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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands
3 Months Ended 6 Months Ended
Nov. 26, 2023
Nov. 27, 2022
Nov. 26, 2023
Nov. 27, 2022
Revenues $ 30,150,000 $ 21,864,000 $ 54,672,000 $ 45,587,000
Cost of goods sold 20,193,000 16,185,000 41,987,000 33,929,000
Gross profit 9,957,000 5,679,000 12,685,000 11,658,000
Operating costs and expenses:        
Research and development 2,098,000 2,177,000 4,244,000 4,388,000
Selling, general and administrative 9,185,000 8,291,000 18,391,000 16,395,000
Gain on sale of divested business 0 0 0 (2,108,000)
Restructuring costs 157,000 563,000 147,000 1,610,000
Total operating costs and expenses 11,440,000 11,031,000 22,782,000 20,285,000
Operating loss (1,483,000) (5,352,000) (10,097,000) (8,627,000)
Change in fair value of debt derivative liability, related party 20,700,000 0 20,900,000 0
Other income (expense), net (967,000) (237,000) (1,138,000) (434,000)
Net income (loss) from continuing operations before income taxes 14,177,000 (9,197,000) 1,655,000 (15,900,000)
Provision for income tax benefit (expense) 64,900 (4,000) (23,300) (8,000)
Net income (loss) from continuing operations 14,242,000 (9,201,000) 1,632,000 (15,908,000)
Discontinued operations:        
Income (loss) from discontinued operations before taxes 0 (3,605,000) 1,850,000 (7,864,000)
Income tax (expense) benefit (24,000) 0 (18,000) 0
Income (loss) from discontinued operations, net of tax (24,000) (3,605,000) 1,832,000 (7,864,000)
Net income (loss) $ 14,218,000 $ (12,806,000) $ 3,464,000 $ (23,772,000)
Basic net income (loss) per share:        
Income (loss) from continuing operations (in dollars per share) $ 0.47 $ (0.31) $ 0.05 $ (0.54)
Income (loss) from discontinued operations (in dollars per share) 0 (0.12) 0.06 (0.26)
Total basic net income (loss) per share (in dollars per share) 0.47 (0.43) 0.11 (0.80)
Diluted net income (loss) per share:        
Income (loss) from continuing operations (in dollars per share) 0.39 (0.31) 0.05 (0.54)
Income (loss) from discontinued operations (in dollars per share) 0 (0.12) 0.05 (0.26)
Total diluted net income (loss) per share (in dollars per share) $ 0.39 $ (0.43) $ 0.10 $ (0.80)
Shares used in per share computation:        
Basic (in shares) 30,458 29,634 30,431 29,605
Diluted (in shares) 36,419 29,634 36,398 29,605
Other comprehensive income (loss), net of tax:        
Net income (loss) $ 14,218,000 $ (12,806,000) $ 3,464,000 $ (23,772,000)
Net unrealized gain on interest rate swaps (net of tax effect of $16) 0 286,000 0 586,000
Total comprehensive income (loss) 14,218,000 (12,520,000) 3,464,000 (23,186,000)
Nonrelated Party        
Revenues 20,522,000 21,864,000 37,475,000 45,587,000
Operating costs and expenses:        
Interest expense, net (832,000) (3,608,000) (1,625,000) (6,839,000)
Related Party        
Revenues 9,628,000 0 17,197,000 0
Operating costs and expenses:        
Interest expense, net $ (3,241,000) $ 0 $ (6,385,000) $ 0