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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
May 01, 2022
May 02, 2021
May 03, 2020
cash flows from operating activities:      
net (loss) income $ (3,211,000) $ 3,218,000 $ (28,667,000)
adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
depreciation 6,994,000 6,846,000 7,827,000
amortization 559,000 466,000 647,000
asset impairments 0 0 33,914,000
reversal of contingent consideration associated with discontinued operation     (6,081,000)
loss on disposal of discontinued operation     1,606,000
stock-based compensation 1,133,000 1,251,000 614,000
deferred income taxes 691,000 3,760,000 (1,694,000)
gain on bargain purchase [1]   (819,000)  
gain on sale of property, plant, and equipment   (57,000) (238,000)
(income) loss from investment in unconsolidated joint venture   (31,000) 125,000
realized loss (gain) from the sale of investments 450,000 (6,000) 10,000
foreign currency exchange loss 16,000 1,520,000 109,000
changes in assets and liabilities, net of effects of acquisition and disposal of businesses:      
accounts receivable 15,416,000 (12,117,000) (1,994,000)
inventories (10,787,000) (7,225,000) (837,000)
other current assets 946,000 (1,442,000) 342,000
other assets (1,386,000) (1,452,000) (48,000)
accounts payable-trade (22,131,000) 17,228,000 499,000
accrued expenses and deferred compensation (5,204,000) 9,457,000 (1,017,000)
deferred revenue (20,000) 38,000 103,000
accrued restructuring costs     (124,000)
income taxes (907,000) 843,000 (126,000)
net cash (used in) provided by operating activities (17,441,000) 21,478,000 4,970,000
cash flows from investing activities:      
cash paid for acquisition of assets, net of cash acquired   (892,000)  
capital expenditures (5,695,000) (6,664,000) (4,585,000)
proceeds from the sale of property, plant, and equipment   12,000 672,000
proceeds from long-term note receivable associated with discontinued operation     1,523,000
investment in unconsolidated joint venture   (90,000) (220,000)
proceeds from the sale of short-term investments (available for sale) 9,879,000 468,000 6,606,000
proceeds from the sale and maturity of investments (held to maturity) 13,486,000 10,165,000 6,100,000
purchase of short-term investments (available for sale) (4,391,000) (5,044,000) (7,555,000)
purchase of investments (held-to-maturity) (9,751,000) (8,173,000) (7,465,000)
proceeds from the sale of long-term investments (rabbi trust) 56,000 157,000  
purchase of long-term investments (rabbi trust) (1,088,000) (619,000) (788,000)
net cash provided by (used in) investing activities 2,496,000 (10,680,000) (5,712,000)
cash flows from financing activities:      
proceeds from lines of credit 9,000,000   30,765,000
payments associated with lines of credit (9,000,000) (30,772,000)  
proceeds from Paycheck Protection Program loan     7,606,000
payments associated with Paycheck Protection Program loan   (7,606,000)  
proceeds from subordinated loan payable associated with the noncontrolling interest of discontinued operation     250,000
cash paid for acquisition of businesses     (1,532,000)
dividends paid (5,511,000) (5,292,000) (5,075,000)
repurchases of common stock (1,752,000)   (1,680,000)
common stock surrendered for payroll withholding taxes (50,000) (25,000) (51,000)
capital contribution associated with the noncontrolling interest of discontinued operation     360,000
payments for debt issuance costs (110,000) (15,000)  
net cash (used in) provided by financing activities (7,423,000) (43,710,000) 30,643,000
effect of exchange rate changes on cash and cash equivalents (91,000) 131,000 (119,000)
(decrease) increase in cash and cash equivalents (22,459,000) (32,781,000) 29,782,000
cash and cash equivalents at beginning of year 37,009,000 69,790,000 40,008,000
cash and cash equivalents at end of year $ 14,550,000 $ 37,009,000 $ 69,790,000
[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 exceeded the fair value of our previously held 50% ownership interest of $1.7 million and the $954,000 total purchase price for the remaining 50% ownership interest.