Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jul. 27, 2019 | Sep. 04, 2019 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000069891 | |
Entity Shell Company | false | |
Entity Registrant Name | National Beverage Corp. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --05-01 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Type | 10-Q | |
Document Period End Date | Jul. 27, 2019 | |
Entity File Number | 1-14170 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 59-2605822 | |
Entity Address, Address Line One | 8100 SW Tenth Street, Suite 4000 | |
Entity Address, City or Town | Fort Lauderdale | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33324 | |
City Area Code | 954 | |
Local Phone Number | 581-0922 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 46,625,640 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | FIZZ | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Jul. 27, 2019 | Apr. 27, 2019 |
Assets | ||
Cash and equivalents | $ 202,668,000 | $ 156,200,000 |
Trade receivables - net | 84,803,000 | 84,841,000 |
Inventories | 73,433,000 | 70,702,000 |
Prepaid and other assets | 5,877,000 | 9,714,000 |
Total current assets | 366,781,000 | 321,457,000 |
Property, plant and equipment - net | 111,638,000 | 111,316,000 |
Right-of-use assets | 52,460,000 | 0 |
Goodwill | 13,145,000 | 13,145,000 |
Intangible assets | 1,615,000 | 1,615,000 |
Other assets | 4,573,000 | 4,660,000 |
Total assets | 550,212,000 | 452,193,000 |
Liabilities and Shareholders' Equity | ||
Accounts payable | 65,709,000 | 66,202,000 |
Short-term lease obligations | 8,874,000 | 0 |
Accrued liabilities | 32,613,000 | 30,433,000 |
Income taxes payable | 10,233,000 | 402,000 |
Total current liabilities | 117,429,000 | 97,037,000 |
Deferred income taxes net | 15,564,000 | 15,987,000 |
Long-term lease obligations | 43,555,000 | 0 |
Other liabilities | 7,428,000 | 7,560,000 |
Shareholders' equity: | ||
Preferred stock, $1 par value - 1,000,000 shares authorized: Series C - 150,000 shares issued | 150,000 | 150,000 |
Common stock, $.01 par value - 200,000,000 shares authorized; 50,657,784 shares issued (50,650,784 shares at April 28) | 507,000 | 507,000 |
Additional paid-in capital | 37,134,000 | 37,065,000 |
Retained earnings | 347,972,000 | 313,430,000 |
Accumulated other comprehensive loss | (1,527,000) | (1,543,000) |
Total shareholders' equity | 366,236,000 | 331,609,000 |
Total liabilities and shareholders' equity | 550,212,000 | 452,193,000 |
Series C Preferred Stock [Member] | ||
Shareholders' equity: | ||
Treasury stock, value | (5,100,000) | (5,100,000) |
Treasury Stock, Common [Member] | ||
Shareholders' equity: | ||
Treasury stock, value | $ (12,900,000) | $ (12,900,000) |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Jul. 27, 2019 | Apr. 27, 2019 |
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) | 50,657,784 | 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) | 4,032,784 | 4,032,784 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 27, 2019 | Jul. 28, 2018 | |
Net sales | $ 263,568 | $ 292,590 |
Cost of sales | 166,994 | 176,896 |
Gross profit | 96,574 | 115,694 |
Selling, general and administrative expenses | 51,997 | 52,690 |
Interest expense | 50 | 50 |
Other income - net | 781 | 855 |
Income before income taxes | 45,308 | 63,809 |
Provision for income taxes | 10,766 | 14,979 |
Net income | $ 34,542 | $ 48,830 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 74 | $ 1.05 |
Diluted (in dollars per share) | $ 74 | $ 1.04 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 46,646 | 46,619 |
Diluted (in shares) | 46,880 | 46,919 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 27, 2019 | Jul. 28, 2018 | |
Net income | $ 34,542 | $ 48,830 |
Other comprehensive income (loss), net of tax: | ||
Cash flow hedges | 16 | (2,041) |
Comprehensive income | $ 34,558 | $ 46,789 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock [Member]Series C 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, Common [Member] | Total |
Balance at Apr. 28, 2018 | $ 150 | $ 507 | $ 36,358 | $ 307,824 | $ 4,601 | $ (5,100) | ||
Stock options exercised | 123 | |||||||
Stock-based compensation | 40 | |||||||
Balance at Jul. 28, 2018 | 36,521 | 356,654 | 2,560 | $ (12,900) | $ 378,392 | |||
Net income | 48,830 | 48,830 | ||||||
Cash flow hedges | (2,041) | (2,041) | ||||||
Balance at Apr. 27, 2019 | $ 150 | $ 507 | 37,065 | 313,430 | (1,543) | $ (5,100) | 331,609 | |
Stock options exercised | 7 | |||||||
Stock-based compensation | 62 | |||||||
Balance at Jul. 27, 2019 | $ 37,134 | 347,972 | (1,527) | $ (12,900) | 366,236 | |||
Net income | $ 34,542 | 34,542 | ||||||
Cash flow hedges | $ 16 | $ 16 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 27, 2019 | Jul. 28, 2018 | |
Operating Activities: | ||
Net income | $ 34,542 | $ 48,830 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,446 | 3,955 |
Deferred income tax provision | (428) | 1,588 |
Loss on disposal of property, net | 46 | 1 |
Stock-based compensation | 62 | 40 |
Changes in assets and liabilities: | ||
Trade receivables | 38 | (10,306) |
Inventories | (2,731) | (6,894) |
Prepaid and other assets | 3,154 | 769 |
Accounts payable | (493) | 7,952 |
Accrued and other liabilities | 11,975 | 13,345 |
Net cash provided by operating activities | 50,611 | 59,280 |
Investing Activities: | ||
Additions to property, plant and equipment | (4,156) | (6,226) |
Proceeds from sale of property, plant and equipment | 6 | 1 |
Net cash used in investing activities | (4,150) | (6,225) |
Financing Activities: | ||
Proceeds from stock options exercised | 7 | 123 |
Net cash provided by financing activities | 7 | 123 |
Net Increase in Cash and Equivalents | 46,468 | 53,178 |
Cash and Equivalents - Beginning of Period | 156,200 | 189,864 |
Cash and Equivalents - End of Period | 202,668 | 243,042 |
Other Cash Flow Information: | ||
Interest paid | 13 | 13 |
Income taxes paid | $ 0 | $ 2 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies and Recently Adopted Accounting Pronouncement | 3 Months Ended |
Jul. 27, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Basis of Presentation The consolidated financial statements include the accounts of National Beverage Corp. and its subsidiaries. Significant intercompany transactions and accounts have been eliminated. 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 for interim financial reporting. Accordingly, they do not include all information and notes presented in the annual consolidated financial statements. The consolidated financial statements should be read in conjunction with the annual consolidated financial statements and accompanying notes included in our Annual Report on Form 10 -K for the fiscal year ended April 27, 2019. Excluding the adoption of the recently issued accounting pronouncements disclosed in Note 6, the accounting policies used in these interim consolidated financial statements are consistent with those used in the annual consolidated financial statements. The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Results for the interim periods presented are not necessarily indicative of results which might be expected for the entire fiscal year. 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. The estimated fair value of derivative financial instruments is calculated based on market rates to settle the instruments. We do not use derivative financial instruments for trading or speculative purposes. Credit risk related to derivative financial instruments is managed by requiring high credit standards for counterparties and frequent cash settlements. See Note 5. Inventories Inventories are stated at the lower of first -in, first -out cost or market. Inventories at July 27, 2019 were comprised of finished goods of million and raw materials of million. Inventories at April 27, 2019 were comprised of finished goods of million and raw materials of million. Recently Adopted Accounting Pronouncements As of April 28, 2019, the Company adopted ASU 2016 - 02 "Leases" which superceded the prior lease accounting guidance in its entirety. See note 6. |
Note 2 - Property, Plant and Eq
Note 2 - Property, Plant and Equipment | 3 Months Ended |
Jul. 27, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 2. , PLANT AND EQUIPMENT Property, plant and equipment consist of the following: (In thousands) July 27, 2019 April 27, 2019 Land $ 9,835 $ 9,835 Buildings and improvements 58,290 58,291 Machinery and equipment 226,115 222,243 Total 294,240 290,369 Less accumulated depreciation (182,602 ) (179,053 ) Property, plant and equipment – net $ 111,638 $ 111,316 Depreciation expense was $3.8 million for the three July 27, 2019 three July 28, 2018. |
Note 3 - Debt
Note 3 - Debt | 3 Months Ended |
Jul. 27, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3 . DEBT At July 27, 2019, October 3, 2020 June 18, 2021 one July 27, 2019 April 27, 2019. July 27, 2019, 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 July 27, 2019, |
Note 4 - Stock-based Compensati
Note 4 - Stock-based Compensation | 3 Months Ended |
Jul. 27, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 4 . STOCK-BASED COMPENSATION During the three July 27, 2019, July 27, 2019, |
Note 5 - Derivative Financial I
Note 5 - Derivative Financial Instruments | 3 Months Ended |
Jul. 27, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 5 . 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 a cash flow hedge. Accordingly, gains or losses attributable to the effective portion of the cash flow hedge 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 hedge for the three July 27, 2019 July 28, 2018: (In thousands) 2019 2018 Recognized in AOCI: (Loss) gain before income taxes $ (1,423 ) $ 6,347 Less income tax (benefit) provision (340 ) 1,518 Net (1,083 ) 4,829 Reclassified from AOCI to cost of sales: (Loss) gain before income taxes (1,444 ) 8,934 Less income tax (benefit) provision (345 ) 2,064 Net (1,099 ) 6,870 Net change to AOCI $ 16 $ (2,041 ) As of July 27, 2019, no 12 1. As of July 27, 2019, April 27, 2019, not 2 |
Note 6 - Leases
Note 6 - Leases | 3 Months Ended |
Jul. 27, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 6. The Company leases two 2027. In February 2016, 2016 02, December 15, 2018 April 28,2019 Upon adoption of the lease standard on April 28, 2019, not not not The Company has used the following policies and assumptions in evaluating its population of leases: ● Determining a lease - The Company assesses contracts at inception to determine whether an arrangement is or includes a lease, which conveys the Company's right to control the use of an identified asset for a period of time in exchange for consideration. Operating lease right-of-use assets and associated liabilities are recognized at the commencement date and initially measured based on the present value of the lease payments over the defined lease term. ● Allocating lease and non-lease components - The Company has elected the practical expedient to not ● Discount rate - The Company calculates the discount rate based on the Company's incremental borrowing rate using the contractual lease term. ● Lease term - The Company does not 12 ● Rent increases or escalation clauses - Certain leases contain scheduled rent increases or escalation clauses. The Company assesses each contract individually and applies the appropriate variable payments based on the terms of the individual agreement. ● Renewal options and / or purchase options - Certain leases include renewal options to extend the lease term and / or purchase options to purchase the leased asset. The Company assesses these options using a threshold of reasonably certain, which is a high threshold and, therefore, the majority of the Company's leases do not ● Option to terminate - Certain leases include the option to terminate the lease prior to its scheduled expiration. This allows a contractually bound party to terminate its obligation under the lease contract, typically in return for an agreed upon financial consideration. The terms and conditions of the termination options vary by contract. The Company's weighted average remaining lease term was 4.2 years and weighted average discount rate was 3.38% as of July 27, 2019. July 27, 2019: (In thousands) Remainder of Fiscal 2020 $ 10,397 Fiscal 2021 21,717 Fiscal 2022 9,894 Fiscal 2023 7,741 Fiscal 2024 4,752 Thereafter 1,703 Total minimum lease payments including interest 56,204 Less: Amounts representing interest (3,775 ) Present value of minimum lease payments 52,429 Less: Current portion of lease liabilities (8,874 ) Non-current portion of lease liabilities $ 43,555 Lease expense for the three July 27, 2019 three July 27, 2019. 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 including interest $ 52,037 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jul. 27, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of National Beverage Corp. and its subsidiaries. Significant intercompany transactions and accounts have been eliminated. 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 for interim financial reporting. Accordingly, they do not include all information and notes presented in the annual consolidated financial statements. The consolidated financial statements should be read in conjunction with the annual consolidated financial statements and accompanying notes included in our Annual Report on Form 10 -K for the fiscal year ended April 27, 2019. Excluding the adoption of the recently issued accounting pronouncements disclosed in Note 6, the accounting policies used in these interim consolidated financial statements are consistent with those used in the annual consolidated financial statements. The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Results for the interim periods presented are not necessarily indicative of results which might be expected for the entire fiscal year. |
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. The estimated fair value of derivative financial instruments is calculated based on market rates to settle the instruments. We do not use derivative financial instruments for trading or speculative purposes. Credit risk related to derivative financial instruments is managed by requiring high credit standards for counterparties and frequent cash settlements. See Note 5. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of first -in, first -out cost or market. Inventories at July 27, 2019 were comprised of finished goods of million and raw materials of million. Inventories at April 27, 2019 were comprised of finished goods of million and raw materials of million. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements As of April 28, 2019, the Company adopted ASU 2016 - 02 "Leases" which superceded the prior lease accounting guidance in its entirety. See note 6. |
Note 2 - Property, Plant and _2
Note 2 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Jul. 27, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In thousands) July 27, 2019 April 27, 2019 Land $ 9,835 $ 9,835 Buildings and improvements 58,290 58,291 Machinery and equipment 226,115 222,243 Total 294,240 290,369 Less accumulated depreciation (182,602 ) (179,053 ) Property, plant and equipment – net $ 111,638 $ 111,316 |
Note 5 - Derivative Financial_2
Note 5 - Derivative Financial Instruments (Tables) | 3 Months Ended |
Jul. 27, 2019 | |
Notes Tables | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | (In thousands) 2019 2018 Recognized in AOCI: (Loss) gain before income taxes $ (1,423 ) $ 6,347 Less income tax (benefit) provision (340 ) 1,518 Net (1,083 ) 4,829 Reclassified from AOCI to cost of sales: (Loss) gain before income taxes (1,444 ) 8,934 Less income tax (benefit) provision (345 ) 2,064 Net (1,099 ) 6,870 Net change to AOCI $ 16 $ (2,041 ) |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 3 Months Ended |
Jul. 27, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (In thousands) Remainder of Fiscal 2020 $ 10,397 Fiscal 2021 21,717 Fiscal 2022 9,894 Fiscal 2023 7,741 Fiscal 2024 4,752 Thereafter 1,703 Total minimum lease payments including interest 56,204 Less: Amounts representing interest (3,775 ) Present value of minimum lease payments 52,429 Less: Current portion of lease liabilities (8,874 ) Non-current portion of lease liabilities $ 43,555 |
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 including interest $ 52,037 |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies and Recently Adopted Accounting Pronouncement (Details Textual) - USD ($) $ in Millions | Jul. 27, 2019 | Apr. 27, 2019 |
Inventory, Finished Goods, Gross, Total | $ 49 | $ 48.7 |
Inventory, Raw Materials, Gross, Total | $ 24.4 | $ 22 |
Note 2 - Property, Plant and _3
Note 2 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Jul. 27, 2019 | Jul. 28, 2018 | |
Depreciation, Total | $ 3.8 | $ 3.4 |
Note 2 - Property, Plant and _4
Note 2 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jul. 27, 2019 | Apr. 27, 2019 |
Land | $ 9,835 | $ 9,835 |
Buildings and improvements | 58,290 | 58,291 |
Machinery and equipment | 226,115 | 222,243 |
Total | 294,240 | 290,369 |
Less accumulated depreciation | (182,602) | (179,053) |
Property, plant and equipment – net | $ 111,638 | $ 111,316 |
Note 3 - Debt (Details Textual)
Note 3 - Debt (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 27, 2019 | Apr. 27, 2019 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |
Long-term Line of Credit, Total | 0 | $ 0 |
Letters of Credit Outstanding, Amount | 3,200 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 96,800 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 9.00% |
Note 4 - Stock-based Compensa_2
Note 4 - Stock-based Compensation (Details Textual) | 3 Months Ended |
Jul. 27, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 400 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares | $ 17.59 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 322,045 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares | $ 11.13 |
Share-based Payment Arrangement, Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,811,613 |
Note 5 - Derivative Financial_3
Note 5 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions | Jul. 27, 2019 | Apr. 27, 2019 |
Derivative, Notional Amount | $ 35.7 | |
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | 2 | |
Accrued Liabilities1 [Member] | ||
Derivative Liability, Current | $ 2 | $ 2 |
Note 5 - Derivative Financial_4
Note 5 - Derivative Financial Instruments - Derivatives Instruments, Statements of Financial Performance and Financial Position (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 27, 2019 | Jul. 28, 2018 | |
(Loss) gain before income taxes | $ (1,423) | $ 6,347 |
Less income tax (benefit) provision | (340) | 1,518 |
Net | (1,083) | 4,829 |
(Loss) gain before income taxes | (1,444) | 8,934 |
Less income tax (benefit) provision | (345) | 2,064 |
Net | (1,099) | 6,870 |
Net change to AOCI | $ 16 | $ (2,041) |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) | 3 Months Ended | ||
Jul. 27, 2019 | Apr. 28, 2019 | Apr. 27, 2019 | |
Operating Lease, Liability, Total | $ 52,429,000 | ||
Operating Lease, Weighted Average Remaining Lease Term | 4 years 2 months 12 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.38% | ||
Operating Lease, Expense | $ 3,400,000 | ||
Short-term Lease, Cost | 3,000,000 | ||
Operating Lease, Payments | 3,700,000 | ||
Operating Lease, Right-of-Use Asset | $ 52,460,000 | $ 0 | |
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Liability, Total | $ 55,500,000 |
Note 6 - Leases - Future Minimu
Note 6 - Leases - Future Minimum Lease Payments (Details) - USD ($) | Jul. 27, 2019 | Apr. 27, 2019 |
Remainder of Fiscal 2020 | $ 10,397,000 | |
Fiscal 2021 | 21,717,000 | |
Fiscal 2022 | 9,894,000 | |
Fiscal 2023 | 7,741,000 | |
Fiscal 2024 | 4,752,000 | |
Thereafter | 1,703,000 | |
Total minimum lease payments including interest | 56,204,000 | |
Less: Amounts representing interest | (3,775,000) | |
Operating Lease, Liability, Total | 52,429,000 | |
Less: Current portion of lease liabilities | (8,874,000) | $ 0 |
Non-current portion of lease liabilities | $ 43,555,000 | $ 0 |
Note 6 - Leases - Future Mini_2
Note 6 - Leases - 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 including interest | $ 52,037 |