Segment Information (Tables)

3 Months Ended

Aug. 02, 2020

Schedule of Operating Segments Information

Statements of operations for our current operating segments are as follows:

	Three months ended
	August 2, 2020			August 4, 2019
net sales by segment:
mattress fabrics	$	36,103		$	38,859
upholstery fabrics		28,361			31,860
net sales	$	64,464		$	70,719
gross profit from continuing operations by segment:
mattress fabrics	$	4,608		$	5,691
upholstery fabrics		5,293			6,721
gross profit from continuing operations	$	9,901		$	12,412
selling, general, and administrative expenses by segment:
mattress fabrics	$	2,763		$	3,071
upholstery fabrics		3,180			3,846
unallocated corporate expenses		2,075			2,232
selling, general, and administrative expenses	$	8,018		$	9,149
income (loss) from continuing operations by segment:
mattress fabrics	$	1,845		$	2,620
upholstery fabrics		2,113			2,875
unallocated corporate expenses		(2,075	)		(2,232	)
subtotal		1,883			3,263
restructuring credit		—			35
total income from continuing operations	$	1,883		$	3,298
interest expense		(51	)		—
interest income		58			260
other expense		(366	)		(95	)
income before income taxes from continuing operations	$	1,524		$	3,463

Balance sheet information for our current operating segments follows:

(dollars in thousands)	August 2, 2020		August 4, 2019		May 3, 2020
Segment assets:
Mattress Fabrics
Accounts receivable	$	15,585	$	12,632	$	12,212
Inventory		20,070		24,410		26,620
Property, plant and equipment (1)		39,597		43,211		40,682
Right of use assets (2)		832		235		362
Investment in unconsolidated joint venture		1,759		1,520		1,602
Total mattress fabrics assets		77,843		82,008		81,478
Upholstery Fabrics
Accounts receivable		14,308		11,029		12,881
Inventory		20,332		23,183		21,287
Property, plant and equipment (3)		1,634		1,856		1,633
Right of use assets (4)		3,802		3,054		1,633
Total upholstery fabrics assets		40,076		39,122		37,434
Total segment assets		117,919		121,130		118,912
Non-segment assets:
Cash and cash equivalents		39,986		44,236		69,790
Short-term investments - available for sale		983		—		923
Short-term investments - held-to-maturity		5,092		—		4,271
Current income taxes receivable		782		776		1,585
Current assets - discontinued operation		—		3,557		—
Other current assets		3,547		2,617		2,116
Deferred income taxes		593		486		793
Property, plant and equipment (5)		820		408		832
Right of use assets (6)		1,809		2,199		1,908
Goodwill		—		13,569		—
Intangible assets		3,286		3,805		3,380
Long-term investments - rabbi trust		7,916		7,347		7,834
Long-term investments - held-to-maturity		1,314		—		2,076
Noncurrent income taxes receivable		—		733		—
Other assets		540		526		664
Long-term note receivable affiliated with discontinued operation		—		1,800		—
Noncurrent assets - discontinued operation		—		23,058		—
Total assets	$	184,587	$	226,247	$	215,084

	Three months ended
(dollars in thousands)	August 2, 2020		August 4, 2019
Capital expenditures (7):
Mattress Fabrics	$	545	$	669
Upholstery Fabrics		113		184
Unallocated Corporate		68		56
Total capital expenditures	$	726	$	909
Depreciation expense:
Mattress Fabrics	$	1,631	$	1,620
Upholstery Fabrics		191		190
Discontinued Operation		—		95
Total depreciation expense	$	1,822	$	1,905

(1)

The $39.6 million as of August 2, 2020, represents property, plant, and equipment of $27.0 million and $12.6 million located in the U.S. and Canada, respectively. The $43.2 million as of 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 $40.7 million as of May 3, 2020, represents property, plant, and equipment of $27.7 million and $13.0 million located in the U.S. and Canada, respectively.

(2)	The $832 as of August 2, 2020 represents right of use assets of $297 and $535 located in the U.S. and Canada, respectively. The $235 as of August 4, 2019, and the $362 as of May 3, 2020, represents right of use assets located in the U.S.

(3)

The $1.6 million as of August 2, 2020, represents property, plant, and equipment of $1.2 million and $456 located in the U.S. and China, respectively. The $1.9 million as of August 4, 2019, represents property, plant, and equipment of $1.3 million and $548 located in the U.S. and China, respectively. The $1.6 million as of May 3, 2020, represents property, plant, and equipment of $1.2 million and $471 located in the U.S. and China, respectively.

(4)

The $3.8 million as of August 2, 2020, represents right of use assets of $3.1 million and $710 located in China and the U.S., respectively. The $3.1 million as of August 4, 2019, represents right of use assets of $1.8 million and $1.3 million located in China and the U.S., respectively. The $1.6 million as of May 3, 2020, represents right of use assets of $857 and $776 located in the U.S. and China, respectively.

(5)

The $820, $408, and $832 as of August 2, 2020, August 4, 2019, and May 3, 2020, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by our mattress fabrics and upholstery fabrics segments. Property, plant, and equipment associated with our corporate departments reside in the U.S.

(6)	The $1.8 million, $2.2 million, and $1.9 million as of August 2, 2020, August 4, 2019, and May 3, 2020, respectively, represents right of use assets located in the U.S

(7)	Capital expenditure amounts are stated on the accrual basis. See Consolidated Statements of Cash Flows for capital expenditure amounts on a cash basis.