DISCONTINUED OPERATIONS

12 Months Ended

May. 30, 2015

DISCONTINUED OPERATIONS

4. DISCONTINUED OPERATIONS

Financial Summary - Discontinued Operations

Summary financial results for fiscal 2015, 2014, and 2013 are presented in the following table (in thousands):

	Fiscal 2015			Fiscal 2014			Fiscal 2013
Net sales	$	—		$	402		$	636
Gross loss(1)	—			(330		)	(553		)
Selling, general, and administrative expenses (2)	—			215			714
Additional (gain)/loss on sale	—			—			18
Income tax provision (benefit) (3)	31			(375		)	(2,051		)
Income (loss) from discontinued operations, net of tax	(31		)	(170		)	766

Notes:

(1) Gross loss for fiscal years 2014 and 2013 includes unabsorbed manufacturing labor and overhead expenses related to the Manufacturing Agreement with RFPD which ended March 1, 2014.

(2) Selling, General and Administrative expenses in fiscal years 2014 and 2013 related primarily to professional fees for tax audits resulting from the Transaction.

(3) The income tax provision for fiscal year 2015 was due to an income tax audit as a result of the Transaction. The income tax benefits in fiscal years 2014 and 2013 relates to the reversal of tax reserves.

Assets and liabilities classified as discontinued operations on our consolidated balance sheets as of May 30, 2015, and May 31, 2014, include the following (in thousands):

	May 30, 2015		May 31, 2014
Inventories	$	—	$	18
Discontinued operations - Assets	$	—	$	18
Accrued liabilities - current	$	—	$	7
Accrued liabilities - non-current	—		130
Discontinued operations - Liabilities	$	—	$	137