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INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Nov. 27, 2015
May. 29, 2015
CURRENT ASSETS    
Cash and cash equivalents $ 2,505,700 $ 1,159,449
Receivables, net 9,811,750 11,085,689
Inventories:    
Raw materials and supplies 1,625,752 1,781,397
Finished goods 3,783,872 3,460,800
Inventories, net 5,409,624 5,242,197
Prepaid expenses 1,275,771 1,350,201
Income taxes receivable 0 476,154
Deferred income taxes 1,139,433 1,139,433
Total current assets 20,142,278 20,453,123
Property, plant and equipment, net 22,985,070 24,488,478
Other assets 1,491,216 1,603,454
Total 44,618,564 46,545,055
CURRENT LIABILITIES    
Checks outstanding in excess of bank balances 1,522,192 1,068,745
Accounts payable 3,799,854 4,049,333
Accrued income taxes 465,782 0
Current portion of long-term debt 814,884 799,204
Current portion of capital lease obligation 32,235 0
Other accrued expenses 4,694,019 5,021,286
Salary continuation plan 110,465 106,148
Line of credit outstanding 0 2,823,477
Total current liabilities 11,439,431 13,868,193
LONG-TERM LIABILITIES    
Notes payable - bank, non-current 5,751,117 6,213,513
Capital lease obligation 53,226 0
Salary continuation plan 920,814 921,882
Deferred income taxes 3,856,793 3,856,793
Total long-term liabilities 10,581,950 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 6,710,298 6,552,973
Retained earnings 19,804,684 19,049,500
Stockholder's equity before treasury stock 35,734,177 34,821,668
Less: Cost of common shares in treasury (2,537,036 shares at November 27, 2015 and May 29, 2015) (13,136,994) (13,136,994)
Total stockholders' equity 22,597,183 21,684,674
Total $ 44,618,564 $ 46,545,055