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CONSOLIDATED STATEMENTS OF NET LOSS - USD ($)
3 Months Ended 9 Months Ended
Jan. 26, 2025
Jan. 28, 2024
Jan. 26, 2025
Jan. 28, 2024
Income Statement [Abstract]        
Net sales $ 52,253,000 $ 60,418,000 $ 164,464,000 $ 175,804,000
Cost of sales (45,906,000) (52,715,000) (147,050,000) (153,067,000)
Gross profit 6,347,000 7,703,000 17,414,000 22,737,000
Selling, general and administrative expenses (8,579,000) (9,493,000) (27,235,000) (29,366,000)
Restructuring expense (1,655,000) [1],[2] 50,000 [1],[2] (6,317,000) [3],[4] (432,000) [3],[4]
Loss from operations (3,887,000) (1,740,000) (16,138,000) (7,061,000)
Interest expense (63,000)   (121,000)  
Interest income 255,000 284,000 761,000 911,000
Other expense 15,000 (705,000) (898,000) (560,000)
Loss before income taxes (3,680,000) (2,161,000) (16,396,000) (6,710,000)
Income tax expense (446,000) (1,027,000) (635,000) (2,244,000)
Net loss $ (4,126,000) $ (3,188,000) $ (17,031,000) $ (8,954,000)
Net loss per share - basic $ (0.33) $ (0.26) $ (1.36) $ (0.72)
Net loss per share - diluted $ (0.33) $ (0.26) $ (1.36) $ (0.72)
Average shares outstanding, basic 12,559,000 12,470,000 12,514,000 12,419,000
Average shares outstanding, diluted 12,559,000 12,470,000 12,514,000 12,419,000
[1] The restructuring credit of $50,000 for the three months ended January 28, 2024, represents a gain on the sale of equipment related to the discontinuation of production of cut and sewn upholstery kits in Ouanaminthe, Haiti.
[2] During the three months ended January 26, 2025, restructuring expense of $1.7 million mostly relates to the mattress fabrics segment. The $1.7 million restructuring expense represents (i) $1.5 million for the consolidation of our mattress fabrics operations located in Quebec, Canada into our facility located in Stokesdale, North Carolina and (ii) $176,000 for employee termination benefits, partially offset by (iii) a net gain of $(33,000) for the impairment and sale of equipment. See Note 10 to the consolidated financial statements for further details and description of our Fiscal 2025 Restructuring Plan.
[3] 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.
[4] During the nine months ending January 26, 2025, restructuring expense of $6.3 million mostly relates to the mattress fabrics segment. The $6.3 million restructuring expense represents (i) $2.7 million for the consolidation of our mattress fabrics operations located in Quebec, Canada into our facility located in Stokesdale, North Carolina, (ii) $1.5 million for impairment of and accelerated depreciation related to property, plant, and equipment, (iii) $1.4 million for employee termination benefits, and (iv) $849,000 for lease termination costs, partially offset by a gain on sale and disposal of equipment totaling $(174,000). See Note 10 to the consolidated financial statements for further details and description of our Fiscal 2025 Restructuring Plan.