XML 87 R23.htm IDEA: XBRL DOCUMENT
v2.4.0.8

SEGMENT INFORMATION | 12 Months Ended
--- | ---
Apr. 27, 2014
Segment Reporting [Abstract] |
SEGMENT INFORMATION | 16. SEGMENT INFORMATION The company’s operations are classified into two business segments: mattress fabrics and upholstery fabrics. The mattress fabrics segment manufacturers, sources, and sells fabrics and mattress covers to bedding manufacturers. The upholstery fabrics segment manufacturers, sources, and sells fabrics primarily to residential furniture manufacturers. Net sales denominated in U.S. dollars accounted for 82%, 85% and 86% of total consolidated net sales in 2014, 2013, and 2012, respectively. International sales accounted for 19%, 23% and 21% of net sales in 2014, 2013, and 2012, respectively, and are summarized by geographic area as follows:
(dollars in thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
north america (excluding USA) |  | $ | 15,556 |  |  |  | 11,900 |  |  |  | 10,417 |
far east and asia |  |  | 33,487 |  |  |  | 43,907 |  |  |  | 38,279 |
all other areas |  |  | 6,041 |  |  |  | 5,806 |  |  |  | 5,353 |
|  | $ | 55,084 |  |  |  | 61,613 |  |  |  | 54,049 |
The company evaluates the operating performance of its segments based upon income from operations before certain unallocated corporate expenses, and other non-recurring items. Cost of sales in both segments include costs to manufacture or source our products, including costs such as raw material and finished goods purchases, direct and indirect labor, overhead and incoming freight charges. Unallocated corporate expenses primarily represent compensation and benefits for certain executive officers and all costs related to being a public company. Segment assets include assets used in operations of each segment and primarily consist of accounts receivable, inventories, and property, plant, and equipment. The mattress fabrics segment also includes in segment assets, assets held for sale, goodwill, a non-compete agreement and customer relationships associated with an acquisition. Statements of operations for the company’s operating segments are as follows:
(dollars in thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
net sales: |  |  |  |  |  |  |  |  |
upholstery fabrics |  | $ | 126,457 |  |  |  | 114,800 |  |  |  | 108,924 |
mattress fabrics |  |  | 160,705 |  |  |  | 154,014 |  |  |  | 145,519 |
|  | $ | 287,162 |  |  |  | 268,814 |  |  |  | 254,443 |
gross profit: |  |  |  |  |  |  |  |  |  |  |  |
upholstery fabrics |  | $ | 21,429 |  |  |  | 19,984 |  |  |  | 14,984 |
mattress fabrics |  |  | 27,477 |  |  |  | 29,546 |  |  |  | 24,825 |
total segment gross profit |  |  | 48,906 |  |  |  | 49,530 |  |  |  | 39,809 |
other non-recurring charges |  |  | - |  |  |  | - |  |  |  | (77) | (1)
|  | $ | 48,906 |  |  |  | 49,530 |  |  |  | 39,732 |
(dollars in thousands) |  |  | 2014 |  |  |  | 2013 |  |  |  | 2012 |
selling, general, and administrative expenses: |  |  |  |  |  |  |  |  |  |  |  |
upholstery fabrics |  | $ | 13,393 |  |  |  | 13,031 |  |  |  | 11,453 |
mattress fabrics |  |  | 9,962 |  |  |  | 9,646 |  |  |  | 9,061 |
unallocated corporate |  |  | 5,302 |  |  |  | 5,768 |  |  |  | 4,512 |
total selling, general, and administrative |  |  |  |  |  |  |  |  |  |  |  |
expenses |  | $ | 28,657 |  |  |  | 28,445 |  |  |  | 25,026 |
Income from operations: |  |  |  |  |  |  |  |  |  |  |  |
upholstery fabrics |  | $ | 8,036 |  |  |  | 6,953 |  |  |  | 3,531 |
mattress fabrics |  |  | 17,515 |  |  |  | 19,900 |  |  |  | 15,764 |
total segment income from operations |  |  | 25,551 |  |  |  | 26,853 |  |  |  | 19,295 |
unallocated corporate expenses |  |  | (5,302 | ) |  |  | (5,768 | ) |  |  | (4,512 | )
other non-recurring charges |  |  | - |  |  |  | - |  |  |  | (77) | (1)
total income from operations |  |  | 20,249 |  |  |  | 21,085 |  |  |  | 14,706 |
interest expense |  |  | (427 | ) |  |  | (632 | ) |  |  | (780 | )
interest income |  |  | 482 |  |  |  | 419 |  |  |  | 508 |
other expense |  |  | (1,261 | ) |  |  | (583 | ) |  |  | (236 | )
income before income taxes |  | $ | 19,043 |  |  |  | 20,289 |  |  |  | 14,198 |
(1) | The $77 represents employee termination benefits associated with our Anderson, SC plant facility. This charge was recorded in cost of sales in the 2012 Consolidated Statement of Net Income and relates to the upholstery fabrics segment.
One customer within the upholstery fabrics segment represented 13% of consolidated net sales in fiscal years 2014, 2013, and 2012, respectively. Two customers within the mattress fabrics segment represented 21%, 22%, and 22% of consolidated net sales in fiscal 2014, 2013, and 2012, respectively. No customers within the upholstery fabrics segment accounted for 10% or more of net accounts receivable as of April 27, 2014 and April 28, 2013, respectively. One customer within the mattress fabrics segment accounted for 11% and 10% of net accounts receivable balance as of April 27, 2014 and April 28, 2013, respectively. Balance sheet information for the company’s operating segments follow:
(dollars in thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
segment assets |  |  |  |  |  |  |  |  |
mattress fabrics |  |  |  |  |  |  |  |  |
current assets (2) |  | $ | 36,229 |  |  |  | 33,323 |  |  |  | 29,909 |
assets held for sale |  |  | - |  |  |  | - |  |  |  | 15 |
non-compete agreements, net |  |  | 1,041 |  |  |  | 185 |  |  |  | 333 |
customer relationships |  |  | 817 |  |  |  | - |  |  |  | - |
goodwill |  |  | 11,462 |  |  |  | 11,462 |  |  |  | 11,462 |
property, plant, and equipment |  |  | 29,040 | (3) |  |  | 28,578 | (4) |  |  | 29,237 | (5)
total mattress fabrics assets |  | $ | 78,589 |  |  |  | 73,548 |  |  |  | 70,956 |
upholstery fabrics |  |  |  |  |  |  |  |  |  |  |  |
current assets (2) |  | $ | 31,854 |  |  |  | 28,487 |  |  |  | 31,519 |
assets held for sale |  |  | - |  |  |  | - |  |  |  | - |
property, plant, and equipment |  |  | 1,573 | (6) |  |  | 1,230 | (7) |  |  | 1,124 | (8)
total upholstery fabrics assets |  | $ | 33,427 |  |  |  | 29,717 |  |  |  | 32,643 |
total segment assets |  |  | 112,016 |  |  |  | 103,265 |  |  |  | 103,599 |
non-segment assets |  |  |  |  |  |  |  |  |  |  |  |
cash and cash equivalents |  |  | 29,303 |  |  |  | 23,530 |  |  |  | 25,023 |
short-term investments |  |  | 6,294 |  |  |  | 5,286 |  |  |  | 5,941 |
income taxes receivable |  |  | 121 |  |  |  | 318 |  |  |  | - |
deferred income taxes |  |  | 8,270 |  |  |  | 8,462 |  |  |  | 5,672 |
other current assets |  |  | 2,344 |  |  |  | 2,093 |  |  |  | 1,989 |
property, plant, and equipment |  |  | 763 | (9) |  |  | 786 | (9) |  |  | 918 | (9)
long-term investments |  |  | 765 |  |  |  | - |  |  |  | - |
other assets |  |  | 1,059 |  |  |  | 966 |  |  |  | 1,574 |
total assets |  | $ | 160,935 |  |  |  | 144,706 |  |  |  | 144,716 |
capital expenditures (10): |  |  |  |  |  |  |  |  |  |  |  |
mattress fabrics |  | $ | 4,380 |  |  |  | 3,805 |  |  |  | 4,875 |
upholstery fabrics |  |  | 827 |  |  |  | 425 |  |  |  | 512 |
unallocated corporate |  |  | 103 |  |  |  | 227 |  |  |  | 532 |
|  | $ | 5,310 |  |  |  | 4,457 |  |  |  | 5,919 |
depreciation expense |  |  |  |  |  |  |  |  |  |  |  |
mattress fabrics |  | $ | 4,694 |  |  |  | 4,487 |  |  |  | 4,275 |
upholstery fabrics |  |  | 618 |  |  |  | 628 |  |  |  | 590 |
total segment depreciation expense |  | $ | 5,312 |  |  |  | 5,115 |  |  |  | 4,865 |
(2) | Current assets represent accounts receivable and inventory.
(3) | The $29.0 million at April 27, 2014, represents property, plant, and equipment located in the U.S. of $20.6 million and located in Canada of $8.4 million.
(4) | The $28.6 million at April 28, 2013, represents property, plant, and equipment located in the U.S. of $20.4 million and located in Canada of $8.2 million.
(5) | The $29.2 million at April 29, 2012, represents property, plant, and equipment located in the U.S. of $21.2 million and located in Canada of $8.0 million.
(6) | The $1.6 million at April 27, 2014, represents property, plant, and equipment located in the U.S. of $957, located in China of $572, and located in Poland of $44.
(7) | The $1.2 million at April 28, 2013, represents property, plant, and equipment located in the U.S. of $908, located in China of $265, and located in Poland of $57.
(8) | The $1.1 million at April 29, 2012, represents property, plant, and equipment located in the U.S. of $837, China of $183, and located in Poland of $104.
(9) | The $763, $786, and $918 balance at April 27, 2014, April 28, 2013, and April 29, 2012, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress and upholstery fabric segments.
(10) | Capital expenditure amounts are stated on an accrual basis. See Consolidated Statement of Cash Flows for capital expenditure amounts on a cash basis.

X
- Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration