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Segment Information (Tables) | 12 Months Ended
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Apr. 30, 2023
Segment Reporting [Abstract] |
Summary of Segment Information by Geographic Area | International sales accounted for 29%, 31%, and 27% of net sales during fiscal 2023, 2022, and 2021, respectively, and are summarized by geographic area as follows:
(dollars in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
north america (excluding USA) (1) |  | $ | 29,756 |  |  | $ | 39,256 |  |  | $ | 32,925 |
far east and asia (2) |  |  | 31,339 |  |  |  | 43,015 |  |  |  | 43,764 |
all other areas |  |  | 8,032 |  |  |  | 8,114 |  |  |  | 5,558 |
|  | $ | 69,127 |  |  | $ | 90,385 |  |  | $ | 82,247 |
(1) Of this amount, $24.9 million, $33.5 million, and $27.2 million are attributable to shipments to Mexico in fiscal 2023, 2022, and 2021, respectively. (2) Of this amount $20.0 million, $26.9 million, and $28.1 million are attributable to shipments to China in fiscal 2023, 2022, and 2021, respectively.
Schedule of Business Segments Information | Statements of operations for our business segments are as follows:
(dollars in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
net sales by segment: |  |  |  |  |  |  |  |  |
mattress fabrics |  | $ | 110,995 |  |  | $ | 152,159 |  |  | $ | 157,671 |
upholstery fabrics |  |  | 123,939 |  |  |  | 142,680 |  |  |  | 142,049 |
net sales |  | $ | 234,934 |  |  | $ | 294,839 |  |  | $ | 299,720 |
gross (loss) profit: |  |  |  |  |  |  |  |  |
mattress fabrics |  | $ | (6,739 | ) |  | $ | 16,458 |  |  | $ | 23,864 |
upholstery fabrics |  |  | 17,733 |  |  |  | 19,635 |  |  |  | 25,968 |
total segment gross profit |  |  | 10,994 |  |  |  | 36,093 |  |  |  | 49,832 |
restructuring related charge (2) |  |  | (98 | ) |  |  | — |  |  |  | — |
gross profit |  | $ | 10,896 |  |  | $ | 36,093 |  |  | $ | 49,832 |
selling, general, and administrative expenses by segment: |  |  |  |  |  |  |  |  |
mattress fabrics |  | $ | 11,942 |  |  | $ | 12,246 |  |  | $ | 12,066 |
upholstery fabrics |  |  | 15,739 |  |  |  | 14,009 |  |  |  | 14,092 |
unallocated corporate |  |  | 10,297 |  |  |  | 9,160 |  |  |  | 11,598 |
selling, general, and administrative expenses |  | $ | 37,978 |  |  | $ | 35,415 |  |  | $ | 37,756 |
(loss) income from operations by segment: |  |  |  |  |  |  |  |  |
mattress fabrics |  | $ | (18,681 | ) |  | $ | 4,212 |  |  | $ | 11,798 |
upholstery fabrics |  |  | 1,994 |  |  |  | 5,626 |  |  |  | 11,876 |
unallocated corporate expenses |  |  | (10,297 | ) |  |  | (9,160 | ) |  |  | (11,598 | )
total segment (loss) income from operations |  |  | (26,984 | ) |  |  | 678 |  |  |  | 12,076 |
restructuring expense (1) |  |  | (1,396 | ) |  |  | — |  |  |  | — |
restructuring related charge (2) |  |  | (98 | ) |  |  | — |  |  |  | — |
(loss) income from operations |  | $ | (28,478 | ) |  | $ | 678 |  |  | $ | 12,076 |
interest expense |  |  | — |  |  |  | (17 | ) |  |  | (51 | )
interest income |  |  | 531 |  |  |  | 373 |  |  |  | 244 |
other expense |  |  | (443 | ) |  |  | (1,359 | ) |  |  | (2,208 | )
gain on bargain purchase (3) |  |  | — |  |  |  | — |  |  |  | 819 |
(loss) income before income taxes |  | $ | (28,390 | ) |  | $ | (325 | ) |  | $ | 10,880 |
(1) Restructuring expense totaling $1.4 million for fiscal 2023 relates to both our restructuring activities for our cut and sew upholstery fabrics operations (i) located in Shanghai, China, which occurred during the second quarter of fiscal 2023, and (ii) located in Ouanaminthe, Haiti, which occurred during the third and fourth quarters of fiscal 2023. Restructuring expense represents employee termination benefits of $507,000, lease termination costs of $481,000, impairment losses totaling $357,000 that relate to leasehold improvements and equipment, and $51,000 for other associated costs. (2) Cost of sales for fiscal 2023 includes a restructuring related charge totaling $98,000, which pertained to a loss on disposal and markdowns of inventory related to the exit of our cut and sew upholstery fabrics operation located in Shanghai, China. (3) 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 business segments follow:
(dollars in thousands) |  | April 30, 2023 |  |  |  | May 1, 2022 |  |
segment assets |  |  |  |  |  |  |  |
mattress fabrics |  |  |  |  |  |  |  |
accounts receivable |  | $ | 12,396 |  |  |  | $ | 9,865 |  |
inventory |  |  | 25,674 |  |  |  |  | 39,028 |  |
property, plant, and equipment |  |  | 33,749 |  | (1) |  |  | 38,731 |  | (2)
right of use assets |  |  | 2,308 |  | (3) |  |  | 3,469 |  | (4)
total mattress fabrics assets |  |  | 74,127 |  |  |  |  | 91,093 |  |
upholstery fabrics |  |  |  |  |  |  |  |
accounts receivable |  |  | 12,382 |  |  |  |  | 12,361 |  |
inventory |  |  | 19,406 |  |  |  |  | 27,529 |  |
property, plant, and equipment |  |  | 1,671 |  | (5) |  |  | 2,030 |  | (6)
right of use assets |  |  | 2,618 |  | (7) |  |  | 8,124 |  | (8)
total upholstery fabrics assets |  |  | 36,077 |  |  |  |  | 50,044 |  |
total segment assets |  |  | 110,204 |  |  |  |  | 141,137 |  |
non-segment assets |  |  |  |  |  |  |  |
cash and cash equivalents |  |  | 20,964 |  |  |  |  | 14,550 |  |
short-term investments – rabbi trust |  |  | 1,404 |  |  |  |  | — |  |
short-term note receivable |  |  | 219 |  |  |  |  | — |  |
current income taxes receivable |  |  | — |  |  |  |  | 857 |  |
other current assets |  |  | 3,071 |  |  |  |  | 2,986 |  |
long-term note receivable |  |  | 1,726 |  |  |  |  | — |  |
deferred income taxes |  |  | 480 |  |  |  |  | 528 |  |
property, plant, and equipment (9) |  |  | 691 |  |  |  |  | 941 |  |
right of use assets (10) |  |  | 3,265 |  |  |  |  | 3,984 |  |
intangible assets |  |  | 2,252 |  |  |  |  | 2,628 |  |
long-term investments - rabbi trust |  |  | 7,067 |  |  |  |  | 9,357 |  |
other assets |  |  | 840 |  |  |  |  | 595 |  |
total assets |  | $ | 152,183 |  |  |  | $ | 177,563 |  |
Capital expenditures and depreciation expense information for our business segments follow:
(dollars in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
capital expenditures (11): |  |  |  |  |  |  |  |  |
mattress fabrics |  | $ | 1,125 |  |  | $ | 3,383 |  |  | $ | 6,226 |
upholstery fabrics |  |  | 467 |  |  |  | 1,032 |  |  |  | 347 |
unallocated corporate |  |  | 97 |  |  |  | 1,406 |  |  |  | 332 |
total capital expenditures |  | $ | 1,689 |  |  | $ | 5,821 |  |  | $ | 6,905 |
depreciation expense |  |  |  |  |  |  |  |  |
mattress fabrics |  | $ | 6,050 |  |  | $ | 6,200 |  |  | $ | 6,014 |
upholstery fabrics |  |  | 795 |  |  |  | 794 |  |  |  | 832 |
total depreciation expense |  | $ | 6,845 |  |  | $ | 6,994 |  |  | $ | 6,846 |
(1) The $33.7 million as of April 30, 2023, represents property, plant, and equipment of $22.7 million, $10.4 million, and $608,000 located in the U.S., Canada, and Haiti, respectively. (2) 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. (3) The $2.3 million as of April 30, 2023, represents right of use assets of $1.5 million and $776,000 located in Haiti and Canada, respectively. (4) 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. (5) The $1.7 million as of April 30, 2023, represents property, plant, and equipment of $974,000, $592,000, and $105,000 located in the U.S., Haiti, and China, respectively (6) 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. (7) The $2.6 million as of April 30, 2023, represents right of use assets of $1.5 million and $1.1 million located in China and the U.S., respectively. (8) 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. (9) The $691,000 as of April 30, 2023, and $941,000 as of May 1, 2022, 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 $3.3 million as of April 30, 2023, and $4.0 million as of May 1, 2022, represent 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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- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=121556970&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 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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