Income Taxes (Tables)
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12 Months Ended |
Apr. 26, 2014
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Income Tax Disclosure [Abstract] |
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Schedule of Components of Income Tax Expense |
Income tax expense consisted of the following: | | | | | | | | | | | | | | Year Ended | | April 26, 2014 | | April 27, 2013 | | April 28, 2012 | Current: | | | | | | Federal | $ | 11,342 |
| | $ | 9,517 |
| | $ | 2,266 |
| State | 1,454 |
| | 2,219 |
| | 577 |
| Foreign | 696 |
| | 754 |
| | 313 |
| Deferred taxes | 1,543 |
| | (4,340 | ) | | (68 | ) | | $ | 15,035 |
| | $ | 8,150 |
| | $ | 3,088 |
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Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of the provision for income taxes and the amount computed by applying the federal statutory rate to income before income taxes is as follows: | | | | | | | | | | | | | | | | Year Ended | | | April 26, 2014 | | April 27, 2013 | | April 28, 2012 | Computed income tax expense at federal statutory rate | | $ | 13,035 |
| | $ | 10,825 |
| | $ | 4,052 |
| State taxes, net of federal benefit | | 1,433 |
| | 684 |
| | 497 |
| Research and development tax credit | | (750 | ) | | (1,804 | ) | | (1,004 | ) | Meals and entertainment | | 344 |
| | 308 |
| | 375 |
| Stock compensation | | 586 |
| | 466 |
| | 842 |
| Dividends paid to retirement plan | | (328 | ) | | (616 | ) | | (522 | ) | Domestic production activities deduction | | (1,012 | ) | | (976 | ) | | (270 | ) | Change in foreign deferred rates | | — |
| | — |
| | (249 | ) | Change in valuation allowances | | 2,301 |
| | — |
| | (364 | ) | Other, net | | (574 | ) | | (737 | ) | | (269 | ) | | | $ | 15,035 |
| | $ | 8,150 |
| | $ | 3,088 |
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Schedule of Pretax Income Domestic and Foreign |
The pretax income attributable to domestic and foreign operations was as follows: | | | | | | | | | | | | | | Year Ended | | April 26, 2014 | | April 27, 2013 | | April 28, 2012 | Domestic | $ | 35,699 |
| | $ | 27,667 |
| | $ | 10,052 |
| Foreign | 1,542 |
| | 3,262 |
| | 1,525 |
| Income before income taxes | $ | 37,241 |
| | $ | 30,929 |
| | $ | 11,577 |
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Schedule of Deferred Tax Assets and Liabilities |
The components of the net deferred tax asset were as follows: | | | | | | | | | | April 26, 2014 | | April 27, 2013 | Deferred tax assets: | | | | Warranty reserves | $ | 10,432 |
| | $ | 9,847 |
| Vacation accrual | 1,510 |
| | 1,788 |
| Net losses on equity investments | 2,870 |
| | 3,066 |
| Deferred maintenance revenue | 1,332 |
| | 2,439 |
| Reserves for excess and obsolete inventory | 981 |
| | 1,246 |
| Equity compensation | 899 |
| | 1,049 |
| Allowance for doubtful accounts | 797 |
| | 599 |
| Inventory capitalization | 306 |
| | 600 |
| Accrued compensation and benefits | 1,397 |
| | 1,077 |
| Intangible assets | 56 |
| | 37 |
| Net operating loss carry forwards | 766 |
| | — |
| Other | 585 |
| | 440 |
| | 21,931 |
| | 22,188 |
| Valuation allowance on equity investments | (2,297 | ) | | — |
| | 19,634 |
| | 22,188 |
| | | | | Deferred tax liabilities: | |
| | |
| Property and equipment | (6,232 | ) | | (7,542 | ) | Prepaid expenses | (574 | ) | | (662 | ) | Other | (162 | ) | | (168 | ) | | (6,968 | ) | | (8,372 | ) | | $ | 12,666 |
| | $ | 13,816 |
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Schedule of Deferred Tax Assets By Geographic Location |
As stated, such deferred tax assets have an indefinite life and do not expire. They are as follows by jurisdiction:
| | | | | | | | | April 26, 2014 | April 27, 2013 | Germany | $ | 75 |
| $ | — |
| Hong Kong | 8 |
| — |
| Belgium | 683 |
| — |
| | $ | 766 |
| $ | — |
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Schedule of Deferred Tax Assets and Liabilities Current and Non Current |
The following table presents the classification of the net deferred tax assets on the accompanying consolidated balance sheets: | | | | | | | | | | April 26, 2014 | | April 27, 2013 | Current assets | $ | 10,694 |
| | $ | 12,755 |
| Current liabilities | (27 | ) | | — |
| Non-current assets | 2,000 |
| | 1,061 |
| Non-current liabilities | (1 | ) | | — |
| | $ | 12,666 |
| | $ | 13,816 |
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Reconciliation of Unrecognized Tax Benefits |
The following table provides a reconciliation of changes in unrecognized tax benefits for fiscal years 2014, 2013 and 2012: | | | | | | Amount | Balance as of April 30, 2011: | $ | 527 |
| Gross increases related to prior period tax positions | 14 |
| Gross decreases related to prior period tax positions | (178 | ) | Gross increases related to current period tax positions | 86 |
| Balance as of April 28, 2012: | $ | 449 |
| Gross decreases related to prior period tax positions | (11 | ) | Gross increases related to current period tax positions | 129 |
| Lapse of statute of limitations | (188 | ) | Balance as of April 27, 2013: | $ | 379 |
| Gross increases related to prior period tax positions | 16 |
| Gross increases related to current period tax positions | 99 |
| Balance as of April 26, 2014: | $ | 494 |
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