Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jul. 03, 2022 | Sep. 09, 2022 | Dec. 28, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001084869 | ||
Entity Registrant Name | 1 800 FLOWERS COM INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --07-03 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jul. 03, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 0-26841 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 11-3117311 | ||
Entity Address, Address Line One | Two Jericho Plaza, Suite 200 | ||
Entity Address, City or Town | Jericho | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 11753 | ||
City Area Code | 516 | ||
Local Phone Number | 237-6000 | ||
Title of 12(b) Security | Class A common stock | ||
Trading Symbol | FLWS | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 596,576,000 | ||
Auditor Name | BDO USA, LLP | ||
Auditor Location | Melville, NY | ||
Auditor Firm ID | 243 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 27,249,614 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 37,287,993 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 03, 2022 | Jun. 27, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 31,465 | $ 173,573 |
Trade receivables, net | 23,812 | 20,831 |
Inventories | 247,563 | 153,863 |
Prepaid and other | 45,398 | 51,792 |
Total current assets | 348,238 | 400,059 |
Property, plant and equipment, net | 236,481 | 215,287 |
Operating lease right-of-use assets | 129,390 | 86,230 |
Goodwill | 213,287 | 208,150 |
Other intangibles, net | 145,568 | 139,048 |
Other assets | 21,927 | 27,905 |
Total assets | 1,094,891 | 1,076,679 |
Current liabilities: | ||
Accounts payable | 57,386 | 57,434 |
Accrued expenses | 175,392 | 178,512 |
Current maturities of long-term debt | 20,000 | 20,000 |
Current portion of long-term operating lease liabilities | 12,919 | 9,992 |
Total current liabilities | 265,697 | 265,938 |
Long-term debt, net | 142,497 | 161,512 |
Long-term operating lease liabilities | 123,662 | 79,375 |
Deferred tax liabilities, net | 35,742 | 34,162 |
Other liabilities | 17,884 | 26,622 |
Total liabilities | 585,482 | 567,609 |
Commitments and contingencies (Note 17) | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued | 0 | 0 |
Additional paid-in capital | 379,885 | 371,103 |
Retained earnings | 315,785 | 286,175 |
Accumulated other comprehensive loss | (211) | (318) |
Treasury stock, at cost, 20,418,396 and 18,825,841 Class A shares in 2022 and 2021, respectively, and 5,280,000 Class B shares in 2022 and 2021 | (186,952) | (148,781) |
Total stockholders’ equity | 509,409 | 509,070 |
Total liabilities and stockholders’ equity | 1,094,891 | 1,076,679 |
Common Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 577 | 557 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 325 | $ 334 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jul. 03, 2022 | Jun. 27, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, issued (in shares) | 57,706,389 | 55,675,661 |
Treasury stock, shares (in shares) | 20,418,396 | 18,825,841 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, issued (in shares) | 32,529,614 | 33,433,614 |
Treasury stock, shares (in shares) | 5,280,000 | 5,280,000 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jul. 03, 2022 | Jun. 27, 2021 | Jun. 28, 2020 | |
Net revenues | $ 2,207,885 | $ 2,122,245 | $ 1,489,637 |
Cost of revenues | 1,386,147 | 1,225,816 | 867,441 |
Gross profit | 821,738 | 896,429 | 622,196 |
Operating expenses: | |||
Marketing and sales | 571,661 | 533,268 | 363,227 |
Technology and development | 56,561 | 54,428 | 48,698 |
General and administrative | 102,337 | 117,136 | 97,394 |
Depreciation and amortization | 49,078 | 42,510 | 32,513 |
Total operating expenses | 779,637 | 747,342 | 541,832 |
Operating income | 42,101 | 149,087 | 80,364 |
Interest expense, net | 5,667 | 5,860 | 2,438 |
Other (income) expense, net | 5,332 | (5,888) | 84 |
Income before income taxes | 31,102 | 149,115 | 77,842 |
Income tax expense | 1,492 | 30,463 | 18,844 |
Net income | 29,610 | 118,652 | 58,998 |
Other comprehensive income (loss) (currency translation) | 107 | (75) | 26 |
Comprehensive income | $ 29,717 | $ 118,577 | $ 59,024 |
Basic net income per common share (in dollars per share) | $ 0.46 | $ 1.83 | $ 0.92 |
Diluted net income per common share (in dollars per share) | $ 0.45 | $ 1.78 | $ 0.89 |
Weighted average shares used in the calculation of net income per common share: | |||
Basic (in shares) | 64,977 | 64,739 | 64,463 |
Diluted (in shares) | 65,617 | 66,546 | 66,408 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Jun. 30, 2019 | 53,084,127 | 33,822,823 | 22,489,093 | ||||
Balance at Jun. 30, 2019 | $ 530 | $ 338 | $ 349,319 | $ 108,525 | $ (269) | $ (115,732) | $ 342,711 |
Net income | 0 | 0 | 0 | 58,998 | 0 | 0 | 58,998 |
Translation adjustment | $ 0 | $ 0 | 0 | 0 | 26 | $ 0 | 26 |
Stock-based compensation (in shares) | 470,350 | 0 | 0 | ||||
Stock-based compensation | $ 5 | $ 0 | 8,429 | 0 | 0 | $ 0 | 8,434 |
Exercise of stock options (in shares) | 150,000 | 0 | 0 | ||||
Exercise of stock options | $ 2 | $ 0 | 283 | 0 | 0 | $ 0 | $ 285 |
Acquisition of Class A treasury stock (in shares) | 0 | 0 | 754,458 | 754,458 | |||
Acquisition of Class A treasury stock | $ 0 | $ 0 | 0 | 0 | 0 | $ (10,680) | $ (10,680) |
Balance (in shares) at Jun. 28, 2020 | 53,704,477 | 33,822,823 | 23,243,551 | ||||
Balance at Jun. 28, 2020 | $ 537 | $ 338 | 358,031 | 167,523 | (243) | $ (126,412) | 399,774 |
Net income | 0 | 0 | 0 | 118,652 | 0 | 0 | 118,652 |
Translation adjustment | $ 0 | $ 0 | 0 | 0 | (75) | $ 0 | (75) |
Stock-based compensation (in shares) | 688,675 | 0 | 0 | ||||
Stock-based compensation | $ 7 | $ 0 | 10,828 | 0 | 0 | $ 0 | 10,835 |
Exercise of stock options (in shares) | 893,300 | 0 | 0 | ||||
Exercise of stock options | $ 9 | $ 0 | 2,244 | 0 | 0 | $ 0 | $ 2,253 |
Acquisition of Class A treasury stock (in shares) | 0 | 0 | 862,290 | 862,290 | |||
Acquisition of Class A treasury stock | $ 0 | $ 0 | 0 | 0 | 0 | $ (22,369) | $ (22,369) |
Conversion of Class B stock into Class A stock (in shares) | 389,209 | ||||||
Conversion of Class B stock into Class A stock | $ 4 | $ (4) | |||||
Conversion of Class B stock into Class A stock (in shares) | (389,209) | ||||||
Balance (in shares) at Jun. 27, 2021 | 55,675,661 | 33,433,614 | 24,105,841 | ||||
Balance at Jun. 27, 2021 | $ 557 | $ 334 | 371,103 | 286,175 | (318) | $ (148,781) | 509,070 |
Net income | 0 | 0 | 0 | 29,610 | 0 | 0 | 29,610 |
Translation adjustment | $ 0 | $ 0 | 0 | 0 | 107 | $ 0 | 107 |
Stock-based compensation (in shares) | 805,028 | 0 | 0 | ||||
Stock-based compensation | $ 8 | $ 0 | 7,939 | 0 | 0 | $ 0 | $ 7,947 |
Exercise of stock options (in shares) | 321,700 | 0 | 0 | 321,700 | |||
Exercise of stock options | $ 3 | $ 0 | 843 | 0 | 0 | $ 0 | $ 846 |
Acquisition of Class A treasury stock (in shares) | 0 | 0 | 1,592,555 | 1,592,555 | |||
Acquisition of Class A treasury stock | $ 0 | $ 0 | 0 | 0 | 0 | $ (38,171) | $ (38,171) |
Conversion of Class B stock into Class A stock (in shares) | 904,000 | ||||||
Conversion of Class B stock into Class A stock | $ (9) | ||||||
Conversion of Class B stock into Class A stock (in shares) | (904,000) | ||||||
Conversion of Class B stock into Class A stock | $ 9 | ||||||
Balance (in shares) at Jul. 03, 2022 | 57,706,389 | 32,529,614 | 25,698,396 | ||||
Balance at Jul. 03, 2022 | $ 577 | $ 325 | $ 379,885 | $ 315,785 | $ (211) | $ (186,952) | $ 509,409 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 03, 2022 | Jun. 27, 2021 | Jun. 28, 2020 | |
Operating activities: | |||
Net income | $ 29,610 | $ 118,652 | $ 58,998 |
Reconciliation of net income to net cash provided by operating activities net of acquisitions: | |||
Depreciation and amortization | 49,078 | 42,510 | 32,513 |
Amortization of deferred financing costs | 1,269 | 1,143 | 646 |
Deferred income taxes | 1,579 | 5,530 | (266) |
Bad debt expense (recoveries) | (411) | 964 | 4,143 |
Stock-based compensation | 7,947 | 10,835 | 8,434 |
Other non-cash items | 3,194 | 645 | 1,032 |
Changes in operating items: | |||
Trade receivables | (2,452) | (5,236) | (6,947) |
Inventories | (85,047) | (39,104) | (4,371) |
Prepaid and other | 6,731 | (22,850) | (726) |
Accounts payable and accrued expenses | (6,595) | 57,397 | 44,359 |
Other assets and other liabilities | 286 | 2,804 | 1,602 |
Net cash provided by operating activities | 5,189 | 173,290 | 139,417 |
Investing activities: | |||
Acquisitions, net of cash acquired | (21,280) | (250,942) | (20,500) |
Capital expenditures, net of non-cash expenditures | (66,408) | (55,219) | (34,703) |
Purchase of equity investments | (2,000) | (1,756) | (1,176) |
Net cash used in investing activities | (89,688) | (307,917) | (56,379) |
Financing activities: | |||
Acquisition of treasury stock | (38,171) | (22,369) | (10,680) |
Proceeds from exercise of employee stock options | 846 | 2,253 | 285 |
Proceeds from bank borrowings | 125,000 | 265,000 | 20,000 |
Repayment of notes payable and bank borrowings | (145,000) | (174,997) | (25,000) |
Debt issuance costs | (284) | (2,193) | (60) |
Net cash provided by (used in) financing activities | (57,609) | 67,694 | (15,455) |
Net change in cash and cash equivalents | (142,108) | (66,933) | 67,583 |
Cash and cash equivalents: | |||
Beginning of year | 173,573 | 240,506 | 172,923 |
End of year | $ 31,465 | $ 173,573 | $ 240,506 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | Supplemental Cash Flow Information: - Interest paid amounted to $4.6 million, $5.2 million, and $3.5 million for the years ended July 3, 2022, June 27, 2021, June 28, 2020, - The Company paid income taxes of approximately $1.4 million, $37.2 million, and $15.5 million, net of tax refunds received, for the years ended July 3, 2022, June 27, 2021, June 28, 2020, - Acquisition of treasury stock includes treasury stock acquired to cover required employee withholding, upon vesting of restricted stock awards. See accompanying Notes to Consolidated Financial Statements. |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. 1 800 1 800 1 800 no 1 800 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 2. Basis of Presentation The consolidated financial statements include the accounts of 1 800 not 2022, 2021 2020. Fiscal Year The Company’s fiscal year is a 52 53 June 30. 2022, July 3, 2022, 53 2021 2020, June 27, 2021 June 28, 2020, 52 Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits with banks, highly liquid money market funds, United States government securities, overnight repurchase agreements and commercial paper with maturities of three Inventories Inventories are valued at the lower of cost or market using the first first Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation expense is computed using the straight-line method over the assets’ estimated useful lives. Amortization of leasehold improvements and capital leases is computed using the straight-line method over the shorter of the estimated useful lives and the initial lease terms. The Company capitalizes certain internal and external costs incurred to acquire or develop internal-use software. Capitalized software costs are amortized on a straight-line basis over the estimated useful life of the software. Orchards in production, consisting of direct labor and materials, supervision and other items, are capitalized as part of capital projects in progress – orchards until the orchards produce fruit in commercial quantities, at which time they are reclassified to orchards in production. Estimated useful lives are periodically reviewed, and where appropriate, changes are made prospectively. The Company’s property, plant and equipment are depreciated using the following estimated lives: Building and building improvements (years) 10 - 40 Leasehold improvements (years) 3 - 10 Furniture, fixtures and production equipment (years) 43 - 20 Software (years) 3 - 7 Orchards in production and land improvements (years) 15 - 45 Property, plant and equipment are reviewed for impairment whenever changes in circumstances or events may not Goodwill Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in each business combination, with the carrying value of the Company’s goodwill allocated to its reporting units, in accordance with the acquisition method of accounting. Goodwill is not fourth not may In applying the goodwill impairment test, the Company has the option to perform a qualitative test (also known as “Step 0” 1” 0 first not may not not” 1 Step 1 no The Company generally estimates the fair value of a reporting unit using an equal weighting of the income and market approaches. The Company uses industry accepted valuation models and set criteria that are reviewed and approved by various levels of management. Under the income approach, the Company uses a discounted cash flow methodology which requires management to make significant estimates and assumptions related to forecasted revenues, gross profit margins, operating income margins, working capital cash flow, perpetual growth rates, and long-term discount rates, among others. For the market approach, the Company uses the guideline public company method. Under this method the Company utilizes information from comparable publicly traded companies with similar operating and investment characteristics as the reporting units, to create valuation multiples that are applied to the operating performance of the reporting unit being tested, in order to obtain their respective fair values. The Company also reconciles the aggregate fair values of its reporting units determined in the first During fiscal years 2021 2020, 0 not not” July 3, 2022, 1 July 3, 2022, The assessment of the recoverability of goodwill contains uncertainties requiring management to make assumptions and to apply judgment to estimate economic factors and the profitability of future operations. Actual results could differ from these assumptions and projections, resulting in us revising our assumptions and, if required, recognizing an impairment loss. Other Intangibles, net Other intangibles consist of definite-lived intangible assets (such as investment in licenses, customer lists, and others) and indefinite-lived intangible assets (such as acquired trade names and trademarks). The cost of definite-lived intangible assets is amortized to reflect the pattern of economic benefits consumed, over the estimated periods benefited, ranging from 3 to 16 years, while indefinite-lived intangible assets are not Definite-lived intangibles are reviewed for impairment whenever changes in circumstances or events may not The Company tests indefinite-lived intangible assets for impairment at least annually, during the fourth may not 0” 0 not may not not” third During fiscal years 2021 2020, 0 not not” During fiscal year 2022, The assessment of the recoverability of intangible assets contains uncertainties requiring management to make assumptions and to apply judgment to estimate economic factors and the profitability of future operations. Actual results could differ from these assumptions and projections, resulting in us revising our assumptions and, if required, recognizing an impairment loss. Business Combinations The Company accounts for business combinations in accordance with ASC Topic 805, not 3 The Company capitalizes the costs of producing and distributing its catalogs and expenses them upon mailing. Included within prepaid and other current assets were $3.1 million and $2.7 million at July 3, 2022 June 27, 2021 Investments Equity investments without a readily determinable fair value Investments in non-marketable equity instruments of private companies, where the Company does not July 3, 2022 June 27, 2021. Equity investments with a readily determinable fair value The Company also holds certain trading securities associated with its Non-Qualified Deferred Compensation Plan (“NQDC Plan”). These investments are measured using quoted market prices at the reporting date and are included within the “Other assets” line item in the consolidated balance sheets (see Note 10 - Fair Value Measurements Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with high quality financial institutions. Concentration of credit risk with respect to accounts receivable is limited due to the Company's large number of customers and their dispersion throughout the United States, and the fact that a substantial portion of receivables are related to balances owed by major credit card companies. Allowances relating to consumer, corporate and franchise accounts receivable ($2.4 million at July 3, 2022 June 27, 2021) Revenue Recognition Net revenue is measured based on the amount of consideration that we expect to receive, reduced by discounts and estimates for credits and returns (calculated based upon previous experience and management’s evaluation). Service and outbound shipping charged to customers are recognized at the time the related merchandise revenues are recognized and are included in net revenues. Inbound and outbound shipping and delivery costs are included in cost of revenues. Net revenues exclude sales and other similar taxes collected from customers. A description of our principal revenue generating activities is as follows: - E-commerce revenues - consumer products sold through our online and telephonic channels. Revenue is recognized when control of the merchandise is transferred to the customer, which generally occurs upon shipment. Payment is typically due prior to the date of shipment. - Retail revenues - consumer products sold through our retail stores. Revenue is recognized when control of the goods is transferred to the customer, at the point of sale, at which time payment is received. - Wholesale revenues - products sold to our wholesale customers for subsequent resale. Revenue is recognized when control of the goods is transferred to the customer, in accordance with the terms of the applicable agreement. Payment terms are typically 30 - BloomNet Services - membership fees as well as other service offerings to florists. Membership and other subscription-based fees are recognized monthly as earned. Services revenues related to orders sent through the floral network are variable, based on either the number of orders or the value of orders, and are recognized in the period in which the orders are delivered. The contracts within BloomNet Services are typically month-to-month and as a result no 30 Deferred Revenues Deferred revenues are recorded when the Company has received consideration (i.e., advance payment) before satisfying its performance obligations. As such, customer orders are recorded as deferred revenue prior to shipment or rendering of product or services. Deferred revenues primarily relate to e-commerce orders placed, but not Our total deferred revenue as of June 27, 2021 July 3, 2022. July 3, 2022 Cost of Revenues Cost of revenues consists primarily of florist fulfillment costs (fees paid directly to florists), the cost of floral and non-floral merchandise sold from inventory or through third Marketing and Sales Marketing and sales expense consists primarily of advertising expenses, catalog costs, online portal and search expenses, retail store and fulfillment operations (other than costs included in cost of revenues), and customer service center expenses, as well as the operating expenses of the Company’s departments engaged in marketing, selling and merchandising activities. The Company expenses all advertising costs, with the exception of catalog costs (see Deferred Catalog Costs first July 3, 2022, June 27, 2021 June 28, 2020, Technology and Development Technology and development expense consists primarily of payroll and operating expenses of the Company’s information technology group, costs associated with its websites, including hosting, content development and maintenance and support costs related to the Company’s order entry, customer service, fulfillment and database systems. Costs associated with the acquisition or development of software for internal use are capitalized if the software is expected to have a useful life beyond one three seven one Stock-Based Compensation The Company records compensation expense associated with restricted stock awards and other forms of equity compensation based upon the fair value of stock-based awards as measured at the grant date. The cost associated with share-based awards that are subject solely to time-based vesting requirements is recognized over the awards’ service period for the entire award on a straight-line basis. The cost associated with performance-based equity awards is recognized for each tranche over the service period, based on an assessment of the likelihood that the applicable performance goals will be achieved. Derivatives and Hedging The Company does not not July 3, 2022 June 27, 2021. Income Taxes The Company uses the asset and liability method to account for income taxes. The Company has established deferred tax assets and liabilities for temporary differences between the financial reporting bases and the income tax bases of its assets and liabilities at enacted tax rates expected to be in effect when such assets or liabilities are realized or settled. The Company recognizes as a deferred tax asset, the tax benefits associated with losses related to operations. Realization of these deferred tax assets assumes that we will be able to generate sufficient future taxable income so that these assets will be realized. The factors that the Company considers in assessing the likelihood of realization include the forecast of future taxable income and available tax planning strategies that could be implemented to realize the deferred tax assets. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 50% not” Net Income Per Share Basic net income per common share is computed by dividing the net income during the period by the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing the net income during the period by the sum of the weighted-average number of common shares outstanding during the period and the potential dilutive common shares (consisting of employee stock options and unvested restricted stock awards). Recently Issued Accounting Pronouncements - Adopted Financial Instruments Measurement of Credit Losses. June 2016, No. 2016 13, 326 2016 13 2016 13 2021 September 27, 2020), no Goodwill Impairment Test. January 2017, No. 2017 04, 350 two 2017 04, 2021 September 27, 2020), no COVID- 19 On March 27, 2020, 19, not 2022 2021. The Company is closely monitoring the impact of COVID- 19 19 not 19, 19 July 3, 2022 not not July 3, 2022 June 27, 2021, |
Note 3 - Net Income Per Common
Note 3 - Net Income Per Common Share | 12 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3 Net Income Per Common Share The following table sets forth the computation of basic and diluted net income: Years Ended July 3, 2022 June 27, 2021 June 28, 2020 (in thousands, except per share data) Numerator: Net income $ 29,610 $ 118,652 $ 58,998 Denominator: Weighted average shares outstanding 64,977 64,739 64,463 Effect of dilutive securities: Employee stock options 45 727 1,042 Employee restricted stock awards 595 1,080 903 Total effect of dilutive securities 640 1,807 1,945 Adjusted weighted-average shares and assumed conversions 65,617 66,546 66,408 Net income per common share: Basic $ 0.46 $ 1.83 $ 0.92 Diluted $ 0.45 $ 1.78 $ 0.89 |
Note 4 - Acquisitions
Note 4 - Acquisitions | 12 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 4. Acquisition of Shari s Berries On August 14, 2019, During the quarter ended June 28, 2020, The following table summarizes the allocation of the purchase price to the estimated fair values of assets acquired and liabilities assumed at the date of the acquisition: Shari s Berries Purchase Price Allocation (in thousands) Current assets $ 1,029 Intangible assets 7,540 Goodwill 12,121 Total assets acquired 20,690 Current liabilities 190 Net assets acquired $ 20,500 Raw materials inventory was valued at book value, as there have not The estimated fair value of the acquired tradenames was determined using the relief from royalty method, which is a risk-adjusted discounted cash flow approach. The relief from royalty method values an intangible asset by estimating the royalties saved through ownership of the asset. The relief from royalty method requires identifying the future revenue that would be generated by the trademark, multiplying it by a royalty rate deemed to be avoided through ownership of the asset and discounting the projected royalty savings amounts back to the acquisition date. The royalty rate used in the valuation was based on a consideration of market rates for similar categories of assets. The discount rate used in the valuation was based on the Company’s weighted average cost of capital, the riskiness of the earnings stream associated with the trademarks and the overall composition of the acquired assets. The estimated fair value of the acquired customer lists was determined using the excess earnings method under the income approach. This method requires identifying the future revenue that would be generated by existing customers at the time of the acquisition, considering an appropriate attrition rate based on the historical experience of the Company. Appropriate expenses are then deducted from the revenues and economic rents are charged for the return on contributory assets. The after-tax cash flows attributable to the asset are discounted back to their net present value at an appropriate intangible asset rate of return and summed to calculate the value of the customer lists. Operating results of the Shari’s Berries brand are reflected in the Company’s consolidated financial statements from the date of acquisition, within the Gourmet Foods & Gift Baskets segment. Pro forma results of operations have not not Acquisition of PersonalizationMall On February 14, 2020, 1 800 800 1 800 July 20, 2020, August 3, 2020, The total purchase price was allocated to the identifiable assets acquired and liabilities assumed based on our preliminary estimates of their fair values on the acquisition date. The fair values assigned to PersonalizationMall’s tangible and intangible assets and liabilities assumed were considered preliminary and were based on the information that was available as of the date of the acquisition. As of June 27, 2021, The following table summarizes the allocation of the purchase price to the estimated fair values of assets acquired and liabilities assumed: PersonalizationMall s Preliminary Purchase Price Allocation Measurement Period Adjustments (1) PersonalizationMall s Final Purchase Price Allocation August 3, 2020 June 27, 2021 (in thousands) Assets Acquired: Inventories $ 16,998 $ - $ 16,998 Other assets 5,216 (1 ) 5,215 Property, plant and equipment, net 30,792 - 30,792 Operating lease right-of-use assets 21,438 - 21,438 Goodwill 133,337 102 133,439 Other intangibles, net 76,000 - 76,000 Total assets acquired $ 283,781 $ 101 $ 283,882 Liabilities assumed: Accounts payable and accrued expenses $ 11,400 $ 102 $ 11,502 Operating lease liabilities 21,438 - 21,438 Total liabilities assumed $ 32,838 $ 102 $ 32,940 Net assets acquired $ 250,943 $ (1 ) $ 250,942 ( 1 not June 27, 2021. The determination of the fair values of the acquired assets and assumed liabilities (and the related determination of estimated lives of depreciable tangible and identifiable intangible assets) requires significant judgment. The estimates and assumptions include the projected timing and amount of future cash flows and discount rates reflecting risk inherent in the future cash flows. Acquired inventory, consisting of raw materials and supplies, was valued at book value, as there have not Property, plant and equipment was valued at book value (cost less accumulated depreciation and amortization), due to the nature of the assets, which included recently acquired production equipment and leasehold improvements for PersonalizationMall's production facility, which became operational in September 2019. Based on the valuation as of August 3, 2020, not The estimated fair value of the acquired trade names was determined using the relief from royalty method, which is a risk-adjusted discounted cash flow approach. The relief from royalty method values an intangible asset by estimating the royalties saved through ownership of the asset. The relief from royalty method requires identifying the future revenue that would be generated by the trademark, multiplying it by a royalty rate deemed to be avoided through ownership of the asset and discounting the projected royalty savings amounts back to the acquisition date. The royalty rate used in the valuation was based on a consideration of market rates for similar categories of assets. The discount rate used in the valuation was based on PersonalizationMall's weighted average cost of capital, the riskiness of the earnings stream associated with the trademarks and the overall composition of the acquired assets. The estimated fair value of the acquired customer lists was determined using the excess earnings method under the income approach. This method requires identifying the future revenue that would be generated by existing customers at the time of the acquisition, considering an appropriate attrition rate based on the historical experience of the Company. Appropriate expenses are then deducted from the revenues and economic rents are charged for the return on contributory assets. The after-tax cash flows attributable to the asset are discounted back to their net present value at an appropriate intangible asset rate of return and summed to calculate the value of the customer lists. As required by ASC 805, June 27, 2021 June 28, 2020, July 1, 2019. 805 not not not may Year ended June 27, 2021 Year ended June 28, 2020 (in thousands) Net Revenues $ 2,138,238 $ 1,635,424 Net Income 125,213 63,871 The unaudited pro forma amounts above include the following adjustments: - A decrease of operating expenses by $5.4 and $2.7 million during the years ended June 27, 2021 June 28, 2020, not - An increase of operating expenses by $0.2 million during the year ended June 27, 2021 June 28, 2020, - An increase in interest expense of $0.6 million during the year ended June 27, 2021 June 28, 2020, 2020 - The combined pro forma results were tax effected using the Company's effective tax rate for the respective periods. Net revenue attributable to PersonalizationMall, included within the year ended July 3, 2022 June 27, 2021 July 3, 2022 June 27, 2021, Acquisition of Vital Choice On October 27, 2021, December 31, 2020. After working capital and related adjustments, total consideration was approximately $20.3 million, and was preliminarily allocated to the identifiable assets acquired and liabilities assumed based on our preliminary estimates of their fair values on the acquisition date. The Company is in the process of finalizing its allocation and has booked certain immaterial adjustments during the current quarter. The final allocation may The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of assets acquired and liabilities assumed at the date of the acquisition: Vital Choice Preliminary Purchase Price Allocation Measurement Period Interim Adjustments Vital Choice Preliminary Purchase Price Allocation October 27, 2021 July 3, 2022 (in thousands) Inventory $ 8,653 $ - $ 8,653 Other current assets 929 (474 ) 455 Property, plant and equipment 205 (205 ) - Intangible assets 9,800 - 9,800 Goodwill 4,383 34 4,417 Total assets acquired 23,970 ) (645 ) 23,325 Current liabilities 3,621 ) (256 ) 3,365 Net assets acquired $ 20,349 $ (389 ) $ 19,960 The estimated fair value of the acquired work in process and finished goods inventory was determined utilizing the income approach. The income approach estimates the fair value of the inventory based on the net retail value of the inventory, less operating expenses and a reasonable profit allowance. Raw materials inventory was valued at book value, as there have not Of the acquired intangible assets, $4.5 million was assigned to customer lists, which is being amortized over the estimated remaining life of 5 years, $5.3 million was assigned to tradenames (indefinite life), and $4.4 million was assigned to goodwill (indefinite life), which is expected to be deductible for tax purposes. The goodwill recognized is primarily related to synergistic value created in terms of both operating costs and revenue growth opportunities, enhanced financial and operational scale, and other strategic benefits. The estimated fair value of the acquired tradenames was determined using the relief from royalty method, which is a risk-adjusted discounted cash flow approach. The relief from royalty method values an intangible asset by estimating the royalties saved through ownership of the asset. The relief from royalty method requires identifying the future revenue that would be generated by the trademark, multiplying it by a royalty rate deemed to be avoided through ownership of the asset and discounting the projected royalty savings amounts back to the acquisition date. The royalty rate used in the valuation was based on a consideration of market rates for similar categories of assets. The discount rate used in the valuation was based on the Company’s weighted average cost of capital, the riskiness of the earnings stream associated with the trademarks and the overall composition of the acquired assets. The estimated fair value of the acquired customer lists was determined using the excess earnings method under the income approach. This method requires identifying the future revenue that would be generated by existing customers at the time of the acquisition, considering an appropriate attrition rate based on the historical experience of the Company. Appropriate expenses are then deducted from the revenues and economic rents are charged for the return on contributory assets. The after-tax cash flows attributable to the asset are discounted back to their net present value at an appropriate intangible asset rate of return and summed to calculate the value of the customer lists. Operating results of the Vital Choice business are reflected in the Company’s consolidated financial statements from the date of acquisition within the Gourmet Foods & Gift Baskets segment. Pro forma results of operations have not not Acquisition of Alice s Table On December 31, 2021 , September 30, 2021. The resulting total consideration of $1.3 million was preliminarily allocated to the identifiable assets acquired and liabilities assumed based on our preliminary estimates of their fair values on the acquisition date, including: goodwill of $0.7 million, trademarks of $0.5 million, customer lists of $0.2 million (4-year life) and deferred revenue of $0.1 million. The Company is in the process of finalizing its allocation and this may |
Note 5 - Inventory
Note 5 - Inventory | 12 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. The Company’s inventory, stated at cost, which is not July 3, 2022 June 27, 2021 (in thousands) Finished goods $ 128,760 $ 72,267 Work-in-process 29,270 19,058 Raw materials 89,533 62,538 Total inventory $ 247,563 $ 153,863 |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 12 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. The following table presents goodwill by segment and the related change in the net carrying amount: Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Total (in thousands) Balance at June 28, 2020 $ 17,441 $ - $ 57,270 $ 74,711 Acquisition of PersonalizationMall 133,439 $ - - 133,439 Balance at June 27, 2021 $ 150,880 $ - $ 57,270 $ 208,150 Acquisition of Vital Choice - - 4,417 4,417 Acquisition of Alice’s Table 720 - - 720 Balance at July 3, 2022 $ 151,600 $ - $ 61,687 $ 213,287 There were no July 3, 2022, June 27, 2021 June 28, 2020, The Company’s other intangible assets consist of the following: July 3, 2022 June 27, 2021 Amortization Period Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (in years) (in thousands) Intangible assets with determinable lives Investment in licenses 14 - 16 $ 7,420 $ 6,464 $ 956 $ 7,420 $ 6,359 $ 1,061 Customer lists 3 - 10 28,509 17,473 11,036 23,825 13,697 10,128 Other 5 - 14 2,946 2,543 403 2,946 2,483 463 Total intangible assets with determinable lives 38,875 26,480 12,395 34,191 22,539 11,652 Trademarks with indefinite lives 133,173 - 133,173 127,396 - 127,396 Total identifiable intangible assets $ 172,048 $ 26,480 $ 145,568 $ 161,587 $ 22,539 $ 139,048 Intangible assets with determinable lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not No July 3, 2022, June 27, 2021 June 28, 2020, The amortization of intangible assets for the years ended July 3, 2022, June 27, 2021 June 28, 2020 2023 2024 2025 2026 2027 |
Note 7 - Property, Plant and Eq
Note 7 - Property, Plant and Equipment | 12 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. July 3, 2022 June 27, 2021 (in thousands) Land $ 33,862 $ 30,284 Orchards in production and land improvements 19,773 18,829 Building and building improvements 65,909 62,232 Leasehold improvements 26,266 26,451 Production equipment 106,244 82,526 Furniture and fixtures 8,985 8,860 Computer and telecommunication equipment 38,934 55,841 Software 165,289 177,844 Capital projects in progress 14,525 18,090 Property, plant and equipment, gross 479,787 480,957 Accumulated depreciation and amortization (243,306 ) (265,670 ) Property, plant and equipment, net $ 236,481 $ 215,287 Depreciation expense for the years ended July 3, 2022, June 27, 2021, June 28, 2020 |
Note 8 - Accrued Expenses
Note 8 - Accrued Expenses | 12 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 8. Accrued expenses consisted of the following: July 3, 2022 June 27, 2021 (in thousands) Payroll and employee benefits $ 37,617 $ 56,134 Deferred revenue 33,746 33,388 Accrued marketing expenses 19,506 16,591 Accrued florist payout 18,938 17,926 Accrued purchases 32,141 17,259 Other 33,444 37,214 Accrued expenses $ 175,392 $ 178,512 |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 12 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. The Company’s current and long-term debt consists of the following: July 3, 2022 June 27, 2021 (in thousands) Revolver (1) $ - $ - Term Loan (1) 165,000 185,000 Deferred financing costs (2,503 ) (3,488 ) Total debt 162,497 181,512 Less: current debt 20,000 20,000 Long-term debt $ 142,497 $ 161,512 ( 1 On May 31, 2019, “2019 2019 December 23, 2016 29 May 31, 2024, September 29, 2019, first eight 11 January 1 August 1, may may 1 2 On August 20, 2020, 2019 2019 1 “2020 January 1 August 1 The 2020 May 31, 2024. 2020 may 2020 September 27, 2020, first four 11 On November 8, 2021, 2019 2019 2020 Subsequent to year-end, on August 29, 2022, 2019 2019 2019 1 October 2, 2022, 1.00 1.00 2 October 2, 2022, January 1, 2023, April 2, 2023, 1.00 1.00 may The Existing Credit Agreement requires that while any borrowings or commitments are outstanding the Company comply with certain financial covenants and affirmative covenants as well as certain negative covenants that, subject to certain exceptions, limit the Company’s ability to, among other things, incur additional indebtedness, make certain investments and make certain restricted payments. The Company was in compliance with these covenants as of July 3, 2022. Future principal payments under the Term Loan and 2020 2023 2024. |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 12 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. Cash and cash equivalents, trade and other receivables, prepaids, accounts payable and accrued expenses are reflected in the consolidated balance sheets at carrying value, which approximates fair value due to the short-term nature of these instruments. Although no may may not may Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value measurements establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 3 three Level 1 Valuations based on quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not Level 3 Valuations based on inputs that are supported by little or no The following table presents by level, within the fair value hierarchy, financial assets and liabilities measured at fair value on a recurring basis: Carrying Value Fair Value Measurements Assets (Liabilities) Level 1 Level 2 Level 3 (in thousands) Assets (liabilities) as of July 3, 2022: Trading securities held in a “rabbi trust” (1) $ 17,760 $ 17,760 $ - $ - $ 17,760 $ 17,760 $ - $ - Assets (liabilities) as of June 27, 2021: Trading securities held in a “rabbi trust” (1) $ 21,651 $ 21,651 $ - $ - $ 21,651 $ 21,651 $ - $ - ( 1 The Company has established a Non-qualified Deferred Compensation Plan (the “NQDC Plan”) for certain members of senior management. Deferred compensation plan assets are invested in mutual funds held in a “rabbi trust,” which is restricted for payment to participants of the NQDC Plan. Trading securities held in the rabbi trust are measured using quoted market prices at the reporting date and are included in the “Other assets” line item, with the corresponding liability included in the “Other liabilities” line item in the consolidated balance sheets. |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. Significant components of the income tax provision are as follows: Years ended July 3, 2022 June 27, 2021 June 28, 2020 (in thousands) Current provision (benefit): Federal $ (1,676 ) $ 17,594 $ 14,727 State 1,589 7,339 4,383 Current income tax expense (benefit) (87 ) 24,933 19,110 Deferred provision (benefit): Federal 2,679 5,160 (62 ) State (1,100 ) 370 (204 ) Deferred income tax expense (benefit) 1,579 5,530 (266 ) Income tax expense $ 1,492 $ 30,463 $ 18,844 A reconciliation of the U.S. federal statutory tax rate to the Company’s effective tax rate is as follows: Years ended July 3, 2022 June 27, 2021 June 28, 2020 Tax at U.S. statutory rates 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit 4.2 4.2 4.5 Capital loss expiration 15.5 - - Valuation allowance change (19.8 ) (0.3 ) (0.3 ) Non-deductible compensation 5.3 0.7 1.1 Excess tax benefit from stock-based compensation (16.1 ) (4.1 ) (1.0 ) Tax credits (3.9 ) (0.9 ) (1.1 ) Enhanced deductions (2.1 ) (0.2 ) (0.4 ) Other, net 0.7 - 0.4 Effective tax rate 4.8 % 20.4 % 24.2 % Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of the Company's deferred income tax assets (liabilities) are as follows: Years ended July 3, 2022 June 27, 2021 (in thousands) Deferred income tax assets: Loss and credit carryforwards $ 7,590 $ 10,016 Accrued expenses and reserves 7,550 5,842 Inventory 5,897 3,428 Stock-based compensation 1,330 2,593 Deferred compensation 3,723 3,074 Operating lease liability 33,847 22,262 Gross deferred income tax assets 59,937 47,215 Less: Valuation allowance (3,096 ) (9,258 ) Deferred tax assets, net 56,841 37,957 Deferred income tax liabilities: Other intangibles (21,764 ) (18,695 ) Tax in excess of book depreciation (38,755 ) (31,944 ) Operating lease right-of-use asset (32,064 ) (21,480 ) Deferred tax liabilities (92,583 ) (72,119 ) Net deferred income tax liabilities $ (35,742 ) $ (34,162 ) A valuation allowance is provided when it is more likely than not not 2022, July 3, 2022, July 3, 2022, not 2027 2042, July 3, 2022, not 2023 2034, The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions, and various foreign countries. The Company completed its U.S. federal examination for fiscal 2018, 2019, 2020, 2021 2016. 2017 The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At July 3, 2022, twelve |
Note 12 - Capital Stock
Note 12 - Capital Stock | 12 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Capital Stock Disclosure [Text Block] | 12. Holders of Class A common stock generally have the same rights as the holders of Class B common stock, except that holders of Class A common stock have one may may one one 2022 2021, none 2020. The Company has a stock repurchase plan through which purchases can be made from time to time in the open market and through privately negotiated transactions, subject to general market conditions. The repurchase program is financed utilizing available cash. On April 22, 2021, February 3, 2022, July 3, 2022, June 27, 2021, June 28, 2020, July 3, 2022, The Company has stock options and restricted stock awards outstanding to participants under the 1 800 2003 October 22, 2009, October 28, 2011, September 14, 2016 October 15, 2020, |
Note 13 - Stock Based Compensat
Note 13 - Stock Based Compensation | 12 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 13. The Plan is administered by the Compensation Committee or such other Board committee (or the entire Board) as may The amounts of stock-based compensation expense recognized within operating income ( 1 Years Ended July 3, 2022 June 27, 2021 June 28, 2020 (in thousands) Stock options $ (41 ) $ 36 $ 104 Restricted stock awards 7,988 10,799 8,330 Total 7,947 10,835 8,434 Deferred income tax benefit 1,943 2,673 2,084 Stock-based compensation expense, net $ 6,004 $ 8,162 $ 6,350 Stock based compensation expense is recorded within the following line items of operating expenses: Years Ended July 3, 2022 June 27, 2021 June 28, 2020 (in thousands) Marketing and sales $ 3,414 $ 4,943 $ 3,999 Technology and development 319 652 649 General and administrative 4,214 5,240 3,786 Total $ 7,947 $ 10,835 $ 8,434 ( 1 Stock-based compensation expense has not Note 15 Stock Options The weighted average fair value of stock options on the date of grant, and the assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model, were as follows: Years ended July 3, 2022 (1) June 27, 2021 (1) June 28, 2020 Weighted average fair value of options granted n/a n/a $ 10.11 Expected volatility n/a n/a 60 % Expected life (in years) n/a n/a 8.0 Risk-free interest rate n/a n/a n/a Expected dividend yield n/a n/a 0.0 % ( 1 July 3, 2022 June 27, 2021. The expected volatility of the option is determined using historical volatilities based on historical stock prices. The Company estimated the expected life of options granted based upon the historical weighted average. The risk-free interest rate is determined using the yield available for zero The following table summarizes stock option activity during the year ended July 3, 2022: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) (in thousands) Outstanding beginning of period 336,700 $ 3.44 Granted - $ - Exercised (321,700 ) $ 2.63 Forfeited/Expired (15,000 ) $ 20.72 Outstanding end of period - $ - - $ - Exercisable at July 3, 2022 - $ - - $ - The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of fiscal 2022 July 3, 2022. July 3, 2022, June 27, 2021, June 28, 2020 Restricted Stock The Company grants shares of Common Stock to its employees that are subject to restrictions on transfer and risk of forfeiture until fulfillment of applicable service conditions and, in certain cases, holding periods (Restricted Stock). The following table summarizes the activity of non-vested restricted stock during the year ended July 3, 2022: Shares Weighted Average Grant Date Fair Value Non-vested – beginning of period 1,638,806 $ 18.12 Granted 668,790 $ 28.53 Vested (805,028 ) $ 14.23 Forfeited (572,859 ) $ 29.73 Non-vested - end of period 929,709 $ 21.82 The fair value of non-vested shares is determined based on the closing stock price on the grant date. As of July 3, 2022, |
Note 14 - Employee Retirement P
Note 14 - Employee Retirement Plans | 12 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 14. The Company has a 401 one may 401 not may 2022, 2021, 2020, The Company also has a nonqualified supplemental deferred compensation plan for certain executives pursuant to Section 409A 2022, 2021 2020. July 3, 2022 June 27, 2021, July 3, 2022, June 27, 2021, June 28, 2020, |
Note 15 - Business Segments
Note 15 - Business Segments | 12 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. The Company’s management reviews the results of the Company’s operations by the following three business segments: • Consumer Floral & Gifts, • BloomNet, and • Gourmet Foods & Gift Baskets Segment performance is measured based on contribution margin, which includes only the direct controllable revenue and operating expenses of the segments. As such, management’s measure of profitability for these segments does not not Years ended Net revenues July 3, 2022 June 27, 2021 June 28, 2020 (in thousands) Net revenues: Consumer Floral & Gifts $ 1,059,570 $ 1,025,015 $ 593,197 BloomNet 145,702 142,919 111,766 Gourmet Foods & Gift Baskets 1,004,272 955,607 785,547 Corporate 201 341 591 Intercompany eliminations (1,860 ) (1,637 ) (1,464 ) Total net revenues $ 2,207,885 $ 2,122,245 $ 1,489,637 Years ended Operating Income July 3, 2022 June 27, 2021 June 28, 2020 (in thousands) Segment Contribution Margin: Consumer Floral & Gifts $ 104,319 $ 128,625 $ 73,806 BloomNet 42,515 45,875 35,111 Gourmet Foods & Gift Baskets 62,021 149,377 110,627 Segment Contribution Margin Subtotal 208,855 323,877 219,544 Corporate (a) (117,676 ) (132,280 ) (106,667 ) Depreciation and amortization (49,078 ) (42,510 ) (32,513 ) Operating income $ 42,101 $ 149,087 $ 80,364 (a) Corporate expenses consist of the Company’s enterprise shared service cost centers, and include, among other items, Information Technology, Human Resources, Accounting and Finance, Legal, Executive and Customer Service Center functions, as well as stock-based compensation. In order to leverage the Company’s infrastructure, these functions are operated under a centralized management platform, providing support services throughout the organization. The costs of these functions, other than those of the Customer Service Center, which are allocated directly to the above categories based upon usage, are included within corporate expenses as they are not The following tables represent a disaggregation of revenue from contracts with customers, by channel: Years Ended Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Corporate and Eliminations Consolidated July 3, 2022 June 27, 2021 June 28, 2020 July 3, 2022 June 27, 2021 June 28, 2020 July 3, 2022 June 27, 2021 June 28, 2020 July 3, 2022 June 27, 2021 June 28, 2020 July 3, 2022 June 27, 2021 June 28, 2020 Net revenues E-commerce $ 1,049,821 $ 1,015,716 $ 585,585 $ - $ - $ - $ 884,827 $ 863,834 $ 644,800 $ - $ - $ - $ 1,934,648 $ 1,879,550 $ 1,230,385 Other 9,749 9,299 7,612 145,702 142,919 111,766 119,445 91,773 140,747 (1,659 ) (1,296 ) (873 ) 273,237 242,695 $ 259,252 Total net revenues $ 1,059,570 $ 1,025,015 $ 593,197 $ 145,702 $ 142,919 $ 111,766 $ 1,004,272 $ 955,607 $ 785,547 $ (1,659 ) $ (1,296 ) $ (873 ) $ 2,207,885 $ 2,122,245 $ 1,489,637 Other revenues detail Retail and miscellaneous 9,749 9,299 7,612 - - - 10,134 9,134 37,076 - - - 19,883 18,433 44,688 Wholesale - - - 53,957 45,299 33,675 109,311 82,639 103,671 - - - 163,268 127,938 137,346 BloomNet services - - - 91,745 97,620 78,091 - - - - - - 91,745 97,620 78,091 Corporate - - - - - - - - - 201 341 591 201 341 591 Eliminations - - - - - - - - - (1,860 ) (1,637 ) (1,464 ) (1,860 ) (1,637 ) (1,464 ) Total other revenues $ 9,749 $ 9,299 $ 7,612 $ 145,702 $ 142,919 $ 111,766 $ 119,445 $ 91,773 $ 140,747 $ (1,659 ) $ (1,296 ) $ (873 ) $ 273,237 $ 242,695 $ 259,252 |
Note 16 - Leases
Note 16 - Leases | 12 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 16. The Company currently leases plants, warehouses, offices, store facilities, and equipment under various leases through fiscal 2036. may 842. At the lease commencement date, we determine if a lease should be classified as an operating or a finance lease (we currently have no not 12 We recognize expense for our operating leases on a straight-line basis over the lease term. As these leases expire, it can be expected that in the normal course of business they will be renewed or replaced. Renewal option periods are included in the measurement of lease liability, where the exercise is reasonably certain to occur. Key estimates and judgments in accounting for leases include how we determine: ( 1 2 3 Additional information related to our leases is as follows: Years Ended July 3, 2022 June 27, 2021 (in thousands) Lease costs: Operating lease costs $ 19,402 $ 14,308 Variable lease costs 21,823 19,342 Short-term lease cost 5,224 6,639 Sublease income (751 ) (812 ) Total lease costs $ 45,698 $ 39,477 Years Ended July 3, 2022 June 27, 2021 (in thousands) Cash paid for amounts included in measurement of operating lease liabilities $ 16,486 $ 14,802 Right-of-use assets obtained in exchange for new operating lease liabilities $ 57,494 $ 30,622 July 3, 2022 June 27, 2021 (in thousands) Weighted-average remaining lease term - operating leases (in years) 9.5 8.7 Weighted-discount rate - operating leases 3.9 % 3.8 % Maturities of lease liabilities in accordance with ASC 842 July 3, 2022 2023 $ 17,917 2024 20,729 2025 18,424 2026 16,459 2027 14,768 Thereafter 78,318 Total Future Minimum Lease Payments 166,615 Less Imputed Remaining Interest 30,034 Total $ 136,581 |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 12 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 17. Other Commitments The Company’s purchase commitments consist primarily of inventory, equipment and technology (hardware and software) purchase orders made in the ordinary course of business, most of which have terms less than one July 3, 2022, one The Company had approximately $2.3 million in unused stand-by letters of credit as of July 3, 2022 June 27, 2021. Litigation Bed Bath & Beyond On April 1, 2020, Bed Bath & Beyond Inc. v. 1 800 February 14, 2020, 19. April 17, 2020 April 9, 2020 September 2020. July 21, 2020, August 3, 2020. Call Center Worker Claim: In March 2018, April 2022 may third 2023. no In addition, there are various claims, lawsuits, and pending actions against the Company and its subsidiaries incident to the operations of its businesses. It is the opinion of management, after consultation with counsel, that the final resolution of such claims, lawsuits and pending actions will not |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jul. 03, 2022 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 1 800 Schedule II - Valuation and Qualifying Accounts Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts- Describe Deductions- Describe (a) Balance at End of Period Reserves and allowances deducted from asset accounts: Reserve for estimated doubtful accounts-accounts/notes receivable Year Ended July 3, 2022 $ 4,032,000 $ (411,000 ) $ - $ (1,225,000 ) $ 2,396,000 Year Ended June 27, 2021 $ 5,665,000 $ 964,000 $ - $ (2,597,000 ) $ 4,032,000 Year Ended June 28, 2020 $ 2,777,000 $ 4,143,000 $ - $ (1,255,000 ) $ 5,665,000 Valuation allowance for deferred tax assets Year Ended July 3, 2022 $ 9,258,000 $ 57,000 $ - $ (6,220,000 ) $ 3,095,000 Year Ended June 27, 2021 $ 9,681,000 $ 174,000 $ - $ (597,000 ) $ 9,258,000 Year Ended June 28, 2020 $ 9,872,000 $ 37,000 $ - $ (228,000 ) $ 9,681,000 (a) Reduction in reserve due to amounts written off/recovered. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 03, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of 1 800 not 2022, 2021 2020. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year The Company’s fiscal year is a 52 53 June 30. 2022, July 3, 2022, 53 2021 2020, June 27, 2021 June 28, 2020, 52 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits with banks, highly liquid money market funds, United States government securities, overnight repurchase agreements and commercial paper with maturities of three |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at the lower of cost or market using the first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation expense is computed using the straight-line method over the assets’ estimated useful lives. Amortization of leasehold improvements and capital leases is computed using the straight-line method over the shorter of the estimated useful lives and the initial lease terms. The Company capitalizes certain internal and external costs incurred to acquire or develop internal-use software. Capitalized software costs are amortized on a straight-line basis over the estimated useful life of the software. Orchards in production, consisting of direct labor and materials, supervision and other items, are capitalized as part of capital projects in progress – orchards until the orchards produce fruit in commercial quantities, at which time they are reclassified to orchards in production. Estimated useful lives are periodically reviewed, and where appropriate, changes are made prospectively. The Company’s property, plant and equipment are depreciated using the following estimated lives: Building and building improvements (years) 10 - 40 Leasehold improvements (years) 3 - 10 Furniture, fixtures and production equipment (years) 43 - 20 Software (years) 3 - 7 Orchards in production and land improvements (years) 15 - 45 Property, plant and equipment are reviewed for impairment whenever changes in circumstances or events may not |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in each business combination, with the carrying value of the Company’s goodwill allocated to its reporting units, in accordance with the acquisition method of accounting. Goodwill is not fourth not may In applying the goodwill impairment test, the Company has the option to perform a qualitative test (also known as “Step 0” 1” 0 first not may not not” 1 Step 1 no The Company generally estimates the fair value of a reporting unit using an equal weighting of the income and market approaches. The Company uses industry accepted valuation models and set criteria that are reviewed and approved by various levels of management. Under the income approach, the Company uses a discounted cash flow methodology which requires management to make significant estimates and assumptions related to forecasted revenues, gross profit margins, operating income margins, working capital cash flow, perpetual growth rates, and long-term discount rates, among others. For the market approach, the Company uses the guideline public company method. Under this method the Company utilizes information from comparable publicly traded companies with similar operating and investment characteristics as the reporting units, to create valuation multiples that are applied to the operating performance of the reporting unit being tested, in order to obtain their respective fair values. The Company also reconciles the aggregate fair values of its reporting units determined in the first During fiscal years 2021 2020, 0 not not” July 3, 2022, 1 July 3, 2022, The assessment of the recoverability of goodwill contains uncertainties requiring management to make assumptions and to apply judgment to estimate economic factors and the profitability of future operations. Actual results could differ from these assumptions and projections, resulting in us revising our assumptions and, if required, recognizing an impairment loss. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Other Intangibles, net Other intangibles consist of definite-lived intangible assets (such as investment in licenses, customer lists, and others) and indefinite-lived intangible assets (such as acquired trade names and trademarks). The cost of definite-lived intangible assets is amortized to reflect the pattern of economic benefits consumed, over the estimated periods benefited, ranging from 3 to 16 years, while indefinite-lived intangible assets are not Definite-lived intangibles are reviewed for impairment whenever changes in circumstances or events may not The Company tests indefinite-lived intangible assets for impairment at least annually, during the fourth may not 0” 0 not may not not” third During fiscal years 2021 2020, 0 not not” During fiscal year 2022, The assessment of the recoverability of intangible assets contains uncertainties requiring management to make assumptions and to apply judgment to estimate economic factors and the profitability of future operations. Actual results could differ from these assumptions and projections, resulting in us revising our assumptions and, if required, recognizing an impairment loss. |
Business Combinations Policy [Policy Text Block] | Business Combinations The Company accounts for business combinations in accordance with ASC Topic 805, not 3 |
Deferred Charges, Policy [Policy Text Block] | The Company capitalizes the costs of producing and distributing its catalogs and expenses them upon mailing. Included within prepaid and other current assets were $3.1 million and $2.7 million at July 3, 2022 June 27, 2021 |
Investment, Policy [Policy Text Block] | Investments Equity investments without a readily determinable fair value Investments in non-marketable equity instruments of private companies, where the Company does not July 3, 2022 June 27, 2021. Equity investments with a readily determinable fair value The Company also holds certain trading securities associated with its Non-Qualified Deferred Compensation Plan (“NQDC Plan”). These investments are measured using quoted market prices at the reporting date and are included within the “Other assets” line item in the consolidated balance sheets (see Note 10 - Fair Value Measurements |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with high quality financial institutions. Concentration of credit risk with respect to accounts receivable is limited due to the Company's large number of customers and their dispersion throughout the United States, and the fact that a substantial portion of receivables are related to balances owed by major credit card companies. Allowances relating to consumer, corporate and franchise accounts receivable ($2.4 million at July 3, 2022 June 27, 2021) |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Net revenue is measured based on the amount of consideration that we expect to receive, reduced by discounts and estimates for credits and returns (calculated based upon previous experience and management’s evaluation). Service and outbound shipping charged to customers are recognized at the time the related merchandise revenues are recognized and are included in net revenues. Inbound and outbound shipping and delivery costs are included in cost of revenues. Net revenues exclude sales and other similar taxes collected from customers. A description of our principal revenue generating activities is as follows: - E-commerce revenues - consumer products sold through our online and telephonic channels. Revenue is recognized when control of the merchandise is transferred to the customer, which generally occurs upon shipment. Payment is typically due prior to the date of shipment. - Retail revenues - consumer products sold through our retail stores. Revenue is recognized when control of the goods is transferred to the customer, at the point of sale, at which time payment is received. - Wholesale revenues - products sold to our wholesale customers for subsequent resale. Revenue is recognized when control of the goods is transferred to the customer, in accordance with the terms of the applicable agreement. Payment terms are typically 30 - BloomNet Services - membership fees as well as other service offerings to florists. Membership and other subscription-based fees are recognized monthly as earned. Services revenues related to orders sent through the floral network are variable, based on either the number of orders or the value of orders, and are recognized in the period in which the orders are delivered. The contracts within BloomNet Services are typically month-to-month and as a result no 30 Deferred Revenues Deferred revenues are recorded when the Company has received consideration (i.e., advance payment) before satisfying its performance obligations. As such, customer orders are recorded as deferred revenue prior to shipment or rendering of product or services. Deferred revenues primarily relate to e-commerce orders placed, but not Our total deferred revenue as of June 27, 2021 July 3, 2022. July 3, 2022 |
Cost of Goods and Service [Policy Text Block] | Cost of Revenues Cost of revenues consists primarily of florist fulfillment costs (fees paid directly to florists), the cost of floral and non-floral merchandise sold from inventory or through third |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Marketing and Sales Marketing and sales expense consists primarily of advertising expenses, catalog costs, online portal and search expenses, retail store and fulfillment operations (other than costs included in cost of revenues), and customer service center expenses, as well as the operating expenses of the Company’s departments engaged in marketing, selling and merchandising activities. The Company expenses all advertising costs, with the exception of catalog costs (see Deferred Catalog Costs first July 3, 2022, June 27, 2021 June 28, 2020, |
Research, Development, and Computer Software, Policy [Policy Text Block] | Technology and Development Technology and development expense consists primarily of payroll and operating expenses of the Company’s information technology group, costs associated with its websites, including hosting, content development and maintenance and support costs related to the Company’s order entry, customer service, fulfillment and database systems. Costs associated with the acquisition or development of software for internal use are capitalized if the software is expected to have a useful life beyond one three seven one |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company records compensation expense associated with restricted stock awards and other forms of equity compensation based upon the fair value of stock-based awards as measured at the grant date. The cost associated with share-based awards that are subject solely to time-based vesting requirements is recognized over the awards’ service period for the entire award on a straight-line basis. The cost associated with performance-based equity awards is recognized for each tranche over the service period, based on an assessment of the likelihood that the applicable performance goals will be achieved. |
Derivatives, Policy [Policy Text Block] | Derivatives and Hedging The Company does not not July 3, 2022 June 27, 2021. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company uses the asset and liability method to account for income taxes. The Company has established deferred tax assets and liabilities for temporary differences between the financial reporting bases and the income tax bases of its assets and liabilities at enacted tax rates expected to be in effect when such assets or liabilities are realized or settled. The Company recognizes as a deferred tax asset, the tax benefits associated with losses related to operations. Realization of these deferred tax assets assumes that we will be able to generate sufficient future taxable income so that these assets will be realized. The factors that the Company considers in assessing the likelihood of realization include the forecast of future taxable income and available tax planning strategies that could be implemented to realize the deferred tax assets. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 50% not” |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Share Basic net income per common share is computed by dividing the net income during the period by the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing the net income during the period by the sum of the weighted-average number of common shares outstanding during the period and the potential dilutive common shares (consisting of employee stock options and unvested restricted stock awards). |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements - Adopted Financial Instruments Measurement of Credit Losses. June 2016, No. 2016 13, 326 2016 13 2016 13 2021 September 27, 2020), no Goodwill Impairment Test. January 2017, No. 2017 04, 350 two 2017 04, 2021 September 27, 2020), no COVID- 19 On March 27, 2020, 19, not 2022 2021. The Company is closely monitoring the impact of COVID- 19 19 not 19, 19 July 3, 2022 not not July 3, 2022 June 27, 2021, |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Property Plant and Equipment Estimated Useful Lives [Table Text Block] | Building and building improvements (years) 10 - 40 Leasehold improvements (years) 3 - 10 Furniture, fixtures and production equipment (years) 43 - 20 Software (years) 3 - 7 Orchards in production and land improvements (years) 15 - 45 |
Note 3 - Net Income Per Commo_2
Note 3 - Net Income Per Common Share (Tables) | 12 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended July 3, 2022 June 27, 2021 June 28, 2020 (in thousands, except per share data) Numerator: Net income $ 29,610 $ 118,652 $ 58,998 Denominator: Weighted average shares outstanding 64,977 64,739 64,463 Effect of dilutive securities: Employee stock options 45 727 1,042 Employee restricted stock awards 595 1,080 903 Total effect of dilutive securities 640 1,807 1,945 Adjusted weighted-average shares and assumed conversions 65,617 66,546 66,408 Net income per common share: Basic $ 0.46 $ 1.83 $ 0.92 Diluted $ 0.45 $ 1.78 $ 0.89 |
Note 4 - Acquisitions (Tables)
Note 4 - Acquisitions (Tables) | 12 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Shari s Berries Purchase Price Allocation (in thousands) Current assets $ 1,029 Intangible assets 7,540 Goodwill 12,121 Total assets acquired 20,690 Current liabilities 190 Net assets acquired $ 20,500 PersonalizationMall s Preliminary Purchase Price Allocation Measurement Period Adjustments (1) PersonalizationMall s Final Purchase Price Allocation August 3, 2020 June 27, 2021 (in thousands) Assets Acquired: Inventories $ 16,998 $ - $ 16,998 Other assets 5,216 (1 ) 5,215 Property, plant and equipment, net 30,792 - 30,792 Operating lease right-of-use assets 21,438 - 21,438 Goodwill 133,337 102 133,439 Other intangibles, net 76,000 - 76,000 Total assets acquired $ 283,781 $ 101 $ 283,882 Liabilities assumed: Accounts payable and accrued expenses $ 11,400 $ 102 $ 11,502 Operating lease liabilities 21,438 - 21,438 Total liabilities assumed $ 32,838 $ 102 $ 32,940 Net assets acquired $ 250,943 $ (1 ) $ 250,942 Vital Choice Preliminary Purchase Price Allocation Measurement Period Interim Adjustments Vital Choice Preliminary Purchase Price Allocation October 27, 2021 July 3, 2022 (in thousands) Inventory $ 8,653 $ - $ 8,653 Other current assets 929 (474 ) 455 Property, plant and equipment 205 (205 ) - Intangible assets 9,800 - 9,800 Goodwill 4,383 34 4,417 Total assets acquired 23,970 ) (645 ) 23,325 Current liabilities 3,621 ) (256 ) 3,365 Net assets acquired $ 20,349 $ (389 ) $ 19,960 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year ended June 27, 2021 Year ended June 28, 2020 (in thousands) Net Revenues $ 2,138,238 $ 1,635,424 Net Income 125,213 63,871 |
Note 5 - Inventory (Tables)
Note 5 - Inventory (Tables) | 12 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | July 3, 2022 June 27, 2021 (in thousands) Finished goods $ 128,760 $ 72,267 Work-in-process 29,270 19,058 Raw materials 89,533 62,538 Total inventory $ 247,563 $ 153,863 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Total (in thousands) Balance at June 28, 2020 $ 17,441 $ - $ 57,270 $ 74,711 Acquisition of PersonalizationMall 133,439 $ - - 133,439 Balance at June 27, 2021 $ 150,880 $ - $ 57,270 $ 208,150 Acquisition of Vital Choice - - 4,417 4,417 Acquisition of Alice’s Table 720 - - 720 Balance at July 3, 2022 $ 151,600 $ - $ 61,687 $ 213,287 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | July 3, 2022 June 27, 2021 Amortization Period Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (in years) (in thousands) Intangible assets with determinable lives Investment in licenses 14 - 16 $ 7,420 $ 6,464 $ 956 $ 7,420 $ 6,359 $ 1,061 Customer lists 3 - 10 28,509 17,473 11,036 23,825 13,697 10,128 Other 5 - 14 2,946 2,543 403 2,946 2,483 463 Total intangible assets with determinable lives 38,875 26,480 12,395 34,191 22,539 11,652 Trademarks with indefinite lives 133,173 - 133,173 127,396 - 127,396 Total identifiable intangible assets $ 172,048 $ 26,480 $ 145,568 $ 161,587 $ 22,539 $ 139,048 |
Note 7 - Property, Plant and _2
Note 7 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | July 3, 2022 June 27, 2021 (in thousands) Land $ 33,862 $ 30,284 Orchards in production and land improvements 19,773 18,829 Building and building improvements 65,909 62,232 Leasehold improvements 26,266 26,451 Production equipment 106,244 82,526 Furniture and fixtures 8,985 8,860 Computer and telecommunication equipment 38,934 55,841 Software 165,289 177,844 Capital projects in progress 14,525 18,090 Property, plant and equipment, gross 479,787 480,957 Accumulated depreciation and amortization (243,306 ) (265,670 ) Property, plant and equipment, net $ 236,481 $ 215,287 |
Note 8 - Accrued Expenses (Tabl
Note 8 - Accrued Expenses (Tables) | 12 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | July 3, 2022 June 27, 2021 (in thousands) Payroll and employee benefits $ 37,617 $ 56,134 Deferred revenue 33,746 33,388 Accrued marketing expenses 19,506 16,591 Accrued florist payout 18,938 17,926 Accrued purchases 32,141 17,259 Other 33,444 37,214 Accrued expenses $ 175,392 $ 178,512 |
Note 9 - Long-term Debt (Tables
Note 9 - Long-term Debt (Tables) | 12 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | July 3, 2022 June 27, 2021 (in thousands) Revolver (1) $ - $ - Term Loan (1) 165,000 185,000 Deferred financing costs (2,503 ) (3,488 ) Total debt 162,497 181,512 Less: current debt 20,000 20,000 Long-term debt $ 142,497 $ 161,512 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurements (Tables) | 12 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Carrying Value Fair Value Measurements Assets (Liabilities) Level 1 Level 2 Level 3 (in thousands) Assets (liabilities) as of July 3, 2022: Trading securities held in a “rabbi trust” (1) $ 17,760 $ 17,760 $ - $ - $ 17,760 $ 17,760 $ - $ - Assets (liabilities) as of June 27, 2021: Trading securities held in a “rabbi trust” (1) $ 21,651 $ 21,651 $ - $ - $ 21,651 $ 21,651 $ - $ - |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended July 3, 2022 June 27, 2021 June 28, 2020 (in thousands) Current provision (benefit): Federal $ (1,676 ) $ 17,594 $ 14,727 State 1,589 7,339 4,383 Current income tax expense (benefit) (87 ) 24,933 19,110 Deferred provision (benefit): Federal 2,679 5,160 (62 ) State (1,100 ) 370 (204 ) Deferred income tax expense (benefit) 1,579 5,530 (266 ) Income tax expense $ 1,492 $ 30,463 $ 18,844 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years ended July 3, 2022 June 27, 2021 June 28, 2020 Tax at U.S. statutory rates 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit 4.2 4.2 4.5 Capital loss expiration 15.5 - - Valuation allowance change (19.8 ) (0.3 ) (0.3 ) Non-deductible compensation 5.3 0.7 1.1 Excess tax benefit from stock-based compensation (16.1 ) (4.1 ) (1.0 ) Tax credits (3.9 ) (0.9 ) (1.1 ) Enhanced deductions (2.1 ) (0.2 ) (0.4 ) Other, net 0.7 - 0.4 Effective tax rate 4.8 % 20.4 % 24.2 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Years ended July 3, 2022 June 27, 2021 (in thousands) Deferred income tax assets: Loss and credit carryforwards $ 7,590 $ 10,016 Accrued expenses and reserves 7,550 5,842 Inventory 5,897 3,428 Stock-based compensation 1,330 2,593 Deferred compensation 3,723 3,074 Operating lease liability 33,847 22,262 Gross deferred income tax assets 59,937 47,215 Less: Valuation allowance (3,096 ) (9,258 ) Deferred tax assets, net 56,841 37,957 Deferred income tax liabilities: Other intangibles (21,764 ) (18,695 ) Tax in excess of book depreciation (38,755 ) (31,944 ) Operating lease right-of-use asset (32,064 ) (21,480 ) Deferred tax liabilities (92,583 ) (72,119 ) Net deferred income tax liabilities $ (35,742 ) $ (34,162 ) |
Note 13 - Stock Based Compens_2
Note 13 - Stock Based Compensation (Tables) | 12 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Cost by Plan [Table Text Block] | Years Ended July 3, 2022 June 27, 2021 June 28, 2020 (in thousands) Stock options $ (41 ) $ 36 $ 104 Restricted stock awards 7,988 10,799 8,330 Total 7,947 10,835 8,434 Deferred income tax benefit 1,943 2,673 2,084 Stock-based compensation expense, net $ 6,004 $ 8,162 $ 6,350 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Years Ended July 3, 2022 June 27, 2021 June 28, 2020 (in thousands) Marketing and sales $ 3,414 $ 4,943 $ 3,999 Technology and development 319 652 649 General and administrative 4,214 5,240 3,786 Total $ 7,947 $ 10,835 $ 8,434 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years ended July 3, 2022 (1) June 27, 2021 (1) June 28, 2020 Weighted average fair value of options granted n/a n/a $ 10.11 Expected volatility n/a n/a 60 % Expected life (in years) n/a n/a 8.0 Risk-free interest rate n/a n/a n/a Expected dividend yield n/a n/a 0.0 % |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) (in thousands) Outstanding beginning of period 336,700 $ 3.44 Granted - $ - Exercised (321,700 ) $ 2.63 Forfeited/Expired (15,000 ) $ 20.72 Outstanding end of period - $ - - $ - Exercisable at July 3, 2022 - $ - - $ - |
Schedule of Nonvested Share Activity [Table Text Block] | Shares Weighted Average Grant Date Fair Value Non-vested – beginning of period 1,638,806 $ 18.12 Granted 668,790 $ 28.53 Vested (805,028 ) $ 14.23 Forfeited (572,859 ) $ 29.73 Non-vested - end of period 929,709 $ 21.82 |
Note 15 - Business Segments (Ta
Note 15 - Business Segments (Tables) | 12 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years ended Net revenues July 3, 2022 June 27, 2021 June 28, 2020 (in thousands) Net revenues: Consumer Floral & Gifts $ 1,059,570 $ 1,025,015 $ 593,197 BloomNet 145,702 142,919 111,766 Gourmet Foods & Gift Baskets 1,004,272 955,607 785,547 Corporate 201 341 591 Intercompany eliminations (1,860 ) (1,637 ) (1,464 ) Total net revenues $ 2,207,885 $ 2,122,245 $ 1,489,637 Years ended Operating Income July 3, 2022 June 27, 2021 June 28, 2020 (in thousands) Segment Contribution Margin: Consumer Floral & Gifts $ 104,319 $ 128,625 $ 73,806 BloomNet 42,515 45,875 35,111 Gourmet Foods & Gift Baskets 62,021 149,377 110,627 Segment Contribution Margin Subtotal 208,855 323,877 219,544 Corporate (a) (117,676 ) (132,280 ) (106,667 ) Depreciation and amortization (49,078 ) (42,510 ) (32,513 ) Operating income $ 42,101 $ 149,087 $ 80,364 |
Disaggregation of Revenue [Table Text Block] | Years Ended Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Corporate and Eliminations Consolidated July 3, 2022 June 27, 2021 June 28, 2020 July 3, 2022 June 27, 2021 June 28, 2020 July 3, 2022 June 27, 2021 June 28, 2020 July 3, 2022 June 27, 2021 June 28, 2020 July 3, 2022 June 27, 2021 June 28, 2020 Net revenues E-commerce $ 1,049,821 $ 1,015,716 $ 585,585 $ - $ - $ - $ 884,827 $ 863,834 $ 644,800 $ - $ - $ - $ 1,934,648 $ 1,879,550 $ 1,230,385 Other 9,749 9,299 7,612 145,702 142,919 111,766 119,445 91,773 140,747 (1,659 ) (1,296 ) (873 ) 273,237 242,695 $ 259,252 Total net revenues $ 1,059,570 $ 1,025,015 $ 593,197 $ 145,702 $ 142,919 $ 111,766 $ 1,004,272 $ 955,607 $ 785,547 $ (1,659 ) $ (1,296 ) $ (873 ) $ 2,207,885 $ 2,122,245 $ 1,489,637 Other revenues detail Retail and miscellaneous 9,749 9,299 7,612 - - - 10,134 9,134 37,076 - - - 19,883 18,433 44,688 Wholesale - - - 53,957 45,299 33,675 109,311 82,639 103,671 - - - 163,268 127,938 137,346 BloomNet services - - - 91,745 97,620 78,091 - - - - - - 91,745 97,620 78,091 Corporate - - - - - - - - - 201 341 591 201 341 591 Eliminations - - - - - - - - - (1,860 ) (1,637 ) (1,464 ) (1,860 ) (1,637 ) (1,464 ) Total other revenues $ 9,749 $ 9,299 $ 7,612 $ 145,702 $ 142,919 $ 111,766 $ 119,445 $ 91,773 $ 140,747 $ (1,659 ) $ (1,296 ) $ (873 ) $ 273,237 $ 242,695 $ 259,252 |
Note 16 - Leases (Tables)
Note 16 - Leases (Tables) | 12 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Years Ended July 3, 2022 June 27, 2021 (in thousands) Lease costs: Operating lease costs $ 19,402 $ 14,308 Variable lease costs 21,823 19,342 Short-term lease cost 5,224 6,639 Sublease income (751 ) (812 ) Total lease costs $ 45,698 $ 39,477 Years Ended July 3, 2022 June 27, 2021 (in thousands) Cash paid for amounts included in measurement of operating lease liabilities $ 16,486 $ 14,802 Right-of-use assets obtained in exchange for new operating lease liabilities $ 57,494 $ 30,622 July 3, 2022 June 27, 2021 (in thousands) Weighted-average remaining lease term - operating leases (in years) 9.5 8.7 Weighted-discount rate - operating leases 3.9 % 3.8 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2023 $ 17,917 2024 20,729 2025 18,424 2026 16,459 2027 14,768 Thereafter 78,318 Total Future Minimum Lease Payments 166,615 Less Imputed Remaining Interest 30,034 Total $ 136,581 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Jul. 03, 2022 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts- Describe Deductions- Describe (a) Balance at End of Period Reserves and allowances deducted from asset accounts: Reserve for estimated doubtful accounts-accounts/notes receivable Year Ended July 3, 2022 $ 4,032,000 $ (411,000 ) $ - $ (1,225,000 ) $ 2,396,000 Year Ended June 27, 2021 $ 5,665,000 $ 964,000 $ - $ (2,597,000 ) $ 4,032,000 Year Ended June 28, 2020 $ 2,777,000 $ 4,143,000 $ - $ (1,255,000 ) $ 5,665,000 Valuation allowance for deferred tax assets Year Ended July 3, 2022 $ 9,258,000 $ 57,000 $ - $ (6,220,000 ) $ 3,095,000 Year Ended June 27, 2021 $ 9,681,000 $ 174,000 $ - $ (597,000 ) $ 9,258,000 Year Ended June 28, 2020 $ 9,872,000 $ 37,000 $ - $ (228,000 ) $ 9,681,000 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 03, 2022 | Jun. 27, 2021 | Jun. 28, 2020 | |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 4.6 | $ 5.2 | $ 3.5 |
Income Taxes Paid, Net, Total | $ 1.4 | $ 37.2 | $ 15.5 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) $ in Millions | 12 Months Ended | ||
Jul. 03, 2022 USD ($) | Jun. 27, 2021 USD ($) | Jun. 28, 2020 USD ($) | |
Number of Reporting Units | 3 | ||
Prepaid Catalog Expenses Current | $ 3.1 | $ 2.7 | |
Equity Securities without Readily Determinable Fair Value, Amount | 3.5 | 4.6 | |
Accounts Receivable, Allowance for Credit Loss, Current | 2.4 | 4 | |
Contract with Customer, Liability, Current | 33.7 | 33.4 | |
Contract with Customer, Liability, Revenue Recognized | 32.8 | ||
Advertising Expense | $ 347.7 | $ 307.9 | $ 171.4 |
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | ||
Minimum [Member] | Software and Software Development Costs [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 16 years | ||
Maximum [Member] | Software and Software Development Costs [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 7 years | ||
Consumer Floral and Gifts [Member] | |||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 128 | ||
Gourmet Foods and Gift Baskets [Member] | |||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 40 | ||
Measurement Input, Discount Rate [Member] | |||
Reporting Unit Fair Value, Measurement Input | 0.14 |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Jul. 03, 2022 | |
Minimum [Member] | Building and Building Improvements [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 3 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 43 years |
Minimum [Member] | Software and Software Development Costs [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 3 years |
Minimum [Member] | Orchards in Production and Land Improvements [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 15 years |
Maximum [Member] | Building and Building Improvements [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 40 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 20 years |
Maximum [Member] | Software and Software Development Costs [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 7 years |
Maximum [Member] | Orchards in Production and Land Improvements [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 45 years |
Note 3 - Net Income Per Commo_3
Note 3 - Net Income Per Common Share - Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jul. 03, 2022 | Jun. 27, 2021 | Jun. 28, 2020 | |
Net income | $ 29,610 | $ 118,652 | $ 58,998 |
Basic (in shares) | 64,977 | 64,739 | 64,463 |
Effect of dilutive securities (in shares) | 640 | 1,807 | 1,945 |
Adjusted weighted-average shares and assumed conversions (in shares) | 65,617 | 66,546 | 66,408 |
Basic net income per common share (in dollars per share) | $ 0.46 | $ 1.83 | $ 0.92 |
Diluted net income per common share (in dollars per share) | $ 0.45 | $ 1.78 | $ 0.89 |
Share-Based Payment Arrangement, Option [Member] | |||
Effect of dilutive securities (in shares) | 45 | 727 | 1,042 |
Restricted Stock [Member] | |||
Effect of dilutive securities (in shares) | 595 | 1,080 | 903 |
Note 4 - Acquisitions (Details
Note 4 - Acquisitions (Details Textual) $ in Thousands | 12 Months Ended | |||||||||||
Dec. 31, 2021 USD ($) | Oct. 27, 2021 USD ($) | Aug. 03, 2020 USD ($) ft² | Jul. 21, 2020 USD ($) | Aug. 14, 2019 USD ($) | Jul. 03, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jun. 27, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jun. 28, 2020 USD ($) | Jul. 20, 2020 USD ($) | Feb. 14, 2020 USD ($) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 7,540 | |||||||||||
Goodwill, Ending Balance | 213,287 | $ 208,150 | $ 74,711 | |||||||||
Operating Expenses, Total | 779,637 | 747,342 | 541,832 | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 2,207,885 | 2,122,245 | 1,489,637 | |||||||||
Vital Choice [Member] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 27,800 | |||||||||||
The New Term Loan [Member] | The 2019 Credit Agreement [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |||||||||||
Customer Lists [Member] | ||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||||||||
Shari's Berries [Member] | ||||||||||||
Business Combination, Consideration Transferred, Total | $ 20,500 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 6,900 | |||||||||||
Goodwill, Ending Balance | 12,100 | |||||||||||
Shari's Berries [Member] | Customer Lists [Member] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 600 | |||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |||||||||||
Personalization Mall [Member] | ||||||||||||
Business Combination, Consideration Transferred, Total | $ 250,900 | $ 245,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 76,000 | 76,000 | ||||||||||
Goodwill, Ending Balance | 133,337 | $ 12,121 | 133,439 | |||||||||
Business Combination, Contract Purchase Price | $ 245,000 | $ 252,000 | ||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 252,200 | 236,000 | ||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 22,300 | 34,700 | ||||||||||
Personalization Mall [Member] | Transaction and Litigation Costs [Member] | ||||||||||||
Operating Expenses, Total | (5,400) | 2,700 | ||||||||||
Personalization Mall [Member] | Amortization Expense Related to Definite Lived Intangible Assets [Member] | ||||||||||||
Operating Expenses, Total | 200 | 2,800 | ||||||||||
Personalization Mall [Member] | Debt, Incremental Interest and Deferred Financing Costs [Member] | ||||||||||||
Interest Expense, Total | $ 600 | $ 4,100 | ||||||||||
Personalization Mall [Member] | Trade Names [Member] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 65,000 | |||||||||||
Personalization Mall [Member] | State-of-the-art Production and Distribution Facility [Member] | ||||||||||||
Area of Real Estate Property (Square Foot) | ft² | 360,000 | |||||||||||
Personalization Mall [Member] | Customer Lists [Member] | ||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 4 years | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 11,000 | |||||||||||
Vital Choice [Member] | ||||||||||||
Business Combination, Consideration Transferred, Total | $ 20,300 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 9,800 | 9,800 | ||||||||||
Goodwill, Ending Balance | 4,383 | $ 4,417 | ||||||||||
Vital Choice [Member] | Trade Names [Member] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 5,300 | |||||||||||
Goodwill, Ending Balance | 4,400 | |||||||||||
Vital Choice [Member] | Customer Lists [Member] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 4,500 | |||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |||||||||||
Alice's Table, Inc. [Member] | ||||||||||||
Business Combination, Consideration Transferred, Total | $ 1,300 | |||||||||||
Goodwill, Ending Balance | 700 | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 3,800 | |||||||||||
Payments to Acquire Businesses, Gross | 800 | |||||||||||
Business Combination, Consideration Transferred, Other | 300 | |||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 300 | |||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 100% | |||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss | $ 700 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | 100 | |||||||||||
Alice's Table, Inc. [Member] | Trademarks [Member] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 500 | |||||||||||
Alice's Table, Inc. [Member] | Customer Lists [Member] | ||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 4 years | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 200 |
Note 4 - Acquisition - Prelimin
Note 4 - Acquisition - Preliminary Allocation of the Purchase Price to the Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 8 Months Ended | 11 Months Ended | ||||
Jul. 03, 2022 | Jun. 27, 2021 | Oct. 27, 2021 | Aug. 03, 2020 | Jun. 28, 2020 | ||
Current assets | $ 1,029 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 7,540 | |||||
Goodwill | 213,287 | $ 208,150 | $ 74,711 | |||
Current liabilities | 190 | |||||
Personalization Mall [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 76,000 | $ 76,000 | ||||
Goodwill | 12,121 | 133,439 | 133,337 | |||
Total assets acquired | 20,690 | 283,882 | 283,781 | |||
Current liabilities | 11,502 | 11,400 | ||||
Net assets acquired | 20,500 | 250,942 | 250,943 | |||
Inventories | 16,998 | 16,998 | ||||
Other assets | 5,215 | 5,216 | ||||
Other assets | [1] | (1) | ||||
Property, plant and equipment, net | 30,792 | 30,792 | ||||
Operating lease right-of-use assets | 21,438 | 21,438 | ||||
Goodwill | [1] | 102 | ||||
Total assets acquired | [1] | 101 | ||||
Accounts payable and accrued expenses | [1] | 102 | ||||
Operating lease liabilities | 21,438 | 21,438 | ||||
Total liabilities assumed | 32,940 | $ 32,838 | ||||
Total liabilities assumed | [1] | $ 102 | ||||
Vital Choice [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 9,800 | $ 9,800 | ||||
Goodwill | 4,417 | 4,383 | ||||
Total assets acquired | 23,325 | 23,970 | ||||
Current liabilities | 3,365 | 3,621 | ||||
Net assets acquired | 19,960 | 20,349 | ||||
Inventories | 8,653 | 8,653 | ||||
Other assets | 455 | 929 | ||||
Other assets | (474) | |||||
Property, plant and equipment, net | 0 | $ 205 | ||||
Goodwill | 34 | |||||
Property, plant and equipment, adjustment | $ (205) | |||||
[1]The measurement period adjustments did not have a significant impact on the Company’s condensed consolidated statements of income for the year ended June 27, 2021. |
Note 4 - Acquisition - Pro Form
Note 4 - Acquisition - Pro Forma Information (Details) - Personalization Mall [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 27, 2021 | Jun. 28, 2020 | |
Net Revenues | $ 2,138,238 | $ 1,635,424 |
Net Income | $ 125,213 | $ 63,871 |
Note 5 - Inventory - Summary of
Note 5 - Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands | Jul. 03, 2022 | Jun. 27, 2021 |
Finished goods | $ 128,760 | $ 72,267 |
Work-in-process | 29,270 | 19,058 |
Raw materials | 89,533 | 62,538 |
Total inventory | $ 247,563 | $ 153,863 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 03, 2022 | Jun. 27, 2022 | Jun. 28, 2020 | |
Amortization of Intangible Assets | $ 3.9 | $ 3.3 | $ 0.9 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 4.3 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 4.2 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 1.7 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 1.2 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 0.5 | ||
Finite-Lived Intangible Asset, Expected Amortization, after Year Five | $ 0.5 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Goodwill by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 03, 2022 | Jun. 27, 2021 | |
Balance | $ 208,150 | $ 74,711 |
Balance | 213,287 | 208,150 |
Personalization Mall [Member] | ||
Balance | 133,439 | |
Acquisition | 133,439 | |
Balance | 12,121 | 133,439 |
Vital Choice [Member] | ||
Acquisition | 4,417 | |
Balance | 4,417 | |
Alice's Table, Inc. [Member] | ||
Acquisition | 720 | |
Consumer Floral [Member] | ||
Balance | 150,880 | 17,441 |
Balance | 151,600 | 150,880 |
Consumer Floral [Member] | Personalization Mall [Member] | ||
Acquisition | 133,439 | |
Consumer Floral [Member] | Vital Choice [Member] | ||
Acquisition | 0 | |
Consumer Floral [Member] | Alice's Table, Inc. [Member] | ||
Acquisition | 720 | |
BloomNet Wire Service [Member] | ||
Balance | 0 | 0 |
Balance | 0 | 0 |
BloomNet Wire Service [Member] | Personalization Mall [Member] | ||
Acquisition | 0 | |
BloomNet Wire Service [Member] | Vital Choice [Member] | ||
Acquisition | 0 | |
BloomNet Wire Service [Member] | Alice's Table, Inc. [Member] | ||
Acquisition | 0 | |
Gourmet Foods and Gift Baskets [Member] | ||
Balance | 57,270 | 57,270 |
Balance | 61,687 | 57,270 |
Gourmet Foods and Gift Baskets [Member] | Personalization Mall [Member] | ||
Acquisition | $ 0 | |
Gourmet Foods and Gift Baskets [Member] | Vital Choice [Member] | ||
Acquisition | 4,417 | |
Gourmet Foods and Gift Baskets [Member] | Alice's Table, Inc. [Member] | ||
Acquisition | $ 0 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 03, 2022 | Jun. 27, 2021 | |
Intangible assets with determinable lives, gross | $ 38,875 | $ 34,191 |
Accumulated amortization | 26,480 | 22,539 |
Intangible assets with determinable lives, net | 12,395 | 11,652 |
Trademarks with indefinite lives, gross | 133,173 | 127,396 |
Total identifiable intangible assets, gross | 172,048 | 161,587 |
Accumulated amortization | 26,480 | 22,539 |
Other intangibles, net | $ 145,568 | 139,048 |
Minimum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 3 years | |
Licensing Agreements [Member] | ||
Finite-lived intangible asset, useful life (Year) | 16 years | |
Intangible assets with determinable lives, gross | $ 7,420 | 7,420 |
Accumulated amortization | 6,464 | 6,359 |
Intangible assets with determinable lives, net | 956 | 1,061 |
Accumulated amortization | $ 6,464 | 6,359 |
Licensing Agreements [Member] | Minimum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 14 years | |
Customer Lists [Member] | ||
Finite-lived intangible asset, useful life (Year) | 10 years | |
Intangible assets with determinable lives, gross | $ 28,509 | 23,825 |
Accumulated amortization | 17,473 | 13,697 |
Intangible assets with determinable lives, net | 11,036 | 10,128 |
Accumulated amortization | $ 17,473 | 13,697 |
Customer Lists [Member] | Minimum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 3 years | |
Other Intangible Assets [Member] | ||
Finite-lived intangible asset, useful life (Year) | 14 years | |
Intangible assets with determinable lives, gross | $ 2,946 | 2,946 |
Accumulated amortization | 2,543 | 2,483 |
Intangible assets with determinable lives, net | 403 | 463 |
Accumulated amortization | $ 2,543 | $ 2,483 |
Other Intangible Assets [Member] | Minimum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 5 years |
Note 7 - Property, Plant and _3
Note 7 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 03, 2022 | Jun. 27, 2021 | Jun. 28, 2020 | |
Depreciation, Total | $ 45.2 | $ 39.2 | $ 31.6 |
Note 7 - Property, Plant and _4
Note 7 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jul. 03, 2022 | Jun. 27, 2021 |
Property, plant, and equipment, gross | $ 479,787 | $ 480,957 |
Accumulated depreciation and amortization | (243,306) | (265,670) |
Property, plant and equipment, net | 236,481 | 215,287 |
Land [Member] | ||
Property, plant, and equipment, gross | 33,862 | 30,284 |
Orchards in Production and Land Improvements [Member] | ||
Property, plant, and equipment, gross | 19,773 | 18,829 |
Building and Building Improvements [Member] | ||
Property, plant, and equipment, gross | 65,909 | 62,232 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | 26,266 | 26,451 |
Equipment [Member] | ||
Property, plant, and equipment, gross | 106,244 | 82,526 |
Furniture and Fixtures [Member] | ||
Property, plant, and equipment, gross | 8,985 | 8,860 |
Computer and Telecommunication Equipment [Member] | ||
Property, plant, and equipment, gross | 38,934 | 55,841 |
Software and Software Development Costs [Member] | ||
Property, plant, and equipment, gross | 165,289 | 177,844 |
Capital Projects in Progress [Member] | ||
Property, plant, and equipment, gross | $ 14,525 | $ 18,090 |
Note 8 - Accrued Expenses - Acc
Note 8 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Jul. 03, 2022 | Jun. 27, 2021 |
Payroll and employee benefits | $ 37,617 | $ 56,134 |
Deferred revenue | 33,746 | 33,388 |
Accrued marketing expenses | 19,506 | 16,591 |
Accrued florist payout | 18,938 | 17,926 |
Accrued purchases | 32,141 | 17,259 |
Other | 33,444 | 37,214 |
Accrued expenses | $ 175,392 | $ 178,512 |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) $ in Millions | 32 Months Ended | ||||||||||||
Sep. 28, 2021 | May 31, 2019 USD ($) | May 31, 2024 | Apr. 02, 2023 | Jan. 01, 2023 | Oct. 02, 2022 | Aug. 29, 2022 USD ($) | Jul. 03, 2022 USD ($) | Jun. 27, 2021 USD ($) | Aug. 20, 2020 USD ($) | Aug. 19, 2020 USD ($) | May 30, 2019 USD ($) | ||
The 2019 Credit Agreement [Member] | |||||||||||||
Consolidated Leverage Ratio | 3.25% | ||||||||||||
Consolidated Fixed Charge Coverage Ratio | 150% | ||||||||||||
Capital Expenditures Disregarded in Consolidated Fixed Charge Coverage Ratio Calculation | $ 25 | ||||||||||||
The 2019 Credit Agreement [Member] | Subsequent Event [Member] | |||||||||||||
Consolidated Leverage Ratio | 4.25% | ||||||||||||
Capital Expenditures Disregarded in Consolidated Fixed Charge Coverage Ratio Calculation | $ 35 | ||||||||||||
The 2019 Credit Agreement [Member] | Forecast [Member] | |||||||||||||
Consolidated Fixed Charge Coverage Ratio | 100% | 100% | 100% | ||||||||||
The 2019 Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||||||
Proceeds from Lines of Credit, Total | 200 | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100 | ||||||||||||
The 2020 Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250 | $ 200 | |||||||||||
Debt Instrument, Working Capital Sublimit | 200 | 175 | |||||||||||
Debt Instrument, Seasonally-reduced Revolver Commitments | $ 125 | $ 100 | |||||||||||
Debt Instrument, Number of Periodic Payments | 15 | ||||||||||||
Term Loan [Member] | |||||||||||||
Long-term Debt, Total | [1] | $ 165 | $ 185 | ||||||||||
Term Loan [Member] | The 2019 Credit Agreement [Member] | |||||||||||||
Long-term Debt, Total | $ 100 | $ 97 | |||||||||||
Debt Instrument, Number of Installment Payments | 19 | ||||||||||||
Debt Instrument, Principal Payment Percentage In First Eight Payments | 5% | ||||||||||||
Debt Instrument, Principal Payment Percentage In Remaining Eleven Payments | 10% | ||||||||||||
Debt Instrument, Principal Payment Due Upon Maturity | $ 62.5 | ||||||||||||
Term Loan [Member] | The 2019 Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate, Increase (Decrease) | (0.25%) | ||||||||||||
Line of Credit and Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Debt Instrument, Base Rate, Basis Spread on Variable Rate | 1% | ||||||||||||
Line of Credit and Term Loan [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | |||||||||||||
Debt Instrument, Base Rate, Basis Spread on Variable Rate | 0.50% | ||||||||||||
The New Term Loan [Member] | The 2020 Credit Agreement [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 100 | ||||||||||||
Debt Instrument Principal Payment Percentage in First Four Payments | 5% | ||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 67.5 | ||||||||||||
Long-Term Debt, Maturity, Year One | 20 | ||||||||||||
Long-Term Debt, Maturity, Year Three | $ 145 | ||||||||||||
The New Term Loan [Member] | The 2020 Credit Agreement [Member] | Forecast [Member] | |||||||||||||
Debt Instrument, Principal Payment Percentage In Remaining Eleven Payments | 10% | ||||||||||||
[1]On May 31, 2019, the Company and certain of its U.S. subsidiaries entered into a Second Amended and Restated Credit Agreement (the “2019 Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent, and a group of lenders. The 2019 Credit Agreement amended and restated the Company’s existing amended and restated credit agreement dated as of December 23, 2016 to, among other modifications: (i) increase the amount of the outstanding term loan (“Term Loan”) from approximately $97 million to $100 million, (ii) extend the maturity date of the outstanding Term Loan and the revolving credit facility (“Revolver”) by approximately 29 months to May 31, 2024, and (iii) decrease the applicable interest rate margins for LIBOR and base rate loans by 25 basis points. The Term Loan is payable in 19 quarterly installments of principal and interest beginning on September 29, 2019, with escalating principal payments, at the rate of 5.0% per annum for the first eight payments, and 10.0% per annum for the remaining 11 payments, with the remaining balance of $62.5 million due upon maturity. The Revolver, in the aggregate amount of $200 million, subject to seasonal reduction to an aggregate amount of $100 million for the period from January 1 through August 1, may be used for working capital and general corporate purposes, subject to certain restrictions. For each borrowing under the Existing Credit Agreement (as defined below), the Company may elect that such borrowing bear interest at an annual rate equal to either: (1) a base rate plus an applicable margin varying based on the Company’s consolidated leverage ratio, where the base rate is the highest of (a) the prime rate, (b) the New York fed bank rate plus 0.5%, and (c) a LIBOR rate plus 1%, or (2) an adjusted LIBOR rate plus an applicable margin varying based on the Company’s consolidated leverage ratio. On August 20, 2020, the Company, the Subsidiary Guarantors, JPMorgan Chase Bank, N.A. as administrative agent, and a group of lenders entered into a First Amendment (the “First Amendment”) to the 2019 Credit Agreement. The First Amendment amends the 2019 Credit Agreement to, among other modifications, (i) increase the aggregate principal amount of the existing Revolver commitments from $200.0 million to $250.0 million, (ii) establish a new tranche of term A-1 loans in an aggregate principal amount of $100.0 million (the “2020 Term Loan”), (iii) increase the working capital sublimit with respect to the Revolver from $175.0 million to $200.0 million, and (iv) increase the seasonally-reduced Revolver commitments from $100.0 million to $125.0 million for the period from January 1 through August 1 for each fiscal year of the Company. F- 20 Table of Contents The 2020 Term Loan will mature on May 31, 2024. Proceeds of the borrowing under the 2020 Term Loan may be used for working capital and general corporate purposes of the Company and its subsidiaries, subject to certain restrictions. The 2020 Term Loan is payable in 15 quarterly installments of principal and interest beginning on September 27, 2020, with escalating principal payments, at the rate of 5.0% per annum for the first four payments, and 10.0% per annum for the remaining 11 payments, with the remaining balance of $67.5 million due upon maturity. On November 8, 2021, the Company, certain of its U.S. subsidiaries, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, entered into a Second Amendment (the “Second Amendment”) to the 2019 Credit Agreement. The Second Amendment amended the 2019 Credit Agreement to, among other modifications, decrease the interest margins and LIBOR floor applicable to the 2020 Term Loan. Subsequent to year-end, on August 29, 2022, the Company, certain of its U.S. subsidiaries, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, entered into a Third Amendment (the “Third Amendment”) to the 2019 Credit Agreement. The Third Amendment amends the 2019 Credit Agreement (the 2019 Credit Agreement, as amended by the First Amendment, the Second Amendment, and the Third Amendment, the “Existing Credit Agreement”) to, among other modifications, (A) alter the financial maintenance covenants set forth therein by (1) increasing the required maximum consolidated leverage ratio, for the reference period ending October 2, 2022, from 3.25 to 1.00 to 4.25 to 1.00 and (2) decreasing the required minimum consolidated fixed charge coverage ratio, for the reference periods ending October 2, 2022, January 1, 2023, and April 2, 2023, from 1.50 to 1.00 to 1.00 to 1.00 and (B) increase the amount of certain capital expenditures that may be disregarded for purposes of calculating the consolidated fixed charge coverage ratio from $25.0 million to $35.0 million. The Existing Credit Agreement requires that while any borrowings or commitments are outstanding the Company comply with certain financial covenants and affirmative covenants as well as certain negative covenants that, subject to certain exceptions, limit the Company’s ability to, among other things, incur additional indebtedness, make certain investments and make certain restricted payments. The Company was in compliance with these covenants as of July 3, 2022. The Existing Credit Agreement is secured by substantially all of the assets of the Company. |
Note 9 - Long-term Debt - Summa
Note 9 - Long-term Debt - Summary of Current and Long-term Debt (Details) - USD ($) $ in Thousands | Jul. 03, 2022 | Jun. 27, 2021 | |
Deferred financing costs | $ (2,503) | $ (3,488) | |
Debt instrument, carrying amount | 162,497 | 181,512 | |
Less: current debt | 20,000 | 20,000 | |
Long-term debt | 142,497 | 161,512 | |
Line of Credit [Member] | |||
Revolver | [1] | 0 | 0 |
Term Loan [Member] | |||
Term Loan | [1] | $ 165,000 | $ 185,000 |
[1]On May 31, 2019, the Company and certain of its U.S. subsidiaries entered into a Second Amended and Restated Credit Agreement (the “2019 Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent, and a group of lenders. The 2019 Credit Agreement amended and restated the Company’s existing amended and restated credit agreement dated as of December 23, 2016 to, among other modifications: (i) increase the amount of the outstanding term loan (“Term Loan”) from approximately $97 million to $100 million, (ii) extend the maturity date of the outstanding Term Loan and the revolving credit facility (“Revolver”) by approximately 29 months to May 31, 2024, and (iii) decrease the applicable interest rate margins for LIBOR and base rate loans by 25 basis points. The Term Loan is payable in 19 quarterly installments of principal and interest beginning on September 29, 2019, with escalating principal payments, at the rate of 5.0% per annum for the first eight payments, and 10.0% per annum for the remaining 11 payments, with the remaining balance of $62.5 million due upon maturity. The Revolver, in the aggregate amount of $200 million, subject to seasonal reduction to an aggregate amount of $100 million for the period from January 1 through August 1, may be used for working capital and general corporate purposes, subject to certain restrictions. For each borrowing under the Existing Credit Agreement (as defined below), the Company may elect that such borrowing bear interest at an annual rate equal to either: (1) a base rate plus an applicable margin varying based on the Company’s consolidated leverage ratio, where the base rate is the highest of (a) the prime rate, (b) the New York fed bank rate plus 0.5%, and (c) a LIBOR rate plus 1%, or (2) an adjusted LIBOR rate plus an applicable margin varying based on the Company’s consolidated leverage ratio. On August 20, 2020, the Company, the Subsidiary Guarantors, JPMorgan Chase Bank, N.A. as administrative agent, and a group of lenders entered into a First Amendment (the “First Amendment”) to the 2019 Credit Agreement. The First Amendment amends the 2019 Credit Agreement to, among other modifications, (i) increase the aggregate principal amount of the existing Revolver commitments from $200.0 million to $250.0 million, (ii) establish a new tranche of term A-1 loans in an aggregate principal amount of $100.0 million (the “2020 Term Loan”), (iii) increase the working capital sublimit with respect to the Revolver from $175.0 million to $200.0 million, and (iv) increase the seasonally-reduced Revolver commitments from $100.0 million to $125.0 million for the period from January 1 through August 1 for each fiscal year of the Company. F- 20 Table of Contents The 2020 Term Loan will mature on May 31, 2024. Proceeds of the borrowing under the 2020 Term Loan may be used for working capital and general corporate purposes of the Company and its subsidiaries, subject to certain restrictions. The 2020 Term Loan is payable in 15 quarterly installments of principal and interest beginning on September 27, 2020, with escalating principal payments, at the rate of 5.0% per annum for the first four payments, and 10.0% per annum for the remaining 11 payments, with the remaining balance of $67.5 million due upon maturity. On November 8, 2021, the Company, certain of its U.S. subsidiaries, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, entered into a Second Amendment (the “Second Amendment”) to the 2019 Credit Agreement. The Second Amendment amended the 2019 Credit Agreement to, among other modifications, decrease the interest margins and LIBOR floor applicable to the 2020 Term Loan. Subsequent to year-end, on August 29, 2022, the Company, certain of its U.S. subsidiaries, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, entered into a Third Amendment (the “Third Amendment”) to the 2019 Credit Agreement. The Third Amendment amends the 2019 Credit Agreement (the 2019 Credit Agreement, as amended by the First Amendment, the Second Amendment, and the Third Amendment, the “Existing Credit Agreement”) to, among other modifications, (A) alter the financial maintenance covenants set forth therein by (1) increasing the required maximum consolidated leverage ratio, for the reference period ending October 2, 2022, from 3.25 to 1.00 to 4.25 to 1.00 and (2) decreasing the required minimum consolidated fixed charge coverage ratio, for the reference periods ending October 2, 2022, January 1, 2023, and April 2, 2023, from 1.50 to 1.00 to 1.00 to 1.00 and (B) increase the amount of certain capital expenditures that may be disregarded for purposes of calculating the consolidated fixed charge coverage ratio from $25.0 million to $35.0 million. The Existing Credit Agreement requires that while any borrowings or commitments are outstanding the Company comply with certain financial covenants and affirmative covenants as well as certain negative covenants that, subject to certain exceptions, limit the Company’s ability to, among other things, incur additional indebtedness, make certain investments and make certain restricted payments. The Company was in compliance with these covenants as of July 3, 2022. The Existing Credit Agreement is secured by substantially all of the assets of the Company. |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Jul. 03, 2022 | Jun. 27, 2021 | |
Trading securities held in a “rabbi trust” | [1] | $ 17,760 | $ 21,651 |
Fair Value, Net Asset (Liability), Total | 17,760 | 21,651 | |
Fair Value, Inputs, Level 1 [Member] | |||
Trading securities held in a “rabbi trust” | [1] | 17,760 | 21,651 |
Fair Value, Net Asset (Liability), Total | 17,760 | 21,651 | |
Fair Value, Inputs, Level 2 [Member] | |||
Trading securities held in a “rabbi trust” | [1] | 0 | 0 |
Fair Value, Net Asset (Liability), Total | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Trading securities held in a “rabbi trust” | [1] | 0 | 0 |
Fair Value, Net Asset (Liability), Total | $ 0 | $ 0 | |
[1]The Company has established a Non-qualified Deferred Compensation Plan (the “NQDC Plan”) for certain members of senior management. Deferred compensation plan assets are invested in mutual funds held in a “rabbi trust,” which is restricted for payment to participants of the NQDC Plan. Trading securities held in the rabbi trust are measured using quoted market prices at the reporting date and are included in the “Other assets” line item, with the corresponding liability included in the “Other liabilities” line item in the consolidated balance sheets. |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 03, 2022 | Jun. 27, 2021 | |
Deferred Tax Assets, Valuation Allowance | $ 3,096 | $ 9,258 |
Unrecognized Tax Benefits, Ending Balance | 1,400 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 200 | |
Domestic Tax Authority [Member] | ||
Open Tax Year | 2019 2020 2021 | |
State and Local Jurisdiction [Member] | ||
Open Tax Year | 2016 2017 2018 2019 | |
Expiring in 2027 [Member] | ||
Tax Credit Carryforward, Amount | $ 9,600 | |
Expiring in 2042 [Member] | ||
Tax Credit Carryforward, Amount | 1,300 | |
Expiring in 2023 [Member] | State and Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards | 57,700 | |
Expiring in 2034 [Member] | State and Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards | 4,900 | |
Federal and State Capital Loss Carryforward Expired [Member] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (6,200) |
Note 11 - Income Taxes - Income
Note 11 - Income Taxes - Income Tax Provision From Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 03, 2022 | Jun. 27, 2021 | Jun. 28, 2020 | |
Federal | $ (1,676) | $ 17,594 | $ 14,727 |
State | 1,589 | 7,339 | 4,383 |
Current income tax expense (benefit) | (87) | 24,933 | 19,110 |
Federal | 2,679 | 5,160 | (62) |
State | (1,100) | 370 | (204) |
Deferred income tax expense (benefit) | 1,579 | 5,530 | (266) |
Income tax expense | $ 1,492 | $ 30,463 | $ 18,844 |
Note 11 - Income Taxes - Effect
Note 11 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Jul. 03, 2022 | Jun. 27, 2021 | Jun. 28, 2020 | |
Tax at U.S. statutory rates | 21% | 21% | 21% |
State income taxes, net of federal tax benefit | 4.20% | 4.20% | 4.50% |
Capital loss expiration | 15.50% | 0% | 0% |
Valuation allowance change | (19.80%) | (0.30%) | (0.30%) |
Non-deductible compensation | 5.30% | 0.70% | 1.10% |
Excess tax benefit from stock-based compensation | (16.10%) | (4.10%) | (1.00%) |
Tax credits | (3.90%) | (0.90%) | (1.10%) |
Enhanced deductions | (2.10%) | (0.20%) | (0.40%) |
Other, net | 0.70% | 0% | 0.40% |
Effective tax rate | 4.80% | 20.40% | 24.20% |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Income Tax Assets (Details) - USD ($) $ in Thousands | Jul. 03, 2022 | Jun. 27, 2021 |
Loss and credit carryforwards | $ 7,590 | $ 10,016 |
Accrued expenses and reserves | 7,550 | 5,842 |
Inventory | 5,897 | 3,428 |
Stock-based compensation | 1,330 | 2,593 |
Deferred compensation | 3,723 | 3,074 |
Operating lease liability | 33,847 | 22,262 |
Gross deferred income tax assets | 59,937 | 47,215 |
Less: Valuation allowance | (3,096) | (9,258) |
Deferred tax assets, net | 56,841 | 37,957 |
Other intangibles | (21,764) | (18,695) |
Tax in excess of book depreciation | (38,755) | (31,944) |
Operating lease right-of-use asset | (32,064) | (21,480) |
Deferred tax liabilities | (92,583) | (72,119) |
Net deferred income tax liabilities | $ (35,742) | $ (34,162) |
Note 12 - Capital Stock (Detail
Note 12 - Capital Stock (Details Textual) $ in Thousands | 12 Months Ended | ||||
Jul. 03, 2022 USD ($) shares | Jun. 27, 2021 USD ($) shares | Jun. 28, 2020 USD ($) shares | Feb. 03, 2022 USD ($) | Apr. 22, 2021 USD ($) | |
Conversion Of Stock Shares Of Class A Common Stock Converted From A Share Of Class B Common Stock (in shares) | 1 | ||||
Stock Repurchase Program, Authorized Amount | $ | $ 33,200 | $ 40,000 | $ 40,000 | ||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 38,171 | $ 22,369 | $ 10,680 | ||
Treasury Stock, Shares, Acquired (in shares) | 1,592,555 | 862,290 | 754,458 | ||
Common Class A [Member] | |||||
Number of Voting Rights Per Share | 1 | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities (in shares) | 904,000 | 389,209 | 0 | ||
Common Class B [Member] | |||||
Number of Voting Rights Per Share | 10 |
Note 13 - Stock Based Compens_3
Note 13 - Stock Based Compensation (Details Textual) - USD ($) Pure in Thousands, $ in Millions | 12 Months Ended | |||
Jul. 03, 2022 | Jun. 27, 2021 | Jun. 28, 2020 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | 0% | [1] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 9.2 | $ 22.6 | $ 2.3 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 11.3 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 4 months 24 days | |||
[1]No options were granted during the fiscal years ended June 27, 2021 or June 30, 2019. |
Note 13 - Stock Based Compens_4
Note 13 - Stock Based Compensation - Stock-based Compensation Expense Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 03, 2022 | Jun. 27, 2021 | Jun. 28, 2020 | |
Allocated share-based compensation expense | $ 7,947 | $ 10,835 | $ 8,434 |
Deferred income tax benefit | 1,943 | 2,673 | 2,084 |
Allocated share-based compensation expense, net | 6,004 | 8,162 | 6,350 |
Share-Based Payment Arrangement, Option [Member] | |||
Allocated share-based compensation expense | (41) | 36 | 104 |
Restricted Stock [Member] | |||
Allocated share-based compensation expense | $ 7,988 | $ 10,799 | $ 8,330 |
Note 13 - Stock Based Compens_5
Note 13 - Stock Based Compensation - Allocation of Stock-based Compensation to Operating Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 03, 2022 | Jun. 27, 2021 | Jun. 28, 2020 | |
Allocated share-based compensation expense | $ 7,947 | $ 10,835 | $ 8,434 |
Selling and Marketing Expense [Member] | |||
Allocated share-based compensation expense | 3,414 | 4,943 | 3,999 |
Technology and Development [Member] | |||
Allocated share-based compensation expense | 319 | 652 | 649 |
General and Administrative Expense [Member] | |||
Allocated share-based compensation expense | $ 4,214 | $ 5,240 | $ 3,786 |
Note 13 - Stock Based Compens_6
Note 13 - Stock Based Compensation - Assumptions (Details) - $ / shares | 12 Months Ended | |||
Jul. 03, 2022 | Jun. 28, 2020 | |||
Weighted average fair value of options granted (in dollars per share) | [1] | $ 10.11 | ||
Expected volatility | [1] | 60% | ||
Expected life (Year) | [1] | 8 years | ||
Expected dividend yield | 0% | 0% | [1] | |
[1]No options were granted during the fiscal years ended June 27, 2021 or June 30, 2019. |
Note 13 - Stock Based Compens_7
Note 13 - Stock Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jul. 03, 2022 | Jun. 27, 2021 | |
Outstanding, options (in shares) | 336,700 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.44 | |
Granted, options (in shares) | 0 | 0 |
Granted, weighted average exercise price (in dollars per share) | $ 0 | |
Exercised, options (in shares) | (321,700) | |
Exercised, weighted average exercise price (in dollars per share) | $ 2.63 | |
Forfeited, oprtions (in shares) | (15,000) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 20.72 | |
Outstanding, options (in shares) | 0 | 336,700 |
Outstanding, weighted average exercise price (in dollars per share) | $ 0 | $ 3.44 |
Outstanding, aggregate intrinsic value | $ 0 | |
Exercisable, options (in shares) | 0 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 0 | |
Exercisable, aggregate intrinsic value | $ 0 |
Note 13 - Stock Based Compens_8
Note 13 - Stock Based Compensation - Non-vested Restricted Stock Activity (Details) - Restricted Stock [Member] | 12 Months Ended |
Jul. 03, 2022 $ / shares shares | |
Non-vested – beginning of period (in shares) | shares | 1,638,806 |
Non-vested – beginning of period (in dollars per share) | $ / shares | $ 18.12 |
Granted (in shares) | shares | 668,790 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 28.53 |
Vested (in shares) | shares | (805,028) |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 14.23 |
Forfeited (in shares) | shares | (572,859) |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 29.73 |
Non-vested - end of period (in shares) | shares | 929,709 |
Non-vested - end of period (in dollars per share) | $ / shares | $ 21.82 |
Note 14 - Employee Retirement_2
Note 14 - Employee Retirement Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 03, 2022 | Jun. 27, 2021 | Jun. 28, 2020 | |
Defined Contribution Plan Required Age Of Employees To Become Eligible To Participate (Year) | 21 years | ||
Defined Contribution Plan Number Of Months Of Service Must Be Completed To Participate (Month) | 1 month | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,900 | $ 1,600 | $ 1,500 |
Defined Benefit Plan Participants Deferment Percentage Of Salary And Performance And Nonperformance Based Bonus | 1% | ||
Interest Expense [Member] | |||
Deferred Compensation Arrangement With Individual Gain (Loss) On Investment | 3,600 | $ 5,700 | $ 300 |
Deferred Compensation, Excluding Share-Based Payments and Retirement Benefits [Member] | |||
Deferred Compensation Arrangement with Individual, Contributions by Employer | 0 | ||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 17,800 | $ 21,700 | |
Deferred Compensation, Excluding Share-Based Payments and Retirement Benefits [Member] | Maximum [Member] | |||
Defined Benefit Plan Participants Deferment Percentage Of Salary And Performance And Nonperformance Based Bonus | 100% |
Note 15 - Business Segments (De
Note 15 - Business Segments (Details Textual) | 12 Months Ended |
Jul. 03, 2022 | |
Number of Reportable Segments | 3 |
Note 15 - Business Segments - S
Note 15 - Business Segments - Segment Performance (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 03, 2022 | Jun. 27, 2021 | Jun. 28, 2020 | ||
Net revenues | $ 2,207,885 | $ 2,122,245 | $ 1,489,637 | |
Depreciation and amortization | (49,078) | (42,510) | (32,513) | |
Operating income | 42,101 | 149,087 | 80,364 | |
Operating Segments [Member] | ||||
Contribution margin | 208,855 | 323,877 | 219,544 | |
Corporate, Non-Segment [Member] | ||||
Net revenues | 201 | 341 | 591 | |
Corporate | [1] | (117,676) | (132,280) | (106,667) |
Intersegment Eliminations [Member] | ||||
Net revenues | (1,860) | (1,637) | (1,464) | |
Consumer Floral and Gifts [Member] | Operating Segments [Member] | ||||
Net revenues | 1,059,570 | 1,025,015 | 593,197 | |
Consumer Floral [Member] | Operating Segments [Member] | ||||
Net revenues | 1,059,570 | 1,025,015 | 593,197 | |
Contribution margin | 104,319 | 128,625 | 73,806 | |
BloomNet [Member] | Operating Segments [Member] | ||||
Net revenues | 145,702 | 142,919 | 111,766 | |
BloomNet Wire Service [Member] | Operating Segments [Member] | ||||
Net revenues | 145,702 | 142,919 | 111,766 | |
Contribution margin | 42,515 | 45,875 | 35,111 | |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | ||||
Net revenues | 1,004,272 | 955,607 | 785,547 | |
Contribution margin | $ 62,021 | $ 149,377 | $ 110,627 | |
[1]Corporate expenses consist of the Company’s enterprise shared service cost centers, and include, among other items, Information Technology, Human Resources, Accounting and Finance, Legal, Executive and Customer Service Center functions, as well as Stock-Based Compensation. In order to leverage the Company’s infrastructure, these functions are operated under a centralized management platform, providing support services throughout the organization. The costs of these functions, other than those of the Customer Service Center, which are allocated directly to the above categories based upon usage, are included within corporate expenses as they are not directly allocable to a specific segment. |
Note 15 - Business Segments - D
Note 15 - Business Segments - Disaggregation of Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 03, 2022 | Jun. 27, 2021 | Jun. 28, 2020 | |
Net revenues | $ 2,207,885 | $ 2,122,245 | $ 1,489,637 |
E-commerce [Member] | |||
Net revenues | 1,934,648 | 1,879,550 | 1,230,385 |
Product and Service, Other [Member] | |||
Net revenues | 273,237 | 242,695 | 259,252 |
Product and Service, Other [Member] | Retail and Other [Member] | |||
Net revenues | 19,883 | 18,433 | 44,688 |
Product and Service, Other [Member] | Wholesale [Member] | |||
Net revenues | 163,268 | 127,938 | 137,346 |
Product and Service, Other [Member] | Bloomnet Services [Member] | |||
Net revenues | 91,745 | 97,620 | 78,091 |
Segment Reconciling Items [Member] | |||
Net revenues | (1,659) | (1,296) | (873) |
Segment Reconciling Items [Member] | E-commerce [Member] | |||
Net revenues | 0 | 0 | 0 |
Segment Reconciling Items [Member] | Product and Service, Other [Member] | |||
Net revenues | (1,659) | (1,296) | (873) |
Consolidation, Eliminations [Member] | Product and Service, Other [Member] | |||
Net revenues | (1,860) | (1,637) | (1,464) |
Consolidation, Eliminations [Member] | Product and Service, Other [Member] | Retail and Other [Member] | |||
Net revenues | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | Product and Service, Other [Member] | Wholesale [Member] | |||
Net revenues | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | Product and Service, Other [Member] | Bloomnet Services [Member] | |||
Net revenues | 0 | 0 | 0 |
Corporate, Non-Segment [Member] | |||
Net revenues | 201 | 341 | 591 |
Corporate, Non-Segment [Member] | Product and Service, Other [Member] | |||
Net revenues | 201 | 341 | 591 |
Consumer Floral [Member] | Operating Segments [Member] | |||
Net revenues | 1,059,570 | 1,025,015 | 593,197 |
Consumer Floral [Member] | Operating Segments [Member] | E-commerce [Member] | |||
Net revenues | 1,049,821 | 1,015,716 | 585,585 |
Consumer Floral [Member] | Operating Segments [Member] | Product and Service, Other [Member] | |||
Net revenues | 9,749 | 9,299 | 7,612 |
Consumer Floral [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Retail and Other [Member] | |||
Net revenues | 9,749 | 9,299 | 7,612 |
Consumer Floral [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Wholesale [Member] | |||
Net revenues | 0 | 0 | 0 |
Consumer Floral [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Bloomnet Services [Member] | |||
Net revenues | 0 | 0 | 0 |
BloomNet Wire Service [Member] | Operating Segments [Member] | |||
Net revenues | 145,702 | 142,919 | 111,766 |
BloomNet Wire Service [Member] | Operating Segments [Member] | E-commerce [Member] | |||
Net revenues | 0 | 0 | 0 |
BloomNet Wire Service [Member] | Operating Segments [Member] | Product and Service, Other [Member] | |||
Net revenues | 145,702 | 142,919 | 111,766 |
BloomNet Wire Service [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Retail and Other [Member] | |||
Net revenues | 0 | 0 | 0 |
BloomNet Wire Service [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Wholesale [Member] | |||
Net revenues | 53,957 | 45,299 | 33,675 |
BloomNet Wire Service [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Bloomnet Services [Member] | |||
Net revenues | 91,745 | 97,620 | 78,091 |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | |||
Net revenues | 1,004,272 | 955,607 | 785,547 |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | E-commerce [Member] | |||
Net revenues | 884,827 | 863,834 | 644,800 |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | Product and Service, Other [Member] | |||
Net revenues | 119,445 | 91,773 | 140,747 |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Retail and Other [Member] | |||
Net revenues | 10,134 | 9,134 | 37,076 |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Wholesale [Member] | |||
Net revenues | 109,311 | 82,639 | 103,671 |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Bloomnet Services [Member] | |||
Net revenues | $ 0 | $ 0 | $ 0 |
Note 16 - Leases - Lease Costs
Note 16 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 03, 2022 | Jun. 27, 2021 | |
Operating lease costs | $ 19,402 | $ 14,308 |
Variable lease costs | 21,823 | 19,342 |
Short-term lease cost | 5,224 | 6,639 |
Sublease income | (751) | (812) |
Total lease costs | 45,698 | 39,477 |
Cash paid for amounts included in measurement of operating lease liabilities | 16,486 | 14,802 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 57,494 | $ 30,622 |
Weighted-average remaining lease term - operating leases (in years) (Year) | 9 years 6 months | 8 years 8 months 12 days |
Weighted-discount rate - operating leases | 3.90% | 3.80% |
Note 16 - Leases - Maturities o
Note 16 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Jul. 03, 2022 USD ($) |
2023 | $ 17,917 |
2024 | 20,729 |
2025 | 18,424 |
2026 | 16,459 |
2027 | 14,768 |
Thereafter | 78,318 |
Total Future Minimum Lease Payments | 166,615 |
Less Imputed Remaining Interest | 30,034 |
Total | $ 136,581 |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Aug. 03, 2020 | Jul. 21, 2020 | Apr. 30, 2022 | Jul. 03, 2022 | Jun. 27, 2021 | |
Harriso Lawsuit [Member] | |||||
Litigation Settlement, Amount Awarded to Other Party | $ 3.3 | ||||
Personalization Mall [Member] | |||||
Business Combination, Consideration Transferred, Total | $ 250.9 | $ 245 | |||
Letter of Credit [Member] | |||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 2.3 | $ 2.3 | |||
Technology Infrastructure [Member] | |||||
Long-Term Purchase Commitment, Amount | $ 20.6 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | |||
Jul. 03, 2022 | Jun. 27, 2021 | Jun. 28, 2020 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
Balance at Beginning of Period | $ 4,032,000 | $ 5,665,000 | $ 2,777,000 | |
Charged to Costs and Expenses | (411,000) | 964,000 | 4,143,000 | |
Deductions- Describe | [1] | (1,225,000) | (2,597,000) | (1,255,000) |
Balance at End of Period | 2,396,000 | 4,032,000 | 5,665,000 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||||
Balance at Beginning of Period | 9,258,000 | 9,681,000 | 9,872,000 | |
Charged to Costs and Expenses | 57,000 | 174,000 | 37,000 | |
Deductions- Describe | [1] | (6,220,000) | (597,000) | (228,000) |
Balance at End of Period | $ 3,095,000 | $ 9,258,000 | $ 9,681,000 | |
[1]Reduction in reserve due to amounts written off. |