View Filing Data

55,651

51,482

46,193

Property, plant and equipment, net

3,114

2,894

2,514

Total current assets

126,968

102,191

89,502

51,838

51,651

50,333

Goodwill

11,462

Long-term investments - Held-To-Maturity

1,942

419

422

13,625

30,945

30,832

Long-term investments - Rabbi Trust

7,176

5,466

5,488

1,518

1,106

600

2,315

2,394

2,417

Accounts payable - capital expenditures

216,844

205,634

191,056

Current liabilities:

Accounts payable-trade

32,434

29,101

22,352

1,554

4,767

4,886

Accrued expenses

8,842

11,947

10,511

Income taxes payable - current

1,580

287

217

Total current liabilities

44,410

46,102

37,966

Accounts payable - capital expenditures

1,322

708

Income taxes payable - long-term

10,940

467

1,817

Commitments and Contingencies (Note 15)

2,096

3,593

2,924

Deferred compensation

7,216

5,520

5,327

Total liabilities

64,662

57,004

48,742

Shareholders' equity

Preferred stock, $0.05 par value, authorized 10,000,000

Common stock, $0.05 par value, authorized 40,000,000 shares, issued and outstanding 12,450,276 at January 28, 2018; 12,314,756 at January 29, 2017; and 12,356,631 at April 30, 2017

623

618

615

Capital contributed in excess of par value

48,413

47,415

46,365

Accumulated earnings

103,090

100,601

95,391

Accumulated other comprehensive income (loss)

(4)

(57)

Total shareholders' equity

152,182

148,630

142,314

Total liabilities and shareholders' equity

$ 216,844

$ 205,634

$ 191,056

[1]	Derived from audited financial statements.

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares

Jan. 28, 2018

Apr. 30, 2017

^[1]

Jan. 29, 2017

Statement of Financial Position [Abstract]

Preferred stock, par value

$ 0.05

Preferred stock, authorized shares

10,000,000

Common stock, par value

$ 0.05

Common stock, authorized shares

40,000,000

Common stock, issued

12,450,276

12,356,631

12,314,756

Common stock, outstanding

12,450,276

12,356,631

12,314,756

[1]	Derived from audited financial statements.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands

9 Months Ended

Jan. 28, 2018

Jan. 29, 2017

Cash flows from operating activities:

Adjustments to reconcile net income to net cash provided by operating activities:

$ 8,211

$ 16,136

Depreciation

5,679

5,304

Amortization of assets

248

162

Stock-based compensation

2,422

2,619

Realized loss on sale of short-term investments (Available for Sale)

(3,020)

3,533

Gain on sale of equipment

(71)

Loss from investment in unconsolidated joint venture

249

Foreign currency exchange loss (gain)

133

(18)

Changes in assets and liabilities:

Accounts receivable

(923)

340

(3,275)

(137)

(27)

Accrued expenses and deferred compensation

(37)

Accounts payable - trade

1,715

(946)

(1,608)

(668)

Income taxes

11,702

(1,695)

Net cash provided by operating activities

21,469

24,712

Cash flows from investing activities:

(6,657)

(9,253)

Proceeds from the sale of equipment

(661)

(600)

Proceeds from the sale of short-term investments (Available for Sale)

2,000

Purchase of short-term investments (Available for Sale)

(37)

(8)

Purchase of long-term investments (Held-To-Maturity)

(31,050)

Proceeds from the sale of long-term investments (Rabbi Trust)

Purchase of long-term investments (Rabbi Trust)

(1,699)

(1,431)

Premium payment on life insurance policy

(18)

Net cash used in investing activities

(9,009)

(40,280)

Cash flows from financing activities:

Proceeds from line of credit

10,000

7,000

Payments on line of credit

(10,000)

(7,000)

Payments on vendor-financed capital expenditures

(3,750)

(1,050)

Dividends paid

(5,722)

(5,292)

Common stock surrendered for withholding taxes payable

(1,530)

(280)

Payments on debt issuance costs

(2)

Proceeds from common stock issued

111

Net cash used in financing activities

(10,891)

(6,587)

Effect of exchange rate changes on cash and cash equivalents

Decrease in cash and cash equivalents

1,633

(22,128)

Cash and cash equivalents at beginning of period

20,795

^[1]

37,787

Cash and cash equivalents at end of period

$ 22,428

$ 15,659

[1]	Derived from audited financial statements.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Thousands

Total

Common Stock

Capital Contributed in Excess of Par Value

Accumulated Earnings

Accumulated Other Comprehensive (Loss) Income

Balance at May. 01, 2016

$ 128,812

$ 614

$ 43,795

$ 84,547

$ (144)

Balance (in shares) at May. 01, 2016

12,265,489

Unrealized gain on investments

16,136

Balance at Jan. 29, 2017

142,314

Balance at May. 01, 2016

128,812

$ 614

43,795

84,547

(144)

Balance (in shares) at May. 01, 2016

12,265,489

Unrealized gain on investments

22,334

Stock-based compensation

3,358

140

Excess tax benefit related to stock based compensation

657

Common stock issued in connection with vesting of performance based restricted stock units

$ 2

(2)

Common stock issued in connection with vesting of performance based restricted stock units (in shares)

49,192

Fully vested common stock award

4,800

Common stock issued in connection with exercise of stock options

588

$ 3

585

Common stock issued in connection with exercise of stock options (in shares)

68,000

Common stock surrendered for the cost of stock option exercises and withholding taxes payable

(979)

$ (1)

(978)

Common stock surrendered for the cost of stock option exercises and withholding taxes payable (in shares)

(30,850)

Dividends paid

(6,280)

Balance at Apr. 30, 2017

^[1]

148,630

$ 618

47,415

100,601

(4)

Balance (in shares) at Apr. 30, 2017

^[1]

12,356,631

Unrealized gain on investments

8,211

Stock-based compensation

2,422

Common stock issued in connection with vesting of performance based restricted stock units

$ 6

(6)

Common stock issued in connection with vesting of performance based restricted stock units (in shares)

118,845

Fully vested common stock award

4,800

Common stock issued in connection with vesting of time- based restricted stock unit (in shares)

1,200

Common stock issued in connection with exercise of stock options

111

$ 1

110

Common stock issued in connection with exercise of stock options (in shares)

15,600

Common stock surrendered for the cost of stock option exercises and withholding taxes payable

(1,530)

$ (2)

(1,528)

Common stock surrendered for the cost of stock option exercises and withholding taxes payable (in shares)

(46,800)

Dividends paid

(5,722)

Balance at Jan. 28, 2018

$ 152,182

$ 623

$ 48,413

$ 103,090

$ 56

Balance (in shares) at Jan. 28, 2018

12,450,276

[1]	Derived from audited financial statements.

Basis of Presentation	9 Months Ended
Basis of Presentation	Jan. 28, 2018
Accounting Policies [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying unaudited consolidated financial statements of Culp, Inc. and subsidiaries (the “company”) include all adjustments, which are, in the opinion of management, necessary for fair presentation of the results of operations and financial position. All of these adjustments are of a normal recurring nature, with the exception of our assessments made and provisional amounts recorded with regard to the 2017 Tax Cuts and Job Act (See Note 13 for further details). Results of operations for interim periods may not be indicative of future results. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements, which are included in the company’s annual report on Form 10-K filed with the Securities and Exchange Commission on July 14, 2017, for the fiscal year ended April 30, 2017. The company’s nine months ended January 28, 2018, and January 29, 2017, represent 39 week periods, respectively.

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Jan. 28, 2018
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies As of January 28, 2018, there were no changes in the nature of our significant accounting policies or the application of those policies from those reported in our annual report on Form 10-K for the year then ended April 30, 2017, with the exception of our assessments made and provisional amounts recorded with regard to the 2017 Tax Cuts and Job Act (See Note 13 for further details). Recently Adopted Accounting Pronouncements Measurement of Inventory In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory”, which changed the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. ASU No. 2015-11 was effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2016. As a result, we adopted ASU No. 2015-11 in the first quarter of fiscal 2018 and the adoption of this guidance did not have a significant impact on our consolidated financial statements. Stock-Based Compensation In March 2016, the FASB issued ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. ASU No. 2016-09 was effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2016. Accordingly, we adopted this guidance during the first quarter of fiscal 2018. ASU No. 2016-09 aims to simplify several aspects of accounting and financial reporting for share-based payment transactions. One provision within this pronouncement requires that excess income tax benefits and deficiencies related to share-based payments be recognized within income tax expense as a discrete event in the period in which they occur, rather than within additional paid-in capital on our Consolidated Balance Sheet on a prospective basis. The impact to our results of operations related to this provision through the third quarter of fiscal 2018 was a reduction to income tax expense of $500,000. The impact of this provision on our future results of operations will depend in part on the market prices for the shares of our common stock on the dates there are taxable events related to the share-based awards, and therefore, the impact is difficult to predict. In connection with another provision within ASU No. 2016-09, we have elected to account for forfeitures of share-based awards as an estimate of the number of awards that are expected to vest, which is consistent with our accounting policy prior to adoption. Also, we adopted the provisions of ASU No. 2016-09 related to changes on the Consolidated Statements of Cash Flows on a retrospective basis. As a result, we no longer classify excess income tax benefits as a financing activity, which increased net cash provided by operating activities and reduced net cash provided by financing activities by $195,000 for the nine months ended January 29, 2017. Additionally, we no longer classify payments for employee taxes when common stock shares are withheld to satisfy the employer’s statutory income tax withholding obligation as an operating activity, which increased net cash provided by operating activities and reduced net cash provided by financing activities by $280,000 for the nine months ended January 29, 2017. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, as amended Revenue from Contracts with Customers. The amendments in this ASU are intended to enhance the comparability of revenue recognition practices and will be applied to all contracts with customers. Improved disclosures related to the nature, amount, timing, and uncertainty of revenue that is recognized are requirements under the amended guidance. The new revenue standard will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. We are therefore required to apply the new revenue guidance in our fiscal 2019 interim and annual financial statements. This ASU can be adopted either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Currently, we do not expect that this guidance will have a material impact on our results of operations and financial position, but we do expect this guidance to have a material impact on the disclosures required in our notes to the consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which increases transparency and comparability among companies accounting for lease transactions. The most significant change of this update will require the recognition of lease assets and liabilities on the balance sheet for operating lease arrangements with lease terms greater than twelve months for lessees. This update will require a modified retrospective application which includes a number of optional practical expedients related to the identification and classification of leases commenced before the effective date. This ASU is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2018. We are therefore required to apply this guidance in our fiscal 2020 interim and annual financial statements. We are currently assessing the impact that this guidance will have on our consolidated financial statements, but we expect this guidance to have a material impact on our financial position as a result of the requirement to recognize right-of-use assets and lease liabilities on our consolidated balance sheets. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, to address the diversity in how certain cash receipts and cash payments are presented in the statement of cash flows. This new guidance provides clarity around the cash flow classification for eight specific issues in an effort to reduce the current and potential future diversity in practice. This standard, which is to be applied retrospectively, will be effective for the first interim period within annual reporting periods beginning after December 15, 2017, and early adoption is permitted. We are therefore required to apply this new guidance in our fiscal 2019 interim and annual financial statements. We are currently assessing the impact that this guidance will have on our consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, to reduce the diversity in practice and complexity associated with accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current GAAP prohibits recognition of deferred income taxes for an intra-entity transfer until the asset has been sold to an outside party. The new pronouncement stipulates that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This new guidance will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods, with early adoption permitted in the first interim period only. We are therefore required to apply this new guidance in our fiscal 2019 interim and annual financial statements. The amendments are to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. We are currently assessing the impact that this guidance will have on our consolidated financial statements. There are no other new accounting pronouncements that are expected to have a significant impact on our consolidated financial statements.

Stock-Based Compensation

9 Months Ended

Jan. 28, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

3. Stock-Based Compensation

Equity Incentive Plan Description

On September 16, 2015, our shareholders approved an equity incentive plan entitled the Culp, Inc. 2015 Equity Incentive Plan (the “2015 Plan”). The 2015 Plan updated and replaced our 2007 Equity Incentive Plan (the “2007 Plan”) as the vehicle for granting new equity based awards substantially similar to those authorized under the 2007 Plan. In general, the 2015 Plan authorizes the grant of stock options intended to qualify as incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, and other equity and cash related awards as determined by our Compensation Committee. An aggregate of 1,200,000 shares of common stock were authorized for issuance under the 2015 Plan, with certain sub-limits that would apply with respect to specific types of awards that may be issued as defined in the 2015 Plan. In connection with the approval of the 2015 Plan, no further awards will be granted under the 2007 Plan, but outstanding awards under the 2007 Plan will be settled in accordance with their terms.

At January 28, 2018, there were 892,580 shares available for future equity based grants under our 2015 plan.

Incentive Stock Option Awards

We did not grant any incentive stock option awards through the third quarter of fiscal 2018.

At January 28, 2018, there were no option shares of common stock outstanding and exercisable. Therefore, there was no unrecognized compensation cost related to incentive stock option awards at January 28, 2018. No compensation expense was recorded for incentive stock options for the nine months ended January 28, 2018 and January 29, 2017, respectively.

The aggregate intrinsic value for options exercised for the nine months ending January 28, 2018 and January 29, 2017, was $393,000 and $128,000, respectively.

Performance Based Restricted Stock Units

Executive Management

On July 13, 2017, we granted performance-based restricted stock units to members of executive management (NEOs) which could earn up to a certain number of shares of common stock if certain performance targets are met over a three-fiscal year performance period as defined in the related restricted stock unit agreements. The number of shares of common stock that are earned based on the performance targets that have been achieved will be adjusted based on a market-based total shareholder return component as defined in the related restricted stock unit agreements.

Compensation cost is measured based on the fair market value on the date of grant (July 13, 2017). The fair market value per share was determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock for the performance-based components.

The following table provides assumptions used to determine the fair market value of the market-based total shareholder return component using the Monte Carlo simulation model on the date of grant:


Closing price of our common stock	$32.50
Expected volatility of our common stock	31.0	%
Expected volatility of peer companies	16.5	%
Risk-free interest rate	1.56	%
Dividend yield	1.66	%
Correlation coefficient of peer companies	0.46

On July 14, 2016 and July 15, 2015, we granted performance-based restricted stock units to NEOs which could earn up to a certain number of shares of common stock if certain performance targets were met over a three-fiscal year performance period as defined in the related restricted stock unit agreements. These awards were measured based on the fair market value (closing price of our common stock) on the date of grant. No market-based total shareholder return component was included in these awards.

Key Employees and a Non-Employee

We granted performance-based restricted stock units which could earn up to a certain number of shares of common stock if certain performance targets are met over a three-fiscal year performance period as defined in the related restricted stock unit agreements. Our performance based restricted stock units granted to key employees were measured based on the fair market value (the closing price of our common stock) on the date of grant. Our performance based restricted stock units granted to a non-employee were measured based on the fair market value (the closing price of our common stock) at the earlier date of when the performance criteria are met or the end of the reporting period. No market-based total shareholder return component was included in these awards.

The following table summarizes information related to our grants of performance based restricted stock units associated with NEOs and key employees that are currently unvested:


	(3)
	Restricted Stock		Price Per			Vesting
Date of Grant	Units Awarded		Share			Period
July 13, 2017 (1)		78,195	$	31.85	(4)		3 years
July 13, 2017 (2)		44,000	$	32.50	(5)		3 years
July 14, 2016 (1) (2)		107,880	$	28.00	(5)		3 years
July 15, 2015 (1) (2)		107,554	$	32.23	(5)		3 years

(1)	Performance-based restricted stock units awarded to NEOs.

(2)	Performance-based restricted stock units awarded to key employees.

(3)	Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.

(4)

Price per share represents the fair market value per share ($0.98 per $1 or a reduction of $0.65 to the closing price of the our common stock) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($32.50) for the performance-based components of the performance-based restricted stock units granted to our NEOs on July 13, 2017.

(5)	Price per share represents the closing price of our common stock on the date of grant.

The following table summarizes information related to our grants of performance-based restricted stock units associated with a non-employee that are currently unvested:


	(1)
	Restricted Stock		Price Per			Vesting
Date of Grant	Units Awarded		Share			Period
July 13, 2017		10,200	$	31.35	(2)		3 years
July 14, 2016		11,549	$	31.35	(2)		3 years
July 15, 2015		10,364	$	31.35	(2)		3 years

(1)	Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.

(2)	The respective grant was unvested at the end of our reporting period. Accordingly, the price per share represents the closing price of our common stock on January 28, 2018, the end of our reporting period.

The following table summarizes information related to our performance based restricted stock units that vested during the nine month periods ending January 28, 2018 and January 29, 2017:


			(3)
	Common Stock		Weighted Average		Price
Fiscal Year	Shares Vested		Fair Value		Per Share
Fiscal 2018 (1)		102,845	$	1,820	$	17.70	(4)
Fiscal 2018 (2)		16,000	$	520	$	32.50	(5)
Fiscal 2017 (1)		37,192	$	637	$	17.12	(4)
Fiscal 2017 (2)		12,000	$	345	$	28.77	(5)

(1)	NEOs and key employees.

(2)	Non-employee

(3)	Dollar amounts are in thousands.

(4)	Price per share represents closing price of our common stock on the date of grant.

(5)	The respective grant vested during the first quarter of fiscal 2018 or 2017, respectively. Accordingly, the price per share represents the closing price of our common stock on the date the award vested.

Overall

We recorded compensation expense of $2.2 million and $2.5 million within selling, general, and administrative expense associated with our performance based restricted stock units for the nine month periods ending January 28, 2018 and January 29, 2017, respectively. Compensation cost is recorded based on an assessment each reporting period of the probability that certain performance goals will be met during the vesting period. If performance goals are not probable of occurrence, no compensation cost will be recognized and any recognized compensation cost would be reversed.

At January 28, 2018, the remaining unrecognized compensation cost related to the performance based restricted stock units was $3.8 million, which is expected to be recognized over a weighted average vesting period of 1.8 years.

Common Stock Awards

We granted a total of 4,800 shares of common stock to our outside directors on October 2, 2017, and October 3, 2016, respectively. These shares of common stock vested immediately and were valued based on the fair market value on the date of grant. The fair value of these awards were $33.20 and $29.80 per share, on October 2, 2017, and October 3, 2016, which represents the closing price of our common stock on the date of grant.

We recorded $159,000 and $143,000 of compensation expense within selling, general, and administrative expense for these common stock awards for the nine month periods ending January 28, 2018 and January 29, 2017, respectively.

Time Vested Restricted Stock Units

Fiscal 2018 Grant

On July 13, 2017, an employee was granted 1,200 shares of time vested restricted stock units which vested over the requisite service period of 11 months. This award was measured at its fair market value, which was $32.50 per share, and represented the closing price of our common stock on the date of grant.

Fiscal 2017 Grant

On July 14, 2016, an employee was granted 1,200 shares of time vested restricted stock units which vested over the requisite service period of 11 months. This award was measured at its fair market value, which was $28 per share, and represented the closing price of our common stock on the date of grant.

During the first quarter of fiscal 2018, 1,200 shares of common stock associated with this grant vested and had a weighted average fair value of $34,000 or $28 per share.

Overall

We recorded compensation expense of $28,000 and $20,000 within selling, general, and administrative expense associated with our time vested restricted stock unit awards for the nine month periods ending January 28, 2018 and January 29, 2017, respectively.

At January 28, 2018, the remaining unrecognized compensation cost related to unvested time vested restricted stock awards was $16,000, which is expected to be recognized over the next 4.5 months.

Accounts Receivable

9 Months Ended

Jan. 28, 2018

Receivables [Abstract]

Accounts Receivable

4. Accounts Receivable

A summary of accounts receivable follows:


(dollars in thousands)	January 28, 2018			January 29, 2017			April 30, 2017
Customers	$	27,666		$	24,339		$	26,211
Allowance for doubtful accounts		(357	)		(397	)		(414	)
Reserve for returns and allowances and discounts		(1,212	)		(1,216	)		(1,220	)

	$	26,097		$	22,726		$	24,577

A summary of the activity in the allowance for doubtful accounts follows:


	Nine months ended
(dollars in thousands)	January 28, 2018			January 29, 2017
Beginning balance	$	(414	)	$	(1,088	)
Provision for bad debts		57			239
Net write-offs, net of recoveries		—			452

Ending balance	$	(357	)	$	(397	)

A summary of the activity in the allowance for returns and allowances and discounts accounts follows:


	Nine months ended
(dollars in thousands)	January 28, 2018			January 29, 2017
Beginning balance	$	(1,220	)	$	(962	)
Provision for returns, allowances and discounts		(2,332	)		(2,357	)
Credits issued		2,340			2,103

Ending balance	$	(1,212	)	$	(1,216	)

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Inventories

9 Months Ended

Jan. 28, 2018

Inventory Disclosure [Abstract]

5. Inventories

Inventories are carried at the lower of cost or market. Cost is determined using the FIFO (first-in, first-out) method.

A summary of inventories follows:


(dollars in thousands)	January 28, 2018		January 29, 2017		April 30, 2017
Raw materials	$	6,654	$	6,977	$	6,456
Work-in-process		3,151		3,161		3,095
Finished goods		45,846		36,055		41,931

	$	55,651	$	46,193	$	51,482

Other Noncurrent Assets

9 Months Ended

Jan. 28, 2018

Other Noncurrent Assets

6. Other Noncurrent Assets

A summary of other noncurrent assets follows:


(dollars in thousands)	January 28, 2018		January 29, 2017		April 30, 2017
Cash surrender value – life insurance	$	394	$	376	$	376
Non-compete agreement, net		772		847		828
Customer relationships, net		625		677		664
Other		524		517		526

	$	2,315	$	2,417	$	2,394

Non-Compete Agreement

We recorded our non-compete agreement at its fair value based on a discounted cash flow valuation model. Our non-compete agreement is amortized on a straight-line basis over the fifteen year life of the respective agreement.

The gross carrying amount of our non-compete agreement was $2.0 million at January 28, 2018, January 29, 2017 and April 30, 2017, respectively. Accumulated amortization for our non-compete agreement was $1.2 million at January 28, 2018, January 29, 2017, and April 30, 2017, respectively.

Amortization expense for our non-compete agreement was $56,000 for the nine month periods ending January 28, 2018 and January 29, 2017. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2018 - $19,000; FY 2019 - $75,000; FY 2020 - $75,000; FY 2021 - $75,000; FY 2022 - $75,000 and Thereafter - $453,000.

The weighted average amortization period for our non-compete agreement is 10.3 years as of January 28, 2018.

Customer Relationships

We recorded our customer relationships at their fair value based on a multi-period excess earnings valuation model. Our customer relationships are amortized on a straight-line basis over its seventeen year useful life.

The gross carrying amount of our customer relationships was $868,000 at January 28, 2018, January 29, 2017, and April 30, 2017, respectively. Accumulated amortization for our customer relationships was $243,000, $191,000, and $204,000 at January 28, 2018, January 29, 2017, and April 30, 2017, respectively.

Amortization expense for our customer relationships was $38,000 for the nine months ended January 28, 2018 and January 29, 2017. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2018 - $12,000; FY 2019 - $51,000; FY 2020 - $51,000; FY 2021 - $51,000; FY 2022 - $51,000; and Thereafter - $409,000.

The weighted average amortization period for our customer relationships is 12.3 years as of January 28, 2018.

Cash Surrender Value – Life Insurance

At January 28, 2018, January 29, 2017, and April 30, 2017, we had one life insurance contract with a death benefit of $1.4 million.

Our cash surrender value – life insurance balances totaling $394,000, $376,000 and $376,000 at January 28, 2018, January 29, 2017, and April 30, 2017, respectively, are collectible upon death of the respective insured.

Accrued Expenses

9 Months Ended

Jan. 28, 2018

Fair Value of Financial Instruments

Accrued Expenses

7. Accrued Expenses

A summary of accrued expenses follows:


(dollars in thousands)	January 28, 2018		January 29, 2017		April 30, 2017
Compensation, commissions and related benefits	$	6,288	$	9,205	$	10,188
Advertising rebates		482		118		468
Interest		5		11		51
Other accrued expenses		2,067		1,177		1,240

	$	8,842	$	10,511	$	11,947

Lines of Credit	9 Months Ended
Lines of Credit	Jan. 28, 2018
Debt Disclosure [Abstract]
Lines of Credit	8. Lines of Credit Revolving Credit Agreement – United States Our Credit Agreement with Wells Fargo Bank, N.A. (“Wells Fargo”) provides a revolving loan commitment of $30 million. Interest was charged at a rate (applicable interest rate of 3.02%, 2.23%, and 2.45% at January 28, 2018, January 29, 2017, and April 30, 2017) as a variable spread over LIBOR based on our ratio of debt to EBITDA. The Credit Agreement contains certain financial and other covenants as defined in the agreement and is set to expire on August 15, 2018. The purposes of our revolving credit line is to support potential short term cash needs in different jurisdictions within our global operations, mitigate our risk associated with foreign currency exchange rate fluctuations, and ultimately repatriate earnings and profits from our foreign subsidiaries to the U.S. for various strategic purposes. Outstanding borrowings are secured by a pledge of 65% of the common stock of Culp International Holdings Ltd. (our subsidiary located in the Cayman Islands), as required by the Credit Agreement. There were no borrowings outstanding under the Credit Agreement at January 28, 2018, January 29, 2017, and April 30, 2017. At January 28, 2018, January 29, 2017, and April 30, 2017, there were $250,000 in outstanding letters of credit (all of which related to workers compensation) provided by the Credit Agreement. Effective August 1, 2016, we entered into a Third Amendment to our Credit Agreement that allows us to issue letters of credit not to exceed $7.5 million. On August 3, 2016, we issued a $5.0 million letter of credit ($2.5 million was outstanding at January 28, 2018 in addition to the $250,000 letter of credit noted above) for the construction of a new building associated with our mattress fabrics segment (see Note 15 for further details). The $2.5 million outstanding letter of credit was automatically reduced by $1.25 million on February 1, 2018 and will be automatically reduced by an additional $1.25 million on May 15, 2018. Revolving Credit Agreement – China At January 28, 2018, our unsecured credit agreement associated with our operations in China provided for a line of credit up to 40 million Chinese Yuan Renminbi (approximately $6.4 million USD at January 28, 2018), and was set to expire on February 15, 2018. This agreement bears interest at a rate determined by the Chinese government and there were no borrowings outstanding as of January 28, 2018, January 29, 2017, and April 30, 2017. On March 2, 2018, we renewed this unsecured agreement to extend the expiration date to March 2, 2019. Overall Our loan agreements require, among other things, that we maintain compliance with certain financial covenants. At January 28, 2018, the company was in compliance with these financial covenants.

Fair Value of Financial Instruments

9 Months Ended

Jan. 28, 2018

Fair Value Disclosures [Abstract]

9. Fair Value of Financial Instruments

ASC Topic 820 establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and the company’s assumptions (unobservable inputs). Determining where an asset or liability falls within that hierarchy depends on the lowest level input that is significant to the fair value measurement as a whole. An adjustment to the pricing method used within either level 1 or level 2 inputs could generate a fair value measurement that effectively falls in a lower level in the hierarchy. The hierarchy consists of three broad levels as follows:

Level 1 – Quoted market prices in active markets for identical assets or liabilities;

Level 2 – Inputs other than level 1 inputs that are either directly or indirectly observable, and

Level 3 – Unobservable inputs developed using the company’s estimates and assumptions, which reflect those that market participants would use.

Recurring Basis

The following table presents information about assets measured at fair value on a recurring basis:

Fair value measurements at January 28, 2018 using:

Quoted prices
in active
markets for
identical assets

Significant other
observable inputs

Significant
unobservable
inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

6,287

N/A

6,287

Low Duration Bond Fund

1,085

N/A

1,085

Intermediate Term Bond Fund

759

N/A

759

Strategic Income Fund

628

N/A

628

Large Blend Fund

431

N/A

431

Growth Allocation Fund

171

N/A

171

Moderate Allocation Fund

114

N/A

114

Other

173

N/A

173

Fair value measurements at January 29, 2017 using:

Quoted prices
in active
markets for
identical assets

Significant other
observable inputs

Significant
unobservable
inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

4,888

N/A

4,888

Low Duration Bond Fund

1,073

N/A

1,073

Intermediate Term Bond Fund

739

N/A

739

Strategic Income Fund

598

N/A

598

Large Blend Fund

343

N/A

343

Growth Allocation Fund

113

N/A

113

Moderate Allocation Fund

N/A

Other

N/A

Fair value measurements at April 30, 2017 using:

Quoted prices
in active
markets for
identical assets

Significant other
observable inputs

Significant
unobservable
inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

4,811

N/A

4,811

Low Duration Bond Fund

1,081

N/A

1,081

Intermediate Term Bond Fund

751

N/A

751

Strategic Income Fund

611

N/A

611

Large Blend Fund

365

N/A

365

Growth Allocation Fund

126

N/A

126

Moderate Allocation Fund

N/A

Other

N/A

The determination of where an asset or liability falls in the hierarchy requires significant judgment. We evaluate our hierarchy disclosures each quarter based on various factors and it is possible that an asset or liability may be classified differently from quarter to quarter. However, we expect that changes in classifications between different levels will be rare.

Short-Term Investments – Available for Sale

At January 28, 2018, January 29, 2017, and April 30, 2017, our short-term investments classified as available for sale totaled $2.5 million, $2.4 million, and $2.4 million, respectively, and consisted of short-term bond funds. Since these short-term bond funds are classified as available for sale, these investments are recorded at their fair market value and their unrealized gains or losses are included in other comprehensive income (loss). Our short-term bond investments had an accumulated unrealized loss totaling $57,000, $68,000, and $47,000 at January 28, 2018, January 29, 2017, and April 30, 2017, respectively. At January 28, 2018, January 29, 2017, and April 30, 2017, the fair value of our short-term bond funds approximated its cost basis.

Short-Term and Long-Term Investments—Held-To-Maturity

During the second quarter of fiscal 2017, management decided to invest approximately $31.0 million in investment grade U.S. Corporate bonds with maturities that ranged from 2 to 2.5 years. The purpose of this investment was to earn a higher rate of return on our excess cash located in the Cayman Islands. These investments are classified as held-to-maturity as we have the positive intent and ability to hold these investments until maturity. Our held-to-maturity investments will be recorded as either current or noncurrent on our Consolidated Balance Sheets, based on contractual maturity date as of a respective reporting period and recorded at amortized cost.

At January 28, 2018, January 29, 2017 and April 30, 2017, our held-to-maturity investments recorded at amortized cost totaled $30.8 million, $30.8 million, and $30.9 million, respectively, and consisted of U.S. Corporate bonds. The fair value of our held-to-maturity investments at January 28, 2018, January 29, 2017, and April 30, 2017 totaled $30.7 million, $30.7 million, and $30.8 million, respectively.

Our U.S. corporate bonds were classified as level 2 as they are traded over the counter within a broker network and not on an active market. The fair value of our U.S. corporate bonds is determined based on a published source that provides an average bid price. The average bid price is based on various broker prices that are determined based on market conditions, interest rates, and the rating of the respective U.S. corporate bond.

Long-Term Investments—Rabbi Trust

We have a Rabbi Trust to set aside funds for participants of our deferred compensation plan (the “Plan”) which allows the participants to credit their contributions to various investment options of the Plan. The investments associated with the Rabbi Trust consist of a money market fund and various mutual funds that are classified as available for sale.

These long-term investments are recorded at their fair values of $7.2 million, $5.5 million, and $5.5 million at January 28, 2018, January 29, 2017, and April 30, 2017, respectively. Our long-term investments had an accumulated unrealized gain of $113,000, $11,000 and $43,000 at January 28, 2018, January 29, 2017, and April 30, 2017, respectively. The fair value of our long-term investments associated with our Rabbi Trust approximates its cost basis.

Other

The carrying amount of our cash and cash equivalents, accounts receivable, other current assets, accounts payable, accrued expenses, and line of credit approximates fair value because of the short maturity of these financial instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Cash Flow Information

9 Months Ended

Jan. 28, 2018

Supplemental Cash Flow Elements [Abstract]

Cash Flow Information

10. Cash Flow Information

Interest and income taxes paid are as follows:


	Nine months ended
(dollars in thousands)	January 28, 2018		January 29, 2017
Interest	$	181	$	110
Income taxes		3,426		4,704

Interest costs charged to operations were $168,000 and $97,000 for the nine months ended January 28, 2018 and January 29, 2017, respectively.

Interest costs of $99,000 and $97,000 for the construction of qualifying fixed assets were capitalized for the nine months ended January 28, 2018 and January 29, 2017, respectively. As a result, these interest costs will be amortized over the related assets’ useful lives.

Net (Loss) Income Per Share

9 Months Ended

Jan. 28, 2018

Earnings Per Share [Abstract]

Net (Loss) Income Per Share

11. Net (Loss) Income Per Share

Basic net (loss) income per share is computed using the weighted-average number of shares outstanding during the period. Diluted net (loss) income per share uses the weighted-average number of shares outstanding during the period plus the dilutive effect of stock-based compensation calculated using the treasury stock method. Weighted average shares used in the computation of basic and diluted net (loss) income per share follows:


	Three months ended
(amounts in thousands)	January 28, 2018		January 29, 2017
Weighted average common shares outstanding, basic		12,436		12,313
Dilutive effect of stock-based compensation		—		231

Weighted average common shares outstanding, diluted		12,436		12,544

All options to purchase shares of common stock were included in the computation of diluted net (loss) income for the three months ended January 28, 2018 and January 29, 2017, as the exercise price of the options was less than the average market price of the common shares. Stock-based compensation awards totaling 160,743 shares of common stock were not included in the computation of diluted net loss per share for the three months ended January 28, 2018 as we incurred a net loss for that reporting period.


	Nine months ended
(amounts in thousands)	January 28, 2018		January 29, 2017
Weighted average common shares outstanding, basic		12,425		12,302
Dilutive effect of stock-based compensation		201		215

Weighted average common shares outstanding, diluted		12,626		12,517

All options to purchase shares of common stock were included in the computation of diluted net income for the nine months ended January 28, 2018 and January 29, 2017, as the exercise price of the options was less than the average market price of the common shares.

Segment Information

9 Months Ended

Jan. 28, 2018

Segment Reporting [Abstract]

Segment Information

12. Segment Information

Our operations are classified into two business segments: mattress fabrics and upholstery fabrics. The mattress fabrics segment manufactures, sources, and sells fabrics and mattress covers to bedding manufacturers. The upholstery fabrics segment manufactures, sources, develops, and sells fabrics primarily to residential and commercial furniture manufacturers.

We evaluate the operating performance of our segments based upon income from operations before certain unallocated corporate expenses and other non-recurring items. Cost of sales in both segments include costs to manufacture, develop, or source our products, including costs such as raw material and finished goods purchases, direct and indirect labor, overhead and incoming freight charges. Unallocated corporate expenses primarily represent compensation and benefits for certain executive officers, all costs related to being a public company, and other miscellaneous expenses. Segment assets include assets used in the operations of each segment and primarily consist of accounts receivable, inventories, and property, plant and equipment. The mattress fabrics segment also includes in segment assets, goodwill, investment in an unconsolidated joint venture, a non-compete agreement, and customer relationships associated with an acquisition.

Financial information for the company’s operating segments follows:


	Three months ended
	January 28, 2018			January 29, 2017
Net sales:
Mattress Fabrics	$	49,042		$	45,920
Upholstery Fabrics		36,268			30,249

	$	85,310		$	76,169

Gross profit:
Mattress Fabrics	$	10,146		$	9,758
Upholstery Fabrics		7,457			7,001

	$	17,603		$	16,759

Selling, general, and administrative expenses
Mattress Fabrics	$	3,309		$	3,391
Upholstery Fabrics		3,947			3,901

Total segment selling, general, and administrative expenses		7,256			7,292
Unallocated corporate expenses		2,703			2,532

	$	9,959		$	9,824

Income from operations:
Mattress Fabrics	$	6,837		$	6,367
Upholstery Fabrics		3,510			3,100

Total segment income from operations		10,347			9,467
Unallocated corporate expenses		(2,703	)		(2,532	)

Total income from operations		7,644			6,935
Interest expense		(31	)		—
Interest income		132			124
Other expense		(229	)		(69	)

Income before income taxes	$	7,516		$	6,990


	Nine months ended
(dollars in thousands)	January 28, 2018			January 29, 2017
Net sales:
Mattress Fabrics	$	146,072		$	141,977
Upholstery Fabrics		99,469			90,217

	$	245,541		$	232,194

Gross profit:
Mattress Fabrics	$	29,641		$	32,414
Upholstery Fabrics		20,232			19,665

	$	49,873		$	52,079

Selling, general, and administrative expenses:
Mattress Fabrics	$	9,868		$	10,185
Upholstery Fabrics		11,458			11,086

Total segment selling, general, and administrative expenses		21,326			21,271
Unallocated corporate expenses		7,550			7,900

	$	28,876		$	29,171

Income from operations:
Mattress Fabrics	$	19,774		$	22,229
Upholstery Fabrics		8,773			8,579

Total segment income from operations		28,547			30,808
Unallocated corporate expenses		(7,550	)		(7,900	)

Total income from operations		20,997			22,908
Interest expense		(69	)		—
Interest income		391			164
Other expense		(903	)		(376	)

Income before income taxes	$	20,416		$	22,696

Balance sheet information for the company’s operating segments follows:


(dollars in thousands)	January 28, 2018		January 29, 2017		April 30, 2017
Segment assets:
Mattress Fabrics
Current assets (1)	$	42,195	$	41,498	$	47,038
Non-compete agreement		772		847		828
Customer relationships		625		677		664
Investment in unconsolidated joint venture		1,518		600		1,106
Goodwill		11,462		11,462		11,462
Property, plant and equipment (2)		49,289		47,755		48,916

Total mattress fabrics assets		105,861		102,839		110,014

Upholstery Fabrics
Current assets (1)		39,553		27,421		29,021
Property, plant and equipment (3)		2,101		1,826		1,879

Total upholstery fabrics assets		41,654		29,247		30,900

Total segment assets		147,515		132,086		140,914
Non-segment assets:
Cash and cash equivalents		22,428		15,659		20,795
Short-term investments (Available for Sale)		2,472		2,410		2,443
Short-term investments (Held-to-Maturity)		17,206		—		—
Deferred income taxes		1,942		422		419
Other current assets		3,114		2,514		2,894
Property, plant and equipment (4)		448		752		856
Long-term investments (Held-to-Maturity)		13,625		30,832		30,945
Long-term investments (Rabbi Trust)		7,176		5,488		5,466
Other assets		918		893		902

Total assets	$	216,844	$	191,056	$	205,634


	Nine months ended
(dollars in thousands)	January 28, 2018		January 29, 2017
Capital expenditures (5):
Mattress Fabrics	$	5,445	$	14,957
Upholstery Fabrics		379		645
Unallocated Corporate		47		72

Total capital expenditures	$	5,871	$	15,674

Depreciation expense:
Mattress Fabrics	$	5,068	$	4,673
Upholstery Fabrics		611		631

Total depreciation expense	$	5,679	$	5,304

(1)	Current assets represent accounts receivable and inventory for the respective segment.

(2)

The $49.3 million at January 28, 2018, represents property, plant, and equipment of $35.6 million and $13.7 million located in the U.S. and Canada, respectively. 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 $48.9 million at April 30, 2017, represents property, plant, and equipment of $34.0 million and $14.9 million located in the U.S. and Canada, respectively.

(3)

The $2.1 million at January 28, 2018, represents property, plant, and equipment of $1.4 million and $711 located in the U.S. and China, respectively. 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 $1.9 million at April 30, 2017, represents property, plant, and equipment of $1.2 million and $655 located in the U.S. and China, respectively.

(4)

The $448, $752, and $856 at January 28, 2018, January 29, 2017 and April 30, 2017, 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 our corporate departments 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.

Income Taxes

9 Months Ended

Jan. 28, 2018

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

Effective Income Tax Rate

We recorded income tax expense of $12.0 million, or 58.6% of income before income taxes, for the nine month period ended January 28, 2018, compared to income tax expense of $6.6 million or 28.9% of income before income taxes, for the nine month period ended January 29, 2017. Our effective income tax rates for the nine month periods ended January 28, 2018, and January 29, 2017, were based upon the estimated effective income tax rate applicable for the full year after giving effect to any significant items related specifically to interim periods. Those items that are associated with specific interim periods primarily relate to the income tax effects of the 2017 Tax Cuts and Jobs Act that became effective in our third quarter of fiscal 2018 and the reversal of an uncertain income tax position associated with a foreign jurisdiction in which the statute of limitations expired in the third quarter of fiscal 2017. The effective income tax rate can be affected over the fiscal year by the mix and timing of actual earnings from our U.S. operations and foreign sources versus annual projections and changes in foreign currency exchange rates in relation to the U.S. dollar.

The following schedule summarizes the factors that contribute to the difference between income tax expense at the federal income tax rate and the effective income tax rate reflected in the consolidated financial statements:


	2018			2017
Federal income tax rate		30.4	%		34.0	%
Tax effects of the 2017 Tax Cuts and Jobs Act		28.4			—
Tax effects of Chinese foreign exchange (losses) gains		(2.9	)		1.9
Excess income tax benefits related to stock-based compensation		(2.3	)		—
Reversal of foreign uncertain tax position		—			(9.1	)
Foreign income tax rate differential		3.9			—
U.S. state income tax expense		0.2			0.6
Other		0.9			1.5

		58.6	%		28.9	%

2017 Tax Cuts and Jobs Act

On December 22, 2017 (the “Enactment Date”), the Tax Cuts and Jobs Act (H.R.1) (the “Tax Act”) was signed into law. The Tax Act contains significant changes to corporate taxation, including (i) the reduction of the corporate income tax rate to 21%, (ii) the acceleration of expensing certain business assets, (iii) a one-time mandatory repatriation tax (the “Transition Tax”) related to the transition of U.S. international tax from a worldwide tax system to a territorial tax system, (iv) limitations on the use of foreign tax credits to reduce the U.S. income tax liability, (v) the repeal of the domestic production activities deduction, (vi) additional limitations on the deductibility of interest expense and executive compensation, and (vii) the creation of new minimum taxes such as the base erosion anti-abuse tax (“BEAT”) and Global Intangible Low Taxed Income (“GILTI”) tax.

The corporate income tax rate reduction is effective as of January 1, 2018. Since we have a fiscal year rather than a calendar year, we are subject to IRS rules relating to transitional income tax rates. As a result, our fiscal 2018 federal statutory rate will be a blended income tax rate of 30.4%. For fiscal 2019 and beyond, we will utilize the enacted U.S. federal corporate income tax rate of 21%.

The key impacts of the Tax Act on our financial statements for the three-month and nine-month periods ending January 28, 2018, were the re-measurement of our U.S. deferred income tax balances to the new U.S. federal corporate income tax rate and the determination of the income tax effects of the Transition Tax on our earnings and profits associated with our foreign subsidiaries. While we have not yet completed our assessment of the effects of the Tax Act, we were able to determine reasonable estimates for the impacts of the key items specified above, and thus we reported provisional amounts for these items under guidance provided by SEC Staff Accounting Bulletin No. 118 (“SAB 118”). Our estimates may change and revisions to these estimates will be recorded during the measurement period allowed by SAB 118, which is not to extend one year from the Enactment Date.

In order to determine the effects of the new U.S. federal corporate income tax rate on our U.S. deferred income tax balances, ASC Topic 740 “Income Taxes” (ASC Topic 740), requires the re-measurement of our U.S. deferred income tax balances as of the Enactment Date of the Tax Act, based on income tax rates at which our U.S. deferred income tax balances are expected to reverse in the future. As a result, provisional estimates were required based on projections of U.S. taxable income, capital expenditures, working capital, and employee compensation. Our estimates may change based on actual versus projected results. The provisional amount determined for the re-measurement of our U.S. net deferred income taxes was a charge of $1.3 million, which represented a discrete event in which the full income tax effects were recorded in the three-month and nine-month periods ending January 28, 2018.

Additionally, we determined a provisional amount for the Transition Tax. The Transition tax is based on our total post-1986 foreign earnings and profits (“E&P”) that were previously deferred from U.S. income tax and applicable income tax rates associated with E&P held in cash and other specified assets (the “aggregate foreign cash position”). Also, all of our E&P was not permanently reinvested prior to the Tax Act. In order to calculate the Transition Tax, provisional estimates were required based on (i) projections of the aggregate foreign cash position of our foreign subsidiaries as of the end of our fiscal year 2018, (ii) the applicable tax rates using the aggregate foreign cash position, (iii) utilization of foreign tax credits, and (iv) the effective settlement of certain unrecognized income tax benefits. Our estimates may change based on actual versus projected results. The provisional amount determined for the income tax effects of the Transition Tax was a net charge of $4.8 million, which related to a charge for the write-off and the establishment of a valuation allowance against our unused foreign tax credits totaling $25.8 million, partially offset by an income tax benefit for the release of deferred income tax liabilities related to E&P not permanently reinvested of $21.0 million. This $4.8 million net charge mostly represented a discrete event in which the full income tax effects were recorded in the three-month and nine-month periods ending January 28, 2018. The Transition Tax maybe paid over a period of eight years at the election of the taxpayer, and we intend to make this election.

In addition to the above mentioned key impacts of the Tax Act on fiscal 2018, the Tax Act also establishes new tax laws that will be effective for our fiscal 2019 which include the creation of new minimum taxes such as the BEAT and GILTI taxes. We have not yet made a policy election with respect to the accounting treatment of these taxes. We can either account for these taxes as expensed when incurred or factor such amounts in the measurement of our U.S. deferred income taxes. We are currently evaluating our selection of an accounting policy, which will depend, in part, on analyzing our facts to determine what the impact is expected to be under each method.

Deferred Income Taxes

Valuation Allowance

In accordance with ASC Topic 740, we evaluate our deferred income taxes to determine if a valuation allowance is required. ASC Topic 740 requires that companies assess whether a valuation allowance should be established based on the consideration of all available evidence using a “more-likely-than-not” standard, with significant weight being given to evidence that can be objectively verified. Since the company operates in multiple jurisdictions, we assess the need for a valuation allowance on a jurisdiction-by-jurisdiction basis, taking into account the effects of local tax law. Based on our assessment at January 28, 2018, we recorded a partial valuation allowance of $2.9 million, of which $2.3 million pertained to unused foreign tax credits associated with the Tax Act, $495,000 pertained to certain U.S. state net operating loss carryforwards and credits and $73,000 pertained to loss carryfowards associated with our Culp Europe operation located in Poland. Based on our assessment at January 29, 2017, we recorded a partial valuation allowance of $557,000, of which $473,000 pertained to certain U.S. state net operating loss carryforwards and credits and $84,000 pertained to loss carryfowards associated with our Culp Europe operation located in Poland. Based on our assessment at April 30, 2017, we recorded a partial valuation allowance of $536,000, of which $464,000 pertained to certain U.S. state net operating loss carryforwards and credits and $72,000 pertained to loss carryfowards associated with our Culp Europe operation located in Poland.

No valuation allowance was recorded against our net deferred income tax assets associated with our operations located in China and Canada at January 28, 2018, January 29, 2017, and April 30, 2017, respectively. The recorded valuation allowance of $2.9 million at January 28, 2018, has no effect on our loan covenant compliance.

Undistributed Earnings

In accordance with ASC Topic 740, we assess whether the undistributed earnings from our foreign subsidiaries will be reinvested indefinitely or eventually distributed to our U.S. parent company. ASC Topic 740 requires that a deferred tax liability should be recorded for undistributed earnings from foreign subsidiaries that will not be reinvested indefinitely. Based on our assessment as of January 28, 2018, it is our intention not to permanently invest our undistributed earnings from our foreign subsidiaries. Also, we assess the recognition of U.S. foreign income tax credits associated with foreign withholding and income tax payments and whether it is more-likely-than-not that our foreign income tax credits will not be realized. If it is determined that any foreign income tax credits need to be recognized or it is more-likely-than-not our foreign income tax credits will not be realized, an adjustment to our provision for income taxes will be recognized at that time.

Fiscal 2018

During the third quarter, the Tax Act required a Transition Tax on our undistributed E&P associated with our foreign subsidiaries. The Tax Act required us to determine E&P as of November 2, 2017 and December 31, 2017 (the “Measurement Dates”), in which the greater E&P amount of the Measurement Dates is subject to the Transition Tax. As a result, we had provisional estimates of E&P totaling $156.7 million subject to the Transition Tax and provisional estimates totaling $42.2 million for foreign tax credits that could be used to reduce the Transition Tax subject to certain limitations as defined in the Tax Act.

For fiscal 2019 and beyond, the Tax Act allows a U.S. corporation a 100% dividends received deduction for E&P received from a 10% owned foreign corporation. Therefore, a deferred tax liability will only be required for withholding taxes that are incurred by our foreign subsidiaries at the time E&P is distributed. As a result, at January 28, 2018, we recorded a deferred tax liability of $3.1 million for withholding on undistributed E&P for foreign subsidiaries.

Fiscal 2017

At January 29, 2017, we had E&P totaling $143.2 million. At the same date, the deferred tax liability associated with our undistributed earnings from our foreign subsidiaries totaled $405,000, which included U.S. income and foreign withholding taxes totaling $42.5 million, offset by U.S. foreign income tax credits of $42.1 million.

At April 30, 2017, we had E&P totaling $146.9 million. At the same date, the deferred tax liability associated with our undistributed earnings from our foreign subsidiaries totaled $497,000, which included U.S. income and foreign withholding taxes totaling $44.0 million, offset by U.S. foreign income tax credits of $43.5 million.

Overall

At January 28, 2018, our non-current deferred tax asset of $1.9 million represented $1.5 million and $461,000 from our operations located in the U.S and China, respectively. At January 29, 2017, our non-current deferred tax asset of $422,000 pertained to our operations located in China. At April 30, 2017, our non-current deferred tax asset of $419,000 pertained to our operations located in China.

At January 28, 2018, our non-current deferred tax liability of $2.1 million pertained to our operations located in Canada. At January 29, 2017, our non-current deferred tax liability of $2.9 million represented $1.7 million and $1.2 million from our operations located in Canada and the U.S., respectively. At April 30, 2017, our non-current deferred tax liability of $3.6 million represented $2.1 million and $1.5 million from our operations located in Canada and the U.S., respectively.

Uncertainty In Income Taxes

At January 28, 2018, we had a $12.4 million total gross unrecognized income tax benefit, of which $9.9 million and $2.5 million were classified as income taxes payable- long-term and non-current deferred income taxes, respectively, in the accompanying Consolidated Balance Sheets. At January 29, 2017, we had a $13.4 million total gross unrecognized income tax benefit, of which $11.6 million and $1.8 million were classified as non-current deferred income taxes and income taxes payable – long-term, respectively, in the accompanying Consolidated Balance Sheets. At April 30, 2017, we had a $12.2 million total gross unrecognized income tax benefit, of which $11.8 million and $467,000 were classified as non-current deferred income taxes and income taxes payable – long-term, respectively, in the accompanying Consolidated Balance Sheets.

At January 28, 2018, our $12.4 million total gross unrecognized income tax benefit included $9.9 million that, if recognized, would favorably affect the income tax rate in future periods. At January 29, 2017, our $13.4 million total gross unrecognized income tax benefit, included $1.8 million that, if recognized, would favorably affect the income tax rate in future periods. At April 30, 2017, our $12.2 million total gross unrecognized income tax benefit included $467,000 that, if recognized, would favorably affect the income tax rate in future periods.

United States federal and state income tax returns filed by us remain subject to examination for income tax years 2005 and subsequent due to loss carryforwards. Canadian federal returns are subject to examination for income tax years 2014 and subsequent and Canadian provincial (Quebec) returns filed by us remain subject to examination for income tax years 2016 and subsequent. Income tax returns associated with our operations located in China are subject to examination for income tax year 2012 and subsequent.

The Internal Revenue Service is examining our U.S. federal income tax returns for fiscal years 2014 through 2016. As a result of this examination, the IRS proposed an adjustment approximating $12.5 million of income taxes that relates to our transfer pricing with certain foreign subsidiaries. Management does not agree with the adjustment proposed by the IRS and intends to vigorously defend its position. Currently, the ultimate outcome of this proposed adjustment and any potential cash settlement cannot be determined as it is dependent upon potential legal and competent authority proceedings, interpretation of income tax law, and utilization of available loss carryforwards and certain income tax credits associated with the fiscal years under exam. Currently, we expect this examination to be completed during fiscal 2019.

During the third quarter of fiscal 2017, Revenue Quebec commenced an examination of our Canadian provincial (Quebec) income tax returns for fiscal years 2013 through 2015. This examination was completed during the fourth quarter of fiscal 2018 with final adjustments that were immaterial.

In accordance with ASC Topic 740, an unrecognized income tax benefit for an uncertain income tax position can be recognized in the first interim period if the more-likely-than-not recognition threshold is met by the reporting period, or is effectively settled through examination, negotiation, or litigation, or the statue of limitations for the relevant taxing authority to examine and challenge the tax position has expired. If it is determined that any of the above conditions occur regarding our uncertain income tax positions, an adjustment to our unrecognized income tax benefits will be recorded at that time.

During the third quarter of fiscal 2017, we recognized an income tax benefit of $2.1 million for the reversal of an uncertain income tax position associated with a foreign jurisdiction in which the statute of limitations expired. The income tax benefit was treated as a discrete event in which the full income tax effects of the adjustment was recorded in the three-month and nine-month periods ending January 29, 2017.

Statutory Reserves	9 Months Ended
Statutory Reserves	Jan. 28, 2018
Text Block [Abstract]
Statutory Reserves	14. Statutory Reserves Our subsidiaries located in China are required to transfer 10% of their net income, as determined in accordance with the People’s Republic of China (PRC) accounting rules and regulations, to a statutory surplus reserve fund until such reserve balance reaches 50% of the company’s registered capital. The transfer to this reserve must be made before distributions of any dividend to shareholders. As of January 28, 2018, the company’s statutory surplus reserve was $4.6 million, representing 10% of accumulated earnings and profits determined in accordance with PRC accounting rules and regulations. The surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years’ losses, if any, and may be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the par value of the shares currently held by them provided that the remaining reserve balance after such issue is not less than 25% of the registered capital. Our subsidiaries located in China can transfer funds to the parent company with the exception of the statutory surplus reserve of $4.6 million to assist with debt repayment, capital expenditures, and other expenses of the company’s business.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Jan. 28, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. Commitments and Contingencies Litigation The company is involved in legal proceedings and claims which have arisen in the ordinary course of business. Management has determined that it is not reasonably possible that these actions, when ultimately concluded and settled, will have a material adverse effect upon the financial position, results of operations, or cash flows of the company. Accounts Payable – Capital Expenditures At January 28, 2018, January 29, 2017, and April 30, 2017, we had total amounts due regarding capital expenditures totaling $1.6 million, $5.6 million, and $6.1 million, respectively, of which $1.4 million, $4.5 million, and $5.1 million was financed and pertained to completed work for the construction of a new building (see below). The total outstanding amount of $1.4 million due at January 28, 2018 is required to be paid in May 2018 (our fiscal 2019). Purchase Commitments – Capital Expenditures At January 28, 2018, we had open purchase commitments to construct a building and acquire equipment for our mattress fabrics segment totaling $4.1 million. The $4.1 million includes $1.4 million (all of which represents completed work) associated with the construction of a new building discussed below. Effective May 16, 2016, we entered into an agreement with a contractor to construct a new building located in North Carolina to expand our distribution capabilities and office space at a cost of $11.3 million. This agreement required an installment payment of $1.9 million in April 2016 with additional installment payments to be made in the following fiscal years: Fiscal 2017- $4.3 million; Fiscal 2018- $3.7 million; and Fiscal 2019—$1.4 million. Interest is charged on the required outstanding installment payments for services that were previously rendered at a rate of $2.25% plus the current 30 day LIBOR rate. Also, we were required to issue a letter of a credit totaling $5.0 million with the contractor’s bank being the beneficiary. In addition to the interest charged on the outstanding installment payments noted above, there is a 0.1% unused fee calculated on the balance of the $5.0 million letter of credit less the amount outstanding per month (see Note 8 for further details). This new building was placed into service in July 2017.

Investment in Unconsolidated Joint Venture

9 Months Ended

Jan. 28, 2018

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Joint Venture

16. Investment in Unconsolidated Joint Venture

Effective January 1, 2017, Culp International Holdings, Ltd. (Culp), a wholly-owned subsidiary of Culp, Inc., entered into a joint venture agreement, pursuant to which Culp owns fifty percent of CLASS International Holdings, Ltd (CLIH). CLIH produces cut and sewn mattress covers, and its operations are located in a modern industrial park in northeastern Haiti, which borders the Dominican Republic. CLIH commenced production during the second quarter of fiscal 2018 (October 2017) and complements our existing U.S. mattress fabric operations with a mirrored platform that further enhances our ability to meet customer demand while adding a lower cost operation to our platform.

During the nine month period ended January 28, 2018, CLIH incurred a net loss totaling $498,000. Our equity interest in this net loss was $249,000, which represents the company’s fifty percent ownership in CLIH.

The following table summarizes information on assets, liabilities and members’ equity of our equity method investment in CLIH:


	January 28,		January 29,		April 30,
(dollars in thousands)	2018		2017		2017
Total assets	$	3,186	$	1,200	$	2,258
Total liabilities	$	150	$	—	$	46
Total members’ equity	$	3,036	$	1,200	$	2,212

At January 28, 2018, January 29, 2017 and April 30, 2017, our investment in CLIH totaled $1.5 million, $600,000, and $1.1 million, respectively, which represents the company’s fifty percent ownership interest in CLIH.

Common Stock Repurchase Program	9 Months Ended
Common Stock Repurchase Program	Jan. 28, 2018
Text Block [Abstract]
Common Stock Repurchase Program	17. Common Stock Repurchase Program On June 15, 2016, we announced that our board of directors approved an authorization for us to acquire up to $5.0 million of our common stock. Under the common stock repurchase program, shares may be purchased from time to time in open market transactions, block trades, through plans established under the Securities Exchange Act Rule 10b5-1, or otherwise. The amount of shares purchased and the timing of such purchases will be based on working capital requirements, market and general business conditions, and other factors, including alternative investment opportunities. During the nine months ended January 28, 2018, and January 29, 2017 we did not purchase any shares of our common stock. At January 28, 2018, we had $5.0 million available for repurchases of our common stock.

Dividend Program	9 Months Ended
Dividend Program	Jan. 28, 2018
Text Block [Abstract]
Dividend Program	18. Dividend Program On February 28, 2018, we announced that our board of directors approved a quarterly cash dividend of $0.09 per share, a 12.5% increase compared with $0.08 per share announced for the same period last year. This payment will be made on or about April 16, 2018, to shareholders of record as of April 2, 2018. During the nine months ended January 28, 2018, dividend payments totaled $5.7 million, of which $2.6 million represented a special cash dividend payment of $0.21 per share, and $3.1 million represented quarterly dividend payments ranging from $0.08 per share to $0.09 per share. During the nine months ended January 29, 2017, dividend payments totaled $5.3 million, of which $2.6 million represented a special cash dividend payment of $0.21 per share, and $2.7 million represented quarterly dividend payments ranging from $0.07 per share to $0.08 per share. Future dividend payments are subject to board approval and may be adjusted at the board’s discretion as business needs or market conditions change.

Business Combination - Upholstery Fabrics Segment	9 Months Ended
Business Combination - Upholstery Fabrics Segment	Jan. 28, 2018
Business Combinations [Abstract]
Business Combination - Upholstery Fabrics Segment	19. Business Combination - Upholstery Fabrics Segment On March 8, 2018, we reached a definitive agreement to acquire Read Window Products, Inc. (Read), a source for custom window treatments for the hospitality and commercial industries. Based in Knoxville, Tennessee, Read is a turn-key provider of window treatments offering measuring, sourcing, fabrication and installation services. Read’s custom product line includes motorization, shades, drapery, upholstered headboards and shower curtains. In addition, they supply soft goods such as decorative top sheets, coverlets, duvet covers, bed skirts, bolsters and pillows, for leading hospitality brands worldwide. Read has been in business since 1981, with annual revenues of approximately $11.0 million in 2017. We currently expect to fund the acquisition with cash and investments on hand without incurring any additional debt, with closing expected to occur by the end of March, subject to the satisfaction of customary closing conditions.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Jan. 28, 2018
Accounting Policies [Abstract]
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Measurement of Inventory In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory”, which changed the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. ASU No. 2015-11 was effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2016. As a result, we adopted ASU No. 2015-11 in the first quarter of fiscal 2018 and the adoption of this guidance did not have a significant impact on our consolidated financial statements. Stock-Based Compensation In March 2016, the FASB issued ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. ASU No. 2016-09 was effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2016. Accordingly, we adopted this guidance during the first quarter of fiscal 2018. ASU No. 2016-09 aims to simplify several aspects of accounting and financial reporting for share-based payment transactions. One provision within this pronouncement requires that excess income tax benefits and deficiencies related to share-based payments be recognized within income tax expense as a discrete event in the period in which they occur, rather than within additional paid-in capital on our Consolidated Balance Sheet on a prospective basis. The impact to our results of operations related to this provision through the third quarter of fiscal 2018 was a reduction to income tax expense of $500,000. The impact of this provision on our future results of operations will depend in part on the market prices for the shares of our common stock on the dates there are taxable events related to the share-based awards, and therefore, the impact is difficult to predict. In connection with another provision within ASU No. 2016-09, we have elected to account for forfeitures of share-based awards as an estimate of the number of awards that are expected to vest, which is consistent with our accounting policy prior to adoption. Also, we adopted the provisions of ASU No. 2016-09 related to changes on the Consolidated Statements of Cash Flows on a retrospective basis. As a result, we no longer classify excess income tax benefits as a financing activity, which increased net cash provided by operating activities and reduced net cash provided by financing activities by $195,000 for the nine months ended January 29, 2017. Additionally, we no longer classify payments for employee taxes when common stock shares are withheld to satisfy the employer’s statutory income tax withholding obligation as an operating activity, which increased net cash provided by operating activities and reduced net cash provided by financing activities by $280,000 for the nine months ended January 29, 2017. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, as amended Revenue from Contracts with Customers. The amendments in this ASU are intended to enhance the comparability of revenue recognition practices and will be applied to all contracts with customers. Improved disclosures related to the nature, amount, timing, and uncertainty of revenue that is recognized are requirements under the amended guidance. The new revenue standard will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. We are therefore required to apply the new revenue guidance in our fiscal 2019 interim and annual financial statements. This ASU can be adopted either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Currently, we do not expect that this guidance will have a material impact on our results of operations and financial position, but we do expect this guidance to have a material impact on the disclosures required in our notes to the consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which increases transparency and comparability among companies accounting for lease transactions. The most significant change of this update will require the recognition of lease assets and liabilities on the balance sheet for operating lease arrangements with lease terms greater than twelve months for lessees. This update will require a modified retrospective application which includes a number of optional practical expedients related to the identification and classification of leases commenced before the effective date. This ASU is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2018. We are therefore required to apply this guidance in our fiscal 2020 interim and annual financial statements. We are currently assessing the impact that this guidance will have on our consolidated financial statements, but we expect this guidance to have a material impact on our financial position as a result of the requirement to recognize right-of-use assets and lease liabilities on our consolidated balance sheets. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, to address the diversity in how certain cash receipts and cash payments are presented in the statement of cash flows. This new guidance provides clarity around the cash flow classification for eight specific issues in an effort to reduce the current and potential future diversity in practice. This standard, which is to be applied retrospectively, will be effective for the first interim period within annual reporting periods beginning after December 15, 2017, and early adoption is permitted. We are therefore required to apply this new guidance in our fiscal 2019 interim and annual financial statements. We are currently assessing the impact that this guidance will have on our consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, to reduce the diversity in practice and complexity associated with accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current GAAP prohibits recognition of deferred income taxes for an intra-entity transfer until the asset has been sold to an outside party. The new pronouncement stipulates that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This new guidance will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods, with early adoption permitted in the first interim period only. We are therefore required to apply this new guidance in our fiscal 2019 interim and annual financial statements. The amendments are to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. We are currently assessing the impact that this guidance will have on our consolidated financial statements. There are no other new accounting pronouncements that are expected to have a significant impact on our consolidated financial statements.

Stock-Based Compensation (Tables)

9 Months Ended

Jan. 28, 2018

Summary of Assumptions Used to Determine Fair Value of Performance Based Restricted Stock Units

The following table provides assumptions used to determine the fair market value of the market-based total shareholder return component using the Monte Carlo simulation model on the date of grant:


Closing price of our common stock	$32.50
Expected volatility of our common stock	31.0	%
Expected volatility of peer companies	16.5	%
Risk-free interest rate	1.56	%
Dividend yield	1.66	%
Correlation coefficient of peer companies	0.46

Summary of Vested Performance Based Restricted Stock Units

The following table summarizes information related to our performance based restricted stock units that vested during the nine month periods ending January 28, 2018 and January 29, 2017:


			(3)
	Common Stock		Weighted Average		Price
Fiscal Year	Shares Vested		Fair Value		Per Share
Fiscal 2018 (1)		102,845	$	1,820	$	17.70	(4)
Fiscal 2018 (2)		16,000	$	520	$	32.50	(5)
Fiscal 2017 (1)		37,192	$	637	$	17.12	(4)
Fiscal 2017 (2)		12,000	$	345	$	28.77	(5)

(1)	NEOs and key employees.

(2)	Non-employee

(3)	Dollar amounts are in thousands.

(4)	Price per share represents closing price of our common stock on the date of grant.

(5)	The respective grant vested during the first quarter of fiscal 2018 or 2017, respectively. Accordingly, the price per share represents the closing price of our common stock on the date the award vested.

NEOs and Key Employees [Member]

Summary of Grants of Performance Based Restricted Stock Units

The following table summarizes information related to our grants of performance based restricted stock units associated with NEOs and key employees that are currently unvested:


	(3)
	Restricted Stock		Price Per			Vesting
Date of Grant	Units Awarded		Share			Period
July 13, 2017 (1)		78,195	$	31.85	(4)		3 years
July 13, 2017 (2)		44,000	$	32.50	(5)		3 years
July 14, 2016 (1) (2)		107,880	$	28.00	(5)		3 years
July 15, 2015 (1) (2)		107,554	$	32.23	(5)		3 years

(1)	Performance-based restricted stock units awarded to NEOs.

(2)	Performance-based restricted stock units awarded to key employees.

(3)	Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.

(4)

(5)	Price per share represents the closing price of our common stock on the date of grant.

Non-employee [Member]

Summary of Grants of Performance Based Restricted Stock Units

The following table summarizes information related to our grants of performance-based restricted stock units associated with a non-employee that are currently unvested:


	(1)
	Restricted Stock		Price Per			Vesting
Date of Grant	Units Awarded		Share			Period
July 13, 2017		10,200	$	31.35	(2)		3 years
July 14, 2016		11,549	$	31.35	(2)		3 years
July 15, 2015		10,364	$	31.35	(2)		3 years

(1)	Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.

(2)	The respective grant was unvested at the end of our reporting period. Accordingly, the price per share represents the closing price of our common stock on January 28, 2018, the end of our reporting period.

Accounts Receivable (Tables)

9 Months Ended

Jan. 28, 2018

Receivables [Abstract]

Summary of Accounts Receivable

A summary of accounts receivable follows:


(dollars in thousands)	January 28, 2018			January 29, 2017			April 30, 2017
Customers	$	27,666		$	24,339		$	26,211
Allowance for doubtful accounts		(357	)		(397	)		(414	)
Reserve for returns and allowances and discounts		(1,212	)		(1,216	)		(1,220	)

	$	26,097		$	22,726		$	24,577

Summary of the Activity in the Allowance for Doubtful Accounts

A summary of the activity in the allowance for doubtful accounts follows:


	Nine months ended
(dollars in thousands)	January 28, 2018			January 29, 2017
Beginning balance	$	(414	)	$	(1,088	)
Provision for bad debts		57			239
Net write-offs, net of recoveries		—			452

Ending balance	$	(357	)	$	(397	)

Summary of the Activity in the Allowance for Returns and Allowances and Discounts

A summary of the activity in the allowance for returns and allowances and discounts accounts follows:


	Nine months ended
(dollars in thousands)	January 28, 2018			January 29, 2017
Beginning balance	$	(1,220	)	$	(962	)
Provision for returns, allowances and discounts		(2,332	)		(2,357	)
Credits issued		2,340			2,103

Ending balance	$	(1,212	)	$	(1,216	)

Inventories (Tables)

9 Months Ended

Jan. 28, 2018

Inventory Disclosure [Abstract]

Summary of Inventories

A summary of inventories follows:


(dollars in thousands)	January 28, 2018		January 29, 2017		April 30, 2017
Raw materials	$	6,654	$	6,977	$	6,456
Work-in-process		3,151		3,161		3,095
Finished goods		45,846		36,055		41,931

	$	55,651	$	46,193	$	51,482

Other Noncurrent Assets (Tables)

9 Months Ended

Jan. 28, 2018

Summary of Other Noncurrent Assets

A summary of other noncurrent assets follows:


(dollars in thousands)	January 28, 2018		January 29, 2017		April 30, 2017
Cash surrender value – life insurance	$	394	$	376	$	376
Non-compete agreement, net		772		847		828
Customer relationships, net		625		677		664
Other		524		517		526

	$	2,315	$	2,417	$	2,394

Accrued Expenses (Tables)

9 Months Ended

Jan. 28, 2018

Summary of Accrued Expenses

A summary of accrued expenses follows:


(dollars in thousands)	January 28, 2018		January 29, 2017		April 30, 2017
Compensation, commissions and related benefits	$	6,288	$	9,205	$	10,188
Advertising rebates		482		118		468
Interest		5		11		51
Other accrued expenses		2,067		1,177		1,240

	$	8,842	$	10,511	$	11,947

Fair Value of Financial Instruments (Tables)

9 Months Ended

Jan. 28, 2018

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

The following table presents information about assets measured at fair value on a recurring basis:

Fair value measurements at January 28, 2018 using:

Quoted prices
in active
markets for
identical assets

Significant other
observable inputs

Significant
unobservable
inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

6,287

N/A

6,287

Low Duration Bond Fund

1,085

N/A

1,085

Intermediate Term Bond Fund

759

N/A

759

Strategic Income Fund

628

N/A

628

Large Blend Fund

431

N/A

431

Growth Allocation Fund

171

N/A

171

Moderate Allocation Fund

114

N/A

114

Other

173

N/A

173

Fair value measurements at January 29, 2017 using:

Quoted prices
in active
markets for
identical assets

Significant other
observable inputs

Significant
unobservable
inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

4,888

N/A

4,888

Low Duration Bond Fund

1,073

N/A

1,073

Intermediate Term Bond Fund

739

N/A

739

Strategic Income Fund

598

N/A

598

Large Blend Fund

343

N/A

343

Growth Allocation Fund

113

N/A

113

Moderate Allocation Fund

N/A

Other

N/A

Fair value measurements at April 30, 2017 using:

Quoted prices
in active
markets for
identical assets

Significant other
observable inputs

Significant
unobservable
inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

4,811

N/A

4,811

Low Duration Bond Fund

1,081

N/A

1,081

Intermediate Term Bond Fund

751

N/A

751

Strategic Income Fund

611

N/A

611

Large Blend Fund

365

N/A

365

Growth Allocation Fund

126

N/A

126

Moderate Allocation Fund

N/A

Other

N/A

Cash Flow Information (Tables)

9 Months Ended

Jan. 28, 2018

Supplemental Cash Flow Elements [Abstract]

Schedule of Interest and Income Taxes Paid

Interest and income taxes paid are as follows:


	Nine months ended
(dollars in thousands)	January 28, 2018		January 29, 2017
Interest	$	181	$	110
Income taxes		3,426		4,704

Net (Loss) Income Per Share (Tables)

9 Months Ended

Jan. 28, 2018

Earnings Per Share [Abstract]

Schedule of Weighted Average Shares Used in the Computation of Basic and Diluted Net (Loss) Income Per Share

Weighted average shares used in the computation of basic and diluted net (loss) income per share follows:


	Three months ended
(amounts in thousands)	January 28, 2018		January 29, 2017
Weighted average common shares outstanding, basic		12,436		12,313
Dilutive effect of stock-based compensation		—		231

Weighted average common shares outstanding, diluted		12,436		12,544


	Nine months ended
(amounts in thousands)	January 28, 2018		January 29, 2017
Weighted average common shares outstanding, basic		12,425		12,302
Dilutive effect of stock-based compensation		201		215

Weighted average common shares outstanding, diluted		12,626		12,517

Segment Information (Tables)

9 Months Ended

Jan. 28, 2018

Segment Reporting [Abstract]

Schedule of Operating Segments Information

Financial information for the company’s operating segments follows:


	Three months ended
	January 28, 2018			January 29, 2017
Net sales:
Mattress Fabrics	$	49,042		$	45,920
Upholstery Fabrics		36,268			30,249

	$	85,310		$	76,169

Gross profit:
Mattress Fabrics	$	10,146		$	9,758
Upholstery Fabrics		7,457			7,001

	$	17,603		$	16,759

Selling, general, and administrative expenses
Mattress Fabrics	$	3,309		$	3,391
Upholstery Fabrics		3,947			3,901

Total segment selling, general, and administrative expenses		7,256			7,292
Unallocated corporate expenses		2,703			2,532

	$	9,959		$	9,824

Income from operations:
Mattress Fabrics	$	6,837		$	6,367
Upholstery Fabrics		3,510			3,100

Total segment income from operations		10,347			9,467
Unallocated corporate expenses		(2,703	)		(2,532	)

Total income from operations		7,644			6,935
Interest expense		(31	)		—
Interest income		132			124
Other expense		(229	)		(69	)

Income before income taxes	$	7,516		$	6,990


	Nine months ended
(dollars in thousands)	January 28, 2018			January 29, 2017
Net sales:
Mattress Fabrics	$	146,072		$	141,977
Upholstery Fabrics		99,469			90,217

	$	245,541		$	232,194

Gross profit:
Mattress Fabrics	$	29,641		$	32,414
Upholstery Fabrics		20,232			19,665

	$	49,873		$	52,079

Selling, general, and administrative expenses:
Mattress Fabrics	$	9,868		$	10,185
Upholstery Fabrics		11,458			11,086

Total segment selling, general, and administrative expenses		21,326			21,271
Unallocated corporate expenses		7,550			7,900

	$	28,876		$	29,171

Income from operations:
Mattress Fabrics	$	19,774		$	22,229
Upholstery Fabrics		8,773			8,579

Total segment income from operations		28,547			30,808
Unallocated corporate expenses		(7,550	)		(7,900	)

Total income from operations		20,997			22,908
Interest expense		(69	)		—
Interest income		391			164
Other expense		(903	)		(376	)

Income before income taxes	$	20,416		$	22,696

Balance sheet information for the company’s operating segments follows:


(dollars in thousands)	January 28, 2018		January 29, 2017		April 30, 2017
Segment assets:
Mattress Fabrics
Current assets (1)	$	42,195	$	41,498	$	47,038
Non-compete agreement		772		847		828
Customer relationships		625		677		664
Investment in unconsolidated joint venture		1,518		600		1,106
Goodwill		11,462		11,462		11,462
Property, plant and equipment (2)		49,289		47,755		48,916

Total mattress fabrics assets		105,861		102,839		110,014

Upholstery Fabrics
Current assets (1)		39,553		27,421		29,021
Property, plant and equipment (3)		2,101		1,826		1,879

Total upholstery fabrics assets		41,654		29,247		30,900

Total segment assets		147,515		132,086		140,914
Non-segment assets:
Cash and cash equivalents		22,428		15,659		20,795
Short-term investments (Available for Sale)		2,472		2,410		2,443
Short-term investments (Held-to-Maturity)		17,206		—		—
Deferred income taxes		1,942		422		419
Other current assets		3,114		2,514		2,894
Property, plant and equipment (4)		448		752		856
Long-term investments (Held-to-Maturity)		13,625		30,832		30,945
Long-term investments (Rabbi Trust)		7,176		5,488		5,466
Other assets		918		893		902

Total assets	$	216,844	$	191,056	$	205,634


	Nine months ended
(dollars in thousands)	January 28, 2018		January 29, 2017
Capital expenditures (5):
Mattress Fabrics	$	5,445	$	14,957
Upholstery Fabrics		379		645
Unallocated Corporate		47		72

Total capital expenditures	$	5,871	$	15,674

Depreciation expense:
Mattress Fabrics	$	5,068	$	4,673
Upholstery Fabrics		611		631

Total depreciation expense	$	5,679	$	5,304

(1)	Current assets represent accounts receivable and inventory for the respective segment.

(2)

(3)

(4)

(5)	Capital expenditure amounts are stated on the accrual basis. See Consolidated Statements of Cash Flows for capital expenditure amounts on a cash basis.

Income Taxes (Tables)

9 Months Ended

Jan. 28, 2018

Income Tax Disclosure [Abstract]

Summary of Differences in Income Tax Expense at Federal Income Tax Rate and Effective Income Tax Rate


	2018			2017
Federal income tax rate		30.4	%		34.0	%
Tax effects of the 2017 Tax Cuts and Jobs Act		28.4			—
Tax effects of Chinese foreign exchange (losses) gains		(2.9	)		1.9
Excess income tax benefits related to stock-based compensation		(2.3	)		—
Reversal of foreign uncertain tax position		—			(9.1	)
Foreign income tax rate differential		3.9			—
U.S. state income tax expense		0.2			0.6
Other		0.9			1.5

		58.6	%		28.9	%

Investment in Unconsolidated Joint Venture (Tables)

9 Months Ended

Jan. 28, 2018

Equity Method Investments and Joint Ventures [Abstract]

Summary of Equity Method Investment

The following table summarizes information on assets, liabilities and members’ equity of our equity method investment in CLIH:


	January 28,		January 29,		April 30,
(dollars in thousands)	2018		2017		2017
Total assets	$	3,186	$	1,200	$	2,258
Total liabilities	$	150	$	—	$	46
Total members’ equity	$	3,036	$	1,200	$	2,212

Significant Accounting Policies (Detail) - USD ($)	3 Months Ended		9 Months Ended
Significant Accounting Policies (Detail) - USD ($)	Jan. 28, 2018	Jan. 29, 2017	Jan. 28, 2018	Jan. 29, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income taxes	$ 8,208,000	$ 643,000	$ 11,956,000	$ 6,560,000
Accrued expenses and deferred compensation, operating activities			(1,608,000)	(668,000)
Common stock surrendered for withholding taxes payable, financing activities			1,530,000	280,000
ASU No. 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income taxes			$ (500,000)
Excess tax benefit related to stock-based compensation, operating activities				195,000
Excess tax benefit related to stock-based compensation, financing activities				195,000
Accrued expenses and deferred compensation, operating activities				280,000
Common stock surrendered for withholding taxes payable, financing activities				$ 280,000

Stock-Based Compensation - Narrative (Detail) - USD ($)

3 Months Ended

9 Months Ended

Oct. 02, 2017

Jul. 13, 2017

Oct. 03, 2016

Jul. 14, 2016

Jul. 30, 2017

Jan. 28, 2018

Jan. 29, 2017

Sep. 16, 2015

2015 Equity Incentive Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of common stock authorized for issuance

1,200,000

Number of shares available for future equity based grants

892,580

2007 Equity Incentive Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares available for future equity based grants

Performance Based Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Remaining unrecognized compensation cost

$ 3,800,000

Weighted average period over which unrecognized compensation cost is expected to be recognized

1 year 9 months 18 days

Incentive Stock Option Awards [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of options granted

Number of options to purchase common stock outstanding

Number of options exercisable

Unrecognized compensation cost related to incentive stock options

$ 0

Aggregate intrinsic value for options exercised

$ 0

393,000

128,000

Time Vested Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Remaining unrecognized compensation cost

$ 16,000

Selling, General and Administrative Expenses [Member] | Performance Based Restricted Stock Units [Member]

4 months 15 days

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Selling, General and Administrative Expenses [Member] | Time Vested Restricted Stock Units [Member]

$ 2,200,000

2,500,000

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Selling, General and Administrative Expenses [Member] | Common Stock Awards [Member]

28,000

20,000

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Employee [Member] | Performance Based Restricted Stock Units [Member]

$ 159,000

$ 143,000

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares granted

^[1],[2]

44,000

Closing price of common stock

^[2]

3 years

^[2],[3]

$ 32.50

Employee [Member] | Time Vested Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares granted

1,200

Closing price of common stock

11 months

$ 32.50

$ 28

Number of shares vested

1,200

Weighted average fair value of vested shares

$ 34,000

Weighted average fair value of vested shares, per share

$ 28

Outside Directors [Member] | Common Stock Awards [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares granted

4,800

Closing price of common stock

0 days

$ 33.20

$ 29.80

[1]	Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.
[2]	Performance-based restricted stock units awarded to key employees.
[3]	Price per share represents the closing price of our common stock on the date of grant.

Stock-Based Compensation - Summary of Assumptions Used to Determine Fair Value of Performance Based Restricted Stock Units (Detail) - Performance Based Restricted Stock Units [Member] - NEOs [Member]	Jul. 13, 2017 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing price of our common stock	$ 32.50
Expected volatility of our common stock	31.00%
Expected volatility of peer companies	16.50%
Risk-free interest rate	1.56%
Dividend yield	1.66%
Correlation coefficient of peer companies	46.00%

Stock-Based Compensation - Summary of Grants of Performance Based Restricted Stock Units Associated with NEOs and Key Employees (Detail) - Performance Based Restricted Stock Units [Member] - $ / shares

Jul. 13, 2017

Jul. 14, 2016

Jul. 15, 2015

NEOs [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

^[1],[2]

78,195

^[2],[3]

$ 31.85

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

^[2]

3 years

Employee [Member]

^[1],[4]

44,000

^[4],[5]

$ 32.50

NEOs and Key Employees [Member]

^[4]

3 years

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

^[1],[2],[4]

107,880

107,554

^[2],[4],[5]

$ 28.00

$ 32.23

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

^[2],[4]

3 years

[1]	Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.
[2]	Performance-based restricted stock units awarded to NEOs.
[3]	Price per share represents the fair market value per share ($0.98 per $1 or a reduction of $0.65 to the closing price of the our common stock) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($32.50) for the performance-based components of the performance-based restricted stock units granted to our NEOs on July 13, 2017.
[4]	Performance-based restricted stock units awarded to key employees.
[5]	Price per share represents the closing price of our common stock on the date of grant.

Stock-Based Compensation - Summary of Grants of Performance Based Restricted Stock Units Associated with NEOs and Key Employees (Parenthetical) (Detail) - Performance Based Restricted Stock Units [Member] - NEOs [Member]	Jul. 13, 2017 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value adjustment to closing price of common stock, percentage	98.00%
Fair value adjustment to closing price of common stock, per share	$ (0.65)
Closing price of common stock	$ 32.50

Stock-Based Compensation - Summary of Grants of Performance Based Restricted Stock Units Associated with Non-Employee (Detail) - Performance Based Restricted Stock Units [Member] - Non-employee [Member] - $ / shares

Jul. 13, 2017

Jul. 14, 2016

Jul. 15, 2015

Jan. 28, 2018

^[1]

10,200

11,549

10,364

Granted on July 13, 2017 [Member]

3 years

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted on July 14, 2016 [Member]

^[2]

$ 31.35

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted on July 15, 2015 [Member]

^[2]

31.35

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

NEOs and Key Employees [Member]

^[2]

$ 31.35

[1]	Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.
[2]	The respective grant was unvested at the end of our reporting period. Accordingly, the price per share represents the closing price of our common stock on January 28, 2018, the end of our reporting period.

Stock-Based Compensation - Summary of Vested Performance Based Restricted Stock Units (Detail) - Performance Based Restricted Stock Units [Member] - USD ($)
$ / shares in Units, $ in Thousands

9 Months Ended

Jan. 28, 2018

Jan. 29, 2017

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common Stock Shares Vested

^[1]

102,845

37,192

Weighted Average Fair Value

^[1],[2]

$ 1,820

$ 637

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

^[1],[3]

$ 17.70

$ 17.12

Non-employee [Member]

Common Stock Shares Vested

^[4]

16,000

12,000

Weighted Average Fair Value

^[2],[4]

$ 520

$ 345

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[4],[5]

$ 32.50

$ 28.77

[1]	NEOs and key employees.
[2]	Dollar amounts are in thousands.
[3]	Price per share represents closing price of our common stock on the date of grant.
[4]	Non-employee
[5]	The respective grant vested during the first quarter of fiscal 2018 or 2017, respectively. Accordingly, the price per share represents the closing price of our common stock on the date the award vested.

Accounts Receivable (Detail) - USD ($)
$ in Thousands

Jan. 28, 2018

Apr. 30, 2017

Jan. 29, 2017

May 01, 2016

Customers

$ 27,666

$ 26,211

$ 24,339

Accounts receivable, net

26,097

24,577

^[1]

22,726

Allowance for doubtful accounts [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Valuation allowance, balance

(357)

(414)

(397)

$ (1,088)

Reserve for returns and allowances and discounts [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Valuation allowance, balance

$ (1,212)

$ (1,220)

$ (1,216)

$ (962)

[1]	Derived from audited financial statements.

Accounts Receivable - Allowance for Doubtful Accounts (Detail) - Allowance for doubtful accounts [Member] - USD ($) $ in Thousands	9 Months Ended
	Jan. 28, 2018	Jan. 29, 2017
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning balance	$ (414)	$ (1,088)
Provision for bad debts	57	239
Net write-offs, net of recoveries		452
Ending balance	$ (357)	$ (397)

Accounts Receivable - Allowance for Returns and Allowances and Discounts (Detail) - Reserve for returns and allowances and discounts [Member] - USD ($) $ in Thousands	9 Months Ended
	Jan. 28, 2018	Jan. 29, 2017
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning balance	$ (1,220)	$ (962)
Provision for returns, allowances and discounts	(2,332)	(2,357)
Credits issued	2,340	2,103
Ending balance	$ (1,212)	$ (1,216)

Inventories (Detail) - USD ($)
$ in Thousands

Jan. 28, 2018

Apr. 30, 2017

Jan. 29, 2017

Inventory Disclosure [Abstract]

Raw materials

$ 6,654

$ 6,456

$ 6,977

Work-in-process

3,151

3,095

3,161

Finished goods

45,846

41,931

36,055

Cash surrender value - life insurance

$ 55,651

$ 51,482

^[1]

$ 46,193

[1]	Derived from audited financial statements.

Other Noncurrent Assets (Detail) - USD ($)
$ in Thousands

Jan. 28, 2018

Apr. 30, 2017

Jan. 29, 2017

Other Assets, Noncurrent [Abstract]

$ 394

$ 376

Non-compete agreement, net

772

828

847

Customer relationships, net

625

664

677

Other

524

526

517

Compensation, commissions and related benefits

$ 2,315

$ 2,394

^[1]

$ 2,417

[1]	Derived from audited financial statements.

Other Noncurrent Assets- Narrative (Detail)	9 Months Ended
Other Noncurrent Assets- Narrative (Detail)	Jan. 28, 2018 USD ($) Contract	Jan. 29, 2017 USD ($) Contract	Apr. 30, 2017 USD ($) Contract
Other Assets [Line Items]
Gross carrying amount of non-compete agreement	$ 2,000,000	$ 2,000,000	$ 2,000,000
Gross carrying amount of customer relationships	$ 868,000	$ 868,000	$ 868,000
Number of life insurance contracts owned \| Contract	1	1	1
Life insurance contracts, death benefits to insured	$ 1,400,000	$ 1,400,000	$ 1,400,000
Life insurance contracts, cash surrender value	$ 394,000	376,000	376,000
Non-compete Agreement [Member]
Other Assets [Line Items]
Useful life	15 years
Accumulated amortization	$ 1,200,000	1,200,000	1,200,000
Amortization expense	56,000	56,000
Remaining amortization expense for the fiscal year	19,000
Remaining amortization expense for the second fiscal year	75,000
Remaining amortization expense for the third fiscal year	75,000
Remaining amortization expense for the fourth fiscal year	75,000
Remaining amortization expense for the fifth fiscal year	75,000
Remaining amortization expense for the fiscal year thereafter	$ 453,000
Weighted average remaining amortization period	10 years 3 months 18 days
Customer Relationships [Member]
Other Assets [Line Items]
Useful life	17 years
Accumulated amortization	$ 243,000	191,000	$ 204,000
Amortization expense	38,000	$ 38,000
Remaining amortization expense for the fiscal year	12,000
Remaining amortization expense for the second fiscal year	51,000
Remaining amortization expense for the third fiscal year	51,000
Remaining amortization expense for the fourth fiscal year	51,000
Remaining amortization expense for the fifth fiscal year	51,000
Remaining amortization expense for the fiscal year thereafter	$ 409,000
Weighted average remaining amortization period	12 years 3 months 18 days

Accrued Expenses (Detail) - USD ($)
$ in Thousands

Jan. 28, 2018

Apr. 30, 2017

Jan. 29, 2017

Payables and Accruals [Abstract]

$ 6,288

$ 10,188

$ 9,205

Advertising rebates

482

468

118

Interest

Other accrued expenses

2,067

1,240

1,177

Accrued expenses

$ 8,842

$ 11,947

^[1]

$ 10,511

[1]	Derived from audited financial statements.

Lines of Credit - Narrative (Detail)				9 Months Ended
Lines of Credit - Narrative (Detail)	May 15, 2018 USD ($)	Mar. 02, 2018	Feb. 01, 2018 USD ($)	Jan. 28, 2018 USD ($)	Jan. 28, 2018 CNY (¥)	Apr. 30, 2017 USD ($)	Jan. 29, 2017 USD ($)	Aug. 03, 2016 USD ($)	Aug. 01, 2016 USD ($)
United States [Member] \| Third Amendment to Credit Agreement [Member]
Line of Credit Facility [Line Items]
Maximum amount of letters of credit									$ 7,500,000
Letters of credit outstanding, additional amount				$ 2,500,000				$ 5,000,000
United States [Member] \| Third Amendment to Credit Agreement [Member] \| Subsequent Event [Member]
Line of Credit Facility [Line Items]
Automatic reduction of the additional letter of credit			$ 1,250,000
United States [Member] \| Third Amendment to Credit Agreement [Member] \| Scenario, Forecast [Member]
Line of Credit Facility [Line Items]
Automatic reduction of the additional letter of credit	$ 1,250,000
United States [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 30,000,000
Interest rate description				Interest was charged at a rate as a variable spread over LIBOR based on our ratio of debt to EBITDA.
Applicable interest rate at end of period				3.02%	3.02%	2.45%	2.23%
Expiration date				Aug. 15, 2018
Reference rate on which the interest rate is based				LIBOR
Percentage of common stock in subsidiary pledge as collateral				65.00%
Outstanding amount				$ 0		$ 0	$ 0
Letters of credit, outstanding amount				250,000		250,000	250,000
China [Member] \| Revolving credit agreement [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 6,400,000	¥ 40,000,000
Interest rate description				This agreement bears interest rate determined by the Chinese government
Expiration date				Feb. 15, 2018
Outstanding amount				$ 0		$ 0	$ 0
China [Member] \| Revolving credit agreement [Member] \| Subsequent Event [Member]
Line of Credit Facility [Line Items]
Expiration date		Mar. 02, 2019

Fair Value of Financial Instruments - Narrative (Detail) - USD ($)

3 Months Ended

Oct. 30, 2016

Jan. 28, 2018

Apr. 30, 2017

Jan. 29, 2017

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Short-term investments - Available for Sale

$ 2,472,000

$ 2,443,000

^[1]

$ 2,410,000

Long-term investments (Rabbi Trust)

7,176,000

5,466,000

^[1]

5,488,000

U.S. Corporate Bonds [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Held to maturity investments

$ 31,000,000

30,800,000

30,900,000

30,800,000

Held to maturity investments, fair value

30,700,000

30,800,000

30,700,000

U.S. Corporate Bonds [Member] | Minimum [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term investments, maturity period

2 years

U.S. Corporate Bonds [Member] | Maximum [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term investments, maturity period

2 years 6 months

Short-term Investments [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Accumulated unrealized gain (loss) on investments

(57,000)

(47,000)

(68,000)

Long-term investments (Rabbi Trust) [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Accumulated unrealized gain (loss) on investments

$ 113,000

$ 43,000

$ 11,000

[1]	Derived from audited financial statements.

Cash Flow Information - Interest and Income Taxes Paid (Detail) - USD ($) $ in Thousands	9 Months Ended
	Jan. 28, 2018	Jan. 29, 2017
Supplemental Cash Flow Elements [Abstract]
Interest	$ 181	$ 110
Income taxes	$ 3,426	$ 4,704

Cash Flow Information - Narrative (Detail) - USD ($)	9 Months Ended
Cash Flow Information - Narrative (Detail) - USD ($)	Jan. 28, 2018	Jan. 29, 2017
Supplemental Cash Flow Elements [Abstract]
Interest costs	$ 168,000	$ 97,000
Interest cost capitalized	$ 99,000	$ 97,000

Net (Loss) Income Per Share - Weighted Average Shares (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jan. 28, 2018	Jan. 29, 2017	Jan. 28, 2018	Jan. 29, 2017
Earnings Per Share [Abstract]
Weighted average common shares outstanding, basic	12,436	12,313	12,425	12,302
Dilutive effect of stock-based compensation		231	201	215
Weighted average common shares outstanding, diluted	12,436	12,544	12,626	12,517

Net (Loss) Income Per Share - Narrative (Detail)	3 Months Ended
Net (Loss) Income Per Share - Narrative (Detail)	Jan. 28, 2018 shares
Common Stock Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from computation of diluted net loss per share	160,743

Segment Information - Narrative (Detail)	9 Months Ended
Segment Information - Narrative (Detail)	Jan. 28, 2018 Segment
Segment Reporting [Abstract]
Number of business segments	2

Segment Information - Financial Information for Operating Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 28, 2018	Jan. 29, 2017	Jan. 28, 2018	Jan. 29, 2017
Segment Reporting Information [Line Items]
Net sales	$ 85,310	$ 76,169	$ 245,541	$ 232,194
Gross profit	17,603	16,759	49,873	52,079
Selling, general, and administrative expenses	9,959	9,824	28,876	29,171
Income from operations	7,644	6,935	20,997	22,908
Interest expense	(31)		(69)
Interest income	132	124	391	164
Other expense	(229)	(69)	(903)	(376)
Income before income taxes	7,516	6,990	20,416	22,696
Operating Segments [Member]
Segment Reporting Information [Line Items]
Selling, general, and administrative expenses	7,256	7,292	21,326	21,271
Income from operations	10,347	9,467	28,547	30,808
Operating Segments [Member] \| Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
Net sales	36,268	30,249	99,469	90,217
Gross profit	7,457	7,001	20,232	19,665
Selling, general, and administrative expenses	3,947	3,901	11,458	11,086
Income from operations	3,510	3,100	8,773	8,579
Operating Segments [Member] \| Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
Net sales	49,042	45,920	146,072	141,977
Gross profit	10,146	9,758	29,641	32,414
Selling, general, and administrative expenses	3,309	3,391	9,868	10,185
Income from operations	6,837	6,367	19,774	22,229
Unallocated Corporate [Member]
Segment Reporting Information [Line Items]
Selling, general, and administrative expenses	2,703	2,532	7,550	7,900
Income from operations	$ (2,703)	$ (2,532)	$ (7,550)	$ (7,900)

Segment Information - Balance Sheet Information by Operating Segments (Detail) - USD ($)
$ in Thousands

9 Months Ended

Jan. 28, 2018

Jan. 29, 2017

Apr. 30, 2017

May 01, 2016

Non-compete agreement

$ 772

$ 847

$ 828

Customer relationships

625

677

664

1,518

600

1,106

^[1]

Goodwill

11,462

^[1]

51,838

50,333

51,651

^[1]

Cash and cash equivalents

216,844

191,056

205,634

^[1]

22,428

15,659

20,795

^[1]

$ 37,787

Short-term investments (Available for Sale)

2,472

2,410

2,443

^[1]

Short-term investments (Held-to-Maturity)

17,206

1,942

422

419

^[1]

Long-term investments (Held-to-Maturity)

3,114

2,514

2,894

^[1]

13,625

30,832

30,945

^[1]

Long-term investments (Rabbi Trust)

7,176

5,488

5,466

^[1]

2,315

2,417

2,394

^[1]

Operating Segments [Member]

^[2]

5,871

15,674

Depreciation expense

5,679

5,304

Operating Segments [Member] | Mattress Fabrics [Member]

147,515

132,086

140,914

Current assets

^[3]

42,195

41,498

47,038

Non-compete agreement

772

847

828

Customer relationships

625

677

664

1,518

600

1,106

Goodwill

11,462

^[4]

49,289

47,755

48,916

105,861

102,839

110,014

Operating Segments [Member] | Upholstery Fabrics [Member]

5,445

14,957

Depreciation expense

5,068

4,673

Current assets

^[3]

39,553

27,421

29,021

^[5]

2,101

1,826

1,879

41,654

29,247

30,900

Unallocated Corporate [Member]

379

645

Depreciation expense

611

631

Cash and cash equivalents

^[6]

448

752

856

22,428

15,659

20,795

Short-term investments (Available for Sale)

2,472

2,410

2,443

Short-term investments (Held-to-Maturity)

17,206

1,942

422

419

Long-term investments (Held-to-Maturity)

3,114

2,514

2,894

13,625

30,832

30,945

Long-term investments (Rabbi Trust)

7,176

5,488

5,466

918

893

$ 902

$ 47

$ 72

[1]	Derived from audited financial statements.
[2]	Capital expenditure amounts are stated on the accrual basis. See Consolidated Statements of Cash Flows for capital expenditure amounts on a cash basis.
[3]	Current assets represent accounts receivable and inventory for the respective segment.
[4]	The $49.3 million at January 28, 2018, represents property, plant, and equipment of $35.6 million and $13.7 million located in the U.S. and Canada, respectively. 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 $48.9 million at April 30, 2017, represents property, plant, and equipment of $34.0 million and $14.9 million located in the U.S. and Canada, respectively.
[5]	The $2.1 million at January 28, 2018, represents property, plant, and equipment of $1.4 million and $711 located in the U.S. and China, respectively. 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 $1.9 million at April 30, 2017, represents property, plant, and equipment of $1.2 million and $655 located in the U.S. and China, respectively.
[6]	The $448, $752, and $856 at January 28, 2018, January 29, 2017 and April 30, 2017, 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 our corporate departments are located in the U.S.

Segment Information - Balance Sheet Information by Operating Segments (Parenthetical) (Detail) - USD ($)
$ in Thousands

Jan. 28, 2018

Apr. 30, 2017

Jan. 29, 2017

United States [Member] | Mattress Fabrics [Member]

$ 51,838

$ 51,651

^[1]

$ 50,333

United States [Member] | Upholstery Fabrics [Member]

35,600

34,000

32,600

Canada [Member] | Mattress Fabrics [Member]

1,400

1,200

1,100

China [Member] | Upholstery Fabrics [Member]

13,700

14,900

15,200

Unallocated Corporate [Member]

711

655

711

Unallocated Corporate [Member] | United States [Member]

^[2]

448

856

752

$ 448

$ 856

$ 752

[1]	Derived from audited financial statements.
[2]	The $448, $752, and $856 at January 28, 2018, January 29, 2017 and April 30, 2017, 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 our corporate departments are located in the U.S.

Income Taxes - Effective Income Tax Rate - Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 28, 2018	Jan. 29, 2017	Jan. 28, 2018	Jan. 29, 2017
Income Tax Disclosure [Abstract]
Income taxes	$ 8,208	$ 643	$ 11,956	$ 6,560
Effective income tax rate			58.60%	28.90%

Income Taxes - Differences Between Income Tax Expense at Federal Income Tax Rate and Effective Income Tax Rate (Detail)	9 Months Ended
	Jan. 28, 2018	Jan. 29, 2017
Income Tax Disclosure [Abstract]
Federal income tax rate	30.40%	34.00%
Tax effects of the 2017 Tax Cuts and Jobs Act	28.40%
Tax effects of Chinese foreign exchange (losses) gains	(2.90%)	1.90%
Excess income tax benefits related to stock-based compensation	(2.30%)
Reversal of foreign uncertain tax position		(9.10%)
Foreign income tax rate differential	3.90%
U.S. state income tax expense	0.20%	0.60%
Other	0.90%	1.50%
Effective income tax rate	58.60%	28.90%

Income Taxes - 2017 Tax Cuts and Jobs Act - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended		12 Months Ended
	Jan. 28, 2018	Jan. 28, 2018	Jan. 29, 2017	Apr. 28, 2019	Apr. 29, 2018
Income Taxes [Line Items]
Federal statutory income tax rate		30.40%	34.00%
Provisional charge for re-measurement of U.S. net deferred income taxes	$ 1.3	$ 1.3
Provisional net charge for income tax effects of the Transition Tax	4.8	4.8
Provisional charge for write-off and establishment of valuation allowance against unused foreign tax credits	25.8	25.8
Provisional benefit for release of deferred income tax liabilities related to earnings and profits not permanently reinvested	$ 21.0	$ 21.0
Transition Tax payable period		8 years
Scenario, Forecast [Member]
Income Taxes [Line Items]
Federal statutory income tax rate				21.00%	30.40%

Income Taxes - Deferred Income Taxes - Valuation Allowance - Narrative (Detail) - USD ($)	Jan. 28, 2018	Apr. 30, 2017	Jan. 29, 2017
U.S. Tax Authorities and Poland Tax Authorities [Member]
Income Taxes [Line Items]
Valuation allowance	$ 2,900,000	$ 536,000	$ 557,000
Canada and China [Member]
Income Taxes [Line Items]
Valuation allowance	0	0	0
Valuation Allowance, Operating Loss Carryforwards [Member] \| U.S. State Tax [Member]
Income Taxes [Line Items]
Valuation allowance	495,000	464,000	473,000
Unused Foreign Tax Credits, Tax Cuts and Jobs Act of 2017 [Member] \| Internal Revenue Service (IRS) [Member] \| Valuation Allowance, Tax Credit Carryforward [Member]
Income Taxes [Line Items]
Valuation allowance	2,300,000
Culp Europe [Member] \| Poland [Member] \| Valuation Allowance, Operating Loss Carryforwards [Member]
Income Taxes [Line Items]
Valuation allowance	$ 73,000	$ 72,000	$ 84,000

Income Taxes - Deferred Income Taxes - Undistributed Earnings - Narrative (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Jan. 29, 2017	Apr. 28, 2019	Dec. 31, 2017	Apr. 30, 2017	Jan. 28, 2018
Income Taxes [Line Items]
Undistributed earnings from our foreign subsidiaries that will not be reinvested indefinitely	$ 143,200,000		$ 156,700,000	$ 146,900,000
U.S. foreign income tax credits	42,100,000		$ 42,200,000	43,500,000
Deferred tax liability, undistributed earnings from foreign subsidiaries	405,000			497,000	$ 3,100,000
U.S. income and foreign withholding taxes	$ 42,500,000			$ 44,000,000
Scenario, Forecast [Member]
Income Taxes [Line Items]
Dividends received deduction percentage for earnings and profits received from foreign corporation		100.00%
Dividends received deduction, foreign corporation ownership percentage		10.00%

Income Taxes - Deferred Income Taxes - Narrative (Detail) - USD ($)

Jan. 28, 2018

Apr. 30, 2017

Jan. 29, 2017

Non-current deferred tax asset

$ 1,942,000

$ 419,000

^[1]

$ 422,000

Non-current deferred tax liability

2,096,000

3,593,000

^[1]

2,924,000

U.S. Tax Authorities [Member]

Non-current deferred tax asset

1,500,000

Non-current deferred tax liability

1,500,000

1,200,000

China [Member]

Non-current deferred tax asset

461,000

419,000

422,000

Canada [Member]

Non-current deferred tax liability

$ 2,096,000

$ 2,100,000

$ 1,700,000

[1]	Derived from audited financial statements.

Income Taxes - Uncertainty in Income Taxes - Narrative (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Jan. 29, 2017	Jan. 28, 2018	Jan. 29, 2017	Apr. 30, 2017
Income Taxes [Line Items]
Unrecognized tax benefits	$ 13,400,000	$ 12,400,000	$ 13,400,000	$ 12,200,000
Unrecognized tax benefits that would favorably impact effective income tax rate if recognized	1,800,000	9,900,000	1,800,000	467,000
Income tax benefit recognized from reversal of uncertain income tax position	2,100,000		2,100,000
Non-current Deferred Income Taxes [Member]
Income Taxes [Line Items]
Unrecognized tax benefits	11,600,000	2,500,000	11,600,000	11,800,000
Income Taxes Payable - Long-Term [Member]
Income Taxes [Line Items]
Unrecognized tax benefits	$ 1,800,000	$ 9,900,000	$ 1,800,000	$ 467,000
Internal Revenue Service (IRS) [Member]
Income Taxes [Line Items]
Income tax examination, description		The IRS proposed an adjustment approximating $12.5 million of income taxes that relates to our transfer pricing with certain foreign subsidiaries. Management does not agree with the IRS' proposed adjustment and intends to vigorously defend its position.
Income tax examination, proposed adjustments		$ 12,500,000
Earliest Tax Year [Member] \| United States Federal and State Income Tax [Member]
Income Taxes [Line Items]
Income tax returns, years subject to examination		2005
Earliest Tax Year [Member] \| Canadian Provincial (Quebec) Returns [Member]
Income Taxes [Line Items]
Income tax returns, years subject to examination		2016
Income tax examination, year under examination		2013
Earliest Tax Year [Member] \| Internal Revenue Service (IRS) [Member]
Income Taxes [Line Items]
Income tax examination, year under examination		2014
Earliest Tax Year [Member] \| Canada [Member]
Income Taxes [Line Items]
Income tax returns, years subject to examination		2014
Earliest Tax Year [Member] \| China [Member]
Income Taxes [Line Items]
Income tax returns, years subject to examination		2012
Latest Tax Year [Member] \| Canadian Provincial (Quebec) Returns [Member]
Income Taxes [Line Items]
Income tax examination, year under examination		2015
Latest Tax Year [Member] \| Internal Revenue Service (IRS) [Member]
Income Taxes [Line Items]
Income tax examination, year under examination		2016

Statutory Reserves (Detail) - Subsidiaries [Member] - China [Member] $ in Millions	9 Months Ended
	Jan. 28, 2018 USD ($)
Statutory Reserve [Line Items]
Percentage of net income required to be transferred to a statutory surplus reserve fund	10.00%
Maximum required percentage of statutory surplus reserve fund to registered capital	50.00%
Statutory surplus reserve fund balance	$ 4.6
Percentage of accumulated earnings and profits determined in accordance with PRC accounting rules and regulations	10.00%
Minimum threshold percentage for statutory surplus reserve fund as percentage of registered capital, below which certain capital transactions are prohibited	25.00%

Commitments and Contingencies (Detail) - USD ($)		1 Months Ended	9 Months Ended	12 Months Ended
Commitments and Contingencies (Detail) - USD ($)	May 16, 2016	Apr. 30, 2016	Jan. 28, 2018	Apr. 30, 2017	Jan. 29, 2017
Commitments and Contingencies Disclosure [Line Items]
Accounts payable for capital expenditures			$ 1,600,000	$ 6,100,000	$ 5,600,000
Buildings and Improvements [Member]
Commitments and Contingencies Disclosure [Line Items]
Amount financed for construction of building			1,400,000	5,100,000	$ 4,500,000
Amount financed for construction of building required to be paid in fiscal 2019			1,400,000
Mattress Fabrics [Member] \| Capital Addition Purchase Commitments [Member]
Commitments and Contingencies Disclosure [Line Items]
Open purchase commitments			4,100,000
Mattress Fabrics [Member] \| Capital Addition Purchase Commitments [Member] \| Buildings and Improvements [Member]
Commitments and Contingencies Disclosure [Line Items]
Open purchase commitments			$ 1,400,000
Contractual obligation, current cost	$ 11,300,000
Contractual obligation paid		$ 1,900,000		$ 4,300,000
Contractual obligation due in fiscal 2018	3,700,000
Contractual obligation due in fiscal 2019	1,400,000
Mattress Fabrics [Member] \| Capital Addition Purchase Commitments [Member] \| Buildings and Improvements [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Commitments and Contingencies Disclosure [Line Items]
Percentage rate added to variable rate			2.25%
Variable interest rate			30 day LIBOR rate
Mattress Fabrics [Member] \| Capital Addition Purchase Commitments [Member] \| Buildings and Improvements [Member] \| Letter of Credit [Member]
Commitments and Contingencies Disclosure [Line Items]
Letter of credit	$ 5,000,000
Unused fee calculated on letter of credit	0.10%

Investment in Unconsolidated Joint Venture - Narrative (Detail) - USD ($)

3 Months Ended

9 Months Ended

Jan. 28, 2018

Apr. 30, 2017

Jan. 29, 2017

Jan. 01, 2017

Schedule of Equity Method Investments [Line Items]

Loss from investment in unconsolidated joint venture

$ (56,000)

$ (249,000)

Schedule of Equity Method Investments [Line Items]

$ 1,518,000

$ 1,106,000

^[1]

$ 600,000

CLIH [Member]

Equity method investment, ownership percentage

50.00%

Unconsolidated joint venture, net loss

$ (498,000)

Loss from investment in unconsolidated joint venture

(249,000)