Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 04, 2016 | Mar. 31, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 4, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | GOLDEN ENTERPRISES INC | |
Entity Central Index Key | 42,228 | |
Current Fiscal Year End Date | --06-03 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | GLDC | |
Entity Common Stock, Shares Outstanding | 11,291,757 |
INTERIM CONDENSED CONSOLIDATED
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 04, 2016 | May. 29, 2015 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 1,538,052 | $ 1,159,449 |
Receivables, net | 10,661,928 | 11,085,689 |
Inventories: | ||
Raw materials and supplies | 1,889,010 | 1,781,397 |
Finished goods | 3,892,028 | 3,460,800 |
Inventories, net | 5,781,038 | 5,242,197 |
Prepaid expenses | 1,321,476 | 1,350,201 |
Income taxes receivable | 0 | 476,154 |
Deferred income taxes | 1,139,433 | 1,139,433 |
Total current assets | 20,441,927 | 20,453,123 |
Property, plant and equipment, net | 22,378,544 | 24,488,478 |
Other assets | 1,546,555 | 1,603,454 |
Total | 44,367,026 | 46,545,055 |
CURRENT LIABILITIES | ||
Checks outstanding in excess of bank balances | 2,461,537 | 1,068,745 |
Accounts payable | 2,783,703 | 4,049,333 |
Accrued income taxes | 137,770 | 0 |
Current portion of long-term debt | 822,378 | 799,204 |
Current portion of capital lease obligation | 32,497 | 0 |
Other accrued expenses | 3,965,970 | 5,021,286 |
Salary continuation plan | 112,689 | 106,148 |
Line of credit outstanding | 733,803 | 2,823,477 |
Total current liabilities | 11,050,347 | 13,868,193 |
LONG-TERM LIABILITIES | ||
Notes payable - bank, non-current | 5,492,394 | 6,213,513 |
Capital lease obligation | 45,003 | 0 |
Salary continuation plan | 913,586 | 921,882 |
Deferred income taxes | 3,856,793 | 3,856,793 |
Total long-term liabilities | 10,307,776 | 10,992,188 |
STOCKHOLDERS' EQUITY | ||
Common stock - $.66-2/3 par value: 35,000,000 shares authorized Issued 13,828,793 shares | 9,219,195 | 9,219,195 |
Additional paid-in capital | 6,768,661 | 6,552,973 |
Retained earnings | 20,158,041 | 19,049,500 |
Stockholder's equity before treasury stock | 36,145,897 | 34,821,668 |
Less: Cost of common shares in treasury (2,537,036 shares at March 4, 2016 and May 29, 2015) | (13,136,994) | (13,136,994) |
Total stockholders' equity | 23,008,903 | 21,684,674 |
Total | $ 44,367,026 | $ 46,545,055 |
INTERIM CONDENSED CONSOLIDATED3
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 04, 2016 | May. 29, 2015 |
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 | 2,537,036 |
INTERIM CONDENSED CONSOLIDATED4
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 04, 2016 | Feb. 27, 2015 | Mar. 04, 2016 | Feb. 27, 2015 | |
Net sales | $ 35,186,617 | $ 31,521,659 | $ 100,916,805 | $ 97,676,021 |
Cost of sales | 17,600,121 | 16,008,972 | 50,045,796 | 49,475,833 |
Gross margin | 17,586,496 | 15,512,687 | 50,871,009 | 48,200,188 |
Selling, general and administrative expenses | 16,395,652 | 14,814,153 | 47,084,549 | 46,240,504 |
Operating income | 1,190,844 | 698,534 | 3,786,460 | 1,959,684 |
Other income (expenses): | ||||
Gain on sale of assets | 25,166 | 6,800 | 31,416 | 259,606 |
Interest expense | (84,179) | (93,065) | (269,870) | (323,515) |
Other income | 67,399 | 56,546 | 86,515 | 79,821 |
Total other income (expenses) | 8,386 | (29,719) | (151,939) | 15,912 |
Income before income taxes | 1,199,230 | 668,815 | 3,634,521 | 1,975,596 |
Income taxes | 464,775 | 396,292 | 1,410,917 | 895,120 |
Net income | $ 734,455 | $ 272,523 | $ 2,223,604 | $ 1,080,476 |
PER SHARE OF COMMON STOCK | ||||
Basic earnings | $ 0.07 | $ 0.02 | $ 0.20 | $ 0.09 |
Diluted earnings | $ 0.06 | $ 0.02 | $ 0.20 | $ 0.09 |
Weighted average number of common stock share outstanding: | ||||
Basic | 11,291,757 | 11,451,635 | 11,291,757 | 11,638,966 |
Diluted | 11,317,116 | 11,451,635 | 11,291,757 | 11,638,966 |
Cash dividends paid per share of common stock | $ 0.0338 | $ 0.0313 | $ 0.0988 | $ 0.0938 |
INTERIM CONDENSED CONSOLIDATED5
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Mar. 04, 2016 | Feb. 27, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Cash received from customers | $ 101,340,566 | $ 98,463,935 |
Miscellaneous income | 86,515 | 79,821 |
Cash paid to suppliers and employees | (50,030,240) | (46,423,451) |
Cash paid for operating expenses | (46,756,284) | (46,923,992) |
Income taxes paid | (796,993) | (1,334,929) |
Interest expenses paid | (269,870) | (323,515) |
Net cash provided by operating activities | 3,573,694 | 3,537,869 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (695,531) | (2,584,672) |
Proceeds from sale of property, plant and equipment | 31,416 | 261,156 |
Net cash (used in) investing activities | (664,115) | (2,323,516) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Debt proceeds | 16,840,517 | 24,093,217 |
Debt repayments | (19,628,136) | (21,965,689) |
Principal payments under capital lease obligation | (21,086) | 0 |
Change in checks outstanding in excess of bank balances | 1,392,792 | (252,760) |
Cash dividends paid | (1,115,063) | (1,099,936) |
Purchases of treasury shares | 0 | (2,204,375) |
Net cash (used in) financing activities | (2,530,976) | (1,429,543) |
Net change in cash and cash equivalents | 378,603 | (215,190) |
Cash and cash equivalents at beginning of period | 1,159,449 | 1,160,630 |
Cash and cash equivalents at end of period | 1,538,052 | 945,440 |
Supplemental Cash Flow Information [Abstract] | ||
Capital Lease Obligations Incurred | 98,586 | |
RECONCILIATION OF NET INCOME TO NET CASH FROM OPERATING ACTIVITIES | ||
Net Income | 2,223,604 | 1,080,476 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,904,051 | 2,937,993 |
Gain on sale of property and equipment | (31,416) | (259,606) |
Stock based compensation | 215,688 | 0 |
Changes in operating assets and liabilities: | ||
Change in receivables - net | 423,761 | 787,914 |
Change in inventories | (538,841) | 478,105 |
Change in prepaid expenses | 28,725 | (293,981) |
Change in other assets | 56,899 | 165,929 |
Change in accounts payable | (1,265,630) | 614,063 |
Change in accrued expenses | (1,055,316) | (1,445,039) |
Change in salary continuation | (1,755) | (88,176) |
Change in accrued income taxes | 613,924 | (439,809) |
Net cash provided by operating activities | $ 3,573,694 | $ 3,537,869 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Mar. 04, 2016 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Golden Flake Snack Foods, Inc. is a wholly-owned subsidiary of Golden Enterprises, Inc. The accompanying unaudited interim condensed consolidated financial statements of Golden Enterprises, Inc. (the “Company”, “we”, or “our”), which includes the accounts of Golden Enterprises, Inc. and subsidiary, have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim condensed consolidated financial information and with the instructions to Form 10-Q. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal, recurring accruals) necessary for a fair presentation have been included. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements and Notes included in our Form 10-K as of and for the year ended May 29, 2015, which can be found on our website at www.goldenflake.com/financial.html The consolidated financial position, results of operations, and cash flows for the fourteen weeks and forty weeks ended March 4, 2016 are not necessarily indicative of the results to be expected for the fifty-three week fiscal year ending June 3, 2016. Significant accounting policies: Raw materials and finished goods are stated at the lower of cost or market. Cost is computed on the first-in, first-out method. The Company recognizes sales and related costs upon delivery or shipment of products to its customers. Sales are reduced by estimated returns and allowances to customers. Costs associated with the delivery or shipment of these products are recorded gross and shown as part of selling, general and administrative expenses on the unaudited interim condensed consolidated statements of income. 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 its reserve based on analysis of historical data, while also considering general economic factors and specific reserves for receivable balances that are considered higher risk due to known facts regarding the customer. 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
RECENTLY ISSUED ACCOUNTING STAN
RECENTLY ISSUED ACCOUNTING STANDARDS | 9 Months Ended |
Mar. 04, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards | NOTE 2 RECENTLY ISSUED ACCOUNTING STANDARDS Revenue Recognition In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers to update its revenue recognition standard to clarify the principles for recognizing revenue and eliminate industry-specific guidance. In addition, the updated standard revises current disclosure requirements in an effort to help financial statement users better understand the nature, amount, timing, and uncertainty of revenue that is recognized. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date by one year. This revised standard will be effective for the Company for the interim and annual reporting period beginning after December 15, 2017. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Principal versus Agent Considerations), to clarify the implementation guidance on principal versus agent considerations. The FASB will permit early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is currently evaluating the impact of this standard. Measurement of Inventory In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory. An entity should measure inventory within the scope of this update at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The standard is effective for annual reporting periods beginning after December 15, 2016 and related interim periods. Early adoption is permitted. The Company does not believe this standard will have a material effect on its financial position, results of operations, or cash flows. Balance Sheet Classification of Deferred Taxes In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. This accounting standard requires deferred tax assets and liabilities, along with related valuation allowances, to be classified as noncurrent on the balance sheet. As a result, each tax jurisdiction will now only have one net noncurrent deferred tax asset or liability. The new guidance does not change the existing requirement that prohibits offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction. The standard is effective for annual reporting periods beginning after December 15, 2016, and related interim periods. Early adoption is permitted. The Company is currently evaluating the impact of the provisions of this standard. Leases In February 2016, the FASB issued ASU 2016-02, Leases. This accounting standard requires lessees to recognize assets and liabilities related to lease arrangements longer than 12 months on the balance sheet. This standard also requires additional disclosures by lessees and contains targeted changes to accounting by lessors. The updated guidance is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of the provisions of this standard. |
RECLASSIFICATIONS
RECLASSIFICATIONS | 9 Months Ended |
Mar. 04, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassifications | NOTE 3 RECLASSIFICATIONS Certain prior period financial statement amounts have been reclassified to be consistent with the presentation for the current period. |
NET INCOME PER SHARE
NET INCOME PER SHARE | 9 Months Ended |
Mar. 04, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | NOTE 4 NET INCOME PER SHARE Basic earnings per common share, as presented on the unaudited interim condensed consolidated statements of income, are computed by dividing earnings available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share (EPS) reflects per share amounts that would have resulted if dilutive potential common stock equivalents had been converted to common stock, as prescribed by FASB Accounting Standards Codification (ASC) 260, “Earnings per Share”. Diluted earnings per share takes into consideration the potential dilution that could occur if stock options were exercised and converted into common stock. In the calculation of diluted earnings per share, the denominator includes the number of additional common shares that would have been outstanding if our outstanding dilutive stock options had been exercised, as determined pursuant to the treasury stock method. Fourteen Thirteen Forty Thirty-Nine Weeks Weeks Weeks Weeks Ended Ended Ended Ended March 4, 2016 February 27, 2015 March 4, 2016 February 27, 2015 Basic EPS: Net income $ 734,455 $ 272,523 $ 2,223,604 $ 1,080,476 Weighted average shares outstanding 11,291,757 11,451,635 11,291,757 11,638,966 Earnings per share - Basic $ 0.07 $ 0.02 $ 0.20 $ 0.09 Diluted EPS: Weighted average shares outstanding 11,317,116 11,451,635 11,291,757 11,638,966 Earnings per share - Diluted $ 0.06 $ 0.02 $ 0.20 $ 0.09 |
PREPAID EXPENSES
PREPAID EXPENSES | 9 Months Ended |
Mar. 04, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses | NOTE 5 PREPAID EXPENSES March 4, 2016 May 29, 2015 Truck shop supplies $ 308,098 $ 320,622 Insurance deposit 48,548 48,548 Prepaid marketplace spending 232,313 201,373 Prepaid insurance 395,956 369,864 Prepaid taxes/licenses 87,768 113,042 Prepaid dues/supplies 9,783 22,412 Other 239,010 274,340 Total prepaid expenses $ 1,321,476 $ 1,350,201 |
OTHER ACCRUED EXPENSES
OTHER ACCRUED EXPENSES | 9 Months Ended |
Mar. 04, 2016 | |
Payables and Accruals [Abstract] | |
Other Accrued Expenses | NOTE 6 OTHER ACCRUED EXPENSES March 4, 2016 May 29, 2015 Accrued salary and benefits $ 2,440,390 $ 2,526,338 Accrued workers compensation 933,675 1,472,182 Accrued other 591,905 1,022,766 Total accrued expenses $ 3,965,970 $ 5,021,286 |
CONCENTRATIONS OF CREDIT RISK
CONCENTRATIONS OF CREDIT RISK | 9 Months Ended |
Mar. 04, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentrations Of Credit Risk | NOTE 7 CONCENTRATIONS OF CREDIT RISK The principal raw materials used in the manufacture of the Company’s snack food products are potatoes, corn, pork skin pellets, vegetable oils, and seasoning. The principal supplies used are flexible film, cartons, trays, boxes, and bags. These raw materials and supplies are generally available in adequate quantities in the open market from sources in the United States and are generally contracted up to a year in advance. 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 . |
LETTER OF CREDIT
LETTER OF CREDIT | 9 Months Ended |
Mar. 04, 2016 | |
Line of Credit Facility [Abstract] | |
Letter of Credit | NOTE 8 LETTER OF CREDIT The Company has a letter of credit with a local bank in the amount of $ 1,925,000 |
LINE OF CREDIT
LINE OF CREDIT | 9 Months Ended |
Mar. 04, 2016 | |
Debt Disclosure [Abstract] | |
Line Of Credit | NOTE 9 LINE OF CREDIT The Company has a line-of-credit agreement with a local bank that permitted borrowing up to $ 3,000,000 March 4, 2016 May 29, 2015 Interest rate 3.50 % 3.25 % Outstanding $ 733,803 $ 2,823,477 Available 2,266,197 176,523 Total Line of credit $ 3,000,000 $ 3,000,000 |
LONG TERM LIABILITIES
LONG TERM LIABILITIES | 9 Months Ended |
Mar. 04, 2016 | |
Debt Disclosure [Abstract] | |
Long Term Liabilities | NOTE 10 LONG TERM LIABILITIES March 4, 2016 May 29, 2015 Note payable maturing March 10, 2021 interest at 3.00%, principal and interest due monthly $ 4,608,092 $ 4,944,233 Note payable maturing January 1, 2020 interest at 3.30%, principal and interest due monthly 1,706,680 2,068,484 Less current portion of long-term debt (822,378) (799,204) Total long-term debt $ 5,492,394 $ 6,213,513 In July 2015, a capital lease obligation of $ 98,586 77,500 March 4, 2016. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Mar. 04, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 11 INCOME TAXES The Company’s effective tax rate for the fourteen weeks ended March 4, 2016 was 38.8 59.3 38.8 45.3 |
SUMMARY OF SIGNIFICANT ACCOUN17
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Mar. 04, 2016 | |
Accounting Policies [Abstract] | |
Inventories | Inventories Raw materials and finished goods are stated at the lower of cost or market. Cost is computed on the first-in, first-out method. |
Revenue Recognition | Revenue Recognition The Company recognizes sales and related costs upon delivery or shipment of products to its customers. Sales are reduced by estimated returns and allowances to customers. Costs associated with the delivery or shipment of these products are recorded gross and shown as part of selling, general and administrative expenses on the unaudited interim condensed consolidated statements of income. |
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 its reserve based on analysis of historical data, while also considering general economic factors and specific reserves for receivable balances that are considered higher risk due to known facts regarding the customer. |
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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
NET INCOME PER SHARE (Tables)
NET INCOME PER SHARE (Tables) | 9 Months Ended |
Mar. 04, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | The basic and diluted EPS are the same for certain periods because the impact of common stock equivalents would be antidilutive. Fourteen Thirteen Forty Thirty-Nine Weeks Weeks Weeks Weeks Ended Ended Ended Ended March 4, 2016 February 27, 2015 March 4, 2016 February 27, 2015 Basic EPS: Net income $ 734,455 $ 272,523 $ 2,223,604 $ 1,080,476 Weighted average shares outstanding 11,291,757 11,451,635 11,291,757 11,638,966 Earnings per share - Basic $ 0.07 $ 0.02 $ 0.20 $ 0.09 Diluted EPS: Weighted average shares outstanding 11,317,116 11,451,635 11,291,757 11,638,966 Earnings per share - Diluted $ 0.06 $ 0.02 $ 0.20 $ 0.09 |
PREPAID EXPENSES (Tables)
PREPAID EXPENSES (Tables) | 9 Months Ended |
Mar. 04, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses | The following table summarizes the prepaid expenses accounts as of March 4, 2016 and May 29, 2015: March 4, 2016 May 29, 2015 Truck shop supplies $ 308,098 $ 320,622 Insurance deposit 48,548 48,548 Prepaid marketplace spending 232,313 201,373 Prepaid insurance 395,956 369,864 Prepaid taxes/licenses 87,768 113,042 Prepaid dues/supplies 9,783 22,412 Other 239,010 274,340 Total prepaid expenses $ 1,321,476 $ 1,350,201 |
OTHER ACCRUED EXPENSES (Tables)
OTHER ACCRUED EXPENSES (Tables) | 9 Months Ended |
Mar. 04, 2016 | |
Payables and Accruals [Abstract] | |
Other Accrued Expenses | The following table summarizes other accrued expenses as of March 4, 2016 and May 29, 2015: March 4, 2016 May 29, 2015 Accrued salary and benefits $ 2,440,390 $ 2,526,338 Accrued workers compensation 933,675 1,472,182 Accrued other 591,905 1,022,766 Total accrued expenses $ 3,965,970 $ 5,021,286 |
LINE OF CREDIT (Tables)
LINE OF CREDIT (Tables) | 9 Months Ended |
Mar. 04, 2016 | |
Debt Disclosure [Abstract] | |
Line Of Credit | The following table summarizes the line of credit as of March 4, 2016 and May 29, 2015: March 4, 2016 May 29, 2015 Interest rate 3.50 % 3.25 % Outstanding $ 733,803 $ 2,823,477 Available 2,266,197 176,523 Total Line of credit $ 3,000,000 $ 3,000,000 |
LONG TERM LIABILITIES (Tables)
LONG TERM LIABILITIES (Tables) | 9 Months Ended |
Mar. 04, 2016 | |
Debt Disclosure [Abstract] | |
Long Term Liabilities | The Company has two notes payable with a local bank. Debt outstanding as of March 4, 2016 and May 29, 2015 consisted of the following: March 4, 2016 May 29, 2015 Note payable maturing March 10, 2021 interest at 3.00%, principal and interest due monthly $ 4,608,092 $ 4,944,233 Note payable maturing January 1, 2020 interest at 3.30%, principal and interest due monthly 1,706,680 2,068,484 Less current portion of long-term debt (822,378) (799,204) Total long-term debt $ 5,492,394 $ 6,213,513 |
NET INCOME PER SHARE (Details)
NET INCOME PER SHARE (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 04, 2016 | Feb. 27, 2015 | Mar. 04, 2016 | Feb. 27, 2015 | |
Basic EPS: | ||||
Net income | $ 734,455 | $ 272,523 | $ 2,223,604 | $ 1,080,476 |
Weighted average shares outstanding | 11,291,757 | 11,451,635 | 11,291,757 | 11,638,966 |
Earnings per share - Basic | $ 0.07 | $ 0.02 | $ 0.20 | $ 0.09 |
Diluted EPS: | ||||
Weighted average shares outstanding | 11,317,116 | 11,451,635 | 11,291,757 | 11,638,966 |
Earnings per share - Diluted | $ 0.06 | $ 0.02 | $ 0.20 | $ 0.09 |
PREPAID EXPENSES (Details)
PREPAID EXPENSES (Details) - USD ($) | Mar. 04, 2016 | May. 29, 2015 |
Truck shop supplies | $ 308,098 | $ 320,622 |
Insurance deposit | 48,548 | 48,548 |
Prepaid marketplace spending | 232,313 | 201,373 |
Prepaid insurance | 395,956 | 369,864 |
Prepaid taxes/licenses | 87,768 | 113,042 |
Prepaid dues/supplies | 9,783 | 22,412 |
Other | 239,010 | 274,340 |
Total prepaid expenses | $ 1,321,476 | $ 1,350,201 |
OTHER ACCRUED EXPENSES (Details
OTHER ACCRUED EXPENSES (Details) - USD ($) | Mar. 04, 2016 | May. 29, 2015 |
Accrued salary and benefits | $ 2,440,390 | $ 2,526,338 |
Accrued workers compensation | 933,675 | 1,472,182 |
Accrued other | 591,905 | 1,022,766 |
Total accrued expenses | $ 3,965,970 | $ 5,021,286 |
LETTER OF CREDIT (Details Textu
LETTER OF CREDIT (Details Textual) - USD ($) | Mar. 04, 2016 | Feb. 27, 2015 |
Line of Credit Facility [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 1,925,000 | $ 1,850,000 |
LINE OF CREDIT (Details)
LINE OF CREDIT (Details) - USD ($) | Mar. 04, 2016 | May. 29, 2015 |
Interest rate | 3.50% | 3.25% |
Outstanding | $ 733,803 | $ 2,823,477 |
Available | 2,266,197 | 176,523 |
Total Line of credit | $ 3,000,000 | $ 3,000,000 |
LINE OF CREDIT (Details Textual
LINE OF CREDIT (Details Textual) - USD ($) | Mar. 04, 2016 | May. 29, 2015 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 | $ 3,000,000 |
LONG TERM LIABILITIES (Details)
LONG TERM LIABILITIES (Details) - USD ($) | Mar. 04, 2016 | May. 29, 2015 |
Less current portion of long-term debt | $ (822,378) | $ (799,204) |
Total long-term debt | 5,492,394 | 6,213,513 |
Notes Payable One [Member] | ||
Debt Instrument, Face Amount | 4,608,092 | 4,944,233 |
Notes Payable Two [Member] | ||
Debt Instrument, Face Amount | $ 1,706,680 | $ 2,068,484 |
LONG TERM LIABILITIES (Details
LONG TERM LIABILITIES (Details Textual) - USD ($) | 9 Months Ended | |
Mar. 04, 2016 | Jul. 31, 2015 | |
Debt Instrument [Line Items] | ||
Capital Lease Obligations, Total | $ 77,500 | $ 98,586 |
Notes Payable One [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |
Debt Instrument, Maturity Date | Mar. 10, 2021 | |
Notes Payable Two [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | |
Debt Instrument, Maturity Date | Jan. 1, 2020 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Mar. 04, 2016 | Feb. 27, 2015 | Mar. 04, 2016 | Feb. 27, 2015 | |
Income Tax [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Percent, Total | 38.80% | 59.30% | 38.80% | 45.30% |