XML 61 R19.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Segment Information | 6 Months Ended
--- | ---
Nov. 01, 2015
Segment Reporting [Abstract] |
Segment Information | 12. Segment Information Our operations are classified into two business segments: mattress fabrics and upholstery fabrics. The mattress fabrics segment manufactures, sources, and sells fabrics and mattress covers to bedding manufacturers. The upholstery fabrics segment sources, manufactures, and sells fabrics primarily to residential furniture manufacturers. We evaluate the operating performance of our 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, all costs related to being a public company, and other miscellaneous expenses. Segment assets include assets used in the 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, goodwill, a non-compete agreement, and customer relationships associated with an acquisition. Financial information for the company’s operating segments follows:
|  | Three months ended |
(dollars in thousands) |  | November 1, 2015 |  |  | November 2, 2014 |
Net sales: |  |  |  |  |  |
Mattress Fabrics |  | $ | 45,436 |  |  | $ | 43,038 |
Upholstery Fabrics |  |  | 31,520 |  |  |  | 30,953 |
|  | $ | 76,956 |  |  | $ | 73,991 |
Gross profit: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 9,456 |  |  | $ | 7,324 |
Upholstery Fabrics |  |  | 6,277 |  |  |  | 4,954 |
|  | $ | 15,733 |  |  | $ | 12,278 |
Selling, general, and administrative expenses: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 2,989 |  |  | $ | 2,592 |
Upholstery Fabrics |  |  | 3,813 |  |  |  | 3,285 |
Total segment selling, general, and |  |  |  |  |  |  |  |
administrative expenses |  |  | 6,802 |  |  |  | 5,877 |
Unallocated corporate expenses |  |  | 2,631 |  |  |  | 1,502 |
|  | $ | 9,433 |  |  | $ | 7,379 |
Income from operations: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 6,467 |  |  | $ | 4,733 |
Upholstery Fabrics |  |  | 2,464 |  |  |  | 1,668 |
Total segment income from operations |  |  | 8,931 |  |  |  | 6,401 |
Unallocated corporate expenses |  |  | (2,631 | ) |  |  | (1,502 | )
Total income from operations |  |  | 6,300 |  |  |  | 4,899 |
Interest income |  |  | 69 |  |  |  | 153 |
Other expense |  |  | (225 | ) |  |  | (162 | )
Income before income taxes |  | $ | 6,144 |  |  | $ | 4,890 |
Financial information for the company’s operating segments follows:
|  | Six months ended |
(dollars in thousands) |  | November 1, 2015 |  |  | November 2, 2014 |
Net sales: |  |  |  |  |  |
Mattress Fabrics |  | $ | 93,245 |  |  | $ | 85,860 |
Upholstery Fabrics |  |  | 63,896 |  |  |  | 64,191 |
|  | $ | 157,141 |  |  | $ | 150,051 |
Gross profit: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 19,381 |  |  | $ | 14,527 |
Upholstery Fabrics |  |  | 12,554 |  |  |  | 10,466 |
|  | $ | 31,935 |  |  | $ | 24,993 |
Selling, general, and administrative expenses: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 5,912 |  |  | $ | 5,166 |
Upholstery Fabrics |  |  | 7,409 |  |  |  | 6,737 |
Total segment selling, general, and |  |  |  |  |  |  |  |
administrative expenses |  |  | 13,321 |  |  |  | 11,903 |
Unallocated corporate expenses |  |  | 4,854 |  |  |  | 2,895 |
|  | $ | 18,175 |  |  | $ | 14,798 |
Income from operations: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 13,468 |  |  | $ | 9,361 |
Upholstery Fabrics |  |  | 5,146 |  |  |  | 3,729 |
Total segment income from operations |  |  | 18,614 |  |  |  | 13,090 |
Unallocated corporate expenses |  |  | (4,854 | ) |  |  | (2,895 | )
Total income from operations |  |  | 13,760 |  |  |  | 10,195 |
Interest expense |  |  | - |  |  |  | (67 | )
Interest income |  |  | 112 |  |  |  | 294 |
Other expense |  |  | (320 | ) |  |  | (73 | )
Income before income taxes |  | $ | 13,552 |  |  | $ | 10,349 |
Balance sheet information for the company’s operating segments follow:
(dollars in thousands) |  | November 1, 2015 |  |  | November 2, 2014 |  |  | May 3, 2015 |
Segment assets: |  |  |  |  |  |  |  |  |
Mattress Fabrics |  |  |  |  |  |  |  |  |
Current assets (1) |  | $ | 40,937 |  |  | $ | 35,406 |  |  | $ | 41,328 |
Non-compete agreement |  |  | 941 |  |  |  | 1,017 |  |  |  | 979 |
Customer relationships |  |  | 740 |  |  |  | 791 |  |  |  | 766 |
Goodwill |  |  | 11,462 |  |  |  | 11,462 |  |  |  | 11,462 |
Property, plant and equipment (2) |  |  | 36,050 |  |  |  | 30,938 |  |  |  | 33,773 |
Total mattress fabrics assets |  |  | 90,130 |  |  |  | 79,614 |  |  |  | 88,308 |
Upholstery Fabrics |  |  |  |  |  |  |  |  |  |  |  |
Current assets (1) |  |  | 28,856 |  |  |  | 27,867 |  |  |  | 29,905 |
Property, plant and equipment (3) |  |  | 1,474 |  |  |  | 1,578 |  |  |  | 1,467 |
Total upholstery fabrics assets |  |  | 30,330 |  |  |  | 29,445 |  |  |  | 31,372 |
Total segment assets |  |  | 120,460 |  |  |  | 109,059 |  |  |  | 119,680 |
Non-segment assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 31,176 |  |  |  | 28,953 |  |  |  | 29,725 |
Short-term investments |  |  | 6,320 |  |  |  | 6,318 |  |  |  | 10,004 |
Deferred income taxes |  |  | 8,136 |  |  |  | 6,699 |  |  |  | 5,237 |
Income taxes receivable |  |  | 75 |  |  |  | - |  |  |  | 229 |
Other current assets |  |  | 2,614 |  |  |  | 2,303 |  |  |  | 2,440 |
Property, plant and equipment (4) |  |  | 795 |  |  |  | 688 |  |  |  | 838 |
Long-term investments |  |  | 3,279 |  |  |  | 1,911 |  |  |  | 2,415 |
Other assets |  |  | 813 |  |  |  | 731 |  |  |  | 800 |
Total assets |  | $ | 173,668 |  |  | $ | 156,662 |  |  | $ | 171,368 |
|  | Six months ended |
(dollars in thousands) |  | November 1, 2015 |  |  | November 2, 2014 |
Capital expenditures (5): |  |  |  |  |  |
Mattress Fabrics |  | $ | 5,138 |  |  | $ | 4,692 |
Upholstery Fabrics |  |  | 254 |  |  |  | 258 |
Unallocated Corporate |  |  | 143 |  |  |  | 38 |
Total capital expenditures |  | $ | 5,535 |  |  | $ | 4,988 |
Depreciation expense: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 2,783 |  |  | $ | 2,448 |
Upholstery Fabrics |  |  | 401 |  |  |  | 364 |
Total depreciation expense |  | $ | 3,184 |  |  | $ | 2,812 |
(1) | Current assets represent accounts receivable and inventory for the respective segment.
(2) | The $36.1 million at November 1, 2015, represents property, plant, and equipment of $23.3 million and $12.8 million located in the U.S. and Canada, respectively. The $30.9 million at November 2, 2014, represents property, plant, and equipment of $22.2 million and $8.7 million located in the U.S. and Canada, respectively. The $33.8 million at May 3, 2015, represents property, plant, and equipment of $23.8 million and $10.0 million located in the U.S. and Canada, respectively.
(3) | The $1.5 million at November 1, 2015, represents property, plant, and equipment of $785 and $689 located in the U.S. and China, respectively. The $1.6 million at November 2, 2014, represents property, plant, and equipment of $977 and $601 located in the U.S. and China, respectively. The $1.5 million at May 3, 2015, represents property, plant, and equipment of $848 and $619 located in the U.S. and China, respectively.
(4) | The $795, $688, and $838 at November 1, 2015, November 2, 2014 and May 3, 2015, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress and upholstery fabric segments. Property, plant, and equipment associated with corporate are located in the U.S.
(5) | Capital expenditure amounts are stated on the accrual basis. See Consolidated Statements of Cash Flows for capital expenditure amounts on a cash basis.

X
- References No definition available. + 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 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: 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=51669610&loc=d3e9038-108599 Reference 3: 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=51669610&loc=d3e8971-108599 Reference 4: 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=51669610&loc=d3e8595-108599 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=51669610&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 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: 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=51669610&loc=d3e8844-108599 Reference 8: 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=51669610&loc=d3e8984-108599 Reference 9: 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=51669610&loc=d3e9031-108599 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=51669610&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 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: 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=51669610&loc=d3e8864-108599 Reference 13: 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=51669610&loc=d3e8924-108599 Reference 14: 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=51669610&loc=d3e8906-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration