Business Combination Achieved in Stages (Tables)

9 Months Ended

Jan. 30, 2022

Schedule of Unaudited Pro Forma Consolidated Results of Operations

The following unaudited pro forma consolidated results of operations for the three-month and nine-month periods ending January 30, 2022, and January 31, 2021, have been prepared as if this acquisition had occurred on May 4, 2020.

				Three Months Ended
(dollars in thousands, except per share data)	January 30, 2022				January 31, 2021
Net Sales	$	80,291			$	79,786
Income from operations		1,103				3,766
Net (loss) income		(289	)			1,947
Net (loss) income per share - basic	$	(0.02	)		$	0.16
Net (loss) income per share - diluted	$	(0.02	)		$	0.16

			Nine Months Ended
(dollars in thousands, except per share data)	January 30, 2022			January 31, 2021
Net Sales	$	237,899		$	221,931
Income from operations		6,061			10,500
Net income		2,812			1,764
Net income per share - basic	$	0.23		$	0.14
Net income per share - diluted	$	0.23		$	0.14

Summary of Equity Method Investment

The following table summarizes assets, liabilities, and members’ equity for our equity method investment in CIH:

(dollars in thousands)	January 31, 2021
total assets	$	3,652
total liabilities	$	205
total members’ equity	$	3,447

CIH [Member]

Schedule of Allocation of Consideration Transferred to Assets Acquired and Liabilities Assumed

The following table presents the final allocation of the consideration transferred to the assets acquired and liabilities assumed based on their fair values:

(dollars in thousands)	Fair Value
Cash and cash equivalents	$	62
Accounts receivable		169
Inventory		31
Right of use assets		2,544
Equipment and leasehold improvements		846
Accounts payable		(155	)
Gain on bargain purchase		(819	)
	$	2,678