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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Feb. 26, 2017
Feb. 28, 2016
Feb. 26, 2017
Feb. 28, 2016
Product sales $ 136,568,000 $ 129,990,000 $ 404,827,000 $ 405,786,000
Cost of product sales 113,136,000 117,059,000 341,298,000 357,613,000
Gross profit 23,432,000 12,931,000 63,529,000 48,173,000
Operating expenses:        
Research and development 2,014,000 1,895,000 5,917,000 5,413,000
Selling, general and administrative 15,009,000 10,659,000 41,969,000 35,638,000
Legal settlement charge 2,080,000 2,580,000
Impairment of GreenLine tradename 34,000,000 34,000,000 [1]
Total operating costs and expenses 19,103,000 46,554,000 50,466,000 75,051,000
Operating income (loss) 4,329,000 (33,623,000) 13,063,000 (26,878,000)
Dividend income 413,000 413,000 1,238,000 1,238,000
Interest income 8,000 17,000 15,000 64,000
Interest expense, net (400,000) (484,000) (1,432,000) (1,425,000)
Loss on debt refinancing (1,233,000) [1]
Other income 700,000 700,000 1,000,000
Net income (loss) before taxes 5,050,000 (33,677,000) 12,351,000 (26,001,000)
Income tax (expense) benefit (1,556,000) 12,510,000 (4,138,000) 9,750,000
Consolidated net income (loss) 3,494,000 (21,167,000) 8,213,000 (16,251,000) [1]
Non-controlling interest income (expense) 6,000 (23,000) (75,000) (119,000)
Net income (loss) and comprehensive income applicable to common stockholders $ 3,500,000 $ (21,190,000) $ 8,138,000 $ (16,370,000)
Basic net income (loss) per share (in dollars per share) $ 0.13 $ (0.78) $ 0.30 $ (0.61)
Diluted net income (loss) per share (in dollars per share) $ 0.13 $ (0.78) $ 0.29 $ (0.61)
Shares used in per share computation        
Basic (in shares) 27,286 27,054 27,252 27,026
Diluted (in shares) 27,682 27,054 27,608 27,026
Other comprehensive income, net of tax:        
Change in net unrealized gains on interest rate swap (net of tax effect of $59, $0, $251, and $0) $ 103,000 $ 430,000
Other comprehensive income, net 103,000 430,000
Total comprehensive income (loss) $ 3,603,000 $ (21,190,000) $ 8,568,000 $ (16,370,000)
[1] See Note 1 - Organization, Basis of Presentation, and Summary of Significant Accounting Policies for a discussion of accounting principles adopted during the period.