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Segment Information (Tables) | 12 Months Ended
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May 01, 2022
Segment Reporting [Abstract] |
Summary of Segment Information by Geographic Area | International sales accounted for 31%, 27%, and 26% of net sales during fiscal 2022, 2021, and 2020, respectively, and are summarized by geographic area as follows:
(dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
north america (excluding USA) (1) |  | $ | 39,256 |  |  | $ | 32,925 |  |  | $ | 27,637 |
far east and asia (2) |  |  | 43,015 |  |  |  | 43,764 |  |  |  | 36,470 |
all other areas |  |  | 8,114 |  |  |  | 5,558 |  |  |  | 2,986 |
|  | $ | 90,385 |  |  | $ | 82,247 |  |  | $ | 67,093 |
(1) | Of this amount, $33.5 million, $27.2 million, and $21.7 million are attributable to shipments to Mexico in fiscal 2022, 2021, and 2020, respectively.
(2) | Of this amount $26.9 million, $28.1 million, and $21.4 million are attributable to shipments to China in fiscal 2022, 2021, and 2020, respectively.
Schedule of Operating Segments Information | Statements of operations for our current operating segments are as follows:
(dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
net sales by segment: |  |  |  |  |  |  |  |  |  |  |  |
upholstery fabrics |  | $ | 142,680 |  |  | $ | 142,049 |  |  | $ | 124,754 |
mattress fabrics |  |  | 152,159 |  |  |  | 157,671 |  |  |  | 131,412 |
total net sales |  | $ | 294,839 |  |  | $ | 299,720 |  |  | $ | 256,166 |
gross profit from continuing operations by segment: |  |  |  |  |  |  |  |  |  |  |  |
upholstery fabrics |  | $ | 19,635 |  |  | $ | 25,968 |  |  | $ | 24,220 |
mattress fabrics |  |  | 16,458 |  |  |  | 23,864 |  |  |  | 16,278 |
total gross profit from continuing operations |  | $ | 36,093 |  |  | $ | 49,832 |  |  | $ | 40,498 |
selling, general, and administrative expenses by segment: |  |  |  |  |  |  |  |  |  |  |  |
upholstery fabrics |  | $ | 14,009 |  |  | $ | 14,092 |  |  | $ | 14,353 |
mattress fabrics |  |  | 12,246 |  |  |  | 12,066 |  |  |  | 11,354 |
unallocated corporate |  |  | 9,160 |  |  |  | 11,598 |  |  |  | 8,717 |
total selling, general, and administrative expenses |  | $ | 35,415 |  |  | $ | 37,756 |  |  | $ | 34,424 |
income (loss) from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |
upholstery fabrics |  | $ | 5,626 |  |  | $ | 11,876 |  |  | $ | 9,867 |
mattress fabrics |  |  | 4,212 |  |  |  | 11,798 |  |  |  | 4,924 |
unallocated corporate expenses |  |  | (9,160 | ) |  |  | (11,598 | ) |  |  | (8,717 | )
total segment income from continuing operations |  |  | 678 |  |  |  | 12,076 |  |  |  | 6,074 |
asset impairments (1) |  |  | — |  |  |  | — |  |  |  | (13,712 | )
restructuring credit |  |  | — |  |  |  | — |  |  |  | 70 |
total income (loss) from continuing operations |  |  | 678 |  |  |  | 12,076 |  |  |  | (7,568 | )
interest expense |  |  | (17 | ) |  |  | (51 | ) |  |  | (106 | )
interest income |  |  | 373 |  |  |  | 244 |  |  |  | 897 |
gain on bargain purchase (2) |  |  | — |  |  |  | 819 |  |  |  | — |
other expense |  |  | (1,359 | ) |  |  | (2,208 | ) |  |  | (902 | )
(loss) income before income taxes from continuing operations |  | $ | (325 | ) |  | $ | 10,880 |  |  | $ | (7,679 | )
(1) | During fiscal 2020, we incurred asset impairment charges totaling $13.7 million, of which $13.6 million and $143,000 pertained to goodwill and a tradename associated with Read, respectively. Of this $13.7 million, $11.5 million and $2.2 million pertained to the mattress fabrics segment and upholstery fabrics segment, respectively.
(2) | Effective February 1, 2021, we acquired the remaining fifty percent ownership interest in our former unconsolidated joint venture located in Haiti. Pursuant to this transaction, we are now the sole owner with full control over this operation. The gain on bargain purchase represents the net assets acquired from this transaction that exceeded the fair value of our previously held 50% ownership interest of $1.7 million and the $954,000 total purchase price for the remaining 50% ownership interest.
Balance sheet information for our current operating segments follow:
(dollars in thousands) |  | May 1, 2022 |  |  |  | May 2, 2021 |  |
segment assets |  |  |  |  |  |  |  |  |  |
mattress fabrics |  |  |  |  |  |  |  |  |  |
accounts receivable |  | $ | 9,865 |  |  |  | $ | 20,427 |  |
inventory |  |  | 39,028 |  |  |  |  | 30,047 |  |
property, plant, and equipment |  |  | 38,731 |  | (1) |  |  | 41,694 |  | (2)
right of use assets |  |  | 3,469 |  | (3) |  |  | 4,278 |  | (4)
total mattress fabrics assets |  |  | 91,093 |  |  |  |  | 96,446 |  |
upholstery fabrics |  |  |  |  |  |  |  |  |  |
accounts receivable |  |  | 12,361 |  |  |  |  | 17,299 |  |
inventory |  |  | 27,529 |  |  |  |  | 25,870 |  |
property, plant, and equipment |  |  | 2,030 |  | (5) |  |  | 1,495 |  | (6)
right of use assets |  |  | 8,124 |  | (7) |  |  | 5,945 |  | (8)
total upholstery fabrics assets |  |  | 50,044 |  |  |  |  | 50,609 |  |
total segment assets |  |  | 141,137 |  |  |  |  | 147,055 |  |
non-segment assets |  |  |  |  |  |  |  |  |  |
cash and cash equivalents |  |  | 14,550 |  |  |  |  | 37,009 |  |
short-term investments – available for sale |  |  | — |  |  |  |  | 5,542 |  |
short-term investments – held-to-maturity |  |  | — |  |  |  |  | 3,161 |  |
current income taxes receivable |  |  | 857 |  |  |  |  | — |  |
deferred income taxes |  |  | 528 |  |  |  |  | 545 |  |
other current assets |  |  | 2,986 |  |  |  |  | 3,852 |  |
property, plant, and equipment (9) |  |  | 941 |  |  |  |  | 814 |  |
right of use assets (10) |  |  | 3,984 |  |  |  |  | 1,507 |  |
intangible assets |  |  | 2,628 |  |  |  |  | 3,004 |  |
long-term investments - held-to-maturity |  |  | — |  |  |  |  | 1,141 |  |
long-term investments - rabbi trust |  |  | 9,357 |  |  |  |  | 8,415 |  |
other assets |  |  | 595 |  |  |  |  | 2,035 |  |
total assets |  | $ | 177,563 |  |  |  | $ | 214,080 |  |
(dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
capital expenditures (11): |  |  |  |  |  |  |  |  |  |  |  |
mattress fabrics |  | $ | 3,383 |  |  | $ | 6,226 |  |  | $ | 3,475 |
upholstery fabrics |  |  | 1,032 |  |  |  | 347 |  |  |  | 348 |
discontinued operation |  |  | — |  |  |  | — |  |  |  | 135 |
unallocated corporate |  |  | 1,406 |  |  |  | 332 |  |  |  | 675 |
total capital expenditures |  | $ | 5,821 |  |  | $ | 6,905 |  |  | $ | 4,633 |
depreciation expense |  |  |  |  |  |  |  |  |  |  |  |
mattress fabrics |  | $ | 6,200 |  |  | $ | 6,014 |  |  | $ | 6,712 |
upholstery fabrics |  |  | 794 |  |  |  | 832 |  |  |  | 765 |
discontinued operation |  |  | — |  |  |  | — |  |  |  | 350 |
total depreciation expense |  | $ | 6,994 |  |  | $ | 6,846 |  |  | $ | 7,827 |
(1) | The $38.7 million as of May 1, 2022, represents property, plant, and equipment of $25.6 million, $12.4 million, and $757,000 located in the U.S., Canada, and Haiti, respectively.
(2) | The $41.7 million as of May 2, 2021, represents property, plant, and equipment of $28.8 million, $12.0 million, and $855,000 located in the U.S., Canada, and Haiti, respectively.
(3) | The $3.5 million as of May 1, 2022, represents right of use assets of $2.0 million, $1.2 million, and $291,000 located in Haiti, the U.S., and Canada, respectively.
(4) | The $4.3 million as of May 2, 2021, represents right of use assets of $2.4 million, $1.4 million, and $400,000 located in Haiti, the U.S., and Canada, respectively.
(5) | The $2.0 million as of May 1, 2022, represents property, plant, and equipment of $1.0 million, $756,000, and $255,000 located in the U.S., Haiti, and China, respectively.
(6) | The $1.5 million as of May 2, 2021, represents property, plant, and equipment of $1.1 million and $420,000 located in the U.S. and China, respectively.
(7) | The $8.1 million as of May 1, 2022, represents right of use assets of $3.7 million, $2.6 million, and $1.8 million located in China, Haiti, and the U.S., respectively.
(8) | The $5.9 million as of May 2, 2021, represents right of use assets of $5.0 million and $952,000 located in China and the U.S., respectively.
(9) | The $941,000 as of May 1, 2022, and $814,000 as of May 2, 2021, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress fabrics and upholstery fabrics segments located in the U.S.
(10) | The $4.0 million as of May 1, 2022, and $1.5 million as of May 2, 2021, represents right of use assets located in the U.S. associated with unallocated corporate departments and corporate departments shared by both the mattress fabrics and upholstery fabrics segments located in the U.S.
(11) | Capital expenditure amounts are stated on an accrual basis. See the Consolidated Statement of Cash Flows for capital expenditure amounts on a cash basis.

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