Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
May. 03, 2015 | Nov. 02, 2014 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | May 3, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY | |
Trading Symbol | CFI | |
Entity Registrant Name | CULP INC | |
Entity Central Index Key | 723,603 | |
Current Fiscal Year End Date | --05-03 | |
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 | 12,219,121 | |
Entity Public Float | $ 198,300,713 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | May. 03, 2015 | Apr. 27, 2014 |
current assets: | ||
cash and cash equivalents | $ 29,725 | $ 29,303 |
short-term investments | 10,004 | 6,294 |
accounts receivable, net | 28,749 | 27,409 |
inventories | 42,484 | 40,674 |
deferred income taxes | 4,790 | 6,230 |
income taxes receivable | 229 | 121 |
other current assets | 2,440 | 2,344 |
total current assets | 118,421 | 112,375 |
property, plant and equipment, net | 36,078 | 31,376 |
goodwill | 11,462 | 11,462 |
deferred income taxes | 447 | 2,040 |
long-term investments | 2,415 | 765 |
other assets | 2,545 | 2,917 |
total assets | 171,368 | 160,935 |
current liabilities: | ||
current maturities of long-term debt | 2,200 | 2,200 |
accounts payable - trade | 28,414 | 26,686 |
accounts payable - capital expenditures | 990 | 277 |
accrued expenses | 11,129 | 9,181 |
income taxes payable | 325 | 442 |
total current liabilities | 43,058 | 38,786 |
income taxes payable - long-term | 3,792 | 3,962 |
deferred income taxes | 1,050 | 1,013 |
line of credit | 586 | |
deferred compensation | 4,041 | 2,644 |
long-term debt, less current maturities | 2,200 | |
total liabilities | $ 51,941 | $ 49,191 |
commitments and contingencies (notes 10 and 11) | ||
shareholders' equity: | ||
preferred stock, $.05 par value, authorized 10,000,000 shares | ||
common stock, $.05 par value, authorized 40,000,000 shares, issued and outstanding 12,219,121 at May 3, 2015 and 12,250,030 at April 27, 2014 | $ 611 | $ 612 |
capital contributed in excess of par value | 43,159 | 42,932 |
accumulated earnings | 75,752 | 68,260 |
accumulated other comprehensive loss | (95) | (60) |
total shareholders' equity | 119,427 | 111,744 |
total liabilities and shareholders' equity | $ 171,368 | $ 160,935 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | May. 03, 2015 | Apr. 27, 2014 |
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 | 12,219,121 | 12,250,030 |
Common stock, outstanding | 12,219,121 | 12,250,030 |
CONSOLIDATED STATEMENTS OF NET
CONSOLIDATED STATEMENTS OF NET INCOME - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
May. 03, 2015 | Feb. 01, 2015 | Nov. 02, 2014 | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
Income Statement [Abstract] | |||||||||||
net sales | $ 78,846 | $ 81,269 | $ 73,991 | $ 76,060 | $ 74,043 | $ 72,389 | $ 70,589 | $ 70,141 | $ 310,166 | $ 287,162 | $ 268,814 |
cost of sales | 62,674 | 66,867 | 61,713 | 63,345 | 62,282 | 60,552 | 58,354 | 57,067 | 254,599 | 238,256 | 219,284 |
gross profit | 16,172 | 14,402 | 12,278 | 12,715 | 11,761 | 11,837 | 12,235 | 13,074 | 55,567 | 48,906 | 49,530 |
selling, general and administrative expenses | 9,605 | 8,375 | 7,379 | 7,419 | 7,317 | 7,041 | 7,200 | 7,100 | 32,778 | 28,657 | 28,445 |
income from operations | 6,567 | 6,027 | 4,899 | 5,296 | 4,444 | 4,796 | 5,035 | 5,974 | 22,789 | 20,249 | 21,085 |
interest expense | 15 | 68 | 97 | 91 | 99 | 140 | 64 | 427 | 632 | ||
interest income | (143) | (202) | (153) | (142) | (139) | (148) | (102) | (92) | (622) | (482) | (419) |
other expense, net | 10 | 307 | 162 | (89) | 366 | 279 | 224 | 391 | 391 | 1,261 | 583 |
income before income taxes | 6,685 | 5,922 | 4,890 | 5,459 | 4,120 | 4,574 | 4,814 | 5,535 | 22,956 | 19,043 | 20,289 |
income tax expense (note 9) | 1,772 | 2,110 | 1,889 | 2,115 | 1,380 | (3,807) | 1,718 | 2,305 | 7,885 | 1,596 | 1,972 |
net income | $ 4,913 | $ 3,812 | $ 3,001 | $ 3,344 | $ 2,740 | $ 8,381 | $ 3,096 | $ 3,230 | $ 15,071 | $ 17,447 | $ 18,317 |
net income per share-basic | $ 0.40 | $ 0.31 | $ 0.25 | $ 0.27 | $ 0.22 | $ 0.69 | $ 0.25 | $ 0.27 | $ 1.23 | $ 1.43 | $ 1.50 |
net income per share-diluted | $ 0.39 | $ 0.31 | $ 0.24 | $ 0.27 | $ 0.22 | $ 0.68 | $ 0.25 | $ 0.26 | $ 1.21 | $ 1.41 | $ 1.47 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
net income | $ 15,071 | $ 17,447 | $ 18,317 |
Other comprehensive (loss) income | |||
Unrealized (loss) gain on investments, net of taxes | (35) | (114) | 38 |
Total other comprehensive (loss) income | (35) | (114) | 38 |
Comprehensive income | $ 15,036 | $ 17,333 | $ 18,355 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | common stock | capital contributed in excess of par value | Accumulated earnings | accumulated other comprehensive income (loss) |
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 | $ (5,022) | $ (25) | (4,997) | ||
common stock repurchased (in shares) | (502,595) | ||||
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 | 3,230 | ||||
balance at Jul. 28, 2013 | 98,585 | ||||
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 | ||||
balance at Jul. 28, 2013 | 98,585 | ||||
net income | 3,096 | ||||
balance at Oct. 27, 2013 | 101,515 | ||||
net income | 8,381 | ||||
balance at Jan. 26, 2014 | 109,443 | ||||
net income | 2,740 | ||||
balance at Apr. 27, 2014 | 111,744 | $ 612 | 42,932 | 68,260 | (60) |
balance (in shares) at Apr. 27, 2014 | 12,250,030 | ||||
net income | 3,344 | ||||
balance at Aug. 03, 2014 | 109,147 | ||||
balance at Apr. 27, 2014 | 111,744 | $ 612 | 42,932 | 68,260 | (60) |
balance (in shares) at Apr. 27, 2014 | 12,250,030 | ||||
net income | 15,071 | 15,071 | |||
stock-based compensation | 786 | 786 | |||
unrealized (loss) gain on investments | (35) | (35) | |||
excess tax benefit related to stock options exercised | 109 | 109 | |||
common stock repurchased | $ (745) | $ (2) | (743) | ||
common stock repurchased (in shares) | (43,014) | ||||
fully vested common stock award | 3,000 | ||||
common stock issued in connection with exercise of stock options (in shares) | 10,100 | 10,100 | |||
common stock issued in connection with exercise of stock options | $ 94 | $ 1 | 93 | ||
common stock issued surrendered for withholding taxes payable (in shares) | (995) | ||||
common stock issued surrendered for withholding taxes payable | (18) | (18) | |||
dividends paid | (7,579) | (7,579) | |||
balance at May. 03, 2015 | 119,427 | $ 611 | 43,159 | 75,752 | (95) |
balance (in shares) at May. 03, 2015 | 12,219,121 | ||||
balance at Aug. 03, 2014 | 109,147 | ||||
net income | 3,001 | ||||
balance at Nov. 02, 2014 | 111,674 | ||||
net income | 3,812 | ||||
balance at Feb. 01, 2015 | 114,972 | ||||
net income | 4,913 | ||||
balance at May. 03, 2015 | $ 119,427 | $ 611 | $ 43,159 | $ 75,752 | $ (95) |
balance (in shares) at May. 03, 2015 | 12,219,121 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
cash flows from operating activities: | |||
net income | $ 15,071 | $ 17,447 | $ 18,317 |
adjustments to reconcile net income to net cash provided by operating activities: | |||
depreciation | 5,773 | 5,312 | 5,115 |
amortization of other assets | 187 | 169 | 235 |
stock-based compensation | 786 | 710 | 562 |
excess tax benefit related to stock options exercised | (109) | (143) | (76) |
deferred income taxes | 3,179 | (1,727) | (344) |
gain on sale of equipment | (78) | (283) | |
foreign currency exchange (gains) losses | (84) | 626 | 222 |
changes in assets and liabilities, net of effects of acquisition of assets: | |||
accounts receivable | (1,636) | (3,857) | 1,667 |
inventories | (1,883) | (2,200) | (1,979) |
other current assets | (151) | (270) | (49) |
other assets | (117) | (72) | (176) |
accounts payable-trade | 1,964 | 4,131 | (8,384) |
accrued expenses and deferred compensation | 3,372 | 34 | 2,491 |
income taxes | (163) | 342 | (526) |
net cash provided by operating activities | 26,111 | 20,219 | 17,075 |
cash flows from investing activities: | |||
capital expenditures | (10,461) | (5,258) | (4,400) |
net cash paid for acquisition of assets | (2,640) | ||
purchase of short-term investments | (5,355) | (1,945) | (105) |
proceeds from the sale of short-term investments | 1,628 | 810 | 795 |
purchase of long-term investments | (1,650) | (765) | |
proceeds from life insurance policies | 320 | 716 | |
payments on life insurance policies | (18) | (30) | (19) |
proceeds from the sale of buildings and equipment | 727 | 407 | |
net cash used in investing activities | (14,809) | (9,421) | (3,013) |
cash flows from financing activities: | |||
proceeds from lines of credit | 1,000 | ||
payments on lines of credit | (538) | (1,325) | |
payments on long-term debt | (2,200) | (2,200) | (2,515) |
debt issuance costs | (83) | ||
repurchases of common stock | (745) | (5,022) | |
dividends paid | (7,579) | (2,204) | (7,593) |
proceeds from common stock issued | 94 | 194 | 205 |
excess tax benefit related to stock options exercised | 109 | 143 | 76 |
net cash used in financing activities | (10,859) | (4,150) | (15,174) |
effect of exchange rate changes on cash and cash equivalents | (21) | (875) | (381) |
increase (decrease) in cash and cash equivalents | 422 | 5,773 | (1,493) |
cash and cash equivalents at beginning of year | 29,303 | 23,530 | 25,023 |
cash and cash equivalents at end of year | $ 29,725 | $ 29,303 | $ 23,530 |
GENERAL AND SUMMARY OF SIGNIFIC
GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
May. 03, 2015 | |
Accounting Policies [Abstract] | |
GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business At the end of our third quarter of fiscal 2015, we closed our finished goods warehouse and distribution facility located in Poznan, Poland, primarily as a result of the ongoing economic concerns in Europe. Currently, we remain interested in developing business in Europe, and we are assessing the best strategy for selling upholstery fabric into this market as business conditions improve. Basis of Presentation Principles of Consolidation Fiscal Year Use of Estimates – Cash and Cash Equivalents A summary of our cash and cash equivalents by geographic area follows: (dollars in thousands) May 3, 2015 April 27, 2014 China $ 13,018 15,258 Cayman Islands 8,591 - Canada 5,178 9,139 United States 2,918 4,725 Poland 20 181 $ 29,725 29,303 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 A summary of our short-term investments by geographic area follows: May 3, April 27, (dollars in thousands) 2015 2014 Canada $ 7,333 5,247 China 1,612 - United States 1,059 1,047 Cayman Islands - - Poland - - $ 10,004 6,294 Long-Term Investments Our long-term investments were recorded at its fair value of $2.4 million and $765,000 at May 3, 2015 and April 27, 2014, respectively. The fair value of long-term investments approximates its cost basis. Accounts Receivable Inventories Property, Plant and Equipment 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. Interest costs of $171,000 were capitalized for the construction of qualifying fixed assets for fiscal 2015. No interest costs were capitalized for the construction of qualifying fixed assets for fiscal years 2014 and 2013. Foreign Currency Adjustments A summary of our foreign currency exchange gains (losses) by geographic area follows: (dollars in thousands) 2015 2014 2013 China $ 241 (571 ) (158 ) Canada (108 ) (44 ) (10 ) Poland (2 ) (50 ) (40 ) $ 131 (665 ) (208 ) Goodwill Our goodwill of $11.5 million at May 3, 2015 and April 27, 2014, respectively, relates to our mattress fabrics segment. Income Taxes We evaluate our deferred income taxes to determine if a valuation allowance is required. We 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 we operate 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. We assess whether the undistributed earnings from our foreign subsidiaries will be reinvested indefinitely or eventually distributed to our U.S. parent company. We are required to record a deferred tax liability 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. We recognize the tax impact from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax impact recognized in the financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. Penalties and interest related to uncertain tax positions are recorded as income tax expense. Significant judgment is required in the identification of uncertain tax positions and in the estimation of penalties and interest on uncertain tax positions. Revenue Recognition Shipping and Handling Costs Sales and Other Taxes – Stock-Based Compensation Fair Value of Financial Instruments long-term investments. The fair value measurements of our 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 None Recently Issued Accounting Pronouncements In June 2014, the Financial Accounting Standards Board (“FASB”) amended its authoritative guidance on accounting for certain share-based payment awards. The amended guidance requires that share-based compensation awards with terms of a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award and compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved. The guidance will be effective in our fiscal 2017 first quarter. The guidance will permit an entity to apply the amendments in the update either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the consolidated financial statements and to all new or modified awards thereafter. Currently, we do not have any share-based payment awards with terms of a performance target that affects vesting and could be achieved after the requisite service period. We will apply this new guidance when it becomes effective, and we will evaluate the impact of adoption on our consolidated financial statements. In May 2014, the 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 in our fiscal 2018 first quarter which 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. There are no other new accounting pronouncements that are expected to have a significant impact on our consolidated financial statements. |
BUSINESS COMBINATIONS - MATTRES
BUSINESS COMBINATIONS - MATTRESS FABRIC SEGMENT | 12 Months Ended |
May. 03, 2015 | |
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 certain other 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 is being amortized on a straight line basis over the fifteen year life of the agreement. The customer relationships are being amortized on a straight line basis over their useful life of seventeen years. The equipment are being amortized on a straight line basis over its useful life of seven years. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
May. 03, 2015 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | 3. ACCOUNTS RECEIVABLE A summary of accounts receivable follows: May 3, April 27, (dollars in thousands) 2015 2014 customers $ 30,338 28,461 allowance for doubtful accounts (851 ) (573 ) reserve for returns and allowances and discounts (738 ) (479 ) $ 28,749 27,409 A summary of the activity in the allowance for doubtful accounts follows: (dollars in thousands) 2015 2014 2013 beginning balance $ (573 ) (780 ) (567 ) provision for bad debts (421 ) 139 (283 ) write-offs, net of recoveries 143 68 70 ending balance $ (851 ) (573 ) (780 ) A summary of the activity in the allowance for returns and allowances and discounts follows: (dollars in thousands) 2015 2014 2013 beginning balance $ (479 ) (543 ) (478 ) provision for returns and allowances and discounts (2,733 ) (2,094 ) (2,454 ) credits issued 2,474 2,158 2,389 ending balance $ (738 ) (479 ) (543 ) |
INVENTORIES
INVENTORIES | 12 Months Ended |
May. 03, 2015 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 4. INVENTORIES A summary of inventories follows: May 3 , April 27, (dollars in thousands) 2015 2014 raw materials $ 5,374 6,707 work-in-process 2,766 2,263 finished goods 34,344 31,704 $ 42,484 40,674 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
May. 03, 2015 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 5. PROPERTY, PLANT AND EQUIPMENT A summary of property, plant and equipment follows: (dollars in thousands) depreciable lives (in years) May 3, 2015 April 27, land and improvements 0-10 $ 741 741 buildings and improvements 7-40 15,312 12,983 leasehold improvements ** 1,320 1,281 machinery and equipment 3-12 57,286 51,605 office furniture and equipment 3-10 7,340 6,865 capital projects in progress 1,966 3,941 83,965 77,416 accumulated depreciation and amortization (47,887 ) (46,040 ) $ 36,078 31,376 ** Shorter of life of lease or useful life. At May 3, 2015, we had total amounts due regarding capital expenditures totaling $990,000, which pertain to outstanding vendor invoices, none of which are financed. The total outstanding amount of $990,000 is required to be paid in full in fiscal 2016. At April 27, 2014, we had total amounts due regarding capital expenditures totaling $277,000, which pertained to outstanding vendor invoices, none of which are financed. We did not finance any of our capital expenditures in fiscal 2015, 2014, and 2013. |
GOODWILL
GOODWILL | 12 Months Ended |
May. 03, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | 6. GOODWILL A summary of the change in the carrying amount of goodwill follows: (dollars in thousands) 2015 2014 2013 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 |
May. 03, 2015 | |
Text Block [Abstract] | |
OTHER ASSETS | 7. OTHER ASSETS A summary of other assets follows: (dollars in thousands) May 3, 2015 April 27, 2014 cash surrender value – life insurance $ 339 644 non-compete agreement, net 979 1,041 customer relationships, net 766 817 other 461 415 $ 2,545 2,917 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. During fiscal 2013, 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 at May 3, 2015 and April 27, 2014, respectively. At May 3, 2015, and April 27, 2014, accumulated amortization for this non-compete agreement was $1.1 million and $1.0 million, respectively. Of the $979,000 million non-compete carrying amount at May 3, 2015, $215,000 pertains to the prior non-compete agreement that was in place as part of the asset purchase agreement dated August 11, 2008, and $764,000 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, $75,000, and $198,000 in fiscal years 2015, fiscal 2014, and fiscal 2013, respectively. The remaining amortization expense for the next five years and thereafter follows: FY 2016 - $75,000; FY 2017 - $75,000; FY 2018 - $75,000; FY 2019 - $75,000; FY 2020 - $75,000, and Thereafter - $604,000. The weighted average amortization period for the non-compete agreement is 13 years as of May 3, 2015. 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 May 3, 2015 and April 27, 2014, respectively. Accumulated amortization for these customer relationships was $102,000 and $51,000 at May 3, 2015 and April 27, 2014, respectively. 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 2015 and fiscal 2014. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2016 - $51,000; FY 2017 - $51,000; FY 2018 - $51,000; FY 2019 - $51,000; FY 2020 - $51,000; and Thereafter - $511,000. The weighted average amortization period for our customer relationships is 15 years as of May 3, 2015. Cash Surrender Value - Fiscal 2015 On May 16, 2014, we entered into an agreement with a former employee and his irrevocable trust (the “Trust”) dated September 7, 1995. As a result of this agreement, a previous split dollar life insurance agreement in which we purchased a policy on the life of this former employee and his spouse, in which we retained ownership of the policy, paid premiums to support the policy, had the right to receive cash surrender value of the policy upon the second to die of the former employee and his spouse, with the Trust receiving the remainder of the policy’s death benefit ($2.5 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 policy totaling $320,000 during the second quarter of fiscal 2015. Fiscal 2013 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 any 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. Overall At May 3, 2015, we had one life insurance contract with a death benefit of $1.4 million. At April 27, 2014, we had two life insurance contracts with a death benefit of $3.9 million. Our cash surrender value - life insurance balance of $339,000 and $644,000 at May 3, 2015 and April 27, 2014, respectively, are collectible upon death of the respective insured. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
May. 03, 2015 | |
Text Block [Abstract] | |
ACCRUED EXPENSES | 8. ACCRUED EXPENSES A summary of accrued expenses follows: May 3, April 27, (dollars in thousands) 2015 2014 compensation, commissions and related benefits $ 9,081 7,388 interest 37 71 other 2,011 1,722 $ 11,129 9,181 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
May. 03, 2015 | |
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) 2015 2014 2013 income from operations $ 7,885 1,596 1,972 shareholders’ equity, related to the tax benefit arising from stock based compensation (109 ) (143 ) (76 ) $ 7,776 1,453 1,896 Income tax expense attributable to income from operations consists of: (dollars in thousands) 2015 2014 2013 current federal $ - - - state (7 ) - 19 foreign 4,713 3,323 2,297 4,706 3,323 2,316 deferred federal (849 ) 1,065 192 state (52 ) 416 14 undistributed earnings – foreign subsidiaries (260 ) (5,018 ) 7,011 U.S. operating loss carryforwards 4,487 1,838 3,665 foreign (92 ) (42 ) 608 valuation allowance (55 ) 14 (11,834 ) 3,179 (1,727 ) (344 ) $ 7,885 1,596 1,972 Income (loss) before income taxes related to the company’s foreign and U.S. operations consists of: (dollars in thousands) 2015 2014 2013 Foreign China $ 12,531 11,512 10,593 Canada 2,695 2,149 2,075 Poland (260 ) (370 ) (630 ) Total Foreign 14,966 13,291 12,038 United States 7,990 5,752 8,251 $ 22,956 19,043 20,289 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: 2015 2014 2013 federal income tax rate 34.0 % 34.0 % 34.0 % foreign tax rate differential (6.7 ) (7.2 ) (6.7 ) increase in the liability for uncertain tax positions 3.7 4.3 4.0 undistributed earnings from foreign subsidiaries 3.0 (26.3 ) 34.6 change in valuation allowance (0.2 ) 0.1 (58.3 ) other 0.5 3.5 2.1 34.3 % 8.4 % 9.7 % 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) 2015 2014 deferred tax assets: accounts receivable $ 444 274 inventories 2,251 1,801 compensation 4,497 3,200 liabilities and other 1,155 1,109 alternative minimum tax credit 1,320 1,320 property, plant and equipment (1) 447 572 loss carryforwards – U.S. 12,133 17,161 loss carryforwards – foreign 361 311 unrecognized tax benefits – U.S. (10,349 ) (9,778 ) valuation allowances (922 ) (977 ) total deferred tax assets 11,337 14,993 deferred tax liabilities: undistributed earnings on foreign subsidiaries (1,733 ) (1,993 ) property, plant and equipment (2) (4,022 ) (4,581 ) goodwill (1,197 ) (1,028 ) other (198 ) (134 ) total deferred tax liabilities (7,150 ) (7,736 ) Net deferred tax asset $ 4,187 7,257 (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 $32.2 million with related future tax benefits of $12.1 million at May 3, 2015. These carryforwards principally expire in 11-19 years, fiscal 2026 through fiscal 2034. 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 May 3, 2015, the current deferred tax asset of $4.8 million represents $4.4 million and $421,000 from our operations located in the U.S. and China, respectively. At May 3, 2015, the non-current deferred tax asset of $447,000 pertained to our operations located in China. At May 3, 2015, the non-current deferred tax liability of $1.1 million represents $896,000 and $154,000 from our operations located in Canada and U.S., respectively. 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. 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 May 3, 2015, we recorded a partial valuation allowance of $922,000, of which $561,000 pertained to certain U.S. state net operating loss carryforwards and credits and $361,000 pertained to loss carryforwards associated with our Culp Europe operation located in Poland. 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. No valuation allowance was recorded against our net deferred tax assets associated with our operations located in China and Canada at May 3, 2015 and April 27, 2014, respectively. United States Our net deferred tax asset regarding our U.S. operations includes U.S. loss carryforwards totaling $32.2 million, $45.7 million, and $50.7 million at May 3, 2015, April 27, 2014, and April 28, 2013, respectively. Fiscal 2013 Due to the favorable results of our multi-year restructuring process in our upholstery fabric operations and key acquisitions and capital investments made in our mattress fabric operations, our U.S operations' financial results started to improve in fiscal 2011 and this improvement 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 that we concluded were more likely than not to be realized. 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 recorded 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. Fiscal 2015 At May 3, 2015, we had a remaining valuation allowance against our U.S net deferred tax assets totaling $561,000. 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 2015, we recorded an income tax benefit of $105,000 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 2015. 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 a history of cumulative pre-tax losses. Based on the negative evidence, as supported by our cumulative pre-tax 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 May 3, 2015, we recorded a full valuation allowance against Culp Europe’s net deferred tax assets totaling $361,000. Change in Valuation Allowance In fiscal 2015, we recorded an income tax benefit of $55,000 for a reduction of our valuation allowance. This $55,000 reduction represents an income tax benefit of $105,000 for a change in estimate of the recoverability of our U.S. state net loss operating carryforwards, partially offset by an income tax charge of $50,000 for an increase in the full valuation allowance against our net deferred tax assets associated with our Culp Europe operations located in Poland. 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, partially 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, partially 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. 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 would not be reinvested indefinitely and would 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 was 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. Fiscal 2015 An income tax charge of $695,000 was recorded during fiscal 2015 for the U.S. income tax effects of the undistributed earnings and foreign withholding taxes incurred in fiscal 2015 from our Canadian and China operations. At May 3, 2015, we had accumulated earnings and profits from our foreign subsidiaries totaling $85.2 million. At the same date, the deferred tax liability associated with our undistributed earnings from our foreign subsidiaries totaled $1.7 million, which included U.S. income and foreign withholding taxes totaling $32.4 million, offset by U.S. foreign income tax credits of $30.7 million. Uncertainty in Income Taxes The following table sets forth the change in the company’s unrecognized tax benefit: (dollars in thousands) 2015 2014 2013 beginning balance $ 13,740 13,166 12,462 increases from prior period tax positions 588 756 812 decreases from prior period tax positions (187 ) (182 ) (108 ) increases from current period tax positions - - - ending balance $ 14,141 13,740 13,166 At May 3, 2015, we had $14.1 million of total gross unrecognized tax benefits, of which $3.8 million would favorably affect the income tax rate in future periods. 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. As of May 3, 2015, we had $14.1 million of total gross unrecognized tax benefits, of which $10.3 million and $3.8 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 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. We elected to classify interest and penalties as part of income tax expense. At May 3, 2015 and April 27, 2014, the gross amount of interest and penalties due to unrecognized tax benefits was $844,000 and $755,000, respectively. The liability for uncertain tax positions at May 3, 2015, includes $14.1 million related to tax positions for which significant change is reasonably possible in fiscal 2016. 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 2008 and subsequent. Canadian provincial (Quebec) returns remain subject to examination for tax years 2011 and subsequent. Income tax returns for the company’s China subsidiaries are subject to examination for tax years 2010 and subsequent. Income Taxes Paid Income tax payments, net of income tax refunds, were $4.8 million in fiscal 2015, $3.0 million in 2014, and $2.8 million in 2013. |
LONG-TERM DEBT AND LINES OF CRE
LONG-TERM DEBT AND LINES OF CREDIT | 12 Months Ended |
May. 03, 2015 | |
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: (dollars in thousands) May 3, 2015 April 27, 2014 unsecured senior term notes $ 2,200 4,400 current maturities of long-term debt (2,200 ) (2,200 ) long-term debt, less current maturities $ - 2,200 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 0.3 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. As of May 3, 2015, we have one remaining annual payment of $2.2 million due on August 11, 2015. Revolving Credit Agreement –United States As of May 3, 2015, we had an unsecured credit agreement with Wells Fargo Bank, N.A. ("Wells Fargo') that provided 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 were outstanding under the credit agreement with Culp Europe at April 27, 2014, noted below decreased the $10.0 million available. Interest was charged at a rate (applicable interest rate of 1.78% and 1.75% at May 3, 2015 and April 27, 2014, respectively) equal to the one-month LIBOR rate plus a spread based on the ratio of debt to EBITDA as defined in the agreement. The credit agreement contained customary financial and other covenants as defined in the agreement and was set to expire August 31, 2015. Our credit agreement with Wells Fargo contained a financial covenant that limited our capital expenditures to $10 million in any fiscal year. Effective March 3, 2015, Wells Fargo increased our capital expenditure limit from $10 million to $12 million for fiscal 2015, as a result of the capital expansion plan associated with our mattress fabrics segment. Our capital expenditures were $10.5 million for fiscal 2015, and as a result, we are not in violation of this financial covenant. Effective July 10, 2015, we amended the Credit Agreement to extend the expiration date to August 31, 2017 and maintain the annual capital expenditure limit of $12 million noted above. At May 3, 2015, and April 27, 2014, there were $250,000 and $195,000 in outstanding letters 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 May 3, 2015, and April 27, 2014. Revolving Credit Agreement - 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 $6.4 million USD at May 3, 2015), expiring on February 9, 2016. This agreement has an interest rate determined by the Chinese government. There were no borrowings under this agreement as of May 3, 2015 and April 27, 2014. Revolving Credit Agreement – Culp Europe At April 27, 2014, we had an unsecured credit agreement with Wells Fargo that incurred interest at WIBOR (Warsaw Interbank Offered Rate) plus 2% (applicable interest rate of 4.38% at April 27, 2014). There were $586,000 (1.8 million Polish Zloty) in borrowings outstanding under the agreement at April 27, 2014. 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 was converted to EURO LIBOR plus 2%. At May 3, 2015, no borrowings were outstanding this agreement, as the outstanding balance was paid in full during the second quarter of fiscal 2015. Overall Our loan agreements require, among other things, that we maintain compliance with certain financial covenants. At May 3, 2015, the company was in compliance with these financial covenants. Interest paid during 2015, 2014, and 2013 totaled $268,000 $466,000, and $666,000, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
May. 03, 2015 | |
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 primarily 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 $2.9 million in fiscal 2015, $2.7 million in fiscal 2014, and $2.4 million in fiscal 2013. Future minimum rental commitments for noncancellable operating leases are $2.6 million in fiscal 2016; $1.5 million in fiscal 2017; $645,000 in fiscal 2018, $76,000 in fiscal 2019, and $23,000 in fiscal 2020. Management expects that in the normal course of business, these leases will be renewed or replaced by other operating leases. 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. At April 27, 2014, this lease was on a month to month basis at an amount of $12,704 per month. Effective October 1, 2014, we entered into a new lease agreement with the partnership noted above. The new lease agreement requires monthly payments of $13,000 for a three year term commencing on October 1, 2014 through September 30, 2017. This lease contains two successive options to renew the lease with each renewal period being three years. The first and second renewal terms would require monthly payments of $13,100 and $13,200, respectively. Rents paid to entities owned by certain shareholders and officers of the company and their immediate families totaled $155,000 in fiscal 2015 and $152,000 in each of fiscal 2014 and 2013. 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 and during the first quarter of fiscal 2015 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 May 3, 2015, and April 27, 2014, we had open purchase commitments to acquire equipment for our mattress fabrics segment totaling $2.3 million and $3.4 million, respectively. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
May. 03, 2015 | |
Disclosure of Compensation Related Costs, Share-based 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 May 3, 2015, there were 577,799 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 2015, 2014 or 2013, respectively. No options were granted to outside directors during fiscal years 2015 and 2014 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 during fiscal 2013 was $5.03, using the following assumptions: 2015 2014 2013 Risk-free interest rate - - 0.67 % Dividend yield - - 3.00 % Expected volatility - - 61.70 % 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. No compensation expense was recorded for incentive stock options in fiscal 2015 as all incentive stock option awards were fully vested at the end of fiscal 2014. The company recorded compensation expense of $10,000 and $62,000 within selling, general, and administrative expense for incentive stock options in fiscal 2014 and 2013. The following table summarizes stock option activity for fiscal 2015, 2014, and 2013: 2015 2014 2013 Weighted- Average Exercise Weighted- Average Exercise Weighted- Average Exercise Shares Price Shares Price Shares Price outstanding at beginning of year 153,950 $ 6.70 182,825 $ 6.99 209,475 $ 7.22 granted - - - - 2,000 12.13 exercised (10,100 ) 9.31 (23,125 ) 8.40 (23,025 ) 8.92 canceled/expired (3,750 ) 7.27 (5,750 ) 9.28 (5,625 ) 9.37 outstanding at end of year 140,100 6.49 153,950 6.70 182,825 6.99 Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding at 5/03/15 Weighted-Avg. Remaining Contractual Life Weighted-Avg. Exercise Price Number Exercisable at 5/03/15 Weighted-Avg. Exercise Price $ 1.88 - $ 1.88 40,000 3.7 years $ 1.88 40,000 $ 1.88 $ 4.59 - $ 5.41 6,000 0.8 $ 4.86 6,000 $ 4.86 $ 7.08 - $ 9.57 92,100 2.3 $ 8.48 92,100 $ 8.48 $ 10.11 - 2,000 7.4 $ 12.13 2,000 $ 12.13 140,100 2.7 $ 6.49 140,100 $ 6.49 At May 3, 2015, the aggregate intrinsic value for options outstanding and exercisable was $2.7 million. The aggregate intrinsic value for options exercised was $87,000, $224,000, and $90,000, in fiscal 2015, 2014, and 2013, respectively. At May 3, 2015, there were no unvested incentive stock option awards. Therefore, there was no unrecognized compensation cost related to the incentive stock option awards at May 3, 2015. 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 vested 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 vested 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 was 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 2015, 2014, and 2013: 2015 Shares 2014 Shares 2013 Shares outstanding at beginning of year 61,668 123,335 185,000 granted - - - vested (61,668) (61,667) (61,665) outstanding at end of year - 61,668 123,335 During fiscal 2015, 61,668 shares of time vested restricted stock vested and had a weighted average fair value of $257,000 or $4.17 per share. 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. At May 3, 2015, there were no shares of time vested restricted stock outstanding and unvested. 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 May 3, 2015, there were no outstanding and unvested shares of time vested restricted stock. Therefore, there was no unrecognized compensation cost related to time vested restricted stock awards at May 3, 2015. We recorded compensation expense of $4,000, $62,000, and $140,000 within selling, general, and administrative expense for time vested restricted stock awards in fiscal 2015, 2014, and fiscal 2013, respectively. Performance Based Restricted Stock Units Fiscal 2015 On June 24, 2014, certain key members of management were granted performance based restricted common stock units which could earn up to 102,845 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 $17.70 per share, 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. On March 3, 2015, a non-employee was granted performance based restricted stock units which could earn up to 28,000 shares of common stock if certain performance targets are met as defined in the related restricted stock unit agreements. The fair value of this award is measured at the earlier date of when the performance criteria are met or the end of the reporting period. At May 3, 2015, this grant was unvested and was measured at $26.02 per share, which represents the closing price of the company’s common stock at the end of the reporting period. The vesting of these awards is over the requisite service period of 16 months and 28 months for performance based restricted stock units which could earn up to 12,000 and 16,000 shares of common stock, respectively. 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 per share, 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 per share, 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. Overall We recorded compensation expense of $727,000, $581,000 and $340,000 within selling, general, and administrative expense for performance based restricted stock units in fiscal 2015, 2014 and 2013, respectively. 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 May 3, 2015, the remaining unrecognized compensation cost related to the performance based restricted stock units was $1.2 million, which is expected to be recognized over a weighted average vesting period of 1.9 years. Common Stock Awards On October 1, 2014, 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 $17.95 per share, which represents the closing price of the company's common stock at the date of grant. 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. We recorded $55,000, $57,000, and $20,000 of compensation expense within selling, general, and administrative expense for these common stock awards for fiscal 2015, 2014, and 2013, 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 of compensation expense within selling, general, and administrative expense for this agreement during fiscal 2013. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
May. 03, 2015 | |
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 May 3, 2015 using: Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Limited Term Bond Fund $ 3,107 N/A N/A $ 3,107 Premier Money Market Fund 2,285 N/A N/A 2,285 Intermediate Term Bond Fund 2,181 N/A N/A 2,181 Low Duration Bond Fund 2,096 N/A N/A 2,096 Strategic Income Fund 1,008 N/A N/A 1,008 Growth Allocation Fund 85 N/A N/A 85 Other 45 N/A N/A 45 Fair value measurements at April 27, 2014 using: Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (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 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 May 3, 2015, the carrying value of the company’s long-term debt was $2.2 million and the fair value was $2.3 million. 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. Nonrecurring Basis During fiscal 2015, we did not have any financial assets that were required to be measured at fair value on a 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 active markets for identical assets Significant other observable inputs Significant unobservable inputs (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 agreement 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 |
May. 03, 2015 | |
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) 2015 2014 2013 weighted-average common shares outstanding, basic 12,217 12,177 12,235 dilutive effect of stock-based compensation 205 237 215 weighted-average common shares outstanding, diluted 12,422 12,414 12,450 All options to purchase shares of common stock were included in the computation of diluted net income for fiscal years 2015, 2014 and 2013, as the exercise price of the options was less than the average market price of common shares. At May 3, 2015, there were no outstanding and unvested shares of time vested restricted common stock and therefore, the computation of basic net income per share was not affected. The computation of basic net income did not include 61,668 and 123,335 shares of time vested restricted common stock as these shares were unvested for fiscal 2014 and 2013. |
BENEFIT PLANS
BENEFIT PLANS | 12 Months Ended |
May. 03, 2015 | |
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 $798,000, $696,000, and $635,000 in fiscal years 2015, 2014, and 2013, 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 $174,000 for fiscal 2015, $166,000 for fiscal 2014, and $145,000 for fiscal 2013, respectively. Our nonqualified deferred compensation plan liability of $4.0 million and $2.6 million at May 3, 2015 and April 27, 2014, were recorded in deferred compensation in the 2015 and 2014 Consolidated Balance Sheets, respectively. 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. The investment assets of the Trust are recorded at their fair value of $2.4 million and $765,000 at May 3, 2015 and April 27, 2014, and were recorded in long-term investments in the 2015 and 2014 Consolidated Balance Sheets, respectively. 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 |
May. 03, 2015 | |
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 84%, 82% and 85% of total consolidated net sales in 2015, 2014, and 2013, respectively. International sales accounted for 22%, 19% and 23% of net sales in 2015, 2014, and 2013, respectively, and are summarized by geographic area as follows: (dollars in thousands) 2015 2014 2013 north america (excluding USA) (1) $ 30,758 15,556 11,900 far east and asia (2) 31,855 33,487 43,907 all other areas 4,720 6,041 5,806 $ 67,333 55,084 61,613 (1) Of this amount, $24.1 million, $9.3 million, and $3.2 million are attributable to shipments to Mexico in fiscal 2015, 2014, and 2013, respectively. (2) Of this amount $26.5 million, $32.2 million, and $42.1 million are attributable to shipment to China in fiscal 2015, 2014, and 2013, respectively. Sales are attributed to individual countries based upon location that the company ships its products to for delivery to customers. 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, all costs related to being a public company, and other miscellaneous expenses. 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, 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) 2015 2014 2013 net sales: upholstery fabrics $ 130,427 126,457 114,800 mattress fabrics 179,739 160,705 154,014 $ 310,166 287,162 268,814 gross profit: upholstery fabrics $ 22,690 21,429 19,984 mattress fabrics 32,877 27,477 29,546 $ 55,567 48,906 49,530 (dollars in thousands) 2015 2014 2013 selling, general, and administrative expenses: upholstery fabrics $ 14,562 13,393 13,031 mattress fabrics 11,206 9,962 9,646 unallocated corporate 7,010 5,302 5,768 total selling, general, and administrative expenses $ 32,778 28,657 28,445 Income from operations: upholstery fabrics $ 8,128 8,036 6,953 mattress fabrics 21,671 17,515 19,900 total segment income from operations 29,799 25,551 26,853 unallocated corporate expenses (7,010 ) (5,302 ) (5,768 ) total income from operations 22,789 20,249 21,085 interest expense (64 ) (427 ) (632 ) interest income 622 482 419 other expense (391 ) (1,261 ) (583 ) income before income taxes $ 22,956 19,043 20,289 One customer within the upholstery fabrics segment represented 13% of consolidated net sales in fiscal years 2015, 2014, and 2013, respectively. Two customers within the mattress fabrics segment represented 20%, 21%, and 22% of consolidated net sales in fiscal 2015, 2014, and 2013, respectively. No customers within the upholstery fabrics segment accounted for 10% or more of net accounts receivable as of May 3, 2015 and April 27, 2014, respectively. One customer within the mattress fabrics segment accounted for 10% and 11% of net accounts receivable balance as of May 3, 2015 and April 27, 2014, respectively. Balance sheet information for the company’s operating segments follow: (dollars in thousands) 2015 2014 2013 segment assets mattress fabrics current assets (1) $ 41,328 36,229 33,323 non-compete agreements, net 979 1,041 185 customer relationships 766 817 - goodwill 11,462 11,462 11,462 property, plant, and equipment 33,773 (2) 29,040 (3) 28,578 (4) total mattress fabrics assets $ 88,308 78,589 73,548 upholstery fabrics current assets (2) $ 29,905 31,854 28,487 property, plant, and equipment 1,467 (5) 1,573 (6) 1,230 (7) total upholstery fabrics assets $ 31,372 33,427 29,717 total segment assets 119,680 112,016 103,265 non-segment assets cash and cash equivalents 29,725 29,303 23,530 short-term investments 10,004 6,294 5,286 income taxes receivable 229 121 318 deferred income taxes 5,237 8,270 8,462 other current assets 2,440 2,344 2,093 property, plant, and equipment 838 (8) 763 (8) 786 (8) long-term investments 2,415 765 - other assets 800 1,059 966 total assets $ 171,368 160,935 144,706 capital expenditures (9): mattress fabrics $ 10,454 4,380 3,805 upholstery fabrics 468 827 425 unallocated corporate 252 103 227 $ 11,174 5,310 4,457 depreciation expense mattress fabrics $ 5,034 4,694 4,487 upholstery fabrics 739 618 628 total segment depreciation expense $ 5,773 5,312 5,115 (1) Current assets represent accounts receivable and inventory. (2) The $33.8 million at May 3, 2015, represents property, plant, and equipment located in the U.S. of $23.8 million and located in Canada of $10.0 million. (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 $1.5 million at May 3, 2015, represents property, plant, and equipment located in the U.S. of $848 and located in China of $619. (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, China of $265, and located in Poland of $57. (8) The $838, $763, and $786 balance at May 3, 2015, April 27, 2014, and April 28, 2013, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress and upholstery fabric segments. (9) 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 |
May. 03, 2015 | |
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 May 3, 2015, the company’s statutory surplus reserve was $5.0 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 $5.0 million to assist with debt repayment, capital expenditures, and other expenses of the company’s business. |
COMMON STOCK REPURCHASE PROGRAM
COMMON STOCK REPURCHASE PROGRAM | 12 Months Ended |
May. 03, 2015 | |
Text Block [Abstract] | |
COMMON STOCK REPURCHASE PROGRAM | 18. COMMON STOCK REPURCHASE PROGRAM 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 on the $5.0 million limit that was authorized on February 25, 2014. Fiscal 2015 During fiscal 2015, we purchased 43,014 shares of our common stock at a cost of $745,000, all of which were purchased in the first and second quarters. At May 3, 2015, we had $4.3 million available for additional repurchases of our common stock. 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 |
May. 03, 2015 | |
Text Block [Abstract] | |
DIVIDEND PROGRAM | 19. DIVIDEND PROGRAM Fiscal 2013 During fiscal 2013, dividend payments totaled $7.6 million, of which $6.1 million represented a special cash dividend payment of $0.50 per share, and $1.5 million represented our regular quarterly dividend payments of $0.03 per share. Fiscal 2014 During fiscal 2014, we paid quarterly dividends totaling $2.2 million that ranged from $0.04 to $0.05 per share. Fiscal 2015 During fiscal 2015, dividend payments totaled $7.6 million, of which $4.9 million represented a special cash dividend payment in the first quarter of $0.40 per share, and $2.7 million represented our regularly quarterly cash dividend payments ranging from $0.05 to $0.06 per share. On June 18, 2015, we announced that our board of directors approved the payment of a special cash dividend of $0.40 per share and a regular cash dividend payment of $0.06 per share. These dividend payments are payable on July 15, 2015, to shareholders of record as of July 1, 2015. 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 |
May. 03, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
SELECTED QUARTERLY DATA (UNAUDITED) | SELECTED QUARTERLY DATA (UNAUDITED) fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal 2015 2015 2015 2015 2014 2014 2014 2014 (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 $ 78,846 81,269 73,991 76,060 74,043 72,389 70,589 70,141 cost of sales 62,674 66,867 61,713 63,345 62,282 60,552 58,354 57,067 gross profit 16,172 14,402 12,278 12,715 11,761 11,837 12,235 13,074 selling, general and administrative expenses 9,605 8,375 7,379 7,419 7,317 7,041 7,200 7,100 income from operations 6,567 6,027 4,899 5,296 4,444 4,796 5,035 5,974 interest expense 15 - - 68 97 91 99 140 interest income (143 ) (202 ) (153 ) (142 ) (139 ) (148 ) (102 ) (92 ) other expense (income) 10 307 162 (89 ) 366 279 224 391 income before income taxes 6,685 5,922 4,890 5,459 4,120 4,574 4,814 5,535 income taxes 1,772 2,110 1,889 2,115 1,380 (3,807 ) 1,718 2,305 net income $ 4,913 3,812 3,001 3,344 2,740 8,381 3,096 3,230 depreciation $ 1,528 1,432 1,414 1,399 1,348 1,329 1,331 1,305 weighted average shares outstanding 12,219 12,219 12,218 12,212 12,188 12,188 12,183 12,148 weighted average shares outstanding, assuming dilution 12,440 12,417 12,401 12,404 12,413 12,405 12,389 12,366 PER SHARE DATA net income per share - basic $ 0.40 0.31 0.25 0.27 0.22 0.69 0.25 0.27 net income per share - diluted 0.39 0.31 0.24 0.27 0.22 0.68 0.25 0.26 dividends per share 0.06 0.06 0.05 0.45 0.05 0.05 0.04 0.04 book value 9.77 9.41 9.14 8.93 9.12 8.93 8.29 8.05 BALANCE SHEET DATA operating working capital (3) $ 41,829 39,371 37,645 41,265 41,120 44,657 41,210 38,442 property, plant and equipment, net 36,078 35,269 33,204 31,891 31,376 30,115 30,559 30,808 total assets 171,368 167,815 156,662 154,212 160,935 156,678 156,242 151,101 capital expenditures 2,490 3,696 2,728 2,260 2,643 927 1,082 658 dividends paid 733 733 611 5,502 612 613 490 489 long-term debt, current maturities of long-term debt, and line of credit (1) 2,200 2,200 2,200 4,969 4,986 4,973 4,985 7,160 shareholders' equity 119,427 114,972 111,674 109,147 111,744 109,443 101,515 98,585 capital employed (2) 79,184 77,711 75,636 79,516 77,394 80,344 77,068 78,289 RATIOS & OTHER DATA gross profit margin 20.5 % 17.7 % 16.6 % 16.7 % 15.9 % 16.4 % 17.3 % 18.6 % operating income margin 8.3 7.4 6.6 7.0 6.0 6.6 7.1 8.5 net income margin 6.2 4.7 4.1 4.4 3.7 11.6 4.4 4.6 effective income tax rate 26.5 35.6 38.6 38.7 33.5 (83.2 ) 35.7 41.6 Debt-to-total capital employed ratio (1) 2.8 2.8 2.9 6.2 6.4 6.2 6.5 9.1 operating working capital turnover (3) 7.7 7.5 7.2 7.1 7.0 7.0 7.1 7.1 days sales in receivables 33 32 31 31 34 31 32 29 inventory turnover 6.4 7.0 6.4 6.0 6.1 5.4 5.4 5.6 STOCK DATA stock price high $ 29.19 22.74 19.24 19.05 21.10 20.75 19.82 19.56 low 19.22 18.50 16.60 17.11 17.61 18.37 17.60 14.93 close 26.02 20.09 18.97 17.87 18.61 20.05 19.80 19.36 daily average trading volume (shares) 64.9 26.8 29.7 33.7 27.1 26.9 21.2 34.7 (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 accounts payable - capital expenditures. |
GENERAL AND SUMMARY OF SIGNIF28
GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
May. 03, 2015 | |
Description of Business | Description of Business At the end of our third quarter of fiscal 2015, we closed our finished goods warehouse and distribution facility located in Poznan, Poland, primarily as a result of the ongoing economic concerns in Europe. Currently, we remain interested in developing business in Europe, and we are assessing the best strategy for selling upholstery fabric into this market as business conditions improve. |
Basis of Presentation | Basis of Presentation |
Principles of Consolidation | of Consolidation |
Fiscal Year | Year |
Use of Estimates | of Estimates – |
Cash and Cash Equivalents | Cash and Cash Equivalents A summary of our cash and cash equivalents by geographic area follows: (dollars in thousands) May 3, 2015 April 27, 2014 China $ 13,018 15,258 Cayman Islands 8,591 - Canada 5,178 9,139 United States 2,918 4,725 Poland 20 181 $ 29,725 29,303 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 | Receivable |
Inventories | |
Property, Plant and Equipment | Property, Plant and Equipment 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. Interest costs of $171,000 were capitalized for the construction of qualifying fixed assets for fiscal 2015. No interest costs were capitalized for the construction of qualifying fixed assets for fiscal years 2014 and 2013. |
Foreign Currency Adjustments | Foreign Currency Adjustments A summary of our foreign currency exchange gains (losses) by geographic area follows: (dollars in thousands) 2015 2014 2013 China $ 241 (571 ) (158 ) Canada (108 ) (44 ) (10 ) Poland (2 ) (50 ) (40 ) $ 131 (665 ) (208 ) |
Goodwill | Goodwill Our goodwill of $11.5 million at May 3, 2015 and April 27, 2014, respectively, relates to our mattress fabrics segment. |
Income Taxes | Taxes We evaluate our deferred income taxes to determine if a valuation allowance is required. We 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 we operate 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. We assess whether the undistributed earnings from our foreign subsidiaries will be reinvested indefinitely or eventually distributed to our U.S. parent company. We are required to record a deferred tax liability 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. We recognize the tax impact from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax impact recognized in the financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. Penalties and interest related to uncertain tax positions are recorded as income tax expense. Significant judgment is required in the identification of uncertain tax positions and in the estimation of penalties and interest on uncertain tax positions. |
Revenue Recognition | Recognition |
Shipping and Handling Costs | and Handling Costs |
Sales and Other Taxes | and Other Taxes – |
Stock-Based Compensation | |
Fair Value of Financial Instruments | Value of Financial Instruments long-term investments. The fair value measurements of our 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 | None Recently Issued Accounting Pronouncements In June 2014, the Financial Accounting Standards Board (“FASB”) amended its authoritative guidance on accounting for certain share-based payment awards. The amended guidance requires that share-based compensation awards with terms of a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award and compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved. The guidance will be effective in our fiscal 2017 first quarter. The guidance will permit an entity to apply the amendments in the update either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the consolidated financial statements and to all new or modified awards thereafter. Currently, we do not have any share-based payment awards with terms of a performance target that affects vesting and could be achieved after the requisite service period. We will apply this new guidance when it becomes effective, and we will evaluate the impact of adoption on our consolidated financial statements. In May 2014, the 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 in our fiscal 2018 first quarter which 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. There are no other new accounting pronouncements that are expected to have a significant impact on our consolidated financial statements. |
Short-Term Investments [Member] | |
Investments | Short-Term Investments A summary of our short-term investments by geographic area follows: May 3, April 27, (dollars in thousands) 2015 2014 Canada $ 7,333 5,247 China 1,612 - United States 1,059 1,047 Cayman Islands - - Poland - - $ 10,004 6,294 |
Long-Term Investments [Member] | |
Investments | Investments Our long-term investments were recorded at its fair value of $2.4 million and $765,000 at May 3, 2015 and April 27, 2014, respectively. The fair value of long-term investments approximates its cost basis. |
GENERAL AND SUMMARY OF SIGNIF29
GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
May. 03, 2015 | |
Accounting Policies [Abstract] | |
Summary of Cash and Cash Equivalents by Geographic Area | A summary of our cash and cash equivalents by geographic area follows: (dollars in thousands) May 3, 2015 April 27, 2014 China $ 13,018 15,258 Cayman Islands 8,591 - Canada 5,178 9,139 United States 2,918 4,725 Poland 20 181 $ 29,725 29,303 |
Summary of Short-Term Investments by Geographic Area | A summary of our short-term investments by geographic area follows: May 3, April 27, (dollars in thousands) 2015 2014 Canada $ 7,333 5,247 China 1,612 - United States 1,059 1,047 Cayman Islands - - Poland - - $ 10,004 6,294 |
Summary of Foreign Currency Exchange Gains (Losses) by Geographic Area | A summary of our foreign currency exchange gains (losses) by geographic area follows: (dollars in thousands) 2015 2014 2013 China $ 241 (571 ) (158 ) Canada (108 ) (44 ) (10 ) Poland (2 ) (50 ) (40 ) $ 131 (665 ) (208 ) |
BUSINESS COMBINATIONS - MATTR30
BUSINESS COMBINATIONS - MATTRESS FABRIC SEGMENT (Tables) | 12 Months Ended |
May. 03, 2015 | |
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 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
May. 03, 2015 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | A summary of accounts receivable follows: May 3, April 27, (dollars in thousands) 2015 2014 customers $ 30,338 28,461 allowance for doubtful accounts (851 ) (573 ) reserve for returns and allowances and discounts (738 ) (479 ) $ 28,749 27,409 |
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) 2015 2014 2013 beginning balance $ (573 ) (780 ) (567 ) provision for bad debts (421 ) 139 (283 ) write-offs, net of recoveries 143 68 70 ending balance $ (851 ) (573 ) (780 ) |
Summary of the Activity in the Allowance for Returns and Allowances and Discounts | A summary of the activity in the allowance for returns and allowances and discounts follows: (dollars in thousands) 2015 2014 2013 beginning balance $ (479 ) (543 ) (478 ) provision for returns and allowances and discounts (2,733 ) (2,094 ) (2,454 ) credits issued 2,474 2,158 2,389 ending balance $ (738 ) (479 ) (543 ) |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
May. 03, 2015 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | A summary of inventories follows: May 3 , April 27, (dollars in thousands) 2015 2014 raw materials $ 5,374 6,707 work-in-process 2,766 2,263 finished goods 34,344 31,704 $ 42,484 40,674 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
May. 03, 2015 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant, and Equipment | A summary of property, plant and equipment follows: (dollars in thousands) depreciable lives (in years) May 3, 2015 April 27, land and improvements 0-10 $ 741 741 buildings and improvements 7-40 15,312 12,983 leasehold improvements ** 1,320 1,281 machinery and equipment 3-12 57,286 51,605 office furniture and equipment 3-10 7,340 6,865 capital projects in progress 1,966 3,941 83,965 77,416 accumulated depreciation and amortization (47,887 ) (46,040 ) $ 36,078 31,376 ** Shorter of life of lease or useful life. |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
May. 03, 2015 | |
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) 2015 2014 2013 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 |
May. 03, 2015 | |
Text Block [Abstract] | |
Summary of Other Assets | A summary of other assets follows: (dollars in thousands) May 3, 2015 April 27, 2014 cash surrender value – life insurance $ 339 644 non-compete agreement, net 979 1,041 customer relationships, net 766 817 other 461 415 $ 2,545 2,917 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
May. 03, 2015 | |
Text Block [Abstract] | |
Summary of Accrued Expenses | A summary of accrued expenses follows: May 3, April 27, (dollars in thousands) 2015 2014 compensation, commissions and related benefits $ 9,081 7,388 interest 37 71 other 2,011 1,722 $ 11,129 9,181 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
May. 03, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Allocation of Income Tax Expense | Total income tax expense was allocated as follows: (dollars in thousands) 2015 2014 2013 income from operations $ 7,885 1,596 1,972 shareholders’ equity, related to the tax benefit arising from stock based compensation (109 ) (143 ) (76 ) $ 7,776 1,453 1,896 |
Schedule of Income Tax Expense Attributable to Income from Operations | (dollars in thousands) 2015 2014 2013 current federal $ - - - state (7 ) - 19 foreign 4,713 3,323 2,297 4,706 3,323 2,316 deferred federal (849 ) 1,065 192 state (52 ) 416 14 undistributed earnings – foreign subsidiaries (260 ) (5,018 ) 7,011 U.S. operating loss carryforwards 4,487 1,838 3,665 foreign (92 ) (42 ) 608 valuation allowance (55 ) 14 (11,834 ) 3,179 (1,727 ) (344 ) $ 7,885 1,596 1,972 |
Schedule of Income (Loss) before Income Taxes related to Foreign and U.S. Operations | (dollars in thousands) 2015 2014 2013 Foreign China $ 12,531 11,512 10,593 Canada 2,695 2,149 2,075 Poland (260 ) (370 ) (630 ) Total Foreign 14,966 13,291 12,038 United States 7,990 5,752 8,251 $ 22,956 19,043 20,289 |
Summary of Differences in Income Tax Expense at Federal Income Tax Rate and Effective Income Tax Rate | 2015 2014 2013 federal income tax rate 34.0 % 34.0 % 34.0 % foreign tax rate differential (6.7 ) (7.2 ) (6.7 ) increase in the liability for uncertain tax positions 3.7 4.3 4.0 undistributed earnings from foreign subsidiaries 3.0 (26.3 ) 34.6 change in valuation allowance (0.2 ) 0.1 (58.3 ) other 0.5 3.5 2.1 34.3 % 8.4 % 9.7 % |
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) 2015 2014 deferred tax assets: accounts receivable $ 444 274 inventories 2,251 1,801 compensation 4,497 3,200 liabilities and other 1,155 1,109 alternative minimum tax credit 1,320 1,320 property, plant and equipment (1) 447 572 loss carryforwards – U.S. 12,133 17,161 loss carryforwards – foreign 361 311 unrecognized tax benefits – U.S. (10,349 ) (9,778 ) valuation allowances (922 ) (977 ) total deferred tax assets 11,337 14,993 deferred tax liabilities: undistributed earnings on foreign subsidiaries (1,733 ) (1,993 ) property, plant and equipment (2) (4,022 ) (4,581 ) goodwill (1,197 ) (1,028 ) other (198 ) (134 ) total deferred tax liabilities (7,150 ) (7,736 ) Net deferred tax asset $ 4,187 7,257 (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) 2015 2014 2013 beginning balance $ 13,740 13,166 12,462 increases from prior period tax positions 588 756 812 decreases from prior period tax positions (187 ) (182 ) (108 ) increases from current period tax positions - - - ending balance $ 14,141 13,740 13,166 |
LONG-TERM DEBT AND LINES OF C38
LONG-TERM DEBT AND LINES OF CREDIT (Tables) | 12 Months Ended |
May. 03, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | A summary of long-term debt follows: (dollars in thousands) May 3, 2015 April 27, 2014 unsecured senior term notes $ 2,200 4,400 current maturities of long-term debt (2,200 ) (2,200 ) long-term debt, less current maturities $ - 2,200 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
May. 03, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-Based Payment Award Stock Options Valuation Assumptions | 2015 2014 2013 Risk-free interest rate - - 0.67 % Dividend yield - - 3.00 % Expected volatility - - 61.70 % Expected term (in years) - - 5 |
Summary of Stock Option Activity | The following table summarizes stock option activity for fiscal 2015, 2014, and 2013: 2015 2014 2013 Weighted- Average Exercise Weighted- Average Exercise Weighted- Average Exercise Shares Price Shares Price Shares Price outstanding at beginning of year 153,950 $ 6.70 182,825 $ 6.99 209,475 $ 7.22 granted - - - - 2,000 12.13 exercised (10,100 ) 9.31 (23,125 ) 8.40 (23,025 ) 8.92 canceled/expired (3,750 ) 7.27 (5,750 ) 9.28 (5,625 ) 9.37 outstanding at end of year 140,100 6.49 153,950 6.70 182,825 6.99 |
Summary of Stock Option Activity by Range of Exercise Prices | Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding at 5/03/15 Weighted-Avg. Remaining Contractual Life Weighted-Avg. Exercise Price Number Exercisable at 5/03/15 Weighted-Avg. Exercise Price $ 1.88 - $ 1.88 40,000 3.7 years $ 1.88 40,000 $ 1.88 $ 4.59 - $ 5.41 6,000 0.8 $ 4.86 6,000 $ 4.86 $ 7.08 - $ 9.57 92,100 2.3 $ 8.48 92,100 $ 8.48 $ 10.11 - 2,000 7.4 $ 12.13 2,000 $ 12.13 140,100 2.7 $ 6.49 140,100 $ 6.49 |
Summary of Time Vested Restricted Stock Activity | 2015 Shares 2014 Shares 2013 Shares outstanding at beginning of year 61,668 123,335 185,000 granted - - - vested (61,668) (61,667) (61,665) outstanding at end of year - 61,668 123,335 |
Fair Value of Financial Instr40
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
May. 03, 2015 | |
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 May 3, 2015 using: Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Limited Term Bond Fund $ 3,107 N/A N/A $ 3,107 Premier Money Market Fund 2,285 N/A N/A 2,285 Intermediate Term Bond Fund 2,181 N/A N/A 2,181 Low Duration Bond Fund 2,096 N/A N/A 2,096 Strategic Income Fund 1,008 N/A N/A 1,008 Growth Allocation Fund 85 N/A N/A 85 Other 45 N/A N/A 45 Fair value measurements at April 27, 2014 using: Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (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 |
Schedule of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | Fair value measurements at April 27, 2014 using: Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (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 |
May. 03, 2015 | |
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) 2015 2014 2013 weighted-average common shares outstanding, basic 12,217 12,177 12,235 dilutive effect of stock-based compensation 205 237 215 weighted-average common shares outstanding, diluted 12,422 12,414 12,450 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
May. 03, 2015 | |
Segment Reporting [Abstract] | |
Summary of Segment Information by Geographic Area | International sales accounted for 22%, 19% and 23% of net sales in 2015, 2014, and 2013, respectively, and are summarized by geographic area as follows: (dollars in thousands) 2015 2014 2013 north america (excluding USA) (1) $ 30,758 15,556 11,900 far east and asia (2) 31,855 33,487 43,907 all other areas 4,720 6,041 5,806 $ 67,333 55,084 61,613 (1) Of this amount, $24.1 million, $9.3 million, and $3.2 million are attributable to shipments to Mexico in fiscal 2015, 2014, and 2013, respectively. (2) Of this amount $26.5 million, $32.2 million, and $42.1 million are attributable to shipment to China in fiscal 2015, 2014, and 2013, respectively. |
Schedule of Operating Segments Information | Statements of operations for the company’s operating segments are as follows: (dollars in thousands) 2015 2014 2013 net sales: upholstery fabrics $ 130,427 126,457 114,800 mattress fabrics 179,739 160,705 154,014 $ 310,166 287,162 268,814 gross profit: upholstery fabrics $ 22,690 21,429 19,984 mattress fabrics 32,877 27,477 29,546 $ 55,567 48,906 49,530 (dollars in thousands) 2015 2014 2013 selling, general, and administrative expenses: upholstery fabrics $ 14,562 13,393 13,031 mattress fabrics 11,206 9,962 9,646 unallocated corporate 7,010 5,302 5,768 total selling, general, and administrative expenses $ 32,778 28,657 28,445 Income from operations: upholstery fabrics $ 8,128 8,036 6,953 mattress fabrics 21,671 17,515 19,900 total segment income from operations 29,799 25,551 26,853 unallocated corporate expenses (7,010 ) (5,302 ) (5,768 ) total income from operations 22,789 20,249 21,085 interest expense (64 ) (427 ) (632 ) interest income 622 482 419 other expense (391 ) (1,261 ) (583 ) income before income taxes $ 22,956 19,043 20,289 One customer within the upholstery fabrics segment represented 13% of consolidated net sales in fiscal years 2015, 2014, and 2013, respectively. Two customers within the mattress fabrics segment represented 20%, 21%, and 22% of consolidated net sales in fiscal 2015, 2014, and 2013, respectively. No customers within the upholstery fabrics segment accounted for 10% or more of net accounts receivable as of May 3, 2015 and April 27, 2014, respectively. One customer within the mattress fabrics segment accounted for 10% and 11% of net accounts receivable balance as of May 3, 2015 and April 27, 2014, respectively. Balance sheet information for the company’s operating segments follow: (dollars in thousands) 2015 2014 2013 segment assets mattress fabrics current assets (1) $ 41,328 36,229 33,323 non-compete agreements, net 979 1,041 185 customer relationships 766 817 - goodwill 11,462 11,462 11,462 property, plant, and equipment 33,773 (2) 29,040 (3) 28,578 (4) total mattress fabrics assets $ 88,308 78,589 73,548 upholstery fabrics current assets (2) $ 29,905 31,854 28,487 property, plant, and equipment 1,467 (5) 1,573 (6) 1,230 (7) total upholstery fabrics assets $ 31,372 33,427 29,717 total segment assets 119,680 112,016 103,265 non-segment assets cash and cash equivalents 29,725 29,303 23,530 short-term investments 10,004 6,294 5,286 income taxes receivable 229 121 318 deferred income taxes 5,237 8,270 8,462 other current assets 2,440 2,344 2,093 property, plant, and equipment 838 (8) 763 (8) 786 (8) long-term investments 2,415 765 - other assets 800 1,059 966 total assets $ 171,368 160,935 144,706 capital expenditures (9): mattress fabrics $ 10,454 4,380 3,805 upholstery fabrics 468 827 425 unallocated corporate 252 103 227 $ 11,174 5,310 4,457 depreciation expense mattress fabrics $ 5,034 4,694 4,487 upholstery fabrics 739 618 628 total segment depreciation expense $ 5,773 5,312 5,115 (1) Current assets represent accounts receivable and inventory. (2) The $33.8 million at May 3, 2015, represents property, plant, and equipment located in the U.S. of $23.8 million and located in Canada of $10.0 million. (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 $1.5 million at May 3, 2015, represents property, plant, and equipment located in the U.S. of $848 and located in China of $619. (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, China of $265, and located in Poland of $57. (8) The $838, $763, and $786 balance at May 3, 2015, April 27, 2014, and April 28, 2013, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress and upholstery fabric segments. (9) 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 D
Summary of Selected Quarterly Data (Tables) | 12 Months Ended |
May. 03, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Selected Quarterly Data | fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal 2015 2015 2015 2015 2014 2014 2014 2014 (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 $ 78,846 81,269 73,991 76,060 74,043 72,389 70,589 70,141 cost of sales 62,674 66,867 61,713 63,345 62,282 60,552 58,354 57,067 gross profit 16,172 14,402 12,278 12,715 11,761 11,837 12,235 13,074 selling, general and administrative expenses 9,605 8,375 7,379 7,419 7,317 7,041 7,200 7,100 income from operations 6,567 6,027 4,899 5,296 4,444 4,796 5,035 5,974 interest expense 15 - - 68 97 91 99 140 interest income (143 ) (202 ) (153 ) (142 ) (139 ) (148 ) (102 ) (92 ) other expense (income) 10 307 162 (89 ) 366 279 224 391 income before income taxes 6,685 5,922 4,890 5,459 4,120 4,574 4,814 5,535 income taxes 1,772 2,110 1,889 2,115 1,380 (3,807 ) 1,718 2,305 net income $ 4,913 3,812 3,001 3,344 2,740 8,381 3,096 3,230 depreciation $ 1,528 1,432 1,414 1,399 1,348 1,329 1,331 1,305 weighted average shares outstanding 12,219 12,219 12,218 12,212 12,188 12,188 12,183 12,148 weighted average shares outstanding, assuming dilution 12,440 12,417 12,401 12,404 12,413 12,405 12,389 12,366 PER SHARE DATA net income per share - basic $ 0.40 0.31 0.25 0.27 0.22 0.69 0.25 0.27 net income per share - diluted 0.39 0.31 0.24 0.27 0.22 0.68 0.25 0.26 dividends per share 0.06 0.06 0.05 0.45 0.05 0.05 0.04 0.04 book value 9.77 9.41 9.14 8.93 9.12 8.93 8.29 8.05 BALANCE SHEET DATA operating working capital (3) $ 41,829 39,371 37,645 41,265 41,120 44,657 41,210 38,442 property, plant and equipment, net 36,078 35,269 33,204 31,891 31,376 30,115 30,559 30,808 total assets 171,368 167,815 156,662 154,212 160,935 156,678 156,242 151,101 capital expenditures 2,490 3,696 2,728 2,260 2,643 927 1,082 658 dividends paid 733 733 611 5,502 612 613 490 489 long-term debt, current maturities of long-term debt, and line of credit (1) 2,200 2,200 2,200 4,969 4,986 4,973 4,985 7,160 shareholders' equity 119,427 114,972 111,674 109,147 111,744 109,443 101,515 98,585 capital employed (2) 79,184 77,711 75,636 79,516 77,394 80,344 77,068 78,289 RATIOS & OTHER DATA gross profit margin 20.5 % 17.7 % 16.6 % 16.7 % 15.9 % 16.4 % 17.3 % 18.6 % operating income margin 8.3 7.4 6.6 7.0 6.0 6.6 7.1 8.5 net income margin 6.2 4.7 4.1 4.4 3.7 11.6 4.4 4.6 effective income tax rate 26.5 35.6 38.6 38.7 33.5 (83.2 ) 35.7 41.6 Debt-to-total capital employed ratio (1) 2.8 2.8 2.9 6.2 6.4 6.2 6.5 9.1 operating working capital turnover (3) 7.7 7.5 7.2 7.1 7.0 7.0 7.1 7.1 days sales in receivables 33 32 31 31 34 31 32 29 inventory turnover 6.4 7.0 6.4 6.0 6.1 5.4 5.4 5.6 STOCK DATA stock price high $ 29.19 22.74 19.24 19.05 21.10 20.75 19.82 19.56 low 19.22 18.50 16.60 17.11 17.61 18.37 17.60 14.93 close 26.02 20.09 18.97 17.87 18.61 20.05 19.80 19.36 daily average trading volume (shares) 64.9 26.8 29.7 33.7 27.1 26.9 21.2 34.7 (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 accounts payable - capital expenditures. |
General and Summary of Signif44
General and Summary of Significant Accounting Policies (Detail) | 12 Months Ended | |||
May. 03, 2015USD ($)Segment | Apr. 27, 2014USD ($) | Apr. 28, 2013USD ($) | Apr. 29, 2012USD ($) | |
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of business segments | Segment | 2 | |||
Accumulated unrealized (loss) gain on short-term investments | $ (95,000) | $ (60,000) | ||
short-term investments | 10,004,000 | 6,294,000 | ||
Long-term investments at fair value | $ 2,415,000 | 765,000 | ||
Inventory aging categories | Inventory aging categories are six, nine, twelve, and fifteen months | |||
Interest costs | $ 171,000 | 0 | $ 0 | |
goodwill | 11,462,000 | 11,462,000 | 11,462,000 | $ 11,462,000 |
Selling, general and administrative expenses [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Handling costs | $ 3,800,000 | 3,500,000 | $ 3,200,000 | |
Minimum [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Short-term investments, maturity period | 3 months | |||
Mattress Fabrics [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
goodwill | $ 11,500,000 | $ 11,500,000 |
Summary of Cash and Cash Equiva
Summary of Cash and Cash Equivalents by Geographic Area (Detail) - USD ($) $ in Thousands | May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 |
Cash and Cash Equivalents [Line Items] | ||||
cash and cash equivalents | $ 29,725 | $ 29,303 | $ 23,530 | $ 25,023 |
China [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
cash and cash equivalents | 13,018 | 15,258 | ||
Cayman Islands [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
cash and cash equivalents | 8,591 | |||
Canada [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
cash and cash equivalents | 5,178 | 9,139 | ||
United States [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
cash and cash equivalents | 2,918 | 4,725 | ||
Poland [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
cash and cash equivalents | $ 20 | $ 181 |
Summary of Short-Term Investmen
Summary of Short-Term Investments by Geographic Area (Detail) - USD ($) $ in Thousands | May. 03, 2015 | Apr. 27, 2014 |
Schedule of Investments [Line Items] | ||
short-term investments | $ 10,004 | $ 6,294 |
Canada [Member] | ||
Schedule of Investments [Line Items] | ||
short-term investments | 7,333 | 5,247 |
China [Member] | ||
Schedule of Investments [Line Items] | ||
short-term investments | 1,612 | |
United States [Member] | ||
Schedule of Investments [Line Items] | ||
short-term investments | $ 1,059 | $ 1,047 |
Summary of Foreign Currency Exc
Summary of Foreign Currency Exchange Gains (Losses) by Geographic Area (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
Foreign Currency Exchange Gain And Loss [Line Items] | |||
Foreign currency exchange gains (losses) | $ 131 | $ (665) | $ (208) |
China [Member] | |||
Foreign Currency Exchange Gain And Loss [Line Items] | |||
Foreign currency exchange gains (losses) | 241 | (571) | (158) |
Canada [Member] | |||
Foreign Currency Exchange Gain And Loss [Line Items] | |||
Foreign currency exchange gains (losses) | (108) | (44) | (10) |
Poland [Member] | |||
Foreign Currency Exchange Gain And Loss [Line Items] | |||
Foreign currency exchange gains (losses) | $ (2) | $ (50) | $ (40) |
Business Combinations - Mattr48
Business Combinations - Mattress Fabric Segment - Narrative (Detail) - USD ($) | 12 Months Ended | |
May. 03, 2015 | Apr. 27, 2014 | |
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 | |
Bodet And Horst [Member] | ||
Business Acquisition [Line Items] | ||
Direct acquisition costs related to business combination | $ 83,000 | |
Bodet And Horst [Member] | Equipment [Member] | ||
Business Acquisition [Line Items] | ||
Tangible asset, useful life | 7 years | |
Bodet And Horst [Member] | Non-compete Agreement [Member] | ||
Business Acquisition [Line Items] | ||
Intangible asset, useful life | 15 years | |
Bodet And Horst [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Intangible asset, useful life | 17 years |
Business Combinations - Mattr49
Business Combinations - Mattress Fabric Segment - Allocation of Acquisition Cost to Assets Acquired Based on Fair Values (Detail) - Bodet And Horst [Member] $ in Thousands | May. 08, 2013USD ($) |
Business Acquisition [Line Items] | |
Equipment | $ 890 |
Purchase price for equipment and certain other assets | 2,640 |
Non-compete Agreement [Member] | |
Business Acquisition [Line Items] | |
Intangible assets | 882 |
Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Intangible assets | $ 868 |
Accounts Receivable (Detail)
Accounts Receivable (Detail) - USD ($) $ in Thousands | May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
customers | $ 30,338 | $ 28,461 | ||
accounts receivable, net | 28,749 | 27,409 | ||
Allowance for doubtful accounts [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
valuation allowance, balance | (851) | (573) | $ (780) | $ (567) |
Reserve for returns and allowances and discounts [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
valuation allowance, balance | $ (738) | $ (479) | $ (543) | $ (478) |
Accounts Receivable - Allowance
Accounts Receivable - Allowance for Doubtful Accounts (Detail) - Allowance for doubtful accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
beginning balance | $ (573) | $ (780) | $ (567) |
provision for bad debts | (421) | 139 | (283) |
write-offs, net of recoveries | 143 | 68 | 70 |
ending balance | $ (851) | $ (573) | $ (780) |
Accounts Receivable - Allowan52
Accounts Receivable - Allowance for Returns and Allowances and Discounts (Detail) - Reserve for returns and allowances and discounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
beginning balance | $ (479) | $ (543) | $ (478) |
provision for returns and allowances and discounts | (2,733) | (2,094) | (2,454) |
credits issued | 2,474 | 2,158 | 2,389 |
ending balance | $ (738) | $ (479) | $ (543) |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | May. 03, 2015 | Apr. 27, 2014 |
Inventory Disclosure [Abstract] | ||
raw materials | $ 5,374 | $ 6,707 |
work-in-process | 2,766 | 2,263 |
finished goods | 34,344 | 31,704 |
inventories | $ 42,484 | $ 40,674 |
Property, Plant and Equipment54
Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||||
May. 03, 2015 | Feb. 01, 2015 | Nov. 02, 2014 | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | |
Property, Plant and Equipment [Line Items] | ||||||||
land and improvements | $ 741 | $ 741 | ||||||
buildings and improvements | 15,312 | 12,983 | ||||||
leasehold improvements | 1,320 | 1,281 | ||||||
machinery and equipment | 57,286 | 51,605 | ||||||
office furniture and equipment | 7,340 | 6,865 | ||||||
capital projects in progress | 1,966 | 3,941 | ||||||
property, plant and equipment, gross | 83,965 | 77,416 | ||||||
accumulated depreciation and amortization | (47,887) | (46,040) | ||||||
property, plant and equipment, net | $ 36,078 | $ 35,269 | $ 33,204 | $ 31,891 | $ 31,376 | $ 30,115 | $ 30,559 | $ 30,808 |
land and improvements [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
depreciable lives | ||||||||
land and improvements [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
depreciable lives | 10 years | |||||||
buildings and improvements [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
depreciable lives | 7 years | |||||||
buildings and improvements [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
depreciable lives | 40 years | |||||||
leasehold improvements [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
depreciable lives | Shorter of life of lease or useful life. | |||||||
machinery and equipment [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
depreciable lives | 3 years | |||||||
machinery and equipment [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
depreciable lives | 12 years | |||||||
office furniture and equipment [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
depreciable lives | 3 years | |||||||
office furniture and equipment [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
depreciable lives | 10 years |
Property, Plant and Equipment -
Property, Plant and Equipment - Narrative (Detail) - USD ($) $ in Thousands | May. 03, 2015 | Apr. 27, 2014 |
Property, Plant and Equipment [Abstract] | ||
Capital expenditures, amounts due | $ 990 | $ 277 |
Goodwill (Detail)
Goodwill (Detail) - USD ($) | 12 Months Ended | ||
May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
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 ($) $ in Thousands | May. 03, 2015 | Apr. 27, 2014 |
Other Assets, Noncurrent [Abstract] | ||
cash surrender value - life insurance | $ 339 | $ 644 |
non-compete agreement, net | 979 | 1,041 |
customer relationships, net | 766 | 817 |
other | 461 | 415 |
Other assets | $ 2,545 | $ 2,917 |
Other Assets - Narrative (Detai
Other Assets - Narrative (Detail) | 3 Months Ended | 12 Months Ended | |||||
Nov. 02, 2014USD ($) | May. 03, 2015USD ($)Contract | Apr. 27, 2014USD ($)Contract | Apr. 28, 2013USD ($) | May. 16, 2014USD ($) | Mar. 18, 2013USD ($) | Dec. 11, 2012USD ($) | |
Other Assets [Line Items] | |||||||
Gross carrying amount of non-compete agreement | $ 2,000,000 | $ 2,000,000 | |||||
Non-compete agreement carrying amount | 979,000 | 1,041,000 | |||||
Gross carrying amount of customer relationships | 868,000 | $ 868,000 | |||||
Death benefits to beneficiary of insured on terminated life insurance agreement | $ 2,500,000 | ||||||
Collection of cash surrender value from termination of split dollar life insurance agreement | $ 320,000 | $ 320,000 | $ 716,000 | ||||
Number of life insurance contracts owned | Contract | 1 | 2 | |||||
Life insurance contracts, death benefits to insured | $ 1,400,000 | $ 3,900,000 | |||||
Life insurance contracts, cash surrender value | 339,000 | 644,000 | |||||
Compensation Agreement One [Member] | Chairman of the Board [Member] | |||||||
Other Assets [Line Items] | |||||||
Death benefits to beneficiary of insured on terminated life insurance agreement | $ 8,000,000 | ||||||
Collection of cash surrender value from termination of split dollar life insurance agreement | 626,000 | ||||||
Additional annual compensation commitment | $ 60,000 | ||||||
Compensation Agreement One [Member] | Chairman of the Board [Member] | Maximum [Member] | |||||||
Other Assets [Line Items] | |||||||
Estimated term of the agreement | 12 years | ||||||
Compensation Agreement Two [Member] | Chairman of the Board [Member] | |||||||
Other Assets [Line Items] | |||||||
Death benefits to beneficiary of insured on terminated life insurance agreement | $ 500,000 | ||||||
Collection of cash surrender value from termination of split dollar life insurance agreement | 90,000 | ||||||
Non-compete Agreement [Member] | |||||||
Other Assets [Line Items] | |||||||
Useful life | 15 years | ||||||
Accumulated amortization | $ 1,100,000 | 1,000,000 | |||||
Amortization expense | 75,000 | 75,000 | $ 198,000 | ||||
Remaining amortization expense for the next fiscal year | 75,000 | ||||||
Remaining amortization expense for the second fiscal year | 75,000 | ||||||
Remaining amortization expense for the third fiscal year | 75,000 | ||||||
Remaining amortization expense for the fourth fiscal year | 75,000 | ||||||
Remaining amortization expense for the fifth fiscal year | 75,000 | ||||||
Remaining amortization expense for the fiscal year thereafter | $ 604,000 | ||||||
Weighted average remaining amortization period | 13 years | ||||||
Prior non-compete agreement with Bodet and Horst [Member] | |||||||
Other Assets [Line Items] | |||||||
Useful life | 6 years | ||||||
Asset Purchase Agreement Dated August 11, 2008 [Member] | |||||||
Other Assets [Line Items] | |||||||
Non-compete agreement carrying amount | $ 215,000 | ||||||
Asset Purchase Agreement Dated May 8, 2013 [Member] | |||||||
Other Assets [Line Items] | |||||||
Non-compete agreement carrying amount | $ 764,000 | ||||||
Customer Relationships [Member] | |||||||
Other Assets [Line Items] | |||||||
Useful life | 17 years | ||||||
Accumulated amortization | $ 102,000 | 51,000 | |||||
Amortization expense | 51,000 | $ 51,000 | |||||
Remaining amortization expense for the next fiscal year | 51,000 | ||||||
Remaining amortization expense for the second fiscal year | 51,000 | ||||||
Remaining amortization expense for the third fiscal year | 51,000 | ||||||
Remaining amortization expense for the fourth fiscal year | 51,000 | ||||||
Remaining amortization expense for the fifth fiscal year | 51,000 | ||||||
Remaining amortization expense for the fiscal year thereafter | $ 511,000 | ||||||
Weighted average remaining amortization period | 15 years |
Accrued Expenses (Detail)
Accrued Expenses (Detail) - USD ($) $ in Thousands | May. 03, 2015 | Apr. 27, 2014 |
Payables and Accruals [Abstract] | ||
compensation, commissions and related benefits | $ 9,081 | $ 7,388 |
interest | 37 | 71 |
other | 2,011 | 1,722 |
Accrued expenses | $ 11,129 | $ 9,181 |
Income Taxes - Allocation of In
Income Taxes - Allocation of Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
May. 03, 2015 | Feb. 01, 2015 | Nov. 02, 2014 | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
income from operations | $ 1,772 | $ 2,110 | $ 1,889 | $ 2,115 | $ 1,380 | $ (3,807) | $ 1,718 | $ 2,305 | $ 7,885 | $ 1,596 | $ 1,972 |
shareholders' equity, related to the tax benefit arising from stock based compensation | (109) | (143) | (76) | ||||||||
income tax expense (benefit), excluding tax benefit from exercise of stock options | $ 7,776 | $ 1,453 | $ 1,896 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
May. 03, 2015 | Feb. 01, 2015 | Nov. 02, 2014 | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
current | |||||||||||
federal | $ 0 | $ 0 | $ 0 | ||||||||
state | (7) | 19 | |||||||||
foreign | 4,713 | 3,323 | 2,297 | ||||||||
current income tax expense | 4,706 | 3,323 | 2,316 | ||||||||
deferred | |||||||||||
federal | (849) | 1,065 | 192 | ||||||||
state | (52) | 416 | 14 | ||||||||
undistributed earnings - foreign subsidiaries | (260) | (5,018) | 7,011 | ||||||||
U.S. operating loss carryforwards | 4,487 | 1,838 | 3,665 | ||||||||
foreign | (92) | (42) | 608 | ||||||||
valuation allowance | (55) | 14 | (11,834) | ||||||||
deferred income tax expense | 3,179 | (1,727) | (344) | ||||||||
income tax expense | $ 1,772 | $ 2,110 | $ 1,889 | $ 2,115 | $ 1,380 | $ (3,807) | $ 1,718 | $ 2,305 | $ 7,885 | $ 1,596 | $ 1,972 |
Income Taxes - Income (Loss) be
Income Taxes - Income (Loss) before Income Taxes related to Foreign and U.S. Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
May. 03, 2015 | Feb. 01, 2015 | Nov. 02, 2014 | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
Income Taxes [Line Items] | |||||||||||
Income (loss) before income taxes, foreign | $ 14,966 | $ 13,291 | $ 12,038 | ||||||||
income before income taxes | $ 6,685 | $ 5,922 | $ 4,890 | $ 5,459 | $ 4,120 | $ 4,574 | $ 4,814 | $ 5,535 | 22,956 | 19,043 | 20,289 |
China [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Income (loss) before income taxes, foreign | 12,531 | 11,512 | 10,593 | ||||||||
Canada [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Income (loss) before income taxes, foreign | 2,695 | 2,149 | 2,075 | ||||||||
Poland [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Income (loss) before income taxes, foreign | (260) | (370) | (630) | ||||||||
United States [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Income (loss) before income taxes, domestic | $ 7,990 | $ 5,752 | $ 8,251 |
Income Taxes - Differences Betw
Income Taxes - Differences Between Income Tax Expense at Federal Income Tax Rate and Effective Income Tax Rate (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
May. 03, 2015 | Feb. 01, 2015 | Nov. 02, 2014 | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
federal income tax rate | 34.00% | 34.00% | 34.00% | ||||||||
foreign tax rate differential | (6.70%) | (7.20%) | (6.70%) | ||||||||
increase in the liability for uncertain tax positions | 3.70% | 4.30% | 4.00% | ||||||||
undistributed earnings from foreign subsidiaries | 3.00% | (26.30%) | 34.60% | ||||||||
change in valuation allowance | (0.20%) | 0.10% | (58.30%) | ||||||||
other | 0.50% | 3.50% | 2.10% | ||||||||
effective income tax rate | 26.50% | 35.60% | 38.60% | 38.70% | 33.50% | (83.20%) | 35.70% | 41.60% | 34.30% | 8.40% | 9.70% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) | May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
deferred tax assets: | ||||
accounts receivable | $ 444,000 | $ 274,000 | ||
inventories | 2,251,000 | 1,801,000 | ||
compensation | 4,497,000 | 3,200,000 | ||
liabilities and other | 1,155,000 | 1,109,000 | ||
alternative minimum tax credit | 1,320,000 | 1,320,000 | ||
property, plant and equipment | [1] | 447,000 | 572,000 | |
loss carryforwards - U.S. | 12,133,000 | 17,161,000 | ||
loss carryforwards - foreign | 361,000 | 311,000 | ||
unrecognized tax benefits - U.S. | (10,349,000) | (9,778,000) | ||
valuation allowances | (922,000) | (977,000) | ||
total deferred tax assets | 11,337,000 | 14,993,000 | ||
deferred tax liabilities: | ||||
undistributed earnings on foreign subsidiaries | (1,733,000) | (1,993,000) | $ (7,000,000) | |
property, plant and equipment | [2] | (4,022,000) | (4,581,000) | |
goodwill | (1,197,000) | (1,028,000) | ||
other | (198,000) | (134,000) | ||
total deferred tax liabilities | (7,150,000) | (7,736,000) | ||
Net deferred tax asset | $ 4,187,000 | $ 7,257,000 | ||
[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
Income Taxes - Deferred Income Taxes - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
Income Taxes [Line Items] | |||
Current deferred tax asset | $ 4,790 | $ 6,230 | |
Non-current deferred tax asset | 447 | 2,040 | |
Non-current deferred tax liability | 1,050 | 1,013 | |
U.S. Tax Authorities [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | 32,200 | 45,700 | $ 50,700 |
Current deferred tax asset | 4,400 | 5,800 | |
Non-current deferred tax asset | 1,400 | ||
Non-current deferred tax liability | $ 154 | ||
U.S. Tax Authorities [Member] | Minimum [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards, expiration period | 11 years | ||
U.S. Tax Authorities [Member] | Maximum [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards, expiration period | 19 years | ||
China [Member] | |||
Income Taxes [Line Items] | |||
Current deferred tax asset | $ 421 | 372 | |
Non-current deferred tax asset | 447 | 572 | |
Canada [Member] | |||
Income Taxes [Line Items] | |||
Non-current deferred tax liability | $ 896 | $ 1,000 |
Income Taxes - Deferred Incom66
Income Taxes - Deferred Income Taxes - Valuation Allowance - Narrative (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 36 Months Ended | ||||||||||||
May. 03, 2015 | Feb. 01, 2015 | Nov. 02, 2014 | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Jan. 27, 2013 | Oct. 28, 2012 | Oct. 28, 2012 | Oct. 30, 2011 | May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | |
Income Taxes [Line Items] | ||||||||||||||||
Valuation allowance | $ 922,000 | $ 977,000 | $ 922,000 | $ 977,000 | ||||||||||||
income before income taxes | 6,685,000 | $ 5,922,000 | $ 4,890,000 | $ 5,459,000 | 4,120,000 | $ 4,574,000 | $ 4,814,000 | $ 5,535,000 | 22,956,000 | 19,043,000 | $ 20,289,000 | |||||
net sales | 78,846,000 | 81,269,000 | 73,991,000 | 76,060,000 | 74,043,000 | 72,389,000 | 70,589,000 | 70,141,000 | 310,166,000 | 287,162,000 | 268,814,000 | |||||
Operating income | 6,567,000 | $ 6,027,000 | $ 4,899,000 | $ 5,296,000 | 4,444,000 | $ 4,796,000 | $ 5,035,000 | $ 5,974,000 | 22,789,000 | 20,249,000 | 21,085,000 | |||||
Income tax expense (benefit) related to changes in the valuation allowance for deferred tax assets | (55,000) | 14,000 | (11,800,000) | |||||||||||||
U.S. Tax Authorities and Poland Tax Authorities [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | ||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||
Valuation allowance | 922,000 | 977,000 | 922,000 | 977,000 | ||||||||||||
U.S. State Tax [Member] | ||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||
Income tax expense (benefit) related to changes in the valuation allowance for deferred tax assets | $ 103,000 | |||||||||||||||
U.S. State Tax [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | ||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||
Valuation allowance | 561,000 | 666,000 | 561,000 | 666,000 | 722,000 | |||||||||||
Poland [Member] | Culp Europe [Member] | ||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||
Income tax expense (benefit) related to changes in the valuation allowance for deferred tax assets | $ 50,000 | 70,000 | 241,000 | |||||||||||||
Operating loss carryforwards, expiration period | 5 years | |||||||||||||||
Poland [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | Culp Europe [Member] | ||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||
Valuation allowance | 361,000 | 311,000 | $ 361,000 | 311,000 | ||||||||||||
Canada and China [Member] | ||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||
Valuation allowance | 0 | 0 | 0 | 0 | ||||||||||||
U.S. Tax Authorities [Member] | ||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||
Operating loss carryforwards | $ 32,200,000 | $ 45,700,000 | 32,200,000 | 45,700,000 | 50,700,000 | |||||||||||
income before income taxes | $ 3,400,000 | $ 11,900,000 | ||||||||||||||
Income tax expense (benefit) related to changes in the valuation allowance for deferred tax assets | $ (12,200,000) | $ (105,000) | $ (56,000) | (12,100,000) | ||||||||||||
Valuation allowance reversal | $ (12,100,000) | |||||||||||||||
U.S. Tax Authorities [Member] | Mattress Fabrics [Member] | ||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||
net sales | $ 77,700,000 | $ 67,400,000 | ||||||||||||||
Percentage increase in net sales | 15.00% | |||||||||||||||
Operating income | $ 10,300,000 | $ 7,000,000 | ||||||||||||||
Percentage increase in operating income | 49.00% |
Income Taxes - Deferred Incom67
Income Taxes - Deferred Income Taxes - Undistributed Earnings from Foreign Subsidiaries - Narrative (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jan. 26, 2014 | Oct. 28, 2012 | Apr. 28, 2013 | May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
Income Taxes [Line Items] | ||||||
Undistributed earnings from our foreign subsidiaries that will not be reinvested indefinitely | $ 55,600,000 | $ 56,700,000 | $ 85,200,000 | $ 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 | $ 7,000,000 | 1,733,000 | 1,993,000 | 7,000,000 | ||
U.S. income and foreign withholding taxes | 32,400,000 | 28,100,000 | 22,000,000 | |||
U.S. foreign income tax credits | 30,700,000 | 26,100,000 | $ 15,000,000 | |||
U.S. Tax Authorities [Member] | Foreign Subsidiaries in China [Member] | ||||||
Income Taxes [Line Items] | ||||||
U.S. income and foreign withholding taxes | $ 4,500,000 | |||||
U.S. foreign income tax credits | 9,900,000 | |||||
Income tax expense (benefit) from income tax effects on undistributed earnings from foreign subsidiaries | $ (5,400,000) | |||||
U.S. Tax Authorities [Member] | Foreign Subsidiaries in Canada and China [Member] | ||||||
Income Taxes [Line Items] | ||||||
Income tax expense (benefit) from income tax effects on undistributed earnings from foreign subsidiaries | $ 695,000 | $ 352,000 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
Income Tax Disclosure [Abstract] | |||
beginning balance | $ 13,740 | $ 13,166 | $ 12,462 |
increases from prior period tax positions | 588 | 756 | 812 |
decreases from prior period tax positions | (187) | (182) | (108) |
ending balance | $ 14,141 | $ 13,740 | $ 13,166 |
Income Taxes - Uncertainty in I
Income Taxes - Uncertainty in Income Taxes - Narrative (Detail) - USD ($) | May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 |
Income Taxes [Line Items] | ||||
Unrecognized tax benefits | $ 14,141,000 | $ 13,740,000 | $ 13,166,000 | $ 12,462,000 |
Unrecognized tax benefits that would favorably impact effective income tax rate if recognized | 3,800,000 | 4,000,000 | ||
Gross amount of interest and penalties due to unrecognized tax benefits | 844,000 | 755,000 | ||
Unrecognized tax benefits for which significant change is reasonably possible | 14,100,000 | |||
Net Non-current Deferred Income Taxes [Member] | ||||
Income Taxes [Line Items] | ||||
Unrecognized tax benefits | 10,300,000 | 9,700,000 | ||
Income Taxes Payable - Long-Term [Member] | ||||
Income Taxes [Line Items] | ||||
Unrecognized tax benefits | $ 3,800,000 | $ 4,000,000 |
Income Taxes - Income Taxes Pai
Income Taxes - Income Taxes Paid - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
Income Tax Disclosure [Abstract] | |||
Income tax payments, net of income tax refunds | $ 4.8 | $ 3 | $ 2.8 |
Long-Term Debt and Lines of C71
Long-Term Debt and Lines of Credit (Detail) - USD ($) $ in Thousands | May. 03, 2015 | Apr. 27, 2014 |
Debt Disclosure [Abstract] | ||
unsecured senior term notes | $ 2,200 | $ 4,400 |
current maturities of long-term debt | $ (2,200) | (2,200) |
long-term debt, less current maturities | $ 2,200 |
Long-Term Debt and Lines of C72
Long-Term Debt and Lines of Credit - Long-Term Debt - Narrative (Detail) | 12 Months Ended | |||
May. 03, 2015USD ($)Payment | Apr. 27, 2014USD ($) | Apr. 28, 2013USD ($) | Aug. 11, 2008USD ($) | |
Debt Instrument [Line Items] | ||||
Interest paid | $ 268,000 | $ 466,000 | $ 666,000 | |
Unsecured senior term notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Issuance of unsecured senior 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 | Aug. 11, 2011 | |||
Required debt payment frequency | Annual | |||
Average term period for remaining principal payments, in years | 3 months 18 days | |||
Maturity date | Aug. 11, 2015 | |||
Remaining annual payment due on August 11, 2015 | $ 2,200,000 | |||
Number of annual payment remaining | Payment | 1 |
Long-Term Debt and Lines of C73
Long-Term Debt and Lines of Credit - Lines of Credit - Narrative (Detail) PLN in Millions | Jul. 10, 2015 | May. 03, 2015USD ($) | Apr. 27, 2014USD ($) | Apr. 28, 2013USD ($) | May. 03, 2015CNY (¥) | May. 02, 2014USD ($) | May. 02, 2014EUR (€) | Apr. 27, 2014PLN | |
Line of Credit Facility [Line Items] | |||||||||
Capital expenditures | [1] | $ 11,174,000 | $ 5,310,000 | $ 4,457,000 | |||||
United States [Member] | Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum borrowing capacity | $ 10,000,000 | ||||||||
Interest rate description | Interest was charged at a rate equal to the one-month LIBOR rate plus a spread based on the ratio of debt to EBITDA as defined in the agreement. | ||||||||
Expiration date | Aug. 31, 2015 | ||||||||
Reference rate on which the interest rate is based | One-month LIBOR rate | ||||||||
Applicable interest rate at end of period | 1.78% | 1.75% | 1.78% | 1.75% | |||||
Letters of credit, outstanding amount | $ 250,000 | $ 195,000 | |||||||
Outstanding amount | 0 | 0 | |||||||
Capital expenditure limit for fiscal 2015 | 12,000,000 | 10,000,000 | |||||||
Capital expenditures | 10,500,000 | ||||||||
United States [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Expiration date | Aug. 31, 2017 | ||||||||
China [Member] | Revolving credit agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum borrowing capacity | $ 6,400,000 | ¥ 40,000,000 | |||||||
Interest rate description | This agreement has an interest rate determined by the Chinese government. | ||||||||
Expiration date | Feb. 9, 2016 | ||||||||
Outstanding amount | $ 0 | $ 0 | ¥ 0 | ||||||
Poland [Member] | Revolving credit agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Interest rate description | Our applicable interest rate was converted to EURO LIBOR plus 2%. | ||||||||
Expiration date | Aug. 31, 2015 | ||||||||
Reference rate on which the interest rate is based | EURO LIBOR | ||||||||
Applicable interest rate at end of period | 4.38% | 4.38% | |||||||
Outstanding amount | $ 0 | $ 586,000 | $ 588,000 | € 424,000 | PLN 1.8 | ||||
Percent added to reference rate in effect from time to time to set the interest rate | 2.00% | 2.00% | |||||||
Poland [Member] | Revolving credit agreement [Member] | Interest rate description for April 27, 2014 [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Interest rate description | Agreement with Wells Fargo that incurred interest at WIBOR (Warsaw Interbank Offered Rate) plus 2% | ||||||||
Reference rate on which the interest rate is based | Warsaw Interbank Offered Rate | ||||||||
[1] | Capital expenditure amounts are stated on an accrual basis. See Consolidated Statement of Cash Flows for capital expenditure amounts on a cash basis. |
Commitments and Contingencies (
Commitments and Contingencies (Detail) - USD ($) | Oct. 01, 2014 | Apr. 27, 2014 | May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 |
Commitments and Contingencies Disclosure [Line Items] | |||||
Rental expense for operating leases | $ 2,900,000 | $ 2,700,000 | $ 2,400,000 | ||
Future minimum rental commitments for noncancellable operating leases in fiscal 2016 | 2,600,000 | ||||
Future minimum rental commitments for noncancellable operating leases in fiscal 2017 | 1,500,000 | ||||
Future minimum rental commitments for noncancellable operating leases in fiscal 2018 | 645,000 | ||||
Future minimum rental commitments for noncancellable operating leases in fiscal 2019 | 76,000 | ||||
Future minimum rental commitments for noncancellable operating leases in fiscal 2020 | $ 23,000 | ||||
Minimum [Member] | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Lease terms | 3 years | ||||
Maximum [Member] | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Lease terms | 5 years | ||||
Lease terms, renewal options for additional periods | 9 years | ||||
Mattress Fabrics [Member] | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Lease terms | 3 years | ||||
Monthly lease payments of a plant facility | $ 13,000 | 12,704 | |||
Mattress Fabrics [Member] | Plant facility [Member] | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Rental payments | $ 155,000 | 152,000 | $ 152,000 | ||
Mattress Fabrics [Member] | Capital Addition Purchase Commitments [Member] | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Open purchase commitments | $ 3,400,000 | $ 2,300,000 | 3,400,000 | ||
Mattress Fabrics [Member] | First Lease Renewal Term [Member] | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Lease terms, renewal options for additional periods | 3 years | ||||
Monthly lease payments of a plant facility | $ 13,100 | ||||
Mattress Fabrics [Member] | Second Lease Renewal Term [Member] | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Lease terms, renewal options for additional periods | 3 years | ||||
Monthly lease payments of a plant facility | $ 13,200 | ||||
Settled Litigation [Member] | Environmental Issue [Member] | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Lawsuit filing date | February 5, 2008 | ||||
Payments made for settlement of lawsuit | $ 206,000 | ||||
Lawsuit dismissed date | Jun. 5, 2014 | ||||
Settled Litigation [Member] | Environmental Issue [Member] | Other Expense [Member] | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Charge resulted from settlement of lawsuit | $ 206,000 | ||||
Settled Litigation [Member] | Environmental Issue [Member] | Site of former manufacturing plant in West Hazleton, Pennsylvania [Member] | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
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 $14 million, plus unspecified future environmental costs |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Detail) | May. 03, 2015USD ($)$ / sharesshares | Mar. 03, 2015shares | Oct. 01, 2014$ / sharesshares | Jun. 24, 2014$ / sharesshares | Oct. 01, 2013$ / sharesshares | Jun. 25, 2013$ / sharesshares | Oct. 08, 2012$ / sharesshares | Jul. 11, 2012$ / sharesshares | May. 03, 2015USD ($)$ / sharesshares | Apr. 27, 2014USD ($)$ / sharesshares | Apr. 28, 2013USD ($)$ / sharesshares | May. 02, 2010ExecutiveOfficers$ / sharesshares | May. 03, 2009$ / sharesshares | Apr. 29, 2012shares | Sep. 20, 2007shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of options granted | 2,000 | ||||||||||||||
2007 Equity Incentive Plan [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 | 577,799 | 577,799 | |||||||||||||
2002 Stock Option Plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of shares available for future equity based grants | 0 | ||||||||||||||
Common Stock Awards [Member] | Outside Director [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Vesting period | |||||||||||||||
Number of shares granted | 3,000 | 3,000 | 1,658 | ||||||||||||
Closing price of common stock | $ / shares | $ 17.95 | $ 18.84 | $ 12.13 | ||||||||||||
Common Stock Awards [Member] | Selling, general and administrative expenses [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based compensation expense | $ | $ 55,000 | $ 57,000 | $ 20,000 | ||||||||||||
Performance Based Restricted Stock Units [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Vesting period | 3 years | 3 years | 3 years | ||||||||||||
Closing price of common stock | $ / shares | $ 17.70 | $ 17.12 | $ 10.21 | ||||||||||||
Remaining unrecognized compensation cost | $ | $ 1,200,000 | $ 1,200,000 | |||||||||||||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 1 year 10 months 24 days | ||||||||||||||
Performance Based Restricted Stock Units [Member] | Non-employee [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Closing price of common stock | $ / shares | $ 26.02 | ||||||||||||||
Performance Based Restricted Stock Units [Member] | Maximum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of shares granted | 102,845 | 72,380 | 120,000 | ||||||||||||
Performance Based Restricted Stock Units [Member] | Maximum [Member] | Non-employee [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of shares granted | 28,000 | ||||||||||||||
Performance Based Restricted Stock Units [Member] | Selling, general and administrative expenses [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based compensation expense | $ | $ 727,000 | $ 581,000 | $ 340,000 | ||||||||||||
Performance Based Restricted Stock Units [Member] | First Requisite Service Period [Member] | Non-employee [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Vesting period | 16 months | ||||||||||||||
Performance Based Restricted Stock Units [Member] | First Requisite Service Period [Member] | Maximum [Member] | Non-employee [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of shares granted | 12,000 | ||||||||||||||
Performance Based Restricted Stock Units [Member] | Second Requisite Service Period [Member] | Non-employee [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Vesting period | 28 months | ||||||||||||||
Performance Based Restricted Stock Units [Member] | Second Requisite Service Period [Member] | Maximum [Member] | Non-employee [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of shares granted | 16,000 | ||||||||||||||
Time Vested Restricted Stock Awards [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of shares granted | 0 | 0 | 0 | ||||||||||||
Weighted average fair value of vested shares, per share | $ / shares | $ 4.17 | $ 4.04 | $ 3.76 | ||||||||||||
Number of shares vested | 61,668 | 61,667 | 61,665 | ||||||||||||
Weighted average fair value of vested shares | $ | $ 257,000 | $ 249,000 | $ 232,000 | ||||||||||||
Number of shares outstanding and unvested | 0 | 0 | 61,668 | 123,335 | 185,000 | ||||||||||
Weighted average fair value of outstanding and unvested shares, per share | $ / shares | $ 4.17 | ||||||||||||||
Remaining unrecognized compensation cost | $ | $ 0 | $ 0 | |||||||||||||
Time Vested Restricted Stock Awards [Member] | Granted on July 1, 2009 [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of shares outstanding and unvested | 26,668 | ||||||||||||||
Time Vested Restricted Stock Awards [Member] | Granted on January 7, 2009 [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of shares granted | 115,000 | ||||||||||||||
Vesting description | Vested in equal one-third installments on May 1, 2012, 2013, and 2014 | ||||||||||||||
Number of shares outstanding and unvested | 35,000 | ||||||||||||||
Time Vested Restricted Stock Awards [Member] | Non-employee [Member] | Granted on January 7, 2009 [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of shares granted | 10,000 | ||||||||||||||
Time Vested Restricted Stock Awards [Member] | Executive Officer [Member] | Granted on July 1, 2009 [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of executive officers granted time vested restricted common stock | ExecutiveOfficers | 2 | ||||||||||||||
Number of shares granted | 80,000 | ||||||||||||||
Vesting description | Vested in equal one-third installments on July 1, 2012, 2013, and 2014 | ||||||||||||||
Closing price of common stock | $ / shares | $ 5.08 | ||||||||||||||
Time Vested Restricted Stock Awards [Member] | Key management employees [Member] | Granted on January 7, 2009 [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of shares granted | 105,000 | ||||||||||||||
Closing price of common stock | $ / shares | $ 1.88 | ||||||||||||||
Time Vested Restricted Stock Awards [Member] | Selling, general and administrative expenses [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based compensation expense | $ | $ 4,000 | $ 62,000 | $ 140,000 | ||||||||||||
Time Vested Restricted Stock Awards [Member] | Vesting on May 1, 2012 [Member] | Non-employee [Member] | Granted on January 7, 2009 [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Weighted average fair value of vested shares, per share | $ / shares | $ 11.05 | ||||||||||||||
Time Vested Restricted Stock Awards [Member] | Vesting on May 1, 2013 [Member] | Non-employee [Member] | Granted on January 7, 2009 [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Weighted average fair value of vested shares, per share | $ / shares | 16.25 | ||||||||||||||
Time Vested Restricted Stock Awards [Member] | Vesting on May 1, 2014 [Member] | Non-employee [Member] | Granted on January 7, 2009 [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Weighted average fair value of vested shares, per share | $ / shares | $ 18.61 | ||||||||||||||
Stock Options [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Aggregate intrinsic value for options outstanding | $ | 2,700,000 | $ 2,700,000 | |||||||||||||
Aggregate intrinsic value for options exercisable | $ | $ 2,700,000 | 2,700,000 | |||||||||||||
Aggregate intrinsic value for options exercised | $ | $ 87,000 | $ 224,000 | $ 90,000 | ||||||||||||
Number of unvested stock option | 0 | 0 | |||||||||||||
Unrecognized stock based compensation cost | $ | $ 0 | $ 0 | |||||||||||||
Stock Options [Member] | Outside Director [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of options granted | 0 | 0 | 2,000 | ||||||||||||
Vesting period | |||||||||||||||
Expiration period | 10 years | ||||||||||||||
Weighted average exercise price, fair value | $ / shares | $ 5.03 | ||||||||||||||
Fair value assumptions method used | Black-Scholes option-pricing model | ||||||||||||||
Stock Options [Member] | Selling, general and administrative expenses [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based compensation expense | $ | $ 0 | $ 10,000 | $ 62,000 | ||||||||||||
Employee Stock Option [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of options granted | 0 | 0 | 0 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options Valuation Assumptions (Detail) - 12 months ended Apr. 28, 2013 - Outside Director [Member] - Stock Options [Member] | Total |
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 |
Stock-Based Compensation - St77
Stock-Based Compensation - Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
Shares | |||
outstanding at beginning of year | 153,950 | 182,825 | 209,475 |
granted | 2,000 | ||
exercised | (10,100) | (23,125) | (23,025) |
canceled/expired | (3,750) | (5,750) | (5,625) |
outstanding at end of year | 140,100 | 153,950 | 182,825 |
Weighted-Average Exercise Price | |||
outstanding at beginning of year | $ 6.70 | $ 6.99 | $ 7.22 |
granted | 12.13 | ||
exercised | 9.31 | 8.40 | 8.92 |
canceled/expired | 7.27 | 9.28 | 9.37 |
outstanding at end of year | $ 6.49 | $ 6.70 | $ 6.99 |
Stock-Based Compensation - St78
Stock-Based Compensation - Stock Option Activity by Range of Exercise Prices (Detail) - $ / shares | 12 Months Ended | |||
May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Number Outstanding | 140,100 | 153,950 | 182,825 | 209,475 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 2 years 8 months 12 days | |||
Options Outstanding, Weighted-Average Exercise Price | $ 6.49 | $ 6.70 | $ 6.99 | $ 7.22 |
Options Exercisable, Number Exercisable | 140,100 | |||
Options Exercisable, Weighted-Average Exercise Price | $ 6.49 | |||
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 | 3 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 | 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 | 92,100 | |||
Options Outstanding, Weighted-Average Remaining Contractual Life | 2 years 3 months 18 days | |||
Options Outstanding, Weighted-Average Exercise Price | $ 8.48 | |||
Options Exercisable, Number Exercisable | 92,100 | |||
Options Exercisable, Weighted-Average Exercise Price | $ 8.48 | |||
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 | 2,000 | |||
Options Outstanding, Weighted-Average Remaining Contractual Life | 7 years 4 months 24 days | |||
Options Outstanding, Weighted-Average Exercise Price | $ 12.13 | |||
Options Exercisable, Number Exercisable | 2,000 | |||
Options Exercisable, Weighted-Average Exercise Price | $ 12.13 |
Stock-Based Compensation - Time
Stock-Based Compensation - Time Vested Restricted Stock Activity (Detail) - Time Vested Restricted Stock Awards [Member] - shares | 12 Months Ended | ||
May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
outstanding at beginning of year | 61,668 | 123,335 | 185,000 |
granted | 0 | 0 | 0 |
vested | (61,668) | (61,667) | (61,665) |
outstanding at end of year | 0 | 61,668 | 123,335 |
Stock-Based Compensation - Othe
Stock-Based Compensation - Other Share-Based Arrangements - Narrative (Detail) - Stock Appreciation Rights (SARs) [Member] - USD ($) | May. 02, 2011 | Jul. 29, 2012 | Apr. 28, 2013 |
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Agreement date | May 2, 2011 | ||
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 | ||
Selling, general and administrative expenses [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Compensation expense | $ 40,000 |
Fair Value of Financial Instr81
Fair Value of Financial Instruments - Recurring Basis (Detail) - USD ($) $ in Thousands | May. 03, 2015 | Apr. 27, 2014 |
Limited Term Bond Fund [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets measured at fair value on a recurring basis | $ 3,107 | $ 2,576 |
Premier Money Market Fund [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets measured at fair value on a recurring basis | 2,285 | 755 |
Intermediate Term Bond Fund [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets measured at fair value on a recurring basis | 2,181 | 1,641 |
Low Duration Bond Fund [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets measured at fair value on a recurring basis | 2,096 | 2,077 |
Strategic Income Fund [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets measured at fair value on a recurring basis | 1,008 | |
Growth Allocation Fund [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets measured at fair value on a recurring basis | 85 | |
Other [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets measured at fair value on a recurring basis | 45 | 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 | 3,107 | 2,576 |
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 | 2,285 | 755 |
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 | 2,181 | 1,641 |
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 | 2,096 | 2,077 |
Quoted prices in active markets for identical assets - Level 1 [Member] | Strategic Income Fund [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets measured at fair value on a recurring basis | 1,008 | |
Quoted prices in active markets for identical assets - Level 1 [Member] | Growth Allocation Fund [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets measured at fair value on a recurring basis | 85 | |
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 | $ 45 | $ 10 |
Fair Value of Financial Instr82
Fair Value of Financial Instruments - Narrative (Detail) - USD ($) $ in Millions | May. 03, 2015 | Apr. 27, 2014 |
Fair Value Disclosures [Abstract] | ||
Long-term debt | $ 2.2 | $ 4.4 |
Long-term debt, fair value | $ 2.3 | $ 4.6 |
Fair Value of Financial Instr83
Fair Value of Financial Instruments - Nonrecurring Basis (Detail) $ in Thousands | Apr. 27, 2014USD ($) |
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 |
Equipment [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets measured at fair value on a nonrecurring basis | 890 |
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) - shares shares in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
May. 03, 2015 | Feb. 01, 2015 | Nov. 02, 2014 | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
weighted-average common shares outstanding, basic | 12,219 | 12,219 | 12,218 | 12,212 | 12,188 | 12,188 | 12,183 | 12,148 | 12,217 | 12,177 | 12,235 |
dilutive effect of stock-based compensation | 205 | 237 | 215 | ||||||||
weighted-average common shares outstanding, diluted | 12,440 | 12,417 | 12,401 | 12,404 | 12,413 | 12,405 | 12,389 | 12,366 | 12,422 | 12,414 | 12,450 |
Net Income Per Share - Narrativ
Net Income Per Share - Narrative (Detail) - shares | 12 Months Ended | |||
Apr. 27, 2014 | Apr. 28, 2013 | May. 03, 2015 | 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 | ||
Time Vested Restricted Stock Awards [Member] | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Number of shares outstanding and unvested | 61,668 | 123,335 | 0 | 185,000 |
Benefit Plans (Detail)
Benefit Plans (Detail) - USD ($) | 12 Months Ended | ||
May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Contributions to defined contribution plans | $ 798,000 | $ 696,000 | $ 635,000 |
Contributions to nonqualified deferred compensation plan | 174,000 | 166,000 | $ 145,000 |
Investment assets of Trust at fair value | 2,415,000 | 765,000 | |
Deferred Compensation [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Nonqualified deferred compensation plan liability | $ 4,000,000 | $ 2,600,000 |
Segment Information - Narrative
Segment Information - Narrative (Detail) | 12 Months Ended | ||
May. 03, 2015CustomerSegment | Apr. 27, 2014Customer | Apr. 28, 2013Customer | |
Segment Reporting Information [Line Items] | |||
Number of business segments | Segment | 2 | ||
Currency Concentration Risk [Member] | Net sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 84.00% | 82.00% | 85.00% |
Geographic Concentration Risk [Member] | Net sales [Member] | International [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 22.00% | 19.00% | 23.00% |
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 | 20.00% | 21.00% | 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 | 10.00% | 11.00% | |
Number of major customer | 1 | 1 |
Segment Information - Internati
Segment Information - International net sales (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
May. 03, 2015 | Feb. 01, 2015 | Nov. 02, 2014 | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
net sales | $ 78,846 | $ 81,269 | $ 73,991 | $ 76,060 | $ 74,043 | $ 72,389 | $ 70,589 | $ 70,141 | $ 310,166 | $ 287,162 | $ 268,814 | |
North america (excluding USA) [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
net sales | [1] | 30,758 | 15,556 | 11,900 | ||||||||
Far east and asia [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
net sales | [2] | 31,855 | 33,487 | 43,907 | ||||||||
All other areas [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
net sales | 4,720 | 6,041 | 5,806 | |||||||||
International [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
net sales | $ 67,333 | $ 55,084 | $ 61,613 | |||||||||
[1] | Of this amount, $24.1 million, $9.3 million, and $3.2 million are attributable to shipments to Mexico in fiscal 2015, 2014, and 2013, respectively. | |||||||||||
[2] | Of this amount $26.5 million, $32.2 million, and $42.1 million are attributable to shipment to China in fiscal 2015, 2014, and 2013, respectively. |
Segment Information - Interna89
Segment Information - International net sales (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
May. 03, 2015 | Feb. 01, 2015 | Nov. 02, 2014 | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
net sales | $ 78,846 | $ 81,269 | $ 73,991 | $ 76,060 | $ 74,043 | $ 72,389 | $ 70,589 | $ 70,141 | $ 310,166 | $ 287,162 | $ 268,814 |
Mexico [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
net sales | 24,100 | 9,300 | 3,200 | ||||||||
China [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
net sales | $ 26,500 | $ 32,200 | $ 42,100 |
Segment Information - Statement
Segment Information - Statement of Operations for Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
May. 03, 2015 | Feb. 01, 2015 | Nov. 02, 2014 | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
net sales | $ 78,846 | $ 81,269 | $ 73,991 | $ 76,060 | $ 74,043 | $ 72,389 | $ 70,589 | $ 70,141 | $ 310,166 | $ 287,162 | $ 268,814 |
gross profit | 16,172 | 14,402 | 12,278 | 12,715 | 11,761 | 11,837 | 12,235 | 13,074 | 55,567 | 48,906 | 49,530 |
selling, general, and administrative expenses | 9,605 | 8,375 | 7,379 | 7,419 | 7,317 | 7,041 | 7,200 | 7,100 | 32,778 | 28,657 | 28,445 |
income from operations | 6,567 | 6,027 | 4,899 | 5,296 | 4,444 | 4,796 | 5,035 | 5,974 | 22,789 | 20,249 | 21,085 |
interest expense | (15) | (68) | (97) | (91) | (99) | (140) | (64) | (427) | (632) | ||
interest income | 143 | 202 | 153 | 142 | 139 | 148 | 102 | 92 | 622 | 482 | 419 |
other expense | (10) | (307) | (162) | 89 | (366) | (279) | (224) | (391) | (391) | (1,261) | (583) |
income before income taxes | $ 6,685 | $ 5,922 | $ 4,890 | $ 5,459 | $ 4,120 | $ 4,574 | $ 4,814 | $ 5,535 | 22,956 | 19,043 | 20,289 |
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
income from operations | 29,799 | 25,551 | 26,853 | ||||||||
Operating Segments [Member] | Upholstery Fabrics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
net sales | 130,427 | 126,457 | 114,800 | ||||||||
gross profit | 22,690 | 21,429 | 19,984 | ||||||||
selling, general, and administrative expenses | 14,562 | 13,393 | 13,031 | ||||||||
income from operations | 8,128 | 8,036 | 6,953 | ||||||||
Operating Segments [Member] | Mattress Fabrics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
net sales | 179,739 | 160,705 | 154,014 | ||||||||
gross profit | 32,877 | 27,477 | 29,546 | ||||||||
selling, general, and administrative expenses | 11,206 | 9,962 | 9,646 | ||||||||
income from operations | 21,671 | 17,515 | 19,900 | ||||||||
Unallocated corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
selling, general, and administrative expenses | 7,010 | 5,302 | 5,768 | ||||||||
income from operations | $ (7,010) | $ (5,302) | $ (5,768) |
Segment Information - Balance S
Segment Information - Balance Sheet Information by Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
May. 03, 2015 | Feb. 01, 2015 | Nov. 02, 2014 | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | |||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
non-compete agreements, net | $ 979 | $ 1,041 | $ 979 | $ 1,041 | ||||||||||||||
customer relationships | 766 | 817 | 766 | 817 | ||||||||||||||
goodwill | 11,462 | 11,462 | 11,462 | 11,462 | $ 11,462 | $ 11,462 | ||||||||||||
property, plant, and equipment | 36,078 | $ 35,269 | $ 33,204 | $ 31,891 | 31,376 | $ 30,115 | $ 30,559 | $ 30,808 | 36,078 | 31,376 | ||||||||
total assets | 171,368 | 167,815 | 156,662 | 154,212 | 160,935 | 156,678 | 156,242 | 151,101 | 171,368 | 160,935 | 144,706 | |||||||
cash and cash equivalents | 29,725 | 29,303 | 29,725 | 29,303 | 23,530 | $ 25,023 | ||||||||||||
short-term investments | 10,004 | 6,294 | 10,004 | 6,294 | ||||||||||||||
income taxes receivable | 229 | 121 | 229 | 121 | ||||||||||||||
deferred income taxes | 11,337 | 14,993 | 11,337 | 14,993 | ||||||||||||||
other current assets | 2,440 | 2,344 | 2,440 | 2,344 | ||||||||||||||
long-term investments | 2,415 | 765 | 2,415 | 765 | ||||||||||||||
other assets | 2,545 | 2,917 | 2,545 | 2,917 | ||||||||||||||
Capital expenditures | [1] | 11,174 | 5,310 | 4,457 | ||||||||||||||
depreciation expense | 1,528 | $ 1,432 | $ 1,414 | $ 1,399 | 1,348 | $ 1,329 | $ 1,331 | $ 1,305 | 5,773 | 5,312 | 5,115 | |||||||
Mattress Fabrics [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
goodwill | 11,500 | 11,500 | 11,500 | 11,500 | ||||||||||||||
Operating Segments [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
total assets | 119,680 | 112,016 | 119,680 | 112,016 | 103,265 | |||||||||||||
Operating Segments [Member] | Mattress Fabrics [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
current assets | [2] | 41,328 | 36,229 | 41,328 | 36,229 | 33,323 | ||||||||||||
non-compete agreements, net | 979 | 1,041 | 979 | 1,041 | 185 | |||||||||||||
customer relationships | 766 | 817 | 766 | 817 | ||||||||||||||
goodwill | 11,462 | 11,462 | 11,462 | 11,462 | 11,462 | |||||||||||||
property, plant, and equipment | 33,773 | [3] | 29,040 | [4] | 33,773 | [3] | 29,040 | [4] | 28,578 | [5] | ||||||||
total assets | 88,308 | 78,589 | 88,308 | 78,589 | 73,548 | |||||||||||||
Capital expenditures | 10,454 | 4,380 | 3,805 | |||||||||||||||
depreciation expense | 5,034 | 4,694 | 4,487 | |||||||||||||||
Operating Segments [Member] | Upholstery Fabrics [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
current assets | [3] | 29,905 | 31,854 | 29,905 | 31,854 | 28,487 | ||||||||||||
property, plant, and equipment | 1,467 | [6] | 1,573 | [7] | 1,467 | [6] | 1,573 | [7] | 1,230 | [8] | ||||||||
total assets | 31,372 | 33,427 | 31,372 | 33,427 | 29,717 | |||||||||||||
Capital expenditures | 468 | 827 | 425 | |||||||||||||||
depreciation expense | 739 | 618 | 628 | |||||||||||||||
Unallocated corporate [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
property, plant, and equipment | [9] | 838 | 763 | 838 | 763 | 786 | ||||||||||||
cash and cash equivalents | 29,725 | 29,303 | 29,725 | 29,303 | 23,530 | |||||||||||||
short-term investments | 10,004 | 6,294 | 10,004 | 6,294 | 5,286 | |||||||||||||
income taxes receivable | 229 | 121 | 229 | 121 | 318 | |||||||||||||
deferred income taxes | 5,237 | 8,270 | 5,237 | 8,270 | 8,462 | |||||||||||||
other current assets | 2,440 | 2,344 | 2,440 | 2,344 | 2,093 | |||||||||||||
long-term investments | 2,415 | 765 | 2,415 | 765 | ||||||||||||||
other assets | $ 800 | $ 1,059 | 800 | 1,059 | 966 | |||||||||||||
Capital expenditures | $ 252 | $ 103 | $ 227 | |||||||||||||||
[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 $33.8 million at May 3, 2015, represents property, plant, and equipment located in the U.S. of $23.8 million and located in Canada of $10.0 million. | |||||||||||||||||
[4] | 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. | |||||||||||||||||
[5] | 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. | |||||||||||||||||
[6] | The $1.5 million at May 3, 2015, represents property, plant, and equipment located in the U.S. of $848 and located in China of $619. | |||||||||||||||||
[7] | 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. | |||||||||||||||||
[8] | The $1.2 million at April 28, 2013, represents property, plant, and equipment located in the U.S. of $908, China of $265, and located in Poland of $57. | |||||||||||||||||
[9] | The $838, $763, and $786 balance at May 3, 2015, April 27, 2014, and April 28, 2013, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress and upholstery fabric segments. |
Segment Information - Balance92
Segment Information - Balance Sheet Information by Operating Segments (Parenthetical) (Detail) - USD ($) $ in Thousands | May. 03, 2015 | Feb. 01, 2015 | Nov. 02, 2014 | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | Apr. 28, 2013 | |
Segment Reporting Information [Line Items] | ||||||||||
Property, plant and equipment | $ 36,078 | $ 35,269 | $ 33,204 | $ 31,891 | $ 31,376 | $ 30,115 | $ 30,559 | $ 30,808 | ||
United States [Member] | Mattress Fabrics [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Property, plant and equipment | 23,800 | 20,600 | $ 20,400 | |||||||
United States [Member] | Upholstery Fabrics [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Property, plant and equipment | 848 | 957 | 908 | |||||||
Canada [Member] | Mattress Fabrics [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Property, plant and equipment | 10,000 | 8,400 | 8,200 | |||||||
China [Member] | Upholstery Fabrics [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Property, plant and equipment | 619 | 572 | 265 | |||||||
Poland [Member] | Upholstery Fabrics [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Property, plant and equipment | 44 | 57 | ||||||||
Unallocated corporate [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Property, plant and equipment | [1] | $ 838 | $ 763 | $ 786 | ||||||
[1] | The $838, $763, and $786 balance at May 3, 2015, April 27, 2014, and April 28, 2013, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress and upholstery fabric segments. |
Statutory Reserves (Detail)
Statutory Reserves (Detail) - May. 03, 2015 - Subsidiaries [Member] - China [Member] - USD ($) $ in Millions | Total |
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 | $ 5 |
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% |
Common Stock Repurchase Progr94
Common Stock Repurchase Program (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Nov. 02, 2014 | May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | |
Stockholders Equity Note [Line Items] | |||||
Common stock repurchased | 43,014 | ||||
Cost of common stock repurchased | $ 745,000 | $ 745,000 | $ 5,022,000 | ||
common stock | |||||
Stockholders Equity Note [Line Items] | |||||
Common stock repurchased | 43,014 | 502,595 | |||
Cost of common stock repurchased | $ 2,000 | $ 25,000 | |||
Remaining authorized repurchase amount | $ 4,300,000 | ||||
Common Stock Repurchase Program June 13, 2012 [Member] | common stock | |||||
Stockholders Equity Note [Line Items] | |||||
Authorization amount for repurchase of common stock | $ 5,000,000 | ||||
Common stock repurchased | 502,595 | ||||
Cost of common stock repurchased | $ 5,000,000 | ||||
Common Stock Repurchase Program Fiscal 2012 [Member] | common stock | |||||
Stockholders Equity Note [Line Items] | |||||
Authorization amount for repurchase of common stock | $ 7,000,000 | ||||
Cost of common stock repurchased | $ 5,400,000 | ||||
Common Stock Repurchase Program August 29, 2012 [Member] | common stock | |||||
Stockholders Equity Note [Line Items] | |||||
Authorization amount for repurchase of common stock | $ 2,000,000 | ||||
Common stock repurchased | 0 | ||||
Common Stock Repurchase Program February 25, 2014 [Member] | common stock | |||||
Stockholders Equity Note [Line Items] | |||||
Authorization amount for repurchase of common stock | $ 5,000,000 | ||||
Common stock repurchased | 0 |
Dividend Program (Detail)
Dividend Program (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jun. 18, 2015 | May. 03, 2015 | Feb. 01, 2015 | Nov. 02, 2014 | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 |
Dividends [Line Items] | ||||||||||||
Cash dividend payment, per share | $ 0.06 | $ 0.06 | $ 0.05 | $ 0.45 | $ 0.05 | $ 0.05 | $ 0.04 | $ 0.04 | ||||
Cash dividends paid | $ 733 | $ 733 | $ 611 | $ 5,502 | $ 612 | $ 613 | $ 490 | $ 489 | $ 7,579 | $ 2,204 | $ 7,593 | |
Subsequent Event [Member] | ||||||||||||
Dividends [Line Items] | ||||||||||||
Date of payment to shareholders entitled to dividends | Jul. 15, 2015 | |||||||||||
Date of record of shareholders entitled to dividends | Jul. 1, 2015 | |||||||||||
Special Dividend [Member] | ||||||||||||
Dividends [Line Items] | ||||||||||||
Cash dividend payment, per share | $ 0.40 | $ 0.50 | ||||||||||
Cash dividends paid | $ 4,900 | $ 6,100 | ||||||||||
Special Dividend [Member] | Subsequent Event [Member] | ||||||||||||
Dividends [Line Items] | ||||||||||||
Cash dividend declared, per share | $ 0.40 | |||||||||||
Quarterly Dividend [Member] | ||||||||||||
Dividends [Line Items] | ||||||||||||
Cash dividend payment, per share | $ 0.03 | |||||||||||
Cash dividends paid | $ 2,700 | $ 2,200 | $ 1,500 | |||||||||
Quarterly Dividend [Member] | Subsequent Event [Member] | ||||||||||||
Dividends [Line Items] | ||||||||||||
Cash dividend declared, per share | $ 0.06 | |||||||||||
Quarterly Dividend [Member] | Minimum [Member] | ||||||||||||
Dividends [Line Items] | ||||||||||||
Cash dividend payment, per share | $ 0.05 | $ 0.04 | ||||||||||
Quarterly Dividend [Member] | Maximum [Member] | ||||||||||||
Dividends [Line Items] | ||||||||||||
Cash dividend payment, per share | $ 0.06 | $ 0.05 |
Selected Quarterly Data (Unau96
Selected Quarterly Data (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
May. 03, 2015 | Feb. 01, 2015 | Nov. 02, 2014 | Aug. 03, 2014 | Apr. 27, 2014 | Jan. 26, 2014 | Oct. 27, 2013 | Jul. 28, 2013 | May. 03, 2015 | Apr. 27, 2014 | Apr. 28, 2013 | Apr. 29, 2012 | ||
INCOME STATEMENT DATA | |||||||||||||
net sales | $ 78,846 | $ 81,269 | $ 73,991 | $ 76,060 | $ 74,043 | $ 72,389 | $ 70,589 | $ 70,141 | $ 310,166 | $ 287,162 | $ 268,814 | ||
cost of sales | 62,674 | 66,867 | 61,713 | 63,345 | 62,282 | 60,552 | 58,354 | 57,067 | 254,599 | 238,256 | 219,284 | ||
gross profit | 16,172 | 14,402 | 12,278 | 12,715 | 11,761 | 11,837 | 12,235 | 13,074 | 55,567 | 48,906 | 49,530 | ||
selling, general and administrative expenses | 9,605 | 8,375 | 7,379 | 7,419 | 7,317 | 7,041 | 7,200 | 7,100 | 32,778 | 28,657 | 28,445 | ||
income from operations | 6,567 | 6,027 | 4,899 | 5,296 | 4,444 | 4,796 | 5,035 | 5,974 | 22,789 | 20,249 | 21,085 | ||
interest expense | 15 | 68 | 97 | 91 | 99 | 140 | 64 | 427 | 632 | ||||
interest income | (143) | (202) | (153) | (142) | (139) | (148) | (102) | (92) | (622) | (482) | (419) | ||
other expense (income) | 10 | 307 | 162 | (89) | 366 | 279 | 224 | 391 | 391 | 1,261 | 583 | ||
income before income taxes | 6,685 | 5,922 | 4,890 | 5,459 | 4,120 | 4,574 | 4,814 | 5,535 | 22,956 | 19,043 | 20,289 | ||
income taxes | 1,772 | 2,110 | 1,889 | 2,115 | 1,380 | (3,807) | 1,718 | 2,305 | 7,885 | 1,596 | 1,972 | ||
net income | 4,913 | 3,812 | 3,001 | 3,344 | 2,740 | 8,381 | 3,096 | 3,230 | 15,071 | 17,447 | 18,317 | ||
depreciation | $ 1,528 | $ 1,432 | $ 1,414 | $ 1,399 | $ 1,348 | $ 1,329 | $ 1,331 | $ 1,305 | $ 5,773 | $ 5,312 | $ 5,115 | ||
weighted average shares outstanding | 12,219,000 | 12,219,000 | 12,218,000 | 12,212,000 | 12,188,000 | 12,188,000 | 12,183,000 | 12,148,000 | 12,217,000 | 12,177,000 | 12,235,000 | ||
weighted average shares outstanding, assuming dilution | 12,440,000 | 12,417,000 | 12,401,000 | 12,404,000 | 12,413,000 | 12,405,000 | 12,389,000 | 12,366,000 | 12,422,000 | 12,414,000 | 12,450,000 | ||
PER SHARE DATA | |||||||||||||
net income per share - basic | $ 0.40 | $ 0.31 | $ 0.25 | $ 0.27 | $ 0.22 | $ 0.69 | $ 0.25 | $ 0.27 | $ 1.23 | $ 1.43 | $ 1.50 | ||
net income per share - diluted | 0.39 | 0.31 | 0.24 | 0.27 | 0.22 | 0.68 | 0.25 | 0.26 | $ 1.21 | $ 1.41 | $ 1.47 | ||
dividends per share | 0.06 | 0.06 | 0.05 | 0.45 | 0.05 | 0.05 | 0.04 | 0.04 | |||||
book value | $ 9.77 | $ 9.41 | $ 9.14 | $ 8.93 | $ 9.12 | $ 8.93 | $ 8.29 | $ 8.05 | |||||
BALANCE SHEET DATA | |||||||||||||
operating working capital | [1] | $ 41,829 | $ 39,371 | $ 37,645 | $ 41,265 | $ 41,120 | $ 44,657 | $ 41,210 | $ 38,442 | $ 41,829 | $ 41,120 | ||
property, plant and equipment, net | 36,078 | 35,269 | 33,204 | 31,891 | 31,376 | 30,115 | 30,559 | 30,808 | 36,078 | 31,376 | |||
total assets | 171,368 | 167,815 | 156,662 | 154,212 | 160,935 | 156,678 | 156,242 | 151,101 | 171,368 | 160,935 | $ 144,706 | ||
capital expenditures | 2,490 | 3,696 | 2,728 | 2,260 | 2,643 | 927 | 1,082 | 658 | 10,461 | 5,258 | 4,400 | ||
dividends paid | 733 | 733 | 611 | 5,502 | 612 | 613 | 490 | 489 | 7,579 | 2,204 | 7,593 | ||
long-term debt, current maturities of long-term debt, and line of credit | [2] | 2,200 | 2,200 | 2,200 | 4,969 | 4,986 | 4,973 | 4,985 | 7,160 | 2,200 | 4,986 | ||
shareholders' equity | 119,427 | 114,972 | 111,674 | 109,147 | 111,744 | 109,443 | 101,515 | 98,585 | 119,427 | 111,744 | $ 95,583 | $ 89,000 | |
capital employed | [3] | $ 79,184 | $ 77,711 | $ 75,636 | $ 79,516 | $ 77,394 | $ 80,344 | $ 77,068 | $ 78,289 | $ 79,184 | $ 77,394 | ||
RATIOS & OTHER DATA | |||||||||||||
gross profit margin | 20.50% | 17.70% | 16.60% | 16.70% | 15.90% | 16.40% | 17.30% | 18.60% | |||||
operating income margin | 8.30% | 7.40% | 6.60% | 7.00% | 6.00% | 6.60% | 7.10% | 8.50% | |||||
net income margin | 6.20% | 4.70% | 4.10% | 4.40% | 3.70% | 11.60% | 4.40% | 4.60% | |||||
effective income tax rate | 26.50% | 35.60% | 38.60% | 38.70% | 33.50% | (83.20%) | 35.70% | 41.60% | 34.30% | 8.40% | 9.70% | ||
Debt-to-total capital employed ratio | [2] | 2.80% | 2.80% | 2.90% | 6.20% | 6.40% | 6.20% | 6.50% | 9.10% | 2.80% | 6.40% | ||
operating working capital turnover | [1] | 7.7 | 7.5 | 7.2 | 7.1 | 7 | 7 | 7.1 | 7.1 | ||||
days sales in receivables | 33 days | 32 days | 31 days | 31 days | 34 days | 31 days | 32 days | 29 days | |||||
inventory turnover | 6.4 | 7 | 6.4 | 6 | 6.1 | 5.4 | 5.4 | 5.6 | |||||
stock price | |||||||||||||
high | $ 29.19 | $ 22.74 | $ 19.24 | $ 19.05 | $ 21.10 | $ 20.75 | $ 19.82 | $ 19.56 | |||||
low | 19.22 | 18.50 | 16.60 | 17.11 | 17.61 | 18.37 | 17.60 | 14.93 | |||||
close | $ 26.02 | $ 20.09 | $ 18.97 | $ 17.87 | $ 18.61 | $ 20.05 | $ 19.80 | $ 19.36 | $ 26.02 | $ 18.61 | |||
daily average trading volume (shares) | 64.9 | 26.8 | 29.7 | 33.7 | 27.1 | 26.9 | 21.2 | 34.7 | |||||
[1] | Operating working capital for this calculation is accounts receivable and inventories, offset by accounts payable-trade accounts payable - 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. |