Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Apr. 27, 2019 | Jun. 24, 2019 | Oct. 26, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | National Beverage Corp. | ||
Entity Central Index Key | 0000069891 | ||
Trading Symbol | fizz | ||
Current Fiscal Year End Date | --04-27 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 46,645,540 | ||
Entity Public Float | $ 1.2 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 27, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 27, 2019 | Apr. 28, 2018 |
Assets | ||
Cash and equivalents | $ 156,200 | $ 189,864 |
Trade receivables - net | 84,841 | 84,360 |
Inventories - net | 70,702 | 60,920 |
Prepaid and other assets | 9,714 | 17,823 |
Total current assets | 321,457 | 352,967 |
Property, plant and equipment - net | 111,316 | 85,807 |
Goodwill | 13,145 | 13,145 |
Intangible assets | 1,615 | 1,615 |
Other assets | 4,660 | 5,298 |
Total assets | 452,193 | 458,832 |
Liabilities and Shareholders' Equity | ||
Accounts payable | 66,202 | 74,853 |
Accrued liabilities | 30,433 | 29,718 |
Income taxes payable | 402 | 99 |
Total current liabilities | 97,037 | 104,670 |
Deferred Tax Liabilities, Net, Noncurrent | 15,987 | 14,502 |
Other liabilities | 7,560 | 8,220 |
Shareholders' equity: | ||
Preferred stock, $1 par value - 1,000,000 shares authorized Series C - 150,000 shares issued | 150 | 150 |
Common stock, $.01 par value - 200,000,000 shares authorized; 50,678,084 shares (2019) and 50,650,784 shares (2018) issued | 507 | 507 |
Additional paid-in capital | 37,065 | 36,358 |
Retained earnings | 313,430 | 307,824 |
Accumulated other comprehensive income (loss) | (1,543) | 4,601 |
Total shareholders' equity | 331,609 | 331,440 |
Total liabilities and shareholders' equity | 452,193 | 458,832 |
Series C Preferred Stock [Member] | ||
Shareholders' equity: | ||
Treasury stock, value | (5,100) | (5,100) |
Treasury Stock, Common [Member] | ||
Shareholders' equity: | ||
Treasury stock, value | $ (12,900) | $ (12,900) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Apr. 27, 2019 | Apr. 28, 2018 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 150,000 | 150,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 50,678,084 | 50,650,784 |
Series C Preferred Stock [Member] | ||
Treasury stock, shares (in shares) | 150,000 | 150,000 |
Treasury Stock, Common [Member] | ||
Treasury stock, shares (in shares) | 4,032,544 | 4,032,544 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Net sales | $ 1,014,105 | $ 975,734 | $ 826,918 |
Cost of sales | 629,755 | 584,599 | 500,841 |
Gross profit | 384,350 | 391,135 | 326,077 |
Selling, general and administrative expenses | 204,415 | 186,947 | 163,600 |
Interest expense | 202 | 201 | 189 |
Other income - net | (4,144) | (1,502) | (537) |
Income before income taxes | 183,877 | 205,489 | 162,825 |
Provision for income taxes | 43,024 | 55,715 | 55,780 |
Net income | $ 140,853 | $ 149,774 | $ 107,045 |
Earnings per common share: | |||
Basic (in dollars per share) | $ 3.02 | $ 3.21 | $ 2.30 |
Diluted (in dollars per share) | $ 3 | $ 3.19 | $ 2.29 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 46,633 | 46,598 | 46,564 |
Diluted (in shares) | 46,917 | 46,921 | 46,770 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Net income | $ 140,853 | $ 149,774 | $ 107,045 |
Other comprehensive income (loss), net of tax: | |||
Cash flow hedges | (6,318) | 5,227 | 1,110 |
Other | 174 | (22) | 93 |
Total | (6,144) | 5,205 | 1,203 |
Comprehensive income | $ 134,709 | $ 154,979 | $ 108,248 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member]Series C Preferred Stock [Member] | Preferred Stock [Member]Series D Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member]Series C Preferred Stock [Member] | Treasury Stock [Member]Common Treasury Stock [Member] | Total |
Beginning and end of year (in shares) at Apr. 29, 2017 | 150,000 | 50,616,000 | 150,000 | 4,033,000 | |||||
Beginning and end of year at Apr. 29, 2017 | $ 150 | $ 506 | $ 35,638 | $ 227,928 | $ (604) | $ (5,100) | $ (12,900) | $ 245,618 | |
Beginning of year at Apr. 30, 2016 | $ 506 | 34,570 | 190,733 | (1,807) | |||||
Series D preferred redeemed | |||||||||
Beginning of year (in shares) at Apr. 30, 2016 | 50,589,000 | ||||||||
Stock options exercised (in shares) | 27,000 | ||||||||
Stock options exercised | 365 | ||||||||
Stock-based compensation | 208 | ||||||||
Stock-based tax benefits | 495 | ||||||||
Net income | 107,045 | 107,045 | |||||||
Common stock cash dividend | (69,850) | ||||||||
Cash flow hedges | 1,110 | 1,110 | |||||||
Other | 93 | 93 | |||||||
Beginning and end of year (in shares) at Apr. 28, 2018 | 150,000 | 50,651,000 | 150,000 | 4,033,000 | |||||
Beginning and end of year at Apr. 28, 2018 | $ 150 | $ 507 | 36,358 | 307,824 | 4,601 | $ (5,100) | $ (12,900) | 331,440 | |
Beginning of year at Apr. 29, 2017 | $ 150 | $ 506 | 35,638 | 227,928 | (604) | $ (5,100) | $ (12,900) | 245,618 | |
Series D preferred redeemed | |||||||||
Beginning of year (in shares) at Apr. 29, 2017 | 150,000 | 50,616,000 | 150,000 | 4,033,000 | |||||
Stock options exercised (in shares) | 35,000 | ||||||||
Stock options exercised | $ 1 | 559 | |||||||
Stock-based compensation | 161 | ||||||||
Stock-based tax benefits | |||||||||
Net income | 149,774 | 149,774 | |||||||
Common stock cash dividend | (69,878) | ||||||||
Cash flow hedges | 5,227 | 5,227 | |||||||
Other | (22) | (22) | |||||||
Beginning and end of year (in shares) at Apr. 27, 2019 | 150,000 | 50,678,000 | 150,000 | 4,033,000 | |||||
Beginning and end of year at Apr. 27, 2019 | $ 150 | $ 507 | 37,065 | 313,430 | (1,543) | $ (5,100) | $ (12,900) | 331,609 | |
Beginning of year at Apr. 28, 2018 | $ 150 | $ 507 | 36,358 | 307,824 | 4,601 | $ (5,100) | $ (12,900) | $ 331,440 | |
Series D preferred redeemed | |||||||||
Beginning of year (in shares) at Apr. 28, 2018 | 150,000 | 50,651,000 | 150,000 | 4,033,000 | |||||
Stock options exercised (in shares) | 27,000 | 27,300 | |||||||
Stock options exercised | 456 | ||||||||
Stock-based compensation | 251 | ||||||||
Stock-based tax benefits | |||||||||
Net income | 140,853 | $ 140,853 | |||||||
Common stock cash dividend | $ (135,247) | ||||||||
Cash flow hedges | (6,318) | (6,318) | |||||||
Other | $ 174 | $ 174 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Operating Activities: | |||
Net income | $ 140,853,000 | $ 149,774,000 | $ 107,045,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 15,439,000 | 13,226,000 | 12,834,000 |
Deferred income tax provision | 3,351,000 | 676,000 | 1,358,000 |
Loss on disposal of property, net | 12,000 | 149,000 | 72,000 |
Stock-based compensation | 251,000 | 161,000 | 208,000 |
Stock-based tax benefits | 495,000 | ||
Changes in assets and liabilities: | |||
Trade receivables | (481,000) | (13,041,000) | (10,273,000) |
Inventories | (9,782,000) | (7,565,000) | (5,433,000) |
Prepaid and other assets | (2,806,000) | (5,437,000) | (2,205,000) |
Accounts payable | (8,651,000) | 16,753,000 | 8,709,000 |
Accrued and other liabilities | 1,256,000 | 25,000 | 1,457,000 |
Net cash provided by operating activities | 139,442,000 | 154,721,000 | 114,267,000 |
Investing Activities: | |||
Additions to property, plant and equipment | (38,333,000) | (31,974,000) | (14,015,000) |
Proceeds from sale of property, plant and equipment | 18,000 | 63,000 | 28,000 |
Net cash used in investing activities | (38,315,000) | (31,911,000) | (13,987,000) |
Financing Activities: | |||
Dividends paid on common stock | (135,247,000) | (69,878,000) | (69,850,000) |
Proceeds from stock options exercised | 456,000 | 560,000 | 365,000 |
Net cash used in financing activities | (134,791,000) | (69,318,000) | (69,485,000) |
Net (Decrease) Increase in Cash and Equivalents | (33,664,000) | 53,492,000 | 30,795,000 |
Cash and Equivalents - Beginning of Year | 189,864,000 | 136,372,000 | 105,577,000 |
Cash and Equivalents - End of Year | 156,200,000 | 189,864,000 | 136,372,000 |
Other Cash Flow Information: | |||
Interest paid | 51,000 | 101,000 | 202,000 |
Income taxes paid | $ 36,833,000 | $ 56,737,000 | $ 55,901,000 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 12 Months Ended |
Apr. 27, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. significant accounting policies Basis of Presentation The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and rules and regulations of the Securities and Exchange Commission. The consolidated financial statements include the accounts of National Beverage Corp. and all subsidiaries. All significant intercompany transactions and accounts have been eliminated. Our fiscal year ends the Saturday closest to April 30 five six 52 Cash and Equivalents Cash and equivalents are comprised of cash and highly liquid securities (consisting primarily of short-term money-market investments) with an original maturity of three Derivative Financial Instruments We use derivative financial instruments to partially mitigate our exposure to changes in certain raw material costs. All derivative financial instruments are recorded at fair value in our Consolidated Balance Sheets. We do not 6. Earnings Per Common Share Basic earnings per common share is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated in a similar manner, but includes the dilutive effect of stock options amounting to 284,000 2019, 323,000 2018 206,000 2017. Fair Value The estimated fair values of derivative financial instruments are calculated based on market rates to settle the instruments. These values represent the estimated amounts we would receive upon sale, taking into consideration current market prices and credit worthiness. See Note 6. Impairment of Long-Lived Assets All long-lived assets, excluding goodwill and intangible assets not may not not may Income Taxes Our effective income tax rate is based on estimates of taxes which will ultimately be payable. Deferred taxes are recorded to give recognition to temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements. Valuation allowances are established to reduce the carrying amounts of deferred tax assets when it is deemed, more likely than not, not Insurance Programs We maintain self-insured and deductible programs for certain liability, medical and workers’ compensation exposures. Accordingly, we accrue for known claims and estimated incurred but not not April 27, 2019 April 28, 2018, $5.7 $6.5 $4.3 $5.0 Intangible Assets Intangible assets as of April 27, 2019 April 28, 2018 Inventories Inventories are stated at the lower of first first April 27, 2019 $48.7 $22.0 April 28, 2018 $37.6 $23.3 Marketing Costs We utilize a variety of marketing programs, including cooperative advertising programs with customers, to advertise and promote our products to consumers. Marketing costs are expensed when incurred, except for prepaid advertising and production costs which are expensed when the advertising takes place. Marketing costs, which are included in selling, general and administrative expenses, totaled $55.3 2019, $49.7 2018 $44.9 2017. New Accounting Pronouncements - adopted In February 2018, the FASB issued Accounting Standards Update 2018 - 02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018 - 02” ). This update permits the impact of lower corporate income tax rates related to items classified in accumulated other comprehensive income to be reclassified directly to retained earnings. We adopted ASU 2018 - 02 effective for our third quarter ended January 27, 2018. We elected not to reclassify the income tax effects of the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. In May 2014, the FASB issued Accounting Standards Update No. 2014 - 09, “Revenue from Contracts with Customers” (“ASU 2014 - 09” ). ASU 2014 - 09 requires an entity to recognize revenue in an amount that reflects the consideration it expects to receive in exchange for goods or services. We adopted the revenue recognition standard as of April 29, 2018 using the modified retrospective approach for all contracts at the date of initial adoption. Upon adoption of the guidance, there was no material impact to the Company’s consolidated financial statements. New Accounting Pronouncements – not yet adopted In February 2016, the FASB issued Accounting Standards Update No. 2016 - 02, “Leases” (“ASU 2016 - 02” ). ASU 2016 - 02 requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. In March 2018, the FASB approved a new optional transition method that provided the option to use the effective date as the date of initial application on transition. We plant to elect this transition method, and as a result, we intend to recognize the new accounting standard prospectively as of the effective date. ASU 2016 - 02 is effective for our fiscal year beginning April 28, 2019. While we are substantially complete with the process of quantifying the impacts that will result from applying the new guidance, our assessment will be finalized during the first quarter of fiscal year 2020. We anticipate that the impact of adopting ASU 2016 - 02 will result in the recognition in our consolidated balance sheet of right to use assets, and liabilities for operating lease obligations approximating 10% of total assets, subject to completion of our assessment. We do not expect the new standard to have a material impact on the Company’s consolidated statement of income. As the impact of this standard is non-cash in nature, we do not anticipate its adoption having an impact on the Company’s consolidated statement of cash flows. In August 2017, the FASB issued Accounting Standards Update 2017 - 12, “Targeted Improvements to Accounting for Hedge Activities” (“ASU 2017 - 12” ). This amendment simplifies the application of hedge accounting and enables companies to better portray the economics of risk management activities in their financial statements. ASU 2017 - 12 is effective for our fiscal year beginning April 28, 2019. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Additions, replacements and betterments are capitalized, while maintenance and repairs that do not 5 30 3 15 Revenue Recognition We recognize revenue upon delivery to our customers, based on written sales terms that do not 30 may We offer various sales incentive arrangements to our customers that require customer performance or achievement of certain sales volume targets. Sales incentives are accrued over the period of benefit or expected sales volume. When the incentive is paid in advance, the aggregate incentive is recorded as a prepaid and amortized over the period of benefit. The recognition of these incentives involves the use of judgment related to performance and sales volume estimates that are made based on historical experience and other factors. Sales incentives are accounted for as a reduction of sales and actual amounts ultimately realized may not 2014 09, Revenue from Contracts with Customers April 29, 2018 no Segment Reporting We operate as a single operating segment for purposes of presenting financial information and evaluating performance. As such, the accompanying consolidated financial statements present financial information in a format that is consistent with the internal financial information used by management. We do not Shipping and Handling Costs Shipping and handling costs are reported in selling, general and administrative expenses in the accompanying consolidated statements of income. Such costs aggregated $72.4 2019, $63.3 2018 $50.0 2017. may not Stock-Based Compensation Compensation expense for stock-based compensation awards is recognized over the vesting period based on the grant-date fair value estimated using the Black-Scholes model. See Note 9. Trade Receivables We record trade receivables at net realizable value, which includes an estimated allowance for doubtful accounts. We extend credit based on an evaluation of each customer’s financial condition, generally without requiring collateral. Exposure to credit losses varies by customer principally due to the financial condition of each customer. We monitor our exposure to credit losses and maintain allowances for anticipated losses based on our experience with past due accounts, collectability and our analysis of customer data. Activity in the allowance for doubtful accounts was as follows: (In thousands) Fiscal 2019 Fiscal 2018 Fiscal 2017 Balance at beginning of year $ 452 $ 468 $ 484 Net charge to expense 87 34 74 Net charge-off (23 ) (50 ) (90 ) Balance at end of year $ 516 $ 452 $ 468 As of April 27, 2019 April 28, 2018, not 10% No one 10% three Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and anticipated future actions, actual results may |
Note 2 - Property, Plant and Eq
Note 2 - Property, Plant and Equipment | 12 Months Ended |
Apr. 27, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 2. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment as of April 27, 2019 April 28, 2018 (In thousands) 2019 2018 Land $ 9,835 $ 9,500 Buildings and improvements 58,291 56,947 Machinery and equipment 222,243 194,241 Total 290,369 260,688 Less accumulated depreciation (179,053 ) (174,881 ) Property, plant and equipment – net $ 111,316 $ 85,807 Depreciation expense was $12.8 2019, $11.1 2018 $10.7 2017. |
Note 3 - Accrued Liabilities
Note 3 - Accrued Liabilities | 12 Months Ended |
Apr. 27, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 3. ACCRUED LIABILITIES Accrued liabilities as of April 27, 2019 April 28, 2018 (In thousands) 2019 2018 Accrued compensation $ 9,506 $ 9,790 Accrued promotions 6,449 7,011 Accrued freight 4,387 5,984 Accrued Insurance 3,780 2,256 Other 6,311 4,677 Total $ 30,433 $ 29,718 |
Note 4 - Debt
Note 4 - Debt | 12 Months Ended |
Apr. 27, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. DEBT At April 27, 2019, $100 October 3, 2020 June 18, 2021 .9% one no April 27, 2019 April 28, 2018. April 27, 2019, $2.1 $97.9 The Credit Facilities require the subsidiary to maintain certain financial ratios, including debt to net worth and debt to EBITDA (as defined in the Credit Facilities), and contain other restrictions, none April 27, 2019, |
Note 5 - Capital Stock and Tran
Note 5 - Capital Stock and Transactions With Related Parties | 12 Months Ended |
Apr. 27, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5. CAPITAL STOCK AND TRANSACTIONS WITH RELATED PARTIES The Company paid a special cash dividend on Common Stock of $135.2 $2.90 January 29, 2019 $69.9 $1.50 August 4, 2017 January 27, 2017. The Company is authorized under its stock buyback program to repurchase 1.6 April 27, 2019, 502,060 1,097,940 No three The Company is a party to a management agreement with Corporate Management Advisors, Inc. (“CMA”), a corporation owned by our Chairman and Chief Executive Officer. This agreement was originated in 1991 two 1994, one no one may no $10.2 2019, $9.8 2018 $8.3 2017. $2.4 April 27, 2019 $2.4 April 28, 2018. |
Note 6 - Derivative Financial I
Note 6 - Derivative Financial Instruments | 12 Months Ended |
Apr. 27, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 6. DERIVATIVE FINANCIAL INSTRUMENTS From time to time, we enter into aluminum swap contracts to partially mitigate our exposure to changes in the cost of aluminum cans. Such financial instruments are designated and accounted for as cash flow hedges. Accordingly, gains or losses attributable to the effective portion of the cash flow hedges are reported in Accumulated Other Comprehensive Income (Loss) (“AOCI”) and reclassified into cost of sales in the period in which the hedged transaction affects earnings. The ineffective portion of the change in fair value of our cash flow hedge was immaterial. The following summarizes the gains (losses) recognized in the Consolidated Statements of Income and AOCI relative to the cash flow hedges for Fiscal 2019, 2018 2017: (In thousands) Fiscal Fiscal Fiscal 2019 2018 2017 Recognized in AOCI- Gain (loss) before income taxes $ (6,138 ) $ 9,498 $ (984 ) Less income tax provision (benefit) (1,468 ) 3,085 (365 ) Net (4,670 ) 6,413 (619 ) Reclassified from AOCI to cost of sales- Gain (loss) before income taxes 2,100 2,569 (2,749 ) Less income tax provision (benefit) 452 1,383 (1,020 ) Net 1,648 1,186 (1,729 ) Net change to AOCI $ (6,318 ) $ 5,227 $ 1,110 As of April 27, 2019, $41.5 no $2.0 12 1. As of April 27, 2019, $2.0 April 28, 2018, $6.2 not 2 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Apr. 27, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. INCOME TAXES The provision for income taxes consisted of the following: (In thousands) Fiscal Fiscal Fiscal 2019 2018 2017 Current $ 39,673 $ 55,039 $ 54,422 Deferred 3,351 676 1,358 Total $ 43,024 $ 55,715 $ 55,780 Deferred taxes are recorded to give recognition to temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements. Valuation allowances are established to reduce the carrying amounts of deferred tax assets when it is deemed more likely than not not April 27, 2019 April 28, 2018 (In thousands) 2019 2018 Deferred tax assets: Accrued expenses and other $ 3,705 $ 2,900 Inventory and amortizable assets 265 331 Total deferred tax assets 3,970 3,231 Deferred tax liabilities: Property 18,505 14,858 Intangibles and other 1,452 2,875 Total deferred tax liabilities 19,957 17,733 Net deferred tax liabilities $ 15,987 $ 14,502 The reconciliation of the statutory federal income tax rate to our effective tax rate is as follows: Fiscal Fiscal Fiscal 2019 2018 2017 Statutory federal income tax rate 21.0 % 30.4 % 35.0 % State income taxes, net of federal benefit 2.9 2.4 2.2 Domestic manufacturing deduction benefit - (2.4 ) (3.0 ) Remeasurement of deferred taxes - (2.9 ) - Other differences (.5 ) (.4 ) .1 Effective income tax rate 23.4 % 27.1 % 34.3 % As of April 27, 2019, $1.9 $116,000 2019. $1.5 (In thousands) Fiscal Fiscal Fiscal 2019 2018 2017 Beginning balance $ 1,733 $ 1,743 $ 1,678 Increases due to current period tax positions 139 204 150 Decreases due to lapse of statute of limitations and audit resolutions (4 ) (214 ) (85 ) Ending balance $ 1,868 $ 1,733 $ 1,743 We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. As of April 27, 2019, $253,000, $15,000 2019. On December 22, 2017, 35% 21% January 1, 2018. 30.4% 2018, 35% 2018 one $4.3 We file annual income tax returns in the United States and in various state and local jurisdictions. A number of years may 2016 2012. |
Note 8 - Legal Proceedings
Note 8 - Legal Proceedings | 12 Months Ended |
Apr. 27, 2019 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 8. LEGAL PROCEEDINGS The Company has been named a defendant in certain legal proceedings, including derivative and class action complaints. Company counsel has asserted various meritorious defenses and is vigorously defending these matters. Certain of these complaints include allegations that the Company’s LaCroix branded products contain synthetic ingredients and thereby violate specified state consumer protection statutes and other laws. The Company believes the litigation is without merit and will not |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 12 Months Ended |
Apr. 27, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 9. STOCK-BASED COMPENSATION Our stock-based compensation program is a broad-based program designed to attract and retain personnel while also aligning participants’ interests with the interests of the shareholders. The 1991 4,800,000 4,800,000 may 1,680,000 may no may five ten The Special Stock Option Plan provides for the issuance of stock options to purchase up to an aggregate of 1,800,000 may 50,000 The Key Employee Equity Partnership Program (“KEEP Program”) provides for the granting of stock options to purchase up to 240,000 50% 6,000 two 60% six We account for stock options under the fair value method of accounting using a Black-Scholes valuation model to estimate the stock option fair value at date of grant. The fair value of stock options is amortized to expense over the vesting period. Stock options for 9000 2019, 500 2018 no 2017. 8.0 2019 8.0 2018; 21.7% 2019 23.8% 2018; 2.6% 2019 2.4% 2018; 1.6% 2019 1.6% 2018. no 2019 2018. The following is a summary of stock option activity for Fiscal 2019: Number of Shares Price (a) Options outstanding, beginning of year 344,945 $10.84 Granted 9,000 40.03 Exercised (27,300 ) 16.70 Cancelled (4,200 ) 14.17 Options outstanding, end of year 322,445 11.14 Options exercisable, end of year 230,259 9.16 _______________________________ (a) Stock-based compensation expense was $251,000 2019, $161,000 2018 $208,000 2017. $127,000 2019, $140,000 2018 $362,000 2017. $2.2 2019, $3.0 2018 $1.5 2017. $456,000 2019, $560,000 2018 $365,000 2017. $443,000 2019, $886,000 2018 $495 2017. $63.71 2019. As of April 27, 2019, $591,000, 4.6 April 27, 2019 3.3 $14.9 April 28, 2018 4.4 $27.3 We have a stock purchase plan which provides for the purchase of up to 1,536,000 two not not five April 27, 2019, no |
Note 10 - Pension Plans
Note 10 - Pension Plans | 12 Months Ended |
Apr. 27, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 10. PENSION PLANS The Company contributes to certain pension plans under collective bargaining agreements and to a discretionary profit sharing plan. Annual contributions (including contributions to multi-employer plans reflected below) were $3.8 2019, $3.4 2018 $3.1 2017. The Company participates in three 2017, one not not Summarized below is certain information regarding the Company’s participation in significant multi-employer pension plans including the financial improvement plan or rehabilitation plan status (“FIP/RP Status”) and the zone status under the Pension Protection Act (“PPA”). The most recent PPA zone status available in Fiscal 2019 2018 December 31, 2017 2016, PPA Zone Status Pension Fund Fiscal 2019 Fiscal 2018 FIP/RP Status Surcharge Imposed Central States, Southeast and Southwest Areas Pension Plan (EIN no. 36-6044243) (the “CSSS Fund”) Red Red Implemented Yes Western Conference of Teamsters Pension Trust Fund (EIN no. 91-6145047) (the “WCT Fund”) Green Green Not applicable No For the plan years ended December 31, 2017 December 31, 2016, not 5500 5% October 18, 2021 May 14, 2021, The Company’s contributions for all multi-employer pension plans for the last three (In thousands) Fiscal Fiscal Fiscal Pension Fund 2019 2018 2017 CSSS Fund $ 1,465 $ 1,370 $ 1,262 WCT Fund 769 619 477 Other multi-employer pension funds 222 228 201 Total $ 2,456 $ 2,217 $ 1,940 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Apr. 27, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. COMMITMENTS AND CONTINGENCIES We lease buildings, machinery and equipment under various non-cancelable operating lease agreements expiring at various dates through 2029. $18.2 2019, $13.3 2018 $12.0 2017. Our minimum lease payments under non-cancelable operating leases as of April 27, 2019 (In thousands) Fiscal 2020 $ 16,105 Fiscal 2021 12,084 Fiscal 2022 9,894 Fiscal 2023 7,741 Fiscal 2024 4,510 Thereafter 1,703 Total minimum lease payments $ 52,037 We enter into various agreements with suppliers for the purchase of raw materials, the terms of which may April 27, 2019, $12.7 2022. As of April 27, 2019, 7.1 2020. From time to time, we are a party to various litigation matters and claims arising in the ordinary course of business. We do not |
Note 12 - Quarterly Financial D
Note 12 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Apr. 27, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 12. QUARTERLY FINANCIAL DATA (UNAUDITED) (In thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal 201 9 Net sales $ 292,590 $ 260,709 $ 220,892 $ 239,914 Gross profit 115,694 103,524 80,554 84,578 Net income 48,830 41,077 24,811 26,135 Earnings per common share – basic $ 1.05 $ .88 $ .53 $ .56 Earnings per common share – diluted $ 1.04 $ .88 $ .53 $ .56 Fiscal 2018 Net sales $ 259,832 $ 244,119 $ 227,477 $ 244,306 Gross profit 104,503 96,080 91,193 99,359 Net income 38,272 33,980 41,080 36,442 Earnings per common share – basic $ .82 $ .73 $ .88 $ .78 Earnings per common share – diluted $ .82 $ .72 $ .88 $ .78 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 27, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and rules and regulations of the Securities and Exchange Commission. The consolidated financial statements include the accounts of National Beverage Corp. and all subsidiaries. All significant intercompany transactions and accounts have been eliminated. Our fiscal year ends the Saturday closest to April 30 five six 52 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Equivalents Cash and equivalents are comprised of cash and highly liquid securities (consisting primarily of short-term money-market investments) with an original maturity of three |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments We use derivative financial instruments to partially mitigate our exposure to changes in raw material costs. All derivative financial instruments are recorded at fair value in our Consolidated Balance Sheets. We do not 6. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share Basic earnings per common share is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated in a similar manner, but includes the dilutive effect of stock options amounting to 284,000 2019, 323,000 2018 206,000 2017. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value The estimated fair values of derivative financial instruments are calculated based on market rates to settle the instruments. These values represent the estimated amounts we would receive upon sale, taking into consideration current market prices and credit worthiness. See Note 6. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets All long-lived assets, excluding goodwill and intangible assets not may not not may |
Income Tax, Policy [Policy Text Block] | Income Taxes Our effective income tax rate is based on estimates of taxes which will ultimately be payable. Deferred taxes are recorded to give recognition to temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements. Valuation allowances are established to reduce the carrying amounts of deferred tax assets when it is deemed, more likely than not, not |
Liability Reserve Estimate, Policy [Policy Text Block] | Insurance Programs We maintain self-insured and deductible programs for certain liability, medical and workers’ compensation exposures. Accordingly, we accrue for known claims and estimated incurred but not not April 27, 2019 April 28, 2018, $5.7 $6.5 $4.3 $5.0 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets as of April 27, 2019 April 28, 2018 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of first first April 27, 2019 $48.7 $22.0 April 28, 2018 $37.6 $23.3 |
Advertising Cost [Policy Text Block] | Marketing Costs We utilize a variety of marketing programs, including cooperative advertising programs with customers, to advertise and promote our products to consumers. Marketing costs are expensed when incurred, except for prepaid advertising and production costs which are expensed when the advertising takes place. Marketing costs, which are included in selling, general and administrative expenses, totaled $55.3 2019, $49.7 2018 $44.9 2017. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements - adopted In February 2018, 2018 02, 2018 02” 2018 02 third January 27, 2018. not In May 2014, No. 2014 09, 2014 09” 2014 09 April 29, 2018 no New Accounting Pronouncements – not In February 2016, No. 2016 02, 2016 02” 2016 02 March 2018, 2016 02 April 28, 2019. first 2020. 2016 02 10% not not In August 2017, 2017 12, 2017 12” 2017 12 April 28, 2019. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Additions, replacements and betterments are capitalized, while maintenance and repairs that do not 5 30 3 15 |
Revenue [Policy Text Block] | Revenue Recognition We recognize revenue upon delivery to our customers, based on written sales terms that do not 30 may We offer various sales incentive arrangements to our customers that require customer performance or achievement of certain sales volume targets. Sales incentives are accrued over the period of benefit or expected sales volume. When the incentive is paid in advance, the aggregate incentive is recorded as a prepaid and amortized over the period of benefit. The recognition of these incentives involves the use of judgment related to performance and sales volume estimates that are made based on historical experience and other factors. Sales incentives are accounted for as a reduction of sales and actual amounts ultimately realized may not 2014 09, Revenue from Contracts with Customers April 29, 2018 no |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting We operate as a single not |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs Shipping and handling costs are reported in selling, general and administrative expenses in the accompanying consolidated statements of income. Such costs aggregated $72.4 2019, $63.3 2018 $50.0 2017. may not |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Compensation expense for stock-based compensation awards is recognized over the vesting period based on the grant-date fair value estimated using the Black-Scholes model. See Note 9. |
Receivable [Policy Text Block] | Trade Receivables We record trade receivables at net realizable value, which includes an estimated allowance for doubtful accounts. We extend credit based on an evaluation of each customer’s financial condition, generally without requiring collateral. Exposure to credit losses varies by customer principally due to the financial condition of each customer. We monitor our exposure to credit losses and maintain allowances for anticipated losses based on our experience with past due accounts, collectability and our analysis of customer data. Activity in the allowance for doubtful accounts was as follows: (In thousands) Fiscal 2019 Fiscal 2018 Fiscal 2017 Balance at beginning of year $ 452 $ 468 $ 484 Net charge to expense 87 34 74 Net charge-off (23 ) (50 ) (90 ) Balance at end of year $ 516 $ 452 $ 468 As of April 27, 2019 April 28, 2018, not 10% No one 10% three |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and anticipated future actions, actual results may |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 27, 2019 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (In thousands) Fiscal 2019 Fiscal 2018 Fiscal 2017 Balance at beginning of year $ 452 $ 468 $ 484 Net charge to expense 87 34 74 Net charge-off (23 ) (50 ) (90 ) Balance at end of year $ 516 $ 452 $ 468 |
Note 2 - Property, Plant and _2
Note 2 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Apr. 27, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In thousands) 2019 2018 Land $ 9,835 $ 9,500 Buildings and improvements 58,291 56,947 Machinery and equipment 222,243 194,241 Total 290,369 260,688 Less accumulated depreciation (179,053 ) (174,881 ) Property, plant and equipment – net $ 111,316 $ 85,807 |
Note 3 - Accrued Liabilities (T
Note 3 - Accrued Liabilities (Tables) | 12 Months Ended |
Apr. 27, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | (In thousands) 2019 2018 Accrued compensation $ 9,506 $ 9,790 Accrued promotions 6,449 7,011 Accrued freight 4,387 5,984 Accrued Insurance 3,780 2,256 Other 6,311 4,677 Total $ 30,433 $ 29,718 |
Note 6 - Derivative Financial_2
Note 6 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Apr. 27, 2019 | |
Notes Tables | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | (In thousands) Fiscal Fiscal Fiscal 2019 2018 2017 Recognized in AOCI- Gain (loss) before income taxes $ (6,138 ) $ 9,498 $ (984 ) Less income tax provision (benefit) (1,468 ) 3,085 (365 ) Net (4,670 ) 6,413 (619 ) Reclassified from AOCI to cost of sales- Gain (loss) before income taxes 2,100 2,569 (2,749 ) Less income tax provision (benefit) 452 1,383 (1,020 ) Net 1,648 1,186 (1,729 ) Net change to AOCI $ (6,318 ) $ 5,227 $ 1,110 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Apr. 27, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (In thousands) Fiscal Fiscal Fiscal 2019 2018 2017 Current $ 39,673 $ 55,039 $ 54,422 Deferred 3,351 676 1,358 Total $ 43,024 $ 55,715 $ 55,780 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (In thousands) 2019 2018 Deferred tax assets: Accrued expenses and other $ 3,705 $ 2,900 Inventory and amortizable assets 265 331 Total deferred tax assets 3,970 3,231 Deferred tax liabilities: Property 18,505 14,858 Intangibles and other 1,452 2,875 Total deferred tax liabilities 19,957 17,733 Net deferred tax liabilities $ 15,987 $ 14,502 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal Fiscal Fiscal 2019 2018 2017 Statutory federal income tax rate 21.0 % 30.4 % 35.0 % State income taxes, net of federal benefit 2.9 2.4 2.2 Domestic manufacturing deduction benefit - (2.4 ) (3.0 ) Remeasurement of deferred taxes - (2.9 ) - Other differences (.5 ) (.4 ) .1 Effective income tax rate 23.4 % 27.1 % 34.3 % |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | (In thousands) Fiscal Fiscal Fiscal 2019 2018 2017 Beginning balance $ 1,733 $ 1,743 $ 1,678 Increases due to current period tax positions 139 204 150 Decreases due to lapse of statute of limitations and audit resolutions (4 ) (214 ) (85 ) Ending balance $ 1,868 $ 1,733 $ 1,743 |
Note 9 - Stock-based Compensa_2
Note 9 - Stock-based Compensation (Tables) | 12 Months Ended |
Apr. 27, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Price (a) Options outstanding, beginning of year 344,945 $10.84 Granted 9,000 40.03 Exercised (27,300 ) 16.70 Cancelled (4,200 ) 14.17 Options outstanding, end of year 322,445 11.14 Options exercisable, end of year 230,259 9.16 |
Note 10 - Pension Plans (Tables
Note 10 - Pension Plans (Tables) | 12 Months Ended |
Apr. 27, 2019 | |
Notes Tables | |
Schedule of Multiemployer Plans [Table Text Block] | (In thousands) Fiscal Fiscal Fiscal Pension Fund 2019 2018 2017 CSSS Fund $ 1,465 $ 1,370 $ 1,262 WCT Fund 769 619 477 Other multi-employer pension funds 222 228 201 Total $ 2,456 $ 2,217 $ 1,940 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 27, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (In thousands) Fiscal 2020 $ 16,105 Fiscal 2021 12,084 Fiscal 2022 9,894 Fiscal 2023 7,741 Fiscal 2024 4,510 Thereafter 1,703 Total minimum lease payments $ 52,037 |
Note 12 - Quarterly Financial_2
Note 12 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Apr. 27, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | (In thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal 201 9 Net sales $ 292,590 $ 260,709 $ 220,892 $ 239,914 Gross profit 115,694 103,524 80,554 84,578 Net income 48,830 41,077 24,811 26,135 Earnings per common share – basic $ 1.05 $ .88 $ .53 $ .56 Earnings per common share – diluted $ 1.04 $ .88 $ .53 $ .56 Fiscal 2018 Net sales $ 259,832 $ 244,119 $ 227,477 $ 244,306 Gross profit 104,503 96,080 91,193 99,359 Net income 38,272 33,980 41,080 36,442 Earnings per common share – basic $ .82 $ .73 $ .88 $ .78 Earnings per common share – diluted $ .82 $ .72 $ .88 $ .78 |
Note 1 - Significant Accounti_3
Note 1 - Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |||
Apr. 27, 2019USD ($)shares | Apr. 28, 2018USD ($)shares | Apr. 29, 2017USD ($)shares | Apr. 30, 2016USD ($) | |
Incremental Common Shares Attributable to Dilutive Effect of Equity Unit Purchase Agreements | shares | 284,000 | 323,000 | 206,000 | |
Self Insurance Reserve and Coverage by Insurance, Noncurrent | $ 5,700 | $ 6,500 | ||
Self Insurance Reserve, Noncurrent, Covered by Insurance | 4,300 | 5,000 | ||
Inventory, Finished Goods, Gross, Total | 48,700 | 37,600 | ||
Inventory, Raw Materials, Gross, Total | 22,000 | 23,300 | ||
Marketing Expense | 55,300 | 49,700 | $ 44,900 | |
Shipping and Handling Costs | 72,400 | 63,300 | 50,000 | |
Net Cash Provided by (Used in) Financing Activities, Total | (134,791) | (69,318) | (69,485) | |
Deferred Tax Liabilities, Net, Noncurrent | $ 15,987 | $ 14,502 | ||
Number of Operating Segments | 1 | |||
Accounting Standards Update 2016-09 [Member] | ||||
Net Cash Provided by (Used in) Financing Activities, Total | (495) | $ (1,500) | ||
Accounting Standards Update 2015-17 [Member] | ||||
Deferred Tax Liabilities, Net, Noncurrent | $ 3,900 | |||
Building and Building Improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Building and Building Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 30 years | |||
Machinery and Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Machinery and Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 15 years |
Note 1 - Significant Accounti_4
Note 1 - Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Balance at beginning of year | $ 452 | $ 468 | $ 484 |
Net charge to expense | 87 | 34 | 74 |
Net charge-off | (23) | (50) | (90) |
Balance at end of year | $ 516 | $ 452 | $ 468 |
Note 2 - Property, Plant and _3
Note 2 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Depreciation, Total | $ 12.8 | $ 11.1 | $ 10.7 |
Note 2 - Property, Plant and _4
Note 2 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Apr. 27, 2019 | Apr. 28, 2018 |
Land | $ 9,835 | $ 9,500 |
Buildings and improvements | 58,291 | 56,947 |
Machinery and equipment | 222,243 | 194,241 |
Total | 290,369 | 260,688 |
Less accumulated depreciation | (179,053) | (174,881) |
Property, plant and equipment – net | $ 111,316 | $ 85,807 |
Note 3 - Accrued Liabilities -
Note 3 - Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Apr. 27, 2019 | Apr. 28, 2018 |
Accrued compensation | $ 9,506 | $ 9,790 |
Accrued promotions | 6,449 | 7,011 |
Accrued freight | 4,387 | 5,984 |
Accrued Insurance | 3,780 | 2,256 |
Other | 6,311 | 4,677 |
Total | $ 30,433 | $ 29,718 |
Note 4 - Debt (Details Textual)
Note 4 - Debt (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 27, 2019 | Apr. 28, 2018 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |
Long-term Line of Credit, Total | 0 | $ 0 |
Letters of Credit Outstanding, Amount | 2,100 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 97,900 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.90% |
Note 5 - Capital Stock and Tr_2
Note 5 - Capital Stock and Transactions With Related Parties (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jan. 29, 2019 | Aug. 04, 2017 | Jan. 27, 2017 | Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | Apr. 28, 2018 | Apr. 29, 2016 |
Payments of Ordinary Dividends, Common Stock | $ 135,200 | $ 69,900 | $ 69,900 | $ 135,247 | $ 69,878 | $ 69,850 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 2.90 | $ 1.50 | $ 1.50 | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,600,000 | |||||||
Stock Repurchased During Period, Shares | 502,060 | |||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 1,097,940 | 1,097,940 | ||||||
Treasury Stock, Shares, Acquired | 0 | 0 | 0 | |||||
CMA [Member] | ||||||||
Related Party Transaction, Amounts of Transaction | $ 10,200 | $ 9,800 | $ 8,300 | |||||
Accounts Payable, Total | $ 2,400 | $ 2,400 | $ 2,400 |
Note 6 - Derivative Financial_3
Note 6 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions | Apr. 27, 2019 | Apr. 28, 2018 |
Derivative, Notional Amount | $ 41.5 | |
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | 2 | |
Accrued Liabilities1 [Member] | ||
Derivative Liability, Current | $ 2 | |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Asset, Current | $ 6.2 |
Note 6 - Derivative Financial_4
Note 6 - Derivative Financial Instruments - Derivatives Instruments, Statements of Financial Performance and Financial Position (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Recognized in AOCI- | |||
Gain (loss) before income taxes | $ (6,138) | $ 9,498 | $ (984) |
Less income tax provision (benefit) | (1,468) | 3,085 | (365) |
Net | (4,670) | 6,413 | (619) |
Reclassified from AOCI to cost of sales- | |||
Gain (loss) before income taxes | 2,100 | 2,569 | (2,749) |
Less income tax provision (benefit) | 452 | 1,383 | (1,020) |
Net | 1,648 | 1,186 | (1,729) |
Net change to AOCI | $ (6,318) | $ 5,227 | $ 1,110 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Unrecognized Tax Benefits, Ending Balance | $ 1,868,000 | $ 1,733,000 | $ 1,743,000 | $ 1,678,000 |
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | 116,000 | |||
Changes in IncomeTax if All Uncertain Tax Positions Prevail | 1,500,000 | |||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 253,000 | |||
Unrecognized Tax Benefits, Period Increase (Decrease), Total | $ 15,000 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 30.40% | 35.00% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (4,300,000) |
Note 7 - Income Taxes - Compone
Note 7 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Current | $ 39,673 | $ 55,039 | $ 54,422 |
Deferred income tax provision | 3,351 | 676 | 1,358 |
Total | $ 43,024 | $ 55,715 | $ 55,780 |
Note 7 - Income Taxes - Deferre
Note 7 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 27, 2019 | Apr. 28, 2018 |
Deferred tax assets: | ||
Accrued expenses and other | $ 3,705 | $ 2,900 |
Inventory and amortizable assets | 265 | 331 |
Total deferred tax assets | 3,970 | 3,231 |
Deferred tax liabilities: | ||
Property | 18,505 | 14,858 |
Intangibles and other | 1,452 | 2,875 |
Total deferred tax liabilities | 19,957 | 17,733 |
Net deferred tax liabilities | $ 15,987 | $ 14,502 |
Note 7 - Income Taxes - Reconci
Note 7 - Income Taxes - Reconciliation of Income Tax Rate (Details) | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Statutory federal income tax rate | 21.00% | 30.40% | 35.00% |
State income taxes, net of federal benefit | 2.90% | 2.40% | 2.20% |
Domestic manufacturing deduction benefit | (2.40%) | (3.00%) | |
Remeasurement of deferred taxes | (2.90%) | ||
Other differences | (0.50%) | (0.40%) | 0.10% |
Effective income tax rate | 23.40% | 27.10% | 34.30% |
Note 7 - Income Taxes - Unrecog
Note 7 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Beginning balance | $ 1,733 | $ 1,743 | $ 1,678 |
Increases due to current period tax positions | 139 | 204 | 150 |
Decreases due to lapse of statute of limitations and audit resolutions | (4) | (214) | (85) |
Ending balance | $ 1,868 | $ 1,733 | $ 1,743 |
Note 9 - Stock-based Compensa_3
Note 9 - Stock-based Compensation (Details Textual) - USD ($) | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 9,000 | 500 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 8 years | 8 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 21.70% | 23.80% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.60% | 2.40% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.60% | 1.60% | |
Share-based Payment Arrangement, Expense | $ 251,000 | $ 161,000 | $ 208,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 127,000 | 140,000 | 362,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 2,200,000 | 3,000,000 | 1,500,000 |
Proceeds from Stock Options Exercised | 456,000 | 560,000 | 365,000 |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 443,000 | $ 886,000 | $ 495,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 63.71 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 591,000,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 4 years 219 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 109 days | 4 years 146 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 14,900,000 | $ 27,300,000 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total | 1,536,000 | ||
Employee Stock Purchase Plan, Eligibility Requirement, Length of Employment | 2 years | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 0 | ||
Omnibus Plan [Member] | |||
Share Based Compensation Arrangement by Share Based Payment Award Number of Shares Authorized Per Individual | 1,680,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Omnibus Plan [Member] | Stock Options or Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,800,000 | ||
Omnibus Plan [Member] | SARS Dividend Equivalents and Other Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,800,000 | ||
Special Stock Option Plan [Member] | Determined by Board of Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,800,000 | ||
Special Stock Option Plan [Member] | Determined By Chairman Member | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 50,000 | ||
KEEP Program [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 240,000 | ||
Share Based Compensation Arrangement by Share Based Payment Award Number of Shares Authorized Per Individual | 6,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 6 years | ||
Share Based Compensation Arrangement by Share Based Payment Award Percentage of Purchased Shares Matched | 50.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants, Period | 2 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 60.00% |
Note 9 - Stock-based Compensa_4
Note 9 - Stock-based Compensation - Summary of Stock Option Activity (Details) - $ / shares | 12 Months Ended | |||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | ||
Options outstanding, beginning of year (in shares) | 344,945 | |||
Options outstanding, beginning of year (in dollars per share) | [1] | $ 10.84 | ||
Granted (in shares) | 9,000 | 500 | 0 | |
Granted (in dollars per share) | [1] | $ 40.03 | ||
Exercised (in shares) | (27,300) | |||
Exercised (in dollars per share) | [1] | $ 16.70 | ||
Cancelled (in shares) | (4,200) | |||
Cancelled (in dollars per share) | [1] | $ 14.17 | ||
Options outstanding, end of year (in shares) | 322,445 | 344,945 | ||
Options outstanding, end of year (in dollars per share) | [1] | $ 11.14 | $ 10.84 | |
Options exercisable, end of year (in shares) | 230,259 | |||
Options exercisable, end of year (in dollars per share) | [1] | $ 9.16 | ||
[1] | Weighted average exercise price. |
Note 10 - Pension Plans (Detail
Note 10 - Pension Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Payment for Pension Benefits | $ 3.8 | $ 3.4 | $ 3.1 |
Note 10 - Pension Plans - Contr
Note 10 - Pension Plans - Contributions for All Multi-employer Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Fund | $ 2,456 | $ 2,217 | $ 1,940 |
CSSS Fund [Member] | |||
Fund | 1,465 | 1,370 | 1,262 |
WCT Fund [Member] | |||
Fund | 769 | 619 | 477 |
Other Multi Employer Pension Funds [Member] | |||
Fund | $ 222 | $ 228 | $ 201 |
Note 11 - Commitments and Con_3
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Operating Leases, Rent Expense, Total | $ 18.2 | $ 13.3 | $ 12 |
Raw Material [Member] | |||
Purchase Obligation, Due in Next Twelve Months | 12.7 | ||
Commitments for Plant and Equipment [Member] | |||
Purchase Obligation, Due in Next Twelve Months | $ 7.1 |
Note 11 - Commitments and Con_4
Note 11 - Commitments and Contingencies - Future Minimum Rental Payments (Details) $ in Thousands | Apr. 27, 2019USD ($) |
Fiscal 2020 | $ 16,105 |
Fiscal 2021 | 12,084 |
Fiscal 2022 | 9,894 |
Fiscal 2023 | 7,741 |
Fiscal 2024 | 4,510 |
Thereafter | 1,703 |
Total minimum lease payments | $ 52,037 |
Note 12 - Quarterly Financial_3
Note 12 - Quarterly Financial Data (Unaudited) - Summary of Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 27, 2019 | Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Net sales | $ 239,914 | $ 220,892 | $ 260,709 | $ 292,590 | $ 244,306 | $ 227,477 | $ 244,119 | $ 259,832 | $ 1,014,105 | $ 975,734 | $ 826,918 |
Gross profit | 84,578 | 80,554 | 103,524 | 115,694 | 99,359 | 91,193 | 96,080 | 104,503 | 384,350 | 391,135 | 326,077 |
Net income | $ 26,135 | $ 24,811 | $ 41,077 | $ 48,830 | $ 36,442 | $ 41,080 | $ 33,980 | $ 38,272 | $ 140,853 | $ 149,774 | $ 107,045 |
Earnings per common share – basic (in dollars per share) | $ 0.56 | $ 0.53 | $ 0.88 | $ 1.05 | $ 0.78 | $ 0.88 | $ 0.73 | $ 0.82 | $ 3.02 | $ 3.21 | $ 2.30 |
Earnings per common share – diluted (in dollars per share) | $ 0.56 | $ 0.53 | $ 0.88 | $ 1.04 | $ 0.78 | $ 0.88 | $ 0.72 | $ 0.82 | $ 3 | $ 3.19 | $ 2.29 |