Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Sep. 29, 2013 | Nov. 04, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'UNIFI INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--06-29 | ' |
Entity Common Stock, Shares Outstanding | ' | 19,139,087 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000100726 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 29-Sep-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 29, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $10,310 | $8,755 |
Receivables, net | 90,097 | 98,392 |
Inventories | 114,432 | 110,667 |
Income taxes receivable | 396 | 1,388 |
Deferred income taxes | 1,996 | 1,715 |
Other current assets | 8,668 | 5,913 |
Total current assets | 225,899 | 226,830 |
Property, plant and equipment, net | 115,574 | 115,164 |
Deferred income taxes | 2,413 | 2,196 |
Intangible assets, net | 7,340 | 7,772 |
Investments in unconsolidated affiliates | 96,888 | 93,261 |
Other non-current assets | 5,149 | 10,243 |
Total assets | 453,263 | 455,466 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ' | ' |
Accounts payable | 40,275 | 45,544 |
Accrued expenses | 13,576 | 18,485 |
Income taxes payable | 1,879 | 851 |
Current portion of long-term debt | 1,316 | 65 |
Total current liabilities | 57,046 | 64,945 |
Long-term debt | 96,023 | 97,688 |
Other long-term liabilities | 5,250 | 5,053 |
Deferred income taxes | 1,831 | 1,300 |
Total liabilities | 160,150 | 168,986 |
Commitments and contingencies | ' | ' |
Common stock, $0.10 par (500,000,000 shares authorized, 19,289,087 and 19,205,209 shares outstanding) | 1,929 | 1,921 |
Capital in excess of par value | 39,806 | 36,375 |
Retained earnings | 255,724 | 252,112 |
Accumulated other comprehensive loss | -5,667 | -5,500 |
Total Unifi, Inc. shareholders’ equity | 291,792 | 284,908 |
Non-controlling interest | 1,321 | 1,572 |
Total shareholders’ equity | 293,113 | 286,480 |
Total liabilities and shareholders’ equity | $453,263 | $455,466 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Sep. 29, 2013 | Jun. 30, 2013 |
Common stock, par value (in Dollars per share) (in Dollars per share) | $0.10 | $0.10 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares outstanding | 19,289,087 | 19,205,209 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Net sales | $168,669 | $172,900 |
Cost of sales | 148,684 | 154,880 |
Gross profit | 19,985 | 18,020 |
Selling, general and administrative expenses | 10,114 | 11,147 |
(Benefit) provision for bad debts | -38 | 110 |
Other operating expense, net | 1,624 | 581 |
Operating income | 8,285 | 6,182 |
Interest income | -1,214 | -124 |
Interest expense | 1,252 | 1,444 |
Loss on extinguishment of debt | ' | 242 |
Equity in earnings of unconsolidated affiliates | -6,123 | -671 |
Income before income taxes | 14,370 | 5,291 |
Provision for income taxes | 5,751 | 3,233 |
Net income including non-controlling interest | 8,619 | 2,058 |
Less: net (loss) attributable to non-controlling interest | -251 | -236 |
Net income attributable to Unifi, Inc. | $8,870 | $2,294 |
Net income attributable to Unifi, Inc. per common share: | ' | ' |
Basic (in Dollars per share) | $0.46 | $0.11 |
Diluted (in Dollars per share) | $0.44 | $0.11 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Net income including non-controlling interest | $8,619 | $2,058 |
Other comprehensive (loss) income: | ' | ' |
Foreign currency translation adjustments | -322 | -312 |
Gain (loss) on cash flow hedges, net of reclassification adjustments | 155 | -452 |
Other comprehensive (loss) income before income taxes | -167 | 239 |
Income tax benefit provided on cash flow hedges | ' | 178 |
Other comprehensive (loss) income, net | -167 | 417 |
Comprehensive income including non-controlling interest | 8,452 | 2,475 |
Less: comprehensive (loss) attributable to non-controlling interest | -251 | -236 |
Comprehensive income attributable to Unifi, Inc. | 8,703 | 2,711 |
Unconsolidated Affiliates [Member] | ' | ' |
Other comprehensive (loss) income: | ' | ' |
Gain on cash flow hedges for an unconsolidated affiliate | ' | $1,003 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
In Thousands, except Share data | |||||||
Balance at June 30, 2013 at Jun. 30, 2013 | $1,921 | $36,375 | $252,112 | ($5,500) | $284,908 | $1,572 | $286,480 |
Balance at June 30, 2013 (in Shares) at Jun. 30, 2013 | 19,205,000 | ' | ' | ' | ' | ' | 19,205,209 |
Options exercised | 30 | 2,343 | ' | ' | 2,373 | ' | 2,373 |
Options exercised (in Shares) | 302,000 | ' | ' | ' | ' | ' | 302,000 |
Stock-based compensation | ' | 258 | ' | ' | 258 | ' | 258 |
Conversion of restricted stock units | 3 | -3 | ' | ' | ' | ' | ' |
Conversion of restricted stock units (in Shares) | 31,000 | ' | ' | ' | ' | ' | ' |
Repurchase and retirement of common stock | -25 | -485 | -5,258 | ' | -5,768 | ' | -5,768 |
Repurchase and retirement of common stock (in Shares) | -249,000 | ' | ' | ' | ' | ' | -249,000 |
Excess tax benefit on stock-based compensation plans | ' | 1,318 | ' | ' | 1,318 | ' | 1,318 |
Other comprehensive loss, net | ' | ' | ' | -167 | -167 | ' | -167 |
Net income (loss) | ' | ' | 8,870 | ' | 8,870 | -251 | 8,619 |
Balance at September 29, 2013 at Sep. 29, 2013 | $1,929 | $39,806 | $255,724 | ($5,667) | $291,792 | $1,321 | $293,113 |
Balance at September 29, 2013 (in Shares) at Sep. 29, 2013 | 19,289,000 | ' | ' | ' | ' | ' | 19,289,087 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Cash and cash equivalents at beginning of year | $8,755 | $10,886 |
Operating activities: | ' | ' |
Net income including non-controlling interest | 8,619 | 2,058 |
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities: | ' | ' |
Equity in earnings of unconsolidated affiliates | -6,123 | -671 |
Dividends received from unconsolidated affiliates | 2,559 | 2,224 |
Depreciation and amortization expense | 4,408 | 6,517 |
Loss on extinguishment of debt | ' | 242 |
Non-cash compensation expense | 414 | 621 |
Excess tax benefit on stock-based compensation plans | -1,318 | ' |
Deferred income taxes | 17 | 1,418 |
Other | 3,042 | 23 |
Changes in assets and liabilities, excluding effects of foreign currency adjustments: | ' | ' |
Receivables, net | 8,185 | 3,602 |
Inventories | -3,981 | -4,003 |
Other current assets and income taxes receivable | 1,517 | 600 |
Accounts payable and accrued expenses | -10,102 | -7,204 |
Income taxes payable | 2,073 | -1,046 |
Net cash provided by operating activities | 9,310 | 4,381 |
Investing activities: | ' | ' |
Capital expenditures | -5,691 | -1,091 |
Proceeds from sale of assets | 245 | 36 |
Proceeds from other investments | 141 | ' |
Other | -36 | -41 |
Net cash used in investing activities | -5,341 | -1,096 |
Financing activities: | ' | ' |
Proceeds from revolving credit facilities | 32,100 | 17,500 |
Payments on revolving credit facilities | -39,700 | -14,000 |
Proceeds from term loan | 7,200 | ' |
Payments on term loan | ' | -6,450 |
Payments of debt financing fees | -3 | -46 |
Proceeds from related party term loan | ' | 1,250 |
Repurchase and retirement of common stock | -5,768 | ' |
Proceeds from stock option exercises | 2,373 | 29 |
Contributions from non-controlling interest | ' | 200 |
Excess tax benefit on stock-based compensation plans | 1,318 | ' |
Other | -15 | -38 |
Net cash used in financing activities | -2,495 | -1,555 |
Effect of exchange rate changes on cash and cash equivalents | 81 | -24 |
Net increase in cash and cash equivalents | 1,555 | 1,706 |
Cash and cash equivalents at end of period | $10,310 | $12,592 |
Note_1_Background
Note 1 - Background | 3 Months Ended |
Sep. 29, 2013 | |
Disclosure Text Block [Abstract] | ' |
Nature of Operations [Text Block] | ' |
1. Background | |
Unifi, Inc., a New York corporation formed in 1969 (together with its subsidiaries, “we”, the “Company” or “Unifi”), is a multi-national manufacturing company that processes and sells high-volume commodity yarns, specialized yarns designed to meet certain customer specifications, and premier value-added (“PVA”) yarns with enhanced performance characteristics. The Company sells yarns made from polyester and nylon to other yarn manufacturers and knitters and weavers that produce fabric for the apparel, hosiery, sock, home furnishings, automotive upholstery, industrial and other end-use markets. The Company’s polyester products include polyester polymer beads (“Chip”), partially oriented yarn (“POY”), textured, solution and package dyed, twisted and beamed yarns; each is available in virgin or recycled varieties (made from both pre-consumer yarn waste and post-consumer waste, including plastic bottles). The Company’s nylon products include textured, solution dyed and covered spandex products. | |
The Company maintains one of the industry’s most comprehensive yarn product offerings, and it has ten manufacturing operations in four countries and participates in joint ventures in Israel and the United States (“U.S.”). The Company’s principal markets are located in the U.S., Canada, Mexico, Central America and South America. In addition, the Company has a wholly-owned subsidiary in the People’s Republic of China (“China”) focused on the sale and promotion of the Company’s PVA and other specialty products in the Asian textile market, primarily in China, as well as into the European market. |
Note_2_Basis_of_Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Sep. 29, 2013 | |
Disclosure Text Block [Abstract] | ' |
Basis of Accounting [Text Block] | ' |
2. Basis of Presentation; Condensed Notes | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. As contemplated by the instructions of the Securities and Exchange Commission to Form 10-Q, the following notes have been condensed and, therefore, do not contain all disclosures required in connection with annual financial statements. Reference should be made to the Company’s year-end audited consolidated financial statements and notes thereto contained in its Annual Report on Form 10-K for the fiscal year ended June 30, 2013 (the "2013 Form 10-K"). | |
The financial information included in this report has been prepared by the Company, without audit. In the opinion of management, all adjustments considered necessary for a fair statement of the results for interim periods have been included. Nevertheless, the results shown for interim periods are not necessarily indicative of results to be expected for the full year. The June 30, 2013 condensed consolidated balance sheet data was derived from the audited financial statements, but does not include all disclosures required by GAAP. The preparation of financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the amounts reported and certain financial statement disclosures. Actual results may vary from these estimates. | |
All dollar and other currency amounts and share amounts, except per share amounts, are presented in thousands, except as otherwise noted. | |
Fiscal Year | |
The Company’s current fiscal quarter ended on September 29, 2013. The Company’s Brazilian, Colombian and Chinese subsidiaries report on a calendar period basis, with their fiscal quarter ending on September 30, 2013. There were no significant transactions or events that occurred between the Company’s fiscal quarter end and its subsidiaries’ fiscal quarter end for this period. The three months ended September 29, 2013 and the three months ended September 23, 2012 each consisted of thirteen week periods. | |
Reclassifications | |
Certain reclassifications of prior years’ data have been made to conform to the current year presentation. |
Note_3_Recent_Accounting_Prono
Note 3 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 29, 2013 | |
Description Of New Accounting Pronouncements Adopted And Not Yet Adopted [Abstract] | ' |
Description Of New Accounting Pronouncements Adopted And Not Yet Adopted [Text Block] | ' |
3. Recent Accounting Pronouncements | |
There have been no newly issued or newly applicable accounting pronouncements that have, or are expected to have, a significant impact on the Company's financial statements. |
Note_4_Receivables_Net
Note 4 - Receivables, Net | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||
4. Receivables, Net | |||||||||
Receivables, net consist of the following: | |||||||||
29-Sep-13 | 30-Jun-13 | ||||||||
Customer receivables | $ | 90,686 | $ | 99,324 | |||||
Allowance for uncollectible accounts | (933 | ) | (972 | ) | |||||
Reserves for yarn quality claims | (873 | ) | (893 | ) | |||||
Net customer receivables | 88,880 | 97,459 | |||||||
Related party receivables | 498 | 204 | |||||||
Other receivables | 719 | 729 | |||||||
Total receivables, net | $ | 90,097 | $ | 98,392 | |||||
Other receivables consist primarily of receivables for duty drawback, amounts due from customers for returnable packaging, interest, value-added tax and refunds from vendors. | |||||||||
The changes in the Company’s allowance for uncollectible accounts and reserves for yarn quality claims were as follows: | |||||||||
Allowance for | Reserves for Yarn | ||||||||
Uncollectible Accounts | Quality Claims | ||||||||
Balance at June 30, 2013 | $ | (972 | ) | $ | (893 | ) | |||
Charged to costs and expenses | 38 | (414 | ) | ||||||
Charged to other accounts | 1 | (2 | ) | ||||||
Deductions | — | 436 | |||||||
Balance at September 29, 2013 | $ | (933 | ) | $ | (873 | ) | |||
Amounts charged to costs and expenses for the allowance for uncollectible accounts are reflected in the (Benefit) provision for bad debts. For the allowance for uncollectible accounts, deductions represent amounts written off which were deemed to not be collectible, net of any recoveries. Amounts charged to costs and expenses for the reserves for yarn quality claims are primarily reflected as a reduction of Net sales. For the reserve for yarn quality claims, deductions represent adjustments to either increase or decrease claims based on negotiated amounts or actual versus estimated claim differences. Amounts charged to other accounts primarily include the impact of translating the activity of the Company’s foreign affiliates from their respective local currencies to the U.S. dollar. |
Note_5_Inventories
Note 5 - Inventories | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
5. Inventories | |||||||||
Inventories consist of the following: | |||||||||
29-Sep-13 | 30-Jun-13 | ||||||||
Raw materials | $ | 41,515 | $ | 42,001 | |||||
Supplies | 5,275 | 5,286 | |||||||
Work in process | 6,960 | 6,237 | |||||||
Finished goods | 61,938 | 58,179 | |||||||
Gross inventories | 115,688 | 111,703 | |||||||
Inventory reserves | (1,256 | ) | (1,036 | ) | |||||
Total inventories | $ | 114,432 | $ | 110,667 | |||||
The cost for the majority of the Company’s inventories is determined using the first-in, first-out method. Certain foreign inventories of $32,407 and $31,139 as of September 29, 2013 and June 30, 2013, respectively, were valued under the average cost method. |
Note_6_Other_Current_Assets
Note 6 - Other Current Assets | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Other Current Assets Disclosure [Abstract] | ' | ||||||||
Other Current Assets Disclosure [Text Block] | ' | ||||||||
6. Other Current Assets | |||||||||
Other current assets consist of the following: | |||||||||
29-Sep-13 | 30-Jun-13 | ||||||||
Vendor deposits | $ | 5,386 | $ | 2,633 | |||||
Value added taxes receivable | 1,695 | 1,729 | |||||||
Prepaid expenses | 1,388 | 1,376 | |||||||
Other investments | 189 | 166 | |||||||
Other | 10 | 9 | |||||||
Total other current assets | $ | 8,668 | $ | 5,913 | |||||
Vendor deposits primarily relate to down payments made toward the purchase of raw materials by the Company’s U.S., Brazilian and Chinese operations from Asian vendors and a deposit with a domestic utility company. Value added taxes receivable are recoverable taxes associated with the sales and purchase activities of the Company’s foreign operations. Prepaid expenses consist of advance payments for insurance, professional fees, membership dues, subscriptions, non-income related tax payments and information technology services. | |||||||||
Other investments relate to cash held by the Company’s Colombian subsidiary within an investment fund of a financial institution located in Colombia that is currently being liquidated. The Company was notified of this liquidation in December 2012 and the Company no longer has immediate access to these funds. The total amounts transferred to Other investments at the time of the notification were $1,743. To date, the Company has received payments in accordance with the court mandated schedule of $835 plus interest. The total net carrying value of the Company’s investment, net of previously recorded write-downs related to this investment, was $707 at September 29, 2013 of which $189 is expected to be received within the next twelve months. |
Note_7_Property_Plant_and_Equi
Note 7 - Property, Plant and Equipment, Net | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
7. Property, Plant and Equipment, Net | |||||||||
Property, plant and equipment, net consists of the following: | |||||||||
29-Sep-13 | 30-Jun-13 | ||||||||
Land | $ | 2,945 | $ | 2,949 | |||||
Land improvements | 11,676 | 11,676 | |||||||
Buildings and improvements | 146,194 | 144,833 | |||||||
Assets under capital lease | 1,234 | 1,234 | |||||||
Machinery and equipment | 518,155 | 526,910 | |||||||
Computers, software and office equipment | 16,697 | 16,647 | |||||||
Transportation equipment | 4,718 | 4,866 | |||||||
Construction in progress | 7,258 | 5,691 | |||||||
Gross property, plant and equipment | 708,877 | 714,806 | |||||||
Less: accumulated depreciation | (593,232 | ) | (599,592 | ) | |||||
Less: accumulated amortization – capital lease | (71 | ) | (50 | ) | |||||
Total property, plant and equipment, net | $ | 115,574 | $ | 115,164 | |||||
Depreciation expense (including amortization of assets under capital lease), repair and maintenance expenses and capitalized interest were as follows: | |||||||||
For the Three Months Ended | |||||||||
29-Sep-13 | 23-Sep-12 | ||||||||
Depreciation expense | $ | 3,821 | $ | 5,812 | |||||
Repair and maintenance expenses | 4,230 | 4,364 | |||||||
Capitalized interest | 42 | — | |||||||
Note_8_Intangible_Assets_Net
Note 8 - Intangible Assets, Net | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||
8. Intangible Assets, Net | |||||||||
Intangible assets, net consist of the following: | |||||||||
29-Sep-13 | 30-Jun-13 | ||||||||
Customer list | $ | 22,000 | $ | 22,000 | |||||
Non-compete agreements | 4,243 | 4,243 | |||||||
Licenses | 265 | 265 | |||||||
Trademarks | 294 | 246 | |||||||
Total intangible assets, gross | 26,802 | 26,754 | |||||||
Accumulated amortization - customer list | (16,363 | ) | (15,993 | ) | |||||
Accumulated amortization - non-compete agreements | (2,973 | ) | (2,895 | ) | |||||
Accumulated amortization - licenses | (63 | ) | (55 | ) | |||||
Accumulated amortization - trademarks | (63 | ) | (39 | ) | |||||
Total accumulated amortization | (19,462 | ) | (18,982 | ) | |||||
Total intangible assets, net | $ | 7,340 | $ | 7,772 | |||||
In fiscal year 2007, the Company purchased the texturing operations of Dillon Yarn Corporation (“Dillon”) which are included in the Company’s Polyester Segment. The valuation of the customer list acquired was determined by estimating the discounted net earnings attributable to the customer relationships that were purchased after considering items such as possible customer attrition. Based on the length and trend of the projected cash flows, an estimated useful life of thirteen years was determined. The customer list is being amortized in a manner which reflects the expected economic benefit that will be received over its thirteen year life. The Dillon non-compete agreements are amortized using the straight line method over the periods currently covered by the agreements. The amortization expense is included within the Polyester Segment’s depreciation and amortization expense. | |||||||||
During the second quarter of fiscal year 2012, the Company acquired a controlling interest in Repreve Renewables, LLC (“Renewables”). The non-compete agreement acquired is being amortized using the straight line method over the five year term of the agreement. The licenses acquired are being amortized using the straight line method over their estimated useful lives of four to eight years. | |||||||||
As part of its efforts to market REPREVE® and other PVA products to consumers worldwide and to raise its visibility among brands, the Company capitalizes expenses incurred to register certain trademarks of Repreve and other PVA products in various countries. The Company has determined that these trademarks have varying useful lives of up to three years. | |||||||||
Amortization expense for intangible assets consists of the following: | |||||||||
For the Three Months Ended | |||||||||
29-Sep-13 | 23-Sep-12 | ||||||||
Customer list | $ | 370 | $ | 450 | |||||
Non-compete agreements | 78 | 79 | |||||||
Licenses | 8 | 10 | |||||||
Trademarks | 24 | — | |||||||
Total amortization expense | $ | 480 | $ | 539 | |||||
Note_9_Other_NonCurrent_Assets
Note 9 - Other Non-Current Assets | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Other Noncurrent Assets Disclosure [Abstract] | ' | ||||||||
Other Noncurrent Assets Disclosure [Text Block] | ' | ||||||||
9. Other Non-Current Assets | |||||||||
Other non-current assets consist of the following: | |||||||||
29-Sep-13 | 30-Jun-13 | ||||||||
Long-term deposits | $ | 266 | $ | 5,050 | |||||
Debt financing fees | 2,013 | 2,117 | |||||||
Biomass foundation and feedstock | 1,840 | 1,852 | |||||||
Other investments | 518 | 674 | |||||||
Other | 512 | 550 | |||||||
Total other non-current assets | $ | 5,149 | $ | 10,243 | |||||
Long-term deposits consist primarily of vendor deposits. Biomass foundation and feedstock are currently being developed and propagated by Renewables for the bioenergy industry. See “Note 6. Other Current Assets” for further discussion of Other investments. Other consists primarily of premiums on a split dollar life insurance policy which represents the value of the Company’s right of return on premiums paid for a retiree owned insurance contract which matures in 2015. |
Note_10_Accrued_Expenses
Note 10 - Accrued Expenses | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
10. Accrued Expenses | |||||||||
Accrued expenses consist of the following: | |||||||||
29-Sep-13 | 30-Jun-13 | ||||||||
Payroll and fringe benefits | $ | 8,090 | $ | 11,676 | |||||
Utilities | 2,701 | 3,058 | |||||||
Severance | 1,420 | 1,049 | |||||||
Property taxes | — | 798 | |||||||
Retiree medical liability | 102 | 106 | |||||||
Interest | 78 | 102 | |||||||
Other | 1,185 | 1,696 | |||||||
Total accrued expenses | $ | 13,576 | $ | 18,485 | |||||
Accrued severance is primarily compromised of the current portion of amounts due under severance agreements between the Company and two of its former executive officers. See “Note 19. Other Operating Expense, Net” for further discussion of severance costs. Other consists primarily of unearned revenues related to returnable packaging, workers compensation and other employee related claims, marketing expenses, freight expenses, rent and other non-income related taxes. |
Note_11_LongTerm_Debt
Note 11 - Long-Term Debt | 3 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||
Long-term Debt [Text Block] | ' | ||||||||||||||||||||||||
11. Long-Term Debt | |||||||||||||||||||||||||
Debt Obligations | |||||||||||||||||||||||||
The following table presents the total balances outstanding for the Company’s debt obligations, their scheduled maturity dates and the weighted average interest rate for borrowings (including the effects of an interest rate swap) as well as the applicable current portion of long-term debt: | |||||||||||||||||||||||||
Weighted Average | Principal Amounts as of | ||||||||||||||||||||||||
Scheduled | Interest Rate as of | 29-Sep-13 | 30-Jun-13 | ||||||||||||||||||||||
Maturity Date | 29-Sep-13 | ||||||||||||||||||||||||
ABL Revolver | May-18 | 3.20% | $ | 44,900 | $ | 52,500 | |||||||||||||||||||
ABL Term Loan | May-18 | 3.10% | 50,000 | 42,800 | |||||||||||||||||||||
Term loan from unconsolidated affiliate | Aug-14 | 3.00% | 1,250 | 1,250 | |||||||||||||||||||||
Capital lease obligation | Nov-27 | 4.60% | 1,189 | 1,203 | |||||||||||||||||||||
Total debt | 97,339 | 97,753 | |||||||||||||||||||||||
Current portion of long-term debt | (1,316 | ) | (65 | ) | |||||||||||||||||||||
Total long-term debt | $ | 96,023 | $ | 97,688 | |||||||||||||||||||||
ABL Facility | |||||||||||||||||||||||||
On May 24, 2012, the Company entered into a credit agreement (the “Credit Agreement”) to establish a $150,000 senior secured credit facility (“ABL Facility”) with Wells Fargo Bank, N.A. and Bank of America, N.A. The ABL Facility consists of a $100,000 revolving credit facility (“ABL Revolver”) and a $50,000 term loan (“ABL Term Loan”). In addition, the Company entered into a $30,000 term loan (“Term B Loan”) which was repaid on January 8, 2013. The Company entered into a First Amendment to Credit Agreement on December 27, 2012 and a Second Amendment to Credit Agreement on June 25, 2013. The ABL Facility, as amended, has a maturity date of May 24, 2018. | |||||||||||||||||||||||||
The ABL Facility is secured by a first-priority perfected security interest in substantially all property and assets of Unifi, Inc., Unifi Manufacturing, Inc. and its subsidiary guarantors (the “Loan Parties”). It is also secured by a first-priority perfected security interest in all of the stock of (or other ownership interests in) each of the Loan Parties (other than the Company) and certain subsidiaries of the Loan Parties; provided, that only 65% of the stock of (or other ownership interests in) first tier controlled foreign corporations is pledged, together with all proceeds and products thereof. The ABL Facility is further secured by a first-priority lien on the Company’s limited liability company membership interest in Parkdale America, LLC (“PAL”). | |||||||||||||||||||||||||
The Credit Agreement includes representations and warranties made by the Loan Parties, affirmative and negative covenants and events of default that are usual and customary for financings of this type. Should excess availability under the ABL Revolver fall below the greater of $10,000 or 20% of the maximum revolver amount, a financial covenant requiring the Loan Parties to maintain a fixed charge coverage ratio on a monthly basis of at least 1.05 to 1.0 becomes effective. In addition, the ABL Facility contains restrictions on certain payments and investments, including restrictions on the payments of dividends and share repurchases, unless excess availability is greater than $20,000 for the thirty day period prior to the making of such a distribution (as calculated on a pro forma basis as if the payment and any revolving loans made in connection therewith were made on the first day of such period). | |||||||||||||||||||||||||
The Company’s ability to borrow under the ABL Revolver is limited to a borrowing base equal to specified percentages of eligible accounts receivable and inventory and is subject to certain conditions and limitations. ABL Revolver borrowings bear interest at the London Interbank Offer Rate (“LIBOR”) plus an applicable margin of 1.75% to 2.25%, or the Base Rate plus an applicable margin of 0.75% to 1.25% with interest currently being paid on a monthly basis. The applicable margin is based on the average quarterly excess availability under the ABL Revolver. The Base Rate means the greater of (i) the prime lending rate as publicly announced from time to time by Wells Fargo, (ii) the Federal Funds Rate plus 0.5%, and (iii) LIBOR plus 1.0%. There is also an unused line fee under the ABL Revolver of 0.25% to 0.375% of the unused line amount which is paid monthly. | |||||||||||||||||||||||||
The ABL Term Loan bears interest at LIBOR plus an applicable margin of 2.25%, or the Base Rate plus an applicable margin of 1.25% with interest paid monthly. ABL Term Loan principal payments (if any) are based on the amount that the outstanding balance of the ABL Term Loan exceeds a calculation of eligible machinery and equipment and eligible real property collateral specific to the ABL Term Loan. Subject to certain provisions, the ABL Term Loan may be prepaid at par, in whole or in part, at any time before the maturity date, at the Company’s discretion. | |||||||||||||||||||||||||
Under the terms of the ABL Facility, the Company is required to hedge at least $50,000 of variable interest rate exposure so long as the outstanding principal of all indebtedness having variable interest rates exceeds $75,000. | |||||||||||||||||||||||||
As of September 29, 2013, the Company was in compliance with all financial covenants, the excess availability under the ABL Revolver was $38,968, the fixed charge coverage ratio was 4.58 to 1.0 and the Company had $525 of standby letters of credit, none of which have been drawn upon. | |||||||||||||||||||||||||
Term Loan from Unconsolidated Affiliate | |||||||||||||||||||||||||
On August 30, 2012, a foreign subsidiary of the Company entered into an unsecured loan agreement for $1,250 with its unconsolidated affiliate U.N.F. Industries Ltd. (“UNF”). The loan bears interest at 3% with interest payable semi-annually. The loan does not amortize and has a maturity date of August 30, 2014, at which time the entire principal balance is due. | |||||||||||||||||||||||||
Capital Lease Obligation | |||||||||||||||||||||||||
On November 19, 2012, the Company entered into a capital lease with Salem Leasing Corporation for certain transportation equipment. The original amount due under the fifteen year term of the lease is $1,234 and payments are made monthly. The implicit annual interest rate under the lease is approximately 4.6%. | |||||||||||||||||||||||||
Scheduled Debt Maturities | |||||||||||||||||||||||||
The following table presents the scheduled maturities of the Company’s outstanding debt obligations for the remainder of fiscal year 2014 and the following fiscal years thereafter: | |||||||||||||||||||||||||
Scheduled Maturities on a Fiscal Year Basis | |||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | ||||||||||||||||||||
ABL Revolver | $ | — | $ | — | $ | — | $ | — | $ | 44,900 | $ | — | |||||||||||||
ABL Term Loan | — | — | — | — | 50,000 | — | |||||||||||||||||||
Capital lease obligation | 50 | 63 | 66 | 69 | 72 | 869 | |||||||||||||||||||
Term loan from unconsolidated affiliate | — | 1,250 | — | — | — | — | |||||||||||||||||||
Total | $ | 50 | $ | 1,313 | $ | 66 | $ | 69 | $ | 94,972 | $ | 869 | |||||||||||||
Debt financing fees are classified within Other non-current assets and consist of the following: | |||||||||||||||||||||||||
29-Sep-13 | |||||||||||||||||||||||||
Balance at beginning of year | $ | 2,117 | |||||||||||||||||||||||
Amounts paid related to debt modification | 3 | ||||||||||||||||||||||||
Amortization charged to interest expense | (107 | ) | |||||||||||||||||||||||
Balance at end of period | $ | 2,013 | |||||||||||||||||||||||
Interest expense consists of the following: | |||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||||||||||
Interest on ABL Facility | $ | 853 | $ | 901 | |||||||||||||||||||||
Interest on Term B Loan | — | 362 | |||||||||||||||||||||||
Amortization of debt financing fees | 107 | 166 | |||||||||||||||||||||||
Marked to market adjustment for interest rate swap | 140 | — | |||||||||||||||||||||||
Reclassification adjustment for interest rate swap | 155 | — | |||||||||||||||||||||||
Interest capitalized to Property, plant and equipment, net | (42 | ) | — | ||||||||||||||||||||||
Other | 39 | 15 | |||||||||||||||||||||||
Total Interest expense | $ | 1,252 | $ | 1,444 | |||||||||||||||||||||
The components of Loss on extinguishment of debt consist of the following: | |||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||||||||||
Prepayment call premium and other costs for Term B Loan | $ | — | $ | 135 | |||||||||||||||||||||
Non-cash charges due to write-off of debt financing fees | — | 107 | |||||||||||||||||||||||
Loss on extinguishment of debt | $ | — | $ | 242 | |||||||||||||||||||||
Note_12_Other_LongTerm_Liabili
Note 12 - Other Long-Term Liabilities | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | ' | ||||||||
Other Liabilities Disclosure [Text Block] | ' | ||||||||
12. Other Long-Term Liabilities | |||||||||
Other long-term liabilities consist of the following: | |||||||||
29-Sep-13 | 30-Jun-13 | ||||||||
Supplemental post-employment plan | $ | 2,578 | $ | 2,665 | |||||
Income tax contingencies | 1,499 | 1,275 | |||||||
Derivative instruments | 464 | 324 | |||||||
Severance | 124 | 137 | |||||||
Other | 585 | 652 | |||||||
Total other long-term liabilities | $ | 5,250 | $ | 5,053 | |||||
Severance represents the long-term portion of monies due under severance agreements with former executive officers of the Company, see “Note 19. Other Operating Expense, Net” for further discussion of these charges. | |||||||||
Other includes certain retiree and post-employment medical and disability liabilities and certain non-income tax liabilities associated with one of the Company’s foreign subsidiaries. | |||||||||
The Company maintains an unfunded supplemental post-employment plan for certain management employees. Each participant’s account is credited annually based upon a percentage of their base salary with each participant’s balance adjusted quarterly to reflect returns based upon a stock market index. Amounts are paid to participants only after termination of their employment. The following table presents the expense recorded within selling, general and administrative (“SG&A”) expenses for this plan: | |||||||||
For the Three Months Ended | |||||||||
29-Sep-13 | 23-Sep-12 | ||||||||
Supplemental post-employment plan expenses | $ | 185 | $ | 272 | |||||
Note_13_Income_Taxes
Note 13 - Income Taxes | 3 Months Ended |
Sep. 29, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
13. Income Taxes | |
The effective income tax rates for the three month periods ended September 29, 2013 and September 23, 2012 were based upon the estimated effective income tax rate applicable for the full year after giving effect to any significant items related specifically to interim periods. The effective income tax rate can be impacted over the fiscal year by the mix and timing of actual earnings from our U.S. operations and foreign sources versus annual projections and changes in foreign currency exchange rates in relation to the U.S. dollar. As a result, the Company’s effective tax rate may fluctuate significantly on a quarterly basis. | |
The Company’s income tax provision for the quarter ended September 29, 2013 resulted in tax expense of $5,751 with an effective tax rate of 40.0%. The Company’s income tax provision for the quarter ended September 23, 2012 resulted in tax expense of $3,233, with an effective tax rate of 61.1%. The effective income tax rate for each of the periods is higher than the U.S. statutory rate due to foreign dividends taxed in the U.S., the timing of the Company’s recognition of higher taxable versus book income for an unconsolidated affiliate for which the Company maintains a full valuation allowance and losses in tax jurisdictions for which no tax benefit could be recognized. | |
As of September 29, 2013, the Company’s valuation allowance was $17,153 and includes $14,391 for reserves against certain deferred tax assets primarily related to equity investments and foreign tax credit carryforwards, as well as $2,762 for reserves against certain deferred tax assets of the Company’s foreign subsidiaries that are primarily related to net operating loss carryforwards. The Company's valuation allowance as of June 30, 2013 was $16,690. | |
There have been no significant changes in the Company’s liability for uncertain tax positions since June 30, 2013. The Company’s estimate for the potential outcome for any uncertain tax issue is highly judgmental. Management believes that any reasonably foreseeable outcomes related to these matters have been adequately provided for. However, future results may include favorable or unfavorable adjustments to estimated tax liabilities in the period the assessments are made or resolved or when statutes of limitation on potential assessments expire. | |
The Company and its domestic subsidiaries file a consolidated federal income tax return, as well as income tax returns in numerous state and foreign jurisdictions. The tax years subject to examination vary by jurisdiction. The Company regularly assesses the outcomes of both completed and ongoing examinations to ensure that the Company’s provision for income taxes is sufficient. Currently, the Company is subject to income tax examinations for U.S. federal income taxes for tax years 2010 through 2013, for foreign income taxes for tax years 2007 through 2013, and for state and local income taxes for tax years 2003 through 2013. The U.S. federal tax returns and state tax returns filed for the 2010 through 2013 tax years have utilized carryforward tax attributes generated in prior tax years, including net operating losses, which could potentially be revised upon examination. |
Note_14_Shareholders_Equity
Note 14 - Shareholders' Equity | 3 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||||||
14. Shareholders’ Equity | |||||||||||||||||
On January 22, 2013, the Board approved a stock repurchase program to acquire up to $50,000 worth of the Company’s common stock. Under the repurchase program, the Company is authorized to repurchase shares at prevailing market prices, through open market purchases or privately negotiated transactions at such times, manner and prices as determined by management, subject to market conditions, applicable legal requirements, contractual obligations and other factors. Repurchases are expected to be financed through cash from operations and borrowings under the Company’s ABL Revolver, and are subject to applicable limitations and restrictions as set forth in the ABL Facility. The repurchase program has no stated expiration or termination date, and there is no time limit or specific time frame otherwise for repurchases. The Company may discontinue repurchases at any time that management determines additional purchases are not beneficial or advisable. | |||||||||||||||||
The following table summarizes the Company’s repurchases and retirements of its common stock since the inception of its stock repurchase program. | |||||||||||||||||
Total Number of Shares | Average Price Paid | Total Number of Shares | Maximum Approximate | ||||||||||||||
Repurchased and Retired | per Share | Repurchased as Part of | Dollar Value that May | ||||||||||||||
Publicly Announced Plans | Yet Be Repurchased | ||||||||||||||||
or Programs | Under the Plans or | ||||||||||||||||
Programs | |||||||||||||||||
Fiscal year 2013 | 1,068 | $ | 18.08 | 1,068 | |||||||||||||
Fiscal year 2014 | 249 | $ | 23.16 | 249 | |||||||||||||
Total | 1,317 | $ | 19.04 | 1,317 | $ | 24,933 | |||||||||||
All repurchased shares have been retired and have the status of authorized and unissued shares. The cost of the repurchased shares above par value has been allocated between Capital in excess of par value and Retained earnings. | |||||||||||||||||
No dividends were paid during the last two fiscal years. |
Note_15_Stock_Based_Compensati
Note 15 - Stock Based Compensation | 3 Months Ended | ||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||
15. Stock Based Compensation | |||||||||||||||||||||
On October 29, 2008, the Company’s shareholders approved the Unifi, Inc. Long-Term Incentive Plan (“2008 LTIP”). The 2008 LTIP authorized the issuance of up to 2,000 shares of common stock pursuant to the grant or exercise of stock options, including incentive stock options, non-qualified stock options and restricted stock, but not more than 1,000 shares may be issued as restricted stock. Awards may be made to employees, directors and consultants, as determined by the Compensation Committee of the Board of Directors. Option awards are granted with an exercise price not less than the market price of the Company’s stock at the date of grant and have ten year contractual terms. The 2008 LTIP replaced the 1999 Unifi, Inc. Long-Term Incentive Plan (“1999 LTIP”), however, prior grants outstanding under the 1999 LTIP remain subject to that plan’s provisions. | |||||||||||||||||||||
Stock options | |||||||||||||||||||||
During the quarters ended September 29, 2013 and September 23, 2012, the Company granted stock options to purchase 92 and 138 shares of common stock, respectively, to certain key employees. The stock options vest ratably over the required three year service period. For the quarters ended September 29, 2013 and September 23, 2012, the weighted average exercise price of the options was $22.22 and $11.15 per share, respectively. The Company used the Black-Scholes model to estimate the weighted average grant date fair value of $14.63 and $7.28 per share, respectively. | |||||||||||||||||||||
The valuation models used the following assumptions: | |||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||||||
Expected term (years) | 7.5 | 7.5 | |||||||||||||||||||
Interest rate | 2.10% | 1.00% | |||||||||||||||||||
Volatility | 65.90% | 66.90% | |||||||||||||||||||
Dividend yield | — | — | |||||||||||||||||||
The Company uses historical data to estimate the expected term, volatility and forfeitures. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant for periods corresponding with the expected term of the options. | |||||||||||||||||||||
A summary of stock option activity for the quarter ended September 29, 2013 is as follows: | |||||||||||||||||||||
Stock Options | Weighted | Weighted | Aggregate | ||||||||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||||||
Exercise Price | Remaining | ||||||||||||||||||||
Contractual Life | |||||||||||||||||||||
(Years) | |||||||||||||||||||||
Outstanding at June 30, 2013 | 1,541 | $ | 8.41 | ||||||||||||||||||
Granted | 92 | $ | 22.22 | ||||||||||||||||||
Exercised | (302 | ) | $ | 7.86 | |||||||||||||||||
Forfeited | (33 | ) | $ | 13.69 | |||||||||||||||||
Expired | — | $ | — | ||||||||||||||||||
Outstanding at September 29, 2013 | 1,298 | $ | 9.38 | 5.4 | $ | 18,498 | |||||||||||||||
Vested and expected to vest as of September 29, 2013 | 1,293 | $ | 9.35 | 5.3 | $ | 18,465 | |||||||||||||||
Exercisable at September 29, 2013 | 1,078 | $ | 8.17 | 4.7 | $ | 16,662 | |||||||||||||||
At September 29, 2013, the remaining unrecognized compensation cost related to unvested stock options was $1,476, which is expected to be recognized over a weighted average period of 2.5 years. | |||||||||||||||||||||
For the quarters ended September 29, 2013 and September 23, 2012, the total intrinsic value of options exercised was $4,442, and $26, respectively. The amount of cash received from the exercise of options was $2,373 and $29 and the tax benefit realized from stock options exercised was $1,759 and $1 for the quarters ended September 29, 2013 and September 23, 2012, respectively. | |||||||||||||||||||||
Restricted stock units | |||||||||||||||||||||
During the quarters ended September 29, 2013 and September 23, 2012, the Company granted 22 and 32 restricted stock units (“RSUs”), respectively, to certain key employees. The RSUs are subject to a vesting restriction and convey no rights of ownership in shares of Company stock until such RSUs have vested and been distributed to the grantee in the form of Company stock. The RSUs vest over a three year period. The RSUs do not have a contractual term and will be converted into an equivalent number of shares of stock on each vesting date and distributed to the grantee, or the grantee may elect to defer the receipt of the shares of stock until separation from service. If after the first anniversary of the grant date and prior to the final vesting date the grantee has a separation from service without cause for any reason other than the employee’s resignation, the remaining unvested RSUs will become fully vested and will be converted to an equivalent number of shares of stock and issued to the grantee. The Company estimated the fair value of the awards granted during the quarters ended September 29, 2013 and September 23, 2012 to be $22.08 and $11.23 per RSU, respectively. | |||||||||||||||||||||
No RSUs were granted to non-employee directors in either period. | |||||||||||||||||||||
The Company estimates the fair value of RSUs based on the market price of the Company’s common stock at the award grant date. | |||||||||||||||||||||
A summary of the RSU activity for the quarter ended September 29, 2013 is as follows: | |||||||||||||||||||||
Non-vested | Weighted | Vested | Total | Weighted | |||||||||||||||||
Average | Average | ||||||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||
Outstanding at June 30, 2013 | 75 | $ | 11.94 | 112 | 187 | $ | 11.78 | ||||||||||||||
Granted | 22 | $ | 22.08 | — | 22 | $ | 22.08 | ||||||||||||||
Vested | (46 | ) | $ | 11.99 | 46 | — | $ | 11.99 | |||||||||||||
Converted | — | $ | — | (31 | ) | (31 | ) | $ | 12.06 | ||||||||||||
Forfeited | (2 | ) | $ | 22.08 | — | (2 | ) | $ | 22.08 | ||||||||||||
Outstanding at September 29, 2013 | 49 | $ | 16.11 | 127 | 176 | $ | 12.92 | ||||||||||||||
At September 29, 2013 the number of RSUs vested and expected to vest was 176 with an aggregate intrinsic value of $4,169. The aggregate intrinsic value of the 127 vested RSUs at September 29, 2013 was $3,007. | |||||||||||||||||||||
The remaining unrecognized compensation cost related to the unvested RSUs at September 29, 2013 is $497, which is expected to be recognized over a weighted average period of 2.6 years. | |||||||||||||||||||||
For the quarters ended September 29, 2013 and September 23, 2012, the total intrinsic value of RSUs converted was $696 and nil, respectively. The tax benefit realized from the conversion of RSUs was $275 and nil for the quarters ended September 29, 2013 and September 23, 2012, respectively. | |||||||||||||||||||||
Summary | |||||||||||||||||||||
The total cost charged against income related to all stock based compensation arrangements was as follows: | |||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||
29-Sep-13 | September 23, 2012 | ||||||||||||||||||||
Stock options | $ | 156 | $ | 237 | |||||||||||||||||
RSUs | 103 | 112 | |||||||||||||||||||
Total compensation cost | $ | 259 | $ | 349 | |||||||||||||||||
The total income tax benefit recognized for stock based compensation was $75 and $76 for the quarters ended September 29, 2013 and September 23, 2012, respectively. | |||||||||||||||||||||
As of September 29, 2013, a summary of the number of securities remaining available for future issuance under equity compensation plans is as follows: | |||||||||||||||||||||
Authorized under the 2008 LTIP | 2,000 | ||||||||||||||||||||
Less: Market condition options granted | (93 | ) | |||||||||||||||||||
Less: Service condition options granted | (924 | ) | |||||||||||||||||||
Less: RSUs granted to non-employee directors | (104 | ) | |||||||||||||||||||
Less: RSUs granted to key employees | (118 | ) | |||||||||||||||||||
Plus: Options forfeited | 60 | ||||||||||||||||||||
Plus: RSUs forfeited | 2 | ||||||||||||||||||||
Available for issuance under the 2008 LTIP | 823 | ||||||||||||||||||||
Subsequent Event | |||||||||||||||||||||
On October 23, 2013, the Company’s shareholders approved the Unifi, Inc. 2013 Incentive Compensation Plan (the “2013 Plan”). The 2013 Plan replaced the 2008 LTIP. No additional awards will be granted under the 2008 LTIP, however, prior grants outstanding under the 2008 LTIP remain subject to that plan’s provisions. The 2013 Plan authorized the issuance of 1,000 shares of common stock, subject to certain increases in the event outstanding awards under the 2008 LTIP expire, are forfeited or otherwise terminate unexercised. |
Note_16_Fair_Value_of_Financia
Note 16 - Fair Value of Financial Instruments and Non-Financial Assets and Liabilities | 3 Months Ended | ||||||||||||||
Sep. 29, 2013 | |||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||
16. Fair Value of Financial Instruments and Non-Financial Assets and Liabilities | |||||||||||||||
Financial Instruments | |||||||||||||||
The Company uses derivative financial instruments such as foreign currency forward contracts or interest rate swaps to reduce its ongoing business exposures to fluctuations in foreign currency exchange rates or interest rates. The Company does not enter into derivative contracts for speculative purposes. | |||||||||||||||
Foreign currency forward contracts | |||||||||||||||
The Company enters into foreign currency forward contracts as economic hedges for exposures related to certain sales, inventory purchases and equipment purchases which are denominated in currencies that are not its functional currency. As of September 29, 2013, the latest maturity date for all outstanding foreign currency forward contracts is during November 2013. These items are not designated as hedges by the Company and are marked to market each period and offset by the foreign exchange (gains) losses included in Other operating expense, net resulting from the underlying exposures of the foreign currency denominated assets and liabilities. | |||||||||||||||
Interest rate swap | |||||||||||||||
On May 18, 2012, the Company entered into a five year, $50,000 interest rate swap with Wells Fargo to provide a hedge against the variability of cash flows related to additional LIBOR-based variable rate borrowings under the Company’s ABL Revolver and ABL Term Loan. It increased to $85,000 in May 2013 and will decrease $5,000 per quarter beginning with the current quarter until the balance again reaches $50,000 in February 2015, where it will remain through the life of the instrument. This interest rate swap allows the Company to fix LIBOR at 1.06% and terminates on May 24, 2017. | |||||||||||||||
On November 26, 2012, the Company de-designated this interest rate swap as a cash flow hedge. For the quarterly period ended September 29, 2013, the Company reclassified pre-tax unrealized losses of $155 from Accumulated other comprehensive income to Interest expense; the Company expects to reclassify additional losses of $502 during the next twelve months. | |||||||||||||||
The Company’s financial assets and liabilities accounted for at fair value on a recurring basis and the level within the fair value hierarchy used to measure these items are as follows: | |||||||||||||||
As of September 29, 2013 | Notional | USD | Balance Sheet Location | Fair Value | |||||||||||
Amount | Equivalent | Level 2 | |||||||||||||
Foreign currency contracts | MXN | 4,000 | $ | 306 | Other current assets | $ | 3 | ||||||||
Interest rate swap | USD | $ | 80,000 | $ | 80,000 | Other long-term liabilities | $ | (464 | ) | ||||||
As of June 30, 2013 | Notional | USD | Balance Sheet Location | Fair Value | |||||||||||
Amount | Equivalent | Level 2 | |||||||||||||
Foreign currency contracts | MXN | 3,800 | $ | 295 | Other current assets | $ | 3 | ||||||||
Interest rate swap | USD | $ | 85,000 | $ | 85,000 | Other long-term liabilities | $ | (324 | ) | ||||||
(MXN represents the Mexican Peso) | |||||||||||||||
Estimates of the fair value of the Company’s foreign currency forward contracts and interest rate swaps are obtained from month-end market quotes for contracts with similar terms. | |||||||||||||||
The effect of marked to market hedging derivative instruments was as follows: | |||||||||||||||
For the Three Months Ended | |||||||||||||||
Derivatives not designated as hedges | Classification | 29-Sep-13 | 23-Sep-12 | ||||||||||||
Foreign exchange contracts – MXN/USD | Other operating expense, net | $ | (6 | ) | $ | 36 | |||||||||
Interest rate swap | Interest expense | 140 | — | ||||||||||||
Total (gain) loss recognized in income | $ | 134 | $ | 36 | |||||||||||
By entering into derivative instrument contracts, the Company exposes itself to counterparty credit risk. The Company attempts to minimize this risk by selecting counterparties with investment grade credit ratings, limiting the amount of exposure to any single counterparty and regularly monitoring its market position with each counterparty. The Company’s derivative instruments do not contain any credit risk related contingent features. | |||||||||||||||
Since its most recent debt refinancing and modification, the Company believes that there have been no significant changes to its credit risk profile or the interest rates available to the Company for debt issuances with similar terms and average maturities and the Company estimates that the fair values of these long-term debt obligations approximate their carrying amounts. Other financial instruments include cash and cash equivalents, receivables, accounts payable and accrued expenses. The financial statement carrying amounts of these items approximate the fair value because of their short-term nature. | |||||||||||||||
Non-Financial Assets and Liabilities | |||||||||||||||
The Company did not have any non-financial assets or liabilities that were required to be measured at fair value on a recurring basis. |
Note_17_Accumulated_Other_Comp
Note 17 - Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income [Text Block] | ' | ||||||||||||
17. Accumulated Other Comprehensive Loss | |||||||||||||
The components and the changes in Accumulated other comprehensive loss, net of tax, as applicable, consist of the following: | |||||||||||||
Foreign | Unrealized | Accumulated | |||||||||||
Currency | (Loss) Gain on | Other | |||||||||||
Translation | Interest Rate | Comprehensive | |||||||||||
Adjustments | Swap | Loss | |||||||||||
Balance at June 30, 2013 | $ | (4,568 | ) | $ | (932 | ) | $ | (5,500 | ) | ||||
Other comprehensive (loss) income, net of tax | (322 | ) | 155 | (167 | ) | ||||||||
Balance at September 29, 2013 | $ | (4,890 | ) | $ | (777 | ) | $ | (5,667 | ) | ||||
A summary of the pre-tax, tax and after-tax effects of the components of Other comprehensive loss for the quarters ended September 29, 2013 and September 23, 2012 is provided as follows: | |||||||||||||
For the Three Months Ended September 29, 2013 | |||||||||||||
Pre-tax | Tax | After-tax | |||||||||||
Other comprehensive loss: | |||||||||||||
Foreign currency translation adjustments | $ | (322 | ) | $ | — | $ | (322 | ) | |||||
Reclassification adjustment on interest rate swap included in net income | 155 | — | 155 | ||||||||||
Other comprehensive loss | $ | (167 | ) | $ | — | $ | (167 | ) | |||||
For the Three Months Ended September 23, 2012 | |||||||||||||
Pre-tax | Tax | After-tax | |||||||||||
Other comprehensive income: | |||||||||||||
Foreign currency translation adjustments | $ | (312 | ) | $ | — | $ | (312 | ) | |||||
Unrealized gain on cash flow hedges for an unconsolidated affiliate | 1,003 | — | 1,003 | ||||||||||
Unrealized loss on interest rate swaps | (452 | ) | 178 | (274 | ) | ||||||||
Other comprehensive income | $ | 239 | $ | 178 | $ | 417 | |||||||
Note_18_Computation_of_Earning
Note 18 - Computation of Earnings Per Share | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
18. Computation of Earnings Per Share | |||||||||
The computation of basic and diluted earnings per share (“EPS”) is as follows: | |||||||||
For the Three Months Ended | |||||||||
29-Sep-13 | 23-Sep-12 | ||||||||
Basic EPS | |||||||||
Net income attributable to Unifi, Inc. | $ | 8,870 | $ | 2,294 | |||||
Weighted average common shares outstanding | 19,264 | 20,091 | |||||||
Basic EPS | $ | 0.46 | $ | 0.11 | |||||
Diluted EPS | |||||||||
Net income attributable to Unifi, Inc. | $ | 8,870 | $ | 2,294 | |||||
Weighted average common shares outstanding | 19,264 | 20,091 | |||||||
Net potential common share equivalents – stock options and RSUs | 900 | 462 | |||||||
Adjusted weighted average common shares outstanding | 20,164 | 20,553 | |||||||
Diluted EPS | $ | 0.44 | $ | 0.11 | |||||
Excluded from the calculation of common share equivalents: | |||||||||
Anti-dilutive common share equivalents | 86 | 272 | |||||||
Excluded from the calculation of diluted shares: | |||||||||
Unvested options that vest upon achievement of certain market conditions | 27 | 567 | |||||||
The calculation of earnings per common share is based on the weighted average number of the Company’s common shares outstanding for the applicable period. The calculation of diluted earnings per common share presents the effect of all potential dilutive common shares that were outstanding during the respective period, unless the effect of doing so is anti-dilutive. Common share equivalents where the exercise price is above the average market price are excluded in the calculation of diluted earnings per common share. |
Note_19_Other_Operating_Expens
Note 19 - Other Operating Expense, Net | 3 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||||||
Other Operating Income Expense Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Other Operating Income Expense Disclosure [Text Block] | ' | ||||||||||||||||||||||||
19. Other Operating Expense, Net | |||||||||||||||||||||||||
The components of Other operating expense, net consist of the following: | |||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||||||||||
Operating expenses for Repreve Renewables | $ | 624 | $ | 585 | |||||||||||||||||||||
Net loss on sale or disposal of assets | 41 | 22 | |||||||||||||||||||||||
Foreign currency transaction losses | 94 | 16 | |||||||||||||||||||||||
Restructuring charges, net | 896 | — | |||||||||||||||||||||||
Other, net | (31 | ) | (42 | ) | |||||||||||||||||||||
Other operating expense, net | $ | 1,624 | $ | 581 | |||||||||||||||||||||
Operating expenses for Repreve Renewables include amounts incurred for employee costs, land and equipment rental costs, operating supplies, product testing, and administrative costs. Operating expenses for Repreve Renewables also includes $80 and $46 of depreciation and amortization expenses for the three months ended September 29, 2013 and September 23, 2012, respectively. | |||||||||||||||||||||||||
The components of restructuring charges, net consist of the following: | |||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||||||||||
Severance | $ | 666 | $ | — | |||||||||||||||||||||
Equipment relocation and reinstallation costs | 230 | — | |||||||||||||||||||||||
Total restructuring charges, net | $ | 896 | $ | — | |||||||||||||||||||||
Severance | |||||||||||||||||||||||||
On May 14, 2013, the Company and one of its executive officers entered into a severance agreement that will provide severance and certain other benefits through November 30, 2014. On August 12, 2013, the Company and another of its executive officers entered into a severance agreement that will provide severance and certain other benefits through December 12, 2014. The table below presents changes to accrued severance for the three months ended September 29, 2013: | |||||||||||||||||||||||||
Balance | Charged to expense | Charged to other accounts | Payments | Adjustments | Balance | ||||||||||||||||||||
30-Jun-13 | 29-Sep-13 | ||||||||||||||||||||||||
Accrued severance | $ | 1,186 | 666 | 225 | (533 | ) | — | $ | 1,544 | ||||||||||||||||
Equipment Relocation and Reinstallation Costs | |||||||||||||||||||||||||
During the first quarter of fiscal year 2014, the Company began the relocation of certain equipment within the Polyester Segment as follows | |||||||||||||||||||||||||
● | The Company began to dismantle and relocate certain polyester draw warping equipment from Monroe, North Carolina to a Burlington, North Carolina facility. | ||||||||||||||||||||||||
● | The Company also began to dismantle and relocate certain polyester texturing and twisting equipment between locations in North Carolina and El Salvador. | ||||||||||||||||||||||||
The costs incurred for the relocation of equipment were charged to restructuring expense as incurred. |
Note_20_Investments_in_Unconso
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities | 3 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' | ||||||||||||
20. Investments in Unconsolidated Affiliates and Variable Interest Entities | |||||||||||||
Parkdale America, LLC | |||||||||||||
In June 1997, the Company and Parkdale Mills, Inc. (“Mills”) entered into a Contribution Agreement that set forth the terms and conditions by which the two companies contributed all of the assets of their spun cotton yarn operations utilizing open-end and air-jet spinning technologies to create Parkdale America, LLC (“PAL”). In exchange for its contribution, the Company received a 34% ownership interest in PAL which is accounted for using the equity method of accounting. Effective January 1, 2012, Mills’ interest in PAL was assigned to Parkdale Incorporated. PAL’s fiscal year end is the Saturday nearest to December 31 and PAL is a limited liability company treated as a partnership for income tax reporting purposes. PAL is a producer of cotton and synthetic yarns for sale to the textile industry and apparel market, both foreign and domestic. PAL has 13 manufacturing facilities located primarily in the southeast region of the U.S. According to its most recently issued audited financial statements, PAL’s five largest customers accounted for approximately 82% of total revenues and 77% of total gross accounts receivable outstanding, with the largest customer accounting for approximately 38% of revenues and 35% of accounts receivable. | |||||||||||||
During August 2008, a federal government program commenced providing economic adjustment assistance to domestic users of upland cotton (the “EAP program”). The program offers a subsidy for cotton consumed in domestic production and the subsidy is paid the month after the eligible cotton is consumed. The subsidy must be used within eighteen months after the marketing year in which it is earned to purchase qualifying capital expenditures in the U.S. for production of goods from upland cotton. The marketing year is from August 1 to July 31. The program provided a subsidy of four cents per pound through July 31, 2012 and thereafter provides a subsidy of three cents per pound. The Company recognizes its share of PAL’s income for the cotton subsidy when the cotton has been consumed and the qualifying assets have been acquired with an appropriate allocation methodology considering the dual criteria of the subsidy. | |||||||||||||
As of September 29, 2013, the Company’s investment in PAL was $92,741 and shown within Investments in unconsolidated affiliates in the Condensed Consolidated Balance Sheets. The reconciliation between the Company’s share of the underlying equity of PAL and its investment is as follows: | |||||||||||||
Underlying equity as of September 2013 | $ | 111,196 | |||||||||||
Initial excess capital contributions | 53,363 | ||||||||||||
Impairment charge recorded by the Company in 2007 | (74,106 | ) | |||||||||||
Antitrust lawsuit against PAL in which the Company did not participate | 2,652 | ||||||||||||
EAP adjustments | (364 | ) | |||||||||||
Investment balance as of September 2013 | $ | 92,741 | |||||||||||
U.N.F. Industries, Ltd. | |||||||||||||
In September 2000, the Company and Nilit Ltd. (“Nilit”) formed a 50/50 joint venture, U.N.F. Industries Ltd. (“UNF”), for the purpose of operating nylon extrusion assets to manufacture nylon POY. All raw material and production services for UNF are provided by Nilit under separate supply and services agreements. UNF’s fiscal year end is December 31 and it is a registered Israeli private company located in Migdal Ha-Emek, Israel. | |||||||||||||
UNF America, LLC | |||||||||||||
In October 2009, the Company and Nilit America Inc. (“Nilit America”) formed a 50/50 joint venture, UNF America LLC (“UNF America”), for the purpose of operating a nylon extrusion facility which manufactures nylon POY. All raw material and production services for UNF America are provided by Nilit America under separate supply and services agreements. UNF America’s fiscal year end is December 31 and it is a limited liability company treated as a partnership for income tax reporting purposes located in Ridgeway, Virginia. | |||||||||||||
In conjunction with the formation of UNF America, the Company entered into a supply agreement with UNF and UNF America whereby the Company agreed to purchase all of its first quality nylon POY requirements for texturing (subject to certain exceptions) from either UNF or UNF America. The agreement has no stated minimum purchase quantities and pricing is negotiated every six months, based on market rates. As of September 29, 2013, the Company’s open purchase orders related to this agreement were $3,823. | |||||||||||||
The Company’s raw material purchases under this supply agreement consist of the following: | |||||||||||||
For the Three Months Ended | |||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||
UNF | $ | 3,179 | $ | 3,263 | |||||||||
UNF America | 5,986 | 5,698 | |||||||||||
Total | $ | 9,165 | $ | 8,961 | |||||||||
As of September 29, 2013 and June 30, 2013, the Company had combined accounts payable due to UNF and UNF America of $4,105 and $2,890, respectively. | |||||||||||||
The Company has determined that UNF and UNF America are variable interest entities (“VIEs”) and has also determined that the Company is the primary beneficiary of these entities, based on the terms of the supply agreement. As a result, these entities should be consolidated in the Company’s financial results. As the Company purchases substantially all of the output from the two entities, and, as the two entities’ balance sheets constitute 3% or less of the Company’s current assets, total assets and total liabilities, the Company has not included the accounts of UNF and UNF America in its consolidated financial statements. As of September 29, 2013, the Company’s combined investments in UNF and UNF America were $4,147 and are shown within Investments in unconsolidated affiliates in the Condensed Consolidated Balance Sheets. The financial results of UNF and UNF America are included in the Company’s financial statements with a one month lag, using the equity method of accounting and with intercompany profits eliminated in accordance with the Company’s accounting policy. Other than the supply agreement discussed above, the Company does not provide any other commitments or guarantees related to either UNF or UNF America. | |||||||||||||
Unaudited, condensed balance sheet and income statement information for the Company’s unconsolidated affiliates is presented in the following tables. As PAL is defined as significant, its information is separately disclosed. | |||||||||||||
As of September 29, 2013 (Unaudited) | |||||||||||||
PAL | Other | Total | |||||||||||
Current assets | $ | 275,250 | $ | 10,210 | $ | 285,460 | |||||||
Noncurrent assets | 113,273 | 3,137 | 116,410 | ||||||||||
Current liabilities | 51,430 | 5,225 | 56,655 | ||||||||||
Noncurrent liabilities | 10,045 | — | 10,045 | ||||||||||
Shareholders’ equity and capital accounts | 327,048 | 8,122 | 335,170 | ||||||||||
The Company’s portion of undistributed earnings | 22,143 | 1,100 | 23,243 | ||||||||||
As of June 30, 2013 (Unaudited) | |||||||||||||
PAL | Other | Total | |||||||||||
Current assets | $ | 266,300 | $ | 11,343 | $ | 277,643 | |||||||
Noncurrent assets | 111,061 | 3,163 | 114,224 | ||||||||||
Current liabilities | 44,517 | 4,910 | 49,427 | ||||||||||
Noncurrent liabilities | 15,609 | — | 15,609 | ||||||||||
Shareholders’ equity and capital accounts | 317,235 | 9,596 | 326,831 | ||||||||||
For the Three Months Ended September 29, 2013 (Unaudited) | |||||||||||||
PAL | Other | Total | |||||||||||
Net sales | $ | 222,537 | $ | 8,540 | $ | 231,077 | |||||||
Gross profit | 20,090 | 926 | 21,016 | ||||||||||
Income from operations | 16,572 | 488 | 17,060 | ||||||||||
Income to members | 17,340 | 528 | 17,868 | ||||||||||
Depreciation and amortization | 7,082 | 25 | 7,107 | ||||||||||
Cash received by PAL under EAP program | 4,054 | — | 4,054 | ||||||||||
Earnings recognized by PAL for EAP program | 9,079 | — | 9,079 | ||||||||||
Dividends and cash distributions received | 2,559 | — | 2,559 | ||||||||||
As of the end of PAL’s fiscal September 2013 period, PAL’s amount of deferred revenues related to the EAP program was $3,766. | |||||||||||||
For the Three Months Ended September 23, 2012 (Unaudited) | |||||||||||||
PAL | Other | Total | |||||||||||
Net sales | $ | 201,390 | $ | 8,842 | $ | 210,232 | |||||||
Gross profit | 2,948 | 1,653 | 4,601 | ||||||||||
(Loss) income from operations | (571 | ) | 1,223 | 652 | |||||||||
Income to members | 38 | 1,200 | 1,238 | ||||||||||
Depreciation and amortization | 7,791 | 25 | 7,816 | ||||||||||
Cash received by PAL under EAP program | 4,926 | — | 4,926 | ||||||||||
Earnings recognized by PAL for EAP program | 2,319 | — | 2,319 | ||||||||||
Dividends and cash distributions received | 2,224 | — | 2,224 | ||||||||||
Note_21_Commitments_and_Contin
Note 21 - Commitments and Contingencies | 3 Months Ended |
Sep. 29, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
21. Commitments and Contingencies | |
Collective Bargaining Agreements | |
While employees of the Company’s foreign operations are generally unionized, none of the Company’s domestic labor force is currently covered by a collective bargaining agreement. | |
Environmental | |
On September 30, 2004, the Company completed its acquisition of the polyester filament manufacturing assets located in Kinston, North Carolina from INVISTA S.a.r.l (“Invista”). The land for the Kinston site was leased pursuant to a 99 year ground lease (“Ground Lease”) with E.I. DuPont de Nemours (“DuPont”). Since 1993, DuPont has been investigating and cleaning up the Kinston site under the supervision of the U.S. Environmental Protection Agency (“EPA”) and the North Carolina Department of Environment and Natural Resources (“DENR”) pursuant to the Resource Conservation and Recovery Act Corrective Action program. The Corrective Action program requires DuPont to identify all potential areas of environmental concern (“AOCs”), assess the extent of containment at the identified AOCs and to clean it up to comply with applicable regulatory standards. Effective March 20, 2008, the Company entered into a Lease Termination Agreement associated with conveyance of certain assets at Kinston to DuPont. This agreement terminated the Ground Lease and relieved the Company of any future responsibility for environmental remediation, other than participation with DuPont, if so called upon, with regard to the Company’s period of operation of the Kinston site which was from 2004 to 2008. However, the Company continues to own a satellite service facility acquired in the INVISTA transaction that has contamination from DuPont’s operations and is monitored by DENR. This site has been remediated by DuPont, and DuPont has received authority from DENR to discontinue remediation, other than natural attenuation. DuPont’s duty to monitor and report to DENR will be transferred to the Company in the future, at which time DuPont must pay the Company for seven years of monitoring and reporting costs and the Company will assume responsibility for any future remediation and monitoring of the site. At this time, the Company has no basis to determine if or when it will have any responsibility or obligation with respect to the AOCs or the extent of any potential liability for the same. | |
Operating Leases | |
The Company routinely leases sales and administrative office space, warehousing and distribution centers, transportation equipment, manufacturing equipment, and other information technology and office equipment from third parties. In addition, Renewables leases farm land for use in growing a patented bio-energy crop, Freedom Giant Miscanthus. The Company does not sub-lease any of its leased property. |
Note_22_Related_Party_Transact
Note 22 - Related Party Transactions | 3 Months Ended | ||||||||||
Sep. 29, 2013 | |||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||
Related Party Transactions Disclosure [Text Block] | ' | ||||||||||
22. Related Party Transactions | |||||||||||
During the first quarter of fiscal year 2014, the Company repurchased 249 shares of its common stock through open market transactions. Invemed Associates LLC (“Invemed”) provided brokerage services to the Company for the repurchase of these shares. The Company paid a commission of $.02 per share to Invemed. Mr. Kenneth G. Langone, a member of the Company’s Board, is the founder and chairman of Invemed. | |||||||||||
For a further discussion of the nature of certain related party relationships see “Note 26. Related Party Transactions” included in the 2013 Form 10-K. | |||||||||||
Related party receivables consist of the following: | |||||||||||
29-Sep-13 | 30-Jun-13 | ||||||||||
Dillon Yarn Corporation | $ | 497 | $ | 198 | |||||||
Cupron, Inc. | 1 | 6 | |||||||||
Total related party receivables (included within Receivables, net) | $ | 498 | $ | 204 | |||||||
Related party payables consist of the following: | |||||||||||
29-Sep-13 | 30-Jun-13 | ||||||||||
Salem Leasing Corporation | $ | 276 | $ | 267 | |||||||
Cupron, Inc. | 201 | 218 | |||||||||
Dillon Yarn Corporation | 198 | 135 | |||||||||
American Drawtech Company, Inc. | — | 17 | |||||||||
Total related party payables (included within Accounts payable) | $ | 675 | $ | 637 | |||||||
Related party transactions consist of the following: | |||||||||||
For the Three Months Ended | |||||||||||
Affiliated Entity | Transaction Type | 29-Sep-13 | 23-Sep-12 | ||||||||
Dillon Yarn Corporation | Yarn purchases | $ | 887 | $ | 764 | ||||||
Dillon Yarn Corporation | Sales service agreement costs | — | 126 | ||||||||
Dillon Yarn Corporation | Sales | 855 | 4 | ||||||||
Salem Leasing Corporation | Transportation equipment costs | 915 | 786 | ||||||||
American Drawtech Company, Inc. | Sales | — | 97 | ||||||||
American Drawtech Company, Inc. | Yarn purchases | — | 43 | ||||||||
Cupron, Inc. | Sales | 26 | 2 | ||||||||
Note_23_Business_Segment_Infor
Note 23 - Business Segment Information | 3 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
23. Business Segment Information | |||||||||||||||||
The Company has three operating segments, which are also its reportable segments. These segments derive revenues as follows: | |||||||||||||||||
● | The Polyester Segment manufactures Chip, POY, textured, dyed, twisted and beamed yarns, both virgin and recycled, with sales primarily to other yarn manufacturers and knitters and weavers that produce yarn and/or fabric for the apparel, hosiery, automotive upholstery, home furnishings, industrial and other end-use markets. The Polyester Segment consists of sales and manufacturing operations in the U.S. and El Salvador. | ||||||||||||||||
● | The Nylon Segment manufactures textured nylon and covered spandex yarns, with sales to knitters and weavers that produce fabric for the apparel, hosiery, sock and other end-use markets. The Nylon Segment consists of sales and manufacturing operations in the U.S. and Colombia. | ||||||||||||||||
● | The International Segment’s products primarily include textured polyester and various types of resale yarns and staple fiber. The International Segment sells its yarns to knitters and weavers that produce fabric for the apparel, automotive upholstery, home furnishings, industrial and other end-use markets primarily in the South American and Asian regions. This segment includes manufacturing locations and sales offices in Brazil and a sales office in China. | ||||||||||||||||
The Company evaluates the operating performance of its segments based upon Segment Adjusted Profit which is defined as segment gross profit plus segment depreciation and amortization less segment SG&A expenses and plus segment other adjustments. Segment operating profit represents segment net sales less cost of sales, restructuring and other charges and SG&A expenses. The accounting policies for the segments are consistent with the Company’s accounting policies. Intersegment sales are accounted for at current market prices. | |||||||||||||||||
Selected financial information for the Polyester, Nylon and International Segments is presented below: | |||||||||||||||||
For the Three Months Ended September 29, 2013 | |||||||||||||||||
Polyester | Nylon | International | Total | ||||||||||||||
Net sales | $ | 93,562 | $ | 39,715 | $ | 35,392 | $ | 168,669 | |||||||||
Cost of sales | 83,202 | 35,021 | 30,461 | 148,684 | |||||||||||||
Gross profit | 10,360 | 4,694 | 4,931 | 19,985 | |||||||||||||
Selling, general and administrative expenses | 6,035 | 2,050 | 2,029 | 10,114 | |||||||||||||
Restructuring charges | 230 | — | — | 230 | |||||||||||||
Segment operating profit | $ | 4,095 | $ | 2,644 | $ | 2,902 | $ | 9,641 | |||||||||
For the Three Months Ended September 23, 2012 | |||||||||||||||||
Polyester | Nylon | International | Total | ||||||||||||||
Net sales | $ | 93,036 | $ | 40,014 | $ | 39,850 | $ | 172,900 | |||||||||
Cost of sales | 84,829 | 35,944 | 34,107 | 154,880 | |||||||||||||
Gross profit | 8,207 | 4,070 | 5,743 | 18,020 | |||||||||||||
Selling, general and administrative expenses | 6,751 | 2,336 | 2,060 | 11,147 | |||||||||||||
Segment operating profit | $ | 1,456 | $ | 1,734 | $ | 3,683 | $ | 6,873 | |||||||||
The reconciliations of Segment operating profit to consolidated Income before income taxes are as follows: | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||
Polyester | $ | 4,095 | $ | 1,456 | |||||||||||||
Nylon | 2,644 | 1,734 | |||||||||||||||
International | 2,902 | 3,683 | |||||||||||||||
Segment operating profit | 9,641 | 6,873 | |||||||||||||||
(Benefit) provision for bad debts | (38 | ) | 110 | ||||||||||||||
Other operating expense, net | 1,394 | 581 | |||||||||||||||
Operating income | 8,285 | 6,182 | |||||||||||||||
Interest income | (1,214 | ) | (124 | ) | |||||||||||||
Interest expense | 1,252 | 1,444 | |||||||||||||||
Loss on extinguishment of debt | — | 242 | |||||||||||||||
Equity in earnings of unconsolidated affiliates | (6,123 | ) | (671 | ) | |||||||||||||
Income before income taxes | $ | 14,370 | $ | 5,291 | |||||||||||||
The reconciliations of Segment depreciation and amortization expense to consolidated Depreciation and amortization expense are as follows: | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||
Polyester | $ | 2,749 | $ | 4,681 | |||||||||||||
Nylon | 744 | 758 | |||||||||||||||
International | 728 | 866 | |||||||||||||||
Segment depreciation and amortization expense | 4,221 | 6,305 | |||||||||||||||
Depreciation and amortization included in other operating expense, net | 80 | 46 | |||||||||||||||
Amortization included in interest expense | 107 | 166 | |||||||||||||||
Depreciation and amortization expense | $ | 4,408 | $ | 6,517 | |||||||||||||
Segment other adjustments for each of the reportable segments consist of the following: | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||
Polyester | $ | 2 | $ | 94 | |||||||||||||
Nylon | (157 | ) | — | ||||||||||||||
International | 60 | — | |||||||||||||||
Segment other adjustments | $ | (95 | ) | $ | 94 | ||||||||||||
Segment other adjustments may include items such as severance charges, restructuring charges and recoveries, start-up cost, and other adjustments necessary to understand and compare the underlying results of the segment. | |||||||||||||||||
Segment Adjusted Profit for each of the reportable segments consists of the following: | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||
Polyester | $ | 7,076 | $ | 6,231 | |||||||||||||
Nylon | 3,231 | 2,492 | |||||||||||||||
International | 3,690 | 4,549 | |||||||||||||||
Segment Adjusted Profit | $ | 13,997 | $ | 13,272 | |||||||||||||
Intersegment sales for each of the reportable segments consist of the following: | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||
Polyester | $ | 5 | $ | 621 | |||||||||||||
Nylon | 73 | 122 | |||||||||||||||
International | 99 | 293 | |||||||||||||||
Intersegment sales | $ | 177 | $ | 1,036 | |||||||||||||
The reconciliations of Segment capital expenditures to consolidated Capital expenditures are as follows: | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||
Polyester | $ | 4,392 | $ | 729 | |||||||||||||
Nylon | 571 | 56 | |||||||||||||||
International | 656 | 165 | |||||||||||||||
Segment capital expenditures | 5,619 | 950 | |||||||||||||||
Unallocated corporate capital expenditures | 72 | 141 | |||||||||||||||
Capital expenditures | $ | 5,691 | $ | 1,091 | |||||||||||||
The reconciliations of Segment total assets to consolidated Total assets are as follows: | |||||||||||||||||
29-Sep-13 | 30-Jun-13 | ||||||||||||||||
Polyester | $ | 182,823 | $ | 185,190 | |||||||||||||
Nylon | 71,241 | 72,599 | |||||||||||||||
International | 83,406 | 84,151 | |||||||||||||||
Segment total assets | 337,470 | 341,940 | |||||||||||||||
All other current assets | 2,324 | 3,342 | |||||||||||||||
Unallocated corporate PP&E | 11,779 | 11,983 | |||||||||||||||
All other non-current assets | 4,802 | 4,940 | |||||||||||||||
Investments in unconsolidated affiliates | 96,888 | 93,261 | |||||||||||||||
Total assets | $ | 453,263 | $ | 455,466 | |||||||||||||
Geographic Data: | |||||||||||||||||
Geographic information for Net sales is as follows: | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||
U.S. | $ | 123,727 | $ | 122,587 | |||||||||||||
Brazil | 30,313 | 32,521 | |||||||||||||||
All Other Foreign | 14,629 | 17,792 | |||||||||||||||
Total | $ | 168,669 | $ | 172,900 | |||||||||||||
The information for Net sales is based on the operating locations from where the items were produced or distributed. Export sales from the Company’s U.S. operations to external customers were $23,256 and $22,985 for the three months ended September 29, 2013 and September 23, 2012, respectively. | |||||||||||||||||
Geographic information for long-lived assets is as follows: | |||||||||||||||||
29-Sep-13 | 30-Jun-13 | ||||||||||||||||
U.S. | $ | 202,220 | $ | 200,958 | |||||||||||||
Brazil | 13,422 | 16,150 | |||||||||||||||
All Other Foreign | 8,791 | 8,658 | |||||||||||||||
Total | $ | 224,433 | $ | 225,766 | |||||||||||||
Long-lived assets are comprised of Property, plant and equipment, net, Intangible assets, net, Investments in unconsolidated affiliates and Other non-current assets. | |||||||||||||||||
Geographic information for total assets is as follows: | |||||||||||||||||
29-Sep-13 | 30-Jun-13 | ||||||||||||||||
U.S. | $ | 346,439 | $ | 346,651 | |||||||||||||
Brazil | 72,454 | 72,735 | |||||||||||||||
All Other Foreign | 34,370 | 36,080 | |||||||||||||||
Total | $ | 453,263 | $ | 455,466 | |||||||||||||
Note_24_Subsequent_Events
Note 24 - Subsequent Events | 3 Months Ended |
Sep. 29, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
24. Subsequent Events | |
On November 1, 2013, the Company entered into a Stock Purchase Agreement with, and purchased from, Dillon Yarn Corporation 150 shares of common stock at a negotiated price of $23.00 per share for an aggregate purchase price of $3,450. | |
The Company evaluated all events and material transactions for potential recognition or disclosure through such time as these statements were filed with the Securities and Exchange Commission and determined there were no other items deemed reportable. |
Note_25_Supplemental_Cash_Flow
Note 25 - Supplemental Cash Flow Information | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Cash Flow, Supplemental Disclosures [Text Block] | ' | ||||||||
25. Supplemental Cash Flow Information | |||||||||
Cash payments for interest and taxes consist of the following: | |||||||||
For the Three Months Ended | |||||||||
29-Sep-13 | 23-Sep-12 | ||||||||
Interest, net of capitalized interest | $ | 858 | $ | 1,362 | |||||
Taxes, net of refunds | 2,144 | 2,441 | |||||||
Cash payments for taxes shown above consist primarily of income and withholding tax payments made by the Company in both U.S. and foreign jurisdictions. |
Note_4_Receivables_Net_Tables
Note 4 - Receivables, Net (Tables) | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||
29-Sep-13 | 30-Jun-13 | ||||||||
Customer receivables | $ | 90,686 | $ | 99,324 | |||||
Allowance for uncollectible accounts | (933 | ) | (972 | ) | |||||
Reserves for yarn quality claims | (873 | ) | (893 | ) | |||||
Net customer receivables | 88,880 | 97,459 | |||||||
Related party receivables | 498 | 204 | |||||||
Other receivables | 719 | 729 | |||||||
Total receivables, net | $ | 90,097 | $ | 98,392 | |||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | ||||||||
Allowance for | Reserves for Yarn | ||||||||
Uncollectible Accounts | Quality Claims | ||||||||
Balance at June 30, 2013 | $ | (972 | ) | $ | (893 | ) | |||
Charged to costs and expenses | 38 | (414 | ) | ||||||
Charged to other accounts | 1 | (2 | ) | ||||||
Deductions | — | 436 | |||||||
Balance at September 29, 2013 | $ | (933 | ) | $ | (873 | ) |
Note_5_Inventories_Tables
Note 5 - Inventories (Tables) | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
29-Sep-13 | 30-Jun-13 | ||||||||
Raw materials | $ | 41,515 | $ | 42,001 | |||||
Supplies | 5,275 | 5,286 | |||||||
Work in process | 6,960 | 6,237 | |||||||
Finished goods | 61,938 | 58,179 | |||||||
Gross inventories | 115,688 | 111,703 | |||||||
Inventory reserves | (1,256 | ) | (1,036 | ) | |||||
Total inventories | $ | 114,432 | $ | 110,667 |
Note_6_Other_Current_Assets_Ta
Note 6 - Other Current Assets (Tables) | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Other Current Assets Disclosure [Abstract] | ' | ||||||||
Schedule of Other Assets [Table Text Block] | ' | ||||||||
29-Sep-13 | 30-Jun-13 | ||||||||
Vendor deposits | $ | 5,386 | $ | 2,633 | |||||
Value added taxes receivable | 1,695 | 1,729 | |||||||
Prepaid expenses | 1,388 | 1,376 | |||||||
Other investments | 189 | 166 | |||||||
Other | 10 | 9 | |||||||
Total other current assets | $ | 8,668 | $ | 5,913 |
Note_7_Property_Plant_and_Equi1
Note 7 - Property, Plant and Equipment, Net (Tables) | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
29-Sep-13 | 30-Jun-13 | ||||||||
Land | $ | 2,945 | $ | 2,949 | |||||
Land improvements | 11,676 | 11,676 | |||||||
Buildings and improvements | 146,194 | 144,833 | |||||||
Assets under capital lease | 1,234 | 1,234 | |||||||
Machinery and equipment | 518,155 | 526,910 | |||||||
Computers, software and office equipment | 16,697 | 16,647 | |||||||
Transportation equipment | 4,718 | 4,866 | |||||||
Construction in progress | 7,258 | 5,691 | |||||||
Gross property, plant and equipment | 708,877 | 714,806 | |||||||
Less: accumulated depreciation | (593,232 | ) | (599,592 | ) | |||||
Less: accumulated amortization – capital lease | (71 | ) | (50 | ) | |||||
Total property, plant and equipment, net | $ | 115,574 | $ | 115,164 | |||||
Other Property, Plant and Equipment Costs and Expenses [Table Text Block] | ' | ||||||||
For the Three Months Ended | |||||||||
29-Sep-13 | 23-Sep-12 | ||||||||
Depreciation expense | $ | 3,821 | $ | 5,812 | |||||
Repair and maintenance expenses | 4,230 | 4,364 | |||||||
Capitalized interest | 42 | — |
Note_8_Intangible_Assets_Net_T
Note 8 - Intangible Assets, Net (Tables) | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||
29-Sep-13 | 30-Jun-13 | ||||||||
Customer list | $ | 22,000 | $ | 22,000 | |||||
Non-compete agreements | 4,243 | 4,243 | |||||||
Licenses | 265 | 265 | |||||||
Trademarks | 294 | 246 | |||||||
Total intangible assets, gross | 26,802 | 26,754 | |||||||
Accumulated amortization - customer list | (16,363 | ) | (15,993 | ) | |||||
Accumulated amortization - non-compete agreements | (2,973 | ) | (2,895 | ) | |||||
Accumulated amortization - licenses | (63 | ) | (55 | ) | |||||
Accumulated amortization - trademarks | (63 | ) | (39 | ) | |||||
Total accumulated amortization | (19,462 | ) | (18,982 | ) | |||||
Total intangible assets, net | $ | 7,340 | $ | 7,772 | |||||
Amortization Expense for Intangible Assets [Table Text Block] | ' | ||||||||
For the Three Months Ended | |||||||||
29-Sep-13 | 23-Sep-12 | ||||||||
Customer list | $ | 370 | $ | 450 | |||||
Non-compete agreements | 78 | 79 | |||||||
Licenses | 8 | 10 | |||||||
Trademarks | 24 | — | |||||||
Total amortization expense | $ | 480 | $ | 539 |
Note_9_Other_NonCurrent_Assets1
Note 9 - Other Non-Current Assets (Tables) | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Other Noncurrent Assets Disclosure [Abstract] | ' | ||||||||
Schedule of Other Assets, Noncurrent [Table Text Block] | ' | ||||||||
29-Sep-13 | 30-Jun-13 | ||||||||
Long-term deposits | $ | 266 | $ | 5,050 | |||||
Debt financing fees | 2,013 | 2,117 | |||||||
Biomass foundation and feedstock | 1,840 | 1,852 | |||||||
Other investments | 518 | 674 | |||||||
Other | 512 | 550 | |||||||
Total other non-current assets | $ | 5,149 | $ | 10,243 |
Note_10_Accrued_Expenses_Table
Note 10 - Accrued Expenses (Tables) | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
29-Sep-13 | 30-Jun-13 | ||||||||
Payroll and fringe benefits | $ | 8,090 | $ | 11,676 | |||||
Utilities | 2,701 | 3,058 | |||||||
Severance | 1,420 | 1,049 | |||||||
Property taxes | — | 798 | |||||||
Retiree medical liability | 102 | 106 | |||||||
Interest | 78 | 102 | |||||||
Other | 1,185 | 1,696 | |||||||
Total accrued expenses | $ | 13,576 | $ | 18,485 |
Note_11_LongTerm_Debt_Tables
Note 11 - Long-Term Debt (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||||||||||||||||||
Weighted Average | Principal Amounts as of | ||||||||||||||||||||||||
Scheduled | Interest Rate as of | 29-Sep-13 | 30-Jun-13 | ||||||||||||||||||||||
Maturity Date | 29-Sep-13 | ||||||||||||||||||||||||
ABL Revolver | May-18 | 3.20% | $ | 44,900 | $ | 52,500 | |||||||||||||||||||
ABL Term Loan | May-18 | 3.10% | 50,000 | 42,800 | |||||||||||||||||||||
Term loan from unconsolidated affiliate | Aug-14 | 3.00% | 1,250 | 1,250 | |||||||||||||||||||||
Capital lease obligation | Nov-27 | 4.60% | 1,189 | 1,203 | |||||||||||||||||||||
Total debt | 97,339 | 97,753 | |||||||||||||||||||||||
Current portion of long-term debt | (1,316 | ) | (65 | ) | |||||||||||||||||||||
Total long-term debt | $ | 96,023 | $ | 97,688 | |||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||||||||||||||||||
Scheduled Maturities on a Fiscal Year Basis | |||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | ||||||||||||||||||||
ABL Revolver | $ | — | $ | — | $ | — | $ | — | $ | 44,900 | $ | — | |||||||||||||
ABL Term Loan | — | — | — | — | 50,000 | — | |||||||||||||||||||
Capital lease obligation | 50 | 63 | 66 | 69 | 72 | 869 | |||||||||||||||||||
Term loan from unconsolidated affiliate | — | 1,250 | — | — | — | — | |||||||||||||||||||
Total | $ | 50 | $ | 1,313 | $ | 66 | $ | 69 | $ | 94,972 | $ | 869 | |||||||||||||
Deferred Financing Costs, Capitalized, Non-current Disclosure [Text Block] | ' | ||||||||||||||||||||||||
29-Sep-13 | |||||||||||||||||||||||||
Balance at beginning of year | $ | 2,117 | |||||||||||||||||||||||
Amounts paid related to debt modification | 3 | ||||||||||||||||||||||||
Amortization charged to interest expense | (107 | ) | |||||||||||||||||||||||
Balance at end of period | $ | 2,013 | |||||||||||||||||||||||
Interest Income and Interest Expense Disclosure [Table Text Block] | ' | ||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||||||||||
Interest on ABL Facility | $ | 853 | $ | 901 | |||||||||||||||||||||
Interest on Term B Loan | — | 362 | |||||||||||||||||||||||
Amortization of debt financing fees | 107 | 166 | |||||||||||||||||||||||
Marked to market adjustment for interest rate swap | 140 | — | |||||||||||||||||||||||
Reclassification adjustment for interest rate swap | 155 | — | |||||||||||||||||||||||
Interest capitalized to Property, plant and equipment, net | (42 | ) | — | ||||||||||||||||||||||
Other | 39 | 15 | |||||||||||||||||||||||
Total Interest expense | $ | 1,252 | $ | 1,444 | |||||||||||||||||||||
Schedule of Extinguishment of Debt [Table Text Block] | ' | ||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||||||||||
Prepayment call premium and other costs for Term B Loan | $ | — | $ | 135 | |||||||||||||||||||||
Non-cash charges due to write-off of debt financing fees | — | 107 | |||||||||||||||||||||||
Loss on extinguishment of debt | $ | — | $ | 242 |
Note_12_Other_LongTerm_Liabili1
Note 12 - Other Long-Term Liabilities (Tables) | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | ' | ||||||||
Schedule of Other Assets and Other Liabilities [Table Text Block] | ' | ||||||||
29-Sep-13 | 30-Jun-13 | ||||||||
Supplemental post-employment plan | $ | 2,578 | $ | 2,665 | |||||
Income tax contingencies | 1,499 | 1,275 | |||||||
Derivative instruments | 464 | 324 | |||||||
Severance | 124 | 137 | |||||||
Other | 585 | 652 | |||||||
Total other long-term liabilities | $ | 5,250 | $ | 5,053 | |||||
Schedule of Post-employment Plan Expenses [Table Text Block] | ' | ||||||||
For the Three Months Ended | |||||||||
29-Sep-13 | 23-Sep-12 | ||||||||
Supplemental post-employment plan expenses | $ | 185 | $ | 272 |
Note_14_Shareholders_Equity_Ta
Note 14 - Shareholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Share Repurchases [Table Text Block] | ' | ||||||||||||||||
Total Number of Shares | Average Price Paid | Total Number of Shares | Maximum Approximate | ||||||||||||||
Repurchased and Retired | per Share | Repurchased as Part of | Dollar Value that May | ||||||||||||||
Publicly Announced Plans | Yet Be Repurchased | ||||||||||||||||
or Programs | Under the Plans or | ||||||||||||||||
Programs | |||||||||||||||||
Fiscal year 2013 | 1,068 | $ | 18.08 | 1,068 | |||||||||||||
Fiscal year 2014 | 249 | $ | 23.16 | 249 | |||||||||||||
Total | 1,317 | $ | 19.04 | 1,317 | $ | 24,933 |
Note_15_Stock_Based_Compensati1
Note 15 - Stock Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||||||
Expected term (years) | 7.5 | 7.5 | |||||||||||||||||||
Interest rate | 2.10% | 1.00% | |||||||||||||||||||
Volatility | 65.90% | 66.90% | |||||||||||||||||||
Dividend yield | — | — | |||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||||||
Stock Options | Weighted | Weighted | Aggregate | ||||||||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||||||
Exercise Price | Remaining | ||||||||||||||||||||
Contractual Life | |||||||||||||||||||||
(Years) | |||||||||||||||||||||
Outstanding at June 30, 2013 | 1,541 | $ | 8.41 | ||||||||||||||||||
Granted | 92 | $ | 22.22 | ||||||||||||||||||
Exercised | (302 | ) | $ | 7.86 | |||||||||||||||||
Forfeited | (33 | ) | $ | 13.69 | |||||||||||||||||
Expired | — | $ | — | ||||||||||||||||||
Outstanding at September 29, 2013 | 1,298 | $ | 9.38 | 5.4 | $ | 18,498 | |||||||||||||||
Vested and expected to vest as of September 29, 2013 | 1,293 | $ | 9.35 | 5.3 | $ | 18,465 | |||||||||||||||
Exercisable at September 29, 2013 | 1,078 | $ | 8.17 | 4.7 | $ | 16,662 | |||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||||||
Non-vested | Weighted | Vested | Total | Weighted | |||||||||||||||||
Average | Average | ||||||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||
Outstanding at June 30, 2013 | 75 | $ | 11.94 | 112 | 187 | $ | 11.78 | ||||||||||||||
Granted | 22 | $ | 22.08 | — | 22 | $ | 22.08 | ||||||||||||||
Vested | (46 | ) | $ | 11.99 | 46 | — | $ | 11.99 | |||||||||||||
Converted | — | $ | — | (31 | ) | (31 | ) | $ | 12.06 | ||||||||||||
Forfeited | (2 | ) | $ | 22.08 | — | (2 | ) | $ | 22.08 | ||||||||||||
Outstanding at September 29, 2013 | 49 | $ | 16.11 | 127 | 176 | $ | 12.92 | ||||||||||||||
Schedule of Employee Service Share-based Compensation, Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||
29-Sep-13 | September 23, 2012 | ||||||||||||||||||||
Stock options | $ | 156 | $ | 237 | |||||||||||||||||
RSUs | 103 | 112 | |||||||||||||||||||
Total compensation cost | $ | 259 | $ | 349 | |||||||||||||||||
Number of Securities Remaining Available for Future Issuance [Table Text Block] | ' | ||||||||||||||||||||
Authorized under the 2008 LTIP | 2,000 | ||||||||||||||||||||
Less: Market condition options granted | (93 | ) | |||||||||||||||||||
Less: Service condition options granted | (924 | ) | |||||||||||||||||||
Less: RSUs granted to non-employee directors | (104 | ) | |||||||||||||||||||
Less: RSUs granted to key employees | (118 | ) | |||||||||||||||||||
Plus: Options forfeited | 60 | ||||||||||||||||||||
Plus: RSUs forfeited | 2 | ||||||||||||||||||||
Available for issuance under the 2008 LTIP | 823 |
Note_16_Fair_Value_of_Financia1
Note 16 - Fair Value of Financial Instruments and Non-Financial Assets and Liabilities (Tables) | 3 Months Ended | ||||||||||||||
Sep. 29, 2013 | |||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||||
As of September 29, 2013 | Notional | USD | Balance Sheet Location | Fair Value | |||||||||||
Amount | Equivalent | Level 2 | |||||||||||||
Foreign currency contracts | MXN | 4,000 | $ | 306 | Other current assets | $ | 3 | ||||||||
Interest rate swap | USD | $ | 80,000 | $ | 80,000 | Other long-term liabilities | $ | (464 | ) | ||||||
As of June 30, 2013 | Notional | USD | Balance Sheet Location | Fair Value | |||||||||||
Amount | Equivalent | Level 2 | |||||||||||||
Foreign currency contracts | MXN | 3,800 | $ | 295 | Other current assets | $ | 3 | ||||||||
Interest rate swap | USD | $ | 85,000 | $ | 85,000 | Other long-term liabilities | $ | (324 | ) | ||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | ' | ||||||||||||||
For the Three Months Ended | |||||||||||||||
Derivatives not designated as hedges | Classification | 29-Sep-13 | 23-Sep-12 | ||||||||||||
Foreign exchange contracts – MXN/USD | Other operating expense, net | $ | (6 | ) | $ | 36 | |||||||||
Interest rate swap | Interest expense | 140 | — | ||||||||||||
Total (gain) loss recognized in income | $ | 134 | $ | 36 |
Note_17_Accumulated_Other_Comp1
Note 17 - Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
Foreign | Unrealized | Accumulated | |||||||||||
Currency | (Loss) Gain on | Other | |||||||||||
Translation | Interest Rate | Comprehensive | |||||||||||
Adjustments | Swap | Loss | |||||||||||
Balance at June 30, 2013 | $ | (4,568 | ) | $ | (932 | ) | $ | (5,500 | ) | ||||
Other comprehensive (loss) income, net of tax | (322 | ) | 155 | (167 | ) | ||||||||
Balance at September 29, 2013 | $ | (4,890 | ) | $ | (777 | ) | $ | (5,667 | ) | ||||
Pre-tax, Tax, and After-Tax Effects of Components of Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
For the Three Months Ended September 29, 2013 | |||||||||||||
Pre-tax | Tax | After-tax | |||||||||||
Other comprehensive loss: | |||||||||||||
Foreign currency translation adjustments | $ | (322 | ) | $ | — | $ | (322 | ) | |||||
Reclassification adjustment on interest rate swap included in net income | 155 | — | 155 | ||||||||||
Other comprehensive loss | $ | (167 | ) | $ | — | $ | (167 | ) | |||||
For the Three Months Ended September 23, 2012 | |||||||||||||
Pre-tax | Tax | After-tax | |||||||||||
Other comprehensive income: | |||||||||||||
Foreign currency translation adjustments | $ | (312 | ) | $ | — | $ | (312 | ) | |||||
Unrealized gain on cash flow hedges for an unconsolidated affiliate | 1,003 | — | 1,003 | ||||||||||
Unrealized loss on interest rate swaps | (452 | ) | 178 | (274 | ) | ||||||||
Other comprehensive income | $ | 239 | $ | 178 | $ | 417 |
Note_18_Computation_of_Earning1
Note 18 - Computation of Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
For the Three Months Ended | |||||||||
29-Sep-13 | 23-Sep-12 | ||||||||
Basic EPS | |||||||||
Net income attributable to Unifi, Inc. | $ | 8,870 | $ | 2,294 | |||||
Weighted average common shares outstanding | 19,264 | 20,091 | |||||||
Basic EPS | $ | 0.46 | $ | 0.11 | |||||
Diluted EPS | |||||||||
Net income attributable to Unifi, Inc. | $ | 8,870 | $ | 2,294 | |||||
Weighted average common shares outstanding | 19,264 | 20,091 | |||||||
Net potential common share equivalents – stock options and RSUs | 900 | 462 | |||||||
Adjusted weighted average common shares outstanding | 20,164 | 20,553 | |||||||
Diluted EPS | $ | 0.44 | $ | 0.11 | |||||
Excluded from the calculation of common share equivalents: | |||||||||
Anti-dilutive common share equivalents | 86 | 272 | |||||||
Excluded from the calculation of diluted shares: | |||||||||
Unvested options that vest upon achievement of certain market conditions | 27 | 567 |
Note_19_Other_Operating_Expens1
Note 19 - Other Operating Expense, Net (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||||||
Other Operating Income Expense Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Other Operating Expense or Income by Component [Table Text Block] | ' | ||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||||||||||
Operating expenses for Repreve Renewables | $ | 624 | $ | 585 | |||||||||||||||||||||
Net loss on sale or disposal of assets | 41 | 22 | |||||||||||||||||||||||
Foreign currency transaction losses | 94 | 16 | |||||||||||||||||||||||
Restructuring charges, net | 896 | — | |||||||||||||||||||||||
Other, net | (31 | ) | (42 | ) | |||||||||||||||||||||
Other operating expense, net | $ | 1,624 | $ | 581 | |||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] | ' | ||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||||||||||
Severance | $ | 666 | $ | — | |||||||||||||||||||||
Equipment relocation and reinstallation costs | 230 | — | |||||||||||||||||||||||
Total restructuring charges, net | $ | 896 | $ | — | |||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | ||||||||||||||||||||||||
Balance | Charged to expense | Charged to other accounts | Payments | Adjustments | Balance | ||||||||||||||||||||
30-Jun-13 | 29-Sep-13 | ||||||||||||||||||||||||
Accrued severance | $ | 1,186 | 666 | 225 | (533 | ) | — | $ | 1,544 |
Note_20_Investments_in_Unconso1
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Tables) | 3 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Tables) [Line Items] | ' | ||||||||||||
Equity Method Investment Reconciliation of Underlying Equity in Net Assets to Investment Carrying Amount [Table Text Block] | ' | ||||||||||||
Underlying equity as of September 2013 | $ | 111,196 | |||||||||||
Initial excess capital contributions | 53,363 | ||||||||||||
Impairment charge recorded by the Company in 2007 | (74,106 | ) | |||||||||||
Antitrust lawsuit against PAL in which the Company did not participate | 2,652 | ||||||||||||
EAP adjustments | (364 | ) | |||||||||||
Investment balance as of September 2013 | $ | 92,741 | |||||||||||
Schedule of Unconsolidated Affiliate Transactions [Table Text Block] | ' | ||||||||||||
For the Three Months Ended | |||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||
UNF | $ | 3,179 | $ | 3,263 | |||||||||
UNF America | 5,986 | 5,698 | |||||||||||
Total | $ | 9,165 | $ | 8,961 | |||||||||
Balance Sheet Information [Member] | ' | ||||||||||||
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Tables) [Line Items] | ' | ||||||||||||
Equity Method Investments [Table Text Block] | ' | ||||||||||||
As of September 29, 2013 (Unaudited) | |||||||||||||
PAL | Other | Total | |||||||||||
Current assets | $ | 275,250 | $ | 10,210 | $ | 285,460 | |||||||
Noncurrent assets | 113,273 | 3,137 | 116,410 | ||||||||||
Current liabilities | 51,430 | 5,225 | 56,655 | ||||||||||
Noncurrent liabilities | 10,045 | — | 10,045 | ||||||||||
Shareholders’ equity and capital accounts | 327,048 | 8,122 | 335,170 | ||||||||||
The Company’s portion of undistributed earnings | 22,143 | 1,100 | 23,243 | ||||||||||
As of June 30, 2013 (Unaudited) | |||||||||||||
PAL | Other | Total | |||||||||||
Current assets | $ | 266,300 | $ | 11,343 | $ | 277,643 | |||||||
Noncurrent assets | 111,061 | 3,163 | 114,224 | ||||||||||
Current liabilities | 44,517 | 4,910 | 49,427 | ||||||||||
Noncurrent liabilities | 15,609 | — | 15,609 | ||||||||||
Shareholders’ equity and capital accounts | 317,235 | 9,596 | 326,831 | ||||||||||
Income Statement Information [Member] | ' | ||||||||||||
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Tables) [Line Items] | ' | ||||||||||||
Equity Method Investments [Table Text Block] | ' | ||||||||||||
For the Three Months Ended September 29, 2013 (Unaudited) | |||||||||||||
PAL | Other | Total | |||||||||||
Net sales | $ | 222,537 | $ | 8,540 | $ | 231,077 | |||||||
Gross profit | 20,090 | 926 | 21,016 | ||||||||||
Income from operations | 16,572 | 488 | 17,060 | ||||||||||
Income to members | 17,340 | 528 | 17,868 | ||||||||||
Depreciation and amortization | 7,082 | 25 | 7,107 | ||||||||||
Cash received by PAL under EAP program | 4,054 | — | 4,054 | ||||||||||
Earnings recognized by PAL for EAP program | 9,079 | — | 9,079 | ||||||||||
Dividends and cash distributions received | 2,559 | — | 2,559 | ||||||||||
For the Three Months Ended September 23, 2012 (Unaudited) | |||||||||||||
PAL | Other | Total | |||||||||||
Net sales | $ | 201,390 | $ | 8,842 | $ | 210,232 | |||||||
Gross profit | 2,948 | 1,653 | 4,601 | ||||||||||
(Loss) income from operations | (571 | ) | 1,223 | 652 | |||||||||
Income to members | 38 | 1,200 | 1,238 | ||||||||||
Depreciation and amortization | 7,791 | 25 | 7,816 | ||||||||||
Cash received by PAL under EAP program | 4,926 | — | 4,926 | ||||||||||
Earnings recognized by PAL for EAP program | 2,319 | — | 2,319 | ||||||||||
Dividends and cash distributions received | 2,224 | — | 2,224 |
Note_22_Related_Party_Transact1
Note 22 - Related Party Transactions (Tables) | 3 Months Ended | ||||||||||
Sep. 29, 2013 | |||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||
Related Party Receivables and Payables [Table Text Block] | ' | ||||||||||
29-Sep-13 | 30-Jun-13 | ||||||||||
Dillon Yarn Corporation | $ | 497 | $ | 198 | |||||||
Cupron, Inc. | 1 | 6 | |||||||||
Total related party receivables (included within Receivables, net) | $ | 498 | $ | 204 | |||||||
29-Sep-13 | 30-Jun-13 | ||||||||||
Salem Leasing Corporation | $ | 276 | $ | 267 | |||||||
Cupron, Inc. | 201 | 218 | |||||||||
Dillon Yarn Corporation | 198 | 135 | |||||||||
American Drawtech Company, Inc. | — | 17 | |||||||||
Total related party payables (included within Accounts payable) | $ | 675 | $ | 637 | |||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||||
For the Three Months Ended | |||||||||||
Affiliated Entity | Transaction Type | 29-Sep-13 | 23-Sep-12 | ||||||||
Dillon Yarn Corporation | Yarn purchases | $ | 887 | $ | 764 | ||||||
Dillon Yarn Corporation | Sales service agreement costs | — | 126 | ||||||||
Dillon Yarn Corporation | Sales | 855 | 4 | ||||||||
Salem Leasing Corporation | Transportation equipment costs | 915 | 786 | ||||||||
American Drawtech Company, Inc. | Sales | — | 97 | ||||||||
American Drawtech Company, Inc. | Yarn purchases | — | 43 | ||||||||
Cupron, Inc. | Sales | 26 | 2 |
Note_23_Business_Segment_Infor1
Note 23 - Business Segment Information (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
For the Three Months Ended September 29, 2013 | |||||||||||||||||
Polyester | Nylon | International | Total | ||||||||||||||
Net sales | $ | 93,562 | $ | 39,715 | $ | 35,392 | $ | 168,669 | |||||||||
Cost of sales | 83,202 | 35,021 | 30,461 | 148,684 | |||||||||||||
Gross profit | 10,360 | 4,694 | 4,931 | 19,985 | |||||||||||||
Selling, general and administrative expenses | 6,035 | 2,050 | 2,029 | 10,114 | |||||||||||||
Restructuring charges | 230 | — | — | 230 | |||||||||||||
Segment operating profit | $ | 4,095 | $ | 2,644 | $ | 2,902 | $ | 9,641 | |||||||||
For the Three Months Ended September 23, 2012 | |||||||||||||||||
Polyester | Nylon | International | Total | ||||||||||||||
Net sales | $ | 93,036 | $ | 40,014 | $ | 39,850 | $ | 172,900 | |||||||||
Cost of sales | 84,829 | 35,944 | 34,107 | 154,880 | |||||||||||||
Gross profit | 8,207 | 4,070 | 5,743 | 18,020 | |||||||||||||
Selling, general and administrative expenses | 6,751 | 2,336 | 2,060 | 11,147 | |||||||||||||
Segment operating profit | $ | 1,456 | $ | 1,734 | $ | 3,683 | $ | 6,873 | |||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ' | ||||||||||||||||
For the Three Months Ended | |||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||
Polyester | $ | 4,095 | $ | 1,456 | |||||||||||||
Nylon | 2,644 | 1,734 | |||||||||||||||
International | 2,902 | 3,683 | |||||||||||||||
Segment operating profit | 9,641 | 6,873 | |||||||||||||||
(Benefit) provision for bad debts | (38 | ) | 110 | ||||||||||||||
Other operating expense, net | 1,394 | 581 | |||||||||||||||
Operating income | 8,285 | 6,182 | |||||||||||||||
Interest income | (1,214 | ) | (124 | ) | |||||||||||||
Interest expense | 1,252 | 1,444 | |||||||||||||||
Loss on extinguishment of debt | — | 242 | |||||||||||||||
Equity in earnings of unconsolidated affiliates | (6,123 | ) | (671 | ) | |||||||||||||
Income before income taxes | $ | 14,370 | $ | 5,291 | |||||||||||||
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | ' | ||||||||||||||||
For the Three Months Ended | |||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||
Polyester | $ | 2,749 | $ | 4,681 | |||||||||||||
Nylon | 744 | 758 | |||||||||||||||
International | 728 | 866 | |||||||||||||||
Segment depreciation and amortization expense | 4,221 | 6,305 | |||||||||||||||
Depreciation and amortization included in other operating expense, net | 80 | 46 | |||||||||||||||
Amortization included in interest expense | 107 | 166 | |||||||||||||||
Depreciation and amortization expense | $ | 4,408 | $ | 6,517 | |||||||||||||
For the Three Months Ended | |||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||
Polyester | $ | 2 | $ | 94 | |||||||||||||
Nylon | (157 | ) | — | ||||||||||||||
International | 60 | — | |||||||||||||||
Segment other adjustments | $ | (95 | ) | $ | 94 | ||||||||||||
For the Three Months Ended | |||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||
Polyester | $ | 7,076 | $ | 6,231 | |||||||||||||
Nylon | 3,231 | 2,492 | |||||||||||||||
International | 3,690 | 4,549 | |||||||||||||||
Segment Adjusted Profit | $ | 13,997 | $ | 13,272 | |||||||||||||
For the Three Months Ended | |||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||
Polyester | $ | 5 | $ | 621 | |||||||||||||
Nylon | 73 | 122 | |||||||||||||||
International | 99 | 293 | |||||||||||||||
Intersegment sales | $ | 177 | $ | 1,036 | |||||||||||||
For the Three Months Ended | |||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||
Polyester | $ | 4,392 | $ | 729 | |||||||||||||
Nylon | 571 | 56 | |||||||||||||||
International | 656 | 165 | |||||||||||||||
Segment capital expenditures | 5,619 | 950 | |||||||||||||||
Unallocated corporate capital expenditures | 72 | 141 | |||||||||||||||
Capital expenditures | $ | 5,691 | $ | 1,091 | |||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | ||||||||||||||||
29-Sep-13 | 30-Jun-13 | ||||||||||||||||
Polyester | $ | 182,823 | $ | 185,190 | |||||||||||||
Nylon | 71,241 | 72,599 | |||||||||||||||
International | 83,406 | 84,151 | |||||||||||||||
Segment total assets | 337,470 | 341,940 | |||||||||||||||
All other current assets | 2,324 | 3,342 | |||||||||||||||
Unallocated corporate PP&E | 11,779 | 11,983 | |||||||||||||||
All other non-current assets | 4,802 | 4,940 | |||||||||||||||
Investments in unconsolidated affiliates | 96,888 | 93,261 | |||||||||||||||
Total assets | $ | 453,263 | $ | 455,466 | |||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | ' | ||||||||||||||||
For the Three Months Ended | |||||||||||||||||
29-Sep-13 | 23-Sep-12 | ||||||||||||||||
U.S. | $ | 123,727 | $ | 122,587 | |||||||||||||
Brazil | 30,313 | 32,521 | |||||||||||||||
All Other Foreign | 14,629 | 17,792 | |||||||||||||||
Total | $ | 168,669 | $ | 172,900 | |||||||||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | ' | ||||||||||||||||
29-Sep-13 | 30-Jun-13 | ||||||||||||||||
U.S. | $ | 202,220 | $ | 200,958 | |||||||||||||
Brazil | 13,422 | 16,150 | |||||||||||||||
All Other Foreign | 8,791 | 8,658 | |||||||||||||||
Total | $ | 224,433 | $ | 225,766 | |||||||||||||
Schedule Of Entity Wide Disclosure On Geographic Areas Total Assets In Individual Foreign Countries By Country [Table Text Block] | ' | ||||||||||||||||
29-Sep-13 | 30-Jun-13 | ||||||||||||||||
U.S. | $ | 346,439 | $ | 346,651 | |||||||||||||
Brazil | 72,454 | 72,735 | |||||||||||||||
All Other Foreign | 34,370 | 36,080 | |||||||||||||||
Total | $ | 453,263 | $ | 455,466 |
Note_25_Supplemental_Cash_Flow1
Note 25 - Supplemental Cash Flow Information (Tables) | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | ||||||||
For the Three Months Ended | |||||||||
29-Sep-13 | 23-Sep-12 | ||||||||
Interest, net of capitalized interest | $ | 858 | $ | 1,362 | |||||
Taxes, net of refunds | 2,144 | 2,441 |
Note_4_Receivables_Net_Details
Note 4 - Receivables, Net (Details) - Receivables (USD $) | Sep. 29, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Customer receivables | $90,686 | $99,324 |
Allowance for uncollectible accounts | -933 | -972 |
Reserves for yarn quality claims | -873 | -893 |
Net customer receivables | 88,880 | 97,459 |
Related party receivables | 498 | 204 |
Other receivables | 719 | 729 |
Total receivables, net | $90,097 | $98,392 |
Note_4_Receivables_Net_Details1
Note 4 - Receivables, Net (Details) - Allowance for Uncollectible Accounts and Reserve for Yarn Quality Claims (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 |
Allowance for Doubtful Accounts [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Balance | ($972) |
Charged to costs and expenses | 38 |
Charged to other accounts | 1 |
Balance | -933 |
Reserve for Yarn Quality Claims [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Balance | -893 |
Charged to costs and expenses | -414 |
Charged to other accounts | -2 |
Deductions | 436 |
Balance | ($873) |
Note_5_Inventories_Details
Note 5 - Inventories (Details) (USD $) | Sep. 29, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Foreign Inventory Valued at Average Cost | $32,407 | $31,139 |
Note_5_Inventories_Details_Inv
Note 5 - Inventories (Details) - Inventories (USD $) | Sep. 29, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $41,515 | $42,001 |
Supplies | 5,275 | 5,286 |
Work in process | 6,960 | 6,237 |
Finished goods | 61,938 | 58,179 |
Gross inventories | 115,688 | 111,703 |
Inventory reserves | -1,256 | -1,036 |
Total inventories | $114,432 | $110,667 |
Note_6_Other_Current_Assets_De
Note 6 - Other Current Assets (Details) (USD $) | 10 Months Ended | 1 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Colombia [Member] | |||
Note 6 - Other Current Assets (Details) [Line Items] | ' | ' | ' |
Transfer to Investments | ' | ' | $1,743 |
Proceeds from Investment Fund Liquidation | 835 | ' | ' |
Restricted Investments | 707 | ' | ' |
Restricted Investments, Current | $189 | $166 | ' |
Note_6_Other_Current_Assets_De1
Note 6 - Other Current Assets (Details) - Other Current Assets (USD $) | Sep. 29, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Other Current Assets [Abstract] | ' | ' |
Vendor deposits | $5,386 | $2,633 |
Value added taxes receivable | 1,695 | 1,729 |
Prepaid expenses | 1,388 | 1,376 |
Other investments | 189 | 166 |
Other | 10 | 9 |
Total other current assets | $8,668 | $5,913 |
Note_7_Property_Plant_and_Equi2
Note 7 - Property, Plant and Equipment, Net (Details) - Property, Plant and Equipment, Net (USD $) | Sep. 29, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $708,877 | $714,806 |
Less: accumulated depreciation | -593,232 | -599,592 |
Less: accumulated amortization – capital lease | -71 | -50 |
Total property, plant and equipment, net | 115,574 | 115,164 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 2,945 | 2,949 |
Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 11,676 | 11,676 |
Building and Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 146,194 | 144,833 |
Assets Held under Capital Leases [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 1,234 | 1,234 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 518,155 | 526,910 |
Computers, Software and Office Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 16,697 | 16,647 |
Transportation Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 4,718 | 4,866 |
Asset under Construction [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $7,258 | $5,691 |
Note_7_Property_Plant_and_Equi3
Note 7 - Property, Plant and Equipment, Net (Details) - Other Property, Plant and Equipment Costs and Expenses (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Note 7 - Property, Plant and Equipment, Net (Details) - Other Property, Plant and Equipment Costs and Expenses [Line Items] | ' | ' |
Depreciation expense | $4,408 | $6,517 |
Repair and maintenance expenses | 4,230 | 4,364 |
Capitalized interest | 42 | ' |
Depreciation and Amortization of Property Plant and Equipment [Member] | ' | ' |
Note 7 - Property, Plant and Equipment, Net (Details) - Other Property, Plant and Equipment Costs and Expenses [Line Items] | ' | ' |
Depreciation expense | $3,821 | $5,812 |
Note_8_Intangible_Assets_Net_D
Note 8 - Intangible Assets, Net (Details) | 12 Months Ended | 3 Months Ended | |||
Jun. 24, 2007 | Dec. 25, 2011 | Dec. 25, 2011 | Dec. 25, 2011 | Sep. 29, 2013 | |
Customer Lists [Member] | Noncompete Agreements [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |
Licenses Acquired [Member] | Licenses Acquired [Member] | Trademarks [Member] | |||
Note 8 - Intangible Assets, Net (Details) [Line Items] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '13 years | '5 years | '4 years | '8 years | '3 years |
Note_8_Intangible_Assets_Net_D1
Note 8 - Intangible Assets, Net (Details) - Intangible Assets, Net (USD $) | Sep. 29, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | $26,802 | $26,754 |
Intangible assets, accumulated amortization | -19,462 | -18,982 |
Total intangible assets, net | 7,340 | 7,772 |
Customer Lists [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 22,000 | 22,000 |
Intangible assets, accumulated amortization | -16,363 | -15,993 |
Noncompete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 4,243 | 4,243 |
Intangible assets, accumulated amortization | -2,973 | -2,895 |
Licenses Acquired [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 265 | 265 |
Intangible assets, accumulated amortization | -63 | -55 |
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 294 | 246 |
Intangible assets, accumulated amortization | ($63) | ($39) |
Note_8_Intangible_Assets_Net_D2
Note 8 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Note 8 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets [Line Items] | ' | ' |
Intangible assets, amortization expense | $480 | $539 |
Customer Lists [Member] | ' | ' |
Note 8 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets [Line Items] | ' | ' |
Intangible assets, amortization expense | 370 | 450 |
Noncompete Agreements [Member] | ' | ' |
Note 8 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets [Line Items] | ' | ' |
Intangible assets, amortization expense | 78 | 79 |
Licenses Acquired [Member] | ' | ' |
Note 8 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets [Line Items] | ' | ' |
Intangible assets, amortization expense | 8 | 10 |
Trademarks [Member] | ' | ' |
Note 8 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets [Line Items] | ' | ' |
Intangible assets, amortization expense | $24 | ' |
Note_9_Other_NonCurrent_Assets2
Note 9 - Other Non-Current Assets (Details) - Other Non-current Assets (USD $) | Sep. 29, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Other Non-current Assets [Abstract] | ' | ' |
Long-term deposits | $266 | $5,050 |
Debt financing fees | 2,013 | 2,117 |
Biomass foundation and feedstock | 1,840 | 1,852 |
Other investments | 518 | 674 |
Other | 512 | 550 |
Total other non-current assets | $5,149 | $10,243 |
Note_10_Accrued_Expenses_Detai
Note 10 - Accrued Expenses (Details) - Accrued Expenses (USD $) | Sep. 29, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Note 10 - Accrued Expenses (Details) - Accrued Expenses [Line Items] | ' | ' |
Payroll and fringe benefits | $8,090 | $11,676 |
Utilities | 2,701 | 3,058 |
Property taxes | ' | 798 |
Retiree medical liability | 102 | 106 |
Interest | 78 | 102 |
Other | 1,185 | 1,696 |
Total accrued expenses | 13,576 | 18,485 |
Other Current Liabilities [Member] | ' | ' |
Note 10 - Accrued Expenses (Details) - Accrued Expenses [Line Items] | ' | ' |
Severance | $1,420 | $1,049 |
Note_11_LongTerm_Debt_Details
Note 11 - Long-Term Debt (Details) (USD $) | Sep. 29, 2013 | Jun. 30, 2013 | 24-May-12 | Nov. 19, 2012 | 24-May-12 | 24-May-12 | 24-May-12 | Sep. 29, 2013 | Jun. 30, 2013 | 24-May-12 | Sep. 29, 2013 | Jun. 30, 2013 | 24-May-12 | 24-May-12 | Sep. 29, 2013 | Jun. 30, 2013 | Aug. 30, 2012 | Sep. 29, 2013 | 24-May-12 | 24-May-12 | 24-May-12 | 24-May-12 | 24-May-12 | 24-May-12 |
In Thousands, unless otherwise specified | Salem Leasing Corporation [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | ABL Facility [Member] | ABL Revolver [Member] | ABL Revolver [Member] | ABL Revolver [Member] | ABL Term Loan [Member] | ABL Term Loan [Member] | ABL Term Loan [Member] | Term B Loan [Member] | Related Party Term Loan [Member] | Related Party Term Loan [Member] | Related Party Term Loan [Member] | Standby Letters of Credit [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||
ABL Term Loan [Member] | ABL Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | |||||||||||||||||||
ABL Revolver [Member] | ABL Revolver [Member] | ABL Revolver [Member] | ABL Revolver [Member] | |||||||||||||||||||||
Note 11 - Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity Including Revolving Line of Credit and Term Loan (in Dollars) | ' | ' | ' | ' | ' | ' | $150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount (in Dollars) | 97,339 | 97,753 | ' | ' | ' | ' | ' | 44,900 | 52,500 | ' | 50,000 | 42,800 | 50,000 | 30,000 | 1,250 | 1,250 | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Capital Stock, Maximum Voting Stock of First-Tier Foreign Subsidiaries | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess Availability Under Credit Facility (in Dollars) | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing Availability as Percentage of Total Credit Facility | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Monthly Fixed Charge Coverage Ratio Covenant | ' | ' | 1.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
First Excess Availability Threshold (in Dollars) | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | 2.25% | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | 0.75% | ' | 2.25% | 1.25% | ' |
Annual Interest Rate Added to Federal Funds Rate | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual Interest Rate Added to LIBOR Rate | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | 0.38% |
Amount of Variable Interest Rate Exposure Required to be Hedged (in Dollars) | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding Principal of All Indebtedness Hedging Threshold (in Dollars) | ' | ' | ' | ' | ' | ' | 75,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity (in Dollars) | ' | ' | ' | ' | ' | ' | ' | 38,968 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed Charge Coverage Ratio | 4.58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 525 | ' | ' | ' | ' | ' | ' |
Notes Payable, Related Parties (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Lease Term | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Lease Obligations Incurred (in Dollars) | ' | ' | ' | $1,234 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Implicit Annual Interest Rate Under Lease | ' | ' | ' | 4.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_11_LongTerm_Debt_Details_
Note 11 - Long-Term Debt (Details) - Long-term Debt (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Jun. 30, 2013 | 24-May-12 |
Debt Instrument [Line Items] | ' | ' | ' |
Principal Amount | $97,339 | $97,753 | ' |
Current portion of long-term debt | -1,316 | -65 | ' |
Total long-term debt | 96,023 | 97,688 | ' |
ABL Revolver [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Scheduled Maturity Date | 31-May-18 | ' | ' |
Weighted Average Interest Rate | 3.20% | ' | ' |
Principal Amount | 44,900 | 52,500 | ' |
ABL Term Loan [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Scheduled Maturity Date | 31-May-18 | ' | ' |
Weighted Average Interest Rate | 3.10% | ' | ' |
Principal Amount | 50,000 | 42,800 | 50,000 |
Related Party Term Loan [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Scheduled Maturity Date | 31-Aug-14 | ' | ' |
Weighted Average Interest Rate | 3.00% | ' | ' |
Principal Amount | 1,250 | 1,250 | ' |
Capital Lease Obligation [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Scheduled Maturity Date | 30-Nov-27 | ' | ' |
Weighted Average Interest Rate | 4.60% | ' | ' |
Principal Amount | $1,189 | $1,203 | ' |
Note_11_LongTerm_Debt_Details_1
Note 11 - Long-Term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations (USD $) | Sep. 29, 2013 |
In Thousands, unless otherwise specified | |
Note 11 - Long-Term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations [Line Items] | ' |
Scheduled maturities on a fiscal year basis, year one | $50 |
Scheduled maturities on a fiscal year basis, year two | 1,313 |
Scheduled maturities on a fiscal year basis, year three | 66 |
Scheduled maturities on a fiscal year basis, year four | 69 |
Scheduled maturities on a fiscal year basis, year five | 94,972 |
Scheduled maturities on a fiscal year basis, thereafter | 869 |
Capital lease obligation | 50 |
Capital lease obligation | 63 |
Capital lease obligation | 66 |
Capital lease obligation | 69 |
Capital lease obligation | 72 |
Capital lease obligation | 869 |
ABL Revolver [Member] | ' |
Note 11 - Long-Term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations [Line Items] | ' |
Scheduled maturities on a fiscal year basis, year five | 44,900 |
ABL Term Loan [Member] | ' |
Note 11 - Long-Term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations [Line Items] | ' |
Scheduled maturities on a fiscal year basis, year five | 50,000 |
Related Party Term Loan [Member] | ' |
Note 11 - Long-Term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations [Line Items] | ' |
Scheduled maturities on a fiscal year basis, year two | $1,250 |
Note_11_LongTerm_Debt_Details_2
Note 11 - Long-Term Debt (Details) - Debt Financing Fees (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Debt Financing Fees [Abstract] | ' | ' |
Balance at beginning of year | $2,117 | ' |
Amounts paid related to debt modification | 3 | 46 |
Amortization charged to interest expense | -107 | -166 |
Balance at end of period | $2,013 | ' |
Note_11_LongTerm_Debt_Details_3
Note 11 - Long-Term Debt (Details) - Interest Expense Components (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Note 11 - Long-Term Debt (Details) - Interest Expense Components [Line Items] | ' | ' |
Amortization of debt financing fees | $107 | $166 |
Marked to market adjustment for interest rate swap | 140 | ' |
Reclassification adjustment for interest rate swap | 155 | ' |
Interest capitalized to Property, plant and equipment, net | -42 | ' |
Other | 39 | 15 |
Total Interest expense | 1,252 | 1,444 |
ABL Facility [Member] | ' | ' |
Note 11 - Long-Term Debt (Details) - Interest Expense Components [Line Items] | ' | ' |
Interest on debt | 853 | 901 |
Term B Loan [Member] | ' | ' |
Note 11 - Long-Term Debt (Details) - Interest Expense Components [Line Items] | ' | ' |
Interest on debt | ' | $362 |
Note_11_LongTerm_Debt_Details_4
Note 11 - Long-Term Debt (Details) - Components of Loss on Extinguishment of Debt (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 23, 2012 |
Components of Loss on Extinguishment of Debt [Abstract] | ' |
Prepayment call premium and other costs for Term B Loan | $135 |
Non-cash charges due to write-off of debt financing fees | 107 |
Loss on extinguishment of debt | $242 |
Note_12_Other_LongTerm_Liabili2
Note 12 - Other Long-Term Liabilities (Details) - Other Long-term Liabilities (USD $) | Sep. 29, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Note 12 - Other Long-Term Liabilities (Details) - Other Long-term Liabilities [Line Items] | ' | ' |
Supplemental post-employment plan | $2,578 | $2,665 |
Income tax contingencies | 1,499 | 1,275 |
Derivative instruments | 464 | 324 |
Other | 585 | 652 |
Total other long-term liabilities | 5,250 | 5,053 |
Other Noncurrent Liabilities [Member] | ' | ' |
Note 12 - Other Long-Term Liabilities (Details) - Other Long-term Liabilities [Line Items] | ' | ' |
Severance | $124 | $137 |
Note_12_Other_LongTerm_Liabili3
Note 12 - Other Long-Term Liabilities (Details) - Supplement Post-employment Plan Expenses (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Supplement Post-employment Plan Expenses [Abstract] | ' | ' |
Supplemental post-employment plan expenses | $185 | $272 |
Note_13_Income_Taxes_Details
Note 13 - Income Taxes (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Jun. 30, 2013 |
Note 13 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Income Tax Expense (Benefit) | $5,751 | $3,233 | ' |
Effective Income Tax Rate Reconciliation, Percent | 40.00% | 61.10% | ' |
Deferred Tax Assets, Valuation Allowance | 17,153 | ' | 16,690 |
Domestic [Member] | ' | ' | ' |
Note 13 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | 14,391 | ' | ' |
Foreign [Member] | ' | ' | ' |
Note 13 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | $2,762 | ' | ' |
Note_14_Shareholders_Equity_De
Note 14 - Shareholders' Equity (Details) (USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Jan. 22, 2013 |
Stockholders' Equity Note [Abstract] | ' |
Stock Repurchase Program, Authorized Amount | $50,000 |
Note_14_Shareholders_Equity_De1
Note 14 - Shareholders' Equity (Details) - Repurchases and Retirements of Common Stock (USD $) | 3 Months Ended | 12 Months Ended | 15 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Jun. 30, 2013 | Sep. 29, 2013 |
Repurchases and Retirements of Common Stock [Abstract] | ' | ' | ' |
Total Number of Shares Repurchased and Retired | 249 | 1,068 | 1,317 |
Average Price Paid per Share (in Dollars per share) | $23.16 | $18.08 | $19.04 |
Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs | 249 | 1,068 | 1,317 |
Maximum Approximate Dollar Value that May Yet Be Repurchased Under the Plans or Programs (in Dollars) | $24,933 | ' | $24,933 |
Note_15_Stock_Based_Compensati2
Note 15 - Stock Based Compensation (Details) (USD $) | 3 Months Ended | 3 Months Ended | 0 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Oct. 23, 2013 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Oct. 29, 2008 | Oct. 30, 2008 |
Subsequent Event [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | The 2008 Long-Term Incentive Plan [Member] | The 2008 Long-Term Incentive Plan [Member] | |||
The 2013 Incentive Compensation Plan [Member] | |||||||||
Note 15 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | ' | ' | 1,000 | ' | ' | ' | ' | 2,000 | 2,000 |
Maximum Number of Common Shares Authorized for Issuance as Restricted Stock (in Shares) | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options Granted, Contractual Term | ' | ' | ' | ' | ' | ' | ' | '10 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 92 | 138 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | '3 years | ' | ' | ' | '3 years | '3 years | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $22.22 | $11.15 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $14.63 | $7.28 | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $1,476 | ' | ' | ' | ' | $497 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '2 years 6 months | ' | ' | ' | ' | '2 years 219 days | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 4,442 | 26 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Stock Options Exercised | 2,373 | 29 | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | ' | ' | ' | 1,759 | 1 | 275 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | ' | ' | ' | ' | ' | 22 | 32 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | ' | ' | $22.08 | $11.23 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Expected to Vest, Number (in Shares) | ' | ' | ' | ' | ' | 176 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | ' | ' | ' | ' | ' | 4,169 | ' | ' | ' |
(in Shares) | ' | ' | ' | ' | ' | 127 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | ' | ' | ' | ' | ' | 3,007 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Converted in Period, Aggregate Intrinsic Value | ' | ' | ' | ' | ' | 696 | ' | ' | ' |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $75 | $76 | ' | ' | ' | ' | ' | ' | ' |
Note_15_Stock_Based_Compensati3
Note 15 - Stock Based Compensation (Details) - Stock Option Valuation Assumptions | 3 Months Ended | |
Sep. 29, 2013 | Sep. 23, 2012 | |
Stock Option Valuation Assumptions [Abstract] | ' | ' |
Expected term (years) | '7 years 6 months | '7 years 6 months |
Interest rate | 2.10% | 1.00% |
Volatility | 65.90% | 66.90% |
Dividend yield | 0.00% | 0.00% |
Note_15_Stock_Based_Compensati4
Note 15 - Stock Based Compensation (Details) - Summary of Stock Option Activity (USD $) | 3 Months Ended | 59 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Jun. 30, 2013 |
Summary of Stock Option Activity [Abstract] | ' | ' | ' | ' |
Stock options, outstanding | 1,298 | ' | 1,298 | 1,541 |
Weighted average exercise price, outstanding (in Dollars per share) | $9.38 | ' | $9.38 | $8.41 |
Weighted average remaining contractual life, outstanding | '5 years 146 days | ' | ' | ' |
Aggregate intrinsic value, outstanding (in Dollars) | $18,498 | ' | $18,498 | ' |
Vested and expected to vest as of September 29, 2013 | 1,293 | ' | 1,293 | ' |
Vested and expected to vest as of September 29, 2013 (in Dollars per share) | $9.35 | ' | $9.35 | ' |
Vested and expected to vest as of September 29, 2013 | '5 years 109 days | ' | ' | ' |
Vested and expected to vest as of September 29, 2013 (in Dollars) | 18,465 | ' | 18,465 | ' |
Exercisable at September 29, 2013 | 1,078 | ' | 1,078 | ' |
Exercisable at September 29, 2013 (in Dollars per share) | $8.17 | ' | $8.17 | ' |
Exercisable at September 29, 2013 | '4 years 255 days | ' | ' | ' |
Exercisable at September 29, 2013 (in Dollars) | $16,662 | ' | $16,662 | ' |
Granted | 92 | 138 | ' | ' |
Granted (in Dollars per share) | $22.22 | $11.15 | ' | ' |
Exercised | -302 | ' | ' | ' |
Exercised (in Dollars per share) | $7.86 | ' | ' | ' |
Forfeited | -33 | ' | -60 | ' |
Forfeited (in Dollars per share) | $13.69 | ' | ' | ' |
Note_15_Stock_Based_Compensati5
Note 15 - Stock Based Compensation (Details) - Summary of RSU Activity (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 59 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Jun. 30, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 |
Non-vested [Member] | Non-vested [Member] | Vested [Member] | Vested [Member] | Total Non-vested and Vested [Member] | Total Non-vested and Vested [Member] | ||||
Note 15 - Stock Based Compensation (Details) - Summary of RSU Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding | 49 | 75 | 127 | 112 | 176 | 187 | ' | ' | ' |
Outstanding, weighted average grant date fair value (in Dollars per share) | $16.11 | $11.94 | ' | ' | $12.92 | $11.78 | ' | ' | ' |
Granted | 22 | ' | ' | ' | 22 | ' | 22 | 32 | ' |
Granted (in Dollars per share) | $22.08 | ' | ' | ' | $22.08 | ' | $22.08 | $11.23 | ' |
Vested | -46 | ' | 46 | ' | ' | ' | ' | ' | ' |
Vested (in Dollars per share) | $11.99 | ' | ' | ' | $11.99 | ' | ' | ' | ' |
Converted | ' | ' | -31 | ' | -31 | ' | ' | ' | ' |
Converted (in Dollars per share) | ' | ' | ' | ' | $12.06 | ' | ' | ' | ' |
Forfeited | -2 | ' | ' | ' | -2 | ' | ' | ' | -2 |
Forfeited (in Dollars per share) | $22.08 | ' | ' | ' | $22.08 | ' | ' | ' | ' |
Note_15_Stock_Based_Compensati6
Note 15 - Stock Based Compensation (Details) - Stock Based Compensation Total Cost Charged Against Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Note 15 - Stock Based Compensation (Details) - Stock Based Compensation Total Cost Charged Against Income [Line Items] | ' | ' |
Compensation cost | $259 | $349 |
Employee Stock Option [Member] | ' | ' |
Note 15 - Stock Based Compensation (Details) - Stock Based Compensation Total Cost Charged Against Income [Line Items] | ' | ' |
Compensation cost | 156 | 237 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Note 15 - Stock Based Compensation (Details) - Stock Based Compensation Total Cost Charged Against Income [Line Items] | ' | ' |
Compensation cost | $103 | $112 |
Note_15_Stock_Based_Compensati7
Note 15 - Stock Based Compensation (Details) - Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans | 3 Months Ended | 59 Months Ended | 3 Months Ended | 59 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Oct. 30, 2008 | Oct. 29, 2008 |
Stock Options Subject to Market Conditions [Member] | Stock Options Subject to Service Conditions [Member] | RSUs Issued to Non-Employee Directors [Member] | RSUs Issued to Key Employees [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | The 2008 Long-Term Incentive Plan [Member] | The 2008 Long-Term Incentive Plan [Member] | The 2008 Long-Term Incentive Plan [Member] | ||||
Note 15 - Stock Based Compensation (Details) - Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized under the 2008 LTIP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | 2,000 |
Options granted | -92 | -138 | ' | -93 | -924 | ' | ' | ' | ' | ' | ' | ' | ' |
RSUs granted | ' | ' | ' | ' | ' | -104 | -118 | -22 | -32 | ' | ' | ' | ' |
Plus: Options forfeited | 33 | ' | 60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plus: RSUs forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' |
Available for issuance under the 2008 LTIP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 823 | ' | ' |
Note_16_Fair_Value_of_Financia2
Note 16 - Fair Value of Financial Instruments and Non-Financial Assets and Liabilities (Details) (USD $) | 0 Months Ended | 3 Months Ended | 21 Months Ended | |||
In Thousands, unless otherwise specified | 18-May-12 | Sep. 29, 2013 | Feb. 28, 2015 | Feb. 28, 2015 | 31-May-13 | 18-May-12 |
Scenario, Forecast [Member] | Scenario, Forecast [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | |||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||||
Interest Rate Swap [Member] | ||||||
Note 16 - Fair Value of Financial Instruments and Non-Financial Assets and Liabilities (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge | '5 years | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | $50,000 | ' | $85,000 | $50,000 |
Quarterly Decrease in Notional Amount of Interest Rate Cash Flow Hedge Derivatives | ' | ' | ' | 5,000 | ' | ' |
Derivative, Swaption Interest Rate | 1.06% | ' | ' | ' | ' | ' |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | ' | 155 | ' | ' | ' | ' |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | ' | $502 | ' | ' | ' | ' |
Note_16_Fair_Value_of_Financia3
Note 16 - Fair Value of Financial Instruments and Non-Financial Assets and Liabilities (Details) - Fair Values of Derivative Financial Instruments | Sep. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 29, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | Other Current Assets [Member] | Other Current Assets [Member] | Other Current Assets [Member] | Other Current Assets [Member] | Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] |
Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |
USD ($) | MXN | USD ($) | MXN | USD ($) | USD ($) | |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' |
Notional amount (in Pesos) | $306 | 4,000 | $295 | 3,800 | $80,000 | $85,000 |
USD equivalent | 306 | 4,000 | 295 | 3,800 | 80,000 | 85,000 |
Fair value | 3 | ' | 3 | ' | -464 | -324 |
Notional amount | $306 | 4,000 | $295 | 3,800 | $80,000 | $85,000 |
Note_16_Fair_Value_of_Financia4
Note 16 - Fair Value of Financial Instruments and Non-Financial Assets and Liabilities (Details) - Effect of Marked-to-Market Hedging Derivative Instruments (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Interest rate swap | ($140) | ' |
Total (gain) loss recognized in income | 134 | 36 |
Foreign Exchange Contracts – MXN/USD [Member] | Other Operating Expenses, Net [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Foreign exchange contracts – MXN/USD | -6 | 36 |
Interest Rate Swap [Member] | Interest Expense [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Interest rate swap | $140 | ' |
Note_17_Accumulated_Other_Comp2
Note 17 - Accumulated Other Comprehensive Income (Details) - Accumulated Other Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance | ($5,667) | ($5,500) |
Other comprehensive (loss) income, net of tax | -167 | ' |
Accumulated Translation Adjustment [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance | -4,890 | -4,568 |
Other comprehensive (loss) income, net of tax | -322 | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance | -777 | -932 |
Other comprehensive (loss) income, net of tax | $155 | ' |
Note_17_Accumulated_Other_Comp3
Note 17 - Accumulated Other Comprehensive Income (Details) - Pre-Tax, Tax, and After-Tax Effects of Components of Other Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Note 17 - Accumulated Other Comprehensive Income (Details) - Pre-Tax, Tax, and After-Tax Effects of Components of Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Foreign currency translation adjustments, pre-tax | ($322) | ($312) |
Foreign currency translation adjustments, after-tax | -322 | -312 |
Unrealized gain (loss) on derivatives, tax | ' | 178 |
Reclassification adjustment on interest rate swap included in net income | 155 | ' |
Reclassification adjustment on interest rate swap included in net income | 155 | ' |
Other comprehensive income (loss), pre-tax | -167 | 239 |
Other comprehensive income (loss), tax | ' | 178 |
Other comprehensive income (loss), after-Tax | -167 | 417 |
Unconsolidated Affiliates [Member] | ' | ' |
Note 17 - Accumulated Other Comprehensive Income (Details) - Pre-Tax, Tax, and After-Tax Effects of Components of Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Unrealized gain (loss) on derivatives, pre-tax | ' | 1,003 |
Unrealized gain (loss) on derivatives, after-tax | ' | 1,003 |
Interest Rate Swap [Member] | ' | ' |
Note 17 - Accumulated Other Comprehensive Income (Details) - Pre-Tax, Tax, and After-Tax Effects of Components of Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Unrealized gain (loss) on derivatives, pre-tax | ' | -452 |
Unrealized gain (loss) on derivatives, tax | ' | 178 |
Unrealized gain (loss) on derivatives, after-tax | ' | -274 |
Other comprehensive income (loss), tax | ' | $178 |
Note_18_Computation_of_Earning2
Note 18 - Computation of Earnings Per Share (Details) - Computation of Basic and Diluted Earnings Per Share (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Computation of Basic and Diluted Earnings Per Share [Abstract] | ' | ' |
Net income attributable to Unifi, Inc. (in Dollars) | $8,870 | $2,294 |
Weighted average common shares outstanding | 19,264 | 20,091 |
Net potential common share equivalents – stock options and RSUs | 900 | 462 |
Adjusted weighted average common shares outstanding | 20,164 | 20,553 |
Diluted EPS (in Dollars per share) | $0.44 | $0.11 |
Anti-dilutive common share equivalents | 86 | 272 |
Unvested options that vest upon achievement of certain market conditions | 27 | 567 |
Basic EPS (in Dollars per share) | $0.46 | $0.11 |
Note_19_Other_Operating_Expens2
Note 19 - Other Operating Expense, Net (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Note 19 - Other Operating Expense, Net (Details) [Line Items] | ' | ' |
Depreciation, Depletion and Amortization | $4,408 | $6,517 |
Repreve Renewables, LLC [Member] | ' | ' |
Note 19 - Other Operating Expense, Net (Details) [Line Items] | ' | ' |
Depreciation, Depletion and Amortization | $80 | $46 |
Note_19_Other_Operating_Expens3
Note 19 - Other Operating Expense, Net (Details) - Components of Other Operating Expense, Net (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Components of Other Operating Expense, Net [Abstract] | ' | ' |
Operating expenses for Repreve Renewables | $624 | $585 |
Net loss on sale or disposal of assets | 41 | 22 |
Foreign currency transaction losses | 94 | 16 |
Restructuring charges, net | 896 | ' |
Other, net | -31 | -42 |
Other operating expense, net | $1,624 | $581 |
Note_19_Other_Operating_Expens4
Note 19 - Other Operating Expense, Net (Details) - Components of Restructuring Charges, Net (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges, net | $896 |
Employee Severance [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges, net | 666 |
Equipment Relocation Costs [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges, net | $230 |
Note_19_Other_Operating_Expens5
Note 19 - Other Operating Expense, Net (Details) - Changes to Severance Reserves (Employee Severance [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Jun. 30, 2013 |
Employee Severance [Member] | ' | ' |
Note 19 - Other Operating Expense, Net (Details) - Changes to Severance Reserves [Line Items] | ' | ' |
Accrued severance | $1,544 | $1,186 |
Accrued severance | 666 | ' |
Accrued severance | 225 | ' |
Accrued severance | -533 | ' |
Accrued severance | $1,544 | $1,186 |
Note_20_Investments_in_Unconso2
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) (USD $) | 14 Months Ended | 48 Months Ended | 72 Months Ended | 3 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Jul. 31, 2012 | Jul. 31, 2018 | Jun. 30, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Jun. 30, 1997 | Sep. 29, 2013 | Sep. 23, 2012 |
Five Largest Customers [Member] | Five Largest Customers [Member] | Largest Customer [Member] | Largest Customer [Member] | EAP Program [Member] | Parkdale America, LLC [Member] | Parkdale America, LLC [Member] | UNF and UNF America [Member] | UNF and UNF America [Member] | |||||
Parkdale America, LLC [Member] | Parkdale America, LLC [Member] | Parkdale America, LLC [Member] | Parkdale America, LLC [Member] | Parkdale America, LLC [Member] | |||||||||
Sales Revenue, Goods, Net [Member] | Accounts Receivable [Member] | Sales Revenue, Goods, Net [Member] | Accounts Receivable [Member] | ||||||||||
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34.00% | ' | ' |
Number of Manufacturing Facilities | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | 82.00% | 77.00% | 38.00% | 35.00% | ' | ' | ' | ' | ' |
Number of Months Following the Marketing Year that the Government Subsidy Was Earned by PAL | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal Government Susidy Program Per Unit | ' | 'four cents | 'three cents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investments (in Dollars) | $96,888 | ' | ' | $93,261 | ' | ' | ' | ' | ' | $92,741 | ' | $4,147 | ' |
Purchase Commitment, Remaining Minimum Amount Committed (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,823 | ' |
Accounts Payable, Related Parties (in Dollars) | 675 | ' | ' | 637 | ' | ' | ' | ' | ' | ' | ' | 4,105 | 2,890 |
Percentage of Current and Total Assets and Total Liabilities Accounted for by Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' |
Deferred Revenue (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | $3,766 | ' | ' | ' | ' |
Note_20_Investments_in_Unconso3
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Reconciliation between Company's Share of the Underlying Equity of PAL and Its Investment (USD $) | Sep. 29, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Reconciliation between Company's Share of the Underlying Equity of PAL and Its Investment [Line Items] | ' | ' |
Investment balance as of September 2013 | $96,888 | $93,261 |
Parkdale America, LLC [Member] | Initial Excess Capital Contributions [Member] | ' | ' |
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Reconciliation between Company's Share of the Underlying Equity of PAL and Its Investment [Line Items] | ' | ' |
Equity method investment, difference between carrying amount and underlying equity | 53,363 | ' |
Parkdale America, LLC [Member] | Impairment Charge Recorded In 2007 [Member] | ' | ' |
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Reconciliation between Company's Share of the Underlying Equity of PAL and Its Investment [Line Items] | ' | ' |
Equity method investment, difference between carrying amount and underlying equity | -74,106 | ' |
Parkdale America, LLC [Member] | Anti-trust Lawsuit Against PAL [Member] | ' | ' |
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Reconciliation between Company's Share of the Underlying Equity of PAL and Its Investment [Line Items] | ' | ' |
Equity method investment, difference between carrying amount and underlying equity | 2,652 | ' |
Parkdale America, LLC [Member] | EAP Adjustments [Member] | ' | ' |
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Reconciliation between Company's Share of the Underlying Equity of PAL and Its Investment [Line Items] | ' | ' |
Equity method investment, difference between carrying amount and underlying equity | -364 | ' |
Parkdale America, LLC [Member] | ' | ' |
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Reconciliation between Company's Share of the Underlying Equity of PAL and Its Investment [Line Items] | ' | ' |
Underlying equity as of September 2013 | 111,196 | ' |
Investment balance as of September 2013 | $92,741 | ' |
Note_20_Investments_in_Unconso4
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Raw Material Purchases Under Supply Agreement (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
UNF [Member] | ' | ' |
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Raw Material Purchases Under Supply Agreement [Line Items] | ' | ' |
Supply agreement raw material purchases | $3,179 | $3,263 |
UNF America [Member] | ' | ' |
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Raw Material Purchases Under Supply Agreement [Line Items] | ' | ' |
Supply agreement raw material purchases | 5,986 | 5,698 |
UNF and UNF America [Member] | ' | ' |
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Raw Material Purchases Under Supply Agreement [Line Items] | ' | ' |
Supply agreement raw material purchases | $9,165 | $8,961 |
Note_20_Investments_in_Unconso5
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Unaudited, Condensed Balance Sheet Information for Unconsolidated Affiliates (USD $) | Sep. 29, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Current assets | $285,460 | $277,643 |
Noncurrent assets | 116,410 | 114,224 |
Current liabilities | 56,655 | 49,427 |
Noncurrent liabilities | 10,045 | 15,609 |
Shareholders’ equity and capital accounts | 335,170 | 326,831 |
The Company’s portion of undistributed earnings | 23,243 | ' |
Parkdale America, LLC [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Current assets | 275,250 | 266,300 |
Noncurrent assets | 113,273 | 111,061 |
Current liabilities | 51,430 | 44,517 |
Noncurrent liabilities | 10,045 | 15,609 |
Shareholders’ equity and capital accounts | 327,048 | 317,235 |
The Company’s portion of undistributed earnings | 22,143 | ' |
Other Unconsolidated Affiliates [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Current assets | 10,210 | 11,343 |
Noncurrent assets | 3,137 | 3,163 |
Current liabilities | 5,225 | 4,910 |
Shareholders’ equity and capital accounts | 8,122 | 9,596 |
The Company’s portion of undistributed earnings | $1,100 | ' |
Note_20_Investments_in_Unconso6
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Unaudited, Condensed Income Statement Information for Unconsolidated Affiliates (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net sales | $231,077 | $210,232 |
Gross profit | 21,016 | 4,601 |
Income from operations | 17,060 | 652 |
Net income (loss) | 17,868 | 1,238 |
Depreciation and amortization | 7,107 | 7,816 |
Cash received by PAL under EAP program | 4,054 | 4,926 |
Earnings recognized by PAL for EAP program | 9,079 | 2,319 |
Dividends and cash distributions received | 2,559 | 2,224 |
Parkdale America, LLC [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net sales | 222,537 | 201,390 |
Gross profit | 20,090 | 2,948 |
Income from operations | 16,572 | -571 |
Net income (loss) | 17,340 | 38 |
Depreciation and amortization | 7,082 | 7,791 |
Cash received by PAL under EAP program | 4,054 | 4,926 |
Earnings recognized by PAL for EAP program | 9,079 | 2,319 |
Dividends and cash distributions received | 2,559 | 2,224 |
Other Unconsolidated Affiliates [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net sales | 8,540 | 8,842 |
Gross profit | 926 | 1,653 |
Income from operations | 488 | 1,223 |
Net income (loss) | 528 | 1,200 |
Depreciation and amortization | $25 | $25 |
Note_21_Commitments_and_Contin1
Note 21 - Commitments and Contingencies (Details) | 1 Months Ended | 3 Months Ended |
Sep. 30, 2004 | Sep. 29, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '99 years | ' |
Number of Years of Monitoring and Reporting Costs of an Individual Site | ' | '7 years |
Note_22_Related_Party_Transact2
Note 22 - Related Party Transactions (Details) (USD $) | 3 Months Ended | 12 Months Ended | 15 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Jun. 30, 2013 | Sep. 29, 2013 |
Note 22 - Related Party Transactions (Details) [Line Items] | ' | ' | ' |
Stock Repurchased and Retired During Period, Shares | 249 | 1,068 | 1,317 |
Invemed Associates LLC [Member] | ' | ' | ' |
Note 22 - Related Party Transactions (Details) [Line Items] | ' | ' | ' |
Stock Repurchased and Retired During Period, Shares | 249 | ' | ' |
Stock Repurchased During Period, Commission Paid Per Share (in Dollars per share) | 0.02 | ' | ' |
Note_22_Related_Party_Transact3
Note 22 - Related Party Transactions (Details) - Related Party Receivables and Payables (USD $) | Sep. 29, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Note 22 - Related Party Transactions (Details) - Related Party Receivables and Payables [Line Items] | ' | ' |
Related party receivables | $498 | $204 |
Related party payables | 675 | 637 |
Dillon Yarn Corporation [Member] | ' | ' |
Note 22 - Related Party Transactions (Details) - Related Party Receivables and Payables [Line Items] | ' | ' |
Related party receivables | 497 | 198 |
Related party payables | 198 | 135 |
Cupron, Inc. [Member] | ' | ' |
Note 22 - Related Party Transactions (Details) - Related Party Receivables and Payables [Line Items] | ' | ' |
Related party receivables | 1 | 6 |
Related party payables | 201 | 218 |
Salem Leasing Corporation [Member] | ' | ' |
Note 22 - Related Party Transactions (Details) - Related Party Receivables and Payables [Line Items] | ' | ' |
Related party payables | 276 | 267 |
American Drawtech Company, Inc. [Member] | ' | ' |
Note 22 - Related Party Transactions (Details) - Related Party Receivables and Payables [Line Items] | ' | ' |
Related party payables | ' | $17 |
Note_22_Related_Party_Transact4
Note 22 - Related Party Transactions (Details) - Related Party Transactions (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Dillon Yarn Corporation [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Yarn purchases | $887 | $764 |
Costs from related party transactions | ' | 126 |
Sales | 855 | 4 |
Salem Leasing Corporation [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Costs from related party transactions | 915 | 786 |
American Drawtech Company, Inc. [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Yarn purchases | ' | 43 |
Sales | ' | 97 |
Cupron, Inc. [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Sales | $26 | $2 |
Note_23_Business_Segment_Infor2
Note 23 - Business Segment Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Note 23 - Business Segment Information (Details) [Line Items] | ' | ' |
Number of Operating Segments | 3 | ' |
Export Sales from U.S. Operations [Member] | ' | ' |
Note 23 - Business Segment Information (Details) [Line Items] | ' | ' |
Revenues | $23,256 | $22,985 |
Note_23_Business_Segment_Infor3
Note 23 - Business Segment Information (Details) - Selected Financial Information for Polyester, Nylon and International Segments (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | $168,669 | $172,900 |
Cost of sales | 148,684 | 154,880 |
Gross profit | 19,985 | 18,020 |
Selling, general and administrative expenses | 10,114 | 11,147 |
Restructuring charges | 896 | ' |
Segment operating profit | 8,285 | 6,182 |
Operating Segments [Member] | Polyester [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Restructuring charges | 230 | ' |
Segment operating profit | 4,095 | 1,456 |
Operating Segments [Member] | Nylon [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Segment operating profit | 2,644 | 1,734 |
Operating Segments [Member] | International [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Segment operating profit | 2,902 | 3,683 |
Operating Segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Restructuring charges | 230 | ' |
Segment operating profit | 9,641 | 6,873 |
Polyester [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 93,562 | 93,036 |
Cost of sales | 83,202 | 84,829 |
Gross profit | 10,360 | 8,207 |
Selling, general and administrative expenses | 6,035 | 6,751 |
Segment operating profit | 4,095 | 1,456 |
Nylon [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 39,715 | 40,014 |
Cost of sales | 35,021 | 35,944 |
Gross profit | 4,694 | 4,070 |
Selling, general and administrative expenses | 2,050 | 2,336 |
Segment operating profit | 2,644 | 1,734 |
International [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 35,392 | 39,850 |
Cost of sales | 30,461 | 34,107 |
Gross profit | 4,931 | 5,743 |
Selling, general and administrative expenses | 2,029 | 2,060 |
Segment operating profit | $2,902 | $3,683 |
Note_23_Business_Segment_Infor4
Note 23 - Business Segment Information (Details) - Reconciliations from Segment Operating Profit to Consolidated Income Before Income Taxes (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Operating income | $8,285 | $6,182 |
Interest income | -1,214 | -124 |
Interest expense | 1,252 | 1,444 |
Loss on extinguishment of debt | ' | 242 |
Equity in earnings of unconsolidated affiliates | -6,123 | -671 |
Income before income taxes | 14,370 | 5,291 |
(Benefit) provision for bad debts | -38 | 110 |
Other operating expense, net | 1,394 | 581 |
Polyester [Member] | Operating Segments [Member] | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Operating income | 4,095 | 1,456 |
Polyester [Member] | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Operating income | 4,095 | 1,456 |
Nylon [Member] | Operating Segments [Member] | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Operating income | 2,644 | 1,734 |
Nylon [Member] | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Operating income | 2,644 | 1,734 |
International [Member] | Operating Segments [Member] | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Operating income | 2,902 | 3,683 |
International [Member] | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Operating income | 2,902 | 3,683 |
Operating Segments [Member] | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Operating income | $9,641 | $6,873 |
Note_23_Business_Segment_Infor5
Note 23 - Business Segment Information (Details) - Reconciliation of Other Significant Reconciling Items from Segments to Consolidated (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' |
Depreciation and amortization expense | $4,408 | $6,517 |
Segment other adjustments | -95 | 94 |
Segment adjusted profit | 13,997 | 13,272 |
Capital expenditures | 5,691 | 1,091 |
Amortization included in interest expense | 107 | 166 |
Polyester [Member] | Intersegment Eliminations [Member] | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' |
Intersegment sales | 5 | 621 |
Polyester [Member] | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' |
Depreciation and amortization expense | 2,749 | 4,681 |
Segment other adjustments | 2 | 94 |
Segment adjusted profit | 7,076 | 6,231 |
Capital expenditures | 4,392 | 729 |
Nylon [Member] | Intersegment Eliminations [Member] | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' |
Intersegment sales | 73 | 122 |
Nylon [Member] | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' |
Depreciation and amortization expense | 744 | 758 |
Segment other adjustments | -157 | ' |
Segment adjusted profit | 3,231 | 2,492 |
Capital expenditures | 571 | 56 |
International [Member] | Intersegment Eliminations [Member] | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' |
Intersegment sales | 99 | 293 |
International [Member] | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' |
Depreciation and amortization expense | 728 | 866 |
Segment other adjustments | 60 | ' |
Segment adjusted profit | 3,690 | 4,549 |
Capital expenditures | 656 | 165 |
Operating Segments [Member] | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' |
Depreciation and amortization expense | 4,221 | 6,305 |
Capital expenditures | 5,619 | 950 |
Intersegment Eliminations [Member] | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' |
Intersegment sales | 177 | 1,036 |
Corporate, Non-Segment [Member] | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' |
Capital expenditures | 72 | 141 |
Other Operating Expenses, Net [Member] | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' |
Depreciation and amortization expense | $80 | $46 |
Note_23_Business_Segment_Infor6
Note 23 - Business Segment Information (Details) - Reconciliation of Segment Total Assets to Consolidated Total Assets (USD $) | Sep. 29, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Consolidated assets | $453,263 | $455,466 |
Unallocated corporate PP&E | 115,574 | 115,164 |
Investments in unconsolidated affiliates | 96,888 | 93,261 |
Polyester [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Consolidated assets | 182,823 | 185,190 |
Nylon [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Consolidated assets | 71,241 | 72,599 |
International [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Consolidated assets | 83,406 | 84,151 |
Operating Segments [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Consolidated assets | 337,470 | 341,940 |
Corporate, Non-Segment [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
All other current assets | 2,324 | 3,342 |
Unallocated corporate PP&E | 11,779 | 11,983 |
All other non-current assets | 4,802 | 4,940 |
Investments in unconsolidated affiliates | $96,888 | $93,261 |
Note_23_Business_Segment_Infor7
Note 23 - Business Segment Information (Details) - Geographic Information for Net Sales (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Note 23 - Business Segment Information (Details) - Geographic Information for Net Sales [Line Items] | ' | ' |
Net sales | $168,669 | $172,900 |
United States [Member] | ' | ' |
Note 23 - Business Segment Information (Details) - Geographic Information for Net Sales [Line Items] | ' | ' |
Net sales | 123,727 | 122,587 |
Brazil [Member] | ' | ' |
Note 23 - Business Segment Information (Details) - Geographic Information for Net Sales [Line Items] | ' | ' |
Net sales | 30,313 | 32,521 |
All Other Foreign [Member] | ' | ' |
Note 23 - Business Segment Information (Details) - Geographic Information for Net Sales [Line Items] | ' | ' |
Net sales | $14,629 | $17,792 |
Note_23_Business_Segment_Infor8
Note 23 - Business Segment Information (Details) - Geographic Information for Long-lived Assets (USD $) | Sep. 29, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Note 23 - Business Segment Information (Details) - Geographic Information for Long-lived Assets [Line Items] | ' | ' |
Long-lived assets | $224,433 | $225,766 |
United States [Member] | ' | ' |
Note 23 - Business Segment Information (Details) - Geographic Information for Long-lived Assets [Line Items] | ' | ' |
Long-lived assets | 202,220 | 200,958 |
Brazil [Member] | ' | ' |
Note 23 - Business Segment Information (Details) - Geographic Information for Long-lived Assets [Line Items] | ' | ' |
Long-lived assets | 13,422 | 16,150 |
All Other Foreign [Member] | ' | ' |
Note 23 - Business Segment Information (Details) - Geographic Information for Long-lived Assets [Line Items] | ' | ' |
Long-lived assets | $8,791 | $8,658 |
Note_23_Business_Segment_Infor9
Note 23 - Business Segment Information (Details) - Geographic Information for Total Assets (USD $) | Sep. 29, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Note 23 - Business Segment Information (Details) - Geographic Information for Total Assets [Line Items] | ' | ' |
Assets | $453,263 | $455,466 |
United States [Member] | ' | ' |
Note 23 - Business Segment Information (Details) - Geographic Information for Total Assets [Line Items] | ' | ' |
Assets | 346,439 | 346,651 |
Brazil [Member] | ' | ' |
Note 23 - Business Segment Information (Details) - Geographic Information for Total Assets [Line Items] | ' | ' |
Assets | 72,454 | 72,735 |
All Other Foreign [Member] | ' | ' |
Note 23 - Business Segment Information (Details) - Geographic Information for Total Assets [Line Items] | ' | ' |
Assets | $34,370 | $36,080 |
Note_24_Subsequent_Events_Deta
Note 24 - Subsequent Events (Details) (USD $) | 3 Months Ended | 12 Months Ended | 15 Months Ended | 0 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 29, 2013 | Jun. 30, 2013 | Sep. 29, 2013 | Nov. 01, 2013 |
Subsequent Event [Member] | ||||
Dillon Yarn Corporation [Member] | ||||
Note 24 - Subsequent Events (Details) [Line Items] | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | ' | ' | 150 |
(in Dollars per share) | $23.16 | $18.08 | $19.04 | $23 |
Payments for Repurchase of Common Stock (in Dollars) | $5,768 | ' | ' | $3,450 |
Note_25_Supplemental_Cash_Flow2
Note 25 - Supplemental Cash Flow Information (Details) - Cash Payments for Interest and Taxes (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Cash Payments for Interest and Taxes [Abstract] | ' | ' |
Interest, net of capitalized interest | $858 | $1,362 |
Taxes, net of refunds | $2,144 | $2,441 |