Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Jun. 30, 2014 | Jul. 15, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'BNNY | ' |
Entity Registrant Name | 'ANNIE'S, INC. | ' |
Entity Central Index Key | '0001431897 | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 17,095,396 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' |
Net sales | $43,297 | $39,318 |
Cost of sales | 31,069 | 24,278 |
Gross profit | 12,228 | 15,040 |
Operating expenses: | ' | ' |
Selling, general and administrative expenses | 14,176 | 11,364 |
Income (loss) from operations | -1,948 | 3,676 |
Interest expense | -91 | -71 |
Other income, net | 15 | 26 |
Income (loss) before provision for (benefit from) income taxes | -2,024 | 3,631 |
Provision for (benefit from) income taxes | -804 | 1,459 |
Net income (loss) | ($1,220) | $2,172 |
Net income per share | ' | ' |
-Basic (in usd per share) | ($0.07) | $0.13 |
-Diluted (in usd per share) | ($0.07) | $0.13 |
Weighted average shares of common stock outstanding used in computing net income per share | ' | ' |
-Basic (in shares) | 17,059,147 | 16,869,557 |
-Diluted (in shares) | 17,059,147 | 17,353,222 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash | $1,644 | $17,308 |
Accounts receivable | 17,288 | 18,324 |
Inventory | 27,719 | 18,489 |
Deferred tax assets | 4,077 | 3,312 |
Income tax receivable | 2,472 | 0 |
Prepaid expenses and other current assets | 4,661 | 4,277 |
Total current assets | 57,861 | 61,710 |
Restricted cash | 0 | 300 |
Property and equipment, net | 13,215 | 6,620 |
Goodwill | 32,105 | 30,809 |
Intangible assets, net | 1,070 | 1,055 |
Deferred tax assets, long-term | 4,265 | 3,039 |
Other non-current assets | 105 | 108 |
Total assets | 108,621 | 103,641 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 7,844 | 7,144 |
Accrued liabilities | 12,023 | 10,680 |
Total current liabilities | 19,867 | 17,824 |
Other non-current liabilities | 2,881 | 905 |
Total liabilities | 22,748 | 18,729 |
Commitments and contingencies (Note 6) | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Common stock | 17 | 17 |
Additional paid-in capital | 99,912 | 97,731 |
Accumulated deficit | -14,056 | -12,836 |
Total stockholders’ equity | 85,873 | 84,912 |
Total liabilities and stockholders’ equity | $108,621 | $103,641 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | ($1,220) | $2,172 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 546 | 309 |
Stock-based compensation | 1,223 | 293 |
Excess tax benefit from stock-based compensation | -321 | -370 |
Accretion of imputed interest on purchase of intangible asset | 36 | 36 |
Deferred taxes | -1,242 | 144 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 1,036 | 4,328 |
Inventory | -7,735 | -3,326 |
Income tax receivable | -2,472 | 588 |
Prepaid expenses, other current and non-current assets | -478 | 1,418 |
Accounts payable | 385 | -1,867 |
Accrued expenses and other non-current liabilities | 1,982 | -583 |
Net cash provided by (used in) operating activities | -8,260 | 3,142 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisition of Joplin Plant | -7,508 | 0 |
Purchase of property and equipment | -1,221 | -272 |
Purchase of intangible assets | -30 | 0 |
Restricted cash | 300 | 0 |
Net cash provided by (used in) investing activities | -8,459 | -272 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from credit facility | 2,877 | 4,449 |
Payments under credit facility | -2,877 | -11,449 |
Excess tax benefit from stock-based compensation | 321 | 370 |
Proceeds from exercises of stock options | 734 | 392 |
Net cash provided by (used in) financing activities | 1,055 | -6,238 |
NET INCREASE (DECREASE) IN CASH | -15,664 | -3,368 |
CASH-Beginning of period | 17,308 | 4,930 |
CASH-End of period | $1,644 | $1,562 |
Description_of_Business
Description of Business | 3 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description of Business | ' |
Description of Business | |
Annie’s, Inc. (the “Company”), a Delaware corporation incorporated on April 28, 2004, is a natural and organic food company. The Company offers over 145 products in the following three product categories: meals; snacks; and dressings and condiments. The Company’s products are sold throughout the U.S. and Canada via a multi-channel distribution network that serves the mainstream grocery, mass merchandiser and natural retailer channels. The Company’s headquarters are located in Berkeley, California. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Basis of Presentation and Consolidation | ||||||||||||
The accompanying unaudited condensed consolidated financial statements of Annie’s Inc. have been prepared pursuant to generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for Form 10-Q. The March 31, 2014 condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Certain information and note disclosures normally included in annual financial statements have been condensed or omitted pursuant to the rules and regulations of the SEC. In the opinion of management, all adjustments (consisting only of normal recurring adjustments, except as noted in Note 7 below) considered necessary for a fair statement have been included. The results for the three months ended June 30, 2014 are not necessarily indicative of the results of operations to be expected for the entire fiscal year. | ||||||||||||
The condensed consolidated financial statements include the accounts of the Company and its wholly owned direct and indirect subsidiaries, Annie’s Homegrown, Inc., Annie’s Enterprises, Inc., Napa Valley Kitchen, Inc. and Annie’s Baking, LLC. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications were made to the Company’s prior financial statements to conform to the current year presentation. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2014. | ||||||||||||
Recently Issued Accounting Standard | ||||||||||||
On May 28, 2014, the FASB issued a new financial accounting standard on revenue from contracts with customers. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The accounting standard is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the impact of this accounting standard. | ||||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reported periods. Actual results could differ from those estimates. | ||||||||||||
Freight and Warehousing Costs | ||||||||||||
Freight and warehousing costs are included in selling, general and administrative expenses in the condensed consolidated statements of operations. Freight and warehousing costs were $1.9 million and $1.5 million for the three months ended June 30, 2014 and 2013, respectively. | ||||||||||||
Research and Development (R&D) Costs | ||||||||||||
R&D costs are included in selling, general and administrative expenses in the condensed consolidated statements of operations. R&D costs were $0.6 million for each of the three months ended June 30, 2014 and 2013, respectively. | ||||||||||||
Advertising Costs | ||||||||||||
Advertising costs are included in selling, general and administrative expenses in the condensed consolidated statements of operations. Total advertising costs were $0.1 million and $0.4 million for the three months ended June 30, 2014 and 2013, respectively. | ||||||||||||
Revision of Financial Statements | ||||||||||||
In finalizing its fiscal 2014 results, the Company determined that the historical methodology for estimating certain trade allowances did not include all related trade promotion costs. Specifically, the methodology did not consider trade promotion activities conducted by the Company’s customers after quarter end related to sales that occurred prior to quarter end related to interim and annual periods through the third quarter of fiscal 2014. These misstatements were not material to any previously reported financial results; however, the Company revised its previously issued financial statements and accompanying notes in its Annual Report on Form 10-K for the year ended March 31, 2014, to reflect these items in the appropriate periods. As part of the revision, the Company also corrected certain additional previously-identified misstatements. The net effect of the revision for the three months ended June 30, 2013 is an increase in net income of $0.1 million. | ||||||||||||
The Company evaluated the cumulative impact of the errors on prior periods under the guidance in Accounting Standards Codification (“ASC”) 250-10, Accounting Changes and Error Corrections, and the guidance from the SEC in Staff Accounting Bulletin (“SAB”) No. 99, Materiality. The Company also evaluated the impact of correcting the errors through an adjustment to its financial statements under the guidance in ASC 250-10 relating to SAB No. 108, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements. The Company concluded that these errors were not material, individually or in the aggregate, to any of the prior reporting periods and, therefore, amendments of previously filed reports were not required. | ||||||||||||
The effects of the revision on the condensed consolidated financial statements for the three months ended June 30, 2013 are detailed below. | ||||||||||||
Condensed Consolidated Statement of Operations (in thousands, except per share amounts): | ||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||
Reported | Correction | Revised | ||||||||||
Net sales | $ | 39,040 | $ | 278 | $ | 39,318 | ||||||
Gross profit | 14,762 | 278 | 15,040 | |||||||||
Selling, general and administrative expenses | 11,327 | 37 | 11,364 | |||||||||
Income from operations | 3,435 | 241 | 3,676 | |||||||||
Income before provision for income taxes | 3,390 | 241 | 3,631 | |||||||||
Provision for income taxes | 1,361 | 98 | 1,459 | |||||||||
Net income | 2,029 | 143 | 2,172 | |||||||||
Earnings per share—basic | $ | 0.12 | $ | 0.01 | $ | 0.13 | ||||||
Earnings per share—diluted | $ | 0.12 | $ | 0.01 | $ | 0.13 | ||||||
Condensed Consolidated Statement of Cash Flows (in thousands): | ||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||
Reported | Correction | Revised | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income | $ | 2,029 | $ | 143 | $ | 2,172 | ||||||
Adjustments to reconcile net income to net cash provided by operating | ||||||||||||
activities: | ||||||||||||
Deferred taxes | 31 | 113 | 144 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable | 4,606 | (278 | ) | 4,328 | ||||||||
Accrued expenses and other non-current liabilities | (605 | ) | 22 | (583 | ) | |||||||
Net cash provided by (used in) operating activities | 3,142 | — | 3,142 | |||||||||
Balance_Sheet_Components
Balance Sheet Components | 3 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Supplemental Balance Sheet Disclosures [Abstract] | ' | |||||||||||||||||||||||||
Balance Sheet Components | ' | |||||||||||||||||||||||||
Balance Sheet Components | ||||||||||||||||||||||||||
Accounts Receivable and Concentration Risk | ||||||||||||||||||||||||||
Customers that generated 10% or more of the Company’s net sales consist of the following: | ||||||||||||||||||||||||||
Net Sales | ||||||||||||||||||||||||||
Customer A | Customer B | Customer C | ||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||
2014 | 12 | % | 12 | % | 14 | % | ||||||||||||||||||||
2013 | 24 | % | 9 | % | 12 | % | ||||||||||||||||||||
As of June 30, 2014, two customers represented 26% and 19%, respectively, of accounts receivable. As of March 31, 2014, three customers represented 31%, 17%, and 10%, respectively, of accounts receivable. | ||||||||||||||||||||||||||
Inventory | ||||||||||||||||||||||||||
Inventory is comprised of the following (in thousands): | ||||||||||||||||||||||||||
June 30, | March 31, | |||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||
Raw materials | $ | 4,901 | $ | 1,442 | ||||||||||||||||||||||
Work in process | 815 | 616 | ||||||||||||||||||||||||
Finished goods | 22,003 | 16,431 | ||||||||||||||||||||||||
Inventory | $ | 27,719 | $ | 18,489 | ||||||||||||||||||||||
Property and Equipment, Net | ||||||||||||||||||||||||||
Property and equipment, net are comprised of the following (in thousands): | ||||||||||||||||||||||||||
June 30, | March 31, | |||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||
Equipment and automotive | $ | 8,807 | $ | 4,004 | ||||||||||||||||||||||
Software | 3,499 | 2,722 | ||||||||||||||||||||||||
Leasehold improvements | 1,408 | 1,381 | ||||||||||||||||||||||||
Building and improvements | 920 | — | ||||||||||||||||||||||||
Plates and dies | 501 | 402 | ||||||||||||||||||||||||
Land | 180 | — | ||||||||||||||||||||||||
Construction in progress | 1,378 | 1,058 | ||||||||||||||||||||||||
Total property and equipment | 16,693 | 9,567 | ||||||||||||||||||||||||
Less: Accumulated depreciation and amortization | (3,478 | ) | (2,947 | ) | ||||||||||||||||||||||
Property and equipment, net | $ | 13,215 | $ | 6,620 | ||||||||||||||||||||||
The Company capitalizes certain internal and external costs related to the development and enhancement of the Company’s internal-use software, which are included in property and equipment in the accompanying condensed consolidated balance sheets. The Company had $3.2 million and $2.7 million in capitalized software development costs, net of accumulated amortization, including $0.9 million and $1.0 million in construction-in-progress as of June 30, 2014 and March 31, 2014, respectively. | ||||||||||||||||||||||||||
Depreciation expense was $0.5 million and $0.3 million for the three months ended June 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||||
Intangible Assets, Net | ||||||||||||||||||||||||||
Intangible assets, net are comprised of the following (in thousands): | ||||||||||||||||||||||||||
June 30, 2014 | March 31, 2014 | |||||||||||||||||||||||||
Gross | Net | Gross | Net | |||||||||||||||||||||||
Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | Useful | ||||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | Lives | ||||||||||||||||||||
Product formulas | $ | 1,053 | $ | (132 | ) | $ | 921 | $ | 1,023 | $ | (119 | ) | $ | 904 | 5 - 25 years | |||||||||||
Other intangible assets | 189 | (40 | ) | 149 | 189 | (38 | ) | 151 | 5 - 25 years | |||||||||||||||||
Total | $ | 1,242 | $ | (172 | ) | $ | 1,070 | $ | 1,212 | $ | (157 | ) | $ | 1,055 | ||||||||||||
Amortization expense of intangible assets was $15,000 for each of the three months ended June 30, 2014 and 2013. The estimated future amortization expense relating to intangible assets is anticipated to be $47,000 for the remainder of fiscal 2015, $62,000 for each of the next five years from fiscal 2016 through fiscal 2020, totaling $310,000, and $713,000 after fiscal 2020. | ||||||||||||||||||||||||||
Prepaid Expenses and Other Current Assets | ||||||||||||||||||||||||||
Prepaid expenses and other current assets as of June 30, 2014 and March 31, 2014 include receivables from contract manufacturers and suppliers of $2.3 million and $2.7 million, respectively. | ||||||||||||||||||||||||||
Accrued Liabilities | ||||||||||||||||||||||||||
The following table shows the components of accrued liabilities (in thousands): | ||||||||||||||||||||||||||
June 30, | 31-Mar-14 | |||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||
Payroll and employee-related expenses | $ | 3,244 | $ | 2,907 | ||||||||||||||||||||||
Inventory received not invoiced | 4,114 | 2,744 | ||||||||||||||||||||||||
Accrued trade expenses | 2,373 | 1,601 | ||||||||||||||||||||||||
Accrued professional fees | 1,413 | 566 | ||||||||||||||||||||||||
Income tax payable | — | 1,727 | ||||||||||||||||||||||||
Other accrued liabilities | 879 | 1,135 | ||||||||||||||||||||||||
Total accrued liabilities | $ | 12,023 | $ | 10,680 | ||||||||||||||||||||||
Joplin_Acquisition
Joplin Acquisition | 3 Months Ended | |||
Jun. 30, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Planned acquisition | ' | |||
Joplin Acquisition | ||||
On April 2, 2014, the Company acquired a snack manufacturing business including a plant in Joplin, Missouri (the “Joplin Plant”) for $6.0 million of cash, plus the value of inventory and supplies at closing. The Joplin Plant has been the primary manufacturer of the Company's cookie and cracker products for more than ten years. The Company funded the acquisition with $7.2 million in cash on hand and restricted cash of $0.3 million, which was allocated to tangible assets acquired and liabilities assumed based on their respective estimated fair values on the date of acquisition. The excess of the consideration paid over the fair value of the identifiable net assets acquired of $1.3 million was recorded as goodwill, of which $0.2 million is expected to be deductible for tax purposes. In connection with the closing of the acquisition, the Company entered into a three-year supply agreement with an affiliate of Safeway Inc. (“Safeway”), pursuant to which the Company will manufacture products for the affiliate. The Company recorded deferred revenue of $1.9 million related to this supply agreement that will be recorded as revenue over the term of the agreement. Since the date of acquisition, the Joplin Plant generated net sales to Safeway of $2.0 million and had net income of $0.1 million through June 30, 2014. The preliminary allocation of the aggregate cost of the acquisition was as follows (in thousands): | ||||
Total Purchase | ||||
Price Allocation | ||||
Machinery and equipment | $ | 4,727 | ||
Inventory | 1,495 | |||
Building and improvement | 920 | |||
Deferred tax asset, long-term | 749 | |||
Land | 180 | |||
Deferred revenue | (1,859 | ) | ||
Goodwill | 1,296 | |||
Total purchase price | $ | 7,508 | ||
The acquisition of the Joplin Plant was not material to the Company’s financial position or results of operations, and therefore pro forma operating results are not presented, since the results would not be significantly different than reported results. |
Credit_Facility
Credit Facility | 3 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Credit Facility | ' |
Credit Facility | |
The Company has a revolving credit facility of $40.0 million with Bank of America, N. A. that expires in August 2016. The credit facility is collateralized by substantially all of the Company’s assets. The Company is required to pay a commitment fee on the unused credit facility commitments, if the outstanding balance is less than half the commitment, at an annual rate ranging from 0.25% to 0.40% depending on the utilization rate. There were no borrowings outstanding under the credit facility and the Company was in compliance with the covenants as of June 30, 2014 and March 31, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Lease Commitments | |
The Company leases its offices and other equipment under non-cancelable operating leases that expire through fiscal year 2019. Rent expense for non-cancelable operating leases with scheduled rent increases is recognized on a straight-line basis over the lease term. Rent expense for the three months ended June 30, 2014 and 2013 was $180,000 and $150,000, respectively. | |
Indemnifications | |
In the normal course of business, the Company enters into contracts that contain a variety of representations and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. The Company has not paid any significant claims or been required to defend any action related to its indemnification obligations, and, accordingly, the Company believes that the estimated fair value of these indemnification obligations is minimal and has not accrued any amounts for these commercial obligations. | |
Legal Matters | |
On December 6, 2013, a private organization called the Center for Environmental Health (“CEH”) sued the Company and its subsidiary, Annie’s Homegrown, Inc., in Superior Court of the State of California in the County of Alameda under California Health & Safety Code §§ 25249.5 et seq. (commonly referred to as “Proposition 65”). CEH claims that warnings are required in California under Proposition 65 for alleged exposures to lead and lead compounds from cookies that contain ginger or molasses, including Annie’s Gluten-Free Ginger Snap Bunny Cookies. CEH is seeking injunctive relief, civil penalties of $2,500 per violation per day and its attorneys’ fees and costs. The lawsuit, entitled Center for Environmental Health v. Mondelez International, Inc., et al., Alameda County Superior Court Case No. RG13-677800, names twenty-two other companies that are either suppliers or retailers of ginger- or molasses-containing cookies. The Company intends to vigorously defend against this claim and while the Company does not presently believe that it will have a material adverse effect on its financial condition, given the early stages of the matter, it is not possible to estimate the amount or range of any potential loss. | |
On or about June 11, 2014, Steve Taormina filed a purported class action complaint against the Company, and certain of its current and former officers, in the United States District Court for the Northern District of California. The lawsuit alleges violations of the Exchange Act by the Company and the officers for making allegedly material false and misleading public statements regarding the Company’s business and operations between August 8, 2013 and June 3, 2014 and seeks unspecified monetary damages and other relief against the defendants. On June 30, 2014, Donna Weiss filed a second purported class action complaint in the Northern District of California, against the same parties, containing substantially similar allegations and seeking a substantially similar recovery. | |
On June 18, 2014, Anna H. Goodman, filed a derivative complaint purportedly on behalf of Annie’s, Inc., against the Company’s Board and Solera Capital LLC. On July 29, 2014 Dan Stanick, represented by the same law firm as Ms. Goodman, filed substantially the same complaint in the Superior Court of California, County of Alameda. These lawsuits generally allege breaches of fiduciary duties by each of the Board members and Solera Capital, by engaging in alleged wrongful conduct, including conduct complained of in the securities litigation matters described above, and seek unspecified monetary damages and other relief against the defendants. | |
The class action and derivative lawsuits described in the paragraphs above followed and relate to the Company’s announcement of a material weakness in internal controls over financial reporting as identified in Item 9A of the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2014. The Company intends to defend vigorously against these claims and while the Company does not presently believe that they will have a material adverse effect on its financial condition, given the early stages of the matters, it is not possible to estimate the amount or range of any potential loss. | |
Additionally, from time to time, the Company is subject to claims, assessments or other legal proceedings in the ordinary course of business, including product liability claims, employee claims, and other general liability claims. While it is not feasible to predict or determine the ultimate outcome of these matters, the Company believes that none of these legal proceedings, individually or in the aggregate, will have a material adverse effect on its financial position or results of operations and cash flows. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Stock-Based Compensation | ' | ||||||
Stock-Based Compensation | |||||||
Stock-based compensation expense included in selling, general and administrative expenses was $1.2 million and $0.3 million for the three months ended June 30, 2014 and 2013, respectively. In finalizing its results for the three months ended June 30, 2014, the Company identified $0.9 million of stock-based compensation expense that related to periods through March 31, 2014, but were not previously recorded. The Company determined that these costs were immaterial to its previously issued financial statements and its expected results for fiscal 2015, and therefore previously issued financial statements were not revised and these costs were recorded in the three-month period ended June 30, 2014. | |||||||
The following table summarizes stock option activity during the three months ended June 30, 2014: | |||||||
Number of Shares | Weighted-Average | ||||||
Exercise Price | |||||||
Balance at March 31, 2014 | 913,825 | $ | 13.58 | ||||
Granted | 73,737 | 32.48 | |||||
Forfeited | (4,197 | ) | 19 | ||||
Exercised | (55,604 | ) | 13.2 | ||||
Balance at June 30, 2014 | 927,761 | $ | 15.08 | ||||
The weighted average grant date fair value of employee stock options granted during the three months ended June 30, 2014 was $11.15 per share. The total intrinsic value of stock options exercised during the three months ended June 30, 2014 was $1.1 million. The intrinsic value is calculated based on the difference between the exercise price and the fair value of the common stock at time of exercise. | |||||||
The following table summarizes unvested restricted stock unit and performance share unit activity during the three months ended June 30, 2014: | |||||||
Shares-Based Awards | Shares | Weighted-Average | |||||
Grant Date | |||||||
Fair Value | |||||||
Unvested at March 31, 2014 | 88,910 | $ | 31.84 | ||||
Granted | 82,431 | 32.48 | |||||
Vested | — | — | |||||
Forfeited | (1,789 | ) | 27.4 | ||||
Unvested at June 30, 2014 | 169,552 | $ | 32.2 | ||||
As of June 30, 2014, there were 99,458 unvested performance share units outstanding, net of actual forfeitures. As of June 30, 2014, the number of shares estimated to be issued at the end of the performance period(s) is 37,039 shares. The maximum number of shares that could be issued at the end of performance period(s) is 149,208 shares. | |||||||
As of June 30, 2014, there was $5.3 million of total unrecognized compensation cost related to unvested share-based compensation arrangements which is expected to be recognized over a weighted average period of 3.1 years. |
Income_Taxes
Income Taxes | 3 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company’s effective tax rate was 39.7% and 40.2% for the three months ended June 30, 2014 and 2013, respectively. The effective tax rate is based on a projection of the Company’s annual fiscal year results. The effective tax rate for the three months ended June 30, 2014 is comparable to the three months ended June 30, 2013 after considering a discrete item in the current period. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Net Income per Share of Common Stock attributable to Common Stockholders | ' | |||||||
Earnings Per Share | ||||||||
Basic earnings (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings (loss) per share is computed by giving effect to all potentially dilutive securities outstanding during the period. The Company utilizes the treasury stock method to calculate potentially dilutive common shares that underlie its stock options to purchase common stock and restricted stock units. Performance share units were excluded from potentially dilutive common shares since the performance condition had not been satisfied as of June 30, 2014 and March 31, 2014. | ||||||||
The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted earnings (loss) per share of common stock for the periods presented, because including them would have been anti-dilutive: | ||||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Options to purchase common stock | 927,761 | 132,737 | ||||||
Restricted stock units | 174,244 | 7,640 | ||||||
Total | 1,102,005 | 140,377 | ||||||
A reconciliation of the basic and diluted earnings (loss) per share attributable to common stockholders is as follows (in thousands, except share and per share amounts): | ||||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Earnings (loss) per share: | ||||||||
Net income (loss) | $ | (1,220 | ) | $ | 2,172 | |||
Weighted average shares of common stock outstanding used in computing earnings (loss)—basic | 17,059,147 | 16,869,557 | ||||||
Potential dilutive options | — | 472,117 | ||||||
Potential dilutive restricted stock units | — | 11,548 | ||||||
Weighted average shares of common stock outstanding used in computing earnings (loss)—diluted | 17,059,147 | 17,353,222 | ||||||
Earnings (loss) per share | ||||||||
—Basic | $ | (0.07 | ) | $ | 0.13 | |||
—Diluted | $ | (0.07 | ) | $ | 0.13 | |||
Geographic_Areas_and_Product_S
Geographic Areas and Product Sales | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Geographic Areas and Product Sales | ' | |||||||
Geographic Areas and Product Sales | ||||||||
The Company’s net sales by geographic area, based on the location to which the product was shipped, are summarized as follows (in thousands): | ||||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
United States | $ | 41,436 | $ | 37,712 | ||||
Canada | 1,861 | 1,606 | ||||||
$ | 43,297 | $ | 39,318 | |||||
The following table sets forth net sales by product category (in thousands): | ||||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Meals | $ | 17,545 | $ | 16,672 | ||||
Snacks | 17,861 | 15,934 | ||||||
Dressings and condiments | 5,852 | 6,712 | ||||||
Sales to Safeway under supply agreement (Note 4) | 2,039 | — | ||||||
$ | 43,297 | $ | 39,318 | |||||
All of the Company’s long-lived assets are located in the U.S. |
Product_Recall
Product Recall | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Product Recall Disclosure [Abstract] | ' | |||||||
Product Recall | ' | |||||||
Product Recall | ||||||||
In January 2013, the Company announced a voluntary product recall of certified organic and made with organic pizza products due to the possible presence of fragments of flexible metal mesh from a faulty screen at a third-party flour mill. The Company initiated the recall of all lots of pizza product manufactured with this supplier’s flour from its first purchase from the supplier in May 2012. The Company recorded certain items associated with the recall in its financial results for the three months ended June 30, 2014 and 2013 as presented in the table below (in thousands except per share amounts): | ||||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Benefit to/(incremental) cost of sales | $ | 18 | $ | (217 | ) | |||
Benefit to/(incremental) selling, general and administrative expenses | — | (43 | ) | |||||
Total benefit to/(reduction of) income before income taxes | $ | 18 | $ | (260 | ) | |||
Benefit to/(reduction of) net income (loss) | $ | 11 | $ | (156 | ) | |||
Benefit to/(reduction of) net income (loss) per diluted share | $ | — | $ | (0.01 | ) | |||
The Company does not expect any significant further additional costs associated with the voluntary product recall. The Company expects to receive additional insurance recoveries in future quarters. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Consolidation | ' |
Basis of Presentation and Consolidation | |
The accompanying unaudited condensed consolidated financial statements of Annie’s Inc. have been prepared pursuant to generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for Form 10-Q. The March 31, 2014 condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Certain information and note disclosures normally included in annual financial statements have been condensed or omitted pursuant to the rules and regulations of the SEC. In the opinion of management, all adjustments (consisting only of normal recurring adjustments, except as noted in Note 7 below) considered necessary for a fair statement have been included. The results for the three months ended June 30, 2014 are not necessarily indicative of the results of operations to be expected for the entire fiscal year. | |
The condensed consolidated financial statements include the accounts of the Company and its wholly owned direct and indirect subsidiaries, Annie’s Homegrown, Inc., Annie’s Enterprises, Inc., Napa Valley Kitchen, Inc. and Annie’s Baking, LLC. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications were made to the Company’s prior financial statements to conform to the current year presentation. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2014. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reported periods. Actual results could differ from those estimates. | |
Freight and Warehousing Costs | ' |
Freight and Warehousing Costs | |
Freight and warehousing costs are included in selling, general and administrative expenses in the condensed consolidated statements of operations. Freight and warehousing costs were $1.9 million and $1.5 million for the three months ended June 30, 2014 and 2013, respectively. | |
Research and Development Costs | ' |
Research and Development (R&D) Costs | |
R&D costs are included in selling, general and administrative expenses in the condensed consolidated statements of operations. R&D costs were $0.6 million for each of the three months ended June 30, 2014 and 2013, respectively. | |
Advertising Costs | ' |
Advertising Costs | |
Advertising costs are included in selling, general and administrative expenses in the condensed consolidated statements of operations. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Schedule of Error Corrections and Prior Period Adjustments | ' | |||||||||||
The effects of the revision on the condensed consolidated financial statements for the three months ended June 30, 2013 are detailed below. | ||||||||||||
Condensed Consolidated Statement of Operations (in thousands, except per share amounts): | ||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||
Reported | Correction | Revised | ||||||||||
Net sales | $ | 39,040 | $ | 278 | $ | 39,318 | ||||||
Gross profit | 14,762 | 278 | 15,040 | |||||||||
Selling, general and administrative expenses | 11,327 | 37 | 11,364 | |||||||||
Income from operations | 3,435 | 241 | 3,676 | |||||||||
Income before provision for income taxes | 3,390 | 241 | 3,631 | |||||||||
Provision for income taxes | 1,361 | 98 | 1,459 | |||||||||
Net income | 2,029 | 143 | 2,172 | |||||||||
Earnings per share—basic | $ | 0.12 | $ | 0.01 | $ | 0.13 | ||||||
Earnings per share—diluted | $ | 0.12 | $ | 0.01 | $ | 0.13 | ||||||
Condensed Consolidated Statement of Cash Flows (in thousands): | ||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||
Reported | Correction | Revised | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income | $ | 2,029 | $ | 143 | $ | 2,172 | ||||||
Adjustments to reconcile net income to net cash provided by operating | ||||||||||||
activities: | ||||||||||||
Deferred taxes | 31 | 113 | 144 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable | 4,606 | (278 | ) | 4,328 | ||||||||
Accrued expenses and other non-current liabilities | (605 | ) | 22 | (583 | ) | |||||||
Net cash provided by (used in) operating activities | 3,142 | — | 3,142 | |||||||||
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Supplemental Balance Sheet Disclosures [Abstract] | ' | |||||||||||||||||||||||||
Inventory | ' | |||||||||||||||||||||||||
Inventory is comprised of the following (in thousands): | ||||||||||||||||||||||||||
June 30, | March 31, | |||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||
Raw materials | $ | 4,901 | $ | 1,442 | ||||||||||||||||||||||
Work in process | 815 | 616 | ||||||||||||||||||||||||
Finished goods | 22,003 | 16,431 | ||||||||||||||||||||||||
Inventory | $ | 27,719 | $ | 18,489 | ||||||||||||||||||||||
Components of property and equipment | ' | |||||||||||||||||||||||||
Property and equipment, net are comprised of the following (in thousands): | ||||||||||||||||||||||||||
June 30, | March 31, | |||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||
Equipment and automotive | $ | 8,807 | $ | 4,004 | ||||||||||||||||||||||
Software | 3,499 | 2,722 | ||||||||||||||||||||||||
Leasehold improvements | 1,408 | 1,381 | ||||||||||||||||||||||||
Building and improvements | 920 | — | ||||||||||||||||||||||||
Plates and dies | 501 | 402 | ||||||||||||||||||||||||
Land | 180 | — | ||||||||||||||||||||||||
Construction in progress | 1,378 | 1,058 | ||||||||||||||||||||||||
Total property and equipment | 16,693 | 9,567 | ||||||||||||||||||||||||
Less: Accumulated depreciation and amortization | (3,478 | ) | (2,947 | ) | ||||||||||||||||||||||
Property and equipment, net | $ | 13,215 | $ | 6,620 | ||||||||||||||||||||||
Intangible assets, net | ' | |||||||||||||||||||||||||
Intangible assets, net are comprised of the following (in thousands): | ||||||||||||||||||||||||||
June 30, 2014 | March 31, 2014 | |||||||||||||||||||||||||
Gross | Net | Gross | Net | |||||||||||||||||||||||
Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | Useful | ||||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | Lives | ||||||||||||||||||||
Product formulas | $ | 1,053 | $ | (132 | ) | $ | 921 | $ | 1,023 | $ | (119 | ) | $ | 904 | 5 - 25 years | |||||||||||
Other intangible assets | 189 | (40 | ) | 149 | 189 | (38 | ) | 151 | 5 - 25 years | |||||||||||||||||
Total | $ | 1,242 | $ | (172 | ) | $ | 1,070 | $ | 1,212 | $ | (157 | ) | $ | 1,055 | ||||||||||||
Components of accrued liabilities | ' | |||||||||||||||||||||||||
The following table shows the components of accrued liabilities (in thousands): | ||||||||||||||||||||||||||
June 30, | 31-Mar-14 | |||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||
Payroll and employee-related expenses | $ | 3,244 | $ | 2,907 | ||||||||||||||||||||||
Inventory received not invoiced | 4,114 | 2,744 | ||||||||||||||||||||||||
Accrued trade expenses | 2,373 | 1,601 | ||||||||||||||||||||||||
Accrued professional fees | 1,413 | 566 | ||||||||||||||||||||||||
Income tax payable | — | 1,727 | ||||||||||||||||||||||||
Other accrued liabilities | 879 | 1,135 | ||||||||||||||||||||||||
Total accrued liabilities | $ | 12,023 | $ | 10,680 | ||||||||||||||||||||||
Joplin_Acquisition_Tables
Joplin Acquisition (Tables) | 3 Months Ended | |||
Jun. 30, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||
The preliminary allocation of the aggregate cost of the acquisition was as follows (in thousands): | ||||
Total Purchase | ||||
Price Allocation | ||||
Machinery and equipment | $ | 4,727 | ||
Inventory | 1,495 | |||
Building and improvement | 920 | |||
Deferred tax asset, long-term | 749 | |||
Land | 180 | |||
Deferred revenue | (1,859 | ) | ||
Goodwill | 1,296 | |||
Total purchase price | $ | 7,508 | ||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Summary of Activity of Stock Options | ' | ||||||
The following table summarizes stock option activity during the three months ended June 30, 2014: | |||||||
Number of Shares | Weighted-Average | ||||||
Exercise Price | |||||||
Balance at March 31, 2014 | 913,825 | $ | 13.58 | ||||
Granted | 73,737 | 32.48 | |||||
Forfeited | (4,197 | ) | 19 | ||||
Exercised | (55,604 | ) | 13.2 | ||||
Balance at June 30, 2014 | 927,761 | $ | 15.08 | ||||
Summary of Activity of Unvested Restricted Stock Units and Performance Share Units | ' | ||||||
The following table summarizes unvested restricted stock unit and performance share unit activity during the three months ended June 30, 2014: | |||||||
Shares-Based Awards | Shares | Weighted-Average | |||||
Grant Date | |||||||
Fair Value | |||||||
Unvested at March 31, 2014 | 88,910 | $ | 31.84 | ||||
Granted | 82,431 | 32.48 | |||||
Vested | — | — | |||||
Forfeited | (1,789 | ) | 27.4 | ||||
Unvested at June 30, 2014 | 169,552 | $ | 32.2 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Outstanding Shares of Potentially Dilutive Securities Excluded from Computation of Diluted Net Income Per Share of Common Stock | ' | |||||||
The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted earnings (loss) per share of common stock for the periods presented, because including them would have been anti-dilutive: | ||||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Options to purchase common stock | 927,761 | 132,737 | ||||||
Restricted stock units | 174,244 | 7,640 | ||||||
Total | 1,102,005 | 140,377 | ||||||
Reconciliation of Basic and Diluted Net Income Per Share Attributable to Common Stockholders | ' | |||||||
A reconciliation of the basic and diluted earnings (loss) per share attributable to common stockholders is as follows (in thousands, except share and per share amounts): | ||||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Earnings (loss) per share: | ||||||||
Net income (loss) | $ | (1,220 | ) | $ | 2,172 | |||
Weighted average shares of common stock outstanding used in computing earnings (loss)—basic | 17,059,147 | 16,869,557 | ||||||
Potential dilutive options | — | 472,117 | ||||||
Potential dilutive restricted stock units | — | 11,548 | ||||||
Weighted average shares of common stock outstanding used in computing earnings (loss)—diluted | 17,059,147 | 17,353,222 | ||||||
Earnings (loss) per share | ||||||||
—Basic | $ | (0.07 | ) | $ | 0.13 | |||
—Diluted | $ | (0.07 | ) | $ | 0.13 | |||
Geographic_Areas_and_Product_S1
Geographic Areas and Product Sales (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Net Sales by Geographic Area | ' | |||||||
The Company’s net sales by geographic area, based on the location to which the product was shipped, are summarized as follows (in thousands): | ||||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
United States | $ | 41,436 | $ | 37,712 | ||||
Canada | 1,861 | 1,606 | ||||||
$ | 43,297 | $ | 39,318 | |||||
Net Sales by Product | ' | |||||||
The following table sets forth net sales by product category (in thousands): | ||||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Meals | $ | 17,545 | $ | 16,672 | ||||
Snacks | 17,861 | 15,934 | ||||||
Dressings and condiments | 5,852 | 6,712 | ||||||
Sales to Safeway under supply agreement (Note 4) | 2,039 | — | ||||||
$ | 43,297 | $ | 39,318 | |||||
Product_Recall_Tables
Product Recall (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Product Recall Disclosure [Abstract] | ' | |||||||
Impact of the Recall-Related Charges and Related Insurance Recoveries | ' | |||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Benefit to/(incremental) cost of sales | $ | 18 | $ | (217 | ) | |||
Benefit to/(incremental) selling, general and administrative expenses | — | (43 | ) | |||||
Total benefit to/(reduction of) income before income taxes | $ | 18 | $ | (260 | ) | |||
Benefit to/(reduction of) net income (loss) | $ | 11 | $ | (156 | ) | |||
Benefit to/(reduction of) net income (loss) per diluted share | $ | — | $ | (0.01 | ) | |||
Description_of_Business_Additi
Description of Business - Additional Information (Detail) | 3 Months Ended |
Jun. 30, 2014 | |
catagory | |
Product | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Incorporation date | 28-Apr-04 |
Number of products offered | 145 |
Number of product catagories | 3 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Shipping and handling costs | $1,900,000 | $1,500,000 |
Research and development cost | 600,000 | ' |
Advertising costs | 100,000 | 400,000 |
Net sales | 43,297,000 | 39,318,000 |
Gross profit | 12,228,000 | 15,040,000 |
Selling, general and administrative expenses | 14,176,000 | 11,364,000 |
Income from operations | -1,948,000 | 3,676,000 |
Income before provision for income taxes | -2,024,000 | 3,631,000 |
Provision for (benefit from) income taxes | -804,000 | 1,459,000 |
Net income (loss) | -1,220,000 | 2,172,000 |
Earnings per share—basic (in usd per share) | ($0.07) | $0.13 |
Earnings per share—diluted (in usd per share) | ($0.07) | $0.13 |
Deferred taxes | ' | 144,000 |
Accounts receivable | 1,036,000 | 4,328,000 |
Accrued expenses and other non-current liabilities | 1,982,000 | -583,000 |
Net cash provided by (used in) operating activities | -8,260,000 | 3,142,000 |
Scenario, Previously Reported [Member] | ' | ' |
Net sales | ' | 39,040,000 |
Gross profit | ' | 14,762,000 |
Selling, general and administrative expenses | ' | 11,327,000 |
Income from operations | ' | 3,435,000 |
Income before provision for income taxes | ' | 3,390,000 |
Provision for (benefit from) income taxes | ' | 1,361,000 |
Net income (loss) | ' | 2,029,000 |
Earnings per share—basic (in usd per share) | ' | $0.12 |
Earnings per share—diluted (in usd per share) | ' | $0.12 |
Deferred taxes | ' | 31,000 |
Accounts receivable | ' | 4,606,000 |
Accrued expenses and other non-current liabilities | ' | -605,000 |
Net cash provided by (used in) operating activities | ' | 3,142,000 |
Restatement Adjustment [Member] | ' | ' |
Net sales | ' | 278,000 |
Gross profit | ' | 278,000 |
Selling, general and administrative expenses | ' | 37,000 |
Income from operations | ' | 241,000 |
Income before provision for income taxes | ' | 241,000 |
Provision for (benefit from) income taxes | ' | 98,000 |
Net income (loss) | ' | 143,000 |
Earnings per share—basic (in usd per share) | ' | $0.01 |
Earnings per share—diluted (in usd per share) | ' | $0.01 |
Deferred taxes | ' | 113,000 |
Accounts receivable | ' | -278,000 |
Accrued expenses and other non-current liabilities | ' | 22,000 |
Net cash provided by (used in) operating activities | ' | 0 |
Net Income1 [Member] | ' | ' |
Increase in net income after revision | ' | $100,000 |
Balance_Sheet_Components_Accou
Balance Sheet Components - Accounts Receivable and Concentration Risk (Details) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||
Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Customer | Customer | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Sales Revenue, Goods, Net [Member] | Sales Revenue, Goods, Net [Member] | Sales Revenue, Goods, Net [Member] | Sales Revenue, Goods, Net [Member] | Sales Revenue, Goods, Net [Member] | Sales Revenue, Goods, Net [Member] | |
Major Customer [Member] | Major Customer One [Member] | Major Customer Two [Member] | Major Customer Two [Member] | Customer Three [Member] | Customer A [Member] | Customer A [Member] | Customer B [Member] | Customer B [Member] | Customer C [Member] | Customer C [Member] | |||
Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of major customers | 2 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of concentration risk | ' | ' | 26.00% | 31.00% | 19.00% | 17.00% | 10.00% | 12.00% | 24.00% | 12.00% | 9.00% | 14.00% | 12.00% |
Balance_Sheet_Components_Inven
Balance Sheet Components - Inventory (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Supplemental Balance Sheet Disclosures [Abstract] | ' | ' |
Raw materials | $4,901 | $1,442 |
Work in process | 815 | 616 |
Finished goods | 22,003 | 16,431 |
Inventory | $27,719 | $18,489 |
Balance_Sheet_Components_Prope
Balance Sheet Components - Property and Equipment, Net (Detail) (USD $) | 3 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property and equipment | $16,693,000 | ' | $9,567,000 |
Construction in progress | 1,378,000 | ' | 1,058,000 |
Less: Accumulated depreciation and amortization | -3,478,000 | ' | -2,947,000 |
Property and equipment, net | 13,215,000 | ' | 6,620,000 |
Capitalized software development costs | 3,200,000 | ' | 2,700,000 |
Construction-in-progress | 900,000 | ' | 1,000,000 |
Depreciation expensive | 500,000 | 300,000 | ' |
Equipment and automotive | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property and equipment | 8,807,000 | ' | 4,004,000 |
Software | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property and equipment | 3,499,000 | ' | 2,722,000 |
Leasehold improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property and equipment | 1,408,000 | ' | 1,381,000 |
Building Improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property and equipment | 920,000 | ' | 0 |
Plates and dies | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property and equipment | 501,000 | ' | 402,000 |
Land | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property and equipment | $180,000 | ' | $0 |
Balance_Sheet_Components_Intan
Balance Sheet Components - Intangible Assets, Net (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | $1,242 | $1,212 |
Accumulated amortization | -172 | -157 |
Finite-Lived Intangible Assets, Net | 1,070 | 1,055 |
Amortization expense of intangible assets | 15 | ' |
Future amortization of anticipated intangible asset expense | 47 | ' |
Future amortization of anticipated intangible asset expense, next twelve months | 62 | ' |
Future amortization of anticipated intangible asset expense, year two | 62 | ' |
Future amortization of anticipated intangible asset expense, year three | 62 | ' |
Future amortization of anticipated intangible asset expense, year four | 62 | ' |
Future amortization of anticipated intangible asset expense, year five | 62 | ' |
Net carrying amount | 310 | ' |
Future amortization of anticipated intangible asset expense, after year five | 713 | ' |
Product formulas | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 1,053 | 1,023 |
Accumulated amortization | -132 | -119 |
Finite-Lived Intangible Assets, Net | 921 | 904 |
Other intangible assets | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 189 | 189 |
Accumulated amortization | -40 | -38 |
Finite-Lived Intangible Assets, Net | $149 | $151 |
Minimum | Product formulas | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful life of intangible assets | '5 years | ' |
Minimum | Other intangible assets | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful life of intangible assets | '5 years | ' |
Maximum | Product formulas | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful life of intangible assets | '25 years | ' |
Maximum | Other intangible assets | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful life of intangible assets | '25 years | ' |
Balance_Sheet_Components_Prepa
Balance Sheet Components - Prepaid Expenses and Other Current Assets (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Balance Sheet Details [Line Items] | ' | ' |
Prepaid expenses and other current assets | $4,661 | $4,277 |
Contract manufacturers and suppliers | ' | ' |
Balance Sheet Details [Line Items] | ' | ' |
Prepaid expenses and other current assets | $2,300 | $2,700 |
Balance_Sheet_Components_Compo
Balance Sheet Components - Components of Accrued Liabilities (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ' | ' |
Payroll and employee-related expenses | $3,244 | $2,907 |
Inventory received not invoiced | 4,114 | 2,744 |
Accrued trade expenses | 2,373 | 1,601 |
Accrued professional fees | 1,413 | 566 |
Income tax payable | 0 | 1,727 |
Other accrued liabilities | 879 | 1,135 |
Total accrued liabilities | $12,023 | $10,680 |
Joplin_Acquisition_Detail
Joplin Acquisition (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Apr. 02, 2014 | Jun. 30, 2014 | Apr. 02, 2014 | |
Joplin Plant | Joplin Plant | Joplin Plant | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cash paid | ' | $7,508,000 | $0 | ' | $6,000,000 | ' | ' |
Cash funding acquisition | 1,644,000 | 1,644,000 | ' | 17,308,000 | ' | ' | 7,200,000 |
Restricted cash funding acquisition | 0 | 0 | ' | 300,000 | ' | ' | 300,000 |
Consideration paid over assets acquired | 32,105,000 | 32,105,000 | ' | 30,809,000 | ' | 1,296,000 | 1,300,000 |
Goodwill expected to be tax deductible from business acquisition | ' | ' | ' | ' | ' | ' | 200,000 |
Deferred Revenue | ' | ' | ' | ' | ' | -1,859,000 | -1,900,000 |
Joplin plant net sales | 2,000,000 | ' | ' | ' | ' | ' | ' |
Joplin plant net income | 100,000 | ' | ' | ' | ' | ' | ' |
Machinery and equipment | ' | ' | ' | ' | ' | 4,727,000 | ' |
Inventory | ' | ' | ' | ' | ' | 1,495,000 | ' |
Building and improvement | ' | ' | ' | ' | ' | 920,000 | ' |
Deferred tax asset, long-term | ' | ' | ' | ' | ' | 749,000 | ' |
Land | ' | ' | ' | ' | ' | 180,000 | ' |
Total purchase price | ' | ' | ' | ' | ' | $7,508,000 | ' |
Credit_Facility_Additional_Inf
Credit Facility - Additional Information (Detail) (USD $) | 3 Months Ended | |
Jun. 30, 2014 | Mar. 31, 2014 | |
Line of Credit Facility [Line Items] | ' | ' |
Loans and letter of credit, maximum borrowing capacity | $40,000,000 | ' |
Line of credit facility, expiration date | 'August 2016 | ' |
Borrowings outstanding under credit facility | $0 | $0 |
Minimum | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility, unused line fee | 0.25% | ' |
Maximum | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility, unused line fee | 0.40% | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | ||
Dec. 06, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 06, 2013 | |
Other_Defendants | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' |
Rent expense | ' | $180,000 | $150,000 | ' |
Amount the plaintiff may seek per violation per day | ' | ' | ' | $2,500 |
Number of corporate defenders | 22 | ' | ' | ' |
StockBased_Compensation_Activi
Stock-Based Compensation - Activity of Stock Options (Detail) (USD $) | 3 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Beginning balance, shares | 913,825 |
Granted, shares | 73,737 |
Forfeited, shares | -4,197 |
Exercised, shares | -55,604 |
Ending balance, shares | 927,761 |
Beginning balance, weighted average exercise price | $13.58 |
Granted, Weighted-Average Exercise Price | $32.48 |
Forfeited, Weighted-Average Exercise Price | $19 |
Exercised, Weighted-Average Exercise Price | $13.20 |
Ending Balance, Weighted-Average Exercise Price | $15.08 |
StockBased_Compensation_Activi1
Stock-Based Compensation - Activity of Unvested Restricted Stock Units and Performance Share Units (Detail) (USD $) | 3 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ' |
Beginning balance, unvested shares | 88,910 |
Granted, shares | 82,431 |
Vested, shares | 0 |
Forfeited, shares | -1,789 |
Ending balance, unvested shares | 169,552 |
Beginning balance, Weighted-AverageGrant DateFair Value | $31.84 |
Granted, Weighted-AverageGrant DateFair Value | $32.48 |
Vested, Weighted-AverageGrant DateFair Value | $0 |
Forfeited, Weighted-AverageGrant DateFair Value | $27.40 |
Ending balance, Weighted-AverageGrant DateFair Value | $32.20 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | |||||
Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Stock Compensation Plan Expense [Member] | Performance Shares | Maximum | |||
Selling, General and Administrative Expenses | Performance Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | $1,200,000 | $300,000 | ' | ' | ' |
Previously unrecorded stock-based compensation expense | ' | ' | ' | ' | 900,000 | ' | ' |
Stock-based compensation expense, weighted average grant date fair value of the employee stock options | $11.15 | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense, related to stock options granted to the employees | 1,100,000 | ' | ' | ' | ' | ' | ' |
Unvested shares outstanding | 169,552 | 88,910 | ' | ' | ' | 99,458 | 149,208 |
Estimated number of shares to be issued | ' | ' | ' | ' | ' | 37,039 | ' |
Unrecognized compensation cost related to unvested share-based compensation | $5,300,000 | ' | ' | ' | ' | ' | ' |
Weighted average period unvested share-based compensation is expected to be recognized | '3 years 1 month 6 days | ' | ' | ' | ' | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective income tax rate | 39.70% | 40.20% |
Earnings_Per_Share_Outstanding
Earnings Per Share - Outstanding Shares of Potentially Dilutive Securities Excluded from Computation of Diluted Net Income Per Share of Common Stock (Detail) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potentially dilutive securities excluded from the computation of diluted net income per share of common stock | 1,102,005 | 140,377 |
Stock Options | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potentially dilutive securities excluded from the computation of diluted net income per share of common stock | 927,761 | 132,737 |
Restricted Stock Units | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potentially dilutive securities excluded from the computation of diluted net income per share of common stock | 174,244 | 7,640 |
Earnings_Per_Share_Reconciliat
Earnings Per Share - Reconciliation of Basic and Diluted Net Income Per Share Attributable to Common Stockholders (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Net income per share: | ' | ' |
Net income (loss) | ($1,220) | $2,172 |
Weighted average shares of common stock outstanding used in computing earnings (loss)—basic | 17,059,147 | 16,869,557 |
Weighted average shares of common stock outstanding used in computing earnings (loss)—diluted | 17,059,147 | 17,353,222 |
Net income per share | ' | ' |
Earnings per share—basic (in usd per share) | ($0.07) | $0.13 |
Earnings per share—diluted (in usd per share) | ($0.07) | $0.13 |
Stock Options | ' | ' |
Net income per share: | ' | ' |
Potential dilutive | 0 | 472,117 |
Restricted Stock Units | ' | ' |
Net income per share: | ' | ' |
Potential dilutive | 0 | 11,548 |
Geographic_Areas_and_Product_S2
Geographic Areas and Product Sales - Net Sales by Geographic Area (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Net sales | $43,297 | $39,318 |
UNITED STATES | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Net sales | 41,436 | 37,712 |
CANADA | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Net sales | $1,861 | $1,606 |
Geographic_Areas_and_Product_S3
Geographic Areas and Product Sales - Net Sales by Product (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Revenue from External Customer [Line Items] | ' | ' |
Net sales | $43,297 | $39,318 |
Meals | ' | ' |
Revenue from External Customer [Line Items] | ' | ' |
Net sales | 17,545 | 16,672 |
Snacks | ' | ' |
Revenue from External Customer [Line Items] | ' | ' |
Net sales | 17,861 | 15,934 |
Dressings, Condiments and Other | ' | ' |
Revenue from External Customer [Line Items] | ' | ' |
Net sales | 5,852 | 6,712 |
Sales to Safeway under supply agreement [Member] | ' | ' |
Revenue from External Customer [Line Items] | ' | ' |
Net sales | $2,039 | $0 |
Product_Recall_Impact_of_the_R
Product Recall - Impact of the Recall-Related Charges and Related Insurance Recoveries (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Product Recall Disclosure [Abstract] | ' | ' |
Benefit to/(incremental) cost of sales | $18 | ($217) |
Benefit to/(incremental) selling, general and administrative expenses | 0 | -43 |
Total benefit to/(reduction of) income before income taxes | 18 | -260 |
Benefit to/(reduction of) net income (loss) | $11 | ($156) |
Benefit to/(reduction of) net income (loss) per diluted share | $0 | ($0.01) |