XML 113 R29.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 9 - Debt (Tables)
 12 Months Ended
May 26, 2013
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments [Table Text Block]
   

May 26, 2013

   

May 27, 2012

 

Real estate loan agreement with General Electric Capital Corporation (“GE Capital”); due in monthly principal and interest payments of $133,060 through May 1, 2022 with interest based on a fixed rate of 4.02% per annum

  $ 17,065     $ 17,957  

Real estate bridge loan agreement with GE Capital; due in monthly principal and interest payments of $8,902 with a lump sum final principal payment due on May 1, 2013 with interest based on a fixed rate of 4.02% per annum

    —       1,200  

Capital equipment loan with GE Capital; due in monthly principal and interest payments of $175,356 through May 1, 2019 with interest based on a fixed rate of 4.39% per annum

    11,080       12,660  

Term note with BMO Harris; due in monthly payments of $250,000 through May 23, 2016 with interest payable monthly at LIBOR plus 2% per annum

    9,000       12,000  

Industrial revenue bonds (“IRBs”) issued by Lifecore; due in annual payments through 2020 with interest at a variable rate set weekly by the bond remarketing agent (0.38% and 0.42% at May 26, 2013 and May 27, 2012, respectively)

    3,160       3,500  

Total

    40,305       47,317  

Less current portion

    (5,933 )     (7,012 )

Long-term portion

  $ 34,372     $ 40,305  
Schedule of Maturities of Long-term Debt [Table Text Block]
   

GE RE Loan

   

GE Equipment

   

BMO Harris

   

IRB

   

Total

 
                                         

FY 2014

  $ 928     $ 1,650     $ 3,000     $ 355     $ 5,933  
                                         

FY 2015

    966       1,725       3,000       365       6,056  
                                         

FY 2016

    1,005       1,801       3,000       375       6,181  
                                         

FY 2017

    1,047       1,882       —       390       3,319  
                                         

FY 2018

    1,089       1,967       —       400       3,456  
                                         

Thereafter

    12,030       2,055       —       1,275       15,360  
                                         

Total

  $ 17,065     $ 11,080     $ 9,000     $ 3,160     $ 40,305