Note 6 - Recently Issued Accounting Pronouncements	3 Months Ended
Jul. 29, 2017
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	6 . RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016 - 09, “Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting” (“ASU 2016 - 09” ). This amendment addresses several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. We adopted ASU 2016 - 09 effective for our fiscal year beginning April 30, 2017. The primary impact of adoption was the recognition of $81,000 for the three months ended July 29, 2017 of excess tax benefits related to share-based payment awards in our provision for income taxes, rather than paid-in capital. Also effective April 30, 2017, the Company retrospectively presented excess tax benefits as an operating activity, rather than a financing activity, in our consolidated statement of cash flows. As a result, we reduced our financing activities and increased our operating activities by $28,000 for the three months ended July 30, 2016. The Company has elected to continue recognition of stock compensation based on estimated forfeitures. In February 2016, the FASB issued Accounting Standards Update No. 2016 - 02, “Leases” (“ASU 2016 - 02” ). ASU 2016 - 02 requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. ASU 2016 - 02 is effective for our fiscal year beginning April 28, 2019. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In November 2015, the FASB issued Accounting Standards Update No. 2015 - 17, “Balance Sheet Classification of Deferred Taxes” (“ASU 2015 - 17” ). ASU 2015 - 17 requires companies to classify all deferred tax liabilities and assets as noncurrent on the balance sheet. We adopted ASU 2015 - 17 effective for our fiscal year beginning April 30, 2017, electing to apply it retrospectively to all periods presented. As a result, $3.9 million of deferred taxes was reclassified from current to non-current on the consolidated balance sheet as of April 29, 2017 . In May 2014, the FASB issued Accounting Standards Update No. 2014 - 09, “Revenue from Contracts with Customers” (“ASU 2014 - 09” ). ASU 2014 - 09 requires an entity to recognize revenue in an amount that reflects the consideration it expects to receive in exchange for goods or services. On August 12, 2015, the FASB issued ASU 2015 - 14 which deferred the effective date of ASU 2014 - 09 by one year and is effective for our fiscal year beginning April 29, 2018. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements; however, adoption is not expected to have a material impact on our financial position, results of operations or cash flows.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

March

2016,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update

2016

09,

“Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting” (“ASU

2016

09”

). This amendment addresses several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. We adopted ASU

2016

effective for our fiscal year beginning

April 30, 2017.

The primary impact of adoption was the recognition of

$81,000

for the

three

months ended

July 29, 2017

of excess tax benefits related to share-based payment awards in our provision for income taxes, rather than paid-in capital.

Also effective

April 30, 2017,

the Company retrospectively presented excess tax benefits as an operating activity, rather than a financing activity, in our consolidated statement of cash flows. As a result, we reduced our financing activities and increased our operating activities by

$28,000

for the

three

months ended

July 30, 2016.

The Company has elected to continue recognition of stock compensation based on estimated forfeitures.

February 2016,

the FASB issued Accounting Standards Update

No.

2016

02,

“Leases” (“ASU

2016

02”

). ASU

2016

requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. ASU

2016

is effective for our fiscal year beginning

April 28, 2019.

We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements.

November 2015,

the FASB issued Accounting Standards Update

No.

2015

17,

“Balance Sheet Classification of Deferred Taxes” (“ASU

2015

17”

). ASU

2015

requires companies to classify all deferred tax liabilities and assets as noncurrent on the balance sheet. We adopted ASU

2015

effective for our fiscal year beginning

April 30, 2017,

electing to apply it retrospectively to all periods presented. As a result,

$3.9

million of deferred taxes was reclassified from current to non-current on the consolidated balance sheet as of

April 29, 2017

May 2014,

the FASB issued Accounting Standards Update

No.

2014

09,

“Revenue from Contracts with Customers” (“ASU

2014

09”

). ASU

2014

requires an entity to recognize revenue in an amount that reflects the consideration it expects to receive in exchange for goods or services. On

August 12, 2015,

the FASB issued ASU

2015

which deferred the effective date of ASU

2014

one

year and is effective for our fiscal year beginning

April 29, 2018.

We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements; however, adoption is

not

expected to have a material impact on our financial position, results of operations or cash flows.