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Note 12 - Related Party
3 Months Ended
Aug. 26, 2012
Related Party Transactions Disclosure [Text Block]
12.          Related Party

The Company provides cooling and distribution services to both a farm and Beachside Produce LLC ("Beachside"), a commodity produce distributor, in which the Chairman of Apio has a farming and ownership interest, respectively.   During the three months ended August 26, 2012 and August 28, 2011, the Company recognized revenues of $1.0 million and $1.1 million, respectively, which have been included in product sales and in service revenues in the accompanying Consolidated Statements of Income, from the sale of products and providing cooling services to these parties.  The related receivable balances of $268,000 and $323,000 are included in accounts receivable in the accompanying Consolidated Balance Sheets as of August 26, 2012 and May 27, 2012, respectively.

Additionally, unrelated to the revenue transactions above, the Company purchases produce from Beachside, a farm in which the Chairman of Apio has an ownership interest, and Windset for sale to third parties. During the three months ended August 26, 2012 and August 28, 2011, the Company recognized cost of product sales of $2.2 million and $1.3 million, respectively, which have been included in cost of product sales in the accompanying Consolidated Statements of Income, from the sale of products purchased from these parties.  The related accounts payable of $533,000 and $776,000 are included in related party accounts payable in the accompanying Consolidated Balance Sheets as of August 26, 2012 and May 27, 2012, respectively.

All related party transactions are monitored quarterly by the Company and approved by the Audit Committee of the Board of Directors.