XML 48 R32.htm IDEA: XBRL DOCUMENT
v3.19.1

NOTE 4 - ACQUISITION (Tables) | 12 Months Ended
--- | ---
Feb. 03, 2019
Shenandoah Furniture, Inc, [Member] |
NOTE 4 - ACQUISITION (Tables) [Line Items] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the estimates of the fair values of the identifiable assets acquired and liabilities assumed in the Shenandoah acquisition as of September 29, 2017.
Purchase price consideration |  |  |  |
Cash paid for assets acquired, including working capital adjustment |  | $ | 32,773 |
Value of shares issued for assets acquired |  |  | 8,000 |
Fair value adjustment to shares issued for assets acquired* |  |  | 396 |
Total purchase price |  | $ | 41,169 |
Fair value estimates of assets acquired and liabilities assumed |  |  |  |
Accounts receivable |  | $ | 3,576 |
Inventory |  |  | 2,380 |
Prepaid expenses and other current assets |  |  | 52 |
Property and equipment |  |  | 5,401 |
Intangible assets |  |  | 14,300 |
Goodwill |  |  | 16,871 |
Accounts payable |  |  | (699 | )
Accrued expenses |  |  | (712 | )
Total purchase price |  | $ | 41,169 |
*As provided by the Asset Purchase Agreement, we calculated the number of common shares issued to SFI by dividing $8 million by the mean closing price of our common stock for the ten trading days immediately preceding the business day immediately preceding the closing date ($45.45). However, U.S. Generally Accepted Accounting Standards provide that we value stock consideration exchanged in the Shenandoah acquisition at fair value. Consequently, we adjusted the purchase price by $396,000, which represents the difference in the mean closing price of the Company’s common stock for the ten trading days immediately preceding the business day preceding the closing date ($45.45) and the price on September 29, 2017, multiplied by the number of common shares issued (176,018.) No additional consideration was transferred to SFI as a result of this adjustment.
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited consolidated pro forma summary has been prepared by adjusting our historical data to give effect to the Shenandoah acquisition as if it had occurred on February 1, 2016:
|  | Pro Forma - Unaudited |
|  | 13 Weeks Ended |  |  | 52 Weeks Ended |
|  | January 29, 2017 |  |  | January 29, 2017 |
|  | (Pro forma) |  |  | (Pro forma) |
Net Sales |  | $ | 184,013 |  |  | $ | 619,569 |
Net Income |  | $ | 11,702 |  |  | $ | 27,896 |
Basic EPS |  | $ | 1.00 |  |  | $ | 2.38 |
Diluted EPS |  | $ | 1.00 |  |  | $ | 2.38 |
|  | Pro Forma - Unaudited |
|  | 13 Weeks Ended |  |  | 52 Weeks Ended |
|  | January 28, 2018 |  |  | January 28, 2018 |
|  | (Pro forma) |  |  | (Pro forma) |
Net Sales |  | $ | 175,365 |  |  | $ | 649,936 |
Net Income |  | $ | 8,775 |  |  | $ | 32,977 |
Basic EPS |  | $ | 0.75 |  |  | $ | 2.82 |
Diluted EPS |  | $ | 0.75 |  |  | $ | 2.81 |
Home Meridian International [Member] |
NOTE 4 - ACQUISITION (Tables) [Line Items] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes our final estimates of the fair values of the identifiable assets acquired and liabilities assumed in the acquisition as of January 29, 2017. Adjustments recorded to our preliminary estimates of the fair values of the identifiable assets acquired and liabilities assumed as of February 1, 2016 were due to (i) the continued refinement of management's estimates, (ii) changes in pre-acquisition account balances due to the timing of HMI’s final financial close and (iii) adjustments made to conform the newly acquired entity’s accounting policies to our own. These adjustments included the reclassification of accounts receivable-related reserve items from accrued expenses to accounts receivable, the write-off of deferred rent, the reduction of property and equipment and prepaid expenses for items that had been capitalized inconsistent with our capitalization policy and the recognition of accrued salaries and wages to recognize compensated absences.
|  | (in thousands) |
Purchase price consideration |  |  |  |
Cash paid for assets acquired, including working capital adjustment |  | $ | 86,062 |
Value of shares issued for assets acquired |  |  | 15,000 |
Value of shares issued for excess net working capital |  |  | 5,267 |
Total purchase price |  | $ | 106,329 |
Fair value estimates of assets acquired and liabilities assumed: |  |  |  |
Accounts receivable |  | $ | 42,463 |
Inventory |  |  | 37,606 |
Prepaid expenses and other current assets |  |  | 1,801 |
Property and equipment |  |  | 5,292 |
Intangible assets |  |  | 27,800 |
Goodwill |  |  | 23,187 |
Accounts payable |  |  | (22,784 | )
Accrued expenses |  |  | (316 | )
Pension plan liabilities and deferred compensation balances |  |  | (8,720 | )
Total purchase price |  | $ | 106,329 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited consolidated pro forma summary has been prepared by adjusting our historical data to give effect to the acquisition as if it had occurred on February 1, 2015:
|  | 52 Weeks Ended |
(in millions except per share data) |  | January 31, 2016 |
|  | (Pro forma) |
Net Sales |  | $ | 571,720 |
Net Income |  |  | 22,831 |
Basic EPS |  |  | 2.12 |
Diluted EPS |  |  | 2.11 |

X
- References No definition available. + Details
Name: | hoft_NOTE4ACQUISITIONTablesLineItems
Namespace Prefix: | hoft_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_BusinessAcquisitionAxis=hoft_ShenandoahFurnitureIncMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_BusinessAcquisitionAxis=hoft_HomeMeridianInternationalMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |