XML 15 R2.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 03, 2016
May 29, 2015
CURRENT ASSETS    
Cash and cash equivalents $ 1,993,854 $ 1,159,449
Receivables:    
Trade accounts 10,456,553 11,079,806
Other 370,433 75,883
Receivables, gross 10,826,986 11,155,689
Less: Allowance for doubtful accounts 160,000 70,000
Receivables, net 10,666,986 11,085,689
Inventories:    
Raw materials 1,980,660 1,781,397
Finished goods 3,754,450 3,460,800
Inventories, net 5,735,110 5,242,197
Prepaid expenses 1,275,918 1,350,201
Income tax receivable 22,473 476,154
Total current assets 19,694,341 19,313,690
PROPERTY, PLANT AND EQUIPMENT    
Land 2,769,499 2,769,499
Buildings 19,012,206 18,787,967
Machinery and equipment 68,477,382 67,543,226
Transportation equipment 7,931,905 8,268,311
Property, plant and equipment, gross 98,190,992 97,369,003
Less: Accumulated depreciation 76,156,389 72,880,525
Property, plant and equipment, net 22,034,603 24,488,478
OTHER ASSETS    
Cash surrender value of life insurance 438,429 630,259
Other 917,533 973,195
Total other assets 1,355,962 1,603,454
TOTAL 43,084,906 45,405,622
CURRENT LIABILITIES    
Checks outstanding in excess of bank balances 0 1,068,745
Accounts payable 4,235,488 4,049,333
Current portion of long-term debt 837,225 799,204
Current portion of capital lease obligation 56,203 0
Line of credit outstanding 0 2,823,477
Other accrued expenses 5,158,236 5,021,286
Salary continuation plan 114,958 106,148
Total current liabilities 10,402,110 13,868,193
LONG-TERM LIABILITIES    
Note payable-bank, non-current 5,351,057 6,213,513
Capital lease obligation 152,209 0
Salary continuation plan 920,440 921,882
Deferred income taxes, net 2,632,762 2,717,360
Total long-term liabilities 9,056,468 9,852,755
STOCKHOLDERS' EQUITY    
Common stock - $.66 2/3 par value: Authorized 35,000,000 shares; issued 13,828,793 shares 9,219,195 9,219,195
Additional paid-in capital 6,805,984 6,552,973
Retained earnings 20,738,143 19,049,500
Treasury shares - at cost (2,537,036 shares in 2016 and 2015) (13,136,994) (13,136,994)
Total stockholders' equity 23,626,328 21,684,674
TOTAL $ 43,084,906 $ 45,405,622