XML 30 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Reporting
 9 Months Ended
Mar. 03, 2012
Segment Reporting [Abstract]  
Segment Reporting

12. SEGMENT REPORTING

In accordance with ASC 280-10, Segment Reporting, we have 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, CO2 laser cutting, diagnostic imaging, dielectric and induction heating, high energy transfer, high voltage switching, plasma, power conversion, radar, and radiation oncology. With the acquisition of Powerlink, 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):

 

     Three Months Ended      Nine Months Ended  
     March 3,
2012		      February 26,
2011		      March 3,
2012		      February 26,
2011		  

EDG

            

Net Sales

    $ 26,867       $ 28,002       $ 85,618       $ 84,150   

Gross Profit

    $ 8,085       $ 8,412       $ 26,302       $ 26,411   

Canvys

            

Net Sales

    $ 11,463       $ 11,651       $ 33,361       $ 33,993   

Gross Profit

    $ 3,212       $ 3,145       $ 9,387       $ 8,332   

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

 

     March 3,      May 28,  
     2012      2011  

Segment assets

    $ 61,475       $ 51,464   

Cash

      24,430         170,975   

Investments—current

      130,030         52,116   

Other current assets (1)

     9,541         9,615   

Net property

      4,491         5,216   

Investments—non-current

      14,765         16,656   

Other assets (2)

     1,829         3,994   

Assets of discontinued operations (3)

     626         4,018   
  

 

 

     

 

 

  

Total assets

    $ 247,187       $ 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):

 

     Three Months Ended     Nine Months Ended  
     March 3,     February 26,     March 3,     February 26,  
     2012     2011     2012     2011  

Net Sales

         

North America

    $ 17,055      $ 17,715      $ 50,662      $ 50,962   

Asia/Pacific

      5,852        6,042        19,904        19,717   

Europe

      12,682        12,694        39,469        38,103   

Latin America

      2,444        2,432        7,557        7,825   

Other

      297        770        1,387        1,536   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 38,330      $ 39,653      $ 118,979      $ 118,143   
  

 

 

    

 

 

    

 

 

    

 

 

  

Gross Profit

         

North America

    $ 5,577      $ 5,136      $ 16,288      $ 15,559   

Asia/Pacific

      2,151        2,119        7,088        6,954   

Europe

      4,003        3,683        12,528        10,586   

Latin America

      992        936        2,909        3,099   

Other

      (1,426 )      (317 )      (3,124 )      (1,455 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 11,297      $ 11,557      $ 35,689      $ 34,743   
  

 

 

    

 

 

    

 

 

    

 

 

  

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.