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CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Feb. 25, 2024
Feb. 26, 2023
Feb. 25, 2024
Feb. 26, 2023
Revenues $ 35,704,000 $ 26,536,000 $ 90,375,000 $ 72,123,000
Cost of goods sold 23,810,000 17,988,000 65,797,000 51,917,000
Gross profit 11,894,000 8,548,000 24,578,000 20,206,000
Operating costs and expenses:        
Research and development 2,170,000 2,234,000 6,414,000 6,621,000
Selling, general and administrative 9,848,000 10,279,000 28,239,000 26,675,000
Restructuring costs 771,000 2,566,000 918,000 4,176,000
Total operating costs and expenses 12,789,000 15,079,000 35,571,000 35,364,000
Operating loss (895,000) (6,531,000) (10,993,000) (15,158,000)
Change in fair value of debt derivative liability, related party 21,000,000 0 41,900,000 0
Other income (expense), net (814,000) 104,000 (1,950,000) (330,000)
Net income (loss) from continuing operations before taxes 15,002,000 (11,260,000) 16,657,000 (27,160,000)
Provision for income tax expense (217,000) (70,000) (240,000) (78,000)
Net income (loss) from continuing operations 14,785,000 (11,330,000) 16,417,000 (27,238,000)
Discontinued operations:        
Income (loss) from discontinued operations before taxes 850,000 (25,177,000) 2,700,000 (33,041,000)
Income tax (expense) benefit (3,000) 0 (21,000) 0
Income (loss) from discontinued operations, net of tax 847,000 (25,177,000) 2,679,000 (33,041,000)
Net income (loss) $ 15,632,000 $ (36,507,000) $ 19,096,000 $ (60,279,000)
Basic net income (loss) per share:        
Income (loss) from continuing operations (in dollars per share) $ 0.48 $ (0.37) $ 0.54 $ (0.91)
Loss from discontinued operations (in dollars per share) 0.03 (0.83) 0.09 (1.11)
Total basic net income (loss) per share (in dollars per share) 0.51 (1.20) 0.63 (2.02)
Diluted net income (loss) per share:        
Income (loss) from continuing operations (in dollars per share) 0.40 (0.37) 0.45 (0.91)
Loss from discontinued operations (in dollars per share) 0.02 (0.83) 0.07 (1.11)
Total diluted net income (loss) per share (in dollars per share) $ 0.42 $ (1.20) $ 0.52 $ (2.02)
Shares used in per share computation:        
Basic (in shares) 30,488 30,304 30,450 29,838
Diluted (in shares) 36,609 30,304 36,469 29,838
Other comprehensive income (loss), net of tax:        
Net income (loss) $ 15,632,000 $ (36,507,000) $ 19,096,000 $ (60,279,000)
Net unrealized gain on interest rate swaps (net of tax effect of $16) 0 0 0 586,000
Total comprehensive income (loss) 15,632,000 (36,507,000) 19,096,000 (59,693,000)
Nonrelated Party        
Revenues 17,054,000 26,536,000 54,528,000 72,123,000
Operating costs and expenses:        
Interest expense, net (921,000) (4,833,000) (2,546,000) (11,672,000)
Related Party        
Revenues 18,650,000 0 35,847,000 0
Operating costs and expenses:        
Interest expense, net (3,368,000) 0 (9,754,000) 0
BreatheWay        
Operating costs and expenses:        
Gain on sale of divested business $ 0 $ 0 $ 0 $ (2,108,000)