Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Aug. 30, 2014 | Sep. 29, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Aug-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'recn | ' |
Entity Registrant Name | 'RESOURCES CONNECTION INC | ' |
Entity Central Index Key | '0001084765 | ' |
Current Fiscal Year End Date | '--05-30 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 38,082,580 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Aug. 30, 2014 | 31-May-14 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $75,131 | $80,291 |
Short-term investments | 24,984 | 33,986 |
Trade accounts receivable, net of allowance for doubtful accounts of $3,551 and $3,139 as of August 30, 2014 and May 31, 2014, respectively | 91,715 | 90,334 |
Prepaid expenses and other current assets | 4,616 | 4,876 |
Deferred income taxes | 7,971 | 7,975 |
Total current assets | 204,417 | 217,462 |
Goodwill | 174,656 | 175,427 |
Intangible assets, net | 596 | 1,031 |
Property and equipment, net | 22,626 | 23,158 |
Deferred income taxes | 568 | 672 |
Other assets | 2,285 | 2,328 |
Total assets | 405,148 | 420,078 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 13,993 | 14,031 |
Accrued salaries and related obligations | 28,871 | 45,567 |
Other liabilities | 9,455 | 7,577 |
Total current liabilities | 52,319 | 67,175 |
Other long-term liabilities | 6,670 | 7,142 |
Total liabilities | 58,989 | 74,317 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.01 par value, 5,000 shares authorized; zero shares issued and outstanding | ' | ' |
Common stock, $0.01 par value, 70,000 shares authorized; 57,043 and 56,738 shares issued, and 38,080 and 38,158 shares outstanding as of August 30, 2014 and May 31, 2014, respectively | 570 | 567 |
Additional paid-in capital | 365,401 | 360,445 |
Accumulated other comprehensive loss | -3,799 | -2,573 |
Retained earnings | 301,179 | 298,830 |
Treasury stock at cost, 18,963 and 18,580 shares at August 30, 2014 and May 31, 2014, respectively | -317,192 | -311,508 |
Total stockholders' equity | 346,159 | 345,761 |
Total liabilities and stockholders' equity | $405,148 | $420,078 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Aug. 30, 2014 | 31-May-14 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Trade accounts receivable, allowance for doubtful accounts | $3,551 | $3,139 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 70,000,000 | 70,000,000 |
Common stock, shares issued | 57,043,000 | 56,738,000 |
Common stock, shares outstanding | 38,080,000 | 38,158,000 |
Treasury stock at cost, shares | 18,963,000 | 18,580,000 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Aug. 30, 2014 | Aug. 24, 2013 |
Consolidated Statements Of Operations [Abstract] | ' | ' |
Revenue | $143,447 | $131,704 |
Direct cost of services, primarily payroll and related taxes for professional services employees | 87,222 | 81,994 |
Gross margin | 56,225 | 49,710 |
Selling, general and administrative expenses | 44,279 | 41,612 |
Amortization of intangible assets | 424 | 417 |
Depreciation expense | 854 | 961 |
Income from operations | 10,668 | 6,720 |
Interest income | -38 | -39 |
Income before provision for income taxes | 10,706 | 6,759 |
Provision for income taxes | 5,311 | 3,106 |
Net income | $5,395 | $3,653 |
Net income per common share: | ' | ' |
Basic | $0.14 | $0.09 |
Diluted | $0.14 | $0.09 |
Weighted average common shares outstanding: | ' | ' |
Basic | 38,180 | 39,826 |
Diluted | 38,335 | 39,844 |
Cash dividends declared per common share | $0.08 | $0.07 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 24, 2013 |
COMPREHENSIVE INCOME: | ' | ' |
Net income | $5,395 | $3,653 |
Foreign currency translation adjustment, net of tax | -1,226 | 856 |
Total comprehensive income | $4,169 | $4,509 |
Consolidated_Statement_Of_Stoc
Consolidated Statement Of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
In Thousands, except Share data | ||||||
Balance at May. 31, 2014 | $567 | $360,445 | ($2,573) | $298,830 | ($311,508) | $345,761 |
Balance (in shares) at May. 31, 2014 | 56,738,000 | ' | ' | ' | 18,580,000 | 38,158,000 |
Exercise of stock options | 1 | 1,596 | ' | ' | ' | ' |
Exercise of stock options (in shares) | 128,000 | ' | ' | ' | ' | 128 |
Stock-based compensation expense related to share-based awards and employee stock purchases | ' | 1,546 | ' | ' | ' | ' |
Issuance of restricted stock (in shares) | 6,000 | ' | ' | ' | ' | ' |
Tax shortfall from employee stock option plans | ' | -84 | ' | ' | ' | ' |
Issuance of common stock under Employee Stock Purchase Plan | 2 | 1,898 | ' | ' | ' | ' |
Issuance of common stock under Employee Stock Purchase Plan (in shares) | 171,000 | ' | ' | ' | ' | ' |
Purchase of shares | ' | ' | ' | ' | -5,684 | ' |
Purchase of shares (in shares) | ' | ' | ' | ' | 383,000 | ' |
Cash dividends ($0.08 per share) | ' | ' | ' | -3,046 | ' | ' |
Foreign currency translation adjustment, net of tax | ' | ' | -1,226 | ' | ' | -1,226 |
Net income | ' | ' | ' | 5,395 | ' | 5,395 |
Balance at Aug. 30, 2014 | $570 | $365,401 | ($3,799) | $301,179 | ($317,192) | $346,159 |
Balance (in shares) at Aug. 30, 2014 | 57,043,000 | ' | ' | ' | 18,963,000 | 38,080,000 |
Consolidated_Statement_Of_Stoc1
Consolidated Statement Of Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended | |
Aug. 30, 2014 | Aug. 24, 2013 | |
Consolidated Statement Of Stockholders' Equity | ' | ' |
Cash dividends declared per common share | $0.08 | $0.07 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
Aug. 30, 2014 | Aug. 24, 2013 | |
Cash flows from operating activities: | ' | ' |
Net income | $5,395,000 | $3,653,000 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ' | ' |
Depreciation and amortization | 1,278,000 | 1,378,000 |
Stock-based compensation expense related to share-based awards and employee stock purchases | 1,546,000 | 1,654,000 |
Excess tax benefits from stock-based compensation | -14,000 | -1,000 |
Loss on disposal of assets | 1,000 | 20,000 |
Deferred income taxes | -184,000 | -368,000 |
Changes in operating assets and liabilities: | ' | ' |
Trade accounts receivable | -1,890,000 | 3,225,000 |
Prepaid expenses and other current assets | 271,000 | -283,000 |
Income taxes | 1,781,000 | 1,488,000 |
Other assets | -12,000 | 90,000 |
Accounts payable and accrued expenses | -484,000 | -1,096,000 |
Accrued salaries and related obligations | -16,573,000 | -3,892,000 |
Other liabilities | 216,000 | -541,000 |
Net cash (used in) provided by operating activities | -8,669,000 | 5,327,000 |
Cash flows from investing activities: | ' | ' |
Redemption of short-term investments | 24,000,000 | 25,000,000 |
Purchase of short-term investments | -14,998,000 | -24,987,000 |
Purchase of property and equipment | -357,000 | -1,425,000 |
Net cash provided by (used in) investing activities | 8,645,000 | -1,412,000 |
Cash flows from financing activities: | ' | ' |
Proceeds from exercise of stock options | 1,597,000 | 3,246,000 |
Proceeds from issuance of common stock under Employee Stock Purchase Plan | 1,900,000 | 1,734,000 |
Purchase of common stock | -5,684,000 | -4,162,000 |
Cash dividends paid | -2,686,000 | -2,391,000 |
Excess tax benefits from stock-based compensation | 14,000 | 1,000 |
Net cash used in financing activities | -4,859,000 | -1,572,000 |
Effect of exchange rate changes on cash | -277,000 | 45,000 |
Net (decrease) increase in cash | -5,160,000 | 2,388,000 |
Cash and cash equivalents at beginning of period | 80,291,000 | 94,016,000 |
Cash and cash equivalents at end of period | $75,131,000 | $96,404,000 |
Description_Of_The_Company_And
Description Of The Company And Its Business | 3 Months Ended |
Aug. 30, 2014 | |
Description Of The Company And Its Business [Abstract] | ' |
Description Of The Company And Its Business | ' |
1. Description of the Company and its Business | |
Resources Connection, Inc. (“Resources Connection”), a Delaware corporation, was incorporated on November 16, 1998. Resources Connection is a multinational professional services firm; its operating entities primarily provide services under the name Resources Global Professionals (“RGP” or the “Company”). The Company is organized around client service teams utilizing experienced professionals and provides consulting and business support services in the areas of accounting; finance; corporate governance, risk and compliance management; corporate advisory, strategic communications and restructuring; information management; human capital; supply chain management; healthcare solutions; and legal and regulatory services. The Company has offices in the United States (“U.S.”), Asia, Australia, Canada, Europe and Mexico. | |
The Company’s fiscal year consists of 52 or 53 weeks, ending on the last Saturday in May. The first quarters of fiscal 2015 and 2014 consisted of 13 weeks each. | |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 3 Months Ended | |||||||
Aug. 30, 2014 | ||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | |||||||
Summary Of Significant Accounting Policies | ' | |||||||
2. Summary of Significant Accounting Policies | ||||||||
Interim Financial Information | ||||||||
The financial information as of and for the three months ended August 30, 2014 and August 24, 2013 is unaudited but includes all adjustments (consisting only of normal recurring adjustments) that the Company considers necessary for a fair presentation of its financial position at such dates and the operating results and cash flows for those periods. The fiscal 2014 year-end balance sheet data was derived from audited financial statements, and certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted pursuant to Securities and Exchange Commission (“SEC”) rules or regulations; however, the Company believes the disclosures made are adequate to make the information presented not misleading. | ||||||||
The results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for the fiscal year. These condensed interim financial statements should be read in conjunction with the audited financial statements for the year ended May 31, 2014, which are included in the Company’s Annual Report on Form 10-K for the year then ended (File No. 0-32113). | ||||||||
Cash, Cash Equivalents and Short-Term Investments | ||||||||
The Company considers cash on hand, deposits in banks, and short-term investments purchased with an original maturity date of three months or less to be cash and cash equivalents. The carrying amounts reflected in the consolidated balance sheets for cash, cash equivalents and short-term investments approximate the fair values due to the short maturities of these instruments. | ||||||||
Client Reimbursements of “Out-of-Pocket” Expenses | ||||||||
The Company recognizes all reimbursements received from clients for “out-of-pocket” expenses as revenue and all such expenses as direct cost of services. Reimbursements received from clients were $2.2 million and $2.0 million for the three months ended August 30, 2014 and August 24, 2013, respectively. | ||||||||
Foreign Currency Translation | ||||||||
The financial statements of subsidiaries outside the U.S. are measured using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at the exchange rates effective at the end of the period, income and expense items are translated at average exchange rates prevailing during the period and the related translation adjustments are recorded as a component of accumulated other comprehensive income or loss within the Consolidated Balance Sheets. Gains and losses from foreign currency transactions are included in the Consolidated Statements of Operations. | ||||||||
Net Income Per Share Information | ||||||||
The Company presents both basic and diluted earnings per common share (“EPS”). Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is based upon the weighted average number of common and common equivalent shares outstanding during the period, calculated using the treasury stock method for stock options. Under the treasury stock method, assumed proceeds include the amount the employee must pay for exercising stock options, the amount of compensation cost for future services that the Company has not yet recognized and the amount of tax benefits that would be recorded in additional paid-in capital when the award becomes deductible. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect. Stock options for which the exercise price exceeds the average market price per common share over the period are anti-dilutive and are excluded from the calculation. | ||||||||
The following table summarizes the calculation of net income per common share for the periods indicated (in thousands, except per share amounts): | ||||||||
Three Months Ended | ||||||||
August 30, | August 24, | |||||||
2014 | 2013 | |||||||
Net income | $ | 5,395 | $ | 3,653 | ||||
Basic: | ||||||||
Weighted average shares | 38,180 | 39,826 | ||||||
Diluted: | ||||||||
Weighted average shares | 38,180 | 39,826 | ||||||
Potentially dilutive shares | 155 | 18 | ||||||
Total dilutive shares | 38,335 | 39,844 | ||||||
Net income per common share: | ||||||||
Basic | $ | 0.14 | $ | 0.09 | ||||
Dilutive | $ | 0.14 | $ | 0.09 | ||||
Anti-dilutive shares not included above | 8,025 | 8,736 | ||||||
Stock-Based Compensation | ||||||||
The Company recognizes compensation expense for all share-based awards made to employees and directors, including employee stock options, restricted stock grants and employee stock purchases made via the Company’s Employee Stock Purchase Plan (the “ESPP”), based on estimated fair value at the date of grant. | ||||||||
The Company estimates the fair value of share-based awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods. Stock option awards vest over four years and restricted stock award vesting is determined on an individual grant basis under the Company’s 2004 Performance Incentive Plan (“2004 Plan”). The Company determines the estimated value of stock option awards using the Black-Scholes valuation model. The Company recognizes stock-based compensation expense on a straight-line basis over the service period for options and restricted stock that are expected to vest and records adjustments to compensation expense at the end of the service period if actual forfeitures differ from original estimates. | ||||||||
See Note 7 — Stock-Based Compensation Plans for further information on stock-based compensation. | ||||||||
Use of Estimates | ||||||||
The preparation of financial statements in conformity with GAAP 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. Although management believes these estimates and assumptions are adequate, actual results could differ from the estimates and assumptions used. | ||||||||
Intangible_Assets_And_Goodwill
Intangible Assets And Goodwill | 3 Months Ended | ||||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||||
Intangible Assets And Goodwill [Abstract] | ' | ||||||||||||||||||
Intangible Assets And Goodwill | ' | ||||||||||||||||||
3. Intangible Assets and Goodwill | |||||||||||||||||||
The following table presents details of the Company’s gross intangible asset balances, accumulated amortization balances and range of estimated lives (in thousands): | |||||||||||||||||||
As of August 30, 2014 | As of May 31, 2014 | ||||||||||||||||||
Accumulated | Accumulated | ||||||||||||||||||
Gross | Amortization | Net | Gross | Amortization | Net | ||||||||||||||
Customer relationships (2-7 years) | $ | 18,077 | $ | -17,807 | $ | 270 | $ | 18,286 | $ | -17,794 | $ | 492 | |||||||
Non-compete agreements (1-5 years) | 3,224 | -3,079 | 145 | 3,232 | -2,937 | 295 | |||||||||||||
Trade name and trademark (5 years) | 1,341 | -1,160 | 181 | 1,341 | -1,097 | 244 | |||||||||||||
Total | $ | 22,642 | $ | -22,046 | $ | 596 | $ | 22,859 | $ | -21,828 | $ | 1,031 | |||||||
The following table summarizes amortization expense for the three months ended August 30, 2014 and August 24, 2013 and the expected amount of intangible asset amortization expense (based on existing intangible assets account balances) for the fiscal years ending May 30, 2015, May 28, 2016, May 27, 2017, May 26, 2018 and May 25, 2019 (in thousands): | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
August 30, | August 24, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Amortization expense | $ | 424 | $ | 417 | |||||||||||||||
Fiscal Years Ending | |||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||
Expected amortization expense | $ | 903 | $ | 12 | $ | 12 | $ | 12 | $ | - | |||||||||
The estimates of expected amortization expense do not incorporate the potential impact of future foreign currency fluctuations caused when translating the financial results of the Company’s international operations that have amortizable intangible assets into U.S. dollars. The fluctuation in the gross balance of intangible assets as of August 30, 2014 as compared to May 31, 2014 reflects the impact of currency fluctuations between fiscal 2015 and 2014 in translating the intangible balances recorded on the Company’s international operations financial statements. | |||||||||||||||||||
The following table summarizes the activity in the Company’s goodwill balance (in thousands): | |||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||
August 30, | August 24, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Goodwill, beginning of year | $ | 175,427 | $ | 174,275 | |||||||||||||||
Impact of foreign currency exchange rate changes | -771 | 726 | |||||||||||||||||
Goodwill, end of period | $ | 174,656 | $ | 175,001 | |||||||||||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Aug. 30, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
4. Income Taxes | |
The Company’s provision for income taxes was $5.3 million (effective tax rate of approximately 50%) and $3.1 million (effective tax rate of approximately 46%) for the three months ended August 30, 2014 and August 24, 2013, respectively. The Company records tax expense based upon an actual effective tax rate versus a forecasted tax rate because of the volatility in its international operations which span numerous tax jurisdictions. | |
The provision for income taxes in the first quarter of fiscal 2015 and 2014 results from taxes on income in the U.S. and certain other foreign jurisdictions, no benefit for losses in jurisdictions in which a full valuation allowance on operating loss carryforwards had previously been established and a lower benefit for losses in certain foreign jurisdictions with tax rates lower than the U.S. statutory rates. The increase in the effective tax rate for the three months ended August 30, 2014 results from the increased foreign losses during the quarter without any tax benefit because of valuation allowances placed on the tax assets of the foreign subsidiaries. In addition, the period to period increase also results from the reversal of $350,000 of uncertain international tax accruals during the first quarter ended August 24, 2013. | |
In addition, the inability to benefit from losses in jurisdictions with a full valuation allowance and the unpredictability of the timing and amount of eligible disqualifying incentive stock option (“ISO”) exercises impact the Company’s effective tax rate. The Company cannot recognize a tax benefit for the stock compensation expense related to certain ISO exercises unless and until the holder exercises his or her option and then sells the shares within a certain period of time. Also, the Company can only recognize a potential tax benefit for employees’ acquisition and subsequent sale of shares purchased through the ESPP if the sale occurs within a certain defined period. Further, tax benefits associated with ISO grants fully vested at the date of adoption of current accounting rules for stock-based compensation will be recognized as additions to paid-in capital when and if those options are exercised and not as a reduction to the Company’s tax provision. The Company recognized a benefit of approximately $586,000 and $590,000 related to stock-based compensation for nonqualified stock options expensed and for eligible disqualifying ISO exercises during the first quarter of fiscal 2015 and 2014, respectively. | |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended |
Aug. 30, 2014 | |
Stockholders' Equity [Abstract] | ' |
Stockholders' Equity | ' |
5. Stockholders’ Equity | |
In April 2011, the Company’s board of directors approved a stock repurchase program, authorizing the repurchase, at the discretion of the Company’s senior executives, of the Company’s common stock for an aggregate dollar limit not to exceed $150 million. Repurchases under the program may take place in the open market or in privately negotiated transactions and may be made pursuant to a Rule 10b5-1 plan. During the three months ended August 30, 2014, the Company purchased approximately 383,000 shares of its common stock at an average price of $14.84 per share on the open market for approximately $5.7 million. As of August 30, 2014, approximately $37.3 million remains available for future repurchases of the Company’s common stock under the stock repurchase program. | |
Supplemental_Disclosure_Of_Cas
Supplemental Disclosure Of Cash Flow Information | 3 Months Ended | |||||||
Aug. 30, 2014 | ||||||||
Supplemental Disclosure Of Cash Flow Information [Abstract] | ' | |||||||
Supplemental Disclosure Of Cash Flow Information | ' | |||||||
6. Supplemental Disclosure of Cash Flow Information | ||||||||
Additional information regarding cash flows is as follows (in thousands): | ||||||||
For the Three Months Ended | ||||||||
August 30, | August 24, | |||||||
2014 | 2013 | |||||||
Non-cash financing activities: | ||||||||
Dividends declared, not paid | $ | 3,046 | $ | 2,788 | ||||
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 3 Months Ended | ||||||||||
Aug. 30, 2014 | |||||||||||
Stock Based Compensation Plans [Abstract] | ' | ||||||||||
Stock Based Compensation Plans | ' | ||||||||||
7. Stock-Based Compensation Plans | |||||||||||
Stock Options and Restricted Stock | |||||||||||
As of August 30, 2014, the Company had outstanding award grants under the 2004 Plan and the 1999 Long Term Incentive Plan (“1999 Plan”). The 2004 Plan serves as the successor to the 1999 Plan. At inception, a total of 7,500,000 new shares of common stock were made available for awards under the 2004 Plan to employees and non-employee directors. Awards under the 2004 Plan may include, but are not limited to, stock options and restricted stock grants. Outstanding awards under the 1999 Plan that expire or terminate without having been exercised roll over to the 2004 Plan. Stock option grants generally vest in equal annual installments over four years and terminate ten years from the date of grant. Restricted stock award vesting is determined on an individual grant basis. | |||||||||||
The 2004 Plan and 1999 Plan (the “Prior Stock Plans”) expired on September 3, 2014. After the expiration, no additional awards may be granted under the Prior Stock Plans but previously granted awards will remain outstanding in accordance with their applicable terms and conditions and the terms and conditions of the Prior Stock Plans. Our stockholders will vote at the 2014 Annual Meeting of Stockholders on October 23, 2014 on the Resources Connection, Inc. 2014 Performance Incentive Plan (the “2014 Plan”), which was adopted, subject to stockholder approval, by the Board of Directors on September 3, 2014. The key features of the 2014 Plan include: 1) 2,400,000 shares will be available for award grant purposes; 2) outstanding awards under the Prior Stock Plans that expire or terminate without having been exercised will roll over to the 2014 Plan; 3) repricing of options cannot occur without shareholder approval; 4) shares surrendered, expired, or returned to the Company solely to satisfy the exercise price or tax withholding obligations for stock options cannot be reissued; and 5) net share counting is not allowed for options or dividend equivalent rights. | |||||||||||
As of August 30, 2014, there were 184,000 shares that potentially could rollover to the 2014 Plan as available for future award grants if shareholders approve the 2014 Plan. Awards of restricted stock under the 2014 Plan will be counted against the available share limit as two and a half shares for every one share actually issued in connection with the award. The Company’s policy is to issue shares from its authorized shares upon the exercise of stock options. The following table summarizes the stock option activity for the three months ended August 30, 2014 (number of shares under option and intrinsic value in thousands): | |||||||||||
Number of | Weighted | Weighted Average | |||||||||
Shares | Average | Remaining | Aggregate | ||||||||
Under | Exercise | Contractual Life | Intrinsic | ||||||||
Option | Price | (in years) | Value | ||||||||
Options outstanding at May 31, 2014 | 7,696 | $ | 18.93 | 5.21 | $ | 1,611 | |||||
Granted, at fair market value | 1,387 | 12.22 | |||||||||
Exercised | -128 | 12.44 | |||||||||
Forfeited | -32 | 12.53 | |||||||||
Expired | -24 | 20.03 | |||||||||
Options outstanding at August 30, 2014 | 8,899 | $ | 18.00 | 5.66 | $ | 12,216 | |||||
Exercisable at August 30, 2014 | 5,846 | $ | 20.87 | 3.99 | $ | 2,902 | |||||
Vested and expected to vest at August 30, 2014 | 8,420 | $ | 18.34 | 5.45 | $ | 10,679 | |||||
The aggregate intrinsic value in the table above represents the total pretax intrinsic value, which is the difference between the Company’s closing stock price on the last trading day of the first quarter of fiscal 2015 and the exercise price multiplied by the number of shares that would have been received by the option holders if they had exercised their “in the money” options on August 30, 2014. This amount will change based on the fair market value of the Company’s common stock. The aggregate intrinsic value of stock options exercised for the three months ended August 30, 2014 and August 24, 2013 was $347,000 and $289,000, respectively. | |||||||||||
Stock-Based Compensation Expense | |||||||||||
As of August 30, 2014, there was $11.1 million of total unrecognized compensation cost related to non-vested employee stock options granted. That cost is expected to be recognized over a weighted-average period of 35 months. Stock-based compensation expense included in selling, general and administrative expenses for the three months ended August 30, 2014 and August 24, 2013 was $1.5 million and $1.7 million, respectively; this consisted of stock-based compensation expense related to employee stock options, employee stock purchases made via the Company’s ESPP and restricted stock awards. There were no capitalized share-based compensation costs during the three months ended August 30, 2014 and August 24, 2013. | |||||||||||
The weighted average estimated fair value per share of employee stock options granted during the three months ended August 30, 2014 was $3.87 using the Black-Scholes valuation model with the following assumptions: | |||||||||||
For the Three Months Ended | |||||||||||
30-Aug-14 | |||||||||||
Expected volatility | 37.7% - 42.1% | ||||||||||
Risk-free interest rate | 1.7% - 2.2% | ||||||||||
Expected dividends | 2.10% | ||||||||||
Expected life | 5.5 - 7.5 years | ||||||||||
The Company granted 6,314 and 5,141 shares of restricted stock during the three months ended August 30, 2014 and August 24, 2013, respectively. Stock-based compensation expense for restricted stock awards for the three months ended August 30, 2014 and August 24, 2013 was $123,000 and $85,000, respectively. There were 85,907 unvested restricted shares, with approximately $860,000 of remaining unrecognized compensation cost, as of August 30, 2014. | |||||||||||
The Company recognizes compensation expense for only the portion of stock options and restricted stock that is expected to vest, rather than recording forfeitures when they occur. If the actual number of forfeitures differs from that estimated by management, additional adjustments to compensation expense may be required in future periods. | |||||||||||
The Company reflects, in its Consolidated Statements of Cash Flows, the tax impact resulting from tax deductions in excess of expense recognized in its Consolidated Statements of Operations as a financing cash flow, which will impact the Company’s future reported cash flows from operating activities. Gross excess tax benefits totaled $14,000 and $1,000 for the three months ended August 30, 2014 and August 24, 2013, respectively. | |||||||||||
Employee Stock Purchase Plan | |||||||||||
The Company’s ESPP allows qualified employees (as defined in the ESPP) to purchase designated shares of the Company’s common stock at a price equal to 85% of the lesser of the fair market value of common stock at the beginning or end of each semi-annual stock purchase period. A total of 4,400,000 shares of common stock may be issued under the ESPP. The Company issued 171,000 and 348,000 shares of common stock pursuant to the ESPP for the three months ended August 30, 2014 and the year ended May 31, 2014, respectively. There were 268,000 shares of common stock available for issuance under the ESPP as of August 30, 2014. | |||||||||||
At the 2014 Annual Meeting of Stockholders on October 23, 2014, stockholders will be asked to approve an amendment to the ESPP to extend the term of the ESPP through October 16, 2024, and increase the maximum number of shares of the Company’s common stock authorized for issuance under the plan by an additional 1,500,000 shares. The amendment was adopted, subject to stockholder approval, by the Board of Directors on September 3, 2014. | |||||||||||
Segment_Information_And_Enterp
Segment Information And Enterprise Reporting | 3 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Segment Information And Enterprise Reporting [Abstract] | ' | ||||||||||||
Segment Information And Enterprise Reporting | ' | ||||||||||||
8. Segment Information and Enterprise Reporting | |||||||||||||
The Company discloses information regarding operations outside of the U.S. The Company operates as one segment. The accounting policies for the domestic and international operations are the same as those described in Note 2 -- Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements included in the Company’s 2014 Annual Report on Form 10-K for the fiscal year ended May 31, 2014. Summarized information regarding the Company’s domestic and international operations is shown in the following table (in thousands): | |||||||||||||
Revenue for the | |||||||||||||
Three Months Ended | Long-Lived Assets (1) as of | ||||||||||||
August 30, | August 24, | August 30, | May 31, | ||||||||||
2014 | 2013 | 2014 | 2014 | ||||||||||
United States | $ | 115,836 | $ | 102,194 | $ | 173,081 | $ | 173,656 | |||||
The Netherlands | 4,294 | 5,767 | 21,543 | 22,541 | |||||||||
Other | 23,317 | 23,743 | 3,254 | 3,419 | |||||||||
Total | $ | 143,447 | $ | 131,704 | $ | 197,878 | $ | 199,616 | |||||
(1)Long-lived assets are comprised of goodwill, intangible assets and property and equipment. | |||||||||||||
Legal_Proceedings
Legal Proceedings | 3 Months Ended |
Aug. 30, 2014 | |
Legal Proceedings [Abstract] | ' |
Legal Proceedings | ' |
9. Legal Proceedings | |
The Company is involved in certain legal matters arising in the ordinary course of business. In the opinion of management, all such matters, if disposed of unfavorably, would not have a material adverse effect on the Company’s financial position, cash flows or results of operations. | |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Aug. 30, 2014 | |
Recent Accounting Pronouncements [Abstract] | ' |
Recent Accounting Pronouncements | ' |
10. Recent Accounting Pronouncements | |
Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. In August 2014, the Financial Accounting Standards Board (“FASB”) issued new guidance regarding management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. The guidance is effective for the Company for fiscal 2017 with early adoption permitted. The Company does not believe adoption of this guidance will have a material impact on its consolidated financial statements. | |
Accounting for Shared-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. In June 2014, the FASB issued new guidance requiring that a performance target that affects vesting and could be achieved after the requisite service period be treated as a performance condition. The guidance is effective for the Company for fiscal 2017 with early adoption permitted. Currently the Company does not have performance based awards and thus does not believe adoption of this guidance will have a material impact on its consolidated financial statements. | |
Revenue from Contracts with Customers. In May 2014, the FASB issued a comprehensive new revenue recognition standard that will supersede most existing revenue recognition guidance and is intended to improve and converge revenue recognition and related financial reporting requirements. The standard will require companies to review contract arrangements with customers and ensure all separate performance obligations are properly recognized in compliance with the new guidance. The standard is effective for the Company beginning in fiscal 2018 with early adoption prohibited. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all periods presented, or “cumulative effect” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The Company is currently assessing whether the adoption of the guidance will have a material impact on its consolidated financial statements. | |
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. In April 2014, the FASB issued new guidance regarding the criteria for reporting discontinued operations and enhancing disclosures in this area. Under the guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. In addition, the guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The amendments in the guidance are effective for the Company for fiscal 2015. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. | |
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. In July 2013, the FASB issued new guidance which requires an unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, similar tax loss, or a tax credit carryforward. To the extent the tax benefit is not available at the reporting date under the governing tax law or if the entity does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented as a liability and not combined with deferred tax assets. The guidance is effective for annual periods, and interim periods within those years, beginning after December 15, 2013. The amendments are to be applied to all unrecognized tax benefits that exist as of the effective date and may be applied retrospectively to each prior reporting period presented. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. | |
Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries. In March 2013, the FASB issued new guidance on a parent’s accounting for the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. This guidance requires that the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. | |
Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants and the SEC did not, or are not expected to, have a material effect on the Company’s results of operations, financial position or cash flows. | |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended | |||||||
Aug. 30, 2014 | ||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | |||||||
Interim Financial Information | ' | |||||||
Interim Financial Information | ||||||||
The financial information as of and for the three months ended August 30, 2014 and August 24, 2013 is unaudited but includes all adjustments (consisting only of normal recurring adjustments) that the Company considers necessary for a fair presentation of its financial position at such dates and the operating results and cash flows for those periods. The fiscal 2014 year-end balance sheet data was derived from audited financial statements, and certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted pursuant to Securities and Exchange Commission (“SEC”) rules or regulations; however, the Company believes the disclosures made are adequate to make the information presented not misleading. | ||||||||
The results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for the fiscal year. These condensed interim financial statements should be read in conjunction with the audited financial statements for the year ended May 31, 2014, which are included in the Company’s Annual Report on Form 10-K for the year then ended (File No. 0-32113). | ||||||||
Cash, Cash Equivalents And Short-Term Investments | ' | |||||||
Cash, Cash Equivalents and Short-Term Investments | ||||||||
The Company considers cash on hand, deposits in banks, and short-term investments purchased with an original maturity date of three months or less to be cash and cash equivalents. The carrying amounts reflected in the consolidated balance sheets for cash, cash equivalents and short-term investments approximate the fair values due to the short maturities of these instruments. | ||||||||
Client Reimbursements Of "Out-Of-Pocket" Expenses | ' | |||||||
Client Reimbursements of “Out-of-Pocket” Expenses | ||||||||
The Company recognizes all reimbursements received from clients for “out-of-pocket” expenses as revenue and all such expenses as direct cost of services. Reimbursements received from clients were $2.2 million and $2.0 million for the three months ended August 30, 2014 and August 24, 2013, respectively. | ||||||||
Foreign Currency Translation | ' | |||||||
Foreign Currency Translation | ||||||||
The financial statements of subsidiaries outside the U.S. are measured using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at the exchange rates effective at the end of the period, income and expense items are translated at average exchange rates prevailing during the period and the related translation adjustments are recorded as a component of accumulated other comprehensive income or loss within the Consolidated Balance Sheets. Gains and losses from foreign currency transactions are included in the Consolidated Statements of Operations. | ||||||||
Net Income Per Share Information | ' | |||||||
Net Income Per Share Information | ||||||||
The Company presents both basic and diluted earnings per common share (“EPS”). Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is based upon the weighted average number of common and common equivalent shares outstanding during the period, calculated using the treasury stock method for stock options. Under the treasury stock method, assumed proceeds include the amount the employee must pay for exercising stock options, the amount of compensation cost for future services that the Company has not yet recognized and the amount of tax benefits that would be recorded in additional paid-in capital when the award becomes deductible. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect. Stock options for which the exercise price exceeds the average market price per common share over the period are anti-dilutive and are excluded from the calculation. | ||||||||
The following table summarizes the calculation of net income per common share for the periods indicated (in thousands, except per share amounts): | ||||||||
Three Months Ended | ||||||||
August 30, | August 24, | |||||||
2014 | 2013 | |||||||
Net income | $ | 5,395 | $ | 3,653 | ||||
Basic: | ||||||||
Weighted average shares | 38,180 | 39,826 | ||||||
Diluted: | ||||||||
Weighted average shares | 38,180 | 39,826 | ||||||
Potentially dilutive shares | 155 | 18 | ||||||
Total dilutive shares | 38,335 | 39,844 | ||||||
Net income per common share: | ||||||||
Basic | $ | 0.14 | $ | 0.09 | ||||
Dilutive | $ | 0.14 | $ | 0.09 | ||||
Anti-dilutive shares not included above | 8,025 | 8,736 | ||||||
Stock-Based Compensation | ' | |||||||
Stock-Based Compensation | ||||||||
The Company recognizes compensation expense for all share-based awards made to employees and directors, including employee stock options, restricted stock grants and employee stock purchases made via the Company’s Employee Stock Purchase Plan (the “ESPP”), based on estimated fair value at the date of grant. | ||||||||
The Company estimates the fair value of share-based awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods. Stock option awards vest over four years and restricted stock award vesting is determined on an individual grant basis under the Company’s 2004 Performance Incentive Plan (“2004 Plan”). The Company determines the estimated value of stock option awards using the Black-Scholes valuation model. The Company recognizes stock-based compensation expense on a straight-line basis over the service period for options and restricted stock that are expected to vest and records adjustments to compensation expense at the end of the service period if actual forfeitures differ from original estimates. | ||||||||
See Note 7 — Stock-Based Compensation Plans for further information on stock-based compensation. | ||||||||
Use Of Estimates | ' | |||||||
Use of Estimates | ||||||||
The preparation of financial statements in conformity with GAAP 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. Although management believes these estimates and assumptions are adequate, actual results could differ from the estimates and assumptions used. | ||||||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 3 Months Ended | |||||||
Aug. 30, 2014 | ||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | |||||||
Calculation Of Net Income Per Share | ' | |||||||
Three Months Ended | ||||||||
August 30, | August 24, | |||||||
2014 | 2013 | |||||||
Net income | $ | 5,395 | $ | 3,653 | ||||
Basic: | ||||||||
Weighted average shares | 38,180 | 39,826 | ||||||
Diluted: | ||||||||
Weighted average shares | 38,180 | 39,826 | ||||||
Potentially dilutive shares | 155 | 18 | ||||||
Total dilutive shares | 38,335 | 39,844 | ||||||
Net income per common share: | ||||||||
Basic | $ | 0.14 | $ | 0.09 | ||||
Dilutive | $ | 0.14 | $ | 0.09 | ||||
Anti-dilutive shares not included above | 8,025 | 8,736 | ||||||
Intangible_Assets_And_Goodwill1
Intangible Assets And Goodwill (Tables) | 3 Months Ended | ||||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||||
Intangible Assets And Goodwill [Abstract] | ' | ||||||||||||||||||
Schedule Of Details Of Intangible Assets | ' | ||||||||||||||||||
As of August 30, 2014 | As of May 31, 2014 | ||||||||||||||||||
Accumulated | Accumulated | ||||||||||||||||||
Gross | Amortization | Net | Gross | Amortization | Net | ||||||||||||||
Customer relationships (2-7 years) | $ | 18,077 | $ | -17,807 | $ | 270 | $ | 18,286 | $ | -17,794 | $ | 492 | |||||||
Non-compete agreements (1-5 years) | 3,224 | -3,079 | 145 | 3,232 | -2,937 | 295 | |||||||||||||
Trade name and trademark (5 years) | 1,341 | -1,160 | 181 | 1,341 | -1,097 | 244 | |||||||||||||
Total | $ | 22,642 | $ | -22,046 | $ | 596 | $ | 22,859 | $ | -21,828 | $ | 1,031 | |||||||
Schedule Of Intangible Assets Related Accumulated Amortization | ' | ||||||||||||||||||
Three Months Ended | |||||||||||||||||||
August 30, | August 24, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Amortization expense | $ | 424 | $ | 417 | |||||||||||||||
Fiscal Years Ending | |||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||
Expected amortization expense | $ | 903 | $ | 12 | $ | 12 | $ | 12 | $ | - | |||||||||
Summary Of Activity In Goodwill Balance | ' | ||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||
August 30, | August 24, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Goodwill, beginning of year | $ | 175,427 | $ | 174,275 | |||||||||||||||
Impact of foreign currency exchange rate changes | -771 | 726 | |||||||||||||||||
Goodwill, end of period | $ | 174,656 | $ | 175,001 | |||||||||||||||
Supplemental_Disclosure_Of_Cas1
Supplemental Disclosure Of Cash Flow Information (Tables) | 3 Months Ended | |||||||
Aug. 30, 2014 | ||||||||
Supplemental Disclosure Of Cash Flow Information [Abstract] | ' | |||||||
Schedule Of Additional Information Regarding Cash Flows | ' | |||||||
For the Three Months Ended | ||||||||
August 30, | August 24, | |||||||
2014 | 2013 | |||||||
Non-cash financing activities: | ||||||||
Dividends declared, not paid | $ | 3,046 | $ | 2,788 | ||||
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 3 Months Ended | ||||||||||
Aug. 30, 2014 | |||||||||||
Stock Based Compensation Plans [Abstract] | ' | ||||||||||
Summary Of Stock Option Activity | ' | ||||||||||
Number of | Weighted | Weighted Average | |||||||||
Shares | Average | Remaining | Aggregate | ||||||||
Under | Exercise | Contractual Life | Intrinsic | ||||||||
Option | Price | (in years) | Value | ||||||||
Options outstanding at May 31, 2014 | 7,696 | $ | 18.93 | 5.21 | $ | 1,611 | |||||
Granted, at fair market value | 1,387 | 12.22 | |||||||||
Exercised | -128 | 12.44 | |||||||||
Forfeited | -32 | 12.53 | |||||||||
Expired | -24 | 20.03 | |||||||||
Options outstanding at August 30, 2014 | 8,899 | $ | 18.00 | 5.66 | $ | 12,216 | |||||
Exercisable at August 30, 2014 | 5,846 | $ | 20.87 | 3.99 | $ | 2,902 | |||||
Vested and expected to vest at August 30, 2014 | 8,420 | $ | 18.34 | 5.45 | $ | 10,679 | |||||
Schedule Of Share-Based Payment Award, Valuation Assumptions | ' | ||||||||||
For the Three Months Ended | |||||||||||
30-Aug-14 | |||||||||||
Expected volatility | 37.7% - 42.1% | ||||||||||
Risk-free interest rate | 1.7% - 2.2% | ||||||||||
Expected dividends | 2.10% | ||||||||||
Expected life | 5.5 - 7.5 years | ||||||||||
Segment_Information_And_Enterp1
Segment Information And Enterprise Reporting (Tables) | 3 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Segment Information And Enterprise Reporting [Abstract] | ' | ||||||||||||
Schedule Of Revenue From External Customers And Long-Lived Assets, By Geographical Areas | ' | ||||||||||||
Revenue for the | |||||||||||||
Three Months Ended | Long-Lived Assets (1) as of | ||||||||||||
August 30, | August 24, | August 30, | May 31, | ||||||||||
2014 | 2013 | 2014 | 2014 | ||||||||||
United States | $ | 115,836 | $ | 102,194 | $ | 173,081 | $ | 173,656 | |||||
The Netherlands | 4,294 | 5,767 | 21,543 | 22,541 | |||||||||
Other | 23,317 | 23,743 | 3,254 | 3,419 | |||||||||
Total | $ | 143,447 | $ | 131,704 | $ | 197,878 | $ | 199,616 | |||||
(1)Long-lived assets are comprised of goodwill, intangible assets | |||||||||||||
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Aug. 30, 2014 | Aug. 24, 2013 |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Reimbursements received from clients for "out-of-pocket" expenses | $2.20 | $2 |
Stock Incentive Plan 2004 [Member] | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Stock options vesting period | '4 years | ' |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Calculation Of Net Income Per Share) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Aug. 30, 2014 | Aug. 24, 2013 |
Summary Of Significant Accounting Policies [Abstract] | ' | ' |
Net income | $5,395 | $3,653 |
Basic: | ' | ' |
Weighted average shares | 38,180 | 39,826 |
Diluted: | ' | ' |
Weighted average shares | 38,180 | 39,826 |
Potentially dilutive shares | 155 | 18 |
Total dilutive shares | 38,335 | 39,844 |
Net income per common share: | ' | ' |
Basic | $0.14 | $0.09 |
Diluted | $0.14 | $0.09 |
Anti-dilutive shares not included above | 8,025 | 8,736 |
Intangible_Assets_And_Goodwill2
Intangible Assets And Goodwill (Schedule Of Details Of Intangible Assets) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Aug. 30, 2014 | 31-May-14 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | $22,642 | $22,859 |
Accumulated Amortization | -22,046 | -21,828 |
Net | 596 | 1,031 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 18,077 | 18,286 |
Accumulated Amortization | -17,807 | -17,794 |
Net | 270 | 492 |
Non-compete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 3,224 | 3,232 |
Accumulated Amortization | -3,079 | -2,937 |
Net | 145 | 295 |
Trade Name And Trademark [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, estimated lives | '5 years | ' |
Gross | 1,341 | 1,341 |
Accumulated Amortization | -1,160 | -1,097 |
Net | $181 | $244 |
Minimum [Member] | Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, estimated lives | '2 years | ' |
Minimum [Member] | Non-compete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, estimated lives | '1 year | ' |
Maximum [Member] | Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, estimated lives | '7 years | ' |
Maximum [Member] | Trade Name And Trademark [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, estimated lives | '5 years | ' |
Intangible_Assets_And_Goodwill3
Intangible Assets And Goodwill (Schedule Of Intangible Assets Related Accumulated Amortization) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 24, 2013 |
Intangible Assets And Goodwill [Abstract] | ' | ' |
Amortization expense | $424 | $417 |
Expected amortization expense, 2015 | 903 | ' |
Expected amortization expense, 2016 | 12 | ' |
Expected amortization expense, 2017 | 12 | ' |
Expected amortization expense, 2018 | $12 | ' |
Intangible_Assets_And_Goodwill4
Intangible Assets And Goodwill (Summary Of Activity In Goodwill Balance) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 24, 2013 |
Intangible Assets And Goodwill [Abstract] | ' | ' |
Goodwill, beginning of year | $175,427 | $174,275 |
Impact of foreign currency exchange rate changes | -771 | 726 |
Goodwill, end of period | $174,656 | $175,001 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
Aug. 30, 2014 | Aug. 24, 2013 | |
Income Taxes [Abstract] | ' | ' |
Provision for income taxes | $5,311,000 | $3,106,000 |
Effective tax rate | 50.00% | 46.00% |
Reversal of liability for uncertain tax position | ' | 350,000 |
Tax benefit related to stock-based compensation | $586,000 | $590,000 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (Stock Repurchase Program 2011 [Member], USD $) | 3 Months Ended |
Aug. 30, 2014 | |
Stock Repurchase Program 2011 [Member] | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Amount authorized under a stock repurchase program | $150,000,000 |
Purchase of common stock | 383,000 |
Common stock shares repurchased, average price per share | $14.84 |
Cost of shares repurchased | 5,700,000 |
Stock repurchase plan, remaining amount | $37,300,000 |
Supplemental_Disclosure_Of_Cas2
Supplemental Disclosure Of Cash Flow Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 24, 2013 |
Supplemental Disclosure Of Cash Flow Information [Abstract] | ' | ' |
Dividends declared, not paid | $3,046 | $2,788 |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Aug. 30, 2014 | Aug. 24, 2013 | Aug. 30, 2014 | Aug. 30, 2014 | Aug. 30, 2014 | Aug. 30, 2014 | 31-May-14 | Oct. 23, 2014 | |
Stock Incentive Plan 2004 [Member] | Prior Stock Plans [Member] | 2014 Performance Incentive Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | |||
Scenario, Forecast [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
New shares of common stock made available for awards | ' | ' | 7,500,000 | ' | ' | 4,400,000 | ' | ' |
Stock options vesting period | ' | ' | '4 years | ' | ' | ' | ' | ' |
Stock options termination period | ' | ' | '10 years | ' | ' | ' | ' | ' |
Shares available for grant | ' | ' | 184,000 | 0 | 2,400,000 | 268,000 | ' | ' |
Stock split conversion ratio | ' | ' | 2.5 | ' | ' | ' | ' | ' |
The aggregate intrinsic value of stock options exercised | $347,000 | $289,000 | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to stock-based compensation | 11,100,000 | ' | ' | ' | ' | ' | ' | ' |
Weighted-average period of cost to be recognized | '35 months | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 1,546,000 | 1,654,000 | ' | ' | ' | ' | ' | ' |
Capitalized share based compensation costs | 0 | 0 | ' | ' | ' | ' | ' | ' |
Weighted average estimated value per share of employee stock options granted | $3.87 | ' | ' | ' | ' | ' | ' | ' |
Shares of restricted stock granted | 6,314 | 5,141 | ' | ' | ' | ' | ' | ' |
Share based compensation expense for restricted shares | 123,000 | 85,000 | ' | ' | ' | ' | ' | ' |
Unvested restricted shares | 85,907 | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost | 860,000 | ' | ' | ' | ' | ' | ' | ' |
Excess tax benefits from stock-based compensation | $14,000 | $1,000 | ' | ' | ' | ' | ' | ' |
Percentage of exercise price per share out of fair market value | ' | ' | ' | ' | ' | 85.00% | ' | ' |
Common stock issued | ' | ' | ' | ' | ' | 171,000 | 348,000 | ' |
Increase in shares available for issuance | ' | ' | ' | ' | ' | ' | ' | 1,500,000 |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans (Summary Of Stock Option Activity) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Aug. 30, 2014 | 31-May-14 |
Stock Based Compensation Plans [Abstract] | ' | ' |
Options outstanding, Beginning balance, Number of Shares Under Option | 7,696 | ' |
Granted, at fair market value, Number of Shares Under Option | 1,387 | ' |
Exercised, Number of Shares Under Option | -128 | ' |
Forfeited, Number of Shares Under Option | -32 | ' |
Expired, Number of Shares Under Option | -24 | ' |
Options outstanding, Ending balance, Number of Shares Under Option | 8,899 | 7,696 |
Exercisable at August 30, 2014, Number of Shares Under Option | 5,846 | ' |
Vested and expected to vest at August 30, 2014, Number of Shares Under Option | 8,420 | ' |
Options outstanding, Beginning balance, Weighted Average Exercise Price | $18.93 | ' |
Granted, at fair market value, Weighted Average Exercise Price | $12.22 | ' |
Exercised, Weighted Average Exercise Price | $12.44 | ' |
Forfeited, Weighted Average Exercise Price | $12.53 | ' |
Expired, Weighted Average Exercise Price | $20.03 | ' |
Options outstanding, Ending balance, Weighted Average Exercise Price | $18 | $18.93 |
Exercisable at August 30, 2014, Weighted Average Exercise Price | $20.87 | ' |
Vested and expected to vest at August 30, 2014, Weighted Average Exercise Price | $18.34 | ' |
Options outstanding at August 30, 2014, Weighted Average Remaining Contractual Life (Years) | '5 years 7 months 28 days | '5 years 2 months 16 days |
Exercisable at August 30, 2014, Weighted Average Remaining Contractual Life (Years) | '3 years 11 months 27 days | ' |
Vested and expected to vest at August 30, 2014, Weighted Average Remaining Contractual Life (in years) | '5 years 5 months 12 days | ' |
Options outstanding, Beginning balance, Aggregate Intrinsic Value | $1,611 | ' |
Options outstanding, Ending balance, Aggregate Intrinsic Value | 12,216 | 1,611 |
Exercisable at August 30, 2014, Aggregate Intrinsic Value | 2,902 | ' |
Vested and expected to vest at August 30, 2014, Aggregate Intrinsic Value | $10,679 | ' |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans (Schedule Of Share-Based Payment Award, Valuation Assumptions) (Details) | 3 Months Ended |
Aug. 30, 2014 | |
Stock Based Compensation Plans [Abstract] | ' |
Expected volatility, minimum | 37.70% |
Expected volatility, maximum | 42.10% |
Risk-free interest rate, minimum | 1.70% |
Risk-free interest rate, maximum | 2.20% |
Expected dividends | 2.10% |
Expected life, minimum | '5 years 6 months |
Expected life, maximum | '7 years 6 months |
Segment_Information_And_Enterp2
Segment Information And Enterprise Reporting (Narrative) (Details) | 3 Months Ended |
Aug. 30, 2014 | |
segment | |
Segment Information And Enterprise Reporting [Abstract] | ' |
Number of operating segments | 1 |
Segment_Information_And_Enterp3
Segment Information And Enterprise Reporting (Schedule Of Revenue From External Customers And Long-Lived Assets, By Geographical Areas) (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 24, 2013 | 31-May-14 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ||
Revenue | $143,447 | $131,704 | ' | ||
Long-Lived Assets | 197,878 | [1] | ' | 199,616 | [1] |
United States [Member] | ' | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ||
Revenue | 115,836 | 102,194 | ' | ||
Long-Lived Assets | 173,081 | [1] | ' | 173,656 | [1] |
The Netherlands [Member] | ' | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ||
Revenue | 4,294 | 5,767 | ' | ||
Long-Lived Assets | 21,543 | [1] | ' | 22,541 | [1] |
Other [Member] | ' | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ||
Revenue | 23,317 | 23,743 | ' | ||
Long-Lived Assets | $3,254 | [1] | ' | $3,419 | [1] |
[1] | Long-lived assets are comprised of goodwill, intangible assets and property and equipment. |