Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Apr. 29, 2017 | Jun. 05, 2017 | Oct. 29, 2016 | |
Document and Entity Information [Abstract] | |||
Document Period End Date | Apr. 29, 2017 | ||
Entity Registrant Name | DAKTRONICS INC /SD/ | ||
Entity Central Index Key | 915,779 | ||
Current Fiscal Year End Date | --04-29 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 369,635,310 | ||
Entity Common Stock, Shares Outstanding | 44,183,666 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 29, 2017 | Apr. 30, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 32,623 | $ 28,328 |
Restricted cash | 216 | 198 |
Marketable securities | 32,713 | 24,672 |
Accounts receivable, net | 78,846 | 77,554 |
Inventories, net | 66,486 | 69,827 |
Costs and estimated earnings in excess of billings | 36,403 | 30,200 |
Current maturities of long-term receivables | 2,274 | 3,172 |
Prepaid expenses and other assets | 7,553 | 6,468 |
Income tax receivables | 611 | 4,812 |
Total current assets | 257,725 | 245,231 |
Property and equipment, net | 66,749 | 73,163 |
Long-term receivables, less current maturities | 2,616 | 3,866 |
Goodwill | 7,812 | 8,116 |
Intangibles, net | 4,705 | 7,721 |
Investment in affiliates and other assets | 4,534 | 2,414 |
Deferred income taxes | 11,292 | 9,437 |
TOTAL ASSETS | 355,433 | 349,948 |
CURRENT LIABILITIES: | ||
Accounts payable | 51,499 | 43,441 |
Accrued expenses | 25,033 | 23,532 |
Warranty obligations | 13,578 | 16,564 |
Billings in excess of costs and estimated earnings | 10,897 | 10,361 |
Customer deposits (billed or collected) | 14,498 | 16,012 |
Deferred revenue (billed or collected) | 12,137 | 10,712 |
Current portion of other long-term obligations | 1,409 | 585 |
Income taxes payable | 1,544 | 310 |
Total current liabilities | 130,595 | 121,517 |
Long-term warranty obligations | 14,321 | 13,932 |
Long-term deferred revenue (billed or collected) | 5,434 | 5,603 |
Other long-term obligations | 2,848 | 4,059 |
Long-term income tax payable | 3,113 | 3,016 |
Deferred income taxes | 836 | 754 |
Total long-term liabilities | 26,552 | 27,364 |
SHAREHOLDERS' EQUITY: | ||
Common Stock, no par value, authorized 120,000,000 shares; 44,372,357 and 43,998,635 shares issued at April 29, 2017 and April 30, 2016, respectively | 52,530 | 51,347 |
Additional paid-in capital | 38,004 | 35,351 |
Retained earnings | 113,967 | 117,276 |
Treasury Stock, at cost, 303,957 and 19,680 shares at April 29, 2017 and April 30, 2016, respectively | (1,834) | (9) |
Accumulated other comprehensive loss | (4,381) | (2,898) |
TOTAL SHAREHOLDERS' EQUITY | 198,286 | 201,067 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 355,433 | $ 349,948 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Apr. 29, 2017 | Apr. 30, 2016 |
SHAREHOLDERS' EQUITY: | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, issued (in shares) | 44,372,357 | 43,998,635 |
Treasury stock, at cost (in shares) | 303,957 | 19,680 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Income Statement [Abstract] | |||
Net sales | $ 586,539 | $ 570,168 | $ 615,942 |
Cost of goods sold | 446,124 | 449,149 | 471,363 |
Gross profit | 140,415 | 121,019 | 144,579 |
Operating expenses: | |||
Selling expense | 61,687 | 58,812 | 57,963 |
General and administrative | 34,226 | 32,801 | 30,679 |
Product design and development | 29,081 | 26,911 | 24,652 |
Total operating expenses | 124,994 | 118,524 | 113,294 |
Operating income | 15,421 | 2,495 | 31,285 |
Nonoperating income (expense): | |||
Interest income | 751 | 987 | 1,119 |
Interest expense | (230) | (228) | (223) |
Other (expense) income, net | (354) | (128) | (498) |
Income before income taxes | 15,588 | 3,126 | 31,683 |
Income tax expense | 5,246 | 1,065 | 10,801 |
Net income | $ 10,342 | $ 2,061 | $ 20,882 |
Weighted average shares outstanding: | |||
Basic (in shares) | 44,114 | 43,990 | 43,514 |
Diluted (in shares) | 44,303 | 44,456 | 44,443 |
Earnings per share: | |||
Basic (in dollars per share) | $ 0.23 | $ 0.05 | $ 0.48 |
Diluted (in dollars per share) | 0.23 | 0.05 | 0.47 |
Cash dividends declared per share | $ 0.310 | $ 0.4 | $ 0.4 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 10,342 | $ 2,061 | $ 20,882 |
Other comprehensive (loss) income: | |||
Cumulative translation adjustments | (1,472) | (529) | (2,358) |
Unrealized (loss) gain on available-for-sale securities, net of tax | (11) | 7 | (22) |
Total other comprehensive loss, net of tax | (1,483) | (522) | (2,380) |
Comprehensive income | $ 8,859 | $ 1,539 | $ 18,502 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss |
Balance at Beginning of Period at Apr. 26, 2014 | $ 203,119 | $ 43,935 | $ 29,923 | $ 129,266 | $ (9) | $ 4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 20,882 | 20,882 | ||||
Cumulative translation adjustments | (2,358) | (2,358) | ||||
Unrealized (loss) gain on available-for-sale securities, net of tax | (22) | (22) | ||||
Net tax benefit related to share-based compensation | 38 | 38 | ||||
Share-based compensation | 3,038 | 3,038 | ||||
Exercise of stock options | 2,207 | 2,513 | (306) | |||
Employee savings plan activity | 2,512 | 2,512 | ||||
Dividends paid | (17,377) | (17,377) | ||||
Balance at End of Period at May. 02, 2015 | 212,039 | 48,960 | 32,693 | 132,771 | (9) | (2,376) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 2,061 | 2,061 | ||||
Cumulative translation adjustments | (529) | (529) | ||||
Unrealized (loss) gain on available-for-sale securities, net of tax | 7 | 7 | ||||
Net tax benefit related to share-based compensation | 3 | 3 | ||||
Share-based compensation | 2,958 | 2,958 | ||||
Exercise of stock options | 307 | 610 | (303) | |||
Employee savings plan activity | 1,777 | 1,777 | ||||
Dividends paid | (17,556) | (17,556) | ||||
Balance at End of Period at Apr. 30, 2016 | 201,067 | 51,347 | 35,351 | 117,276 | (9) | (2,898) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 10,342 | 10,342 | ||||
Cumulative translation adjustments | (1,472) | (1,472) | ||||
Unrealized (loss) gain on available-for-sale securities, net of tax | (11) | (11) | ||||
Share-based compensation | 2,914 | 2,914 | ||||
Exercise of stock options | 82 | 343 | (261) | |||
Employee savings plan activity | 840 | 840 | ||||
Dividends paid | (13,651) | (13,651) | ||||
Treasury stock purchase | (1,825) | (1,825) | ||||
Balance at End of Period at Apr. 29, 2017 | $ 198,286 | $ 52,530 | $ 38,004 | $ 113,967 | $ (1,834) | $ (4,381) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 10,342 | $ 2,061 | $ 20,882 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 18,562 | 16,943 | 15,136 |
Impairment of intangible assets | 830 | 0 | 0 |
Loss (gain) on sale of property, equipment and other assets | 36 | (71) | (1,207) |
Share-based compensation | 2,914 | 2,958 | 3,038 |
Gain on sale of equity investee | 0 | (119) | 0 |
Provision for doubtful accounts | 1,426 | 481 | (222) |
Deferred income taxes, net | (2,043) | 911 | 2,146 |
Change in operating assets and liabilities | 7,322 | (9,583) | 13,740 |
Net cash provided by operating activities | 39,389 | 13,581 | 53,513 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (8,502) | (17,056) | (21,837) |
Proceeds from sales of property, equipment and other assets | 199 | 152 | 4,037 |
Purchases of marketable securities | (24,159) | (21,286) | (15,653) |
Proceeds from sales or maturities of marketable securities | 15,928 | 21,862 | 15,532 |
Proceeds from sale of equity method investments | 0 | 377 | 0 |
Acquisitions, net of cash acquired | (1,646) | (7,867) | (6,306) |
Net cash used in investing activities | (18,180) | (23,818) | (24,227) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payments on notes payable | (8) | (38) | (81) |
Principal payments on long-term obligations | (921) | (467) | (1,163) |
Dividends paid | (13,651) | (17,556) | (17,377) |
Proceeds from exercise of stock options | 343 | 610 | 2,513 |
Payments for common shares repurchased | (1,825) | 0 | 0 |
Tax payments related to RSU issuances | (261) | (303) | (307) |
Net cash used in financing activities | (16,323) | (17,754) | (16,415) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (591) | (965) | (641) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 4,295 | (28,956) | 12,230 |
CASH AND CASH EQUIVALENTS: | |||
Beginning of period | 28,328 | 57,284 | 45,054 |
End of period | $ 32,623 | $ 28,328 | $ 57,284 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 29, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | Note 1. Nature of Business and Summary of Critical Accounting Policies Nature of business : Daktronics, Inc. and its subsidiaries are engaged principally in the design, manufacture and sale of a wide range of electronic display systems and related products which are sold in a variety of markets throughout the world and the rendering of related maintenance and professional services. Our products are designed primarily to inform and entertain people through the communication of content. Fiscal year : We operate on a 52 or 53-week fiscal year, with our fiscal year ending on the Saturday closest to April 30 of each year. When April 30 falls on a Wednesday, the fiscal year ends on the preceding Saturday. Within each fiscal year, each quarter is comprised of 13-week periods following the beginning of each fiscal year. In each 53-week year, an additional week is added to the first quarter, and each of the last three quarters is comprised of a 13-week period. The years ended April 29, 2017 , April 30, 2016 , and May 2, 2015 contained operating results for 52 , 52 , and 53-weeks, respectively. Principles of consolidation : The consolidated financial statements include Daktronics, Inc. and its subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. Investments in affiliates : Investments in affiliates over which we have significant influence are accounted for under the equity method of accounting. Investments in affiliates over which we do not have the ability to exert significant influence over the affiliate's operating and financing activities are accounted for under the cost method of accounting. We have evaluated our relationships with our affiliates and have determined that these entities are not variable interest entities. During fiscal 2017, we determined that through increased ownership levels, we had significant influence over one of our affiliates. The aggregate amount of investments accounted for under the equity method was $2,678 and $0 at April 29, 2017 and April 30, 2016 , respectively. The equity method requires us to report our share of losses up to our equity investment amount. When the equity investment is reduced to zero, we recognize losses to the extent of and as an adjustment to the other investments in the affiliate in order of seniority or priority in liquidation. Cash paid for investments in affiliates is included in the "Acquisitions, net of cash acquired" line item in our consolidated statements of cash flows. Our proportional share of the respective affiliate’s earnings or losses is included in the "Other (expense) income, net" line item in our consolidated statements of operations. For the fiscal year ended April 29, 2017 , our share of the losses of our affiliates was $136 . The aggregate amount of investments accounted for under the cost method was $ 42 and $ 1,211 at April 29, 2017 and April 30, 2016 , respectively. There have not been any identified events or changes in circumstances that may have a significant adverse effect on their fair value, and it is not practical to estimate their fair value. Use of estimates : The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities; the disclosure of contingent assets and liabilities at the date of the financial statements; the reported amounts of revenues and expenses during the reporting period; and our ability to continue as a going concern. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the estimated total costs on long-term construction-type contracts, estimated costs to be incurred for product warranties and extended maintenance contracts, excess and obsolete inventory, the allowance for doubtful accounts, share-based compensation, goodwill impairment and income taxes. Changes in estimates are reflected in the periods in which they become known. Cash and cash equivalents : All highly liquid investments with maturities of three months or less at the date of purchase are considered to be cash equivalents and consist primarily of government repurchase agreements, savings accounts and money market accounts that are carried at cost, which approximates fair value. We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We have not experienced any losses in such accounts. Restricted cash : Restricted cash consists of cash and cash equivalents held in bank deposit accounts to secure issuances of foreign bank guarantees. Inventories: Inventories are stated at the lower of cost (first-in, first-out method) and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Revenue recognition : Net sales are reported net of estimated sales returns and exclude sales taxes. We estimate our sales returns reserve based on historical return rates and analysis of specific accounts. Our sales returns reserve was $42 and $93 at April 29, 2017 and April 30, 2016 , respectively. Long-term construction-type contracts: Earnings on construction-type contracts are recognized on the percentage-of-completion method, measured by the percentage of costs incurred to date to estimated total costs for each contract. Contract costs include all direct material and labor costs and those indirect costs related to contract performance. Indirect costs include charges for such items as labor overhead, equipment, facilities, engineering, and project management. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are probable and capable of being estimated. We combine contracts for accounting purposes when they are negotiated as a package with an overall profit margin objective, essentially represent an agreement to do a single project for a customer, involve interrelated construction activities, and are performed concurrently or sequentially. When a group of contracts are combined, revenue and profit are recognized uniformly over the performance of the combined projects. We segment revenues in accordance with contract segmenting criteria in Accounting Standards Codification (“ASC”) 650-35, Construction-Type and Production-Type Contracts. Equipment other than construction-type contracts: We recognize revenue on equipment sales, other than construction-type contracts, when title passes, which is usually upon shipment and then only if the terms of the arrangement are fixed and determinable and collectability is reasonably assured. We record estimated sales returns and discounts as a reduction of net sales in the same period revenue is recognized. Product maintenance: In connection with the sale of our products, we also occasionally sell separately priced extended warranties and product maintenance contracts. The revenue related to such contracts is deferred and recognized ratably as net sales over the terms of the contracts, which vary up to 10 years. We record unrealized revenue in deferred revenue (billed or collected) in the liability section of the balance sheet. Services: Revenues generated by us for services, such as event support, control room design, on-site training, equipment service and technical support of our equipment, are recognized as net sales when the services are performed. Net sales from services and product maintenance approximated 10.5 percent , 9.7 percent and 8.2 percent of net sales for the fiscal years ended April 29, 2017 , April 30, 2016 and May 2, 2015 , respectively. Software: We follow ASC 985-605, Software-Revenue Recognition . Revenues from software license fees on sales, other than construction-type contracts, are recognized when persuasive evidence of an arrangement exists, delivery of the product has occurred, the fee is fixed or determinable, and collectability is probable. Subscription-based licenses include the right for a customer to use our licenses and receive related support for a specified term and revenue is recognized ratably over the term of the arrangement. Multiple-element arrangements: We generate revenue from the sale of equipment and related services, including customization, installation and maintenance services. In these limited cases, we provide some or all of such equipment and services to our customers under the terms of a single multiple-element sales arrangement. These arrangements typically involve the sale of equipment bundled with some or all of these services, but they may also involve instances in which we have contracted to deliver multiple pieces of equipment over time rather than at a single point in time. When a sales arrangement involves multiple elements, the items included in the arrangement (deliverables) are evaluated pursuant to ASC 605-25, Revenue Arrangements with Multiple Deliverables, and ASC 605-35 , Accounting for Performance of Construction-Type and Certain Production-Type Contracts, to determine whether they represent separate units of accounting. We perform this evaluation at the inception of an arrangement and as we deliver each item in the arrangement. We first consider the separation criteria of ASC 605-35. Deliverables not within the scope of ASC 605-35 are evaluated for separation under ASC 605-25. For those elements falling under the guidance of ASC 605-25, we generally account for a deliverable (or a group of deliverables) separately if the delivered item(s) has standalone value to the customer and if we have given the customer a general right of return relative to the delivered item(s) and delivery or performance of the undelivered item(s) or service(s) is probable and substantially in our control. When items included in a multiple-element arrangement represent separate units of accounting, we allocate the arrangement consideration to the individual items based on their relative fair values. The amount of arrangement consideration allocated to the delivered item(s) is limited to the amount not contingent on us delivering additional products or services. Once we have determined the amount, if any, of arrangement consideration allocable to the delivered item(s), we apply the applicable revenue recognition policy to determine when and by which method such amount may be recognized as revenue. We generally determine if objective and reliable evidence of fair value for the items included in a multiple-element arrangement exists based on whether we have vendor-specific objective evidence ("VSOE") of the price for which we sell an item on a standalone basis. If we do not have VSOE for the item, we will use the price charged by a competitor selling a comparable product or service on a standalone basis to similarly situated customers, if available. If neither VSOE nor third party evidence is available, we use our best estimate of the selling price for that deliverable. Long-term receivables and advertising rights: We occasionally sell and install our products at facilities in exchange for the rights to sell or to retain future advertising revenues. For these transactions, we recognize revenue for the amount of the present value of the future advertising payments if enough advertising is sold to obtain normal margins on the contract, and we record the related receivable in long-term receivables. We recognize imputed interest as earned. Property and equipment : Property and equipment is stated at cost and depreciated principally on the straight-line method over the following estimated useful lives: Years Buildings 7 - 40 Machinery and equipment 5 - 7 Office furniture and equipment 3 - 5 Computer software and hardware 3 - 5 Equipment held for rental 2 - 7 Demonstration equipment 3 - 5 Transportation equipment 5 - 7 Leasehold improvements are depreciated over the lesser of the useful life of the asset or the term of the lease. Impairment of Long-Lived Assets : Long-lived tangible assets and definite-lived intangible assets are evaluated for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. When evaluating long-lived assets for potential impairment, we first compare the carrying value of the asset to the asset's estimated future cash flows (undiscounted and without interest charges). If the estimated future cash flows are less than the carrying value of the asset, we calculate an impairment loss. The impairment loss calculation compares the carrying value of the asset to the asset's estimated fair value. We recognize an impairment loss if the amount of the asset's carrying value exceeds the asset's estimated fair value. If we recognize an impairment loss, the adjusted carrying amount of the asset becomes its new cost basis. For a depreciable long-lived asset, the new cost basis will be depreciated (amortized) over the remaining useful life of that asset. Our impairment loss calculations contain uncertainties because they require management to make assumptions and to apply judgment to estimate future cash flows and asset fair values, including forecasting useful lives of the assets and selecting the discount rate that reflects the risk inherent in future cash flows. During fiscal 2017, we recognized an impairment loss of $830 on intangible assets related to a technology and customer list. No intangible asset impairment was recognized for fiscal 2016. See " Note 5. Goodwill and Intangible Assets " for further information. Goodwill and Other Intangible Assets : We account for goodwill and other intangible assets with indefinite lives in accordance with ASC 350, Goodwill and Other. Under these provisions, goodwill is not amortized but is tested for impairment on at least an annual basis. Impairment testing is required more often than annually if an event or circumstance indicates an impairment or a decline in value may have occurred. Such circumstances could include, but are not limited to, a worsening trend of orders and sales without a corresponding way to preserve future cash flows or a significant decline in our stock price. In conducting our impairment testing, we compare the fair value of each of our business units (reporting unit) to the related carrying value. If the fair value of a reporting unit exceeds its carrying value, goodwill is not impaired. If the carrying value of a reporting unit exceeds its fair value, an impairment loss is measured and recognized. We utilize an income approach to estimate the fair value of each reporting unit. We selected this method because we believe it most appropriately measures our income producing assets. We considered using the market approach and cost approach, but concluded they were not appropriate in valuing our reporting units given the lack of relevant and available market comparisons. The income approach is based on the projected cash flows, which are discounted to their present value using discount rates which consider the timing and risk of the forecasted cash flows. We believe that this approach is appropriate because it provides a fair value estimate based upon the reporting units expected long-term operating cash performance. This approach also mitigates the impact of the cyclical trends occurring in the industry. Fair value is estimated using internally-developed forecasts and assumptions. The discount rate used is the average estimated value of a market participant’s cost of capital and debt, derived using customary market metrics. Other significant assumptions include terminal value margin rates, future capital expenditures, and changes in future working capital requirements. We also compare and reconcile our overall fair value to our market capitalization. Although there are inherent uncertainties related to the assumptions used and to our application of these assumptions to this analysis, we believe the income approach provides a reasonable estimate of the fair value of our reporting units. The foregoing assumptions to a large degree were consistent with our long-term performance, with limited exceptions. We believe our future investments for capital expenditures as a percent of revenue will remain similar to the historical rates as a percentage of sales in future years. Our investments are expected to relate to equipment replacements and new product line manufacturing equipment needs, and to keep our information technology infrastructure robust. These assumptions could deviate materially from actual results. Software costs for internal use : We capitalize certain costs incurred in connection with developing or obtaining internal-use software. Capitalized software costs are included in property and equipment on our consolidated balance sheets. Software costs that do not meet capitalization criteria are expensed when incurred. Software costs to be sold, leased, or marketed: We follow the provisions of ASC 985, Software , which states software development costs are expensed as incurred until technological feasibility has been established. At such time, such costs are capitalized until the product is made available for release to customers. Additionally, costs incurred after release to customers are expensed as research and development expenses. As of April 29, 2017 and April 30, 2016 , we had $1,759 and $3,000 of capitalized software to be sold, leased, or otherwise marketed. Insurance : We are self-insured for certain losses related to health and liability claims and workers’ compensation. We obtain third-party insurance to limit our exposure to these claims. We estimate our self-insured liabilities using a number of factors, including historical claims experience. Our self-insurance liability was $2,367 and $2,314 at April 29, 2017 and April 30, 2016 , respectively, and is included in accrued expenses in our consolidated balance sheets. Foreign currency translation : Our foreign subsidiaries use the local currency of their respective countries as their functional currency. The assets and liabilities of foreign operations are generally translated at the exchange rates in effect at the balance sheet date. The operating results of foreign operations are translated at weighted average exchange rates. The related translation gains or losses are reported as a separate component of shareholders’ equity in accumulated other comprehensive loss . Income taxes : We operate in multiple income tax jurisdictions both within the United States and internationally. Our annual tax rate is determined based on our income, statutory tax rates and the tax impacts of items treated differently for tax purposes than for financial reporting purposes in each tax jurisdiction. Tax laws require certain items be included in the tax return at different times than are reflected in the financial statements. Some of these differences are permanent, such as expenses that are not deductible in our tax return, and some differences are temporary and reverse over time, such as depreciation expense. These temporary differences create deferred tax assets and liabilities and reflect the enacted income tax rates in effect for the years in which the differences are expected to reverse. We recognize a valuation allowance for deferred tax assets if it is "more likely than not" some or all of the benefits will not be realized. Because we operate in multiple income tax jurisdictions both within the United States and internationally, management must determine the appropriate allocation of income and expenses to each of these jurisdictions based on current interpretations of complex income tax regulations. Income tax authorities in these jurisdictions regularly perform audits of our income tax filings. Income tax audits associated with the allocation of income, expenses and other complex issues, including transfer pricing methodologies, may require an extended period of time to resolve and may result in significant income tax adjustments if changes to the income allocation are required between jurisdictions with different income tax rates. Comprehensive income : We follow the provisions of ASC 220, Reporting Comprehensive Income , which establishes standards for reporting and displaying comprehensive income and its components. Comprehensive income reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For us, comprehensive loss represents net income adjusted for foreign currency translation adjustments and unrealized gains and losses on available-for-sale securities. The foreign currency translation adjustment included in comprehensive loss has not been tax affected, as the investments in foreign affiliates are deemed to be permanent. In accordance with ASC 220 and ASU 2011-05, we disclose comprehensive loss on separate consolidated statements of comprehensive income. Product design and development : All expenses related to product design and development are charged to operations as incurred. Our product development activities include the enhancement of existing products and technologies and the development of new products and technologies. Advertising costs : We expense advertising costs as incurred. Advertising expenses were $2,125 , $2,209 and $2,318 for the fiscal years 2017 , 2016 and 2015 , respectively. Shipping and handling costs : Shipping and handling costs collected from our customers in connection with our sales are recorded as revenue. We record shipping and handling costs as a component of cost of sales at the time the product is shipped. Earnings per share (“EPS”) : Basic EPS is computed by dividing income attributable to common shareholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution which may occur if securities or other obligations to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock which share in our earnings. The following is a reconciliation of the income and common share amounts used in the calculation of basic and diluted EPS for the fiscal years ended 2017 , 2016 and 2015 : Net income Shares Per share income For the year ended April 29, 2017: Basic earnings per share $ 10,342 44,114 $ 0.23 Dilution associated with stock compensation plans — 189 — Diluted earnings per share $ 10,342 44,303 $ 0.23 For the year ended April 30, 2016: Basic earnings per share $ 2,061 43,990 $ 0.05 Dilution associated with stock compensation plans — 466 — Diluted earnings per share $ 2,061 44,456 $ 0.05 For the year ended May 2, 2015: Basic earnings per share $ 20,882 43,514 $ 0.48 Dilution associated with stock compensation plans — 929 (0.01 ) Diluted earnings per share $ 20,882 44,443 $ 0.47 Options outstanding to purchase 2,112 , 2,122 and 1,462 shares of common stock with a weighted average exercise price of $13.30 , $15.04 and $18.42 per share during the fiscal years ended April 29, 2017 , April 30, 2016 and May 2, 2015 , respectively, were not included in the computation of diluted earnings per share because the weighted average exercise price of those instruments exceeded the average market price of the common shares during the year. Share-based compensation : We account for share-based compensation in accordance with ASC 718, Compensation-Stock Compensation. Under the fair value recognition provisions of ASC 718, we measure share-based compensation cost at the grant date based on the fair value of the award and recognize the compensation expense over the requisite service period, which is the vesting period. See " Note 11. Shareholders’ Equity and Share-Based Compensation " for additional information and the assumptions we use to calculate the fair value of share-based employee compensation. Recent Accounting Pronouncements Accounting Standards Adopted In March 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-09, Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting, which is intended to simplify certain aspects of the accounting for share-based payment award transactions, including income tax effects when awards vest or settle, repurchase of employees’ shares to satisfy statutory tax withholding obligations, an option to account for forfeitures as they occur, and classification of certain amounts on the statements of cash flows. Early adoption of ASU 2016-09 was permitted, and we adopted it during the first quarter of fiscal 2017. We elected to continue to estimate forfeitures expected to occur to determine the amount of compensation cost to be recognized in each period. Provisions related to income taxes have been adopted prospectively. Provisions related to the statements of cash flows have been adopted retrospectively but did not have a material impact on our statements of cash flows. This reclassification has been made to conform fiscal 2016 and 2015 to the fiscal 2017 classifications of the statements of cash flows for comparative purposes. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory , which changes the measurement principle of inventory from the lower of cost or market to the lower of cost and net realizable value. The guidance will require prospective application at the beginning of our first quarter of fiscal 2018, but it permits adoption in an earlier period. ASU 2015-11 was adopted by the Company effective May 1, 2016 and did not have a material impact on our consolidated results of operations, cash flows, or financial position. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern . ASU 2014-15 amends FASB ASC 205-40 Presentation of Financial Statements – Going Concern , by providing guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements, including requiring management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements and providing certain disclosures if there is substantial doubt about the entity’s ability to continue as a going concern. We adopted this guidance on April 29, 2017, and management assessed our ability to continue as a going concern, which did not identify any conditions or events that raise substantial doubt about our ability to continue as a going concern within one year after the date the financial statements are issued. New Accounting Standards Not Yet Adopted In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350), which simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. A goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for interim and annual periods beginning after December 15, 2019, and it will require adoption on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We are currently evaluating the effect that adopting this accounting guidance will have on our consolidated results of operations, cash flows, and financial position. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other than Inventory , which is intended to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current U.S. GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party, which is an exception to the principle of comprehensive recognition of current and deferred income taxes in U.S. generally accepted accounting principles ("GAAP"). This update eliminates the exception by requiring entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. ASU 2016-16 is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted. We are currently evaluating the effect that adopting this accounting guidance will have on our consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments , which will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statements of cash flows. ASU 2016-15 is effective for interim and annual periods beginning after December 15, 2017, and it will require adoption on a retrospective basis unless it is impracticable to apply, in which case we would be required to apply the amendments prospectively as of the earliest date practicable. We are currently evaluating the effect that adopting this accounting guidance will have on our consolidated cash flows and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (that is, lessees and lessors). This update requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of their classification. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The new guidance is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the effect that adopting this accounting guidance will have on our consolidated results of operations, cash flows, and financial position. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. This ASU is a comprehensive revenue recognition model that requires a company to recognize revenue from the transfer of goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. The FASB has also issued ASUs 2016-08, 2016-10, 2016-12, and 2016-20 to clarify guidance with respect to principal versus agent considerations, the identification of performance obligations and licensing, and guidance on certain narrow areas and to add practical expedients. We will adopt ASU 2014-09 and related guidance during the first quarter of fiscal 2019. We have commenced a process to evaluate the impact of ASU 2014-09 on our contracts, including identifying potential differences that would result from applying the requirements of the new guidance. In fiscal 2017, we made progress in reviewing our various types of revenue arrangements. We have also started drafting accounting policies and evaluating the new disclosure requirements on our business processes, controls and systems. As a result of the review performed to date, we do not anticipate that the adoption will have a material impact on our consolidated results of operations, financial statements, and related disclosures. However, our initial conclusion may change as we finalize our assessment. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Apr. 29, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 2. Segment Reporting We have organized our business into five segments which meet the definition of reportable segments under ASC 280-10, Segment Reporting : Commercial, Live Events, High School Park and Recreation, Transportation, and International. These segments are based on the type of customer or geography and are the same as our business units. Our Commercial business unit primarily consists of sales of our video display systems, digital billboards, Galaxy ® and Fuelight ™ product lines to resellers (primarily sign companies), Out-of-Home ("OOH") companies, national retailers, quick-serve restaurants, casinos and petroleum retailers. Our Live Events business unit primarily consists of sales of integrated scoring and video display systems to college and professional sports facilities and convention centers and sales of our mobile display technology to video rental organizations and other live events type venues. Our High School Park and Recreation business unit primarily consists of sales of scoring systems, Galaxy ® displays and video display systems to primary and secondary education facilities. Our Transportation business unit primarily consists of sales of our Vanguard ® and Galaxy ® product lines to governmental transportation departments, airlines and other transportation related customers. Our International business unit consists of sales of all product lines outside the United States and Canada. In our International business unit, we focus on product lines related to integrated scoring and video display systems for sports and commercial applications, OOH advertising products, and European transportation related products. Our segment reporting presents results through contribution margin, which is comprised of gross profit less selling costs. Segment profit excludes general and administration expense, product development expense, interest income and expense, non-operating income and income tax expense. Assets are not allocated to the segments. Depreciation and amortization are allocated to each segment based on various financial measures; however, some depreciation and amortization are corporate in nature and remain unallocated. In general, our segments follow the same accounting policies as those described in " Note 1. Nature of Business and Summary of Critical Accounting Policies ". Unabsorbed costs of domestic field sales and services infrastructure, including most field administrative staff, are allocated to the Commercial, Live Events, High School Park and Recreation, and Transportation business units based on cost of sales. Shared manufacturing, buildings and utilities, and procurement costs are allocated based on payroll dollars, square footage and various other financial measures. We do not maintain information on sales by products; therefore, disclosure of such information is not practical. The following table sets forth certain financial information for each of our five operating segments for the periods indicated: Year Ended April 29, April 30, May 2, Net sales: Commercial $ 148,073 $ 148,261 $ 165,793 Live Events 213,982 205,151 231,877 High School Park and Recreation 82,798 70,035 67,657 Transportation 52,426 52,249 48,333 International 89,260 94,472 102,282 586,539 570,168 615,942 Contribution margin: Commercial 18,046 13,210 28,541 Live Events 27,750 23,178 27,334 High School Park and Recreation 16,114 10,314 11,125 Transportation 13,465 12,466 10,404 International 3,353 3,039 9,212 78,728 62,207 86,616 Non-allocated operating expenses: General and administrative 34,226 32,801 30,679 Product design and development 29,081 26,911 24,652 Operating income 15,421 2,495 31,285 Nonoperating income (expense): Interest income 751 987 1,119 Interest expense (230 ) (228 ) (223 ) Other (expense) income, net (354 ) (128 ) (498 ) Income before income taxes 15,588 3,126 31,683 Income tax expense 5,246 1,065 10,801 Net income $ 10,342 $ 2,061 $ 20,882 Depreciation, amortization, and impairment: Commercial $ 6,337 $ 4,925 $ 4,846 Live Events 5,032 4,970 4,610 High School Park and Recreation 1,725 1,722 1,836 Transportation 1,267 1,364 1,148 International 2,317 1,227 1,053 Unallocated corporate depreciation 2,714 2,735 1,643 $ 19,392 $ 16,943 $ 15,136 No single geographic area comprises a material amount of net sales or property and equipment, net of accumulated depreciation, other than the United States. The following table presents information about net sales and property and equipment, net of accumulated depreciation, in the United States and elsewhere: Year Ended April 29, April 30, May 2, Net sales: United States $ 479,846 $ 465,598 $ 494,860 Outside U.S. 106,693 104,570 121,082 $ 586,539 $ 570,168 $ 615,942 Property and equipment, net of accumulated depreciation: United States $ 62,425 $ 68,233 $ 67,882 Outside U.S. 4,324 4,930 4,962 $ 66,749 $ 73,163 $ 72,844 We have numerous customers worldwide for sales of our products and services; therefore, we are not economically dependent on a limited number of customers for the sale of our products and services except with respect to our dependence on two major digital billboard customers in our Commercial business unit. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Apr. 29, 2017 | |
Marketable Securities [Abstract] | |
Marketable Securities | Note 3. Marketable Securities We have a cash management program which provides for the investment of cash balances not used in current operations. We classify our investments in marketable securities as available-for-sale in accordance with the provisions of ASC 320, Investments – Debt and Equity Securities. Marketable securities classified as available-for-sale are reported at fair value with unrealized gains or losses, net of tax, reported in accumulated other comprehensive loss . As it relates to fixed income marketable securities, it is not likely we will be required to sell any of these investments before recovery of the entire amortized cost basis. In addition, as of April 29, 2017 , we anticipate we will recover the entire amortized cost basis of such fixed income securities, and we have determined no other-than-temporary impairments associated with credit losses were required to be recognized. The cost of securities sold is based on the specific identification method. Where quoted market prices are not available, we use the market price of similar types of securities traded in the market to estimate fair value. As of April 29, 2017 and April 30, 2016 , our available-for-sale securities consisted of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Balance as of April 29, 2017: Certificates of deposit $ 12,487 $ — $ — $ 12,487 U.S. Government securities 400 — — 400 U.S. Government sponsored entities 12,260 — (22 ) 12,238 Municipal bonds 7,574 14 — 7,588 $ 32,721 $ 14 $ (22 ) $ 32,713 Balance as of April 30, 2016: Certificates of deposit $ 14,927 $ — $ — $ 14,927 U.S. Government sponsored entities 8,523 — (1 ) 8,522 Municipal bonds 1,221 2 — 1,223 $ 24,671 $ 2 $ (1 ) $ 24,672 Realized gains or losses on investments are recorded in our consolidated statements of operations as other (expense) income, net. Upon the sale of a security classified as available-for-sale, the security’s specific unrealized gain (loss) is reclassified out of accumulated other comprehensive loss into earnings based on the specific identification method. In the fiscal years ended April 29, 2017 and April 30, 2016 , the reclassifications from accumulated other comprehensive loss to net assets were immaterial. All available-for-sale securities are classified as current assets, as they are readily available to support our current operating needs. The contractual maturities of available-for-sale debt securities as of April 29, 2017 were as follows: Less than 12 months 1-5 Years Total Certificates of deposit $ 6,536 $ 5,951 $ 12,487 U.S. Government securities 400 — 400 U.S. Government sponsored entities 5,588 6,650 12,238 Municipal obligations 2,905 4,683 7,588 $ 15,429 $ 17,284 $ 32,713 |
Business Combinations
Business Combinations | 12 Months Ended |
Apr. 29, 2017 | |
Business Combinations [Abstract] | |
Business Combinations | Note 4. Business Combinations Data Display Acquisition We acquired 100 percent ownership in Data Display, a European transportation display company, on August 11, 2014 for an undisclosed amount. The results of its operations have been included in our consolidated financial statements since the date of acquisition. We have not made pro forma disclosures because the results of its operations are not material to our consolidated financial statements. Data Display is a European based company focused on the design and manufacture of transportation displays. This acquisition allows our organization to better service transportation customers world-wide and broadens our leadership position on a global scale. This acquisition included a manufacturing plant in Ireland to manufacture transportation displays. This acquisition was funded with cash on hand. During the first quarter of fiscal 2016, the purchase price allocation for the Data Display acquisition was completed, the fair values of the consideration were paid and the contingent consideration was finalized. The excess of the purchase price over the net tangible and intangible assets of $1,463 was recorded as goodwill, which was primarily related to the value of an assembled workforce and is not deductible for tax purposes. Included in the purchase price allocation were acquired identifiable intangibles valued at $480 representing trademarks and technology with a useful life of 20 years and customer relationships valued at $84 with a useful life of 18 years. Also included in the purchase was $1,433 of property and equipment, $437 of investment in affiliates, $2,624 of inventory, $3,063 of accounts receivable, and $1,892 of other current assets, which was offset by current operating liabilities of $3,695 and long-term obligations of $950 . ADFLOW Acquisition We acquired 100 percent ownership in ADFLOW Networks, Inc. ("ADFLOW"), a Canadian company, on March 15, 2016 for an undisclosed amount. The results of its operations have been included in our consolidated financial statements since the date of acquisition. We have not made pro forma disclosures because the results of its operations are not material to our consolidated financial statements. ADFLOW is a Canadian company focused on digital media solutions. This acquisition will allow our organization to grow and strengthen our solution offering in digital media networks (DMN). We believe this will broaden our value proposition for our customers and deliver new offerings to the market. This acquisition was funded with cash on hand. During the fourth quarter of fiscal 2017, the purchase price allocation for the ADFLOW acquisition was completed and the contingent consideration was finalized. The excess of purchase price over the estimated net tangible and intangible assets of $2,557 was recorded as goodwill, which was primarily related to the value of an assembled workforce and is not deductible for tax purposes. Included in the purchase price allocation were acquired identifiable intangibles valued at $3,176 representing software and trademarks and customer relationships valued at $2,692 . Also included in the purchase price was $58 of property and equipment, $230 of inventory, $1,283 of accounts receivable, and $616 of other current assets, which was offset by current operating liabilities of $935 and long-term obligations of $1,387 . The purchase price includes deferred payments of $1,833 to be made over three years unless certain conditions in the business are not met. We have included the payment obligation in other long-term obligations in our consolidated balance sheets. ADFLOW contributed net sales of $9,922 during fiscal 2017. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Apr. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Long-Lived Assets | Note 5. Goodwill and Intangible Assets Goodwill The changes in the carrying amount of goodwill related to each reportable segment for the fiscal year ended April 29, 2017 were as follows: Live Events Commercial Transportation International Total Balance as of April 30, 2016: $ 2,304 $ 3,350 $ 75 $ 2,387 $ 8,116 Acquisition, net of cash acquired — 55 — — 55 Foreign currency translation (30 ) (206 ) (30 ) (93 ) (359 ) Balance as of April 29, 2017: $ 2,274 $ 3,199 $ 45 $ 2,294 $ 7,812 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. We complete this annual analysis during our third quarter of each fiscal year, based on the goodwill amount as of the first business day of our third fiscal quarter. The result of our analysis indicated no goodwill impairment existed for fiscal years 2017 , 2016 , and 2015 . Intangible Assets The following table summarizes intangible assets, net, as of April 29, 2017 and April 30, 2016 : April 29, 2017 Weighted Average Life (in years) Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Registered trademarks 20.0 $ 1,604 $ 429 $ 604 $ 571 Software 3.0 2,814 1,055 — 1,759 Customer relationships 9.7 3,209 608 226 2,375 Other 1.0 95 95 — — Total amortized intangible assets 9.3 $ 7,722 $ 2,187 $ 830 $ 4,705 April 30, 2016 Weighted Average Life (in years) Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Registered trademarks 18.3 $ 1,676 $ 194 $ — $ 1,482 Software 3.0 3,046 46 — 3,000 Customer relationships 9.7 3,449 300 — 3,149 Other 1.0 103 13 — 90 Total amortized intangible assets 8.8 $ 8,274 $ 553 $ — $ 7,721 During fiscal 2017, we chose to transition out of the non-digital market in our International business unit. We identified certain technology and customer lists with carrying values deemed to not be recoverable. Based on this evaluation, we recognized an impairment loss of $830 for non-digital related technology and customer list intangible assets. This was included in cost of goods sold and selling expense in the consolidated statement of operations. The impairment loss was calculated based on expected future cash flows using level 3 inputs. The level 3 inputs included weighted average estimated future cash flows from non-digital product sales and estimated selling value of non-digital intellectual property. In the fiscal years 2017 , 2016 , and 2015 , amortization expense including impairment related to intangible assets was $2,546 , $295 , and $204 , respectively. Amortization expenses are included primarily in product development and selling expense in the consolidated statement of operations. As of April 29, 2017 , amortization expenses for future periods were estimated to be as follows: Fiscal years ending Amount 2018 $ 1,250 2019 1,132 2020 312 2021 308 2022 285 Thereafter 1,418 Total expected amortization expense $ 4,705 |
Selected Financial Statement Da
Selected Financial Statement Data | 12 Months Ended |
Apr. 29, 2017 | |
Selected Financial Statement Data [Abstract] | |
Selected Financial Statement Data | Note 6. Selected Financial Statement Data Inventories consisted of the following: April 29, April 30, Raw materials $ 24,801 $ 28,184 Work-in-process 7,366 6,158 Finished goods 34,319 35,485 $ 66,486 $ 69,827 Inventories are reported net of the allowance for excess and obsolete inventory of $4,967 and $4,975 as of April 29, 2017 and April 30, 2016 , respectively. Property and equipment consisted of the following: April 29, April 30, Land $ 2,099 $ 2,155 Buildings 65,935 65,247 Machinery and equipment 84,189 82,973 Office furniture and equipment 5,604 14,746 Computer software and hardware 51,523 48,917 Equipment held for rental 374 374 Demonstration equipment 7,109 8,026 Transportation equipment 7,108 6,596 223,941 229,034 Less accumulated depreciation 157,192 155,871 $ 66,749 $ 73,163 Our depreciation expense was $16,732 , $16,561 , and $14,764 for the fiscal years 2017 , 2016 , and 2015 , respectively. In the fiscal years 2017 , 2016 , and 2015 , the pretax impairment charges for property and equipment were immaterial. The impairment charges were related to equipment obsoleted due to technology improvements or to custom demo equipment with no resale value. These impairment charges were included primarily in product development and selling expense in the consolidated statements of operations. Accrued expenses consisted of the following: April 29, April 30, Compensation $ 12,732 $ 12,065 Taxes, other than income taxes 3,878 3,969 Other 8,423 7,498 $ 25,033 $ 23,532 Other (expense) income, net consisted of the following: Year Ended April 29, April 30, May 2, Foreign currency transaction losses $ (331 ) $ (326 ) $ (514 ) Equity in losses of affiliates (136 ) — — Other 113 198 16 $ (354 ) $ (128 ) $ (498 ) |
Uncompleted Contracts
Uncompleted Contracts | 12 Months Ended |
Apr. 29, 2017 | |
Contractors [Abstract] | |
Uncompleted Contracts | Note 7. Uncompleted Contracts Uncompleted contracts consisted of the following: April 29, April 30, Costs incurred $ 508,993 $ 530,594 Estimated earnings 161,611 173,356 670,604 703,950 Less billings to date 645,098 684,111 $ 25,506 $ 19,839 Uncompleted contracts are included in the accompanying consolidated balance sheets as follows: April 29, April 30, Costs and estimated earnings in excess of billings $ 36,403 $ 30,200 Billings in excess of costs and estimated earnings (10,897 ) (10,361 ) $ 25,506 $ 19,839 |
Receivables
Receivables | 12 Months Ended |
Apr. 29, 2017 | |
Receivables [Abstract] | |
Receivables | Note 8. Receivables We sell our products throughout the United States and in certain foreign countries on credit terms we establish for each customer. On the sale of certain products, we have the ability to file a contractor’s lien against the product installed as collateral and to file claims against surety bonds to protect our interest in receivables. Foreign sales are at times secured by irrevocable letters of credit or bank guarantees. Accounts receivable are reported net of an allowance for doubtful accounts of $2,610 and $2,797 at April 29, 2017 and April 30, 2016 , respectively. Included in accounts receivable as of April 29, 2017 and April 30, 2016 was $1,857 and $437 , respectively, of retainage on construction-type contracts, all of which are expected to be collected within one year. We make estimates regarding the collectability of our accounts receivable, long-term receivables, costs and estimated earnings in excess of billings and other receivables. In evaluating the adequacy of our allowance for doubtful accounts, we analyze specific balances, customer creditworthiness, changes in customer payment cycles, and current economic trends. If the financial condition of any customer were to deteriorate, resulting in an impairment of its ability to make payments, additional allowances may be required. We charge off receivables at such time as it is determined collection will not occur. Charge-offs of receivables and our allowance for doubtful accounts related to financing receivables are not material to our financial results. In connection with certain sales transactions, we have entered into sales contracts with installment payments exceeding six months and sales-type leases. The present value of these contracts and leases is recorded as a receivable as the revenue is recognized in accordance with U.S. GAAP, and profit is recognized to the extent the present value is in excess of cost. We generally retain a security interest in the equipment or in the cash flow generated by the equipment until the contract is paid. The present value of long-term contracts and lease receivables, including accrued interest and current maturities, was $4,890 and $7,038 as of April 29, 2017 and April 30, 2016 , respectively. Contract and lease receivables bearing annual interest rates of 4.8 to 10.0 percent are due in varying annual installments through August 2024 . The face amount of long-term receivables was $5,201 as of April 29, 2017 and $7,236 as of April 30, 2016 . |
Financing Agreements
Financing Agreements | 12 Months Ended |
Apr. 29, 2017 | |
Debt Disclosure [Abstract] | |
Financing Agreements | Note 9. Financing Agreements We have a credit agreement with a U.S. bank for a $35,000 line of credit, which includes up to $15,000 for standby letters of credit. On November 15, 2016, we entered into a credit agreement and a related revolving note with a U.S. bank. The agreement and note have a maturity date of November 15, 2019. The revolving amount of the agreement and note is $35,000 , including up to $15,000 for commercial and standby letters of credits. The interest rate ranges from LIBOR plus 145 basis points to LIBOR plus 195 basis points depending on the ratio of our interest-bearing debt to EBITDA. EBITDA is defined as net income before deductions for interest expense, income taxes, depreciation and amortization, all as determined in accordance with U.S. GAAP. The effective interest rate was 2.4 percent at April 29, 2017 . We are assessed a loan fee equal to 0.125 percent per annum of any unused portion of the loan. As of April 29, 2017 , there were no advances to us under the loan portion of the line of credit, and the balance of letters of credit outstanding was approximately $4,089 . The credit agreement is unsecured and requires us to be in compliance with the following financial ratios: • A minimum fixed charge coverage ratio of at least 2 to 1 at the end of any fiscal year. The ratio is equal to (a) EBITDA less dividends or other distributions (with the exception of any U.S. bank approved special cash dividend), a capital expenditure reserve of $6,000 , and income tax expenses paid in cash, but excluding cash used to repurchase any Daktronics, Inc. stock over (b) all principal and interest payments with respect to debt, excluding principal payments on the line of credit; and • A ratio of interest-bearing debt, excluding any marketing obligations, to EBITDA of less than 1 to 1 at the end of any fiscal quarter. On November 15, 2016, we entered into an amended and restated loan agreement and a continuing and unlimited guaranty agreement with another U.S. bank which supports our credit needs outside of the United States. The loan and guaranty have a maturity date of November 15, 2019. The revolving amount of the loan is $20,000 . We will use the borrowings under the agreement to support credit needs for general corporate purposes outside the United States. This credit agreement is unsecured. It contains the same covenants as the credit agreement on the line of credit and contains an inter creditor agreement whereby the debt has a cross default provision with the primary credit agreement. Total credit allowed between the two credit agreements is limited to $40,000 . The interest rate is equal to LIBOR plus 1.5 percent . We are assessed a fixed loan fee of $5 per quarter. As of April 29, 2017 , there were no advances outstanding under the loan agreement and approximately $6,377 in bank guarantees under this line of credit. As of April 29, 2017 , we were in compliance with all applicable covenants. |
Share Repurchase Program Share
Share Repurchase Program Share Repurchase Program | 12 Months Ended |
Apr. 29, 2017 | |
Share Repurchase Program [Abstract] | |
Treasury Stock [Text Block] | Note 10. Share Repurchase Program On June 17, 2016 , our Board of Directors approved a stock repurchase program under which Daktronics, Inc. may purchase up to $40,000 of its outstanding shares of common stock. Under this program, we may repurchase shares from time to time in open market transactions and in privately negotiated transactions based on business, market, applicable legal requirements and other considerations. The repurchase program does not require the repurchase of a specific number of shares and may be terminated at any time. During fiscal 2017, we repurchased 284 shares of common stock at a total cost of $1,825 . We may repurchase up to an additional $38,175 of common stock under the current Board authorization. |
Shareholders' Equity and Share-
Shareholders' Equity and Share-Based Compensation | 12 Months Ended |
Apr. 29, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shareholders' Equity and Share-Based Compensation | Note 11. Shareholders’ Equity and Share-Based Compensation Common stock : Our authorized shares of 120,000 consist of 115,000 shares of common stock and 5,000 shares of “undesignated stock.” Our Board of Directors has the power to issue any or all of the shares of undesignated stock without shareholder approval, including the authority to establish the rights and preferences of the undesignated stock. Each outstanding share of our common stock includes one common share purchase right. Each right entitles the registered holder to purchase from us one-tenth of one share of common stock at a price of $100 per common share, subject to adjustment and the terms of the shareholder rights agreement under which the dividend was declared and paid. The rights become exercisable immediately after the earlier of (i) 10 business days following a public announcement that a person or group has acquired beneficial ownership of 15 percent or more of our outstanding common shares (subject to certain exclusions) or (ii) 10 business days following the commencement or announcement of an intention to make a tender offer or exchange offer for our common shares, the consummation of which would result in the beneficial ownership by a person or group of 15 percent or more of our outstanding common shares. The rights expire on November 19, 2018, which date may be extended by our Board subject to certain additional conditions. Stock incentive plans : During fiscal 2016, we established the 2015 Stock Incentive Plan (“2015 Plan”) and ceased granting options under the 2007 Stock Incentive Plan ("2007 Plan"). The 2015 Plan provides for the issuance of stock-based awards, including stock options, restricted stock, restricted stock units and deferred stock, to employees, directors and consultants. Stock options issued to employees under the plans generally have a 10 -year life, an exercise price equal to the fair market value on the grant date and a five -year annual vesting period. Stock options granted to independent directors under these plans have a seven -year life and an exercise price equal to the fair market value on the date of grant. Stock options granted to independent directors vest in one year. The restricted stock granted to independent directors vests in one year, provided that they remain on the Board. Restricted stock units are granted to employees and have a five -year annual vesting period. As with stock options, restricted stock and restricted stock unit ownership cannot be transferred during the vesting period. At April 29, 2017 , the aggregate number of shares available for future grant under the 2015 Plan for stock options and restricted stock awards was 2,215 shares . Shares of common stock subject to all stock awards granted under the 2015 Plan are counted as one share of stock for each share of stock subject to the award. Although the 2007 Plan remains in effect for options outstanding, no new options can be granted under this plan. Restricted stock and restricted stock units : We issue restricted stock to our non-employee directors and restricted stock units to employees. Restricted stock issued to non-employee directors are participating securities and receive dividends prior to vesting. Unvested restricted stock will terminate and be forfeited upon termination of employment or service. The fair value of restricted stock and our restricted stock unit awards are measured on the grant date based on the market value of our common stock. The related compensation expense as calculated under ASC 718, net of estimated forfeitures, is recognized over the applicable vesting period. Unrecognized compensation expense related to the restricted stock and restricted stock unit awards was approximately $2,485 at April 29, 2017 , which is expected to be recognized over a weighted-average period of 2.9 years. The total fair value of restricted stock vested was $1,214 , $1,191 , and $1,089 for fiscal years 2017 , 2016 , and 2015 , respectively. A summary of nonvested restricted stock and restricted stock units for fiscal years 2017 , 2016 , and 2015 is as follows: Year Ended April 29, 2017 April 30, 2016 May 2, 2015 Number of Nonvested Shares Weighted Average Grant Date Fair Value Per Share Number of Nonvested Shares Weighted Average Grant Date Fair Value Per Share Number of Nonvested Shares Weighted Average Grant Date Fair Value Per Share Outstanding at beginning of year 384 $ 9.10 344 $ 10.63 318 $ 9.59 Granted 157 8.00 159 7.04 150 12.25 Vested (134 ) 9.03 (110 ) 10.76 (111 ) 9.83 Forfeited (5 ) 8.98 (9 ) 10.69 (13 ) 10.70 Outstanding at end of year 402 $ 8.69 384 $ 9.10 344 $ 10.63 Stock Options : We issue incentive stock options to our employees and non-qualified stock options to our independent directors. A summary of stock option activity under all stock option plans during the fiscal year ended April 29, 2017 is as follows: Stock Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at April 30, 2016 2,606 $ 13.50 4.57 $ 158 Granted 234 9.57 — — Canceled or forfeited (320 ) 29.41 — — Exercised (39 ) 8.78 — 64 Outstanding at April 29, 2017 2,481 $ 11.15 4.53 $ 768 Shares vested and expected to vest 2,458 $ 11.16 4.50 $ 762 Exercisable at April 29, 2017 1,868 $ 11.49 3.49 $ 635 The aggregate intrinsic value of stock options represents the difference between the exercise price of stock options and the fair market value of the underlying common stock for all in-the-money options. We define in-the-money options at April 29, 2017 as options having exercise prices lower than the $9.46 per share market price of our common stock on that date. There were in-the-money options to purchase 891 shares exercisable at April 29, 2017 . The total intrinsic value of options exercised during fiscal years 2017 , 2016 , and 2015 was $64 , $132 , and $533 , respectively. The total fair value of stock options vested was $1,102 , $1,190 , and $1,294 for fiscal years 2017 , 2016 , and 2015 , respectively. We estimate the fair value of stock options granted using the Black-Scholes option valuation model. We recognize the fair value of the stock options on a straight-line basis as compensation expense. All options are recognized over the requisite service periods of the awards, which are generally the vesting periods. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions, including the expected stock price volatility. ASC 718 requires us to estimate forfeitures at the time of grant and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. We use historical data to estimate pre-vesting option forfeitures and record share-based compensation expense only for those awards expected to vest. The following factors are the significant assumptions used in the computation of the fair value of options: Expected life . The expected life of options granted represents the period of time they are expected to be outstanding. We estimate the expected life of options granted based on historical exercise patterns, which we believe are representative of future behavior. We have examined our historical pattern of option exercises in an effort to determine if there were any discernible patterns of activity based on certain demographic characteristics. Demographic characteristics tested included age, salary level, job level and geographic location. We have determined there were no meaningful differences in option exercise activity based on the demographic characteristics tested. Expected volatility . We estimate the volatility of our common stock at the date of grant based on historical volatility consistent with ASC 718 and SEC Staff Accounting Bulletin No. 107, Share Based Payments . Risk-free interest rate. The rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a term similar to the expected life of the options. Dividend yield. We use an expected dividend yield consistent with our historical dividend yield pattern. The following table provides the weighted-average fair value of options granted and the related assumptions used in the Black-Scholes model: Year Ended April 29, April 30, May 2, Fair value of options granted $ 2.93 $ 2.92 $ 5.44 Risk-free interest rate 1.31 - 1.44% 1.70 - 1.90% 1.93 - 2.14% Expected dividend rate 3.15 % 2.78 % 2.60 % Expected volatility 44.12 - 44.51% 42.71 - 48.32% 48.01 - 51.89% Expected life of option 5.78 - 6.98 years 5.78 - 6.98 years 5.84 - 6.95 years Employee stock purchase plan : We have an employee stock purchase plan (“ESPP”), which enables employees after six months of continuous employment to elect, in advance and semi-annually, to contribute up to 15 percent of their compensation, subject to certain limitations, toward the purchase of our common stock at a purchase price equal to 85 percent of the lower of the fair market value of the common stock on the first or last day of the participation period. The ESPP requires participants to hold any shares purchased under the ESPP for a minimum period of one year after the date of purchase. Compensation expense recognized on shares issued under our ESPP is based on the value of a traded option to purchase shares of our stock at a 15 percent discount to the stock price. The total number of shares reserved under the ESPP is 2,500 . The number of shares of common stock issued under the ESPP totaled 118 , 227 , and 248 shares in fiscal 2017 , 2016 , and 2015 , respectively. The number of shares of common stock reserved for future employee purchases under the ESPP totaled 396 shares at April 29, 2017 . The ESPP is intended to qualify under Section 423 of the Internal Revenue Code of 1986 (the "Code"). Total share-based compensation expense : As of April 29, 2017 , there was $3,991 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under all equity compensation plans. Total unrecognized compensation cost will be adjusted for future changes in estimated forfeitures. We expect to recognize the cost over a weighted-average period of 2.7 years. The following table presents a summary of the share-based compensation expense by equity type as follows: Year Ended April 29, April 30, May 2, Stock options $ 1,072 $ 1,179 $ 1,311 Restricted stock and stock units 1,287 1,237 1,234 Employee stock purchase plans 555 542 493 $ 2,914 $ 2,958 $ 3,038 A summary of the share-based compensation expenses for stock options, restricted stock, restricted stock units and shares issued under the ESPP for fiscal years 2017 , 2016 , and 2015 is as follows: Year Ended April 29, April 30, May 2, Cost of goods sold $ 714 $ 751 $ 737 Selling 723 780 825 General and administrative 877 839 908 Product design and development 600 588 568 $ 2,914 $ 2,958 $ 3,038 We received $343 in cash from option exercises under all share-based payment arrangements for the fiscal year ended April 29, 2017 . The tax benefit (expense) related to non-qualified options and restricted stock units under all share-based payment arrangements totaled $2 , $(69) , and $3 for fiscal years 2017 , 2016 , and 2015 , respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Apr. 29, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 12. Employee Benefit Plans We sponsor a 401(k) savings plan under which eligible U.S. employees may choose to make voluntary contributions of such employees' compensation on a pretax basis, subject to certain Internal Revenue Service ("IRS") limits. We make matching cash contributions equal to 50 percent of the employee's qualifying contribution up to six percent of such employee's compensation. Employees are eligible to participate upon completion of one year of service if they have attained the age of 21 and have worked more than 1000 hours during such plan year. We contributed $2,463 , $2,382 and $2,013 to the plan for fiscal years 2017 , 2016 , and 2015 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 29, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13. Income Taxes The pretax income attributable to domestic and foreign operations was as follows: Year Ended April 29, April 30, May 2, Domestic $ 16,010 $ 3,264 $ 29,194 Foreign (422 ) (138 ) 2,489 Income before income taxes $ 15,588 $ 3,126 $ 31,683 Income tax expense consisted of the following: Year Ended April 29, April 30, May 2, Current: Federal $ 5,268 $ (467 ) $ 6,657 State 1,158 123 1,150 Foreign 863 557 848 Deferred: Federal (1,625 ) 463 1,906 State (397 ) (89 ) 307 Foreign (21 ) 478 (67 ) $ 5,246 $ 1,065 $ 10,801 A reconciliation of the provision for income taxes and the amount computed by applying the federal statutory rate to income before income taxes is as follows: Year Ended April 29, April 30, May 2, Computed income tax expense at federal, state and local jurisdiction statutory rates $ 5,456 $ 1,063 $ 11,089 State taxes, net of federal benefit 539 40 1,016 Research and development tax credit (1,573 ) (2,015 ) (1,292 ) Meals and entertainment 299 334 369 Stock compensation 497 525 566 Dividends paid to retirement plan (293 ) (323 ) (352 ) Domestic production activities deduction (542 ) (91 ) (529 ) Change in valuation allowances 388 1,265 (2,295 ) Change in uncertain tax positions 97 125 2,357 Other, net 378 142 (128 ) $ 5,246 $ 1,065 $ 10,801 The components of the net deferred tax asset were as follows: April 29, April 30, Deferred tax assets: Accrued warranty obligations $ 10,469 $ 11,407 Vacation accrual 2,100 1,963 Net losses on investments — 336 Deferred maintenance revenue 1,336 341 Allowance for excess and obsolete inventory 1,254 1,314 Equity compensation 848 745 Allowance for doubtful accounts 677 703 Inventory capitalization 354 595 Accrued compensation and benefits 1,232 1,015 Unrealized loss on foreign currency exchange 226 — Net operating loss carry forwards 1,772 1,404 Research and development tax credit carry forwards 311 1,005 Other 1,266 617 21,845 21,445 Valuation allowance (2,061 ) (1,673 ) 19,784 19,772 Deferred tax liabilities: Property and equipment (6,762 ) (7,988 ) Prepaid expenses (601 ) (631 ) Intangible assets (1,809 ) (1,479 ) Unrealized gain on foreign currency exchange — (931 ) Other (156 ) (60 ) (9,328 ) (11,089 ) $ 10,456 $ 8,683 The classification of net deferred tax assets in the accompanying consolidated balance sheets is: April 29, April 30, Non-current assets $ 11,292 $ 9,437 Non-current liabilities (836 ) (754 ) $ 10,456 $ 8,683 The changes in the amounts recorded for uncertain tax positions are: April 29, 2017 April 30, 2016 May 2, 2015 Balance at beginning of year $ 3,016 $ 2,891 $ 494 Gross increases related to prior period tax positions 235 137 6 Gross increases related to current period tax positions — 8 2,496 Lapse of statute of limitations (138 ) (20 ) (105 ) Balance at end of year $ 3,113 $ 3,016 $ 2,891 All of our unrecognized tax benefits would have an impact on the effective tax rate if recognized. It is reasonably possible that the amount of unrecognized tax benefits could change due to one or more of the following events in the next 12 months: expiring statutes, audit activity, tax payments, or competent authority proceedings. We are not able to reasonably estimate the amount or the future periods in which changes in unrecognized tax benefits may be resolved; however, we do not anticipate any significant changes within the next 12 months. Interest and penalties incurred associated with uncertain tax positions are included in income tax expense. In fiscal 2015, the Tax Court's decision in Pilgrim's Pride Corporation v. Commissioner was overturned by the federal Fifth Circuit Court of Appeals. Hence, we abandoned our partnership interest and recorded an ordinary loss on our 2015 federal tax return, thereby moving the asset and valuation allowance into our current tax provision and recording a current deduction. Because our position has a chance of being disallowed, we believe we cannot reach the more-likely-than not conclusion that this ordinary loss will be realized. Therefore, we have maintained an uncertain tax accrual. We will continue to evaluate the facts and circumstances of this case and adjust our accrual accordingly. As of April 29, 2017 , we had foreign net operating loss (“NOL”) carryforwards of approximately $7,754 primarily related to our operations in Belgium and Ireland, which have indefinite lives. $138 of the NOL carryforwards is related to operations in Canada and expires in 2036. A deferred tax asset has been recorded for all NOL carryforwards totaling approximately $1,772 . However, due to uncertainty in future taxable income in Ireland and Belgium, a full valuation allowance totaling approximately $1,724 has been recorded. If sufficient evidence of our ability to generate future taxable income in the jurisdictions in which we currently maintain a valuation allowance causes us to determine that our deferred tax assets are more likely than not realizable, we would release our valuation allowance, which would result in an income tax benefit being recorded in our consolidated statement of operations. Additional tax information: In the normal course of business, income tax authorities in various income tax jurisdictions both within the United States and internationally conduct routine audits of our income tax returns filed in prior years. Income tax years are open for the United States jurisdiction for fiscal years 2014 through 2016. International jurisdictions have open tax years varying by location beginning in fiscal 2007. We have no deferred tax liability recognized relating to our investment in foreign subsidiaries where the earnings have been indefinitely reinvested. If circumstances change and it becomes apparent that some or all of the undistributed untaxed earnings of a subsidiary will be remitted to the United States, we will accrue a tax expense at that time. We have approximately $11,483 of untaxed earnings which have indefinitely been reinvested. Determination of the amount of any unrecognized deferred income tax liability on these earnings is not practicable. We recognized a (benefit) expense of $(59) , $232 and $14 in net interest and penalties during fiscal years ended 2017 , 2016 , and 2015 , respectively. Interest and penalties recognized are recorded in income taxes in our consolidated statements of operations. We had accrued $170 and $94 in net interest or penalties as of April 29, 2017 and April 30, 2016 , respectively. |
Cash Flow Information
Cash Flow Information | 12 Months Ended |
Apr. 29, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow Information | Note 14. Cash Flow Information The changes in operating assets and liabilities consisted of the following: Year Ended April 29, April 30, May 2, (Increase) decrease: Restricted cash $ (18 ) $ 298 $ 18 Account receivable (2,718 ) 3,789 6,412 Long-term receivables 2,213 2,851 3,234 Inventories 3,581 (5,100 ) (1,907 ) Costs and estimated earnings in excess of billings (6,203 ) 4,867 (1,667 ) Prepaid expenses and other current assets (980 ) 1,290 (575 ) Income taxes receivables 4,201 1,061 (3,084 ) Investment in affiliates and other assets (475 ) (776 ) 912 Increase (decrease): Current marketing obligations and other payables 857 21 (146 ) Accounts payable 5,544 (9,926 ) 5,594 Customer deposits (billed or collected) (1,514 ) (941 ) (1,315 ) Accrued expenses 2,351 776 3,128 Warranty obligations (2,986 ) 4,726 (2,638 ) Billings in excess of costs and estimated earnings 536 (13,436 ) 1,314 Long-term warranty obligations 389 (710 ) 1,869 Income taxes payable 1,331 (37 ) (627 ) Deferred revenue (billed or collected) 1,256 2,120 (250 ) Long-term marketing obligations and other payables (43 ) (456 ) 3,468 $ 7,322 $ (9,583 ) $ 13,740 Supplemental disclosures of cash flow information consisted of the following: Year Ended April 29, April 30, May 2, Cash payments for: Interest $ 228 $ 303 $ 289 Income taxes, net of refunds 3,196 (824 ) 8,690 Supplemental schedule of non-cash investing and financing activities consisted of the following: Year Ended April 29, April 30, May 2, Demonstration equipment transferred to inventory $ 218 $ 227 $ 34 Purchases of property and equipment included in accounts payable 2,524 142 1,510 Contributions of common stock under the ESPP 840 1,777 2,512 Contingent consideration related to acquisition of ADFLOW 31 1,955 — |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Apr. 29, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Note 15. Fair Value Measurement ASC 820, Fair Value Measurement, defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. It also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy within ASC 820 distinguishes between the following three levels of inputs which may be utilized when measuring fair value. Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices included within Level 1 for the assets or liabilities, either directly or indirectly (for example, quoted market prices for similar assets and liabilities in active markets or quoted market prices for identical assets or liabilities in markets not considered to be active, inputs other than quoted prices that are observable for the asset or liability, or market-corroborated input). Level 3 - Unobservable inputs supported by little or no market activity based on our own assumptions used to measure assets and liabilities. The fair values for fixed-rate contracts receivable are estimated using a discounted cash flow analysis based on interest rates currently being offered for contracts with similar terms to customers with similar credit quality. The carrying amounts reported on our consolidated balance sheets for contracts receivable approximate fair value and have been categorized as a Level 2 fair value measurement. Fair values for fixed-rate long-term marketing obligations are estimated using a discounted cash flow calculation applying interest rates currently being offered for debt with similar terms and underlying collateral. The total carrying value of long-term marketing obligations as reported on our consolidated balance sheets within other long-term obligations approximates fair value and has been categorized as a Level 2 fair value measurement. 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 April 29, 2017 and April 30, 2016 according to the valuation techniques we used to determine their fair values. There have been no transfers of assets or liabilities among the fair value hierarchies presented. Fair Value Measurements Level 1 Level 2 Level 3 Total Balance as of April 29, 2017: Cash and cash equivalents $ 32,623 $ — $ — $ 32,623 Restricted cash 216 — — 216 Available-for-sale securities: Certificates of deposit — 12,487 — 12,487 U.S. Government securities 400 — — 400 U.S. Government sponsored entities — 12,238 — 12,238 Municipal obligations — 7,588 — 7,588 Derivatives - asset position — 64 — 64 Derivatives - liability position — (277 ) — (277 ) Contingent liability — — (1,891 ) (1,891 ) $ 33,239 $ 32,100 $ (1,891 ) $ 63,448 Balance as of April 30, 2016: Cash and cash equivalents $ 28,328 $ — $ — $ 28,328 Restricted cash 198 — — 198 Available-for-sale securities: Certificates of deposit — 14,927 — 14,927 U.S. Government sponsored entities — 8,522 — 8,522 Municipal obligations — 1,223 — 1,223 Derivatives - liability position — (453 ) — (453 ) Contingent liability — — (1,955 ) (1,955 ) $ 28,526 $ 24,219 $ (1,955 ) $ 50,790 A roll forward of the Level 3 contingent liability, both short and long-term, for the year ended April 29, 2017 is as follows: Contingent liability as of April 30, 2016 $ 1,955 Fair value adjustments 31 Interest accretion 53 Foreign currency translation (148 ) Contingent liability as of April 29, 2017 $ 1,891 The following methods and assumptions were used to estimate the fair value of each class of financial instrument. There have been no changes in the valuation techniques used by us to value our financial instruments. Cash and cash equivalents : Consists of cash on hand in bank deposits and highly liquid investments, primarily money market accounts. The fair value was measured using quoted market prices in active markets. The carrying amount approximates fair value. Restricted cash : Consists of cash and cash equivalents held in bank deposit accounts to secure issuances of foreign bank guarantees. The fair value of restricted cash was measured using quoted market prices in active markets. The carrying amount approximates fair value. Certificates of deposit : Consists of time deposit accounts with original maturities of less than three years and various yields. The fair value of these securities was measured based on valuations observed in less active markets than Level 1 investments from a third-party financial institution. The carrying amount approximates fair value. U.S. Government securities : Consists of U.S. Government treasury bills, notes, and bonds with original maturities of less than three years and various yields. The fair value of these securities was measured using quoted market prices in active markets. U.S. Government sponsored entities : Consist of Fannie Mae and Federal Home Loan Bank investment grade debt securities trading with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. The fair value of these securities was measured based on valuations observed in less active markets than Level 1 investments. The contractual maturities of these investments vary from one month to three years. Municipal obligations : Consist of investment grade municipal bonds trading with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. The contractual maturities of these investments vary from two to three years. The fair value of these bonds was measured based on valuations observed in less active markets than Level 1 investments. Derivatives – currency forward contracts : Consists of currency forward contracts trading with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. The fair value of these securities was measured based on a valuation from a third-party bank. See " Note 16. Derivative Financial Instruments " for more information regarding our derivatives. Contingent liability : Consists of the fair value of a liability measured on expected future payments relating to a business acquisition if future financial performance measures are achieved. The contingent liability was calculated by estimating the discounted present value of expected future payments for estimated performance measure attainment. To estimate future performance measure attainment, we utilized significant unobservable inputs as of April 29, 2017 and April 30, 2016 . The unobservable inputs included management expectations and forecasts for business performance and an estimated discount rate based on current borrowing interest rates. To the extent that these assumptions changed or actual results differed from these estimates, the fair value of the contingent consideration liabilities could change. The contingent liability is presented in other long-term obligations in our consolidated balance sheets. Non-recurring measurements: The fair value measurement standard also applies to certain non-financial assets and liabilities measured at fair value on a nonrecurring basis. Certain long-lived assets such as goodwill, intangible assets and property, plant and equipment are measured at fair value in connection with business combinations or when an impairment is recognized and the related assets are written down to fair value. We did not have any business combinations during the year ended April 29, 2017 and used Level 3 inputs to value the assets and liabilities for business combinations during fiscal 2016. See " Note 4. Business Combinations " for more information. We used Level 3 inputs to measure and record a technology and customer list intangible asset impairment of $830 during fiscal 2017. See " Note 5. Goodwill and Intangible Assets " for more information. Other measurements using fair value : Some of our financial instruments, such as accounts receivable, long-term receivables, prepaid expense and other assets, costs and earnings in excess of billings and billings in excess of costs, accounts payable, warranty obligations, customer deposits, deferred revenue, and other long-term obligations, are reflected in the balance sheet at carrying value, which approximates fair value due to their short-term nature. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Apr. 29, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 16. Derivative Financial Instruments We utilize derivative financial instruments to manage the economic impact of fluctuations in currency exchange rates on those transactions denominated in currencies other than our functional currency, which is the U.S. dollar. We enter into currency forward contracts to manage these economic risks. We account for all derivatives on the balance sheet within accounts receivable or accounts payable measured at fair value, and changes in fair values are recognized in earnings unless specific hedge accounting criteria are met for cash flow or net investment hedges. As of April 29, 2017 and April 30, 2016 , we had not designated any of our derivative instruments as accounting hedges, and thus we recorded the changes in fair value in other (expense) income, net. The foreign currency exchange contracts in aggregated notional amounts in place to exchange U.S. dollars at April 29, 2017 and April 30, 2016 were as follows: April 29, 2017 April 30, 2016 U.S. Dollars Foreign Currency U.S. Dollars Foreign Currency Foreign Currency Exchange Forward Contracts: U.S. Dollars/Australian Dollars 7,984 10,669 7,216 10,027 U.S. Dollars/Canadian Dollars 256 345 563 771 U.S. Dollars/British Pounds 4,936 3,959 1,795 1,263 U.S. Dollars/Singapore Dollars 605 844 261 356 U.S. Dollars/Euros 528 491 147 132 As of April 29, 2017 , there was a net asset and liability of $64 and $277 , respectively, and as of April 30, 2016 , there was a net liability of $453 representing the fair value of foreign currency exchange forward contracts, which was determined using Level 2 inputs from a third-party bank. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 29, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 17. Commitments and Contingencies Litigation: We are a party to legal proceedings and claims which arise during the ordinary course of business. We review our legal proceedings and claims, regulatory reviews and inspections, and other legal matters on an ongoing basis and follow appropriate accounting guidance when making accrual and disclosure decisions. We establish accruals for those contingencies when the incurrence of a loss is probable and can be reasonably estimated, and we disclose the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for our financial statements to not be misleading. We do not record an accrual when the likelihood of loss being incurred is probable, but the amount cannot be reasonably estimated, or when the loss is believed to be only reasonably possible or remote, although disclosures will be made for material matters as required by ASC 450-20, Contingencies - Loss Contingencies . Our assessment of whether a loss is reasonably possible or probable is based on our assessment and consultation with legal counsel regarding the ultimate outcome of the matter following all appeals. As of April 29, 2017 and April 30, 2016 , we did not believe there was a reasonable probability that any material loss for these various claims or legal actions, including reviews, inspections or other legal proceedings, if any, would be incurred. Accordingly, no material accrual or disclosure of a potential range of loss has been made related to these matters. In the opinion of management, the ultimate liability of all unresolved legal proceedings is not expected to have a material effect on our financial position, liquidity or capital resources. Warranties: We offer a standard parts coverage warranty for periods varying from one to five years for most of our products. We also offer additional types of warranties to include on-site labor, routine maintenance and event support. In addition, the terms of warranties on some installations can vary from one to 10 years. The specific terms and conditions of these warranties vary primarily depending on the type of the product sold. We estimate the costs which may be incurred under the contractual warranty obligations and record a liability in the amount of such estimated costs at the time the revenue is recognized. Factors affecting our estimate of the cost of our warranty obligations include historical experience and expectations of future conditions. We continually assess the adequacy of our recorded warranty accruals and, to the extent we experience any changes in warranty claim activity or costs associated with servicing those claims, our accrued warranty obligation is adjusted accordingly. During fiscal 2016, we discovered a warranty issue caused by a mechanical device failure within a module for displays primarily in our OOH applications built prior to fiscal 2013. The device failure causes a visual defect in the display. Over the past 18 months, we have deployed preventative maintenance to sites impacted and repaired the defective devices in our repair center. When certain site locations have exceeded an acceptable failure rate, we have refurbished the display to meet customers’ expectations under contractual obligations. We increased our accrued warranty obligations by $1,766 during fiscal 2017, $9,174 during fiscal 2016, and $1,168 during fiscal 2015 for probable and reasonably estimable costs to remediate this issue. As of April 29, 2017 , we had $3,079 remaining in accrued warranty obligations for the estimate of probable future claims related to this issue. While many of our contractual warranty arrangements are nearing expiration for product with this issue, we may experience additional discretionary costs to maintain customer relationships or for higher than expected failure rates. Accordingly, it is possible that the ultimate cost to resolve this matter may increase and be materially different from the amount of the current estimate and accrual. Changes in our warranty obligation for the fiscal years ended April 29, 2017 and April 30, 2016 consisted of the following: April 29, 2017 April 30, 2016 Beginning accrued warranty obligations $ 30,496 $ 26,481 Warranties issued during the period 10,930 10,528 Settlements made during the period (16,790 ) (18,377 ) Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations 3,263 11,864 Ending accrued warranty obligations $ 27,899 $ 30,496 Performance guarantees: We have entered into standby letters of credit and surety bonds with financial institutions relating to the guarantee of our future performance on contracts, primarily construction type contracts. As of April 29, 2017 , we had outstanding letters of credit and surety bonds in the amount of $10,466 and $39,994 , respectively. Performance guarantees are issued to certain customers to guarantee the operation and installation of the equipment and our ability to complete a contract. These performance guarantees have various terms, which are generally one year. Leases: We lease vehicles, office space and various equipment for various global sales and service locations, including manufacturing space in the United States and China. Some of these leases, including the lease for manufacturing facilities in Sioux Falls, South Dakota, include provisions for extensions or purchase. The lease for the facilities in Sioux Falls, South Dakota can be extended for an additional five years past its current term, which ends approximately March 31, 2022, and it contains an option to purchase the property subject to the lease from March 31, 2017 to March 31, 2022 for $9,000 , which approximates fair value. If the lease is extended, the purchase option increases to $9,090 for the year ending March 31, 2023 and $9,180 for the year ending March 31, 2024. Rental expense for operating leases was $3,175 , $3,031 and $3,020 for the fiscal years 2017 , 2016 , and 2015 , respectively. Future minimum payments under noncancelable operating leases, excluding executory costs such as management and maintenance fees, with initial or remaining terms of one year or more consisted of the following at April 29, 2017 : Fiscal years ending Amount 2018 $ 2,740 2019 2,038 2020 1,740 2021 1,545 2022 1,298 Thereafter 422 $ 9,783 Purchase commitments: From time to time, we commit to purchase inventory, advertising, cloud-based information systems, information technology maintenance and support services, and various other products and services over periods that extend beyond one year. As of April 29, 2017 , we were obligated under the following conditional and unconditional purchase commitments, which included $400 in conditional purchase commitments: Fiscal years ending Amount 2018 $ 3,251 2019 1,030 2020 253 2021 253 2022 143 Thereafter 379 $ 5,309 Other long-term obligations: We are obligated to pay the following payments for acquisitions and for other various obligations: April 29, 2017 April 30, 2016 Advertising $ 580 $ 589 Deferred purchase price 2,479 3,228 Other 165 214 Total outstanding 3,224 4,031 Less: current liability 1,506 681 Other long-term obligations $ 1,718 $ 3,350 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Apr. 29, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 18. Subsequent Events On June 1, 2017 , our Board of Directors declared a regular quarterly dividend of $0.07 per share on our common stock payable on June 23, 2017 to holders of record of our common stock on June 13, 2017 . |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Apr. 29, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Note 19. Quarterly Financial Data (Unaudited) The following table presents summarized quarterly financial data: Fiscal 2017 Quarter Ended July 30, October 29, January 28, April 29, Net sales $ 157,146 $ 169,992 $ 115,719 $ 143,682 Gross profit 39,067 44,308 23,316 33,724 Net income (loss) 5,539 9,021 (5,127 ) 909 Basic earnings (loss) per share 0.13 0.21 (0.12 ) 0.02 Diluted earnings (loss) per share 0.13 0.20 (0.12 ) 0.02 Fiscal 2016 Quarter Ended August 1, October 31, January 30, April 30, Net sales $ 150,221 $ 157,668 $ 123,816 $ 138,463 Gross profit 35,501 35,513 22,029 27,976 Net income (loss) 3,776 3,168 (1,953 ) (2,930 ) Basic earnings (loss) per share 0.09 0.07 (0.04 ) (0.07 ) Diluted earnings (loss) per share 0.09 0.07 (0.04 ) (0.07 ) |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Apr. 29, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | DAKTRONICS, INC. AND SUBSIDIARIES SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (in thousands) Additions Description Balance at Charged to Expenses Charged to Deductions Balance For the year ended April 29, 2017: Deducted from asset accounts: Allowance for doubtful accounts $ 2,797 $ 2,496 $ — $ (2,683 ) (b) $ 2,610 Allowance for excess and obsolete inventories 4,975 2,437 (68 ) (a) (2,377 ) (c) 4,967 For the year ended April 30, 2016: Deducted from asset accounts: Allowance for doubtful accounts 2,316 934 — (453 ) (b) 2,797 Allowance for excess and obsolete inventories 3,998 3,475 12 (a) (2,510 ) (c) 4,975 For the year ended May 2, 2015: Deducted from asset accounts: Allowance for doubtful accounts 2,539 (150 ) — (73 ) (b) 2,316 Allowance for excess and obsolete inventories 2,692 2,701 2 (a) (1,397 ) (c) 3,998 (a) Translation adjustment on foreign subsidiary balances (b) Write-off of uncollected accounts, net of collections (c) Obsolete and excess inventory disposals |
Nature of Business and Summar28
Nature of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 29, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of business | Nature of business : Daktronics, Inc. and its subsidiaries are engaged principally in the design, manufacture and sale of a wide range of electronic display systems and related products which are sold in a variety of markets throughout the world and the rendering of related maintenance and professional services. Our products are designed primarily to inform and entertain people through the communication of content. |
Fiscal year | Fiscal year : We operate on a 52 or 53-week fiscal year, with our fiscal year ending on the Saturday closest to April 30 of each year. When April 30 falls on a Wednesday, the fiscal year ends on the preceding Saturday. Within each fiscal year, each quarter is comprised of 13-week periods following the beginning of each fiscal year. In each 53-week year, an additional week is added to the first quarter, and each of the last three quarters is comprised of a 13-week period. |
Principles of consolidation | Principles of consolidation : The consolidated financial statements include Daktronics, Inc. and its subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. |
Investments in affiliates | Investments in affiliates : Investments in affiliates over which we have significant influence are accounted for under the equity method of accounting. Investments in affiliates over which we do not have the ability to exert significant influence over the affiliate's operating and financing activities are accounted for under the cost method of accounting. We have evaluated our relationships with our affiliates and have determined that these entities are not variable interest entities. During fiscal 2017, we determined that through increased ownership levels, we had significant influence over one of our affiliates. The aggregate amount of investments accounted for under the equity method was $2,678 and $0 at April 29, 2017 and April 30, 2016 , respectively. The equity method requires us to report our share of losses up to our equity investment amount. When the equity investment is reduced to zero, we recognize losses to the extent of and as an adjustment to the other investments in the affiliate in order of seniority or priority in liquidation. Cash paid for investments in affiliates is included in the "Acquisitions, net of cash acquired" line item in our consolidated statements of cash flows. Our proportional share of the respective affiliate’s earnings or losses is included in the "Other (expense) income, net" line item in our consolidated statements of operations. |
Use of estimates | Use of estimates : The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities; the disclosure of contingent assets and liabilities at the date of the financial statements; the reported amounts of revenues and expenses during the reporting period; and our ability to continue as a going concern. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the estimated total costs on long-term construction-type contracts, estimated costs to be incurred for product warranties and extended maintenance contracts, excess and obsolete inventory, the allowance for doubtful accounts, share-based compensation, goodwill impairment and income taxes. Changes in estimates are reflected in the periods in which they become known. |
Cash and cash equivalents | Cash and cash equivalents : All highly liquid investments with maturities of three months or less at the date of purchase are considered to be cash equivalents and consist primarily of government repurchase agreements, savings accounts and money market accounts that are carried at cost, which approximates fair value. We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. |
Restricted cash | Restricted cash : Restricted cash consists of cash and cash equivalents held in bank deposit accounts to secure issuances of foreign bank guarantees. |
Inventories | Inventories: Inventories are stated at the lower of cost (first-in, first-out method) and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. |
Revenue recognition | Revenue recognition : Net sales are reported net of estimated sales returns and exclude sales taxes. We estimate our sales returns reserve based on historical return rates and analysis of specific accounts. |
Revenue recognition - Long-term construction-type contracts | Long-term construction-type contracts: Earnings on construction-type contracts are recognized on the percentage-of-completion method, measured by the percentage of costs incurred to date to estimated total costs for each contract. Contract costs include all direct material and labor costs and those indirect costs related to contract performance. Indirect costs include charges for such items as labor overhead, equipment, facilities, engineering, and project management. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are probable and capable of being estimated. We combine contracts for accounting purposes when they are negotiated as a package with an overall profit margin objective, essentially represent an agreement to do a single project for a customer, involve interrelated construction activities, and are performed concurrently or sequentially. When a group of contracts are combined, revenue and profit are recognized uniformly over the performance of the combined projects. We segment revenues in accordance with contract segmenting criteria in Accounting Standards Codification (“ASC”) 650-35, Construction-Type and Production-Type Contracts. |
Revenue recognition - Equipment other than construction-type contracts | Equipment other than construction-type contracts: We recognize revenue on equipment sales, other than construction-type contracts, when title passes, which is usually upon shipment and then only if the terms of the arrangement are fixed and determinable and collectability is reasonably assured. We record estimated sales returns and discounts as a reduction of net sales in the same period revenue is recognized. |
Revenue recognition - Product maintenance | Product maintenance: In connection with the sale of our products, we also occasionally sell separately priced extended warranties and product maintenance contracts. The revenue related to such contracts is deferred and recognized ratably as net sales over the terms of the contracts, which vary up to 10 years. We record unrealized revenue in deferred revenue (billed or collected) in the liability section of the balance sheet. |
Revenue recognition - Services | Services: Revenues generated by us for services, such as event support, control room design, on-site training, equipment service and technical support of our equipment, are recognized as net sales when the services are performed. |
Revenue recognition - Software | Software: We follow ASC 985-605, Software-Revenue Recognition . Revenues from software license fees on sales, other than construction-type contracts, are recognized when persuasive evidence of an arrangement exists, delivery of the product has occurred, the fee is fixed or determinable, and collectability is probable. Subscription-based licenses include the right for a customer to use our licenses and receive related support for a specified term and revenue is recognized ratably over the term of the arrangement. |
Revenue recognition - Multiple-element arrangements | Multiple-element arrangements: We generate revenue from the sale of equipment and related services, including customization, installation and maintenance services. In these limited cases, we provide some or all of such equipment and services to our customers under the terms of a single multiple-element sales arrangement. These arrangements typically involve the sale of equipment bundled with some or all of these services, but they may also involve instances in which we have contracted to deliver multiple pieces of equipment over time rather than at a single point in time. When a sales arrangement involves multiple elements, the items included in the arrangement (deliverables) are evaluated pursuant to ASC 605-25, Revenue Arrangements with Multiple Deliverables, and ASC 605-35 , Accounting for Performance of Construction-Type and Certain Production-Type Contracts, to determine whether they represent separate units of accounting. We perform this evaluation at the inception of an arrangement and as we deliver each item in the arrangement. We first consider the separation criteria of ASC 605-35. Deliverables not within the scope of ASC 605-35 are evaluated for separation under ASC 605-25. For those elements falling under the guidance of ASC 605-25, we generally account for a deliverable (or a group of deliverables) separately if the delivered item(s) has standalone value to the customer and if we have given the customer a general right of return relative to the delivered item(s) and delivery or performance of the undelivered item(s) or service(s) is probable and substantially in our control. When items included in a multiple-element arrangement represent separate units of accounting, we allocate the arrangement consideration to the individual items based on their relative fair values. The amount of arrangement consideration allocated to the delivered item(s) is limited to the amount not contingent on us delivering additional products or services. Once we have determined the amount, if any, of arrangement consideration allocable to the delivered item(s), we apply the applicable revenue recognition policy to determine when and by which method such amount may be recognized as revenue. We generally determine if objective and reliable evidence of fair value for the items included in a multiple-element arrangement exists based on whether we have vendor-specific objective evidence ("VSOE") of the price for which we sell an item on a standalone basis. If we do not have VSOE for the item, we will use the price charged by a competitor selling a comparable product or service on a standalone basis to similarly situated customers, if available. If neither VSOE nor third party evidence is available, we use our best estimate of the selling price for that deliverable. |
Revenue recognition - Long-term receivables and advertising rights | Long-term receivables and advertising rights: We occasionally sell and install our products at facilities in exchange for the rights to sell or to retain future advertising revenues. For these transactions, we recognize revenue for the amount of the present value of the future advertising payments if enough advertising is sold to obtain normal margins on the contract, and we record the related receivable in long-term receivables. We recognize imputed interest as earned. |
Property and equipment | Property and equipment : Property and equipment is stated at cost and depreciated principally on the straight-line method over the following estimated useful lives: Years Buildings 7 - 40 Machinery and equipment 5 - 7 Office furniture and equipment 3 - 5 Computer software and hardware 3 - 5 Equipment held for rental 2 - 7 Demonstration equipment 3 - 5 Transportation equipment 5 - 7 Leasehold improvements are depreciated over the lesser of the useful life of the asset or the term of the lease. |
Impairment of long-lived assets | Impairment of Long-Lived Assets : Long-lived tangible assets and definite-lived intangible assets are evaluated for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. When evaluating long-lived assets for potential impairment, we first compare the carrying value of the asset to the asset's estimated future cash flows (undiscounted and without interest charges). If the estimated future cash flows are less than the carrying value of the asset, we calculate an impairment loss. The impairment loss calculation compares the carrying value of the asset to the asset's estimated fair value. We recognize an impairment loss if the amount of the asset's carrying value exceeds the asset's estimated fair value. If we recognize an impairment loss, the adjusted carrying amount of the asset becomes its new cost basis. For a depreciable long-lived asset, the new cost basis will be depreciated (amortized) over the remaining useful life of that asset. Our impairment loss calculations contain uncertainties because they require management to make assumptions and to apply judgment to estimate future cash flows and asset fair values, including forecasting useful lives of the assets and selecting the discount rate that reflects the risk inherent in future cash flows. During fiscal 2017, we recognized an impairment loss of $830 on intangible assets related to a technology and customer list. No intangible asset impairment was recognized for fiscal 2016. See " Note 5. Goodwill and Intangible Assets " for further information. Goodwill and Other Intangible Assets : We account for goodwill and other intangible assets with indefinite lives in accordance with ASC 350, Goodwill and Other. Under these provisions, goodwill is not amortized but is tested for impairment on at least an annual basis. Impairment testing is required more often than annually if an event or circumstance indicates an impairment or a decline in value may have occurred. Such circumstances could include, but are not limited to, a worsening trend of orders and sales without a corresponding way to preserve future cash flows or a significant decline in our stock price. In conducting our impairment testing, we compare the fair value of each of our business units (reporting unit) to the related carrying value. If the fair value of a reporting unit exceeds its carrying value, goodwill is not impaired. If the carrying value of a reporting unit exceeds its fair value, an impairment loss is measured and recognized. We utilize an income approach to estimate the fair value of each reporting unit. We selected this method because we believe it most appropriately measures our income producing assets. We considered using the market approach and cost approach, but concluded they were not appropriate in valuing our reporting units given the lack of relevant and available market comparisons. The income approach is based on the projected cash flows, which are discounted to their present value using discount rates which consider the timing and risk of the forecasted cash flows. We believe that this approach is appropriate because it provides a fair value estimate based upon the reporting units expected long-term operating cash performance. This approach also mitigates the impact of the cyclical trends occurring in the industry. Fair value is estimated using internally-developed forecasts and assumptions. The discount rate used is the average estimated value of a market participant’s cost of capital and debt, derived using customary market metrics. Other significant assumptions include terminal value margin rates, future capital expenditures, and changes in future working capital requirements. We also compare and reconcile our overall fair value to our market capitalization. Although there are inherent uncertainties related to the assumptions used and to our application of these assumptions to this analysis, we believe the income approach provides a reasonable estimate of the fair value of our reporting units. The foregoing assumptions to a large degree were consistent with our long-term performance, with limited exceptions. We believe our future investments for capital expenditures as a percent of revenue will remain similar to the historical rates as a percentage of sales in future years. Our investments are expected to relate to equipment replacements and new product line manufacturing equipment needs, and to keep our information technology infrastructure robust. These assumptions could deviate materially from actual results. |
Software costs | Software costs for internal use : We capitalize certain costs incurred in connection with developing or obtaining internal-use software. Capitalized software costs are included in property and equipment on our consolidated balance sheets. Software costs that do not meet capitalization criteria are expensed when incurred. |
Software to be sold, leased, or otherwise marketed | Software costs to be sold, leased, or marketed: We follow the provisions of ASC 985, Software , which states software development costs are expensed as incurred until technological feasibility has been established. At such time, such costs are capitalized until the product is made available for release to customers. Additionally, costs incurred after release to customers are expensed as research and development expenses. |
Insurance | Insurance : We are self-insured for certain losses related to health and liability claims and workers’ compensation. We obtain third-party insurance to limit our exposure to these claims. We estimate our self-insured liabilities using a number of factors, including historical claims experience. |
Foreign currency translation | Foreign currency translation : Our foreign subsidiaries use the local currency of their respective countries as their functional currency. The assets and liabilities of foreign operations are generally translated at the exchange rates in effect at the balance sheet date. The operating results of foreign operations are translated at weighted average exchange rates. The related translation gains or losses are reported as a separate component of shareholders’ equity in accumulated other comprehensive loss . |
Income taxes | Income taxes : We operate in multiple income tax jurisdictions both within the United States and internationally. Our annual tax rate is determined based on our income, statutory tax rates and the tax impacts of items treated differently for tax purposes than for financial reporting purposes in each tax jurisdiction. Tax laws require certain items be included in the tax return at different times than are reflected in the financial statements. Some of these differences are permanent, such as expenses that are not deductible in our tax return, and some differences are temporary and reverse over time, such as depreciation expense. These temporary differences create deferred tax assets and liabilities and reflect the enacted income tax rates in effect for the years in which the differences are expected to reverse. We recognize a valuation allowance for deferred tax assets if it is "more likely than not" some or all of the benefits will not be realized. Because we operate in multiple income tax jurisdictions both within the United States and internationally, management must determine the appropriate allocation of income and expenses to each of these jurisdictions based on current interpretations of complex income tax regulations. Income tax authorities in these jurisdictions regularly perform audits of our income tax filings. Income tax audits associated with the allocation of income, expenses and other complex issues, including transfer pricing methodologies, may require an extended period of time to resolve and may result in significant income tax adjustments if changes to the income allocation are required between jurisdictions with different income tax rates. |
Comprehensive income | Comprehensive income : We follow the provisions of ASC 220, Reporting Comprehensive Income , which establishes standards for reporting and displaying comprehensive income and its components. Comprehensive income reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For us, comprehensive loss represents net income adjusted for foreign currency translation adjustments and unrealized gains and losses on available-for-sale securities. The foreign currency translation adjustment included in comprehensive loss has not been tax affected, as the investments in foreign affiliates are deemed to be permanent. In accordance with ASC 220 and ASU 2011-05, we disclose comprehensive loss on separate consolidated statements of comprehensive income. |
Product design and development | Product design and development : All expenses related to product design and development are charged to operations as incurred. Our product development activities include the enhancement of existing products and technologies and the development of new products and technologies. |
Advertising costs | Advertising costs : We expense advertising costs as incurred. |
Shipping and handling cost | Shipping and handling costs : Shipping and handling costs collected from our customers in connection with our sales are recorded as revenue. We record shipping and handling costs as a component of cost of sales at the time the product is shipped. |
Earnings per share (EPS) | Earnings per share (“EPS”) : Basic EPS is computed by dividing income attributable to common shareholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution which may occur if securities or other obligations to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock which share in our earnings. |
Share-based compensation | Share-based compensation : We account for share-based compensation in accordance with ASC 718, Compensation-Stock Compensation. Under the fair value recognition provisions of ASC 718, we measure share-based compensation cost at the grant date based on the fair value of the award and recognize the compensation expense over the requisite service period, which is the vesting period. See " Note 11. Shareholders’ Equity and Share-Based Compensation " for additional information and the assumptions we use to calculate the fair value of share-based employee compensation. |
Recent accounting pronouncements | Recent Accounting Pronouncements Accounting Standards Adopted In March 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-09, Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting, which is intended to simplify certain aspects of the accounting for share-based payment award transactions, including income tax effects when awards vest or settle, repurchase of employees’ shares to satisfy statutory tax withholding obligations, an option to account for forfeitures as they occur, and classification of certain amounts on the statements of cash flows. Early adoption of ASU 2016-09 was permitted, and we adopted it during the first quarter of fiscal 2017. We elected to continue to estimate forfeitures expected to occur to determine the amount of compensation cost to be recognized in each period. Provisions related to income taxes have been adopted prospectively. Provisions related to the statements of cash flows have been adopted retrospectively but did not have a material impact on our statements of cash flows. This reclassification has been made to conform fiscal 2016 and 2015 to the fiscal 2017 classifications of the statements of cash flows for comparative purposes. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory , which changes the measurement principle of inventory from the lower of cost or market to the lower of cost and net realizable value. The guidance will require prospective application at the beginning of our first quarter of fiscal 2018, but it permits adoption in an earlier period. ASU 2015-11 was adopted by the Company effective May 1, 2016 and did not have a material impact on our consolidated results of operations, cash flows, or financial position. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern . ASU 2014-15 amends FASB ASC 205-40 Presentation of Financial Statements – Going Concern , by providing guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements, including requiring management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements and providing certain disclosures if there is substantial doubt about the entity’s ability to continue as a going concern. We adopted this guidance on April 29, 2017, and management assessed our ability to continue as a going concern, which did not identify any conditions or events that raise substantial doubt about our ability to continue as a going concern within one year after the date the financial statements are issued. New Accounting Standards Not Yet Adopted In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350), which simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. A goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for interim and annual periods beginning after December 15, 2019, and it will require adoption on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We are currently evaluating the effect that adopting this accounting guidance will have on our consolidated results of operations, cash flows, and financial position. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other than Inventory , which is intended to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current U.S. GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party, which is an exception to the principle of comprehensive recognition of current and deferred income taxes in U.S. generally accepted accounting principles ("GAAP"). This update eliminates the exception by requiring entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. ASU 2016-16 is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted. We are currently evaluating the effect that adopting this accounting guidance will have on our consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments , which will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statements of cash flows. ASU 2016-15 is effective for interim and annual periods beginning after December 15, 2017, and it will require adoption on a retrospective basis unless it is impracticable to apply, in which case we would be required to apply the amendments prospectively as of the earliest date practicable. We are currently evaluating the effect that adopting this accounting guidance will have on our consolidated cash flows and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (that is, lessees and lessors). This update requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of their classification. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The new guidance is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the effect that adopting this accounting guidance will have on our consolidated results of operations, cash flows, and financial position. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. This ASU is a comprehensive revenue recognition model that requires a company to recognize revenue from the transfer of goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. The FASB has also issued ASUs 2016-08, 2016-10, 2016-12, and 2016-20 to clarify guidance with respect to principal versus agent considerations, the identification of performance obligations and licensing, and guidance on certain narrow areas and to add practical expedients. We will adopt ASU 2014-09 and related guidance during the first quarter of fiscal 2019. We have commenced a process to evaluate the impact of ASU 2014-09 on our contracts, including identifying potential differences that would result from applying the requirements of the new guidance. In fiscal 2017, we made progress in reviewing our various types of revenue arrangements. We have also started drafting accounting policies and evaluating the new disclosure requirements on our business processes, controls and systems. As a result of the review performed to date, we do not anticipate that the adoption will have a material impact on our consolidated results of operations, financial statements, and related disclosures. However, our initial conclusion may change as we finalize our assessment. |
Nature of Business and Summar29
Nature of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 29, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Property and Equipment | Property and equipment is stated at cost and depreciated principally on the straight-line method over the following estimated useful lives: Years Buildings 7 - 40 Machinery and equipment 5 - 7 Office furniture and equipment 3 - 5 Computer software and hardware 3 - 5 Equipment held for rental 2 - 7 Demonstration equipment 3 - 5 Transportation equipment 5 - 7 Property and equipment consisted of the following: April 29, April 30, Land $ 2,099 $ 2,155 Buildings 65,935 65,247 Machinery and equipment 84,189 82,973 Office furniture and equipment 5,604 14,746 Computer software and hardware 51,523 48,917 Equipment held for rental 374 374 Demonstration equipment 7,109 8,026 Transportation equipment 7,108 6,596 223,941 229,034 Less accumulated depreciation 157,192 155,871 $ 66,749 $ 73,163 |
Schedule of Earnings Per Share Reconciliation | The following is a reconciliation of the income and common share amounts used in the calculation of basic and diluted EPS for the fiscal years ended 2017 , 2016 and 2015 : Net income Shares Per share income For the year ended April 29, 2017: Basic earnings per share $ 10,342 44,114 $ 0.23 Dilution associated with stock compensation plans — 189 — Diluted earnings per share $ 10,342 44,303 $ 0.23 For the year ended April 30, 2016: Basic earnings per share $ 2,061 43,990 $ 0.05 Dilution associated with stock compensation plans — 466 — Diluted earnings per share $ 2,061 44,456 $ 0.05 For the year ended May 2, 2015: Basic earnings per share $ 20,882 43,514 $ 0.48 Dilution associated with stock compensation plans — 929 (0.01 ) Diluted earnings per share $ 20,882 44,443 $ 0.47 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Apr. 29, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table sets forth certain financial information for each of our five operating segments for the periods indicated: Year Ended April 29, April 30, May 2, Net sales: Commercial $ 148,073 $ 148,261 $ 165,793 Live Events 213,982 205,151 231,877 High School Park and Recreation 82,798 70,035 67,657 Transportation 52,426 52,249 48,333 International 89,260 94,472 102,282 586,539 570,168 615,942 Contribution margin: Commercial 18,046 13,210 28,541 Live Events 27,750 23,178 27,334 High School Park and Recreation 16,114 10,314 11,125 Transportation 13,465 12,466 10,404 International 3,353 3,039 9,212 78,728 62,207 86,616 Non-allocated operating expenses: General and administrative 34,226 32,801 30,679 Product design and development 29,081 26,911 24,652 Operating income 15,421 2,495 31,285 Nonoperating income (expense): Interest income 751 987 1,119 Interest expense (230 ) (228 ) (223 ) Other (expense) income, net (354 ) (128 ) (498 ) Income before income taxes 15,588 3,126 31,683 Income tax expense 5,246 1,065 10,801 Net income $ 10,342 $ 2,061 $ 20,882 Depreciation, amortization, and impairment: Commercial $ 6,337 $ 4,925 $ 4,846 Live Events 5,032 4,970 4,610 High School Park and Recreation 1,725 1,722 1,836 Transportation 1,267 1,364 1,148 International 2,317 1,227 1,053 Unallocated corporate depreciation 2,714 2,735 1,643 $ 19,392 $ 16,943 $ 15,136 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table presents information about net sales and property and equipment, net of accumulated depreciation, in the United States and elsewhere: Year Ended April 29, April 30, May 2, Net sales: United States $ 479,846 $ 465,598 $ 494,860 Outside U.S. 106,693 104,570 121,082 $ 586,539 $ 570,168 $ 615,942 Property and equipment, net of accumulated depreciation: United States $ 62,425 $ 68,233 $ 67,882 Outside U.S. 4,324 4,930 4,962 $ 66,749 $ 73,163 $ 72,844 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Apr. 29, 2017 | |
Marketable Securities [Abstract] | |
Available-for-sale Securities | As of April 29, 2017 and April 30, 2016 , our available-for-sale securities consisted of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Balance as of April 29, 2017: Certificates of deposit $ 12,487 $ — $ — $ 12,487 U.S. Government securities 400 — — 400 U.S. Government sponsored entities 12,260 — (22 ) 12,238 Municipal bonds 7,574 14 — 7,588 $ 32,721 $ 14 $ (22 ) $ 32,713 Balance as of April 30, 2016: Certificates of deposit $ 14,927 $ — $ — $ 14,927 U.S. Government sponsored entities 8,523 — (1 ) 8,522 Municipal bonds 1,221 2 — 1,223 $ 24,671 $ 2 $ (1 ) $ 24,672 |
Investments Classified by Contractual Maturity Date | All available-for-sale securities are classified as current assets, as they are readily available to support our current operating needs. The contractual maturities of available-for-sale debt securities as of April 29, 2017 were as follows: Less than 12 months 1-5 Years Total Certificates of deposit $ 6,536 $ 5,951 $ 12,487 U.S. Government securities 400 — 400 U.S. Government sponsored entities 5,588 6,650 12,238 Municipal obligations 2,905 4,683 7,588 $ 15,429 $ 17,284 $ 32,713 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Apr. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill related to each reportable segment for the fiscal year ended April 29, 2017 were as follows: Live Events Commercial Transportation International Total Balance as of April 30, 2016: $ 2,304 $ 3,350 $ 75 $ 2,387 $ 8,116 Acquisition, net of cash acquired — 55 — — 55 Foreign currency translation (30 ) (206 ) (30 ) (93 ) (359 ) Balance as of April 29, 2017: $ 2,274 $ 3,199 $ 45 $ 2,294 $ 7,812 |
Schedule of Definite-Lived Intangible and Indefinite-Lived Intangible Assets | The following table summarizes intangible assets, net, as of April 29, 2017 and April 30, 2016 : April 29, 2017 Weighted Average Life (in years) Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Registered trademarks 20.0 $ 1,604 $ 429 $ 604 $ 571 Software 3.0 2,814 1,055 — 1,759 Customer relationships 9.7 3,209 608 226 2,375 Other 1.0 95 95 — — Total amortized intangible assets 9.3 $ 7,722 $ 2,187 $ 830 $ 4,705 April 30, 2016 Weighted Average Life (in years) Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Registered trademarks 18.3 $ 1,676 $ 194 $ — $ 1,482 Software 3.0 3,046 46 — 3,000 Customer relationships 9.7 3,449 300 — 3,149 Other 1.0 103 13 — 90 Total amortized intangible assets 8.8 $ 8,274 $ 553 $ — $ 7,721 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of April 29, 2017 , amortization expenses for future periods were estimated to be as follows: Fiscal years ending Amount 2018 $ 1,250 2019 1,132 2020 312 2021 308 2022 285 Thereafter 1,418 Total expected amortization expense $ 4,705 |
Selected Financial Statement 33
Selected Financial Statement Data (Tables) | 12 Months Ended |
Apr. 29, 2017 | |
Selected Financial Statement Data [Abstract] | |
Schedule of Inventories | Inventories consisted of the following: April 29, April 30, Raw materials $ 24,801 $ 28,184 Work-in-process 7,366 6,158 Finished goods 34,319 35,485 $ 66,486 $ 69,827 |
Schedule of Property and Equipment | Property and equipment is stated at cost and depreciated principally on the straight-line method over the following estimated useful lives: Years Buildings 7 - 40 Machinery and equipment 5 - 7 Office furniture and equipment 3 - 5 Computer software and hardware 3 - 5 Equipment held for rental 2 - 7 Demonstration equipment 3 - 5 Transportation equipment 5 - 7 Property and equipment consisted of the following: April 29, April 30, Land $ 2,099 $ 2,155 Buildings 65,935 65,247 Machinery and equipment 84,189 82,973 Office furniture and equipment 5,604 14,746 Computer software and hardware 51,523 48,917 Equipment held for rental 374 374 Demonstration equipment 7,109 8,026 Transportation equipment 7,108 6,596 223,941 229,034 Less accumulated depreciation 157,192 155,871 $ 66,749 $ 73,163 |
Schedule of Accrued Expenses | Accrued expenses consisted of the following: April 29, April 30, Compensation $ 12,732 $ 12,065 Taxes, other than income taxes 3,878 3,969 Other 8,423 7,498 $ 25,033 $ 23,532 |
Schedule of Other (Expense) Income | Other (expense) income, net consisted of the following: Year Ended April 29, April 30, May 2, Foreign currency transaction losses $ (331 ) $ (326 ) $ (514 ) Equity in losses of affiliates (136 ) — — Other 113 198 16 $ (354 ) $ (128 ) $ (498 ) |
Uncompleted Contracts (Tables)
Uncompleted Contracts (Tables) | 12 Months Ended |
Apr. 29, 2017 | |
Contractors [Abstract] | |
Summary of Uncompleted Contracts | Uncompleted contracts consisted of the following: April 29, April 30, Costs incurred $ 508,993 $ 530,594 Estimated earnings 161,611 173,356 670,604 703,950 Less billings to date 645,098 684,111 $ 25,506 $ 19,839 |
Costs in Excess of Billings | Uncompleted contracts are included in the accompanying consolidated balance sheets as follows: April 29, April 30, Costs and estimated earnings in excess of billings $ 36,403 $ 30,200 Billings in excess of costs and estimated earnings (10,897 ) (10,361 ) $ 25,506 $ 19,839 |
Shareholders' Equity and Shar35
Shareholders' Equity and Share-Based Compensation (Tables) | 12 Months Ended |
Apr. 29, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Nonvested Restricted Stock and Restricted Stock Units Activity | A summary of nonvested restricted stock and restricted stock units for fiscal years 2017 , 2016 , and 2015 is as follows: Year Ended April 29, 2017 April 30, 2016 May 2, 2015 Number of Nonvested Shares Weighted Average Grant Date Fair Value Per Share Number of Nonvested Shares Weighted Average Grant Date Fair Value Per Share Number of Nonvested Shares Weighted Average Grant Date Fair Value Per Share Outstanding at beginning of year 384 $ 9.10 344 $ 10.63 318 $ 9.59 Granted 157 8.00 159 7.04 150 12.25 Vested (134 ) 9.03 (110 ) 10.76 (111 ) 9.83 Forfeited (5 ) 8.98 (9 ) 10.69 (13 ) 10.70 Outstanding at end of year 402 $ 8.69 384 $ 9.10 344 $ 10.63 |
Schedule of Stock Option Award Activity | A summary of stock option activity under all stock option plans during the fiscal year ended April 29, 2017 is as follows: Stock Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at April 30, 2016 2,606 $ 13.50 4.57 $ 158 Granted 234 9.57 — — Canceled or forfeited (320 ) 29.41 — — Exercised (39 ) 8.78 — 64 Outstanding at April 29, 2017 2,481 $ 11.15 4.53 $ 768 Shares vested and expected to vest 2,458 $ 11.16 4.50 $ 762 Exercisable at April 29, 2017 1,868 $ 11.49 3.49 $ 635 |
Schedule of Weighted-Average Assumptions | The following table provides the weighted-average fair value of options granted and the related assumptions used in the Black-Scholes model: Year Ended April 29, April 30, May 2, Fair value of options granted $ 2.93 $ 2.92 $ 5.44 Risk-free interest rate 1.31 - 1.44% 1.70 - 1.90% 1.93 - 2.14% Expected dividend rate 3.15 % 2.78 % 2.60 % Expected volatility 44.12 - 44.51% 42.71 - 48.32% 48.01 - 51.89% Expected life of option 5.78 - 6.98 years 5.78 - 6.98 years 5.84 - 6.95 years |
Schedule of Share-Based Compensation Expense by Award Type | The following table presents a summary of the share-based compensation expense by equity type as follows: Year Ended April 29, April 30, May 2, Stock options $ 1,072 $ 1,179 $ 1,311 Restricted stock and stock units 1,287 1,237 1,234 Employee stock purchase plans 555 542 493 $ 2,914 $ 2,958 $ 3,038 |
Schedule of Share-Based Compensation Expense | A summary of the share-based compensation expenses for stock options, restricted stock, restricted stock units and shares issued under the ESPP for fiscal years 2017 , 2016 , and 2015 is as follows: Year Ended April 29, April 30, May 2, Cost of goods sold $ 714 $ 751 $ 737 Selling 723 780 825 General and administrative 877 839 908 Product design and development 600 588 568 $ 2,914 $ 2,958 $ 3,038 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 29, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Pretax Income Domestic and Foreign | The pretax income attributable to domestic and foreign operations was as follows: Year Ended April 29, April 30, May 2, Domestic $ 16,010 $ 3,264 $ 29,194 Foreign (422 ) (138 ) 2,489 Income before income taxes $ 15,588 $ 3,126 $ 31,683 |
Schedule of Components of Income Tax Expense | Income tax expense consisted of the following: Year Ended April 29, April 30, May 2, Current: Federal $ 5,268 $ (467 ) $ 6,657 State 1,158 123 1,150 Foreign 863 557 848 Deferred: Federal (1,625 ) 463 1,906 State (397 ) (89 ) 307 Foreign (21 ) 478 (67 ) $ 5,246 $ 1,065 $ 10,801 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the provision for income taxes and the amount computed by applying the federal statutory rate to income before income taxes is as follows: Year Ended April 29, April 30, May 2, Computed income tax expense at federal, state and local jurisdiction statutory rates $ 5,456 $ 1,063 $ 11,089 State taxes, net of federal benefit 539 40 1,016 Research and development tax credit (1,573 ) (2,015 ) (1,292 ) Meals and entertainment 299 334 369 Stock compensation 497 525 566 Dividends paid to retirement plan (293 ) (323 ) (352 ) Domestic production activities deduction (542 ) (91 ) (529 ) Change in valuation allowances 388 1,265 (2,295 ) Change in uncertain tax positions 97 125 2,357 Other, net 378 142 (128 ) $ 5,246 $ 1,065 $ 10,801 |
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax asset were as follows: April 29, April 30, Deferred tax assets: Accrued warranty obligations $ 10,469 $ 11,407 Vacation accrual 2,100 1,963 Net losses on investments — 336 Deferred maintenance revenue 1,336 341 Allowance for excess and obsolete inventory 1,254 1,314 Equity compensation 848 745 Allowance for doubtful accounts 677 703 Inventory capitalization 354 595 Accrued compensation and benefits 1,232 1,015 Unrealized loss on foreign currency exchange 226 — Net operating loss carry forwards 1,772 1,404 Research and development tax credit carry forwards 311 1,005 Other 1,266 617 21,845 21,445 Valuation allowance (2,061 ) (1,673 ) 19,784 19,772 Deferred tax liabilities: Property and equipment (6,762 ) (7,988 ) Prepaid expenses (601 ) (631 ) Intangible assets (1,809 ) (1,479 ) Unrealized gain on foreign currency exchange — (931 ) Other (156 ) (60 ) (9,328 ) (11,089 ) $ 10,456 $ 8,683 |
Schedule of Deferred Tax Assets and Liabilities Current and Non Current | The classification of net deferred tax assets in the accompanying consolidated balance sheets is: April 29, April 30, Non-current assets $ 11,292 $ 9,437 Non-current liabilities (836 ) (754 ) $ 10,456 $ 8,683 |
Reconciliation of Unrecognized Tax Benefits | The changes in the amounts recorded for uncertain tax positions are: April 29, 2017 April 30, 2016 May 2, 2015 Balance at beginning of year $ 3,016 $ 2,891 $ 494 Gross increases related to prior period tax positions 235 137 6 Gross increases related to current period tax positions — 8 2,496 Lapse of statute of limitations (138 ) (20 ) (105 ) Balance at end of year $ 3,113 $ 3,016 $ 2,891 |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Apr. 29, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Summary of Changes in Operating Assets and Liabilities | The changes in operating assets and liabilities consisted of the following: Year Ended April 29, April 30, May 2, (Increase) decrease: Restricted cash $ (18 ) $ 298 $ 18 Account receivable (2,718 ) 3,789 6,412 Long-term receivables 2,213 2,851 3,234 Inventories 3,581 (5,100 ) (1,907 ) Costs and estimated earnings in excess of billings (6,203 ) 4,867 (1,667 ) Prepaid expenses and other current assets (980 ) 1,290 (575 ) Income taxes receivables 4,201 1,061 (3,084 ) Investment in affiliates and other assets (475 ) (776 ) 912 Increase (decrease): Current marketing obligations and other payables 857 21 (146 ) Accounts payable 5,544 (9,926 ) 5,594 Customer deposits (billed or collected) (1,514 ) (941 ) (1,315 ) Accrued expenses 2,351 776 3,128 Warranty obligations (2,986 ) 4,726 (2,638 ) Billings in excess of costs and estimated earnings 536 (13,436 ) 1,314 Long-term warranty obligations 389 (710 ) 1,869 Income taxes payable 1,331 (37 ) (627 ) Deferred revenue (billed or collected) 1,256 2,120 (250 ) Long-term marketing obligations and other payables (43 ) (456 ) 3,468 $ 7,322 $ (9,583 ) $ 13,740 |
Schedule of Supplemental Cash Flow Information | Supplemental disclosures of cash flow information consisted of the following: Year Ended April 29, April 30, May 2, Cash payments for: Interest $ 228 $ 303 $ 289 Income taxes, net of refunds 3,196 (824 ) 8,690 |
Schedule of Non-Cash Investing and Financing Activities | Supplemental schedule of non-cash investing and financing activities consisted of the following: Year Ended April 29, April 30, May 2, Demonstration equipment transferred to inventory $ 218 $ 227 $ 34 Purchases of property and equipment included in accounts payable 2,524 142 1,510 Contributions of common stock under the ESPP 840 1,777 2,512 Contingent consideration related to acquisition of ADFLOW 31 1,955 — |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Apr. 29, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value | 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 April 29, 2017 and April 30, 2016 according to the valuation techniques we used to determine their fair values. There have been no transfers of assets or liabilities among the fair value hierarchies presented. Fair Value Measurements Level 1 Level 2 Level 3 Total Balance as of April 29, 2017: Cash and cash equivalents $ 32,623 $ — $ — $ 32,623 Restricted cash 216 — — 216 Available-for-sale securities: Certificates of deposit — 12,487 — 12,487 U.S. Government securities 400 — — 400 U.S. Government sponsored entities — 12,238 — 12,238 Municipal obligations — 7,588 — 7,588 Derivatives - asset position — 64 — 64 Derivatives - liability position — (277 ) — (277 ) Contingent liability — — (1,891 ) (1,891 ) $ 33,239 $ 32,100 $ (1,891 ) $ 63,448 Balance as of April 30, 2016: Cash and cash equivalents $ 28,328 $ — $ — $ 28,328 Restricted cash 198 — — 198 Available-for-sale securities: Certificates of deposit — 14,927 — 14,927 U.S. Government sponsored entities — 8,522 — 8,522 Municipal obligations — 1,223 — 1,223 Derivatives - liability position — (453 ) — (453 ) Contingent liability — — (1,955 ) (1,955 ) $ 28,526 $ 24,219 $ (1,955 ) $ 50,790 |
Rollforward of Level 3 Contingent Consideration Liabilities | A roll forward of the Level 3 contingent liability, both short and long-term, for the year ended April 29, 2017 is as follows: Contingent liability as of April 30, 2016 $ 1,955 Fair value adjustments 31 Interest accretion 53 Foreign currency translation (148 ) Contingent liability as of April 29, 2017 $ 1,891 |
Derivative Financial Instrume39
Derivative Financial Instruments (Tables) | 12 Months Ended |
Apr. 29, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The foreign currency exchange contracts in aggregated notional amounts in place to exchange U.S. dollars at April 29, 2017 and April 30, 2016 were as follows: April 29, 2017 April 30, 2016 U.S. Dollars Foreign Currency U.S. Dollars Foreign Currency Foreign Currency Exchange Forward Contracts: U.S. Dollars/Australian Dollars 7,984 10,669 7,216 10,027 U.S. Dollars/Canadian Dollars 256 345 563 771 U.S. Dollars/British Pounds 4,936 3,959 1,795 1,263 U.S. Dollars/Singapore Dollars 605 844 261 356 U.S. Dollars/Euros 528 491 147 132 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 29, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Product Warranty Liability | Changes in our warranty obligation for the fiscal years ended April 29, 2017 and April 30, 2016 consisted of the following: April 29, 2017 April 30, 2016 Beginning accrued warranty obligations $ 30,496 $ 26,481 Warranties issued during the period 10,930 10,528 Settlements made during the period (16,790 ) (18,377 ) Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations 3,263 11,864 Ending accrued warranty obligations $ 27,899 $ 30,496 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum payments under noncancelable operating leases, excluding executory costs such as management and maintenance fees, with initial or remaining terms of one year or more consisted of the following at April 29, 2017 : Fiscal years ending Amount 2018 $ 2,740 2019 2,038 2020 1,740 2021 1,545 2022 1,298 Thereafter 422 $ 9,783 |
Long-term Purchase Commitment | As of April 29, 2017 , we were obligated under the following conditional and unconditional purchase commitments, which included $400 in conditional purchase commitments: Fiscal years ending Amount 2018 $ 3,251 2019 1,030 2020 253 2021 253 2022 143 Thereafter 379 $ 5,309 |
Other Long-term Obligations | We are obligated to pay the following payments for acquisitions and for other various obligations: April 29, 2017 April 30, 2016 Advertising $ 580 $ 589 Deferred purchase price 2,479 3,228 Other 165 214 Total outstanding 3,224 4,031 Less: current liability 1,506 681 Other long-term obligations $ 1,718 $ 3,350 |
Quarterly Financial Data (Una41
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Apr. 29, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | The following table presents summarized quarterly financial data: Fiscal 2017 Quarter Ended July 30, October 29, January 28, April 29, Net sales $ 157,146 $ 169,992 $ 115,719 $ 143,682 Gross profit 39,067 44,308 23,316 33,724 Net income (loss) 5,539 9,021 (5,127 ) 909 Basic earnings (loss) per share 0.13 0.21 (0.12 ) 0.02 Diluted earnings (loss) per share 0.13 0.20 (0.12 ) 0.02 Fiscal 2016 Quarter Ended August 1, October 31, January 30, April 30, Net sales $ 150,221 $ 157,668 $ 123,816 $ 138,463 Gross profit 35,501 35,513 22,029 27,976 Net income (loss) 3,776 3,168 (1,953 ) (2,930 ) Basic earnings (loss) per share 0.09 0.07 (0.04 ) (0.07 ) Diluted earnings (loss) per share 0.09 0.07 (0.04 ) (0.07 ) |
Nature of Business and Summar42
Nature of Business and Summary of Significant Accounting Policies Investment in affiliates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Equity Method Investments | $ 2,678 | $ 0 | |
Income (Loss) from Equity Method Investments | 136 | 0 | $ 0 |
Cost method investments | $ 42 | $ 1,211 |
Nature of Business and Summar43
Nature of Business and Summary of Significant Accounting Policies Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Sales returns, reserve | $ 42 | $ 93 | |
Deferred revenue period for recognition of product maintenance contracts | 10 years | ||
Percentage of net sales from services | 10.50% | 9.70% | 8.20% |
Nature of Business and Summar44
Nature of Business and Summary of Significant Accounting Policies Property and Equipment (Details) | 12 Months Ended |
Apr. 29, 2017 | |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Office furniture and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Office furniture and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Computer software and hardware | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Computer software and hardware | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Equipment held for rental | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 2 years |
Equipment held for rental | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Demonstration equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Demonstration equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Transportation equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Transportation equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Nature of Business and Summar45
Nature of Business and Summary of Significant Accounting Policies Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Impairment of intangible assets | $ 830 | $ 0 | $ 0 |
Nature of Business and Summar46
Nature of Business and Summary of Significant Accounting Policies Capitalized software costs (Details) - USD ($) $ in Thousands | Apr. 29, 2017 | Apr. 30, 2016 |
Capitalized software development costs for software sold to customers [Abstract] | ||
Capitalized Software Development Costs for Software Sold to Customers | $ 1,759 | $ 3,000 |
Nature of Business and Summar47
Nature of Business and Summary of Significant Accounting Policies Insurance (Details) - USD ($) $ in Thousands | Apr. 29, 2017 | Apr. 30, 2016 |
Accrued expenses | ||
Self-insurance liability | $ 2,367 | $ 2,314 |
Nature of Business and Summar48
Nature of Business and Summary of Significant Accounting Policies Advertising Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Advertising expense | $ 2,125 | $ 2,209 | $ 2,318 |
Nature of Business and Summar49
Nature of Business and Summary of Significant Accounting Policies Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Net income | |||||||||||
Basic earnings per share | $ 909 | $ (5,127) | $ 9,021 | $ 5,539 | $ (2,930) | $ (1,953) | $ 3,168 | $ 3,776 | $ 10,342 | $ 2,061 | $ 20,882 |
Dilution associated with stock compensation plans | 0 | 0 | 0 | ||||||||
Diluted earnings per share | $ 10,342 | $ 2,061 | $ 20,882 | ||||||||
Shares | |||||||||||
Basic earnings per share (in shares) | 44,114 | 43,990 | 43,514 | ||||||||
Dilution associated with stock compensation plans (in shares) | 189 | 466 | 929 | ||||||||
Diluted earnings per share (in shares) | 44,303 | 44,456 | 44,443 | ||||||||
Per share income (loss) | |||||||||||
Basic earnings per share (in dollars per share) | $ 0.02 | $ (0.12) | $ 0.21 | $ 0.13 | $ (0.07) | $ (0.04) | $ 0.07 | $ 0.09 | $ 0.23 | $ 0.05 | $ 0.48 |
Dilution associated with stock compensation plans (in dollars per share) | 0 | 0 | (0.01) | ||||||||
Diluted earnings per share (in dollars per share) | $ 0.02 | $ (0.12) | $ 0.20 | $ 0.13 | $ (0.07) | $ (0.04) | $ 0.07 | $ 0.09 | $ 0.23 | $ 0.05 | $ 0.47 |
Stock Options | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 2,112 | 2,122 | 1,462 | ||||||||
Antidilutive securities excluded from computation of earnings per share, weighted average exercise price (in dollars per share) | $ 13.30 | $ 15.04 | $ 18.42 |
Segment Reporting - Net Income
Segment Reporting - Net Income by Segment (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 29, 2017USD ($) | Jan. 28, 2017USD ($) | Oct. 29, 2016USD ($) | Jul. 30, 2016USD ($) | Apr. 30, 2016USD ($) | Jan. 30, 2016USD ($) | Oct. 31, 2015USD ($) | Aug. 01, 2015USD ($) | Apr. 29, 2017USD ($)segment | Apr. 30, 2016USD ($) | May 02, 2015USD ($) | |
Segment Reporting Information | |||||||||||
Number of business units | segment | 5 | ||||||||||
Net sales | $ 143,682 | $ 115,719 | $ 169,992 | $ 157,146 | $ 138,463 | $ 123,816 | $ 157,668 | $ 150,221 | $ 586,539 | $ 570,168 | $ 615,942 |
Contribution margin | 78,728 | 62,207 | 86,616 | ||||||||
Non-allocated operating expenses: | |||||||||||
General and administrative | 34,226 | 32,801 | 30,679 | ||||||||
Product design and development | 29,081 | 26,911 | 24,652 | ||||||||
Operating income | 15,421 | 2,495 | 31,285 | ||||||||
Nonoperating income (expense): | |||||||||||
Interest income | 751 | 987 | 1,119 | ||||||||
Interest expense | (230) | (228) | (223) | ||||||||
Other (expense) income, net | (354) | (128) | (498) | ||||||||
Income before income taxes | 15,588 | 3,126 | 31,683 | ||||||||
Income tax expense | 5,246 | 1,065 | 10,801 | ||||||||
Net income | $ 909 | $ (5,127) | $ 9,021 | $ 5,539 | $ (2,930) | $ (1,953) | $ 3,168 | $ 3,776 | 10,342 | 2,061 | 20,882 |
Depreciation, amortization, and impairment | 19,392 | 16,943 | 15,136 | ||||||||
Commerical | |||||||||||
Segment Reporting Information | |||||||||||
Net sales | 148,073 | 148,261 | 165,793 | ||||||||
Contribution margin | 18,046 | 13,210 | 28,541 | ||||||||
Nonoperating income (expense): | |||||||||||
Depreciation, amortization, and impairment | 6,337 | 4,925 | 4,846 | ||||||||
Live Events | |||||||||||
Segment Reporting Information | |||||||||||
Net sales | 213,982 | 205,151 | 231,877 | ||||||||
Contribution margin | 27,750 | 23,178 | 27,334 | ||||||||
Nonoperating income (expense): | |||||||||||
Depreciation, amortization, and impairment | 5,032 | 4,970 | 4,610 | ||||||||
High School Park and Recreation | |||||||||||
Segment Reporting Information | |||||||||||
Net sales | 82,798 | 70,035 | 67,657 | ||||||||
Contribution margin | 16,114 | 10,314 | 11,125 | ||||||||
Nonoperating income (expense): | |||||||||||
Depreciation, amortization, and impairment | 1,725 | 1,722 | 1,836 | ||||||||
Transportation | |||||||||||
Segment Reporting Information | |||||||||||
Net sales | 52,426 | 52,249 | 48,333 | ||||||||
Contribution margin | 13,465 | 12,466 | 10,404 | ||||||||
Nonoperating income (expense): | |||||||||||
Depreciation, amortization, and impairment | 1,267 | 1,364 | 1,148 | ||||||||
International | |||||||||||
Segment Reporting Information | |||||||||||
Net sales | 89,260 | 94,472 | 102,282 | ||||||||
Contribution margin | 3,353 | 3,039 | 9,212 | ||||||||
Nonoperating income (expense): | |||||||||||
Depreciation, amortization, and impairment | 2,317 | 1,227 | 1,053 | ||||||||
Unallocated corporate depreciation | |||||||||||
Nonoperating income (expense): | |||||||||||
Depreciation, amortization, and impairment | $ 2,714 | $ 2,735 | $ 1,643 |
Segment Reporting - Net Sales a
Segment Reporting - Net Sales and Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Net sales: | |||
Net sales | $ 586,539 | $ 570,168 | $ 615,942 |
Long-lived assets: | |||
Long-lived assets | 66,749 | 73,163 | 72,844 |
United States | |||
Net sales: | |||
Net sales | 479,846 | 465,598 | 494,860 |
Long-lived assets: | |||
Long-lived assets | 62,425 | 68,233 | 67,882 |
Outside U.S. | |||
Net sales: | |||
Net sales | 106,693 | 104,570 | 121,082 |
Long-lived assets: | |||
Long-lived assets | $ 4,324 | $ 4,930 | $ 4,962 |
Marketable Securities - Availab
Marketable Securities - Available-for-sale Securities (Details) - USD ($) $ in Thousands | Apr. 29, 2017 | Apr. 30, 2016 |
Schedule of Available-for-sale Securities | ||
Amortized Cost | $ 32,721 | $ 24,671 |
Unrealized Gains | 14 | 2 |
Unrealized Losses | (22) | (1) |
Fair Value | 32,713 | 24,672 |
Certificates of deposit | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 12,487 | 14,927 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 12,487 | 14,927 |
U.S. Government securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 400 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Fair Value | 400 | |
U.S. Government sponsored entities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 12,260 | 8,523 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (22) | (1) |
Fair Value | 12,238 | 8,522 |
Municipal obligations | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 7,574 | 1,221 |
Unrealized Gains | 14 | 2 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 7,588 | $ 1,223 |
Marketable Securities - Avail53
Marketable Securities - Available-for-sale by Maturity Date (Details) $ in Thousands | Apr. 29, 2017USD ($) |
Schedule of Available-for-sale Securities | |
Less than 12 months | $ 15,429 |
Greater than 12 months | 17,284 |
Total | 32,713 |
Certificates of deposit | |
Schedule of Available-for-sale Securities | |
Less than 12 months | 6,536 |
Greater than 12 months | 5,951 |
Total | 12,487 |
U.S. Government securities | |
Schedule of Available-for-sale Securities | |
Less than 12 months | 400 |
Greater than 12 months | 0 |
Total | 400 |
U.S. Government sponsored entities | |
Schedule of Available-for-sale Securities | |
Less than 12 months | 5,588 |
Greater than 12 months | 6,650 |
Total | 12,238 |
Municipal obligations | |
Schedule of Available-for-sale Securities | |
Less than 12 months | 2,905 |
Greater than 12 months | 4,683 |
Total | $ 7,588 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) $ in Thousands | Aug. 11, 2014 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | Mar. 15, 2016 |
Business Acquisition [Line Items] | |||||||||||||
Net sales | $ 143,682 | $ 115,719 | $ 169,992 | $ 157,146 | $ 138,463 | $ 123,816 | $ 157,668 | $ 150,221 | $ 586,539 | $ 570,168 | $ 615,942 | ||
Goodwill | 7,812 | 8,116 | 7,812 | 8,116 | |||||||||
International | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Net sales | 89,260 | 94,472 | 102,282 | ||||||||||
Goodwill | 2,294 | 2,387 | 2,294 | 2,387 | |||||||||
Commerical | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Net sales | 148,073 | 148,261 | $ 165,793 | ||||||||||
Goodwill | 3,199 | $ 3,350 | 3,199 | $ 3,350 | |||||||||
Data Display [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage acquired | 100.00% | ||||||||||||
Property and equipment acquired | 1,433 | ||||||||||||
Investment for affiliates | 437 | ||||||||||||
Inventory acquired | 2,624 | ||||||||||||
Receivables acquired | 3,063 | ||||||||||||
Other current assets acquired | 1,892 | ||||||||||||
Liabilities acquired | 3,695 | ||||||||||||
Long term debt obligations | 950 | ||||||||||||
Goodwill | 1,463 | ||||||||||||
Data Display [Member] | Unpatented Technology [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired intangible assets useful life | 20 years | ||||||||||||
Intangible assets other than goodwill | 480 | ||||||||||||
Data Display [Member] | Customer Relationships [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired intangible assets useful life | 18 years | ||||||||||||
Intangible assets other than goodwill | $ 84 | ||||||||||||
ADFLOW Networks [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage acquired | 100.00% | ||||||||||||
Property and equipment acquired | 58 | 58 | |||||||||||
Inventory acquired | 230 | 230 | |||||||||||
Receivables acquired | 1,283 | 1,283 | |||||||||||
Other current assets acquired | 616 | 616 | |||||||||||
Liabilities acquired | 935 | 935 | |||||||||||
Long term debt obligations | 1,387 | 1,387 | |||||||||||
Business Combination, Contingent Consideration, Liability | $ 1,833 | 1,833 | |||||||||||
Deferred payments period | 3 years | ||||||||||||
Goodwill | $ 2,557 | 2,557 | |||||||||||
ADFLOW Networks [Member] | Commerical | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Net sales | 9,922 | ||||||||||||
ADFLOW Networks [Member] | Customer Relationships [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets other than goodwill | 2,692 | 2,692 | |||||||||||
ADFLOW Networks [Member] | Computer Software, Intangible Asset [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets other than goodwill | $ 3,176 | $ 3,176 |
Goodwill and Intangible Asset55
Goodwill and Intangible Assets - Goodwill (Details) $ in Thousands | 12 Months Ended |
Apr. 29, 2017USD ($) | |
Goodwill | |
Balance as of April 30, 2016: | $ 8,116 |
Acquisition, net of cash acquired | 55 |
Foreign currency translation | (359) |
Balance as of April 29, 2017: | 7,812 |
Live Events | |
Goodwill | |
Balance as of April 30, 2016: | 2,304 |
Acquisition, net of cash acquired | 0 |
Foreign currency translation | (30) |
Balance as of April 29, 2017: | 2,274 |
Commerical | |
Goodwill | |
Balance as of April 30, 2016: | 3,350 |
Acquisition, net of cash acquired | 55 |
Foreign currency translation | (206) |
Balance as of April 29, 2017: | 3,199 |
Transportation | |
Goodwill | |
Balance as of April 30, 2016: | 75 |
Acquisition, net of cash acquired | 0 |
Foreign currency translation | (30) |
Balance as of April 29, 2017: | 45 |
International | |
Goodwill | |
Balance as of April 30, 2016: | 2,387 |
Acquisition, net of cash acquired | 0 |
Foreign currency translation | (93) |
Balance as of April 29, 2017: | $ 2,294 |
Goodwill and Intangible Asset56
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Schedule of Definite-Lived Intangible and Indefinite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 9 years 3 months 7 days | 8 years 10 months 6 days |
Gross Carrying Amount | $ 7,722 | $ 8,274 |
Accumulated Amortization | 2,187 | 553 |
Finite-Lived Intangible Assets, Accumulated Impairment Loss | 830 | 0 |
Definite-lived, Net Value | 4,705 | 7,721 |
Intangibles, net | $ 4,705 | $ 7,721 |
Trademarks | ||
Schedule of Definite-Lived Intangible and Indefinite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 20 years | 18 years 3 months 15 days |
Gross Carrying Amount | $ 1,604 | $ 1,676 |
Accumulated Amortization | 429 | 194 |
Finite-Lived Intangible Assets, Accumulated Impairment Loss | 604 | 0 |
Definite-lived, Net Value | $ 571 | $ 1,482 |
Computer Software, Intangible Asset [Member] | ||
Schedule of Definite-Lived Intangible and Indefinite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 3 years | 3 years |
Gross Carrying Amount | $ 2,814 | $ 3,046 |
Accumulated Amortization | 1,055 | 46 |
Finite-Lived Intangible Assets, Accumulated Impairment Loss | 0 | 0 |
Definite-lived, Net Value | $ 1,759 | $ 3,000 |
Customer Relationships [Member] | ||
Schedule of Definite-Lived Intangible and Indefinite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 9 years 8 months 12 days | 9 years 8 months 1 day |
Gross Carrying Amount | $ 3,209 | $ 3,449 |
Accumulated Amortization | 608 | 300 |
Finite-Lived Intangible Assets, Accumulated Impairment Loss | 226 | 0 |
Definite-lived, Net Value | $ 2,375 | $ 3,149 |
Other | ||
Schedule of Definite-Lived Intangible and Indefinite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 1 year | 1 year |
Gross Carrying Amount | $ 95 | $ 103 |
Accumulated Amortization | 95 | 13 |
Finite-Lived Intangible Assets, Accumulated Impairment Loss | 0 | 0 |
Definite-lived, Net Value | $ 0 | $ 90 |
Goodwill and Intangible Asset57
Goodwill and Intangible Assets Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands | Apr. 29, 2017 | Apr. 30, 2016 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
2,018 | $ 1,250 | |
2,019 | 1,132 | |
2,020 | 312 | |
2,021 | 308 | |
2,022 | 285 | |
Thereafter | 1,418 | |
Finite-Lived Intangible Assets, Net | $ 4,705 | $ 7,721 |
Goodwill and Intangible Asset58
Goodwill and Intangible Assets -Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Impairment of intangible assets | $ 830 | $ 0 | $ 0 |
Amortization of Intangible Assets | $ 2,546 | $ 295 | $ 204 |
Selected Financial Statement 59
Selected Financial Statement Data - Inventory (Details) - USD ($) $ in Thousands | Apr. 29, 2017 | Apr. 30, 2016 |
Selected Financial Statement Data [Abstract] | ||
Raw materials | $ 24,801 | $ 28,184 |
Work-in-process | 7,366 | 6,158 |
Finished goods | 34,319 | 35,485 |
Inventories | 66,486 | 69,827 |
Inventory allowance | $ 4,967 | $ 4,975 |
Selected Financial Statement 60
Selected Financial Statement Data - Property and Equipment (Details) - USD ($) $ in Thousands | Apr. 29, 2017 | Apr. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 223,941 | $ 229,034 |
Less accumulated depreciation | 157,192 | 155,871 |
Property and equipment, net | 66,749 | 73,163 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2,099 | 2,155 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 65,935 | 65,247 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 84,189 | 82,973 |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,604 | 14,746 |
Computer software and hardware | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 51,523 | 48,917 |
Equipment held for rental | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 374 | 374 |
Demonstration equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 7,109 | 8,026 |
Transportation equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 7,108 | $ 6,596 |
Selected Financial Statement 61
Selected Financial Statement Data - Accrued Expenses (Details) - USD ($) $ in Thousands | Apr. 29, 2017 | Apr. 30, 2016 |
Selected Financial Statement Data [Abstract] | ||
Compensation | $ 12,732 | $ 12,065 |
Taxes, other than income taxes | 3,878 | 3,969 |
Other | 8,423 | 7,498 |
Accrued expenses | $ 25,033 | $ 23,532 |
Selected Financial Statement 62
Selected Financial Statement Data - Other (Expense) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Selected Financial Statement Data [Abstract] | |||
Foreign currency transaction losses | $ (331) | $ (326) | $ (514) |
Equity in losses of affiliates | (136) | 0 | 0 |
Other | 113 | 198 | 16 |
Other (expense) income, net | $ (354) | $ (128) | $ (498) |
Selected Financial Statement 63
Selected Financial Statement Data - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 16,732 | $ 16,561 | $ 14,764 |
Uncompleted Contracts - Summary
Uncompleted Contracts - Summary (Details) - USD ($) $ in Thousands | Apr. 29, 2017 | Apr. 30, 2016 |
Contractors [Abstract] | ||
Costs incurred | $ 508,993 | $ 530,594 |
Estimated earnings | 161,611 | 173,356 |
Costs and estimated earnings on uncompleted contracts | 670,604 | 703,950 |
Less billings to date | 645,098 | 684,111 |
Costs in excess of billings, net | $ 25,506 | $ 19,839 |
Uncompleted Contracts - Costs i
Uncompleted Contracts - Costs in Excess of Billings (Details) - USD ($) $ in Thousands | Apr. 29, 2017 | Apr. 30, 2016 |
Contractors [Abstract] | ||
Costs and estimated earnings in excess of billings | $ 36,403 | $ 30,200 |
Billings in excess of costs and estimated earnings | (10,897) | (10,361) |
Costs in excess of billings, net | $ 25,506 | $ 19,839 |
Receivables - (Details)
Receivables - (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Receivables | ||
Allowance for doubtful accounts | $ 2,610 | $ 2,797 |
Retainage on construction-type contracts, expected to be collected in one year | 1,857 | 437 |
Financing Receivable | ||
Receivables | ||
Long-term contracts and lease receivables, present value | 4,890 | 7,038 |
Long-term contracts and lease receivables, face amount | $ 5,201 | $ 7,236 |
Financing Receivable | Minimum | ||
Receivables | ||
Contract and lease receivables annual interest rates | 4.80% | |
Financing Receivable | Maximum | ||
Receivables | ||
Contract and lease receivables annual interest rates | 10.00% |
Financing Agreements - (Details
Financing Agreements - (Details) $ in Thousands | 12 Months Ended |
Apr. 29, 2017USD ($) | |
Line of Credit | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 |
Effective interest rate | 2.40% |
Line of credit facility, unused capacity, commitment fee percentage | 0.125% |
Debt instrument, restrictive covenants, fixed charge coverage ratio | 200.00% |
Debt instrument, restrictive covenants, capital expenditure reserve, amount | $ 6,000 |
Debt instrument, restrictive covenants, interest-bearing debt, ratio | 100.00% |
Standby Letters of Credit | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 |
Line of Credit Facility, Amount Outstanding | 4,089 |
Foreign Line of Credit | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000 |
Effective interest rate | 1.50% |
Line of Credit Facility, Commitment Fee Amount | $ 5 |
Debt instrument, restrictive covenants, fixed charge coverage ratio | 200.00% |
Debt instrument, restrictive covenants, capital expenditure reserve, amount | $ 6,000 |
Debt instrument, restrictive covenants, interest-bearing debt, ratio | 100.00% |
Bank Guarantees | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 |
Line of Credit Facility, Amount Outstanding | $ 6,377 |
LIBOR | Minimum | Line of Credit | |
Line of Credit Facility [Line Items] | |
Debt instrument, basis spread on variable rate | 145.00% |
LIBOR | Maximum | Line of Credit | |
Line of Credit Facility [Line Items] | |
Debt instrument, basis spread on variable rate | 195.00% |
Share Repurchase Program (Detai
Share Repurchase Program (Details) shares in Thousands, $ in Thousands | 12 Months Ended |
Apr. 29, 2017USD ($)shares | |
Equity, Class of Treasury Stock [Line Items] | |
Stock Repurchase Program, Authorized Amount | $ 40,000 |
Stock Repurchased During Period, Shares | shares | 284 |
Stock Repurchased During Period, Value | $ 1,825 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 38,175 |
Shareholders' Equity and Shar69
Shareholders' Equity and Share-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017USD ($)$ / sharesshares | Apr. 30, 2016USD ($)shares | May 02, 2015USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized | 120,000,000 | ||
Common purchase right per common stock | 1 | ||
Conversion ratio for rights to common stock | 0.10 | ||
Share price | $ / shares | $ 100 | ||
Days following ownership announcement option one | 10 days | ||
Percentage of ownership | 15.00% | ||
Days following ownership announcement, option two | 10 days | ||
Shares available for grant | 2,215,000 | ||
Weighted-average period for unrecognized costs | 2 years 8 months 9 days | ||
Exercisable at end of year, Shares | 1,868,000 | ||
Exercised, aggregate intrinsic value | $ | $ 64 | $ 132 | $ 533 |
Fair value of vested options | $ | $ 1,102 | $ 1,190 | $ 1,294 |
Stock issued for ESPP | 118,000 | 227,000 | 248,000 |
Nonvested unrecognized compensation expense | $ | $ 3,991 | ||
Proceeds from exercise of stock options | $ | 343 | $ 610 | $ 2,513 |
Tax benefit from share based payments | $ | $ 2 | (69) | 3 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award life | 10 years | ||
Vesting period | 5 years | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
Weighted-average period for unrecognized costs | 2 years 11 months 9 days | ||
Fair value | $ | $ 1,214 | $ 1,191 | $ 1,089 |
Restricted Stock and Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation costs | $ | $ 2,485 | ||
In The Money Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price (usd per share) | $ / shares | $ 9.46 | ||
Exercisable at end of year, Shares | 891,000 | ||
Employee Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Shares available for grant | 2,500,000 | ||
Requisite service period | 6 months | ||
Employee maximum contribution percentage | 15.00% | ||
Percentage of purchase price at the lower of the fair market value | 85.00% | ||
Purchase discount percentage | 15.00% | ||
Shares reserved for future issuance | 396,000 | ||
Independent Directors | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award life | 7 years | ||
Vesting period | 1 year | ||
Independent Directors | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized | 115,000,000 | ||
Undesignated Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized | 5,000,000 |
Shareholders' Equity and Shar70
Shareholders' Equity and Share-Based Compensation - Nonvested Restricted Stock and RSU Activity (Details) - Restricted Stock and Restricted Stock Units - $ / shares shares in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Number of Nonvested Shares | |||
Outstanding at beginning of year, Nonvested Shares | 384 | 344 | 318 |
Granted, Nonvested Shares | 157 | 159 | 150 |
Vested, Nonvested Shares | (134) | (110) | (111) |
Forfeited, Nonvested Shares | (5) | (9) | (13) |
Outstanding at end of year, Nonvested Shares | 402 | 384 | 344 |
Weighted Average Grant Date Fair Value Per Share | |||
Outstanding at beginning of year, Weighted Average Grant Date Fair Value (usd per share) | $ 9.10 | $ 10.63 | $ 9.59 |
Granted, Weighted Average Grant Date Fair Value (usd per share) | 8 | 7.04 | 12.25 |
Vested, Weighted Average Grant Date Fair Value (usd per share) | 9.03 | 10.76 | 9.83 |
Forfeited, Weighted Average Grant Date Fair Value (usd per share) | 8.98 | 10.69 | 10.70 |
Outstanding at end of year, Weighted Average Grant Date Fair Value (usd per share) | $ 8.69 | $ 9.10 | $ 10.63 |
Shareholders' Equity and Shar71
Shareholders' Equity and Share-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Stock Options | |||
Outstanding at beginning of year, Shares | 2,606 | ||
Granted, Shares | 234 | ||
Canceled or forfeited, Shares | (320) | ||
Exercised, Shares | (39) | ||
Outstanding at end of year, Shares | 2,481 | 2,606 | |
Shares vested and expected to vest | 2,458 | ||
Exercisable at end of year, Shares | 1,868 | ||
Weighted Average Exercise Price Per Share | |||
Outstanding at beginning of year, (usd per share) | $ 13.50 | ||
Granted, (usd per share) | 9.57 | ||
Canceled or forfeited, (usd per share) | 29.41 | ||
Exercised, (usd per share) | 8.78 | ||
Outstanding at end of year, (usd per share) | 11.15 | $ 13.50 | |
Shares vested and expected to vest (usd per share) | 11.16 | ||
Exercisable at end of year (usd per share) | $ 11.49 | ||
Outstanding, beginning of period, weighted average remaining contractual life | 4 years 6 months 11 days | 4 years 6 months 26 days | |
Outstanding, end of period, weighted average remaining contractual life | 4 years 6 months 11 days | 4 years 6 months 26 days | |
Vested and expected to vest, weighted average remaining contractual life | 4 years 6 months | ||
Exercisable at end of period, weighted average remaining contractual life | 3 years 5 months 27 days | ||
Outstanding, beginning of period, aggregate intrinsic value | $ 158 | ||
Exercised, aggregate intrinsic value | 64 | $ 132 | $ 533 |
Outstanding, end of period, aggregate intrinsic value | 768 | $ 158 | |
Shares vested and expected to vest, aggregate intrinsic value | 762 | ||
Exercisable at end of period, aggregate intrinsic value | $ 635 |
Shareholders' Equity and Shar72
Shareholders' Equity and Share-Based Compensation - Assumptions used in Black-Scholes Model (Details) - $ / shares | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of options granted | $ 2.93 | $ 2.92 | $ 5.44 |
Expected dividend rate | 3.15% | 2.78% | 2.60% |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.31% | 1.70% | 1.93% |
Expected volatility | 44.12% | 42.71% | 48.01% |
Expected life of option | 5 years 9 months 11 days | 5 years 9 months 11 days | 5 years 10 months 2 days |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.44% | 1.90% | 2.14% |
Expected volatility | 44.51% | 48.32% | 51.89% |
Expected life of option | 6 years 11 months 23 days | 6 years 11 months 23 days | 6 years 11 months 12 days |
Shareholders' Equity and Shar73
Shareholders' Equity and Share-Based Compensation - Share-Based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 2,914 | $ 2,958 | $ 3,038 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | 1,072 | 1,179 | 1,311 |
Restricted Stock and Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | 1,287 | 1,237 | 1,234 |
Employee Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 555 | $ 542 | $ 493 |
Shareholders' Equity and Shar74
Shareholders' Equity and Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | $ 2,914 | $ 2,958 | $ 3,038 |
Cost of goods sold | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | 714 | 751 | 737 |
Selling | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | 723 | 780 | 825 |
General and administrative | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | 877 | 839 | 908 |
Product design and development | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | $ 600 | $ 588 | $ 568 |
Employee Benefit Plans - (Detai
Employee Benefit Plans - (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |||
Percentage of matching contribution | 50.00% | ||
Maximum annual contribution percentage | 6.00% | ||
Award requisite service period | 1 year | ||
Minimum age attained for award | 21 years | ||
Minimum hours worked | 1000 hours | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Contributions | $ 2,463 | $ 2,382 | $ 2,013 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Income Tax Disclosure [Abstract] | |||
Undistributed Earnings of Foreign Subsidiaries | $ 11,483 | ||
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets, gross | 21,845 | $ 21,445 | |
Deferred tax asset valuation allowance | 2,061 | 1,673 | |
Interest and penalties | (59) | 232 | $ 14 |
Accrued interest or penalties | 170 | $ 94 | |
International | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 7,754 | ||
Deferred tax assets, gross | 1,772 | ||
Canada | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 138 | ||
Ireland and Belgium [Domain] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred tax asset valuation allowance | $ 1,724 |
Income Taxes - Pretax Income Do
Income Taxes - Pretax Income Domestic and Foreign (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 16,010 | $ 3,264 | $ 29,194 |
Foreign | (422) | (138) | 2,489 |
Income (loss) before income taxes | $ 15,588 | $ 3,126 | $ 31,683 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Current: | |||
Federal | $ 5,268 | $ (467) | $ 6,657 |
State | 1,158 | 123 | 1,150 |
Foreign | 863 | 557 | 848 |
Deferred: | |||
Federal | (1,625) | 463 | 1,906 |
State | (397) | (89) | 307 |
Foreign | (21) | 478 | (67) |
Income tax expense | $ 5,246 | $ 1,065 | $ 10,801 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Income Tax Disclosure [Abstract] | |||
Computed income tax expense at federal, state and local jurisdiction statutory rates | $ 5,456 | $ 1,063 | $ 11,089 |
State taxes, net of federal benefit | 539 | 40 | 1,016 |
Research and development tax credit | (1,573) | (2,015) | (1,292) |
Meals and entertainment | 299 | 334 | 369 |
Stock compensation | 497 | 525 | 566 |
Dividends paid to retirement plan | (293) | (323) | (352) |
Domestic production activities deduction | (542) | (91) | (529) |
Change in valuation allowances | 388 | 1,265 | (2,295) |
Change in uncertain tax positions | 97 | 125 | 2,357 |
Other, net | 378 | 142 | (128) |
Income tax expense | $ 5,246 | $ 1,065 | $ 10,801 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 29, 2017 | Apr. 30, 2016 |
Deferred taxes assets: | ||
Accrued warranty obligations | $ 10,469 | $ 11,407 |
Vacation accrual | 2,100 | 1,963 |
Net losses on investments | 0 | 336 |
Deferred maintenance revenue | 1,336 | 341 |
Allowance for excess and obsolete inventory | 1,254 | 1,314 |
Equity compensation | 848 | 745 |
Allowance for doubtful accounts | 677 | 703 |
Inventory capitalization | 354 | 595 |
Accrued compensation and benefits | 1,232 | 1,015 |
Deferred Tax Assets, Unrealized Currency Losses | 226 | 0 |
Net operating loss carry forwards | 1,772 | 1,404 |
Tax Credit Carryforwards, Research | 311 | 1,005 |
Other | 1,266 | 617 |
Deferred tax assets, gross | 21,845 | 21,445 |
Valuation allowance | (2,061) | (1,673) |
Deferred tax assets net of valuation | 19,784 | 19,772 |
Deferred tax liabilities: | ||
Property and equipment | (6,762) | (7,988) |
Prepaid expenses | (601) | (631) |
Intangible Assets | (1,809) | (1,479) |
Unrealized Currency Transaction Gains | 0 | (931) |
Other | (156) | (60) |
Deferred tax liabilities, gross | (9,328) | (11,089) |
Deferred tax assets, net | $ 10,456 | $ 8,683 |
Income Taxes - Deferred Tax A81
Income Taxes - Deferred Tax Assets and Liabilities Current and Non Current (Details) - USD ($) $ in Thousands | Apr. 29, 2017 | Apr. 30, 2016 |
Income Tax Disclosure [Abstract] | ||
Non-current assets | $ 11,292 | $ 9,437 |
Non-current liabilities | (836) | (754) |
Deferred tax assets, net | $ 10,456 | $ 8,683 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Reconciliation of Changes in Unrecognized Tax Benefits | |||
Unrecognized tax benefits, beginning balance | $ 3,016 | $ 2,891 | $ 494 |
Gross increases related to prior period tax positions | 235 | 137 | 6 |
Gross increases related to current period tax positions | 0 | 8 | 2,496 |
Lapse of statute of limitations | (138) | (20) | (105) |
Unrecognized tax benefits, ending balance | $ 3,113 | $ 3,016 | $ 2,891 |
Income Taxes - Deferred Tax A83
Income Taxes - Deferred Tax Assets By Location (Details) - USD ($) $ in Thousands | Apr. 29, 2017 | Apr. 30, 2016 |
Deferred Tax Assets By Location [Line Items] | ||
Deferred tax assets, gross | $ 21,845 | $ 21,445 |
International | ||
Deferred Tax Assets By Location [Line Items] | ||
Deferred tax assets, gross | $ 1,772 |
Cash Flow Information - Change
Cash Flow Information - Change in Operating Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
(Increase) decrease: | |||
Restricted cash | $ (18) | $ 298 | $ 18 |
Accounts receivable | (2,718) | 3,789 | 6,412 |
Long-term receivables | 2,213 | 2,851 | 3,234 |
Inventories | 3,581 | (5,100) | (1,907) |
Costs and estimated earnings in excess of billings | (6,203) | 4,867 | (1,667) |
Prepaid expenses and other current assets | (980) | 1,290 | (575) |
Income taxes receivable | 4,201 | 1,061 | (3,084) |
Investment in affiliates and other assets | (475) | (776) | 912 |
Increase (decrease): | |||
Current marketing obligations and other payables | 857 | 21 | (146) |
Accounts Payable | 5,544 | (9,926) | 5,594 |
Customer deposits | (1,514) | (941) | (1,315) |
Accrued expenses | 2,351 | 776 | 3,128 |
Warranty obligations | (2,986) | 4,726 | (2,638) |
Billings in excess of costs and estimated earnings | 536 | (13,436) | 1,314 |
Long-term warranty obligations | 389 | (710) | 1,869 |
Income taxes payable | 1,331 | (37) | (627) |
Deferred revenue | 1,256 | 2,120 | (250) |
Long-term marketing obligations and other payables | (43) | (456) | 3,468 |
Change in operating assets and liabilities | $ 7,322 | $ (9,583) | $ 13,740 |
Cash Flow Information - Supplem
Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Cash payments for: | |||
Interest | $ 228 | $ 303 | $ 289 |
Income taxes, net of refunds | $ 3,196 | $ (824) | $ 8,690 |
Cash Flow Information - Non-Cas
Cash Flow Information - Non-Cash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |||
Demonstration equipment transferred to inventory | $ 218 | $ 227 | $ 34 |
Purchases of property and equipment included in accounts payable | 2,524 | 142 | 1,510 |
Contributions of common stock under the employee stock purchase plan | 840 | 1,777 | 2,512 |
Contingent consideration related to acquisition of ADFLOW | $ 31 | $ 1,955 | $ 0 |
Fair Value Measurement - (Detai
Fair Value Measurement - (Details) - USD ($) $ in Thousands | Apr. 29, 2017 | Apr. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | $ 32,713 | $ 24,672 |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 12,487 | 14,927 |
U.S. Government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 400 | |
U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 12,238 | 8,522 |
Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 7,588 | 1,223 |
Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash and cash equivalents | 32,623 | 28,328 |
Restricted cash | 216 | 198 |
Derivatives - asset position | 64 | |
Derivatives - liability position | (277) | (453) |
Assets, net | 63,448 | 50,790 |
Recurring Basis | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 12,487 | 14,927 |
Recurring Basis | U.S. Government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 400 | |
Recurring Basis | U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 12,238 | 8,522 |
Recurring Basis | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 7,588 | 1,223 |
Recurring Basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash and cash equivalents | 32,623 | 28,328 |
Restricted cash | 216 | 198 |
Derivatives - asset position | 0 | |
Derivatives - liability position | 0 | 0 |
Assets, net | 33,239 | 28,526 |
Recurring Basis | Level 1 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 0 | 0 |
Recurring Basis | Level 1 | U.S. Government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 400 | |
Recurring Basis | Level 1 | U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 0 | 0 |
Recurring Basis | Level 1 | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 0 | 0 |
Recurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Derivatives - asset position | 64 | |
Derivatives - liability position | (277) | (453) |
Assets, net | 32,100 | 24,219 |
Recurring Basis | Level 2 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 12,487 | 14,927 |
Recurring Basis | Level 2 | U.S. Government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 0 | |
Recurring Basis | Level 2 | U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 12,238 | 8,522 |
Recurring Basis | Level 2 | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 7,588 | 1,223 |
Reported Value Measurement [Member] | Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Contingent liability | (1,891) | (1,955) |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Contingent liability | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Contingent liability | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Derivatives - asset position | 0 | |
Derivatives - liability position | 0 | 0 |
Contingent liability | (1,891) | (1,955) |
Assets, net | (1,891) | (1,955) |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 3 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 3 | U.S. Government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 0 | |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 3 | U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Recurring Basis | Level 3 | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale securities: | $ 0 | $ 0 |
Fair Value Measurement Rollforw
Fair Value Measurement Rollforward of Level 3 Contingent Consideration Liabilities (Details) - Recurring Basis - Level 3 - Estimate of Fair Value Measurement [Member] - Contingent Consideration Liability [Member] $ in Thousands | 12 Months Ended |
Apr. 29, 2017USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Contingent liability as of April 30, 2016 | $ 1,955 |
Fair value adjustments | 31 |
Interest accretion | 53 |
Foreign currency translation | (148) |
Contingent liability as of April 29, 2017 | $ 1,891 |
Fair Value Measurement -Narrati
Fair Value Measurement -Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Impairment of intangible assets | $ 830 | $ 0 | $ 0 |
Derivative Financial Instrume90
Derivative Financial Instruments - (Details) € in Thousands, £ in Thousands, SGD in Thousands, CAD in Thousands, AUD in Thousands, $ in Thousands | Apr. 29, 2017USD ($) | Apr. 29, 2017CAD | Apr. 29, 2017EUR (€) | Apr. 29, 2017AUD | Apr. 29, 2017SGD | Apr. 29, 2017GBP (£) | Apr. 30, 2016USD ($) | Apr. 30, 2016CAD | Apr. 30, 2016EUR (€) | Apr. 30, 2016AUD | Apr. 30, 2016SGD | Apr. 30, 2016GBP (£) |
Recurring Basis | ||||||||||||
Derivative | ||||||||||||
Foreign currency contract, asset | $ 64 | |||||||||||
Foreign currency contract, liability | (277) | $ (453) | ||||||||||
Recurring Basis | Level 2 | ||||||||||||
Derivative | ||||||||||||
Foreign currency contract, asset | 64 | |||||||||||
Foreign currency contract, liability | (277) | (453) | ||||||||||
U.S. Dollars/Australian Dollars | Not Designated as Hedging Instrument [Member] | ||||||||||||
Derivative | ||||||||||||
Foreign Currency Exchange Forward Contracts: | 7,984 | AUD 10,669 | 7,216 | AUD 10,027 | ||||||||
U.S. Dollars/Canadian Dollars | Not Designated as Hedging Instrument [Member] | ||||||||||||
Derivative | ||||||||||||
Foreign Currency Exchange Forward Contracts: | 256 | CAD 345 | 563 | CAD 771 | ||||||||
U.S. Dollars/British Pounds | Not Designated as Hedging Instrument [Member] | ||||||||||||
Derivative | ||||||||||||
Foreign Currency Exchange Forward Contracts: | 4,936 | £ 3,959 | 1,795 | £ 1,263 | ||||||||
U.S. Dollars/Singapore Dollars | Not Designated as Hedging Instrument [Member] | ||||||||||||
Derivative | ||||||||||||
Foreign Currency Exchange Forward Contracts: | 605 | SGD 844 | 261 | SGD 356 | ||||||||
U.S. Dollars/Euros | Not Designated as Hedging Instrument [Member] | ||||||||||||
Derivative | ||||||||||||
Foreign Currency Exchange Forward Contracts: | $ 528 | € 491 | $ 147 | € 132 |
Commitments and Contingencies -
Commitments and Contingencies - Guarantees and Warranties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Movement in Standard Product Warranty Accrual | |||
Beginning accrued warranty costs | $ 30,496 | $ 26,481 | |
Warranties issued during the period | 10,930 | 10,528 | |
Settlements made during the period | (16,790) | (18,377) | |
Changes in accrued warranty costs for pre-existing warranties during the period, including expirations | 3,263 | 11,864 | |
Ending accrued warranty costs | $ 27,899 | 30,496 | $ 26,481 |
Minimum | |||
Warranties: | |||
Standard parts warranty period | 1 year | ||
Installation warranty period | 1 year | ||
Maximum | |||
Warranties: | |||
Standard parts warranty period | 5 years | ||
Installation warranty period | 10 years | ||
Performance guarantees | Letter of credit and bank guarantees agreements | |||
Guarantees: | |||
Performance guarantees outstanding | $ 10,466 | ||
Performance guarantees | Surety bonds | |||
Guarantees: | |||
Performance guarantees outstanding | 39,994 | ||
Out-of-Home Product Application [Member] | |||
Movement in Standard Product Warranty Accrual | |||
Changes in accrued warranty costs for pre-existing warranties during the period, including expirations | 1,766 | $ 9,174 | $ 1,168 |
Ending accrued warranty costs | $ 3,079 |
Commitments and Contingencies92
Commitments and Contingencies - Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Operating Leased Assets | |||
Operating leases, rent expense | $ 3,175 | $ 3,031 | $ 3,020 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity | |||
2,018 | 2,740 | ||
2,019 | 2,038 | ||
2,020 | 1,740 | ||
2,021 | 1,545 | ||
2,022 | 1,298 | ||
Thereafter | 422 | ||
Total | 9,783 | ||
March 31, 2017 to March 31, 2022 | |||
Operating Leased Assets | |||
Operating leases, purchase option price | 9,000 | ||
Year ending March 2023 | |||
Operating Leased Assets | |||
Operating leases, purchase option price | 9,090 | ||
Year ending March 2024 | |||
Operating Leased Assets | |||
Operating leases, purchase option price | $ 9,180 |
Commitments and Contingencies93
Commitments and Contingencies - Purchase Commitments (Details) $ in Thousands | Apr. 29, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Conditional purchase commitment | $ 400 |
Purchase Obligation, Fiscal Year Maturity | |
2,018 | 3,251 |
2,019 | 1,030 |
2,020 | 253 |
2,021 | 253 |
2,022 | 143 |
Thereafter | 379 |
Total | $ 5,309 |
Commitments and Contingencies94
Commitments and Contingencies - Other Long-term Obligations (Details) - USD ($) $ in Thousands | Apr. 29, 2017 | Apr. 30, 2016 |
Other Commitments [Line Items] | ||
Other Commitment | $ 3,224 | $ 4,031 |
Less: current liability | 1,506 | 681 |
Other long-term obligations | 1,718 | 3,350 |
Advertising | ||
Other Commitments [Line Items] | ||
Other Commitment | 580 | 589 |
Deferred purchase price | ||
Other Commitments [Line Items] | ||
Other Commitment | 2,479 | 3,228 |
Long-term Debt [Member] | ||
Other Commitments [Line Items] | ||
Other Commitment | $ 165 | $ 214 |
Subsequent Events - (Details)
Subsequent Events - (Details) - $ / shares | Jun. 02, 2017 | Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 |
Subsequent Event [Line Items] | ||||
Cash dividend declared (usd per share) | $ 0.310 | $ 0.4 | $ 0.4 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Cash dividend declared (usd per share) | $ 0.07 |
Quarterly Financial Data (Una96
Quarterly Financial Data (Unaudited) - (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 143,682 | $ 115,719 | $ 169,992 | $ 157,146 | $ 138,463 | $ 123,816 | $ 157,668 | $ 150,221 | $ 586,539 | $ 570,168 | $ 615,942 |
Gross profit | 33,724 | 23,316 | 44,308 | 39,067 | 27,976 | 22,029 | 35,513 | 35,501 | 140,415 | 121,019 | 144,579 |
Net income (loss) | $ 909 | $ (5,127) | $ 9,021 | $ 5,539 | $ (2,930) | $ (1,953) | $ 3,168 | $ 3,776 | $ 10,342 | $ 2,061 | $ 20,882 |
Basic earnings (loss) per share (in dollars per share) | $ 0.02 | $ (0.12) | $ 0.21 | $ 0.13 | $ (0.07) | $ (0.04) | $ 0.07 | $ 0.09 | $ 0.23 | $ 0.05 | $ 0.48 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.02 | $ (0.12) | $ 0.20 | $ 0.13 | $ (0.07) | $ (0.04) | $ 0.07 | $ 0.09 | $ 0.23 | $ 0.05 | $ 0.47 |
SCHEDULE II - VALUATION AND Q97
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS - (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | ||
Allowance for Doubtful Accounts | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | $ 2,797 | $ 2,316 | $ 2,539 | |
Charged to Costs and Expenses | 2,496 | 934 | (150) | |
Charged to Other Accounts | 0 | 0 | 0 | |
Deductions | [1] | (2,683) | (453) | (73) |
Balance at End of Year | 2,610 | 2,797 | 2,316 | |
Allowance for Excess and Obsolete Inventories | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | 4,975 | 3,998 | 2,692 | |
Charged to Costs and Expenses | 2,437 | 3,475 | 2,701 | |
Charged to Other Accounts | [2] | (68) | 12 | 2 |
Deductions | [3] | (2,377) | (2,510) | (1,397) |
Balance at End of Year | $ 4,967 | $ 4,975 | $ 3,998 | |
[1] | (b) Write-off of uncollected accounts, net of collections | |||
[2] | (a) Translation adjustment on foreign subsidiary balances | |||
[3] | (c) Obsolete and excess inventory disposals |