Document and Entity Information
Document and Entity Information - Aug. 02, 2015 - shares | Total |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Aug. 2, 2015 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | CFI |
Entity Registrant Name | CULP INC |
Entity Central Index Key | 723,603 |
Current Fiscal Year End Date | --05-01 |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 12,338,765 |
CONSOLIDATED STATEMENTS OF NET
CONSOLIDATED STATEMENTS OF NET INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Aug. 02, 2015 | Aug. 03, 2014 | |
Income Statement [Abstract] | ||
Net sales | $ 80,185 | $ 76,060 |
Cost of sales | 63,983 | 63,345 |
Gross profit | 16,202 | 12,715 |
Selling, general and administrative expenses | 8,741 | 7,419 |
Income from operations | 7,461 | 5,296 |
Interest expense | 24 | 68 |
Interest income | (66) | (142) |
Other expense (income) | 95 | (89) |
Income before income taxes | 7,408 | 5,459 |
Income taxes | 2,707 | 2,115 |
Net income | $ 4,701 | $ 3,344 |
Net income per share, basic | $ 0.38 | $ 0.27 |
Net income per share, diluted | $ 0.38 | $ 0.27 |
Average shares outstanding, basic | 12,277 | 12,212 |
Average shares outstanding, diluted | 12,456 | 12,404 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 02, 2015 | Aug. 03, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 4,701 | $ 3,344 |
Other comprehensive loss | ||
Unrealized loss on investments | (89) | (10) |
Total other comprehensive loss | (89) | (10) |
Comprehensive income | $ 4,612 | $ 3,334 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Aug. 02, 2015 | May. 03, 2015 | [1] | Aug. 03, 2014 |
Current assets: | ||||
Cash and cash equivalents | $ 25,933 | $ 29,725 | $ 24,665 | |
Short-term investments | 6,336 | 10,004 | 6,311 | |
Accounts receivable, net | 25,707 | 28,749 | 24,239 | |
Inventories | 46,544 | 42,484 | 41,688 | |
Deferred income taxes | 6,986 | 4,790 | 6,203 | |
Income taxes receivable | 142 | 229 | 136 | |
Other current assets | 3,502 | 2,440 | 2,308 | |
Total current assets | 115,150 | 118,421 | 105,550 | |
Property, plant and equipment, net | 37,480 | 36,078 | 31,891 | |
Goodwill | 11,462 | 11,462 | 11,462 | |
Deferred income taxes | 412 | 447 | 973 | |
Long-term investments | 2,893 | 2,415 | 1,749 | |
Other assets | 2,475 | 2,545 | 2,587 | |
Total assets | 169,872 | 171,368 | 154,212 | |
Current liabilities: | ||||
Current maturities of long-term debt | 2,200 | 2,200 | 2,200 | |
Accounts payable-trade | 28,233 | 28,414 | 24,458 | |
Accounts payable - capital expenditures | 613 | 990 | 204 | |
Accrued expenses | 7,731 | 11,129 | 6,365 | |
Income taxes payable - current | 392 | 325 | 387 | |
Total current liabilities | 39,169 | 43,058 | 33,614 | |
Income taxes payable - long-term | 3,634 | 3,792 | 4,037 | |
Deferred income taxes | 4,064 | 1,050 | 1,013 | |
Line of credit | 569 | |||
Deferred compensation | 4,280 | 4,041 | 3,632 | |
Long-term debt, less current maturities | 2,200 | |||
Total liabilities | $ 51,147 | $ 51,941 | $ 45,065 | |
Commitments and Contingencies (Note 15) | ||||
Shareholders' equity | ||||
Preferred stock, $0.05 par value, authorized 10,000,000 | ||||
Common stock, $0.05 par value, authorized 40,000,000 shares, issued and outstanding 12,338,765 at August 2, 2015; 12,216,766 at August 3, 2014; and 12,219,121 at May 3, 2015 | $ 617 | $ 611 | $ 610 | |
Capital contributed in excess of par value | 43,515 | 43,159 | 42,505 | |
Accumulated earnings | 74,777 | 75,752 | 66,102 | |
Accumulated other comprehensive loss | (184) | (95) | (70) | |
Total shareholders' equity | 118,725 | 119,427 | 109,147 | |
Total liabilities and shareholders' equity | $ 169,872 | $ 171,368 | $ 154,212 | |
[1] | Derived from audited financial statements. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Aug. 02, 2015 | May. 03, 2015 | [1] | Aug. 03, 2014 |
Statement of Financial Position [Abstract] | ||||
Preferred stock, par value | $ 0.05 | $ 0.05 | $ 0.05 | |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 | 10,000,000 | |
Common stock, par value | $ 0.05 | $ 0.05 | $ 0.05 | |
Common stock, authorized shares | 40,000,000 | 40,000,000 | 40,000,000 | |
Common stock, issued | 12,338,765 | 12,219,121 | 12,216,766 | |
Common stock, outstanding | 12,338,765 | 12,219,121 | 12,216,766 | |
[1] | Derived from audited financial statements. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | ||
Aug. 02, 2015 | Aug. 03, 2014 | ||
Cash flows from operating activities: | |||
Net income | $ 4,701 | $ 3,344 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 1,555 | 1,399 | |
Amortization of other assets | 47 | 47 | |
Stock-based compensation | 265 | 46 | |
Excess tax benefit related to stock-based compensation | (788) | (99) | |
Deferred income taxes | 1,641 | 1,193 | |
Gain on sale of equipment | (46) | (45) | |
Foreign currency gains | (57) | (201) | |
Changes in assets and liabilities: | |||
Accounts receivable | 2,774 | 3,168 | |
Inventories | (4,068) | (1,021) | |
Other current assets | (1,149) | 40 | |
Other assets | 23 | 283 | |
Accounts payable - trade | (132) | (2,224) | |
Accrued expenses and deferred compensation | (3,870) | (1,855) | |
Income taxes | 159 | (24) | |
Net cash provided by operating activities | 1,055 | 4,051 | |
Cash flows from investing activities: | |||
Capital expenditures | (3,336) | (2,333) | |
Proceeds from the sale of equipment | 104 | 391 | |
Proceeds from the sale of short-term investments | 3,612 | ||
Purchase of short-term investments | (33) | (27) | |
Purchase of long-term investments | (478) | (984) | |
Net cash used in investing activities | (131) | (2,953) | |
Cash flows from financing activities: | |||
Excess tax benefit related to stock-based compensation | 788 | 99 | |
Common stock repurchased | (556) | ||
Dividends paid | (5,676) | (5,502) | |
Proceeds from common stock issued | 56 | ||
Net cash used in financing activities | (4,832) | (5,959) | |
Effect of exchange rate changes on cash and cash equivalents | 116 | 223 | |
Decrease in cash and cash equivalents | (3,792) | (4,638) | |
Cash and cash equivalents at beginning of period | 29,725 | [1] | 29,303 |
Cash and cash equivalents at end of period | $ 25,933 | $ 24,665 | |
[1] | Derived from audited financial statements. |
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 Loss | |
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 | |||||
Unrealized loss on investments | (10) | |||||
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 on investments | (35) | (35) | ||||
Excess tax benefit related to stock based compensation | 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 | |||||
Common stock issued in connection with exercise of stock options | 94 | $ 1 | 93 | |||
Common stock surrendered for withholding taxes payable | (18) | (18) | ||||
Common stock surrendered for withholding taxes payable (in shares) | (995) | |||||
Dividends paid | (7,579) | (7,579) | ||||
Balance at May. 03, 2015 | [1] | 119,427 | $ 611 | 43,159 | 75,752 | (95) |
Balance (in shares) at May. 03, 2015 | [1] | 12,219,121 | ||||
Net income | 4,701 | 4,701 | ||||
Stock-based compensation | 265 | 265 | ||||
Unrealized loss on investments | (89) | (89) | ||||
Excess tax benefit related to stock based compensation | 788 | 788 | ||||
Common stock issued in connection with performance based units (in shares) | 115,855 | |||||
Common stock issued in connection with performance based units | $ 6 | (6) | ||||
Common stock issued in connection with exercise of stock options (in shares) | 30,000 | |||||
Common stock issued in connection with exercise of stock options | 56 | $ 1 | 55 | |||
Common stock surrendered for withholding taxes payable | (747) | $ (1) | (746) | |||
Common stock surrendered for withholding taxes payable (in shares) | (26,211) | |||||
Dividends paid | (5,676) | (5,676) | ||||
Balance at Aug. 02, 2015 | $ 118,725 | $ 617 | $ 43,515 | $ 74,777 | $ (184) | |
Balance (in shares) at Aug. 02, 2015 | 12,338,765 | |||||
[1] | Derived from audited financial statements. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Aug. 02, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited consolidated financial statements of Culp, Inc. and subsidiaries (the “company”) include all adjustments, which are, in the opinion of management, necessary for fair presentation of the results of operations and financial position. All of these adjustments are of a normal recurring nature. Results of operations for interim periods may not be indicative of future results. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements, which are included in the company’s annual report on Form 10-K filed with the Securities and Exchange Commission on July 17, 2015 for the fiscal year ended May 3, 2015. The company’s three months ended August 2, 2015 and August 3, 2014, represent 13 and 14 week periods, respectively. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Aug. 02, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies As of August 2, 2015, there were no changes in the nature of our significant accounting policies or the application of those policies from those reported in our annual report on Form 10-K for the year then ended May 3, 2015. 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 are currently assessing the impact that this guidance will have on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, which amends ASC Topic 606, Revenue from Contracts with Customers. Revenue from Contracts with Customers: Deferral of the Effective Date In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Aug. 02, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 3. Stock-Based Compensation Incentive Stock Option Awards We did not grant any incentive stock option awards through the first quarter of fiscal 2016. At August 2, 2015, options to purchase 110,100 shares of common stock were outstanding and exercisable, had a weighted average exercise price of $7.75 per share, and a weighted average contractual term of 2.2 years. At August 2, 2015, the aggregate intrinsic value for options outstanding and exercisable was $2.5 million. The aggregate intrinsic value for options exercised for the three months ending August 2, 2015 was $814,000. No options were exercised during the three months ending August 3, 2014. At August 2, 2015, there were no unvested incentive stock option awards. Therefore, there was no unrecognized compensation cost related to incentive stock option awards at August 2, 2015. No compensation expense was recorded on incentive stock options for the three months ended August 2, 2015 and August 3, 2014, respectively. Common Stock Awards We did not grant any common stock awards during the first quarter of fiscal 2016. Time Vested Restricted Stock Awards We did not grant any time vested restricted stock awards through the first quarter of fiscal 2016. At August 2, 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 August 2, 2015. No compensation expense was recorded on time vested restricted stock awards for the three months ended August 2, 2015. We recorded $4,000 within selling, general, and administrative expense for time vested restricted stock awards for the three month period ending August 3, 2014. During the three month period ending August 3, 2014, 61,667 shares of time vested restricted stock vested and had a weighted average fair value of $257,000 or $4.17 per share. Performance Based Restricted Stock Units Fiscal 2016 Grant On July 15, 2015, certain key members of management were granted performance based restricted stock units which could earn up to 107,554 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 $32.23 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 July 15, 2015, a non-employee was granted performance based restricted stock units which could earn up to 10,364 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 August 2, 2015, this grant was unvested and was measured at $30.25 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 three years. Fiscal 2015 Grant On June 24, 2014, certain key members of management were granted performance based restricted 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 August 2, 2015, this grant was unvested and was measured at $30.25 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 Grant On June 25, 2013, certain key members of management were granted performance based restricted 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 Grant On July 11, 2012, certain key members of management were granted performance based restricted 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. During the three month period ending August 2, 2015, 115,855 shares of common stock associated with our fiscal 2013 grant vested and had a weighted average fair value of $1.2 million or $10.21 per share. As of August 2, 2015, our fiscal 2013 grant was fully vested. Overall The company recorded compensation expense of $265,000 and $42,000 within selling, general, and administrative expense for performance based restricted stock units for the three month periods ending August 2, 2015 and August 3, 2014, respectively. Compensation cost is recorded based on an assessment each reporting period of the probability if 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. As of August 2, 2015, the remaining unrecognized compensation cost related to the performance based restricted stock units was $2.9 million, which is expected to be recognized over a weighted average vesting period of 2.5 years. |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Aug. 02, 2015 | |
Receivables [Abstract] | |
Accounts Receivable | 4. Accounts Receivable A summary of accounts receivable follows: (dollars in thousands) August 2, 2015 August 3, 2014 May 3, 2015 Customers $ 27,428 $ 25,212 $ 30,338 Allowance for doubtful accounts (935 ) (438 ) (851 ) Reserve for returns and allowances and discounts (786 ) (535 ) (738 ) $ 25,707 $ 24,239 $ 28,749 A summary of the activity in the allowance for doubtful accounts follows: Three months ended (dollars in thousands) August 2, 2015 August 3, 2014 Beginning balance $ (851 ) $ (573 ) Provision for bad debts (96 ) 69 Net write-offs, net of recoveries 12 66 Ending balance $ (935 ) $ (438 ) A summary of the activity in the allowance for returns and allowances and discounts accounts follows: Three months ended (dollars in thousands) August 2, 2015 August 3, 2014 Beginning balance $ (738 ) $ (479 ) Provision for returns, allowances and discounts (709 ) (658 ) Credits issued 661 602 Ending balance $ (786 ) $ (535 ) |
Inventories
Inventories | 3 Months Ended |
Aug. 02, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. Inventories Inventories are carried at the lower of cost or market. Cost is determined using the FIFO (first-in, first-out) method. A summary of inventories follows: (dollars in thousands) August 2, 2015 August 3, 2014 May 3, 2015 Raw materials $ 6,944 $ 6,145 $ 5,374 Work-in-process 3,018 2,174 2,766 Finished goods 36,582 33,369 34,344 $ 46,544 $ 41,688 $ 42,484 |
Other Assets
Other Assets | 3 Months Ended |
Aug. 02, 2015 | |
Text Block [Abstract] | |
Other Assets | 6. Other Assets A summary of other assets follows: (dollars in thousands) August 2, 2015 August 3, 2014 May 3, 2015 Cash surrender value – life insurance $ 339 $ 320 $ 339 Non-compete agreement, net 960 1,035 979 Customer relationships, net 753 804 766 Other 423 428 461 $ 2,475 $ 2,587 $ 2,545 Non-Compete Agreement We recorded our non-compete agreement at its fair value based on a discounted cash flow valuation model. Our non-compete agreement is amortized on a straight-line basis over the fifteen year life of the respective agreement. The gross carrying amount of our non-compete agreement was $2.0 million at August 2, 2015, August 3, 2014 and May 3, 2015, respectively. At August 2, 2015 and May 3, 2015 accumulated amortization for our non-compete agreement was $1.1 million. At August 3, 2014 accumulated amortization for our non-compete agreement was $1.0 million. Amortization expense for our non-compete agreement was $19,000 for the three month periods ended August 2, 2015 and August 3, 2014. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2016 - $56,000; 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 our non-compete agreement is 12.8 years as of August 2, 2015. Customer Relationships We recorded our customer relationships at their fair value based on a multi-period excess earnings valuation model. Our customer relationships are amortized on a straight-line basis over its seventeen year useful life. The gross carrying amount of our customer relationships was $868,000 at August 2, 2015, August 3, 2014, and May 3, 2015, respectively. Accumulated amortization for our customer relationships was $115,000, $64,000, and $102,000 at August 2, 2015, August 3, 2014, and May 3, 2015, respectively. Amortization expense for our customer relationships was $13,000 for the three months ending August 2, 2015 and August 3, 2014. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2016 - $38,000; 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 14.8 years as of August 2, 2015. Cash Surrender Value – Life Insurance At August 2, 2015 and May 3, 2015 we had one life insurance contract with a death benefit of $1.4 million. At August 3, 2014, we had two life insurance contracts with death benefits to the respective insured totaling $3.9 million. Our cash surrender value – life insurance balances totaling $339,000, $640,000 and $339,000 at August 2, 2015, August 3, 2014, and May 3, 2015, respectively, are collectible upon death of the respective insured. 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. Also, we received cash proceeds in the amount of the cash surrender value policy totaling $320,000 during the second quarter of fiscal 2015. This amount was recorded in other current assets on our Consolidated Balance Sheet dated August 3, 2014. After the settlement of the above life insurance agreement, we currently had one life insurance contract with a death benefit of $1.4 million and a cash surrender value balance of $320,000. This amount was recorded in other non-current assets on our Consolidated Balance Sheet dated August 3, 2014. |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Aug. 02, 2015 | |
Text Block [Abstract] | |
Accrued Expenses | 7. Accrued Expenses A summary of accrued expenses follows: (dollars in thousands) August 2, 2015 August 3, 2014 May 3, 2015 Compensation, commissions and related benefits $ 4,946 $ 4,053 $ 9,081 Interest 81 168 37 Other accrued expenses 2,704 2,144 2,011 $ 7,731 $ 6,365 $ 11,129 |
Long-Term Debt and Lines of Cre
Long-Term Debt and Lines of Credit | 3 Months Ended |
Aug. 02, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Lines of Credit | 8. Long-Term Debt and Lines of Credit A summary of long-term debt follows: (dollars in thousands) August 2, 2015 August 3, 2014 May 3, 2015 Unsecured senior term notes $ 2,200 $ 4,400 $ 2,200 Current maturities of long-term debt (2,200 ) (2,200 ) (2,200 ) Long-term debt, less current maturities of long-term debt $ - $ 2,200 $ - Unsecured Senior Term Notes We entered into a note agreement dated August 11, 2008 that provided for the issuance of $11.0 million of unsecured senior 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. Any principal pre-payments would be assessed a penalty as defined in the agreement. The agreement contains customary financial and other covenants as defined in the agreement. On August 11, 2015, we paid our one remaining annual payment of $2.2 million. 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 August 3, 2014, noted below decreased the $10.0 million available. Interest is charged at a rate (applicable interest rate of 1.69%, 1.76%, and 1.78% at August 2, 2015, August 3, 2014, and May 3, 2015, respectively) equal to the one-month LIBOR rate plus a spread based on our 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 on August 31, 2015. Effective July 10, 2015, we amended the Credit Agreement to extend the expiration date to August 31, 2017, and maintain an annual capital expenditure limit of $12 million. At August 2, 2015 and May 3, 2015 there was a $250,000 outstanding letter of credit (all of which related to workers compensation). At August 3, 2014, there was a $195,000 outstanding letter of credit (all of which related to workers compensation). At August 2, 2015, August 3, 2014, and May 3, 2015, there were no borrowings outstanding under the Credit Agreement. Revolving Credit Agreement – China We have an unsecured credit agreement associated with our operations in China that provides for a line of credit of up to 40 million RMB (approximately $6.4 million USD at August 2, 2015), expiring on February 9, 2016. This agreement has an interest rate determined by the Chinese government. There were no borrowings outstanding under the agreement as of August 2, 2015, August 3, 2014, and May 3, 2015. Revolving Credit Agreement – Europe At August 3, 2014, we had EURO denominated borrowings totaling €424,000 ($569,000 USD) that incurred interest at the EURO LIBOR plus 2%. In connection with the Wells Fargo credit agreement noted above, the outstanding borrowings totaling $569,000 at August 3, 2014, decreased the $10.0 million available under the credit agreement. At August 2, 2015, no borrowings were outstanding under 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 August 2, 2015, the company was in compliance with these financial covenants. 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 August 2, 2015, the carrying value of our long-term debt was $2.2 million and the fair value was $2.3 million. At August 3, 2014, the carrying value of the company’s long-term debt was $4.4 million and the fair value was $4.6 million. 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. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Aug. 02, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 9. 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 August 2, 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: Premier Money Market Fund $ 2,705 N/A N/A $ 2,705 Intermediate Term Bond Fund 2,149 N/A N/A 2,149 Low Duration Bond Fund 2,100 N/A N/A 2,100 Limited Term Bond Fund 1,092 N/A N/A 1,092 Strategic Income Fund 995 N/A N/A 995 Growth Allocation Fund 109 N/A N/A 109 Other 79 N/A N/A 79 Fair value measurements at August 3, 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 $ 2,578 N/A N/A $ 2,578 Low Duration Bond Fund 2,078 N/A N/A 2,078 Premier Money Market Fund 1,712 N/A N/A 1,712 Intermediate Term Bond Fund 1,655 N/A N/A 1,655 Other 37 N/A N/A 37 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 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. Our short-term investments include short-term bond funds and deposit accounts that have a maturity of more than three months, are classified as available-for-sale, and their unrealized gains or losses are included in other comprehensive loss. Our short-term bond funds were recorded at their fair value of $6.3 million, $6.3 million and $10.0 million at August 2, 2015, August 3, 2014, and May 3, 2015, respectively. Our short-term bond funds had an accumulated unrealized loss totaling $184,000, $70,000, and $95,000 at August 2, 2015, August 3, 2014, and May 3, 2015, respectively. At August 2, 2015, August 3, 2014, and May 3, 2015, the fair value of our short-term bond funds approximated its cost basis. Effective, January 1, 2014, we established a Rabbi Trust to set aside funds for participants of our deferred compensation plan (the “Plan”) and enable the participants to credit their contributions to various investment options of the Plan. The investments associated with the Rabbi Trust consist of investments in a money market fund and various mutual funds that are classified as available for sale. Our long-term investments are recorded at its fair value of $2.9 million, $1.7 million, and $2.4 million at August 2, 2015, August 3, 2014, and May 3, 2015, respectively. The fair value of our long-term investments approximates its cost basis. The carrying amount of cash and cash equivalents, accounts receivable, other current assets, accounts payable, and accrued expenses approximates fair value because of the short maturity of these financial instruments. |
Cash Flow Information
Cash Flow Information | 3 Months Ended |
Aug. 02, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Information | 10. Cash Flow Information Payments for interest and income taxes follows: Three months ended (dollars in thousands) August 2, 2015 August 3, 2014 Interest $ - $ - Net income tax payments 900 959 Interest costs of $20,000 and $30,000 for the construction of qualifying fixed assets were capitalized and are being amortized over the related assets’ useful lives for the three months ended August 2, 2015 and August 3, 2014, respectively. |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Aug. 02, 2015 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 11. 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 follows: Three months ended (amounts in thousands) August 2, 2015 August 3, 2014 Weighted average common shares outstanding, basic 12,277 12,212 Dilutive effect of stock-based compensation 179 192 Weighted average common shares outstanding, diluted 12,456 12,404 All options to purchase shares of common stock were included in the computation of diluted net income for the three months ended August 2, 2015 and August 3, 2014, as the exercise price of the options was less than the average market price of the common shares. |
Segment Information
Segment Information | 3 Months Ended |
Aug. 02, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | 12. Segment Information Our operations are classified into two business segments: mattress fabrics and upholstery fabrics. The mattress fabrics segment manufactures, sources, and sells fabrics and mattress covers to bedding manufacturers. The upholstery fabrics segment sources, manufactures, and sells fabrics primarily to residential furniture manufacturers. We evaluate the operating performance of our 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 the 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. Financial information for the company’s operating segments follows: Three months ended (dollars in thousands) August 2, 2015 August 3, 2014 Net sales: Mattress Fabrics $ 47,808 $ 42,822 Upholstery Fabrics 32,377 33,238 $ 80,185 $ 76,060 Gross profit: Mattress Fabrics $ 9,925 $ 7,202 Upholstery Fabrics 6,277 5,513 $ 16,202 $ 12,715 Selling, general, and administrative expenses: Mattress Fabrics $ 2,923 $ 2,574 Upholstery Fabrics 3,595 3,452 Total segment selling, general, and 6,518 6,026 Unallocated corporate expenses 2,223 1,393 $ 8,741 $ 7,419 Income from operations: Mattress Fabrics $ 7,003 $ 4,629 Upholstery Fabrics 2,681 2,060 Total segment income from operations 9,684 6,689 Unallocated corporate expenses (2,223 ) (1,393 ) Total income from operations 7,461 5,296 Interest expense (24 ) (68 ) Interest income 66 142 Other (expense) income (95 ) 89 Income before income taxes $ 7,408 $ 5,459 Balance sheet information for the company’s operating segments follow: (dollars in thousands) August 2, 2015 August 3, 2014 May 3, 2015 Segment assets: Mattress Fabrics Current assets (1) $ 42,530 $ 37,970 $ 41,328 Non-compete agreement 960 1,035 979 Customer relationships 753 804 766 Goodwill 11,462 11,462 11,462 Property, plant and equipment (2) 35,116 29,604 33,773 Total mattress fabrics assets 90,821 80,875 88,308 Upholstery Fabrics Current assets (1) 29,721 27,957 29,905 Property, plant and equipment (3) 1,518 1,580 1,467 Total upholstery fabrics assets 31,239 29,537 31,372 Total segment assets 122,060 110,412 119,680 Non-segment assets: Cash and cash equivalents 25,933 24,665 29,725 Short-term investments 6,336 6,311 10,004 Deferred income taxes 7,398 7,176 5,237 Income taxes receivable 142 136 229 Other current assets 3,502 2,308 2,440 Property, plant and equipment (4) 846 707 838 Long-term investments 2,893 1,749 2,415 Other assets 762 748 800 Total assets $ 169,872 $ 154,212 $ 171,368 Three months ended (dollars in thousands) August 2, 2015 August 3, 2014 Capital expenditures (5): Mattress Fabrics $ 2,704 $ 2,129 Upholstery Fabrics 183 112 Unallocated Corporate 73 19 Total capital expenditures $ 2,960 $ 2,260 Depreciation expense: Mattress Fabrics $ 1,359 $ 1,219 Upholstery Fabrics 196 180 Total depreciation expense $ 1,555 $ 1,399 (1) Current assets represent accounts receivable and inventory for the respective segment. (2) The $35.1 million at August 2, 2015, represents property, plant, and equipment of $23.6 million and $11.5 million located in the U.S. and Canada, respectively. The $29.6 million at August 3, 2014, represents property, plant, and equipment of $21.2 million and $8.4 million located in the U.S. and Canada, respectively. The $33.8 million at May 3, 2015, represents property, plant, and equipment of $23.8 million and $10.0 million located in the U.S. and Canada, respectively. (3) The $1.5 million at August 2, 2015, represents property, plant, and equipment of $818 and $700 located in the U.S. and China, respectively. The $1.6 million at August 3, 2014, represents property, plant, and equipment located in the U.S. of $911, located in China of $627, and located in Poland of $42. 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. (4) The $846, $707, and $838 at August 2, 2015, August 3, 2014 and May 3, 2015, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress and upholstery fabric segments. Property, plant, and equipment associated with corporate are located in the U.S. (5) Capital expenditure amounts are stated on the accrual basis. See Consolidated Statements of Cash Flows for capital expenditure amounts on a cash basis. |
Income Taxes
Income Taxes | 3 Months Ended |
Aug. 02, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes Effective Income Tax Rate We recorded income tax expense of $2.7 million, or 36.5% of income before income tax expense, for the three month period ended August 2, 2015, compared to income tax expense of $2.1 million or 38.7% of income before income tax expense, for the three month period ended August 3, 2014. Our effective income tax rates for the three month periods ended August 2, 2015 and August 3, 2014, were based upon the estimated effective income tax rate applicable for the full year after giving effect to any significant items related specifically to interim periods. The effective income tax rate can be affected over the fiscal year by the mix and timing of actual earnings from our U.S. operations and foreign sources versus annual projections and changes in foreign currencies in relation to the U.S. dollar. The income tax expense for the three month period ended August 2, 2015 is different from the amount obtained by applying our statutory rate of 34% to income before income taxes for the following reasons: · The income tax rate decreased by 6% for taxable income subject to lower statutory income tax rates in foreign jurisdictions (Canada and China) compared with the statutory income tax rate of 34% for the United States. · The income tax rate increased by 5% to record the income tax effects of the undistributed earnings from our foreign subsidiaries located in Canada and China. · The income tax rate increased by 3% for an increase in unrecognized tax benefits. · The income tax rate increased by 0.5% for other miscellaneous items. The income tax expense for three month period ended August 3, 2014 is different from the amount obtained by applying our statutory rate of 34% to income before income taxes for the following reasons: · The income tax rate decreased by 6% for taxable income subject to lower statutory income tax rates in foreign jurisdictions (Canada and China) compared with the statutory income tax rate of 34% for the United States. · The income tax rate increased 5% for an increase in unrecognized tax benefits. · The income tax rate increased by 3% to record the income tax effects of the undistributed earnings from our foreign subsidiaries located in Canada and China. · The income tax rate was increased by 2.7% for other miscellaneous items. Deferred Income Taxes Valuation Allowance 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 August 2, 2015, we recorded a partial valuation allowance of $926,000, of which $561,000 pertained to certain U.S. state net operating loss carryforwards and credits and $365,000 pertained to loss carryfowards associated with our Culp Europe operation located in Poland. Based on our assessment at August 3, 2014, we recorded a partial valuation allowance of $1.1 million, of which $666,000 pertained to certain U.S. state net operating loss carryforwards and credits and $419,000 pertained to loss carryfowards associated with our Culp Europe operation located in Poland. 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 carryfowards 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 August 2, 2015, August 3, 2014, and May 3, 2015, respectively. The recorded valuation allowance of $926,000 at August 2, 2015, has no effect on our operations, loan covenant compliance, or the possible realization of certain U.S. state net operating loss carryforwards and credits and our loss carryforwards associated with our Culp Europe operation located in Poland. If it is determined that it is more-likely-than-not that we will realize any of these deferred tax assets, an income tax benefit will be recognized at that time. Undistributed Earnings 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. Based on our assessment as of August 2, 2015, it is our intention not to permanently invest our undistributed earnings from our foreign subsidiaries. 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. At August 2, 2015, the net 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 $33.8 million, offset by U.S. foreign income tax credits of $31.8 million. At August 3, 2014, the net deferred tax liability associated with our undistributed earnings from our foreign subsidiaries totaled $2.1 million, which included U.S. income and foreign withholding taxes totaling $29.4 million, offset by U.S. foreign income tax credits of $27.3 million. At May 3, 2015, the net 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. We had accumulated earnings from our foreign subsidiaries totaling $88.6 million, $75.8 million, and $85.2 million at August 2, 2015, August 3, 2014, and May 3, 2015, respectively. Overall At August 2, 2015, the current deferred tax asset of $7.0 million represents $6.5 million and $502,000 from our operations located in the U.S. and China, respectively. At August 2, 2015, the non-current deferred tax asset of $412,000 pertains to our operations located in China. At August 2, 2015, the non-current deferred tax liability of $4.1 million represents $3.0 million and $1.1 million from our operations located in the U.S. and Canada, respectively. At August 3, 2014, the current deferred tax asset of $6.2 million represents $5.8 million and $405,000 from our operations located in the U.S. and China, respectively. At August 3, 2014, the non-current deferred tax asset of $973,000 represents $440,000 and $533,000 from our operations located in the U.S. and China, respectively. At August 3, 2014, the non-current deferred tax liability of $1.0 million pertains to our operations located in Canada. 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 the U.S., respectively. Uncertainty In Income Taxes At August 2, 2015, we had a $14.2 million total gross unrecognized tax benefit, of which $3.6 million represents the amount of gross unrecognized tax benefits that, if recognized, would favorably affect the income tax rate in future periods. At August 3, 2014, we had a $14.0 million total gross unrecognized tax benefit, of which $4.0 million represents the amount of gross unrecognized tax benefits that, if recognized, would favorably affect the income tax rate in future periods. At May 3, 2015, we had a $14.1 million total gross unrecognized tax benefit, of which $3.8 million represents the amount of gross unrecognized tax benefits that, if recognized, would favorably affect the income tax rate in future periods. At August 2, 2015, we had a $14.2 million total gross unrecognized tax benefit, of which $10.6 million and $3.6 million were classified as net non-current deferred income taxes and income taxes payable – long-term, respectively, in the accompanying consolidated balance sheets. At August 3, 2014, we had a $14.0 million total gross unrecognized tax benefit, of which $10.0 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. At May 3, 2015, we had $14.1 million of total gross unrecognized tax benefit, 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. We estimate that the amount of gross unrecognized tax benefits will increase by approximately $867,000 for fiscal 2016. This increase primarily relates to double taxation under applicable tax treaties with foreign tax jurisdictions. |
Statutory Reserves
Statutory Reserves | 3 Months Ended |
Aug. 02, 2015 | |
Text Block [Abstract] | |
Statutory Reserves | 14. Statutory Reserves Our 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 August 2, 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. Our 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. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Aug. 02, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies 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 August 2, 2015, August 3, 2014, and May 3, 2015, we had open purchase commitments to acquire equipment for our mattress fabrics segment totaling $2.6 million, $3.5 million, and $2.3 million, respectively. |
Common Stock Repurchase Program
Common Stock Repurchase Program | 3 Months Ended |
Aug. 02, 2015 | |
Text Block [Abstract] | |
Common Stock Repurchase Program | 16. Common Stock Repurchase Program On February 25, 2014, we announced that our board of directors approved an authorization for us to acquire up to $5.0 million 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. 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. During the three months ended August 2, 2015, we did not purchase any shares of our common stock. At August 2, 2015, we had $4.3 million available for additional repurchases of our common stock. |
Dividend Program
Dividend Program | 3 Months Ended |
Aug. 02, 2015 | |
Text Block [Abstract] | |
Dividend Program | 17. Dividend Program 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 dividends were paid on July 15, 2015, to shareholders of record as of July 1, 2015. During the first quarter of fiscal 2016, dividend payments totaled $5.7 million, of which $5.0 million represented the special cash dividend of $0.40 per share, and $740,000 represented the quarterly dividend payment of $0.06 per share. During the first quarter of fiscal 2015, dividend payments totaled $5.5 million, of which $4.9 million represented a special cash dividend payment of $0.40 per share, and $611,000 represented a quarterly dividend payment of $0.05 per share. On September 2, 2015, we announced that our board of directors approved the payment of a quarterly cash dividend of $0.06 per share. The payment will be made on October 15, 2015 to shareholders of record as of October 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. |
Significant Accounting Polici25
Significant Accounting Policies (Policies) | 3 Months Ended |
Aug. 02, 2015 | |
Accounting Policies [Abstract] | |
Recently Adopted and Issued Accounting Pronouncements | 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 are currently assessing the impact that this guidance will have on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, which amends ASC Topic 606, Revenue from Contracts with Customers. Revenue from Contracts with Customers: Deferral of the Effective Date In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 3 Months Ended |
Aug. 02, 2015 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | A summary of accounts receivable follows: (dollars in thousands) August 2, 2015 August 3, 2014 May 3, 2015 Customers $ 27,428 $ 25,212 $ 30,338 Allowance for doubtful accounts (935 ) (438 ) (851 ) Reserve for returns and allowances and discounts (786 ) (535 ) (738 ) $ 25,707 $ 24,239 $ 28,749 |
Summary of the Activity in the Allowance for Doubtful Accounts | A summary of the activity in the allowance for doubtful accounts follows: Three months ended (dollars in thousands) August 2, 2015 August 3, 2014 Beginning balance $ (851 ) $ (573 ) Provision for bad debts (96 ) 69 Net write-offs, net of recoveries 12 66 Ending balance $ (935 ) $ (438 ) |
Summary of the Activity in the Allowance for Returns and Allowances and Discounts Accounts | A summary of the activity in the allowance for returns and allowances and discounts accounts follows: Three months ended (dollars in thousands) August 2, 2015 August 3, 2014 Beginning balance $ (738 ) $ (479 ) Provision for returns, allowances and discounts (709 ) (658 ) Credits issued 661 602 Ending balance $ (786 ) $ (535 ) |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Aug. 02, 2015 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | A summary of inventories follows: (dollars in thousands) August 2, 2015 August 3, 2014 May 3, 2015 Raw materials $ 6,944 $ 6,145 $ 5,374 Work-in-process 3,018 2,174 2,766 Finished goods 36,582 33,369 34,344 $ 46,544 $ 41,688 $ 42,484 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Aug. 02, 2015 | |
Text Block [Abstract] | |
Summary of Other Assets | A summary of other assets follows: (dollars in thousands) August 2, 2015 August 3, 2014 May 3, 2015 Cash surrender value – life insurance $ 339 $ 320 $ 339 Non-compete agreement, net 960 1,035 979 Customer relationships, net 753 804 766 Other 423 428 461 $ 2,475 $ 2,587 $ 2,545 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Aug. 02, 2015 | |
Text Block [Abstract] | |
Summary of Accrued Expenses | A summary of accrued expenses follows: (dollars in thousands) August 2, 2015 August 3, 2014 May 3, 2015 Compensation, commissions and related benefits $ 4,946 $ 4,053 $ 9,081 Interest 81 168 37 Other accrued expenses 2,704 2,144 2,011 $ 7,731 $ 6,365 $ 11,129 |
Long-Term Debt and Lines of C30
Long-Term Debt and Lines of Credit (Tables) | 3 Months Ended |
Aug. 02, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | A summary of long-term debt follows: (dollars in thousands) August 2, 2015 August 3, 2014 May 3, 2015 Unsecured senior term notes $ 2,200 $ 4,400 $ 2,200 Current maturities of long-term debt (2,200 ) (2,200 ) (2,200 ) Long-term debt, less current maturities of long-term debt $ - $ 2,200 $ - |
Fair Value of Financial Instr31
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Aug. 02, 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 August 2, 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: Premier Money Market Fund $ 2,705 N/A N/A $ 2,705 Intermediate Term Bond Fund 2,149 N/A N/A 2,149 Low Duration Bond Fund 2,100 N/A N/A 2,100 Limited Term Bond Fund 1,092 N/A N/A 1,092 Strategic Income Fund 995 N/A N/A 995 Growth Allocation Fund 109 N/A N/A 109 Other 79 N/A N/A 79 Fair value measurements at August 3, 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 $ 2,578 N/A N/A $ 2,578 Low Duration Bond Fund 2,078 N/A N/A 2,078 Premier Money Market Fund 1,712 N/A N/A 1,712 Intermediate Term Bond Fund 1,655 N/A N/A 1,655 Other 37 N/A N/A 37 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 |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 3 Months Ended |
Aug. 02, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Payments for Interest and Income Taxes | Payments for interest and income taxes follows: Three months ended (dollars in thousands) August 2, 2015 August 3, 2014 Interest $ - $ - Net income tax payments 900 959 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Aug. 02, 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 follows: Three months ended (amounts in thousands) August 2, 2015 August 3, 2014 Weighted average common shares outstanding, basic 12,277 12,212 Dilutive effect of stock-based compensation 179 192 Weighted average common shares outstanding, diluted 12,456 12,404 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Aug. 02, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segments Information | Financial information for the company’s operating segments follows: Three months ended (dollars in thousands) August 2, 2015 August 3, 2014 Net sales: Mattress Fabrics $ 47,808 $ 42,822 Upholstery Fabrics 32,377 33,238 $ 80,185 $ 76,060 Gross profit: Mattress Fabrics $ 9,925 $ 7,202 Upholstery Fabrics 6,277 5,513 $ 16,202 $ 12,715 Selling, general, and administrative expenses: Mattress Fabrics $ 2,923 $ 2,574 Upholstery Fabrics 3,595 3,452 Total segment selling, general, and 6,518 6,026 Unallocated corporate expenses 2,223 1,393 $ 8,741 $ 7,419 Income from operations: Mattress Fabrics $ 7,003 $ 4,629 Upholstery Fabrics 2,681 2,060 Total segment income from operations 9,684 6,689 Unallocated corporate expenses (2,223 ) (1,393 ) Total income from operations 7,461 5,296 Interest expense (24 ) (68 ) Interest income 66 142 Other (expense) income (95 ) 89 Income before income taxes $ 7,408 $ 5,459 Balance sheet information for the company’s operating segments follow: (dollars in thousands) August 2, 2015 August 3, 2014 May 3, 2015 Segment assets: Mattress Fabrics Current assets (1) $ 42,530 $ 37,970 $ 41,328 Non-compete agreement 960 1,035 979 Customer relationships 753 804 766 Goodwill 11,462 11,462 11,462 Property, plant and equipment (2) 35,116 29,604 33,773 Total mattress fabrics assets 90,821 80,875 88,308 Upholstery Fabrics Current assets (1) 29,721 27,957 29,905 Property, plant and equipment (3) 1,518 1,580 1,467 Total upholstery fabrics assets 31,239 29,537 31,372 Total segment assets 122,060 110,412 119,680 Non-segment assets: Cash and cash equivalents 25,933 24,665 29,725 Short-term investments 6,336 6,311 10,004 Deferred income taxes 7,398 7,176 5,237 Income taxes receivable 142 136 229 Other current assets 3,502 2,308 2,440 Property, plant and equipment (4) 846 707 838 Long-term investments 2,893 1,749 2,415 Other assets 762 748 800 Total assets $ 169,872 $ 154,212 $ 171,368 Three months ended (dollars in thousands) August 2, 2015 August 3, 2014 Capital expenditures (5): Mattress Fabrics $ 2,704 $ 2,129 Upholstery Fabrics 183 112 Unallocated Corporate 73 19 Total capital expenditures $ 2,960 $ 2,260 Depreciation expense: Mattress Fabrics $ 1,359 $ 1,219 Upholstery Fabrics 196 180 Total depreciation expense $ 1,555 $ 1,399 (1) Current assets represent accounts receivable and inventory for the respective segment. (2) The $35.1 million at August 2, 2015, represents property, plant, and equipment of $23.6 million and $11.5 million located in the U.S. and Canada, respectively. The $29.6 million at August 3, 2014, represents property, plant, and equipment of $21.2 million and $8.4 million located in the U.S. and Canada, respectively. The $33.8 million at May 3, 2015, represents property, plant, and equipment of $23.8 million and $10.0 million located in the U.S. and Canada, respectively. (3) The $1.5 million at August 2, 2015, represents property, plant, and equipment of $818 and $700 located in the U.S. and China, respectively. The $1.6 million at August 3, 2014, represents property, plant, and equipment located in the U.S. of $911, located in China of $627, and located in Poland of $42. 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. (4) The $846, $707, and $838 at August 2, 2015, August 3, 2014 and May 3, 2015, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress and upholstery fabric segments. Property, plant, and equipment associated with corporate are located in the U.S. (5) Capital expenditure amounts are stated on the accrual basis. See Consolidated Statements of Cash Flows for capital expenditure amounts on a cash basis. |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Detail) - USD ($) | Jul. 15, 2015 | Mar. 03, 2015 | Jun. 24, 2014 | Jun. 25, 2013 | Jul. 11, 2012 | Aug. 02, 2015 | Aug. 03, 2014 |
Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of options granted | 0 | ||||||
Number of options to purchase common stock outstanding | 110,100 | ||||||
Number of options exercisable | 110,100 | ||||||
Weighted average exercise price for options outstanding | $ 7.75 | ||||||
Weighted average exercise price for options exercisable | $ 7.75 | ||||||
Weighted average contractual term for options outstanding | 2 years 2 months 12 days | ||||||
Weighted average contractual term for options exercisable | 2 years 2 months 12 days | ||||||
Aggregate intrinsic value for options outstanding | $ 2,500,000 | ||||||
Aggregate intrinsic value for options exercisable | 2,500,000 | ||||||
Aggregate intrinsic value for options exercised | $ 814,000 | ||||||
Number of options exercised | 0 | ||||||
Number of unvested stock option | 0 | ||||||
Unrecognized stock based compensation cost | $ 0 | ||||||
Share-based compensation expense | $ 0 | $ 0 | |||||
Common Stock Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 0 | ||||||
Time Vested Restricted Stock Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 0 | ||||||
Number of shares outstanding and unvested | 0 | ||||||
Remaining unrecognized compensation cost | $ 0 | ||||||
Number of shares vested | 61,667 | ||||||
Weighted average fair value of vested shares | $ 257,000 | ||||||
Weighted average fair value of vested shares, per share | $ 4.17 | ||||||
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 | 0 | $ 4,000 | |||||
Performance Based Restricted Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Remaining unrecognized compensation cost | $ 2,900,000 | ||||||
Number of shares vested | 115,855 | ||||||
Weighted average fair value of vested shares | $ 1,200,000 | ||||||
Weighted average fair value of vested shares, per share | $ 10.21 | ||||||
Closing price of common stock | $ 32.23 | $ 17.70 | $ 17.12 | $ 10.21 | |||
Vesting period | 3 years | 3 years | 3 years | 3 years | |||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 2 years 6 months | ||||||
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 | $ 30.25 | ||||||
Vesting period | 3 years | ||||||
Performance Based Restricted Stock Units [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 107,554 | 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 | 10,364 | 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 | $ 265,000 | $ 42,000 | |||||
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 |
Accounts Receivable (Detail)
Accounts Receivable (Detail) - USD ($) $ in Thousands | Aug. 02, 2015 | May. 03, 2015 | Aug. 03, 2014 | Apr. 27, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Customers | $ 27,428 | $ 30,338 | $ 25,212 | ||
Accounts receivable, net | 25,707 | 28,749 | [1] | 24,239 | |
Allowance for doubtful accounts [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Valuation allowance, balance | (935) | (851) | (438) | $ (573) | |
Reserve for returns and allowances and discounts [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Valuation allowance, balance | $ (786) | $ (738) | $ (535) | $ (479) | |
[1] | Derived from audited financial statements. |
Accounts Receivable - Allowance
Accounts Receivable - Allowance for Doubtful Accounts (Detail) - Allowance for doubtful accounts [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 02, 2015 | Aug. 03, 2014 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Beginning balance | $ (851) | $ (573) |
Provision for bad debts | (96) | 69 |
Net write-offs, net of recoveries | 12 | 66 |
Ending balance | $ (935) | $ (438) |
Accounts Receivable - Allowan38
Accounts Receivable - Allowance for Returns and Allowances and Discounts (Detail) - Reserve for returns and allowances and discounts [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 02, 2015 | Aug. 03, 2014 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Beginning balance | $ (738) | $ (479) |
Provision for returns, allowances and discounts | (709) | (658) |
Credits issued | 661 | 602 |
Ending balance | $ (786) | $ (535) |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Aug. 02, 2015 | May. 03, 2015 | Aug. 03, 2014 | |
Inventory Disclosure [Abstract] | ||||
Raw materials | $ 6,944 | $ 5,374 | $ 6,145 | |
Work-in-process | 3,018 | 2,766 | 2,174 | |
Finished goods | 36,582 | 34,344 | 33,369 | |
Inventories | $ 46,544 | $ 42,484 | [1] | $ 41,688 |
[1] | Derived from audited financial statements. |
Other Assets (Detail)
Other Assets (Detail) - USD ($) $ in Thousands | Aug. 02, 2015 | May. 03, 2015 | Aug. 03, 2014 | |
Other Assets Noncurrent [Line Items] | ||||
Cash surrender value - life insurance | $ 339 | $ 339 | $ 640 | |
Non-compete agreement, net | 960 | 979 | 1,035 | |
Customer relationships, net | 753 | 766 | 804 | |
Other | 423 | 461 | 428 | |
Other assets | 2,475 | 2,545 | [1] | 2,587 |
Other Noncurrent Assets [Member] | ||||
Other Assets Noncurrent [Line Items] | ||||
Cash surrender value - life insurance | $ 339 | $ 339 | $ 320 | |
[1] | Derived from audited financial statements. |
Other Assets - Narrative (Detai
Other Assets - Narrative (Detail) | 3 Months Ended | ||||
Aug. 02, 2015USD ($)Contract | Nov. 02, 2014USD ($) | Aug. 03, 2014USD ($)Contract | May. 03, 2015USD ($)Contract | May. 16, 2014USD ($) | |
Other Assets [Line Items] | |||||
Gross carrying amount of non-compete agreement | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | ||
Gross carrying amount of customer relationships | $ 868,000 | $ 868,000 | $ 868,000 | ||
Number of life insurance contracts owned | Contract | 1 | 2 | 1 | ||
Life insurance contracts, death benefits to insured | $ 1,400,000 | $ 3,900,000 | $ 1,400,000 | ||
Life insurance contracts, cash surrender value | $ 339,000 | 640,000 | 339,000 | ||
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 | ||||
Non-compete Agreement [Member] | |||||
Other Assets [Line Items] | |||||
Useful life | 15 years | ||||
Accumulated amortization | $ 1,100,000 | 1,000,000 | 1,100,000 | ||
Amortization expense | 19,000 | 19,000 | |||
Remaining amortization expense for the fiscal year | 56,000 | ||||
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 | 12 years 9 months 18 days | ||||
Customer Relationships [Member] | |||||
Other Assets [Line Items] | |||||
Useful life | 17 years | ||||
Accumulated amortization | $ 115,000 | 64,000 | $ 102,000 | ||
Amortization expense | 13,000 | $ 13,000 | |||
Remaining amortization expense for the fiscal year | 38,000 | ||||
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 | 14 years 9 months 18 days |
Accrued Expenses (Detail)
Accrued Expenses (Detail) - USD ($) $ in Thousands | Aug. 02, 2015 | May. 03, 2015 | Aug. 03, 2014 | |
Payables and Accruals [Abstract] | ||||
Compensation, commissions and related benefits | $ 4,946 | $ 9,081 | $ 4,053 | |
Interest | 81 | 37 | 168 | |
Other accrued expenses | 2,704 | 2,011 | 2,144 | |
Accrued expenses | $ 7,731 | $ 11,129 | [1] | $ 6,365 |
[1] | Derived from audited financial statements. |
Long-Term Debt and Lines of C43
Long-Term Debt and Lines of Credit (Detail) - USD ($) $ in Thousands | Aug. 02, 2015 | May. 03, 2015 | Aug. 03, 2014 | |
Debt Disclosure [Abstract] | ||||
Unsecured senior term notes | $ 2,200 | $ 2,200 | $ 4,400 | |
Current maturities of long-term debt | $ (2,200) | $ (2,200) | [1] | (2,200) |
Long-term debt, less current maturities of long-term debt | $ 2,200 | |||
[1] | Derived from audited financial statements. |
Long-Term Debt and Lines of C44
Long-Term Debt and Lines of Credit - Long-Term Debt - Narrative (Detail) $ in Thousands | Aug. 11, 2015USD ($)Payment | Aug. 02, 2015USD ($) | May. 03, 2015USD ($) | Aug. 03, 2014USD ($) | Aug. 11, 2008USD ($) |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 2,200 | $ 2,200 | $ 4,400 | ||
Unsecured senior term notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Issuance of unsecured senior term notes | $ 11,000 | ||||
Fixed interest rate | 8.01% | ||||
Term of the note agreement | 7 years | ||||
Required amount of principal payment installments | $ 2,200 | ||||
Required debt payment frequency | Annual | ||||
Date of first required principal payment | Aug. 11, 2011 | ||||
Long-term debt, fair value | $ 2,300 | $ 2,300 | $ 4,600 | ||
Unsecured senior term notes [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Remaining annual payment paid | $ 2,200 | ||||
Number of remaining annual payment paid | Payment | 1 |
Long-Term Debt and Lines of C45
Long-Term Debt and Lines of Credit - Lines of Credit - Narrative (Detail) | Jul. 10, 2015USD ($) | Aug. 02, 2015USD ($) | Aug. 03, 2014USD ($) | May. 03, 2015USD ($) | Aug. 02, 2015CNY (¥) | Aug. 03, 2014EUR (€) |
United States [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 10,000,000 | |||||
Interest rate description | Interest is charged at a rate equal to the one-month LIBOR rate plus a spread based on our ratio of debt to EBITDA as defined in the agreement | |||||
Expiration date | Aug. 31, 2017 | Aug. 31, 2015 | ||||
Reference rate on which the interest rate is based | One-month LIBOR rate | |||||
Applicable interest rate at end of period | 1.69% | 1.76% | 1.78% | 1.69% | 1.76% | |
Annual capital expenditures limit | $ 12,000,000 | |||||
Letter of credit, outstanding amount | $ 250,000 | $ 195,000 | $ 250,000 | |||
Outstanding amount | 0 | 0 | 0 | |||
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 | ¥ 0 | ||
Europe [Member] | Revolving credit agreement [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate description | Incurred interest at the EURO LIBOR plus 2% | |||||
Reference rate on which the interest rate is based | EURO LIBOR | |||||
Outstanding amount | $ 0 | $ 569,000 | € 424,000 | |||
Percent added to reference rate in effect from time to time to set the interest rate | 2.00% |
Fair Value of Financial Instr46
Fair Value of Financial Instruments - Recurring Basis (Detail) - USD ($) $ in Thousands | Aug. 02, 2015 | May. 03, 2015 | Aug. 03, 2014 |
Limited Term Bond Fund [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on a recurring basis | $ 1,092 | $ 3,107 | $ 2,578 |
Premier Money Market Fund [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on a recurring basis | 2,705 | 2,285 | 1,712 |
Intermediate Term Bond Fund [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on a recurring basis | 2,149 | 2,181 | 1,655 |
Low Duration Bond Fund [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on a recurring basis | 2,100 | 2,096 | 2,078 |
Strategic Income Fund [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on a recurring basis | 995 | 1,008 | |
Growth Allocation Fund [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on a recurring basis | 109 | 85 | |
Other [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on a recurring basis | 79 | 45 | 37 |
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 | 1,092 | 3,107 | 2,578 |
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 | 2,705 | 2,285 | 1,712 |
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 | 2,149 | 2,181 | 1,655 |
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 | 2,100 | 2,096 | 2,078 |
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 | 995 | 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 | 109 | 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 | $ 79 | $ 45 | $ 37 |
Fair Value of Financial Instr47
Fair Value of Financial Instruments - Narrative (Detail) - USD ($) | 3 Months Ended | |||
Aug. 02, 2015 | May. 03, 2015 | Aug. 03, 2014 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term investments | $ 2,893,000 | $ 2,415,000 | [1] | $ 1,749,000 |
Minimum [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Short-term investments, maturity period | 3 months | |||
Short-term Investments [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Short-term bond funds | $ 6,300,000 | 10,000,000 | 6,300,000 | |
Unrealized loss on short-term bond funds | $ (184,000) | $ (95,000) | $ (70,000) | |
[1] | Derived from audited financial statements. |
Cash Flow Information (Detail)
Cash Flow Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 02, 2015 | Aug. 03, 2014 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest | $ 0 | $ 0 |
Net income tax payments | $ 900 | $ 959 |
Cash Flow Information - Narrati
Cash Flow Information - Narrative (Detail) - USD ($) | 3 Months Ended | |
Aug. 02, 2015 | Aug. 03, 2014 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest cost capitalized | $ 20,000 | $ 30,000 |
Net Income Per Share - Weighted
Net Income Per Share - Weighted Average Shares (Detail) - shares shares in Thousands | 3 Months Ended | |
Aug. 02, 2015 | Aug. 03, 2014 | |
Earnings Per Share [Abstract] | ||
Weighted average common shares outstanding, basic | 12,277 | 12,212 |
Dilutive effect of stock-based compensation | 179 | 192 |
Weighted average common shares outstanding, diluted | 12,456 | 12,404 |
Segment Information - Narrative
Segment Information - Narrative (Detail) | 3 Months Ended |
Aug. 02, 2015Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 2 |
Segment Information - Financial
Segment Information - Financial Information for Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 02, 2015 | Aug. 03, 2014 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 80,185 | $ 76,060 |
Gross profit | 16,202 | 12,715 |
Selling, general, and administrative expenses | 8,741 | 7,419 |
Income from operations | 7,461 | 5,296 |
Interest expense | (24) | (68) |
Interest income | 66 | 142 |
Other (expense) income | (95) | 89 |
Income before income taxes | 7,408 | 5,459 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Selling, general, and administrative expenses | 6,518 | 6,026 |
Income from operations | 9,684 | 6,689 |
Operating Segments [Member] | Mattress Fabrics [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 47,808 | 42,822 |
Gross profit | 9,925 | 7,202 |
Selling, general, and administrative expenses | 2,923 | 2,574 |
Income from operations | 7,003 | 4,629 |
Operating Segments [Member] | Upholstery Fabrics [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 32,377 | 33,238 |
Gross profit | 6,277 | 5,513 |
Selling, general, and administrative expenses | 3,595 | 3,452 |
Income from operations | 2,681 | 2,060 |
Unallocated corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Selling, general, and administrative expenses | 2,223 | 1,393 |
Income from operations | $ (2,223) | $ (1,393) |
Segment Information - Balance S
Segment Information - Balance Sheet Information by Operating Segments (Detail) - USD ($) $ in Thousands | Aug. 02, 2015 | May. 03, 2015 | Aug. 03, 2014 | Apr. 27, 2014 | ||
Segment Reporting Information [Line Items] | ||||||
Non-compete agreement | $ 960 | $ 979 | $ 1,035 | |||
Customer relationships | 753 | 766 | 804 | |||
Goodwill | 11,462 | 11,462 | [1] | 11,462 | ||
Property, plant and equipment | 37,480 | 36,078 | [1] | 31,891 | ||
Total assets | 169,872 | 171,368 | [1] | 154,212 | ||
Cash and cash equivalents | 25,933 | 29,725 | [1] | 24,665 | $ 29,303 | |
Short-term investments | 6,336 | 10,004 | [1] | 6,311 | ||
Income taxes receivable | 142 | 229 | [1] | 136 | ||
Other current assets | 3,502 | 2,440 | [1] | 2,308 | ||
Long-term investments | 2,893 | 2,415 | [1] | 1,749 | ||
Other assets | 2,475 | 2,545 | [1] | 2,587 | ||
Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 122,060 | 119,680 | 110,412 | |||
Unallocated corporate [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Property, plant and equipment | [2] | 846 | 838 | 707 | ||
Cash and cash equivalents | 25,933 | 29,725 | 24,665 | |||
Short-term investments | 6,336 | 10,004 | 6,311 | |||
Deferred income taxes | 7,398 | 5,237 | 7,176 | |||
Income taxes receivable | 142 | 229 | 136 | |||
Other current assets | 3,502 | 2,440 | 2,308 | |||
Long-term investments | 2,893 | 2,415 | 1,749 | |||
Other assets | 762 | 800 | 748 | |||
Mattress Fabrics [Member] | Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Current assets | [3] | 42,530 | 41,328 | 37,970 | ||
Non-compete agreement | 960 | 979 | 1,035 | |||
Customer relationships | 753 | 766 | 804 | |||
Goodwill | 11,462 | 11,462 | 11,462 | |||
Property, plant and equipment | [4] | 35,116 | 33,773 | 29,604 | ||
Total assets | 90,821 | 88,308 | 80,875 | |||
Upholstery Fabrics [Member] | Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Current assets | [3] | 29,721 | 29,905 | 27,957 | ||
Property, plant and equipment | [5] | 1,518 | 1,467 | 1,580 | ||
Total assets | $ 31,239 | $ 31,372 | $ 29,537 | |||
[1] | Derived from audited financial statements. | |||||
[2] | The $846, $707, and $838 at August 2, 2015, August 3, 2014 and May 3, 2015, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress and upholstery fabric segments. Property, plant, and equipment associated with corporate are located in the U.S. | |||||
[3] | Current assets represent accounts receivable and inventory for the respective segment. | |||||
[4] | The $35.1 million at August 2, 2015, represents property, plant, and equipment of $23.6 million and $11.5 million located in the U.S. and Canada, respectively. The $29.6 million at August 3, 2014, represents property, plant, and equipment of $21.2 million and $8.4 million located in the U.S. and Canada, respectively. The $33.8 million at May 3, 2015, represents property, plant, and equipment of $23.8 million and $10.0 million located in the U.S. and Canada, respectively. | |||||
[5] | The $1.5 million at August 2, 2015, represents property, plant, and equipment of $818 and $700 located in the U.S. and China, respectively. The $1.6 million at August 3, 2014, represents property, plant, and equipment located in the U.S. of $911, located in China of $627, and located in Poland of $42. 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 $619. |
Segment Information - Capital E
Segment Information - Capital Expenditures and Depreciation Expense By Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Aug. 02, 2015 | Aug. 03, 2014 | ||
Segment Reporting Information [Line Items] | |||
Capital expenditures | [1] | $ 2,960 | $ 2,260 |
Depreciation expense | 1,555 | 1,399 | |
Operating Segments [Member] | Mattress Fabrics [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 2,704 | 2,129 | |
Depreciation expense | 1,359 | 1,219 | |
Operating Segments [Member] | Upholstery Fabrics [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 183 | 112 | |
Depreciation expense | 196 | 180 | |
Unallocated corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 73 | $ 19 | |
[1] | Capital expenditure amounts are stated on the accrual basis. See Consolidated Statements of Cash Flows for capital expenditure amounts on a cash basis. |
Segment Information - Balance55
Segment Information - Balance Sheet Information by Operating Segments (Parenthetical) (Detail) - USD ($) $ in Thousands | Aug. 02, 2015 | May. 03, 2015 | Aug. 03, 2014 | ||
Segment Reporting Information [Line Items] | |||||
Property, plant and equipment | $ 37,480 | $ 36,078 | [1] | $ 31,891 | |
Unallocated corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Property, plant and equipment | [2] | 846 | 838 | 707 | |
United States [Member] | Unallocated corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Property, plant and equipment | 846 | 838 | 707 | ||
Mattress Fabrics [Member] | United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Property, plant and equipment | 23,600 | 23,800 | 21,200 | ||
Mattress Fabrics [Member] | Canada [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Property, plant and equipment | 11,500 | 10,000 | 8,400 | ||
Upholstery Fabrics [Member] | United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Property, plant and equipment | 818 | 848 | 911 | ||
Upholstery Fabrics [Member] | China [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Property, plant and equipment | $ 700 | $ 619 | 627 | ||
Upholstery Fabrics [Member] | Poland [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Property, plant and equipment | $ 42 | ||||
[1] | Derived from audited financial statements. | ||||
[2] | The $846, $707, and $838 at August 2, 2015, August 3, 2014 and May 3, 2015, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress and upholstery fabric segments. Property, plant, and equipment associated with corporate are located in the U.S. |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate - Narrative (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 02, 2015 | Aug. 03, 2014 | |
Income Taxes [Line Items] | ||
Income taxes | $ 2,707 | $ 2,115 |
Income tax rate | 36.50% | 38.70% |
Statutory rate | 34.00% | 34.00% |
Decrease in income tax rate from the lower statutory income tax rates in foreign jurisdictions compared with the U.S statutory income tax rate | (6.00%) | (6.00%) |
Increase in income tax rate from income tax effects of undistributed earnings from foreign subsidiaries | 5.00% | 3.00% |
Increase in income tax rate from an increase in unrecognized tax benefits | 3.00% | 5.00% |
Increase in income tax rate for other miscellaneous items | 0.50% | 2.70% |
Canada and China [Member] | ||
Income Taxes [Line Items] | ||
Decrease in income tax rate from the lower statutory income tax rates in foreign jurisdictions compared with the U.S statutory income tax rate | (6.00%) | (6.00%) |
Increase in income tax rate from income tax effects of undistributed earnings from foreign subsidiaries | 5.00% | 3.00% |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Taxes - Valuation Allowance - Narrative (Detail) - USD ($) | Aug. 02, 2015 | May. 03, 2015 | Aug. 03, 2014 |
U.S. Tax Authorities and Poland Tax Authorities [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | |||
Income Taxes [Line Items] | |||
Valuation allowance | $ 926,000 | $ 922,000 | $ 1,100,000 |
U.S. State Tax [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | |||
Income Taxes [Line Items] | |||
Valuation allowance | 561,000 | 561,000 | 666,000 |
Poland [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | Culp Europe [Member] | |||
Income Taxes [Line Items] | |||
Valuation allowance | 365,000 | 361,000 | 419,000 |
Canada and China [Member] | |||
Income Taxes [Line Items] | |||
Valuation allowance | $ 0 | $ 0 | $ 0 |
Income Taxes - Deferred Incom58
Income Taxes - Deferred Income Taxes - Undistributed Earnings - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Aug. 02, 2015 | Aug. 03, 2014 | May. 03, 2015 | |
Income Tax Disclosure [Abstract] | |||
Deferred tax liability, undistributed earnings from foreign subsidiaries | $ 2 | $ 2.1 | $ 1.7 |
U.S. income and foreign withholding taxes | 33.8 | 29.4 | 32.4 |
U.S. foreign income tax credits | 31.8 | 27.3 | 30.7 |
Undistributed earnings from our foreign subsidiaries that will not be reinvested indefinitely | $ 88.6 | $ 75.8 | $ 85.2 |
Income Taxes - Deferred Incom59
Income Taxes - Deferred Income Taxes - Narrative (Detail) - USD ($) $ in Thousands | Aug. 02, 2015 | May. 03, 2015 | Aug. 03, 2014 | |
Income Taxes [Line Items] | ||||
Current deferred tax asset | $ 6,986 | $ 4,790 | [1] | $ 6,203 |
Non-current deferred tax asset | 412 | 447 | [1] | 973 |
Non-current deferred tax liability | 4,064 | 1,050 | [1] | 1,013 |
U.S. Tax Authorities [Member] | ||||
Income Taxes [Line Items] | ||||
Current deferred tax asset | 6,500 | 4,400 | 5,800 | |
Non-current deferred tax asset | 440 | |||
Non-current deferred tax liability | 3,000 | 154 | ||
China [Member] | ||||
Income Taxes [Line Items] | ||||
Current deferred tax asset | 502 | 421 | 405 | |
Non-current deferred tax asset | 412 | 447 | 533 | |
Canada [Member] | ||||
Income Taxes [Line Items] | ||||
Non-current deferred tax liability | $ 1,100 | $ 896 | $ 1,000 | |
[1] | Derived from audited financial statements. |
Income Taxes - Uncertainty in I
Income Taxes - Uncertainty in Income Taxes - Narrative (Detail) - USD ($) | Aug. 02, 2015 | May. 03, 2015 | Aug. 03, 2014 |
Income Taxes [Line Items] | |||
Unrecognized tax benefits | $ 14,200,000 | $ 14,100,000 | $ 14,000,000 |
Unrecognized tax benefits that would favorably impact effective income tax rate if recognized | 3,600,000 | 3,800,000 | 4,000,000 |
Expected increase in unrecognized tax benefits related to double taxation under applicable tax treaties with foreign tax jurisdictions | 867,000 | ||
Net Non-current Deferred Income Taxes [Member] | |||
Income Taxes [Line Items] | |||
Unrecognized tax benefits | 10,600,000 | 10,300,000 | 10,000,000 |
Income Taxes Payable - Long-Term [Member] | |||
Income Taxes [Line Items] | |||
Unrecognized tax benefits | $ 3,600,000 | $ 3,800,000 | $ 4,000,000 |
Statutory Reserves (Detail)
Statutory Reserves (Detail) - Aug. 02, 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% |
Commitments and Contingencies (
Commitments and Contingencies (Detail) - USD ($) | Aug. 02, 2015 | May. 03, 2015 | Aug. 03, 2014 |
Mattress Fabrics [Member] | Capital Addition Purchase Commitments [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Open purchase commitments | $ 2,600,000 | $ 2,300,000 | $ 3,500,000 |
Common Stock Repurchase Progr63
Common Stock Repurchase Program (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Aug. 02, 2015 | Nov. 02, 2014 | May. 03, 2015 | Feb. 25, 2014 | |
Stockholders Equity Note [Line Items] | ||||
Cost of common stock repurchased | $ 745,000 | |||
Common Stock | ||||
Stockholders Equity Note [Line Items] | ||||
Common stock repurchased | 43,014 | |||
Cost of common stock repurchased | $ 2,000 | |||
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 | 43,014 | ||
Cost of common stock repurchased | $ 745,000 | |||
Remaining authorized repurchase amount | $ 4,300,000 |
Dividend Program (Detail)
Dividend Program (Detail) - USD ($) $ / shares in Units, $ in Thousands | Sep. 02, 2015 | Jun. 18, 2015 | Aug. 02, 2015 | Aug. 03, 2014 |
Dividends [Line Items] | ||||
Cash dividends paid | $ 5,676 | $ 5,502 | ||
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 declared, per share | $ 0.40 | |||
Cash dividend payment, per share | $ 0.40 | $ 0.40 | ||
Cash dividends paid | $ 5,000 | $ 4,900 | ||
Quarterly Dividend [Member] | ||||
Dividends [Line Items] | ||||
Cash dividend declared, per share | $ 0.06 | |||
Cash dividend payment, per share | $ 0.06 | $ 0.05 | ||
Cash dividends paid | $ 740 | $ 611 | ||
Quarterly Dividend [Member] | Subsequent Event [Member] | ||||
Dividends [Line Items] | ||||
Cash dividend declared, per share | $ 0.06 | |||
Date of payment to shareholders entitled to dividends | Oct. 15, 2015 | |||
Date of record of shareholders entitled to dividends | Oct. 1, 2015 |