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Quarterly Results (Unaudited)
 12 Months Ended
May 28, 2013
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY RESULTS (UNAUDITED)
QUARTERLY RESULTS (UNAUDITED)


Fiscal Year
 
2013
Fiscal Year Ended May 28, 2013
1st Quarter
 
2nd Quarter
 
3rd Quarter
 
4th Quarter
 
Total
 
(in thousands, except per share data)
Sales
$
60,625

 
$
48,523

 
$
45,772

 
$
48,792

 
$
203,712

Operating Profit
1,729

 
3,291

 
2,578

 
2,853

 
10,451

Earnings from continuing operations
958

 
2,000

 
1,748

 
2,268

 
6,974

(Loss) from discontinued operations
(158
)
 
—

 
—

 
—

 
(158
)
Net earnings
$
800

 
$
2,000

 
$
1,748

 
$
2,268

 
$
6,816

 
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per share:
 
 
 
 
 
 
 
 
 
Continuing operations
$
0.19

 
$
0.39

 
$
0.34

 
$
0.45

 
$
1.38

Discontinued operations
(0.03
)
 
—

 
—

 
—

 
(0.03
)
Net earnings
$
0.16

 
$
0.39

 
$
0.34

 
$
0.45

 
$
1.35


•
The first quarter contained 16 weeks, while the last three quarters each contained 12 weeks.
•
Quarterly diluted net earnings per share do not sum to the diluted net earnings per share for the year due to changes throughout the year in the diluted weighted average shares outstanding.
•
Net earnings for the fourth quarter include a favorable adjustment to income tax expense of $320,000 to reflect the actual effective tax rate for the year.

Fiscal Year
 
2012
Fiscal Year Ended May 29, 2012
1st Quarter
 
2nd Quarter
 
3rd Quarter
 
4th Quarter
 
Total
 
(in thousands, except per share data)
Sales
$
61,361

 
$
49,938

 
$
46,285

 
$
47,499

 
$
205,083

Operating Profit
1,055

 
3,039

 
2,356

 
1,980

 
8,430

Earnings from continuing operations
460

 
2,059

 
1,715

 
1,567

 
5,802

(Loss) earnings from discontinued operations
(2,734
)
 
729

 
1,098

 
(2,746
)
 
(3,653
)
Net earnings (loss)
$
(2,274
)
 
$
2,788

 
$
2,813

 
$
(1,179
)
 
$
2,148

 
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per share:
 
 
 
 
 
 
 
 
 
Continuing operations
$
0.09

 
$
0.42

 
$
0.35

 
$
0.31

 
$
1.17

Discontinued operations
(0.55
)
 
0.14

 
0.22

 
(0.55
)
 
(0.74
)
Net earnings (loss)
$
(0.46
)
 
$
0.56

 
$
0.57

 
$
(0.24
)
 
$
0.43


•
The first quarter contained 16 weeks, while the last three quarters each contained 12 weeks.
•
Net earnings (loss) in the first quarter included a charge of $2,640,000 for impairment of long-lived assets, which is included in discontinued operations in the above table.
•
Net earnings (loss) in the fourth quarter included a charge of $3,469,000 to record the loss on the sale of 29 Golden Corral restaurants, which is included in discontinued operations in the above table.
•
Income tax expense included in net earnings for the year is an income tax benefit of $1,494,000 ($1,948,000 in the fourth quarter), which is the result of applying available tax credits (principally federal credits allowed for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips and the Work Opportunity Tax Credit that will be realized on the Fiscal Year's 2012 tax return) against a very low level of pretax earnings for the year.