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CONSOLIDATED STATEMENTS OF NET LOSS - USD ($)
12 Months Ended
Apr. 27, 2025
Apr. 28, 2024
Apr. 30, 2023
Income Statement [Abstract]      
net sales $ 213,237,000 $ 225,333,000 $ 234,934,000
cost of sales (188,170,000) (197,394,000) (224,038,000)
gross profit 25,067,000 27,939,000 10,896,000
selling, general and administrative expenses (35,705,000) (38,611,000) (37,978,000)
restructuring expense [1],[2],[3] (7,739,000) (636,000) (1,396,000)
loss from operations (18,377,000) (11,308,000) (28,478,000)
interest expense (231,000) (11,000)  
interest income 915,000 1,174,000 531,000
other expense (1,018,000) (625,000) (443,000)
loss before income taxes (18,711,000) (10,770,000) (28,390,000)
income tax expense (392,000) (3,049,000) (3,130,000)
net loss $ (19,103,000) $ (13,819,000) $ (31,520,000)
net loss per share-basic $ (1.53) $ (1.11) $ (2.57)
net loss per share-diluted $ (1.53) $ (1.11) $ (2.57)
[1] For fiscal 2023, restructuring expense of $1.4 million relates to both our restructuring activities for our cut and sewn upholstery fabrics operations located in Shanghai, China, which occurred during the second quarter of fiscal 2023, and those 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] For fiscal 2024, restructuring expense of $636,000 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] For fiscal 2025, restructuring expense of $7.7 million mostly relates to the mattress fabrics segment. The $7.7 million restructuring expense represents costs associated with: (i) consolidating the company's North American mattress fabrics operations, including the closure of the company's Property located in Quebec, Canada; (ii) consolidating two leased facilities related to the sewn mattress cover operation located in Ouanaminthe, Haiti, into one facility and reducing other operating expenses at this location; (iii) initial costs related to consolidating production and distribution activities from the upholstery fabrics distribution center located in Burlington, North Carolina to the mattress fabrics manufacturing and distribution center located in Stokesdale, North Carolina; and (v) other expenses incurred as part of the company's strategic plan to transform it's operating model as announced on April 24, 2025. See Note 10 located in the consolidated financial statements for further details regarding the restructuring activities announced on May 1, 2024 (first quarter of fiscal 2025) and April 24, 2025 (fourth quarter of fiscal 2025).