | 18,036 | ||
deferred tax liabilities: | ' | ' | ||
undistributed earnings on foreign subsidiaries | -1,993 | -7,011 | ||
property, plant and equipment | -4,581 | [2] | -4,653 | [2] |
goodwill | -1,028 | -849 | ||
other | -134 | -136 | ||
total deferred tax liabilities | -7,736 | -12,649 | ||
Net deferred tax asset | $7,257 | $5,387 | ||
[1] | Pertains to the company's operations located in China. | |||
[2] | Pertains to the company's operations located in the U.S. and Canada. |
Income_Taxes_Deferred_Income_T
Income Taxes - Deferred Income Taxes - Narrative (Detail) (USD $) | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 |
U.S. Tax Authorities [Member] | U.S. Tax Authorities [Member] | U.S. Tax Authorities [Member] | U.S. Tax Authorities [Member] | U.S. Tax Authorities [Member] | China [Member] | China [Member] | Canada [Member] | Canada [Member] | |||
Minimum [Member] | Maximum [Member] | ||||||||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating loss carryforwards | ' | ' | $45,700,000 | $50,700,000 | $59,900,000 | ' | ' | ' | ' | ' | ' |
Operating loss carryforwards, expiration period | ' | ' | ' | ' | ' | '11 years | '18 years | ' | ' | ' | ' |
Current deferred tax asset | 6,230,000 | 7,709,000 | 5,800,000 | 7,400,000 | ' | ' | ' | 372,000 | 325,000 | ' | ' |
Non-current deferred tax asset | 2,040,000 | 753,000 | 1,400,000 | ' | ' | ' | ' | 572,000 | 753,000 | ' | ' |
Non-current deferred tax liability | $1,013,000 | $3,075,000 | ' | $2,000,000 | ' | ' | ' | ' | ' | $1,000,000 | $1,100,000 |
Income_Taxes_Deferred_Income_T1
Income Taxes - Deferred Income Taxes - Valuation Allowance - Narrative (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 42 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 30 Months Ended | 36 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Jul. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Jan. 27, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 28, 2013 | Oct. 28, 2012 | Apr. 29, 2012 | Oct. 30, 2011 | Oct. 28, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | Oct. 30, 2011 | Apr. 29, 2012 | Oct. 30, 2011 | Oct. 31, 2010 | Oct. 28, 2012 | Oct. 30, 2011 | Apr. 29, 2012 | 1-May-11 | Apr. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | |
U.S. Tax Authorities and Poland Tax Authorities [Member] | U.S. Tax Authorities and Poland Tax Authorities [Member] | U.S. State Tax [Member] | U.S. State Tax [Member] | U.S. State Tax [Member] | Poland [Member] | Poland [Member] | Poland [Member] | Poland [Member] | Poland [Member] | U.S. Tax Authorities [Member] | U.S. Tax Authorities [Member] | U.S. Tax Authorities [Member] | U.S. Tax Authorities [Member] | U.S. Tax Authorities [Member] | U.S. Tax Authorities [Member] | U.S. Tax Authorities [Member] | U.S. Tax Authorities [Member] | U.S. Tax Authorities [Member] | U.S. Tax Authorities [Member] | U.S. Tax Authorities [Member] | U.S. Tax Authorities [Member] | U.S. Tax Authorities [Member] | U.S. Tax Authorities [Member] | U.S. Tax Authorities [Member] | U.S. Tax Authorities [Member] | Canada [Member] | Canada [Member] | China [Member] | China [Member] | ||||||||||||
Deferred Tax Asset Loss Carryforwards [Member] | Deferred Tax Asset Loss Carryforwards [Member] | Deferred Tax Asset Loss Carryforwards [Member] | Deferred Tax Asset Loss Carryforwards [Member] | Culp Europe [Member] | Culp Europe [Member] | Culp Europe [Member] | Deferred Tax Asset Loss Carryforwards [Member] | Deferred Tax Asset Loss Carryforwards [Member] | Mattress Fabrics [Member] | Mattress Fabrics [Member] | Mattress Fabrics [Member] | Mattress Fabrics [Member] | Mattress Fabrics [Member] | Mattress Fabrics [Member] | Deferred Tax Asset Loss Carryforwards [Member] | ||||||||||||||||||||||||||
Culp Europe [Member] | Culp Europe [Member] | ||||||||||||||||||||||||||||||||||||||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation allowance | $977,000 | ' | ' | ' | $963,000 | ' | ' | ' | $977,000 | $963,000 | ' | $977,000 | $963,000 | ' | $666,000 | $722,000 | ' | ' | ' | $311,000 | $241,000 | ' | $12,800,000 | ' | ' | ' | ' | $12,800,000 | ' | $12,800,000 | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $0 |
Operating loss carryforwards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,900,000 | ' | ' | 45,700,000 | 50,700,000 | 59,900,000 | ' | 59,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
income before income taxes | 4,120,000 | 4,574,000 | 4,814,000 | 5,535,000 | 5,863,000 | 4,523,000 | 4,532,000 | 5,372,000 | 19,043,000 | 20,289,000 | 14,198,000 | ' | ' | ' | ' | ' | ' | ' | -1,900,000 | ' | ' | ' | ' | ' | 3,400,000 | ' | ' | ' | 10,000,000 | 11,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
net sales | 74,043,000 | 72,389,000 | 70,589,000 | 70,141,000 | 70,375,000 | 63,695,000 | 65,560,000 | 69,184,000 | 287,162,000 | 268,814,000 | 254,443,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,200,000 | 28,300,000 | 77,700,000 | 67,400,000 | 145,500,000 | 122,400,000 | ' | ' | ' | ' | ' |
Operating income | 4,444,000 | 4,796,000 | 5,035,000 | 5,974,000 | 6,076,000 | 4,863,000 | 4,668,000 | 5,479,000 | 20,249,000 | 21,085,000 | 14,706,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | 3,300,000 | 10,300,000 | 7,000,000 | 15,800,000 | 15,400,000 | ' | ' | ' | ' | ' |
Income tax expense (benefit) related to changes in the valuation allowance for deferred tax assets | ' | ' | ' | ' | ' | ' | ' | ' | 14,000 | -11,800,000 | -3,700,000 | ' | ' | 103,000 | ' | ' | 70,000 | 241,000 | ' | ' | ' | -12,200,000 | 211,000 | -4,400,000 | ' | -56,000 | -12,100,000 | -4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | 447,000 | ' | ' | ' | ' |
Percentage increase in net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage increase in operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation allowance reversal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($12,100,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating loss carryforwards, expiration period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Deferred_Income_T2
Income Taxes - Deferred Income Taxes - Undistributed Earnings from Foreign Subsidiaries - Narrative (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |
Oct. 28, 2012 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 28, 2013 | Jan. 26, 2014 | Apr. 27, 2014 | |
U.S. Tax Authorities [Member] | U.S. Tax Authorities [Member] | |||||
Foreign Subsidiaries in China [Member] | Foreign Subsidiaries in Canada and China [Member] | |||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' |
Undistributed earnings from our foreign subsidiaries that will not be reinvested indefinitely | $55,600,000 | $56,700,000 | $72,800,000 | $56,700,000 | ' | ' |
Income tax expense (benefit) from change in treatment of undistributed earnings | 6,600,000 | 400,000 | ' | ' | ' | ' |
Deferred tax liability, undistributed earnings from foreign subsidiaries | ' | 7,011,000 | 1,993,000 | 7,011,000 | ' | ' |
U.S. income and foreign withholding taxes | ' | ' | 28,100,000 | 22,000,000 | 4,500,000 | ' |
U.S. foreign income tax credits | ' | ' | 26,100,000 | 15,000,000 | 9,900,000 | ' |
Income tax expense (benefit) from income tax effects on undistributed earnings from foreign subsidiaries | ' | ' | ' | ' | $5,400,000 | $352,000 |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefit (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
beginning balance | $13,166 | $12,462 | $11,739 |
increases from prior period tax positions | 756 | 812 | 852 |
decreases from prior period tax positions | -182 | -108 | -129 |
ending balance | $13,740 | $13,166 | $12,462 |
Income_Taxes_Uncertainty_in_In
Income Taxes - Uncertainty in Income Taxes - Narrative (Detail) (USD $) | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | 1-May-11 |
Income Taxes [Line Items] | ' | ' | ' | ' |
Unrecognized tax benefits | $13,740,000 | $13,166,000 | $12,462,000 | $11,739,000 |
Unrecognized tax benefits that would favorably impact effective income tax rate if recognized | 4,000,000 | 4,200,000 | ' | ' |
Gross amount of interest and penalties due to unrecognized tax benefits | 755,000 | 640,000 | ' | ' |
Unrecognized tax benefits for which significant change is reasonably possible | 13,700,000 | ' | ' | ' |
Net Non-current Deferred Income Taxes [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Unrecognized tax benefits | 9,700,000 | 8,900,000 | ' | ' |
Income Taxes Payable - Long-Term [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Unrecognized tax benefits | $4,000,000 | $4,200,000 | ' | ' |
Income_Taxes_Income_Taxes_Paid
Income Taxes - Income Taxes Paid - Narrative (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income tax payments, net of income tax refunds | $3 | $2.80 | $2.40 |
Recovered_Sheet4
Long-Term Debt and Lines of Credit (Detail) (USD $) | Apr. 27, 2014 | Apr. 28, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
unsecured senior term notes | $4,400 | $6,600 |
current maturities of long-term debt | -2,200 | -2,200 |
long-term debt, less current maturities | $2,200 | $4,400 |
Recovered_Sheet5
Long-Term Debt and Lines of Credit - Long-Term Debt - Narrative (Detail) (USD $) | 12 Months Ended | ||||
Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2014 | Aug. 11, 2008 | |
Unsecured senior term notes [Member] | Unsecured senior term notes [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Issuance of unsecured term notes | ' | ' | ' | ' | $11,000,000 |
Fixed interest rate | ' | ' | ' | ' | 8.01% |
Term of the note agreement | ' | ' | ' | '7 years | ' |
Required amount of principal payment installments | ' | ' | ' | 2,200,000 | ' |
Date of first required principal payment | ' | ' | ' | 11-Aug-11 | ' |
Required debt payment frequency | ' | ' | ' | 'Annual | ' |
Average term period for remaining principal payments, in years | ' | ' | ' | '1 year 3 months 18 days | ' |
Maturity date | ' | ' | ' | 11-Aug-15 | ' |
Principal payment requirements of long-term debt for the first year | 2,200,000 | ' | ' | ' | ' |
Principal payment requirements of long-term debt for the second year | 2,200,000 | ' | ' | ' | ' |
Interest paid | $466,000 | $666,000 | $817,000 | ' | ' |
LongTerm_Debt_and_Lines_of_Cre2
Long-Term Debt and Lines of Credit - Lines of Credit - Narrative (Detail) | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Aug. 13, 2013 | Apr. 28, 2013 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 28, 2013 | 9-May-14 | 9-May-14 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 28, 2013 | 2-May-14 | 2-May-14 |
United States [Member] | United States [Member] | United States [Member] | United States [Member] | United States [Member] | United States [Member] | China [Member] | China [Member] | China [Member] | China [Member] | China [Member] | Poland [Member] | Poland [Member] | Poland [Member] | Poland [Member] | Poland [Member] | Poland [Member] | |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving credit agreement [Member] | Revolving credit agreement [Member] | Revolving credit agreement [Member] | Revolving credit agreement [Member] | Revolving credit agreement [Member] | Revolving credit agreement [Member] | Revolving credit agreement [Member] | Revolving credit agreement [Member] | Revolving credit agreement [Member] | Revolving credit agreement [Member] | Revolving credit agreement [Member] | |
USD ($) | USD ($) | New Credit Agreement [Member] | New Credit Agreement [Member] | Amended and Restated Credit Agreement on April 28, 2013 [Member] | Amended and Restated Credit Agreement on April 28, 2013 [Member] | USD ($) | CNY | USD ($) | Subsequent Event [Member] | Subsequent Event [Member] | USD ($) | PLN | USD ($) | PLN | Subsequent Event [Member] | Subsequent Event [Member] | |
USD ($) | USD ($) | USD ($) | CNY | USD ($) | EUR (€) | ||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | $10,000,000 | $7,600,000 | ' | $6,500,000 | 40,000,000 | ' | $6,500,000 | 40,000,000 | ' | ' | ' | ' | ' | ' |
Expiration date | ' | ' | 31-Aug-15 | ' | 25-Aug-13 | ' | 8-Jun-14 | 8-Jun-14 | ' | 9-May-15 | 9-May-15 | 31-Aug-15 | 31-Aug-15 | ' | ' | ' | ' |
Interest rate description | ' | ' | 'Interest is charged at a rate equal to the one-month LIBOR rate plus a spread based on our ratio of debt to EBITDA as defined in the agreement | ' | ' | 'This agreement provided for a pricing matrix to determine the interest rate payable on loans made under this agreement. | 'This agreement has an interest rate determined by the Chinese government | 'This agreement has an interest rate determined by the Chinese government | ' | ' | ' | 'Agreement with Wells Fargo that bears interest at WIBOR (Warsaw Interbank Offered Rate) plus 2% | 'Agreement with Wells Fargo that bears interest at WIBOR (Warsaw Interbank Offered Rate) plus 2% | ' | ' | ' | ' |
Reference rate on which the interest rate is based | ' | ' | 'One-month LIBOR rate | ' | ' | ' | ' | ' | ' | ' | ' | 'Warsaw Interbank Offered Rate | 'Warsaw Interbank Offered Rate | ' | ' | ' | ' |
Applicable interest rate at end of period | ' | ' | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | 4.38% | 4.38% | 5.25% | 5.25% | 2.31% | 2.31% |
Letter of credit, outstanding amount | 195,000 | 195,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding amount | $0 | $0 | ' | ' | ' | ' | $0 | 0 | $0 | ' | ' | $586,000 | 1,800,000 | $561,000 | 1,800,000 | $588,000 | € 424,000 |
Percent added to reference rate in effect from time to time to set the interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 28, 2013 | Jun. 05, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | |
Minimum [Member] | Maximum [Member] | Mattress Fabrics [Member] | Mattress Fabrics [Member] | Subsequent Event [Member] | Corporate headquarters building located in High Point, North Carolina [Member] | Plant facility [Member] | Plant facility [Member] | Plant facility [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | ||||
Capital Addition Purchase Commitments [Member] | Capital Addition Purchase Commitments [Member] | Environmental Issue [Member] | Mattress Fabrics [Member] | Mattress Fabrics [Member] | Mattress Fabrics [Member] | Environmental Issue [Member] | Environmental Issue [Member] | Environmental Issue [Member] | Environmental Issue [Member] | |||||||
Site of former manufacturing plant in West Hazleton, Pennsylvania [Member] | Other Expense [Member] | |||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease terms | ' | ' | ' | '3 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease terms, renewal options for additional periods | ' | ' | ' | ' | '9 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental expense for operating leases | $2,700,000 | $2,400,000 | $2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future minimum rental commitments for noncancellable operating leases in fiscal 2015 | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future minimum rental commitments for noncancellable operating leases in fiscal 2016 | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future minimum rental commitments for noncancellable operating leases in fiscal 2017 | 689,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future minimum rental commitments for noncancellable operating leases in fiscal 2018 | 155,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future minimum rental commitments for noncancellable operating leases in fiscal 2019 | 31,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly payments under operating lease | ' | ' | ' | ' | ' | ' | ' | ' | 29,706 | 12,704 | ' | ' | ' | ' | ' | ' |
Rental payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,000 | 152,000 | 152,000 | ' | ' | ' | ' |
Lawsuit filing date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'February 5, 2008 | ' | ' |
Actions taken by court which impacted the lawsuit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The lawsuit involves court judgments that have been entered against the plaintiffs and against defendant Chromatex, Inc. requiring them to pay costs incurred by the United States Environmental Protection Agency ("USEPA") responding to environmental contamination at the Site, in amounts approximating $14 million, plus unspecified future environmental costs. | ' |
Amount of judgment against plaintiffs for which recovery is being sought from defendants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | ' |
Damages sought by plaintiffs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Costs incurred by the United States Environmental Protection Agency ("USEPA") responding to environmental contamination at the Site, in amounts approximating $14 million, plus unspecified future environmental costs | ' |
Charge resulted from tentative settlement of lawsuit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 206,000 |
Payments made for tentative settlement of lawsuit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 206,000 | ' | ' | ' |
Lawsuit dismissed date | ' | ' | ' | ' | ' | ' | ' | 5-Jun-14 | ' | ' | ' | ' | ' | ' | ' | ' |
Open purchase commitments | ' | ' | ' | ' | ' | $3,400,000 | $170,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Narrat
Stock-Based Compensation - Narrative (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Apr. 28, 2013 | Apr. 27, 2014 | Apr. 27, 2014 | Sep. 20, 2007 | Sep. 20, 2007 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | 1-May-11 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | 2-May-10 | Apr. 27, 2014 | 3-May-09 | Apr. 28, 2013 | 3-May-09 | 3-May-09 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2014 | Apr. 29, 2012 | 1-May-11 | 2-May-10 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | |
2007 Equity Incentive Plan [Member] | 2007 Equity Incentive Plan [Member] | 2002 Stock Option Plan [Member] | Time Vested Restricted Stock Awards [Member] | Time Vested Restricted Stock Awards [Member] | Time Vested Restricted Stock Awards [Member] | Time Vested Restricted Stock Awards [Member] | Time Vested Restricted Stock Awards [Member] | Time Vested Restricted Stock Awards [Member] | Time Vested Restricted Stock Awards [Member] | Time Vested Restricted Stock Awards [Member] | Time Vested Restricted Stock Awards [Member] | Time Vested Restricted Stock Awards [Member] | Time Vested Restricted Stock Awards [Member] | Time Vested Restricted Stock Awards [Member] | Time Vested Restricted Stock Awards [Member] | Time Vested Restricted Stock Awards [Member] | Time Vested Restricted Stock Awards [Member] | Time Vested Restricted Stock Awards [Member] | Time Vested Restricted Stock Awards [Member] | Time Vested Restricted Stock Awards [Member] | Time Vested Restricted Stock Awards [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units [Member] | Stock Compensation Plan [Member] | Stock Compensation Plan [Member] | Stock Compensation Plan [Member] | Stock Compensation Plan [Member] | Stock Compensation Plan [Member] | Stock Compensation Plan [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | |||
Selling, general and administrative expense [Member] | Selling, general and administrative expense [Member] | Selling, general and administrative expense [Member] | Granted on July 1, 2009 [Member] | Granted on July 1, 2009 [Member] | Granted on July 1, 2009 [Member] | Granted on July 1, 2009 [Member] | Granted on January 7, 2009 [Member] | Granted on January 7, 2009 [Member] | Granted on January 7, 2009 [Member] | Granted on January 7, 2009 [Member] | Granted on January 7, 2009 [Member] | Granted on January 7, 2009 [Member] | Granted on January 7, 2009 [Member] | Granted on January 7, 2009 [Member] | Selling, general and administrative expense [Member] | Selling, general and administrative expense [Member] | Selling, general and administrative expense [Member] | Outside Director [Member] | Outside Director [Member] | Outside Director [Member] | Selling, general and administrative expense [Member] | Selling, general and administrative expense [Member] | Selling, general and administrative expense [Member] | Granted on June 25, 2013 [Member] | Granted on June 25, 2013 [Member] | Granted on July 11, 2012 [Member] | Granted on July 11, 2012 [Member] | Selling, general and administrative expense [Member] | Selling, general and administrative expense [Member] | Selling, general and administrative expense [Member] | Granted on October 1, 2013 [Member] | Granted on October 8, 2012 [Member] | Granted on October 1, 2011 [Member] | ||||||||||||||||||||
Executive Officer [Member] | Executive Officer [Member] | Key management employees [Member] | Non-employee [Member] | Non-employee [Member] | Non-employee [Member] | Non-employee [Member] | Maximum [Member] | Maximum [Member] | Outside Director [Member] | Outside Director [Member] | Board of directors [Member] | ||||||||||||||||||||||||||||||||||||||||||
ExecutiveOfficers | Vesting on May 1, 2012 [Member] | Vesting on May 1, 2013 [Member] | Vesting on May 1, 2014 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock authorized for issuance | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares available for future equity based grants | ' | ' | 632,963 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options granted | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '0 days | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | '3 years | ' | ' | ' | ' | '0 days | '0 days | '0 days | ' | ' | ' |
Expiration period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value assumptions method used | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Black-Scholes option-pricing model | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | $62,000 | $140,000 | $189,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000 | $62,000 | $134,000 | ' | ' | ' | ' | ' | ' | ' | $581,000 | $340,000 | $0 | ' | ' | ' | ' | $57,000 | $20,000 | $26,000 | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value for options exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average contractual term for options exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value for options outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value for options exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 224,000 | 90,000 | 220,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized stock based compensation cost | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of executive officers granted time vested restricted common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000 | ' | 115,000 | ' | 105,000 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | 72,380 | ' | 120,000 | ' | ' | ' | 3,000 | 1,658 | 3,075 | ' | ' | ' |
Vesting description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Vests in equal one-third installments on July 1, 2012, 2013, and 2014 | ' | 'Vests in equal one-third installments on May 1, 2012, 2013, and 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing price of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.08 | ' | ' | ' | $1.88 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17.12 | ' | $10.21 | ' | ' | ' | ' | $18.84 | $12.13 | $8.45 | ' | ' | ' |
Weighted average fair value of vested shares, per share | ' | ' | ' | ' | ' | $4.04 | $3.76 | $1.88 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.05 | $16.25 | $18.61 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares vested | ' | ' | ' | ' | ' | 61,667 | 61,665 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair value of vested shares | ' | ' | ' | ' | ' | 249,000 | 232,000 | 18,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares outstanding and unvested | ' | ' | ' | ' | ' | 61,668 | 123,335 | 185,000 | 195,000 | ' | ' | ' | 26,668 | 53,335 | ' | ' | 35,000 | ' | 70,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair value of outstanding and unvested shares, per share | ' | ' | ' | ' | ' | $4.17 | $4.04 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining unrecognized compensation cost | ' | ' | ' | ' | ' | $5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $924,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period over which unrecognized compensation cost is expected to be recognized | ' | ' | ' | ' | ' | '2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Options Valuation Assumptions (Detail) (Outside Director [Member], Stock Options [Member]) | 12 Months Ended |
Apr. 28, 2013 | |
Outside Director [Member] | Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Risk-free interest rate | 0.67% |
Dividend yield | 3.00% |
Expected volatility | 61.70% |
Expected term (in years) | '5 years |
StockBased_Compensation_Stock_1
Stock-Based Compensation - Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | |
Shares | ' | ' | ' |
outstanding at beginning of year | 182,825 | 209,475 | 268,875 |
granted | ' | 2,000 | ' |
exercised | -23,125 | -23,025 | -59,400 |
canceled/expired | -5,750 | -5,625 | ' |
outstanding at end of year | 153,950 | 182,825 | 209,475 |
Weighted-Average Exercise Price | ' | ' | ' |
outstanding at beginning of year | $6.99 | $7.22 | $6.81 |
granted | ' | $12.13 | ' |
exercised | $8.40 | $8.92 | $5.50 |
canceled/expired | $9.28 | $9.37 | ' |
outstanding at end of year | $6.70 | $6.99 | $7.22 |
StockBased_Compensation_Stock_2
Stock-Based Compensation - Stock Option Activity by Range of Exercise Prices (Detail) (USD $) | 12 Months Ended | |||
Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | 1-May-11 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Options Outstanding, Number Outstanding | 153,950 | 182,825 | 209,475 | 268,875 |
Options Outstanding, Weighted-Average Remaining Contractual Life | '3 years 7 months 6 days | ' | ' | ' |
Options Outstanding, Weighted-Average Exercise Price | $6.70 | $6.99 | $7.22 | $6.81 |
Options Exercisable, Number Exercisable | 153,950 | ' | ' | ' |
Options Exercisable, Weighted-Average Exercise Price | $6.70 | ' | ' | ' |
Exercise Prices Range 1.88 to 1.88 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Prices, lower limit | $1.88 | ' | ' | ' |
Range of Exercise Prices, upper limit | $1.88 | ' | ' | ' |
Options Outstanding, Number Outstanding | 40,000 | ' | ' | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '4 years 8 months 12 days | ' | ' | ' |
Options Outstanding, Weighted-Average Exercise Price | $1.88 | ' | ' | ' |
Options Exercisable, Number Exercisable | 40,000 | ' | ' | ' |
Options Exercisable, Weighted-Average Exercise Price | $1.88 | ' | ' | ' |
Exercise Prices Range 4.59 to 5.41 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Prices, lower limit | $4.59 | ' | ' | ' |
Range of Exercise Prices, upper limit | $5.41 | ' | ' | ' |
Options Outstanding, Number Outstanding | 6,000 | ' | ' | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '1 year 9 months 18 days | ' | ' | ' |
Options Outstanding, Weighted-Average Exercise Price | $4.86 | ' | ' | ' |
Options Exercisable, Number Exercisable | 6,000 | ' | ' | ' |
Options Exercisable, Weighted-Average Exercise Price | $4.86 | ' | ' | ' |
Exercise Prices Range 7.08 to 9.57 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Prices, lower limit | $7.08 | ' | ' | ' |
Range of Exercise Prices, upper limit | $9.57 | ' | ' | ' |
Options Outstanding, Number Outstanding | 99,950 | ' | ' | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '3 years 2 months 12 days | ' | ' | ' |
Options Outstanding, Weighted-Average Exercise Price | $8.42 | ' | ' | ' |
Options Exercisable, Number Exercisable | 99,950 | ' | ' | ' |
Options Exercisable, Weighted-Average Exercise Price | $8.42 | ' | ' | ' |
Exercise Prices Range 10.11 to 12.13 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Prices, lower limit | $10.11 | ' | ' | ' |
Range of Exercise Prices, upper limit | $12.13 | ' | ' | ' |
Options Outstanding, Number Outstanding | 8,000 | ' | ' | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '4 years 8 months 12 days | ' | ' | ' |
Options Outstanding, Weighted-Average Exercise Price | $10.62 | ' | ' | ' |
Options Exercisable, Number Exercisable | 8,000 | ' | ' | ' |
Options Exercisable, Weighted-Average Exercise Price | $10.62 | ' | ' | ' |
StockBased_Compensation_Time_V
Stock-Based Compensation - Time Vested Restricted Stock Activity (Detail) (Time Vested Restricted Stock Awards [Member]) | 12 Months Ended | ||
Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | |
Time Vested Restricted Stock Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
outstanding at beginning of year | 123,335 | 185,000 | 195,000 |
vested | -61,667 | -61,665 | -10,000 |
outstanding at end of year | 61,668 | 123,335 | 185,000 |
StockBased_Compensation_Other_
Stock-Based Compensation - Other Share-Based Arrangements - Narrative (Detail) (Stock Appreciation Rights (SARs) [Member], USD $) | 3 Months Ended | 12 Months Ended | ||
Jul. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | |
Selling, general and administrative expense [Member] | Selling, general and administrative expense [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ' | ' | ' | ' |
Agreement date | ' | 2-May-11 | ' | ' |
Number of shares indexed | ' | 70,000 | ' | ' |
Cash settlement | ' | $35,000 | ' | ' |
Stock appreciation right value | ' | 700,000 | ' | ' |
Closing price of common stock at the date of grant | ' | $10 | ' | ' |
Ceiling price of common stock under stock appreciation right award | ' | $12 | ' | ' |
Payment for fully vested award at fair value | 174,000 | ' | ' | ' |
Compensation expense | ' | ' | $40,000 | $134,000 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Recurring Basis (Detail) (USD $) | Apr. 27, 2014 | Apr. 28, 2013 |
In Thousands, unless otherwise specified | ||
Limited Term Bond Fund [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets measured at fair value on a recurring basis | $2,576 | $2,092 |
Low Duration Bond Fund [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets measured at fair value on a recurring basis | 2,077 | 2,076 |
Intermediate Term Bond Fund [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets measured at fair value on a recurring basis | 1,641 | 1,118 |
Premier Money Market Fund [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets measured at fair value on a recurring basis | 755 | ' |
Other [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets measured at fair value on a recurring basis | 10 | ' |
Quoted prices in active markets for identical assets - Level 1 [Member] | Limited Term Bond Fund [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets measured at fair value on a recurring basis | 2,576 | 2,092 |
Quoted prices in active markets for identical assets - Level 1 [Member] | Low Duration Bond Fund [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets measured at fair value on a recurring basis | 2,077 | 2,076 |
Quoted prices in active markets for identical assets - Level 1 [Member] | Intermediate Term Bond Fund [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets measured at fair value on a recurring basis | 1,641 | 1,118 |
Quoted prices in active markets for identical assets - Level 1 [Member] | Premier Money Market Fund [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets measured at fair value on a recurring basis | 755 | ' |
Quoted prices in active markets for identical assets - Level 1 [Member] | Other [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets measured at fair value on a recurring basis | $10 | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Narrative (Detail) (USD $) | Apr. 27, 2014 | Apr. 28, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Long-term debt | $4,400,000 | $6,600,000 |
Long-term debt, fair value | $4,600,000 | $7,000,000 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Nonrecurring Basis (Detail) (USD $) | Apr. 27, 2014 |
In Thousands, unless otherwise specified | |
Equipment [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Assets measured at fair value on a nonrecurring basis | $890 |
Non-compete Agreement [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Assets measured at fair value on a nonrecurring basis | 882 |
Customer Relationships [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Assets measured at fair value on a nonrecurring basis | 868 |
Significant other observable inputs - Level 2 [Member] | Equipment [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Assets measured at fair value on a nonrecurring basis | 890 |
Significant unobservable inputs - Level 3 [Member] | Non-compete Agreement [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Assets measured at fair value on a nonrecurring basis | 882 |
Significant unobservable inputs - Level 3 [Member] | Customer Relationships [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Assets measured at fair value on a nonrecurring basis | $868 |
Net_Income_Per_Share_Weighted_
Net Income Per Share - Weighted Average Shares (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Jul. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
weighted-average common shares outstanding, basic | 12,188 | 12,188 | 12,183 | 12,148 | 12,102 | 12,095 | 12,191 | 12,551 | 12,177 | 12,235 | 12,711 |
dilutive effect of stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 237 | 215 | 155 |
weighted-average common shares outstanding, diluted | 12,413 | 12,405 | 12,389 | 12,366 | 12,323 | 12,290 | 12,348 | 12,711 | 12,414 | 12,450 | 12,866 |
Net_Income_Per_Share_Narrative
Net Income Per Share - Narrative (Detail) | 12 Months Ended | ||
Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' |
Number of shares of common stock excluded from the computation of basic net income | 61,668 | 123,335 | 185,000 |
Stock Options [Member] | ' | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' |
Number of common stock options excluded from the computation of diluted net loss per share | ' | ' | 24,750 |
Benefit_Plans_Detail
Benefit Plans (Detail) (USD $) | 12 Months Ended | ||
Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Contributions to defined contribution plans | $696,000 | $635,000 | $606,000 |
Contributions to nonqualified deferred compensation plan | 166,000 | 145,000 | 132,000 |
Investment assets of Trust at fair value | 765,000 | ' | ' |
Deferred Compensation [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Nonqualified deferred compensation plan liability | 2,600,000 | ' | ' |
Accrued Expense [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Nonqualified deferred compensation plan liability | ' | $2,000,000 | ' |
Segment_Information_Narrative_
Segment Information - Narrative (Detail) | 12 Months Ended | ||
Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of business segments | 2 | ' | ' |
Currency Concentration Risk [Member] | Net sales [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Concentration risk percentage | 82.00% | 85.00% | 86.00% |
Geographic Concentration Risk [Member] | Net sales [Member] | International [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Concentration risk percentage | 19.00% | 23.00% | 21.00% |
Customer Concentration Risk [Member] | Net sales [Member] | Upholstery Fabrics [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Concentration risk percentage | 13.00% | 13.00% | 13.00% |
Number of major customer | 1 | 1 | 1 |
Customer Concentration Risk [Member] | Net sales [Member] | Mattress Fabrics [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Concentration risk percentage | 21.00% | 22.00% | 22.00% |
Number of major customer | 2 | 2 | 2 |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Upholstery Fabrics [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of major customer | 0 | 0 | ' |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Upholstery Fabrics [Member] | Minimum [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Concentration risk percentage | 10.00% | 10.00% | ' |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Mattress Fabrics [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Concentration risk percentage | 11.00% | 10.00% | ' |
Number of major customer | 1 | 1 | ' |
Segment_Information_Internatio
Segment Information - International net sales (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Jul. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
net sales | $74,043 | $72,389 | $70,589 | $70,141 | $70,375 | $63,695 | $65,560 | $69,184 | $287,162 | $268,814 | $254,443 |
North america (excluding USA) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
net sales | ' | ' | ' | ' | ' | ' | ' | ' | 15,556 | 11,900 | 10,417 |
Far east and asia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
net sales | ' | ' | ' | ' | ' | ' | ' | ' | 33,487 | 43,907 | 38,279 |
All other areas [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
net sales | ' | ' | ' | ' | ' | ' | ' | ' | 6,041 | 5,806 | 5,353 |
International [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
net sales | ' | ' | ' | ' | ' | ' | ' | ' | $55,084 | $61,613 | $54,049 |
Segment_Information_Statements
Segment Information - Statements of Operations for Operating Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Jul. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
net sales | $74,043 | $72,389 | $70,589 | $70,141 | $70,375 | $63,695 | $65,560 | $69,184 | $287,162 | $268,814 | $254,443 | |
gross profit | 11,761 | 11,837 | 12,235 | 13,074 | 12,848 | 11,685 | 11,877 | 13,120 | 48,906 | 49,530 | 39,732 | |
selling, general, and administrative expenses | 7,317 | 7,041 | 7,200 | 7,100 | 6,772 | 6,822 | 7,209 | 7,641 | 28,657 | 28,445 | 25,026 | |
income from operations | 4,444 | 4,796 | 5,035 | 5,974 | 6,076 | 4,863 | 4,668 | 5,479 | 20,249 | 21,085 | 14,706 | |
interest expense | -97 | -91 | -99 | -140 | -140 | -145 | -156 | -190 | -427 | -632 | -780 | |
interest income | 139 | 148 | 102 | 92 | 90 | 105 | 96 | 127 | 482 | 419 | 508 | |
other expense | -366 | -279 | -224 | -391 | -163 | -300 | -76 | -44 | -1,261 | -583 | -236 | |
income before income taxes | 4,120 | 4,574 | 4,814 | 5,535 | 5,863 | 4,523 | 4,532 | 5,372 | 19,043 | 20,289 | 14,198 | |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 48,906 | 49,530 | 39,809 | |
income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 25,551 | 26,853 | 19,295 | |
Operating Segments [Member] | Upholstery Fabrics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
net sales | ' | ' | ' | ' | ' | ' | ' | ' | 126,457 | 114,800 | 108,924 | |
gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 21,429 | 19,984 | 14,984 | |
selling, general, and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 13,393 | 13,031 | 11,453 | |
income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 8,036 | 6,953 | 3,531 | |
Operating Segments [Member] | Mattress Fabrics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
net sales | ' | ' | ' | ' | ' | ' | ' | ' | 160,705 | 154,014 | 145,519 | |
gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 27,477 | 29,546 | 24,825 | |
selling, general, and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 9,962 | 9,646 | 9,061 | |
income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 17,515 | 19,900 | 15,764 | |
Segment Reconciling Items [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
other non-recurring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -77 | [1] |
Unallocated corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
selling, general, and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 5,302 | 5,768 | 4,512 | |
income from operations | ' | ' | ' | ' | ' | ' | ' | ' | ($5,302) | ($5,768) | ($4,512) | |
[1] | The $77 represents employee termination benefits associated with our Anderson, SC plant facility. This charge was recorded in cost of sales in the 2012 Consolidated Statement of Net Income and relates to the upholstery fabrics segment. |
Segment_Information_Statements1
Segment Information - Statements of Operations for Operating Segments (Parenthetical) (Detail) (Upholstery Fabrics [Member], Cost of Sales [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Apr. 29, 2012 |
Upholstery Fabrics [Member] | Cost of Sales [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Employee termination benefits | $77 |
Segment_Information_Balance_Sh
Segment Information - Balance Sheet Information by Operating Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Jul. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | 1-May-11 | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
non-compete agreements, net | $1,041,000 | ' | ' | ' | $185,000 | ' | ' | ' | $1,041,000 | $185,000 | ' | ' | |||||
customer relationships | 817,000 | ' | ' | ' | ' | ' | ' | ' | 817,000 | ' | ' | ' | |||||
goodwill | 11,462,000 | ' | ' | ' | 11,462,000 | ' | ' | ' | 11,462,000 | 11,462,000 | 11,462,000 | 11,462,000 | |||||
property, plant, and equipment | 31,376,000 | 30,115,000 | 30,559,000 | 30,808,000 | 30,594,000 | 30,055,000 | 30,621,000 | 31,016,000 | 31,376,000 | 30,594,000 | ' | ' | |||||
total assets | 160,935,000 | 156,678,000 | 156,242,000 | 151,101,000 | 144,706,000 | 143,797,000 | 142,443,000 | 143,160,000 | 160,935,000 | 144,706,000 | 144,716,000 | ' | |||||
cash and cash equivalents | 29,303,000 | ' | ' | ' | 23,530,000 | ' | ' | ' | 29,303,000 | 23,530,000 | 25,023,000 | 23,181,000 | |||||
short-term investments | 6,294,000 | ' | ' | ' | 5,286,000 | ' | ' | ' | 6,294,000 | 5,286,000 | ' | ' | |||||
income taxes receivable | 121,000 | ' | ' | ' | 318,000 | ' | ' | ' | 121,000 | 318,000 | ' | ' | |||||
deferred income taxes | 14,993,000 | ' | ' | ' | 18,036,000 | ' | ' | ' | 14,993,000 | 18,036,000 | ' | ' | |||||
other current assets | 2,344,000 | ' | ' | ' | 2,093,000 | ' | ' | ' | 2,344,000 | 2,093,000 | ' | ' | |||||
long-term investments | 765,000 | ' | ' | ' | ' | ' | ' | ' | 765,000 | ' | ' | ' | |||||
other assets | 2,917,000 | ' | ' | ' | 1,151,000 | ' | ' | ' | 2,917,000 | 1,151,000 | ' | ' | |||||
capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 5,310,000 | [1] | 4,457,000 | [1] | 5,919,000 | [1] | ' | ||
depreciation expense | 1,348,000 | 1,329,000 | 1,331,000 | 1,305,000 | 1,297,000 | 1,279,000 | 1,285,000 | 1,254,000 | 5,312,000 | 5,115,000 | 4,865,000 | ' | |||||
Mattress Fabrics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
goodwill | 11,462,000 | ' | ' | ' | 11,462,000 | ' | ' | ' | 11,462,000 | 11,462,000 | ' | ' | |||||
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
total assets | 112,016,000 | ' | ' | ' | 103,265,000 | ' | ' | ' | 112,016,000 | 103,265,000 | 103,599,000 | ' | |||||
Operating Segments [Member] | Mattress Fabrics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
current assets | 36,229,000 | [2] | ' | ' | ' | 33,323,000 | [2] | ' | ' | ' | 36,229,000 | [2] | 33,323,000 | [2] | 29,909,000 | [2] | ' |
assets held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | |||||
non-compete agreements, net | 1,041,000 | ' | ' | ' | 185,000 | ' | ' | ' | 1,041,000 | 185,000 | 333,000 | ' | |||||
customer relationships | 817,000 | ' | ' | ' | ' | ' | ' | ' | 817,000 | ' | ' | ' | |||||
goodwill | 11,462,000 | ' | ' | ' | 11,462,000 | ' | ' | ' | 11,462,000 | 11,462,000 | 11,462,000 | ' | |||||
property, plant, and equipment | 29,040,000 | [3] | ' | ' | ' | 28,578,000 | [4] | ' | ' | ' | 29,040,000 | [3] | 28,578,000 | [4] | 29,237,000 | [5] | ' |
total assets | 78,589,000 | ' | ' | ' | 73,548,000 | ' | ' | ' | 78,589,000 | 73,548,000 | 70,956,000 | ' | |||||
capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 4,380,000 | 3,805,000 | 4,875,000 | ' | |||||
depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 4,694,000 | 4,487,000 | 4,275,000 | ' | |||||
Operating Segments [Member] | Upholstery Fabrics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
current assets | 31,854,000 | [2] | ' | ' | ' | 28,487,000 | [2] | ' | ' | ' | 31,854,000 | [2] | 28,487,000 | [2] | 31,519,000 | [2] | ' |
property, plant, and equipment | 1,573,000 | [6] | ' | ' | ' | 1,230,000 | [7] | ' | ' | ' | 1,573,000 | [6] | 1,230,000 | [7] | 1,124,000 | [8] | ' |
total assets | 33,427,000 | ' | ' | ' | 29,717,000 | ' | ' | ' | 33,427,000 | 29,717,000 | 32,643,000 | ' | |||||
capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 827,000 | 425,000 | 512,000 | ' | |||||
depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 618,000 | 628,000 | 590,000 | ' | |||||
Unallocated corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
property, plant, and equipment | 763,000 | [9] | ' | ' | ' | 786,000 | [9] | ' | ' | ' | 763,000 | [9] | 786,000 | [9] | 918,000 | [9] | ' |
cash and cash equivalents | 29,303,000 | ' | ' | ' | 23,530,000 | ' | ' | ' | 29,303,000 | 23,530,000 | 25,023,000 | ' | |||||
short-term investments | 6,294,000 | ' | ' | ' | 5,286,000 | ' | ' | ' | 6,294,000 | 5,286,000 | 5,941,000 | ' | |||||
income taxes receivable | 121,000 | ' | ' | ' | 318,000 | ' | ' | ' | 121,000 | 318,000 | ' | ' | |||||
deferred income taxes | 8,270,000 | ' | ' | ' | 8,462,000 | ' | ' | ' | 8,270,000 | 8,462,000 | 5,672,000 | ' | |||||
other current assets | 2,344,000 | ' | ' | ' | 2,093,000 | ' | ' | ' | 2,344,000 | 2,093,000 | 1,989,000 | ' | |||||
long-term investments | 765,000 | ' | ' | ' | ' | ' | ' | ' | 765,000 | ' | ' | ' | |||||
other assets | 1,059,000 | ' | ' | ' | 966,000 | ' | ' | ' | 1,059,000 | 966,000 | 1,574,000 | ' | |||||
capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $103,000 | $227,000 | $532,000 | ' | |||||
[1] | Capital expenditure amounts are stated on an accrual basis. See Consolidated Statement of Cash Flows for capital expenditure amounts on a cash basis. | ||||||||||||||||
[2] | Current assets represent accounts receivable and inventory. | ||||||||||||||||
[3] | The $29.0 million at April 27, 2014, represents property, plant, and equipment located in the U.S. of $20.6 million and located in Canada of $8.4 million. | ||||||||||||||||
[4] | The $28.6 million at April 28, 2013, represents property, plant, and equipment located in the U.S. of $20.4 million and located in Canada of $8.2 million. | ||||||||||||||||
[5] | The $29.2 million at April 29, 2012, represents property, plant, and equipment located in the U.S. of $21.2 million and located in Canada of $8.0 million. | ||||||||||||||||
[6] | The $1.6 million at April 27, 2014, represents property, plant, and equipment located in the U.S. of $957, located in China of $572, and located in Poland of $44. | ||||||||||||||||
[7] | The $1.2 million at April 28, 2013, represents property, plant, and equipment located in the U.S. of $908, located in China of $265, and located in Poland of $57. | ||||||||||||||||
[8] | The $1.1 million at April 29, 2012, represents property, plant, and equipment located in the U.S. of $837, China of $183, and located in Poland of $104. | ||||||||||||||||
[9] | The $763, $786, and $918 balance at April 27, 2014, April 28, 2013, and April 29, 2012, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress and upholstery fabric segments. |
Segment_Information_Balance_Sh1
Segment Information - Balance Sheet Information by Operating Segments (Parenthetical) (Detail) (USD $) | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Jul. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | |||
In Thousands, unless otherwise specified | Unallocated corporate [Member] | Unallocated corporate [Member] | Unallocated corporate [Member] | Mattress Fabrics [Member] | Mattress Fabrics [Member] | Mattress Fabrics [Member] | Mattress Fabrics [Member] | Mattress Fabrics [Member] | Mattress Fabrics [Member] | Upholstery Fabrics [Member] | Upholstery Fabrics [Member] | Upholstery Fabrics [Member] | Upholstery Fabrics [Member] | Upholstery Fabrics [Member] | Upholstery Fabrics [Member] | Upholstery Fabrics [Member] | Upholstery Fabrics [Member] | Upholstery Fabrics [Member] | |||||||||||
United States [Member] | United States [Member] | United States [Member] | Canada [Member] | Canada [Member] | Canada [Member] | United States [Member] | United States [Member] | United States [Member] | China [Member] | China [Member] | China [Member] | Poland [Member] | Poland [Member] | Poland [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Property, plant and equipment | $31,376 | $30,115 | $30,559 | $30,808 | $30,594 | $30,055 | $30,621 | $31,016 | $763 | [1] | $786 | [1] | $918 | [1] | $20,600 | $20,400 | $21,200 | $8,400 | $8,200 | $8,000 | $957 | $908 | $837 | $572 | $265 | $183 | $44 | $57 | $104 |
[1] | The $763, $786, and $918 balance at April 27, 2014, April 28, 2013, and April 29, 2012, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress and upholstery fabric segments. |
Statutory_Reserves_Detail
Statutory Reserves (Detail) (Subsidiaries [Member], China [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Apr. 27, 2014 |
Subsidiaries [Member] | China [Member] | ' |
Statutory Reserve [Line Items] | ' |
Percentage of net income required to be transferred to a statutory surplus reserve fund | 10.00% |
Maximum required percentage of statutory surplus reserve fund to registered capital | 50.00% |
Statutory surplus reserve fund balance | $4.70 |
Percentage of accumulated earnings and profits determined in accordance with PRC accounting rules and regulations | 10.00% |
Minimum threshold percentage for statutory surplus reserve fund as percentage of registered capital, below which certain capital transactions are prohibited | 25.00% |
Recovered_Sheet6
Common Stock Repurchase Program (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 29, 2012 | Aug. 29, 2011 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 28, 2013 | Apr. 27, 2014 | Jul. 11, 2014 | |
common stock | common stock | Common Stock Repurchase Program June 2011 [Member] | Common Stock Repurchase Program August 2011 [Member] | Common Stock Repurchase Program August 2011 [Member] | Common Stock Repurchase Program June 2012 [Member] | Common Stock Repurchase Program August 2012 [Member] | Common Stock Repurchase Program February 2014 [Member] | Common Stock Repurchase Program February 2014 [Member] | |||
common stock | common stock | common stock | common stock | common stock | common stock | common stock | |||||
Subsequent Event [Member] | |||||||||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorization amount for repurchase of common stock | ' | ' | ' | ' | $5,000,000 | ' | $7,000,000 | $5,000,000 | $2,000,000 | $5,000,000 | ' |
Additional authorization amount for repurchase of common stock | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' |
Common stock repurchased | ' | ' | 502,595 | 624,127 | ' | ' | 624,127 | 502,595 | 0 | 0 | 22,101 |
Cost of common stock repurchased | $5,022,000 | $5,384,000 | $25,000 | $31,000 | ' | ' | $5,384,000 | $5,022,000 | ' | ' | $381,000 |
Dividend_Program_Detail
Dividend Program (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Jul. 29, 2012 | Apr. 28, 2013 | Nov. 25, 2013 | Jun. 12, 2013 | Dec. 28, 2012 | Apr. 28, 2013 | Jun. 12, 2014 | Jun. 12, 2014 | Jun. 12, 2014 |
Quarterly Dividend [Member] | Quarterly Dividend [Member] | Quarterly Dividend [Member] | Quarterly Dividend [Member] | Quarterly Dividend [Member] | Quarterly Dividend [Member] | Quarterly Dividend [Member] | Quarterly Dividend [Member] | Quarterly Dividend [Member] | Quarterly Dividend [Member] | Quarterly Dividend [Member] | Special Dividend [Member] | Special Dividend [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Quarterly Dividend [Member] | Special Dividend [Member] | |||||||||||||||||
Dividends [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividend payment, per share | ' | ' | $0.05 | $0.05 | $0.04 | $0.04 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | ' | ' | $0.50 | $0.50 | ' | ' | ' |
Dividend declared date | ' | ' | 25-Nov-13 | 25-Nov-13 | 12-Jun-13 | 12-Jun-13 | 13-Jun-12 | 13-Jun-12 | 13-Jun-12 | 13-Jun-12 | 13-Jun-12 | ' | ' | ' | 27-Nov-12 | ' | ' | ' |
Cash dividends paid | $2,204 | $7,593 | ' | ' | ' | ' | ' | ' | ' | ' | $1,500 | ' | ' | ' | $6,100 | ' | ' | ' |
Percentage increase in payment of quarterly cash dividend | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 33.00% | ' | ' | ' | ' | ' |
Cash dividend declared, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.05 | $0.40 |
Date of payment to shareholders entitled to dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Jul-14 | ' | ' |
Date of record of shareholders entitled to dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jul-14 | ' | ' |
Recovered_Sheet7
Selected Quarterly Data (Unaudited) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Jul. 29, 2012 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | 1-May-11 | ||||||||||
INCOME STATEMENT DATA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
net sales | $74,043 | $72,389 | $70,589 | $70,141 | $70,375 | $63,695 | $65,560 | $69,184 | $287,162 | $268,814 | $254,443 | ' | ||||||||||
cost of sales | 62,282 | 60,552 | 58,354 | 57,067 | 57,527 | 52,010 | 53,683 | 56,064 | 238,256 | 219,284 | 214,711 | ' | ||||||||||
gross profit | 11,761 | 11,837 | 12,235 | 13,074 | 12,848 | 11,685 | 11,877 | 13,120 | 48,906 | 49,530 | 39,732 | ' | ||||||||||
selling, general and administrative expenses | 7,317 | 7,041 | 7,200 | 7,100 | 6,772 | 6,822 | 7,209 | 7,641 | 28,657 | 28,445 | 25,026 | ' | ||||||||||
income from operations | 4,444 | 4,796 | 5,035 | 5,974 | 6,076 | 4,863 | 4,668 | 5,479 | 20,249 | 21,085 | 14,706 | ' | ||||||||||
interest expense | 97 | 91 | 99 | 140 | 140 | 145 | 156 | 190 | 427 | 632 | 780 | ' | ||||||||||
interest income | -139 | -148 | -102 | -92 | -90 | -105 | -96 | -127 | -482 | -419 | -508 | ' | ||||||||||
other expense | 366 | 279 | 224 | 391 | 163 | 300 | 76 | 44 | 1,261 | 583 | 236 | ' | ||||||||||
income before income taxes | 4,120 | 4,574 | 4,814 | 5,535 | 5,863 | 4,523 | 4,532 | 5,372 | 19,043 | 20,289 | 14,198 | ' | ||||||||||
income taxes | 1,380 | -3,807 | 1,718 | 2,305 | 2,161 | 1,700 | -3,736 | 1,848 | 1,596 | 1,972 | 902 | ' | ||||||||||
net income | 2,740 | 8,381 | 3,096 | 3,230 | 3,702 | 2,823 | 8,268 | 3,524 | 17,447 | 18,317 | 13,296 | ' | ||||||||||
depreciation | 1,348 | 1,329 | 1,331 | 1,305 | 1,297 | 1,279 | 1,285 | 1,254 | 5,312 | 5,115 | 4,865 | ' | ||||||||||
weighted average shares outstanding | 12,188,000 | 12,188,000 | 12,183,000 | 12,148,000 | 12,102,000 | 12,095,000 | 12,191,000 | 12,551,000 | 12,177,000 | 12,235,000 | 12,711,000 | ' | ||||||||||
weighted average shares outstanding, assuming dilution | 12,413,000 | 12,405,000 | 12,389,000 | 12,366,000 | 12,323,000 | 12,290,000 | 12,348,000 | 12,711,000 | 12,414,000 | 12,450,000 | 12,866,000 | ' | ||||||||||
PER SHARE DATA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
net income per share - basic | $0.22 | $0.69 | $0.25 | $0.27 | $0.31 | $0.23 | $0.68 | $0.28 | $1.43 | $1.50 | $1.05 | ' | ||||||||||
net income per share - diluted | $0.22 | $0.68 | $0.25 | $0.26 | $0.30 | $0.23 | $0.67 | $0.28 | $1.41 | $1.47 | $1.03 | ' | ||||||||||
book value | $9.12 | $8.93 | $8.29 | $8.05 | $7.82 | $7.52 | $7.81 | $7.26 | ' | ' | ' | ' | ||||||||||
BALANCE SHEET DATA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
operating working capital | 41,120 | [1] | 44,657 | [1] | 41,210 | [1] | 38,442 | [1] | 39,228 | [1] | 40,214 | [1] | 35,616 | [1] | 36,637 | [1] | 41,120 | [1] | 39,228 | [1] | ' | ' |
property, plant and equipment, net | 31,376 | 30,115 | 30,559 | 30,808 | 30,594 | 30,055 | 30,621 | 31,016 | 31,376 | 30,594 | ' | ' | ||||||||||
total assets | 160,935 | 156,678 | 156,242 | 151,101 | 144,706 | 143,797 | 142,443 | 143,160 | 160,935 | 144,706 | 144,716 | ' | ||||||||||
capital expenditures | 2,643 | 927 | 1,082 | 658 | 1,863 | 713 | 890 | 991 | 5,258 | 4,400 | 5,890 | ' | ||||||||||
long-term debt, current maturities of long-term debt, and line of credit | 4,986 | [2] | 4,973 | [2] | 4,985 | [2] | 7,160 | [2] | 7,161 | [2] | 7,342 | [2] | 7,692 | [2] | 9,900 | [2] | 4,986 | [2] | 7,161 | [2] | ' | ' |
shareholders' equity | 111,744 | 109,443 | 101,515 | 98,585 | 95,583 | 91,966 | 95,388 | 91,831 | 111,744 | 95,583 | 89,000 | 80,341 | ||||||||||
capital employed | $77,394 | [3] | $80,344 | [3] | $77,068 | [3] | $78,289 | [3] | $72,699 | [3] | $71,758 | [3] | $70,596 | [3] | $75,177 | [3] | $77,394 | [3] | $72,699 | [3] | ' | ' |
RATIOS & OTHER DATA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
gross profit margin | 15.90% | 16.40% | 17.30% | 18.60% | 18.30% | 18.30% | 18.10% | 19.00% | ' | ' | ' | ' | ||||||||||
operating income margin | 6.00% | 6.60% | 7.10% | 8.50% | 8.60% | 7.60% | 7.10% | 7.90% | ' | ' | ' | ' | ||||||||||
net income margin | 3.70% | 11.60% | 4.40% | 4.60% | 5.30% | 4.40% | 12.60% | 5.10% | ' | ' | ' | ' | ||||||||||
effective income tax rate | 33.50% | -83.20% | 35.70% | 41.60% | 36.90% | 37.60% | -82.40% | 34.40% | 8.40% | 9.70% | 6.40% | ' | ||||||||||
Debt-to-total capital employed ratio | 6.40% | [2] | 6.20% | [2] | 6.50% | [2] | 9.10% | [2] | 9.90% | [2] | 10.20% | [2] | 10.90% | [2] | 13.20% | [2] | 6.40% | [2] | 9.90% | [2] | ' | ' |
operating working capital turnover | 7 | [1] | 7 | [1] | 7.1 | [1] | 7.1 | [1] | 7.4 | [1] | 7.9 | [1] | 8.3 | [1] | 8.5 | [1] | ' | ' | ' | ' | ||
days sales in receivables | '34 days | '31 days | '32 days | '29 days | '30 days | '32 days | '29 days | '24 days | ' | ' | ' | ' | ||||||||||
inventory turnover | 6.1 | 5.4 | 5.4 | 5.6 | 6 | 5.3 | 5.5 | 5.2 | ' | ' | ' | ' | ||||||||||
stock price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
high | $21.10 | $20.75 | $19.82 | $19.56 | $18.15 | $16.82 | $12.35 | $11.99 | ' | ' | ' | ' | ||||||||||
low | $17.61 | $18.37 | $17.60 | $14.93 | $14.76 | $12 | $9.75 | $9 | ' | ' | ' | ' | ||||||||||
close | $18.61 | $20.05 | $19.80 | $19.36 | $16.25 | $16.70 | $12.28 | $10.15 | $18.61 | $16.25 | ' | ' | ||||||||||
daily average trading volume (shares) | 27.1 | 26.9 | 21.2 | 34.7 | 51.9 | 43.4 | 29.9 | 38.6 | ' | ' | ' | ' | ||||||||||
[1] | Operating working capital for this calculation is accounts receivable and inventories, offset by accounts payable-trade and capital expenditures | |||||||||||||||||||||
[2] | Debt includes long-term debt, current maturities of long-term debt, and line of credit. | |||||||||||||||||||||
[3] | Capital employed represents long-term and current maturities of long-term debt, lines of credit, current and noncurrent deferred income tax liabilities, current and long-term income taxes payable, stockholders' equity, offset by cash and cash equivalents, short-term and long-term investments, current and noncurrent deferred income tax assets, and income taxes receivable. |