Daktronics (DAKT) 10-Q 1 Sep 21 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jul. 31, 2021	Aug. 30, 2021
Document Information [Line Items]
Entity Central Index Key	0000915779
Entity Registrant Name	DAKTRONICS INC
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2021
Document Transition Report	false
Entity File Number	0-23246
Entity Incorporation, State or Country Code	SD
Entity Tax Identification Number	46-0306862
Entity Address, Address Line One	201 Daktronics Drive
Entity Address, City or Town	Brookings
Entity Address, State or Province	SD
Entity Address, Postal Zip Code	57006
City Area Code	605
Local Phone Number	692-0200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,357,234
Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Trading Symbol	DAKT
Security Exchange Name	NASDAQ
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, No Par Value
Trading Symbol	DAKT
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jul. 31, 2021	May 01, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 74,658	$ 77,590
Restricted cash	2,541	2,812
Accounts receivable, net	78,497	67,808
Inventories	84,514	74,356
Contract assets	38,133	32,799
Current maturities of long-term receivables	1,756	1,462
Prepaid expenses and other current assets	9,821	7,445
Income tax receivables	635	731
Total current assets	290,555	265,003
Property and equipment, net	56,208	58,682
Long-term receivables, less current maturities	1,390	1,635
Goodwill	8,311	8,414
Intangibles, net	1,780	2,083
Investment in affiliates and other assets	26,271	27,403
Deferred income taxes	11,941	11,944
TOTAL ASSETS	396,456	375,164
CURRENT LIABILITIES:
Accounts payable	57,775	40,251
Contract liabilities	67,507	64,495
Accrued expenses	27,650	30,672
Warranty obligations	9,986	10,464
Income taxes payable	496	738
Total current liabilities	163,414	146,620
Long-term warranty obligations	15,395	15,496
Long-term contract liabilities	10,586	10,720
Other long-term obligations	7,848	7,816
Long-term income taxes payable	654	548
Deferred income taxes	378	410
Total long-term liabilities	34,861	34,990
SHAREHOLDERS' EQUITY:
Common Stock, no par value, authorized 115,000,000 shares; 46,444,603 and 46,264,576 shares issued at July 31, 2021 and May 1, 2021, respectively	61,172	60,575
Additional paid-in capital	47,117	46,595
Retained earnings	99,701	96,016
Treasury Stock, at cost, 1,266,401 and 1,297,409 shares at July 31, 2021 and May 1, 2021, respectively	(7,101)	(7,297)
Accumulated other comprehensive loss	(2,708)	(2,335)
TOTAL SHAREHOLDERS' EQUITY	198,181	193,554
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 396,456	$ 375,164

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	Jul. 31, 2021	May 01, 2021
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, share authorized (in shares)	115,000,000	115,000,000
Common stock, share issued (in shares)	46,444,603	46,264,576
Treasury stock, shares (in shares)	1,266,401	1,297,409

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Net sales	$ 144,732	$ 143,644
Cost of sales	112,544	107,883
Gross profit	32,188	35,761
Operating expenses:
Selling	11,795	11,556
General and administrative	7,571	7,124
Product design and development	7,162	7,532
Operating Expenses, Total	26,528	26,212
Operating income	5,660	9,549
Nonoperating (expense) income:
Interest income	153	85
Interest expense	(16)	(73)
Other (expense) income, net	(868)	(627)
Income before income taxes	4,929	8,934
Income tax expense	1,244	1,467
Net income	$ 3,685	$ 7,467
Weighted average shares outstanding:
Basic (in shares)	45,139	44,654
Diluted (in shares)	45,419	44,751
Earnings per share:
Basic (in dollars per share)	$ 0.08	$ 0.17
Diluted (in dollars per share)	$ 0.08	$ 0.17

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Net income (loss)	$ 3,685	$ 7,467
Other comprehensive (loss) income:
Cumulative translation adjustments	(373)	1,037
Total other comprehensive (loss) income, net of tax	(373)	1,037
Comprehensive income	$ 3,312	$ 8,504

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Total
Balance at May. 02, 2020	$ 60,010	$ 44,627	$ 85,090	$ (7,470)	$ (5,277)	$ 176,980
Net income (loss)	0	0	7,467	0	0	7,467
Cumulative translation adjustments	0	0	0	0	1,037	1,037
Share-based compensation	0	539	0	0	0	539
Treasury stock reissued	0	26	0	173	0	199
Balance at Aug. 01, 2020	60,010	45,192	92,557	(7,297)	(4,240)	186,222
Balance at May. 01, 2021	60,575	46,595	96,016	(7,297)	(2,335)	193,554
Net income (loss)	0	0	3,685	0	0	3,685
Cumulative translation adjustments	0	0	0	0	(373)	(373)
Share-based compensation	0	518	0	0	0	518
Employee savings plan activity	597	0	0	0	0	597
Treasury stock reissued	0	4	0	196	0	200
Balance at Jul. 31, 2021	$ 61,172	$ 47,117	$ 99,701	$ (7,101)	$ (2,708)	$ 198,181

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 3,685	$ 7,467
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	4,052	4,337
Gain on sale of property, equipment and other assets	(106)	(53)
Share-based compensation	518	539
Equity in loss of affiliates	746	529
Provision for doubtful accounts	(421)	1
Deferred income taxes, net	(32)	(4)
Change in operating assets and liabilities	(9,461)	(4,271)
Net cash (used in) provided by operating activities	(1,019)	8,545
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(1,283)	(3,155)
Proceeds from sales of property, equipment and other assets	149	86
Purchases of and loans to equity investment	(718)	(492)
Net cash used in investing activities	(1,852)	(3,561)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term obligations	(200)	(210)
Net cash used in financing activities	(200)	(210)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(132)	(481)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(3,203)	4,293
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	80,402	40,412
End of period	77,199	44,705
Supplemental disclosures of cash flow information:
Interest	0	43
Income taxes, net of refunds	980	786
Supplemental schedule of non-cash investing and financing activities:
Demonstration equipment transferred to inventory	46	0
Purchases of property and equipment included in accounts payable	868	969
Contributions of common stock under the ESPP	$ 597	$ 0

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Jul. 31, 2021
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	Note 1. Daktronics, Inc. and its subsidiaries (the “Company”, “Daktronics”, “we”, “our”, or “us”) are the world's industry leader in designing and manufacturing electronic scoreboards, programmable display systems and large screen video displays for sporting, commercial and transportation applications. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present our financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions affecting the reported amounts therein. Due to the inherent uncertainty involved in making estimates, actual results in future periods may Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. The balance sheet at May 1, 2021 not May 1, 2021 10 not may Daktronics, Inc. operates on a 52 53 April 30 April 30 13 53 first three 13 three July 31, 2021 August 1, 2020 13 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the totals of the same amounts shown in the condensed consolidated statements of cash flows. Restricted cash consists of cash and cash equivalents held in bank deposit accounts to secure issuances of foreign bank guarantees. July 31, August 1, 2021 2020 Cash and cash equivalents $ 74,658 $ 44,609 Restricted cash 2,541 96 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 77,199 $ 44,705 Other Business Developments - Coronavirus Pandemic During fiscal 2021, 19" 2021, 2021, April 1, 2020, 2021, A special voluntary retirement and voluntary exit incentive program ("Offering") and a reduction in force ("RIF") were instituted during the first 2021 19 first 2021 We received governmental wage subsidies from various governmental programs related to COVID implications of $77 and $812 during the three July 31, 2021 August 1, 2020 December 31, 2020. July 31, 2021 50 December 31, 2021 50 December 31, 2022. We continue to monitor guidance from international and domestic authorities, regarding the COVID- 19 may 2021, no may 2022. Recent Accounting Pronouncements There have been no 10 May 1, 2021 Accounting Standards Adopted There are no three July 31, 2021 Accounting Standards Not There are no not July 31, 2021

Note 2 - Investments in Affilia

Note 2 - Investments in Affiliates	3 Months Ended
	Jul. 31, 2021
Notes to Financial Statements
Investment [Text Block]	Note 2. The aggregate amount of investments accounted for under the equity method was $19,141 and $19,887 at July 31, 2021 May 1, 2021 three July 31, 2021 August 1, 2020 three July 31, 2021 three August 1, 2020.

Note 3 - Earnings Per Share ("E

Note 3 - Earnings Per Share ("EPS")	3 Months Ended
	Jul. 31, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 3. The following is a reconciliation of the net income and common share amounts used in the calculation of basic and diluted EPS for the three July 31, 2021 August 1, 2020 Net income Shares Per share income For the three months ended July 31, 2021 Basic earnings per share $ 3,685 45,139 $ 0.08 Dilution associated with stock compensation plans — 280 — Diluted earnings per share $ 3,685 45,419 $ 0.08 For the three months ended August 1, 2020 Basic earnings per share $ 7,467 44,654 $ 0.17 Dilution associated with stock compensation plans — 97 — Diluted earnings per share $ 7,467 44,751 $ 0.17 Options outstanding to purchase 1,810 shares of common stock with a weighted average exercise price of $9.52 for the three July 31, 2021 three August 1, 2020 not

Note 4 - Revenue Recognition

Note 4 - Revenue Recognition	3 Months Ended
	Jul. 31, 2021
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Note 4. Disaggregation of revenue The following table presents our disaggregation of revenue by segments: Three Months Ended July 31, 2021 High School Commercial Live Events Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 3,587 $ 41,508 $ 4,166 $ 6,541 $ 5,883 $ 61,685 Limited configuration 25,907 5,842 22,957 5,352 11,545 71,603 Service and other 3,287 5,037 771 665 1,684 11,444 $ 32,781 $ 52,387 $ 27,894 $ 12,558 $ 19,112 $ 144,732 Timing of revenue recognition Goods/services transferred at a point in time $ 26,379 $ 6,829 $ 21,941 $ 5,571 $ 12,019 $ 72,739 Goods/services transferred over time 6,402 45,558 5,953 6,987 7,093 71,993 $ 32,781 $ 52,387 $ 27,894 $ 12,558 $ 19,112 $ 144,732 Three Months Ended August 1, 2020 High School Commercial Live Events Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 8,727 $ 41,975 $ 7,668 $ 7,724 $ 4,012 $ 70,106 Limited configuration 22,555 5,419 20,688 6,266 8,653 63,581 Service and other 3,224 4,080 587 508 1,558 9,957 $ 34,506 $ 51,474 $ 28,943 $ 14,498 $ 14,223 $ 143,644 Timing of revenue recognition Goods/services transferred at a point in time $ 22,892 $ 6,214 $ 19,368 $ 6,374 $ 9,179 $ 64,027 Goods/services transferred over time 11,614 45,260 9,575 8,124 5,044 79,617 $ 34,506 $ 51,474 $ 28,943 $ 14,498 $ 14,223 $ 143,644 See "Note 5. Contract balances Contract assets represent revenue recognized in excess of amounts billed and include unbilled receivables. Unbilled receivables, which represent an unconditional right to payment subject only to the passage of time, are reclassified to accounts receivable when they are billed according to the contract terms. Contract liabilities represent amounts billed to the customers in excess of revenue recognized to date. The following table reflects the changes in our contract assets and liabilities: July 31, May 1, Dollar Percent 2021 2021 Change Change Contract assets $ 38,133 $ 32,799 $ 5,334 16.3 % Contract liabilities - current 67,507 64,495 3,012 4.7 % Contract liabilities - noncurrent 10,586 10,720 (134 ) (1.3 )% The changes in our contract assets and contract liabilities from May 1, 2021 July 31, 2021 no three July 31, 2021 For service-type warranty contracts, we allocate revenue to this performance obligation, recognize the revenue over time, and recognize costs as incurred. Earned and unearned revenues for these contracts are included in the "Contract assets" and "Contract liabilities" line items in our condensed consolidated balance sheets. Changes in unearned service-type warranty contracts, net were as follows: July 31, 2021 Balance at beginning of period $ 24,590 New contracts sold 10,165 Less: reductions for revenue recognized (8,669 ) Foreign currency translation and other (86 ) Balance at end of period $ 26,000 As of July 31, 2021 May 1, 2021 During the three July 31, 2021 May 1, 2021 Remaining performance obligations As of July 31, 2021 July 31, 2021 may

Note 5 - Segment Reporting

Note 5 - Segment Reporting	3 Months Ended
	Jul. 31, 2021
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 5. The following table sets forth certain financial information for each of our five Three Months Ended July 31, August 1, 2021 2020 Net sales: Commercial $ 32,781 $ 34,506 Live Events 52,387 51,474 High School Park and Recreation 27,894 28,943 Transportation 12,558 14,498 International 19,112 14,223 Total company net sales 144,732 143,644 Gross profit: Commercial 7,178 7,742 Live Events 8,582 9,354 High School Park and Recreation 9,509 10,476 Transportation 3,751 5,143 International 3,168 3,046 32,188 35,761 Operating expenses: Selling 11,795 11,556 General and administrative 7,571 7,124 Product design and development 7,162 7,532 26,528 26,212 Operating income 5,660 9,549 Nonoperating income (expense): Interest income 153 85 Interest expense (16 ) (73 ) Other (expense) income, net (868 ) (627 ) Income before income taxes $ 4,929 $ 8,934 Depreciation and amortization: Commercial $ 702 $ 772 Live Events 1,337 1,451 High School Park and Recreation 438 496 Transportation 139 237 International 726 693 Unallocated corporate depreciation 710 688 $ 4,052 $ 4,337 No Three Months Ended July 31, August 1, 2021 2020 Net sales: United States $ 123,482 $ 128,069 Outside United States 21,250 15,575 $ 144,732 $ 143,644 July 31, May 1, 2021 2021 Property and equipment, net of accumulated depreciation: United States $ 48,450 $ 50,130 Outside United States 7,758 8,552 $ 56,208 $ 58,682 We have numerous customers worldwide for sales of our products and services, and no 10 not We have numerous raw material and component suppliers, and no 10

Note 6 - Goodwill

Note 6 - Goodwill	3 Months Ended
	Jul. 31, 2021
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	Note 6. The changes in the carrying amount of goodwill related to each reportable segment for the three July 31, 2021 Live Events Commercial Transportation International Total Balance as of May 1, 2021 $ 2,313 $ 3,464 $ 84 $ 2,553 $ 8,414 Foreign currency translation (6 ) (39 ) (5 ) (53 ) (103 ) Balance as of July 31, 2021 $ 2,307 $ 3,425 $ 79 $ 2,500 $ 8,311 We perform an analysis of goodwill on an annual basis, and it is tested for impairment more frequently if events or changes in circumstances indicate that an asset might be impaired. Our annual analysis is performed during our third first third November 2, 2020 no

Note 7 - Financing Agreements

Note 7 - Financing Agreements	3 Months Ended
	Jul. 31, 2021
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 7. As of July 31, 2021 no July 31, 2021 We are sometimes required to obtain bank guarantees or other financial instruments for display installations. If we are unable to meet the terms of the arrangement, our customer would draw on the banking arrangement, and the bank would subrogate its loss to Daktronics. As of July 31, 2021 As of July 31, 2021

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	3 Months Ended
	Jul. 31, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 8. Litigation: not no not Warranties: three July 31, 2021 Beginning accrued warranty obligations $ 25,960 Warranties issued during the period 2,110 Settlements made during the period (1,470 ) Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations (1,219 ) Ending accrued warranty obligations $ 25,381 Performance guarantees: July 31, 2021 one July 31, 2021 not

Note 9 - Income Taxes

Note 9 - Income Taxes	3 Months Ended
	Jul. 31, 2021
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 9. The provision for income taxes during interim reporting periods is calculated by applying an estimate of the annual effective tax rate to “ordinary” income or loss for the reporting period, adjusted for discrete items. Due to various factors, including our estimate of annual income, our effective tax rate is subject to fluctuation. Our effective tax rate for the three July 31, 2021 three August 1, 2020 2022 2021. We operate both domestically and internationally and as of July 31, 2021

Note 10 - Fair Value Measuremen

Note 10 - Fair Value Measurement	3 Months Ended
	Jul. 31, 2021
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 10. The following table sets forth by Level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis at July 31, 2021 May 1, 2021 no Fair Value Measurements Level 1 Level 2 Level 3 Total Balance as of July 31, 2021 Cash and cash equivalents $ 74,658 $ — $ — $ 74,658 Restricted cash 2,541 — — 2,541 Derivatives - asset position — 46 — 46 Derivatives - liability position — (134 ) — (134 ) $ 77,199 $ (88 ) $ — $ 77,111 Balance as of May 1, 2021 Cash and cash equivalents $ 77,590 $ — $ — $ 77,590 Restricted cash 2,812 — — 2,812 Derivatives - asset position — 4 — 4 Derivatives - liability position — (261 ) — (261 ) Acquisition-related contingent consideration — — (363 ) (363 ) $ 80,402 $ (257 ) $ (363 ) $ 79,782 A roll forward of the Level 3 three July 31, 2021 Acquisition-related contingent consideration as of May 1, 2021 $ 363 Additions 33 Settlements (400 ) Interest 4 Acquisition-related contingent consideration as of July 31, 2021 $ — There have been no 2021 10 May 1, 2021

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Jul. 31, 2021
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements There have been no 10 May 1, 2021 Accounting Standards Adopted There are no three July 31, 2021 Accounting Standards Not There are no not July 31, 2021

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Tables)	3 Months Ended
	Jul. 31, 2021
Notes Tables
Schedule of Cash and Cash Equivalents [Table Text Block]	July 31, August 1, 2021 2020 Cash and cash equivalents $ 74,658 $ 44,609 Restricted cash 2,541 96 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 77,199 $ 44,705

Note 3 - Earnings Per Share (_2

Note 3 - Earnings Per Share ("EPS") (Tables)	3 Months Ended
	Jul. 31, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Net income Shares Per share income For the three months ended July 31, 2021 Basic earnings per share $ 3,685 45,139 $ 0.08 Dilution associated with stock compensation plans — 280 — Diluted earnings per share $ 3,685 45,419 $ 0.08 For the three months ended August 1, 2020 Basic earnings per share $ 7,467 44,654 $ 0.17 Dilution associated with stock compensation plans — 97 — Diluted earnings per share $ 7,467 44,751 $ 0.17

Note 4 - Revenue Recognition (T

Note 4 - Revenue Recognition (Tables)	3 Months Ended
	Jul. 31, 2021
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended July 31, 2021 High School Commercial Live Events Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 3,587 $ 41,508 $ 4,166 $ 6,541 $ 5,883 $ 61,685 Limited configuration 25,907 5,842 22,957 5,352 11,545 71,603 Service and other 3,287 5,037 771 665 1,684 11,444 $ 32,781 $ 52,387 $ 27,894 $ 12,558 $ 19,112 $ 144,732 Timing of revenue recognition Goods/services transferred at a point in time $ 26,379 $ 6,829 $ 21,941 $ 5,571 $ 12,019 $ 72,739 Goods/services transferred over time 6,402 45,558 5,953 6,987 7,093 71,993 $ 32,781 $ 52,387 $ 27,894 $ 12,558 $ 19,112 $ 144,732 Three Months Ended August 1, 2020 High School Commercial Live Events Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 8,727 $ 41,975 $ 7,668 $ 7,724 $ 4,012 $ 70,106 Limited configuration 22,555 5,419 20,688 6,266 8,653 63,581 Service and other 3,224 4,080 587 508 1,558 9,957 $ 34,506 $ 51,474 $ 28,943 $ 14,498 $ 14,223 $ 143,644 Timing of revenue recognition Goods/services transferred at a point in time $ 22,892 $ 6,214 $ 19,368 $ 6,374 $ 9,179 $ 64,027 Goods/services transferred over time 11,614 45,260 9,575 8,124 5,044 79,617 $ 34,506 $ 51,474 $ 28,943 $ 14,498 $ 14,223 $ 143,644
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	July 31, May 1, Dollar Percent 2021 2021 Change Change Contract assets $ 38,133 $ 32,799 $ 5,334 16.3 % Contract liabilities - current 67,507 64,495 3,012 4.7 % Contract liabilities - noncurrent 10,586 10,720 (134 ) (1.3 )% July 31, 2021 Balance at beginning of period $ 24,590 New contracts sold 10,165 Less: reductions for revenue recognized (8,669 ) Foreign currency translation and other (86 ) Balance at end of period $ 26,000

Note 5 - Segment Reporting (Tab

Note 5 - Segment Reporting (Tables)	3 Months Ended
	Jul. 31, 2021
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended July 31, August 1, 2021 2020 Net sales: Commercial $ 32,781 $ 34,506 Live Events 52,387 51,474 High School Park and Recreation 27,894 28,943 Transportation 12,558 14,498 International 19,112 14,223 Total company net sales 144,732 143,644 Gross profit: Commercial 7,178 7,742 Live Events 8,582 9,354 High School Park and Recreation 9,509 10,476 Transportation 3,751 5,143 International 3,168 3,046 32,188 35,761 Operating expenses: Selling 11,795 11,556 General and administrative 7,571 7,124 Product design and development 7,162 7,532 26,528 26,212 Operating income 5,660 9,549 Nonoperating income (expense): Interest income 153 85 Interest expense (16 ) (73 ) Other (expense) income, net (868 ) (627 ) Income before income taxes $ 4,929 $ 8,934 Depreciation and amortization: Commercial $ 702 $ 772 Live Events 1,337 1,451 High School Park and Recreation 438 496 Transportation 139 237 International 726 693 Unallocated corporate depreciation 710 688 $ 4,052 $ 4,337
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	Three Months Ended July 31, August 1, 2021 2020 Net sales: United States $ 123,482 $ 128,069 Outside United States 21,250 15,575 $ 144,732 $ 143,644 July 31, May 1, 2021 2021 Property and equipment, net of accumulated depreciation: United States $ 48,450 $ 50,130 Outside United States 7,758 8,552 $ 56,208 $ 58,682

Note 6 - Goodwill (Tables)

Note 6 - Goodwill (Tables)	3 Months Ended
	Jul. 31, 2021
Notes Tables
Schedule of Goodwill [Table Text Block]	Live Events Commercial Transportation International Total Balance as of May 1, 2021 $ 2,313 $ 3,464 $ 84 $ 2,553 $ 8,414 Foreign currency translation (6 ) (39 ) (5 ) (53 ) (103 ) Balance as of July 31, 2021 $ 2,307 $ 3,425 $ 79 $ 2,500 $ 8,311

Note 8 - Commitments and Cont_2

Note 8 - Commitments and Contingencies (Tables)	3 Months Ended
	Jul. 31, 2021
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	July 31, 2021 Beginning accrued warranty obligations $ 25,960 Warranties issued during the period 2,110 Settlements made during the period (1,470 ) Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations (1,219 ) Ending accrued warranty obligations $ 25,381

Note 10 - Fair Value Measurem_2

Note 10 - Fair Value Measurement (Tables)	3 Months Ended
	Jul. 31, 2021
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Fair Value Measurements Level 1 Level 2 Level 3 Total Balance as of July 31, 2021 Cash and cash equivalents $ 74,658 $ — $ — $ 74,658 Restricted cash 2,541 — — 2,541 Derivatives - asset position — 46 — 46 Derivatives - liability position — (134 ) — (134 ) $ 77,199 $ (88 ) $ — $ 77,111 Balance as of May 1, 2021 Cash and cash equivalents $ 77,590 $ — $ — $ 77,590 Restricted cash 2,812 — — 2,812 Derivatives - asset position — 4 — 4 Derivatives - liability position — (261 ) — (261 ) Acquisition-related contingent consideration — — (363 ) (363 ) $ 80,402 $ (257 ) $ (363 ) $ 79,782
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Acquisition-related contingent consideration as of May 1, 2021 $ 363 Additions 33 Settlements (400 ) Interest 4 Acquisition-related contingent consideration as of July 31, 2021 $ —

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation (Details Textual) $ in Thousands	3 Months Ended
	Jul. 31, 2021USD ($)	Aug. 01, 2020USD ($)
Number of Employees, Voluntary Retirement		60
Voluntary Retirement Cost		$ 931
Number of Employees, Reduction in Force		108
Severance Costs		$ 1,426
Government Wage Subsidy	$ 77	$ 812
Payroll Tax, Employer, Deferral under the CARES Act	$ 5,122

Note 1 - Basis of Presentatio_3

Note 1 - Basis of Presentation - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jul. 31, 2021	May 01, 2021	Aug. 01, 2020	May 02, 2020
Cash and cash equivalents	$ 74,658	$ 77,590	$ 44,609
Restricted cash	2,541	2,812	96
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows	$ 77,199	$ 80,402	$ 44,705	$ 40,412

Note 2 - Investments in Affil_2

Note 2 - Investments in Affiliates (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	May 01, 2021
Equity Method Investments	$ 19,141		$ 19,887
Income (Loss) from Equity Method Investments, Total	(746)	$ (529)
Related Party Transaction, Amounts of Transaction	470	$ 0
Accounts Payable [Member]
Due to Related Parties, Total	$ 275

Note 3 - Earnings Per Share (_3

Note 3 - Earnings Per Share ("EPS") (Details Textual) - $ / shares	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	1,810	2,119
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weighted Average Exercise Price (in dollars per share)	$ 9.52	$ 9.96

Note 3 - Earnings Per Share (_4

Note 3 - Earnings Per Share ("EPS") - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Basic earnings per share	$ 3,685	$ 7,467
Basic earnings per share (in shares)	45,139	44,654
Basic earnings per share (in dollars per share)	$ 0.08	$ 0.17
Dilution associated with stock compensation plans (in shares)	280	97
Diluted earnings per share	$ 3,685	$ 7,467
Diluted earnings per share (in shares)	45,419	44,751
Diluted earnings per share (in dollars per share)	$ 0.08	$ 0.17

Note 4 - Revenue Recognition 1

Note 4 - Revenue Recognition 1 (Details Textual) $ in Thousands	3 Months Ended
	Jul. 31, 2021USD ($)
Contract With Customer, Liability, Revenue Recognized During Period	$ 31,587
Revenue, Remaining Performance Obligation, Amount	339,192
Product [Member]
Revenue, Remaining Performance Obligation, Amount	285,322
Service [Member]
Revenue, Remaining Performance Obligation, Amount	$ 53,870

Note 4 - Revenue Recognition 2

Note 4 - Revenue Recognition 2 (Details Textual) $ in Thousands	Jul. 31, 2021USD ($)
Revenue, Remaining Performance Obligation, Amount	$ 339,192
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-08-01
Revenue, Remaining Performance Obligation, Amount	$ 297,849
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month)	12 months

Note 4 - Revenue Recognition -

Note 4 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Net sales	$ 144,732	$ 143,644
Transferred at Point in Time [Member]
Net sales	72,739	64,027
Transferred over Time [Member]
Net sales	71,993	79,617
Unique Configuration [Member]
Net sales	61,685	70,106
Limited Configuration [Member]
Net sales	71,603	63,581
Service and Other [Member]
Net sales	11,444	9,957
Commercial [Member]
Net sales	32,781	34,506
Commercial [Member] | Transferred at Point in Time [Member]
Net sales	26,379	22,892
Commercial [Member] | Transferred over Time [Member]
Net sales	6,402	11,614
Commercial [Member] | Unique Configuration [Member]
Net sales	3,587	8,727
Commercial [Member] | Limited Configuration [Member]
Net sales	25,907	22,555
Commercial [Member] | Service and Other [Member]
Net sales	3,287	3,224
Live Events [Member]
Net sales	52,387	51,474
Live Events [Member] | Transferred at Point in Time [Member]
Net sales	6,829	6,214
Live Events [Member] | Transferred over Time [Member]
Net sales	45,558	45,260
Live Events [Member] | Unique Configuration [Member]
Net sales	41,508	41,975
Live Events [Member] | Limited Configuration [Member]
Net sales	5,842	5,419
Live Events [Member] | Service and Other [Member]
Net sales	5,037	4,080
High School Park and Recreation [Member]
Net sales	27,894	28,943
High School Park and Recreation [Member] | Transferred at Point in Time [Member]
Net sales	21,941	19,368
High School Park and Recreation [Member] | Transferred over Time [Member]
Net sales	5,953	9,575
High School Park and Recreation [Member] | Unique Configuration [Member]
Net sales	4,166	7,668
High School Park and Recreation [Member] | Limited Configuration [Member]
Net sales	22,957	20,688
High School Park and Recreation [Member] | Service and Other [Member]
Net sales	771	587
Transportation [Member]
Net sales	12,558	14,498
Transportation [Member] | Transferred at Point in Time [Member]
Net sales	5,571	6,374
Transportation [Member] | Transferred over Time [Member]
Net sales	6,987	8,124
Transportation [Member] | Unique Configuration [Member]
Net sales	6,541	7,724
Transportation [Member] | Limited Configuration [Member]
Net sales	5,352	6,266
Transportation [Member] | Service and Other [Member]
Net sales	665	508
International [Member]
Net sales	19,112	14,223
International [Member] | Transferred at Point in Time [Member]
Net sales	12,019	9,179
International [Member] | Transferred over Time [Member]
Net sales	7,093	5,044
International [Member] | Unique Configuration [Member]
Net sales	5,883	4,012
International [Member] | Limited Configuration [Member]
Net sales	11,545	8,653
International [Member] | Service and Other [Member]
Net sales	$ 1,684	$ 1,558

Note 4 - Revenue Recognition _2

Note 4 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	May 01, 2021
Contract assets	$ 38,133	$ 32,799
Contract assets	$ 5,334
Contract assets	16.30%
Contract liabilities - current	$ 67,507	64,495
Contract liabilities - current	$ 3,012
Contract liabilities - current	4.70%
Contract liabilities - noncurrent	$ 10,586	$ 10,720
Contract liabilities - noncurrent	$ (134)
Contract liabilities - noncurrent	(1.30%)
Balance at beginning of period	$ 24,590
Less: reductions for revenue recognized	(31,587)
Balance at end of period	26,000
Service-type Warranty Contracts [Member]
New contracts sold	10,165
Less: reductions for revenue recognized	(8,669)
Foreign currency translation and other	$ (86)

Note 5 - Segment Reporting - Se

Note 5 - Segment Reporting - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Net sales	$ 144,732	$ 143,644
Gross profit	32,188	35,761
Selling	11,795	11,556
General and administrative	7,571	7,124
Product design and development	7,162	7,532
Operating Expenses, Total	26,528	26,212
Operating income	5,660	9,549
Interest income	153	85
Interest expense	(16)	(73)
Other (expense) income, net	(868)	(627)
Income before income taxes	4,929	8,934
Depreciation and amortization	4,052	4,337
Corporate, Non-Segment [Member]
Depreciation and amortization	710	688
Commercial [Member]
Net sales	32,781	34,506
Commercial [Member] | Operating Segments [Member]
Net sales	32,781	34,506
Gross profit	7,178	7,742
Depreciation and amortization	702	772
Live Events [Member]
Net sales	52,387	51,474
Live Events [Member] | Operating Segments [Member]
Net sales	52,387	51,474
Gross profit	8,582	9,354
Depreciation and amortization	1,337	1,451
High School Park and Recreation [Member]
Net sales	27,894	28,943
High School Park and Recreation [Member] | Operating Segments [Member]
Net sales	27,894	28,943
Gross profit	9,509	10,476
Depreciation and amortization	438	496
Transportation [Member]
Net sales	12,558	14,498
Transportation [Member] | Operating Segments [Member]
Net sales	12,558	14,498
Gross profit	3,751	5,143
Depreciation and amortization	139	237
International [Member]
Net sales	19,112	14,223
International [Member] | Operating Segments [Member]
Net sales	19,112	14,223
Gross profit	3,168	3,046
Depreciation and amortization	$ 726	$ 693

Note 5 - Segment Reporting - Ne

Note 5 - Segment Reporting - Net Sales and Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Net sales	$ 144,732	$ 143,644
Property and equipment, net of accumulated depreciation	56,208	58,682
UNITED STATES
Net sales	123,482	128,069
Property and equipment, net of accumulated depreciation	48,450	50,130
Non-US [Member]
Net sales	21,250	15,575
Property and equipment, net of accumulated depreciation	$ 7,758	$ 8,552

Note 6 - Goodwill (Details Text

Note 6 - Goodwill (Details Textual) $ in Thousands	Nov. 02, 2020USD ($)
Goodwill, Impairment Loss	$ 0

Note 6 - Goodwill - Goodwill (D

Note 6 - Goodwill - Goodwill (Details) $ in Thousands	3 Months Ended
	Jul. 31, 2021USD ($)
Balance	$ 8,414
Foreign currency translation	(103)
Balance	8,311
Live Events [Member]
Balance	2,313
Foreign currency translation	(6)
Balance	2,307
Commercial [Member]
Balance	3,464
Foreign currency translation	(39)
Balance	3,425
Transportation [Member]
Balance	84
Foreign currency translation	(5)
Balance	79
International [Member]
Balance	2,553
Foreign currency translation	(53)
Balance	$ 2,500

Note 7 - Financing Agreements (

Note 7 - Financing Agreements (Details Textual) $ in Thousands	3 Months Ended
	Jul. 31, 2021USD ($)
Letter of Credit [Member]
Line of Credit Facility, Expiration Period (Year)	7 years
Standby Letters of Credit [Member]
Long-term Line of Credit, Total	$ 8,142
Line of Credit [Member]
Line of Credit Facility, Remaining Borrowing Capacity	26,858
Guarantees [Member]
Long-term Line of Credit, Total	$ 2,514

Note 8 - Commitments and Cont_3

Note 8 - Commitments and Contingencies (Details Textual) $ in Thousands	Jul. 31, 2021USD ($)
Financial Standby Letter of Credit [Member]
Loss Contingency Accrual, Ending Balance	$ 8,142
Guarantee of Business Revenue [Member]
Loss Contingency Accrual, Ending Balance	2,514
Surety Bond [Member]
Loss Contingency Accrual, Ending Balance	$ 50,336

Note 8 - Commitments and Cont_4

Note 8 - Commitments and Contingencies - Change in Warranty Obligation (Details) $ in Thousands	3 Months Ended
	Jul. 31, 2021USD ($)
Beginning accrued warranty obligations	$ 25,960
Warranties issued during the period	2,110
Settlements made during the period	(1,470)
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations	(1,219)
Ending accrued warranty obligations	$ 25,381

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Effective Income Tax Rate Reconciliation, Percent, Total	25.20%	16.40%
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 654

Note 10 - Fair Value Measurem_3

Note 10 - Fair Value Measurement - Fair Value Hierarchy (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jul. 31, 2021	May 01, 2021
Cash and cash equivalents	$ 74,658	$ 77,590
Restricted cash	2,541	2,812
Derivatives - asset position	46	4
Derivatives - liability position	(134)	(261)
Fair Value, Net Asset (Liability), Total	77,111	79,782
Acquisition-related contingent consideration		(363)
Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	74,658	77,590
Restricted cash	2,541	2,812
Derivatives - asset position	0	0
Derivatives - liability position	0	0
Fair Value, Net Asset (Liability), Total	77,199	80,402
Acquisition-related contingent consideration		0
Fair Value, Inputs, Level 2 [Member]
Cash and cash equivalents	0	0
Restricted cash	0	0
Derivatives - asset position	46	4
Derivatives - liability position	(134)	(261)
Fair Value, Net Asset (Liability), Total	(88)	(257)
Acquisition-related contingent consideration		0
Fair Value, Inputs, Level 3 [Member]
Cash and cash equivalents	0	0
Restricted cash	0	0
Derivatives - asset position	0	0
Derivatives - liability position	0	0
Fair Value, Net Asset (Liability), Total	$ 0	(363)
Acquisition-related contingent consideration		$ (363)

Note 10 - Fair Value Measurem_4

Note 10 - Fair Value Measurement - Contingent Liabilities (Details) - Contingent Consideration Liability [Member] $ in Thousands	3 Months Ended
	Jul. 31, 2021USD ($)
Acquisition-related contingent consideration as of May 1, 2021	$ 363
Additions	33
Settlements	(400)
Interest	4
Acquisition-related contingent consideration as of July 31, 2021	$ 0