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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
May 02, 2021
May 03, 2020
Apr. 28, 2019
cash flows from operating activities:      
net income (loss) $ 3,218,000 $ (28,667,000) $ 5,458,000
adjustments to reconcile net income (loss) to net cash provided by operating activities:      
depreciation 6,846,000 7,827,000 8,117,000
amortization 466,000 647,000 780,000
asset impairments 0 33,914,000 0
reversal of contingent consideration associated with discontinued operation   (6,081,000)  
loss on disposal of discontinued operation   1,606,000  
stock-based compensation 1,251,000 614,000 130,000
deferred income taxes 3,760,000 (1,694,000) 2,027,000
gain on bargain purchase [1] (819,000)    
gain on sale of property, plant, and equipment (57,000) (238,000) (1,452,000)
(income) loss from investment in unconsolidated joint venture (31,000) 125,000 114,000
realized (gain) loss on sale of short-term investments (available for sale) (6,000) 10,000 94,000
foreign currency exchange loss (gain) 1,520,000 109,000 (17,000)
changes in assets and liabilities, net of effects of acquisition and disposal of businesses:      
accounts receivable (12,117,000) (1,994,000) 2,339,000
inventories (7,225,000) (837,000) 3,841,000
other current assets (1,442,000) 342,000 41,000
other assets (1,452,000) (48,000) (65,000)
accounts payable-trade 17,228,000 499,000 (3,427,000)
accrued expenses and deferred compensation 9,457,000 (1,017,000) (1,492,000)
deferred revenue 38,000 103,000 (410,000)
accrued restructuring costs   (124,000) 124,000
income taxes 843,000 (126,000) (2,329,000)
net cash provided by operating activities 21,478,000 4,970,000 13,873,000
cash flows from investing activities:      
cash paid for acquisition of assets, net of cash acquired 892,000   12,096,000
capital expenditures (6,664,000) (4,585,000) (3,261,000)
proceeds from the sale of property, plant, and equipment 12,000 672,000 1,894,000
proceeds from long-term note receivable associated with discontinued operation   1,523,000  
investment in unconsolidated joint venture (90,000) (220,000) (120,000)
proceeds from the sale of short-term investments (available for sale) 468,000 6,606,000 2,458,000
proceeds from the sale of short-term investments (held to maturity) 10,165,000 6,100,000 25,680,000
purchase of short-term investments (available for sale) (5,044,000) (7,555,000) (10,000)
purchase of short-term and long-term investments (held-to-maturity) (8,173,000) (7,465,000)  
proceeds from the sale of long-term investments (rabbi trust) 157,000   1,233,000
purchase of long-term investments (rabbi trust) (619,000) (788,000) (1,011,000)
proceeds from life insurance policy     394,000
net cash (used in) provided by investing activities (10,680,000) (5,712,000) 15,161,000
cash flows from financing activities:      
proceeds from lines of credit   30,765,000 12,000,000
payments associated with lines of credit (30,772,000)   (12,000,000)
proceeds from Paycheck Protection Program loan   7,606,000  
payments associated with Paycheck Protection Program loan (7,606,000)    
payments on vendor-financed capital expenditures     (1,412,000)
proceeds from subordinated loan payable associated with the noncontrolling interest of discontinued operation   250,000 675,000
cash paid for acquisition of businesses   (1,532,000)  
dividends paid (5,292,000) (5,075,000) (4,732,000)
repurchases of common stock   (1,680,000) (3,323,000)
common stock surrendered for payroll withholding taxes (25,000) (51,000) (1,319,000)
capital contribution associated with the noncontrolling interest of discontinued operation   360,000  
payments for debt issuance costs (15,000)   (50,000)
net cash (used in) provided by financing activities (43,710,000) 30,643,000 (10,161,000)
effect of exchange rate changes on cash and cash equivalents 131,000 (119,000) (93,000)
(decrease) increase in cash and cash equivalents (32,781,000) 29,782,000 18,780,000
cash and cash equivalents at beginning of year 69,790,000 40,008,000 21,228,000
cash and cash equivalents at end of year $ 37,009,000 $ 69,790,000 $ 40,008,000
[1] 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.