0001437749-20-019541 | 10-Q | XBRL Viewer

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Aug. 01, 2020	Sep. 08, 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	Q1
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 01, 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		46,632,128

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Aug. 01, 2020	May 02, 2020
Assets
Cash and equivalents	$ 352,519	$ 304,518
Trade receivables - net	103,749	84,921
Inventories	63,075	63,482
Prepaid and other assets	7,775	7,791
Total current assets	527,118	460,712
Property, plant and equipment - net	120,550	120,627
Right-of-use assets, net	44,485	47,884
Goodwill	13,145	13,145
Intangible assets	1,615	1,615
Other assets	4,748	4,663
Total assets	711,661	648,646
Liabilities and Shareholders' Equity
Accounts payable	74,467	74,369
Accrued liabilities	44,993	42,476
Operating lease liabilities	16,481	16,980
Income taxes payable	13,724	7,863
Total current liabilities	149,665	141,688
Deferred income taxes net	16,054	14,823
Operating lease liabilities – non current	29,535	32,159
Other liabilities	7,467	7,639
Total liabilities	202,721	196,309
Shareholders' equity:
Preferred stock, $1 par value - 1,000,000 shares authorized; Series C - 150,000 shares issued	150	150
Common stock, $.01 par value - 200,000,000 shares authorized; 50,817,184 shares issued (50,803,184 at May 2)	508	508
Additional paid-in capital	38,110	37,930
Retained earnings	494,566	443,402
Accumulated other comprehensive (loss)	(161)	(5,420)
Total shareholders' equity	508,940	452,337
Total liabilities and shareholders' equity	711,661	648,646
Treasury Stock, Common [Member]
Shareholders' equity:
Treasury stock, value	(19,133)	(19,133)
Series C Preferred Stock [Member]
Shareholders' equity:
Treasury stock, value	$ (5,100)	$ (5,100)

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Aug. 01, 2020	May 02, 2020
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)	50,817,184	50,803,184
Treasury Stock, Common [Member]
Treasury stock, shares (in shares)	4,187,056	4,187,056
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
	Aug. 01, 2020	Jul. 27, 2019
Net sales	$ 293,367	$ 263,568
Cost of sales	176,149	166,994
Gross profit	117,218	96,574
Selling, general and administrative expenses	50,547	51,997
Operating income	66,671	44,577
Other income - net	276	731
Income before income taxes	66,947	45,308
Provision for income taxes	15,783	10,766
Net income	$ 51,164	$ 34,542
Earnings per common share:
Basic (in dollars per share)	$ 1.10	$ 74
Diluted (in dollars per share)	$ 1.09	$ 74
Weighted average common shares outstanding:
Basic (in shares)	46,624	46,646
Diluted (in shares)	46,754	46,880

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2020	Jul. 27, 2019
Net income	$ 51,164	$ 34,542
Other comprehensive income, net of tax:
Cash flow hedges	5,259	16
Comprehensive income	$ 56,423	$ 34,558

- Definition

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

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+ Details

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Series C Preferred Stock [Member] Preferred Stock [Member]	Series C Preferred Stock [Member] Treasury Stock [Member]
Balance (in shares) at Apr. 27, 2019		50,678					150	150
Balance at Apr. 27, 2019		$ 507	$ 37,065	$ 313,430	$ (1,543)		$ 150	$ (5,100)
Stock options exercised			7
Balance (in shares) at Jul. 27, 2019		50,678				4,033
Balance at Jul. 27, 2019	$ 366,236	$ 507	37,134	347,972	(1,527)	$ (12,900)
Stock-based compensation			62
Net income	34,542			34,542
Cash flow hedges, net of tax	16				16
Balance (in shares) at May. 02, 2020		50,803					150	150
Balance at May. 02, 2020	452,337	$ 508	37,930	443,402	(5,420)		$ 150	$ (5,100)
Stock options exercised		$ 14	139
Balance (in shares) at Aug. 01, 2020		50,817				4,187
Balance at Aug. 01, 2020	508,940	$ 508	38,110	494,566	(161)	$ (19,133)
Stock-based compensation			$ 41
Net income	51,164			$ 51,164
Cash flow hedges, net of tax	$ 5,259				$ 5,259

- Definition

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

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2020	Jul. 27, 2019
Operating Activities:
Net income	$ 51,164	$ 34,542
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,627	4,446
Deferred income tax benefit	(151)	(428)
Loss on disposal of property, net	2	46
Stock-based compensation	41	62
Amortization of operating right to use assets	3,399	3,435
Changes in assets and liabilities:
Trade receivables	(18,828)	38
Inventories	407	(2,731)
Prepaid and other assets	(163)	3,154
Accounts payable	98	(493)
Accrued and other liabilities	10,933	8,540
Net cash provided by operating activities	51,529	50,611
Investing Activities:
Additions to property, plant and equipment	(3,668)	(4,156)
Proceeds from sale of property, plant and equipment	1	6
Net cash used in investing activities	(3,667)	(4,150)
Financing Activities:
Proceeds from stock options exercised	139	7
Net cash provided by financing activities	139	7
Net Increase in Cash and Equivalents	48,001	46,468
Cash and Equivalents - Beginning of Period	304,518	156,200
Cash and Equivalents - End of Period	352,519	202,668
Other Cash Flow Information:
Interest paid	13	13
Income taxes paid	$ 1,240	$ 0

Note 1 - Significant Accounting Policies and Recently Adopted Accounting Pronouncement

3 Months Ended

Aug. 01, 2020

Notes to Financial Statements

Significant Accounting Policies [Text Block]

1. SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENT

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 May 2, 2020. 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.

Reclassification

Certain reclassifications have been made to prior period balances in order to conform to the current period's presentation.

Inventories

Inventories are stated at the lower of first-in, first-out cost or market. Inventories at August 1, 2020 were comprised of finished goods of $33.9 million and raw materials of $29.2 million. Inventories at May 2, 2020 were comprised of finished goods of $39.1 million and raw materials of $24.4 million.

Marketing Costs

The Company utilizes a variety of marketing programs, including cooperative advertising programs with customers, to advertise and promote our products to consumers. Marketing costs are expensed when incurred, except for prepaid advertising and production costs which are expensed when the advertising takes place. Marketing costs, which are included in selling, general and administrative expenses, totaled $9.9 million for the three months ended August 1, 2020 and $15.1 for the three months ended July 27, 2019.

Shipping and Handling Costs

Shipping and handling costs are reported in selling, general and administrative expenses in the accompanying condensed consolidated statements of income. Such costs totaled $19.4 million for the three months ended August 1, 2020 and $18.0 for the three months ended July 27, 2019. Although our classification is consistent with many beverage companies, our gross margin may not be comparable to companies that include shipping and handling costs in cost of sales.

Summary of Significant Accounting Policies

There have been no significant changes in the Company's significant accounting policies during the three months ended August 1, 2020, as compared to the significant accounting policies described in the Form 10-K.

Recent Accounting Pronouncement

On December 18, 2019, the Financial Accounting Standards Board issued Accounting Standards Update, “Simplifying the Accounting for Income Taxes” (ASU 2019-12). The new standard reduces the complexity pertaining to certain areas in accounting for income taxes. Key elements include, but are not limited to, the elimination of certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating taxes during the quarters and the recognition of deferred tax liabilities for outside basis differences. This guidance also simplifies aspects of the accounting for franchise taxes and changes in tax laws or rates, as well as clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for the Company's first quarter of fiscal year 2022. The Company is in the process of evaluating the impact of the adoption of this new standard on its condensed consolidated financial statements.

Note 2 - Property, Plant and Equipment

3 Months Ended

Aug. 01, 2020

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

2. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following:

	(In thousands)
	August 1, 2020			May 2, 2020
Land	$	9,835		$	9,835
Buildings and improvements		60,358			59,618
Machinery and equipment		241,178			238,300
Total		311,371			307,753
Less accumulated depreciation		(190,821	)		(187,126	)
Property, plant and equipment – net	$	120,550		$	120,627

Depreciation expense was $3.7 million for the three months ended August 1, 2020 and $3.8 million for the three months ended July 27, 2019.

Note 3 - Debt

3 Months Ended

Aug. 01, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

3. DEBT

At August 1, 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 no borrowings outstanding under the Credit Facilities at August 1, 2020 or May 2, 2020. At August 1, 2020, $3.4 million of the Credit Facilities was reserved for standby letters of credit and $96.6 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 our operations or financial position. At August 1, 2020, we were in compliance with all loan covenants.

Note 4 - Stock-based Compensation

3 Months Ended

Aug. 01, 2020

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

4. STOCK-BASED COMPENSATION

During the three months ended August 1, 2020, options to purchase 14,000 shares were exercised (weighted average exercise price of $9.95 per share). At August 1, 2020, options to purchase 173,045 shares (weighted average exercise price of $14.71 per share) were outstanding and stock-based awards to purchase 2,798,252 shares of common stock were available for grant.

Note 5 - Derivative Financial Instruments

3 Months Ended

Aug. 01, 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 cash flow hedges. Accordingly, gains or losses attributable to the effective portion of the cash flow hedges 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 hedges 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 months ended August 1, 2020 and July 27, 2019:

	(In thousands)
	2020			2019
Recognized in AOCI:
Gain (loss) before income taxes	$	5,080		$	(1,423	)
Less income tax provision (benefit)		1,215			(340	)
Net		3,865			(1,083	)
Reclassified from AOCI to cost of sales:
(Loss) before income taxes		(1,832	)		(1,444	)
Less income tax (benefit)		(438	)		(345	)
Net		(1,394	)		(1,099	)
Net change to AOCI	$	5,259		$	16

As of August 1, 2020, the notional amount of our outstanding aluminum swap contracts was $37.1 million and, assuming no change in commodity prices, $130,000 of unrealized losses before tax will be reclassified from AOCI and recognized in earnings over the next 12 months.

As of August 1, 2020, the fair value of the derivative asset was $1.0 million, which was included as a component of prepaid and other assets and the fair value of the derivative liability was $987,000 which was included as a component of accrued liabilities. At May 2, 2020, the fair value of the derivative liability was $6.9 million, which was included as a component of accrued liabilities. Such 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

3 Months Ended

Aug. 01, 2020

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

6. LEASES

The Company has entered into various non-cancelable operating lease agreements for certain of our offices, buildings, machinery and equipment expiring at various dates through January 2029. The Company does not assume renewals in the determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. Lease agreements generally do not contain material residual value guarantees or material restrictive covenants. Operating lease cost for the three months ended August 1, 2020 and July 27, 2019 was $3.4 million. As of August 1, 2020, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.1 years and 3.38%, respectively. As of May 2, 2020, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.3 years and 3.38%, respectively. Cash payments were $3.5 million and $3.7 million, respectively for operating leases for the three months ended August 1, 2020 and July 27, 2019.

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of August 1, 2020:

	(In thousands)
Fiscal 2021 - Remaining 3 quarters	$	10,725
Fiscal 2022		13,276
Fiscal 2023		8,975
Fiscal 2024		7,361
Fiscal 2025		4,475
Thereafter		4,101
Total minimum lease payments including interest		48,913
Less: Amounts representing interest		(2,897	)
Present value of minimum lease payments		46,016
Less: Current portion of lease liabilities		(16,481	)
Non-current portion of lease liabilities	$	29,535

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of May 2, 2020:

	(In thousands)
Fiscal 2021	$	14,206
Fiscal 2022		13,276
Fiscal 2023		8,975
Fiscal 2024		7,361
Fiscal 2025		4,475
Thereafter		4,101
Total minimum lease payments including interest		52,394
Less: Amounts representing interest		(3,255	)
Present value of minimum lease payments		49,139
Less: Current portion of lease liabilities		(16,980	)
Non-current portion of lease liabilities	$	32,159

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Aug. 01, 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 May 2, 2020. 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.
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassification Certain reclassifications have been made to prior period balances in order to conform to the current period's presentation.
Inventory, Policy [Policy Text Block]	Inventories Inventories are stated at the lower of first-in, first-out cost or market. Inventories at August 1, 2020 were comprised of finished goods of $33.9 million and raw materials of $29.2 million. Inventories at May 2, 2020 were comprised of finished goods of $39.1 million and raw materials of $24.4 million.
Advertising Cost [Policy Text Block]	Marketing Costs The Company utilizes a variety of marketing programs, including cooperative advertising programs with customers, to advertise and promote our products to consumers. Marketing costs are expensed when incurred, except for prepaid advertising and production costs which are expensed when the advertising takes place. Marketing costs, which are included in selling, general and administrative expenses, totaled $9.9 million for the three months ended August 1, 2020 and $15.1 for the three months ended July 27, 2019.
Shipping and Handling Cost, Policy [Policy Text Block]	Shipping and Handling Costs Shipping and handling costs are reported in selling, general and administrative expenses in the accompanying condensed consolidated statements of income. Such costs totaled $19.4 million for the three months ended August 1, 2020 and $18.0 for the three months ended July 27, 2019. Although our classification is consistent with many beverage companies, our gross margin may not be comparable to companies that include shipping and handling costs in cost of sales.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncement On December 18, 2019, the Financial Accounting Standards Board issued Accounting Standards Update, “Simplifying the Accounting for Income Taxes” (ASU 2019-12). The new standard reduces the complexity pertaining to certain areas in accounting for income taxes. Key elements include, but are not limited to, the elimination of certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating taxes during the quarters and the recognition of deferred tax liabilities for outside basis differences. This guidance also simplifies aspects of the accounting for franchise taxes and changes in tax laws or rates, as well as clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for the Company's first quarter of fiscal year 2022. The Company is in the process of evaluating the impact of the adoption of this new standard on its condensed consolidated financial statements.

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

Note 2 - Property, Plant and Equipment (Tables)

3 Months Ended

Aug. 01, 2020

Notes Tables

Property, Plant and Equipment [Table Text Block]

	(In thousands)
	August 1, 2020			May 2, 2020
Land	$	9,835		$	9,835
Buildings and improvements		60,358			59,618
Machinery and equipment		241,178			238,300
Total		311,371			307,753
Less accumulated depreciation		(190,821	)		(187,126	)
Property, plant and equipment – net	$	120,550		$	120,627

Note 5 - Derivative Financial Instruments (Tables)

3 Months Ended

Aug. 01, 2020

Notes Tables

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

	(In thousands)
	2020			2019
Recognized in AOCI:
Gain (loss) before income taxes	$	5,080		$	(1,423	)
Less income tax provision (benefit)		1,215			(340	)
Net		3,865			(1,083	)
Reclassified from AOCI to cost of sales:
(Loss) before income taxes		(1,832	)		(1,444	)
Less income tax (benefit)		(438	)		(345	)
Net		(1,394	)		(1,099	)
Net change to AOCI	$	5,259		$	16

Note 6 - Leases (Tables)

3 Months Ended

Aug. 01, 2020

Notes Tables

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

	(In thousands)
Fiscal 2021 - Remaining 3 quarters	$	10,725
Fiscal 2022		13,276
Fiscal 2023		8,975
Fiscal 2024		7,361
Fiscal 2025		4,475
Thereafter		4,101
Total minimum lease payments including interest		48,913
Less: Amounts representing interest		(2,897	)
Present value of minimum lease payments		46,016
Less: Current portion of lease liabilities		(16,481	)
Non-current portion of lease liabilities	$	29,535

	(In thousands)
Fiscal 2021	$	14,206
Fiscal 2022		13,276
Fiscal 2023		8,975
Fiscal 2024		7,361
Fiscal 2025		4,475
Thereafter		4,101
Total minimum lease payments including interest		52,394
Less: Amounts representing interest		(3,255	)
Present value of minimum lease payments		49,139
Less: Current portion of lease liabilities		(16,980	)
Non-current portion of lease liabilities	$	32,159

Note 1 - Significant Accounting Policies and Recently Adopted Accounting Pronouncement (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Aug. 01, 2020	Jul. 27, 2019	May 02, 2020
Inventory, Finished Goods, Gross, Total	$ 33.9		$ 39.1
Inventory, Raw Materials, Gross, Total	29.2		$ 24.4
Marketing Expense	9.9	$ 15.1
Shipping and Handling Costs	$ 19.4	$ 18.0

Note 2 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Aug. 01, 2020	Jul. 27, 2019
Depreciation, Total	$ 3.7	$ 3.8

Note 2 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Aug. 01, 2020	May 02, 2020
Land	$ 9,835	$ 9,835
Buildings and improvements	60,358	59,618
Machinery and equipment	241,178	238,300
Total	311,371	307,753
Less accumulated depreciation	(190,821)	(187,126)
Property, plant and equipment – net	$ 120,550	$ 120,627

Note 3 - Debt (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2020	May 03, 2020
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000
Long-term Line of Credit, Total	0	$ 0
Letters of Credit Outstanding, Amount	3,400
Line of Credit Facility, Remaining Borrowing Capacity	$ 96,600
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)	3 Months Ended
Note 4 - Stock-based Compensation (Details Textual)	Aug. 01, 2020 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)	14,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 9.95
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)	173,045
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) \| $ / shares	$ 14.71
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	2,798,252

Note 5 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	Aug. 01, 2020	May 02, 2020
Derivative, Notional Amount	$ 37.1
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months	130,000.0
Accrued Liabilities1 [Member]
Derivative Liability, Current	$ 987,000.0	$ 6.9

Note 5 - Derivative Financial Instruments - Derivatives Instruments, Statements of Financial Performance and Financial Position (Details) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2020	Jul. 27, 2019
Gain (loss) before income taxes	$ 5,080	$ (1,423)
Less income tax provision (benefit)	1,215	(340)
Net	3,865	(1,083)
(Loss) before income taxes	(1,832)	(1,444)
Less income tax (benefit)	(438)	(345)
Net	(1,394)	(1,099)
Net change to AOCI	$ 5,259	$ 16

Note 6 - Leases (Details Textual) - USD ($) $ in Millions	3 Months Ended
Note 6 - Leases (Details Textual) - USD ($) $ in Millions	Aug. 01, 2020	Jul. 27, 2019	May 02, 2020
Operating Lease, Cost	$ 3.4
Operating Lease, Weighted Average Remaining Lease Term (Year)	4 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent	3.38%		3.38%
Operating Lease, Payments	$ 3.5	$ 3.7

Note 6 - Leases - Future Minimum Lease Payments and Related Liabilities for Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands	Aug. 01, 2020	May 02, 2020
Fiscal 2021 - Remaining 3 quarters	$ 10,725
Fiscal 2022	13,276	$ 14,206
Fiscal 2023	8,975	13,276
Fiscal 2024	7,361	8,975
Fiscal 2025	4,475	7,361
Thereafter	4,101
Total minimum lease payments including interest	48,913	52,394
Less: Amounts representing interest	(2,897)	(3,255)
Present value of minimum lease payments	46,016	49,139
Less: Current portion of lease liabilities	(16,481)	(16,980)
Non-current portion of lease liabilities	$ 29,535	32,159
Fiscal 2025		4,475
Thereafter		$ 4,101