XML 34 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Segment Reporting Segment Reporting (Tables)
 9 Months Ended
Jan. 27, 2018
Segment Reporting Information [Line Items]  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
Summarized financial information for our reportable segments is reported below:
 
13 weeks ended
 
39 weeks ended
 
January 27,
2018
 
January 28,
2017
 
January 27, 2018
 
January 28, 2017
Sales:
 
 
 
 
 
 
 
BNC
$
506,460

 
$
521,624

 
$
1,518,224

 
$
1,531,532

MBS
138,927

 
—

 
413,579

 
—

Elimination
(41,996
)
 
—

 
(85,840
)
 
—

Total Sales
$
603,391

 
$
521,624

 
$
1,845,963

 
$
1,531,532

 
 
 
 
 
 
 
 
Gross Profit
 
 
 
 
 
 
 
BNC
$
117,413

 
$
115,925

 
$
337,875

 
$
334,852

MBS
34,949

 
—

 
95,713

 
—

Elimination
(5,827
)
 
—

 
(5,782
)
 
—

Total Gross Profit
$
146,535

 
$
115,925

 
$
427,806

 
$
334,852

 
 
 
 
 
 
 
 
Depreciation and Amortization
 
 
 
 
 
 
 
BNC
$
15,411

 
$
13,149

 
$
43,879

 
$
39,057

MBS
1,596

 
—

 
4,849

 
—

Total Depreciation and Amortization
$
17,007

 
$
13,149

 
$
48,728

 
$
39,057

 
 
 
 
 
 
 
 
Operating (Loss) Income
 
 
 
 
 
 
 
BNC (a),(b),(c)
$
(308,954
)
 
$
5,198

 
$
(310,004
)
 
$
9,196

MBS
19,156

 
—

 
47,878

 
—

Elimination
(5,827
)
 
—

 
(5,782
)
 
—

Total Operating (Loss) Income
$
(295,625
)
 
$
5,198

 
$
(267,908
)
 
$
9,196

 
 
 
 
 
 
 
 
The following is a reconciliation of segment Operating (Loss) Income to consolidated (Loss) Income Before Income Taxes:
 
 
 
 
 
 
 
Total Operating (Loss) Income
$
(295,625
)
 
$
5,198

 
$
(267,908
)
 
$
9,196

Interest Expense, net
(2,954
)
 
(679
)
 
(7,828
)
 
(1,975
)
Total (Loss) Income Before Income Taxes
$
(298,579
)
 
$
4,519

 
$
(275,736
)
 
$
7,221

 
 
 
 
 
 
 
 
(a) During the 39 weeks ended January 27, 2018, we recognized expenses totaling approximately $5,361 related to the resignation of Mr. Max J. Roberts as Chief Executive Officer of the Company and the appointment of Mr. Michael P. Huseby to the position of Chief Executive Officer and Chairman of the Board, both effective as of September 19, 2017. For additional information, refer to Note 9. Supplemental Information - Restructuring and Other Charges in this Form 10-Q.
(b) On August 3, 2017, we acquired Student Brands, LLC, a leading direct-to-student subscription-based writing services business. The condensed consolidated financial statements for the 13 and 39 weeks ended January 27, 2018 include the financial results of Student Brands in the BNC segment from the date of acquisition, August 3, 2017, and the condensed consolidated financial statements for the 13 and 39 weeks ended January 28, 2017 exclude the financial results of Student Brands.
(c)
During the 13 weeks ended January 27, 2018, we completed our annual goodwill impairment test. Based on the results of the impairment test, the carrying value of the BNC reporting unit exceeded its fair value and we recorded a goodwill impairment (non-cash impairment loss) of $313,130 for the BNC segment. For additional information, see Note 2. Summary of Significant Accounting Policies in this Form 10-Q.