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Note 12 - Quarterly Consolidated Financial Information (Unaudited)
 12 Months Ended
May 27, 2018
Notes to Financial Statements  
Quarterly Financial Information [Text Block]
12.
          Quarterly Consolidated Financial Information (unaudited)
 
The following is a summary of the unaudited quarterly results of operations for fiscal years
2018
and
2017
(in thousands, except for per share amounts):
 
Fiscal Year 2018
  
1st Quarter
    
2nd Quarter
    
3rd Quarter
    
4th Quarter
    
Annual
  
Revenues
   $
115,781
     $
122,461
     $
144,909
     $
141,076
     $
524,227
  
Gross profit
   $
18,802
     $
14,921
     $
19,806
     $
24,809
     $
78,338
  
Net income from continuing operations
   $
2,355
     $
414
     $
16,281
     $
6,711
     $
25,761
  
Net income applicable to common stockholders
   $
2,146
     $
487
     $
16,088
     $
6,108
     $
24,829
  
Net income per basic share from continuing operations
   $
0.08
     $
0.02
     $
0.59
     $
0.24
     $
0.93
  
Net income per diluted share from continuing operations
   $
0.08
     $
0.02
     $
0.58
     $
0.24
     $
0.92
  
 
Fiscal Year 2017
  
1st Quarter
    
2nd Quarter
    
3rd Quarter
    
4th Quarter
    
Annual
  
Revenues
   $
109,055
     $
110,164
     $
129,292
     $
121,265
     $
469,776
  
Gross profit
   $
20,116
     $
17,103
     $
22,873
     $
19,120
     $
79,212
  
Net income from continuing operations
   $
3,183
     $
765
     $
3,591
     $
2,596
     $
10,135
  
Net income applicable to common stockholders
   $
3,312
     $
1,326
     $
3,500
     $
2,452
     $
10,590
  
Net income per basic share from continuing operations
   $
0.12
     $
0.03
     $
0.13
     $
0.09
     $
0.37
  
Net income per diluted share from continuing operations
   $
0.11
     $
0.03
     $
0.13
     $
0.09
     $
0.36
  
 
During the
fourth
quarter of fiscal year
2018,
the Company determined that it had improperly included accrued capital expenditures in cash used in investing activities from the purchase of property and equipment in its statements of cash flows for the previous annual financial statements and the quarterly financial statements for fiscal years
2018
and
2017.
While the Company concluded that the impact of these errors was
not
material to prior annual periods, the Company concluded that the errors were material to its
2018
and
2017
quarterly statements of cash flows. As a result, the Company has restated all quarterly periods in fiscal years
2018
and
2017
to reflect the correction of these errors (the Restatement). The following tables summarize the impact of the Restatement on the Company’s previously reported consolidated statements of cash flows included in the Quarterly Reports on Forms
10
-Q for each respective period.
 
Fiscal Year 2018
  
1st Quarter
    
2nd Quarter
    
3rd Quarter
  
Cash provided by (used in) operating activities:
                        
As Reported
   $
(131
 )   $
4,330
     $
18,098
  
Adjustment
    
3,581
      
2,006
      
2,202
  
Restated
   $
3,450
     $
6,336
     $
20,300
  
Cash used in investing activities:
                        
As Reported
   $
(3,288
 )   $
(9,457
 )   $
(20,544
 )
Adjustment
    
(3,581
 )    
(2,006
 )    
(2,202
 )
Restated
   $
(6,869
 )   $
(11,463
 )   $
(22,746
 )
 
Fiscal Year 2017
  
1st Quarter
    
2nd Quarter
    
3rd Quarter
  
Cash provided by operating activities:
                        
As Reported
   $
6,467
     $
5,527
     $
23,181
  
Adjustment
    
3,502
      
4,185
      
3,445
  
Restated
   $
9,969
     $
9,712
     $
26,626
  
Cash used in investing activities:
                        
As Reported
   $
(2,122
 )   $
(4,724
 )   $
(9,414
 )
Adjustment
    
(3,502
 )    
(4,185
 )    
(3,445
 )
Restated
   $
(5,624
 )   $
(8,909
 )   $
(12,859
 )