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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Jan. 25, 2020	Feb. 28, 2020
Document Information [Line Items]
Entity Central Index Key	0000069891
Entity Registrant Name	National Beverage Corp.
Amendment Flag	false
Current Fiscal Year End Date	--05-02
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 25, 2020
Document Transition Report	false
Entity File Number	1-14170
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	59-2605822
Entity Address, Address Line One	8100 SW Tenth Street, Suite 4000
Entity Address, City or Town	Fort Lauderdale
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33324
City Area Code	954
Local Phone Number	581-0922
Title of 12(b) Security	Common Stock, par value $.01
Trading Symbol	FIZZ
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,616,479

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jan. 25, 2020	Apr. 27, 2019
Assets
Cash and equivalents	$ 261,660	$ 156,200
Trade receivables - net	72,523	84,841
Inventory	61,202	70,702
Prepaid and other assets	11,592	9,714
Total current assets	406,977	321,457
Property, plant and equipment - net	115,771	111,316
Right of use assets, net	47,549	0
Goodwill	13,145	13,145
Intangible assets	1,615	1,615
Other assets	4,253	4,660
Total assets	589,310	452,193
Liabilities and Equity
Accounts payable	58,931	66,202
Accrued liabilities	35,612	30,433
Operating lease liability	13,754	0
Income taxes payable	867	402
Total current liabilities	109,164	97,037
Deferred income taxes net	17,177	15,987
Operating lease liability - non-current	33,731	0
Other liabilities	7,036	7,560
Total liabilities	167,108	120,584
Shareholders' equity:
Preferred stock: $1 par value - 1,000,000 shares authorized: Series C - 150,000 shares issued at each period end	150	150
Common stock: $.01 par value - 200,000,000 shares authorized; 50,754,884 shares issued (50,678,084 shares issued at April 27, 2019)	507	507
Additional paid-in capital	37,660	37,065
Accumulated other comprehensive (loss)	(985)	(1,543)
Retained earnings	407,189	313,430
Total shareholders' equity	422,202	331,609
Total liabilities and shareholders' equity	589,310	452,193
Treasury Stock, Common [Member]
Shareholders' equity:
Treasury stock, value	(17,219)	(12,900)
Total shareholders' equity	(17,219)	(12,900)
Series C Preferred Stock [Member]
Shareholders' equity:
Treasury stock, value	$ (5,100)	$ (5,100)

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Jan. 25, 2020	Apr. 27, 2019
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	150,000	150,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	50,754,884	50,678,084
Treasury Stock, Common [Member]
Treasury stock, shares (in shares)	4,139,405	4,032,544
Series C Preferred Stock [Member]
Treasury stock, shares (in shares)	150,000	150,000

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 25, 2020	Jan. 26, 2019	Jan. 25, 2020	Jan. 26, 2019
Net sales	$ 222,814	$ 220,891	$ 737,993	$ 774,190
Cost of sales	140,719	140,338	466,510	474,418
Gross profit	82,095	80,553	271,483	299,772
Selling, general and administrative expenses	48,882	49,535	152,049	153,591
Operating income	33,213	31,018	119,434	146,181
Interest expense	51	51	151	151
Other income - net	1,032	1,235	2,885	3,276
Income before provision for income taxes	34,194	32,202	122,168	149,306
Provision for income taxes	7,631	7,393	28,409	34,589
Net income	$ 26,563	$ 24,809	$ 93,759	$ 114,717
Earnings per common share:
Basic (in dollars per share)	$ 0.57	$ 0.53	$ 2.01	$ 2.46
Diluted (in dollars per share)	$ 0.57	$ 0.53	$ 2.00	$ 2.44
Weighted average common shares outstanding:
Basic (in shares)	46,600	46,638	46,633	46,628
Diluted (in shares)	46,802	46,934	46,853	46,927

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 25, 2020	Jan. 26, 2019	Jan. 25, 2020	Jan. 26, 2019
Net income	$ 26,563	$ 24,809	$ 93,759	$ 114,717
Other comprehensive income (loss), net of tax:
Cash flow hedges	123	(1,242)	558	(5,998)
Comprehensive income	$ 26,686	$ 23,567	$ 94,317	$ 108,719

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Preferred Stock [Member] Series C Preferred Stock [Member]	Common Stock Outstanding [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Treasury Stock [Member] Series C Preferred Stock [Member]	Treasury Stock, Common [Member]	Total
Balance at Apr. 28, 2018	$ 150	$ 507	$ 36,358	$ 4,601	$ 307,824	$ (5,100)	$ (12,900)
Stock options exercised			403
Stock-based compensation			179
Balance at Jan. 26, 2019			36,940	(1,397)	287,294		(12,900)	$ 305,494
Cash flow hedges, net of tax				(5,998)				(5,998)
Net income					114,717			114,717
Common stock cash dividend					(135,247)
Repurchase of common shares							$ 0
Balance (in shares) at Apr. 28, 2018		46,618,240,000				150,000,000	4,302,544,000
Stock option exercises (in shares)		24,300,000
Repurchase of common shares (in shares)		0					0
Balance (in shares) at Jan. 26, 2019		46,642,540,000					4,032,544,000
Repurchase of common shares (in shares)		(0)					0
Balance at Oct. 27, 2018	150	$ 507	36,800	(155)	397,732	$ (5,100)	$ (12,900)
Stock options exercised			78
Stock-based compensation			62
Balance at Jan. 26, 2019			36,940	(1,397)	287,294		(12,900)	305,494
Cash flow hedges, net of tax				(1,242)				(1,242)
Net income					24,809			24,809
Common stock cash dividend					(135,247)
Repurchase of common shares							$ 0
Balance (in shares) at Oct. 27, 2018		46,636,740,000				150,000,000	4,032,544,000
Stock option exercises (in shares)		5,800,000
Repurchase of common shares (in shares)		0					0
Balance (in shares) at Jan. 26, 2019		46,642,540,000					4,032,544,000
Repurchase of common shares (in shares)		(0)					0
Balance at Apr. 27, 2019	150	$ 507	37,065	(1,543)	313,430	$ (5,100)	$ (12,900)	331,609
Stock options exercised			406
Stock-based compensation			189
Balance at Jan. 25, 2020			37,660	(985)	407,189		(17,219)	422,202
Cash flow hedges, net of tax				558				558
Net income					93,759			$ 93,759
Common stock cash dividend					0
Repurchase of common shares							$ (4,319)
Balance (in shares) at Apr. 27, 2019		46,645,540,000				150,000,000	4,032,544,000
Stock option exercises (in shares)		76,800,000						76,800
Repurchase of common shares (in shares)		(106,861,000)					(106,861,000)
Balance (in shares) at Jan. 25, 2020		46,615,479,000					4,139,405,000
Repurchase of common shares (in shares)		106,861,000					106,861,000
Balance at Oct. 26, 2019	$ 150	$ 507	37,338	(1,108)	380,626	$ (5,100)	$ (12,900)
Stock options exercised			259
Stock-based compensation			63
Balance at Jan. 25, 2020			$ 37,660	(985)	407,189		(17,219)	$ 422,202
Cash flow hedges, net of tax				$ 123				123
Net income					26,563			$ 26,563
Common stock cash dividend					$ 0
Repurchase of common shares							$ (4,319)
Balance (in shares) at Oct. 26, 2019		46,662,040,000				150,000,000	4,032,544,000
Stock option exercises (in shares)		60,300,000
Repurchase of common shares (in shares)		(106,861,000)					(106,861,000)
Balance (in shares) at Jan. 25, 2020		46,615,479,000					4,139,405,000
Repurchase of common shares (in shares)		106,861,000					106,861,000

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jan. 25, 2020	Jan. 26, 2019
Cash Flows from Operating Activities:
Net income	$ 93,759	$ 114,717
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	13,415	11,525
Deferred income tax provision	956	4,057
(Gain) Loss on sale of property, net	(9)	2
Stock-based compensation	189	179
Changes in assets and liabilities:
Trade receivables	12,318	8,021
Inventories	9,500	(11,243)
Prepaid and other assets	(911)	(3,181)
Accounts payable	(7,271)	(15,913)
Accrued and other liabilities	3,264	(1,132)
Net cash provided by operating activities	125,210	107,032
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(15,847)	(27,456)
Proceeds from sale of property, plant and equipment	10	10
Net cash used in investing activities	(15,837)	(27,446)
Cash Flows from Financing Activities:
Proceeds from stock options exercised	406	403
Repurchase of common shares	(4,319)	0
Net cash (used in) provided by financing activities	(3,913)	403
Net Increase in Cash and Equivalents	105,460	79,989
Cash and Equivalents - Beginning of Period	156,200	189,864
Cash and Equivalents - End of Period	261,660	269,853
Supplemental disclosure of cash flow information:
Interest paid	38	38
Income taxes paid, net of refunds	$ 29,335	$ 30,908

Note 1 - Significant Accounting Policies

9 Months Ended

Jan. 25, 2020

Notes to Financial Statements

Significant Accounting Policies [Text Block]

1. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The condensed consolidated financial statements include the accounts of National Beverage Corp. and its subsidiaries. Significant intercompany transactions and accounts have been eliminated.

The condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all information and notes presented in the annual consolidated financial statements. The condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended April 27, 2019. Excluding the adoption of the recently issued accounting pronouncements disclosed in Note 6, the accounting policies used in these interim condensed consolidated financial statements are consistent with those used in the annual consolidated financial statements.

The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Results for the interim periods presented are not necessarily indicative of results which might be expected for the entire fiscal year.

Derivative Financial Instruments

We use derivative financial instruments to partially mitigate our exposure to changes in raw material costs. All derivative financial instruments are recorded at fair value in our Condensed Consolidated Balance Sheets. The estimated fair value of derivative financial instruments is calculated based on market rates to settle the instruments. We do not use derivative financial instruments for trading or speculative purposes. Credit risk related to derivative financial instruments is managed by requiring high credit standards for counterparties and frequent cash settlements. See Note 5.

Inventories

Inventories are stated at the lower of first-in, first-out cost or market. Inventories at January 25, 2020 were comprised of finished goods of $38.4 million and raw materials of $22.8 million. Inventories at April 27, 2019 were comprised of finished goods of $48.7 million and raw materials of $22.0 million.

Recently Adopted Accounting Pronouncements

As of April 28, 2019, the Company adopted ASU 2016-02 "Leases", which superseded the prior lease accounting guidance in its entirety. See Note 6

Note 2 - Composition of Certain Financial Statement Captions

9 Months Ended

Jan. 25, 2020

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

2. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment, net, consisted of the following in thousands:

	January 25,			April 27,
	2020			2019
Land	$	9,835		$	9,835
Buildings and improvements		58,747			58,291
Machinery and equipment		236,863			222,243
Total		305,445			290,369
Less accumulated depreciation		(189,674	)		(179,053	)
Property, plant and equipment – net	$	115,771		$	111,316

Depreciation expense was $3.8 million and $11.4 million for the three and nine months ended January 25, 2020, respectively. Depreciation expense was $3.2 million and $9.5 million for the three and nine months ended January 26, 2019, respectively.

Note 3 - Debt

9 Months Ended

Jan. 25, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

3. DEBT

At January 25, 2020, a subsidiary of the Company maintained unsecured revolving credit facilities with banks aggregating $100 million (the “Credit Facilities”). The Credit Facilities expire from October 3, 2020 to June 18, 2021 and any borrowings would currently bear interest at .9% above one-month LIBOR. There were noborrowings outstanding under the Credit Facilities at January 25, 2020 or April 27, 2019. At January 25, 2020, $3.1 million of the Credit Facilities was reserved for standby letters of credit and $96.9 million was available for borrowings.

The Credit Facilities require the subsidiary to maintain certain financial ratios, including debt to net worth and debt to EBITDA (as defined in the Credit Facilities), and contain other restrictions, none of which are expected to have a material effect on the Company’s operations or financial position. At January 25, 2020, the Company was in compliance with all loan covenants.

Note 4 - Stock-based Compensation

9 Months Ended

Jan. 25, 2020

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

4. STOCK-BASED COMPENSATION

During the nine months ended January 25, 2020, options to purchase 76,800 shares were exercised (weighted average exercise price of $5.27 per share). At January 25, 2020, options to purchase 245,645 shares (weighted average exercise price of $12.50 per share) were outstanding and stock-based awards to purchase 2,798,252 shares of common stock were available for grant.

Table of Contents

Note 5 - Derivative Financial Instruments

9 Months Ended

Jan. 25, 2020

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

5. DERIVATIVE FINANCIAL INSTRUMENTS

From time to time, we enter into aluminum swap contracts to partially mitigate our exposure to changes in the cost of aluminum cans. Such financial instruments are designated and accounted for as a cash flow hedge. Accordingly, gains or losses attributable to the effective portion of the cash flow hedge are reported in Accumulated Other Comprehensive Income (Loss) (“AOCI”) and reclassified into cost of sales in the period in which the hedged transaction affects earnings. The ineffective portion of the change in fair value of our cash flow hedge was immaterial. The following summarizes the gains (losses) recognized in the Condensed Consolidated Statements of Income and AOCI relative to the cash flow hedge for the three and nine months ended January 25, 2020 and January 26, 2019 (In thousands):

	Three Months Ended						Nine Months Ended
	January 25, 2020			January 26, 2019			January 25, 2020			January 26, 2019
Recognized in AOCI:
(Loss) gain before income taxes	$	(581	)	$	(1,937	)	$	(2,623	)	$	5,487
Less income tax (benefit) provision		(139	)		(463	)		(628	)		1,313
Net		(442	)		(1,474	)		(1,995	)		4,174
Reclassified from AOCI to cost of sales:
(Loss) gain before income taxes		(742	)		(305	)		(3,356	)		13,225
Less income tax (benefit) provision		(177	)		(73	)		(803	)		3,053
Net		(565	)		(232	)		(2,553	)		10,172
Net change to AOCI	$	123		$	(1,242	)	$	558		$	(5,998	)

As of January 25, 2020, the notional amount of our outstanding aluminum swap contracts was $16.5 million and, assuming no change in commodity prices, $1.3 million of unrealized loss before tax will be reclassified from AOCI and recognized in earnings over the next 12 months.

As of January 25, 2020, and April 27, 2019, the fair value of the derivative liability was $1.2 million and $2.0 million, respectively, which was included in accrued liabilities. The valuation does not entail a significant amount of judgment and the inputs that are significant to the fair value measurement are Level 2 as defined by the fair value hierarchy as they are observable market based inputs or unobservable inputs that are corroborated by market data.

Note 6 - Leases

9 Months Ended

Jan. 25, 2020

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

6. LEASES

The Company leases two manufacturing facilities, warehouse and office space (“real estate”), and machinery and other equipment, including delivery vehicles, under non-cancellable operating lease agreements. These leases expire at various dates through 2030. In February 2016, the Financial Accounting Standards Board issued ASU 2016-02, “Leases” (the “lease standard”). The lease standard requires lessees to recognize a right-to-use asset and a lease liability for virtually all leases (other than leases meeting the definition of a short-term lease). The new guidance is effective for fiscal years after December 15, 2018 and interim periods beginning the following fiscal year. The Company adopted the new lease standard as of April 28, 2019 using the modified retrospective method and has elected to adopt the available practical expedient as accounting policy on the initial adoption of the lease standard. Upon adoption of the lease standard on April 28, 2019, the Company recorded a right-of-use asset for operating leases and lease liabilities of $55.5 million. The adoption of the lease standard did not change previously reported condensed consolidated statements of income, did not result in a cumulative effect adjustment to retained earnings in the period of adoption and did not impact cash flows.

The Company has used the following policies and assumptions in evaluating its population of leases:

●

Determining a lease – The Company assesses contracts at inception to determine whether an arrangement is or includes a lease which conveys the Company’s right to control the use of an identified asset for a period of time in exchange for consideration. Operating lease right-of-use assets and associated liabilities are recognized at the commencement date and initially measured at the present value of the lease payments over the defined lease term.

●

Allocating lease and non-lease components – The Company has elected the practical expedient to not separate lease and non-lease components for certain classes of underlying assets, including certain equipment and vehicle lease agreements which generally have the lease and associated non-lease components accounted for as a single lease component. Additionally, real estate lease agreements with lease and non-lease components are generally accounted for separately where applicable.

●

Discount rate – The Company calculates the discount rate based on the Company’s incremental borrowing rate using the contractual lease term.

●

Lease term – The Company does not recognize leases with an original contractual term of less than 12 months on the balance sheet. Lease expense for these short term leases is expensed on a straight-line basis over the lease term.

●

Rent increases or escalation clauses – Certain leases contain scheduled rent increases or escalation clauses. The Company assesses each contract individually and calculates variable payments based on the terms of the individual agreement.

●

Renewal options and / or purchase options – Certain leases include renewal options to extend the lease term and / or purchase options to purchase the leased asset. The Company assesses these options using a threshold of reasonably certain, which is a high threshold and, therefore, the majority of the Company’s leases do not include renewal periods or purchase options in the measurement of the right-of-use asset and the associated lease liability.

●

Option to terminate – Certain leases include the option to terminate the lease prior to its scheduled expiration. This allows a contractually bound party to terminate its obligation under the lease contract, typically in return for an agreed upon financial consideration. The terms and conditions of the termination options vary by contract; such options are not included in the measurement of the right-to-use assets and associated lease liability.

The Company’s weighted average remaining lease term was 3.75 years and weighted average discount rate was 3.38% as of January 25, 2020. The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of January 25, 2020 (In thousands):

Remainder of Fiscal 2020 (4th quarter 2020)
$ 3,599

Fiscal 2021
20,318

Fiscal 2022
10,690

Fiscal 2023
8,398

Fiscal 2024
5,005

Thereafter
2,084

Total minimum lease payments including interest
50,094

Less: Amounts representing interest
(2,609 )

Present value of minimum lease payments
47,485

Less: Current portion of lease liabilities
(13,754 )

Non-Current portion of operating lease liabilities
$ 33,731

Lease expense for the three and nine months ended January 25, 2020 was $4.0 million and $10.7 million for operating leases and $.5 million and $1.5 million for short-term leases, respectively. Net cash provided by operations was impacted by $10.8 million for operating leases for the nine months ended January 25, 2020.

Our minimum lease payments under non-cancelable operating leases as of April 27, 2019 were as follows (In thousands):

Fiscal 2020
$ 16,105

Fiscal 2021
12,084

Fiscal 2022
9,894

Fiscal 2023
7,741

Fiscal 2024
4,510

Thereafter
1,703

Total minimum lease payments including interest
$ 52,037

Note 7 - Capital Stock and Transactions With Related Parties

9 Months Ended

Jan. 25, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

7. COMMON STOCK

The Company is authorized under its stock buy back program to repurchase 1.6 million shares of its common stock. Through January 25, 2020, the Company purchased 608,921 common shares and 991,079 common shares are available for purchase under the plan.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Jan. 25, 2020
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The condensed consolidated financial statements include the accounts of National Beverage Corp. and its subsidiaries. Significant intercompany transactions and accounts have been eliminated. The condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all information and notes presented in the annual consolidated financial statements. The condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended April 27, 2019. Excluding the adoption of the recently issued accounting pronouncements disclosed in Note 6, the accounting policies used in these interim condensed consolidated financial statements are consistent with those used in the annual consolidated financial statements. The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Results for the interim periods presented are not necessarily indicative of results which might be expected for the entire fiscal year.
Derivatives, Policy [Policy Text Block]	Derivative Financial Instruments We use derivative financial instruments to partially mitigate our exposure to changes in raw material costs. All derivative financial instruments are recorded at fair value in our Condensed Consolidated Balance Sheets. The estimated fair value of derivative financial instruments is calculated based on market rates to settle the instruments. We do not use derivative financial instruments for trading or speculative purposes. Credit risk related to derivative financial instruments is managed by requiring high credit standards for counterparties and frequent cash settlements. See Note 5.
Inventory, Policy [Policy Text Block]	Inventories Inventories are stated at the lower of first-in, first-out cost or market. Inventories at January 25, 2020 were comprised of finished goods of $38.4 million and raw materials of $22.8 million. Inventories at April 27, 2019 were comprised of finished goods of $48.7 million and raw materials of $22.0 million.
New Accounting Pronouncements, Policy [Policy Text Block]	*Recently Adopted Accounting Pronouncements* As of April 28, 2019, the Company adopted ASU 2016-02 "Leases", which superseded the prior lease accounting guidance in its entirety. See Note 6

Note 2 - Composition of Certain Financial Statement Captions (Tables)

9 Months Ended

Jan. 25, 2020

Notes Tables

Property, Plant and Equipment [Table Text Block]

	January 25,			April 27,
	2020			2019
Land	$	9,835		$	9,835
Buildings and improvements		58,747			58,291
Machinery and equipment		236,863			222,243
Total		305,445			290,369
Less accumulated depreciation		(189,674	)		(179,053	)
Property, plant and equipment – net	$	115,771		$	111,316

Note 5 - Derivative Financial Instruments (Tables)

9 Months Ended

Jan. 25, 2020

Notes Tables

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]

	Three Months Ended						Nine Months Ended
	January 25, 2020			January 26, 2019			January 25, 2020			January 26, 2019
Recognized in AOCI:
(Loss) gain before income taxes	$	(581	)	$	(1,937	)	$	(2,623	)	$	5,487
Less income tax (benefit) provision		(139	)		(463	)		(628	)		1,313
Net		(442	)		(1,474	)		(1,995	)		4,174
Reclassified from AOCI to cost of sales:
(Loss) gain before income taxes		(742	)		(305	)		(3,356	)		13,225
Less income tax (benefit) provision		(177	)		(73	)		(803	)		3,053
Net		(565	)		(232	)		(2,553	)		10,172
Net change to AOCI	$	123		$	(1,242	)	$	558		$	(5,998	)

Note 6 - Leases (Tables)

9 Months Ended

Jan. 25, 2020

Notes Tables

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Remainder of Fiscal 2020 (4th quarter 2020)	$	3,599
Fiscal 2021		20,318
Fiscal 2022		10,690
Fiscal 2023		8,398
Fiscal 2024		5,005
Thereafter		2,084
Total minimum lease payments including interest		50,094
Less: Amounts representing interest		(2,609	)
Present value of minimum lease payments		47,485
Less: Current portion of lease liabilities		(13,754	)
Non-Current portion of operating lease liabilities	$	33,731

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Fiscal 2020	$	16,105
Fiscal 2021		12,084
Fiscal 2022		9,894
Fiscal 2023		7,741
Fiscal 2024		4,510
Thereafter		1,703
Total minimum lease payments including interest	$	52,037

Note 1 - Significant Accounting Policies (Details Textual) - USD ($) $ in Millions	Jan. 25, 2020	Apr. 27, 2019
Inventory, Finished Goods, Gross, Total	$ 38.4	$ 48.7
Inventory, Raw Materials, Gross, Total	$ 22.8	$ 22.0

Note 2 - Composition of Certain Financial Statement Captions (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jan. 25, 2020	Jan. 26, 2019	Jan. 25, 2020	Jan. 26, 2019
Depreciation, Total	$ 3.8	$ 3.2	$ 11.4	$ 9.5

Note 2 - Composition of Certain Financial Statement Captions - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jan. 25, 2020	Apr. 27, 2019
Land	$ 9,835	$ 9,835
Buildings and improvements	58,747	58,291
Machinery and equipment	236,863	222,243
Total	305,445	290,369
Less accumulated depreciation	(189,674)	(179,053)
Property, plant and equipment – net	$ 115,771	$ 111,316

Note 3 - Debt (Details Textual) - USD ($) $ in Thousands	6 Months Ended
Note 3 - Debt (Details Textual) - USD ($) $ in Thousands	Oct. 26, 2019	Jan. 25, 2020	Apr. 27, 2019
Letters of Credit Outstanding, Amount		$ 3,100
Line of Credit Facility, Remaining Borrowing Capacity		96,900
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000
Long-term Line of Credit, Total		$ 0	$ 0
Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	9.00%

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Note 4 - Stock-based Compensation (Details Textual)	9 Months Ended
Note 4 - Stock-based Compensation (Details Textual)	Jan. 25, 2020 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	76,800
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price \| $ / shares	$ 5.27
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	245,645
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance \| $ / shares	$ 12.50
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	2,798,252

Note 5 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	Jan. 25, 2020	Apr. 27, 2019
Derivative, Notional Amount	$ 16.5
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months	1.3
Accrued Liabilities1 [Member]
Derivative Liability, Current	$ 1.2	$ 2.0

Note 5 - Derivative Financial Instruments - Derivatives Instruments, Statements of Financial Performance and Financial Position (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 25, 2020	Jan. 26, 2019	Jan. 25, 2020	Jan. 26, 2019
(Loss) gain before income taxes	$ (581)	$ (1,937)	$ (2,623)	$ 5,487
Less income tax (benefit) provision	(139)	(463)	(628)	1,313
Net	(442)	(1,474)	(1,995)	4,174
(Loss) gain before income taxes	(742)	(305)	(3,356)	13,225
Less income tax (benefit) provision	(177)	(73)	(803)	3,053
Net	(565)	(232)	(2,553)	10,172
Net change to AOCI	$ 123	$ (1,242)	$ 558	$ (5,998)

Note 6 - Leases (Details Textual) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Note 6 - Leases (Details Textual) - USD ($) $ in Thousands	Jan. 25, 2020	Jan. 25, 2020	Apr. 28, 2019	Apr. 27, 2019
Operating Lease, Liability, Total	$ 47,485	$ 47,485
Operating Lease, Weighted Average Remaining Lease Term	3 years 9 months	3 years 9 months
Operating Lease, Weighted Average Discount Rate, Percent	3.38%	3.38%
Operating Lease, Expense	$ 4,000	$ 10,700
Short-term Lease, Cost	5,000	1,500
Operating Lease, Payments		10,800
Operating Lease, Right-of-Use Asset	$ 47,549	$ 47,549		$ 0
Accounting Standards Update 2016-02 [Member]
Operating Lease, Liability, Total			$ 55,500
Operating Lease, Right-of-Use Asset			$ 55,500

Note 6 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jan. 25, 2020	Apr. 27, 2019
Remainder of Fiscal 2020 (4th quarter 2020)	$ 3,599
Fiscal 2021	20,318
Fiscal 2022	10,690
Fiscal 2023	8,398
Fiscal 2024	5,005
Thereafter	2,084
Total minimum lease payments including interest	50,094
Less: Amounts representing interest	(2,609)
Present value of minimum lease payments	47,485
Less: Current portion of lease liabilities	(13,754)	$ 0
Non-Current portion of operating lease liabilities	$ 33,731	$ 0

Note 6 - Leases - Future Minimum Rental Payments (Details) $ in Thousands	Apr. 27, 2019 USD ($)
Fiscal 2020	$ 16,105
Fiscal 2021	12,084
Fiscal 2022	9,894
Fiscal 2023	7,741
Fiscal 2024	4,510
Thereafter	1,703
Total minimum lease payments including interest	$ 52,037

Note 7 - Capital Stock and Transactions With Related Parties (Details Textual)	93 Months Ended
	Jan. 25, 2020 shares
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	1,600,000
Treasury Stock, Shares, Acquired	608,921
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	991,079