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Segment Information (Tables)
 3 Months Ended
Aug. 04, 2019
Segment Reporting [Abstract]  
Schedule of Operating Segments Information
Financial information for the company’s operating segments follows:
 
  Three months ended 
  August 4, 2019  July 29, 2018 
Net sales:
        
Mattress Fabrics
 $38,685  $34,398 
Upholstery Fabrics
  31,860   34,490 
Home Accessories
  4,302   2,585 
  
 
 
  
 
 
 
  $74,847  $71,473 
  
 
 
  
 
 
 
Gross profit:
        
Mattress Fabrics
 $5,691  $5,302 
Upholstery Fabrics
  6,721   6,153 
Home Accessories
  953   669 
  
 
 
  
 
 
 
Total segment gross profit
 $13,365  $12,124 
Restructuring related charges (2)
  —     (1,565) 
  
 
 
  
 
 
 
  $13,365  $10,559 
  
 
 
  
 
 
 
Selling, general, and administrative expenses
        
Mattress Fabrics
 $3,071  $2,512 
Upholstery Fabrics
  3,846   3,626 
Home Accessories
  1,488   636 
Unallocated corporate expenses
  2,306   1,259 
  
 
 
  
 
 
 
  $10,711  $8,033 
  
 
 
  
 
 
 
Income (loss) from operations:
        
Mattress Fabrics
 $2,620  $2,790 
Upholstery Fabrics
  2,875   2,527 
Home Accessories
  (535)   33 
Unallocated corporate expenses
  (2,306)   (1,259) 
  
 
 
  
 
 
 
Total segment income from operations
  2,654   4,091 
Restructuring credit (expense) and restructuring related charges (1) (2)
  35   (2,016) 
  
 
 
  
 
 
 
Total income from operations
  2,689   2,075 
Interest expense
  (9)   (20) 
Interest income
  249   150 
Other expense
  (87)   (257) 
  
 
 
  
 
 
 
Income before income taxes
 $2,842  $1,948 
  
 
 
  
 
 
 
 
(1)
The $35 restructuring credit represents employee termination benefits associated with the closure of our upholstery fabrics plant facility located in Anderson, SC (see note 11 for further details). The $35 restructuring credit was recorded to restructuring credit in the Consolidated Statements of Net Income for the three-month period ending August 4, 2019.
(2)
The total charge of $2.0 million, represents a restructuring related charge of $1.6 million for inventory markdowns and a $451 restructuring charge for employee termination benefits associated with the closure of our upholstery fabrics plant facility in Anderson, SC. The $1.6 million restructuring related charge and the $451 restructuring charge were recorded to cost of sales and restructuring expense in the Consolidated Statements of Net Income for the three-month period ending July 29, 2018.
 
Balance sheet information for the company’s operating segments follows:
 
(dollars in thousands)
 August 4, 2019  July 29, 2018  April 28, 2019 
Segment assets:
            
Mattress Fabrics
            
Accounts receivable
 $12,632  $11,408  $12,098 
Inventory
  24,410   31,506   24,649 
Assets held for sale
  100   —     —   
Property, plant and equipment (1)
  43,211   48,156   44,266 
Right of use assets (2)
  235   —     —   
Investment in unconsolidated joint venture
  1,520   1,525   1,508 
  
 
 
  
 
 
  
 
 
 
Total mattress fabrics assets
  82,108   92,595   82,521 
  
 
 
  
 
 
  
 
 
 
Upholstery Fabrics
            
Accounts receivable
  11,029   11,345   11,274 
Inventory
  23,183   21,784   22,915 
Property, plant and equipment (3)
  1,856   2,370   1,795 
Right of use assets (4)
  3,054   —     —   
  
 
 
  
 
 
  
 
 
 
Total upholstery fabrics assets
  39,122   35,499   35,984 
  
 
 
  
 
 
  
 
 
 
Home Accessories
            
Accounts receivable
  429   472   379 
Inventory
  3,067   1,699   3,296 
Property, plant and equipment (5)
  1,815   2,141   1,910 
Right of use assets (6)
  1,042   —     —   
  
 
 
  
 
 
  
 
 
 
Total home accessories assets
  6,353   4,312   5,585 
  
 
 
  
 
 
  
 
 
 
Total segment assets
  127,583   132,406   124,090 
Non-segment assets:
            
Cash and cash equivalents
  44,236   8,593   40,008 
Short-term investments (Held-to-Maturity)
  —     30,756   5,001 
Current income taxes receivable
  776   —     776 
Other current assets
  2,578   3,852   2,849 
Deferred income taxes
  486   3,721   457 
Property, plant and equipment (7)
  407   511   418 
Right of use assets (8)
  2,199   —     —   
Goodwill
  27,222   27,222   27,222 
Intangible assets
  10,354   10,730   10,448 
Long-term investments (Rabbi Trust)
  7,347   7,671   7,081 
Noncurrent income taxes receivable
  733   —     733 
Other assets
  526   910   643 
  
 
 
  
 
 
  
 
 
 
Total assets
 $224,447  $226,372  $219,726 
  
 
 
  
 
 
  
 
 
 
 
 
  Three months ended 
(dollars in thousands)
 August 4, 2019  July 29, 2018 
Capital expenditures (9):
        
Mattress Fabrics
 $669  $1,198 
Upholstery Fabrics
  184   57 
Home Accessories
  —     —   
Unallocated Corporate
  56   —   
  
 
 
  
 
 
 
Total capital expenditures
 $909  $1,255 
  
 
 
  
 
 
 
Depreciation expense:
        
Mattress Fabrics
 $1,620  $1,762 
Upholstery Fabrics
  190   215 
Home Accessories
  95   38 
  
 
 
  
 
 
 
Total depreciation expense
 $1,905  $2,015 
  
 
 
  
 
 
 
 
(1)
The $43.2 million at August 4, 2019, represents property, plant, and equipment of $31.2 million and $12.0 million located in the U.S. and Canada, respectively. The $48.2 million at July 29, 2018, represents property, plant, and equipment of $35.1 million and $13.1 million located in the U.S. and Canada, respectively. The $44.3 million at April 28, 2019, represents property, plant, and equipment of $32.4 million and $11.9 million located in the U.S. and Canada, respectively.
(2)
The $235 at August 4, 2019, represents right of use assets located in the U.S.
(3)
The $1.9 million at August 4, 2019, represents property, plant, and equipment of $1.3 million and $548 located in the U.S. and China, respectively. The $2.4 million at July 29, 2018, represents property, plant, and equipment of $1.8 million and $616 located in the U.S. and China, respectively. The $1.8 million at April 28, 2019, represents property, plant, and equipment of $1.2 million and $591 located in the U.S. and China, respectively.
(4)
The $3.1 million at August 4, 2019, represents right of use assets of $1.8 million and $1.3 million located in China and the U.S., respectively
(5)
The $1.8 million at August 4, 2019, $2.1 million at July 29, 2018, and $1.9 million at April 28, 2019, represents property, plant and equipment located in the U.S.
(6)
The $1.0 million at August 4, 2019, represents right of use assets located in the U.S.
(7)
The $407, $511, and $418 at August 4, 2019, July 29, 2018, and April 28, 2019, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by our mattress fabrics, upholstery fabrics, and home accessories segments. Property, plant, and equipment associated with our corporate departments reside in the U.S.
(8)
The $2.2 million at August 4, 2019, represents right of use assets located in the U.S.
(9)
Capital expenditure amounts are stated on the accrual basis. See Consolidated Statements of Cash Flows for capital expenditure amounts on a cash basis.