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CONSOLIDATED STATEMENTS OF NET INCOME (LOSS) - USD ($)
12 Months Ended
May 02, 2021
May 03, 2020
Apr. 28, 2019
Income Statement [Abstract]      
net sales $ 299,720,000 $ 256,166,000 $ 281,325,000
cost of sales (249,888,000) (215,668,000) (235,556,000)
gross profit from continuing operations 49,832,000 40,498,000 45,769,000
selling, general and administrative expenses (37,756,000) (34,424,000) (33,243,000)
asset impairments [1]   (13,712,000)  
restructuring credit   70,000 825,000
income (loss) from continuing operations 12,076,000 (7,568,000) 13,351,000
interest expense (51,000) (106,000) (35,000)
interest income 244,000 897,000 789,000
gain on bargain purchase [2] 819,000    
other expense (2,208,000) (902,000) (1,383,000)
income (loss) before income taxes from continuing operations 10,880,000 (7,679,000) 12,722,000
income tax expense (7,693,000) (3,354,000) (6,537,000)
income (loss) from investment in unconsolidated joint venture 31,000 (125,000) (114,000)
net income (loss) from continuing operations 3,218,000 (11,158,000) 6,071,000
loss before income taxes from discontinued operation   (17,577,000) (726,000)
income tax benefit   68,000 113,000
net loss from discontinued operation   (17,509,000) (613,000)
net income (loss) $ 3,218,000 $ (28,667,000) $ 5,458,000
net income (loss) from continuing operations per share-basic $ 0.26 $ (0.90) $ 0.49
net income (loss) from continuing operations per share-diluted 0.26 (0.90) 0.48
net loss from discontinued operation per share-basic   (1.41) (0.05)
net loss from discontinued operation per share-diluted   (1.41) (0.05)
net income (loss) from per share-basic 0.26 (2.32) 0.44
net income (loss) per share-diluted $ 0.26 $ (2.32) $ 0.43
[1] During fiscal 2020, we incurred asset impairment charges totaling $13.7 million, of which $13.6 million and $143,000 pertained to goodwill associated with our mattress and upholstery fabric segments and a tradename associated Read, respectively. Of this $13.7 million, $11.5 million and $2.2 million pertained to the mattress fabrics segment and upholstery fabrics segment, respectively.
[2] Effective February 1, 2021, we acquired the remaining fifty percent ownership interest in our former unconsolidated joint venture located in Haiti.  Pursuant to this transaction, we are now the sole owner with full control over this operation.  The gain on bargain purchase represents the net assets acquired from this transaction that were more than the $954,000 total purchase price.