XML 39 R29.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 9 - Debt (Tables)
12 Months Ended
May 25, 2014
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments [Table Text Block]
   

May 25, 2014

   

May 26, 2013

 

Real estate loan agreement with General Electric Capital Corporation (“GE Capital”); due in monthly principal and interest payments of $133,060 through May 1, 2022 with interest based on a fixed rate of 4.02% per annum

  $ 16,137     $ 17,065  

Capital equipment loan with GE Capital; due in monthly principal and interest payments of $175,356 through May 1, 2019 with interest based on a fixed rate of 4.39% per annum

    9,430       11,080  

Term note with BMO Harris; due in monthly payments of $250,000 through May 23, 2016 with interest payable monthly at LIBOR plus 2% per annum

    6,000       9,000  

Industrial revenue bonds (“IRBs”) issued by Lifecore; due in annual payments through 2020 with interest at a variable rate set weekly by the bond remarketing agent (0.28% and 0.38% at May 25, 2014 and May 26, 2013, respectively)

    2,805       3,160  

Total

    34,372       40,305  

Less current portion

    (6,055 )     (5,933 )

Long-term portion

  $ 28,317     $ 34,372  
Schedule of Maturities of Long-term Debt [Table Text Block]
   

GE RE Loan

   

GE Equipment

   

BMO Harris

   

IRB

   

Total

 
                                         

FY 2015

    965       1,725       3,000       365       6,055  
                                         

FY 2016

    1,005       1,801       3,000       375       6,181  
                                         

FY 2017

    1,046       1,882             390       3,318  
                                         

FY 2018

    1,089       1,967             400       3,456  
                                         

FY 2019

    1,134       2,055             410       3,599  
                                         

Thereafter

    10,898                   865       11,763  
                                         

Total

  $ 16,137     $ 9,430     $ 6,000     $ 2,805     $ 34,372