ASSETS HELD FOR SALE AND RELATED IMPAIRMENTS

12 Months Ended

Apr. 29, 2012

ASSETS HELD FOR SALE AND RELATED IMPAIRMENTS

3.	ASSETS HELD FOR SALE AND RELATED IMPAIRMENTS

A summary of assets held for sale follows:


(dollars in thousands)	April 29, 2012		May 1, 2011
U.S. upholstery fabrics	$	-	$	60
Mattress fabrics		15		15
	$	15	$	75

The carrying value of these assets held for sale are presented separately in the April 29, 2012 and May 1, 2011 consolidated balance sheets and are no longer being depreciated.

U.S. Upholstery Fabrics

During fiscal 2012, we received proceeds of $63,000 associated with the sale of equipment classified as held for sale and recorded a gain on the sale of equipment of $3,000 which was recorded in cost of sales in the 2012 Consolidated Statement of Net Income.

During the fourth quarter of fiscal 2011, we determined that the carrying value of equipment classified as held for sale exceeded its fair value (based on quoted market prices form a used equipment dealer). Consequently, we recorded an impairment loss of $28,000 in restructuring expense in the 2011 Consolidated Statement of Operations.

Mattress Fabrics

During fiscal 2011, we determined that the carrying value of equipment classified as held for sale exceeded its fair value (based on quoted market prices). Consequently, we recorded an impairment loss of $10,000 in cost of sales in the 2011 Consolidated Statement of Net Income. During fiscal 2011, we received proceeds of $10,000 associated with sale of equipment classified as held for sale.