1. DESCRIPTION OF THE COMPANY
Richardson Electronics, Ltd. (the \"Company,\" \"we,\" \"our\") is a leading global manufacturer of engineered solutions, green energy products, power grid and microwave tubes, and related consumables; power conversion and RF and microwave components including green energy solutions; tubes for diagnostic imaging equipment; and customized display solutions. Approximately 50% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or 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 business segments: Power and Microwave Technologies (\"PMT\"), Green Energy Solutions (\"GES\"), Canvys and Healthcare. A description of the Company's business segments is provided in Note 11, Segment and Geographic Information.
On January 24, 2025, the Company sold a substantial portion of the assets of its Healthcare business to DirectMed Imaging, LLC (\u201cDirectMed\u201d), a Delaware limited liability company, and entered into an exclusive 10-year global supply agreement in which Richardson will supply DirectMed with repaired Siemens CT X-ray tubes. Additionally, the Company will continue manufacturing ALTA CT X-ray tubes for DirectMed for approximately 12 to 18 months. A description of this transaction and other decisions associated with this transaction which resulted in a total loss of $4.9 million being recorded for the three month and nine month periods ended March 1, 2025 is provided in Note 10, Disposal of Healthcare Assets and Related Charges.
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 2025 and fiscal 2024 both contained 13 weeks. The first nine months of fiscal 2025 contained 39 weeks and the first nine months of fiscal 2024 contained 40 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 the nine months ended March 1, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending May 31, 2025.
As described in Note 1, Description of the Company, 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 June 1, 2024, which was filed with the SEC on August 5, 2024.
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Certain prior period amounts have been reclassified to conform to the current period reporting classifications. The reclassification was related to the unrealized foreign exchange gain (loss) on the Consolidated Statements of Cash Flows.
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In November 2023, Financial Accounting Standards Board (\"FASB\") issued Accounting Standards Update (\"ASU\") 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 December 2023, the FASB issued ASU 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 2024, the FASB issued ASU 2024-03 Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, which requires an entity to disclose on an annual and interim basis, disaggregated information about specific income statement expense categories. The guidance should be applied prospectively with the option to apply the standard retrospectively. The standard becomes effective for the annual period starting on January 1, 2027 and interim periods starting on January 1, 2028. The Company is in the process of analyzing the impact that the adoption of ASU 2024-03 will have on its 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 $82.1 million of finished goods, $11.7 million of raw materials and $4.6 million of work-in-progress as of March 1, 2025, as compared to approximately $93.9 million of finished goods, $12.2 million of raw materials and $4.0 million of work-in-progress as of June 1, 2024.
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. Inventory reserves were approximately $6.0 million as of March 1, 2025 and $6.0 million as of June 1, 2024.
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. Revenue is recognized when control transfers since it is not always based on delivery of the goods. 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 their 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 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 accounts 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.
On occasion, the Company enters into bill-and-hold arrangements. Each bill-and-hold arrangement is reviewed and revenue is recognized only when certain criteria have been met: (i) the reason for the bill-and-hold arrangement is substantive; (ii) the product is segregated from the Company\u2019s other inventory items held for sale; (iii) the product is ready for shipment to the customer; and (iv) the Company does not have the ability to use the product or direct it to another customer.
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.
Contract Balances: Contract balances were as follows (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 1, 2025 | \n \u00a0 | \n \u00a0 | \n June 1, 2024 | \n \u00a0 | \n \u00a0 | \n May 27, 2023 | \n \u00a0 | \n |||
Accounts receivable | \n \u00a0 | \n $ | \n 24,932 | \n \u00a0 | \n \u00a0 | \n $ | \n 24,845 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,067 | \n \u00a0 | \n
Contract liabilities | \n \u00a0 | \n \u00a0 | \n 4,545 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,520 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,283 | \n \u00a0 | \n
During the three and nine months ended March 1, 2025 the Company recognized $2.3 million and $4.4 million, respectively, of revenue upon satisfaction of performance obligations related to amounts that were included in the contract liabilities balance as of June 1, 2024. During the three months ended March 2, 2024, the Company did not recognize revenue upon satisfaction of performance obligations and during the nine months ended March 2, 2024 the Company recognized $2.9 million of revenue upon satisfaction of performance obligations related to amounts that were included in the contract liabilities balance as of May 27, 2023. At March 1, 2025, the contract liability balance of $4.5 million includes $1.2 million of deferred revenue from the disposal of Healthcare assets, which will be recognized over the next 12 to 18 months.
Refer to Note 11, Segment and Geographic Information 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 1, 2025 | \n \u00a0 | \n \u00a0 | \n June 1, 2024 | \n \u00a0 | \n ||
Gross Amounts: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Customer Relationships | \n \u00a0 | \n $ | \n 893 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,396 | \n \u00a0 | \n
Technology | \n \u00a0 | \n \u00a0 | \n 150 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 380 | \n \u00a0 | \n
Total Gross Amounts | \n \u00a0 | \n $ | \n 1,043 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,776 | \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 626 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,886 | \n \u00a0 | \n
Technology | \n \u00a0 | \n \u00a0 | \n 59 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 249 | \n \u00a0 | \n
Total Accumulated Amortization | \n \u00a0 | \n $ | \n 685 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,135 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Net Intangible Assets | \n \u00a0 | \n $ | \n 358 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,641 | \n \u00a0 | \n
As described in Note 10, Disposal of Healthcare Assets and Related Charges, the Company sold certain assets related to Healthcare including intangible assets with a book value of $1.1 million.
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 2025 | \n \u00a0 | \n $ | \n 15 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 59 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 60 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 60 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 58 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 106 | \n \u00a0 | \n
\u00a0\u00a0\u00a0\u00a0\u00a0Total amortization | \n \u00a0 | \n $ | \n 358 | \n \u00a0 | \n
The weighted average number of years of amortization expense remaining is 7.1 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 1, 2025 | \n \u00a0 | \n \u00a0 | \n June 1, 2024 | \n \u00a0 | \n ||
Compensation and payroll taxes | \n \u00a0 | \n $ | \n 3,638 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,495 | \n \u00a0 | \n
Accrued severance | \n \u00a0 | \n \u00a0 | \n 557 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 506 | \n \u00a0 | \n
Professional fees | \n \u00a0 | \n \u00a0 | \n 628 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 487 | \n \u00a0 | \n
Contract liabilities | \n \u00a0 | \n \u00a0 | \n 4,545 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,520 | \n \u00a0 | \n
Other accrued expenses | \n \u00a0 | \n \u00a0 | \n 1,900 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,396 | \n \u00a0 | \n
Accrued Liabilities | \n \u00a0 | \n $ | \n 11,268 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,404 | \n \u00a0 | \n
\u00a0
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 Unaudited Consolidated Statements of Comprehensive (Loss) 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 $0.8 million as of March 1, 2025 and approximately $0.7 million as of June 1, 2024.
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 $82.1 million of finished goods, $11.7 million of raw materials and $4.6 million of work-in-progress as of March 1, 2025, as compared to approximately $93.9 million of finished goods, $12.2 million of raw materials and $4.0 million of work-in-progress as of June 1, 2024.
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. Inventory reserves were approximately $6.0 million as of March 1, 2025 and $6.0 million as of June 1, 2024.
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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 their 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 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 accounts 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.
On occasion, the Company enters into bill-and-hold arrangements. Each bill-and-hold arrangement is reviewed and revenue is recognized only when certain criteria have been met: (i) the reason for the bill-and-hold arrangement is substantive; (ii) the product is segregated from the Company\u2019s other inventory items held for sale; (iii) the product is ready for shipment to the customer; and (iv) the Company does not have the ability to use the product or direct it to another customer.
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.
Contract Balances: Contract balances were as follows (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 1, 2025 | \n \u00a0 | \n \u00a0 | \n June 1, 2024 | \n \u00a0 | \n \u00a0 | \n May 27, 2023 | \n \u00a0 | \n |||
Accounts receivable | \n \u00a0 | \n $ | \n 24,932 | \n \u00a0 | \n \u00a0 | \n $ | \n 24,845 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,067 | \n \u00a0 | \n
Contract liabilities | \n \u00a0 | \n \u00a0 | \n 4,545 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,520 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,283 | \n \u00a0 | \n
During the three and nine months ended March 1, 2025 the Company recognized $2.3 million and $4.4 million, respectively, of revenue upon satisfaction of performance obligations related to amounts that were included in the contract liabilities balance as of June 1, 2024. During the three months ended March 2, 2024, the Company did not recognize revenue upon satisfaction of performance obligations and during the nine months ended March 2, 2024 the Company recognized $2.9 million of revenue upon satisfaction of performance obligations related to amounts that were included in the contract liabilities balance as of May 27, 2023. At March 1, 2025, the contract liability balance of $4.5 million includes $1.2 million of deferred revenue from the disposal of Healthcare assets, which will be recognized over the next 12 to 18 months.
Refer to Note 11, Segment and Geographic Information 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":"rell:ServicesRevenueRecognizedAsPercentageOfAggregateRevenue","xbrl:period":"2024-06-02T00:00:00/2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"0.05"}]},{"name":"rpt:f-476","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerAssetAndLiabilityTableTextBlock","xbrl:period":"2024-06-02T00:00:00/2025-03-02T00:00:00","xbrl:entity":"cik:0000355948"},"factValues":[{"value":"Contract Balances: Contract balances were as follows (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 1, 2025 | \n \u00a0 | \n \u00a0 | \n June 1, 2024 | \n \u00a0 | \n \u00a0 | \n May 27, 2023 | \n \u00a0 | \n |||
Accounts receivable | \n \u00a0 | \n $ | \n 24,932 | \n \u00a0 | \n \u00a0 | \n $ | \n 24,845 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,067 | \n \u00a0 | \n
Contract liabilities | \n \u00a0 | \n \u00a0 | \n 4,545 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,520 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,283 | \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-489","factDimensions":{"xbrl:concept":"us-gaap:IntangibleAssetsFiniteLivedPolicy","xbrl:period":"2024-06-02T00:00:00/2025-03-02T00:00:00","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 1, 2025 | \n \u00a0 | \n \u00a0 | \n June 1, 2024 | \n \u00a0 | \n ||
Gross Amounts: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Customer Relationships | \n \u00a0 | \n $ | \n 893 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,396 | \n \u00a0 | \n
Technology | \n \u00a0 | \n \u00a0 | \n 150 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 380 | \n \u00a0 | \n
Total Gross Amounts | \n \u00a0 | \n $ | \n 1,043 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,776 | \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 626 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,886 | \n \u00a0 | \n
Technology | \n \u00a0 | \n \u00a0 | \n 59 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 249 | \n \u00a0 | \n
Total Accumulated Amortization | \n \u00a0 | \n $ | \n 685 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,135 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Net Intangible Assets | \n \u00a0 | \n $ | \n 358 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,641 | \n \u00a0 | \n
As described in Note 10, Disposal of Healthcare Assets and Related Charges, the Company sold certain assets related to Healthcare including intangible assets with a book value of $1.1 million.
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 2025 | \n \u00a0 | \n $ | \n 15 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 59 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 60 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 60 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 58 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 106 | \n \u00a0 | \n
\u00a0\u00a0\u00a0\u00a0\u00a0Total amortization | \n \u00a0 | \n $ | \n 358 | \n \u00a0 | \n
The weighted average number of years of amortization expense remaining is 7.1 years.
"}]},{"name":"rpt:f-490","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock","xbrl:period":"2024-06-02T00:00:00/2025-03-02T00:00:00","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 1, 2025 | \n \u00a0 | \n \u00a0 | \n June 1, 2024 | \n \u00a0 | \n ||
Gross Amounts: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Customer Relationships | \n \u00a0 | \n $ | \n 893 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,396 | \n \u00a0 | \n
Technology | \n \u00a0 | \n \u00a0 | \n 150 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 380 | \n \u00a0 | \n
Total Gross Amounts | \n \u00a0 | \n $ | \n 1,043 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,776 | \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 626 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,886 | \n \u00a0 | \n
Technology | \n \u00a0 | \n \u00a0 | \n 59 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 249 | \n \u00a0 | \n
Total Accumulated Amortization | \n \u00a0 | \n $ | \n 685 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,135 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Net Intangible Assets | \n \u00a0 | \n $ | \n 358 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,641 | \n \u00a0 | \n
As described in Note 10, Disposal of Healthcare Assets and Related Charges, the Company sold certain assets related to Healthcare including intangible assets with a book value of $1.1 million.
"}]},{"name":"rpt:f-491","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsGross","xbrl:period":"2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis":"us-gaap:CustomerRelationshipsMember"},"factValues":[{"value":"893000","decimals":-3}]},{"name":"rpt:f-492","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsGross","xbrl:period":"2024-06-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis":"us-gaap:CustomerRelationshipsMember"},"factValues":[{"value":"3396000","decimals":-3}]},{"name":"rpt:f-493","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsGross","xbrl:period":"2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis":"us-gaap:TechnologyBasedIntangibleAssetsMember"},"factValues":[{"value":"150000","decimals":-3}]},{"name":"rpt:f-494","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsGross","xbrl:period":"2024-06-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis":"us-gaap:TechnologyBasedIntangibleAssetsMember"},"factValues":[{"value":"380000","decimals":-3}]},{"name":"rpt:f-495","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsGross","xbrl:period":"2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1043000","decimals":-3}]},{"name":"rpt:f-496","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsGross","xbrl:period":"2024-06-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3776000","decimals":-3}]},{"name":"rpt:f-497","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization","xbrl:period":"2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis":"us-gaap:CustomerRelationshipsMember"},"factValues":[{"value":"626000","decimals":-3}]},{"name":"rpt:f-498","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization","xbrl:period":"2024-06-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis":"us-gaap:CustomerRelationshipsMember"},"factValues":[{"value":"1886000","decimals":-3}]},{"name":"rpt:f-499","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization","xbrl:period":"2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis":"us-gaap:TechnologyBasedIntangibleAssetsMember"},"factValues":[{"value":"59000","decimals":-3}]},{"name":"rpt:f-500","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization","xbrl:period":"2024-06-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis":"us-gaap:TechnologyBasedIntangibleAssetsMember"},"factValues":[{"value":"249000","decimals":-3}]},{"name":"rpt:f-501","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization","xbrl:period":"2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"685000","decimals":-3}]},{"name":"rpt:f-502","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization","xbrl:period":"2024-06-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2135000","decimals":-3}]},{"name":"rpt:f-503","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsNet","xbrl:period":"2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"358000","decimals":-3}]},{"name":"rpt:f-504","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsNet","xbrl:period":"2024-06-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1641000","decimals":-3}]},{"name":"rpt:f-505","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsPeriodIncreaseDecrease","xbrl:period":"2024-06-02T00:00:00/2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1100000","decimals":-5}]},{"name":"rpt:f-506","factDimensions":{"xbrl:concept":"us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock","xbrl:period":"2024-06-02T00:00:00/2025-03-02T00:00:00","xbrl:entity":"cik:0000355948"},"factValues":[{"value":"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 2025 | \n \u00a0 | \n $ | \n 15 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 59 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 60 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 60 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 58 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 106 | \n \u00a0 | \n
\u00a0\u00a0\u00a0\u00a0\u00a0Total amortization | \n \u00a0 | \n $ | \n 358 | \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-516","factDimensions":{"xbrl:concept":"rell:AccruedLiabilitiesPolicyTextBlock","xbrl:period":"2024-06-02T00:00:00/2025-03-02T00:00:00","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 1, 2025 | \n \u00a0 | \n \u00a0 | \n June 1, 2024 | \n \u00a0 | \n ||
Compensation and payroll taxes | \n \u00a0 | \n $ | \n 3,638 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,495 | \n \u00a0 | \n
Accrued severance | \n \u00a0 | \n \u00a0 | \n 557 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 506 | \n \u00a0 | \n
Professional fees | \n \u00a0 | \n \u00a0 | \n 628 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 487 | \n \u00a0 | \n
Contract liabilities | \n \u00a0 | \n \u00a0 | \n 4,545 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,520 | \n \u00a0 | \n
Other accrued expenses | \n \u00a0 | \n \u00a0 | \n 1,900 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,396 | \n \u00a0 | \n
Accrued Liabilities | \n \u00a0 | \n $ | \n 11,268 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,404 | \n \u00a0 | \n
\u00a0
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 1, 2025 | \n \u00a0 | \n \u00a0 | \n June 1, 2024 | \n \u00a0 | \n ||
Compensation and payroll taxes | \n \u00a0 | \n $ | \n 3,638 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,495 | \n \u00a0 | \n
Accrued severance | \n \u00a0 | \n \u00a0 | \n 557 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 506 | \n \u00a0 | \n
Professional fees | \n \u00a0 | \n \u00a0 | \n 628 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 487 | \n \u00a0 | \n
Contract liabilities | \n \u00a0 | \n \u00a0 | \n 4,545 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,520 | \n \u00a0 | \n
Other accrued expenses | \n \u00a0 | \n \u00a0 | \n 1,900 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,396 | \n \u00a0 | \n
Accrued Liabilities | \n \u00a0 | \n $ | \n 11,268 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,404 | \n \u00a0 | \n
\u00a0
"}]},{"name":"rpt:f-518","factDimensions":{"xbrl:concept":"us-gaap:AccruedPayrollTaxesCurrent","xbrl:period":"2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3638000","decimals":-3}]},{"name":"rpt:f-519","factDimensions":{"xbrl:concept":"us-gaap:AccruedPayrollTaxesCurrent","xbrl:period":"2024-06-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3495000","decimals":-3}]},{"name":"rpt:f-520","factDimensions":{"xbrl:concept":"us-gaap:SupplementalUnemploymentBenefitsSeveranceBenefits","xbrl:period":"2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"557000","decimals":-3}]},{"name":"rpt:f-521","factDimensions":{"xbrl:concept":"us-gaap:SupplementalUnemploymentBenefitsSeveranceBenefits","xbrl:period":"2024-06-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"506000","decimals":-3}]},{"name":"rpt:f-522","factDimensions":{"xbrl:concept":"us-gaap:AccruedProfessionalFeesCurrent","xbrl:period":"2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"628000","decimals":-3}]},{"name":"rpt:f-523","factDimensions":{"xbrl:concept":"us-gaap:AccruedProfessionalFeesCurrent","xbrl:period":"2024-06-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"487000","decimals":-3}]},{"name":"rpt:f-524","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerLiability","xbrl:period":"2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4545000","decimals":-3}]},{"name":"rpt:f-525","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerLiability","xbrl:period":"2024-06-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4520000","decimals":-3}]},{"name":"rpt:f-526","factDimensions":{"xbrl:concept":"us-gaap:OtherAccruedLiabilitiesCurrent","xbrl:period":"2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1900000","decimals":-3}]},{"name":"rpt:f-527","factDimensions":{"xbrl:concept":"us-gaap:OtherAccruedLiabilitiesCurrent","xbrl:period":"2024-06-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"6396000","decimals":-3}]},{"name":"rpt:f-528","factDimensions":{"xbrl:concept":"us-gaap:AccruedLiabilitiesCurrent","xbrl:period":"2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"11268000","decimals":-3}]},{"name":"rpt:f-529","factDimensions":{"xbrl:concept":"us-gaap:AccruedLiabilitiesCurrent","xbrl:period":"2024-06-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"15404000","decimals":-3}]},{"name":"rpt:f-530","factDimensions":{"xbrl:concept":"us-gaap:StandardProductWarrantyPolicy","xbrl:period":"2024-06-02T00:00:00/2025-03-02T00:00:00","xbrl:entity":"cik:0000355948"},"factValues":[{"value":"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 Unaudited Consolidated Statements of Comprehensive (Loss) 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 $0.8 million as of March 1, 2025 and approximately $0.7 million as of June 1, 2024.
"}]},{"name":"rpt:f-531","factDimensions":{"xbrl:concept":"us-gaap:ProductWarrantyAccrual","xbrl:period":"2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"800000","decimals":-5}]},{"name":"rpt:f-532","factDimensions":{"xbrl:concept":"us-gaap:ProductWarrantyAccrual","xbrl:period":"2024-06-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"700000","decimals":-5}]},{"name":"rpt:f-533","factDimensions":{"xbrl:concept":"rell:RevolvingCreditFacilitiesTextBlock","xbrl:period":"2024-06-02T00:00:00/2025-03-02T00:00:00","xbrl:entity":"cik:0000355948"},"factValues":[{"value":"6. REVOLVING CREDIT FACILITY
The Company entered into a Credit Agreement (as amended by the First Amendment to the Credit Agreement dated April 9, 2025 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.
The First Amendment to the Credit Agreement modified the definition of \u201cConsolidated EBITDA\u201d to take into account the non-recurring non-cash loss in the amount of $4,920,000 recognized by the Company in connection with the Asset Purchase Agreement, dated January 24, 2025, between the Company and DirectMed Imaging, LLC.
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 $1.0 million of the credit line and repaid that $1.0 million during the first quarter of fiscal 2025. There was no utilization of the credit line in the second or third quarter of fiscal 2025. As of March 1, 2025, no amount was outstanding under the Revolving Credit Facility.
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 1, 2025.
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-534","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-535","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-536","factDimensions":{"xbrl:concept":"rell:LineOfCreditConsolidatedEarningsBeforeInterestTaxesDepreciationAndAmortisationWithAssetPurchase","xbrl:period":"2025-01-24T00:00:00/2025-01-25T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"rell:DirectMedImagingLLCMember","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"4920000","decimals":0}]},{"name":"rpt:f-537","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-538","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromLinesOfCredit","xbrl:period":"2024-06-02T00:00:00/2024-09-01T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"1000000","decimals":-5}]},{"name":"rpt:f-539","factDimensions":{"xbrl:concept":"us-gaap:RepaymentsOfLinesOfCredit","xbrl:period":"2024-06-02T00:00:00/2024-09-01T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"1000000","decimals":-5}]},{"name":"rpt:f-540","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromLinesOfCredit","xbrl:period":"2024-12-01T00:00:00/2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"0"}]},{"name":"rpt:f-541","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromLinesOfCredit","xbrl:period":"2024-09-01T00:00:00/2024-12-01T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"0"}]},{"name":"rpt:f-542","factDimensions":{"xbrl:concept":"us-gaap:LineOfCredit","xbrl:period":"2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-543","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityInterestRateDuringPeriod","xbrl:period":"2024-06-02T00:00:00/2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","us-gaap:VariableRateAxis":"us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"0.0125"}]},{"name":"rpt:f-544","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityInterestRateDuringPeriod","xbrl:period":"2024-06-02T00:00:00/2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","us-gaap:VariableRateAxis":"us-gaap:BaseRateMember","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"0.0025"}]},{"name":"rpt:f-545","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityInterestRateDuringPeriod","xbrl:period":"2024-06-02T00:00:00/2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember","us-gaap:VariableRateAxis":"rell:EuroRiskFreeRateMember"},"factValues":[{"value":"0.0125"}]},{"name":"rpt:f-546","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityCommitmentFeePercentage","xbrl:period":"2024-06-02T00:00:00/2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"0.0125"}]},{"name":"rpt:f-547","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage","xbrl:period":"2024-06-02T00:00:00/2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"0.001"}]},{"name":"rpt:f-548","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeasesTextBlock","xbrl:period":"2024-06-02T00:00:00/2025-03-02T00:00:00","xbrl:entity":"cik:0000355948"},"factValues":[{"value":"7. LEASE OBLIGATIONS
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.
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):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
Lease Type | \n \u00a0 | \n March 1, 2025 | \n \u00a0 | \n \u00a0 | \n June 1, 2024 | \n \u00a0 | \n ||
\u00a0 | \n $ | \n 2,035 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,760 | \n \u00a0 | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 986 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,169 | \n \u00a0 | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 1,049 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,591 | \n \u00a0 | \n
\u00a0
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 1, 2025 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n ||
Consolidated operating lease expense | \n \u00a0 | \n Operating expenses | \n \u00a0 | \n $ | \n 386 | \n \u00a0 | \n \u00a0 | \n $ | \n 457 | \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 1, 2025 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n ||
Consolidated operating lease expense | \n \u00a0 | \n Operating expenses | \n \u00a0 | \n $ | \n 1,240 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,328 | \n \u00a0 | \n
The approximate future minimum lease payments under operating leases at March 1, 2025 were as follows (in thousands):
\n| \n | \n | \n | \n | \n |
Fiscal Year | \n \u00a0 | \n Operating Leases | \n \u00a0 | \n |
Remaining 2025 | \n \u00a0 | \n $ | \n 293 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 1,015 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 476 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 228 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 142 | \n \u00a0 | \n
\u00a0\u00a0\u00a0\u00a0\u00a0Total lease payments | \n \u00a0 | \n \u00a0 | \n 2,154 | \n \u00a0 | \n
Less imputed interest | \n \u00a0 | \n \u00a0 | \n 119 | \n \u00a0 | \n
\u00a0\u00a0\u00a0\u00a0\u00a0Net minimum lease payments | \n \u00a0 | \n $ | \n 2,035 | \n \u00a0 | \n
The weighted average remaining lease terms and interest rates of leases held by the Company as of March 1, 2025 and March 2, 2024 were as follows:
\n| \n | \n | \n | \n | \n |
Operating Lease as of: | \n \u00a0 | \n Weighted Average Remaining | \n \u00a0 | \n Weighted Average Interest Rate | \n
March 1, 2025 | \n \u00a0 | \n 4.5 | \n \u00a0 | \n 4.9% | \n
March 2, 2024 | \n \u00a0 | \n 2.8 | \n \u00a0 | \n 4.4% | \n
The cash activities associated with our leases for the three month and nine month periods ended March 1, 2025 and March 2, 2024 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 1, 2025 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \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 317 | \n \u00a0 | \n \u00a0 | \n $ | \n 354 | \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 1, 2025 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \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 1,013 | \n \u00a0 | \n \u00a0 | \n $ | \n 977 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
The net assets and liabilities related to operating leases were as follows (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
Lease Type | \n \u00a0 | \n March 1, 2025 | \n \u00a0 | \n \u00a0 | \n June 1, 2024 | \n \u00a0 | \n ||
\u00a0 | \n $ | \n 2,035 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,760 | \n \u00a0 | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 986 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,169 | \n \u00a0 | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 1,049 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,591 | \n \u00a0 | \n
\u00a0
"}]},{"name":"rpt:f-550","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseRightOfUseAsset","xbrl:period":"2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2035000","decimals":-3}]},{"name":"rpt:f-551","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseRightOfUseAsset","xbrl:period":"2024-06-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2760000","decimals":-3}]},{"name":"rpt:f-552","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseLiabilityCurrent","xbrl:period":"2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"986000","decimals":-3}]},{"name":"rpt:f-553","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseLiabilityCurrent","xbrl:period":"2024-06-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1169000","decimals":-3}]},{"name":"rpt:f-554","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseLiabilityNoncurrent","xbrl:period":"2025-03-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1049000","decimals":-3}]},{"name":"rpt:f-555","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseLiabilityNoncurrent","xbrl:period":"2024-06-02T00:00:00","xbrl:entity":"cik:0000355948","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1591000","decimals":-3}]},{"name":"rpt:f-556","factDimensions":{"xbrl:concept":"us-gaap:LeaseCostTableTextBlock","xbrl:period":"2024-06-02T00:00:00/2025-03-02T00:00:00","xbrl:entity":"cik:0000355948"},"factValues":[{"value":"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 1, 2025 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n ||
Consolidated operating lease expense | \n \u00a0 | \n Operating expenses | \n \u00a0 | \n $ | \n 386 | \n \u00a0 | \n \u00a0 | \n $ | \n 457 | \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 1, 2025 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n ||
Consolidated operating lease expense | \n \u00a0 | \n Operating expenses | \n \u00a0 | \n $ | \n 1,240 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,328 | \n \u00a0 | \n
The approximate future minimum lease payments under operating leases at March 1, 2025 were as follows (in thousands):
\n| \n | \n | \n | \n | \n |
Fiscal Year | \n \u00a0 | \n Operating Leases | \n \u00a0 | \n |
Remaining 2025 | \n \u00a0 | \n $ | \n 293 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 1,015 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 476 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 228 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 142 | \n \u00a0 | \n
\u00a0\u00a0\u00a0\u00a0\u00a0Total lease payments | \n \u00a0 | \n \u00a0 | \n 2,154 | \n \u00a0 | \n
Less imputed interest | \n \u00a0 | \n \u00a0 | \n 119 | \n \u00a0 | \n
\u00a0\u00a0\u00a0\u00a0\u00a0Net minimum lease payments | \n \u00a0 | \n $ | \n 2,035 | \n \u00a0 | \n
The weighted average remaining lease terms and interest rates of leases held by the Company as of March 1, 2025 and March 2, 2024 were as follows:
\n| \n | \n | \n | \n | \n |
Operating Lease as of: | \n \u00a0 | \n Weighted Average Remaining | \n \u00a0 | \n Weighted Average Interest Rate | \n
March 1, 2025 | \n \u00a0 | \n 4.5 | \n \u00a0 | \n 4.9% | \n
March 2, 2024 | \n \u00a0 | \n 2.8 | \n \u00a0 | \n 4.4% | \n
The cash activities associated with our leases for the three month and nine month periods ended March 1, 2025 and March 2, 2024 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 1, 2025 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \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 317 | \n \u00a0 | \n \u00a0 | \n $ | \n 354 | \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 1, 2025 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \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 1,013 | \n \u00a0 | \n \u00a0 | \n $ | \n 977 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
8. INCOME TAXES
We recorded an income tax benefit of $1.3 million and an income tax provision of $0.1 million for the first nine months of fiscal 2025 and for the first nine months of fiscal 2024, respectively. The effective income tax rate during the first nine months of fiscal 2025 was a tax benefit of 36.5% as compared to a tax provision of 39.2% during the first nine months of fiscal 2024. The difference in rate during the first nine months of fiscal 2025 as compared to the first nine months of fiscal 2024 reflects changes in our geographical distribution of income (loss) and the discrete item related to the sale of healthcare assets resulting in a loss in the third quarter of fiscal 2025. The 36.5% effective income tax rate differs from the federal statutory rate of 21% as a result of our geographical distribution of income (loss), as well as the book loss on the sale of healthcare assets and the utilization of the U.S. research and development credit.
In the normal course of business, we are subject to examination by taxing authorities throughout the world. Years prior to fiscal 2015 are closed for examination under the statute of limitation for U.S. federal, and U.S. state. In Netherlands, years prior to fiscal 2020 are closed for examination. We are under examination in Germany for fiscal years 2019 to 2022. During the third quarter of fiscal 2025, we received a notice from the State of Illinois for an income tax audit covering the period from June 2021 to May 2023. We have no other current open audits in the U.S.
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 now 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 1, 2025 and June 1, 2024.
The Company recorded $0.3 million for uncertain tax positions as of March 1, 2025 as compared to $0.1 million as of June 1, 2024. We record interest related to uncertain tax positions in the income tax expense line item within the Unaudited Consolidated Statements of Comprehensive (Loss) Income. Accrued interest was included within the related tax liability line in the Consolidated Balance Sheets. We have recorded a liability of less than $0.1 million for interest and penalties as it relates to the reserve of the research and development credit as of March 1, 2025 and June 1, 2024, respectively.
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 $2.2 million as of March 1, 2025 and June 1, 2024. The current valuation allowance is recorded on deferred tax assets in foreign jurisdictions where historical taxable losses have been incurred ($1.1 million) and state NOLs ($1.1 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.
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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 (Loss) Income for the third quarter of fiscal 2025 and 2024 was based on the following amounts (in thousands, except per share amounts):
\u00a0
\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 1, 2025 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \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 (loss) income | \n \u00a0 | \n $ | \n (2,057 | \n ) | \n \u00a0 | \n $ | \n (2,057 | \n ) | \n \u00a0 | \n $ | \n 750 | \n \u00a0 | \n \u00a0 | \n $ | \n 750 | \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 742 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 742 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 733 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 733 | \n \u00a0 | \n
Class B common stock | \n \u00a0 | \n \u00a0 | \n 110 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 110 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 111 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 111 | \n \u00a0 | \n
Undistributed loss | \n \u00a0 | \n $ | \n (2,909 | \n ) | \n \u00a0 | \n $ | \n (2,909 | \n ) | \n \u00a0 | \n $ | \n (94 | \n ) | \n \u00a0 | \n $ | \n (94 | \n ) | \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 | \n \u00a0 | \n $ | \n (2,531 | \n ) | \n \u00a0 | \n $ | \n (2,531 | \n ) | \n \u00a0 | \n $ | \n (82 | \n ) | \n \u00a0 | \n $ | \n (82 | \n ) | \n
Class B common stock undistributed loss | \n \u00a0 | \n \u00a0 | \n (378 | \n ) | \n \u00a0 | \n \u00a0 | \n (378 | \n ) | \n \u00a0 | \n \u00a0 | \n (12 | \n ) | \n \u00a0 | \n \u00a0 | \n (12 | \n ) | \n
Total undistributed loss | \n \u00a0 | \n $ | \n (2,909 | \n ) | \n \u00a0 | \n $ | \n (2,909 | \n ) | \n \u00a0 | \n $ | \n (94 | \n ) | \n \u00a0 | \n $ | \n (94 | \n ) | \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 12,333 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,333 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,227 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,227 | \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 \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 218 | \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 12,333 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,445 | \n \u00a0 | \n ||
Class B common stock weighted average shares and shares under if-converted method for diluted EPS | \n \u00a0 | \n \u00a0 | \n 2,049 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,049 | \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 (loss) 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 (0.15 | \n ) | \n \u00a0 | \n $ | \n (0.15 | \n ) | \n \u00a0 | \n $ | \n 0.05 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.05 | \n \u00a0 | \n
| \n \u00a0 | \n $ | \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 (0.13 | \n ) | \n \u00a0 | \n $ | \n (0.13 | \n ) | \n \u00a0 | \n $ | \n 0.05 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.05 | \n \u00a0 | \n
Note: There were 266 common stock options that were antidilutive and not included in the diluted earnings per share in the third quarter of fiscal 2025. There were no common stock options that were antidilutive and not included in the diluted earnings per share for the third quarter of fiscal 2024.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
The EPS presented in our Unaudited Consolidated Statements of Comprehensive (Loss) Income for the first nine months of fiscal 2025 and 2024 was based on the following amounts (in thousands, except per share amounts):
\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 1, 2025 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \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 (loss) income | \n \u00a0 | \n $ | \n (2,218 | \n ) | \n \u00a0 | \n $ | \n (2,218 | \n ) | \n \u00a0 | \n $ | \n 180 | \n \u00a0 | \n \u00a0 | \n $ | \n 180 | \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 2,223 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,223 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,199 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,199 | \n \u00a0 | \n
Class B common stock | \n \u00a0 | \n \u00a0 | \n 332 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 332 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 333 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 333 | \n \u00a0 | \n
Undistributed loss | \n \u00a0 | \n $ | \n (4,773 | \n ) | \n \u00a0 | \n $ | \n (4,773 | \n ) | \n \u00a0 | \n $ | \n (2,352 | \n ) | \n \u00a0 | \n $ | \n (2,352 | \n ) | \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 | \n \u00a0 | \n $ | \n (4,150 | \n ) | \n \u00a0 | \n $ | \n (4,150 | \n ) | \n \u00a0 | \n $ | \n (2,043 | \n ) | \n \u00a0 | \n $ | \n (2,049 | \n ) | \n
Class B common stock undistributed loss | \n \u00a0 | \n \u00a0 | \n (623 | \n ) | \n \u00a0 | \n \u00a0 | \n (623 | \n ) | \n \u00a0 | \n \u00a0 | \n (309 | \n ) | \n \u00a0 | \n \u00a0 | \n (303 | \n ) | \n
Total undistributed loss | \n \u00a0 | \n $ | \n (4,773 | \n ) | \n \u00a0 | \n $ | \n (4,773 | \n ) | \n \u00a0 | \n $ | \n (2,352 | \n ) | \n \u00a0 | \n $ | \n (2,352 | \n ) | \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 12,283 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,283 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,208 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,208 | \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 \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 272 | \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 12,283 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,480 | \n \u00a0 | \n ||
Class B common stock weighted average shares and shares under if-converted method for diluted EPS | \n \u00a0 | \n \u00a0 | \n 2,049 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,049 | \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 (loss) 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 (0.16 | \n ) | \n \u00a0 | \n $ | \n (0.16 | \n ) | \n \u00a0 | \n $ | \n 0.01 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.01 | \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 (0.14 | \n ) | \n \u00a0 | \n $ | \n (0.14 | \n ) | \n \u00a0 | \n $ | \n 0.01 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.01 | \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 249 common stock options that were antidilutive and not included in the diluted earnings per share for the first nine months of fiscal 2025. There were no common stock options that were antidilutive and not included in the diluted earnings per share for first nine months of fiscal 2024.
The earnings per share (\u201cEPS\u201d) presented in our Unaudited Consolidated Statements of Comprehensive (Loss) Income for the third quarter of fiscal 2025 and 2024 was based on the following amounts (in thousands, except per share amounts):
\u00a0
\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 1, 2025 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \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 (loss) income | \n \u00a0 | \n $ | \n (2,057 | \n ) | \n \u00a0 | \n $ | \n (2,057 | \n ) | \n \u00a0 | \n $ | \n 750 | \n \u00a0 | \n \u00a0 | \n $ | \n 750 | \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 742 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 742 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 733 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 733 | \n \u00a0 | \n
Class B common stock | \n \u00a0 | \n \u00a0 | \n 110 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 110 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 111 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 111 | \n \u00a0 | \n
Undistributed loss | \n \u00a0 | \n $ | \n (2,909 | \n ) | \n \u00a0 | \n $ | \n (2,909 | \n ) | \n \u00a0 | \n $ | \n (94 | \n ) | \n \u00a0 | \n $ | \n (94 | \n ) | \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 | \n \u00a0 | \n $ | \n (2,531 | \n ) | \n \u00a0 | \n $ | \n (2,531 | \n ) | \n \u00a0 | \n $ | \n (82 | \n ) | \n \u00a0 | \n $ | \n (82 | \n ) | \n
Class B common stock undistributed loss | \n \u00a0 | \n \u00a0 | \n (378 | \n ) | \n \u00a0 | \n \u00a0 | \n (378 | \n ) | \n \u00a0 | \n \u00a0 | \n (12 | \n ) | \n \u00a0 | \n \u00a0 | \n (12 | \n ) | \n
Total undistributed loss | \n \u00a0 | \n $ | \n (2,909 | \n ) | \n \u00a0 | \n $ | \n (2,909 | \n ) | \n \u00a0 | \n $ | \n (94 | \n ) | \n \u00a0 | \n $ | \n (94 | \n ) | \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 12,333 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,333 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,227 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,227 | \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 \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 218 | \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 12,333 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,445 | \n \u00a0 | \n ||
Class B common stock weighted average shares and shares under if-converted method for diluted EPS | \n \u00a0 | \n \u00a0 | \n 2,049 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,049 | \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 (loss) 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 (0.15 | \n ) | \n \u00a0 | \n $ | \n (0.15 | \n ) | \n \u00a0 | \n $ | \n 0.05 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.05 | \n \u00a0 | \n
| \n \u00a0 | \n $ | \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 (0.13 | \n ) | \n \u00a0 | \n $ | \n (0.13 | \n ) | \n \u00a0 | \n $ | \n 0.05 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.05 | \n \u00a0 | \n
Note: There were 266 common stock options that were antidilutive and not included in the diluted earnings per share in the third quarter of fiscal 2025. There were no common stock options that were antidilutive and not included in the diluted earnings per share for the third quarter of fiscal 2024.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
The EPS presented in our Unaudited Consolidated Statements of Comprehensive (Loss) Income for the first nine months of fiscal 2025 and 2024 was based on the following amounts (in thousands, except per share amounts):
\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 1, 2025 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \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 (loss) income | \n \u00a0 | \n $ | \n (2,218 | \n ) | \n \u00a0 | \n $ | \n (2,218 | \n ) | \n \u00a0 | \n $ | \n 180 | \n \u00a0 | \n \u00a0 | \n $ | \n 180 | \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 2,223 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,223 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,199 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,199 | \n \u00a0 | \n
Class B common stock | \n \u00a0 | \n \u00a0 | \n 332 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 332 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 333 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 333 | \n \u00a0 | \n
Undistributed loss | \n \u00a0 | \n $ | \n (4,773 | \n ) | \n \u00a0 | \n $ | \n (4,773 | \n ) | \n \u00a0 | \n $ | \n (2,352 | \n ) | \n \u00a0 | \n $ | \n (2,352 | \n ) | \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 | \n \u00a0 | \n $ | \n (4,150 | \n ) | \n \u00a0 | \n $ | \n (4,150 | \n ) | \n \u00a0 | \n $ | \n (2,043 | \n ) | \n \u00a0 | \n $ | \n (2,049 | \n ) | \n
Class B common stock undistributed loss | \n \u00a0 | \n \u00a0 | \n (623 | \n ) | \n \u00a0 | \n \u00a0 | \n (623 | \n ) | \n \u00a0 | \n \u00a0 | \n (309 | \n ) | \n \u00a0 | \n \u00a0 | \n (303 | \n ) | \n
Total undistributed loss | \n \u00a0 | \n $ | \n (4,773 | \n ) | \n \u00a0 | \n $ | \n (4,773 | \n ) | \n \u00a0 | \n $ | \n (2,352 | \n ) | \n \u00a0 | \n $ | \n (2,352 | \n ) | \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 12,283 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,283 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,208 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,208 | \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 \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 272 | \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 12,283 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,480 | \n \u00a0 | \n ||
Class B common stock weighted average shares and shares under if-converted method for diluted EPS | \n \u00a0 | \n \u00a0 | \n 2,049 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,049 | \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 (loss) 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 (0.16 | \n ) | \n \u00a0 | \n $ | \n (0.16 | \n ) | \n \u00a0 | \n $ | \n 0.01 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.01 | \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 (0.14 | \n ) | \n \u00a0 | \n $ | \n (0.14 | \n ) | \n \u00a0 | \n $ | \n 0.01 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.01 | \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 249 common stock options that were antidilutive and not included in the diluted earnings per share for the first nine months of fiscal 2025. There were no common stock options that were antidilutive and not included in the diluted earnings per share for first nine months of fiscal 2024.
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DISPOSAL OF HEALTHCARE ASSETS AND RELATED CHARGES
On January 24, 2025, the Company entered into an Asset Purchase Agreement (the \u201cPurchase Agreement\u201d) with DirectMed. Pursuant to the terms and subject to the conditions of the Purchase Agreement, DirectMed purchased assets of the Company used in the operation of its International Medical Equipment and Service (\"IMES\") business as well as ALTA tube and related inventory (the \u201cIMES Sale\u201d). The IMES Sale transaction closed simultaneously with the execution of the Purchase Agreement on January 24, 2025.
Under the terms of the Purchase Agreement, the Company sold a substantial portion of the assets comprising its Healthcare reportable segment to DirectMed for an initial consideration of $8.2 million and entered into an exclusive 10-year global supply agreement in which Richardson will supply DirectMed with repaired Siemens CT X-ray tubes (\"Siemens CT Supply Agreement\"). Additionally, the Company will continue manufacturing ALTA CT X-ray tubes for DirectMed for approximately 12 to 18 months (\"ALTA CT Supply Agreement\").
Consideration received of $8.2 million from DirectMed was allocated between the asset sale and the ALTA CT Supply Agreement based on their respective fair values (measured using Level 3 inputs) as follows: $7.0 million allocated to the asset sale and $1.2 million allocated to the ALTA CT Supply Agreement. The consideration related to the ALTA CT Supply Agreement has been initially recorded as deferred revenue within Other Liabilities in the Consolidated Balance Sheets and will be recognized into income as ALTA tubes are sold. Deferred revenue as of March 1, 2025 was $1.2 million.
In conjunction with the IMES Sale, other non-cash charges were incurred relating to the write-down of CT tube component inventory not transferred to the buyer and not expected to be used by the Company of $1.4 million, and an impairment of specific property, plant and equipment of $0.5 million that will be used to satisfy the ALTA CT Supply Agreement, which are included in the total loss recorded for the three and nine month periods ended March 1, 2025.
A summary of the $4.9 million disposal loss and related charges is shown in the following table (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n |
Proceeds from IMES sale attributable to disposal of healthcare assets | \n \u00a0 | \n $ | \n 6,985 | \n \u00a0 | \n
Assets sold: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
\u00a0\u00a0Accounts receivable | \n \u00a0 | \n \u00a0 | \n 1,004 | \n \u00a0 | \n
\u00a0\u00a0\u00a0Inventories, net | \n \u00a0 | \n \u00a0 | \n 7,123 | \n \u00a0 | \n
\u00a0\u00a0\u00a0Property, plant and equipment, net | \n \u00a0 | \n \u00a0 | \n 264 | \n \u00a0 | \n
\u00a0\u00a0\u00a0Intangible assets, net | \n \u00a0 | \n \u00a0 | \n 1,117 | \n \u00a0 | \n
\u00a0\u00a0Transaction related costs | \n \u00a0 | \n \u00a0 | \n 448 | \n \u00a0 | \n
Loss on disposal of healthcare assets | \n \u00a0 | \n \u00a0 | \n (2,971 | \n ) | \n
Other charges: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
\u00a0\u00a0Loss on write-down of healthcare related inventory not disposed of | \n \u00a0 | \n \u00a0 | \n 1,420 | \n \u00a0 | \n
\u00a0\u00a0\u00a0Impairment of property, plant and equipment, net to satisfy ALTA CT supply agreement | \n \u00a0 | \n \u00a0 | \n 525 | \n \u00a0 | \n
Total loss | \n \u00a0 | \n $ | \n (4,916 | \n ) | \n
A summary of the $4.9 million disposal loss and related charges is shown in the following table (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n |
Proceeds from IMES sale attributable to disposal of healthcare assets | \n \u00a0 | \n $ | \n 6,985 | \n \u00a0 | \n
Assets sold: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
\u00a0\u00a0Accounts receivable | \n \u00a0 | \n \u00a0 | \n 1,004 | \n \u00a0 | \n
\u00a0\u00a0\u00a0Inventories, net | \n \u00a0 | \n \u00a0 | \n 7,123 | \n \u00a0 | \n
\u00a0\u00a0\u00a0Property, plant and equipment, net | \n \u00a0 | \n \u00a0 | \n 264 | \n \u00a0 | \n
\u00a0\u00a0\u00a0Intangible assets, net | \n \u00a0 | \n \u00a0 | \n 1,117 | \n \u00a0 | \n
\u00a0\u00a0Transaction related costs | \n \u00a0 | \n \u00a0 | \n 448 | \n \u00a0 | \n
Loss on disposal of healthcare assets | \n \u00a0 | \n \u00a0 | \n (2,971 | \n ) | \n
Other charges: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
\u00a0\u00a0Loss on write-down of healthcare related inventory not disposed of | \n \u00a0 | \n \u00a0 | \n 1,420 | \n \u00a0 | \n
\u00a0\u00a0\u00a0Impairment of property, plant and equipment, net to satisfy ALTA CT supply agreement | \n \u00a0 | \n \u00a0 | \n 525 | \n \u00a0 | \n
Total loss | \n \u00a0 | \n $ | \n (4,916 | \n ) | \n
11. SEGMENT AND GEOGRAPHIC INFORMATION
As described in Note 1, Description of the Company, 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 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. After the January 2025 sale of assets to DirectMed, the Company only manufactures and repairs CT tubes and sells them to DirectMed under an exclusive supply agreement.
On January 24, 2025, the Company sold a substantial portion of its Healthcare assets to DirectMed and entered into an exclusive 10-year global supply agreement in which the Company will supply DirectMed with repaired Siemens CT X-ray tubes. Additionally, the Company will continue manufacturing ALTA CT X-ray tubes for DirectMed for approximately 12 to 18 months. Refer to Note 10, Disposal of Healthcare Assets and Related Charges, for additional detail.
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 1, 2025 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n March 1, 2025 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \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 33,216 | \n \u00a0 | \n \u00a0 | \n $ | \n 31,163 | \n \u00a0 | \n $ | \n 101,815 | \n \u00a0 | \n \u00a0 | \n $ | \n 98,199 | \n \u00a0 | \n
Gross Profit | \n \u00a0 | \n \u00a0 | \n 10,243 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,815 | \n \u00a0 | \n \u00a0 | \n 30,875 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,231 | \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 9,299 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,531 | \n \u00a0 | \n \u00a0 | \n 23,359 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,534 | \n \u00a0 | \n
Gross Profit | \n \u00a0 | \n \u00a0 | \n 3,049 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,070 | \n \u00a0 | \n \u00a0 | \n 7,337 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,411 | \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 9,195 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,590 | \n \u00a0 | \n \u00a0 | \n 23,684 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 23,770 | \n \u00a0 | \n
Gross Profit | \n \u00a0 | \n \u00a0 | \n 3,056 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,265 | \n \u00a0 | \n \u00a0 | \n 7,848 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,070 | \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 2,094 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,091 | \n \u00a0 | \n \u00a0 | \n 8,162 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,583 | \n \u00a0 | \n
Gross Profit | \n \u00a0 | \n \u00a0 | \n 325 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,286 | \n \u00a0 | \n \u00a0 | \n 2,365 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,530 | \n \u00a0 | \n
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 1, 2025 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n March 1, 2025 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \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 26,325 | \n \u00a0 | \n \u00a0 | \n $ | \n 21,456 | \n \u00a0 | \n $ | \n 69,889 | \n \u00a0 | \n \u00a0 | \n $ | \n 57,772 | \n \u00a0 | \n
Asia/Pacific | \n \u00a0 | \n \u00a0 | \n 10,772 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,116 | \n \u00a0 | \n \u00a0 | \n 32,369 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34,988 | \n \u00a0 | \n
Europe | \n \u00a0 | \n \u00a0 | \n 14,498 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,081 | \n \u00a0 | \n \u00a0 | \n 47,732 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 46,542 | \n \u00a0 | \n
Latin America | \n \u00a0 | \n \u00a0 | \n 1,981 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,732 | \n \u00a0 | \n \u00a0 | \n 6,822 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,237 | \n \u00a0 | \n
Other (1) | \n \u00a0 | \n \u00a0 | \n 228 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (10 | \n ) | \n \u00a0 | \n 208 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,547 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 53,804 | \n \u00a0 | \n \u00a0 | \n $ | \n 52,375 | \n \u00a0 | \n $ | \n 157,020 | \n \u00a0 | \n \u00a0 | \n $ | \n 149,086 | \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 10,049 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,362 | \n \u00a0 | \n $ | \n 26,980 | \n \u00a0 | \n \u00a0 | \n $ | \n 21,620 | \n \u00a0 | \n
Asia/Pacific | \n \u00a0 | \n \u00a0 | \n 3,503 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,902 | \n \u00a0 | \n \u00a0 | \n 10,493 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,217 | \n \u00a0 | \n
Europe | \n \u00a0 | \n \u00a0 | \n 4,204 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,824 | \n \u00a0 | \n \u00a0 | \n 13,647 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,105 | \n \u00a0 | \n
Latin America | \n \u00a0 | \n \u00a0 | \n 737 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,018 | \n \u00a0 | \n \u00a0 | \n 2,524 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,004 | \n \u00a0 | \n
Other (1) | \n \u00a0 | \n \u00a0 | \n (1,820 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,670 | \n ) | \n \u00a0 | \n (5,219 | \n ) | \n \u00a0 | \n \u00a0 | \n (3,704 | \n ) | \n
Total | \n \u00a0 | \n $ | \n 16,673 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,436 | \n \u00a0 | \n $ | \n 48,425 | \n \u00a0 | \n \u00a0 | \n $ | \n 45,242 | \n \u00a0 | \n
\u00a0
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 1, 2025 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n March 1, 2025 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \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 33,216 | \n \u00a0 | \n \u00a0 | \n $ | \n 31,163 | \n \u00a0 | \n $ | \n 101,815 | \n \u00a0 | \n \u00a0 | \n $ | \n 98,199 | \n \u00a0 | \n
Gross Profit | \n \u00a0 | \n \u00a0 | \n 10,243 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,815 | \n \u00a0 | \n \u00a0 | \n 30,875 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,231 | \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 9,299 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,531 | \n \u00a0 | \n \u00a0 | \n 23,359 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,534 | \n \u00a0 | \n
Gross Profit | \n \u00a0 | \n \u00a0 | \n 3,049 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,070 | \n \u00a0 | \n \u00a0 | \n 7,337 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,411 | \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 9,195 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,590 | \n \u00a0 | \n \u00a0 | \n 23,684 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 23,770 | \n \u00a0 | \n
Gross Profit | \n \u00a0 | \n \u00a0 | \n 3,056 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,265 | \n \u00a0 | \n \u00a0 | \n 7,848 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,070 | \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 2,094 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,091 | \n \u00a0 | \n \u00a0 | \n 8,162 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,583 | \n \u00a0 | \n
Gross Profit | \n \u00a0 | \n \u00a0 | \n 325 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,286 | \n \u00a0 | \n \u00a0 | \n 2,365 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,530 | \n \u00a0 | \n
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 1, 2025 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \n \u00a0 | \n March 1, 2025 | \n \u00a0 | \n \u00a0 | \n March 2, 2024 | \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 26,325 | \n \u00a0 | \n \u00a0 | \n $ | \n 21,456 | \n \u00a0 | \n $ | \n 69,889 | \n \u00a0 | \n \u00a0 | \n $ | \n 57,772 | \n \u00a0 | \n
Asia/Pacific | \n \u00a0 | \n \u00a0 | \n 10,772 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,116 | \n \u00a0 | \n \u00a0 | \n 32,369 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34,988 | \n \u00a0 | \n
Europe | \n \u00a0 | \n \u00a0 | \n 14,498 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,081 | \n \u00a0 | \n \u00a0 | \n 47,732 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 46,542 | \n \u00a0 | \n
Latin America | \n \u00a0 | \n \u00a0 | \n 1,981 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,732 | \n \u00a0 | \n \u00a0 | \n 6,822 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,237 | \n \u00a0 | \n
Other (1) | \n \u00a0 | \n \u00a0 | \n 228 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (10 | \n ) | \n \u00a0 | \n 208 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,547 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 53,804 | \n \u00a0 | \n \u00a0 | \n $ | \n 52,375 | \n \u00a0 | \n $ | \n 157,020 | \n \u00a0 | \n \u00a0 | \n $ | \n 149,086 | \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 10,049 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,362 | \n \u00a0 | \n $ | \n 26,980 | \n \u00a0 | \n \u00a0 | \n $ | \n 21,620 | \n \u00a0 | \n
Asia/Pacific | \n \u00a0 | \n \u00a0 | \n 3,503 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,902 | \n \u00a0 | \n \u00a0 | \n 10,493 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,217 | \n \u00a0 | \n
Europe | \n \u00a0 | \n \u00a0 | \n 4,204 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,824 | \n \u00a0 | \n \u00a0 | \n 13,647 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,105 | \n \u00a0 | \n
Latin America | \n \u00a0 | \n \u00a0 | \n 737 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,018 | \n \u00a0 | \n \u00a0 | \n 2,524 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,004 | \n \u00a0 | \n
Other (1) | \n \u00a0 | \n \u00a0 | \n (1,820 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,670 | \n ) | \n \u00a0 | \n (5,219 | \n ) | \n \u00a0 | \n \u00a0 | \n (3,704 | \n ) | \n
Total | \n \u00a0 | \n $ | \n 16,673 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,436 | \n \u00a0 | \n $ | \n 48,425 | \n \u00a0 | \n \u00a0 | \n $ | \n 45,242 | \n \u00a0 | \n
\u00a0
12. 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, 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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