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Net Gain on Sale of Property, Plant and Equipment
12 Months Ended
May 31, 2017
Property, Plant and Equipment [Abstract]  
Net Gain on Sale of Property, Plant and Equipment
NOTE 4 Net Gain on Sale of Property, Plant and Equipment

In the fourth quarter of fiscal 2017, the Corporation sold real property and substantially all of the equipment at its former facility located in Mansfield, Texas. The net sales price was $2,212,000, resulting in a gain of $1,502,000. The assets sold were security under the Corporation’s Secured Revolving Credit Facility with First Business Capital. First Business Capital released its lien on the real property subject to $1,100,000 of the net sales proceeds being held in a cash collateral account at First Business Bank, an affiliate of First Business Capital. The gain was offset by $222,000 in losses associated with the disposal of Mansfield equipment not sold, and the sale or disposal of equipment used by the Corporation’s former facility in Elkhart, Indiana.