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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Aug. 28, 2015
May. 29, 2015
CURRENT ASSETS    
Cash and cash equivalents $ 1,329,187 $ 1,159,449
Receivables, net 10,460,387 11,085,689
Inventories:    
Raw materials and supplies 1,998,688 1,781,397
Finished goods 3,476,241 3,460,800
Inventories, net 5,474,929 5,242,197
Prepaid expenses 1,555,905 1,350,201
Income taxes receivable 0 476,154
Deferred income taxes 1,139,433 1,139,433
Total current assets 19,959,841 20,453,123
Property, plant and equipment, net 23,727,055 24,488,478
Other assets 1,540,200 1,603,454
Total 45,227,096 46,545,055
CURRENT LIABILITIES    
Checks outstanding in excess of bank balances 1,229,408 1,068,745
Accounts payable 3,816,518 4,049,333
Accrued income taxes 78,678 0
Current portion of long-term debt 806,178 799,204
Current portion of capital lease obligation 31,974 0
Other accrued expenses 5,170,237 5,021,286
Salary continuation plan 108,285 106,148
Line of credit outstanding 831,169 2,823,477
Total current liabilities 12,072,447 13,868,193
LONG-TERM LIABILITIES    
Notes payable - bank, non-current 6,009,048 6,213,513
Capital lease obligation 61,383 0
Salary continuation plan 923,492 921,882
Deferred income taxes 3,856,793 3,856,793
Total long-term liabilities 10,850,716 10,992,188
STOCKHOLDERS' EQUITY    
Common stock - $.66-2/3 par value: 35,000,000 shares authorized Issued 13,828,793 shares 9,219,195 9,219,195
Additional paid-in capital 6,635,502 6,552,973
Retained earnings 19,586,230 19,049,500
Stockholder's equity before treasury stock 35,440,927 34,821,668
Less: Cost of common shares in treasury (2,537,036 shares at August 28, 2015 and May 29, 2015) (13,136,994) (13,136,994)
Total stockholders' equity 22,303,933 21,684,674
Total $ 45,227,096 $ 46,545,055