UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly (thirteen weeks) period ended November
27, 2015
OR
| ¨ | TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from |
|
to |
|
|
|
|
|
Commission file number |
|
0-4339 |
|
GOLDEN ENTERPRISES, INC.
(Exact name of registrant as specified in
its charter)
DELAWARE |
|
63-0250005 |
|
|
|
(State or other jurisdiction of |
|
(I.R.S. Employer |
incorporation or organization) |
|
Identification No.) |
|
|
|
One Golden Flake Drive |
|
|
Birmingham, Alabama |
|
35205 |
(Address of Principle Executive Offices) |
|
(Zip Code) |
(205) 458-7316
(Registrant’s telephone number, including
area code)
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes x
No ¨
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every
Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such
files). Yes x No ¨
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company (as defined in Rule
12b-2 of the Act). (Check one):
Large accelerated filer |
¨ |
Accelerated filer |
¨ |
Non-accelerated filer ¨ |
Smaller reporting company |
x |
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).
Yes
¨ No x
Indicate the number of shares outstanding
of each of the issuer’s classes of common stock, as of December 31, 2015.
|
|
Outstanding at |
Class |
|
December 31, 2015 |
Common Stock, Par Value $0.66 2/3 |
|
11,291,757 |
EXCHANGE
ACT REPORTS AVAILABLE ON COMPANY WEBSITE
Under “SEC Filings” on the “Financial”
page of the Company’s website located at www.goldenflake.com, links to the following filings are made available as
soon as reasonably practicable after they are electronically filed with or furnished to the Securities and Exchange Commission
(the “SEC”)” the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports
on Form 8-K, Proxy Statement on Schedule 14A related to the Company’s Annual Shareholders Meeting, and any amendments to
those reports or statements filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Act of 1934. You may also
read and copy any materials we file with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, DC
20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC
also maintains an Internet website located at http://www.sec.gov that contains the information we file or furnish
electronically with the SEC.
GOLDEN
ENTERPRISES, INC.
INDEX
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GOLDEN ENTERPRISES, INC. AND SUBSIDIARY
INTERIM CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
(Unaudited) |
|
|
|
|
|
|
November 27, |
|
|
May 29, |
|
|
|
2015 |
|
|
2015 |
|
ASSETS |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,505,700 |
|
|
$ |
1,159,449 |
|
Receivables, net |
|
|
9,811,750 |
|
|
|
11,085,689 |
|
Inventories: |
|
|
|
|
|
|
|
|
Raw materials and supplies |
|
|
1,625,752 |
|
|
|
1,781,397 |
|
Finished goods |
|
|
3,783,872 |
|
|
|
3,460,800 |
|
|
|
|
5,409,624 |
|
|
|
5,242,197 |
|
|
|
|
|
|
|
|
|
|
Prepaid expenses |
|
|
1,275,771 |
|
|
|
1,350,201 |
|
Income taxes receivable |
|
|
- |
|
|
|
476,154 |
|
Deferred income taxes |
|
|
1,139,433 |
|
|
|
1,139,433 |
|
Total current assets |
|
|
20,142,278 |
|
|
|
20,453,123 |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
22,985,070 |
|
|
|
24,488,478 |
|
Other assets |
|
|
1,491,216 |
|
|
|
1,603,454 |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
44,618,564 |
|
|
$ |
46,545,055 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Checks outstanding in excess of bank balances |
|
$ |
1,522,192 |
|
|
$ |
1,068,745 |
|
Accounts payable |
|
|
3,799,854 |
|
|
|
4,049,333 |
|
Accrued income taxes |
|
|
465,782 |
|
|
|
- |
|
Current portion of long-term debt |
|
|
814,884 |
|
|
|
799,204 |
|
Current portion of capital lease obligation |
|
|
32,235 |
|
|
|
- |
|
Other accrued expenses |
|
|
4,694,019 |
|
|
|
5,021,286 |
|
Salary continuation plan |
|
|
110,465 |
|
|
|
106,148 |
|
Line of credit outstanding |
|
|
- |
|
|
|
2,823,477 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
11,439,431 |
|
|
|
13,868,193 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
|
|
|
|
|
|
|
|
Notes payable - bank, non-current |
|
|
5,751,117 |
|
|
|
6,213,513 |
|
Capital lease obligation |
|
|
53,226 |
|
|
|
- |
|
Salary continuation plan |
|
|
920,814 |
|
|
|
921,882 |
|
Deferred income taxes |
|
|
3,856,793 |
|
|
|
3,856,793 |
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities |
|
|
10,581,950 |
|
|
|
10,992,188 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Common stock - $.66-2/3 par value: |
|
|
|
|
|
|
|
|
35,000,000 shares authorized Issued 13,828,793 shares |
|
|
9,219,195 |
|
|
|
9,219,195 |
|
Additional paid-in capital |
|
|
6,710,298 |
|
|
|
6,552,973 |
|
Retained earnings |
|
|
19,804,684 |
|
|
|
19,049,500 |
|
|
|
|
35,734,177 |
|
|
|
34,821,668 |
|
|
|
|
|
|
|
|
|
|
Less: Cost of common shares in treasury (2,537,036 shares at November 27, 2015 and May 29, 2015) |
|
|
(13,136,994 |
) |
|
|
(13,136,994 |
) |
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
|
22,597,183 |
|
|
|
21,684,674 |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
44,618,564 |
|
|
$ |
46,545,055 |
|
See Accompanying Notes to Interim Condensed Consolidated Financial
Statements
GOLDEN ENTERPRISES, INC. AND SUDSIDIARY
INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF INCOME (UNAUDITED)
| |
Thirteen | | |
Thirteen | | |
Twenty-Six | | |
Twenty-Six | |
| |
Weeks | | |
Weeks | | |
Weeks | | |
Weeks | |
| |
Ended | | |
Ended | | |
Ended | | |
Ended | |
| |
November 27, 2015 | | |
November 28, 2014 | | |
November 27, 2015 | | |
November 28, 2014 | |
| |
| | | |
| | | |
| | | |
| | |
Net sales | |
$ | 31,998,047 | | |
$ | 32,029,326 | | |
$ | 65,730,188 | | |
$ | 66,154,362 | |
Cost of sales | |
| 15,903,254 | | |
| 16,463,995 | | |
| 32,445,675 | | |
| 33,466,861 | |
Gross margin | |
| 16,094,793 | | |
| 15,565,331 | | |
| 33,284,513 | | |
| 32,687,501 | |
| |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative expenses | |
| 15,037,087 | | |
| 15,401,103 | | |
| 30,688,897 | | |
| 31,426,351 | |
Operating income | |
| 1,057,706 | | |
| 164,228 | | |
| 2,595,616 | | |
| 1,261,150 | |
| |
| | | |
| | | |
| | | |
| | |
Other income (expenses): | |
| | | |
| | | |
| | | |
| | |
Gain on sale of assets | |
| 6,250 | | |
| 8,862 | | |
| 6,250 | | |
| 252,806 | |
Interest expense | |
| (86,179 | ) | |
| (90,583 | ) | |
| (185,691 | ) | |
| (230,450 | ) |
Other income | |
| 8,879 | | |
| 6,489 | | |
| 19,116 | | |
| 23,275 | |
Total other (expenses) income | |
| (71,050 | ) | |
| (75,232 | ) | |
| (160,325 | ) | |
| 45,631 | |
| |
| | | |
| | | |
| | | |
| | |
Income before income taxes | |
| 986,656 | | |
| 88,996 | | |
| 2,435,291 | | |
| 1,306,781 | |
Income taxes | |
| 387,105 | | |
| 48,269 | | |
| 946,142 | | |
| 498,828 | |
Net income | |
$ | 599,551 | | |
$ | 40,727 | | |
$ | 1,489,149 | | |
$ | 807,953 | |
| |
| | | |
| | | |
| | | |
| | |
PER SHARE OF COMMON STOCK | |
| | | |
| | | |
| | | |
| | |
Basic and diluted earnings | |
$ | 0.05 | | |
$ | 0.00 | | |
$ | 0.13 | | |
$ | 0.07 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of common stock share outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
| 11,291,757 | | |
| 11,732,632 | | |
| 11,291,757 | | |
| 11,732,632 | |
| |
| | | |
| | | |
| | | |
| | |
Cash dividends paid per share of common stock | |
$ | 0.0338 | | |
$ | 0.0313 | | |
$ | 0.0650 | | |
$ | 0.0625 | |
See Accompanying Notes to Interim Condensed Consolidated Financial
Statements
GOLDEN ENTERPRISES, INC. AND SUBSIDIARY
INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS (UNAUDITED)
| |
Twenty-Six | | |
Twenty-Six | |
| |
Weeks Ended | | |
Weeks Ended | |
| |
November 27, 2015 | | |
November 28, 2014 | |
| |
| | | |
| | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
| |
| | | |
| | |
Cash received from customers | |
$ | 67,004,127 | | |
$ | 66,806,920 | |
Miscellaneous income | |
| 19,116 | | |
| 23,275 | |
Cash paid to suppliers and employees | |
| (31,645,264 | ) | |
| (31,360,105 | ) |
Cash paid for operating expenses | |
| (29,944,607 | ) | |
| (32,038,530 | ) |
Income taxes paid | |
| (4,205 | ) | |
| (761,558 | ) |
Interest expenses paid | |
| (185,691 | ) | |
| (230,450 | ) |
Net cash provided by operating activities | |
| 5,243,476 | | |
| 2,439,552 | |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
| |
| | | |
| | |
Purchase of property, plant and equipment | |
| (339,639 | ) | |
| (713,604 | ) |
Proceeds from sale of property, plant and equipment | |
| 6,250 | | |
| 254,356 | |
Net cash (used in) investing activities | |
| (333,389 | ) | |
| (459,248 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
| |
| | | |
| | |
Debt proceeds | |
| 11,672,910 | | |
| 15,825,219 | |
Debt repayments | |
| (14,943,103 | ) | |
| (16,007,227 | ) |
Principal payments under capital lease obligation | |
| (13,125 | ) | |
| - | |
Change in checks outstanding in excess of bank balances | |
| 453,447 | | |
| (42,543 | ) |
Cash dividends paid | |
| (733,965 | ) | |
| (733,290 | ) |
Net cash (used in) financing activities | |
| (3,563,836 | ) | |
| (957,841 | ) |
| |
| | | |
| | |
Net change in cash and cash equivalents | |
| 1,346,251 | | |
| 1,022,463 | |
Cash and cash equivalents at beginning of period | |
| 1,159,449 | | |
| 1,160,630 | |
Cash and cash equivalents at end of period | |
$ | 2,505,700 | | |
$ | 2,183,093 | |
Supplementary Cash Flow information:
A capital lease obligation of $98,586 was incurred in the period
ended August 28, 2015 when Golden Flake Snack Foods, Inc. entered into a lease for new server equipment.
GOLDEN ENTERPRISES, INC. AND SUBSIDIARY
INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS (UNAUDITED) - CONTINUED
RECONCILIATION OF NET INCOME TO NET CASH
FROM OPERATING ACTIVITIES
| |
Twenty-Six | | |
Twenty-Six | |
| |
Weeks Ended | | |
Weeks Ended | |
| |
November 27, 2015 | | |
November 28, 2014 | |
| |
| | | |
| | |
Net Income | |
$ | 1,489,149 | | |
$ | 807,953 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 1,941,633 | | |
| 1,975,180 | |
Gain on sale of property and equipment | |
| (6,250 | ) | |
| (252,806 | ) |
Stock based compensation | |
| 157,325 | | |
| - | |
| |
| | | |
| | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Change in receivables - net | |
| 1,273,939 | | |
| 652,558 | |
Change in inventories | |
| (167,427 | ) | |
| 309,766 | |
Change in prepaid expenses | |
| 74,430 | | |
| (213,042 | ) |
Change in other assets | |
| 112,238 | | |
| 85,262 | |
Change in accounts payable | |
| (249,479 | ) | |
| 445,177 | |
Change in accrued expenses | |
| (327,267 | ) | |
| (1,049,570 | ) |
Change in salary continuation | |
| 3,249 | | |
| (58,196 | ) |
Change in accrued income taxes | |
| 941,936 | | |
| (262,730 | ) |
| |
| | | |
| | |
Net cash provided by operating activities | |
$ | 5,243,476 | | |
$ | 2,439,552 | |
See Accompanying Notes to Interim Condensed Consolidated Financial
Statements
GOLDEN ENTERPRISES, INC. AND SUBSIDIARY
NOTES TO INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1
– SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Golden Flake Snack Foods, Inc.
is a wholly-owned subsidiary of Golden Enterprises, Inc. The accompanying unaudited interim condensed consolidated financial statements
of Golden Enterprises, Inc. (the “Company”, “we”, or “our”), which includes the accounts of
Golden Enterprises, Inc. and subsidiary, have been prepared in accordance with accounting principles generally accepted in the
United States of America (GAAP) for interim condensed consolidated financial information and with the instructions to Form 10-Q.
Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. In the opinion
of management, all adjustments (consisting only of normal, recurring accruals) necessary for a fair presentation have been included.
These unaudited interim condensed consolidated financial statements should be read in conjunction with the Consolidated Financial
Statements and Notes included in our Form 10-K as of and for the year ended May 29, 2015 which can be found on our website at www.goldenflake.com/financial.html.
Our accounting policies are described in Note 1 to those Consolidated Financial Statements. There have been no significant changes
to these accounting policies.
The consolidated financial position,
results of operations, and cash flows for the thirteen weeks and twenty-six weeks ended November 27, 2015 are not necessarily indicative
of the results to be expected for the fifty-three week fiscal year ending June 3, 2016.
Significant accounting policies:
Inventories
Raw materials and finished goods
are stated at the lower of cost or market. Cost is computed on the first-in, first-out method.
Revenue Recognition
The Company recognizes sales
and related costs upon delivery or shipment of products to its customers. Sales are reduced by estimated returns and allowances
to customers.
Accounts Receivable
The Company records accounts
receivable at the time revenue is recognized. Amounts for bad debt expense are recorded in selling, general and administrative
expenses. The determination of the allowance for doubtful accounts is based on management’s estimate of uncollectible accounts
receivables. The Company records its reserve based on analysis of historical data while also considering general economic factors
and specific reserves for receivable balances that are considered higher risk due to known facts regarding the customer.
Use of Estimates
The preparation of financial
statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the
reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
NOTE 2 – NET INCOME
PER SHARE
Basic earnings per common share,
as presented on the interim condensed consolidated statements of income, are computed by dividing earnings available to common
stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects
per share amounts that would have resulted if dilutive potential common stock equivalents had been converted to common stock, as
prescribed by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 260, “Earnings per Share”.
At November 27, 2015, the previously issued options on 300,000 shares were not included in the computation of diluted earnings
per share because the effect of stock options using the treasury stock method was antidilutive. At November 28, 2014, there were
no options granted.
NOTE 3 – PREPAID EXPENSES
The following tables summarize
the prepaid expenses accounts at November 27, 2015 and May 29, 2015:
| |
November 27, 2015 | | |
May 29, 2015 | |
| |
| | | |
| | |
Truck shop supplies | |
$ | 309,710 | | |
$ | 320,622 | |
Insurance deposit | |
| 48,548 | | |
| 48,548 | |
Prepaid marketplace spending | |
| 187,336 | | |
| 201,373 | |
Prepaid insurance | |
| 440,775 | | |
| 369,864 | |
Prepaid taxes/licenses | |
| 43,591 | | |
| 113,042 | |
Prepaid dues/supplies | |
| 135,967 | | |
| - | |
Other | |
| 109,844 | | |
| 296,752 | |
| |
| | | |
| | |
| |
$ | 1,275,771 | | |
$ | 1,350,201 | |
NOTE 4 – OTHER ACCRUED
EXPENSES
The following tables summarize
other accrued expenses at November 27, 2015 and May 29, 2015:
| |
November 27, 2015 | | |
May 29, 2015 | |
| |
| | | |
| | |
Accrued salary and benefits | |
$ | 2,846,592 | | |
$ | 2,526,338 | |
Accrued workers compensation | |
| 1,122,025 | | |
| 1,472,182 | |
Accrued other | |
| 725,402 | | |
| 1,022,766 | |
| |
| | | |
| | |
| |
$ | 4,694,019 | | |
$ | 5,021,286 | |
NOTE 5 – CONCENTRATIONS
OF CREDIT RISK
The principal raw materials
used in the manufacture of the Company’s snack food products are potatoes, corn, pork skin pellets, vegetable oils, and seasoning.
The principal supplies used are flexible film, cartons, trays, boxes, and bags. These raw materials and supplies are generally
available in adequate quantities in the open market from sources in the United States and are generally contracted up to a year
in advance.
The Company’s financial
instruments that are exposed to concentrations of credit risk consist primarily of cash equivalents and trade receivables.
The Company maintains deposit
relationships with high credit quality financial institutions. The Company’s trade receivables result primarily from its
snack food operations and reflect a broad customer base, primarily large grocery store chains located in the southeastern United
States.
The Company
routinely assesses the financial strength of its customers. As a consequence, concentrations of credit risk are limited. The Company
did not have any major customer write-offs during the twenty-six weekends ended November 27, 2015 that were not covered by credit
insurance or during the twenty-six weeks ended November 28, 2014.
NOTE 6 – LETTER OF
CREDIT
The Company has a letter of
credit with a local bank in the amount of $1,850,000 at November 27, 2015 and May 29, 2015. The letter of credit supports the Company’s
commercial self-insurance program.
NOTE 7 – LINE OF CREDIT
The Company has a line-of-credit
agreement with a local bank that permits borrowing up to $3,000,000 at November 27, 2015 and May 29, 2015. The line-of-credit is
subject to the Company’s continued credit worthiness and compliance with the terms and conditions of the loan agreement.
The Company’s line-of-credit debt as of November 27, 2015 was $0 with an interest rate of 3.25%, leaving the Company with
$3,000,000 of credit availability. The Company’s line-of-credit debt as of May 29, 2015 was $2,823,477 with an interest rate
of 3.25%, leaving the Company with $176,523 of credit availability.
NOTE 8 – LONG TERM
LIABILITIES
The Company has two notes payable
with a local bank as of November 27, 2015. The first note was established as a construction loan in March 2009 to help fund the
construction of a process water treatment facility. In March 2011, the loan was modified by taking the remaining balance of $3,532,700
and adding another $2,900,000 to establish a new note payable of $6,432,700 at 3.52% for 15 years to finance the purchase and implementation
of a new Enterprise Resource Planning computer software system. The Company has been making monthly payments on the note and intends
to repay it at the earliest practicable date, as there are no prepayment penalties. The balance of the note was $4,754,474 as of
November 27, 2015, and $4,944,233 as of May 29, 2015. The second note was established in order to fund the purchase of 440,875
shares of treasury stock. This note in the amount of $2,204,375 is dated January 30, 2015 and is to be repaid over 5 years at 3.3%.
The balance of the note was $1,811,527 as of November 27, 2015, and $2,068,484 as of May 29, 2015. In July 2015, a capital lease
obligation of $98,586 was incurred when the Company entered into a 36 month lease for new server equipment. The balance of the
obligation was $85,461 as of November 27, 2015.
NOTE 9 – INCOME TAXES
The Company’s effective
tax rate for the thirteen weeks ended November 27, 2015 was 39.2% compared to 54.2% for the thirteen weeks ended November 28, 2014.
The Company’s effective tax rate for the twenty-six weeks ended November 27, 2015 was 38.9% and 38.2% for the comparable
period last year. The decrease in the effective tax rate for the thirteen weeks ended November 27, 2015 compared to November 28,
2014 was due to the permanent non-deductibility of certain expenses for income tax purposes in relation to the income before income
taxes for the respective thirteen week period.
ITEM
2
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF
FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Management’s discussion and analysis
of our consolidated financial condition, results of operations and cash flows are based upon the interim condensed consolidated
financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States
(GAAP). This discussion should be read in conjunction with our recent SEC filings, including our Form 10-K for the year ended May
29, 2015. The preparation of these interim condensed consolidated financial statements requires us to make estimates and judgments
about future events that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosures.
Future events and their effects cannot be determined with absolute certainty. Therefore, management’s determination of estimates
and judgments about the carrying values of assets and liabilities requires the exercise of judgment in the selection and application
of assumptions based on various factors, including experience, current and expected economic conditions and other factors believed
to be reasonable under the circumstances. We routinely evaluate our estimates including those considered significant and discussed
in detail in our Form 10-K as of and for the year ended May 29, 2015. Actual results may differ from these estimates under different
assumptions or conditions and such differences may be material.
Overview
Golden Enterprises, Inc. (the “Company”,
“we”, or “our”) is a holding company that owns all of the issued and outstanding capital stock of Golden
Flake Snack Foods, Inc., a wholly-owned subsidiary (“Golden Flake”). The Company manufactures and distributes a full
line of snack items, such as potato chips, tortilla chips, corn chips, fried pork skins, baked and fried cheese curls, onion rings,
and puff corn. The products are all packaged in flexible bags or other suitable wrapping material. The Company also sells canned
dips, pretzels, peanut butter crackers, cheese crackers, dried meat products, and nuts packaged by other manufacturers using the
Golden Flake label.
No single product or product line accounts
for more than 50% of the Company’s sales, which affords some protection against loss of volume due to a crop failure of major
agricultural raw materials or failure to procure an adequate supply of pork skin pellets. Raw materials used in manufacturing and
processing the Company’s snack food products are purchased on the open market and under contract through brokers and directly
from growers. A large part of the raw materials used by the Company consists of farm commodities which are subject to precipitous
changes in supply and price. Weather varies from season to season and directly affects both the quality and supply of farm commodities
available. The Company has no control of the agricultural aspects and its profits are affected accordingly.
The Company sells its products through
both its own sales organization and independent distributors principally to commercial establishments that sell food products primarily
in the Southeastern United States. The products are distributed through the independent distributors and Company route representatives
who are supplied with selling inventory by the Company’s trucking fleet. All of the route representatives are employees of
the Company and use the Company’s direct-store delivery system.
Financial Condition
Accounts Receivable and Allowance for
Doubtful Accounts
At November 27, 2015 and May 29, 2015 the
Company had accounts receivables in the amount of $9,811,750 and $11,085,689 respectively, net of an allowance for doubtful accounts
of $70,000. The change in accounts receivable is primarily due to the timing of collections from some of our largest customers.
The Company monitors accounts receivable and collects on a daily basis and strives to keep customer accounts as current as possible.
Results of Operations
Operating Results
For the thirteen weeks ended November 27,
2015, net sales decreased 0.1% from the thirteen weeks ended November 28, 2014. For the twenty-six weeks ended November 27, 2015,
net sales decreased 0.6% from the comparable period in fiscal 2015. The decrease in the year to date sales is primarily due to
the loss of a third party contract that expired at the end of the prior year first quarter. We do not expect to see a continuing
trend of declining sales going forward. This year’s second quarter cost of sales was 49.7% of net sales compared to 51.4%
for last year’s second quarter. This year’s cost of sales year to date was 49.4% of net sales compared to 50.6% for
last year’s year to date. This year’s decrease in cost of sales was primarily due to a reduction in the price of commodities.
This year’s second quarter, selling, general and administrative expenses were 47.0% of net sales compared to 48.1% for last
year’s second quarter. This year’s selling, general and administrative expenses year to date were 46.7% of net sales
compared to 47.5% for last year’s year to date. This year’s decrease in selling, general and administrative expenses
was due to reduced fuel cost, reduction in cost associated with our fleet, and efficiencies from our ERP System. The efficiencies
gained from the ERP system are expected to continue in the future.
The Company’s gain on the sale of
assets was $6,250 and $8,862 for the thirteen weeks ended November 27, 2015 and November 28, 2014, respectively, from the sale
of used transportation equipment. The Company’s gain on the sale of assets was $6,250 and $252,806 for the twenty-six weeks
ended November 27, 2015 and November 28, 2014, respectively, for the sale of used transportation equipment and a distribution warehouse.
Liquidity and Capital Resources
At November 27, 2015 and May 29, 2015,
working capital was $8,702,848 and $6,584,930, respectively. The Company’s current ratio was 1.76 to 1.00 at November 27,
2015 compared to 1.47 to 1.00 at May 29, 2015. The net cash provided by operating activities of $5.2 million was primarily due
to increased collections from customers and decreased expenses as described in the Operating Results section above. The Company
used approximately $2.8 million of $5.2 million in additional cash flows to reduce the line of credit to a zero balance as of November
27, 2015. The company expects to continue to pay down debt as cash flows permit.
Available cash, cash from operations and
available credit under the line-of-credit are expected to be sufficient to meet anticipated cash expenditures and normal operating
requirements for the foreseeable future.
Market Risk
The principal market
risks (i.e., the risk of loss arising from adverse changes in market rates and prices), to which the Company is exposed, are interest
rates on its cash equivalents and bank loans, fuel costs, and commodity prices affecting the cost of its raw materials.
The Company is subject
to market risk with respect to commodities because its ability to recover increased costs through higher pricing may be limited
by the competitive environment in which it operates. The Company purchases its raw materials on the open market and under contract
through brokers or directly from growers. Future contracts have been used occasionally to hedge immaterial amounts of commodity
purchases, but none are presently being used.
Inflation
Certain costs and expenses
of the Company are affected by inflation. The Company’s prices for its products over the past several years have remained
relatively flat. The Company plans to contend with the effect of further inflation through efficient purchasing, improved manufacturing
methods, pricing, and by monitoring and controlling expenses.
Environmental Matters
Golden Flake’s waste water treatment
plant is an environmentally-friendly way to dispose of process water at the Birmingham plant. The treatment plant has allowed Golden
Flake to release the processing water into a neighboring creek which, we believe, has improved the flow of water in the creek and
has positively impacted the environment in the area surrounding the plant. This treatment plant, we believe, has also helped to
reduce expenses associated with sewer charges by the elimination of the disposal of process water through the public sewer system.
Forward-Looking Statements
This discussion contains certain forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from
those forward-looking statements. Factors that may cause actual results to differ materially include, but are not limited to, price
competition, industry consolidation, raw material costs, and effectiveness of sales and marketing activities, as described in the
Company’s filings with the Securities and Exchange Commission.
ITEM 3
QUANTITATIVE AND QUALITATIVE
DISCLOSURE ABOUT MARKET RISK
Pursuant to Item 305(e) of Regulation S-K
(Section 229.305(e)) the Company is not required to provide the Information under this item, as it is a “Smaller Reporting
Company” as defined by Rule 229.10(f)(1).
ITEM 4
CONTROLS AND PROCEDURES
The Company’s management, with the
participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the
Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), as of the end of the period covered by this report. Any controls
and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control
objectives. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that,
as of the end of such period, the Company’s disclosure controls and procedures provided reasonable assurance that the disclosure
controls and procedures were effective in recording, processing, summarizing and reporting, on a timely basis, information required
to be disclosed by the Company in the reports that it files or submits under the Exchange Act and in accumulating and communicating
such information to management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate
to allow timely decisions regarding required disclosure.
The Company’s management, with the
participation of the Company’s Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the Company’s
internal control over financial reporting to determine whether any changes occurred during the Company’s second fiscal quarter
ended November 27, 2015 that have materially affected, or are reasonably likely to materially affect, the Company’s internal
control over financial reporting. Based on that evaluation, there has been no such change during the period covered by this report.
PART II OTHER INFORMATION
ITEM 1
LEGAL PROCEEDINGS
There are no material pending legal proceedings
against the Company or its subsidiary other than routine litigation incidental to the business of the Company and its subsidiary.
ITEM 1-A
RISK FACTORS
The Company, as a “Smaller reporting
company”, is not required to provide the information under this item.
ITEM 2
UNREGISTERED SALES OF EQUITY SECURITIES
AND USE OF PROCEEDS
The Company did not sell any equity securities during the period
covered by this report.
Registrant Purchases of Equity Securities.
The Company did not purchase any shares
of treasury stock for the quarterly period ended November 27, 2015.
ITEM 3
DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4
MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5
OTHER INFORMATION
Submission of Matters to a Vote
of Security Holders.
The following information was previously provided in a Form
8-K.
On September 17, 2015, Golden Enterprises, Inc. (“Golden
Enterprises”) held its 2015 annual meeting of shareholders at its principal executive offices at One Golden Flake Drive,
Birmingham, Alabama 35205.
Set forth below are the voting results for each of the matters
submitted to a vote of the shareholders:
Proposal 1
Golden Enterprises’ shareholders elected the following
eleven directors to serve a one-year term. The voting results are set forth below.
|
For |
Joann F. Bashinsky |
8,048,018 |
Paul R. Bates |
8,061,717 |
David A. Jones |
8,055,062 |
Mark W. McCutcheon |
8,063,052 |
John P. McKleroy, Jr. |
8,055,542 |
William B. Morton, Jr. |
8,544,729 |
J. Wallace Nall, Jr. |
8,031,009 |
Edward R. Pascoe |
8,538,729 |
F. Wayne Pate |
8,033,500 |
John S. P. Samford |
8,547,338 |
John S. Stein, III |
8,553,495 |
ITEM 6
EXHIBITS
| (3) | Articles of Incorporation and By-laws of Golden Enterprises, Inc. |
| 3.1 | Certificate of Incorporation of Golden Enterprises, Inc. (originally known as “Golden Flake,
Inc.”) dated December 11, 1967 (incorporated by reference to Exhibit 3.1 to Golden Enterprises, Inc. May 31, 2004 Form 10-K
filed with the Commission). |
| 3.2 | Certificate of Amendment of Certificate of Incorporation of Golden Enterprises, Inc. dated December
22, 1976 (incorporated by reference to Exhibit 3.2 to Golden Enterprises, Inc. May 31, 2004 Form 10-K filed with the Commission). |
| 3.3 | Certificate of Amendment of Certificate of Incorporation of Golden Enterprises, Inc. dated October
2, 1978 (incorporated by reference to Exhibit 3 to Golden Enterprises, Inc. May 31, 1979 Form 10-K filed with the Commission). |
| 3.4 | Certificate of Amendment of Certificate of Incorporation of Golden Enterprises, Inc. dated October
4, 1979 (incorporated by reference to Exhibit 3 to Golden Enterprises, Inc. May 31, 1980 Form 10-K filed with the Commission). |
| 3.5 | Certificate of Amendment of Certificate of Incorporation of Golden Enterprises, Inc. dated September
24, 1982 (incorporated by reference to Exhibit 3.1 to Golden Enterprises, Inc. May 31, 1983 Form 10-K filed with the Commission). |
| 3.6 | Certificate of Amendment of Certificate of Incorporation of Golden Enterprises, Inc. dated September
22, 1983 (incorporated by reference to Exhibit 19.1 to Golden Enterprises, Inc. Form 10-Q Report for the quarter ended November
30, 1983 filed with the Commission). |
| 3.7 | Certificate of Amendment of Certificate of Incorporation of Golden Enterprises. Inc. dated October
3, 1985 (incorporated by reference to Exhibit 19.1 to Golden Enterprises, inc. Form l0-Q Report for the quarter ended November
30, 1985 filed with the Commission). |
| 3.8 | Certificate of Amendment of Certificate of Incorporation of Golden Enterprises, Inc. dated September
23, 1987 (incorporated by reference to Exhibit 3.1 to Golden Enterprises, Inc. May 31, 1988 Form 10-K filed with the Commission). |
| 3.9 | By-Laws of Golden Enterprises, Inc. (incorporated by reference to Exhibit 3.4 to Golden Enterprises,
Inc. May 31, 1988 Form 10-K filed with the Commission). |
| 10.1 | A Form of Indemnity Agreement executed by and between Golden Enterprises, Inc. and Each of its
Directors (incorporated by reference as Exhibit 19.1 to Golden Enterprises, Inc. Form 10-Q Report for the quarter ended November
30, 1987 filed with the Commission). |
| 10.2 | Amended and Restated Salary Continuation Plans for John S. Stein (incorporated by reference to
Exhibit 19.1 to Golden Enterprises, Inc. May 31, 1990 Form 10-K filed with the Commission). |
| 10.3 | Indemnity Agreement executed by and between the Company and S. Wallace Nall, Jr. (incorporated
by reference as Exhibit 19.4 to Golden Enterprises, Inc. May 31, 1991 Form 10-K filed with the Commission). |
| 10.4 | Salary Continuation Plans - Retirement Disability and Death Benefits for F. Wayne Pate (incorporated
by reference to Exhibit 19.1 to Golden Enterprises, Inc. May 31, 1992 Form 10-K filed with the Commission). |
| 10.5 | Indemnity Agreement executed by and between the Registrant and F. Wayne Pate (incorporated by reference
as Exhibit 19.3 to Golden Enterprises, Inc. May 31, 1992 Form 10-K filed with the Commission). |
| 10.9 | Amendment to Salary Continuation Plans, Retirement and Disability for F. Wayne Pate dated April
9. 2002 (incorporated by reference to Exhibit 10.2 to Golden Enterprises, Inc. May 31, 2002 Form 10-K filed with the Commission). |
| 10.10 | Amendment to Salary Continuation Plans, Retirement and Disability for John S. Stein dated April
9, 2002 (incorporated by reference to Exhibit 10.3 to Golden Enterprises, Inc. May 31, 2002 Form 10-K filed with the Commission). |
| 10.11 | Amendment to Salary Continuation Plan, Death Benefits for John S. Stein dated April 9, 2002 (incorporated
by reference to Exhibit 10.4 to Golden Enterprises, Inc. May 31, 2002 Form 10-K filed with the Commission). |
| 10.12 | Retirement and Consulting Agreement for John S. Stein dated April 9, 2002 (incorporated by reference
to Exhibit 10.5 to Golden Enterprises, Inc. May 31, 2002 Form 10-K filed with the Commission). |
| 10.13 | Salary Continuation Plan for Mark W. McCutcheon dated May 15, 2002 (incorporated by reference to
Exhibit 10.6 to Golden Enterprises, Inc. May 31, 2002 Form 10-K filed with the Commission). |
| 10.14 | Trust Under Salary Continuation Plan for Mark W. McCutcheon dated May 15, 2002 (incorporated by
reference to Exhibit 10.7 to Golden Enterprises, Inc. May 31, 2002 Form 10-K filed with the Commission). |
| 10.20 | Amendment to Salary Continuation Plan for Mark W. McCutcheon dated December 30, 2008 (incorporated
by reference to Exhibit 10.20 Golden Enterprises, Inc. February 27, 2009 Form 10-Q filed with the Commission). |
| 10.24 | A Form of Indemnity Agreement to be executed by and between
Golden Enterprises, Inc. and the following directors: Mark W. McCutcheon, Joann F. Bashinsky, John S. Stein, III, William B. Morton,
Jr., Paul R. Bates and David A. Jones (incorporated by reference to Exhibit 10.24 to Golden Enterprises, Inc. January 13, 2011
Form 10-Q filed with the Commission). |
| 14.1 | Golden Enterprises, Inc.’s Code of Conduct and Ethics adopted by the Board of Directors on
April 8, 2004 (incorporated by reference to Exhibit 14.1 to Golden Enterprises, Inc. May 31, 2004 Form 10-K with the Commission). |
| 21 | Subsidiaries of the Registrant (incorporated by reference to Exhibit 21 to Golden Enterprises,
Inc. May 31, 2004 Form 10-K filed with the Commission) |
| 31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes Oxley Act of 2002. |
| 31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes Oxley Act of 2002. |
| 32.1 | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes Oxley Act of 2002. |
| 32.2 | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 99.1 | A copy of excerpts of the Last Will and Testament and Codicils thereto of Sloan Y. Bashinsky, Sr.
and of the SYB Common Stock Trust created by Sloan Y. Bashinsky, Sr. providing for the creation of a Voting Committee to vote the
shares of common stock of Golden Enterprises, Inc. held by SYB, Inc. and the Estate/Testamentary Trust of Sloan Y. Bashinsky, Sr.
(Incorporated by reference to Exhibit 99.1 to Golden Enterprises, Inc. May 31, 2005 Form 10-k filed with the Commission). |
| 99.2 | Director Nomination Agreement (incorporated by reference to Exhibit 99.2 to Golden Enterprises’
Form 8-K filed with the commission on October 30, 2015 |
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
GOLDEN ENTERPRISES, INC. |
|
|
|
(Registrant) |
|
|
|
|
Dated: |
January 8, 2016 |
|
/s/ Mark W.
McCutcheon |
|
|
|
Mark W. McCutcheon |
|
|
|
Chairman of the Board, |
|
|
|
President and |
|
|
|
Chief Executive Officer |
|
|
|
|
Dated: |
January 8, 2016 |
|
/s/ Patty Townsend |
|
|
|
Patty Townsend |
|
|
|
Vice-President and |
|
|
|
Chief Financial Officer |
|
|
|
(Principal Accounting Officer) |
EXHIBIT 31.1
CERTIFICATION BY MARK W. MCCUTCHEON PURSUANT
TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF
2002
I, Mark W. McCutcheon, certify that:
| 1. | I have reviewed this Quarterly Report on Form 10-Q of Golden Enterprises, Inc. for the thirteen
weeks ended November 27, 2015; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report; |
| 4. | The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: |
| a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared; |
| b) | Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and |
| d) | Disclosed in this report any change in the registrant’s internal control over financial reporting
that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case
of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and |
| 5. | The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions): |
| a) | All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize,
and report financial information; and |
| b) | Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant’s internal control over financial reporting. |
Dated: January 8, 2016
/s/ Mark W. McCutcheon |
|
Mark W. McCutcheon |
|
Chairman of the Board, |
|
President and Chief Executive Officer |
|
EXHIBIT 31.2
CERTIFICATION BY PATTY TOWNSEND PURSUANT
TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF
2002
I, Patty Townsend, certify that:
| 1. | I have reviewed this Quarterly Report on Form 10-Q of Golden Enterprises, Inc. for the thirteen
weeks ended November 27, 2015; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: |
| a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared; |
| b) | Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and |
| d) | Disclosed in this report any change in the registrant’s internal control over financial reporting
that occurred during the Registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case
of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and |
| 5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions): |
| a) | All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize,
and report financial information; and |
| b) | Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
Dated: January 8,
2016
/s/ Patty Townsend |
|
Patty Townsend |
|
Vice-President and Chief Financial Officer |
|
EXHIBIT 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION
1350
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In connection with
the Quarterly Report of Golden Enterprises, Inc. (the “Company”) on Form 10-Q for the thirteen weeks ended November
27, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark W. McCutcheon,
Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. ' 1350, as adopted pursuant to ' 906 of the Sarbanes-Oxley
Act of 2002, that, to the best of my knowledge:
| (1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| (2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Dated: January 8,
2016
/s/ Mark W. McCutcheon |
|
Mark W. McCutcheon |
|
Chairman of the Board, |
|
President and Chief Executive Officer |
|
A signed original of this written statement required by Section
906 has been provided to Golden Enterprises, Inc. and will be retained by Golden Enterprises, Inc. and furnished to the Securities
and Exchange Commission, or its staff, upon request.
EXHIBIT 32.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION
1350
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In connection with
the Quarterly Report of Golden Enterprises, Inc. (the “Company”) on Form 10-Q for the thirteen weeks ended November
27, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Patty Townsend,
Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. ' 1350, as adopted pursuant to ' 906 of the Sarbanes-Oxley
Act of 2002, that, to the best of my knowledge:
| (1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and |
| (2) | The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company. |
Dated: January 8,
2016
/s/ Patty Townsend |
|
Patty Townsend |
|
Vice-President and Chief Financial Officer |
|
A signed original of this written statement required by Section
906 has been provided to Golden Enterprises, Inc. and will be retained by Golden Enterprises, Inc. and furnished to the Securities
and Exchange Commission, or its staff, upon request.
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v3.3.1.900
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
|
Nov. 27, 2015 |
May. 29, 2015 |
CURRENT ASSETS |
|
|
Cash and cash equivalents |
$ 2,505,700
|
$ 1,159,449
|
Receivables, net |
9,811,750
|
11,085,689
|
Inventories: |
|
|
Raw materials and supplies |
1,625,752
|
1,781,397
|
Finished goods |
3,783,872
|
3,460,800
|
Inventories, net |
5,409,624
|
5,242,197
|
Prepaid expenses |
1,275,771
|
1,350,201
|
Income taxes receivable |
0
|
476,154
|
Deferred income taxes |
1,139,433
|
1,139,433
|
Total current assets |
20,142,278
|
20,453,123
|
Property, plant and equipment, net |
22,985,070
|
24,488,478
|
Other assets |
1,491,216
|
1,603,454
|
Total |
44,618,564
|
46,545,055
|
CURRENT LIABILITIES |
|
|
Checks outstanding in excess of bank balances |
1,522,192
|
1,068,745
|
Accounts payable |
3,799,854
|
4,049,333
|
Accrued income taxes |
465,782
|
0
|
Current portion of long-term debt |
814,884
|
799,204
|
Current portion of capital lease obligation |
32,235
|
0
|
Other accrued expenses |
4,694,019
|
5,021,286
|
Salary continuation plan |
110,465
|
106,148
|
Line of credit outstanding |
0
|
2,823,477
|
Total current liabilities |
11,439,431
|
13,868,193
|
LONG-TERM LIABILITIES |
|
|
Notes payable - bank, non-current |
5,751,117
|
6,213,513
|
Capital lease obligation |
53,226
|
0
|
Salary continuation plan |
920,814
|
921,882
|
Deferred income taxes |
3,856,793
|
3,856,793
|
Total long-term liabilities |
10,581,950
|
10,992,188
|
STOCKHOLDERS' EQUITY |
|
|
Common stock - $.66-2/3 par value: 35,000,000 shares authorized Issued 13,828,793 shares |
9,219,195
|
9,219,195
|
Additional paid-in capital |
6,710,298
|
6,552,973
|
Retained earnings |
19,804,684
|
19,049,500
|
Stockholder's equity before treasury stock |
35,734,177
|
34,821,668
|
Less: Cost of common shares in treasury (2,537,036 shares at November 27, 2015 and May 29, 2015) |
(13,136,994)
|
(13,136,994)
|
Total stockholders' equity |
22,597,183
|
21,684,674
|
Total |
$ 44,618,564
|
$ 46,545,055
|
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v3.3.1.900
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
|
Nov. 27, 2015 |
May. 29, 2015 |
Common stock, par value |
$ 0.667
|
$ 0.667
|
Common stock, shares authorized |
35,000,000
|
35,000,000
|
Common stock, shares issued |
13,828,793
|
13,828,793
|
Treasury stock, shares |
2,537,036
|
2,537,036
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.3.1.900
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
|
3 Months Ended |
6 Months Ended |
Nov. 27, 2015 |
Nov. 28, 2014 |
Nov. 27, 2015 |
Nov. 28, 2014 |
Net sales |
$ 31,998,047
|
$ 32,029,326
|
$ 65,730,188
|
$ 66,154,362
|
Cost of sales |
15,903,254
|
16,463,995
|
32,445,675
|
33,466,861
|
Gross margin |
16,094,793
|
15,565,331
|
33,284,513
|
32,687,501
|
Selling, general and administrative expenses |
15,037,087
|
15,401,103
|
30,688,897
|
31,426,351
|
Operating income |
1,057,706
|
164,228
|
2,595,616
|
1,261,150
|
Other income (expenses): |
|
|
|
|
Gain on sale of assets |
6,250
|
8,862
|
6,250
|
252,806
|
Interest expense |
(86,179)
|
(90,583)
|
(185,691)
|
(230,450)
|
Other income |
8,879
|
6,489
|
19,116
|
23,275
|
Total other (expenses) income |
(71,050)
|
(75,232)
|
(160,325)
|
45,631
|
Income before income taxes |
986,656
|
88,996
|
2,435,291
|
1,306,781
|
Income taxes |
387,105
|
48,269
|
946,142
|
498,828
|
Net income |
$ 599,551
|
$ 40,727
|
$ 1,489,149
|
$ 807,953
|
PER SHARE OF COMMON STOCK |
|
|
|
|
Basic and diluted earnings |
$ 0.05
|
$ 0
|
$ 0.13
|
$ 0.07
|
Weighted average number of common stock share outstanding: |
|
|
|
|
Basic and diluted |
11,291,757
|
11,732,632
|
11,291,757
|
11,732,632
|
Cash dividends paid per share of common stock |
$ 0.0338
|
$ 0.0313
|
$ 0.065
|
$ 0.0625
|
X |
- DefinitionAggregate dividends paid during the period for each share of common stock outstanding.
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v3.3.1.900
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
6 Months Ended |
Nov. 27, 2015 |
Nov. 28, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Cash received from customers |
$ 67,004,127
|
$ 66,806,920
|
Miscellaneous income |
19,116
|
23,275
|
Cash paid to suppliers and employees |
(31,645,264)
|
(31,360,105)
|
Cash paid for operating expenses |
(29,944,607)
|
(32,038,530)
|
Income taxes paid |
(4,205)
|
(761,558)
|
Interest expenses paid |
(185,691)
|
(230,450)
|
Net cash provided by operating activities |
5,243,476
|
2,439,552
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Purchase of property, plant and equipment |
(339,639)
|
(713,604)
|
Proceeds from sale of property, plant and equipment |
6,250
|
254,356
|
Net cash (used in) investing activities |
(333,389)
|
(459,248)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Debt proceeds |
11,672,910
|
15,825,219
|
Debt repayments |
(14,943,103)
|
(16,007,227)
|
Principal payments under capital lease obligation |
(13,125)
|
0
|
Change in checks outstanding in excess of bank balances |
453,447
|
(42,543)
|
Cash dividends paid |
(733,965)
|
(733,290)
|
Net cash (used in) financing activities |
(3,563,836)
|
(957,841)
|
Net change in cash and cash equivalents |
1,346,251
|
1,022,463
|
Cash and cash equivalents at beginning of period |
1,159,449
|
1,160,630
|
Cash and cash equivalents at end of period |
2,505,700
|
2,183,093
|
Supplemental Cash Flow Information [Abstract] |
|
|
Capital Lease Obligations Incurred |
98,586
|
|
RECONCILIATION OF NET INCOME TO NET CASH FROM OPERATING ACTIVITIES |
|
|
Net Income |
1,489,149
|
807,953
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
1,941,633
|
1,975,180
|
Gain on sale of property and equipment |
(6,250)
|
(252,806)
|
Stock based compensation |
157,325
|
0
|
Changes in operating assets and liabilities: |
|
|
Change in receivables - net |
1,273,939
|
652,558
|
Change in inventories |
(167,427)
|
309,766
|
Change in prepaid expenses |
74,430
|
(213,042)
|
Change in other assets |
112,238
|
85,262
|
Change in accounts payable |
(249,479)
|
445,177
|
Change in accrued expenses |
(327,267)
|
(1,049,570)
|
Change in salary continuation |
3,249
|
(58,196)
|
Change in accrued income taxes |
941,936
|
(262,730)
|
Net cash provided by operating activities |
$ 5,243,476
|
$ 2,439,552
|
X |
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v3.3.1.900
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Nov. 27, 2015 |
Accounting Policies [Abstract] |
|
Significant accounting policies |
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Golden Flake Snack Foods, Inc. is a wholly-owned subsidiary of Golden Enterprises, Inc. The accompanying unaudited interim condensed consolidated financial statements of Golden Enterprises, Inc. (the “Company”, “we”, or “our”), which includes the accounts of Golden Enterprises, Inc. and subsidiary, have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim condensed consolidated financial information and with the instructions to Form 10-Q. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal, recurring accruals) necessary for a fair presentation have been included. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements and Notes included in our Form 10-K as of and for the year ended May 29, 2015 which can be found on our website at www.goldenflake.com/financial.html. Our accounting policies are described in Note 1 to those Consolidated Financial Statements. There have been no significant changes to these accounting policies. The consolidated financial position, results of operations, and cash flows for the thirteen weeks and twenty-six weeks ended November 27, 2015 are not necessarily indicative of the results to be expected for the fifty-three week fiscal year ending June 3, 2016. Significant accounting policies: Inventories Raw materials and finished goods are stated at the lower of cost or market. Cost is computed on the first-in, first-out method. Revenue Recognition The Company recognizes sales and related costs upon delivery or shipment of products to its customers. Sales are reduced by estimated returns and allowances to customers. Accounts Receivable The Company records accounts receivable at the time revenue is recognized. Amounts for bad debt expense are recorded in selling, general and administrative expenses. The determination of the allowance for doubtful accounts is based on management’s estimate of uncollectible accounts receivables. The Company records its reserve based on analysis of historical data while also considering general economic factors and specific reserves for receivable balances that are considered higher risk due to known facts regarding the customer. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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v3.3.1.900
NET INCOME PER SHARE
|
6 Months Ended |
Nov. 27, 2015 |
Earnings Per Share [Abstract] |
|
Earnings Per Share |
NOTE 2 NET INCOME PER SHARE Basic earnings per common share, as presented on the interim condensed consolidated statements of income, are computed by dividing earnings available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects per share amounts that would have resulted if dilutive potential common stock equivalents had been converted to common stock, as prescribed by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 260, “Earnings per Share”. At November 27, 2015, the previously issued options on 300,000 shares were not included in the computation of diluted earnings per share because the effect of stock options using the treasury stock method was antidilutive. At November 28, 2014, there were no options granted.
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v3.3.1.900
PREPAID EXPENSES
|
6 Months Ended |
Nov. 27, 2015 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
Prepaid Expenses |
NOTE 3 PREPAID EXPENSES The following tables summarize the prepaid expenses accounts at November 27, 2015 and May 29, 2015: | | November 27, 2015 | | May 29, 2015 | | | | | | | | | | Truck shop supplies | | $ | 309,710 | | $ | 320,622 | | Insurance deposit | | | 48,548 | | | 48,548 | | Prepaid marketplace spending | | | 187,336 | | | 201,373 | | Prepaid insurance | | | 440,775 | | | 369,864 | | Prepaid taxes/licenses | | | 43,591 | | | 113,042 | | Prepaid dues/supplies | | | 135,967 | | | - | | Other | | | 109,844 | | | 296,752 | | | | | | | | | | | | $ | 1,275,771 | | $ | 1,350,201 | |
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v3.3.1.900
OTHER ACCRUED EXPENSES
|
6 Months Ended |
Nov. 27, 2015 |
Payables and Accruals [Abstract] |
|
Other Accrued Expenses |
NOTE 4 OTHER ACCRUED EXPENSES The following tables summarize other accrued expenses at November 27, 2015 and May 29, 2015: | | November 27, 2015 | | May 29, 2015 | | | | | | | | | | Accrued salary and benefits | | $ | 2,846,592 | | $ | 2,526,338 | | Accrued workers compensation | | | 1,122,025 | | | 1,472,182 | | Accrued other | | | 725,402 | | | 1,022,766 | | | | | | | | | | | | $ | 4,694,019 | | $ | 5,021,286 | |
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- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.3.1.900
CONCENTRATIONS OF CREDIT RISK
|
6 Months Ended |
Nov. 27, 2015 |
Risks and Uncertainties [Abstract] |
|
CONCENTRATIONS OF CREDIT RISK |
NOTE 5 CONCENTRATIONS OF CREDIT RISK The principal raw materials used in the manufacture of the Company’s snack food products are potatoes, corn, pork skin pellets, vegetable oils, and seasoning. The principal supplies used are flexible film, cartons, trays, boxes, and bags. These raw materials and supplies are generally available in adequate quantities in the open market from sources in the United States and are generally contracted up to a year in advance. The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash equivalents and trade receivables. The Company maintains deposit relationships with high credit quality financial institutions. The Company’s trade receivables result primarily from its snack food operations and reflect a broad customer base, primarily large grocery store chains located in the southeastern United States. The Company routinely assesses the financial strength of its customers. As a consequence, concentrations of credit risk are limited. The Company did not have any major customer write-offs during the twenty-six weekends ended November 27, 2015 that were not covered by credit insurance or during the twenty-six weeks ended November 28, 2014.
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- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.3.1.900
LETTER OF CREDIT
|
6 Months Ended |
Nov. 27, 2015 |
Line of Credit Facility [Abstract] |
|
Letter of Credit |
NOTE 6 LETTER OF CREDIT The Company has a letter of credit with a local bank in the amount of $1,850,000 at November 27, 2015 and May 29, 2015. The letter of credit supports the Company’s commercial self-insurance program.
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LINE OF CREDIT
|
6 Months Ended |
Nov. 27, 2015 |
Debt Disclosure [Abstract] |
|
Line of Credit Agreement |
NOTE 7 LINE OF CREDIT The Company has a line-of-credit agreement with a local bank that permits borrowing up to $3,000,000 at November 27, 2015 and May 29, 2015. The line-of-credit is subject to the Company’s continued credit worthiness and compliance with the terms and conditions of the loan agreement. The Company’s line-of-credit debt as of November 27, 2015 was $0 with an interest rate of 3.25%, leaving the Company with $3,000,000 of credit availability. The Company’s line-of-credit debt as of May 29, 2015 was $2,823,477 with an interest rate of 3.25%, leaving the Company with $176,523 of credit availability.
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v3.3.1.900
LONG TERM LIABILITIES
|
6 Months Ended |
Nov. 27, 2015 |
Debt Disclosure [Abstract] |
|
Notes Payable |
NOTE 8 LONG TERM LIABILITIES The Company has two notes payable with a local bank as of November 27, 2015. The first note was established as a construction loan in March 2009 to help fund the construction of a process water treatment facility. In March 2011, the loan was modified by taking the remaining balance of $3,532,700 and adding another $2,900,000 to establish a new note payable of $6,432,700 at 3.52% for 15 years to finance the purchase and implementation of a new Enterprise Resource Planning computer software system. The Company has been making monthly payments on the note and intends to repay it at the earliest practicable date, as there are no prepayment penalties. The balance of the note was $4,754,474 as of November 27, 2015, and $4,944,233 as of May 29, 2015. The second note was established in order to fund the purchase of 440,875 shares of treasury stock. This note in the amount of $2,204,375 is dated January 30, 2015 and is to be repaid over 5 years at 3.3%. The balance of the note was $1,811,527 as of November 27, 2015, and $2,068,484 as of May 29, 2015. In July 2015, a capital lease obligation of $98,586 was incurred when the Company entered into a 36 month lease for new server equipment. The balance of the obligation was $85,461 as of November 27, 2015.
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v3.3.1.900
INCOME TAXES
|
6 Months Ended |
Nov. 27, 2015 |
Income Tax Disclosure [Abstract] |
|
Income Tax |
NOTE 9 INCOME TAXES The Company’s effective tax rate for the thirteen weeks ended November 27, 2015 was 39.2% compared to 54.2% for the thirteen weeks ended November 28, 2014. The Company’s effective tax rate for the twenty-six weeks ended November 27, 2015 was 38.9% and 38.2% for the comparable period last year. The decrease in the effective tax rate for the thirteen weeks ended November 27, 2015 compared to November 28, 2014 was due to the permanent non-deductibility of certain expenses for income tax purposes in relation to the income before income taxes for the respective thirteen week period.
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v3.3.1.900
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Nov. 27, 2015 |
Accounting Policies [Abstract] |
|
Inventories |
Inventories Raw materials and finished goods are stated at the lower of cost or market. Cost is computed on the first-in, first-out method.
|
Revenue Recognition |
Revenue Recognition The Company recognizes sales and related costs upon delivery or shipment of products to its customers. Sales are reduced by estimated returns and allowances to customers.
|
Accounts Receivable |
Accounts Receivable The Company records accounts receivable at the time revenue is recognized. Amounts for bad debt expense are recorded in selling, general and administrative expenses. The determination of the allowance for doubtful accounts is based on management’s estimate of uncollectible accounts receivables. The Company records its reserve based on analysis of historical data while also considering general economic factors and specific reserves for receivable balances that are considered higher risk due to known facts regarding the customer.
|
Use of Estimates |
Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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v3.3.1.900
PREPAID EXPENSES (Tables)
|
6 Months Ended |
Nov. 27, 2015 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
Prepaid Expenses |
The following tables summarize the prepaid expenses accounts at November 27, 2015 and May 29, 2015: | | November 27, 2015 | | May 29, 2015 | | | | | | | | | | Truck shop supplies | | $ | 309,710 | | $ | 320,622 | | Insurance deposit | | | 48,548 | | | 48,548 | | Prepaid marketplace spending | | | 187,336 | | | 201,373 | | Prepaid insurance | | | 440,775 | | | 369,864 | | Prepaid taxes/licenses | | | 43,591 | | | 113,042 | | Prepaid dues/supplies | | | 135,967 | | | - | | Other | | | 109,844 | | | 296,752 | | | | | | | | | | | | $ | 1,275,771 | | $ | 1,350,201 | |
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v3.3.1.900
OTHER ACCRUED EXPENSES (Tables)
|
6 Months Ended |
Nov. 27, 2015 |
Payables and Accruals [Abstract] |
|
Other Accrued Expenses |
The following tables summarize other accrued expenses at November 27, 2015 and May 29, 2015: | | November 27, 2015 | | May 29, 2015 | | | | | | | | | | Accrued salary and benefits | | $ | 2,846,592 | | $ | 2,526,338 | | Accrued workers compensation | | | 1,122,025 | | | 1,472,182 | | Accrued other | | | 725,402 | | | 1,022,766 | | | | | | | | | | | | $ | 4,694,019 | | $ | 5,021,286 | |
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- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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v3.3.1.900
PREPAID EXPENSES (Details) - USD ($)
|
Nov. 27, 2015 |
May. 29, 2015 |
Truck shop supplies |
$ 309,710
|
$ 320,622
|
Insurance deposit |
48,548
|
48,548
|
Prepaid marketplace spending |
187,336
|
201,373
|
Prepaid insurance |
440,775
|
369,864
|
Prepaid taxes/licenses |
43,591
|
113,042
|
Prepaid dues/supplies |
135,967
|
0
|
Other |
109,844
|
296,752
|
Prepaid Expense, Current, Total |
$ 1,275,771
|
$ 1,350,201
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v3.3.1.900
OTHER ACCRUED EXPENSES (Details) - USD ($)
|
Nov. 27, 2015 |
May. 29, 2015 |
Accrued salary and benefits |
$ 2,846,592
|
$ 2,526,338
|
Accrued workers compensation |
1,122,025
|
1,472,182
|
Accrued other |
725,402
|
1,022,766
|
Employee-related Liabilities, Total |
$ 4,694,019
|
$ 5,021,286
|
X |
- DefinitionCarrying value as of the balance sheet date of the obligations incurred through that date and payable for employees' services provided.
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- DefinitionThe total amount of the contingent obligation under letters of credit outstanding as of the reporting date.
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v3.3.1.900
LINE OF CREDIT (Details Textual) - USD ($)
|
Nov. 27, 2015 |
May. 29, 2015 |
Line of Credit Facility, Maximum Borrowing Capacity |
$ 3,000,000
|
$ 3,000,000
|
Line of Credit, Current |
$ 0
|
$ 2,823,477
|
Line of Credit Facility, Interest Rate at Period End |
3.25%
|
3.25%
|
Line of Credit Facility, Remaining Borrowing Capacity |
$ 3,000,000
|
$ 176,523
|
X |
- DefinitionThe effective interest rate at the end of the reporting period.
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v3.3.1.900
LONG TERM LIABILITIES (Details Textual) - USD ($)
|
1 Months Ended |
|
|
|
Jan. 30, 2015 |
Mar. 31, 2011 |
Nov. 27, 2015 |
Jul. 31, 2015 |
May. 29, 2015 |
Debt Instrument [Line Items] |
|
|
|
|
|
Notes Payable to Bank, Total |
|
$ 3,532,700
|
|
|
|
Notes Payable, Noncurrent |
|
|
$ 4,754,474
|
|
$ 4,944,233
|
Stock Repurchase Program, Authorized Amount |
|
|
440,875
|
|
|
Capital Lease Obligations, Total |
|
|
85,461
|
$ 98,586
|
|
New Notes Payable [Member] |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Debt Instrument, Term |
|
15 years
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
3.52%
|
|
|
|
Debt Instrument, Face Amount |
|
$ 6,432,700
|
|
|
|
Notes Payable [Member] |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Debt Instrument, Term |
5 years
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
3.30%
|
|
|
|
|
Debt Instrument, Face Amount |
$ 2,204,375
|
$ 2,900,000
|
$ 1,811,527
|
|
$ 2,068,484
|
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v3.3.1.900
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