10-K

 UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 10-K

(X)   ANNUAL REPORT  PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended May 29, 2015

OR

(  ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 0-4339

GOLDEN ENTERPRISES, INC.

 (Exact name of registrant as specified in its charter)

(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

One Golden Flake Drive

Birmingham, Alabama 35205

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number including area code:  (205) 458-7316

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title Of Class	Name of exchange on which registered
Common Stock, Par Value $0.662/3	NASDAQ Stock Market, LLC

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes (  )       No (X)

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes (  )   No (X)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes (X)   No (  )

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).Yes ( X ) No (  )

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this form 10-K or any amendment to this Form 10-K. (X)

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company (as defined in Rule 12b-2 of the Act).  (Check One)

Large accelerated filer (  )   Accelerated filer (  )   Non-accelerated filer (  )   Smaller reporting company (X)

1

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes (  )    No (X)

State the aggregate market value of the voting common stock held by non-affiliates of the registrant as of November 28, 2014.  Common Stock, Par Value $0.662/3 --$17,582,590

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of June 30, 2015.

Class	Outstanding at June 30, 2015
Common Stock, Par Value $0.662/3	11,291,757 shares

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Annual Proxy Statement for the Annual Meeting of Stockholders to be held on September 17, 2015 are incorporated by reference into Part III.

2

TABLE OF CONTENTS

FORM 10-K ANNUAL REPORT –2015

GOLDEN ENTERPRISES, INC.

		Page
PART I.
Item 1.	Description of Business	4
Item 1A.	Risk Factors	7
Item 1B.	Unresolved Staff Comments	8
Item 2.	Properties	8
Item 3.	Legal Proceedings	9
Item 4.	Mine Safety Disclosures	9
PART II.
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	10
Item 6.	Selected Financial Data	11
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of  Operations	12
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	16
Item 8.	Financial Statements and Supplementary Data	16
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	37
Item 9A.	Controls and Procedures	37
Item 9B.	Other Information	38
PART III.
Item 10.	Directors and Executive Officers and Corporate Governance	38
Item 11.	Executive Compensation	39
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	39
Item 13.	Certain Relationships and Related Transactions and Director Independence	39
Item 14.	Principal Accountant Fees and Services	39
PART IV.
Item 15.	Exhibits and Financial Statement Schedules	40

3

PART I

ITEM 1. – DESCRIPTION OF BUSINESS

Golden Enterprises, Inc. (the “Company”) is a holding company which owns all of the issued and outstanding capital stock of Golden Flake Snack Foods, Inc., a wholly-owned operating subsidiary company (“Golden Flake” or the “Company”).

The Company was originally organized under the laws of the State of Alabama as Magic City Food Products, Inc. on June 11, 1946.  On March 11, 1958, it adopted the name Golden Flake, Inc.   The Company was reorganized December 31, 1967 as a Delaware corporation.  On January 1, 1977, the Company, which had been engaged in the business of manufacturing and distributing potato chips, fried pork skins, cheese curls, and other snack foods, spun off its operating division into a separate Delaware corporation known as Golden Flake Snack Foods, Inc. and adopted its present name of Golden Enterprises, Inc.

Golden Flake Snack Foods, Inc.

General

Golden Flake is a Delaware corporation with its principal place of business and home office located at One Golden Flake Drive, Birmingham, Alabama.  Golden Flake has been a premiere producer, marketer, and distributor of snack products in the Southeastern United States since 1923.  Golden Flake manufactures and distributes a full line of high quality salted snack items, such as potato chips, tortilla chips, corn chips, fried pork skins, baked and fried cheese curls, onion rings, and puff corn.  Golden Flake also sells canned dips, pretzels, peanut butter crackers, cheese crackers, dried meat products, and nuts packaged by other manufacturers using the Golden Flake label.

Raw Materials

Golden Flake purchases raw materials used in manufacturing and processing its snack food products from various sources.  A large part of the raw materials used by Golden Flake consists of farm commodities, most notably corn, potatoes and pork skin pellets, which are subject to precipitous change in supply and price.  Weather varies from season to season and directly affects both the quality and quantity of supply available.  Golden Flake has no control over the agricultural aspects or prices and its profits are affected accordingly.  The Company also purchases flexible bags or other suitable wrapping material for the storage, shipment, and presentation of the finished product to the customers.

Distribution

Golden Flake sells its products through both its own sales organization and independent distributors, principally to commercial establishments which sell food products in Alabama, Tennessee, Georgia, Mississippi, Louisiana, Kentucky, and South Carolina as well as parts of Florida, North Carolina, Arkansas, Missouri, Oklahoma, Virginia, Indiana, and Texas.  The Golden Flake brand is well-known throughout the Southeast.  The products are distributed to its sales organization and independent distributors by either company transportation or commercial carrier out of the Birmingham and Ocala plants.

Golden Flake’s products are sold to a wide variety of grocery store chains, discount stores, convenience stores, restaurants, and other outlets located in our marketing area.  Golden Flake is not dependent on any one or a few major customers.

4

Competition

The snack foods business is highly competitive.  In the area in which Golden Flake operates, many companies engage in the production and distribution of food products similar to those produced and sold by Golden Flake.  Most, if not all, of Golden Flake’s products are in direct competition with similar products of several local and regional companies, many of which are larger in terms of capital and sales volume than is Golden Flake, and at least one national company, the Frito Lay Division of Pepsi Co., Inc..  Golden Flake’s marketing thrust is aimed at selling the highest quality product possible and giving good service to its customers, while being competitive with its prices.  Golden Flake constantly tests the quality of its products for comparison with other similar products of competitors and maintains tight quality controls over its products.  The Company believes that one of its major advantages is the Golden Flake brand, which has been developed and enhanced throughout the history of the company and is now well known within the geographic area served by the Company.  The Company continues to promote the Golden Flake brand through sponsorship agreements, billboard campaigns, advertising, and other efforts.

Intellectual Property

The name “Golden Flake” and its regularly used symbol are federally registered trademarks of the Company.  The Company also owns other trademarks such as “The South’s Original Potato Chip”, a Golden Flake design from 1922, the name “Sweetheat” and certain other trademarks not used on a regular basis.

Employees

As of June 12, 2015, Golden Flake employed approximately 744 employees.  Of these employees, 725 were full-time, while 19 were part-time.  Approximately 311 employees are involved in sales, 199 are in production, 133 are in management and 101 are in administrative personnel.

Golden Flake believes that the performance and loyalty of its employees are two of the most important factors in the growth and profitability of its business.  Since labor costs represent a significant portion of Golden Flake’s expenses, employee productivity is important to profitability.  Golden Flake considers all of its employees to be a part of the “Golden Flake Family”.

SEC Filings

The Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission can be found at the Company’s website located at www.goldenflake.com, under the financial tab.

Environmental Matters

Not applicable.

5

Executive Officers of Registrant

And Its Subsidiary

Name and Age	Position and Offices with Management
Mark W. McCutcheon, 60	Mr. McCutcheon is Chairman of the Board, Chief Executive Officer and President of the Company and President of Golden Flake.  He was elected Chairman of the Board on July 22, 2010, President and Chief Executive Officer of the Company on April 4, 2001 and President of Golden Flake on November 1, 1998.  He has been employed by Golden Flake or the Company since 1980.  Mr. McCutcheon is elected to his positions on an annual basis and his present terms of office will expire on June 3, 2016.
Patty Townsend, 57	Ms. Townsend is Chief Financial Officer, Vice President and Secretary of the Company. She was elected Chief Financial Officer, Vice-President and Secretary of the Company on March 1, 2004.  She has been employed with the Company since 1988.  Ms. Townsend is elected to her positions on an annual basis, and her present terms of office will expire on June 3, 2016.
Paul R. Bates, 61	Mr. Bates is Executive Vice-President of Sales, Marketing and Transportation for Golden Flake.  He has held these positions since October 26, 1998.  Mr. Bates was Vice-President of Sales from October 1, 1994 to 1998.  Mr. Bates has been employed by Golden Flake since March 1979.  Mr. Bates is elected to his positions on an annual basis, and his present terms of office will expire on June 3, 2016.
David A. Jones, 63	Mr. Jones is Executive Vice-President of Operations, Human Resources and Quality Control for Golden Flake.  He has held these positions since May 20, 2002.  Mr. Jones was Vice-President of Manufacturing from 1998 to 2002 and Vice-President of Operations from 2000 to 2002.  Mr. Jones has been employed by Golden Flake since 1984.  Mr. Jones is elected to his positions on an annual basis, and his present terms of office will expire on June 3, 2016.

6

ITEM 1A. – RISK FACTORS

As a smaller reporting company, the Company is not required to provide a statement of risk factors.  However, the Company believes this information may be valuable to our shareholders for this filing.  The Company reserves the right to not provide risk factors in the future.

Important factors that could cause the Company’s actual business results, performance, or achievements to differ materially from any forward looking statements or other projections contained in this Annual Form 10-K Report include, but are not limited to the principal risk factors set forth below.  Additional risks and uncertainties, including risks not presently known to the Company, or that it currently deems immaterial, may also impair the Company’s business and or operations. If the events discussed in these risk factors occur, the Company’s business, financial condition, results of operations or cash flow could be adversely affected in a material way and the market value of the Company’s common stock could decline.

Competition

Price competition and consolidation within the Snack Food industry could adversely impact the Company’s performance.  The Company’s business requires significant marketing and sales effort to compete with larger companies.  These larger competitors sell a significant portion of their products through discounting and other price cutting techniques.  This intense competition increases the possibility that the Company could lose one or more customers, lose market share and/or be forced to increase discounts, and reduce pricing, any of which could have an adverse impact on the Company’s business, financial condition, results of operation, and/or cash flow.

Commodity Cost Fluctuations

Significant commodity price fluctuations for certain commodities purchased by the Company, particularly potatoes, corn, pork skins, and cooking oils could have a material impact on results of operations.  These price fluctuations can be impacted by various factors including weather conditions, such as flooding or drought.  In an attempt to manage commodity cost fluctuations, the Company, in the normal course of business, enters into contracts to purchase pre-established quantities of various types of raw materials, at contracted prices based on expected short term needs.

Energy Cost Fluctuations

The Company can be adversely impacted by changes in the cost of natural gas and other fuel costs, such as gasoline and diesel fuel.  Long term increases in the cost of natural gas and fuel costs could adversely impact and increase the Company’s cost of sales and marketing, selling, and delivery expenses.

Breaches of Our Information Technology Systems

Company operations use and store sensitive data, including proprietary business information and personally identifiable information, in secure data centers and on our networks. The Company could face a number of threats to its data centers and networks of unauthorized access, security breaches and other system disruptions. It is critical to the Company that its infrastructure remains secure and is perceived by customers to be secure. The Company uses encryption and authentication technologies to secure the transmission and storage of data. Despite its security measures, information technology systems may be vulnerable to attacks by hackers or other disruptive problems. Any such security breach may compromise information used or stored on the Company’s networks and may result in significant data losses or theft of our or our customers' proprietary business information or personally identifiable information. A cybersecurity breach could negatively affect the Company’s reputation. In addition, a cyber attack could result in other negative consequences, including remediation costs, disruption of internal operations, increased cybersecurity protection costs, lost revenues or litigation, which could have a material adverse effect on the business, results of operations and financial condition of the Company.

7

Product Liability

The Company is subject to a risk of product liability if the Company’s products actually are alleged to result, in bodily injury. While the Company maintains what it believes to be reasonable limits of stop loss insurance coverage to appropriately respond to such liability exposures, large product liability claims, if made, could exceed our insurance coverage limits. There can be no assurance that the Company will not incur significant costs in relation to such claims in the future.

Risks Relating to the Company’s Common Stock and the Securities Market

The trading price of shares of the Company’s common stock may be affected by many factors and the price of shares of its common stock could decline.  As a smaller publicly traded company, the trading price of the Company’s common stock has fluctuated significantly in the past. The future trading price of the Company’s common stock may be volatile and could be subject to material price fluctuations.  There are other risks and factors not described above that could also cause actual results to differ materially from those in any forward looking statement made by the Company.

ITEM 1B. – UNRESOLVED STAFF COMMENTS

Not Applicable.

ITEM 2. – PROPERTIES

The headquarters of the Company are located in Birmingham, Alabama at One Golden Flake Drive.  The properties of Golden Flake are described below.

Manufacturing Plants and Office Headquarters

The main plant and office headquarters of Golden Flake are located in Birmingham, Alabama, at One Golden Flake Drive and are situated on approximately 40 acres of land.  This facility consists of three buildings which have a total of approximately 300,000 square feet of floor area.  The Birmingham plant manufactures a full line of Golden Flake products.  Golden Flake also has a garage and vehicle maintenance service center, from which it services, maintains, repairs, and rebuilds its fleet and delivery trucks in Birmingham.

Golden Flake also has a manufacturing plant in Ocala, Florida.  This plant was placed in service in November 1984.  The Ocala plant consists of approximately 100,000 square feet of floor area and is located on a 28-acre site on Silver Springs Boulevard.  The Company manufactures tortilla chips and potato chips from this facility.

Management believes that the Company’s facilities for the production of the products are suitable and adequate, that they are being appropriately utilized in line with past experience, and that they have sufficient production capacity for their present intended purposes.  The extent of utilization of such facilities varies based upon seasonal demand for the products.  It is not possible to measure with any degree of certainty or uniformity the productive capacity and extent of utilization of these facilities.  However, management believes that additional production can be obtained at the existing facilities by adding personnel and capital equipment, by adding shifts of personnel, or expanding the facilities.  The Company continuously reviews our anticipated requirements for facilities and, on the basis of that review, may from time to time acquire additional facilities and/or dispose of existing facilities.

8

Both manufacturing plants and the office headquarters are owned by Golden Flake and are owned free and clear of any debt.

Distribution Warehouses

Golden Flake owns central branch warehouses in Birmingham, Montgomery, Midfield, Demopolis, Fort Payne, Muscle Shoals, Huntsville, Phenix City, Tuscaloosa, Mobile, Dothan, and Oxford, Alabama; Biloxi and Jackson, Mississippi; Knoxville and Memphis, Tennessee; Macon, Georgia; Panama City, Tallahassee, and Pensacola, Florida; and New Orleans, Louisiana.  The warehouses vary in size from 2,400 to 8,000 square feet.  All central branch warehouses are owned free and clear of any debts.  The Company also rents satellite warehouse branches throughout its distribution area.

ITEM 3. – LEGAL PROCEEDINGS

There are no material pending legal proceedings against the Company or its subsidiary other than ordinary routine litigation incidental to the business of the Company and its subsidiary.

ITEM 4. – MINE SAFETY DISCLOSURES

Not applicable.

9

PART II

ITEM 5. – MARKET FOR REGISTRANT’S COMMON EQUITY,

RELATED STOCKHOLDER MATTERS AND ISSUER

PURCHASES OF EQUITY SECURITIES

Golden Enterprises, Inc. and Subsidiary

Market and Dividend Information

The Company’s common stock is traded on the NASDAQ Global Market under the symbol GLDC.  The following tabulation sets forth the high and low sale prices for the common stock during each quarter of the fiscal years ended May 29, 2015 and May 30, 2014 and the amount of dividends paid per share in each quarter.  Our Board of Directors will consider the amount of future cash dividends on a quarterly basis.

	Market Price
	High		Low		Dividend
Quarter Year Ended 2015	Price		Price		Paid Per share
First quarter      (13 weeks ended August 29, 2014)	$	4.84	$	3.86	$	.0313
Second quarter (13 weeks ended November 28, 2014)		4.85		3.85		.0313
Third quarter    (13 weeks ended February 27, 2015)		4.48		3.20		.0313
Fourth quarter   (13 weeks ended May 29, 2015)		4.20		3.66		.0313
	High		Low		Dividend
Quarter Year Ended 2014	Price		Price		Paid Per share
First quarter      (13 weeks ended August 30, 2013)	$	3.67	$	3.36	$	.0313
Second quarter (13 weeks ended November 29, 2013)		4.36		3.46		.0313
Third quarter    (13 weeks ended February 28, 2014)		4.30		3.85		.0313
Fourth quarter   (13 weeks ended May 30, 2014)		4.90		4.10		.0313

As of July 24, 2015, there were approximately 811 shareholders of record.

10

Securities Authorized For Issuance under Equity Compensation Plans

The following table provides Equity Compensation Plan information under which equity securities of the Registrant are authorized for issuance:

EQUITY COMPENSATION PLAN INFORMATION

Plan category	Number of securities to be issued upon exercise of out- standing options, warrants and rights (a)	Weighted-average exercise price of outstanding options, warrants and rights (b)	Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column(a) (c)
Equity compensation plans approved by security holders	310,000	$3.84	440,000
Equity compensation plans not approved by security holders	0	0	0
Total	310,000	$3.84	440,000

Issuer Purchases of Equity Securities

The Company purchased 440,875 shares of its common stock during the fiscal year ended May 29, 2015.  Such purchase was reported on a Form 8-K filed with the SEC on February 3, 2015.

ITEM 6. – SELECTED FINANCIAL DATA

Not required due to Smaller Reporting Company status.

11

ITEM 7. – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS

GOLDEN ENTERPRISES, INC. AND SUBSIDIARY

Management’s Discussion and Analysis of

Financial Condition and Results of Operations

The following discussion provides an assessment of the Company’s financial condition, results of operations, liquidity, and capital resources and should be read in conjunction with the accompanying consolidated financial statements and notes.

Overview

The Company manufactures and distributes a full line of snack items, such as potato chips, tortilla chips, corn chips, fried pork skins, baked and fried cheese curls, onion rings, and puff corn.  The products are all packaged in flexible bags or other suitable wrapping material.  The Company also sells canned dips, pretzels, peanut butter crackers, cheese crackers, dried meat products, and nuts packaged by other manufacturers using the Golden Flake label.

No single product or product line accounts for more than 50% of the Company’s sales, which affords some protection against loss of volume due to a crop failure of major agricultural raw materials or failure to procure an adequate supply of pork skin pellets.  Raw materials used in manufacturing and processing the Company’s snack food products are purchased on the open market, under contract through brokers and directly from growers.  A large part of the raw materials used by the Company consists of farm commodities which are subject to precipitous changes in supply and price.  Weather varies from season to season and directly affects both the quality and supply of farm commodities available.  The Company has no control of the agricultural aspects and its profits are affected accordingly.

The Company sells its products through both its own sales organization and independent distributors principally to commercial establishments that sell food products primarily in the Southeastern United States.  The products are distributed through independent distributors and Company route representatives who are supplied with selling inventory by the Company’s trucking fleet.  All of the route representatives are employees of the Company and use the Company’s direct-store delivery system.

Critical Accounting Policies and Estimates

The Company’s discussion and analysis of its financial condition and results of operations are based upon the Company’s consolidated financial statements, the preparation of which is in conformity with accounting principles generally accepted in the United States of America which requires management to make estimates and assumptions that in certain circumstances affect amounts reported in the consolidated financial statements.  In preparing these financial statements, management has made its best estimates and judgments of certain amounts included in the financial statements, giving due considerations to materiality.  The Company does not believe there is a great likelihood that materially different amounts would be reported under different conditions or using different assumptions related to the accounting policies described below.  However, application of these accounting policies involves the exercise of judgment and use of assumptions as to future uncertainties and, as a result, actual results could differ materially from these estimates.  Other accounting policies and estimates are detailed in Note 1 of the Notes To Consolidated Financial Statements in this Form 10-K.

12

Revenue Recognition

The Company recognizes sales and related costs upon delivery or shipment of products to its customers, including independent distributors.  Sales are reduced by returns from and allowances to customers.

Accounts Receivable

The Company records accounts receivable at the time revenue is recognized.  Amounts for bad debt expense are recorded in selling, general and administrative expenses on the Consolidated Statements of Operations.  The amount of the allowance for doubtful accounts is based on management’s estimate of the accounts receivable amount that is uncollectible.  The Company records a general reserve based on analysis of historical data.  In addition, the Company records specific reserves for receivable balances that are considered high-risk due to known facts regarding the customer.  The allowance for bad debts is reviewed quarterly, and determined whether the amount should be changed.  Failure of a major customer to pay the Company amounts owed could have a material impact on the financial statements of the Company. At May 29, 2015 and May 30, 2014, the Company had accounts receivables in the amount of $11,085,689 and $11,341,024, net of an allowance for doubtful accounts of $70,000 and $70,000, respectively.  The Company did not have any major customer write-offs this year that were not covered by credit insurance.

Inventories

Inventories are stated at the lower of cost or market.  Cost is computed on the first-in, first out method.

Accrued Expenses

The Company is self-insured for certain casualty losses relating to automobile liability, general liability, workers’ compensation, property losses, and medical claims all of which are herein referred to as “Casualty Expenses”.  Management estimates certain expenses in an effort to record those expenses in the period incurred. The Company’s significant estimates relate to Casualty Expenses.  The Company also has stop loss insurance coverage to limit the exposure arising from these claims.  Automobile liability, general liability, workers’ compensation, and property losses costs are covered by letters of credit with the company’s claim administrators.

The Company uses a third-party actuary to estimate the Casualty Expenses and obligations on an annual basis.

In determining the ultimate loss and reserve requirements, the third-party actuary uses various actuarial assumptions including compensation trends, health care cost trends, and discount rates. The third-party actuary also uses historical information for claims frequency and severity in order to establish loss development factors.

The actuarial calculation includes a factor to account for changes in inflation, health care costs, compensation and litigation cost trends, as well as estimated future incurred claims.  This year, the Company utilized a 50% confidence level for estimating the ultimate outstanding casualty liability based on the actuarial report.  This assumes that approximately 50% of each claim should be equal to or less than the ultimate liability recorded based on the historical trends experienced by the Company.  If the Company chose a 75% factor, the liability would have been increased by approximately $0.3 million.  If the Company chose a 90% factor, the liability would have increased by approximately $0.6 million.

13

This year the Company used a 4% investment rate to discount the estimated claims based on the historical payout pattern during 2015 and 2014.  A one percentage point change in the discount rate would have impacted the liability by approximately $36,000.

Actual ultimate losses could vary from those estimated by the third-party actuary.  The Company believes the reserves established are reasonable estimates of the ultimate liability based on historical trends.

As of May 29, 2015, the Company’s casualty reserve was $1,472,182 and at May 30, 2014 the casualty reserve was $1,349,181.

Employee medical expense accruals are recorded based on medical claims processed as well as historical medical claims experienced for claims incurred but not yet reported.  Differences in estimates and assumptions could result in an accrual requirement materially different from the calculated accrual.

Other Commitments

The Company has a letter of credit in the amount of $1,850,000 outstanding at May 29, 2015 and $1,850,000 at May 30, 2014.  The letter of credit supports the Company’s self-insurance program.

The Company has a line-of-credit agreement with a local bank that permits borrowing up to $3 million.  The line-of-credit is subject to the Company’s continued credit worthiness and compliance with the terms and conditions of the loan agreement with the bank.  The Company’s line-of-credit debt at May 29, 2015 was $2,823,477 with an interest rate of 3.25%, leaving the Company with $176,523 of credit availability.  The Company’s line-of-credit debt at May 30, 2014 was $2,528,511 with an interest rate of 3.25%, leaving the Company with $471,489 of credit availability.

The Company’s current ratio (current assets divided by current liabilities) was 1.47 to 1.00 and 1.38 to 1.00 at May 29, 2015 and May 30, 2014, respectively.

Available cash, cash from operations, and available credit under the line of credit are expected to be sufficient to meet anticipated cash expenditures and normal operating requirements for the foreseeable future.

Operating Results

Net sales decreased by 3.1% in fiscal year 2015 and decreased by 1.0% in fiscal year 2014.

Cost of sales as a percentage of net sales amounted to 50.2% and 51.3% in 2015 and 2014, respectively.

Selling, general and administrative expenses were 47.4% of net sales in 2015 and 46.7% of net sales in 2014.

The Company’s effective tax rates for 2015 and 2014 were 42.2% and 42.2%, respectively.  Note 7 to the Consolidated Financial Statements provides additional information about the provision for income taxes.

14

The following tables compare manufactured products to resale products for the fiscal years ended May 29, 2015 and May 30, 2014:

	Manufactured Products-Resale Products
	2015					2014
Sales			%					%
Manufactured Products	$	106,983,774		81.2	%	$	110,130,309		81.0	%
Resale Products		24,740,947		18.8	%		25,766,586		19.0	%
Total	$	131,724,721		100.0	%	$	135,896,895		100.0	%
Gross Margin			%					%
Manufactured Products	$	55,203,519		51.6	%	$	55,489,556		50.4	%
Resale Products		10,389,057		42.0	%		10,742,719		41.7	%
Total	$	65,592,576		49.8	%	$	66,232,275		48.7	%

Liquidity and Capital Resources

Working capital was $6,584,930 and $5,701,190 at May 29, 2015 and May 30, 2014, respectively.  Net cash provided by operations amounted to $5,005,501 and $3,263,728 in fiscal years May 29, 2015 and May 30, 2014, respectively. During 2015, the principal source of liquidity for the Company’s operating needs was provided from operating activities, credit facilities, and cash on hand.

Additions to property, plant and equipment are expected to be approximately $2,000,000 in fiscal year 2016.

Cash dividends of $1,452,803 and $1,466,581 were paid in 2015 and 2014, respectively.

The Company purchased 440,875 shares of treasury stock for the amount of $2,204,375 during fiscal 2015 and did not purchase any shares of treasury stock in fiscal 2014.

During fiscal 2015, the Company’s debt proceeds net of re-paid debt was $1,993,471 versus $410,372 during fiscal 2014.

Market Risk

The principal market risks (i.e. the risk of loss arising from adverse changes in market rates and prices) to which the Company is exposed are interest rates on its cash equivalents and bank loans, fuel costs, and commodity prices affecting the cost of its raw materials.

The Company is subject to market risk with respect to commodities because its ability to recover increased costs through higher pricing may be limited by the competitive environment in which it operates.  The Company purchases its raw materials on the open market, under contract through brokers and directly from growers.  Futures contracts have been used occasionally to hedge immaterial amounts of commodity purchases, but none are presently being used.

Inflation

Certain costs and expenses of the Company are affected by inflation. The Company’s prices for its products over the past several fiscal years have remained relatively flat. The Company plans to contend with the effect of further inflation through efficient purchasing, improved manufacturing methods, pricing, and by monitoring and controlling expenses.

15

Environmental Matters

Golden Flake’s waste water treatment plant is an environmentally-friendly way to dispose of process water at the Birmingham plant.  The treatment plant has allowed Golden Flake to release the processing water into a neighboring creek which has improved the flow of water in the creek and has positively impacted the environment in the area surrounding the plant.  The treatment plant has also helped to reduce expenses associated with sewer charges since this has replaced the previous system which disposed of the process water through the public sewer system.

Forward-Looking Statements

This report contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Actual results could differ materially from those forward-looking statements.  Factors that may cause actual results to differ materially include price competition, industry consolidation, raw material costs, fuel costs, and effectiveness of sales and marketing activities, as described in this 10-K. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date which they are made.

Recent Developments

Not Applicable.

Recently Issued Accounting Pronouncements

See Note 1 to the consolidated financial statements included in Item 8 for a summary of recently issued accounting pronouncements.

ITEM 7 A. - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable as Company is a Smaller Reporting Company.

ITEM 8. - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The consolidated financial statements of the registrant and its subsidiary for the year ended May 29, 2015, consisting of the following, are contained herein:

Consolidated Balance Sheets	- As of May 29, 2015 and May 30, 2014
Consolidated Statements of Income	- May 29, 2015 and May 30, 2014
Consolidated Statements of Changes in Stockholders’ Equity	- May 29, 2015 and May 30, 2014
Consolidated Statements of Cash Flows	- May 29, 2015 and May 30, 2014
Notes to Consolidated Financial Statements	- May 29, 2015 and May 30, 2014

16

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders

Golden Enterprises, Inc.

We have audited the accompanying consolidated balance sheets of Golden Enterprises, Inc. and subsidiary (“the Company”) as of May 29, 2015 and May 30, 2014, and the related consolidated statements of income, stockholders’ equity, and cash flows for the years then ended.  Our audits also included the financial statement schedule of Golden Enterprises, Inc. and subsidiary listed in Item 15(a).  These financial statements and financial statement schedule are the responsibility of the Company’s management.  Our responsibility is to express an opinion on these consolidated financial statements and schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.  Accordingly, we express no such opinion.  An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Golden Enterprises, Inc. and subsidiary as of May 29, 2015 and May 30, 2014, and the results of their operations and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.  Also, in our opinion, the  financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly in all material respects the information set forth therein.

	DUDLEY, HOPTON-JONES, SIMS & FREEMAN PLLP
Birmingham, Alabama July 16, 2015

17

GOLDEN ENTERPRISES, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

As of May 29, 2015 and May 30, 2014

ASSETS
	2015		Restated 2014
CURRENT ASSETS
Cash and cash equivalents	$	1,159,449	$	1,160,630
Receivables:
Trade accounts		11,129,302		11,333,609
Other		26,387		77,415
		11,155,689		11,411,024
Less: Allowance for doubtful accounts		70,000		70,000
		11,085,689		11,341,024
Inventories:
Raw materials		1,781,397		2,123,313
Finished goods		3,460,800		3,536,326
		5,242,197		5,659,639
Prepaid expenses		1,350,201		1,277,861
Accrued income taxes		476,154		-
Deferred income taxes		1,139,433		1,395,504
Total current assets		20,453,123		20,834,658
PROPERTY, PLANT AND EQUIPMENT
Land		2,769,499		2,769,499
Buildings		18,787,967		18,804,228
Machinery and equipment		67,543,226		66,295,760
Transportation equipment		8,268,311		7,304,711
		97,369,003		95,174,198
Less: Accumulated depreciation		72,880,525		69,502,854
		24,488,478		25,671,344
OTHER ASSETS
Cash surrender value of life insurance		630,259		602,353
Other		973,195		1,207,743
Total other assets		1,603,454		1,810,096
TOTAL	$	46,545,055	$	48,316,098

See Accompanying Notes to Consolidated Financial Statements

18

LIABILITIES AND STOCKHOLDERS' EQUITY
	2015			Restated 2014
CURRENT LIABILITIES
Checks outstanding in excess of bank balances	$	1,068,745		$	1,971,076
Accounts payable		4,049,333			3,719,102
Current portion of long-term debt		799,204			369,979
Line of credit outstanding		2,823,477			2,528,511
Accrued income tax		-			378,659
Other accrued expenses		5,021,286			5,953,171
Salary continuation plan		106,148			212,970
Total current liabilities		13,868,193			15,133,468
LONG-TERM LIABILITIES
Note payable-bank, non-current		6,213,513			4,944,233
Salary continuation plan		921,882			920,184
Deferred income taxes		3,856,793			3,805,221
Total long-term liabilities		10,992,188			9,669,638
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		6,552,973			6,497,954
Retained earnings		19,049,500			18,728,462
Treasury shares -at cost (2,537,036 shares in 2015, 2,096,161 shares in 2014)		(13,136,994	)		(10,932,619	)
Total stockholders' equity		21,684,674			23,512,992
TOTAL	$	46,545,055		$	48,316,098

19

GOLDEN ENTERPRISES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

For the Fiscal Years Ended May 29, 2015 and May 30, 2014

	2015			2014
Net sales	$	131,724,721		$	135,896,895
Cost of sales		66,132,145			69,664,620
Gross margin		65,592,576			66,232,275
Selling, general and administrative expenses		62,489,402			63,396,380
Restructuring charges		(49,266	)		1,026,980
Operating income		3,152,440			1,808,915
Other (expenses) income:
Gain on sale of assets		283,256			22,693
Interest expense		(458,184	)		(336,592	)
Other income		88,918			98,872
Total other (expenses) income		(86,010	)		(215,027	)
Income before income taxes		3,066,430			1,593,888
Provision for income taxes		1,292,589			672,059
Net income	$	1,773,841		$	921,829
PER SHARE OF COMMON STOCK
Basic earnings	$	0.15		$	0.08
Diluted earnings	$	0.15		$	0.08

See Accompanying Notes to Consolidated Financial Statements

20

GOLDEN ENTERPRISES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

For the Fiscal Years Ended May 29, 2015 and May 30, 2014

			Additional								Total
	Common		Paid-in		Retained			Treasury			Stockholders'
	Stock		Capital		Earnings			Shares			Equity
Balance - May 31, 2013	$	9,219,195	$	6,497,954	$	19,273,214		$	(10,932,619	)	$	24,057,744
Net income - 2014		-		-		921,829			-			921,829
Cash dividends paid		-		-		(1,466,581	)		-			(1,466,581	)
Balance - May 30, 2014		9,219,195		6,497,954		18,728,462			(10,932,619	)		23,512,992
Net income - 2015		-		-		1,773,841			-			1,773,841
Cash dividends paid		-		-		(1,452,803	)					(1,452,803	)
Stock compensation earned		-		55,019		-						55,019
Treasury shares purchased		-		-		-			(2,204,375	)		(2,204,375	)
Balance - May 29, 2015	$	9,219,195	$	6,552,973	$	19,049,500		$	(13,136,994	)	$	21,684,674

See Accompanying Notes to Consolidated Financial Statements

21

GOLDEN ENTERPRISES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASHFLOWS

For the Fiscal Years Ended May 29, 2015 and May 30, 2014

	2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers	$	131,980,056		$	135,015,577
Interest income		1,537			1,956
Rental income		40,354			29,783
Other operating cash payments/receipts		47,027			67,133
Cash paid to suppliers and employees for cost of goods sold		(62,818,142	)		(68,774,050	)
Cash paid for suppliers and employees for selling, general and administrative		(61,947,388	)		(62,094,737	)
Income taxes		(1,839,759	)		(645,342	)
Interest expense		(458,184	)		(336,592	)
Net cash provided by operating activities		5,005,501			3,263,728
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment		(2,725,450	)		(2,380,287	)
Proceeds from sale of property, plant and equipment		284,806			48,125
Net cash used in investing activities		(2,440,644	)		(2,332,162	)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt proceeds		32,055,763			35,726,909
Debt repayments		(30,062,292	)		(35,316,537	)
Change in checks outstanding in excess of bank balances		(902,331	)		528,162
Purchases of treasury shares		(2,204,375	)		-
Cash dividends paid		(1,452,803	)		(1,466,581	)
Net cash used in financing activities		(2,566,038	)		(528,047	)
NET (DECREASE) INCREASE IN CASH AND
CASH EQUIVALENTS		(1,181	)		403,519
CASH AND CASH EQUIVALENTS AT
BEGINNING OF YEAR		1,160,630			757,111
CASH AND CASH EQUIVALENTS AT
END OF YEAR	$	1,159,449		$	1,160,630

See Accompanying Notes to Consolidated Financial Statements

22

GOLDEN ENTERPRISES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASHFLOWS

For the Fiscal Years Ended May 29, 2015 and May 30, 2014

RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES

	2015			2014
Net income	$	1,773,841		$	921,829
Adjustment to reconcile net income to net cash provided
by operating activities:
Depreciation		3,906,766			3,778,563
Deferred income taxes		307,643			(298,467	)
Stock Based Compensation		55,019			-
Gain on sale of property and equipment		(283,256	)		(22,693	)
Change in receivables-net		255,335			(881,318	)
Change in inventories		417,442			(703,826	)
Change in  prepaid expenses		(72,340	)		276,876
Change in cash surrender value of insurance		(27,906	)		93,408
Change in other assets - other		234,548			434,287
Change in accounts payable		330,231			(1,089,964	)
Change in accrued expenses		(931,885	)		526,154
Change in salary continuation plan		(105,124	)		(96,305	)
Change in accrued income taxes		(854,813	)		325,184
Net cash provided by operating activities	$	5,005,501		$	3,263,728

See Accompanying Notes to Consolidated Financial Statements

23

GOLDEN ENTERPRISES, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the Fiscal Years Ended May 29, 2015 and May 30, 2014

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting and reporting policies of Golden Enterprises, Inc. and subsidiary (“Company”) conform to accounting principles generally accepted in the United States of America and to general practices within the snack foods industry.  The following is a description of the more significant accounting policies:

Nature of the Business

The Company manufactures and distributes a full line of snack items that are sold through its own sales organization and independent distributors to commercial establishments that sell food products primarily in the Southeastern United States.

Consolidation

The consolidated financial statements include the accounts of Golden Enterprises, Inc. and its wholly-owned subsidiary, Golden Flake Snack Foods, Inc.  All significant inter-company transactions and balances have been eliminated.

Revenue Recognition

The Company recognizes sales and related costs upon delivery or shipment of products to its customers.  Sales are reduced by returns and allowances to customers.

Accounts Receivable

The Company records accounts receivable at the time revenue is recognized.  Amounts for bad debt expense are recorded in selling, general and administrative expenses.  The determination of the allowance for doubtful accounts is based on management’s estimate of uncollectible accounts receivables.  The Company records a general reserve based on analysis of historical data.  In addition, management records specific reserves for receivable balances that are considered at higher risk due to known facts regarding the customer.

Fiscal Year

The Company ends its fiscal year on the Friday closest to the last day in May.  The year ended May 29, 2015 included 52 weeks as did the year ended May 30, 2014.

Fair Value of Financial Instruments

The carrying amounts of cash and cash equivalents, receivables, accounts payable, and short-term debt approximate fair value.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents.

Inventories

Inventories are stated at the lower of cost or market.  Cost is computed on the first-in, first-out method.

24

GOLDEN ENTERPRISES, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the Fiscal Years Ended May 29, 2015 and May 30, 2014

Property, Plant and Equipment

Property, plant and equipment are stated at cost.  For financial reporting purposes, depreciation and amortization have been provided principally on the straight-line method over the estimated useful lives of the respective assets.  Accelerated methods are used for tax purposes. Expenditures for maintenance and repairs are charged to operations as incurred; expenditures for renewals and betterments are capitalized and written off by depreciation and amortization charges.  Property retired or sold is removed from the asset and related accumulated depreciation accounts and any profit or loss resulting there from is reflected in the statements of operations.

Self-Insurance

The Company is self-insured for certain casualty losses relating to automobile liability, general liability, workers’ compensation, property losses, and medical claims.  The Company also has stop loss coverage to limit the exposure arising from these claims.  Automobile liability, general liability, workers’ compensation, and property losses costs are covered by letters of credit with the company’s claim administrators.

Due to the complexity of estimating the timing and amounts of insurance claims, the Company uses a third-party actuary to estimate the casualty insurance obligations on an annual basis.  In determining the ultimate loss and reserve requirements, the third-party uses various actuarial assumptions including compensation trends, health care cost trends, and discount rates. The third-party actuary also uses historical information for claims frequency and severity in order to establish loss development factors. The actuarial calculation includes a factor to account for changes in inflation, health care costs, compensation, and litigation cost trends, as well as estimated future incurred claims.  Large fluctuations in claims can have a significant impact on selling, general and administrative expenses.

Advertising

The Company expenses advertising costs as incurred.  These costs are included in selling, general and administrative expenses.  Advertising expense amounted to $7,973,958 and $7,767,596 for the fiscal years 2015 and 2014, respectively.

Income Taxes

Deferred income taxes are provided using the liability method to measure tax consequences resulting from differences between financial accounting standards and applicable income tax laws.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

Segment Information

The Company does not identify separate operating segments for management reporting purposes.  The results of operations are the basis on which management evaluates operations and makes business decisions.  The Company’s sales are generated primarily within the Southeastern United States.

Stock Options

The Company granted stock options to management on April 9, 2015.  See Note 8 for further discussion of the Company’s stock option awards.

25

GOLDEN ENTERPRISES, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the Fiscal Years Ended May 29, 2015 and May 30, 2014

Shipping and Handling Costs

Shipping and handling costs, which include salaries and vehicle operations expenses relating to the delivery of products to customers by the Company, are classified as selling, general and administrative expenses.  Shipping and handling costs amounted to $3,827,583 and $3,838,605 for the fiscal years 2015 and 2014, respectively.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Recently Issued Accounting Pronouncements

There were no new accounting pronouncements that were of significance or potential significance to us.

NOTE 2 – RESTATEMENT OF PRIOR PERIOD FINANCIAL STATEMENTS

Prior period financial statements have been restated to reflect adjustments to the Company’s financial information previously reported on form 10K for the year ended May 30, 2014.

The Company determined that there had been an error in its accounting for deferred income taxes. The error resulted in an understatement of deferred income tax assets, and an understatement of deferred income tax liabilities. A restatement adjustment was made to correct the error by increasing deferred income tax assets $835,832, and increasing deferred income tax liabilities by the same amount. The adjustments resulted in no change to the equity position of the Company or earnings per share.

These restatement adjustments resulted in a change to the Company’s working capital and current ratio calculations as follows:

	May 30, 2014
	As Originally  Reported		As Restated
Working capital	$	4,865,358.00	$	5,701,190.00
Current Ratio		1.32		1.38

26

GOLDEN ENTERPRISES, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

For the Fiscal Year Ended May 29, 2015 and May 30, 2014

NOTE 2 – RESTATEMENT OF PRIOR PERIOD FINANCIAL STATEMENTS - CONTINUED

The following table sets forth the effects of the restatement adjustments discussed above on the Consolidated Balance Sheet at May 30, 2014.

	May 30, 2014
	As Originally Reported		As Restated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	1,160,630	$	1,160,630
Receivables:
Trade Accounts		11,333,609		11,333,609
Other		77,415		77,415
		11,411,024		11,411,024
Less: Allowance for doubtful accounts		70,000		70,000
		11,341,024		11,341,024
Inventories:
Raw materials		2,123,313		2,123,313
Finished goods		3,536,326		3,536,326
		5,659,639		5,659,639
Prepaid expenses		1,277,861		1,277,861
Deferred income taxes		559,672		1,395,504
Total current assets		19,998,826		20,834,658
PROPERTY, PLANT AND EQUIPMENT
Land		2,769,499		2,769,499
Buildings		18,804,228		18,804,228
Machinery and equipment		66,295,760		66,295,760
Transportation equipment		7,304,711		7,304,711
		95,174,198		95,174,198
Less: Accumulated depreciation		69,502,854		69,502,854
		25,671,344		25,671,344
OTHER ASSETS
Cash surrender value of life insurance		602,353		602,353
Other		1,207,743		1,207,743
Total other assets		1,810,096		1,810,096
Total Assets	$	47,480,266	$	48,316,098

27

GOLDEN ENTERPRISES, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

For the Fiscal Year Ended May 29, 2015 and May 30, 2014

NOTE 2 – RESTATEMENT OF PRIOR PERIOD FINANCIAL STATEMENTS – CONTINUED

		May 30, 2014
		As Originally Reported			As Restated
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Checks outstanding in excess of bank balances	$	1,971,076		$	1,971,076
Accounts payable		3,719,102			3,719,102
Current portion of long-term debt		369,979			369,979
Line of credit outstanding		2,528,511			2,528,511
Accrued income tax		378,659			378,659
Other accrued expenses		5,953,171			5,953,171
Salary continuation plan		212,970			212,970
Total current liabilities		15,133,468			15,133,468
LONG-TERM LIABILITIES
Notes payable - bank, non-current		4,944,233			4,944,233
Salary continuation plan		920,184			920,184
Deferred income taxes		2,969,389			3,805,221
Total long-term liabilities		8,833,806			9,669,638
STOCKHOLDER'S 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		6,497,954			6,497,954
Retained earnings		18,728,462			18,728,462
Treasury shares -at cost  (2,537,036 shares in 2015, 2,096,161 shares in 2014)		(10,932,619	)		(10,932,619	)
Total stockholder's equity		23,512,992			23,512,992
Total liabilities and stockholders' equity	$	47,480,266		$	48,316,098

28

GOLDEN ENTERPRISES, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

For the Fiscal Year Ended May 29, 2015 and May 30, 2014

NOTE 3 – PREPAID EXPENSES

At May 29, 2015 and May 30, 2014, prepaid expenses consist of the following:

	2015		2014
Truck shop supplies	$	320,622	$	351,985
Insurance deposit		48,548		58,548
Prepaid marketplace spending		201,373		274,571
Prepaid insurance		369,864		274,389
Prepaid taxes and licenses		113,042		88,858
Prepaid dues and supplies		-		7,742
Other prepaid		296,752		221,768
	$	1,350,201	$	1,277,861

NOTE 4 – OTHER ACCRUED EXPENSES

At May 29, 2015 and May 30, 2014, other accrued expenses consist of the following:

	2015		2014
Accrued payroll	$	483,803	$	956,839
Self insurance liability		1,472,182		1,349,181
Accrued vacation		1,253,957		1,465,871
Other accrued expenses		1,811,344		2,181,280
	$	5,021,286	$	5,953,171

NOTE 5 - LINE OF CREDIT

The Company has a line-of-credit agreement with a local Birmingham bank that permits borrowing up to $3 million.    The line-of-credit is subject to the Company’s continued credit worthiness and compliance with the terms and conditions of the loan agreement.  In October 2014, the line-of-credit was renewed with no changes from the previous year.  The Company’s line-of-credit debt at May 29, 2015 was $2,823,477 with an interest rate of 3.25%, leaving the Company with $176,523 of credit availability.  The Company’s line-of-credit debt at May 31, 2014 was $2,528,511 with an interest rate of 3.25%, leaving the Company with $471,489 of credit availability.

29

GOLDEN ENTERPRISES, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

For the Fiscal Year Ended May 29, 2015 and May 30, 2014

NOTE 6 – LONG-TERM LIABILITIES

Long-term debt at May 29, 2015 and May 30, 2014 consists of the following:

In March 2009, the Company established a construction line of credit with interest-only payments due through the end of the construction period at a fixed rate of 4.25%. In September 2009, the loan converted to a 10-year, 4.25% fixed rate equipment note, payable in equal monthly installments based on the final amount drawn during the construction period which was $4,000,000. In March 2011, the loan was modified by taking the remaining balance of $3,532,700 and adding another $2,900,000 to finance the implementation of a new Enterprise Resource Planning system. At that time, the interest rate on the loan was adjusted to 3.52% and the terms were re-established at 15 years for the new amount of the loan.
	2015			2014
Total equipment note payable	$	4,944,233		$	5,314,212
Less:  current portion		(382,939	)		(369,979	)
Total non current portion	$	4,561,294		$	4,944,233
In January 2015, the Company established a note in the amount of $2,204,375 in order to fund the purchase of 440,875 shares of treasury stock. The note is dated January 30th, 2015 and is to be repaid over 5 years at 3.3%.
		2015			2014
Total stock buyback	$	2,068,484		$	-
Less:  current portion		(416,265	)		-
Total non current portion	$	1,652,219		$	-
		2015			2014
Total equipment and stock buyback note payable	$	7,012,717		$	5,314,212
Less:  current portion		(799,204	)		(369,979	)
Total non current portion	$	6,213,513		$	4,944,233

30

GOLDEN ENTERPRISES, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

For the Fiscal Year Ended May 29, 2015 and May 30, 2014

NOTE 6 – LONG-TERM LIABILITIES- CONTINUED

Other long-term obligations at May 29, 2015 and May 30, 2014 consist of the following:

	2015			2014
Salary continuation plan	$	1,028,030		$	1,133,154
Less:  current portion		(106,148	)		(212,970	)
Total non current portion	$	921,882		$	920,184

The Company is accruing the present values of the estimated future retirement payments over the period from the date of the agreements to the retirement dates, for certain key executives.   The Company recognized compensation expense of $134,876 and $143,695 for fiscal 2015 and 2014, respectively (See Note 7).

NOTE 7 – INCOME TAXES

At May 29, 2015 and May 30, 2014 the provision for income taxes consists of the following:

	2015		2014
Current:
Federal	$	797,788	$	786,126
State		187,158		184,400
		984,946		970,526
Deferred:
Federal		249,191		(241,758	)
State		58,452		(56,709	)
		307,643		(298,467	)
Total	$	1,292,589	$	672,059

31

GOLDEN ENTERPRISES, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

For the Fiscal Year Ended May 29, 2015 and May 30, 2014

NOTE 7 – INCOME TAXES- CONTINUED

The effective tax rate for continuing operations differs from the expected tax using statutory rates.  A reconciliation between the expected tax and actual tax follows:

	2015		2014
Tax on income at statutory rates	$	1,042,483	$	541,921
Increase resulting from:
State income taxes, less Federal income tax effect		123,525		121,704
Other - net		126,581		8,434
Total	$	1,292,589	$	672,059

The tax effects of temporary differences that result in deferred tax assets and liabilities are as follows:

	2015		2014
Deferred tax assets
Salary continuation plan	$	390,651	$	430,599
Accrued vacation		476,504		557,032
Inventory capitalization		80,430		96,923
Allowance for doubtful accounts		26,600		26,600
Other accrued expenses		165,248		284,350
Gross deferred tax assets before valuation allowance		1,139,433		1,395,504
Less valuation allowance		-		-
Total deferred tax assets		1,139,433		1,395,504
Deferred tax liabilities
Property and equipment		3,780,271		3,700,884
Prepaid expenses		76,522		104,337
Total deferred tax liabilities		3,856,793		3,805,221
Net deferred tax liability	$	2,717,360	$	2,409,717

The Company and its subsidiary are subject to federal income tax as well as income tax of various states. The Company is no longer subject to examination for years before 2011.

32

GOLDEN ENTERPRISES, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

For the Fiscal Year Ended May 29, 2015 and May 30, 2014

NOTE 8 – EMPLOYEE BENEFIT PLANS

The Company has a trusteed “Qualified Profit-Sharing Plan” that was amended and restated effective September 1, 2010, known as the Golden Flake Snack Foods, Inc. 401(k) Retirement Savings Plan (the “Plan”).  Prior to September 1, 2010, the Plan was named the Golden Flake Snack Foods, Inc. 401(k) Salary Reduction Plan.  The Plan’s trustee was changed from New York Life Trust Company to State Street Bank and Trust Company effective September 1, 2010.  Also, the Company appointed Diversified Investment Advisors to provide recordkeeping and general administrative services for the Plan effective September 1, 2010.

The Company’s contributions to the Plan are reviewed and approved by the Board of Directors.  For the year ended June 3, 2011, the Board approved an increase in the Company match from 20% of an employee’s eligible contributions to 25% of an employee’s eligible contributions.  The Company’s 401(k) and Profit Sharing Plan changed to December 31st from May 31st starting in 2014.  Total plan contributions for the years ended May 29, 2015 and May 30, 2014 were $150,586 and $90,956, respectively.

The Company has a salary continuation plan with certain of its key officers whereby monthly benefits will be paid for a period of fifteen years following retirement.  The Company is accruing the present value of all retirement benefits until the key officers reach normal retirement age at which time the principal portion of the retirement benefits paid are applied to the liability previously accrued.  The change in the liability for the Salary Continuation Plan is as follows:

	2015			2014
Accrued salary continuation plan - beginning of year	$	1,133,154		$	1,229,459
Benefits accrued		134,876			143,695
Benefits paid		(240,000	)		(240,000	)
Accrued salary continuation plan - end of year	$	1,028,030		$	1,133,154

NOTE 9 – LONG-TERM INCENTIVE PLANS

The Company has a long-term incentive plan currently in effect under which stock option grants may be issued.  A total of 310,000 stock options were granted to key employees on April 9, 2015.  This Plan (the 2014 Plan) is administered by the Stock Option Committee of the Board of Directors, which has sole discretion, subject to the terms of the Plan, to determine those employees, including executive officers, eligible to receive awards and the amount and type of such awards.  The Stock Option Committee also has the authority to interpret the Plan and make all other determinations required in the administration thereof.  All options outstanding at the end of 2015 are not exercisable until April 9, 2016.

The 2014 Plan provides, for, among other things, the granting of Incentive Stock Options as defined under the Internal Revenue Code.  Under the Plan, grants of incentive stock options may be made to selected officers and employees, with a term not exceeding ten years from the issue date and at a price not less than the fair market value of the Company’s stock at the date of grant. 310,000 stock option awards were granted under the 2015 Plan for the year ended May 29, 2015.

33

GOLDEN ENTERPRISES, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED

For the Fiscal Years Ended May 29, 2015 and May 30, 2014

NOTE 9 – LONG-TERM INCENTIVE PLANS – CONTINUED

Seven hundred fifty thousand shares of the Company’s stock were authorized for issuance under this Plan.  The following is a summary of transactions:

	2015				2014
			Weighted				Weighted
			Average				Average
			Exercise				Exercise
	Shares		Price		Shares		Price
Outstanding - beginning of year		-	$	-		-	$	-
Granted		310,000		3.84		-		-
Exercised		-		-		-		-
Forfeited		-		-		-		-
Cancelled		-		-		-		-
Outstanding - end of year		310,000	$	3.84		-	$	-

440,000 shares remain under this plan for future issuance.

NOTE 10 – NET INCOME PER SHARE

Basic earnings per common share are computed by dividing earnings available to stockholders by the weighted average number of common shares outstanding during the period.  Diluted earnings per share reflects per share amounts that would have resulted if dilutive potential common stock equivalents had been converted to common stock, as prescribed by Statement of Financial Accounting Standards No. 128, “Earnings per Share”. At May 29, 2015, options on the 310,000 shares were included in the computation of diluted earnings per share because the options’ exercise price was less than the average market price of the common shares and were therefore dilutive. The dilutive effect of stock options was calculated using the Treasury Stock method.  The following reconciles the information used to compute basic and diluted earnings per share:

	Average Common Stock Shares
	2015		2014
Basic weighted average shares outstanding		11,552,164		11,732,632
Effect of options		30,235		-
		11,582,399		11,732,632

34

GOLDEN ENTERPRISES, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED

For the Fiscal Years Ended May 29, 2015 and May 30, 2014

NOTE 11 – DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is defined as the quoted market prices for those instruments that are actively traded in financial markets.  In cases where quoted market prices are not available, fair values are estimated using present value or other valuation techniques.  The fair value estimates are made at a specific point in time, based on available market information and judgments about the financial instruments, such as estimates of timing and amount of expected future cash flows.  Such estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses.  In many cases, the fair value estimates cannot be substantiated by comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument.

The carrying amounts for cash and cash equivalents approximate fair value because of the short maturity, generally less than three months, of these instruments.

The carrying value of the Company’s salary continuation plan and accrued liability approximates fair value because present value is used in accruing this liability.

The Company does not hold or issue financial instruments for trading purposes and has no involvement with forward currency exchange contracts.

NOTE 12– COMMITMENTS AND CONTINGENCIES

Rental expense was $725,947 in 2015 and $1,200,883 in 2014.

The Company has entered into various operating lease agreements to replace aging route vans and transport trucks.  The current annual obligation under this agreement is $151,102.  Future minimum lease commitments for operating leases at May 29, 2015 were as follows:

2016	151,102
2017	151,102
2018	151,102
2019	88,143
2020	-

The Company has a letter of credit in the amount of $1,850,000 outstanding at May 29, 2015 and $1,850,000 at May 30, 2014.  The letter of credit supports the Company’s commercial self-insurance program.  The Company pays an annual commitment fee of 0.75% to maintain the letters of credit.

The Company has entered into various other short term purchase commitments with suppliers for raw materials in the normal course of business.

The Company is subject to routine litigation and claims incidental to its business.  In the opinion of management, such routine litigation and claims should not have a material adverse effect upon the Company’s consolidated financial statements taken as a whole.

35

GOLDEN ENTERPRISES, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED

For the Fiscal Years Ended May 29, 2015 and May 30, 2014

NOTE 13 - CONCENTRATIONS OF CREDIT RISK

The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash equivalents and trade receivables.

The Company maintains deposit relationships with high credit quality financial institutions.  The Company’s trade receivables result primarily from its snack food operations and reflect a broad customer base, primarily large grocery store chains located in the Southeastern United States.  The Company routinely assesses the financial strength of its customers.  As a consequence, concentrations of credit risk are limited.

The Company did not have any major customer write-offs this year that were not covered by credit insurance.

NOTE 14– SUPPLEMENTARY STATEMENT OF INCOME INFORMATION

The following tabulation gives certain supplementary statement of income information for the years ended May 29, 2015 and May 30, 2014:

	2015		2014
Maintenance and repairs	$	6,569,215	$	6,909,152
Depreciation		3,906,766		3,778,563
Payroll taxes		2,103,563		2,204,506

Amounts for other taxes, rents, and research and development costs are not presented because each of such amounts is less than 1% of total revenues.

NOTE 15 – RESTRUCTURING CHARGES

During the third quarter of fiscal 2014, the Company took necessary steps to streamline its management structure. As a result, the Company reduced its workforce by approximately 2% and incurred gross restructuring charges of $1,026,980 consisting of severance costs related to the workforce reduction. As all of the restructuring activities were completed in the third quarter of fiscal 2014, the Company did not expect to recognize additional costs in future periods relating to these actions.

The activity in the restructuring accrual for the twelve month period ended May, 2015 is as follows:

Restructuring accrual – May 30, 2014	$	491,340
Cash payments		(442,074	)
Adjust Remaining Liability		(49,266	)
Restructuring accrual – May 29, 2015	$	-

36

ITEM 9. – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

ON ACCOUNTING AND FINANCIAL DISCLOSURE

Not Applicable.

ITEM 9A. – CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our company’s management, under the supervision of and with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures as of May 29, 2015. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of May 29, 2015, our chief executive officer and chief financial officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Management’s Assessment on Internal Control over Financial Reporting

The management of the company is responsible for establishing and maintaining adequate internal control over financial reporting for the company. Internal control over financial reporting is defined in Rule 13a-15(f) and 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, the company’s principal executive and principal financial officers and effected by the company’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

  ●   Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company;

  ●   Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and

  ●   Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

37

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The company’s management assessed the effectiveness of the company’s internal control over financial reporting as of May 29, 2015. In making this assessment, the company’s management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in its Internal Control-Integrated Framework.

Based on management’s assessment, it concluded that, as of May 29, 2015, the company’s internal control over financial reporting was effective based on those criteria set forth.

This annual report does not include an attestation report of the company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the company’s registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the company to provide only management’s report in this annual report.

Changes in Internal Control over Financial Reporting

No change in our internal controls over financial reporting occurred during the fiscal quarter ended May 29, 2015 that has materially affected, or is reasonably likelyto materially affect, our internal control over financial reporting.

ITEM 9B. – OTHER INFORMATION

Not Applicable.

PART III

ITEM 10. – DIRECTORS AND EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

With the exception of information as follows and as set forth under the caption Executive Officers of the Registrant and Its Subsidiary which appears in Part I of this Form 10-K on Page 7, the information required by this item is incorporated by reference to the sections entitled “Election of Directors,” “Additional Information Concerning the Board of Directors,”  “Executive Compensation and Other Information,” “Section 16(a) Beneficial Ownership Reporting Compliance,” “Code of Conduct and Ethics,” and “Corporate Governance” of the Company’s Proxy Statement for the 2015 Annual Meeting of Stockholders to be held September 17, 2015.

Section 16A Beneficial Ownership Reporting Compliance

Section 16(a) of the Exchange Act, as amended, requires the Company’s officers and directors and persons who own more than 10% of the Company’s outstanding Common Stock to file reports of ownership with the Securities and Exchange Commission (“SEC”).  All officers and directors, who were required to file, timely filed required Form 4 and 5 reports.

38

ITEM 11. – EXECUTIVE COMPENSATION

The information required by this item is incorporated by reference to the sections entitled “Executive Compensation” of the Company’s Proxy Statement for the 2015 Annual Meeting of Stockholders to be held September 17, 2015.  See Item 5 of this Annual Report on Form 10-K for information concerning the Company’s equity compensation plans.

ITEM 12. – SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND

MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The information required by this item is incorporated by reference to the sections entitled “Security Ownership of Certain Beneficial Owners and Management” and “Section 16(a) Beneficial Ownership Reporting Compliance,” of the Company’s Proxy Statement for the 2015 Annual Meeting of Stockholders to be held September 17, 2015.

ITEM 13. – CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

The information required by this item is incorporated by reference to the section entitled “Certain Related Party Transactions” and “Director Independence” of the Company’s Proxy Statement for the 2015 Annual Meeting of Stockholders to be held September 17, 2015.

ITEM 14. – PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required by this item is incorporated by reference to the section entitled “Independent Accountants” of the Company’s Proxy Statement for the 2015 Annual Meeting of Stockholders to be held September 17, 2015.

Prior to September 30, 2015, the Company will file a definitive Proxy Statement with the Securities and Exchange Commission pursuant to Regulation 14A which involves the election of directors.

39

PART IV

ITEM 15. - EXHIBITS AND FINANCIAL STATEMENT

SCHEDULES

(a)  1. LIST OF FINANCIAL STATEMENTS

The following consolidated financial statements of Golden Enterprises, Inc., and subsidiary required to be included in Item 8 are listed below:

Consolidated Balance Sheets – May 29, 2015 and May 30, 2014

Consolidated Statements of Income- Years ended May 29, 2015 and May 30, 2014

Consolidated Statements of Changes in Stockholders’ Equity- Years ended May 29, 2015 and May 30, 2014

Consolidated Statements of Cash Flows- Years ended May 29, 2015 and May 30, 2014

Notes to Consolidated Financial Statements

   (a) 2. LIST OF FINANCIAL STATEMENT SCHEDULES

The following consolidated financial statements schedule is included in Item 15 (c):

Schedule II- Valuation and Qualifying Accounts

All other schedules are omitted because the information required therein is not applicable, or the information is given in the financial statements and notes thereto.

(a) 3.	Exhibits
(3)	Articles of Incorporation and By-laws of Golden Enterprises, Inc.
3.1	Certificate of Incorporation of Golden Enterprises, Inc. (originally known as “Golden Flake, Inc.”) dated December 11, 1967 (incorporated by reference to Exhibit 3.1 to Golden Enterprises, Inc. May 31, 2004 Form 10-K filed with the Commission).
3.2	Certificate of Amendment of Certificate of Incorporation of Golden Enterprises, Inc. dated December 22, 1976 (incorporated by reference to Exhibit 3.2 to Golden Enterprises, Inc. May 31, 2004 Form 10-K filed with the Commission).
3.3	Certificate of Amendment of Certificate of Incorporation of Golden Enterprises, Inc. dated October 2, 1978 (incorporated by reference to Exhibit 3 to Golden Enterprises, Inc. May 31, 1979 Form 10-K filed with the Commission).
3.4	Certificate of Amendment of Certificate of Incorporation of Golden Enterprises, Inc. dated October 4, 1979 (incorporated by reference to Exhibit 3 to Golden Enterprises, Inc. May 31, 1980 Form 10-K filed with the Commission).
3.5	Certificate of Amendment of Certificate of Incorporation of Golden Enterprises, Inc. dated September 24, 1982 (incorporated by reference to Exhibit 3.1 to Golden Enterprises, Inc. May 31, 1983 Form 10-K filed with the Commission).

40

3.6	Certificate of Amendment of Certificate of Incorporation of Golden Enterprises, Inc. dated September 22, 1983 (incorporated by reference to Exhibit 19.1 to Golden Enterprises, Inc. Form 10-Q Report for the quarter ended November 30, 1983 filed with the Commission).
3.7	Certificate of Amendment of Certificate of Incorporation of Golden Enterprises, Inc. dated October 3, 1985 (incorporated by reference to Exhibit 19.1 to Golden Enterprises, Inc. Form 10-Q Report for the quarter ended November 30, 1985 filed with the Commission).
3.8	Certificate of Amendment of Certificate of Incorporation of Golden Enterprises, Inc. dated September 23, 1987 (incorporated by reference to Exhibit 3.1 to Golden Enterprises, Inc. May 31, 1988 Form 10-K filed with the Commission).
3.9	By-Laws of Golden Enterprises, Inc. (incorporated by reference to Exhibit 3.4 to Golden Enterprises, Inc. May 31, 1988 Form 10-K filed with the Commission).
(10)	Material Contracts
10.1	A Form of Indemnity Agreement executed by and between Golden Enterprises, Inc. and Each of Its Directors (incorporated by reference as Exhibit 19.1 to Golden Enterprises, Inc. Form 10-Q Report for the quarter ended November 30, 1987 filed with the Commission).
10.2	Amended and Restated Salary Continuation Plans for John S. Stein (incorporated by reference to Exhibit 19.1 to Golden Enterprises, Inc. May 31, 1990 Form 10-K filed with the Commission).
10.3	Indemnity Agreement executed by and between the Company and J. Wallace Nall, Jr. (incorporated by reference as Exhibit 19.4 to Golden Enterprises, Inc. May 31, 1991 Form 10-K filed with the Commission).
10.4	Salary Continuation Plans - Retirement, Disability and Death Benefits for F. Wayne Pate (incorporated by reference to Exhibit 19.1 to Golden Enterprises, Inc. May 31, 1992 Form 10-K filed with the Commission).
10.5	Indemnity Agreement executed by and between the Registrant and F. Wayne Pate (incorporated by reference as Exhibit 19.3 to Golden Enterprises, Inc. May 31, 1992 Form 10-K filed with the Commission).
10.9	Amendment to Salary Continuation Plans, Retirement and Disability for F. Wayne Pate dated April 9, 2002 (incorporated by reference to Exhibit 10.2 to Golden Enterprises, Inc. May 31, 2002 Form 10-K filed with the Commission).
10.10	Amendment to Salary Continuation Plans, Retirement and Disability for John S. Stein dated April 9, 2002 (incorporated by reference to Exhibit 10.3 to Golden Enterprises, Inc. May 31, 2002 Form 10-K filed with the Commission).
10.11	Amendment to Salary Continuation Plan, Death Benefits for John S. Stein dated April 9, 2002 (incorporated by reference to Exhibit 10.4 to Golden Enterprises, Inc. May 31, 2002 Form 10-K filed with the Commission).

41

10.12	Retirement and Consulting Agreement for John S. Stein dated April 9, 2002 (incorporated by reference to Exhibit 10.5 to Golden Enterprises, Inc. May 31, 2002 Form 10-K filed with the Commission).
10.13	Salary Continuation Plan for Mark W. McCutcheon dated May 15, 2002 (incorporated by reference to Exhibit 10.6 to Golden Enterprises, Inc. May 31, 2002 Form 10-K filed with the Commission).
10.14	Trust Under Salary Continuation Plan for Mark W. McCutcheon dated May 15, 2002 (incorporated by reference to Exhibit 10.7 to Golden Enterprises, Inc. May 31, 2002 Form 10-K filed with the Commission).
10.20	Amendment to Salary Continuation Plan for Mark W. McCutcheon dated December 30, 2008 (incorporated by reference to Exhibit 10.20 Golden Enterprises, Inc. February 27, 2009 Form 10-Q filed with the Commission).
10.24	A Form of Indemnity Agreement to be executed by and between Golden Enterprises, Inc. and the following directors: Mark W. McCutcheon, Joann F. Bashinsky, John S. Stein, III, William B. Morton, Jr., Paul R. Bates and David A. Jones  (incorporated by reference to Exhibit 10.24 to Golden Enterprises, Inc. January 13, 2011 Form 10-Q filed with the Commission).
10.26	A Purchase Agreement was executed by and between Golden Flake Snack Foods, Inc. as Seller, and Redwine Property Management, Inc. as Purchaser, with a transfer date of July 25, 2014, for the sale of real property and improvements located thereon in Decatur, Georgia (incorporated by reference to Exhibit 10.26 to Golden Enterprises, Inc. May 30, 2014 Form 10-K filed with the Commission).
14.1	Golden Enterprises, Inc.’s Code of Conduct and Ethics adopted by the Board of Directors on April 8, 2004 (incorporated by reference to Exhibit 14.1 to Golden Enterprises, Inc. May 31, 2004 Form 10-K filed with the Commission).
(18)	Letter Re: Change in Accounting Principles
18.1	Letter from the Registrant’s Independent Accountant dated August 12, 2005 indicating a change in the method of applying accounting practices followed by the Registrant for the fiscal year ended June 3, 2005 (incorporated by reference to Exhibit 18.1 to Golden Enterprises, Inc.’s June 3, 2005 Form 10-K filed with the Commission)
21	Subsidiaries of the Registrant (incorporated by reference to Exhibit 21 to Golden Enterprises, Inc. May 31, 2004 Form 10-K filed with the Commission)
(31)	Certifications

42

31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

(99) Additional Exhibits

99.1 A copy of excerpts of the Last Will and Testament and Codicils thereto of Sloan Y. Bashinsky, Sr. and of the SYB Common Stock Trust created by Sloan Y. Bashinsky, Sr. providing for the creation of a Voting Committee to vote the shares of common stock of Golden Enterprises, Inc. held by SYB, Inc. and the Estate/Testamentary Trust of Sloan Y. Bashinsky, Sr. (incorporated by reference to Exhibit 99.1 to Golden Enterprises, Inc.’s June 3, 2005 Form 10-K filed with the Commission).

101.INS XBRL Instance Document

101.SCH XBRL Taxonomy Extension Schema Document

101.CAL XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF XBRL Taxonomy Extension Definition Linkbase Document

101.LAB XBRL Taxonomy Extension Label Linkbase Document

101.PRE XBRL Taxonomy Extension Presentation Linkbase Document

43

SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GOLDEN ENTERPRISES, INC.

By /s/Patty Townsend	August 20, 2015
Patty Townsend Vice President, Secretary and Principal Financial Officer	Date

     Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated:

Signature	Title	Date
/s/Mark W. McCutcheon	Chairman of the Board, Chief	August 20, 2015
Mark W. McCutcheon	Executive Officer, and President
/s/Patty Townsend	Vice President, Secretary and	August 20, 2015
Patty Townsend	Principal Financial Officer
/s/F. Wayne Pate	Director	August 20, 2015
F. Wayne Pate
/s/Edward R. Pascoe	Director	August 20, 2015
Edward R. Pascoe
/s/John P. McKleroy, Jr.	Director	August 20, 2015
John P. McKleroy, Jr.
/s/John S.P. Samford	Director	August 20, 2015
John S.P. Samford
/s/J. Wallace Nall, Jr.	Director	August 20, 2015
J. Wallace Nall, Jr.
/s/Joann F. Bashinsky	Director	August 20, 2015
Joann F. Bashinsky
/s/Paul R. Bates	Executive Vice-President	August 20, 2015
Paul R. Bates	and Director
/s/David A. Jones	Executive Vice-President	August 20, 2015
David A. Jones	and Director
/s/William B. Morton, Jr.	Director	August 20, 2015
William B. Morton, Jr.
/s/John S. Stein III	Director	August 20, 2015
John S. Stein III

44

SCHEDULE II

GOLDEN ENTERPRISES, INC. AND SUBSIDIARY

VALUATION AND QUALIFYING ACCOUNTS

For the Fiscal Years Ended May 29, 2015 and May 30, 2014

			Additions
	Balance at		Charged to				Balance
	Beginning		Costs and				at End
Allowance for Doubtful Accounts	of Year		Expenses		Deductions		of Year
Year ended May 30, 2014	$	70,000	$	0	$	0	$	70,000
Year ended May 29, 2015	$	70,000	$	0	$	0	$	70,000

45

This page is intentionally left blank

46

	INDEX TO EXHIBITS
3.1	Certificate of Incorporation of Golden Enterprises, Inc. (originally known as “Golden Flake, Inc.”) dated December 11, 1967 (incorporated by reference to Exhibit 3.1 to Golden Enterprises, Inc. May 31, 2004 Form 10-K filed with the Commission).
3.2	Certificate of Amendment of Certificate of Incorporation of Golden Enterprises, Inc. dated December 22, 1976 (incorporated by reference to Exhibit 3.2 to Golden Enterprises, Inc. May 31, 2004 Form 10-K filed with the Commission).
3.3	Certificate of Amendment of Certificate of Incorporation of Golden Enterprises, Inc. dated October 2, 1978 (incorporated by reference to Exhibit 3 to Golden Enterprises, Inc. May 31, 1979 Form 10-K filed with the Commission).
3.4	Certificate of Amendment of Certificate of Incorporation of Golden Enterprises, Inc. dated October 4, 1979 (incorporated by reference to Exhibit 3 to Golden Enterprises, Inc. May 31, 1980 Form 10-K filed with the Commission).
3.5	Certificate of Amendment of Certificate of Incorporation of Golden Enterprises, Inc. dated September 24, 1982 (incorporated by reference to Exhibit 3.1 to Golden Enterprises, Inc. May 31, 1983 Form 10-K filed with the Commission).
3.6	Certificate of Amendment of Certificate of Incorporation of Golden Enterprises, Inc. dated September 22, 1983 (incorporated by reference to Exhibit 19.1 to Golden Enterprises, Inc. Form 10-Q Report for the quarter ended November 30, 1983 filed with the Commission).
3.7	Certificate of Amendment of Certificate of Incorporation of Golden Enterprises, Inc. dated October 3, 1985 (incorporated by reference to Exhibit 19.1 to Golden Enterprises, Inc. Form 10-Q Report for the quarter ended November 30, 1985 filed with the Commission).
3.8	Certificate of Amendment of Certificate of Incorporation of Golden Enterprises, Inc. dated September 23, 1987 (incorporated by reference to Exhibit 3.1 to Golden Enterprises, Inc. May 31, 1988 Form 10-K filed with the Commission).
3.9	By-Laws of Golden Enterprises, Inc. (incorporated by reference to Exhibit 3.4 to Golden Enterprises, Inc. May 31, 1988 Form 10-K filed with the Commission).
(10)	Material Contracts
10.1	A Form of Indemnity Agreement executed by and between Golden Enterprises, Inc. and Each of Its Directors (incorporated by reference as Exhibit 19.1 to Golden Enterprises, Inc. Form 10-Q Report for the quarter ended November 30, 1987 filed with the Commission).
10.2	Amended and Restated Salary Continuation Plans for John S. Stein (incorporated by reference to Exhibit 19.1 to Golden Enterprises, Inc. May 31, 1990 Form 10-K filed with the Commission).

47

10.3	Indemnity Agreement executed by and between the Company and J. Wallace Nall, Jr. (incorporated by reference as Exhibit 19.4 to Golden Enterprises, Inc. May 31, 1991 Form 10-K filed with the Commission).
10.4	Salary Continuation Plans - Retirement, Disability and Death Benefits for F. Wayne Pate (incorporated by reference to Exhibit 19.1 to Golden Enterprises, Inc. May 31, 1992 Form 10-K filed with the Commission).
10.5	Indemnity Agreement executed by and between the Registrant and F. Wayne Pate (incorporated by reference as Exhibit 19.3 to Golden Enterprises, Inc. May 31, 1992 Form 10-K filed with the Commission).
10.9	Amendment to Salary Continuation Plans, Retirement and Disability for F. Wayne Pate dated April 9, 2002 (incorporated by reference to Exhibit 10.2 to Golden Enterprises, Inc. May 31, 2002 Form 10-K filed with the Commission).
10.10	Amendment to Salary Continuation Plans, Retirement and Disability for John S. Stein dated April 9, 2002 (incorporated by reference to Exhibit 10.3 to Golden Enterprises, Inc. May 31, 2002 Form 10-K filed with the Commission).
10.11	Amendment to Salary Continuation Plan, Death Benefits for John S. Stein dated April 9, 2002 (incorporated by reference to Exhibit 10.4 to Golden Enterprises, Inc. May 31, 2002 Form 10-K filed with the Commission).
10.12	Retirement and Consulting Agreement for John S. Stein dated April 9, 2002 (incorporated by reference to Exhibit 10.5 to Golden Enterprises, Inc. May 31, 2002 Form 10-K filed with the Commission).
10.13	Salary Continuation Plan for Mark W. McCutcheon dated May 15, 2002 (incorporated by reference to Exhibit 10.6 to Golden Enterprises, Inc. May 31, 2002 Form 10-K filed with the Commission).
10.14	Trust Under Salary Continuation Plan for Mark W. McCutcheon dated May 15, 2002 (incorporated by reference to Exhibit 10.7 to Golden Enterprises, Inc. May 31, 2002 Form 10-K filed with the Commission).
10.20	Amendment to Salary Continuation Plan for Mark W. McCutcheon dated December 30, 2008 (incorporated by reference to Exhibit 10.20 Golden Enterprises, Inc. February 27, 2009 Form 10-Q filed with the Commission).
10.24	A Form of Indemnity Agreement to be executed by and between Golden Enterprises, Inc. and the following directors: Mark W. McCutcheon, Joann F. Bashinsky, John S. Stein, III, William B. Morton, Jr., Paul R. Bates and David A. Jones (incorporated by reference to Exhibit 10.24 to Golden Enterprises, Inc. January 13, 2011 Form 10-Q filed with the Commission)
10.26	A Purchase Agreement was executed by and between Golden Flake Snack Foods, Inc. as Seller, and Redwine Property Management, Inc. as Purchaser, with a transfer date of July 25, 2014, for the sale of real property and improvements located thereon in Decatur, Georgia (incorporated by reference to Exhibit 10.26 to Golden Enterprises, Inc. May 30, 2014 Form 10-K filed with the Commission).

48

14.1	Golden Enterprises, Inc.’s Code of Conduct and Ethics adopted by the Board of Directors on April 8, 2004 (incorporated by reference to Exhibit 14.1 Golden Enterprises, Inc. May 31, 2004 Form 10-K filed with the Commission).
(18)	Letter Re: Change in Accounting Principles
18.1	Letter from the Registrant’s Independent Accountant dated August 12, 2005 indicating a change in the method of applying accounting practices followed by the Registrant for the fiscal year ended June 3, 2005 (incorporated by reference to Exhibit 18.1 to Golden Enterprises, Inc.’s June 3, 2005 Form 10-K filed with the Commission).
21	Subsidiaries of the Registrant (incorporated by reference to Exhibit 21 to Golden Enterprises, Inc. May 31, 2004 Form 10-K filed with the Commission)
(31)	Certifications
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(99)	Additional Exhibits
99.1	A copy of excerpts of the Last Will and Testament and Codicils thereto of Sloan Y. Bashinsky, Sr. and of the SYB Common Stock Trust created by Sloan Y. Bashinsky, Sr. providing for the creation of a Voting Committee to vote the shares of common stock of Golden Enterprises, Inc. held by SYB, Inc. and the Estate/Testamentary Trust of Sloan Y. Bashinsky, Sr. (incorporated by reference to Exhibit 99.1 to Golden Enterprises, Inc.’s June 3, 2005 Form 10-K filed with the Commission).

49

EX-31.1

EXHIBIT 31.1

CERTIFICATION BY MARK W. MCCUTCHEON PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Mark W. McCutcheon, certify that:

1. I have reviewed this Annual Report on Form 10-K of Golden Enterprises, Inc. (“registrant”), for the fiscal year ended May 29, 2015;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 20, 2015

/s/ Mark W. McCutcheon

Mark W. McCutcheon

President and Chief Executive Officer

50

EX-31.2

EXHIBIT 31.2

CERTIFICATION BY PATTY TOWNSEND PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Patty Townsend, certify that:

1. I have reviewed this Annual Report on Form 10-K of Golden Enterprises, Inc. (“registrant”), for the fiscal year ended May 29, 2015;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) ) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 20, 2015

/s/ Patty Townsend

Patty Townsend

Vice-President and Chief Financial Officer

51

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Golden Enterprises, Inc. (the “Company”) on Form 10-K for the fiscal year ended May 29, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark W. McCutcheon, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 20, 2015

/s/ Mark W. McCutcheon

Mark W. McCutcheon

President and Chief Executive Officer

A signed original of this written statement required by Section 906 has been provided to Golden Enterprises, Inc. and will be retained by Golden Enterprises, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

52

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Golden Enterprises, Inc. (the “Company”) on Form 10-K for the fiscal year ended May 29, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Patty Townsend, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 20, 2015

/s/ Patty Townsend

Patty Townsend

Vice-President and Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to Golden Enterprises, Inc. and will be retained by Golden Enterprises, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

53

XML

Restatement Adjustments on Consolidated Balance Sheet (Parenthetical) (Detail) - $ / shares	May. 29, 2015	May. 30, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock, par value	$ 0.667	$ 0.667
Common stock, shares authorized	35,000,000	35,000,000
Common stock, shares issued	13,828,793	13,828,793
Treasury stock, shares	2,537,036	2,096,161
As Originally Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock, par value		$ 0.667
Common stock, shares authorized		35,000,000
Common stock, shares issued		13,828,793
Treasury stock, shares		2,537,036

XML

Long-term Incentive Plans (Schedule of Stock Option Transactions) (Detail) - 12 months ended May. 29, 2015 - 2014 Plan [Member] - $ / shares	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, granted	310,000
Shares, exercised	0
Shares, forfeited	0
Shares, cancelled	0
Shares, outstanding - end of year	310,000
Weighted average exercise price, granted	$ 3.84
Weighted average exercise price, exercised	0
Weighted average exercise price, forfeited	0
Weighted average exercise price, Cancelled	0
Weighted average exercise price, outstanding - end of year	$ 3.84

XML

Income Taxes (Schedule of Provision for Income Taxes) (Detail) - USD ($)	12 Months Ended
	May. 29, 2015	May. 30, 2014
Current:
Federal	$ 797,788	$ 786,126
State	187,158	184,400
Total current	984,946	970,526
Deferred:
Federal	249,191	(241,758)
State	58,452	(56,709)
Total deferred	307,643	(298,467)
Total	$ 1,292,589	$ 672,059

XML

Net Income Per Share (Narrative) (Detail)	12 Months Ended
	May. 29, 2015 shares
Earnings Per Share [Abstract]
Dilutive shares included in computation of earnings per share	310,000

XML

Long-term Liabilities(Schedule of Equipment and Stock Buyback Note Payable) (Detail) - USD ($)	May. 29, 2015	May. 30, 2014
Debt Disclosure [Abstract]
Total equipment and stock buyback note payable	$ 7,012,717	$ 5,314,212
Less: current portion	(799,204)	(369,979)
Total non current portion	$ 6,213,513	$ 4,944,233

XML

SUPPLEMENTARY STATEMENT OF INCOME INFORMATION (Tables)

12 Months Ended

May. 29, 2015

Other Income and Expenses [Abstract]

Schedule of Certain Supplementary Statement of Income Information

The following tabulation gives certain supplementary statement of income information for the years ended May 29, 2015 and May 30, 2014:

	2015		2014
Maintenance and repairs	$	6,569,215	$	6,909,152
Depreciation		3,906,766		3,778,563
Payroll taxes		2,103,563		2,204,506

XML

Commitments and Contingencies (Narrative) (Detail) - USD ($)	12 Months Ended
	May. 29, 2015	May. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 725,947	$ 1,200,883
Current annual obligation under operating lease agreement	151,102
Letter of credit outstanding	$ 1,850,000	$ 1,850,000
Letter of credit, commitment fee percentage	0.75%	0.75%

XML

PREPAID EXPENSES (Tables)

12 Months Ended

May. 29, 2015

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses

At May 29, 2015 and May 30, 2014, prepaid expenses consist of the following:

	2015		2014
Truck shop supplies	$	320,622	$	351,985
Insurance deposit		48,548		58,548
Prepaid marketplace spending		201,373		274,571
Prepaid insurance		369,864		274,389
Prepaid taxes and licenses		113,042		88,858
Prepaid dues and supplies		-		7,742
Other prepaid		296,752		221,768
	$	1,350,201	$	1,277,861

XML

Income Taxes (Schedule of Tax Effects of Temporary Differences that Result in Deferred Tax Assets and Liabilities) (Detail) - USD ($)	May. 29, 2015	May. 30, 2014
Deferred tax assets
Salary continuation plan	$ 390,651	$ 430,599
Accrued vacation	476,504	557,032
Inventory capitalization	80,430	96,923
Allowance for doubtful accounts	26,600	26,600
Other accrued expenses	165,248	284,350
Gross deferred tax assets before valuation allowance	1,139,433	1,395,504
Less valuation allowance	0	0
Total deferred tax assets	1,139,433	1,395,504
Deferred tax liabilities
Property and equipment	3,780,271	3,700,884
Prepaid expenses	76,522	104,337
Total deferred tax liabilities	3,856,793	3,805,221
Net deferred tax liability	$ 2,717,360	$ 2,409,717

XML

Line of Credit (Detail) - USD ($)	May. 29, 2015	May. 30, 2014
Debt Disclosure [Abstract]
Line-of-credit agreement, maximum borrowing capacity	$ 3,000,000	$ 3,000,000
Line-of-credit, outstanding debt	$ 2,823,477	$ 2,528,511
Line-of-credit, interest rate	3.25%	3.25%
Line-of-credit, available credit	$ 176,523	$ 471,489

XML

Restatement Adjustments to Working Capital and Current Ratio Calculations (Detail) - May. 30, 2014 - USD ($)	Total
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Working capital	$ 5,701,190.00
Current Ratio	1.38%
As Originally Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Working capital	$ 4,865,358.00
Current Ratio	1.32%

XML

Employee Benefit Plans (Schedule of Changes in the Liability for the Salary Continuation Plan) (Detail) - USD ($)	12 Months Ended
	May. 29, 2015	May. 30, 2014
Compensation Related Costs [Abstract]
Accrued salary continuation plan - beginning of year	$ 1,133,154	$ 1,229,459
Benefits accrued	134,876	143,695
Benefits paid	(240,000)	(240,000)
Accrued salary continuation plan - end of year	$ 1,028,030	$ 1,133,154

XML

Restructuring Charges - Narrative (Detail) - 3 months ended Feb. 28, 2014 - USD ($)	Total
Restructuring and Related Activities [Abstract]
Workforce reduction, percent	2.00%
Gross restructuring charges	$ 1,026,980

XML

Long-term Liabilities (Schedule of Other Long-term Obligations) (Detail) - USD ($)	May. 29, 2015	May. 30, 2014	May. 31, 2013
Debt and Financial Instruments [Abstract]
Salary continuation plan	$ 1,028,030	$ 1,133,154	$ 1,229,459
Less: current portion	(106,148)	(212,970)
Total non current portion	$ 921,882	$ 920,184

XML

PREPAID EXPENSES

12 Months Ended

May. 29, 2015

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES

NOTE 3 – PREPAID EXPENSES

At May 29, 2015 and May 30, 2014, prepaid expenses consist of the following:

	2015		2014
Truck shop supplies	$	320,622	$	351,985
Insurance deposit		48,548		58,548
Prepaid marketplace spending		201,373		274,571
Prepaid insurance		369,864		274,389
Prepaid taxes and licenses		113,042		88,858
Prepaid dues and supplies		-		7,742
Other prepaid		296,752		221,768
	$	1,350,201	$	1,277,861

XML

Restructuring Activities (Schedule of Activity in Restructuring Accrual) (Detail)	12 Months Ended
	May. 29, 2015 USD ($)
Restructuring and Related Activities [Abstract]
Restructuring accrual - May 30, 2014	$ 491,340
Cash payments	(442,074)
Adjust Remaining Liability	(49,266)
Restructuring accrual - May 29, 2015	$ 0

XML

Long-term Liabilities - Narratives (Detail) - USD ($)	1 Months Ended				12 Months Ended
	Jan. 31, 2015	Mar. 31, 2011	Sep. 30, 2009	Mar. 31, 2009	May. 29, 2015	May. 30, 2014
Debt Instrument [Line Items]
Construction line of credit, fixed interest rate				4.25%
Equipment note, remaining balance					$ 4,944,233	$ 5,314,212
Treasury stock to be purchased, shares	440,875
Compensation expense					$ 134,876	$ 143,695
Equipment Note [Member]
Debt Instrument [Line Items]
Equipment note, term		15 years	10 years
Equipment note, interest rate		3.52%	4.25%
Equipment note, face amount		$ 2,900,000	$ 4,000,000
Equipment note, remaining balance		$ 3,532,700
Stock Buyback Liabilities [Member]
Debt Instrument [Line Items]
Equipment note, term	5 years
Equipment note, interest rate	3.30%
Equipment note, face amount	$ 2,204,375

XML

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

May. 29, 2015

Compensation and Retirement Disclosure [Abstract]

Schedule of Change in the Liability for the Salary Continuation Plan

The change in the liability for the Salary Continuation Plan is as follows:

	2015			2014
Accrued salary continuation plan - beginning of year	$	1,133,154		$	1,229,459
Benefits accrued		134,876			143,695
Benefits paid		(240,000	)		(240,000	)
Accrued salary continuation plan - end of year	$	1,028,030		$	1,133,154

XML

INCOME TAXES (Tables)

12 Months Ended

May. 29, 2015

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

At May 29, 2015 and May 30, 2014 the provision for income taxes consists of the following:

	2015		2014
Current:
Federal	$	797,788	$	786,126
State		187,158		184,400
		984,946		970,526
Deferred:
Federal		249,191		(241,758	)
State		58,452		(56,709	)
		307,643		(298,467	)
Total	$	1,292,589	$	672,059

Schedule of Tax Effects of Temporary Differences that Result in Deferred Tax Assets and Liabilities

A reconciliation between the expected tax and actual tax follows:

	2015		2014
Tax on income at statutory rates	$	1,042,483	$	541,921
Increase resulting from:
State income taxes, less Federal income tax effect		123,525		121,704
Other - net		126,581		8,434
Total	$	1,292,589	$	672,059

Schedule of Reconciliation Between the Expected Tax and Actual Tax

The tax effects of temporary differences that result in deferred tax assets and liabilities are as follows:

	2015		2014
Deferred tax assets
Salary continuation plan	$	390,651	$	430,599
Accrued vacation		476,504		557,032
Inventory capitalization		80,430		96,923
Allowance for doubtful accounts		26,600		26,600
Other accrued expenses		165,248		284,350
Gross deferred tax assets before valuation allowance		1,139,433		1,395,504
Less valuation allowance		-		-
Total deferred tax assets		1,139,433		1,395,504
Deferred tax liabilities
Property and equipment		3,780,271		3,700,884
Prepaid expenses		76,522		104,337
Total deferred tax liabilities		3,856,793		3,805,221
Net deferred tax liability	$	2,717,360	$	2,409,717

XML

Net Income Per Share (Schedule of Reconciliation of Information Used to Compute Basic and Diluted Earnings Per Share) (Detail) - shares	12 Months Ended
	May. 29, 2015	May. 30, 2014
Earnings Per Share [Abstract]
Basic weighted average shares outstanding	11,552,164	11,732,632
Effect of options	30,235
Diluted weighted average shares outstanding	11,582,399	11,732,632

XML

Long-term Liabilities (Schedule of Notes Payable) (Detail) - USD ($)	May. 29, 2015	May. 30, 2014
Debt Disclosure [Abstract]
Total equipment note payable	$ 4,944,233	$ 5,314,212
Less: current portion	(382,939)	(369,979)
Total non current portion	$ 4,561,294	$ 4,944,233

XML

LONG-TERM INCENTIVE PLANS (Tables)

12 Months Ended

May. 29, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Summary of Transactions Under Long-term Incentive Plans

The following is a summary of transactions:

	2015				2014
			Weighted				Weighted
			Average				Average
			Exercise				Exercise
	Shares		Price		Shares		Price
Outstanding - beginning of year		-	$	-		-	$	-
Granted		310,000		3.84		-		-
Exercised		-		-		-		-
Forfeited		-		-		-		-
Cancelled		-		-		-		-
Outstanding - end of year		310,000	$	3.84		-	$	-

XML

NET INCOME PER SHARE (Tables)

12 Months Ended

May. 29, 2015

Earnings Per Share [Abstract]

Schedule of Reconciliation of the Information Used to Compute Basic and Diluted Earnings Per Share

The following reconciles the information used to compute basic and diluted earnings per share:

	Average Common Stock Shares
	2015		2014
Basic weighted average shares outstanding		11,552,164		11,732,632
Effect of options		30,235		-
		11,582,399		11,732,632

XML

RESTATEMENT OF PRIOR PERIOD FINANCIAL STATEMENTS

12 Months Ended

May. 29, 2015

Accounting Changes and Error Corrections [Abstract]

RESTATEMENT OF PRIOR PERIOD FINANCIAL STATEMENTS

NOTE 2 – RESTATEMENT OF PRIOR PERIOD FINANCIAL STATEMENTS

Prior period financial statements have been restated to reflect adjustments to the Company’s financial information previously reported on form 10K for the year ended May 30, 2014.

The Company determined that there had been an error in its accounting for deferred income taxes. The error resulted in an understatement of deferred income tax assets, and an understatement of deferred income tax liabilities. A restatement adjustment was made to correct the error by increasing deferred income tax assets $835,832, and increasing deferred income tax liabilities by the same amount. The adjustments resulted in no change to the equity position of the Company or earnings per share.

These restatement adjustments resulted in a change to the Company’s working capital and current ratio calculations as follows:

	May 30, 2014
	As Originally Reported		As Restated
Working capital	$	4,865,358.00	$	5,701,190.00
Current Ratio		1.32		1.38

The following table sets forth the effects of the restatement adjustments discussed above on the Consolidated Balance Sheet at May 30, 2014.

	May 30, 2014
	As Originally Reported		As Restated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	1,160,630	$	1,160,630
Receivables:
Trade Accounts		11,333,609		11,333,609
Other		77,415		77,415
		11,411,024		11,411,024
Less: Allowance for doubtful accounts		70,000		70,000
		11,341,024		11,341,024
Inventories:
Raw materials		2,123,313		2,123,313
Finished goods		3,536,326		3,536,326
		5,659,639		5,659,639
Prepaid expenses		1,277,861		1,277,861
Deferred income taxes		559,672		1,395,504
Total current assets		19,998,826		20,834,658
PROPERTY, PLANT AND EQUIPMENT
Land		2,769,499		2,769,499
Buildings		18,804,228		18,804,228
Machinery and equipment		66,295,760		66,295,760
Transportation equipment		7,304,711		7,304,711
		95,174,198		95,174,198
Less: Accumulated depreciation		69,502,854		69,502,854
		25,671,344		25,671,344
OTHER ASSETS
Cash surrender value of life insurance		602,353		602,353
Other		1,207,743		1,207,743
Total other assets		1,810,096		1,810,096
Total Assets	$	47,480,266	$	48,316,098

		May 30, 2014
		As Originally Reported			As Restated
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Checks outstanding in excess of bank balances	$	1,971,076		$	1,971,076
Accounts payable		3,719,102			3,719,102
Current portion of long-term debt		369,979			369,979
Line of credit outstanding		2,528,511			2,528,511
Accrued income tax		378,659			378,659
Other accrued expenses		5,953,171			5,953,171
Salary continuation plan		212,970			212,970
Total current liabilities		15,133,468			15,133,468
LONG-TERM LIABILITIES
Notes payable - bank, non-current		4,944,233			4,944,233
Salary continuation plan		920,184			920,184
Deferred income taxes		2,969,389			3,805,221
Total long-term liabilities		8,833,806			9,669,638
STOCKHOLDER'S 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		6,497,954			6,497,954
Retained earnings		18,728,462			18,728,462
Treasury shares -at cost  (2,537,036 shares in 2015, 2,096,161 shares in 2014)		(10,932,619	)		(10,932,619	)
Total stockholder's equity		23,512,992			23,512,992
Total liabilities and stockholders' equity	$	47,480,266		$	48,316,098

XML

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

May. 29, 2015

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Commitments for Operating Leases

Future minimum lease commitments for operating leases at May 29, 2015 were as follows:

2016	151,102
2017	151,102
2018	151,102
2019	88,143
2020	-

XML

Prepaid Expenses (Detail) - USD ($)	May. 29, 2015	May. 30, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Truck shop supplies	$ 320,622	$ 351,985
Insurance deposit	48,548	58,548
Prepaid marketplace spending	201,373	274,571
Prepaid insurance	369,864	274,389
Prepaid taxes and licenses	113,042	88,858
Prepaid dues and supplies		7,742
Other prepaid	296,752	221,768
Prepaid expenses	$ 1,350,201	$ 1,277,861

XML

Long-term Incentive Plans (Narrative) (Detail) - May. 29, 2015 - 2014 Plan [Member] - shares	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted	310,000
Stock options, authorized for issuance	750,000
Stock options, remaining shares for future issuance	440,000
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive stock options, term	10 years

XML

Consolidated Balance Sheets - USD ($)	May. 29, 2015	May. 30, 2014	May. 31, 2013
CURRENT ASSETS
Cash and cash equivalents	$ 1,159,449	$ 1,160,630	$ 757,111
Receivables:
Trade accounts	11,129,302	11,333,609
Other	26,387	77,415
Receivables, gross	11,155,689	11,411,024
Less: Allowance for doubtful accounts	70,000	70,000
Receivables, net	11,085,689	11,341,024
Inventories:
Raw materials	1,781,397	2,123,313
Finished goods	3,460,800	3,536,326
Inventories, net	5,242,197	5,659,639
Prepaid expenses	1,350,201	1,277,861
Accrued income taxes	476,154	0
Deferred income taxes	1,139,433	1,395,504
Total current assets	20,453,123	20,834,658
PROPERTY, PLANT AND EQUIPMENT
Land	2,769,499	2,769,499
Buildings	18,787,967	18,804,228
Machinery and equipment	67,543,226	66,295,760
Transportation equipment	8,268,311	7,304,711
Property, plant and equipment, gross	97,369,003	95,174,198
Less: Accumulated depreciation	72,880,525	69,502,854
Property, plant and equipment, net	24,488,478	25,671,344
OTHER ASSETS
Cash surrender value of life insurance	630,259	602,353
Other	973,195	1,207,743
Total other assets	1,603,454	1,810,096
TOTAL	46,545,055	48,316,098
CURRENT LIABILITIES
Checks outstanding in excess of bank balances	1,068,745	1,971,076
Accounts payable	4,049,333	3,719,102
Current portion of long-term debt	799,204	369,979
Line of credit outstanding	2,823,477	2,528,511
Accrued income tax		378,659
Other accrued expenses	5,021,286	5,953,171
Salary continuation plan	106,148	212,970
Total current liabilities	13,868,193	15,133,468
LONG-TERM LIABILITIES
Note payable-bank, non-current	6,213,513	4,944,233
Salary continuation plan	921,882	920,184
Deferred income taxes	3,856,793	3,805,221
Total long-term liabilities	10,992,188	9,669,638
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	6,552,973	6,497,954
Retained earnings	19,049,500	18,728,462
Treasury shares -at cost (2,537,036 shares in 2015, 2,096,161 shares in 2014)	(13,136,994)	(10,932,619)
Total stockholders' equity	21,684,674	23,512,992	$ 24,057,744
TOTAL	$ 46,545,055	$ 48,316,098

XML

Long-term Liabilities (Schedule of Stock Buyback) (Detail) - Stock Buyback Liabilities [Member]	May. 29, 2015 USD ($)
Debt Instrument [Line Items]
Total stock buyback	$ 2,068,484
Less: current portion	(416,265)
Total non current portion	$ 1,652,219

XML

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	May. 29, 2015	May. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers	$ 131,980,056	$ 135,015,577
Interest income	1,537	1,956
Rental income	40,354	29,783
Other operating cash payments/receipts	47,027	67,133
Income taxes	(1,839,759)	(645,342)
Interest expense	(458,184)	(336,592)
Net cash provided by operating activities	5,005,501	3,263,728
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	(2,725,450)	(2,380,287)
Proceeds from sale of property, plant and equipment	284,806	48,125
Net cash used in investing activities	(2,440,644)	(2,332,162)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt proceeds	32,055,763	35,726,909
Debt repayments	(30,062,292)	(35,316,537)
Change in checks outstanding in excess of bank balances	(902,331)	528,162
Purchases of treasury shares	(2,204,375)
Cash dividends paid	(1,452,803)	(1,466,581)
Net cash used in financing activities	(2,566,038)	(528,047)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(1,181)	403,519
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	1,160,630	757,111
CASH AND CASH EQUIVALENTS AT END OF YEAR	1,159,449	1,160,630
RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES
Net income	1,773,841	921,829
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation	3,906,766	3,778,563
Deferred income taxes	307,643	(298,467)
Stock Based Compensation	55,019
Gain on sale of property and equipment	(283,256)	(22,693)
Change in receivables-net	255,335	(881,318)
Change in inventories	417,442	(703,826)
Change in prepaid expenses	(72,340)	276,876
Change in cash surrender value of insurance	(27,906)	93,408
Change in other assets - other	234,548	434,287
Change in accounts payable	330,231	(1,089,964)
Change in accrued expenses	(931,885)	526,154
Change in salary continuation plan	(105,124)	(96,305)
Change in accrued income taxes	(854,813)	325,184
Net cash provided by operating activities	5,005,501	3,263,728
Cost of Goods Sold [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Cash paid to suppliers and employees	(62,818,142)	(68,774,050)
Selling, General and Administrative [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Cash paid to suppliers and employees	$ (61,947,388)	$ (62,094,737)

XML

Supplementary Statement of Income Information (Detail) - USD ($)	12 Months Ended
	May. 29, 2015	May. 30, 2014
Other Income and Expenses [Abstract]
Maintenance and repairs	$ 6,569,215	$ 6,909,152
Depreciation	3,906,766	3,778,563
Payroll taxes	$ 2,103,563	$ 2,204,506

XML

Summary of Significant Accounting Policies (Detail) - USD ($)	12 Months Ended
	May. 29, 2015	May. 30, 2014
Accounting Policies [Abstract]
Advertising expense	$ 7,973,958	$ 7,767,596
Shipping and handling costs	$ 3,827,583	$ 3,838,605

XML

VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

May. 29, 2015

Valuation and Qualifying Accounts [Abstract]

VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II

GOLDEN ENTERPRISES, INC. AND SUBSIDIARY

VALUATION AND QUALIFYING ACCOUNTS

For the Fiscal Years Ended May 29, 2015 and May 30, 2014

			Additions
	Balance at		Charged to				Balance
	Beginning		Costs and				at End
Allowance for Doubtful Accounts	of Year		Expenses		Deductions		of Year
Year ended May 30, 2014	$	70,000	$	0	$	0	$	70,000
Year ended May 29, 2015	$	70,000	$	0	$	0	$	70,000

XML

Restatement of Prior Period Financial Statements - Additional Information (Detail)	12 Months Ended
	May. 29, 2015 USD ($)
Accounting Changes and Error Corrections [Abstract]
Restatement adjustment, increase in deferred income tax assets	$ 835,832
Restatement adjustment, increase in deferred income tax liabilities	$ 835,832

XML

RESTATEMENT OF PRIOR PERIOD FINANCIAL STATEMENTS (Tables)

12 Months Ended

May. 29, 2015

Accounting Changes and Error Corrections [Abstract]

Restatement Adjustments to Working Capital and Current Ratio Calculations

These restatement adjustments resulted in a change to the Company’s working capital and current ratio calculations as follows:

	May 30, 2014
	As Originally Reported		As Restated
Working capital	$	4,865,358.00	$	5,701,190.00
Current Ratio		1.32		1.38

Restatement Adjustments on Consolidated Balance Sheet

The following table sets forth the effects of the restatement adjustments discussed above on the Consolidated Balance Sheet at May 30, 2014.

	May 30, 2014
	As Originally Reported		As Restated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	1,160,630	$	1,160,630
Receivables:
Trade Accounts		11,333,609		11,333,609
Other		77,415		77,415
		11,411,024		11,411,024
Less: Allowance for doubtful accounts		70,000		70,000
		11,341,024		11,341,024
Inventories:
Raw materials		2,123,313		2,123,313
Finished goods		3,536,326		3,536,326
		5,659,639		5,659,639
Prepaid expenses		1,277,861		1,277,861
Deferred income taxes		559,672		1,395,504
Total current assets		19,998,826		20,834,658
PROPERTY, PLANT AND EQUIPMENT
Land		2,769,499		2,769,499
Buildings		18,804,228		18,804,228
Machinery and equipment		66,295,760		66,295,760
Transportation equipment		7,304,711		7,304,711
		95,174,198		95,174,198
Less: Accumulated depreciation		69,502,854		69,502,854
		25,671,344		25,671,344
OTHER ASSETS
Cash surrender value of life insurance		602,353		602,353
Other		1,207,743		1,207,743
Total other assets		1,810,096		1,810,096
Total Assets	$	47,480,266	$	48,316,098

		May 30, 2014
		As Originally Reported			As Restated
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Checks outstanding in excess of bank balances	$	1,971,076		$	1,971,076
Accounts payable		3,719,102			3,719,102
Current portion of long-term debt		369,979			369,979
Line of credit outstanding		2,528,511			2,528,511
Accrued income tax		378,659			378,659
Other accrued expenses		5,953,171			5,953,171
Salary continuation plan		212,970			212,970
Total current liabilities		15,133,468			15,133,468
LONG-TERM LIABILITIES
Notes payable - bank, non-current		4,944,233			4,944,233
Salary continuation plan		920,184			920,184
Deferred income taxes		2,969,389			3,805,221
Total long-term liabilities		8,833,806			9,669,638
STOCKHOLDER'S 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		6,497,954			6,497,954
Retained earnings		18,728,462			18,728,462
Treasury shares -at cost  (2,537,036 shares in 2015, 2,096,161 shares in 2014)		(10,932,619	)		(10,932,619	)
Total stockholder's equity		23,512,992			23,512,992
Total liabilities and stockholders' equity	$	47,480,266		$	48,316,098

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

May. 29, 2015

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting and reporting policies of Golden Enterprises, Inc. and subsidiary (“Company”) conform to accounting principles generally accepted in the United States of America and to general practices within the snack foods industry.  The following is a description of the more significant accounting policies:

Nature of the Business

The Company manufactures and distributes a full line of snack items that are sold through its own sales organization and independent distributors to commercial establishments that sell food products primarily in the Southeastern United States.

Consolidation

The consolidated financial statements include the accounts of Golden Enterprises, Inc. and its wholly-owned subsidiary, Golden Flake Snack Foods, Inc.  All significant inter-company transactions and balances have been eliminated.

Revenue Recognition

The Company recognizes sales and related costs upon delivery or shipment of products to its customers.  Sales are reduced by returns and allowances to customers.

Accounts Receivable

The Company records accounts receivable at the time revenue is recognized.  Amounts for bad debt expense are recorded in selling, general and administrative expenses.  The determination of the allowance for doubtful accounts is based on management’s estimate of uncollectible accounts receivables.  The Company records a general reserve based on analysis of historical data.  In addition, management records specific reserves for receivable balances that are considered at higher risk due to known facts regarding the customer.

Fiscal Year

The Company ends its fiscal year on the Friday closest to the last day in May.  The year ended May 29, 2015 included 52 weeks as did the year ended May 30, 2014.
 

Fair Value of Financial Instruments

The carrying amounts of cash and cash equivalents, receivables, accounts payable, and short-term debt approximate fair value.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents.

Inventories

Inventories are stated at the lower of cost or market.  Cost is computed on the first-in, first-out method.

Property, Plant and Equipment

Property, plant and equipment are stated at cost.  For financial reporting purposes, depreciation and amortization have been provided principally on the straight-line method over the estimated useful lives of the respective assets.  Accelerated methods are used for tax purposes. Expenditures for maintenance and repairs are charged to operations as incurred; expenditures for renewals and betterments are capitalized and written off by depreciation and amortization charges.  Property retired or sold is removed from the asset and related accumulated depreciation accounts and any profit or loss resulting there from is reflected in the statements of operations.

Self-Insurance

The Company is self-insured for certain casualty losses relating to automobile liability, general liability, workers’ compensation, property losses, and medical claims.  The Company also has stop loss coverage to limit the exposure arising from these claims.  Automobile liability, general liability, workers’ compensation, and property losses costs are covered by letters of credit with the company’s claim administrators.

Due to the complexity of estimating the timing and amounts of insurance claims, the Company uses a third-party actuary to estimate the casualty insurance obligations on an annual basis.  In determining the ultimate loss and reserve requirements, the third-party uses various actuarial assumptions including compensation trends, health care cost trends, and discount rates. The third-party actuary also uses historical information for claims frequency and severity in order to establish loss development factors. The actuarial calculation includes a factor to account for changes in inflation, health care costs, compensation, and litigation cost trends, as well as estimated future incurred claims.  Large fluctuations in claims can have a significant impact on selling, general and administrative expenses.

Advertising

The Company expenses advertising costs as incurred.  These costs are included in selling, general and administrative expenses.  Advertising expense amounted to $7,973,958 and $7,767,596 for the fiscal years 2015 and 2014, respectively.

Income Taxes

Deferred income taxes are provided using the liability method to measure tax consequences resulting from differences between financial accounting standards and applicable income tax laws.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

Segment Information

The Company does not identify separate operating segments for management reporting purposes.  The results of operations are the basis on which management evaluates operations and makes business decisions.  The Company’s sales are generated primarily within the Southeastern United States.

Stock Options

The Company granted stock options to management on April 9, 2015.  See Note 8 for further discussion of the Company’s stock option awards.

Shipping and Handling Costs

Shipping and handling costs, which include salaries and vehicle operations expenses relating to the delivery of products to customers by the Company, are classified as selling, general and administrative expenses.  Shipping and handling costs amounted to $3,827,583 and $3,838,605 for the fiscal years 2015 and 2014, respectively.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Recently Issued Accounting Pronouncements

There were no new accounting pronouncements that were of significance or potential significance to us.

XML

Consolidated Balance Sheets (Parenthetical) - $ / shares	May. 29, 2015	May. 30, 2014
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.667	$ 0.667
Common stock, shares authorized	35,000,000	35,000,000
Common stock, shares issued	13,828,793	13,828,793
Treasury stock, shares	2,537,036	2,096,161

XML

DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

May. 29, 2015

Fair Value Disclosures [Abstract]

DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 11 – DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is defined as the quoted market prices for those instruments that are actively traded in financial markets.  In cases where quoted market prices are not available, fair values are estimated using present value or other valuation techniques.  The fair value estimates are made at a specific point in time, based on available market information and judgments about the financial instruments, such as estimates of timing and amount of expected future cash flows.  Such estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses.  In many cases, the fair value estimates cannot be substantiated by comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument.

The carrying amounts for cash and cash equivalents approximate fair value because of the short maturity, generally less than three months, of these instruments.

The carrying value of the Company’s salary continuation plan and accrued liability approximates fair value because present value is used in accruing this liability.

The Company does not hold or issue financial instruments for trading purposes and has no involvement with forward currency exchange contracts.

XML

Document and Entity Information - USD ($)	12 Months Ended
	May. 29, 2015	Jun. 30, 2015	Nov. 28, 2014
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	May 29, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Trading Symbol	GLDC
Entity Registrant Name	GOLDEN ENTERPRISES INC.
Entity Central Index Key	0000042228
Current Fiscal Year End Date	--05-29
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		11,291,757
Entity Public Float			$ 17,582,590

XML

COMMITMENTS AND CONTINGENCIES

12 Months Ended

May. 29, 2015

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 12– COMMITMENTS AND CONTINGENCIES

Rental expense was $725,947 in 2015 and $1,200,883 in 2014.

The Company has entered into various operating lease agreements to replace aging route vans and transport trucks.  The current annual obligation under this agreement is $151,102.  Future minimum lease commitments for operating leases at May 29, 2015 were as follows:

2016	151,102
2017	151,102
2018	151,102
2019	88,143
2020	-

The Company has a letter of credit in the amount of $1,850,000 outstanding at May 29, 2015 and $1,850,000 at May 30, 2014.  The letter of credit supports the Company’s commercial self-insurance program.  The Company pays an annual commitment fee of 0.75% to maintain the letters of credit.

The Company has entered into various other short term purchase commitments with suppliers for raw materials in the normal course of business.

The Company is subject to routine litigation and claims incidental to its business.  In the opinion of management, such routine litigation and claims should not have a material adverse effect upon the Company’s consolidated financial statements taken as a whole.

XML

Consolidated Statements of Income - USD ($)	12 Months Ended
	May. 29, 2015	May. 30, 2014
Income Statement [Abstract]
Net sales	$ 131,724,721	$ 135,896,895
Cost of sales	66,132,145	69,664,620
Gross margin	65,592,576	66,232,275
Selling, general and administrative expenses	62,489,402	63,396,380
Restructuring charges	(49,266)	1,026,980
Operating income	3,152,440	1,808,915
Other (expenses) income:
Gain on sale of assets	283,256	22,693
Interest expense	(458,184)	(336,592)
Other income	88,918	98,872
Total other (expenses) income	(86,010)	(215,027)
Income before income taxes	3,066,430	1,593,888
Provision for income taxes	1,292,589	672,059
Net income	$ 1,773,841	$ 921,829
PER SHARE OF COMMON STOCK
Basic earnings	$ 0.15	$ 0.08
Diluted earnings	$ 0.15	$ 0.08

XML

LONG-TERM LIABILITIES

12 Months Ended

May. 29, 2015

Debt Disclosure [Abstract]

LONG-TERM LIABILITIES

NOTE 6 – LONG-TERM LIABILITIES

Long-term debt at May 29, 2015 and May 30, 2014 consists of the following:

In March 2009, the Company established a construction line of credit with interest-only payments due through the end of the construction period at a fixed rate of 4.25%. In September 2009, the loan converted to a 10-year, 4.25% fixed rate equipment note, payable in equal monthly installments based on the final amount drawn during the construction period which was $4,000,000. In March 2011, the loan was modified by taking the remaining balance of $3,532,700 and adding another $2,900,000 to finance the implementation of a new Enterprise Resource Planning system. At that time, the interest rate on the loan was adjusted to 3.52% and the terms were re-established at 15 years for the new amount of the loan.

	2015			2014
Total equipment note payable	$	4,944,233		$	5,314,212
Less:  current portion		(382,939	)		(369,979	)
Total non current portion	$	4,561,294		$	4,944,233

In January 2015, the Company established a note in the amount of $2,204,375 in order to fund the purchase of 440,875 shares of treasury stock. The note is dated January 30th, 2015 and is to be repaid over 5 years at 3.3%.

	2015			2014
Total stock buyback	$	2,068,484		$	-
Less:  current portion		(416,265	)		-
Total non current portion	$	1,652,219		$	-
		2015			2014
Total equipment and stock buyback note payable	$	7,012,717		$	5,314,212
Less:  current portion		(799,204	)		(369,979	)
Total non current portion	$	6,213,513		$	4,944,233

Other long-term obligations at May 29, 2015 and May 30, 2014 consist of the following:

	2015			2014
Salary continuation plan	$	1,028,030		$	1,133,154
Less:  current portion		(106,148	)		(212,970	)
Total non current portion	$	921,882		$	920,184

The Company is accruing the present values of the estimated future retirement payments over the period from the date of the agreements to the retirement dates, for certain key executives.   The Company recognized compensation expense of $134,876 and $143,695 for fiscal 2015 and 2014, respectively (See Note 7).

XML

LINE OF CREDIT

12 Months Ended

May. 29, 2015

Text Block [Abstract]

LINE OF CREDIT

NOTE 5 - LINE OF CREDIT

The Company has a line-of-credit agreement with a local Birmingham bank that permits borrowing up to $3 million.    The line-of-credit is subject to the Company’s continued credit worthiness and compliance with the terms and conditions of the loan agreement.  In October 2014, the line-of-credit was renewed with no changes from the previous year.  The Company’s line-of-credit debt at May 29, 2015 was $2,823,477 with an interest rate of 3.25%, leaving the Company with $176,523 of credit availability.  The Company’s line-of-credit debt at May 31, 2014 was $2,528,511 with an interest rate of 3.25%, leaving the Company with $471,489 of credit availability.

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

May. 29, 2015

Accounting Policies [Abstract]

Nature of the Business

Nature of the Business

The Company manufactures and distributes a full line of snack items that are sold through its own sales organization and independent distributors to commercial establishments that sell food products primarily in the Southeastern United States.

Consolidation

Consolidation

The consolidated financial statements include the accounts of Golden Enterprises, Inc. and its wholly-owned subsidiary, Golden Flake Snack Foods, Inc.  All significant inter-company transactions and balances have been eliminated.

Revenue Recognition

Revenue Recognition

The Company recognizes sales and related costs upon delivery or shipment of products to its customers.  Sales are reduced by returns and allowances to customers.

Accounts Receivable

Accounts Receivable

The Company records accounts receivable at the time revenue is recognized.  Amounts for bad debt expense are recorded in selling, general and administrative expenses.  The determination of the allowance for doubtful accounts is based on management’s estimate of uncollectible accounts receivables.  The Company records a general reserve based on analysis of historical data.  In addition, management records specific reserves for receivable balances that are considered at higher risk due to known facts regarding the customer.

Fiscal Year

Fiscal Year

The Company ends its fiscal year on the Friday closest to the last day in May.  The year ended May 29, 2015 included 52 weeks as did the year ended May 30, 2014.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The carrying amounts of cash and cash equivalents, receivables, accounts payable, and short-term debt approximate fair value.

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents.

Inventories

Inventories

Inventories are stated at the lower of cost or market.  Cost is computed on the first-in, first-out method.

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment are stated at cost.  For financial reporting purposes, depreciation and amortization have been provided principally on the straight-line method over the estimated useful lives of the respective assets.  Accelerated methods are used for tax purposes. Expenditures for maintenance and repairs are charged to operations as incurred; expenditures for renewals and betterments are capitalized and written off by depreciation and amortization charges.  Property retired or sold is removed from the asset and related accumulated depreciation accounts and any profit or loss resulting there from is reflected in the statements of operations.

Self-Insurance

Self-Insurance

The Company is self-insured for certain casualty losses relating to automobile liability, general liability, workers’ compensation, property losses, and medical claims.  The Company also has stop loss coverage to limit the exposure arising from these claims.  Automobile liability, general liability, workers’ compensation, and property losses costs are covered by letters of credit with the company’s claim administrators.

Due to the complexity of estimating the timing and amounts of insurance claims, the Company uses a third-party actuary to estimate the casualty insurance obligations on an annual basis.  In determining the ultimate loss and reserve requirements, the third-party uses various actuarial assumptions including compensation trends, health care cost trends, and discount rates. The third-party actuary also uses historical information for claims frequency and severity in order to establish loss development factors. The actuarial calculation includes a factor to account for changes in inflation, health care costs, compensation, and litigation cost trends, as well as estimated future incurred claims.  Large fluctuations in claims can have a significant impact on selling, general and administrative expenses.

Advertising

Advertising

The Company expenses advertising costs as incurred.  These costs are included in selling, general and administrative expenses.  Advertising expense amounted to $7,973,958 and $7,767,596 for the fiscal years 2015 and 2014, respectively.

Income Taxes

Income Taxes

Deferred income taxes are provided using the liability method to measure tax consequences resulting from differences between financial accounting standards and applicable income tax laws.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

Segment Information

Segment Information

The Company does not identify separate operating segments for management reporting purposes.  The results of operations are the basis on which management evaluates operations and makes business decisions.  The Company’s sales are generated primarily within the Southeastern United States.

Stock Options

Stock Options

The Company granted stock options to management on April 9, 2015.  See Note 8 for further discussion of the Company’s stock option awards.

Shipping and Handling Costs

Shipping and Handling Costs

Shipping and handling costs, which include salaries and vehicle operations expenses relating to the delivery of products to customers by the Company, are classified as selling, general and administrative expenses.  Shipping and handling costs amounted to $3,827,583 and $3,838,605 for the fiscal years 2015 and 2014, respectively.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

There were no new accounting pronouncements that were of significance or potential significance to us.

XML

CONCENTRATIONS OF CREDIT RISK

12 Months Ended

May. 29, 2015

Risks and Uncertainties [Abstract]

CONCENTRATIONS OF CREDIT RISK

NOTE 13 - CONCENTRATIONS OF CREDIT RISK

The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash equivalents and trade receivables.

The Company maintains deposit relationships with high credit quality financial institutions.  The Company’s trade receivables result primarily from its snack food operations and reflect a broad customer base, primarily large grocery store chains located in the Southeastern United States.  The Company routinely assesses the financial strength of its customers.  As a consequence, concentrations of credit risk are limited.

The Company did not have any major customer write-offs this year that were not covered by credit insurance.

XML

LONG-TERM INCENTIVE PLANS

12 Months Ended

May. 29, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

LONG-TERM INCENTIVE PLANS

NOTE 9 – LONG-TERM INCENTIVE PLANS

The Company has a long-term incentive plan currently in effect under which stock option grants may be issued.  A total of 310,000 stock options were granted to key employees on April 9, 2015.  This Plan (the 2014 Plan) is administered by the Stock Option Committee of the Board of Directors, which has sole discretion, subject to the terms of the Plan, to determine those employees, including executive officers, eligible to receive awards and the amount and type of such awards.  The Stock Option Committee also has the authority to interpret the Plan and make all other determinations required in the administration thereof.  All options outstanding at the end of 2015 are not exercisable until April 9, 2016.

The 2014 Plan provides, for, among other things, the granting of Incentive Stock Options as defined under the Internal Revenue Code.  Under the Plan, grants of incentive stock options may be made to selected officers and employees, with a term not exceeding ten years from the issue date and at a price not less than the fair market value of the Company’s stock at the date of grant. 310,000 stock option awards were granted under the 2015 Plan for the year ended May 29, 2015.

Seven hundred fifty thousand shares of the Company’s stock were authorized for issuance under this Plan.  The following is a summary of transactions:

	2015				2014
			Weighted				Weighted
			Average				Average
			Exercise				Exercise
	Shares		Price		Shares		Price
Outstanding - beginning of year		-	$	-		-	$	-
Granted		310,000		3.84		-		-
Exercised		-		-		-		-
Forfeited		-		-		-		-
Cancelled		-		-		-		-
Outstanding - end of year		310,000	$	3.84		-	$	-

440,000 shares remain under this plan for future issuance.

XML

Supplementary Statement of Income Information (Narrative) (Detail)	12 Months Ended
	May. 29, 2015
Other Income and Expenses [Abstract]
Taxes, rents, and research and development costs as a percent of total revenue required for separate disclosure	1.00%

XML

INCOME TAXES

12 Months Ended

May. 29, 2015

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 7 – INCOME TAXES

At May 29, 2015 and May 30, 2014 the provision for income taxes consists of the following:

	2015		2014
Current:
Federal	$	797,788	$	786,126
State		187,158		184,400
		984,946		970,526
Deferred:
Federal		249,191		(241,758	)
State		58,452		(56,709	)
		307,643		(298,467	)
Total	$	1,292,589	$	672,059

The effective tax rate for continuing operations differs from the expected tax using statutory rates.  A reconciliation between the expected tax and actual tax follows:

	2015		2014
Tax on income at statutory rates	$	1,042,483	$	541,921
Increase resulting from:
State income taxes, less Federal income tax effect		123,525		121,704
Other - net		126,581		8,434
Total	$	1,292,589	$	672,059

The tax effects of temporary differences that result in deferred tax assets and liabilities are as follows:

	2015		2014
Deferred tax assets
Salary continuation plan	$	390,651	$	430,599
Accrued vacation		476,504		557,032
Inventory capitalization		80,430		96,923
Allowance for doubtful accounts		26,600		26,600
Other accrued expenses		165,248		284,350
Gross deferred tax assets before valuation allowance		1,139,433		1,395,504
Less valuation allowance		-		-
Total deferred tax assets		1,139,433		1,395,504
Deferred tax liabilities
Property and equipment		3,780,271		3,700,884
Prepaid expenses		76,522		104,337
Total deferred tax liabilities		3,856,793		3,805,221
Net deferred tax liability	$	2,717,360	$	2,409,717

The Company and its subsidiary are subject to federal income tax as well as income tax of various states. The Company is no longer subject to examination for years before 2011.

XML

EMPLOYEE BENEFIT PLANS

12 Months Ended

May. 29, 2015

Compensation and Retirement Disclosure [Abstract]

EMPLOYEE BENEFIT PLANS

NOTE 8 – EMPLOYEE BENEFIT PLANS

The Company has a trusteed “Qualified Profit-Sharing Plan” that was amended and restated effective September 1, 2010, known as the Golden Flake Snack Foods, Inc. 401(k) Retirement Savings Plan (the “Plan”).  Prior to September 1, 2010, the Plan was named the Golden Flake Snack Foods, Inc. 401(k) Salary Reduction Plan.  The Plan’s trustee was changed from New York Life Trust Company to State Street Bank and Trust Company effective September 1, 2010.  Also, the Company appointed Diversified Investment Advisors to provide recordkeeping and general administrative services for the Plan effective September 1, 2010.

The Company’s contributions to the Plan are reviewed and approved by the Board of Directors.  For the year ended June 3, 2011, the Board approved an increase in the Company match from 20% of an employee’s eligible contributions to 25% of an employee’s eligible contributions.  The Company’s 401(k) and Profit Sharing Plan changed to December 31st from May 31st starting in 2014.  Total plan contributions for the years ended May 29, 2015 and May 30, 2014 were $150,586 and $90,956, respectively.

The Company has a salary continuation plan with certain of its key officers whereby monthly benefits will be paid for a period of fifteen years following retirement.  The Company is accruing the present value of all retirement benefits until the key officers reach normal retirement age at which time the principal portion of the retirement benefits paid are applied to the liability previously accrued.  The change in the liability for the Salary Continuation Plan is as follows:

	2015			2014
Accrued salary continuation plan - beginning of year	$	1,133,154		$	1,229,459
Benefits accrued		134,876			143,695
Benefits paid		(240,000	)		(240,000	)
Accrued salary continuation plan - end of year	$	1,028,030		$	1,133,154

XML

NET INCOME PER SHARE

12 Months Ended

May. 29, 2015

Earnings Per Share [Abstract]

NET INCOME PER SHARE

NOTE 10 – NET INCOME PER SHARE

Basic earnings per common share are computed by dividing earnings available to stockholders by the weighted average number of common shares outstanding during the period.  Diluted earnings per share reflects per share amounts that would have resulted if dilutive potential common stock equivalents had been converted to common stock, as prescribed by Statement of Financial Accounting Standards No. 128, “Earnings per Share”. At May 29, 2015, options on the 310,000 shares were included in the computation of diluted earnings per share because the options’ exercise price was less than the average market price of the common shares and were therefore dilutive. The dilutive effect of stock options was calculated using the Treasury Stock method.  The following reconciles the information used to compute basic and diluted earnings per share:

	Average Common Stock Shares
	2015		2014
Basic weighted average shares outstanding		11,552,164		11,732,632
Effect of options		30,235		-
		11,582,399		11,732,632

XML

Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($)	12 Months Ended
	May. 29, 2015	May. 30, 2014
Valuation and Qualifying Accounts [Abstract]
Balance at Beginning of Year	$ 70,000	$ 70,000
Additions Charged to Costs and Expenses	0	0
Deductions	0	0
Balance at End of Year	$ 70,000	$ 70,000

XML

RESTRUCTURING CHARGES (Tables)

12 Months Ended

May. 29, 2015

Restructuring and Related Activities [Abstract]

Schedule of Activity in Restructuring Accrual

The activity in the restructuring accrual for the twelve month period ended May, 2015 is as follows:

Restructuring accrual – May 30, 2014	$	491,340
Cash payments		(442,074	)
Adjust Remaining Liability		(49,266	)
Restructuring accrual – May 29, 2015	$	-

XML

Employee Benefits Plans (Narrative) (Detail) - USD ($)	12 Months Ended
	May. 29, 2015	May. 30, 2014	May. 31, 2013	Jun. 01, 2012	Jun. 03, 2011
Compensation Related Costs [Abstract]
Employee benefit plans, employer matching contribution percent	25.00%	25.00%	25.00%	25.00%	20.00%
Employee benefit plans, employer contributions during the period	$ 150,586	$ 90,956
Salary continuation plan, number of years in effect following retirement			15 years

XML

RESTRUCTURING CHARGES

12 Months Ended

May. 29, 2015

Restructuring and Related Activities [Abstract]

RESTRUCTURING CHARGES

NOTE 15 – RESTRUCTURING CHARGES

During the third quarter of fiscal 2014, the Company took necessary steps to streamline its management structure. As a result, the Company reduced its workforce by approximately 2% and incurred gross restructuring charges of $1,026,980 consisting of severance costs related to the workforce reduction. As all of the restructuring activities were completed in the third quarter of fiscal 2014, the Company did not expect to recognize additional costs in future periods relating to these actions.

The activity in the restructuring accrual for the twelve month period ended May, 2015 is as follows:

Restructuring accrual – May 30, 2014	$	491,340
Cash payments		(442,074	)
Adjust Remaining Liability		(49,266	)
Restructuring accrual – May 29, 2015	$	-

XML

OTHER ACCRUED EXPENSES (Tables)

12 Months Ended

May. 29, 2015

Payables and Accruals [Abstract]

Schedule of Other Accrued Expenses

At May 29, 2015 and May 30, 2014, other accrued expenses consist of the following:

	2015		2014
Accrued payroll	$	483,803	$	956,839
Self insurance liability		1,472,182		1,349,181
Accrued vacation		1,253,957		1,465,871
Other accrued expenses		1,811,344		2,181,280
	$	5,021,286	$	5,953,171

XML

Income Taxes (Schedule of Reconciliation Between the Expected Tax and Actual Tax) (Detail) - USD ($)	12 Months Ended
	May. 29, 2015	May. 30, 2014
Income Tax Disclosure [Abstract]
Tax on income at statutory rates	$ 1,042,483	$ 541,921
Increase resulting from:
State income taxes, less Federal income tax effect	123,525	121,704
Other - net	126,581	8,434
Total	$ 1,292,589	$ 672,059

XML

Other Accrued Expenses (Detail) - USD ($)	May. 29, 2015	May. 30, 2014
Other Liabilities Disclosure [Abstract]
Accrued payroll	$ 483,803	$ 956,839
Self insurance liability	1,472,182	1,349,181
Accrued vacation	1,253,957	1,465,871
Other accrued expenses	1,811,344	2,181,280
Accrued expenses	$ 5,021,286	$ 5,953,171

XML

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Shares
Balance at May. 31, 2013	$ 24,057,744	$ 9,219,195	$ 6,497,954	$ 19,273,214	$ (10,932,619)
Net income	921,829			921,829
Cash dividends paid	(1,466,581)			(1,466,581)
Balance at May. 30, 2014	23,512,992	9,219,195	6,497,954	18,728,462	(10,932,619)
Net income	1,773,841			1,773,841
Cash dividends paid	(1,452,803)			(1,452,803)
Stock compensation earned	55,019		55,019
Treasury shares purchased	(2,204,375)				(2,204,375)
Balance at May. 29, 2015	$ 21,684,674	$ 9,219,195	$ 6,552,973	$ 19,049,500	$ (13,136,994)

XML

OTHER ACCRUED EXPENSES

12 Months Ended

May. 29, 2015

Payables and Accruals [Abstract]

OTHER ACCRUED EXPENSES

NOTE 4 – OTHER ACCRUED EXPENSES

At May 29, 2015 and May 30, 2014, other accrued expenses consist of the following:

	2015		2014
Accrued payroll	$	483,803	$	956,839
Self insurance liability		1,472,182		1,349,181
Accrued vacation		1,253,957		1,465,871
Other accrued expenses		1,811,344		2,181,280
	$	5,021,286	$	5,953,171

XML

Commitments and Contingencies (Schedule of Future Minimum Lease Commitments for Operating Leases) (Detail)	May. 29, 2015 USD ($)
Operating leases, future minimum payments due
2016	$ 151,102
2017	151,102
2018	151,102
2019	88,143
2020	$ 0

XML

LONG-TERM LIABILITIES (Tables)

12 Months Ended

May. 29, 2015

Debt Disclosure [Abstract]

Schedule of Equipment Note Payable

	2015			2014
Total equipment note payable	$	4,944,233		$	5,314,212
Less:  current portion		(382,939	)		(369,979	)
Total non current portion	$	4,561,294		$	4,944,233

Schedule of Stock Buyback

	2015			2014
Total stock buyback	$	2,068,484		$	-
Less:  current portion		(416,265	)		-
Total non current portion	$	1,652,219		$	-

Schedule of Equipment and Stock Buyback Note Payable

		2015			2014
Total equipment and stock buyback note payable	$	7,012,717		$	5,314,212
Less:  current portion		(799,204	)		(369,979	)
Total non current portion	$	6,213,513		$	4,944,233

Schedule of Other Long-term Obligations

Other long-term obligations at May 29, 2015 and May 30, 2014 consist of the following:

	2015			2014
Salary continuation plan	$	1,028,030		$	1,133,154
Less:  current portion		(106,148	)		(212,970	)
Total non current portion	$	921,882		$	920,184

XML

Restatement Adjustments on Consolidated Balance Sheet (Detail) - USD ($)	May. 29, 2015	May. 30, 2014	May. 31, 2013
CURRENT ASSETS
Cash and cash equivalents	$ 1,159,449	$ 1,160,630	$ 757,111
Receivables:
Trade accounts	11,129,302	11,333,609
Other	26,387	77,415
Receivables, gross	11,155,689	11,411,024
Less: Allowance for doubtful accounts	70,000	70,000
Receivables, net	11,085,689	11,341,024
Inventories:
Raw materials	1,781,397	2,123,313
Finished goods	3,460,800	3,536,326
Inventories, net	5,242,197	5,659,639
Prepaid expenses	1,350,201	1,277,861
Accrued income taxes	476,154	0
Deferred income taxes	1,139,433	1,395,504
Total current assets	20,453,123	20,834,658
PROPERTY, PLANT AND EQUIPMENT
Land	2,769,499	2,769,499
Buildings	18,787,967	18,804,228
Machinery and equipment	67,543,226	66,295,760
Transportation equipment	8,268,311	7,304,711
Property, plant and equipment, gross	97,369,003	95,174,198
Less: Accumulated depreciation	72,880,525	69,502,854
Property, plant and equipment, net	24,488,478	25,671,344
OTHER ASSETS
Cash surrender value of life insurance	630,259	602,353
Other	973,195	1,207,743
Total other assets	1,603,454	1,810,096
Total Assets	46,545,055	48,316,098
CURRENT LIABILITIES
Checks outstanding in excess of bank balances	1,068,745	1,971,076
Accounts payable	4,049,333	3,719,102
Current portion of long-term debt	799,204	369,979
Line of credit outstanding	2,823,477	2,528,511
Accrued income tax		378,659
Other accrued expenses	5,021,286	5,953,171
Salary continuation plan	106,148	212,970
Total current liabilities	13,868,193	15,133,468
LONG-TERM LIABILITIES
Notes payable - bank, non-current	6,213,513	4,944,233
Salary continuation plan	921,882	920,184
Deferred income taxes	3,856,793	3,805,221
Total long-term liabilities	10,992,188	9,669,638
STOCKHOLDER'S 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	6,552,973	6,497,954
Retained earnings	19,049,500	18,728,462
Treasury shares -at cost (2,537,036 shares in 2015, 2,096,161 shares in 2014)	(13,136,994)	(10,932,619)
Total stockholder's equity	21,684,674	23,512,992	$ 24,057,744
Total liabilities and stockholders' equity	$ 46,545,055	48,316,098
As Originally Reported [Member]
CURRENT ASSETS
Cash and cash equivalents		1,160,630
Receivables:
Trade accounts		11,333,609
Other		77,415
Receivables, gross		11,411,024
Less: Allowance for doubtful accounts		70,000
Receivables, net		11,341,024
Inventories:
Raw materials		2,123,313
Finished goods		3,536,326
Inventories, net		5,659,639
Prepaid expenses		1,277,861
Accrued income taxes		0
Deferred income taxes		559,672
Total current assets		19,998,826
PROPERTY, PLANT AND EQUIPMENT
Land		2,769,499
Buildings		18,804,228
Machinery and equipment		66,295,760
Transportation equipment		7,304,711
Property, plant and equipment, gross		95,174,198
Less: Accumulated depreciation		69,502,854
Property, plant and equipment, net		25,671,344
OTHER ASSETS
Cash surrender value of life insurance		602,353
Other		1,207,743
Total other assets		1,810,096
Total Assets		47,480,266
CURRENT LIABILITIES
Checks outstanding in excess of bank balances		1,971,076
Accounts payable		3,719,102
Current portion of long-term debt		369,979
Line of credit outstanding		2,528,511
Accrued income tax		378,659
Other accrued expenses		5,953,171
Salary continuation plan		212,970
Total current liabilities		15,133,468
LONG-TERM LIABILITIES
Notes payable - bank, non-current		4,944,233
Salary continuation plan		920,184
Deferred income taxes		2,969,389
Total long-term liabilities		8,833,806
STOCKHOLDER'S EQUITY
Common stock - $.66-2/3 par value: Authorized 35,000,000 shares; issued 13,828,793 shares		9,219,195
Additional paid-in capital		6,497,954
Retained earnings		18,728,462
Treasury shares -at cost (2,537,036 shares in 2015, 2,096,161 shares in 2014)		(10,932,619)
Total stockholder's equity		23,512,992
Total liabilities and stockholders' equity		$ 47,480,266

XML

SUPPLEMENTARY STATEMENT OF INCOME INFORMATION

12 Months Ended

May. 29, 2015

Other Income and Expenses [Abstract]

SUPPLEMENTARY STATEMENT OF INCOME INFORMATION

NOTE 14– SUPPLEMENTARY STATEMENT OF INCOME INFORMATION

The following tabulation gives certain supplementary statement of income information for the years ended May 29, 2015 and May 30, 2014:

	2015		2014
Maintenance and repairs	$	6,569,215	$	6,909,152
Depreciation		3,906,766		3,778,563
Payroll taxes		2,103,563		2,204,506

Amounts for other taxes, rents, and research and development costs are not presented because each of such amounts is less than 1% of total revenues.