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Segment and Geographic Information
 12 Months Ended
Jun. 02, 2012
Segment and Geographic Information [Abstract]  
SEGMENT AND GEOGRAPHIC INFORMATION

13. SEGMENT AND GEOGRAPHIC INFORMATION

In accordance with ASC 280-10, Segment Reporting, we have identified two reportable segments: EDG and Canvys.

EDG provides engineered solutions and distributes electronic components to customers in alternative energy, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets. EDG focuses on various applications including broadcast transmission, CO 2 laser cutting, diagnostic imaging, dielectric and induction heating, high energy transfer, high voltage switching, plasma, power conversion, radar, and radiation oncology. EDG also offers its customers technical services for both microwave and industrial equipment.

Canvys provides global customized display solutions serving the corporate enterprise, financial, healthcare, industrial, and medical original equipment manufacturer (“OEM”) markets.

The CEO evaluates performance and allocates resources primarily based on the gross profit of each segment.

Operating results by segment are summarized in the following table (in thousands):

 

                         
    Fiscal Year Ended  

EDG

   June 2,
2012		     May 28,
2011		     May 29,
2010		  

Net Sales

   $ 112,586     $ 113,715     $ 86,541  

Gross Profit

   $ 34,626     $ 35,020     $ 28,721  
       

Canvys

                        

Net Sales

   $ 45,250     $ 45,152     $ 48,831  

Gross Profit

   $ 12,155     $ 11,093     $ 12,563  

 

A reconciliation of assets to the relevant consolidated amount is as follows (in thousands):

 

                 
    June 2,
2012		     May 28,
2011		  

Segment assets

   $ 54,768     $ 51,464  

Cash

     43,893       170,975  

Investments - current

     105,009       52,116  

Other current assets (1)

     10,723       9,615  

Net property

     4,375       5,216  

Investments - non-current

     10,683       16,656  

Other assets (2)

     1,458       3,994  

Assets of discontinued operations (3)

     514       4,018  
   

 

 

    

 

 

  

Total assets

   $ 231,423     $ 314,054  
   

 

 

    

 

 

  

 

(1) Other current assets include miscellaneous receivables, prepaid expenses, and current deferred income taxes.
(2) Other assets primarily include non-current deferred income taxes.
(3) See Footnote 5 - Discontinued Operations.

 

Geographic net sales information is primarily grouped by customer destination into five areas: North America; Asia/Pacific; Europe; Latin America; and Other.

Net sales and gross profit by geographic region are summarized in the following table (in thousands):

 

                         
    Fiscal Year Ended  
    June 2,
2012		     May 28,
2011		     May 29
2010		  

Net Sales

                        

North America

   $ 68,990     $ 67,646     $ 64,265  

Asia/Pacific

     25,588       26,354       20,943  

Europe

     52,039       54,040       40,800  

Latin America

     9,870       10,239       9,049  

Other

     1,349       588       315  
   

 

 

    

 

 

    

 

 

  

Total

   $ 157,836     $ 158,867     $ 135,372  
   

 

 

    

 

 

    

 

 

  
       

Gross Profit

                        

North America

   $ 21,640     $ 19,873     $ 17,927  

Asia/Pacific

     9,061       9,441       7,550  

Europe

     16,082       14,356       12,552  

Latin America

     3,710       4,093       3,522  

Other

     (3,712 )      (1,650 )      (267 ) 
   

 

 

    

 

 

    

 

 

  

Total

   $ 46,781     $ 46,113     $ 41,284  
   

 

 

    

 

 

    

 

 

  

We sell our products to customers in diversified industries and perform periodic credit evaluations of our customers’ financial condition. Terms are generally on open account, payable net 30 days in North America, and vary throughout Asia/Pacific, Europe, and Latin America. Estimates of credit losses are recorded in the financial statements based on monthly reviews of outstanding accounts. Other primarily includes net sales not allocated to a specific geographical region, unabsorbed value-add costs, and other unallocated expenses.