Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jul. 31, 2021 | Aug. 30, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000915779 | |
Entity Registrant Name | DAKTRONICS INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-23246 | |
Entity Incorporation, State or Country Code | SD | |
Entity Tax Identification Number | 46-0306862 | |
Entity Address, Address Line One | 201 Daktronics Drive | |
Entity Address, City or Town | Brookings | |
Entity Address, State or Province | SD | |
Entity Address, Postal Zip Code | 57006 | |
City Area Code | 605 | |
Local Phone Number | 692-0200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 45,357,234 | |
Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Preferred Stock Purchase Rights | |
Trading Symbol | DAKT | |
Security Exchange Name | NASDAQ | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, No Par Value | |
Trading Symbol | DAKT | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jul. 31, 2021 | May 01, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 74,658 | $ 77,590 |
Restricted cash | 2,541 | 2,812 |
Accounts receivable, net | 78,497 | 67,808 |
Inventories | 84,514 | 74,356 |
Contract assets | 38,133 | 32,799 |
Current maturities of long-term receivables | 1,756 | 1,462 |
Prepaid expenses and other current assets | 9,821 | 7,445 |
Income tax receivables | 635 | 731 |
Total current assets | 290,555 | 265,003 |
Property and equipment, net | 56,208 | 58,682 |
Long-term receivables, less current maturities | 1,390 | 1,635 |
Goodwill | 8,311 | 8,414 |
Intangibles, net | 1,780 | 2,083 |
Investment in affiliates and other assets | 26,271 | 27,403 |
Deferred income taxes | 11,941 | 11,944 |
TOTAL ASSETS | 396,456 | 375,164 |
CURRENT LIABILITIES: | ||
Accounts payable | 57,775 | 40,251 |
Contract liabilities | 67,507 | 64,495 |
Accrued expenses | 27,650 | 30,672 |
Warranty obligations | 9,986 | 10,464 |
Income taxes payable | 496 | 738 |
Total current liabilities | 163,414 | 146,620 |
Long-term warranty obligations | 15,395 | 15,496 |
Long-term contract liabilities | 10,586 | 10,720 |
Other long-term obligations | 7,848 | 7,816 |
Long-term income taxes payable | 654 | 548 |
Deferred income taxes | 378 | 410 |
Total long-term liabilities | 34,861 | 34,990 |
SHAREHOLDERS' EQUITY: | ||
Common Stock, no par value, authorized 115,000,000 shares; 46,444,603 and 46,264,576 shares issued at July 31, 2021 and May 1, 2021, respectively | 61,172 | 60,575 |
Additional paid-in capital | 47,117 | 46,595 |
Retained earnings | 99,701 | 96,016 |
Treasury Stock, at cost, 1,266,401 and 1,297,409 shares at July 31, 2021 and May 1, 2021, respectively | (7,101) | (7,297) |
Accumulated other comprehensive loss | (2,708) | (2,335) |
TOTAL SHAREHOLDERS' EQUITY | 198,181 | 193,554 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 396,456 | $ 375,164 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Jul. 31, 2021 | May 01, 2021 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, share authorized (in shares) | 115,000,000 | 115,000,000 |
Common stock, share issued (in shares) | 46,444,603 | 46,264,576 |
Treasury stock, shares (in shares) | 1,266,401 | 1,297,409 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Aug. 01, 2020 | |
Net sales | $ 144,732 | $ 143,644 |
Cost of sales | 112,544 | 107,883 |
Gross profit | 32,188 | 35,761 |
Operating expenses: | ||
Selling | 11,795 | 11,556 |
General and administrative | 7,571 | 7,124 |
Product design and development | 7,162 | 7,532 |
Operating Expenses, Total | 26,528 | 26,212 |
Operating income | 5,660 | 9,549 |
Nonoperating (expense) income: | ||
Interest income | 153 | 85 |
Interest expense | (16) | (73) |
Other (expense) income, net | (868) | (627) |
Income before income taxes | 4,929 | 8,934 |
Income tax expense | 1,244 | 1,467 |
Net income | $ 3,685 | $ 7,467 |
Weighted average shares outstanding: | ||
Basic (in shares) | 45,139 | 44,654 |
Diluted (in shares) | 45,419 | 44,751 |
Earnings per share: | ||
Basic (in dollars per share) | $ 0.08 | $ 0.17 |
Diluted (in dollars per share) | $ 0.08 | $ 0.17 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Aug. 01, 2020 | |
Net income (loss) | $ 3,685 | $ 7,467 |
Other comprehensive (loss) income: | ||
Cumulative translation adjustments | (373) | 1,037 |
Total other comprehensive (loss) income, net of tax | (373) | 1,037 |
Comprehensive income | $ 3,312 | $ 8,504 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at May. 02, 2020 | $ 60,010 | $ 44,627 | $ 85,090 | $ (7,470) | $ (5,277) | $ 176,980 |
Net income (loss) | 0 | 0 | 7,467 | 0 | 0 | 7,467 |
Cumulative translation adjustments | 0 | 0 | 0 | 0 | 1,037 | 1,037 |
Share-based compensation | 0 | 539 | 0 | 0 | 0 | 539 |
Treasury stock reissued | 0 | 26 | 0 | 173 | 0 | 199 |
Balance at Aug. 01, 2020 | 60,010 | 45,192 | 92,557 | (7,297) | (4,240) | 186,222 |
Balance at May. 01, 2021 | 60,575 | 46,595 | 96,016 | (7,297) | (2,335) | 193,554 |
Net income (loss) | 0 | 0 | 3,685 | 0 | 0 | 3,685 |
Cumulative translation adjustments | 0 | 0 | 0 | 0 | (373) | (373) |
Share-based compensation | 0 | 518 | 0 | 0 | 0 | 518 |
Employee savings plan activity | 597 | 0 | 0 | 0 | 0 | 597 |
Treasury stock reissued | 0 | 4 | 0 | 196 | 0 | 200 |
Balance at Jul. 31, 2021 | $ 61,172 | $ 47,117 | $ 99,701 | $ (7,101) | $ (2,708) | $ 198,181 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Aug. 01, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 3,685 | $ 7,467 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 4,052 | 4,337 |
Gain on sale of property, equipment and other assets | (106) | (53) |
Share-based compensation | 518 | 539 |
Equity in loss of affiliates | 746 | 529 |
Provision for doubtful accounts | (421) | 1 |
Deferred income taxes, net | (32) | (4) |
Change in operating assets and liabilities | (9,461) | (4,271) |
Net cash (used in) provided by operating activities | (1,019) | 8,545 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (1,283) | (3,155) |
Proceeds from sales of property, equipment and other assets | 149 | 86 |
Purchases of and loans to equity investment | (718) | (492) |
Net cash used in investing activities | (1,852) | (3,561) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal payments on long-term obligations | (200) | (210) |
Net cash used in financing activities | (200) | (210) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (132) | (481) |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (3,203) | 4,293 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | ||
Beginning of period | 80,402 | 40,412 |
End of period | 77,199 | 44,705 |
Supplemental disclosures of cash flow information: | ||
Interest | 0 | 43 |
Income taxes, net of refunds | 980 | 786 |
Supplemental schedule of non-cash investing and financing activities: | ||
Demonstration equipment transferred to inventory | 46 | 0 |
Purchases of property and equipment included in accounts payable | 868 | 969 |
Contributions of common stock under the ESPP | $ 597 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1. Daktronics, Inc. and its subsidiaries (the “Company”, “Daktronics”, “we”, “our”, or “us”) are the world's industry leader in designing and manufacturing electronic scoreboards, programmable display systems and large screen video displays for sporting, commercial and transportation applications. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present our financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions affecting the reported amounts therein. Due to the inherent uncertainty involved in making estimates, actual results in future periods may Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. The balance sheet at May 1, 2021 not May 1, 2021 10 not may Daktronics, Inc. operates on a 52 53 April 30 April 30 13 53 first three 13 three July 31, 2021 August 1, 2020 13 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the totals of the same amounts shown in the condensed consolidated statements of cash flows. Restricted cash consists of cash and cash equivalents held in bank deposit accounts to secure issuances of foreign bank guarantees. July 31, August 1, 2021 2020 Cash and cash equivalents $ 74,658 $ 44,609 Restricted cash 2,541 96 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 77,199 $ 44,705 Other Business Developments - Coronavirus Pandemic During fiscal 2021, 19" 2021, 2021, April 1, 2020, 2021, A special voluntary retirement and voluntary exit incentive program ("Offering") and a reduction in force ("RIF") were instituted during the first 2021 19 first 2021 We received governmental wage subsidies from various governmental programs related to COVID implications of $77 and $812 during the three July 31, 2021 August 1, 2020 December 31, 2020. July 31, 2021 50 December 31, 2021 50 December 31, 2022. We continue to monitor guidance from international and domestic authorities, regarding the COVID- 19 may 2021, no may 2022. Recent Accounting Pronouncements There have been no 10 May 1, 2021 Accounting Standards Adopted There are no three July 31, 2021 Accounting Standards Not There are no not July 31, 2021 |
Note 2 - Investments in Affilia
Note 2 - Investments in Affiliates | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Investment [Text Block] | Note 2. The aggregate amount of investments accounted for under the equity method was $19,141 and $19,887 at July 31, 2021 May 1, 2021 three July 31, 2021 August 1, 2020 three July 31, 2021 three August 1, 2020. |
Note 3 - Earnings Per Share ("E
Note 3 - Earnings Per Share ("EPS") | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 3. The following is a reconciliation of the net income and common share amounts used in the calculation of basic and diluted EPS for the three July 31, 2021 August 1, 2020 Net income Shares Per share income For the three months ended July 31, 2021 Basic earnings per share $ 3,685 45,139 $ 0.08 Dilution associated with stock compensation plans — 280 — Diluted earnings per share $ 3,685 45,419 $ 0.08 For the three months ended August 1, 2020 Basic earnings per share $ 7,467 44,654 $ 0.17 Dilution associated with stock compensation plans — 97 — Diluted earnings per share $ 7,467 44,751 $ 0.17 Options outstanding to purchase 1,810 shares of common stock with a weighted average exercise price of $9.52 for the three July 31, 2021 three August 1, 2020 not |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 4. Disaggregation of revenue The following table presents our disaggregation of revenue by segments: Three Months Ended July 31, 2021 High School Commercial Live Events Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 3,587 $ 41,508 $ 4,166 $ 6,541 $ 5,883 $ 61,685 Limited configuration 25,907 5,842 22,957 5,352 11,545 71,603 Service and other 3,287 5,037 771 665 1,684 11,444 $ 32,781 $ 52,387 $ 27,894 $ 12,558 $ 19,112 $ 144,732 Timing of revenue recognition Goods/services transferred at a point in time $ 26,379 $ 6,829 $ 21,941 $ 5,571 $ 12,019 $ 72,739 Goods/services transferred over time 6,402 45,558 5,953 6,987 7,093 71,993 $ 32,781 $ 52,387 $ 27,894 $ 12,558 $ 19,112 $ 144,732 Three Months Ended August 1, 2020 High School Commercial Live Events Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 8,727 $ 41,975 $ 7,668 $ 7,724 $ 4,012 $ 70,106 Limited configuration 22,555 5,419 20,688 6,266 8,653 63,581 Service and other 3,224 4,080 587 508 1,558 9,957 $ 34,506 $ 51,474 $ 28,943 $ 14,498 $ 14,223 $ 143,644 Timing of revenue recognition Goods/services transferred at a point in time $ 22,892 $ 6,214 $ 19,368 $ 6,374 $ 9,179 $ 64,027 Goods/services transferred over time 11,614 45,260 9,575 8,124 5,044 79,617 $ 34,506 $ 51,474 $ 28,943 $ 14,498 $ 14,223 $ 143,644 See "Note 5. Contract balances Contract assets represent revenue recognized in excess of amounts billed and include unbilled receivables. Unbilled receivables, which represent an unconditional right to payment subject only to the passage of time, are reclassified to accounts receivable when they are billed according to the contract terms. Contract liabilities represent amounts billed to the customers in excess of revenue recognized to date. The following table reflects the changes in our contract assets and liabilities: July 31, May 1, Dollar Percent 2021 2021 Change Change Contract assets $ 38,133 $ 32,799 $ 5,334 16.3 % Contract liabilities - current 67,507 64,495 3,012 4.7 % Contract liabilities - noncurrent 10,586 10,720 (134 ) (1.3 )% The changes in our contract assets and contract liabilities from May 1, 2021 July 31, 2021 no three July 31, 2021 For service-type warranty contracts, we allocate revenue to this performance obligation, recognize the revenue over time, and recognize costs as incurred. Earned and unearned revenues for these contracts are included in the "Contract assets" and "Contract liabilities" line items in our condensed consolidated balance sheets. Changes in unearned service-type warranty contracts, net were as follows: July 31, 2021 Balance at beginning of period $ 24,590 New contracts sold 10,165 Less: reductions for revenue recognized (8,669 ) Foreign currency translation and other (86 ) Balance at end of period $ 26,000 As of July 31, 2021 May 1, 2021 During the three July 31, 2021 May 1, 2021 Remaining performance obligations As of July 31, 2021 July 31, 2021 may |
Note 5 - Segment Reporting
Note 5 - Segment Reporting | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 5. The following table sets forth certain financial information for each of our five Three Months Ended July 31, August 1, 2021 2020 Net sales: Commercial $ 32,781 $ 34,506 Live Events 52,387 51,474 High School Park and Recreation 27,894 28,943 Transportation 12,558 14,498 International 19,112 14,223 Total company net sales 144,732 143,644 Gross profit: Commercial 7,178 7,742 Live Events 8,582 9,354 High School Park and Recreation 9,509 10,476 Transportation 3,751 5,143 International 3,168 3,046 32,188 35,761 Operating expenses: Selling 11,795 11,556 General and administrative 7,571 7,124 Product design and development 7,162 7,532 26,528 26,212 Operating income 5,660 9,549 Nonoperating income (expense): Interest income 153 85 Interest expense (16 ) (73 ) Other (expense) income, net (868 ) (627 ) Income before income taxes $ 4,929 $ 8,934 Depreciation and amortization: Commercial $ 702 $ 772 Live Events 1,337 1,451 High School Park and Recreation 438 496 Transportation 139 237 International 726 693 Unallocated corporate depreciation 710 688 $ 4,052 $ 4,337 No Three Months Ended July 31, August 1, 2021 2020 Net sales: United States $ 123,482 $ 128,069 Outside United States 21,250 15,575 $ 144,732 $ 143,644 July 31, May 1, 2021 2021 Property and equipment, net of accumulated depreciation: United States $ 48,450 $ 50,130 Outside United States 7,758 8,552 $ 56,208 $ 58,682 We have numerous customers worldwide for sales of our products and services, and no 10 not We have numerous raw material and component suppliers, and no 10 |
Note 6 - Goodwill
Note 6 - Goodwill | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6. The changes in the carrying amount of goodwill related to each reportable segment for the three July 31, 2021 Live Events Commercial Transportation International Total Balance as of May 1, 2021 $ 2,313 $ 3,464 $ 84 $ 2,553 $ 8,414 Foreign currency translation (6 ) (39 ) (5 ) (53 ) (103 ) Balance as of July 31, 2021 $ 2,307 $ 3,425 $ 79 $ 2,500 $ 8,311 We perform an analysis of goodwill on an annual basis, and it is tested for impairment more frequently if events or changes in circumstances indicate that an asset might be impaired. Our annual analysis is performed during our third first third November 2, 2020 no |
Note 7 - Financing Agreements
Note 7 - Financing Agreements | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 7. As of July 31, 2021 no July 31, 2021 We are sometimes required to obtain bank guarantees or other financial instruments for display installations. If we are unable to meet the terms of the arrangement, our customer would draw on the banking arrangement, and the bank would subrogate its loss to Daktronics. As of July 31, 2021 As of July 31, 2021 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 8. Litigation: not no not Warranties: three July 31, 2021 Beginning accrued warranty obligations $ 25,960 Warranties issued during the period 2,110 Settlements made during the period (1,470 ) Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations (1,219 ) Ending accrued warranty obligations $ 25,381 Performance guarantees: July 31, 2021 one July 31, 2021 not |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 9. The provision for income taxes during interim reporting periods is calculated by applying an estimate of the annual effective tax rate to “ordinary” income or loss for the reporting period, adjusted for discrete items. Due to various factors, including our estimate of annual income, our effective tax rate is subject to fluctuation. Our effective tax rate for the three July 31, 2021 three August 1, 2020 2022 2021. We operate both domestically and internationally and as of July 31, 2021 |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurement | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 10. The following table sets forth by Level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis at July 31, 2021 May 1, 2021 no Fair Value Measurements Level 1 Level 2 Level 3 Total Balance as of July 31, 2021 Cash and cash equivalents $ 74,658 $ — $ — $ 74,658 Restricted cash 2,541 — — 2,541 Derivatives - asset position — 46 — 46 Derivatives - liability position — (134 ) — (134 ) $ 77,199 $ (88 ) $ — $ 77,111 Balance as of May 1, 2021 Cash and cash equivalents $ 77,590 $ — $ — $ 77,590 Restricted cash 2,812 — — 2,812 Derivatives - asset position — 4 — 4 Derivatives - liability position — (261 ) — (261 ) Acquisition-related contingent consideration — — (363 ) (363 ) $ 80,402 $ (257 ) $ (363 ) $ 79,782 A roll forward of the Level 3 three July 31, 2021 Acquisition-related contingent consideration as of May 1, 2021 $ 363 Additions 33 Settlements (400 ) Interest 4 Acquisition-related contingent consideration as of July 31, 2021 $ — There have been no 2021 10 May 1, 2021 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements There have been no 10 May 1, 2021 Accounting Standards Adopted There are no three July 31, 2021 Accounting Standards Not There are no not July 31, 2021 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | July 31, August 1, 2021 2020 Cash and cash equivalents $ 74,658 $ 44,609 Restricted cash 2,541 96 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 77,199 $ 44,705 |
Note 3 - Earnings Per Share (_2
Note 3 - Earnings Per Share ("EPS") (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net income Shares Per share income For the three months ended July 31, 2021 Basic earnings per share $ 3,685 45,139 $ 0.08 Dilution associated with stock compensation plans — 280 — Diluted earnings per share $ 3,685 45,419 $ 0.08 For the three months ended August 1, 2020 Basic earnings per share $ 7,467 44,654 $ 0.17 Dilution associated with stock compensation plans — 97 — Diluted earnings per share $ 7,467 44,751 $ 0.17 |
Note 4 - Revenue Recognition (T
Note 4 - Revenue Recognition (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended July 31, 2021 High School Commercial Live Events Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 3,587 $ 41,508 $ 4,166 $ 6,541 $ 5,883 $ 61,685 Limited configuration 25,907 5,842 22,957 5,352 11,545 71,603 Service and other 3,287 5,037 771 665 1,684 11,444 $ 32,781 $ 52,387 $ 27,894 $ 12,558 $ 19,112 $ 144,732 Timing of revenue recognition Goods/services transferred at a point in time $ 26,379 $ 6,829 $ 21,941 $ 5,571 $ 12,019 $ 72,739 Goods/services transferred over time 6,402 45,558 5,953 6,987 7,093 71,993 $ 32,781 $ 52,387 $ 27,894 $ 12,558 $ 19,112 $ 144,732 Three Months Ended August 1, 2020 High School Commercial Live Events Park and Recreation Transportation International Total Type of performance obligation Unique configuration $ 8,727 $ 41,975 $ 7,668 $ 7,724 $ 4,012 $ 70,106 Limited configuration 22,555 5,419 20,688 6,266 8,653 63,581 Service and other 3,224 4,080 587 508 1,558 9,957 $ 34,506 $ 51,474 $ 28,943 $ 14,498 $ 14,223 $ 143,644 Timing of revenue recognition Goods/services transferred at a point in time $ 22,892 $ 6,214 $ 19,368 $ 6,374 $ 9,179 $ 64,027 Goods/services transferred over time 11,614 45,260 9,575 8,124 5,044 79,617 $ 34,506 $ 51,474 $ 28,943 $ 14,498 $ 14,223 $ 143,644 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | July 31, May 1, Dollar Percent 2021 2021 Change Change Contract assets $ 38,133 $ 32,799 $ 5,334 16.3 % Contract liabilities - current 67,507 64,495 3,012 4.7 % Contract liabilities - noncurrent 10,586 10,720 (134 ) (1.3 )% July 31, 2021 Balance at beginning of period $ 24,590 New contracts sold 10,165 Less: reductions for revenue recognized (8,669 ) Foreign currency translation and other (86 ) Balance at end of period $ 26,000 |
Note 5 - Segment Reporting (Tab
Note 5 - Segment Reporting (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended July 31, August 1, 2021 2020 Net sales: Commercial $ 32,781 $ 34,506 Live Events 52,387 51,474 High School Park and Recreation 27,894 28,943 Transportation 12,558 14,498 International 19,112 14,223 Total company net sales 144,732 143,644 Gross profit: Commercial 7,178 7,742 Live Events 8,582 9,354 High School Park and Recreation 9,509 10,476 Transportation 3,751 5,143 International 3,168 3,046 32,188 35,761 Operating expenses: Selling 11,795 11,556 General and administrative 7,571 7,124 Product design and development 7,162 7,532 26,528 26,212 Operating income 5,660 9,549 Nonoperating income (expense): Interest income 153 85 Interest expense (16 ) (73 ) Other (expense) income, net (868 ) (627 ) Income before income taxes $ 4,929 $ 8,934 Depreciation and amortization: Commercial $ 702 $ 772 Live Events 1,337 1,451 High School Park and Recreation 438 496 Transportation 139 237 International 726 693 Unallocated corporate depreciation 710 688 $ 4,052 $ 4,337 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended July 31, August 1, 2021 2020 Net sales: United States $ 123,482 $ 128,069 Outside United States 21,250 15,575 $ 144,732 $ 143,644 July 31, May 1, 2021 2021 Property and equipment, net of accumulated depreciation: United States $ 48,450 $ 50,130 Outside United States 7,758 8,552 $ 56,208 $ 58,682 |
Note 6 - Goodwill (Tables)
Note 6 - Goodwill (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Live Events Commercial Transportation International Total Balance as of May 1, 2021 $ 2,313 $ 3,464 $ 84 $ 2,553 $ 8,414 Foreign currency translation (6 ) (39 ) (5 ) (53 ) (103 ) Balance as of July 31, 2021 $ 2,307 $ 3,425 $ 79 $ 2,500 $ 8,311 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | July 31, 2021 Beginning accrued warranty obligations $ 25,960 Warranties issued during the period 2,110 Settlements made during the period (1,470 ) Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations (1,219 ) Ending accrued warranty obligations $ 25,381 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurement (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Level 1 Level 2 Level 3 Total Balance as of July 31, 2021 Cash and cash equivalents $ 74,658 $ — $ — $ 74,658 Restricted cash 2,541 — — 2,541 Derivatives - asset position — 46 — 46 Derivatives - liability position — (134 ) — (134 ) $ 77,199 $ (88 ) $ — $ 77,111 Balance as of May 1, 2021 Cash and cash equivalents $ 77,590 $ — $ — $ 77,590 Restricted cash 2,812 — — 2,812 Derivatives - asset position — 4 — 4 Derivatives - liability position — (261 ) — (261 ) Acquisition-related contingent consideration — — (363 ) (363 ) $ 80,402 $ (257 ) $ (363 ) $ 79,782 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Acquisition-related contingent consideration as of May 1, 2021 $ 363 Additions 33 Settlements (400 ) Interest 4 Acquisition-related contingent consideration as of July 31, 2021 $ — |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation (Details Textual) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021USD ($) | Aug. 01, 2020USD ($) | |
Number of Employees, Voluntary Retirement | 60 | |
Voluntary Retirement Cost | $ 931 | |
Number of Employees, Reduction in Force | 108 | |
Severance Costs | $ 1,426 | |
Government Wage Subsidy | $ 77 | $ 812 |
Payroll Tax, Employer, Deferral under the CARES Act | $ 5,122 |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | May 01, 2021 | Aug. 01, 2020 | May 02, 2020 |
Cash and cash equivalents | $ 74,658 | $ 77,590 | $ 44,609 | |
Restricted cash | 2,541 | 2,812 | 96 | |
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows | $ 77,199 | $ 80,402 | $ 44,705 | $ 40,412 |
Note 2 - Investments in Affil_2
Note 2 - Investments in Affiliates (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2021 | Aug. 01, 2020 | May 01, 2021 | |
Equity Method Investments | $ 19,141 | $ 19,887 | |
Income (Loss) from Equity Method Investments, Total | (746) | $ (529) | |
Related Party Transaction, Amounts of Transaction | 470 | $ 0 | |
Accounts Payable [Member] | |||
Due to Related Parties, Total | $ 275 |
Note 3 - Earnings Per Share (_3
Note 3 - Earnings Per Share ("EPS") (Details Textual) - $ / shares | 3 Months Ended | |
Jul. 31, 2021 | Aug. 01, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,810 | 2,119 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weighted Average Exercise Price (in dollars per share) | $ 9.52 | $ 9.96 |
Note 3 - Earnings Per Share (_4
Note 3 - Earnings Per Share ("EPS") - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Aug. 01, 2020 | |
Basic earnings per share | $ 3,685 | $ 7,467 |
Basic earnings per share (in shares) | 45,139 | 44,654 |
Basic earnings per share (in dollars per share) | $ 0.08 | $ 0.17 |
Dilution associated with stock compensation plans (in shares) | 280 | 97 |
Diluted earnings per share | $ 3,685 | $ 7,467 |
Diluted earnings per share (in shares) | 45,419 | 44,751 |
Diluted earnings per share (in dollars per share) | $ 0.08 | $ 0.17 |
Note 4 - Revenue Recognition 1
Note 4 - Revenue Recognition 1 (Details Textual) $ in Thousands | 3 Months Ended |
Jul. 31, 2021USD ($) | |
Contract With Customer, Liability, Revenue Recognized During Period | $ 31,587 |
Revenue, Remaining Performance Obligation, Amount | 339,192 |
Product [Member] | |
Revenue, Remaining Performance Obligation, Amount | 285,322 |
Service [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 53,870 |
Note 4 - Revenue Recognition 2
Note 4 - Revenue Recognition 2 (Details Textual) $ in Thousands | Jul. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 339,192 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-08-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 297,849 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 months |
Note 4 - Revenue Recognition -
Note 4 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Aug. 01, 2020 | |
Net sales | $ 144,732 | $ 143,644 |
Transferred at Point in Time [Member] | ||
Net sales | 72,739 | 64,027 |
Transferred over Time [Member] | ||
Net sales | 71,993 | 79,617 |
Unique Configuration [Member] | ||
Net sales | 61,685 | 70,106 |
Limited Configuration [Member] | ||
Net sales | 71,603 | 63,581 |
Service and Other [Member] | ||
Net sales | 11,444 | 9,957 |
Commercial [Member] | ||
Net sales | 32,781 | 34,506 |
Commercial [Member] | Transferred at Point in Time [Member] | ||
Net sales | 26,379 | 22,892 |
Commercial [Member] | Transferred over Time [Member] | ||
Net sales | 6,402 | 11,614 |
Commercial [Member] | Unique Configuration [Member] | ||
Net sales | 3,587 | 8,727 |
Commercial [Member] | Limited Configuration [Member] | ||
Net sales | 25,907 | 22,555 |
Commercial [Member] | Service and Other [Member] | ||
Net sales | 3,287 | 3,224 |
Live Events [Member] | ||
Net sales | 52,387 | 51,474 |
Live Events [Member] | Transferred at Point in Time [Member] | ||
Net sales | 6,829 | 6,214 |
Live Events [Member] | Transferred over Time [Member] | ||
Net sales | 45,558 | 45,260 |
Live Events [Member] | Unique Configuration [Member] | ||
Net sales | 41,508 | 41,975 |
Live Events [Member] | Limited Configuration [Member] | ||
Net sales | 5,842 | 5,419 |
Live Events [Member] | Service and Other [Member] | ||
Net sales | 5,037 | 4,080 |
High School Park and Recreation [Member] | ||
Net sales | 27,894 | 28,943 |
High School Park and Recreation [Member] | Transferred at Point in Time [Member] | ||
Net sales | 21,941 | 19,368 |
High School Park and Recreation [Member] | Transferred over Time [Member] | ||
Net sales | 5,953 | 9,575 |
High School Park and Recreation [Member] | Unique Configuration [Member] | ||
Net sales | 4,166 | 7,668 |
High School Park and Recreation [Member] | Limited Configuration [Member] | ||
Net sales | 22,957 | 20,688 |
High School Park and Recreation [Member] | Service and Other [Member] | ||
Net sales | 771 | 587 |
Transportation [Member] | ||
Net sales | 12,558 | 14,498 |
Transportation [Member] | Transferred at Point in Time [Member] | ||
Net sales | 5,571 | 6,374 |
Transportation [Member] | Transferred over Time [Member] | ||
Net sales | 6,987 | 8,124 |
Transportation [Member] | Unique Configuration [Member] | ||
Net sales | 6,541 | 7,724 |
Transportation [Member] | Limited Configuration [Member] | ||
Net sales | 5,352 | 6,266 |
Transportation [Member] | Service and Other [Member] | ||
Net sales | 665 | 508 |
International [Member] | ||
Net sales | 19,112 | 14,223 |
International [Member] | Transferred at Point in Time [Member] | ||
Net sales | 12,019 | 9,179 |
International [Member] | Transferred over Time [Member] | ||
Net sales | 7,093 | 5,044 |
International [Member] | Unique Configuration [Member] | ||
Net sales | 5,883 | 4,012 |
International [Member] | Limited Configuration [Member] | ||
Net sales | 11,545 | 8,653 |
International [Member] | Service and Other [Member] | ||
Net sales | $ 1,684 | $ 1,558 |
Note 4 - Revenue Recognition _2
Note 4 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | May 01, 2021 | |
Contract assets | $ 38,133 | $ 32,799 |
Contract assets | $ 5,334 | |
Contract assets | 16.30% | |
Contract liabilities - current | $ 67,507 | 64,495 |
Contract liabilities - current | $ 3,012 | |
Contract liabilities - current | 4.70% | |
Contract liabilities - noncurrent | $ 10,586 | $ 10,720 |
Contract liabilities - noncurrent | $ (134) | |
Contract liabilities - noncurrent | (1.30%) | |
Balance at beginning of period | $ 24,590 | |
Less: reductions for revenue recognized | (31,587) | |
Balance at end of period | 26,000 | |
Service-type Warranty Contracts [Member] | ||
New contracts sold | 10,165 | |
Less: reductions for revenue recognized | (8,669) | |
Foreign currency translation and other | $ (86) |
Note 5 - Segment Reporting - Se
Note 5 - Segment Reporting - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Aug. 01, 2020 | |
Net sales | $ 144,732 | $ 143,644 |
Gross profit | 32,188 | 35,761 |
Selling | 11,795 | 11,556 |
General and administrative | 7,571 | 7,124 |
Product design and development | 7,162 | 7,532 |
Operating Expenses, Total | 26,528 | 26,212 |
Operating income | 5,660 | 9,549 |
Interest income | 153 | 85 |
Interest expense | (16) | (73) |
Other (expense) income, net | (868) | (627) |
Income before income taxes | 4,929 | 8,934 |
Depreciation and amortization | 4,052 | 4,337 |
Corporate, Non-Segment [Member] | ||
Depreciation and amortization | 710 | 688 |
Commercial [Member] | ||
Net sales | 32,781 | 34,506 |
Commercial [Member] | Operating Segments [Member] | ||
Net sales | 32,781 | 34,506 |
Gross profit | 7,178 | 7,742 |
Depreciation and amortization | 702 | 772 |
Live Events [Member] | ||
Net sales | 52,387 | 51,474 |
Live Events [Member] | Operating Segments [Member] | ||
Net sales | 52,387 | 51,474 |
Gross profit | 8,582 | 9,354 |
Depreciation and amortization | 1,337 | 1,451 |
High School Park and Recreation [Member] | ||
Net sales | 27,894 | 28,943 |
High School Park and Recreation [Member] | Operating Segments [Member] | ||
Net sales | 27,894 | 28,943 |
Gross profit | 9,509 | 10,476 |
Depreciation and amortization | 438 | 496 |
Transportation [Member] | ||
Net sales | 12,558 | 14,498 |
Transportation [Member] | Operating Segments [Member] | ||
Net sales | 12,558 | 14,498 |
Gross profit | 3,751 | 5,143 |
Depreciation and amortization | 139 | 237 |
International [Member] | ||
Net sales | 19,112 | 14,223 |
International [Member] | Operating Segments [Member] | ||
Net sales | 19,112 | 14,223 |
Gross profit | 3,168 | 3,046 |
Depreciation and amortization | $ 726 | $ 693 |
Note 5 - Segment Reporting - Ne
Note 5 - Segment Reporting - Net Sales and Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Aug. 01, 2020 | |
Net sales | $ 144,732 | $ 143,644 |
Property and equipment, net of accumulated depreciation | 56,208 | 58,682 |
UNITED STATES | ||
Net sales | 123,482 | 128,069 |
Property and equipment, net of accumulated depreciation | 48,450 | 50,130 |
Non-US [Member] | ||
Net sales | 21,250 | 15,575 |
Property and equipment, net of accumulated depreciation | $ 7,758 | $ 8,552 |
Note 6 - Goodwill (Details Text
Note 6 - Goodwill (Details Textual) $ in Thousands | Nov. 02, 2020USD ($) |
Goodwill, Impairment Loss | $ 0 |
Note 6 - Goodwill - Goodwill (D
Note 6 - Goodwill - Goodwill (Details) $ in Thousands | 3 Months Ended |
Jul. 31, 2021USD ($) | |
Balance | $ 8,414 |
Foreign currency translation | (103) |
Balance | 8,311 |
Live Events [Member] | |
Balance | 2,313 |
Foreign currency translation | (6) |
Balance | 2,307 |
Commercial [Member] | |
Balance | 3,464 |
Foreign currency translation | (39) |
Balance | 3,425 |
Transportation [Member] | |
Balance | 84 |
Foreign currency translation | (5) |
Balance | 79 |
International [Member] | |
Balance | 2,553 |
Foreign currency translation | (53) |
Balance | $ 2,500 |
Note 7 - Financing Agreements (
Note 7 - Financing Agreements (Details Textual) $ in Thousands | 3 Months Ended |
Jul. 31, 2021USD ($) | |
Letter of Credit [Member] | |
Line of Credit Facility, Expiration Period (Year) | 7 years |
Standby Letters of Credit [Member] | |
Long-term Line of Credit, Total | $ 8,142 |
Line of Credit [Member] | |
Line of Credit Facility, Remaining Borrowing Capacity | 26,858 |
Guarantees [Member] | |
Long-term Line of Credit, Total | $ 2,514 |
Note 8 - Commitments and Cont_3
Note 8 - Commitments and Contingencies (Details Textual) $ in Thousands | Jul. 31, 2021USD ($) |
Financial Standby Letter of Credit [Member] | |
Loss Contingency Accrual, Ending Balance | $ 8,142 |
Guarantee of Business Revenue [Member] | |
Loss Contingency Accrual, Ending Balance | 2,514 |
Surety Bond [Member] | |
Loss Contingency Accrual, Ending Balance | $ 50,336 |
Note 8 - Commitments and Cont_4
Note 8 - Commitments and Contingencies - Change in Warranty Obligation (Details) $ in Thousands | 3 Months Ended |
Jul. 31, 2021USD ($) | |
Beginning accrued warranty obligations | $ 25,960 |
Warranties issued during the period | 2,110 |
Settlements made during the period | (1,470) |
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations | (1,219) |
Ending accrued warranty obligations | $ 25,381 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Jul. 31, 2021 | Aug. 01, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 25.20% | 16.40% |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 654 |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurement - Fair Value Hierarchy (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jul. 31, 2021 | May 01, 2021 |
Cash and cash equivalents | $ 74,658 | $ 77,590 |
Restricted cash | 2,541 | 2,812 |
Derivatives - asset position | 46 | 4 |
Derivatives - liability position | (134) | (261) |
Fair Value, Net Asset (Liability), Total | 77,111 | 79,782 |
Acquisition-related contingent consideration | (363) | |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 74,658 | 77,590 |
Restricted cash | 2,541 | 2,812 |
Derivatives - asset position | 0 | 0 |
Derivatives - liability position | 0 | 0 |
Fair Value, Net Asset (Liability), Total | 77,199 | 80,402 |
Acquisition-related contingent consideration | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Derivatives - asset position | 46 | 4 |
Derivatives - liability position | (134) | (261) |
Fair Value, Net Asset (Liability), Total | (88) | (257) |
Acquisition-related contingent consideration | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Derivatives - asset position | 0 | 0 |
Derivatives - liability position | 0 | 0 |
Fair Value, Net Asset (Liability), Total | $ 0 | (363) |
Acquisition-related contingent consideration | $ (363) |
Note 10 - Fair Value Measurem_4
Note 10 - Fair Value Measurement - Contingent Liabilities (Details) - Contingent Consideration Liability [Member] $ in Thousands | 3 Months Ended |
Jul. 31, 2021USD ($) | |
Acquisition-related contingent consideration as of May 1, 2021 | $ 363 |
Additions | 33 |
Settlements | (400) |
Interest | 4 |
Acquisition-related contingent consideration as of July 31, 2021 | $ 0 |