DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Jun. 01, 2013

Summary financial results for fiscal 2013, 2012, and 2011 are presented in the following table (in thousands):


	Fiscal 2013			Fiscal 2012			Fiscal 2011
Net sales	$	636		$	2,984		$	321,826
Gross profit (loss) ⁽¹⁾		(553	)		(227	)		66,718
Selling, general, and administrative expenses ⁽²⁾		714			552			44,317
Interest expense, net		—			—			387
Additional (gain)/loss on sale		18			(266	)		(111,432	)
Income tax provision (benefit) ⁽³⁾		(2,051	)		(1,049	)		47,480
Income (loss) from discontinued operations, net of tax		766			536			85,966

Notes:

(1)

Gross profit (loss) for fiscal year 2013 includes unabsorbed manufacturing labor and overhead expenses related to the Manufacturing Agreement with RFPD.

(2)

Selling, General and Administrative expenses relates primarily to tax audits resulting from the Transaction.

(3)

The income tax benefit of $2.1 million during fiscal year 2013 relates primarily to the reversal of tax reserves.

Assets and liabilities classified as discontinued operations

Assets and liabilities classified as discontinued operations on our consolidated balance sheets as of June 1, 2013, and June 2, 2013, include the following (in thousands):


	June 1, 2013		June 2, 2012
Inventories	$	303	$	503
Prepaid expenses and other assets		—		11

Discontinued operations - Assets	$	303	$	514


Accrued liabilities - current ⁽¹⁾	$	245	$	253
Long-term income tax liabilities ⁽²⁾		—		1,361

Discontinued operations - Liabilities	$	245	$	1,614

(1)

Included in accrued liabilities as of June 2, 2012, is $0.2 million of other accrued liabilities primarily related to professional legal and tax services.

(2)

Included in long-term income tax liabilities as of June 1, 2012, is the reserve for uncertain tax positions of $1.4 million which was reversed during FY2013.