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Segment Information (Tables) | 6 Months Ended
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Oct. 28, 2018
Segment Reporting [Abstract] |
Schedule of Operating Segments Information | Financial information for the company’s operating segments follows:
|  | Three months ended |
|  | October 28, 2018 |  |  | October 29, 2017 |
Net sales: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 41,989 |  |  | $ | 48,601 |
Upholstery Fabrics |  |  | 35,017 |  |  |  | 32,097 |
|  | $ | 77,006 |  |  | $ | 80,698 |
Gross profit: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 7,498 |  |  | $ | 9,730 |
Upholstery Fabrics |  |  | 6,257 |  |  |  | 6,074 |
Total segment gross profit |  | $ | 13,755 |  |  | $ | 15,804 |
Other non-recurring charges (1) |  |  | (159 | ) |  |  | — |
Restructuring related charges (2) |  |  | (270 | ) |  |  | — |
|  | $ | 13,326 |  |  | $ | 15,804 |
Selling, general, and administrative expenses |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 4,566 |  |  | $ | 3,168 |
Upholstery Fabrics |  |  | 3,535 |  |  |  | 3,700 |
Total segment selling, general, and administrative expenses |  |  | 8,101 |  |  |  | 6,868 |
Other non-recurring charges (1) |  |  | 89 |  |  |  | — |
Unallocated corporate expenses |  |  | 1,913 |  |  |  | 2,547 |
|  | $ | 10,103 |  |  | $ | 9,415 |
Income from operations: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 2,932 |  |  | $ | 6,562 |
Upholstery Fabrics |  |  | 2,722 |  |  |  | 2,374 |
Total segment income from operations |  |  | 5,654 |  |  |  | 8,936 |
Unallocated corporate expenses |  |  | (1,913 | ) |  |  | (2,547 | )
Other non-recurring charges (1) |  |  | (248 | ) |  |  | — |
Restructuring credit and related charges (3) |  |  | 791 |  |  |  | — |
Total income from operations |  |  | 4,284 |  |  |  | 6,389 |
Interest expense |  |  | (18 | ) |  |  | (37 | )
Interest income |  |  | 151 |  |  |  | 128 |
Other expense |  |  | (142 | ) |  |  | (321 | )
Income before income taxes |  | $ | 4,275 |  |  | $ | 6,159 |
(1) | During the three-month and six-month periods ending October 28, 2018, our mattress fabrics segment incurred non-recurring charges totaling $248 that pertained to employee termination benefits and other operational reorganization costs. Of the $248 total non-recurring charge, $159 and $89 were recorded in cost of sales and selling, general, and administrative expenses, respectively.
(2) | The $270 represents a restructuring related charge for other operating costs associated with our closed upholstery fabrics plant facility located in Anderson, SC.
(3) | The $791 pertains to a $1.1 million restructuring credit that represents a $1.1 million gain on the sale of equipment, partially offset by a restructuring charge of $63 for employee termination benefits and a restructuring related charge of $270 for other operating costs associated with our closed upholstery fabrics plant facility located in Anderson, SC.
|  | Six months ended |
|  | October 28, 2018 |  |  | October 29, 2017 |
Net sales: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 78,972 |  |  | $ | 97,030 |
Upholstery Fabrics |  |  | 69,507 |  |  |  | 63,200 |
|  | $ | 148,479 |  |  | $ | 160,230 |
Gross profit: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 13,470 |  |  | $ | 19,495 |
Upholstery Fabrics |  |  | 12,410 |  |  |  | 12,773 |
Total segment gross profit |  | $ | 25,880 |  |  | $ | 32,268 |
Other non-recurring charges (1) |  |  | (159 | ) |  |  | — |
Restructuring related charges (4) |  |  | (1,836 | ) |  |  | — |
|  | $ | 23,885 |  |  | $ | 32,268 |
Selling, general, and administrative expenses |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 7,714 |  |  | $ | 6,559 |
Upholstery Fabrics |  |  | 7,161 |  |  |  | 7,511 |
Total segment selling, general, and administrative expenses |  |  | 14,875 |  |  |  | 14,070 |
Other non-recurring charges (1) |  |  | 89 |  |  |  | — |
Unallocated corporate expenses |  |  | 3,172 |  |  |  | 4,846 |
|  | $ | 18,136 |  |  | $ | 18,916 |
Income from operations: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 5,755 |  |  | $ | 12,936 |
Upholstery Fabrics |  |  | 5,249 |  |  |  | 5,262 |
Total segment income from operations |  |  | 11,004 |  |  |  | 18,198 |
Unallocated corporate expenses |  |  | (3,172 | ) |  |  | (4,846 | )
Other non-recurring charges (1) |  |  | (248 | ) |  |  | — |
Restructuring credit and related charges (5) |  |  | (1,225 | ) |  |  | — |
Total income from operations |  |  | 6,359 |  |  |  | 13,352 |
Interest expense |  |  | (38 | ) |  |  | (37 | )
Interest income |  |  | 301 |  |  |  | 259 |
Other expense |  |  | (399 | ) |  |  | (674 | )
Income before income taxes |  | $ | 6,223 |  |  | $ | 12,900 |
(4) | The $1.8 million represents restructuring related charges, of which $1.6 million pertains to inventory markdowns and $270 for other operating costs associated with our closed upholstery fabrics plant facility located in Anderson, SC.
(5) | The $1.2 million pertains to restructuring related charges totaling $1.8 million, partially offset by a restructuring credit of $610 associated with our closed upholstery fabrics plant facility located in Anderson, SC. The $1.8 million restructuring related charge represents $1.6 million for inventory markdowns and $270 for other operating costs. The $610 restructuring credit represents a $1.1 million gain on sale of equipment, partially offset by a charge for employee termination benefits totaling $513.
Balance sheet information for the company’s operating segments follows:
(dollars in thousands) |  | October 28, 2018 |  |  | October 29, 2017 |  |  | April 29, 2018 |
Segment assets: |  |  |  |  |  |  |  |  |  |  |  |
Mattress Fabrics |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 10,740 |  |  | $ | 13,645 |  |  | $ | 15,195 |
Inventory |  |  | 29,836 |  |  |  | 29,083 |  |  |  | 28,740 |
Property, plant and equipment (1) |  |  | 48,825 |  |  |  | 49,965 |  |  |  | 48,797 |
Investment in unconsolidated joint venture |  |  | 1,470 |  |  |  | 1,522 |  |  |  | 1,501 |
Total mattress fabrics assets |  |  | 90,871 |  |  |  | 94,215 |  |  |  | 94,233 |
Upholstery Fabrics |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  |  | 13,622 |  |  |  | 10,575 |  |  |  | 11,112 |
Inventory |  |  | 20,765 |  |  |  | 21,126 |  |  |  | 24,714 |
Property, plant and equipment (2) |  |  | 2,048 |  |  |  | 2,063 |  |  |  | 2,445 |
Total upholstery fabrics assets |  |  | 36,435 |  |  |  | 33,764 |  |  |  | 38,271 |
Total segment assets |  |  | 127,306 |  |  |  | 127,979 |  |  |  | 132,504 |
Non-segment assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 14,768 |  |  |  | 15,739 |  |  |  | 21,228 |
Short-term investments (Available for Sale) |  |  | — |  |  |  | 2,478 |  |  |  | 2,451 |
Short-term investments (Held-to-Maturity) |  |  | 26,719 |  |  |  | 4,015 |  |  |  | 25,759 |
Assets held for sale |  |  | 237 |  |  |  | — |  |  |  | — |
Other current assets |  |  | 2,461 |  |  |  | 2,263 |  |  |  | 2,870 |
Deferred income taxes |  |  | 3,614 |  |  |  | 491 |  |  |  | 1,458 |
Property, plant and equipment (3) |  |  | 452 |  |  |  | 502 |  |  |  | 552 |
Goodwill |  |  | 27,222 |  |  |  | 11,462 |  |  |  | 13,569 |
Intangible assets |  |  | 10,636 |  |  |  | 1,428 |  |  |  | 4,275 |
Long-term investments (Held-to-Maturity) |  |  | — |  |  |  | 26,853 |  |  |  | 5,035 |
Long-term investments (Rabbi Trust) |  |  | 7,851 |  |  |  | 6,921 |  |  |  | 7,326 |
Other assets |  |  | 945 |  |  |  | 912 |  |  |  | 957 |
Total assets |  | $ | 222,211 |  |  | $ | 201,043 |  |  | $ | 217,984 |
|  | Six months ended |
(dollars in thousands) |  | October 28, 2018 |  |  | October 29, 2017 |
Capital expenditures (4): |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 1,578 |  |  | $ | 4,364 |
Upholstery Fabrics |  |  | 267 |  |  |  | 203 |
Unallocated Corporate |  |  | — |  |  |  | 30 |
Total capital expenditures |  | $ | 1,845 |  |  | $ | 4,597 |
Depreciation expense: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 3,644 |  |  | $ | 3,310 |
Upholstery Fabrics |  |  | 412 |  |  |  | 403 |
Total depreciation expense |  | $ | 4,056 |  |  | $ | 3,713 |
(1) | The $48.8 million at October 28, 2018, represents property, plant, and equipment of $36.1 million and $12.7 million located in the U.S. and Canada, respectively. The $50.0 million at October 29, 2017, represents property, plant, and equipment of $35.8 million and $14.2 million located in the U.S. and Canada, respectively. The $48.8 million at April 29, 2018, represents property, plant, and equipment of $35.4 million and $13.4 million located in the U.S. and Canada, respectively.
(2) | The $2.0 million at October 28, 2018, represents property, plant, and equipment of $1.4 million and $636 located in the U.S. and China, respectively. The $2.1 million at October 29, 2017, represents property, plant, and equipment of $1.4 million and $722 located in the U.S. and China, respectively. The $2.4 million at April 29, 2018, represents property, plant, and equipment of $1.8 million and $661 located in the U.S. and China, respectively.
(3) | The $452, $502, and $552 at October 28, 2018, October 29, 2017 and April 29, 2018, 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.
(4) | Capital expenditure amounts are stated on the accrual basis. See Consolidated Statements of Cash Flows for capital expenditure amounts on a cash basis.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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