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Significant Accounting Policies and Disclosures (Tables) | 12 Months Ended
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May 27, 2023
Accounting Policies [Abstract] |
Schedule of Contract Liabilities and Revenue Recognized | Contract Liabilities: Contract liabilities and revenue recognized were as follows (in thousands):
Balance May 29, 2021 |  | $ | 3,313 |
Additions |  |  | 6,917 |
Revenue recognized |  |  | (5,264 | )
Balance May 28, 2022 |  | $ | 4,966 |
Additions |  |  | 4,293 |
Revenue recognized |  |  | (5,976 | )
Balance May 27, 2023 |  | $ | 3,283 |
Schedule of Property, Plant and Equipment | Property, plant and equipment consist of the following (in thousands):
|  | May 27, 2023 |  |  | May 28, 2022 |
Land and improvements |  | $ | 1,532 |  |  | $ | 1,385 |
Buildings and improvements |  |  | 24,206 |  |  |  | 23,002 |
Computer, communications equipment and software |  |  | 11,692 |  |  |  | 11,186 |
Machinery and other equipment |  |  | 18,350 |  |  |  | 16,215 |
Construction in progress |  |  | 4,437 |  |  |  | 1,991 |
|  | $ | 60,217 |  |  | $ | 53,779 |
Accumulated depreciation |  |  | (39,394 | ) |  |  | (36,818 | )
Property, plant, and equipment, net |  | $ | 20,823 |  |  | $ | 16,961 |
Schedule of Property Plant and Equipment Estimated Useful Lives | Supplemental disclosure information of the estimated useful life of the assets:
Land improvements |  | 10 years
Buildings and improvements |  | 10 - 30 years
Computer, communications equipment and software |  | 3 - 10 years
Machinery and other equipment |  | 3 - 20 years
Schedule of Accrued Liabilities | Accrued Liabilities: Accrued liabilities consist of the following (in thousands):
|  | May 27, 2023 |  |  | May 28, 2022 |
Compensation and payroll taxes |  | $ | 4,422 |  |  | $ | 5,519 |
Accrued severance |  |  | 486 |  |  |  | 678 |
Professional fees |  |  | 661 |  |  |  | 470 |
Deferred revenue |  |  | 3,283 |  |  |  | 4,966 |
Other accrued expenses |  |  | 3,174 |  |  |  | 4,477 |
Accrued Liabilities |  | $ | 12,026 |  |  | $ | 16,110 |
Schedule of Warranty Reserve | Changes in the warranty reserve during fiscal 2023 and fiscal 2022 were as follows (in thousands):
|  | Warranty Reserve |
Balance at May 29, 2021 |  | $ | 548 |
Accruals for products sold |  |  | 160 |
Utilization |  |  | (32 | )
Balance at May 28, 2022 |  | $ | 676 |
Accruals for products sold |  |  | 91 |
Utilization |  |  | (42 | )
Balance at May 27, 2023 |  | $ | 725 |
Schedule of Share-Based Compensation, Stock Options, Activity | A summary of stock option activity is as follows (in thousands, except option prices and years):
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |  |  | Aggregate Intrinsic Value (1) |
Options Outstanding at May 30, 2020 |  |  | 1,427 |  |  | $ | 8.83 |  |  |  |  |  |  |
Granted |  |  | 188 |  |  |  | 4.26 |  |  |  |  |  |  |
Exercised |  |  | (49 | ) |  |  | 5.93 |  |  |  |  |  |  |
Forfeited |  |  | (7 | ) |  |  | 5.96 |  |  |  |  |  |  |
Cancelled |  |  | (104 | ) |  |  | 12.53 |  |  |  |  |  |  |
Options Outstanding at May 29, 2021 |  |  | 1,455 |  |  | $ | 8.08 |  |  |  |  |  |  |
Granted |  |  | 185 |  |  |  | 7.66 |  |  |  |  |  |  |
Exercised |  |  | (373 | ) |  |  | 8.01 |  |  |  |  |  |  |
Forfeited |  |  | (35 | ) |  |  | 6.51 |  |  |  |  |  |  |
Cancelled |  |  | (84 | ) |  |  | 11.65 |  |  |  |  |  |  |
Options Outstanding at May 28, 2022 |  |  | 1,148 |  |  | $ | 7.82 |  |  |  |  |  |  |
Granted |  |  | 194 |  |  |  | 15.58 |  |  |  |  |  |  |
Exercised |  |  | (441 | ) |  |  | 8.58 |  |  |  |  |  |  |
Forfeited |  |  | (20 | ) |  |  | 8.15 |  |  |  |  |  |  |
Cancelled |  |  | (25 | ) |  |  | 11.67 |  |  |  |  |  |  |
Options Outstanding at May 27, 2023 |  |  | 856 |  |  | $ | 9.07 |  |  |  | 6.4 |  |  | $ | 7,122 |
Options Vested at May 27, 2023 |  |  | 387 |  |  | $ | 8.24 |  |  |  | 4.6 |  |  | $ | 3,537 |
(1) Includes only those options that were in-the-money as of May 27, 2023. Stock options for which the exercise price exceeded the market price have been omitted. Fluctuations in the intrinsic value of both outstanding and exercisable options may result from changes in underlying stock price and timing and volume of option grants, exercises and forfeitures.
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The fair value of stock options is estimated using the Black-Scholes option-pricing model with the following weighted average assumptions:
|  | Fiscal Year Ended |
|  | May 27, 2023 |  |  | May 28, 2022 |  |  | May 29, 2021 |
Expected volatility |  |  | 39.12 | % |  |  | 29.00 | % |  |  | 27.72 | %
Risk-free interest rate |  |  | 3.09 | % |  |  | 0.97 | % |  |  | 0.45 | %
Expected lives (years) |  |  | 5.47 |  |  |  | 6.50 |  |  |  | 6.50 |
Annual cash dividend |  | $ | 0.24 |  |  | $ | 0.24 |  |  | $ | 0.24 |
Schedule of Share-Based Compensation, Shares Outstanding Under Stock Option Plans, by Exercise Price Range | The following table summarizes information about stock options outstanding at May 27, 2023 (in thousands, except option prices and years):
|  | Outstanding |  |  | Vested |
Exercise Price Range |  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Life |  |  | Aggregate Intrinsic Value |  |  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Life |  |  | Aggregate Intrinsic Value |
$4.26 to $6.47 |  |  | 280 |  |  | $ | 5.09 |  |  |  | 6.2 |  |  | $ | 3,446 |  |  |  | 135 |  |  | $ | 5.41 |  |  |  | 5.6 |  |  | $ | 1,615 |
$6.90 to $10.35 |  |  | 347 |  |  |  | 8.34 |  |  |  | 5.7 |  |  |  | 3,138 |  |  |  | 194 |  |  |  | 8.65 |  |  |  | 4.2 |  |  |  | 1,694 |
$11.14 to $16.71 |  |  | 229 |  |  |  | 15.04 |  |  |  | 7.7 |  |  |  | 538 |  |  |  | 58 |  |  |  | 13.45 |  |  |  | 3.3 |  |  |  | 228 |
Total |  |  | 856 |  |  | $ | 9.07 |  |  |  | 6.4 |  |  | $ | 7,122 |  |  |  | 387 |  |  | $ | 8.24 |  |  |  | 4.6 |  |  | $ | 3,537 |
Schedule of Restricted Stock Award Transactions | As of May 27, 2023, a summary of restricted stock award transactions was as follows (in thousands):
|  | Unvested Restricted Shares |
Unvested at May 29, 2021 |  |  | 144 |
Granted |  |  | 72 |
Vested |  |  | (71 | )
Unvested at May 28, 2022 |  |  | 145 |
Granted |  |  | 53 |
Vested |  |  | (73 | )
Unvested at May 27, 2023 |  |  | 125 |
Schedule of Earnings Per Share, Basic and Diluted | The earnings per share (“EPS”) presented in our Consolidated Statements of Comprehensive Income are based on the following (in thousands, except per share amounts):
|  | For the Fiscal Year Ended |
|  | May 27, 2023 |  |  | May 28, 2022 |  |  | May 29, 2021 |
|  | Basic |  |  | Diluted |  |  | Basic |  |  | Diluted |  |  | Basic |  |  | Diluted |
Numerator for Basic and Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 22,333 |  |  | $ | 22,333 |  |  | $ | 17,927 |  |  | $ | 17,927 |  |  | $ | 1,655 |  |  | $ | 1,655 |
Less dividends: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 2,877 |  |  |  | 2,877 |  |  |  | 2,745 |  |  |  | 2,745 |  |  |  | 2,669 |  |  |  | 2,669 |
Class B common stock |  |  | 443 |  |  |  | 443 |  |  |  | 448 |  |  |  | 448 |  |  |  | 453 |  |  |  | 453 |
Undistributed earnings (loss) |  | $ | 19,013 |  |  | $ | 19,013 |  |  | $ | 14,734 |  |  | $ | 14,734 |  |  | $ | (1,467 | ) |  | $ | (1,467 | )
Common stock undistributed earnings (loss) |  | $ | 16,467 |  |  | $ | 16,573 |  |  | $ | 12,655 |  |  | $ | 12,720 |  |  | $ | (1,254 | ) |  | $ | (1,255 | )
Class B common stock undistributed earnings (loss) |  |  | 2,546 |  |  |  | 2,440 |  |  |  | 2,079 |  |  |  | 2,014 |  |  |  | (213 | ) |  |  | (212 | )
Total undistributed earnings (loss) |  | $ | 19,013 |  |  | $ | 19,013 |  |  | $ | 14,734 |  |  | $ | 14,734 |  |  | $ | (1,467 | ) |  | $ | (1,467 | )
Denominator for Basic and Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock weighted average shares |  |  | 11,943 |  |  |  | 11,943 |  |  |  | 11,395 |  |  |  | 11,395 |  |  |  | 11,105 |  |  |  | 11,105 |
Effect of dilutive securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dilutive stock options |  |  |  |  |  | 599 |  |  |  |  |  |  | 430 |  |  |  |  |  |  | 59 |
Denominator for diluted EPS adjusted for weighted average shares and assumed conversions |  |  |  |  |  | 12,542 |  |  |  |  |  |  | 11,825 |  |  |  |  |  |  | 11,164 |
Class B common stock weighted average shares, and shares under if-converted method for diluted EPS |  |  | 2,052 |  |  |  | 2,052 |  |  |  | 2,080 |  |  |  | 2,080 |  |  |  | 2,097 |  |  |  | 2,097 |
Net income per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 1.62 |  |  | $ | 1.55 |  |  | $ | 1.35 |  |  | $ | 1.31 |  |  | $ | 0.13 |  |  | $ | 0.13 |
Class B common stock |  | $ | 1.46 |  |  | $ | 1.40 |  |  | $ | 1.21 |  |  | $ | 1.18 |  |  | $ | 0.11 |  |  | $ | 0.11 |
Note: There were no common stock options that were anti-dilutive for fiscal 2023, fiscal 2022 and fiscal 2021.

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