DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Nov. 29, 2014

Summary financial results for the three and six months ended November 29, 2014, and November 30, 2013, are presented in the following table (in thousands):



	Three Months Ended						Six Months Ended
	November 29, 2014			November 30, 2013			November 29, 2014			November 30, 2013
Net sales	$	—		$	178		$	—		$	264
Gross profit (loss) ⁽¹⁾	—			(55		)	—			(103		)
Selling, general, and administrative expenses ⁽²⁾	—			117			—			149
Other expense	—			—			—			1
Income tax benefit ⁽³⁾	(87		)	(65		)	(87		)	(135		)
Income (Loss) from discontinued operations, net of tax	$	87		$	(107	)	$	87		$	(118	)

Notes:

(1) Gross profit (loss) for fiscal year 2014 includes unabsorbed manufacturing labor and overhead expenses related to the Manufacturing Agreement with RFPD which ended March 1, 2014.

(2) Selling, General, and Administrative expenses relate primarily to professional fees for tax audits resulting from the Transaction.

(3) Income tax benefit relates to the reversal of tax reserves.

Assets and liabilities classified as discontinued operations

Assets and liabilities classified as discontinued operations on our consolidated balance sheets as of November 29, 2014, and May 31, 2014, include the following (in thousands):



	November 29, 2014		May 31, 2014
Inventories	$	—	$	18
Discontinued operations - Assets	$	—	$	18

Accrued liabilities - current	$	—	$	7
Accrued liabilities - non-current	—		130
Discontinued operations - Liabilities	$	—	$	137