Note 10 - Discontinued Operations

3 Months Ended

Aug. 26, 2018

Notes to Financial Statements

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

10. Discontinued Operations

During the

fourth

quarter of fiscal year

2018,

the Company discontinued its Food Export business segment. As a result, the Company met the requirements of ASC

205

-

20¸

to report the results of the Food Export business segment as a discontinued operation and to classify the Food Export segment as a group of assets and liabilities held for abandonment. The operating results for the Food Export business segment have therefore been reclassified as a discontinued operation.

The carrying amounts of the major classes of assets and liabilities of the Food Export business segment included in assets and liabilities of discontinued operations are as follows (in thousands):

	Period Ended
	August 26, 2018		May 27, 2018
Current and other assets, discontinued operations:
Cash and cash equivalents	$	—	$	(8	)
Accounts receivable		—		518
Inventory		—		—
Other assets		—		—
Total assets, discontinued operations	$	—	$	510
Other current liabilities, discontinued operations:
Accounts payable	$	—	$	230
Accrued expenses and other current liabilities		—		228
Total other current liabilities, discontinued operations	$	—	$	458

After the Food Export business segment was discontinued, the operations associated with this business qualified for reporting as discontinued operations. Accordingly, the operating results, net of tax, from discontinued operations are presented separately in the Company’s Consolidated Statements of Comprehensive Income and the notes to the consolidated financial statements have been adjusted to exclude the food export business segment for the

three

months ended

August 27, 2017.

Components of amounts reflected in loss from discontinued operations, net of tax are as follows (in thousands) for the

three

months ended:

	August 26, 2018		August 26, 2018
Revenues	$	—	$	7,576
Cost of sales		—		(7,092	)
Selling, general and administrative		—		(687	)
Other		—		—
Loss from discontinued operations, before taxes		—		(203	)
Income tax benefit		—		60
Loss from discontinued operations, net of tax	$	—	$	(143	)