Note 11 - Leases

6 Months Ended

Oct. 01, 2023

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Note 11 – Leases

The Company made cash payments related to its recognized operating leases of $993,000 and $488,000 during the three months ended October 1, 2023 and October 2, 2022, respectively, and $1.4 million and $969,000 for the six months ended October 1, 2023 and October 2, 2022, respectively. Such payments reduced the operating lease liabilities and were included in the cash flows provided by operating activities in the accompanying unaudited condensed consolidated statements of cash flows. The Company recognized noncash reductions to its operating right of use assets resulting from reductions to its lease liabilities in the amount of $249,000 and $20,000 during the three-month periods ended October 1, 2023 and October 2, 2022, respectively, and $503,000 and $43,000 during the six-month periods ended October 1, 2023 and October 2, 2022, respectively. As of October 1, 2023 and April 2, 2023, the Company’s operating leases had weighted-average remaining lease terms of 4.5 years and 5.0 years, respectively, and weighted-average discount rates of 5.9%.

During the three- and six-month periods ended October 1, 2023 and October 2, 2022, the Company classified its operating lease costs within the accompanying unaudited condensed consolidated statements of income as follows (in thousands):

	Three-Month Periods Ended				Six-Month Periods Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Cost of products sold	$	940	$	401	$	1,880	$	802
Marketing and administrative expenses		97		41		194		82
Total operating lease costs	$	1,037	$	442	$	2,074	$	884

The maturities of the Company’s operating lease liabilities as of October 1, 2023 are as follows (in thousands):

Fiscal Year
2024	$	1,980
2025		4,027
2026		4,108
2027		4,086
2028		3,952
2029		663
Total undiscounted operating lease payments		18,816
Less imputed interest		2,414
Operating lease liabilities - net	$	16,402