Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Aug. 31, 2016 | Oct. 13, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Aug. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SKY | |
Entity Registrant Name | SKYLINE CORP | |
Entity Central Index Key | 90,896 | |
Current Fiscal Year End Date | --05-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 8,391,244 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 31, 2016 | May 31, 2016 |
Current Assets: | ||
Cash | $ 8,450 | $ 7,659 |
Accounts receivable | 14,834 | 15,153 |
Inventories | 11,816 | 11,381 |
Workers' compensation security deposit | 1,038 | 1,294 |
Other current assets | 965 | 331 |
Total Current Assets | 37,103 | 35,818 |
Property, Plant and Equipment, at Cost: | ||
Land | 2,996 | 2,996 |
Buildings and improvements | 37,094 | 36,624 |
Machinery and equipment | 17,036 | 16,977 |
Property, Plant and Equipment gross | 57,126 | 56,597 |
Less accumulated depreciation | 45,163 | 44,952 |
Net Property, Plant and Equipment | 11,963 | 11,645 |
Other Assets | 7,493 | 7,515 |
Total Assets | 56,559 | 54,978 |
Current Liabilities: | ||
Accounts payable, trade | 4,148 | 3,921 |
Accrued salaries and wages | 3,108 | 3,557 |
Accrued marketing programs | 2,666 | 1,767 |
Accrued warranty | 5,117 | 4,817 |
Customer deposits | 1,277 | 1,521 |
Other accrued liabilities | 2,564 | 2,448 |
Total Current Liabilities | 18,880 | 18,031 |
Long-Term Liabilities: | ||
Deferred compensation expense | 4,959 | 5,002 |
Accrued warranty | 2,500 | 2,500 |
Life insurance loans | 4,312 | 4,312 |
Total Long-Term Liabilities | 11,771 | 11,814 |
Commitments and Contingencies - See Note 9 | ||
Shareholders' Equity: | ||
Common stock, $.0277 par value, 15,000,000 shares authorized; issued 11,217,144 shares | 312 | 312 |
Additional paid-in capital | 5,041 | 5,010 |
Retained earnings | 86,299 | 85,555 |
Treasury stock, at cost, 2,825,900 shares | (65,744) | (65,744) |
Total Shareholders' Equity | 25,908 | 25,133 |
Total Liabilities and Shareholders' Equity | $ 56,559 | $ 54,978 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Aug. 31, 2016 | May 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0277 | $ 0.0277 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 11,217,144 | 11,217,144 |
Treasury stock, shares | 2,825,900 | 2,825,900 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
OPERATIONS | ||
Net sales | $ 61,176 | $ 48,742 |
Cost of sales | 54,596 | 44,099 |
Gross profit | 6,580 | 4,643 |
Selling and administrative expenses | 5,750 | 5,459 |
Operating income (loss) | 830 | (816) |
Interest expense | (86) | (79) |
Income (loss) from continuing operations before income taxes | 744 | (895) |
Income tax expense | 0 | 0 |
Income (loss) from continuing operations | 744 | (895) |
Income from discontinued operations, net of taxes | 61 | |
Net income (loss) | $ 744 | $ (834) |
Basic and diluted income (loss) per share | $ 0.09 | $ (0.10) |
Basic and diluted income (loss) per share from continuing operations | $ 0.09 | (0.11) |
Basic and diluted income (loss) per share from discontinued operations | $ 0.01 | |
Weighted average number of common shares outstanding: | ||
Basic | 8,391,244 | 8,391,244 |
Diluted | 8,498,192 | 8,391,244 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 744 | $ (834) |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||
Depreciation | 251 | 257 |
Amortization of debt financing costs | 26 | 19 |
Share-based compensation | 31 | |
Change in assets and liabilities: | ||
Accounts receivable | 319 | 3,137 |
Inventories | (435) | (1,429) |
Workers' compensation security deposit | 256 | 717 |
Other current assets | (634) | (1,093) |
Accounts payable, trade | 227 | 624 |
Accrued liabilities | 622 | 464 |
Other, net | (41) | (107) |
Net cash from operating activities | 1,366 | 1,755 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property, plant and equipment | (569) | (70) |
Other, net | (6) | (8) |
Net cash from investing activities | (575) | (78) |
Net increase in cash | 791 | 1,677 |
Cash at beginning of period | 7,659 | 4,995 |
Cash at end of period | $ 8,450 | $ 6,672 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Aug. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 1 Basis of Presentation The accompanying unaudited interim consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the consolidated financial position as of August 31, 2016, in addition to the consolidated results of operations and cash flows for the three-month periods ended August 31, 2016 and 2015. Due to the seasonal nature of the Corporation’s business, interim results are not necessarily indicative of results for the entire year. The unaudited interim consolidated financial statements included herein have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain information and footnote disclosures normally accompanying the annual consolidated financial statements have been omitted. The audited consolidated balance sheet as of May 31, 2016 and the unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Corporation’s latest annual report on Form 10-K. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Aug. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | NOTE 2 Recently Issued Accounting Pronouncements In November 2015, FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Aug. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | NOTE 3 Discontinued Operations During September 2014, the Corporation made a strategic decision to exit the recreational vehicle industry in order to focus on its core housing business. As a result, on October 7, 2014, the Corporation completed the sale of certain assets associated with its recreational vehicle segment to Evergreen Recreational Vehicles, LLC. The following table summarizes the results of discontinued operations: Three-Months Ended 2016 2015 (Unaudited) (Dollars in thousands) Net Sales $ — $ 21 Operating income of discontinued operations $ — $ 61 Income before income taxes — 61 Income tax expense — — Income from discontinued operations, net of taxes $ — $ 61 |
Inventories
Inventories | 3 Months Ended |
Aug. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 4 Inventories Total inventories consist of the following: August 31, 2016 May 31, 2016 (Unaudited) (Dollars in thousands) Raw materials $ 7,635 $ 7,198 Work in process 3,194 3,447 Finished goods 987 736 $ 11,816 $ 11,381 |
Other Assets
Other Assets | 3 Months Ended |
Aug. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | NOTE 5 Other Assets Other assets consist primarily of the cash surrender value of life insurance policies which totaled $6,894,000 and $6,885,000 at August 31, 2016 and May 31, 2016, respectively. |
Warranty
Warranty | 3 Months Ended |
Aug. 31, 2016 | |
Guarantees [Abstract] | |
Warranty | NOTE 6 Warranty A reconciliation of accrued warranty is as follows: Three-Months Ended 2016 2015 (Unaudited) (Dollars in thousands) Balance at the beginning of the period $ 7,317 $ 6,911 Accruals for warranties 1,848 1,545 Settlements made during the period (1,548 ) (1,574 ) Balance at the end of the period 7,617 6,882 Non-current balance 2,500 2,400 Accrued warranty $ 5,117 $ 4,482 At August 31, 2016, the total current obligation for warranty and related expenses associated with discontinued operations is estimated to be $126,000 as compared to $150,000 at May 31, 2016. |
Life Insurance Loans
Life Insurance Loans | 3 Months Ended |
Aug. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
Life Insurance Loans | NOTE 7 Life Insurance Loans Life insurance loans have no fixed repayment schedule, and have interest rates ranging from 4.2 percent to 7.4 percent. The weighted average interest rate is 5.2 percent. |
Income Taxes
Income Taxes | 3 Months Ended |
Aug. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 8 Income Taxes At August 31, 2016, the Corporation’s gross deferred tax assets of approximately $48.7 million consist of approximately $32.0 million in federal net operating loss and tax credit carryforwards, $7.7 million in state net operating loss carryforwards and $9.0 million resulting from temporary differences between financial and tax reporting. The federal net operating loss and tax credit carryforwards have a life expectancy of between eleven and twenty years. The state net operating loss carryforwards have a life expectancy, depending on the state where a loss was incurred, between one and twenty years. The Corporation has recorded a full valuation allowance against this asset. If the Corporation, after considering future negative and positive evidence regarding the realization of deferred tax assets, determines that a lesser valuation allowance is warranted, it would record a reduction to income tax expense and the valuation allowance in the period of determination. For the three months ended August 31, 2016, the Corporation utilized previously fully-reserved federal net operating loss carryforwards of $345,000 and state operating loss carryforwards of $63,000 and released corresponding amounts of the valuation allowance to offset federal and state income tax expense. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Aug. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 9 Commitments and Contingencies The Corporation was contingently liable at August 31, 2016 and May 31, 2016, under repurchase agreements with certain financial institutions providing inventory financing for dealers of its products. Under these arrangements, which are customary in the manufactured housing and park model industries, the Corporation agrees to repurchase units in the event of default by the dealer at declining prices over the term of the agreement. The period to potentially repurchase units is between 12 to 24 months. The maximum repurchase liability is the total amount that would be paid upon the default of the Corporation’s independent dealers. The maximum potential repurchase liability, without reduction for the resale value of the repurchased units, was approximately $28 million at August 31, 2016 and approximately $25 million at May 31, 2016. As a result of the Corporation’s favorable experience regarding repurchased units, which is largely due to the strength of dealers selling the Corporation’s products, the Corporation maintained at August 31, 2016 and May 31, 2016, a $100,000 loss reserve that is a component of other accrued liabilities. The risk of loss under these agreements is spread over many dealers and financial institutions. The loss, if any, under these agreements is the difference between the repurchase cost and the resale value of the units. The Corporation estimates the fair value of this commitment considering both the contingent losses and the value of the guarantee. This amount has historically been insignificant. The Corporation believes that any potential loss under the agreements in effect at August 31, 2016 will not be material to its financial position or results of operations. The amounts of obligations from repurchased units and incurred net losses for the periods presented are as follows: Three-Months Ended 2016 2015 (Unaudited) (Dollars in thousands) Number of units repurchased — — Obligations from units repurchased $ — $ — Net losses on repurchased units $ — $ — The Corporation is a party to various pending legal proceedings in the normal course of business. Management believes that any losses resulting from such proceedings would not have a material adverse effect on the Corporation’s results of operations or financial position. The Corporation utilizes a combination of insurance coverage and self-insurance for certain items, including workers’ compensation and group health benefits. Liabilities for workers’ compensation are recognized for estimated future medical costs and indemnity costs. Liabilities for group health benefits are recognized for claims incurred but not paid. Insurance reserves are estimated based upon a combination of historical data and actuarial information. Actual results could differ from these estimates. |
Secured Revolving Credit Facili
Secured Revolving Credit Facility | 3 Months Ended |
Aug. 31, 2016 | |
Debt Disclosure [Abstract] | |
Secured Revolving Credit Facility | NOTE 10 Secured Revolving Credit Facility On March 20, 2015, the Corporation (“Borrower(s)”) entered into a Loan and Security Agreement (the “Loan Agreement”) with First Business Capital Corp. (“First Business Capital”). Under the Loan Agreement, First Business Capital will provide a secured revolving credit facility to the Borrowers for a term of three years, renewable on an annual basis thereafter with each renewal for a successive one-year term. The Corporation may obtain loan advances up to a maximum of $10,000,000 subject to certain collateral-obligation ratios. In addition, loan advances bear interest at 3.75% in excess of The Wall Street Journal’s During the first quarter of fiscal 2017, the following additional amendments were made to the Loan Agreement: • An increase in the capital expenditure limit for the fiscal year ending May 31, 2017 from $800,000 in the aggregate to $1,500,000 in the aggregate. In the absence of any subsequent amendment, the capital expenditure limit for subsequent fiscal years shall remain at $800,000 in the aggregate per fiscal year; and • A covenant specifying that a monthly net loss in fiscal 2017 not exceed $250,000 was increased to $500,000 for June 2016, $1,000,000 for July 2016, and $1,000,000 for December 2016. Such increases will be effective only for the months identified. In the absence of any subsequent amendment, the maximum monthly net loss for all other months of fiscal year 2017 and thereafter remain at $250,000. Except as provided herein, the Loan Agreement and all other loan documentation related thereto shall remain in full force and effect in accordance with their terms. The Corporation was in compliance with Loan Agreement covenants as of August 31, 2016. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Aug. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | NOTE 11 Stock-Based Compensation On June 25, 2015, the Corporation’s Board of Directors approved the 2015 Stock Incentive Plan (“Plan”), which allows the granting of stock options and other equity awards to directors, officers, employees, and eligible independent contractors of the Corporation and is intended to retain and reward key employees’ performance and efforts as they relate to the Corporation’s long-term objectives and strategic plan. The Plan was subsequently approved by shareholders at the Corporation’s annual shareholder meeting on September 21, 2015. A total of 700,000 shares of Common Stock have been reserved for issuance under the Plan. Stock option awards are granted with an exercise price equal to, or greater than, the market price of the Corporation’s stock at the date of grant and vest over a period of time as determined by the Corporation at the date of grant up to the contractual ten year life at which time the options expires. The following table summarizes option activity for the three months ended August 31, 2016: Number Outstanding at May 31, 2016 225,000 Granted 25,000 Outstanding at August 31, 2016 250,000 Vested and exercisable options at August 31, 2016 40,000 Weighted average exercise price per share of vested and exercisable options $ 3.12 Non-vested options at August 31, 2016 210,000 Weighted average grant-date fair value per share of non-vested options $ 2.67 Stock-based compensation expense for the fair value of the stock options vested during the first quarter of 2017 was approximately $31,000. At August 31, 2016, the intrinsic value of all options outstanding approximated $2,029,000 and had a weighted-average remaining contractual life of approximately nine years. In addition, the intrinsic value of all vested and exercisable options outstanding approximated $355,000 and had a remaining contractual life of approximately nine years. Total unrecognized compensation expense related to stock-based awards outstanding at August 31, 2016 was $530,000 and is to be recorded over a weighted-average life of approximately four years. The Corporation records all stock-based payments, including grants of stock options, in the consolidated statements of operations based on their fair values at the date of grant. The Corporation currently uses the Black-Scholes option pricing model to determine the fair value of stock options. The determination of the fair value of stock options on the date of grant using an option-pricing model is affected by stock price as well as assumptions that include expected stock price volatility over the term of the awards, expected life of the awards, risk-free interest rate, and expected dividends. The fair value of the options granted during the first quarter of fiscal 2017 were estimated at the date of grant using the following weighted average assumptions: Volatility 66.0 % Risk-free interest rate 1.47 % Expected option life in years 7.50 Dividend yield 0 % Volatility is estimated based on historical volatility measured monthly for a time period equal to the expected life of the option ending on the date of grant. The risk-free interest rate is determined based on observed U.S. Treasury yields in effect at the time of the grant for maturities equivalent to the expected life of the options. The expected option life (estimated average period of time the options will be outstanding) is estimated based on the expected exercise date of the options. The expected dividend yield of zero is estimated based on the dividend yield at the time of grant as adjusted for any expected changes during the life of the options. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Aug. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 12 Earnings Per Share Basic earnings per common share is computed based on the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed based on the combination of dilutive common share equivalents, comprised of shares issuable under the Corporation’s Stock Incentive Plan and the weighted-average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except per share amounts): Three Months Ended August 31, 2016 August 31, 2015 Net income (loss) $ 744 $ (834 ) Weighted average share outstanding: Basic 8,391,244 8,391,244 Common stock equivalents – treasury stock method 106,948 — Diluted 8,498,192 8,391,244 Net income (loss) per share: Basic $ .09 $ (.10 ) Diluted $ .09 $ (.10 ) There were 13,716 and 129,139 anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the three months ended August 31, 2016 and 2015, respectively. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Aug. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Results of Discontinued Operations | The following table summarizes the results of discontinued operations: Three-Months Ended 2016 2015 (Unaudited) (Dollars in thousands) Net Sales $ — $ 21 Operating income of discontinued operations $ — $ 61 Income before income taxes — 61 Income tax expense — — Income from discontinued operations, net of taxes $ — $ 61 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Aug. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Total inventories consist of the following: August 31, 2016 May 31, 2016 (Unaudited) (Dollars in thousands) Raw materials $ 7,635 $ 7,198 Work in process 3,194 3,447 Finished goods 987 736 $ 11,816 $ 11,381 |
Warranty (Tables)
Warranty (Tables) | 3 Months Ended |
Aug. 31, 2016 | |
Guarantees [Abstract] | |
Reconciliation of Accrued Warranty | A reconciliation of accrued warranty is as follows: Three-Months Ended 2016 2015 (Unaudited) (Dollars in thousands) Balance at the beginning of the period $ 7,317 $ 6,911 Accruals for warranties 1,848 1,545 Settlements made during the period (1,548 ) (1,574 ) Balance at the end of the period 7,617 6,882 Non-current balance 2,500 2,400 Accrued warranty $ 5,117 $ 4,482 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Aug. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Amounts of Obligations from Repurchased Units and Incurred Net Losses for Periods | The amounts of obligations from repurchased units and incurred net losses for the periods presented are as follows: Three-Months Ended 2016 2015 (Unaudited) (Dollars in thousands) Number of units repurchased — — Obligations from units repurchased $ — $ — Net losses on repurchased units $ — $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Aug. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Option Activity | The following table summarizes option activity for the three months ended August 31, 2016: Number Outstanding at May 31, 2016 225,000 Granted 25,000 Outstanding at August 31, 2016 250,000 Vested and exercisable options at August 31, 2016 40,000 Weighted average exercise price per share of vested and exercisable options $ 3.12 Non-vested options at August 31, 2016 210,000 Weighted average grant-date fair value per share of non-vested options $ 2.67 |
Fair Value of Options Granted Estimated at Date of Grant Using Weighted Average Assumptions | The fair value of the options granted during the first quarter of fiscal 2017 were estimated at the date of grant using the following weighted average assumptions: Volatility 66.0 % Risk-free interest rate 1.47 % Expected option life in years 7.50 Dividend yield 0 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Aug. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except per share amounts): Three Months Ended August 31, 2016 August 31, 2015 Net income (loss) $ 744 $ (834 ) Weighted average share outstanding: Basic 8,391,244 8,391,244 Common stock equivalents – treasury stock method 106,948 — Diluted 8,498,192 8,391,244 Net income (loss) per share: Basic $ .09 $ (.10 ) Diluted $ .09 $ (.10 ) |
Discontinued Operations - Resul
Discontinued Operations - Results of Discontinued Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Net Sales | $ 21 | |
Operating income of discontinued operations | 61 | |
Income before income taxes | 61 | |
Income tax expense | $ 0 | 0 |
Income from discontinued operations, net of taxes | $ 61 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Aug. 31, 2016 | May 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 7,635 | $ 7,198 |
Work in process | 3,194 | 3,447 |
Finished goods | 987 | 736 |
Total inventories | $ 11,816 | $ 11,381 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - USD ($) | Aug. 31, 2016 | May 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Cash surrender value of life insurance | $ 6,894,000 | $ 6,885,000 |
Warranty - Reconciliation of Ac
Warranty - Reconciliation of Accrued Warranty (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2016 | May 31, 2016 | Aug. 31, 2015 | |
Guarantees [Abstract] | |||||
Balance at the beginning of the period | $ 7,317 | $ 6,911 | |||
Accruals for warranties | 1,848 | 1,545 | |||
Settlements made during the period | (1,548) | (1,574) | |||
Balance at the end of the period | 7,617 | 6,882 | |||
Accrued warranty | $ 7,617 | $ 6,882 | $ 7,617 | $ 7,317 | $ 6,882 |
Non-current balance | 2,500 | 2,500 | 2,400 | ||
Accrued warranty | $ 5,117 | $ 4,817 | $ 4,482 |
Warranty - Additional Informati
Warranty - Additional Information (Detail) - USD ($) | Aug. 31, 2016 | May 31, 2016 | Aug. 31, 2015 | May 31, 2015 |
Guarantor Obligations [Line Items] | ||||
Estimated warranty obligation | $ 7,617,000 | $ 7,317,000 | $ 6,882,000 | $ 6,911,000 |
Discontinued Operations [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Estimated warranty obligation | $ 126,000 | $ 150,000 |
Life Insurance Loans - Addition
Life Insurance Loans - Additional Information (Detail) - Life Insurance Loans [Member] | 3 Months Ended |
Aug. 31, 2016 | |
Schedule Of Life Insurance Liabilities [Line Items] | |
Weighted Average Interest Rate | 5.20% |
Minimum [Member] | |
Schedule Of Life Insurance Liabilities [Line Items] | |
Interest Rate | 4.20% |
Maximum [Member] | |
Schedule Of Life Insurance Liabilities [Line Items] | |
Interest Rate | 7.40% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended |
Aug. 31, 2016USD ($) | |
Income Tax Contingency [Line Items] | |
Deferred tax assets | $ 48,700,000 |
Federal net operating loss and tax credit carryforwards | 32,000,000 |
State net operating loss carryforwards | 7,700,000 |
Differences between financial and tax reporting | 9,000,000 |
Federal [Member] | |
Income Tax Contingency [Line Items] | |
Federal net operating loss and tax credit carryforwards | 345,000 |
State [Member] | |
Income Tax Contingency [Line Items] | |
State net operating loss carryforwards | $ 63,000 |
Minimum [Member] | Federal [Member] | |
Income Tax Contingency [Line Items] | |
Net operating loss and tax credit carryforwards life expectancy | 11 years |
Minimum [Member] | State [Member] | |
Income Tax Contingency [Line Items] | |
Net operating loss and tax credit carryforwards life expectancy | 1 year |
Maximum [Member] | Federal [Member] | |
Income Tax Contingency [Line Items] | |
Net operating loss and tax credit carryforwards life expectancy | 20 years |
Maximum [Member] | State [Member] | |
Income Tax Contingency [Line Items] | |
Net operating loss and tax credit carryforwards life expectancy | 20 years |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Aug. 31, 2016 | May 31, 2016 | |
Loss Contingencies [Line Items] | ||
Maximum potential repurchase liability | $ 28,000,000 | $ 25,000,000 |
Other accrued liabilities | $ 100,000 | $ 100,000 |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Period to potentially repurchase units | 12 months | 12 months |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Period to potentially repurchase units | 24 months | 24 months |
Commitments and Contingencies32
Commitments and Contingencies - Amounts of Obligations from Repurchased Units and Incurred Net Losses for Periods (Detail) $ in Thousands | 3 Months Ended | |
Aug. 31, 2016USD ($)Unit | Aug. 31, 2015USD ($)Unit | |
Commitments and Contingencies Disclosure [Abstract] | ||
Number of units repurchased | Unit | 0 | 0 |
Obligations from units repurchased | $ 0 | $ 0 |
Net losses on repurchased units | $ 0 | $ 0 |
Secured Revolving Credit Faci33
Secured Revolving Credit Facility - Additional Information (Detail) - USD ($) | Mar. 20, 2015 | Dec. 31, 2016 | Jul. 31, 2016 | Jun. 30, 2016 | Aug. 31, 2016 | May 31, 2017 |
Line of Credit Facility [Line Items] | ||||||
Expected monthly net loss related to covenants | $ 1,000,000 | $ 500,000 | ||||
Scenario Forecast [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expected monthly net loss related to covenants | $ 1,000,000 | $ 250,000 | ||||
Scenario Forecast [Member] | Increased From [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Covenants limit on capital expenditures per year | 800,000 | |||||
Scenario Forecast [Member] | Increased To [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Covenants limit on capital expenditures per year | $ 1,500,000 | |||||
Secured Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 10,000,000 | |||||
Credit facility, interest rate | 3.75% | |||||
Interest rate description | Loan advances bear interest at 3.75% in excess of The Wall Street Journal's published one year LIBOR rate | |||||
Secured revolving credit facility term | 3 years | |||||
Secured revolving credit facility renewal term | 1 year |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | Jun. 25, 2015 | Aug. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 31,000 | |
Intrinsic value of stock options outstanding | $ 2,029,000 | |
Stock options outstanding, Weighted average contractual life | 9 years | |
Intrinsic value, Options vested and exercisable | $ 355,000 | |
Weighted average remaining contractual term, Options vested and exercisable | 9 years | |
Unrecognized compensation expense related to stock-based awards outstanding | $ 530,000 | |
Unrecognized compensation expense, period for recognition | 4 years | |
Expected dividend yield | 0.00% | |
2015 Stock Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares of common stock available under the 2015 plan | 700,000 | |
Stock option awards vesting period | 10 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Option Activity (Detail) | 3 Months Ended |
Aug. 31, 2016$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of Shares, Outstanding | 225,000 |
Number of Shares, Granted | 25,000 |
Number of Shares, Outstanding | 250,000 |
Vested and exercisable options | 40,000 |
Weighted average exercise price per share of vested and exercisable options | $ / shares | $ 3.12 |
Non-vested options | 210,000 |
Weighted average grant-date fair value per share of non-vested options | $ / shares | $ 2.67 |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value of Options Granted Estimated at Date of Grant Using Weighted Average Assumptions (Detail) | 3 Months Ended |
Aug. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |
Volatility | 66.00% |
Risk-free interest rate | 1.47% |
Expected option life in years | 7 years 6 months |
Dividend yield | 0.00% |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ 744 | $ (834) |
Weighted average share outstanding: | ||
Basic | 8,391,244 | 8,391,244 |
Common stock equivalents - treasury stock method | 106,948 | |
Diluted | 8,498,192 | 8,391,244 |
Basic | $ 0.09 | $ (0.10) |
Diluted | $ 0.09 | $ (0.10) |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share | 13,716 | 129,139 |