16. Selected Quarterly Consolidated Financial Data (Unaudited)

12 Months Ended

May 31, 2012

Selected Quarterly Consolidated Financial Data

16. Selected Quarterly Consolidated Financial Data (Unaudited)

16. SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (UNAUDITED)

The following table (presented in thousands, except per share data) sets forth selected unaudited condensed consolidated statements of operations data for each of the four quarters of the fiscal years ended May 31, 2012 and 2011.  The unaudited quarterly information has been prepared on the same basis as the annual information presented elsewhere herein and, in the Company’s opinion, includes all adjustments (consisting only of normal recurring entries) necessary for a fair statement of the information for the quarters presented.  The operating results for any quarter are not necessarily indicative of results for any future period and should be read in conjunction with the audited consolidated financial statements of the Company’s and the notes thereto included elsewhere herein.

	Three Months Ended
	Aug. 31,		Nov. 30,			Feb. 29,			May 31,
	2011		2011			2012			2012
Net sales	$	4,130	$	3,860		$	2,855		$	4,676
Gross profit	$	1,802	$	1,128		$	1,108		$	2,169
Net income (loss)	$	124	$	(1,373	)	$	(1,361	)	$	(779	)
Net income (loss) per share (basic)	$	0.01	$	(0.15	)	$	(0.15	)	$	(0.09	)
Net income (loss) per share (diluted)	$	0.01	$	(0.15	)	$	(0.15	)	$	(0.09	)

During the three months ended August 31, 2011 the Company sold all of its shares of ESA for approximately $1.4 million resulting in a gain of approximately $1.0 million reported in the first quarter of fiscal 2012.

	Three Months Ended
	Aug. 31,			Nov. 30,			Feb. 28,			May 31,
	2010			2010			2011			2011
Net sales	$	2,169		$	3,577		$	4,242		$	3,749
Gross profit	$	944		$	1,354		$	1,605		$	1,609
Net loss	$	(1,516	)	$	(767	)	$	(946	)	$	(144	)
Net loss per share (basic)	$	(0.17	)	$	(0.09	)	$	(0.11	)	$	(0.02	)
Net loss per share (diluted)	$	(0.17	)	$	(0.09	)	$	(0.11	)	$	(0.02	)

During the three months ended August 31, 2010 the Company’s Japanese subsidiary received $0.2 million in proceeds from the Spansion Japan bankruptcy claim and recorded the amount as a reduction of operating expenses.

During the three months ended November 30, 2010 the Company received a dividend payment of $0.6 million related to a long-term investment and reported the amount as other income.

During the three months ended May 31, 2011 the Company’s Japanese subsidiary received $0.7 million in proceeds from the Spansion Japan bankruptcy claim and recorded the amount as a reduction of operating expenses.