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CONSOLIDATED STATEMENTS OF NET LOSS - USD ($)
3 Months Ended 9 Months Ended
Jan. 28, 2024
Jan. 29, 2023
Jan. 28, 2024
Jan. 29, 2023
Income Statement [Abstract]        
Net sales $ 60,418,000 $ 52,523,000 $ 175,804,000 $ 173,508,000
Cost of sales (52,715,000) (50,430,000) (153,067,000) (169,500,000)
Gross profit 7,703,000 2,093,000 22,737,000 4,008,000
Selling, general and administrative expenses (9,493,000) (9,165,000) (29,366,000) (27,133,000)
Restructuring credit (expense) 50,000 [1] (711,000) [1] (432,000) [2] (1,326,000) [2]
Loss from operations (1,740,000) (7,783,000) (7,061,000) (24,451,000)
Interest income 284,000 196,000 911,000 292,000
other expense (705,000) (1,095,000) (560,000) (348,000)
Loss before income taxes (2,161,000) (8,682,000) (6,710,000) (24,507,000)
Income tax expense (1,027,000) (286,000) (2,244,000) (2,332,000)
Net (loss) income $ (3,188,000) $ (8,968,000) $ (8,954,000) $ (26,839,000)
Net (loss) income per share - basic $ (0.26) $ (0.73) $ (0.72) $ (2.19)
Net (loss) income per share - diluted $ (0.26) $ (0.73) $ (0.72) $ (2.19)
Average shares outstanding, basic 12,470,000 12,299,000 12,419,000 12,272,000
Average shares outstanding, diluted 12,470,000 12,299,000 12,419,000 12,272,000
[1] The restructuring credit of $50,000 for the three months ended January 28, 2024, represents a gain on disposal of equipment related to the discontinuation of production of cut and sewn upholstery kits in Ouanaminthe, Haiti. Restructuring expense of $711,000 for the three months ended January 29, 2023, represents lease termination costs of $434,000 and an impairment loss regarding leasehold improvements totaling $277,000 that related to the consolidation of certain leased facilities located in Ouanaminthe, Haiti.
[2] Restructuring expense of $432,000 for the nine months ending January 28, 2024, represents a $329,000 impairment charge associated with equipment and $103,000 for employee termination benefits related to the discontinuation of production of cut and sewn upholstery kits in Ouanaminthe, Haiti. Restructuring expense of $1.3 million for the nine months ending January 29, 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 quarter of fiscal 2023. Restructuring expense consists of lease termination costs of $481,000, employee termination benefits of $468,000, impairment losses totaling $357,000 that relate to leasehold improvements and equipment, and $20,000 for other associated costs.