Correction of Consolidated Financial Statements (Tables)

12 Months Ended

Apr. 25, 2014

Accounting Changes and Error Corrections [Abstract]



	April 26, 2013
	As Reported			Adjustments			As Adjusted
Assets
Current Assets
Cash and equivalents	$	9,010		$	—		$	9,010
Accounts receivable, net	33,958			—			33,958
Inventories	22,491			—			22,491
Deferred income taxes	13,089			3,198			16,287
Federal and state income taxes	62,934			546			63,480
Prepaid expenses	5,232			—			5,232
Current assets held for sale	—			—			—
Total Current Assets	146,714			3,744			150,458
Property, Plant and Equipment
Land	233,942			8,033			241,975
Buildings and improvements	800,800			(28,439		)	772,361
Machinery and equipment	413,779			(21,214		)	392,565
Construction in progress	4,831			56,033			60,864
	1,453,352			14,413			1,467,765
Less accumulated depreciation	668,247			11,041			679,288
Net Property, Plant and Equipment	785,105			3,372			788,477
Other Assets
Deposits and other	6,624			—			6,624
Long-term note receivable	13,815			—			13,815
Long-term investments	29,723			—			29,723
Goodwill	19,634			—			19,634
Other intangible assets	3,427			—			3,427
Long-term assets held for sale	8,795			—			8,795
Total Other Assets	82,018			—			82,018
Total Assets	$	1,013,837		$	7,116		$	1,020,953
Liabilities and Stockholders’ Equity
Current Liabilities
Credit facility borrowings	$	201,433		$	—		$	201,433
Accounts payable	23,058			—			23,058
Accrued property, plant and equipment purchases	11,078			—			11,078
Federal and state income taxes	—			—			—
Accrued non-income taxes	16,346			—			16,346
Accrued wages and related liabilities	30,219			—			30,219
Self-insurance	21,072			—			21,072
Deferred revenue	12,915			—			12,915
Other accrued expenses	24,763			—			24,763
Total Current Liabilities	340,884			—			340,884
Long-Term Liabilities
Deferred compensation	32,140			—			32,140
Federal and state income taxes	10,602			(1,688		)	8,914
Deferred income taxes	41,873			(4,840		)	37,033
Deferred rent and other	6,391			—			6,391
Long-term debt	816			—			816
Total Long-Term Liabilities	91,822			(6,528		)	85,294
Stockholders’ Equity
Common stock	426			—			426
Capital in excess of par value	215,593			(452		)	215,141
Retained earnings	833,723			14,096			847,819
Treasury stock	(468,611		)	—			(468,611		)
Total Stockholders’ Equity	581,131			13,644			594,775
Total Liabilities and Stockholders’ Equity	$	1,013,837		$	7,116		$	1,020,953

Consolidating Statements of Net Income



	For the Year Ended April 26, 2013
	As Reported			As Recast			Adjustments			As Adjusted
Net sales	$	1,608,909		$	1,330,226		$	—		$	1,330,226
Cost of sales	495,786			422,847			—			422,847
Operating wage and fringe benefit expenses	512,292			404,395			718			405,113
Other operating expenses	258,896			191,557			(366		)	191,191
Selling, general and administrative expenses	180,158			153,083			719			153,802
Depreciation and amortization expense	79,482			66,138			3,181			69,319
Impairment of assets held for sale	68,409			—			—			—
Loss on sale of Mimi's Café	57,743			—			—			—
Operating (loss) income	(43,857		)	92,206			(4,252		)	87,954
Net interest expense	11,485			11,485			—			11,485
(Loss) income from continuing operations before taxes	(55,342		)	80,721			(4,252		)	76,469
Benefit for income taxes from continuing operations	(52,480		)	(734		)	(5,350		)	(6,084		)
(Loss) income from continuing operations	(2,862		)	81,455			1,098			82,553
Loss from discontinued operations, net of income taxes	—			(84,317		)	943			(83,374		)
Net loss	(2,862		)	(2,862		)	2,041			(821		)
Earnings per share - Income from continuing operations
Basic				$	2.90		$	0.04		$	2.94
Diluted				$	2.86		$	0.04		$	2.90
Earnings per share - Loss from discontinued operations
Basic				$	(3.00	)	$	0.03		$	(2.97	)
Diluted				$	(2.96	)	$	0.03		$	(2.93	)
Earnings per share - Net loss
Basic	$	(0.10	)	$	(0.10	)	$	0.07		$	(0.03	)
Diluted	$	(0.10	)	$	(0.10	)	$	0.07		$	(0.03	)



	For the Year Ended April 27, 2012
	As Reported		As Recast		Adjustments			As Adjusted
Net sales	$	1,654,413	$	1,288,398	$	(1,188	)	$	1,287,210
Cost of sales	517,677		419,596		—			419,596
Operating wage and fringe benefit expenses	535,069		398,782		(1,431		)	397,351
Other operating expenses	260,938		179,485		(1,469		)	178,016
Selling, general and administrative expenses	150,743		125,193		315			125,508
Depreciation and amortization expense	82,112		58,536		1,728			60,264
Operating income	107,874		106,806		(331		)	106,475
Net interest expense	7,884		7,884		—			7,884
Income from continuing operations before taxes	99,990		98,922		(331		)	98,591
Provision for income taxes	27,140		28,372		34			28,406
Income from continuing operations	72,850		70,550		(365		)	70,185
Income from discontinued operations, net of income taxes	—		2,300		457			2,757
Net income	72,850		72,850		92			72,942
Earnings per share - Income from continuing operations
Basic			$	2.39	$	(0.01	)	$	2.38
Diluted			$	2.36	$	(0.01	)	$	2.35
Earnings per share - Income from discontinued operations
Basic			$	0.08	$	0.02		$	0.09
Diluted			$	0.08	$	0.02		$	0.09
Earnings per share - Net income
Basic	$	2.45	$	2.47	$	—		$	2.48
Diluted	$	2.45	$	2.43	$	—		$	2.44

Consolidated Statements of Stockholders' Equity



	April 29, 2011
	As Reported		Adjustments			As Adjusted
Capital in excess of par value	$	188,736	$	(153	)	$	188,583
Retained earnings	$	822,211	$	11,963		$	834,174
Total stockholders' equity	$	667,760	$	11,810		$	679,570



	April 27, 2012
	As Reported		Adjustments			As Adjusted
Capital in excess of par value	$	202,365	$	(156	)	$	202,209
Retained earnings	$	866,799	$	12,055		$	878,854
Total stockholders' equity	$	660,236	$	11,899		$	672,135

Consolidated Statements of Cash Flows



	For the Year Ended April 26, 2013
	As Reported			As Recast			Adjustments			As Adjusted
Operating activities:
Net (loss) income	$	(2,862	)	$	(2,862	)	$	2,041		$	(821	)
Loss from discontinued operations	—			84,317			(943		)	83,374
(Loss) income from continuing operations	(2,862		)	81,455			1,098			82,553
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	79,482			66,138			3,181			69,319
Other intangibles impairment	39,398			—			—			—
Loss on disposal/impairment of fixed assets	38,753			7,523			742			8,265
Gain on long-term investments	(1,277		)	(1,277		)	—			(1,277		)
Loss on sale of business	57,743			—			—			—
Deferred compensation	1,452			4,579			—			4,579
Compensation expense attributable to stock plans	8,606			8,606			—			8,606
Deferred income taxes	(7,567		)	(7,567		)	313			(7,254		)
Deferred rent	1,410			137			—			137
Deferred financing costs	341			341			—			341
Cash provided by (used for) assets and liabilities:
Accounts receivable	(4,934		)	(6,344		)	—			(6,344		)
Inventories	(894		)	(1,571		)	—			(1,571		)
Prepaid expenses	(3,872		)	(2,879		)	—			(2,879		)
Accounts payable	1,577			(3,212		)	(389		)	(3,601		)
Federal and state income taxes	(74,434		)	(22,688		)	(5,367		)	(28,055		)
Accrued wages and related liabilities	245			1,790			718			2,508
Self-insurance	1,467			28			—			28
Accrued non income taxes	1,074			608			—			608
Deferred revenue	1,251			590			—			590
Other accrued expenses	7,208			11,516			—			11,516
Net cash provided by continuing operating activities	144,167			137,773			296			138,069
Investing activities:
Purchase of property, plant and equipment	(124,346		)	(118,200		)	—			(118,200		)
Net proceeds from sale of business	14,517			—			—			—
Acquisition of business	(52,285		)	(52,285		)	—			(52,285		)
Proceeds from sale of property, plant and equipment	15,955			15,512			—			15,512
Purchase of long-term investments	(314		)	(314		)	—			(314		)
Deposits and other	(348		)	(350		)	—			(350		)
Net cash used in continuing investing activities	(146,821		)	(155,637		)	—			(155,637		)
Financing activities:										—
Cash dividends paid	(30,214		)	(30,214		)	—			(30,214		)
Net increase in credit facility	201,433			201,433			—			201,433
Proceeds from debt	1,000			1,000			—			1,000
Principal payments on long-term debt	(135,716		)	(135,716		)	—			(135,716		)
Prepayment penalty on debt	(6,150		)	(6,150		)	—			(6,150		)
Purchase of treasury stock	(63,052		)	(63,052		)	—			(63,052		)
Proceeds from issuance of stock awards and treasury stock	8,642			8,642			—			8,642
Cash paid for net shares settled	(2,615		)	(2,615		)	—			(2,615		)
Excess tax benefits from stock-based compensation	2,390			2,390			(296		)	2,094
Net cash used in continuing financing activities	(24,282		)	(24,282		)	(296		)	(24,578		)
Net cash used in continuing operations	(26,936		)	(42,146		)	—			(42,146		)
Net cash provided by operating activities of discontinued operations	—			6,394			—			6,394
Net cash provided by investing activities of discontinued operations	—			8,816			—			8,816
Net cash provided by discontinued operations	—			15,210			—			15,210
Cash and equivalents at the beginning of the period	35,946			35,946			—			35,946
Cash and equivalents at the end of the period	$	9,010		$	9,010		$	—		$	9,010



	For the Year Ended April 27, 2012
	As Reported			As Recast			Adjustments			As Adjusted
Operating activities:
Net income	$	72,850		$	72,850		$	92		$	72,942
Income (loss) from discontinued operations	—			2,300			457			2,757
Income from continuing operations	72,850			70,550			(365		)	70,185
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	82,112			58,536			1,728			60,264
Other intangibles impairment	—			—			—			—
Loss on disposal/impairment of fixed assets	5,331			2,993			501			3,494
Gain on long-term investments	(34		)	(34		)	—			(34		)
Deferred compensation	1,003			1,333			—			1,333
Compensation expense attributable to stock plans	5,610			5,196			—			5,196
Deferred income taxes	(5,916		)	(5,916		)	(2,006		)	(7,922		)
Deferred rent	619			1,063			—			1,063
Deferred financing costs	162			162			—			162
Cash provided by (used for) assets and liabilities:
Accounts receivable	(3,807		)	(2,134		)	1,188			(946		)
Inventories	138			(465		)	—			(465		)
Prepaid expenses	(1,279		)	(1,160		)	—			(1,160		)
Accounts payable	(4,333		)	(4,309		)	(1,655		)	(5,964		)
Federal and state income taxes	(1,043		)	(1,043		)	2,043			1,000
Accrued wages and related liabilities	(2,519		)	(2,029		)	(1,431		)	(3,460		)
Self-insurance	21			(1,302		)	—			(1,302		)
Accrued non income taxes	732			(376		)	—			(376		)
Deferred revenue	(813		)	(933		)	—			(933		)
Other accrued expenses	4,013			2,996			—			2,996
Net cash provided by continuing operating activities	152,847			123,128			3			123,131
Investing activities:
Purchase of property, plant and equipment	(88,357		)	(81,863		)	—			(81,863		)
Proceeds from sale of property, plant and equipment	19,308			19,301			—			19,301
Purchase of long-term investments	(469		)	(469		)	—			(469		)
Deposits and other	(4,467		)	(3,829		)	—			(3,829		)
Net cash used in continuing investing activities	(73,985		)	(66,860		)	—			(66,860		)
Financing activities:										—
Cash dividends paid	(28,262		)	(28,262		)	—			(28,262		)
Payments of debt issuance costs	(1,000		)	(1,000		)	—			(1,000		)
Principal payments on long-term debt	(13,571		)	(13,571		)	—			(13,571		)
Purchase of treasury stock	(70,269		)	(70,269		)	—			(70,269		)
Proceeds from issuance of stock awards and treasury stock	13,103			13,103			—			13,103
Cash paid for net shares settled	(1,347		)	(1,347		)	—			(1,347		)
Excess tax benefits from stock-based compensation	700			700			(3		)	697
Net cash used in continuing financing activities	(100,646		)	(100,646		)	(3		)	(100,649		)
Net cash used in continuing operations	(21,784		)	(44,378		)	—			(44,378		)
Net cash provided by operating activities of discontinued operations	—			29,719			—			29,719
Net cash used in investing activities of discontinued operations	—			(7,125		)	—			(7,125		)
Net cash provided by discontinued operations	—			22,594			—			22,594
Cash and equivalents at the beginning of the period	57,730			57,730			—			57,730
Cash and equivalents at the end of the period	$	35,946		$	35,946		$	—		$	35,946

Quarterly Financial Data



	First Quarter					Second Quarter						Third Quarter						Fourth Quarter
	2014		2013			2014			2013			2014			2013			2014		2013
	(as adjusted)		(as adjusted)						(as adjusted)			(as adjusted)			(as adjusted)					(as adjusted)
Net sales from continuing operations	$	329,449	$	323,441		$	332,600		$	329,555		$	340,132		$	343,321		$	326,371	$	333,909
Operating income from continuing operations	11,999		24,620			8,895			21,976			7,954			19,119			4,277		22,239
(Loss) income from discontinued operations, net of income taxes	—		(114		)	(134		)	(3,239		)	(354		)	(80,219		)	3,205		198
Net income (loss)	8,376		14,794			6,119			10,383			6,181			(55,779		)	13,009		29,781
Earnings per share - income from continuing operations
Basic	$	0.30	$	0.53		$	0.23		$	0.48		$	0.25		$	0.87		$	0.40	$	1.07
Diluted	$	0.30	$	0.52		$	0.23		$	0.47		$	0.24		$	0.86		$	0.40	$	1.05
Earnings per share - (loss) income from discontinued operations
Basic	$	—	$	—		$	—		$	(0.11	)	$	(0.01	)	$	(2.87	)	$	0.13	$	0.01
Diluted	$	—	$	—		$	—		$	(0.11	)	$	(0.01	)	$	(2.82	)	$	0.13	$	0.01
Earnings per share - net income (loss)
Basic	$	0.30	$	0.53		$	0.22		$	0.37		$	0.23		$	(2.00	)	$	0.53	$	1.07
Diluted	$	0.30	$	0.52		$	0.22		$	0.36		$	0.23		$	(1.96	)	$	0.53	$	1.06
Common stock sale prices
High	$	51.70	$	41.09		$	58.86		$	41.65		$	58.25		$	45.36		$	51.82	$	44.99
Low	$	42.60	$	36.91		$	47.57		$	36.67		$	47.15		$	34.45		$	43.46	$	39.63
Cash dividends paid	$	0.275	$	0.250		$	0.310		$	0.275		$	0.310		$	0.275		$	0.310	$	0.275

Quarterly Financial Data (Unaudited)



	First Quarter						Second Quarter			Third Quarter						Fourth Quarter
	2014			2013			2013			2014			2013			2013
As Reported
Net sales	$	329,449		$	409,715		$	410,877		$	340,132		$	434,440		$	353,877
Operating income (loss)	11,999			25,264			16,757			7,954			(47,388		)	(38,490		)
Net income (loss)	9,153			15,008			10,342			5,723			(55,236		)	27,024

Earnings per share - Income from continuing operations
Basic	$	0.33								$	0.23
Diluted	$	0.33								$	0.23

Earnings per share - Loss from discontinued operations
Basic	$	—								$	(0.01	)
Diluted	$	—								$	(0.01	)

Earnings per share - Net income (loss)
Basic	$	0.33		$	0.53		$	0.36		$	0.22		$	(1.97	)	$	0.97
Diluted	$	0.33		$	0.53		$	0.36		$	0.22		$	(1.97	)	$	0.97

As Recast
Net sales	$	329,449		$	323,441		$	329,555		$	340,132		$	343,321		$	333,909
Operating income	11,999			25,511			23,526			7,954			20,202			22,967
Net income (loss)	9,153			15,008			10,342			5,723			(55,236		)	27,024

Earnings per share - Income from continuing operations
Basic	$	0.33		$	0.53		$	0.51		$	0.23		$	0.83		$	1.03
Diluted	$	0.33		$	0.53		$	0.50		$	0.23		$	0.82		$	1.02

Earnings per share - Loss from discontinued operations
Basic	$	—		$	—		$	(0.15	)	$	(0.01	)	$	(2.81	)	$	(0.06	)
Diluted	$	—		$	—		$	(0.14	)	$	(0.01	)	$	(2.76	)	$	(0.06	)

Earnings per share - Net income (loss)
Basic	$	0.33		$	0.53		$	0.37		$	0.22		$	(1.98	)	$	0.97
Diluted	$	0.33		$	0.53		$	0.36		$	0.21		$	(1.94	)	$	0.96

Adjustments
Net sales	$	—		$	—		$	—		$	—		$	—		$	—
Operating income (loss)	—			(891		)	(1,550		)	—			(1,083		)	(728		)
Net income (loss)	(777		)	(214		)	41			458			(543		)	2,757

Earnings per share - Income from continuing operations
Basic	$	(0.03	)	$	—		$	(0.03	)	$	0.02		$	0.04		$	0.03
Diluted	$	(0.03	)	$	—		$	(0.03	)	$	0.02		$	0.04		$	0.03

Earnings per share - (Loss) income from discontinued operations
Basic	$	—		$	—		$	0.03		$	—		$	(0.06	)	$	0.07
Diluted	$	—		$	—		$	0.03		$	—		$	(0.06	)	$	0.07

Earnings per share - Net income (loss)
Basic	$	(0.03	)	$	(0.01	)	$	—		$	0.02		$	(0.02	)	$	0.10
Diluted	$	(0.03	)	$	(0.01	)	$	—		$	0.02		$	(0.02	)	$	0.10

As Adjusted
Net sales	$	329,449		$	323,441		$	329,555		$	340,132		$	343,321		$	333,909
Operating income	11,999			24,620			21,976			7,954			19,119			22,239
Net income (loss)	8,376			14,794			10,383			6,181			(55,779		)	29,781

Earnings per share - Income from continuing operations
Basic	$	0.30		$	0.53		$	0.48		$	0.25		$	0.87		$	1.07
Diluted	$	0.30		$	0.52		$	0.47		$	0.24		$	0.86		$	1.05

Earnings per share - (Loss) income from discontinued operations
Basic	$	—		$	—		$	(0.11	)	$	(0.01	)	$	(2.87	)	$	0.01
Diluted	$	—		$	—		$	(0.11	)	$	(0.01	)	$	(2.82	)	$	0.01

Earnings per share - Net income (loss)
Basic	$	0.30		$	0.53		$	0.37		$	0.23		$	(2.00	)	$	1.07
Diluted	$	0.30		$	0.52		$	0.36		$	0.23		$	(1.96	)	$	1.06