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Debt
12 Months Ended
Apr. 27, 2019
Debt  
Debt

Note 9: Debt

 

 

 

 

 

 

 

 

(Amounts in thousands)

    

4/27/2019

    

4/28/2018

Capital leases

 

$

199

 

$

422

Less: current portion

 

 

(180)

 

 

(223)

Long-term debt

 

$

19

 

$

199

 

We maintain a revolving credit facility secured primarily by all of our accounts receivable, inventory, and cash deposit and securities accounts. Availability under the agreement fluctuates according to a borrowing base calculated on eligible accounts receivable and inventory. We amended this agreement on December 19, 2017, extending its maturity date to December 19, 2022. The credit agreement includes affirmative and negative covenants that apply under certain circumstances, including a fixed-charge coverage ratio requirement that applies when excess availability under the line is less than certain thresholds. At April 27, 2019, and at April 28, 2018, we were not subject to the fixed-charge coverage ratio requirement, had no borrowings outstanding under the agreement, and had excess availability of $148.1 million of the $150.0 million credit commitment.

 

Capital leases consist primarily of long-term commitments for the purchase of information technology equipment and have maturities ranging from fiscal 2020 to fiscal 2021. Maturities of long-term capital leases, subsequent to April 27, 2019, are $0.2 million in fiscal 2020 and di minimis in fiscal 2021. Interest rates on our capital leases range from 2.6% to 2.7%.

 

Cash paid for interest during fiscal years 2019, 2018 and 2017 was $1.0 million, $0.4 million, and $0.5 million, respectively.