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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
shares in Thousands
3 Months Ended 6 Months Ended
Nov. 27, 2016
Nov. 29, 2015
Nov. 27, 2016
Nov. 29, 2015
Product sales $ 135,865,000 $ 140,441,000 $ 268,259,000 $ 275,796,000
Cost of product sales 116,912,000 123,176,000 228,162,000 240,554,000
Gross profit 18,953,000 17,265,000 40,097,000 35,242,000
Operating expenses:        
Research and development 1,965,000 1,643,000 3,903,000 3,518,000
Selling, general and administrative 13,724,000 12,815,000 27,460,000 24,979,000
Total operating costs and expenses 15,689,000 14,458,000 31,363,000 28,497,000
Operating income 3,264,000 2,807,000 8,734,000 6,745,000
Dividend income 413,000 413,000 825,000 825,000
Interest income 3,000 16,000 7,000 47,000
Interest expense (380,000) (439,000) (1,032,000) (941,000)
Loss on debt refinancing (1,233,000) (1,233,000) [1]
Other income 200,000 1,000,000
Net income before taxes 2,067,000 2,997,000 7,301,000 7,676,000
Income tax expense (693,000) (1,069,000) (2,582,000) (2,760,000)
Consolidated net income 1,374,000 1,928,000 4,719,000 4,916,000 [1]
Non-controlling interest expense (48,000) (60,000) (81,000) (96,000)
Net income and comprehensive income applicable to common stockholders $ 1,326,000 $ 1,868,000 $ 4,638,000 $ 4,820,000
Basic net income per share (in dollars per share) $ 0.05 $ 0.07 $ 0.17 $ 0.18
Diluted net income per share (in dollars per share) $ 0.05 $ 0.07 $ 0.17 $ 0.18
Shares used in per share computation        
Basic (in shares) 27,249 27,021 27,234 27,013
Diluted (in shares) 27,618 27,420 27,572 27,417
Other comprehensive income, net of tax:        
Change in net unrealized gains on interest rate swap (net of tax effect of $192, $0, $192, and $0) $ 327,000 $ 327,000
Other comprehensive income, net of tax 327,000 327,000
Total comprehensive income $ 1,653,000 $ 1,868,000 $ 4,965,000 $ 4,820,000
[1] See Note 1 - Organization, Basis of Presentation, and Summary of Significant Accounting Policies for a discussion of accounting principles adopted during the period.