XML 30 R17.htm IDEA: XBRL DOCUMENT v3.5.0.1
Debt
12 Months Ended
Apr. 30, 2016
Debt  
Debt

 

Note 10: Debt

                                                                                                                                                                                    

 

 

As of

 

(Amounts in thousands)

 

4/30/2016

 

4/25/2015

 

Capital leases

 

$

803

 

$

830

 

Less: current portion

 

 

(290

)

 

(397

)

​  

​  

​  

​  

Long-term debt

 

$

513

 

$

433

 

​  

​  

​  

​  

​  

​  

​  

​  

We maintain a revolving credit facility secured primarily by all of our accounts receivable, inventory, and cash deposit and securities accounts. We amended this agreement on December 30, 2014, extending its maturity date to December 30, 2019. Availability under the agreement fluctuates according to a borrowing base calculated on eligible accounts receivable and inventory. The credit agreement includes affirmative and negative covenants that apply under certain circumstances, including a fixed charge coverage ratio requirement that applies when excess availability under the line is less than certain thresholds. At April 30, 2016, and at April 25, 2015, we were not subject to the fixed charge coverage ratio requirement, had no borrowings outstanding under the agreement, and had excess availability of $146.9 million of the $150.0 million credit commitment.

In the first quarter of fiscal 2015, we paid our remaining industrial revenue bond that was used to finance the construction of some of our manufacturing facilities.

Capital leases consist primarily of long-term commitments for the purchase of information technology equipment and have maturities ranging from fiscal 2017 to fiscal 2021. Interest rates range from 2.7% to 7.6%.

Maturities of long-term capital leases, subsequent to April 30, 2016, are $0.2 million in fiscal 2018, $0.2 million in fiscal 2019, $0.1 million in fiscal 2020, and less than $0.1 million in fiscal 2021.

Cash paid for interest during fiscal years 2016, 2015 and 2014 was $0.5 million in each fiscal year.