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Business Combination Achieved in Stages (Tables)

6 Months Ended

Oct. 31, 2021

Schedule of Unaudited Pro Forma Consolidated Results of Operations

The following unaudited pro forma consolidated results of operations for the three-month and six-month periods ending October 31, 2021, and November 1, 2020, have been prepared as if this acquisition had occurred on May 4, 2020.

						Three Months Ended
(dollars in thousands, except per share data)			October 31, 2021				November 1, 2020
Net Sales			$	74,561			$	77,383
Income from operations				1,640				4,718
Net income				851				2,484
Net income per share - basic			$	0.07			$	0.20
Net income per share - diluted			$	0.07			$	0.20

						Six Months Ended
(dollars in thousands, except per share data)			October 31, 2021				November 1, 2020
Net Sales			$	157,608			$	142,145
Income from operations				4,958				6,735
Net income (loss)				3,101				(182	)
Net income (loss) per share - basic			$	0.25			$	(0.01	)
Net income (loss) per share - diluted			$	0.25			$	(0.01	)

Summary of Equity Method Investment

The following table summarizes assets, liabilities, and members’ equity for our equity method investment in CIH:

(dollars in thousands)			November 1, 2020
total assets			$	3,951
total liabilities			$	232
total members’ equity			$	3,719

CIH [Member]

Schedule of Allocation of Consideration Transferred to Assets Acquired and Liabilities Assumed

The following table presents the final allocation of the consideration transferred to the assets acquired and liabilities assumed based on their fair values:

(dollars in thousands)		Fair Value
Cash and cash equivalents		$	62
Accounts receivable			169
Inventory			31
Right of use assets			2,544
Equipment and leasehold improvements			846
Accounts payable			(155	)
Gain on bargain purchase			(819	)
		$	2,678

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