XML 64 R44.htm IDEA: XBRL DOCUMENT
v3.24.2

Segment Information (Tables) | 12 Months Ended
--- | ---
Apr. 28, 2024
Segment Reporting [Abstract] |
Summary of Segment Information by Geographic Area | International sales accounted for 32%, 29%, and 31% of net sales during fiscal 2024, 2023, and 2022, respectively, and are summarized by geographic area as follows:
(dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
north america (excluding USA) (1) |  | $ | 29,357 |  |  | $ | 29,756 |  |  | $ | 39,256 |
far east and asia (2) |  |  | 36,334 |  |  |  | 31,339 |  |  |  | 43,015 |
all other areas |  |  | 6,011 |  |  |  | 8,032 |  |  |  | 8,114 |
|  | $ | 71,702 |  |  | $ | 69,127 |  |  | $ | 90,385 |
(1) Of this amount, $25.1 million, $24.9 million, and $33.5 million are attributable to shipments to Mexico in fiscal 2024, 2023, and 2022, respectively. (2) Of this amount $18.3 million, $20.0 million, and $26.9 million are attributable to shipments to China in fiscal 2024, 2023, and 2022, respectively.
Schedule of Business Segments Information | Statements of operations for our business segments are as follows:
(dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
net sales by segment: |  |  |  |  |  |  |  |  |
mattress fabrics |  | $ | 116,370 |  |  | $ | 110,995 |  |  | $ | 152,159 |
upholstery fabrics |  |  | 108,963 |  |  |  | 123,939 |  |  |  | 142,680 |
net sales |  | $ | 225,333 |  |  | $ | 234,934 |  |  | $ | 294,839 |
gross profit (loss): |  |  |  |  |  |  |  |  |
mattress fabrics |  | $ | 6,289 |  |  | $ | (6,739 | ) |  | $ | 16,458 |
upholstery fabrics |  |  | 21,690 |  |  |  | 17,733 |  |  |  | 19,635 |
total segment gross profit |  |  | 27,979 |  |  |  | 10,994 |  |  |  | 36,093 |
restructuring related charge (1) (3) |  |  | (40 | ) |  |  | (98 | ) |  |  | — |
gross profit |  | $ | 27,939 |  |  | $ | 10,896 |  |  | $ | 36,093 |
selling, general, and administrative expenses by segment: |  |  |  |  |  |  |  |  |
mattress fabrics |  | $ | 13,134 |  |  | $ | 11,942 |  |  | $ | 12,246 |
upholstery fabrics |  |  | 15,903 |  |  |  | 15,739 |  |  |  | 14,009 |
unallocated corporate |  |  | 9,574 |  |  |  | 10,297 |  |  |  | 9,160 |
selling, general, and administrative expenses |  | $ | 38,611 |  |  | $ | 37,978 |  |  | $ | 35,415 |
(loss) income from operations by segment: |  |  |  |  |  |  |  |  |
mattress fabrics |  | $ | (6,845 | ) |  | $ | (18,681 | ) |  | $ | 4,212 |
upholstery fabrics |  |  | 5,787 |  |  |  | 1,994 |  |  |  | 5,626 |
unallocated corporate expenses |  |  | (9,574 | ) |  |  | (10,297 | ) |  |  | (9,160 | )
total segment (loss) income from operations |  |  | (10,632 | ) |  |  | (26,984 | ) |  |  | 678 |
restructuring related charge (1) (3) |  |  | (40 | ) |  |  | (98 | ) |  |  | — |
restructuring expense (2) (4) |  |  | (636 | ) |  |  | (1,396 | ) |  |  | — |
loss from operations |  | $ | (11,308 | ) |  | $ | (28,478 | ) |  | $ | 678 |
interest expense |  |  | (11 | ) |  |  | — |  |  |  | (17 | )
interest income |  |  | 1,174 |  |  |  | 531 |  |  |  | 373 |
other expense |  |  | (625 | ) |  |  | (443 | ) |  |  | (1,359 | )
loss before income taxes |  | $ | (10,770 | ) |  | $ | (28,390 | ) |  | $ | (325 | )
(1) Cost of sales for fiscal 2024 includes a restructuring related charge totaling $40,000, which pertained to markdowns of inventory related to the discontinuation of production of cut and sewn upholstery kits at the company's facility in Ouanaminthe, Haiti. (2) Restructuring expense of $636,000 for fiscal 2024 represents impairment charges related to equipment of $329,000 and employee termination benefits of $103,000 related to the discontinuation of production of cut and sewn upholstery kits at the company's facility in Ouanaminthe, Haiti. In addition, during the fourth quarter of fiscal 2024, restructuring expense of $204,000 was incurred for employee termination benefits related to the closure of the upholstery fabrics finishing operation located in Shanghai, China. (3) 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 operations located in Shanghai, China. (4) Restructuring expense of $1.4 million for fiscal 2023 relates to both our restructuring activities for our cut and sew upholstery fabrics operations located in Shanghai, China, which occurred during the second quarter of fiscal 2023, and 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. Balance sheet information for our business segments follow:
(dollars in thousands) |  | April 28, 2024 |  |  |  | April 30, 2023 |  |
segment assets |  |  |  |  |  |  |  |
mattress fabrics |  |  |  |  |  |  |  |
accounts receivable |  | $ | 10,003 |  |  |  | $ | 12,396 |  |
inventory |  |  | 27,671 |  |  |  |  | 25,674 |  |
property, plant, and equipment |  |  | 31,472 |  | (1) |  |  | 33,749 |  | (2)
right of use assets |  |  | 1,627 |  | (3) |  |  | 2,308 |  | (4)
total mattress fabrics assets |  |  | 70,773 |  |  |  |  | 74,127 |  |
upholstery fabrics |  |  |  |  |  |  |  |
accounts receivable |  |  | 11,135 |  |  |  |  | 12,382 |  |
inventory |  |  | 17,172 |  |  |  |  | 19,406 |  |
property, plant, and equipment |  |  | 1,125 |  | (5) |  |  | 1,671 |  | (6)
right of use assets |  |  | 1,952 |  | (7) |  |  | 2,618 |  | (8)
total upholstery fabrics assets |  |  | 31,384 |  |  |  |  | 36,077 |  |
total segment assets |  |  | 102,157 |  |  |  |  | 110,204 |  |
non-segment assets |  |  |  |  |  |  |  |
cash and cash equivalents |  |  | 10,012 |  |  |  |  | 20,964 |  |
short-term investments – rabbi trust |  |  | 903 |  |  |  |  | 1,404 |  |
short-term note receivable |  |  | 264 |  |  |  |  | 219 |  |
current income taxes receivable |  |  | 350 |  |  |  |  | — |  |
other current assets |  |  | 3,371 |  |  |  |  | 3,071 |  |
long-term note receivable |  |  | 1,462 |  |  |  |  | 1,726 |  |
deferred income taxes |  |  | 518 |  |  |  |  | 480 |  |
property, plant, and equipment (9) |  |  | 585 |  |  |  |  | 691 |  |
right of use assets (10) |  |  | 2,624 |  |  |  |  | 3,265 |  |
intangible assets |  |  | 1,876 |  |  |  |  | 2,252 |  |
long-term investments - rabbi trust |  |  | 7,102 |  |  |  |  | 7,067 |  |
other assets |  |  | 830 |  |  |  |  | 840 |  |
total assets |  | $ | 132,054 |  |  |  | $ | 152,183 |  |
(1) The $31.5 million as of April 28, 2024, represents property, plant, and equipment of $21.5 million, $9.4 million, and $555,000 located in the U.S., Canada, and Haiti, respectively. (2) 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. (3) The $1.6 million as of April 28, 2024, represents right of use assets of $1.1 million and $545,000 located in Haiti and Canada, respectively. (4) 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. (5) The $1.1 million as of April 28, 2024, represents property, plant, and equipment of $1.0 million and $120,000 located in the U.S. and China, respectively. (6) 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. (7) The $2.0 million as of April 28, 2024, represents right of use assets of $1.3 million and $709,000 located in the U.S. and China, respectively. (8) 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. (9) The $585,000 as of April 28, 2024, and $691,000 as of April 30, 2023, 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 $2.6 million as of April 28, 2024, and $3.3 million as of April 30, 2023, represent right of use assets associated with unallocated corporate departments and corporate departments shared by both the mattress fabrics and upholstery fabrics segments located in the U.S. Capital expenditures and depreciation expense information for our business segments follow:
(dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
capital expenditures (1): |  |  |  |  |  |  |  |  |
mattress fabrics |  | $ | 3,474 |  |  | $ | 1,125 |  |  | $ | 3,383 |
upholstery fabrics |  |  | 271 |  |  |  | 467 |  |  |  | 1,032 |
unallocated corporate |  |  | 255 |  |  |  | 97 |  |  |  | 1,406 |
total capital expenditures |  | $ | 4,000 |  |  | $ | 1,689 |  |  | $ | 5,821 |
depreciation expense |  |  |  |  |  |  |  |  |
mattress fabrics |  | $ | 5,883 |  |  | $ | 6,050 |  |  | $ | 6,200 |
upholstery fabrics |  |  | 638 |  |  |  | 795 |  |  |  | 794 |
total depreciation expense |  | $ | 6,521 |  |  | $ | 6,845 |  |  | $ | 6,994 |
(1) Capital expenditure amounts are stated on an accrual basis. See the Consolidated Statement of Cash Flows for capital expenditure amounts on a cash basis.

X
- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration