| Schedule of Operating Segments Information |
Financial information for the company’s operating segments
follows:
| |
|
Three months ended
|
|
|
(dollars in thousands)
|
|
January 29, 2017
|
|
|
January 31, 2016
|
|
|
Net sales:
|
|
|
|
|
|
|
|
Mattress Fabrics
|
|
$
|
45,920
|
|
|
$
|
44,277
|
|
|
Upholstery Fabrics
|
|
|
30,249
|
|
|
|
34,189
|
|
| |
|
$
|
76,169
|
|
|
$
|
78,466
|
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
Mattress Fabrics
|
|
$
|
9,758
|
|
|
$
|
8,751
|
|
|
Upholstery Fabrics
|
|
|
7,001
|
|
|
|
7,812
|
|
| |
|
$
|
16,759
|
|
|
$
|
16,563
|
|
|
Selling, general, and administrative expenses:
|
|
|
|
|
|
|
|
|
|
Mattress Fabrics
|
|
$
|
3,391
|
|
|
$
|
2,953
|
|
|
Upholstery Fabrics
|
|
|
3,901
|
|
|
|
3,963
|
|
|
Total segment selling, general, and
|
|
|
|
|
|
|
|
|
|
administrative expenses
|
|
|
7,292
|
|
|
|
6,916
|
|
|
Unallocated corporate expenses
|
|
|
2,532
|
|
|
|
2,421
|
|
| |
|
$
|
9,824
|
|
|
$
|
9,337
|
|
|
Income from operations:
|
|
|
|
|
|
|
|
|
|
Mattress Fabrics
|
|
$
|
6,367
|
|
|
$
|
5,798
|
|
|
Upholstery Fabrics
|
|
|
3,100
|
|
|
|
3,849
|
|
|
Total segment income from operations
|
|
|
9,467
|
|
|
|
9,647
|
|
|
Unallocated corporate expenses
|
|
|
(2,532
|
)
|
|
|
(2,421
|
)
|
|
Total income from operations
|
|
|
6,935
|
|
|
|
7,226
|
|
|
Interest income
|
|
|
124
|
|
|
|
38
|
|
|
Other expense
|
|
|
(69
|
)
|
|
|
(85
|
)
|
|
Income before income taxes
|
|
$
|
6,990
|
|
|
$
|
7,179
|
|
| |
|
Nine months ended
|
|
|
(dollars in thousands)
|
|
January 29, 2017
|
|
|
January 31, 2016
|
|
|
Net sales:
|
|
|
|
|
|
|
|
Mattress Fabrics
|
|
$
|
141,977
|
|
|
$
|
137,522
|
|
|
Upholstery Fabrics
|
|
|
90,217
|
|
|
|
98,085
|
|
| |
|
$
|
232,914
|
|
|
$
|
235,607
|
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
Mattress Fabrics
|
|
$
|
32,414
|
|
|
$
|
28,133
|
|
|
Upholstery Fabrics
|
|
|
19,665
|
|
|
|
20,365
|
|
| |
|
$
|
52,079
|
|
|
$
|
48,498
|
|
|
Selling, general, and administrative expenses:
|
|
|
|
|
|
|
|
|
|
Mattress Fabrics
|
|
$
|
10,185
|
|
|
$
|
8,865
|
|
|
Upholstery Fabrics
|
|
|
11,086
|
|
|
|
11,372
|
|
|
Total segment selling, general, and
|
|
|
|
|
|
|
|
|
|
administrative expenses
|
|
|
21,271
|
|
|
|
20,237
|
|
|
Unallocated corporate expenses
|
|
|
7,900
|
|
|
|
7,275
|
|
| |
|
$
|
29,171
|
|
|
$
|
27,512
|
|
|
Income from operations:
|
|
|
|
|
|
|
|
|
|
Mattress Fabrics
|
|
$
|
22,229
|
|
|
$
|
19,267
|
|
|
Upholstery Fabrics
|
|
|
8,579
|
|
|
|
8,994
|
|
|
Total segment income from operations
|
|
|
30,808
|
|
|
|
28,261
|
|
|
Unallocated corporate expenses
|
|
|
(7,900
|
)
|
|
|
(7,275
|
)
|
|
Total income from operations
|
|
|
22,908
|
|
|
|
20,986
|
|
|
Interest income
|
|
|
164
|
|
|
|
150
|
|
|
Other expense
|
|
|
(376
|
)
|
|
|
(405
|
)
|
|
Income before income taxes
|
|
$
|
22,696
|
|
|
$
|
20,731
|
|
Balance sheet information for the company’s operating
segments follows:
|
(dollars in thousands)
|
|
January 29, 2017
|
|
|
January 31, 2016
|
|
|
May 1, 2016
|
|
|
Segment assets:
|
|
|
|
|
|
|
|
|
|
|
Mattress Fabrics
|
|
|
|
|
|
|
|
|
|
|
Current assets (1)
|
|
$
|
41,498
|
|
|
$
|
44,309
|
|
|
$
|
43,472
|
|
|
Non-compete agreement
|
|
|
847
|
|
|
|
922
|
|
|
|
903
|
|
|
Customer relationships
|
|
|
677
|
|
|
|
728
|
|
|
|
715
|
|
|
Investment in unconsolidated joint venture
|
|
|
600
|
|
|
|
-
|
|
|
|
-
|
|
|
Goodwill
|
|
|
11,462
|
|
|
|
11,462
|
|
|
|
11,462
|
|
|
Property, plant and equipment (2)
|
|
|
47,755
|
|
|
|
35,637
|
|
|
|
37,480
|
|
|
Total mattress fabrics assets
|
|
|
102,839
|
|
|
|
93,058
|
|
|
|
94,032
|
|
|
Upholstery Fabrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets (1)
|
|
|
27,421
|
|
|
|
30,960
|
|
|
|
26,540
|
|
|
Property, plant and equipment (3)
|
|
|
1,826
|
|
|
|
1,590
|
|
|
|
1,564
|
|
|
Total upholstery fabrics assets
|
|
|
29,247
|
|
|
|
32,550
|
|
|
|
28,104
|
|
|
Total segment assets
|
|
|
132,086
|
|
|
|
125,608
|
|
|
|
122,136
|
|
|
Non-segment assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
15,659
|
|
|
|
31,713
|
|
|
|
37,787
|
|
|
Short-term investments
|
|
|
2,410
|
|
|
|
4,259
|
|
|
|
4,359
|
|
|
Deferred income taxes
|
|
|
422
|
|
|
|
4,312
|
|
|
|
2,319
|
|
|
Income taxes receivable
|
|
|
-
|
|
|
|
23
|
|
|
|
155
|
|
|
Other current assets
|
|
|
2,514
|
|
|
|
2,331
|
|
|
|
2,477
|
|
|
Property, plant and equipment (4)
|
|
|
752
|
|
|
|
930
|
|
|
|
929
|
|
|
Long-term investments (Held-to-Maturity)
|
|
|
30,832
|
|
|
|
-
|
|
|
|
-
|
|
|
Long-term investments (Rabbi Trust)
|
|
|
5,488
|
|
|
|
3,590
|
|
|
|
4,025
|
|
|
Other assets
|
|
|
893
|
|
|
|
785
|
|
|
|
955
|
|
|
Total assets
|
|
$
|
191,056
|
|
|
$
|
173,551
|
|
|
$
|
175,142
|
|
| |
|
Nine months ended
|
|
|
(dollars in thousands)
|
|
January 29, 2017
|
|
|
January 31, 2016
|
|
|
Capital expenditures (5):
|
|
|
|
|
|
|
|
Mattress Fabrics
|
|
$
|
14,957
|
|
|
$
|
6,215
|
|
|
Upholstery Fabrics
|
|
|
645
|
|
|
|
481
|
|
|
Unallocated Corporate
|
|
|
72
|
|
|
|
381
|
|
|
Total capital expenditures
|
|
$
|
15,674
|
|
|
$
|
7,077
|
|
|
Depreciation expense:
|
|
|
|
|
|
|
|
|
|
Mattress Fabrics
|
|
$
|
4,673
|
|
|
$
|
4,273
|
|
|
Upholstery Fabrics
|
|
|
631
|
|
|
|
615
|
|
|
Total depreciation expense
|
|
$
|
5,304
|
|
|
$
|
4,888
|
|
|
(1)
|
Current assets represent accounts receivable and inventory for the
respective segment.
|
|
(2)
|
The $47.8 million at January 29, 2017, represents property, plant,
and equipment of $32.6 million and $15.2 million located in the
U.S. and Canada, respectively. The $35.6 million at January 31,
2016, represents property, plant, and equipment of $23.0 million
and $12.6 million located in the U.S. and Canada, respectively. The
$37.5 million at May 1, 2016, represents property, plant, and
equipment of $24.8 million and $12.7 million located in the U.S.
and Canada, respectively.
|
|
(3)
|
The $1.8 million at January 29, 2017, represents property, plant,
and equipment of $1.1 million and $711 located in the U.S. and
China, respectively. The $1.6 million at January 31, 2016,
represents property, plant, and equipment of $860 and $730 located
in the U.S. and China, respectively. The $1.6 million at May 1,
2016, represents property, plant, and equipment of $893 and $671
located in the U.S. and China, respectively.
|
|
(4)
|
The $752, $930, and $929 at January 29, 2017, January 31, 2016 and
May 1, 2016, respectively, represent property, plant, and equipment
associated with unallocated corporate departments and corporate
departments shared by both the mattress and upholstery fabric
segments. Property, plant, and equipment associated with corporate
are located in the U.S.
|
|
(5)
|
Capital expenditure amounts are stated on the accrual basis. See
Consolidated Statements of Cash Flows for capital expenditure
amounts on a cash basis.
|
|