1. DESCRIPTION OF THE COMPANY
Richardson Electronics, Ltd. (the \"Company\", \"we\", \"our\") is a leading global manufacturer of engineered solutions, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high-value replacement parts, tubes and service training for diagnostic imaging equipment; and customized display solutions. Nearly 55% of our products are manufactured at our facilities located in LaFox, Illinois, Marlborough, Massachusetts and Donaueschingen, Germany, or by one of our manufacturing partners throughout the world. All our partners manufacture to our strict specifications and per our supplier code of conduct. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets. The Company\u2019s strategy is to provide specialized technical expertise and \u201cengineered solutions\u201d based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair through its global infrastructure.
Our products include electron tubes and related components, microwave generators, subsystems used in semiconductor manufacturing and visual technology solutions. These products are used to control, switch or amplify electrical power signals, or are used as display devices in a variety of industrial, commercial, medical and communication applications.
The Company reports its financial performance for the following operating and reportable segments:
Power and Microwave Technologies (\"PMT\") combines our core engineered solutions capabilities, power grid and microwave tube business with new disruptive RF, Wireless and Power technologies. As a designer, manufacturer, technology partner and authorized distributor, PMT\u2019s strategy is to provide specialized technical expertise and engineered solutions based on our core engineering and manufacturing capabilities on a global basis. We provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair - all through our existing global infrastructure. PMT\u2019s focus is on products for power, RF and microwave applications for customers in 5G, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets. PMT focuses on various applications including broadcast transmission, CO2 laser cutting, diagnostic imaging, dielectric and induction heating, high energy transfer, high voltage switching, plasma, power conversion, radar and radiation oncology. PMT also offers its customers technical services for both microwave and industrial equipment.
Green Energy Solutions (\"GES\") combines our key technology partners and engineered solutions capabilities to design and manufacture innovative products for the fast-growing energy storage market and power management applications. As a designer, manufacturer, technology partner and authorized distributor, GES\u2019s strategy is to provide specialized technical expertise and engineered solutions using our core design engineering and manufacturing capabilities on a global basis. We provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair - all through our existing global infrastructure. GES\u2019s focus is on products for numerous green energy applications such as wind, solar, hydrogen and Electric Vehicles, and other power management applications that support green solutions such as synthetic diamond manufacturing.
Canvys provides customized display solutions serving the corporate enterprise, financial, healthcare, industrial and medical original equipment manufacturers markets. Our engineers design, manufacture, source and support a full spectrum of solutions to match the needs of our customers. We offer long-term availability and proven custom display solutions that include touch screens, protective panels, custom enclosures, All-In-One computers, specialized cabinet finishes and application specific software packages and certification services. We partner with both private label manufacturing companies and leading branded hardware vendors to offer the highest quality display and touch solutions and customized computing platforms.
Healthcare manufactures, repairs, refurbishes and distributes high value replacement parts and equipment for the healthcare market including hospitals, medical centers, asset management companies, independent service organizations and multi-vendor service providers. Products include diagnostic imaging replacement parts for CT and MRI systems; replacement CT and MRI tubes; CT service training; MRI coils, cold heads and RF amplifiers; hydrogen thyratrons, klystrons, magnetrons; flat panel detector upgrades; pre-owned CT systems; and additional replacement solutions currently under development for the diagnostic imaging service market. Through a combination of newly developed products and partnerships, service offerings and training programs, we believe we can help our customers improve efficiency while lowering the cost of healthcare delivery.
We currently operate within the following major geographic regions: North America, Asia/Pacific, Europe and Latin America.
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The accompanying unaudited consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (\u201cGAAP\u201d) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes required by GAAP for complete financial statements.
Our fiscal quarter ends on the Saturday nearest the end of the quarter-ending month. The third quarter of fiscal 2024 and fiscal 2023 both contained 13 weeks. The first nine months of fiscal 2024 contained 40 weeks and the first nine months of fiscal 2023 contained 39 weeks.
In the opinion of management, all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results of interim periods have been made. All inter-company transactions and balances have been eliminated. The unaudited consolidated financial statements presented herein include the accounts of our wholly owned subsidiaries. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to applicable rules and regulations. The results of our operations for nine months ended March 2, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending June 1, 2024.
As described in Note 1, Description of the Company and Note 9, Segment Reporting, the Company reports its financial performance based on four operating and reportable segments. The financial information contained in this report should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended May 27, 2023, which was filed with the SEC on July 31, 2023.
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ASU 2016-13 (as amended by ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11 and 2020-02) introduced a new forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses requires entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. This ASU also expanded the disclosure requirements to enable users of financial statements to understand the entity\u2019s assumptions, models and methods for estimating expected credit losses. The Company adopted the new standard in the first quarter of fiscal 2024 and the adoption had no impact on the Company's financial condition, results of operations or cash flows.
In December 2023, the Financial Accounting Standards Board (\"FASB\") issued Accounting Standards Update (\"ASU\") No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands the disclosures required in an entity's income tax rate reconciliation table and requires disclosure of income taxes paid in both U.S. and foreign jurisdictions. The amendments are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, to be applied on a prospective basis, with retrospective application permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendment requires disclosures of significant segment expenses that are regularly provided to the chief operating decision maker (\"CODM\") and included within each reported measure of segment profit of loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment's profit or loss and assets. The new guidance also requires that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this update and all existing segment disclosures. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Upon adoption, this guidance should be applied retrospectively to all prior periods presented. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the Securities and Exchange Commission's (\"SEC\") Disclosure Update and Simplification Initiative. The amendments in this update require modification of certain disclosure and presentation requirements for a variety of ASU topics in response to the SEC's Release No. 33-10532. The effective date for each amended topic in the ASC is the date on which the SEC's removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendment will be removed from the Codification and not become effective. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.
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Inventories, net: Our consolidated inventories were stated at the lower of cost and net realizable value, generally using a weighted-average cost method. Our net inventories include approximately $95.1 million of finished goods, $12.9 million of raw materials and $4.6 million of work-in-progress as of March 2, 2024, as compared to approximately $93.4 million of finished goods, $11.8 million of raw materials and $5.2 million of work-in-progress as of May 27, 2023.
At this time, we do not anticipate any material risks or uncertainties related to possible future inventory write-downs. Provisions for obsolete or slow-moving inventories are recorded based upon regular analysis of stock rotation privileges, obsolescence, the exiting of certain markets and assumptions about future demand and market conditions. If future demand changes in the industry, or market conditions differ from management\u2019s estimates, additional provisions may be necessary. Inventory reserves were approximately $6.0 million as of March 2, 2024 and $5.9 million as of May 27, 2023.
Revenue Recognition: Our customers are generally not resellers, but rather businesses that incorporate our products into their processes, from which they generate an economic benefit. The goods are also distinct in that each item sold to the customer is clearly identified on both the purchase order and resulting invoice. Each product we sell benefits the customer independently of the other products. Each item on each purchase order from the customer can be used by the customer unrelated to any other products we provide to the customer. The Company\u2019s revenue includes the following streams:
Manufacturing/assembly typically includes the products that are manufactured or assembled in our manufacturing facility. These products can either be built to the customer\u2019s prints/designs or are products that we stock in our warehouse to sell to any customer that places an order. The manufacturing business does not include a separate service bundled with the product sold or sold in addition to the product. Our contracts for customized products generally include termination provisions if a customer cancels its order. However, we recognize revenue at a point in time because the termination provisions normally do not require, upon cancellation, the customer to pay fees that are commensurate with the work performed. Each purchase order explicitly states the goods or services that we promise to transfer to the customer. The promises to the customer are limited only to those goods or services. The performance obligation is our promise to deliver both goods that were produced by the Company and resale of goods that we purchase from our suppliers. Our shipping and handling activities for destination shipments are performed prior to the customer obtaining control. As such, they are not a separate promised service. The Company elects to account for shipping and handling as activities to fulfill the promise to transfer the goods. The goods we provide to our customers are distinct in that our customers benefit from the goods we sell them through use in their own processes.
Distribution typically includes products purchased from our suppliers, stocked in our warehouses and then sold to our customers. The distribution business does not include a separate service bundled with the product sold or sold on top of the product. Revenue is recognized when control of the promised goods is transferred to our customers, which is simultaneous with the title transferring to the customer, in an amount that reflects the transaction price consideration that we expect to receive in exchange for those goods. Control refers to the ability of the customer to direct the use of and obtain substantially all the remaining benefits from the goods. Our transaction price consideration is fixed, unless otherwise disclosed below as variable consideration. Generally, our contracts require our customers to pay for goods after we deliver products to them. Terms are generally on open account, payable net 30 days in North America, and vary throughout Asia/Pacific, Europe and Latin America subject to customary credit checks.
Repair, installation or training activities generate services revenue. The services we provide are relatively short in duration and are typically completed in one or two weeks. Therefore, at each reporting date, the amount of unbilled work is insignificant. The services revenue has consistently accounted for less than 5% of the Company\u2019s total revenues and is expected to continue at that level.
Contracts with customers: A revenue contract exists once a customer purchase order is received, reviewed and accepted. Each accepted purchase order identifies a distinct good or service as the Company's performance obligation. The goods include standard products purchased from a supplier and stocked on our shelves, customized products purchased from a supplier, products that are customized or have value added to them in house prior to shipping to the customer and manufactured products. Prior to accepting a customer purchase order, we review the credit worthiness of the customer. Purchase orders are deemed to meet the collectability criterion once the customer\u2019s credit is approved. The Company receives advance payments or deposits from our customers before revenue is recognized resulting in contract liabilities. Contract liabilities are included in accrued liabilities in the unaudited consolidated balance sheets.
Contract Liabilities: Contract liabilities and revenue recognized were as follows (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n May 27, 2023 | \n \u00a0 | \n \u00a0 | \n Additions | \n \u00a0 | \n \u00a0 | \n Revenue | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n ||||
Contract liabilities | \n \u00a0 | \n $ | \n 3,283 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,247 | \n \u00a0 | \n \u00a0 | \n $ | \n (2,814 | \n ) | \n \u00a0 | \n $ | \n 3,716 | \n \u00a0 | \n
See Note 9, Segment Reporting, for a disaggregation of revenue by reportable segment and geographic region, which represents how our chief operating decision maker reviews information internally to evaluate our financial performance and to make resource allocation and other decisions for the Company.
Loss Contingencies: We accrue a liability for loss contingencies when it is probable that a liability has been incurred and the amount can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. If we determine that there is at least a reasonable possibility that a loss may have been incurred, we will include a disclosure describing the contingency.
Intangible Assets: Intangible assets are initially recorded at their fair market values determined by quoted market prices in active markets, if available, or by recognized valuation models. Intangible assets that have finite useful lives are amortized over their useful lives either on a straight-line basis or over their projected future cash flows and are tested for impairment when events or changes in circumstances occur that indicate possible impairment. Our intangible assets represent the fair value for customer relationships agreements acquired in connection with prior acquisitions. Technology represents the fair value acquired in connection with acquisitions and an exclusive license, manufacturing and distribution agreement. Intangible assets subject to amortization were as follows (in thousands):
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n May 27, 2023 | \n \u00a0 | \n ||
Gross Amounts: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Customer Relationships(1) | \n \u00a0 | \n $ | \n 3,394 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,388 | \n \u00a0 | \n
Technology | \n \u00a0 | \n \u00a0 | \n 380 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 380 | \n \u00a0 | \n
Total Gross Amounts | \n \u00a0 | \n $ | \n 3,774 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,768 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Accumulated Amortization: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Customer Relationships | \n \u00a0 | \n $ | \n 1,833 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,671 | \n \u00a0 | \n
Technology | \n \u00a0 | \n \u00a0 | \n 237 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 205 | \n \u00a0 | \n
Total Accumulated Amortization | \n \u00a0 | \n $ | \n 2,070 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,876 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Net Intangible Assets | \n \u00a0 | \n $ | \n 1,704 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,892 | \n \u00a0 | \n
\u00a0
The amortization expense associated with intangible assets subject to amortization for the next five years is presented in the following table (in thousands):
\n| \n | \n | \n | \n | \n |
Fiscal Year | \n \u00a0 | \n Amortization | \n \u00a0 | \n |
Remaining 2024 | \n \u00a0 | \n $ | \n 64 | \n \u00a0 | \n
2025 | \n \u00a0 | \n \u00a0 | \n 239 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 207 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 194 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 185 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 815 | \n \u00a0 | \n
\u00a0\u00a0\u00a0\u00a0\u00a0Total amortization | \n \u00a0 | \n $ | \n 1,704 | \n \u00a0 | \n
The weighted average number of years of amortization expense remaining is 10.4 years.
Income Taxes: We recognize deferred tax assets and liabilities based on the differences between financial statement carrying amounts and the tax bases of assets and liabilities. We regularly review our deferred tax assets for recoverability and determine the need for a valuation allowance based on a number of factors, including both positive and negative evidence. These factors include historical taxable income or loss, projected future taxable income or loss, the expected timing of the reversals of existing temporary differences and the implementation of tax planning strategies. In circumstances where we, or any of our affiliates, have incurred three years of cumulative losses which constitute significant negative evidence, positive evidence of equal or greater significance is needed to overcome the negative evidence before a tax benefit is recognized for deductible temporary differences and loss carryforwards.
Accrued Liabilities: Accrued liabilities consisted of the following (in thousands):
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n May 27, 2023 | \n \u00a0 | \n ||
Compensation and payroll taxes | \n \u00a0 | \n $ | \n 2,554 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,422 | \n \u00a0 | \n
Accrued severance | \n \u00a0 | \n \u00a0 | \n 511 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 486 | \n \u00a0 | \n
Professional fees | \n \u00a0 | \n \u00a0 | \n 707 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 661 | \n \u00a0 | \n
Deferred revenue | \n \u00a0 | \n \u00a0 | \n 3,716 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,283 | \n \u00a0 | \n
Other accrued expenses | \n \u00a0 | \n \u00a0 | \n 5,172 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,174 | \n \u00a0 | \n
Accrued Liabilities | \n \u00a0 | \n $ | \n 12,660 | \n \u00a0 | \n \u00a0 | \n $ | \n 12,026 | \n \u00a0 | \n
Warranties: We offer assurance type warranties for the limited number of specific products we manufacture. We estimate the cost to perform under the warranty obligation and recognize this estimated cost at the time of the related product sale. We record expense related to our warranty obligations as cost of sales in our consolidated statements of comprehensive income. Each quarter, we assess actual warranty costs incurred on a product-by-product basis and compare the warranty costs to our estimated warranty obligation. With respect to new products, estimates are based generally on knowledge of the products and warranty experience.
Warranty reserves are established for costs that are expected to be incurred after the sale and delivery of products under warranty. Warranty reserves are included in accrued liabilities on our unaudited consolidated balance sheets. The warranty reserves are determined based on known product failures, historical experience and other available evidence. Warranty reserves were approximately $0.7 million as of March 2, 2024 and May 27, 2023.
Inventories, net: Our consolidated inventories were stated at the lower of cost and net realizable value, generally using a weighted-average cost method. Our net inventories include approximately $95.1 million of finished goods, $12.9 million of raw materials and $4.6 million of work-in-progress as of March 2, 2024, as compared to approximately $93.4 million of finished goods, $11.8 million of raw materials and $5.2 million of work-in-progress as of May 27, 2023.
At this time, we do not anticipate any material risks or uncertainties related to possible future inventory write-downs. Provisions for obsolete or slow-moving inventories are recorded based upon regular analysis of stock rotation privileges, obsolescence, the exiting of certain markets and assumptions about future demand and market conditions. If future demand changes in the industry, or market conditions differ from management\u2019s estimates, additional provisions may be necessary. Inventory reserves were approximately $6.0 million as of March 2, 2024 and $5.9 million as of May 27, 2023.
Revenue Recognition: Our customers are generally not resellers, but rather businesses that incorporate our products into their processes, from which they generate an economic benefit. The goods are also distinct in that each item sold to the customer is clearly identified on both the purchase order and resulting invoice. Each product we sell benefits the customer independently of the other products. Each item on each purchase order from the customer can be used by the customer unrelated to any other products we provide to the customer. The Company\u2019s revenue includes the following streams:
Manufacturing/assembly typically includes the products that are manufactured or assembled in our manufacturing facility. These products can either be built to the customer\u2019s prints/designs or are products that we stock in our warehouse to sell to any customer that places an order. The manufacturing business does not include a separate service bundled with the product sold or sold in addition to the product. Our contracts for customized products generally include termination provisions if a customer cancels its order. However, we recognize revenue at a point in time because the termination provisions normally do not require, upon cancellation, the customer to pay fees that are commensurate with the work performed. Each purchase order explicitly states the goods or services that we promise to transfer to the customer. The promises to the customer are limited only to those goods or services. The performance obligation is our promise to deliver both goods that were produced by the Company and resale of goods that we purchase from our suppliers. Our shipping and handling activities for destination shipments are performed prior to the customer obtaining control. As such, they are not a separate promised service. The Company elects to account for shipping and handling as activities to fulfill the promise to transfer the goods. The goods we provide to our customers are distinct in that our customers benefit from the goods we sell them through use in their own processes.
Distribution typically includes products purchased from our suppliers, stocked in our warehouses and then sold to our customers. The distribution business does not include a separate service bundled with the product sold or sold on top of the product. Revenue is recognized when control of the promised goods is transferred to our customers, which is simultaneous with the title transferring to the customer, in an amount that reflects the transaction price consideration that we expect to receive in exchange for those goods. Control refers to the ability of the customer to direct the use of and obtain substantially all the remaining benefits from the goods. Our transaction price consideration is fixed, unless otherwise disclosed below as variable consideration. Generally, our contracts require our customers to pay for goods after we deliver products to them. Terms are generally on open account, payable net 30 days in North America, and vary throughout Asia/Pacific, Europe and Latin America subject to customary credit checks.
Repair, installation or training activities generate services revenue. The services we provide are relatively short in duration and are typically completed in one or two weeks. Therefore, at each reporting date, the amount of unbilled work is insignificant. The services revenue has consistently accounted for less than 5% of the Company\u2019s total revenues and is expected to continue at that level.
Contracts with customers: A revenue contract exists once a customer purchase order is received, reviewed and accepted. Each accepted purchase order identifies a distinct good or service as the Company's performance obligation. The goods include standard products purchased from a supplier and stocked on our shelves, customized products purchased from a supplier, products that are customized or have value added to them in house prior to shipping to the customer and manufactured products. Prior to accepting a customer purchase order, we review the credit worthiness of the customer. Purchase orders are deemed to meet the collectability criterion once the customer\u2019s credit is approved. The Company receives advance payments or deposits from our customers before revenue is recognized resulting in contract liabilities. Contract liabilities are included in accrued liabilities in the unaudited consolidated balance sheets.
"}]},{"name":"rpt:f-465","factDimensions":{"xbrl:concept":"us-gaap:InventoryFinishedGoods","xbrl:period":"2024-03-03T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"95100000","decimals":-5}]},{"name":"rpt:f-466","factDimensions":{"xbrl:concept":"us-gaap:InventoryRawMaterials","xbrl:period":"2024-03-03T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"12900000","decimals":-5}]},{"name":"rpt:f-467","factDimensions":{"xbrl:concept":"us-gaap:InventoryWorkInProcess","xbrl:period":"2024-03-03T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4600000","decimals":-5}]},{"name":"rpt:f-468","factDimensions":{"xbrl:concept":"us-gaap:InventoryFinishedGoods","xbrl:period":"2023-05-28T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"93400000","decimals":-5}]},{"name":"rpt:f-469","factDimensions":{"xbrl:concept":"us-gaap:InventoryRawMaterials","xbrl:period":"2023-05-28T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"11800000","decimals":-5}]},{"name":"rpt:f-470","factDimensions":{"xbrl:concept":"us-gaap:InventoryWorkInProcess","xbrl:period":"2023-05-28T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5200000","decimals":-5}]},{"name":"rpt:f-471","factDimensions":{"xbrl:concept":"us-gaap:InventoryValuationReserves","xbrl:period":"2024-03-03T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"6000000","decimals":-5}]},{"name":"rpt:f-472","factDimensions":{"xbrl:concept":"us-gaap:InventoryValuationReserves","xbrl:period":"2023-05-28T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5900000","decimals":-5}]},{"name":"rpt:f-473","factDimensions":{"xbrl:concept":"rell:ServicesRevenueRecognizedAsPercentageOfAggregateRevenue","xbrl:period":"2023-05-28T00:00:00/2024-03-03T00:00:00","xbrl:entity":"cik:0000355948","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"0.05"}]},{"name":"rpt:f-474","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerPolicyTextBlock","xbrl:period":"2023-05-28T00:00:00/2024-03-03T00:00:00","xbrl:entity":"cik:0000355948"},"factValues":[{"value":"Contract Liabilities: Contract liabilities and revenue recognized were as follows (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n May 27, 2023 | \n \u00a0 | \n \u00a0 | \n Additions | \n \u00a0 | \n \u00a0 | \n Revenue | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n ||||
Contract liabilities | \n \u00a0 | \n $ | \n 3,283 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,247 | \n \u00a0 | \n \u00a0 | \n $ | \n (2,814 | \n ) | \n \u00a0 | \n $ | \n 3,716 | \n \u00a0 | \n
See Note 9, Segment Reporting, for a disaggregation of revenue by reportable segment and geographic region, which represents how our chief operating decision maker reviews information internally to evaluate our financial performance and to make resource allocation and other decisions for the Company.
"}]},{"name":"rpt:f-475","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerAssetAndLiabilityTableTextBlock","xbrl:period":"2023-05-28T00:00:00/2024-03-03T00:00:00","xbrl:entity":"cik:0000355948"},"factValues":[{"value":"Contract Liabilities: Contract liabilities and revenue recognized were as follows (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n May 27, 2023 | \n \u00a0 | \n \u00a0 | \n Additions | \n \u00a0 | \n \u00a0 | \n Revenue | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n ||||
Contract liabilities | \n \u00a0 | \n $ | \n 3,283 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,247 | \n \u00a0 | \n \u00a0 | \n $ | \n (2,814 | \n ) | \n \u00a0 | \n $ | \n 3,716 | \n \u00a0 | \n
Loss Contingencies: We accrue a liability for loss contingencies when it is probable that a liability has been incurred and the amount can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. If we determine that there is at least a reasonable possibility that a loss may have been incurred, we will include a disclosure describing the contingency.
"}]},{"name":"rpt:f-481","factDimensions":{"xbrl:concept":"us-gaap:IntangibleAssetsFiniteLivedPolicy","xbrl:period":"2023-05-28T00:00:00/2024-03-03T00:00:00","xbrl:entity":"cik:0000355948"},"factValues":[{"value":"Intangible Assets: Intangible assets are initially recorded at their fair market values determined by quoted market prices in active markets, if available, or by recognized valuation models. Intangible assets that have finite useful lives are amortized over their useful lives either on a straight-line basis or over their projected future cash flows and are tested for impairment when events or changes in circumstances occur that indicate possible impairment. Our intangible assets represent the fair value for customer relationships agreements acquired in connection with prior acquisitions. Technology represents the fair value acquired in connection with acquisitions and an exclusive license, manufacturing and distribution agreement. Intangible assets subject to amortization were as follows (in thousands):
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n May 27, 2023 | \n \u00a0 | \n ||
Gross Amounts: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Customer Relationships(1) | \n \u00a0 | \n $ | \n 3,394 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,388 | \n \u00a0 | \n
Technology | \n \u00a0 | \n \u00a0 | \n 380 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 380 | \n \u00a0 | \n
Total Gross Amounts | \n \u00a0 | \n $ | \n 3,774 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,768 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Accumulated Amortization: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Customer Relationships | \n \u00a0 | \n $ | \n 1,833 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,671 | \n \u00a0 | \n
Technology | \n \u00a0 | \n \u00a0 | \n 237 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 205 | \n \u00a0 | \n
Total Accumulated Amortization | \n \u00a0 | \n $ | \n 2,070 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,876 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Net Intangible Assets | \n \u00a0 | \n $ | \n 1,704 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,892 | \n \u00a0 | \n
\u00a0
The amortization expense associated with intangible assets subject to amortization for the next five years is presented in the following table (in thousands):
\n| \n | \n | \n | \n | \n |
Fiscal Year | \n \u00a0 | \n Amortization | \n \u00a0 | \n |
Remaining 2024 | \n \u00a0 | \n $ | \n 64 | \n \u00a0 | \n
2025 | \n \u00a0 | \n \u00a0 | \n 239 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 207 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 194 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 185 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 815 | \n \u00a0 | \n
\u00a0\u00a0\u00a0\u00a0\u00a0Total amortization | \n \u00a0 | \n $ | \n 1,704 | \n \u00a0 | \n
The weighted average number of years of amortization expense remaining is 10.4 years.
"}]},{"name":"rpt:f-482","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock","xbrl:period":"2023-05-28T00:00:00/2024-03-03T00:00:00","xbrl:entity":"cik:0000355948"},"factValues":[{"value":"Intangible assets subject to amortization were as follows (in thousands):\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n May 27, 2023 | \n \u00a0 | \n ||
Gross Amounts: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Customer Relationships(1) | \n \u00a0 | \n $ | \n 3,394 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,388 | \n \u00a0 | \n
Technology | \n \u00a0 | \n \u00a0 | \n 380 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 380 | \n \u00a0 | \n
Total Gross Amounts | \n \u00a0 | \n $ | \n 3,774 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,768 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Accumulated Amortization: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Customer Relationships | \n \u00a0 | \n $ | \n 1,833 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,671 | \n \u00a0 | \n
Technology | \n \u00a0 | \n \u00a0 | \n 237 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 205 | \n \u00a0 | \n
Total Accumulated Amortization | \n \u00a0 | \n $ | \n 2,070 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,876 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Net Intangible Assets | \n \u00a0 | \n $ | \n 1,704 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,892 | \n \u00a0 | \n
\u00a0
The amortization expense associated with intangible assets subject to amortization for the next five years is presented in the following table (in thousands):
\n| \n | \n | \n | \n | \n |
Fiscal Year | \n \u00a0 | \n Amortization | \n \u00a0 | \n |
Remaining 2024 | \n \u00a0 | \n $ | \n 64 | \n \u00a0 | \n
2025 | \n \u00a0 | \n \u00a0 | \n 239 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 207 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 194 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 185 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 815 | \n \u00a0 | \n
\u00a0\u00a0\u00a0\u00a0\u00a0Total amortization | \n \u00a0 | \n $ | \n 1,704 | \n \u00a0 | \n
Income Taxes: We recognize deferred tax assets and liabilities based on the differences between financial statement carrying amounts and the tax bases of assets and liabilities. We regularly review our deferred tax assets for recoverability and determine the need for a valuation allowance based on a number of factors, including both positive and negative evidence. These factors include historical taxable income or loss, projected future taxable income or loss, the expected timing of the reversals of existing temporary differences and the implementation of tax planning strategies. In circumstances where we, or any of our affiliates, have incurred three years of cumulative losses which constitute significant negative evidence, positive evidence of equal or greater significance is needed to overcome the negative evidence before a tax benefit is recognized for deductible temporary differences and loss carryforwards.
"}]},{"name":"rpt:f-507","factDimensions":{"xbrl:concept":"rell:AccruedLiabilitiesPolicyTextBlock","xbrl:period":"2023-05-28T00:00:00/2024-03-03T00:00:00","xbrl:entity":"cik:0000355948"},"factValues":[{"value":"Accrued Liabilities: Accrued liabilities consisted of the following (in thousands):
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n May 27, 2023 | \n \u00a0 | \n ||
Compensation and payroll taxes | \n \u00a0 | \n $ | \n 2,554 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,422 | \n \u00a0 | \n
Accrued severance | \n \u00a0 | \n \u00a0 | \n 511 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 486 | \n \u00a0 | \n
Professional fees | \n \u00a0 | \n \u00a0 | \n 707 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 661 | \n \u00a0 | \n
Deferred revenue | \n \u00a0 | \n \u00a0 | \n 3,716 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,283 | \n \u00a0 | \n
Other accrued expenses | \n \u00a0 | \n \u00a0 | \n 5,172 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,174 | \n \u00a0 | \n
Accrued Liabilities | \n \u00a0 | \n $ | \n 12,660 | \n \u00a0 | \n \u00a0 | \n $ | \n 12,026 | \n \u00a0 | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n May 27, 2023 | \n \u00a0 | \n ||
Compensation and payroll taxes | \n \u00a0 | \n $ | \n 2,554 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,422 | \n \u00a0 | \n
Accrued severance | \n \u00a0 | \n \u00a0 | \n 511 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 486 | \n \u00a0 | \n
Professional fees | \n \u00a0 | \n \u00a0 | \n 707 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 661 | \n \u00a0 | \n
Deferred revenue | \n \u00a0 | \n \u00a0 | \n 3,716 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,283 | \n \u00a0 | \n
Other accrued expenses | \n \u00a0 | \n \u00a0 | \n 5,172 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,174 | \n \u00a0 | \n
Accrued Liabilities | \n \u00a0 | \n $ | \n 12,660 | \n \u00a0 | \n \u00a0 | \n $ | \n 12,026 | \n \u00a0 | \n
Warranties: We offer assurance type warranties for the limited number of specific products we manufacture. We estimate the cost to perform under the warranty obligation and recognize this estimated cost at the time of the related product sale. We record expense related to our warranty obligations as cost of sales in our consolidated statements of comprehensive income. Each quarter, we assess actual warranty costs incurred on a product-by-product basis and compare the warranty costs to our estimated warranty obligation. With respect to new products, estimates are based generally on knowledge of the products and warranty experience.
Warranty reserves are established for costs that are expected to be incurred after the sale and delivery of products under warranty. Warranty reserves are included in accrued liabilities on our unaudited consolidated balance sheets. The warranty reserves are determined based on known product failures, historical experience and other available evidence. Warranty reserves were approximately $0.7 million as of March 2, 2024 and May 27, 2023.
"}]},{"name":"rpt:f-522","factDimensions":{"xbrl:concept":"us-gaap:ProductWarrantyAccrual","xbrl:period":"2024-03-03T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"700000","decimals":-5}]},{"name":"rpt:f-523","factDimensions":{"xbrl:concept":"us-gaap:ProductWarrantyAccrual","xbrl:period":"2023-05-28T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"700000","decimals":-5}]},{"name":"rpt:f-524","factDimensions":{"xbrl:concept":"rell:RevolvingCreditFacilitiesTextBlock","xbrl:period":"2023-05-28T00:00:00/2024-03-03T00:00:00","xbrl:entity":"cik:0000355948"},"factValues":[{"value":"5. REVOLVING CREDIT FACILITY
The Company entered into a Credit Agreement (the \"Credit Agreement\") for a three-year Revolving Credit Facility with PNC Bank N.A. on March 20, 2023 (the \"Revolving Credit Facility\"). The Revolving Credit Facility will mature on March 20, 2026. Borrowings under the Revolving Credit Facility, including the swingline loan and letter of credit sub-facility extended to the Company thereunder, are secured by (i) a continuing first priority lien on and security interest in and to substantially all of the assets of the Company and its domestic subsidiaries and (ii) a continuing first priority pledge of the Pledged Collateral of the Company and the Guarantors identified in the Security Agreement and the Pledge Agreement executed in connection with the Revolving Credit Facility. The combined maximum borrowings under the Revolving Credit Facility are $30 million. Proceeds of borrowings may be used for working capital and general corporate purposes. The Company utilized $3.7 million of the credit line to address short-term working capital needs and repaid that $3.7 million during the third quarter of fiscal 2024. There was no amount outstanding under the Revolving Credit Facility as of March 2, 2024.
The Credit Agreement provides that the Company must maintain compliance with a maximum consolidated leverage ratio covenant and a minimum consolidated fixed charge coverage ratio, each as determined in accordance with the Credit Agreement. The Credit Agreement also contains affirmative, negative and financial covenants customary for financings of this type, including, among other things, limitations on certain other indebtedness, loans and investments, liens, mergers, asset sales, and transactions with affiliates, as well as customary events of default for financings of this type. The Company was in compliance with financial covenants under the Credit Agreement as of March 2, 2024.
Borrowings under the Revolving Credit Facility will bear interest at a rate per annum selected by the Company from the following options: (a) Term SOFR Rate (for the applicable Interest Period) plus the SOFR Adjustment (for the applicable Interest Period) plus 1.25%; (b) Base Rate plus 0.25% or (c) Daily Simple RFR (for Euros) plus the RFR Adjustment plus 1.25%. Letters of credit issued under the letter of credit sub-facility will have a letter of credit fee equal to 1.25% per annum. The fee for the unused portion of the credit line is 0.10%.
"}]},{"name":"rpt:f-525","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityExpirationPeriod","xbrl:period":"2023-03-20T00:00:00/2023-03-21T00:00:00","xbrl:entity":"cik:0000355948","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"P3Y"}]},{"name":"rpt:f-526","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityExpirationDate1","xbrl:period":"2023-03-20T00:00:00/2023-03-21T00:00:00","xbrl:entity":"cik:0000355948","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"2026-03-20"}]},{"name":"rpt:f-527","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity","xbrl:period":"2023-03-21T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"30000000","decimals":-6}]},{"name":"rpt:f-528","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromLinesOfCredit","xbrl:period":"2023-12-03T00:00:00/2024-03-03T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"3700000","decimals":-5}]},{"name":"rpt:f-529","factDimensions":{"xbrl:concept":"us-gaap:RepaymentsOfLinesOfCredit","xbrl:period":"2023-12-03T00:00:00/2024-03-03T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"3700000","decimals":-5}]},{"name":"rpt:f-530","factDimensions":{"xbrl:concept":"us-gaap:LineOfCredit","xbrl:period":"2024-03-03T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-531","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityInterestRateDuringPeriod","xbrl:period":"2023-05-28T00:00:00/2024-03-03T00:00:00","xbrl:entity":"cik:0000355948","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember","us-gaap:VariableRateAxis":"us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember"},"factValues":[{"value":"0.0125"}]},{"name":"rpt:f-532","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityInterestRateDuringPeriod","xbrl:period":"2023-05-28T00:00:00/2024-03-03T00:00:00","xbrl:entity":"cik:0000355948","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember","us-gaap:VariableRateAxis":"us-gaap:BaseRateMember"},"factValues":[{"value":"0.0025"}]},{"name":"rpt:f-533","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityInterestRateDuringPeriod","xbrl:period":"2023-05-28T00:00:00/2024-03-03T00:00:00","xbrl:entity":"cik:0000355948","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember","us-gaap:VariableRateAxis":"rell:EuroRiskFreeRateMember"},"factValues":[{"value":"0.0125"}]},{"name":"rpt:f-534","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityCommitmentFeePercentage","xbrl:period":"2023-05-28T00:00:00/2024-03-03T00:00:00","xbrl:entity":"cik:0000355948","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"0.0125"}]},{"name":"rpt:f-535","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage","xbrl:period":"2023-05-28T00:00:00/2024-03-03T00:00:00","xbrl:entity":"cik:0000355948","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"0.001"}]},{"name":"rpt:f-536","factDimensions":{"xbrl:concept":"us-gaap:CommitmentsAndContingenciesDisclosureTextBlock","xbrl:period":"2023-05-28T00:00:00/2024-03-03T00:00:00","xbrl:entity":"cik:0000355948"},"factValues":[{"value":"6. LEASE OBLIGATIONS AND OTHER COMMITMENTS
The Company leases real and personal property in the normal course of business under various operating leases. The Company uses operating leases for facility space and automobiles. Most of the leased facility space is for sales and general office use. Automobile leases are used throughout the Company.
The Company did not capitalize short-term leases for all asset classes defined as leases with a term of shorter than twelve months on the balance sheet. These leases have not been transitioned to ASC 842. As a practical expedient, the Company did not reassess the accounting for initial direct costs of current leases.
Several leases include renewal clauses which vary in length and may not include specific rent renewal amounts. The Company will revise the value of the right of use assets and associated lease liabilities upon a remeasurement event.
The net assets and liabilities related to operating leases were as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
Lease Type | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n May 27, 2023 | \n \u00a0 | \n ||
\u00a0 | \n $ | \n 3,120 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,457 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n 1,234 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,028 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n 1,886 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,429 | \n \u00a0 | \n
The components of lease costs were as follows (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Three Months Ended | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n February 25, 2023 | \n \u00a0 | \n ||
Consolidated operating lease expense | \n \u00a0 | \n Operating expenses | \n \u00a0 | \n $ | \n 457 | \n \u00a0 | \n \u00a0 | \n $ | \n 434 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Nine Months Ended | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n February 25, 2023 | \n \u00a0 | \n ||
Consolidated operating lease expense | \n \u00a0 | \n Operating expenses | \n \u00a0 | \n $ | \n 1,328 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,300 | \n \u00a0 | \n
The approximate future minimum lease payments under operating leases at March 2, 2024 were as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n |
Fiscal Year | \n \u00a0 | \n Operating Leases | \n \u00a0 | \n |
Remaining 2024 | \n \u00a0 | \n $ | \n 352 | \n \u00a0 | \n
2025 | \n \u00a0 | \n \u00a0 | \n 1,332 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 923 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 403 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 197 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 118 | \n \u00a0 | \n
\u00a0\u00a0\u00a0\u00a0\u00a0Total lease payments | \n \u00a0 | \n \u00a0 | \n 3,325 | \n \u00a0 | \n
Less imputed interest | \n \u00a0 | \n \u00a0 | \n 205 | \n \u00a0 | \n
\u00a0\u00a0\u00a0\u00a0\u00a0Net minimum lease payments | \n \u00a0 | \n $ | \n 3,120 | \n \u00a0 | \n
The weighted average remaining lease terms and interest rates of leases held by the Company as of March 2, 2024 were as follows:
\n| \n | \n | \n | \n | \n |
Lease Type | \n \u00a0 | \n Weighted Average Remaining | \n \u00a0 | \n Weighted Average Interest Rate | \n
Operating leases | \n \u00a0 | \n 2.8 | \n \u00a0 | \n 4.4% | \n
The cash activities associated with our leases for the three and nine-month periods ending March 2, 2024 and February 25, 2023, were as follows (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Three Months Ended | \n \u00a0 | \n |||||
Cash Flow Source | \n \u00a0 | \n Classification | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n February 25, 2023 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating cash flows from operating leases | \n \u00a0 | \n Operating activities | \n \u00a0 | \n $ | \n 354 | \n \u00a0 | \n \u00a0 | \n $ | \n 150 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Nine Months Ended | \n \u00a0 | \n |||||
Cash Flow Source | \n \u00a0 | \n Classification | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n February 25, 2023 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating cash flows from operating leases | \n \u00a0 | \n Operating activities | \n \u00a0 | \n $ | \n 977 | \n \u00a0 | \n \u00a0 | \n $ | \n 646 | \n \u00a0 | \n
The net assets and liabilities related to operating leases were as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
Lease Type | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n May 27, 2023 | \n \u00a0 | \n ||
\u00a0 | \n $ | \n 3,120 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,457 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n 1,234 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,028 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n 1,886 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,429 | \n \u00a0 | \n
The components of lease costs were as follows (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Three Months Ended | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n February 25, 2023 | \n \u00a0 | \n ||
Consolidated operating lease expense | \n \u00a0 | \n Operating expenses | \n \u00a0 | \n $ | \n 457 | \n \u00a0 | \n \u00a0 | \n $ | \n 434 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Nine Months Ended | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n February 25, 2023 | \n \u00a0 | \n ||
Consolidated operating lease expense | \n \u00a0 | \n Operating expenses | \n \u00a0 | \n $ | \n 1,328 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,300 | \n \u00a0 | \n
The approximate future minimum lease payments under operating leases at March 2, 2024 were as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n |
Fiscal Year | \n \u00a0 | \n Operating Leases | \n \u00a0 | \n |
Remaining 2024 | \n \u00a0 | \n $ | \n 352 | \n \u00a0 | \n
2025 | \n \u00a0 | \n \u00a0 | \n 1,332 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 923 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 403 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 197 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 118 | \n \u00a0 | \n
\u00a0\u00a0\u00a0\u00a0\u00a0Total lease payments | \n \u00a0 | \n \u00a0 | \n 3,325 | \n \u00a0 | \n
Less imputed interest | \n \u00a0 | \n \u00a0 | \n 205 | \n \u00a0 | \n
\u00a0\u00a0\u00a0\u00a0\u00a0Net minimum lease payments | \n \u00a0 | \n $ | \n 3,120 | \n \u00a0 | \n
The weighted average remaining lease terms and interest rates of leases held by the Company as of March 2, 2024 were as follows:
\n| \n | \n | \n | \n | \n |
Lease Type | \n \u00a0 | \n Weighted Average Remaining | \n \u00a0 | \n Weighted Average Interest Rate | \n
Operating leases | \n \u00a0 | \n 2.8 | \n \u00a0 | \n 4.4% | \n
The cash activities associated with our leases for the three and nine-month periods ending March 2, 2024 and February 25, 2023, were as follows (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Three Months Ended | \n \u00a0 | \n |||||
Cash Flow Source | \n \u00a0 | \n Classification | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n February 25, 2023 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating cash flows from operating leases | \n \u00a0 | \n Operating activities | \n \u00a0 | \n $ | \n 354 | \n \u00a0 | \n \u00a0 | \n $ | \n 150 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Nine Months Ended | \n \u00a0 | \n |||||
Cash Flow Source | \n \u00a0 | \n Classification | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n February 25, 2023 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating cash flows from operating leases | \n \u00a0 | \n Operating activities | \n \u00a0 | \n $ | \n 977 | \n \u00a0 | \n \u00a0 | \n $ | \n 646 | \n \u00a0 | \n
7. INCOME TAXES
We recorded an income tax provision of $0.1 million and $5.3 million for the first nine months of fiscal 2024 and the first nine months of fiscal 2023, respectively. The effective income tax rate during the first nine months of fiscal 2024 was a tax provision of 39.2% as compared to a tax provision of 22.5% during the first nine months of fiscal 2023. The difference in rate during the first nine months of fiscal 2024 as compared to the first nine months of fiscal 2023 reflects changes in our geographical distribution of income, which is primarily driven by a decrease in U.S. earnings for fiscal 2024 and the state income tax provision, as well as the U.S. research and development credits. The 39.2% effective income tax rate differs from the federal statutory rate of 21% as a result of our geographical distribution of income, which is primarily driven by a decrease in U.S. earnings for fiscal 2024, state income tax provision and the U.S. research and development credit.
In the normal course of business, we are subject to examination by taxing authorities throughout the world. Generally, years prior to fiscal 2019 are closed for examination under the statute of limitation for U.S. federal, U.S. state and local or non-U.S. tax jurisdictions. Our primary foreign tax jurisdictions are Germany and the Netherlands. We have tax years open in Germany beginning in fiscal 2019 and the Netherlands beginning in fiscal 2021.
We have historically determined that certain undistributed earnings of our foreign subsidiaries, to the extent of cash available, will be repatriated to the U.S. The deferred tax liability on the outside basis difference is primarily withholding tax on future dividend distributions. The deferred tax liability related to undistributed earnings of our foreign subsidiaries was less than $0.1 million as of March 2, 2024 and May 27, 2023.
The Company did not have any uncertain tax positions as of March 2, 2024 and May 27, 2023. We record penalties and interest related to uncertain tax positions in the income tax expense line item within the consolidated statements of comprehensive loss when applicable.
The Company maintains a valuation allowance representing the portion of the deferred tax asset that management does not believe is more likely than not to be realized. The valuation allowance was $1.4 million as of March 2, 2024 and May 27, 2023. The current valuation allowance deferred tax assets in foreign jurisdictions where historical taxable losses have been incurred ($1.2 million) and state NOLs ($0.2 million). The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are increased, or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as our projections for growth.
"}]},{"name":"rpt:f-568","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxExpenseBenefit","xbrl:period":"2023-05-28T00:00:00/2024-03-03T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"100000","decimals":-5}]},{"name":"rpt:f-569","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxExpenseBenefit","xbrl:period":"2022-05-29T00:00:00/2023-02-26T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5300000","decimals":-5}]},{"name":"rpt:f-570","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateContinuingOperations","xbrl:period":"2023-05-28T00:00:00/2024-03-03T00:00:00","xbrl:entity":"cik:0000355948"},"factValues":[{"value":"0.392","decimals":3}]},{"name":"rpt:f-571","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateContinuingOperations","xbrl:period":"2022-05-29T00:00:00/2023-02-26T00:00:00","xbrl:entity":"cik:0000355948"},"factValues":[{"value":"0.225","decimals":3}]},{"name":"rpt:f-572","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateContinuingOperations","xbrl:period":"2023-05-28T00:00:00/2024-03-03T00:00:00","xbrl:entity":"cik:0000355948"},"factValues":[{"value":"0.392","decimals":3}]},{"name":"rpt:f-573","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate","xbrl:period":"2023-05-28T00:00:00/2024-03-03T00:00:00","xbrl:entity":"cik:0000355948"},"factValues":[{"value":"0.21"}]},{"name":"rpt:f-574","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxLiabilitiesUndistributedForeignEarnings","xbrl:period":"2024-03-03T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"100000","decimals":-5}]},{"name":"rpt:f-575","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxLiabilitiesUndistributedForeignEarnings","xbrl:period":"2023-05-28T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"100000","decimals":-5}]},{"name":"rpt:f-576","factDimensions":{"xbrl:concept":"us-gaap:LiabilityForUncertainTaxPositionsNoncurrent","xbrl:period":"2023-05-28T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0"}]},{"name":"rpt:f-577","factDimensions":{"xbrl:concept":"us-gaap:LiabilityForUncertainTaxPositionsNoncurrent","xbrl:period":"2024-03-03T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0"}]},{"name":"rpt:f-578","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsValuationAllowance","xbrl:period":"2023-05-28T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1400000","decimals":-5}]},{"name":"rpt:f-579","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsValuationAllowance","xbrl:period":"2024-03-03T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1400000","decimals":-5}]},{"name":"rpt:f-580","factDimensions":{"xbrl:concept":"us-gaap:TaxCreditCarryforwardValuationAllowance","xbrl:period":"2024-03-03T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","us-gaap:IncomeTaxAuthorityAxis":"us-gaap:ForeignCountryMember"},"factValues":[{"value":"1200000","decimals":-5}]},{"name":"rpt:f-581","factDimensions":{"xbrl:concept":"us-gaap:TaxCreditCarryforwardValuationAllowance","xbrl:period":"2024-03-03T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","us-gaap:IncomeTaxAuthorityAxis":"us-gaap:StateAndLocalJurisdictionMember"},"factValues":[{"value":"200000","decimals":-5}]},{"name":"rpt:f-582","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerShareTextBlock","xbrl:period":"2023-05-28T00:00:00/2024-03-03T00:00:00","xbrl:entity":"cik:0000355948"},"factValues":[{"value":"8. CALCULATION OF EARNINGS PER SHARE
We have authorized 17,000,000 shares of common stock and 3,000,000 shares of Class B common stock. The Class B common stock has 10 votes per share and has transferability restrictions; however, Class B common stock may be converted into common stock on a share-for-share basis at any time. With respect to dividends and distributions, shares of common stock and Class B common stock rank equally and have the same rights, except that Class B common stock cash dividends are limited to 90% of the amount of common stock cash dividends.
Our Class B common stock is considered a participating security requiring the use of the two-class method for the computation of basic and diluted earnings per share. The two-class computation method for each period reflects the cash dividends paid per share for each class of stock, plus the amount of allocated undistributed (loss) earnings per share computed using the participation percentage which reflects the dividend rights of each class of stock. Basic and diluted earnings per share were computed using the two-class method. The shares of Class B common stock are considered to be participating convertible securities since the shares of Class B common stock are convertible on a share-for-share basis into shares of common stock and may participate in dividends with common stock according to a predetermined formula which is 90% of the amount of common stock cash dividends.
The allocation of undistributed (loss) earnings between common stock and Class B common stock is based on the relationship of the weighted shares outstanding for the respective stock class (common or Class B) to the total of the weighted shares outstanding for common stock and 90% of the weighted shares outstanding for Class B common stock. The adjustment to the number of outstanding Class B common stock shares reflects the limitation of Class B common stock dividends to 90% of common stock dividends.
The earnings per share (\u201cEPS\u201d) presented in our unaudited consolidated statements of comprehensive income was based on the following amounts (in thousands, except per share amounts):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended | \n \u00a0 | \n |||||||||||||
\u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n February 25, 2023 | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n Basic | \n \u00a0 | \n \u00a0 | \n Diluted | \n \u00a0 | \n \u00a0 | \n Basic | \n \u00a0 | \n \u00a0 | \n Diluted | \n \u00a0 | \n ||||
Numerator for Basic and Diluted EPS: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net income | \n \u00a0 | \n $ | \n 750 | \n \u00a0 | \n \u00a0 | \n $ | \n 750 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,340 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,340 | \n \u00a0 | \n
Less dividends: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Common stock | \n \u00a0 | \n \u00a0 | \n 733 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 733 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 724 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 724 | \n \u00a0 | \n
Class B common stock | \n \u00a0 | \n \u00a0 | \n 111 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 111 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 110 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 110 | \n \u00a0 | \n
Undistributed (loss) earnings | \n \u00a0 | \n $ | \n (94 | \n ) | \n \u00a0 | \n $ | \n (94 | \n ) | \n \u00a0 | \n $ | \n 5,506 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,506 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Common stock undistributed (loss) earnings | \n \u00a0 | \n $ | \n (82 | \n ) | \n \u00a0 | \n $ | \n (82 | \n ) | \n \u00a0 | \n $ | \n 4,774 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,805 | \n \u00a0 | \n
Class B common stock undistributed (loss) earnings | \n \u00a0 | \n \u00a0 | \n (12 | \n ) | \n \u00a0 | \n \u00a0 | \n (12 | \n ) | \n \u00a0 | \n \u00a0 | \n 732 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 701 | \n \u00a0 | \n
Total undistributed (loss) earnings | \n \u00a0 | \n $ | \n (94 | \n ) | \n \u00a0 | \n $ | \n (94 | \n ) | \n \u00a0 | \n $ | \n 5,506 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,506 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Denominator for Basic and Diluted EPS: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Common stock weighted average shares | \n \u00a0 | \n \u00a0 | \n 12,227 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,227 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,047 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,047 | \n \u00a0 | \n
Effect of dilutive securities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Dilutive stock options | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 218 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 619 | \n \u00a0 | \n ||
Denominator for diluted EPS adjusted for weighted average shares and assumed conversion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,445 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,666 | \n \u00a0 | \n ||
Class B common stock weighted average shares and shares under if-converted method for diluted EPS | \n \u00a0 | \n \u00a0 | \n 2,052 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,052 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,052 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,052 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net income per share: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Common stock | \n \u00a0 | \n $ | \n 0.05 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.05 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.46 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.44 | \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Class B common stock | \n \u00a0 | \n $ | \n 0.05 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.05 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.41 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.40 | \n \u00a0 | \n
Note: There were no common stock options that were antidilutive in the third quarter of fiscal 2024 and fiscal 2023.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Nine Months Ended | \n \u00a0 | \n |||||||||||||
\u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n February 25, 2023 | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n Basic | \n \u00a0 | \n \u00a0 | \n Diluted | \n \u00a0 | \n \u00a0 | \n Basic | \n \u00a0 | \n \u00a0 | \n Diluted | \n \u00a0 | \n ||||
Numerator for Basic and Diluted EPS: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net income | \n \u00a0 | \n $ | \n 180 | \n \u00a0 | \n \u00a0 | \n $ | \n 180 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,213 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,213 | \n \u00a0 | \n
Less dividends: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Common stock | \n \u00a0 | \n \u00a0 | \n 2,199 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,199 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,152 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,152 | \n \u00a0 | \n
Class B common stock | \n \u00a0 | \n \u00a0 | \n 333 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 333 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 332 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 332 | \n \u00a0 | \n
Undistributed (loss) earnings | \n \u00a0 | \n $ | \n (2,352 | \n ) | \n \u00a0 | \n $ | \n (2,352 | \n ) | \n \u00a0 | \n $ | \n 15,729 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,729 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Common stock undistributed (loss) earnings | \n \u00a0 | \n $ | \n (2,043 | \n ) | \n \u00a0 | \n $ | \n (2,049 | \n ) | \n \u00a0 | \n $ | \n 13,614 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,707 | \n \u00a0 | \n
Class B common stock undistributed (loss) earnings | \n \u00a0 | \n \u00a0 | \n (309 | \n ) | \n \u00a0 | \n \u00a0 | \n (303 | \n ) | \n \u00a0 | \n \u00a0 | \n 2,115 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,022 | \n \u00a0 | \n
Total undistributed (loss) earnings | \n \u00a0 | \n $ | \n (2,352 | \n ) | \n \u00a0 | \n $ | \n (2,352 | \n ) | \n \u00a0 | \n $ | \n 15,729 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,729 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Denominator for Basic and Diluted EPS: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Common stock weighted average shares | \n \u00a0 | \n \u00a0 | \n 12,208 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,208 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,893 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,893 | \n \u00a0 | \n
Effect of dilutive securities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Dilutive stock options | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 272 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 631 | \n \u00a0 | \n ||
Denominator for diluted EPS adjusted for weighted average shares and assumed conversion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,480 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,524 | \n \u00a0 | \n ||
Class B common stock weighted average shares and shares under if-converted method for diluted EPS | \n \u00a0 | \n \u00a0 | \n 2,052 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,052 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,053 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,053 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net income per share: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Common stock | \n \u00a0 | \n $ | \n 0.01 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.01 | \n \u00a0 | \n \u00a0 | \n $ | \n 1.33 | \n \u00a0 | \n \u00a0 | \n $ | \n 1.27 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Class B common stock | \n \u00a0 | \n $ | \n 0.01 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.01 | \n \u00a0 | \n \u00a0 | \n $ | \n 1.19 | \n \u00a0 | \n \u00a0 | \n $ | \n 1.15 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Note: There were no common stock options that were antidilutive in the first nine months of fiscal 2024 and fiscal 2023.
The earnings per share (\u201cEPS\u201d) presented in our unaudited consolidated statements of comprehensive income was based on the following amounts (in thousands, except per share amounts):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended | \n \u00a0 | \n |||||||||||||
\u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n February 25, 2023 | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n Basic | \n \u00a0 | \n \u00a0 | \n Diluted | \n \u00a0 | \n \u00a0 | \n Basic | \n \u00a0 | \n \u00a0 | \n Diluted | \n \u00a0 | \n ||||
Numerator for Basic and Diluted EPS: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net income | \n \u00a0 | \n $ | \n 750 | \n \u00a0 | \n \u00a0 | \n $ | \n 750 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,340 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,340 | \n \u00a0 | \n
Less dividends: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Common stock | \n \u00a0 | \n \u00a0 | \n 733 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 733 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 724 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 724 | \n \u00a0 | \n
Class B common stock | \n \u00a0 | \n \u00a0 | \n 111 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 111 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 110 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 110 | \n \u00a0 | \n
Undistributed (loss) earnings | \n \u00a0 | \n $ | \n (94 | \n ) | \n \u00a0 | \n $ | \n (94 | \n ) | \n \u00a0 | \n $ | \n 5,506 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,506 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Common stock undistributed (loss) earnings | \n \u00a0 | \n $ | \n (82 | \n ) | \n \u00a0 | \n $ | \n (82 | \n ) | \n \u00a0 | \n $ | \n 4,774 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,805 | \n \u00a0 | \n
Class B common stock undistributed (loss) earnings | \n \u00a0 | \n \u00a0 | \n (12 | \n ) | \n \u00a0 | \n \u00a0 | \n (12 | \n ) | \n \u00a0 | \n \u00a0 | \n 732 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 701 | \n \u00a0 | \n
Total undistributed (loss) earnings | \n \u00a0 | \n $ | \n (94 | \n ) | \n \u00a0 | \n $ | \n (94 | \n ) | \n \u00a0 | \n $ | \n 5,506 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,506 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Denominator for Basic and Diluted EPS: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Common stock weighted average shares | \n \u00a0 | \n \u00a0 | \n 12,227 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,227 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,047 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,047 | \n \u00a0 | \n
Effect of dilutive securities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Dilutive stock options | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 218 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 619 | \n \u00a0 | \n ||
Denominator for diluted EPS adjusted for weighted average shares and assumed conversion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,445 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,666 | \n \u00a0 | \n ||
Class B common stock weighted average shares and shares under if-converted method for diluted EPS | \n \u00a0 | \n \u00a0 | \n 2,052 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,052 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,052 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,052 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net income per share: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Common stock | \n \u00a0 | \n $ | \n 0.05 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.05 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.46 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.44 | \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Class B common stock | \n \u00a0 | \n $ | \n 0.05 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.05 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.41 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.40 | \n \u00a0 | \n
Note: There were no common stock options that were antidilutive in the third quarter of fiscal 2024 and fiscal 2023.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Nine Months Ended | \n \u00a0 | \n |||||||||||||
\u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n February 25, 2023 | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n Basic | \n \u00a0 | \n \u00a0 | \n Diluted | \n \u00a0 | \n \u00a0 | \n Basic | \n \u00a0 | \n \u00a0 | \n Diluted | \n \u00a0 | \n ||||
Numerator for Basic and Diluted EPS: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net income | \n \u00a0 | \n $ | \n 180 | \n \u00a0 | \n \u00a0 | \n $ | \n 180 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,213 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,213 | \n \u00a0 | \n
Less dividends: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Common stock | \n \u00a0 | \n \u00a0 | \n 2,199 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,199 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,152 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,152 | \n \u00a0 | \n
Class B common stock | \n \u00a0 | \n \u00a0 | \n 333 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 333 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 332 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 332 | \n \u00a0 | \n
Undistributed (loss) earnings | \n \u00a0 | \n $ | \n (2,352 | \n ) | \n \u00a0 | \n $ | \n (2,352 | \n ) | \n \u00a0 | \n $ | \n 15,729 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,729 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Common stock undistributed (loss) earnings | \n \u00a0 | \n $ | \n (2,043 | \n ) | \n \u00a0 | \n $ | \n (2,049 | \n ) | \n \u00a0 | \n $ | \n 13,614 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,707 | \n \u00a0 | \n
Class B common stock undistributed (loss) earnings | \n \u00a0 | \n \u00a0 | \n (309 | \n ) | \n \u00a0 | \n \u00a0 | \n (303 | \n ) | \n \u00a0 | \n \u00a0 | \n 2,115 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,022 | \n \u00a0 | \n
Total undistributed (loss) earnings | \n \u00a0 | \n $ | \n (2,352 | \n ) | \n \u00a0 | \n $ | \n (2,352 | \n ) | \n \u00a0 | \n $ | \n 15,729 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,729 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Denominator for Basic and Diluted EPS: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Common stock weighted average shares | \n \u00a0 | \n \u00a0 | \n 12,208 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,208 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,893 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,893 | \n \u00a0 | \n
Effect of dilutive securities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Dilutive stock options | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 272 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 631 | \n \u00a0 | \n ||
Denominator for diluted EPS adjusted for weighted average shares and assumed conversion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,480 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,524 | \n \u00a0 | \n ||
Class B common stock weighted average shares and shares under if-converted method for diluted EPS | \n \u00a0 | \n \u00a0 | \n 2,052 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,052 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,053 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,053 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net income per share: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Common stock | \n \u00a0 | \n $ | \n 0.01 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.01 | \n \u00a0 | \n \u00a0 | \n $ | \n 1.33 | \n \u00a0 | \n \u00a0 | \n $ | \n 1.27 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Class B common stock | \n \u00a0 | \n $ | \n 0.01 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.01 | \n \u00a0 | \n \u00a0 | \n $ | \n 1.19 | \n \u00a0 | \n \u00a0 | \n $ | \n 1.15 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Note: There were no common stock options that were antidilutive in the first nine months of fiscal 2024 and fiscal 2023.
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SEGMENT REPORTING
As described in Note 1, Description of the Company and Note 2, Basis of Presentation, the Company reports its financial performance based on the operating and reportable segments which are defined as follows:
Power and Microwave Technologies (\"PMT\") combines our core engineered solutions capabilities, power grid and microwave tube business with new disruptive RF, Wireless and Power technologies. As a designer, manufacturer, technology partner and authorized distributor, PMT\u2019s strategy is to provide specialized technical expertise and engineered solutions based on our core engineering and manufacturing capabilities on a global basis. We provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair - all through our existing global infrastructure. PMT\u2019s focus is on products for power, RF and microwave applications for customers in 5G, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets. PMT focuses on various applications including broadcast transmission, CO2 laser cutting, diagnostic imaging, dielectric and induction heating, high energy transfer, high voltage switching, plasma, power conversion, radar and radiation oncology. PMT also offers its customers technical services for both microwave and industrial equipment.
Green Energy Solutions (\"GES\") combines our key technology partners and engineered solutions capabilities to design and manufacture innovative products for the fast-growing energy storage market and power management applications. As a designer, manufacturer, technology partner and authorized distributor, GES\u2019s strategy is to provide specialized technical expertise and engineered solutions using our core design engineering and manufacturing capabilities on a global basis. We provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair - all through our existing global infrastructure. GES\u2019s focus is on products for numerous green energy applications such as wind, solar, hydrogen and Electric Vehicles, and other power management applications that support green solutions such as synthetic diamond manufacturing.
Canvys provides customized display solutions serving the corporate enterprise, financial, healthcare, industrial and medical original equipment manufacturers markets. Our engineers design, manufacture, source and support a full spectrum of solutions to match the needs of our customers. We offer long-term availability and proven custom display solutions that include touch screens, protective panels, custom enclosures, All-In-One computers, specialized cabinet finishes and application specific software packages and certification services. We partner with both private label manufacturing companies and leading branded hardware vendors to offer the highest quality display and touch solutions and customized computing platforms.
Healthcare manufactures, repairs, refurbishes and distributes high value replacement parts and equipment for the healthcare market including hospitals, medical centers, asset management companies, independent service organizations and multi-vendor service providers. Products include diagnostic imaging replacement parts for CT and MRI systems; replacement CT and MRI tubes; CT service training; MRI coils, cold heads and RF amplifiers; hydrogen thyratrons, klystrons, magnetrons; flat panel detector upgrades; pre-owned CT systems; and additional replacement solutions currently under development for the diagnostic imaging service market. Through a combination of newly developed products and partnerships, service offerings and training programs, we believe we can help our customers improve efficiency while lowering the cost of healthcare delivery.
The CEO, who is the chief operating decision maker, evaluates performance and allocates Company resources primarily based on the gross profit of each segment.
Operating results by segment are summarized in the following table (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended | \n \u00a0 | \n Nine Months Ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n February 25, 2023 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n February 25, 2023 | \n \u00a0 | \n ||||
PMT | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net Sales | \n \u00a0 | \n $ | \n 31,163 | \n \u00a0 | \n \u00a0 | \n $ | \n 46,822 | \n \u00a0 | \n $ | \n 98,199 | \n \u00a0 | \n \u00a0 | \n $ | \n 132,761 | \n \u00a0 | \n
Gross Profit | \n \u00a0 | \n \u00a0 | \n 8,815 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,404 | \n \u00a0 | \n \u00a0 | \n 29,231 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 44,950 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
GES | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net Sales | \n \u00a0 | \n \u00a0 | \n 11,531 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,471 | \n \u00a0 | \n \u00a0 | \n 18,534 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,275 | \n \u00a0 | \n
Gross Profit | \n \u00a0 | \n \u00a0 | \n 3,070 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,948 | \n \u00a0 | \n \u00a0 | \n 5,411 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,132 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Canvys | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net Sales | \n \u00a0 | \n \u00a0 | \n 6,590 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,685 | \n \u00a0 | \n \u00a0 | \n 23,770 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,177 | \n \u00a0 | \n
Gross Profit | \n \u00a0 | \n \u00a0 | \n 2,265 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,103 | \n \u00a0 | \n \u00a0 | \n 8,070 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,364 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Healthcare | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net Sales | \n \u00a0 | \n \u00a0 | \n 3,091 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,386 | \n \u00a0 | \n \u00a0 | \n 8,583 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,613 | \n \u00a0 | \n
Gross Profit | \n \u00a0 | \n \u00a0 | \n 1,286 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 950 | \n \u00a0 | \n \u00a0 | \n 2,530 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,837 | \n \u00a0 | \n
\u00a0
Geographic net sales information is primarily grouped by customer destination into five areas: North America; Asia/Pacific; Europe; Latin America; and Other.
Net sales and gross profit by geographic region are summarized in the following table (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended | \n \u00a0 | \n Nine Months Ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n February 25, 2023 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n February 25, 2023 | \n \u00a0 | \n ||||
Net Sales | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
North America | \n \u00a0 | \n $ | \n 21,456 | \n \u00a0 | \n \u00a0 | \n $ | \n 29,721 | \n \u00a0 | \n $ | \n 57,772 | \n \u00a0 | \n \u00a0 | \n $ | \n 93,126 | \n \u00a0 | \n
Asia/Pacific | \n \u00a0 | \n \u00a0 | \n 12,116 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,999 | \n \u00a0 | \n \u00a0 | \n 34,988 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 47,859 | \n \u00a0 | \n
Europe | \n \u00a0 | \n \u00a0 | \n 16,081 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,886 | \n \u00a0 | \n \u00a0 | \n 46,542 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 47,816 | \n \u00a0 | \n
Latin America | \n \u00a0 | \n \u00a0 | \n 2,732 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,771 | \n \u00a0 | \n \u00a0 | \n 8,237 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,077 | \n \u00a0 | \n
Other (1) | \n \u00a0 | \n \u00a0 | \n (10 | \n ) | \n \u00a0 | \n \u00a0 | \n (13 | \n ) | \n \u00a0 | \n 1,547 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (52 | \n ) | \n
Total | \n \u00a0 | \n $ | \n 52,375 | \n \u00a0 | \n \u00a0 | \n $ | \n 70,364 | \n \u00a0 | \n $ | \n 149,086 | \n \u00a0 | \n \u00a0 | \n $ | \n 203,826 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Gross Profit | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
North America | \n \u00a0 | \n $ | \n 8,362 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,463 | \n \u00a0 | \n $ | \n 21,620 | \n \u00a0 | \n \u00a0 | \n $ | \n 36,926 | \n \u00a0 | \n
Asia/Pacific | \n \u00a0 | \n \u00a0 | \n 2,902 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,664 | \n \u00a0 | \n \u00a0 | \n 10,217 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,985 | \n \u00a0 | \n
Europe | \n \u00a0 | \n \u00a0 | \n 4,824 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,132 | \n \u00a0 | \n \u00a0 | \n 14,105 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,417 | \n \u00a0 | \n
Latin America | \n \u00a0 | \n \u00a0 | \n 1,018 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,508 | \n \u00a0 | \n \u00a0 | \n 3,004 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,410 | \n \u00a0 | \n
Other (1) | \n \u00a0 | \n \u00a0 | \n (1,670 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,362 | \n ) | \n \u00a0 | \n (3,704 | \n ) | \n \u00a0 | \n \u00a0 | \n (3,455 | \n ) | \n
Total | \n \u00a0 | \n $ | \n 15,436 | \n \u00a0 | \n \u00a0 | \n $ | \n 22,405 | \n \u00a0 | \n $ | \n 45,242 | \n \u00a0 | \n \u00a0 | \n $ | \n 67,283 | \n \u00a0 | \n
\u00a0
We sell our products to customers in diversified industries and perform periodic credit evaluations of our customers\u2019 financial condition. Payment terms are generally on open account, payable net 30 days in North America, and vary throughout Asia/Pacific, Europe and Latin America. Estimates of credit losses are recorded in the financial statements based on monthly reviews of outstanding accounts.
"}]},{"name":"rpt:f-689","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock","xbrl:period":"2023-05-28T00:00:00/2024-03-03T00:00:00","xbrl:entity":"cik:0000355948"},"factValues":[{"value":"Operating results by segment are summarized in the following table (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended | \n \u00a0 | \n Nine Months Ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n February 25, 2023 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n February 25, 2023 | \n \u00a0 | \n ||||
PMT | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net Sales | \n \u00a0 | \n $ | \n 31,163 | \n \u00a0 | \n \u00a0 | \n $ | \n 46,822 | \n \u00a0 | \n $ | \n 98,199 | \n \u00a0 | \n \u00a0 | \n $ | \n 132,761 | \n \u00a0 | \n
Gross Profit | \n \u00a0 | \n \u00a0 | \n 8,815 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,404 | \n \u00a0 | \n \u00a0 | \n 29,231 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 44,950 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
GES | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net Sales | \n \u00a0 | \n \u00a0 | \n 11,531 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,471 | \n \u00a0 | \n \u00a0 | \n 18,534 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,275 | \n \u00a0 | \n
Gross Profit | \n \u00a0 | \n \u00a0 | \n 3,070 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,948 | \n \u00a0 | \n \u00a0 | \n 5,411 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,132 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Canvys | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net Sales | \n \u00a0 | \n \u00a0 | \n 6,590 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,685 | \n \u00a0 | \n \u00a0 | \n 23,770 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,177 | \n \u00a0 | \n
Gross Profit | \n \u00a0 | \n \u00a0 | \n 2,265 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,103 | \n \u00a0 | \n \u00a0 | \n 8,070 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,364 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Healthcare | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net Sales | \n \u00a0 | \n \u00a0 | \n 3,091 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,386 | \n \u00a0 | \n \u00a0 | \n 8,583 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,613 | \n \u00a0 | \n
Gross Profit | \n \u00a0 | \n \u00a0 | \n 1,286 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 950 | \n \u00a0 | \n \u00a0 | \n 2,530 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,837 | \n \u00a0 | \n
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sales and gross profit by geographic region are summarized in the following table (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended | \n \u00a0 | \n Nine Months Ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n February 25, 2023 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n \u00a0 | \n February 25, 2023 | \n \u00a0 | \n ||||
Net Sales | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
North America | \n \u00a0 | \n $ | \n 21,456 | \n \u00a0 | \n \u00a0 | \n $ | \n 29,721 | \n \u00a0 | \n $ | \n 57,772 | \n \u00a0 | \n \u00a0 | \n $ | \n 93,126 | \n \u00a0 | \n
Asia/Pacific | \n \u00a0 | \n \u00a0 | \n 12,116 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,999 | \n \u00a0 | \n \u00a0 | \n 34,988 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 47,859 | \n \u00a0 | \n
Europe | \n \u00a0 | \n \u00a0 | \n 16,081 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,886 | \n \u00a0 | \n \u00a0 | \n 46,542 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 47,816 | \n \u00a0 | \n
Latin America | \n \u00a0 | \n \u00a0 | \n 2,732 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,771 | \n \u00a0 | \n \u00a0 | \n 8,237 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,077 | \n \u00a0 | \n
Other (1) | \n \u00a0 | \n \u00a0 | \n (10 | \n ) | \n \u00a0 | \n \u00a0 | \n (13 | \n ) | \n \u00a0 | \n 1,547 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (52 | \n ) | \n
Total | \n \u00a0 | \n $ | \n 52,375 | \n \u00a0 | \n \u00a0 | \n $ | \n 70,364 | \n \u00a0 | \n $ | \n 149,086 | \n \u00a0 | \n \u00a0 | \n $ | \n 203,826 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Gross Profit | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
North America | \n \u00a0 | \n $ | \n 8,362 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,463 | \n \u00a0 | \n $ | \n 21,620 | \n \u00a0 | \n \u00a0 | \n $ | \n 36,926 | \n \u00a0 | \n
Asia/Pacific | \n \u00a0 | \n \u00a0 | \n 2,902 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,664 | \n \u00a0 | \n \u00a0 | \n 10,217 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,985 | \n \u00a0 | \n
Europe | \n \u00a0 | \n \u00a0 | \n 4,824 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,132 | \n \u00a0 | \n \u00a0 | \n 14,105 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,417 | \n \u00a0 | \n
Latin America | \n \u00a0 | \n \u00a0 | \n 1,018 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,508 | \n \u00a0 | \n \u00a0 | \n 3,004 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,410 | \n \u00a0 | \n
Other (1) | \n \u00a0 | \n \u00a0 | \n (1,670 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,362 | \n ) | \n \u00a0 | \n (3,704 | \n ) | \n \u00a0 | \n \u00a0 | \n (3,455 | \n ) | \n
Total | \n \u00a0 | \n $ | \n 15,436 | \n \u00a0 | \n \u00a0 | \n $ | \n 22,405 | \n \u00a0 | \n $ | \n 45,242 | \n \u00a0 | \n \u00a0 | \n $ | \n 67,283 | \n \u00a0 | \n
\u00a0
10. RISKS AND UNCERTAINTIES
Our business and the companies with which we do business are subject to risks and uncertainties caused by factors beyond our control. Such factors include economic pressures related to inflation, rising interest rates, economic weakness or recession, as well as geopolitical and public health events such as conflicts involving the Russia-Ukraine and Middle East, tightening labor markets, and pandemics. These and other similar conditions and events have in the past and could in the future disrupt our operations and could have a material adverse effect on our business, results of operations, cash flows and financial condition.
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On June 15, 2015, the Company entered into a lease agreement for the IMES facility with LDL, LLC. That lease agreement was extended for five years in fiscal 2021. The Company is entitled to extend the term of the lease for an additional five-year renewal term by notifying the landlord in writing of its intention to do so within six months of the expiration of the term. The Executive Vice President of IMES, Lee A. McIntyre III (former owner of IMES), has an ownership interest in LDL, LLC. Mr. McIntyre departed from the Company in fiscal year 2023, effective as of September 24, 2022. The lease agreement provides for monthly payments over five years with total future minimum lease payments of $0.2 million. Rental expense related to this lease amounted to $0.1 million for the nine months ended March 2, 2024 and February 25, 2023.
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