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Note 9 - Related Party

3 Months Ended

Aug. 31, 2014

9.	Related Party

The Company sells products to and earns license fees from Windset. During the three months ended August 31, 2014 and August 25, 2013, the Company recognized revenues of $34,000 and $32,000, respectively, which have been included in product sales in the accompanying Consolidated Statements of Comprehensive Income, from the sale of products to and license fees from Windset. The related receivable balances of $338,000 and $304,000 are included in accounts receivable, related party, in the accompanying Consolidated Balance Sheets as of August 31, 2014 and May 25, 2014, respectively.

Additionally, unrelated to the revenue transactions above, the Company purchases produce from Windset for sale to third parties. During the three months ended August 31, 2014 and August 25, 2013, the Company recognized cost of product sales of $411,000 and $364,000, respectively, which have been included in cost of product sales in the accompanying Consolidated Statements of Comprehensive Income, from the sale of products purchased from Windset. The related accounts payable of $167,000 and $134,000 are included in accounts payable, related party in the accompanying Consolidated Balance Sheets as of August 31, 2014 and May 25, 2014, respectively.

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

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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