Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2013 | Oct. 08, 2013 | Dec. 31, 2012 |
Document Documentand Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 30-Jun-13 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2013 | ||
Trading Symbol | FARM | ||
Entity Registrant Name | FARMER BROTHERS CO | ||
Entity Central Index Key | 34563 | ||
Current Fiscal Year End Date | -24 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 16,454,212 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $88.60 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Jun. 30, 2010 | Jun. 30, 2009 |
In Thousands, unless otherwise specified | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $2,678 | $5,525 | $5,218 | $2,545 | $3,906 | $3,463 | $4,121 | $4,552 | $6,081 | $4,149 | $20,038 |
Restricted cash | 8,084 | 3,751 | 3,599 | 129 | 1,612 | 1,774 | 1,813 | 628 | 460 | ||
Short-term investments | 20,546 | 20,769 | 20,553 | 20,486 | 19,736 | 18,486 | 17,632 | 15,825 | 24,414 | ||
Accounts and notes receivable, net of allowance for doubtful accounts $1,115 and $1,872, respectively | 43,922 | 42,793 | 43,752 | 43,139 | 40,736 | 41,685 | 44,765 | 44,554 | 43,501 | ||
Inventories | 60,867 | 67,273 | 68,385 | 69,924 | 65,981 | 75,451 | 77,874 | 83,098 | 79,449 | ||
Income tax receivable | 409 | 117 | 472 | 369 | 762 | 830 | 178 | 168 | 448 | ||
Prepaid expenses | 3,243 | 2,800 | 2,740 | 3,091 | 3,445 | 2,791 | 3,196 | 2,249 | 2,747 | ||
Total current assets | 139,749 | 143,028 | 144,719 | 139,683 | 136,178 | 144,480 | 149,579 | 151,074 | 157,100 | ||
Property, plant and equipment, net | 92,159 | 93,838 | 98,160 | 103,317 | 108,137 | 106,855 | 105,031 | 108,944 | 114,340 | ||
Intangible assets, net | 6,277 | 6,586 | 6,929 | 7,272 | 7,615 | 8,232 | 13,902 | 14,270 | 9,329 | ||
Other assets | 5,484 | 5,247 | 5,273 | 5,358 | 5,125 | 4,839 | 4,877 | 4,919 | 4,963 | ||
Deferred income taxes | 467 | 861 | 861 | 861 | 861 | 1,007 | 1,007 | 1,007 | 1,008 | ||
Total assets | 244,136 | 249,560 | 255,942 | 256,491 | 257,916 | 270,723 | 274,396 | 280,214 | 292,050 | ||
Current liabilities: | |||||||||||
Accounts payable | 27,740 | 29,878 | 30,453 | 29,196 | 27,266 | 31,688 | 39,818 | 38,146 | 42,422 | ||
Accrued payroll expenses | 19,757 | 15,372 | 17,009 | 18,341 | 19,130 | 18,040 | 18,525 | 16,171 | 16,958 | ||
Short-term borrowings under revolving credit facility | 9,654 | 9,912 | 15,074 | 24,996 | 29,126 | 28,702 | 25,971 | 33,398 | 31,362 | ||
Short-term obligations under capital leases | 3,409 | 3,435 | 3,527 | 3,683 | 3,737 | 2,745 | 1,674 | 1,588 | 1,570 | ||
Short term derivative liability | 9,896 | 5,916 | 6,292 | 29 | 737 | 2,585 | 794 | 3,283 | 1,729 | ||
Deferred income taxes | 923 | 1,445 | 1,445 | 1,445 | 1,445 | 476 | 476 | 476 | 476 | ||
Other current liabilities | 5,171 | 6,728 | 5,242 | 5,268 | 5,296 | 5,287 | 4,276 | 4,063 | 4,527 | ||
Total current liabilities | 76,550 | 72,686 | 79,042 | 82,958 | 86,737 | 89,523 | 91,534 | 97,125 | 99,044 | ||
Long-term borrowings under revolving credit facility | 10,000 | 10,000 | 10,000 | 0 | |||||||
Long-term derivative liability | 1,129 | 0 | |||||||||
Accrued postretirement benefits | 16,076 | 22,989 | 22,878 | 22,815 | 22,526 | 19,239 | 19,172 | 19,027 | 18,996 | ||
Other long-term liabilities-capital leases | 8,759 | 9,552 | 10,617 | 11,368 | 12,130 | 9,759 | 6,254 | 6,664 | 7,066 | ||
Accrued pension liabilities | 43,800 | 47,651 | 47,456 | 47,217 | 48,191 | 26,909 | 28,173 | 24,993 | 28,048 | ||
Accrued workers' compensation liabilities | 5,132 | 4,022 | 4,022 | 4,131 | 4,131 | 3,821 | 3,624 | 3,639 | 3,639 | ||
Deferred income taxes | 852 | 759 | 648 | 649 | 649 | 1,842 | 1,842 | 1,842 | 1,842 | ||
Total liabilities | 162,298 | 167,659 | 174,663 | 169,138 | 174,364 | 151,093 | 150,599 | 153,290 | 158,635 | ||
Commitments and contingencies | |||||||||||
Stockholders' equity: | |||||||||||
Preferred stock, $1.00 par value, 500,000 shares authorized and none issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Common stock, $1.00 par value, 25,000,000 shares authorized; 16,454,422 and 16,308,859 shares issued and outstanding at June 30, 2013 and 2012, respectively | 16,454 | 16,449 | 16,342 | 16,314 | 16,309 | 16,281 | 16,262 | 16,187 | 16,186 | ||
Additional paid-in capital | 34,654 | 33,728 | 31,906 | 35,653 | 34,834 | 34,093 | 33,071 | 37,259 | 36,470 | ||
Retained earnings | 94,080 | 97,056 | 98,363 | 105,519 | 102,542 | 112,814 | 118,023 | 121,837 | 129,118 | ||
Unearned ESOP shares | -20,836 | -20,836 | -20,836 | -25,637 | -25,637 | -25,636 | -25,637 | -30,437 | -30,437 | ||
Less accumulated other comprehensive loss | -42,514 | -44,496 | -44,496 | -44,496 | -44,496 | -17,922 | -17,922 | -17,922 | -17,922 | ||
Total stockholders' equity | 81,838 | 81,901 | 81,279 | 87,353 | 83,552 | 119,630 | 123,797 | 126,924 | 133,415 | 161,744 | |
Total liabilities and stockholders' equity | $244,136 | $249,560 | $255,942 | $256,491 | $257,916 | $270,723 | $274,396 | $280,214 | $292,050 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $1,115 | $1,872 |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 16,454,422 | 16,308,859 |
Common stock, shares outstanding | 16,454,422 | 16,308,859 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 |
Income Statement [Abstract] | ||||||||||||||||
Net sales | $128,763 | $126,343 | $135,705 | $119,153 | $120,948 | $121,527 | $131,770 | $121,197 | $254,858 | $252,967 | $381,201 | $374,494 | $509,964 | $495,442 | $463,945 | $450,318 |
Cost of goods sold | 77,668 | 85,352 | 74,532 | 75,419 | 78,380 | 87,229 | 81,512 | 159,884 | 168,741 | 237,552 | 247,121 | 318,825 | 322,540 | 306,458 | 254,686 | |
Gross profit | 47,490 | 48,675 | 50,353 | 44,621 | 45,529 | 43,147 | 44,541 | 39,685 | 94,974 | 84,226 | 143,649 | 127,373 | 191,139 | 172,902 | 157,487 | 195,632 |
Selling expenses | 39,135 | 40,765 | 37,271 | 40,280 | 37,909 | 36,771 | 35,681 | 78,036 | 72,452 | 117,171 | 110,361 | 158,079 | 150,641 | 170,670 | 187,290 | |
General and administrative expenses | 10,034 | 9,041 | 8,769 | 8,059 | 9,050 | 8,775 | 8,338 | 17,810 | 17,113 | 27,844 | 26,163 | 37,063 | 34,222 | 49,379 | 48,941 | |
Impairment losses on goodwill and intangible assets | 5,585 | 92 | 5,585 | 7,805 | ||||||||||||
Pension withdrawal expense | 220 | 0 | 4,348 | 4,348 | 4,348 | 0 | 4,568 | 0 | ||||||||
Operating expenses | 49,169 | 49,806 | 46,040 | 54,144 | 46,959 | 49,894 | 44,019 | 95,846 | 93,913 | 145,015 | 140,872 | 195,234 | 195,016 | 227,854 | 236,231 | |
Loss from operations | -2,729 | -494 | 547 | -1,419 | -8,615 | -3,812 | -5,353 | -4,334 | -872 | -9,687 | -1,366 | -13,499 | -4,095 | -22,114 | -70,367 | -40,599 |
Other (expense) income: | ||||||||||||||||
Dividend income | 286 | 284 | 259 | 273 | 295 | 304 | 359 | 543 | 663 | 829 | 958 | 1,103 | 1,231 | 2,534 | 3,224 | |
Interest income | 92 | 99 | 92 | 115 | 63 | 21 | 15 | 191 | 36 | 283 | 99 | 452 | 214 | 178 | 303 | |
Interest expense | -466 | -463 | -457 | -558 | -498 | -506 | -575 | -920 | -1,081 | -1,386 | -1,579 | -1,782 | -2,137 | -1,965 | -986 | |
Other, net | -764 | -7,656 | 4,945 | -1,659 | -1,831 | 1,780 | -2,407 | -2,711 | -627 | -3,475 | -2,458 | -4,965 | -4,117 | 4,191 | 10,169 | |
Total other (expense) income | -852 | -7,736 | 4,839 | -1,829 | -1,971 | 1,599 | -2,608 | -2,897 | -1,009 | -3,749 | -2,980 | -5,192 | -4,809 | 4,938 | 12,710 | |
Loss before taxes | -1,346 | -7,189 | 3,420 | -10,444 | -5,783 | -3,754 | -6,942 | -3,769 | -10,696 | -5,115 | -16,479 | -9,287 | -26,923 | -65,429 | -27,889 | |
Income tax benefit | -40 | -32 | 441 | -172 | -572 | 59 | 338 | 409 | 397 | 369 | -175 | -825 | -347 | -13,396 | -2,530 | |
Net loss | ($2,978) | ($1,306) | ($7,157) | $2,979 | ($10,272) | ($5,211) | ($3,813) | ($7,280) | ($4,178) | ($11,093) | ($5,484) | ($16,304) | ($8,462) | ($26,576) | ($52,033) | ($25,359) |
Net loss per common share - basic and diluted, in dollars per share | ($0.19) | ($0.08) | ($0.46) | $0.19 | ($0.65) | ($0.33) | ($0.25) | ($0.48) | ($0.27) | ($0.73) | ($0.35) | ($1.06) | ($0.54) | ($1.72) | ($3.45) | ($1.71) |
Weighted average common shares outstanding - basic and diluted | 15,600,000 | 15,548,000 | 15,490,000 | 15,723,000 | 15,592,000 | 15,247,000 | 15,182,000 | 15,520,000 | 15,215,000 | 15,541,000 | 15,449,000 | 15,604,452 | 15,492,314 | 15,066,663 | 14,866,306 | |
Cash dividends declared per common share | $0 | $0 | $0.18 | $0.46 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 |
Statement of Other Comprehensive Income [Abstract] | ||||||||||||||||
Net loss | ($2,978) | ($1,306) | ($7,157) | $2,979 | ($10,272) | ($5,211) | ($3,813) | ($7,280) | ($4,178) | ($11,093) | ($5,484) | ($16,304) | ($8,462) | ($26,576) | ($52,033) | ($25,359) |
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Deferred loss on derivatives designated as cash flow hedges | -7,921 | 0 | 0 | |||||||||||||
Change in the funded status status of retiree benefit obligations | 0 | 0 | 0 | 26,700 | 0 | 0 | 0 | 0 | 0 | 10,969 | -26,574 | 36,731 | -5,938 | |||
Income tax expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1,066 | 0 | -14,053 | 0 | |
Total comprehensive income (loss), net of tax | ($1,306) | ($7,157) | $2,979 | ($36,972) | ($5,211) | ($3,813) | ($7,280) | ($4,178) | ($11,093) | ($5,484) | ($16,304) | ($6,480) | ($53,150) | ($29,355) | ($31,297) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 |
Cash flows from operating activities: | ||||||||||
Net loss | $2,979 | ($7,280) | ($4,178) | ($11,093) | ($5,484) | ($16,304) | ($8,462) | ($26,576) | ($52,033) | ($25,359) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||
Depreciation and amortization | 8,340 | 7,923 | 16,640 | 15,821 | 24,778 | 23,831 | 32,542 | 32,113 | 31,758 | 26,778 |
(Recovery of) provision for doubtful accounts | 922 | -590 | 963 | -737 | 890 | -880 | 757 | 980 | -2,024 | -3,188 |
Deferred income taxes | -111 | 0 | 74 | -78 | 338 | -1,185 | ||||
Goodwill and intangible assets impairment losses | 92 | 5,585 | 7,805 | |||||||
Net (gains) losses on sales of assets | -3,213 | 98 | 3,202 | 662 | 4,388 | 1,161 | -4,466 | -268 | 358 | 430 |
ESOP and share-based compensation expense | 823 | 790 | 1,906 | 1,476 | 2,639 | 2,519 | 3,563 | 3,287 | 3,825 | 4,784 |
Net losses (gains) on derivative and investments | -802 | 2,621 | -7,038 | -2,250 | -9,315 | -5,131 | 11,132 | 6,175 | -1,312 | 9,382 |
Change in operating assets and liabilities: | ||||||||||
Restricted cash | 1,483 | -168 | 1,987 | 1,353 | 2,140 | 1,314 | -6,472 | -1,153 | -460 | 0 |
Short-term investments | 52 | 5,967 | 7,854 | -4,532 | 10,347 | -796 | -11,942 | -1,497 | 28,294 | 912 |
Accounts and notes receivable | -1,481 | -1,643 | 2,053 | 2,000 | 1,167 | -936 | -2,429 | 3,745 | -2,929 | -40 |
Inventories | -3,943 | -3,192 | 2,404 | -1,110 | 1,291 | -3,533 | 5,115 | 13,236 | 3,640 | -12,819 |
Income tax receivable | 393 | 279 | -289 | -268 | -645 | 381 | 353 | -314 | 5,392 | -1,677 |
Prepaid expenses and other assets | 120 | 543 | -558 | 361 | -522 | -81 | -157 | -860 | 400 | -9 |
Accounts payable | 2,268 | -3,840 | 3,885 | -1,661 | 3,737 | -9,291 | 1,773 | -13,441 | 12,493 | -121 |
Accrued payroll, expenses and other liabilities | -1,542 | 304 | 3,381 | 348 | 2,734 | 2,596 | 1,741 | 1,949 | 2,156 | 2,362 |
Accrued postretirement benefits | 288 | 30 | 351 | 175 | 462 | 243 | -6,451 | 3,530 | -9,557 | 5,228 |
Other long-term liabilities | -1,191 | -3,055 | -1,302 | 112 | -1,416 | -1,083 | 6,678 | -6,320 | 1,745 | 3,493 |
Net cash provided by operating activities | 3,652 | -33 | 10,105 | 9,699 | 17,820 | 11,012 | 21,927 | 18,133 | 33,937 | -1,047 |
Cash flows from investing activities: | ||||||||||
Purchases of property, plant and equipment | -3,572 | -2,910 | -6,396 | -5,808 | -10,118 | -10,533 | -15,894 | -17,498 | -19,416 | -28,484 |
Proceeds from sales of property, plant and equipment | 3,786 | 198 | 3,911 | 1,227 | 5,556 | 2,112 | 5,666 | 3,037 | 2,021 | 437 |
Net cash used in investing activities | 214 | -2,712 | -2,485 | -4,581 | -4,562 | -8,421 | -10,228 | -14,461 | -17,395 | |
Cash flows from financing activities: | ||||||||||
Proceeds from revolving credit facility | 4,800 | 8,400 | 15,000 | 9,400 | 22,550 | 13,700 | 43,990 | 17,250 | 35,450 | 33,737 |
Repayments on revolving credit facility | -9,250 | -6,800 | 19,750 | 15,700 | -32,771 | -17,700 | -54,761 | -21,200 | -43,970 | -12,756 |
Payments of capital lease obligations | -777 | -384 | 1,558 | 778 | -2,613 | -1,209 | -3,359 | -1,897 | -1,433 | -837 |
Proceeds from stock option exercises | 1,195 | 0 | 1,203 | 0 | 0 | |||||
Dividends paid | 0 | 0 | -4,657 | -6,939 | ||||||
Net cash used in financing activities | -5,227 | 1,216 | -6,308 | -7,078 | -11,639 | -5,209 | -12,927 | -5,847 | -14,610 | 13,205 |
Net (decrease) increase in cash and cash equivalents | -1,361 | -1,529 | 1,312 | -1,960 | 1,619 | -2,618 | -1,228 | -2,175 | 1,932 | -15,889 |
Cash and cash equivalents at beginning of year | 3,906 | 6,081 | 3,906 | 6,081 | 3,906 | 6,081 | 3,906 | 6,081 | 4,149 | 20,038 |
Cash and cash equivalents at end of year | 2,545 | 4,552 | 5,218 | 4,121 | 5,525 | 3,463 | 2,678 | 3,906 | 6,081 | 4,149 |
Supplemental disclosure of cash flow information: | ||||||||||
Cash paid for interest | 1,783 | 1,945 | 890 | |||||||
Cash paid for income taxes | 370 | 324 | 154 | |||||||
Non-cash financing and investing activities: | ||||||||||
Equipment acquired under capital leases | $626 | $5,659 | $3,954 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Income (Loss) | |
Beginning Balance at Jun. 30, 2010 (Previously Reported) | $165,595,000 | $16,164,000 | $37,468,000 | $186,900,000 | ($35,238,000) | ($39,699,000) | |
Beginning Balance (Adjustments) | -3,851,000 | 0 | 0 | -2,950,000 | 0 | -901,000 | |
Beginning Balance at Jun. 30, 2010 | 161,744,000 | 16,164,000 | 37,468,000 | 183,950,000 | -35,238,000 | -40,600,000 | |
Beginning Balance (in shares) at Jun. 30, 2010 (Previously Reported) | 16,164,179 | ||||||
Beginning Balance (in shares) (Adjustments) | 0 | ||||||
Beginning Balance (in shares) at Jun. 30, 2010 | 16,164,179 | ||||||
Net loss | -52,033,000 | -52,033,000 | |||||
Net loss at Jul. 01, 2010 (Previously Reported) | -54,317,000 | ||||||
Net loss (Adjustments) | [1],[2],[3] | 2,284,000 | |||||
Deferred loss on derivatives designated as cash flow hedges, net of tax | 0 | ||||||
Retiree benefits, net of tax benefits of 43,083, $0 and $9,823, respectively | 22,678,000 | 22,678,000 | |||||
Dividends ($0.18 per share) | -2,799,000 | -2,799,000 | |||||
ESOP contributions (in shares) | 0 | 1,040 | |||||
ESOP contributions | 0 | 1,000 | 8,000 | -9,000 | |||
ESOP compensation expense, including reclassifications | 2,637,000 | -2,173,000 | 4,810,000 | ||||
Share-based compensation (in shares) | 21,153 | ||||||
Share based compensation | 1,188,000 | 21,000 | 1,167,000 | ||||
Ending Balance at Jun. 30, 2011 (Previously Reported) | 128,115,000 | ||||||
Ending Balance (Adjustments) | [4] | 5,300,000 | |||||
Ending Balance at Jun. 30, 2011 | 133,415,000 | 16,186,000 | 36,470,000 | 129,118,000 | -30,437,000 | -17,922,000 | |
Ending Balance (in shares) at Jun. 30, 2011 | 16,186,372 | ||||||
Net loss | -26,576,000 | ||||||
Net loss at Jul. 01, 2011 (Previously Reported) | -29,329,000 | ||||||
Net loss (Adjustments) | [2],[5] | 2,753,000 | |||||
Deferred loss on derivatives designated as cash flow hedges, net of tax | 0 | ||||||
Retiree benefits, net of tax benefits of 43,083, $0 and $9,823, respectively | -26,574,000 | -26,574,000 | |||||
ESOP contributions (in shares) | 0 | ||||||
ESOP compensation expense, including reclassifications | 1,473,000 | -3,327,000 | 4,800,000 | ||||
Share-based compensation (in shares) | 122,487 | ||||||
Share based compensation | 1,814,000 | 123,000 | 1,691,000 | 0 | |||
Ending Balance at Jun. 30, 2012 (Previously Reported) | 68,732,000 | ||||||
Ending Balance (Adjustments) | [4] | 14,820,000 | |||||
Ending Balance at Jun. 30, 2012 | 83,552,000 | 16,309,000 | 34,834,000 | 102,542,000 | -25,637,000 | -44,496,000 | |
Ending Balance (in shares) at Jun. 30, 2012 | 16,308,859 | ||||||
Net loss | -8,462,000 | ||||||
Deferred loss on derivatives designated as cash flow hedges, net of tax | -7,921,000 | ||||||
Unrealized losses on cash flow hedges, net of reclassifications to earnings | -7,921,000 | ||||||
Retiree benefits, net of tax benefits of 43,083, $0 and $9,823, respectively | 9,903,000 | 9,903,000 | |||||
ESOP contributions (in shares) | 0 | ||||||
ESOP compensation expense, including reclassifications | 2,063,000 | -2,738,000 | 4,801,000 | ||||
Share-based compensation (in shares) | 28,081 | ||||||
Share based compensation | 1,500,000 | 28,000 | 1,472,000 | ||||
Stock option exercises (in shares) | 117,482 | 117,482 | |||||
Stock option exercises | 1,203,000 | 117,000 | 1,086,000 | ||||
Ending Balance at Jun. 30, 2013 | $81,838,000 | $16,454,000 | $34,654,000 | $94,080,000 | ($20,836,000) | ($42,514,000) | |
Ending Balance (in shares) at Jun. 30, 2013 | 16,454,422 | ||||||
[1] | See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | ||||||
[2] | (1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | ||||||
[3] | (1)See the introduction section included elsewhere in this Note 2. | ||||||
[4] | For details see the introduction section included elsewhere in this Note 2. | ||||||
[5] | See the introduction section included elsewhere in this Note 2. |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
Tax benefit on retiree benefits | ($1,066) | $0 | ($14,053) |
Dividends per common share | $0 | $0 | $0.18 |
Accumulated Other Comprehensive Income (Loss) | |||
Tax benefit on retiree benefits | ($1,066) | $0 | ($14,053) |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Jun. 30, 2013 | |||
Accounting Policies [Abstract] | |||
Farmer Bros. Co. and Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | ||
Organization | |||
Farmer Bros. Co., a Delaware corporation (including its consolidated subsidiaries unless the context otherwise requires, the “Company,” or “Farmer Bros.”), is a manufacturer, wholesaler and distributor of coffee, tea and culinary products. The Company is a direct distributor of coffee to restaurants, hotels, casinos, offices, quick service restaurants ("QSR's"), convenience stores, healthcare facilities and other foodservice providers, as well as private brand retailers in the QSR, grocery, drugstore, restaurant, convenience store and independent coffeehouse channels. The Company was founded in 1912, was incorporated in California in 1923, and reincorporated in Delaware in 2004. The Company operates in one business segment. | |||
The Company’s product line includes roasted coffee, liquid coffee, coffee-related products such as coffee filters, sugar and creamers, assorted iced and hot teas, cappuccino, cocoa, spices, gelatins and puddings, soup bases, dressings, gravy and sauce mixes, pancake and biscuit mixes, and jellies and preserves. Most sales are made “off-truck” by the Company to its customers at their places of business. | |||
The Company serves its customers from six distribution centers and its distribution trucks are replenished from 117 branch warehouses located throughout the contiguous United States. The Company operates its own trucking fleet to support its long-haul distribution requirements. A portion of the Company’s products is distributed by third parties or is direct shipped via common carrier. | |||
Principles of Consolidation | |||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries FBC Finance Company and Coffee Bean Holding Co., Inc. All inter-company balances and transactions have been eliminated. | |||
Financial Statement Preparation | |||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||
Cash Equivalents | |||
The Company considers all highly liquid investments with original maturity dates of 90 days or less to be cash equivalents. Fair values of cash equivalents approximate cost due to the short period of time to maturity. | |||
Investments | |||
The Company’s investments consist of money market instruments, marketable debt and equity securities, various derivative instruments, primarily exchange traded treasury and green coffee futures and options. Investments are held for trading purposes and stated at fair value. The cost of investments sold is determined on the specific identification method. Dividend and interest income is accrued as earned. | |||
Derivative Instruments | |||
The Company purchases various derivative instruments as investments or to create economic hedges of its commodity price risk and interest rate risk. These derivative instruments consist primarily of futures and swaps. The Company reports the fair value of derivative instruments on its consolidated balance sheets in "Short-term investments," "Other assets," "Short-term derivative liability," or "Long-term derivative liability." The Company determines the current and noncurrent classification based on the timing of expected future cash flows of individual trades and reports these amounts on a gross basis. Additionally, the Company reports cash held on deposit in margin accounts for coffee-related derivative instruments on a gross basis. | |||
The accounting for the changes in fair value of the Company's derivative instruments can be summarized as follows: | |||
Derivative Treatment | Accounting Method | ||
Normal purchases and normal sales exception | Accrual accounting | ||
Designated in a qualifying hedging relationship | Hedge accounting | ||
All other derivatives | Mark-to-market accounting | ||
The Company enters into green coffee purchase commitments at a fixed price or at a price to be fixed (“PTF”). PTF contracts are purchase commitments whereby the quality, quantity, delivery period, price differential to the coffee "C" market price and other negotiated terms are agreed upon, but the date, and therefore the price at which the base “C” market price will be fixed has not yet been established. The coffee "C" market price is fixed at some point after the purchase contract date and before the futures market closes for the delivery month. For both fixed-price and PTF contracts, the Company expects to take delivery of and to utilize the coffee in a reasonable period of time and in the conduct of normal business. Accordingly, these purchase commitments qualify as normal purchases and are not recorded at fair value on the Company's consolidated balance sheets. | |||
Prior to April 1, 2013, the Company had no derivative instruments that were designated as accounting hedges. Beginning April 1, 2013, the Company implemented procedures following the guidelines of ASC 815, "Derivatives and Hedging" ("ASC 815"), to enable it to account for certain coffee-related derivatives as accounting hedges in order to minimize the volatility created in the Company's quarterly results from utilizing these derivative contracts and to improve comparability between reporting periods. For a derivative to qualify for designation in a hedging relationship, it must meet specific criteria and the Company must maintain appropriate documentation. The Company establishes hedging relationships pursuant to its risk management policies. The hedging relationships are evaluated at the inception of the hedging relationship and on an ongoing basis to determine whether the hedging relationship is, and is expected to remain, highly effective in achieving offsetting changes in fair value or cash flows attributable to the underlying risk being hedged. The Company also regularly assesses whether the hedged forecasted transaction is probable of occurring. If a derivative ceases to be or is no longer expected to be highly effective, or if the Company believes the likelihood of occurrence of the hedged forecasted transaction is no longer probable, hedge accounting is discontinued prospectively, and future changes in the fair value of the derivative are recognized currently in “Other, net.” | |||
For commodity derivatives designated as cash flow hedges, the effective portion of the change in fair value of the derivative is reported as accumulated other comprehensive income (“AOCI”) and subsequently reclassified into cost of goods sold in the period or periods when the hedged transaction affects earnings. Any ineffective portion of the derivative's change in fair value is recognized currently in “Other, net.” Gains or losses deferred in AOCI associated with terminated derivatives, derivatives that cease to be highly effective hedges, derivatives for which the forecasted transaction is reasonably possible but no longer probable of occurring, and cash flow hedges that have been otherwise discontinued remain in AOCI until the hedged item affects earnings. If it becomes probable that the forecasted transaction designated as the hedged item in a cash flow hedge will not occur, any gain or loss deferred in AOCI is recognized in “Other, net” at that time. For derivative instruments that are not designated in a hedging relationship, and for which the normal purchases and normal sales exception has not been elected, the changes in fair value are reported in “Other, net.” | |||
The following gains and losses on derivative instruments are netted together and reported in “Other, net” in the Company's consolidated statement of operations: | |||
• | Realized and unrealized gains and losses on all derivatives that are not designated as cash flow hedges and for which the normal purchases and normal sales exception has not been elected; and | ||
• | The ineffective portion of unrealized gains and losses on derivatives that are designated as cash flow hedges. | ||
The fair value of derivative instruments is based upon broker quotes. At June 30, 2013, approximately 89% of the Company's outstanding coffee-related derivative instruments were designated as cash flow hedges (see Note 3). At June 30, 2012, no derivative instruments were designated as accounting hedges. | |||
Concentration of Credit Risk | |||
At June 30, 2013, the financial instruments which potentially expose the Company to concentration of credit risk consist of cash in financial institutions (which exceeds federally insured limits), short-term investments, investments in the preferred stocks of other companies, derivatives and trade receivables. Cash equivalents and short-term investments are not concentrated by issuer, industry or geographic area. Maturities are generally shorter than 180 days. Investments in the preferred stocks of other companies are limited to high quality issuers and are not concentrated by geographic area or issuer. | |||
The Company does not have any credit-risk related contingent features that would require it, in certain circumstances, to post additional collateral in support of its net derivative liability positions. The Company had $8.1 million and $1.6 million, respectively, in restricted cash representing cash held on deposit in margin accounts for coffee-related derivative instruments at June 30, 2013 and 2012 (see Note 6). Changes in commodity prices could have a significant impact on cash deposit requirements under the Company's broker and counterparty agreements. | |||
Concentration of credit risk with respect to trade receivables for the Company is limited due to the large number of customers comprising the Company’s customer base and their dispersion across many different geographic areas. The trade receivables are generally short-term and all probable bad debt losses have been appropriately considered in establishing the allowance for doubtful accounts. In fiscal 2010, based on a larger customer base due to the recent Company acquisitions and in response to slower collection of the Company’s accounts receivable resulting from the impact of the economic downturn on the Company’s customers, the Company increased its allowance for doubtful accounts from the previous fiscal year by $2.1 million and recorded a $3.2 million charge to bad debt expense. Due to improved collections of outstanding receivables, in fiscal 2013, 2012 and 2011, the Company decreased the allowance for doubtful accounts by $0.8 million, $1.0 million and $0.4 million, respectively. | |||
Inventories | |||
Inventories are valued at the lower of cost or market. The Company accounts for coffee, tea and culinary products on a last in, first out (“LIFO”) basis, and coffee brewing equipment manufactured on a first in, first out (“FIFO”) basis. The Company regularly evaluates these inventories to determine whether market conditions are correctly reflected in the recorded carrying value. At the end of each quarter, the Company records the expected effect of the liquidation of LIFO inventory quantities, if any, and records the actual impact at fiscal year-end. An actual valuation of inventory under the LIFO method is made only at the end of each fiscal year based on the inventory levels and costs at that time. | |||
If inventory quantities decline at the end of the fiscal year compared to the beginning of the fiscal year, the reduction results in the liquidation of LIFO inventory quantities carried at the cost prevailing in prior years. This LIFO inventory liquidation may result in a decrease or increase in cost of goods sold depending on whether the cost prevailing in prior years was lower or higher, respectively, than the current year cost. | |||
Property, Plant and Equipment | |||
Property, plant and equipment is carried at cost, less accumulated depreciation. Depreciation is computed using the straight-line method. The following useful lives are used: | |||
Buildings and facilities | 10 to 30 years | ||
Machinery and equipment | 3 to 5 years | ||
Equipment under capital leases | Term of lease | ||
Office furniture and equipment | 5 years | ||
Capitalized software | 3 years | ||
When assets are sold or retired, the asset and related accumulated depreciation are removed from the respective account balances and any gain or loss on disposal is included in operations. Maintenance and repairs are charged to expense, and betterments are capitalized. | |||
Coffee Brewing Equipment and Service | |||
The Company classifies certain expenses related to coffee brewing equipment provided to customers as cost of goods sold. These costs include the cost of the equipment as well as the cost of servicing that equipment (including service employees’ salaries, cost of transportation and the cost of supplies and parts) and are considered directly attributable to the generation of revenues from its customers. Accordingly, such costs included in cost of goods sold in the accompanying consolidated financial statements for the years ended June 30, 2013, 2012 and 2011 are $25.6 million, $24.9 million and $27.1 million, respectively. | |||
The Company has capitalized coffee brewing equipment in the amounts of $9.3 million and $13.9 million in fiscal 2013 and 2012, respectively. During fiscal 2013, 2012 and 2011, the Company had depreciation expense related to the capitalized coffee brewing equipment reported as cost of goods sold in the amounts of $12.8 million, $12.2 million and $9.6 million, respectively. | |||
Income Taxes | |||
Deferred income taxes are determined based on the temporary differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which differences are expected to reverse. Estimating the Company’s tax liabilities involves judgments related to uncertainties in the application of complex tax regulations. The Company makes certain estimates and judgments to determine tax expense for financial statement purposes as they evaluate the effect of tax credits, tax benefits and deductions, some of which result from differences in the timing of recognition of revenue or expense for tax and financial statement purposes. Changes to these estimates may result in significant changes to the Company’s tax provision in future periods. Each fiscal quarter the Company reevaluates its tax provision and reconsiders its estimates and assumptions related to specific tax assets and liabilities, making adjustments as circumstances change. | |||
Revenue Recognition | |||
Most product sales are made “off-truck” to the Company’s customers at their places of business by the Company’s sales representatives. Revenue is recognized at the time the Company’s sales representatives physically deliver products to customers and title passes or when it is accepted by the customer when shipped by third-party delivery. | |||
The Company sells roast and ground coffee and tea to The J.M. Smucker Company ("J.M. Smucker") pursuant to a co–packing agreement. The Company recognizes revenue from the co-packing arrangement for the sale of tea on a net basis, net of direct costs of revenue, since the Company acts as an agent of J.M. Smucker in such transactions. As of June 30, 2013 and 2012, the Company had $0.3 million and $0.8 million, respectively, of receivables relating to this arrangement which are included in "Other receivables" (see Note 7). | |||
Earnings (Loss) Per Common Share | |||
Basic earnings (loss) per share (“EPS”) represents net earnings attributable to common stockholders divided by the weighted-average number of common shares outstanding for the period, excluding unallocated shares held by the Company's Employee Stock Ownership Plan ("ESOP") (see Note 13). Diluted EPS represents net earnings attributable to common stockholders divided by the weighted-average number of common shares outstanding, inclusive of the dilutive impact of common equivalent shares outstanding during the period. However, nonvested restricted stock awards (referred to as participating securities) are excluded from the dilutive impact of common equivalent shares outstanding in accordance with authoritative guidance under the two-class method. The nonvested restricted stockholders are entitled to participate in dividends declared on common stock as if the shares were fully vested and hence are deemed to be participating securities. Under the two-class method, earnings (loss) attributable to nonvested restricted stockholders are excluded from net earnings (loss) attributable to common stockholders for purposes of calculating basic and diluted EPS. Computation of EPS for the years ended June 30, 2013, 2012 and 2011 does not include the dilutive effect of 557,427, 667,235 and 497,810 shares, respectively, issuable under stock options since their inclusion would be anti-dilutive. Accordingly, the consolidated financial statements present only basic net loss per common share for all periods presented (see Note 17). | |||
Dividends Declared | |||
Although historically the Company has paid a dividend to stockholders, in light of the Company’s current financial position, the Company’s Board of Directors has omitted the payment of a quarterly dividend since the third quarter of fiscal 2011. The amount, if any, of dividends to be paid in the future will depend upon the Company’s then available cash, anticipated cash needs, overall financial condition, loan agreement restrictions, future prospects for earnings and cash flows, as well as other relevant factors. | |||
Employee Stock Ownership Plan | |||
Compensation cost for the ESOP is based on the fair market value of shares released or deemed to be released for the period. Dividends on allocated shares retain the character of true dividends, but dividends on unallocated shares are considered compensation cost. As a leveraged ESOP with the Company as lender, a contra equity account is established to offset the Company’s note receivable. The contra account will change as compensation is recognized. | |||
Impairment of Goodwill and Intangible Assets | |||
The Company performs its annual impairment test of goodwill and/or other indefinite-lived intangible assets as of June 30. Goodwill and other indefinite-lived intangible assets are not amortized but instead are reviewed for impairment annually and on an interim basis if events or changes in circumstances between annual tests indicate that an asset might be impaired. Indefinite-lived intangible assets are tested for impairment by comparing their fair values to their carrying values. | |||
Testing for impairment of goodwill is a two-step process. The first step requires the Company to compare the fair value of its reporting units to the carrying value of the net assets of the respective reporting units, including goodwill. If the fair value of the reporting unit is less than its carrying value, goodwill of the reporting unit is potentially impaired and the Company then completes step two to measure the impairment loss, if any. The second step requires the calculation of the implied fair value of goodwill, which is the residual fair value remaining after deducting the fair value of all tangible and intangible net assets of the reporting unit from the fair value of the reporting unit. If the implied fair value of goodwill is less than the carrying amount of goodwill, an impairment loss is recognized equal to the difference. | |||
In its annual test of impairment in the fourth quarter of fiscal 2012, the Company identified indicators of impairment including a decline in market capitalization and continuing losses from operations. The Company performed impairment tests to determine the recoverability of the carrying values of the assets or if impairment should be measured. The Company was required to make estimates of the fair value of the Company's intangible assets, and all assets of CBI, the reporting unit, which were based on the use of the income approach and/or market approach. | |||
The Company used the relief from royalty method under the income approach to estimate the fair value of its indefinite-lived intangible assets. Inputs to this method included estimated royalty rates associated with licensing and franchise royalty agreements in related industries, which are Level 3 inputs within the fair value hierarchy. To estimate the fair value of CBI, the Company used discounted cash flow analysis under the income approach and the guideline public company method under the market approach. Inputs to the discounted cash flow analysis included the projection of future cash flows which are Level 3 inputs within the fair value hierarchy. Inputs to the guideline public company analysis included valuation multiples of publicly traded companies similar to CBI, which are Level 2 inputs within the fair value hierarchy. | |||
As a result of these impairment tests, the Company determined that the Company's trademarks acquired in connection with the CBI acquisition were impaired and that the carrying value of all of the assets of CBI excluding goodwill exceeded their estimated fair values resulting in an implied fair value of zero for CBI's goodwill. Accordingly, in the fourth quarter of fiscal 2012, the Company recorded total impairment charges of $5.6 million including $5.1 million in impairment losses on goodwill. As of June 30, 2012, goodwill was written down to zero. | |||
In its annual test of impairment in the fourth quarter of fiscal 2013, the Company determined that the book value of a certain trademark acquired in connection with the DSD Coffee Business acquisition was higher than the present value of the estimated future cash flows and concluded that the trademark was impaired. As a result, the Company recorded an impairment charge of $0.1 million to earnings in the fourth quarter of fiscal 2013. | |||
Long-Lived Assets, Excluding Goodwill and Indefinite-lived Intangible Assets | |||
The Company reviews the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Long-lived assets evaluated for impairment are grouped with other assets to the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. The estimated future cash flows are based upon, among other things, assumptions about expected future operating performance, and may differ from actual cash flows. If the sum of the projected undiscounted cash flows (excluding interest) is less than the carrying value of the assets, the assets will be written down to the estimated fair value in the period in which the determination is made. In its annual test of impairment as of the end of fiscal 2011, the Company determined that definite-lived intangible assets consisting of the customer relationships acquired, and the distribution agreement and co-pack agreement entered into, in connection with the DSD Coffee Business acquisition were impaired. As a result, in fiscal 2011, the Company recorded an impairment charge of $7.8 million in operating expenses. | |||
Shipping and Handling Costs | |||
The Company distributes its products directly to its customers and shipping and handling costs are recorded as Company selling expenses. | |||
Collective Bargaining Agreements | |||
Certain Company employees are subject to collective bargaining agreements. The duration of these agreements extend to 2017. Approximately 35% of the workforce is covered by such agreements. | |||
Recently Adopted Accounting Standards | |||
In September 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2011-08, “Goodwill and Other (Topic 350), Testing Goodwill for Impairment” (“ASU 2011-08”). Pursuant to ASU 2011-08 companies have the option to first assess qualitative factors to determine whether it is more likely than not (a likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount. If, after considering the totality of events and circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, performing the two-step impairment test is unnecessary. The amendments include examples of events and circumstances that an entity should consider. ASU 2011-08 was effective for annual and interim impairment tests performed for fiscal years beginning after June 15, 2012 and was effective for the Company for fiscal 2013 beginning July 1, 2012. Adoption of ASU 2011-08 did not have a material effect on the results of operations, financial position or cash flows of the Company. | |||
On July 1, 2012, the Company adopted ASU No. 2011-05, "Comprehensive Income (Topic 220): Presentation of Comprehensive Income" ("ASU 2011-05"), except for the provisions of ASU 2011-05 which were deferred by ASU No. 2011-12, "Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income" ("ASU 2011-12"). The new guidance eliminates the current option to report other comprehensive income and its components in the statement of changes in equity. Instead, the Company presents other comprehensive income in a separate statement following the consolidated statements of operations. The new guidance also requires entities to present reclassification adjustments out of accumulated other comprehensive income by component in both the consolidated statement of operations and the consolidated statement of comprehensive income. ASU 2011-12 indefinitely deferred the guidance related to the presentation of reclassification adjustments. ASU 2011-05 only relates to disclosure requirements and its adoption did not have a material effect on the results of operations, financial position or cash flows of the Company. | |||
In May 2011, the FASB issued ASU No. 2011-04, “Fair Value Measurement (Topic 820), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs” (“ASU 2011-04”). ASU 2011-04 amends the fair value measurement and disclosure guidance in ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), of the FASB for financial assets and liabilities to converge GAAP and International Financial Reporting Standards requirements for measuring amounts at fair value as well as disclosures about these measurements. Many of the amendments clarify existing concepts and are generally not expected to result in significant changes to how many companies currently apply the fair value principles. In certain instances, however, the FASB changed a principle to achieve convergence, and while limited, these amendments have the potential to significantly change practice for some companies. For public entities, the amendments are effective during interim and annual periods beginning after December 15, 2011. The Company adopted the amendments beginning July 1, 2012. The adoption of ASU 2011-04 did not have a material effect on the results of operations, financial position or cash flows of the Company. | |||
New Accounting Pronouncements | |||
In February 2013, the FASB issued ASU No. 2013-02, “Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income” ("ASU 2013-02"), an update to the authoritative guidance related to the reporting of amounts reclassified out of accumulated other comprehensive income. This new requirement about presenting information about amounts reclassified out of accumulated other comprehensive income and their corresponding effect on net income will present, in one place, information about significant amounts reclassified and, in some cases, cross-references to related footnote disclosures. The disclosure amendments in this update are effective prospectively for fiscal years (and interim periods within those years) beginning after December 15, 2012 and early adoption is permitted. ASU 2013-02 is effective for the Company beginning July 1, 2013. Adoption of ASU 2013-02 is not expected to have a material effect on the results of operations, financial position or cash flows of the Company. | |||
In February 2013, the FASB issued ASU No. 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” ("ASU 2013-01"). The amendments limit the scope of ASU No. 2011-11, “Disclosures about Offsetting Assets and Liabilities” ("ASU 2011-11") to certain derivative instruments (including bifurcated embedded derivatives), repurchase agreements and reverse repurchase agreements, and securities borrowing and lending arrangements that are either (1) offset on the balance sheet or (2) subject to an enforceable master netting arrangement or similar agreement. The requirements as initially written in ASU 2011-11 would have applied more broadly than intended. The disclosure amendments in this update are effective prospectively for fiscal years (and interim periods within those years) beginning after January 1, 2013. The amendments will be applied retrospectively for all comparative periods presented on the balance sheet. ASU 2013-01 is effective for the Company beginning in July 1, 2013. Adoption of ASU 2013-01 is not expected to have a material effect on the results of operations, financial position or cash flows of the Company. | |||
In July 2012, the FASB issued ASU No. 2012-02, “Testing Indefinite-Lived Intangible Assets for Impairment” ("ASU 2012-02"), an update to the authoritative guidance related to the impairment testing of indefinite-lived intangible assets. Similar to the guidance for goodwill impairment testing, companies will have the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying value. The guidance provides companies with a revised list of examples of events and circumstances to consider, in their totality, to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. If a company concludes that this is the case, the company is required to perform the quantitative impairment test by comparing the fair value with the carrying value. Otherwise, a company can skip the quantitative test. Companies are not required to perform the qualitative assessment and are permitted to skip the qualitative assessment for any indefinite-lived asset in any period and proceed directly to the quantitative impairment test. The company may resume performing the qualitative assessment in any subsequent period. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. ASU 2012-02 is effective for the Company beginning July 1, 2013. Adoption of ASU 2012-02 is not expected to have a material effect on the results of operations, financial position or cash flows of the Company. |
Restatement_Notes
Restatement (Notes) | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Accounting Changes and Error Corrections [Abstract] | |||||||||||||
Restatement | Restatement | ||||||||||||
The Company has restated its previously issued consolidated financial statements for the fiscal years ended June 30, 2012, 2011 and 2010, and its unaudited quarterly financial information (i) for each of the quarters in the fiscal year ended June 30, 2012 and (ii) for the first three quarters in the fiscal year ended June 30, 2013, to correct certain errors as described below: | |||||||||||||
Postretirement benefit obligations related to retiree medical plan | |||||||||||||
In fiscal 2011, the Company amended its retiree medical plan to increase the minimum annual premium contribution required by participants. The increased participant contributions and a resulting reduction in the number of participants electing to maintain this benefit coverage were not appropriately considered in the Company's actuarial estimate of its postretirement benefit liability recorded in its consolidated financial statements for the fiscal years ended June 30, 2012 and 2011. This resulted in an overstatement of the amount of accrued postretirement benefits in the Company's consolidated financial statements as of June 30, 2012 and 2011 by $20.7 million and $11.2 million, respectively, and an understatement of other comprehensive income in the amounts of $19.2 million and $11.1 million, respectively. | |||||||||||||
The Company re-measured its postretirement benefit obligations as of June 30, 2012 and 2011, using the appropriate census data and premium information. In accordance with Accounting Standards Codification ("ASC") 715-60, "Compensation-Retirement Benefits-Defined Benefit Plans-Other Postretirement" ("ASC 715-60"), the substantial changes to the retiree medical plan resulted in a negative plan amendment and, therefore, the reduction in related obligations is not immediately recognized as a reduction of current period costs but is included in accumulated other comprehensive income. | |||||||||||||
Postretirement benefit obligations related to death benefit and related cash surrender value ("CSV") | |||||||||||||
In connection with a postretirement death benefit provided to certain of its employees and retirees, the Company did not timely adopt the accounting guidance in Emerging Issues Task Force No. 06-4, “Accounting for Deferred Compensation and Postretirement Benefit Aspects of Endorsement Split-Dollar Life Insurance Arrangements,” as of the applicable effective date, July 1, 2008. As a result, the Company failed to record a liability equal to the present value of the postretirement death benefit, which resulted in an understatement of accrued postretirement benefits in the Company's consolidated financial statements as of June 30, 2012 and 2011 by $8.1 million and $6.4 million, respectively. In addition, the Company failed to properly record the CSV of the life insurance policies that it purchased to fund the postretirement death benefit, resulting in an understatement of the Company's total assets in its consolidated financial statements as of June 30, 2012 and 2011 by $2.2 million and $2.1 million, respectively. The aggregate impact of failure to adopt EITF 06-4 and failure to properly record the CSV resulted in an overstatement of other comprehensive income in fiscal 2012 and 2011 by $2.2 million and $0.8 million, respectively. | |||||||||||||
In connection with the restatement, the Company also recorded certain other immaterial adjustments primarily related to inventory, property, plant and equipment, and net and accrued payroll expenses. In addition, the Company appropriately reclassified: (a) cash held on deposit in margin accounts for coffee-related derivative instruments from "Short-term investments" to "Restricted cash"; and (b) "Short-term derivative liability" from "Accounts payable" and "Other current liabilities," to conform to current period presentation. The Company also corrected the classification of pension liabilities from "Other current liabilities" to "Accrued pension liabilities." | |||||||||||||
Aggregate impact of restatement corrections, adjustments and reclassifications: | |||||||||||||
The aggregate impact of the restatement corrections and adjustments: | |||||||||||||
• | increased total assets as of June 30, 2012 and 2011; and | ||||||||||||
• | decreased total liabilities in fiscal 2012 and 2011 from the decrease in postretirement liability related to the amendment of the retiree medical plan, net of the increase in liability related to the postretirement death benefit. | ||||||||||||
A summary of the impact of the restatement corrections and other immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) for fiscal 2012, 2011 and 2010 is presented below: | |||||||||||||
(In thousands) | Overstatement (Understatement) of Net Loss | ||||||||||||
Year ended June 30, | |||||||||||||
Description | 2012 | 2011 | 2010 | ||||||||||
Restatement corrections: | |||||||||||||
Correction of other postretirement benefit obligations—retiree medical plan | $ | 1,356 | $ | 105 | $ | — | |||||||
Correction of other postretirement benefit obligations—death benefit | (22 | ) | (1,022 | ) | 38 | ||||||||
Tax effect of corrections of other postretirement benefit obligations | — | 4,230 | 1 | ||||||||||
Net impact of restatement corrections on net loss | 1,334 | 3,313 | 39 | ||||||||||
Immaterial adjustments: | |||||||||||||
Correction of coffee brewing equipment expense | (233 | ) | 233 | (1,542 | ) | ||||||||
Correction of accrued fringe benefits liability | 1,471 | (1,471 | ) | 487 | |||||||||
Correction of inventory | 310 | 80 | (390 | ) | |||||||||
Correction of net periodic pension costs | (129 | ) | 129 | — | |||||||||
Total impact of immaterial adjustments on net loss | 1,419 | (1,029 | ) | (1,445 | ) | ||||||||
Total impact of restatement corrections and immaterial adjustments on net loss | $ | 2,753 | $ | 2,284 | $ | (1,406 | ) | ||||||
(In thousands) | Overstatement (Understatement) of | ||||||||||||
Total Comprehensive Loss (Income) | |||||||||||||
Year ended June 30, | |||||||||||||
Description | 2012 | 2011 | 2010 | ||||||||||
Total impact of restatement corrections and immaterial adjustments on net loss | $ | 2,753 | $ | 2,284 | $ | (1,406 | ) | ||||||
Restatement corrections: | |||||||||||||
Correction of postretirement benefit obligations—retiree medical plan | 8,120 | 11,074 | — | ||||||||||
Correction of postretirement benefit obligations—death benefit | (1,482 | ) | 152 | (1,151 | ) | ||||||||
Tax effect of corrections of other postretirement benefit obligations | — | (4,230 | ) | — | |||||||||
Net impact of restatement corrections on total comprehensive loss (income) | $ | 6,638 | $ | 6,996 | $ | (1,151 | ) | ||||||
Immaterial adjustments: | |||||||||||||
Correction of net periodic pension costs | 129 | (129 | ) | — | |||||||||
Total impact of immaterial adjustments on total comprehensive loss (income) | 129 | (129 | ) | — | |||||||||
Total impact of restatement corrections and immaterial adjustments on total comprehensive loss (income) | $ | 9,520 | $ | 9,151 | $ | (2,557 | ) | ||||||
The restatement corrections and immaterial adjustments had no effect on the Company's reported net sales, cash flows from operating activities, or reported cash position in fiscal 2012, 2011 and 2010. | |||||||||||||
The restated consolidated financial information as of June 30, 2012 and 2011, as of the end of the quarters within fiscal 2012 and the first three quarters within fiscal 2013, included in this Form 10‑K has been labeled as "As Restated." | |||||||||||||
The following tables in the remainder of this Note 2 and in Note 19 present the impact of the restatement corrections and immaterial adjustments on the Company's previously issued financial statements for the periods indicated. | |||||||||||||
CONSOLIDATED BALANCE SHEET | |||||||||||||
(In thousands, except share and per share data) | 30-Jun-12 | ||||||||||||
Previously Reported | Adjustments(1) | As Restated | |||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 3,906 | $ | — | $ | 3,906 | |||||||
Restricted cash | — | 1,612 | 1,612 | ||||||||||
Short-term investments | 21,021 | (1,285 | ) | 19,736 | |||||||||
Accounts and notes receivable, net of allowance for doubtful accounts of $1,872 | 40,736 | — | 40,736 | ||||||||||
Inventories | 65,981 | — | 65,981 | ||||||||||
Income tax receivable | 762 | — | 762 | ||||||||||
Prepaid expenses | 3,445 | — | 3,445 | ||||||||||
Total current assets | 135,851 | 327 | 136,178 | ||||||||||
Property, plant and equipment, net | 108,135 | 2 | 108,137 | ||||||||||
Intangible assets, net | 7,615 | — | 7,615 | ||||||||||
Other assets | 2,904 | 2,221 | 5,125 | ||||||||||
Deferred income taxes | 854 | 7 | 861 | ||||||||||
Total assets | $ | 255,359 | $ | 2,557 | $ | 257,916 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable | $ | 27,676 | $ | (410 | ) | $ | 27,266 | ||||||
Accrued payroll expenses | 20,494 | (1,364 | ) | 19,130 | |||||||||
Short-term borrowings under revolving credit facility | 29,126 | — | 29,126 | ||||||||||
Short-term obligations under capital leases | 3,737 | — | 3,737 | ||||||||||
Short-term derivative liability | — | 737 | 737 | ||||||||||
Deferred income taxes | 1,480 | (35 | ) | 1,445 | |||||||||
Other current liabilities | 10,176 | (4,880 | ) | 5,296 | |||||||||
Total current liabilities | 92,689 | (5,952 | ) | 86,737 | |||||||||
Accrued postretirement benefits | 34,557 | (12,031 | ) | 22,526 | |||||||||
Other long-term liabilities—capital leases | 12,130 | — | 12,130 | ||||||||||
Accrued pension liabilities | 42,513 | 5,678 | 48,191 | ||||||||||
Accrued workers’ compensation liabilities | 4,131 | — | 4,131 | ||||||||||
Deferred income taxes | 607 | 42 | 649 | ||||||||||
Total liabilities | $ | 186,627 | $ | (12,263 | ) | $ | 174,364 | ||||||
Commitments and contingencies | |||||||||||||
Stockholders’ equity: | |||||||||||||
Preferred stock, $1.00 par value, 500,000 shares authorized and none issued | $ | — | $ | — | $ | — | |||||||
Common stock, $1.00 par value, 25,000,000 shares authorized; 16,308,859 issued and outstanding | 16,309 | — | 16,309 | ||||||||||
Additional paid-in capital | 34,834 | — | 34,834 | ||||||||||
Retained earnings | 100,455 | 2,087 | 102,542 | ||||||||||
Unearned ESOP shares | (25,637 | ) | — | (25,637 | ) | ||||||||
Less accumulated other comprehensive loss | (57,229 | ) | 12,733 | (44,496 | ) | ||||||||
Total stockholders’ equity | $ | 68,732 | $ | 14,820 | $ | 83,552 | |||||||
Total liabilities and stockholders’ equity | $ | 255,359 | $ | 2,557 | $ | 257,916 | |||||||
_______________ | |||||||||||||
-1 | For details see the introduction section included elsewhere in this Note 2. | ||||||||||||
CONSOLIDATED BALANCE SHEET | |||||||||||||
(In thousands, except share and per share data) | 30-Jun-11 | ||||||||||||
Previously Reported | Adjustments (1) | As Restated | |||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 6,081 | $ | — | $ | 6,081 | |||||||
Restricted cash | — | 460 | 460 | ||||||||||
Short-term investments | 24,874 | (460 | ) | 24,414 | |||||||||
Accounts and notes receivable, net of allowance for doubtful accounts of $2,852 | 43,501 | — | 43,501 | ||||||||||
Inventories | 79,759 | (310 | ) | 79,449 | |||||||||
Income tax receivable | 448 | — | 448 | ||||||||||
Prepaid expenses | 2,747 | — | 2,747 | ||||||||||
Total current assets | 157,410 | (310 | ) | 157,100 | |||||||||
Property, plant and equipment, net | 114,107 | 233 | 114,340 | ||||||||||
Goodwill | 5,310 | — | 5,310 | ||||||||||
Intangible assets, net | 9,329 | — | 9,329 | ||||||||||
Other assets | 2,892 | 2,071 | 4,963 | ||||||||||
Deferred income taxes | 1,005 | 3 | 1,008 | ||||||||||
Total assets | $ | 290,053 | $ | 1,997 | $ | 292,050 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable | $ | 42,473 | $ | (51 | ) | $ | 42,422 | ||||||
Accrued payroll expenses | 15,675 | 1,283 | 16,958 | ||||||||||
Short-term borrowings under revolving credit facility | 31,362 | — | 31,362 | ||||||||||
Short-term obligations under capital leases | 1,570 | — | 1,570 | ||||||||||
Short-term derivative liabilities | — | 1,729 | 1,729 | ||||||||||
Deferred income taxes | 500 | (24 | ) | 476 | |||||||||
Other current liabilities | 11,882 | (7,355 | ) | 4,527 | |||||||||
Total current liabilities | 103,462 | (4,418 | ) | 99,044 | |||||||||
Accrued postretirement benefits | 23,585 | (4,589 | ) | 18,996 | |||||||||
Other long-term liabilities—capital leases | 7,066 | — | 7,066 | ||||||||||
Accrued pension liabilities | 22,371 | 5,677 | 28,048 | ||||||||||
Accrued workers’ compensation liabilities | 3,639 | — | 3,639 | ||||||||||
Deferred income taxes | 1,815 | 27 | 1,842 | ||||||||||
Total liabilities | $ | 161,938 | $ | (3,303 | ) | $ | 158,635 | ||||||
Commitments and contingencies | |||||||||||||
Stockholders’ equity: | |||||||||||||
Preferred stock, $1.00 par value, 500,000 shares authorized and none issued | $ | — | $ | — | $ | — | |||||||
Common stock, $1.00 par value, 25,000,000 shares authorized; 16,186,372 issued and outstanding | 16,186 | — | 16,186 | ||||||||||
Additional paid-in capital | 36,470 | — | 36,470 | ||||||||||
Retained earnings | 129,784 | (666 | ) | 129,118 | |||||||||
Unearned ESOP shares | (30,437 | ) | — | (30,437 | ) | ||||||||
Less accumulated other comprehensive loss | (23,888 | ) | 5,966 | (17,922 | ) | ||||||||
Total stockholders’ equity | $ | 128,115 | $ | 5,300 | $ | 133,415 | |||||||
Total liabilities and stockholders’ equity | $ | 290,053 | $ | 1,997 | $ | 292,050 | |||||||
_______________ | |||||||||||||
-1 | For details see the introduction section included elsewhere in this Note 2. | ||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||
(In thousands, except share and per share data) | Year ended June 30, 2012 | ||||||||||||
Previously Reported | Adjustments(1) | As Restated | |||||||||||
Net sales | $ | 495,442 | $ | — | $ | 495,442 | |||||||
Cost of goods sold | 322,618 | (78 | ) | 322,540 | |||||||||
Gross profit | 172,824 | 78 | 172,902 | ||||||||||
Selling expenses | 150,641 | — | 150,641 | ||||||||||
General and administrative expenses | 36,897 | (2,675 | ) | 34,222 | |||||||||
Impairment losses on goodwill and intangible assets | 5,585 | — | 5,585 | ||||||||||
Pension withdrawal expense | 4,568 | — | 4,568 | ||||||||||
Operating expenses | 197,691 | (2,675 | ) | 195,016 | |||||||||
(Loss) income from operations | (24,867 | ) | 2,753 | (22,114 | ) | ||||||||
Other income (expense): | |||||||||||||
Dividend income | 1,231 | — | 1,231 | ||||||||||
Interest income | 214 | — | 214 | ||||||||||
Interest expense | (2,137 | ) | — | (2,137 | ) | ||||||||
Other, net | (4,117 | ) | — | (4,117 | ) | ||||||||
Total other expense | (4,809 | ) | — | (4,809 | ) | ||||||||
(Loss) income before taxes | (29,676 | ) | 2,753 | (26,923 | ) | ||||||||
Income tax benefit | (347 | ) | — | (347 | ) | ||||||||
Net (loss) income | $ | (29,329 | ) | $ | 2,753 | $ | (26,576 | ) | |||||
Net (loss) income per common share—basic and diluted | $ | (1.89 | ) | $ | (1.72 | ) | |||||||
Weighted average common shares outstanding—basic and diluted | 15,492,314 | 15,492,314 | |||||||||||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||
(In thousands) | Year Ended June 30, 2012 | ||||||||||||
Previously Reported | Adjustments(1) | As Restated | |||||||||||
Net (loss) income | $ | (29,329 | ) | $ | 2,753 | $ | (26,576 | ) | |||||
Other comprehensive (loss) income, net of tax: | |||||||||||||
Change in the funded status of retiree benefit obligations | (33,341 | ) | 6,767 | (26,574 | ) | ||||||||
Income tax benefit | — | — | — | ||||||||||
Total comprehensive (loss) income, net of tax | $ | (62,670 | ) | $ | 9,520 | $ | (53,150 | ) | |||||
_______________ | |||||||||||||
(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | |||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||
(In thousands, except share and per share data) | Year ended June 30, 2011 | ||||||||||||
Previously Reported | Adjustments(1) | As Restated | |||||||||||
Net sales | $ | 463,945 | $ | — | $ | 463,945 | |||||||
Cost of goods sold | 306,771 | (313 | ) | 306,458 | |||||||||
Gross profit | 157,174 | 313 | 157,487 | ||||||||||
Selling expenses | 170,670 | — | 170,670 | ||||||||||
General and administrative expenses | 47,121 | 2,258 | 49,379 | ||||||||||
Impairment losses on intangible assets | 7,805 | — | 7,805 | ||||||||||
Operating expenses | 225,596 | 2,258 | 227,854 | ||||||||||
Loss from operations | (68,422 | ) | (1,945 | ) | (70,367 | ) | |||||||
Other income (expense): | |||||||||||||
Dividend income | 2,534 | — | 2,534 | ||||||||||
Interest income | 178 | — | 178 | ||||||||||
Interest expense | (1,965 | ) | — | (1,965 | ) | ||||||||
Other, net | 4,191 | — | 4,191 | ||||||||||
Total other income | 4,938 | — | 4,938 | ||||||||||
Loss before taxes | (63,484 | ) | (1,945 | ) | (65,429 | ) | |||||||
Income tax benefit | (9,167 | ) | (4,229 | ) | (13,396 | ) | |||||||
Net (loss) income | $ | (54,317 | ) | $ | 2,284 | $ | (52,033 | ) | |||||
Net (loss) income per common share—basic and diluted | $ | (3.61 | ) | $ | (3.45 | ) | |||||||
Weighted average common shares outstanding—basic and diluted | 15,066,663 | 15,066,663 | |||||||||||
Cash dividends declared per common share | $ | 0.18 | $ | 0.18 | |||||||||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||
(In thousands) | Year Ended June 30, 2011 | ||||||||||||
Previously Reported | Adjustments(1) | As Restated | |||||||||||
Net loss (income) | $ | (54,317 | ) | $ | 2,284 | $ | (52,033 | ) | |||||
Other comprehensive (loss) income, net of tax: | |||||||||||||
Change in the funded status of retiree benefit obligations | 25,634 | 11,097 | 36,731 | ||||||||||
Income tax expense | (9,823 | ) | (4,230 | ) | (14,053 | ) | |||||||
Total comprehensive (loss) income, net of tax | $ | (38,506 | ) | $ | 9,151 | $ | (29,355 | ) | |||||
_______________ | |||||||||||||
(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | |||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||
(In thousands, except share and per share data) | Year ended June 30, 2010 | ||||||||||||
Previously Reported | Adjustments(1) | As Restated | |||||||||||
Net sales | $ | 450,318 | $ | — | $ | 450,318 | |||||||
Cost of goods sold | 252,754 | 1,932 | 254,686 | ||||||||||
Gross profit | 197,564 | (1,932 | ) | 195,632 | |||||||||
Selling expenses | 187,685 | (395 | ) | 187,290 | |||||||||
General and administrative expenses | 49,071 | (130 | ) | 48,941 | |||||||||
Operating expenses | 236,756 | (525 | ) | 236,231 | |||||||||
Loss from operations | (39,192 | ) | (1,407 | ) | (40,599 | ) | |||||||
Other income (expense): | |||||||||||||
Dividend income | 3,224 | — | 3,224 | ||||||||||
Interest income | 303 | — | 303 | ||||||||||
Interest expense | (986 | ) | — | (986 | ) | ||||||||
Other, net | 10,169 | — | 10,169 | ||||||||||
Total other income | 12,710 | — | 12,710 | ||||||||||
Loss before taxes | (26,482 | ) | (1,407 | ) | (27,889 | ) | |||||||
Income tax benefit | (2,529 | ) | (1 | ) | (2,530 | ) | |||||||
Net loss | $ | (23,953 | ) | $ | (1,406 | ) | $ | (25,359 | ) | ||||
Net loss per common share—basic and diluted | $ | (1.61 | ) | $ | (1.71 | ) | |||||||
Weighted average common shares outstanding—basic and diluted | 14,866,306 | 14,866,306 | |||||||||||
Cash dividends declared per common share | $ | 0.46 | $ | 0.46 | |||||||||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||
(In thousands) | Year Ended June 30, 2010 | ||||||||||||
Previously Reported | Adjustments(1) | As Restated | |||||||||||
Net loss | $ | (23,953 | ) | $ | (1,406 | ) | (25,359 | ) | |||||
Other comprehensive loss, net of tax: | |||||||||||||
Change in the funded status of retiree benefit obligations | (4,787 | ) | (1,151 | ) | (5,938 | ) | |||||||
Income tax expense | — | — | — | ||||||||||
Total comprehensive loss, net of tax | $ | (28,740 | ) | $ | (2,557 | ) | $ | (31,297 | ) | ||||
_______________ | |||||||||||||
(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | |||||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||||||||
(In thousands) | Year Ended June 30, 2012 | ||||||||||||
Previously Reported | Adjustments(1) | As Restated | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net (loss) income | $ | (29,329 | ) | $ | 2,753 | $ | (26,576 | ) | |||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 32,113 | — | 32,113 | ||||||||||
Recovery of doubtful accounts | (980 | ) | — | (980 | ) | ||||||||
Deferred income taxes | (78 | ) | — | (78 | ) | ||||||||
Impairment losses on goodwill and intangible assets | 5,585 | — | 5,585 | ||||||||||
Net gains on sales of assets | (268 | ) | — | (268 | ) | ||||||||
ESOP and share-based compensation expense | 3,287 | — | 3,287 | ||||||||||
Net losses on derivatives and investments | 6,175 | — | 6,175 | ||||||||||
Change in operating assets and liabilities: | |||||||||||||
Restricted cash | — | (1,153 | ) | (1,153 | ) | ||||||||
Short-term investments | (2,322 | ) | 825 | (1,497 | ) | ||||||||
Accounts and notes receivable | 3,745 | — | 3,745 | ||||||||||
Inventories | 13,314 | (78 | ) | 13,236 | |||||||||
Income tax receivable | (314 | ) | — | (314 | ) | ||||||||
Prepaid expenses and other assets | (711 | ) | (149 | ) | (860 | ) | |||||||
Accounts payable | (13,083 | ) | (358 | ) | (13,441 | ) | |||||||
Accrued payroll expenses and other liabilities | 3,112 | (1,163 | ) | 1,949 | |||||||||
Accrued postretirement benefits | 995 | 2,535 | 3,530 | ||||||||||
Other long-term liabilities | (3,108 | ) | (3,212 | ) | (6,320 | ) | |||||||
Net cash provided by operating activities | $ | 18,133 | $ | — | $ | 18,133 | |||||||
Cash flows from investing activities: | |||||||||||||
Purchases of property, plant and equipment | (17,498 | ) | — | (17,498 | ) | ||||||||
Proceeds from sales of property, plant and equipment | 3,037 | — | 3,037 | ||||||||||
Net cash used in investing activities | $ | (14,461 | ) | $ | — | $ | (14,461 | ) | |||||
Cash flows from financing activities: | |||||||||||||
Proceeds from revolving credit facility | 17,250 | — | 17,250 | ||||||||||
Repayments on revolving credit facility | (21,200 | ) | — | (21,200 | ) | ||||||||
Payments of capital lease obligations | (1,897 | ) | — | (1,897 | ) | ||||||||
Net cash used in financing activities | $ | (5,847 | ) | $ | — | $ | (5,847 | ) | |||||
Net decrease in cash and cash equivalents | $ | (2,175 | ) | $ | — | $ | (2,175 | ) | |||||
Cash and cash equivalents at beginning of year | 6,081 | 6,081 | |||||||||||
Cash and cash equivalents at end of year | $ | 3,906 | $ | — | $ | 3,906 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||||
Cash paid for interest | $ | 2,123 | $ | — | $ | 2,123 | |||||||
Cash paid for income taxes | $ | 317 | $ | — | $ | 317 | |||||||
Non-cash financing and investing activities: | |||||||||||||
Equipment acquired under capital leases | $ | 9,508 | $ | — | $ | 9,508 | |||||||
_______________ | |||||||||||||
-1 | See the introduction section included elsewhere in this Note 2. | ||||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||||||||
(In thousands) | Year Ended June 30, 2011 | ||||||||||||
Previously Reported | Adjustments (1) | As Restated | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net (loss) income | $ | (54,317 | ) | $ | 2,284 | $ | (52,033 | ) | |||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 31,758 | — | 31,758 | ||||||||||
Provision for doubtful accounts | 2,024 | — | 2,024 | ||||||||||
Deferred income taxes | 336 | 2 | 338 | ||||||||||
Impairment losses on goodwill and intangible assets | 7,805 | — | 7,805 | ||||||||||
Net losses on sales of assets | 358 | — | 358 | ||||||||||
ESOP and share-based compensation expense | 3,825 | — | 3,825 | ||||||||||
Net gains on derivatives and investments | (1,312 | ) | — | (1,312 | ) | ||||||||
Change in operating assets and liabilities: | |||||||||||||
Restricted cash | — | (460 | ) | (460 | ) | ||||||||
Short-term investments | 27,381 | 913 | 28,294 | ||||||||||
Accounts and notes receivable | (2,929 | ) | — | (2,929 | ) | ||||||||
Inventories | 3,952 | (312 | ) | 3,640 | |||||||||
Income tax receivable | 5,392 | — | 5,392 | ||||||||||
Prepaid expenses and other assets | (434 | ) | 834 | 400 | |||||||||
Accounts payable | 12,997 | (504 | ) | 12,493 | |||||||||
Accrued payroll expenses and other liabilities | 2,112 | 44 | 2,156 | ||||||||||
Accrued postretirement benefits | 1,399 | (10,956 | ) | (9,557 | ) | ||||||||
Other long-term liabilities | (6,410 | ) | 8,155 | 1,745 | |||||||||
Net cash provided by operating activities | $ | 33,937 | $ | — | $ | 33,937 | |||||||
Cash flows from investing activities: | |||||||||||||
Purchases of property, plant and equipment | (19,416 | ) | — | (19,416 | ) | ||||||||
Proceeds from sales of property, plant and equipment | 2,021 | — | 2,021 | ||||||||||
Net cash used in investing activities | $ | (17,395 | ) | $ | — | $ | (17,395 | ) | |||||
Cash flows from financing activities: | |||||||||||||
Proceeds from revolving credit facility | 35,450 | — | 35,450 | ||||||||||
Repayments on revolving credit facility | (43,970 | ) | — | (43,970 | ) | ||||||||
Payments of capital lease obligations | (1,433 | ) | — | (1,433 | ) | ||||||||
Dividends paid | (4,657 | ) | — | (4,657 | ) | ||||||||
Net cash used in financing activities | $ | (14,610 | ) | $ | — | $ | (14,610 | ) | |||||
Net increase in cash and cash equivalents | $ | 1,932 | $ | — | $ | 1,932 | |||||||
Cash and cash equivalents at beginning of year | 4,149 | — | 4,149 | ||||||||||
Cash and cash equivalents at end of year | $ | 6,081 | $ | — | $ | 6,081 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||||
Cash paid for interest | $ | 1,945 | $ | — | $ | 1,945 | |||||||
Cash paid for income taxes | $ | 324 | $ | — | $ | 324 | |||||||
Non-cash financing and investing activities: | |||||||||||||
Equipment acquired under capital leases | $ | 5,659 | $ | — | $ | 5,659 | |||||||
Dividends accrued, but not paid | |||||||||||||
_______________ | |||||||||||||
-1 | See the introduction section included elsewhere in this Note 2. | ||||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||||||||
(In thousands) | Year Ended June 30, 2010 | ||||||||||||
Previously Reported | Adjustments (1) | As Restated | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net loss | $ | (23,953 | ) | $ | (1,406 | ) | $ | (25,359 | ) | ||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 26,778 | — | 26,778 | ||||||||||
Provision for doubtful accounts | 3,188 | — | 3,188 | ||||||||||
Deferred income taxes | 758 | 427 | 1,185 | ||||||||||
Net losses on sales of assets | 430 | — | 430 | ||||||||||
ESOP and share-based compensation expense | 4,785 | (1 | ) | 4,784 | |||||||||
Net gain on derivatives and investments | (9,382 | ) | — | (9,382 | ) | ||||||||
Change in operating assets and liabilities: | |||||||||||||
Restricted cash | — | — | — | ||||||||||
Short-term investments | 1,365 | (453 | ) | 912 | |||||||||
Accounts and notes receivable | (40 | ) | — | (40 | ) | ||||||||
Inventories | (14,751 | ) | 1,932 | (12,819 | ) | ||||||||
Income tax receivable | (1,677 | ) | — | (1,677 | ) | ||||||||
Prepaid expenses and other assets | 178 | (187 | ) | (9 | ) | ||||||||
Accounts payable | (738 | ) | 617 | (121 | ) | ||||||||
Accrued payroll expenses and other liabilities | 2,904 | (542 | ) | 2,362 | |||||||||
Accrued postretirement benefits | 3,926 | 1,302 | 5,228 | ||||||||||
Other long-term liabilities | 5,182 | (1,689 | ) | 3,493 | |||||||||
Net cash provided by operating activities | $ | (1,047 | ) | $ | — | $ | (1,047 | ) | |||||
Cash flows from investing activities: | |||||||||||||
Purchases of property, plant and equipment | (28,484 | ) | — | (28,484 | ) | ||||||||
Proceeds from sales of property, plant and equipment | 437 | — | 437 | ||||||||||
Net cash used in investing activities | $ | (28,047 | ) | $ | — | $ | (28,047 | ) | |||||
Cash flows from financing activities: | |||||||||||||
Proceeds from revolving credit facility | 33,737 | — | 33,737 | ||||||||||
Repayments on revolving credit facility | (12,756 | ) | — | (12,756 | ) | ||||||||
Payments of capital lease obligations | (837 | ) | — | (837 | ) | ||||||||
Dividends paid | (6,939 | ) | — | (6,939 | ) | ||||||||
Net cash used in financing activities | $ | 13,205 | $ | — | $ | 13,205 | |||||||
Net decrease in cash and cash equivalents | $ | (15,889 | ) | $ | — | $ | (15,889 | ) | |||||
Cash and cash equivalents at beginning of year | 20,038 | — | 20,038 | ||||||||||
Cash and cash equivalents at end of year | $ | 4,149 | $ | — | $ | 4,149 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||||
Cash paid for interest | $ | 890 | $ | — | $ | 890 | |||||||
Cash paid for income taxes | $ | 154 | $ | — | $ | 154 | |||||||
Non-cash financing and investing activities: | |||||||||||||
Equipment acquired under capital leases | $ | 3,954 | $ | — | $ | 3,954 | |||||||
Dividends accrued, but not paid | $ | 1,849 | $ | — | $ | 1,849 | |||||||
_______________ | |||||||||||||
-1 | See the introduction section included elsewhere in this Note 2. |
Derivative_Financial_Instrumen
Derivative Financial Instruments (Notes) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Derivative Financial Instruments | Derivative Instruments | ||||||||||||||||
Derivative Instruments Held | |||||||||||||||||
Coffee-Related Derivative Instruments | |||||||||||||||||
The Company is exposed to commodity price risk associated with its PTF green coffee purchase contracts, which are described further in Note 1. The Company utilizes futures contracts and options to manage exposure to the variability in expected future cash flows from forecasted purchases of green coffee attributable to commodity price risk, in some instances, as much as 18 months prior to the actual delivery date. Certain of these coffee-related derivative instruments utilized for risk management purposes have been designated as cash flow hedges, while other coffee-related derivative instruments have not been designated as cash flow hedges or do not qualify for hedge accounting despite hedging the Company's future cash flows on an economic basis. | |||||||||||||||||
At June 30, 2013, approximately 89% of the Company's outstanding coffee-related derivative instruments were designated as cash flow hedges. At June 30, 2012 no coffee-related derivative instruments were designated as accounting hedges. | |||||||||||||||||
For the fiscal year ended June 30, 2013, the Company recorded coffee-related net derivative losses in OCI in the amount of $7.9 million. No coffee-related net derivative gains or losses were recorded in OCI for the fiscal years ended June 30, 2012 and 2011. | |||||||||||||||||
Interest Rate Swap | |||||||||||||||||
Effective December 1, 2012, the Company entered into an interest rate swap transaction utilizing a notional amount of $10.0 million and a maturity date of March 1, 2015. The Company entered into the swap transaction to effectively fix the future interest rate during the applicable period on a portion of its borrowings under the revolving credit facility. The swap transaction is intended to manage the Company's interest rate risk related to its revolving credit facility and requires the Company to pay a fixed rate of 0.48% per annum in exchange for a variable interest rate based on 1-month USD LIBOR-BBA. The interest rate swap is not designated as an accounting hedge. | |||||||||||||||||
Effect of Derivative Instruments on the Financial Statements | |||||||||||||||||
Balance Sheet | |||||||||||||||||
Fair values of derivative instruments on the consolidated balance sheets (in thousands): | |||||||||||||||||
Derivatives Designated as Cash Flow Hedges | Derivatives Not Designated as Accounting Hedges | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Financial Statement Location: | As Restated | As Restated | |||||||||||||||
Short-term investments: | |||||||||||||||||
Coffee-related derivatives | $ | — | $ | — | $ | 4 | $ | 339 | |||||||||
Short-term derivative liability: | |||||||||||||||||
Coffee futures | $ | 9,331 | $ | — | $ | 565 | $ | 737 | |||||||||
Other current liabilities: | |||||||||||||||||
Interest rate swap | $ | — | $ | — | $ | 25 | $ | — | |||||||||
Long-term derivative liability: | |||||||||||||||||
Coffee futures | $ | 1,129 | $ | — | $ | — | $ | — | |||||||||
Statement of Operations | |||||||||||||||||
For the fiscal year ended June 30, 2013, the Company recognized $0.4 million in losses on coffee-related derivative instruments designated as cash flow hedges for ineffectiveness and 11% of the total coffee-related derivative instruments were excluded from the effectiveness assessment since they were not designated as cash flow hedges. Cash flow hedge contracts outstanding as of June 30, 2013 will expire within 18 months. | |||||||||||||||||
The following table presents pretax net gains and losses for the Company's coffee-related derivative instruments designated as cash flow hedges, as recognized in "Cost of goods sold," "Accumulated other comprehensive income" ("AOCI") and "Other, net" (in thousands): | |||||||||||||||||
Year Ended June 30, | |||||||||||||||||
2013 | 2012 | 2011 | Financial Statement Classification | ||||||||||||||
Net gains recognized in earnings (effective portion) | $ | 55 | $ | — | $ | — | Costs of goods sold | ||||||||||
Net losses recognized in other comprehensive income (loss) (effective portion) | $ | (7,921 | ) | $ | — | $ | — | AOCI | |||||||||
Net losses recognized in earnings (ineffective portion) | $ | (447 | ) | $ | — | $ | — | Other, net | |||||||||
For the year ended June 30, 2013, there were no gains or losses recognized in income as a result of excluding amounts from the assessment of hedge effectiveness or as a result of reclassifications to earnings following the discontinuance of any cash flow hedges. | |||||||||||||||||
Gains and losses on derivatives not designated as accounting hedges are included in "Other, net" in the Company's consolidated statements of operations and in "Net losses (gains) on derivatives and investments" in the Company's consolidated statements of cash flow. | |||||||||||||||||
Net realized and unrealized gains and losses recorded in "Other, net" are as follows: | |||||||||||||||||
Year Ended June 30, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(In thousands) | |||||||||||||||||
Realized (losses) gains, net | $ | (8,676 | ) | $ | (8,577 | ) | $ | 916 | |||||||||
Unrealized (losses) gains, net | (2,661 | ) | 1,248 | (2,402 | ) | ||||||||||||
Net realized and unrealized losses from coffee-related derivatives not designated as accounting hedges | (11,337 | ) | (7,329 | ) | (1,486 | ) | |||||||||||
Net realized and unrealized gains from investments | 230 | 1,154 | 2,798 | ||||||||||||||
Net unrealized losses from interest rate swap | (25 | ) | — | — | |||||||||||||
Net (losses) gains on derivatives and investments | (11,132 | ) | (6,175 | ) | 1,312 | ||||||||||||
Net gains from sales of assets | 4,467 | 1,375 | 1,359 | ||||||||||||||
Other gains, net | 1,700 | 683 | 1,520 | ||||||||||||||
Other, net | $ | (4,965 | ) | $ | (4,117 | ) | $ | 4,191 | |||||||||
Credit-Risk-Related Features | |||||||||||||||||
The Company does not have any credit-risk-related contingent features that would require it, in certain circumstances, to post additional collateral in support of its net derivative liability positions. The Company had $8.1 million and $1.6 million, respectively, in restricted cash representing cash held on deposit in margin accounts for coffee-related derivative instruments at June 30, 2013 and 2012 (see Note 6). Changes in commodity prices could have a significant impact on cash deposit requirements under the Company's broker and counterparty agreements. | |||||||||||||||||
Cash Flow Hedges | |||||||||||||||||
Changes in the fair value of the Company's coffee-related derivative instruments designated as cash flow hedges, to the extent effective, are deferred in AOCI and reclassified into earnings in the same period or periods in which the hedged forecasted purchases affect earnings, or when it is probable that the hedged forecasted transaction will not occur by the end of the originally specified time period. Based on recorded values at June 30, 2013, $6.8 million of net losses will be reclassified into earnings within the next twelve months. These recorded values are based on market prices of the commodities as of June 30, 2013. Due to the volatile nature of commodity prices, actual gains or losses realized within the next twelve months will likely differ from these values. These gains or losses are expected to substantially offset net losses or gains that will be realized in earnings from previous unfavorable or favorable market movements associated with underlying hedged transactions. |
Investments
Investments | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Investments | Investments | ||||||||||||||||
Preferred stock investments as of June 30, 2013 consisted of securities with a fair value of $13.2 million in an unrealized gain position and securities with a fair value of $7.3 million in an unrealized loss position. Preferred stock investments as of June 30, 2012 consisted of securities with a fair value of $16.5 million in an unrealized gain position and securities with a fair value of $2.9 million in an unrealized loss position. | |||||||||||||||||
The following tables show gross unrealized losses (although such losses have been recognized in the consolidated statements of operations) and fair value for those investments that were in an unrealized loss position as of June 30, 2013 and 2012, aggregated by the length of time those investments have been in a continuous loss position: | |||||||||||||||||
June 30, 2013 | |||||||||||||||||
Less than 12 Months | Total | ||||||||||||||||
(In thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||
Preferred stock | $ | 5,391 | $ | (161 | ) | $ | 7,318 | $ | (228 | ) | |||||||
30-Jun-12 | |||||||||||||||||
Less than 12 Months | Total | ||||||||||||||||
(In thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||
Preferred stock | $ | 1,750 | $ | (16 | ) | $ | 2,891 | $ | (40 | ) | |||||||
Fair_Value_Measurements_Notes
Fair Value Measurements (Notes) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||
The Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: | |||||||||||||||||
• | Level 1—Valuation is based upon quoted prices for identical instruments traded in active markets. | ||||||||||||||||
• | Level 2—Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||||||||||||||
• | Level 3—Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. | ||||||||||||||||
Assets and liabilities measured and recorded at fair value on a recurring basis were as follows (in thousands): | |||||||||||||||||
30-Jun-13 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Preferred stock(1) | $ | 20,542 | $ | 15,738 | $ | 4,804 | $ | — | |||||||||
Futures, options and other derivative assets(1) | $ | 4 | $ | — | $ | 4 | $ | — | |||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||
Coffee-related derivative liabilities | $ | 10,460 | $ | 10,460 | $ | — | $ | — | |||||||||
Derivatives not designated as accounting hedges: | |||||||||||||||||
Coffee-related derivative liabilities | $ | 565 | $ | 565 | $ | — | $ | — | |||||||||
Derivative liabilities — interest rate swap | $ | 25 | $ | — | $ | 25 | $ | — | |||||||||
June 30, 2012 (As Restated) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Preferred stock(1) | $ | 19,395 | $ | 14,078 | $ | 5,317 | $ | — | |||||||||
Futures, options and other derivative assets(1) | $ | 341 | $ | — | $ | 341 | $ | — | |||||||||
Derivative liabilities | $ | 737 | $ | — | $ | 737 | $ | — | |||||||||
____________________ | |||||||||||||||||
-1 | Included in "Short-term investments" on the consolidated balance sheets. | ||||||||||||||||
There were no significant transfers of securities between Level 1 and Level 2. | |||||||||||||||||
Effective December 1, 2012, the Company entered into an interest rate swap transaction utilizing a notional amount of $10.0 million and a maturity date of March 1, 2015. The Company entered into the swap transaction to effectively fix the future interest rate during the applicable period on a portion of its borrowings under the revolving credit facility. The swap transaction is intended to manage the Company's interest rate risk related to its revolving credit facility and requires the Company to pay a fixed rate of 0.48% per annum in exchange for a variable interest rate based on 1-month USD LIBOR-BBA. | |||||||||||||||||
The Company values its interest rate swap using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of the interest rate swap. This analysis reflects the contractual terms of the interest rate swap, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. | |||||||||||||||||
Valuation of the interest rate swap transaction is based on proprietary curves that take into account both Level 1 and Level 2 inputs. The fair value of the interest rate swap is determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves). These forward curves are market-based, utilizing observable market data. Discount curves for present value purposes are constructed using rates representing estimated costs of funding swap positions for early terminations based on an appropriate observable discount rate. |
Restricted_Cash_Notes
Restricted Cash (Notes) | 12 Months Ended |
Jun. 30, 2013 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | Restricted Cash |
The Company had $8.1 million and $1.6 million, respectively, in restricted cash representing cash held on deposit in margin accounts for coffee-related derivative instruments at June 30, 2013 and 2012. Changes in commodity prices could have a significant impact on cash deposit requirements under the Company's broker and counterparty agreements. |
Accounts_and_Notes_Receivable_
Accounts and Notes Receivable, net | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Receivables [Abstract] | |||||||||
Accounts and Notes Receivable, net | Accounts and Notes Receivable, Net | ||||||||
June 30, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Trade receivables | $ | 43,965 | $ | 40,687 | |||||
Other receivables | 1,072 | 1,921 | |||||||
Allowance for doubtful accounts | (1,115 | ) | (1,872 | ) | |||||
$ | 43,922 | $ | 40,736 | ||||||
In fiscal 2010, based on a larger customer base due to recent Company acquisitions and in response to slower collection of the Company’s accounts receivable resulting from the impact of the economic downturn on the Company’s customers, the Company recorded a $3.2 million charge to bad debt expense resulting in a net increase of $2.1 million in its allowance for doubtful accounts. In fiscal 2013, fiscal 2012 and fiscal 2011, due to improvements in the collection of past due accounts, the Company reduced its allowance for doubtful accounts by $0.8 million, $1.0 million and $0.4 million, respectively. | |||||||||
Allowance for doubtful accounts: | |||||||||
(In thousands) | |||||||||
Balance at June 30, 2010 | $ | (3,293 | ) | ||||||
Additions | (2,024 | ) | |||||||
Write-offs | 2,465 | ||||||||
Balance at June 30, 2011 | (2,852 | ) | |||||||
Recovery | 980 | ||||||||
Write-offs | — | ||||||||
Balance at June 30, 2012 | (1,872 | ) | |||||||
Recovery | 757 | ||||||||
Write-offs | — | ||||||||
Balance at June 30, 2013 | $ | (1,115 | ) |
Inventories
Inventories | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||
Inventory Disclosure | Inventories | ||||||||||||
June 30, 2013 | Processed | Unprocessed | Total | ||||||||||
(In thousands) | |||||||||||||
Coffee | $ | 12,553 | $ | 12,796 | $ | 25,349 | |||||||
Tea and culinary products | 21,406 | 4,194 | 25,600 | ||||||||||
Coffee brewing equipment | 5,144 | 4,774 | 9,918 | ||||||||||
$ | 39,103 | $ | 21,764 | $ | 60,867 | ||||||||
Processed | Unprocessed | Total | |||||||||||
June 30, 2012 | (In thousands) | ||||||||||||
Coffee | $ | 15,485 | $ | 11,836 | $ | 27,321 | |||||||
Tea and culinary products | 24,502 | 4,817 | 29,319 | ||||||||||
Coffee brewing equipment | 3,977 | 5,364 | 9,341 | ||||||||||
$ | 43,964 | $ | 22,017 | $ | 65,981 | ||||||||
Current cost of coffee, tea and culinary inventories exceeds the LIFO cost by: | |||||||||||||
June 30, | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Coffee | $ | 27,755 | $ | 34,844 | |||||||||
Tea and culinary products | 7,757 | 7,239 | |||||||||||
Total | $ | 35,512 | $ | 42,083 | |||||||||
In fiscal 2013, as a result of optimizing and simplifying its product portfolio and discontinuing over 800 SKU's, the Company established a reserve for slow-moving and obsolete inventory in the amount of $0.7 million. | |||||||||||||
In fiscal 2013 and 2012, certain inventory quantities were reduced. This reduction resulted in the liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years. The beneficial effect of this liquidation of LIFO inventory quantities reduced cost of goods sold and net loss for fiscal 2013, 2012 and 2011 by $1.1 million, $14.2 million and $1.1 million, respectively. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure | Property, Plant and Equipment | ||||||||
June 30, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Buildings and facilities | $ | 77,807 | $ | 78,608 | |||||
Machinery and equipment | 138,470 | 129,846 | |||||||
Equipment under capital leases | 18,806 | 19,731 | |||||||
Capitalized software | 17,993 | 18,524 | |||||||
Office furniture and equipment | 15,610 | 16,818 | |||||||
$ | 268,686 | $ | 263,527 | ||||||
Accumulated depreciation | (185,718 | ) | (164,661 | ) | |||||
Land | 9,191 | 9,271 | |||||||
Property, plant and equipment, net | $ | 92,159 | $ | 108,137 | |||||
Capital leases consist mainly of vehicle leases at June 30, 2013 and 2012. | |||||||||
The Company capitalized coffee brewing equipment (included in machinery and equipment) in the amounts of $9.3 million and $13.9 million in fiscal 2013 and 2012, respectively. Depreciation expense related to the capitalized coffee brewing equipment reported as cost of goods sold was $12.8 million, $12.2 million and $9.6 million in fiscal 2013, 2012 and 2011, respectively. Depreciation and amortization expense includes amortization expense for assets recorded under capitalized leases. | |||||||||
Maintenance and repairs to property, plant and equipment charged to expense for the years ended June 30, 2013, 2012 and 2011 were $7.6 million, $7.9 million and $10.3 million, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | ||||||||||||||||
The following is a summary of the Company’s amortized and unamortized intangible assets other than goodwill, along with amortization expense on these intangible assets for the past three fiscal years and estimated aggregate amortization expense for each of the next five fiscal years: | |||||||||||||||||
30-Jun-13 | 30-Jun-12 | ||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
(In thousands) | |||||||||||||||||
Amortized intangible assets: | |||||||||||||||||
Customer relationships | $ | 10,083 | $ | (9,434 | ) | $ | 10,083 | $ | (8,188 | ) | |||||||
Total amortized intangible assets | $ | 10,083 | $ | (9,434 | ) | $ | 10,083 | $ | (8,188 | ) | |||||||
Unamortized intangible assets: | |||||||||||||||||
Tradenames with indefinite lives | $ | 3,640 | $ | — | $ | 3,640 | $ | — | |||||||||
Trademarks with indefinite lives | 1,988 | — | 2,080 | — | |||||||||||||
Total unamortized intangible assets | $ | 5,628 | $ | — | $ | 5,720 | $ | — | |||||||||
Total intangible assets | $ | 15,711 | $ | (9,434 | ) | $ | 15,803 | $ | (8,188 | ) | |||||||
Aggregate amortization expense for the past three fiscal years: | |||||||||||||||||
For the fiscal year ended June 30, 2013 | $ | 1,246 | |||||||||||||||
For the fiscal year ended June 30, 2012 | $ | 1,439 | |||||||||||||||
For the fiscal year ended June 30, 2011 | $ | 2,948 | |||||||||||||||
Estimated amortization expense for each of the next five fiscal years: | |||||||||||||||||
For the fiscal year ending June 30, 2014 | $ | 649 | |||||||||||||||
Remaining weighted average amortization periods for intangible assets with finite lives are as follows: | |||||||||||||||||
Customer relationships (years) | 0.8 | ||||||||||||||||
Summary of changes in the carrying value of goodwill: | |||||||||||||||||
Balance at June 30, 2011 | $ | 5,310 | |||||||||||||||
Reclassification | (165 | ) | |||||||||||||||
Impairment loss | (5,145 | ) | |||||||||||||||
Balance at June 30, 2012 | $ | — | |||||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans | ||||||||||||||||||||||||
The Company provides pension plans for most full time employees. Generally the plans provide benefits based on years of service and/or a combination of years of service and earnings. The Company sponsors a postretirement defined benefit plan that covers qualified non-union retirees and certain qualified union retirees and provides retiree medical coverage and, depending on the age of the retiree, dental and vision coverage. The Company also provides a postretirement death benefit to certain of its employees and retirees. | |||||||||||||||||||||||||
The Company is required to recognize the funded status of a benefit plan in its consolidated balance sheet. The Company is also required to recognize in OCI certain gains and losses that arise during the period but are deferred under pension accounting rules. | |||||||||||||||||||||||||
Single Employer Pension Plans | |||||||||||||||||||||||||
The Company has a defined benefit pension plan, the Farmer Bros. Salaried Employees Pension Plan (the “Farmer Bros. Plan”), for the majority of its employees who are not covered under a collective bargaining agreement. The Company amended the Farmer Bros. Plan, freezing the benefit for all participants effective June 30, 2011. After the plan freeze, participants do not accrue any benefits under the plan, and new hires are not eligible to participate in the plan. As a result, the Company recorded a pension curtailment expense of $1.5 million in the fourth quarter of fiscal 2011 for the Farmer Bros. Plan. As all plan participants became inactive following this pension curtailment, net (gain) loss is now amortized based on the remaining life expectancy of these participants instead of the remaining service period of these participants. | |||||||||||||||||||||||||
The Company also has two defined benefit pension plans for certain hourly employees covered under collective bargaining agreements (the “Brewmatic Plan” and the “Hourly Employees' Plan”). In the fourth quarter of fiscal 2013, the Company determined that it would shut down its equipment refurbishment operations in Los Angeles, California and move them to its Oklahoma City distribution center effective August 30, 2013. Due to this shut down, all hourly employees responsible for these operations in Los Angeles were terminated and their pension benefits in the Brewmatic Plan were frozen effective August 30, 2013. As a result, the Company recorded a pension curtailment expense of $34,000 in the fourth quarter of fiscal 2013 which is included in "Selling expenses" in the Company's consolidated statement of operations for the fiscal year ended June 30, 2013 and in "Accrued pension liabilities" on the Company's consolidated balance sheet at June 30, 2013. | |||||||||||||||||||||||||
. | |||||||||||||||||||||||||
Obligations and Funded Status | |||||||||||||||||||||||||
Farmer Bros. Plan | Brewmatic Plan | Hourly Employees’ Plan | |||||||||||||||||||||||
June 30, | June 30, | June 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(In thousands) | (In thousands) | (In thousands) | |||||||||||||||||||||||
Change in projected benefit obligation | |||||||||||||||||||||||||
Benefit obligation at the beginning of the year | $ | 124,828 | $ | 107,071 | $ | 4,022 | $ | 3,662 | $ | 1,520 | $ | 1,055 | |||||||||||||
Service cost | — | — | 59 | 39 | 418 | 456 | |||||||||||||||||||
Interest cost | 5,550 | 5,846 | 176 | 197 | 69 | 59 | |||||||||||||||||||
Plan participant contributions | — | 81 | — | — | — | — | |||||||||||||||||||
Actuarial (gain) loss | 1,333 | 17,066 | (24 | ) | 416 | 56 | (38 | ) | |||||||||||||||||
Benefits paid | (5,506 | ) | (5,236 | ) | (287 | ) | (292 | ) | (7 | ) | (12 | ) | |||||||||||||
Effect of curtailment | — | — | — | — | — | — | |||||||||||||||||||
Projected benefit obligation at the end of the year | $ | 126,205 | $ | 124,828 | $ | 3,946 | $ | 4,022 | $ | 2,056 | $ | 1,520 | |||||||||||||
Change in plan assets | |||||||||||||||||||||||||
Fair value of plan assets at the beginning of the year | $ | 82,110 | $ | 80,448 | $ | 2,718 | $ | 2,871 | $ | 1,013 | $ | 421 | |||||||||||||
Actual return on plan assets | 10,145 | 246 | 322 | (25 | ) | 125 | (4 | ) | |||||||||||||||||
Employer contributions | 1,348 | 6,571 | 310 | 164 | 117 | 608 | |||||||||||||||||||
Plan participant contributions | — | 81 | — | — | — | — | |||||||||||||||||||
Benefits paid | (5,506 | ) | (5,236 | ) | (287 | ) | (292 | ) | (7 | ) | (12 | ) | |||||||||||||
Fair value of plan assets at the end of the year | $ | 88,097 | $ | 82,110 | $ | 3,063 | $ | 2,718 | $ | 1,248 | $ | 1,013 | |||||||||||||
Funded status at end of year (underfunded) overfunded | $ | (38,108 | ) | $ | (42,718 | ) | $ | (883 | ) | $ | (1,304 | ) | $ | (808 | ) | $ | (507 | ) | |||||||
Amounts recognized in consolidated balance sheet | |||||||||||||||||||||||||
Non-current assets | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Current liabilities | — | — | — | — | — | — | |||||||||||||||||||
Non-current liabilities | (38,108 | ) | (42,718 | ) | (883 | ) | (1,304 | ) | (808 | ) | (507 | ) | |||||||||||||
Total | $ | (38,108 | ) | $ | (42,718 | ) | $ | (883 | ) | $ | (1,304 | ) | $ | (808 | ) | $ | (507 | ) | |||||||
Amounts recognized in consolidated balance sheet | |||||||||||||||||||||||||
Total net (gain) loss | $ | 44,841 | $ | 48,720 | $ | 1,878 | $ | 2,154 | $ | 108 | $ | 90 | |||||||||||||
Transition (asset) obligation | — | — | — | — | — | — | |||||||||||||||||||
Prior service cost (credit) | — | — | — | 53 | — | — | |||||||||||||||||||
Total accumulated OCI (not adjusted for applicable tax) | $ | 44,841 | $ | 48,720 | $ | 1,878 | $ | 2,207 | $ | 108 | $ | 90 | |||||||||||||
Weighted average assumptions used to determine benefit obligations | |||||||||||||||||||||||||
Discount rate | 4.5 | % | 4.55 | % | 4.5 | % | 4.55 | % | 4.5 | % | 4.55 | % | |||||||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||
Components of Net Periodic Benefit Cost and | |||||||||||||||||||||||||
Other Changes Recognized in Other Comprehensive Income (Loss) (OCI) | |||||||||||||||||||||||||
Farmer Bros. Plan | Brewmatic Plan | Hourly Employees’ Plan | |||||||||||||||||||||||
June 30, | June 30, | June 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(In thousands) | (In thousands) | (In thousands) | |||||||||||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | 59 | $ | 39 | $ | 418 | $ | 456 | |||||||||||||
Interest cost | 5,550 | 5,846 | 176 | 197 | 69 | 59 | |||||||||||||||||||
Expected return on plan assets | (6,355 | ) | (6,569 | ) | (196 | ) | (213 | ) | (87 | ) | (28 | ) | |||||||||||||
Amortization of net (gain) loss | 1,422 | 570 | 126 | 87 | — | — | |||||||||||||||||||
Amortization of prior service cost (credit) | — | — | 19 | 18 | — | — | |||||||||||||||||||
Amount recognized due to special event (curtailment) | — | — | 34 | — | — | — | |||||||||||||||||||
Net periodic benefit cost | $ | 617 | $ | (153 | ) | $ | 218 | $ | 128 | $ | 400 | $ | 487 | ||||||||||||
Other changes recognized in OCI | |||||||||||||||||||||||||
Net (gain) loss | $ | (2,456 | ) | $ | 23,389 | $ | (150 | ) | $ | 654 | $ | 18 | $ | (6 | ) | ||||||||||
Prior service cost (credit) | — | — | — | — | — | — | |||||||||||||||||||
Amortization of net gain (loss) | (1,422 | ) | (570 | ) | (126 | ) | (87 | ) | — | — | |||||||||||||||
Amortization of transition asset (obligation) | — | — | — | — | — | — | |||||||||||||||||||
Amortization of prior service (cost) credit | — | — | (19 | ) | (18 | ) | — | — | |||||||||||||||||
Amount recognized due to special event (curtailment) | — | — | (34 | ) | — | — | — | ||||||||||||||||||
Total recognized in OCI | $ | (3,878 | ) | $ | 22,819 | $ | (329 | ) | $ | 549 | $ | 18 | $ | (6 | ) | ||||||||||
Total recognized in net periodic benefit cost and OCI | $ | (3,261 | ) | $ | 22,666 | $ | (111 | ) | $ | 677 | $ | 418 | $ | 481 | |||||||||||
Weighted-average assumptions used to determine net periodic benefit cost | |||||||||||||||||||||||||
Discount rate | 4.55 | % | 5.6 | % | 4.55 | % | 5.6 | % | 4.55 | % | 5.6 | % | |||||||||||||
Expected long-term return on plan assets | 8 | % | 8.25 | % | 8 | % | 8.25 | % | 8 | % | 8.25 | % | |||||||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | N/A | 3 | % | ||||||||||||||||||
Basis Used to Determine Expected Long-term Return on Plan Assets | |||||||||||||||||||||||||
Historical and future projected returns of multiple asset classes were analyzed to develop a risk-free real rate of return and risk premiums for each asset class. The overall rate for each asset class was developed by combining a long-term inflation component, the risk-free real rate of return, and the associated risk premium. A weighted average rate was developed based on those overall rates and the target asset allocations of the plans. | |||||||||||||||||||||||||
Description of Investment Policy | |||||||||||||||||||||||||
The Company’s investment strategy is to build an efficient, well-diversified portfolio based on a long-term, strategic outlook of the investment markets. The investment markets outlook utilizes both the historical-based and forward-looking return forecasts to establish future return expectations for various asset classes. These return expectations are used to develop a core asset allocation based on the specific needs of each plan. The core asset allocation utilizes investment portfolios of various asset classes and multiple investment managers in order to maximize the plan’s return while providing multiple layers of diversification to help minimize risk. | |||||||||||||||||||||||||
Additional Disclosures | |||||||||||||||||||||||||
Farmer Bros. Plan | Brewmatic Plan | Hourly Employees’ Plan | |||||||||||||||||||||||
June 30, | June 30, | June 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
($ In thousands) | ($ In thousands) | ($ In thousands) | |||||||||||||||||||||||
Comparison of obligations to plan assets | |||||||||||||||||||||||||
Projected benefit obligation | $ | 126,205 | $ | 124,828 | $ | 3,946 | $ | 4,022 | $ | 2,056 | $ | 1,520 | |||||||||||||
Accumulated benefit obligation | $ | 126,205 | $ | 124,828 | $ | 3,946 | $ | 4,022 | $ | 2,056 | $ | 1,520 | |||||||||||||
Fair value of plan assets at measurement date | $ | 88,097 | $ | 82,110 | $ | 3,063 | $ | 2,718 | $ | 1,248 | $ | 1,013 | |||||||||||||
Plan assets by category | |||||||||||||||||||||||||
Equity securities | $ | 58,681 | $ | 53,396 | $ | 2,059 | $ | 1,767 | $ | 811 | $ | 686 | |||||||||||||
Debt securities | 24,822 | 24,610 | 843 | 815 | 375 | 261 | |||||||||||||||||||
Real estate | 4,594 | 4,104 | 161 | 136 | 62 | 66 | |||||||||||||||||||
Total | $ | 88,097 | $ | 82,110 | $ | 3,063 | $ | 2,718 | $ | 1,248 | $ | 1,013 | |||||||||||||
Plan assets by category | |||||||||||||||||||||||||
Equity securities | 67 | % | 65 | % | 67 | % | 65 | % | 65 | % | 68 | % | |||||||||||||
Debt securities | 28 | % | 30 | % | 28 | % | 30 | % | 30 | % | 26 | % | |||||||||||||
Real estate | 5 | % | 5 | % | 5 | % | 5 | % | 5 | % | 6 | % | |||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||
Fair values of plan assets were as follows: | |||||||||||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Farmer Bros. Plan | $ | 88,097 | $ | — | $ | 88,097 | $ | — | |||||||||||||||||
Brewmatic Plan | $ | 3,063 | $ | — | $ | 3,063 | $ | — | |||||||||||||||||
Hourly Employees’ Plan | $ | 1,248 | $ | — | $ | 1,248 | $ | — | |||||||||||||||||
30-Jun-12 | |||||||||||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Farmer Bros. Plan | $ | 82,110 | $ | — | $ | 78,006 | $ | 4,104 | |||||||||||||||||
Brewmatic Plan | $ | 2,718 | $ | — | $ | 2,582 | $ | 136 | |||||||||||||||||
Hourly Employees’ Plan | $ | 1,013 | $ | — | $ | 947 | $ | 66 | |||||||||||||||||
As of June 30, 2013 and 2012, approximately 100% and 95%, respectively, of the assets in each of the Farmer Bros. Plan, the Brewmatic Plan and the Hourly Employees’ Plan were invested in pooled separate accounts ("PSA's")which did not have publicly quoted prices. The PSA's invest in publicly traded mutual funds. The fair values of the mutual funds were publicly quoted pricing input (Level 1) and were used to determine the net asset value of the PSA's. Therefore, these assets have Level 2 pricing inputs. | |||||||||||||||||||||||||
As of June 30, 2013 and 2012, approximately 5% of the assets in each of the Farmer Bros. Plan, the Brewmatic Plan and the Hourly Employees’ Plan were invested in PSA's which invested mainly in commercial real estate and include mortgage loans which are backed by the associated properties. These underlying real estate investments had certain temporary restrictions that prevented them from being able to redeem their investment at net asset value per share ("NAV"), and therefore, were considered to have unobservable Level 3 pricing inputs. The fair value of the underlying real estate was estimated using discounted cash flow valuation models that utilize public real estate market data inputs such as transaction prices, market rents, vacancy levels, leasing absorption, market capitalization rates and discount rates. In addition, each property was appraised annually by an independent appraiser. As of June 30, 2013, these PSA's were considered Level 2 assets since the temporary restrictions that prevented them from being able to redeem their investment at NAV which disqualified them for Level 2 asset categorization were removed. Accordingly, as of June 30, 2013, none of the assets in the Farmer Bros. Plan, the Brewmatic Plan and the Hourly Employees’ Plan were categorized as Level 3. The amounts and types of investments within plan assets did not change significantly from June 30, 2012. | |||||||||||||||||||||||||
The following is a reconciliation of asset balances with Level 3 input pricing: | |||||||||||||||||||||||||
Beginning | Total Gains | Settlements | Transfers | Ending | |||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||
30-Jun-13 | (In thousands) | ||||||||||||||||||||||||
Farmer Bros. Plan | $ | 4,104 | $ | — | $ | — | $ | (4,104 | ) | $ | — | ||||||||||||||
Brewmatic Plan | $ | 136 | $ | — | $ | — | $ | (136 | ) | $ | — | ||||||||||||||
Hourly Employees’ Plan | $ | 66 | $ | — | $ | — | $ | (66 | ) | $ | — | ||||||||||||||
Beginning | Total Gains | Settlements | Ending | Unrealized | |||||||||||||||||||||
Balance | Balance | Gains | |||||||||||||||||||||||
30-Jun-12 | (In thousands) | ||||||||||||||||||||||||
Farmer Bros. Plan | $ | 4,711 | $ | 561 | $ | (1,168 | ) | $ | 4,104 | $ | 561 | ||||||||||||||
Brewmatic Plan | $ | 167 | $ | 19 | $ | (50 | ) | $ | 136 | $ | 19 | ||||||||||||||
Hourly Employees’ Plan | $ | 25 | $ | 5 | $ | 36 | $ | 66 | $ | 5 | |||||||||||||||
The following is the target asset allocation for the Company's single employer pension plans for fiscal 2014: | |||||||||||||||||||||||||
Target Plan Asset Allocation for Farmer Bros. Plan, Brewmatic Plan and Hourly Employees' Plan | |||||||||||||||||||||||||
Fiscal 2014 | |||||||||||||||||||||||||
U.S. large cap equity securities | 35.8 | % | |||||||||||||||||||||||
U.S. small cap equity securities | 9.2 | % | |||||||||||||||||||||||
International equity securities | 15 | % | |||||||||||||||||||||||
Debt securities | 30 | % | |||||||||||||||||||||||
Real estate | 10 | % | |||||||||||||||||||||||
Total | 100 | % | |||||||||||||||||||||||
Estimated Amounts in OCI Expected To Be Recognized | |||||||||||||||||||||||||
In fiscal 2014, the Company expects to recognize $0.3 million as a component of net periodic benefit cost for the Farmer Bros. Plan, $16,000 for the Brewmatic Plan, and $0.4 million for the Hourly Employees’ Plan. | |||||||||||||||||||||||||
Estimated Future Contributions and Refunds | |||||||||||||||||||||||||
In fiscal 2014, the Company expects to contribute $1.0 million to the Farmer Bros. Plan, $0.1 million to the Brewmatic Plan, and $0.2 million to the Hourly Employees’ Plan. The Company is not aware of any refunds expected from postretirement plans. | |||||||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||
The following benefit payments are expected to be paid over the next 10 fiscal years: | |||||||||||||||||||||||||
Estimated future benefit payments | |||||||||||||||||||||||||
Year ending | Farmer Bros. Plan | Brewmatic Plan | Hourly Employees’ | ||||||||||||||||||||||
Plan | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
June 30, 2014 | $ | 5,970 | $ | 290 | $ | 34 | |||||||||||||||||||
June 30, 2015 | $ | 6,110 | $ | 290 | $ | 47 | |||||||||||||||||||
June 30, 2016 | $ | 6,260 | $ | 280 | $ | 64 | |||||||||||||||||||
June 30, 2017 | $ | 6,520 | $ | 280 | $ | 81 | |||||||||||||||||||
June 30, 2018 | $ | 6,740 | $ | 290 | $ | 100 | |||||||||||||||||||
June 30, 2019 to June 30, 2023 | $ | 37,640 | $ | 1,380 | $ | 810 | |||||||||||||||||||
These amounts are based on current data and assumptions and reflect expected future service, as appropriate. | |||||||||||||||||||||||||
Multiemployer Pension Plans | |||||||||||||||||||||||||
The Company participates in a multiemployer defined benefit pension plan, the Western Conference of Teamsters Pension Plan (“WCTPP”), that is union sponsored and collectively bargained for the benefit of certain employees subject to collective bargaining agreements. The Company makes contributions to WCTPP generally based on the number of hours worked by the participants in accordance with the provisions of negotiated labor contracts. | |||||||||||||||||||||||||
The risks of participating in multiemployer pension plans are different from single-employer plans in that: (i) assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; (ii) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and (iii) if the Company stops participating in the multiemployer plan, the Company may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. | |||||||||||||||||||||||||
The Company's participation in WCTPP is outlined in the table below. The Pension Protection Act (“PPA”) Zone Status available in the Company's fiscal year 2013 and fiscal year 2012 is for the plan's year ended December 31, 2012 and December 31, 2011, respectively. The zone status is based on information obtained from WCTPP and is certified by WCTPP's actuary. Among other factors, plans in the green zone are generally more than 80% funded. Based on WCTPP's annual report on Form 5500, WCTPP was 90.0% and 90.3% funded for its plan year beginning January 1, 2013 and 2012, respectively. The “FIP/RP Status Pending/Implemented” column indicates if a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. | |||||||||||||||||||||||||
Pension Plan | Employer | Pension | PPA Zone Status | FIP/RP | Surcharge | Expiration Date | |||||||||||||||||||
Identification | Plan | Status | Imposed | of Collective | |||||||||||||||||||||
Number | Number | July 1, | July 1, | Pending/ | Bargaining | ||||||||||||||||||||
2012 | 2011 | Implemented | Agreements | ||||||||||||||||||||||
Western Conference of Teamsters Pension Plan | 91-6145047 | 1 | Green | Green | No | No | January 2014 to June 2017 | ||||||||||||||||||
Based upon the most recent information available from the trustees managing WCTPP, the Company's share of the unfunded vested benefit liability for the plan was estimated to be approximately $11.6 million if the withdrawal had occurred in calendar year 2012. These estimates were calculated by the trustees managing WCTPP. Although the Company believes the most recent plan data available from WCTPP was used in computing this 2012 estimate, the actual withdrawal liability amount is subject to change based on, among other things, the plan's investment returns and benefit levels, interest rates, financial difficulty of other participating employers in the plan such as bankruptcy, and continued participation by the Company and other employers in the plan, each of which could impact the ultimate withdrawal liability. | |||||||||||||||||||||||||
If withdrawal liability were to be triggered, the withdrawal liability assessment can be paid in a lump sum or on a monthly basis. The amount of the monthly payment is determined as follows: Average number of hours reported to the pension plan trust during the three consecutive years with highest number of hours in the 10-year period prior to the withdrawal is multiplied by the highest hourly contribution rate during the 10-year period to determine the amount of withdrawal liability that has to be paid annually. The annual amount is divided by 12 to arrive at the monthly payment due. If monthly payments are elected, interest is assessed on the unpaid balance after 12 months at the rate of 7% per annum. | |||||||||||||||||||||||||
Effective October 2011, the Company withdrew from the defined benefit pension plan, United Teamsters Pension Fund, and replaced it with the defined contribution pension plan, “United Teamsters Annuity Fund” (“Annuity Fund”), for its employees covered by a certain collective bargaining agreement with a term expiring in 2014. The Company incurred no withdrawal liability related to the withdrawal from the United Teamsters Pension Fund. The Company's contributions to the Annuity Fund are based on the number of compensable hours worked by the Company's employees who participate in the Annuity Fund. | |||||||||||||||||||||||||
In fiscal 2012, the Company withdrew from the Labor Management Pension Fund and recorded a charge of $4.3 million associated with withdrawal from this plan, representing the present value of the estimated withdrawal liability expected to be paid in quarterly installments of $0.1 million over 80 quarters. Installment payments will commence once the final determination of the amount of withdrawal liability is established, which determination may take up to 24 months from the date of withdrawal from the pension plan. Upon withdrawal, the employees covered under this multiemployer pension plan were included in the Company's 401(k) plan (the “401(k) Plan”). The $4.3 million estimated withdrawal charge is included in the Company's consolidated statement of operations for the fiscal year ended June 30, 2012 as “Pension withdrawal expense,” with the short-term and long-term portions reflected in current and long-term liabilities, respectively, on the Company's consolidated balance sheets at June 30, 2012 and June 30, 2013. In the fourth quarter ended June 30, 2012, the Company paid a final settlement of $0.3 million towards withdrawal from the Central States Pension Fund that was part of the DSD Coffee Business acquisition and recorded the charge as "Pension withdrawal expense." | |||||||||||||||||||||||||
In connection with the intended shut down of the Company's equipment refurbishment operations in Los Angeles, California and termination of all hourly employees responsible for such operations effective as of August 30, 2013, in the fourth quarter of fiscal 2013, the Company recorded a pension curtailment expense of $34,000 since the pension benefits of all such employees in the Brewmatic Plan are expected to be frozen as of August 30, 2013. | |||||||||||||||||||||||||
Future collective bargaining negotiations may result in the Company withdrawing from the remaining multiemployer pension plans in which it participates and, if successful, the Company may incur a withdrawal liability, the amount of which could be material to the Company's results of operations and cash flows. | |||||||||||||||||||||||||
Company contributions to the multiemployer pension plans: | |||||||||||||||||||||||||
(In thousands) | WCTPP(1)(2)(3) | All other Plans(4) | |||||||||||||||||||||||
Year Ended: | |||||||||||||||||||||||||
June 30, 2013 | $ | 3,064 | $ | 37 | |||||||||||||||||||||
June 30, 2012 | $ | 3,048 | $ | 113 | |||||||||||||||||||||
June 30, 2011 | $ | 2,929 | $ | 254 | |||||||||||||||||||||
____________ | |||||||||||||||||||||||||
-1 | Individually significant plan. | ||||||||||||||||||||||||
-2 | Less than 5% of total contribution to WCTPP based on WCTPP's most recent annual report on Form 5500 for the calendar year ended December 31, 2012. | ||||||||||||||||||||||||
-3 | The Company guarantees that one hundred seventy-three (173) hours will be contributed upon for all employees who are compensated for all available straight time hours for each calendar month. An additional 6.5% of the basic contribution must be paid for PEER or the Program for Enhanced Early Retirement. | ||||||||||||||||||||||||
-4 | Includes plans that are not individually significant. | ||||||||||||||||||||||||
For the fiscal year ending June 30, 2014, the Company expects to make $3.4 million in contributions to multiemployer pension plans. | |||||||||||||||||||||||||
Multiemployer Plans Other Than Pension Plans | |||||||||||||||||||||||||
The Company participates in eight defined contribution multiemployer plans other than pension plans that provide medical, vision, dental and disability benefits for active, union-represented employees subject to collective bargaining agreements. The plans are subject to the provisions of the Employee Retirement Income Security Act of 1974, and provide that participating employers make monthly contributions to the plans in an amount as specified in the collective bargaining agreements. Also, the plans provide that participants make self-payments to the plans, the amounts of which are negotiated through the collective bargaining process. The Company's participation in these plans is governed by the collective bargaining agreements which expire on or before June 30, 2017. The Company's contributions in the fiscal years ended June 30, 2013, 2012 and 2011 were $5.8 million, $5.8 million and $5.4 million, respectively. The Company expects to contribute $6.4 million towards multiemployer plans other than pension plans in fiscal 2014. | |||||||||||||||||||||||||
401(k) Plan | |||||||||||||||||||||||||
The Company's 401(k) Plan is available to all eligible employees who have worked more than 1,000 hours during a calendar year and were employed at the end of the calendar year. Participants in the 401(k) Plan may choose to contribute a percentage of their annual pay subject to the maximum contribution allowed by the Internal Revenue Service. The Company's matching contribution is discretionary based on approval by the Company's Board of Directors. For the calendar years 2011, 2012 and 2013, the Company's Board of Directors approved a Company matching contribution of 50% of an employee's annual contribution to the 401(k) Plan, up to 6% of the employee's eligible income. The matching contributions (and any earnings thereon) vest at the rate of 20% for each of the participant's first 5 years of vesting service, so that a participant is fully vested in his or her matching contribution account after 5 years of vesting service. A participant is automatically vested in the event of death, disability or attainment of age 65 while employed by the Company. Employees are 100% vested in their contributions. For employees subject to a collective bargaining agreement, the match is only available if so provided in the labor agreement. | |||||||||||||||||||||||||
The Company recorded matching contributions of $1.2 million, $1.4 million and $0.1 million in operating expenses for the fiscal years ended June 30, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
The Company sponsors a postretirement defined benefit plan that covers qualified non-union retirees and certain qualified union retirees. The plan provides medical, dental and vision coverage for retirees under age 65 and medical coverage only for retirees age 65 and above. Under this postretirement plan, the Company’s contributions toward premiums for retiree medical, dental and vision coverage for participants and dependents are scaled based on length of service, with greater Company contributions for retirees with greater length of service, but subject to a maximum monthly Company contribution. The Company's retiree medical, dental and vision plan is unfunded and its liability was calculated using an assumed discount rate of 4.8% at June 30, 2013. The Company projects an initial medical trend rate of 7.0% in fiscal 2013, and 6.5% in fiscal 2014, ultimately reducing to 5.0% in 4 years. | |||||||||||||||||||||||||
The Company also provides a postretirement death benefit to certain of its employees and retirees, subject, in the case of current employees, to continued employment with the Company until retirement, and certain other conditions related to the manner of employment termination and manner of death. The Company records the actuarially determined liability for the present value of the postretirement death benefit. The Company has purchased life insurance policies to fund the postretirement death benefit wherein the Company owns the policy but the postretirement death benefit is paid to the employee's or retiree's beneficiary. The Company records an asset for the fair value of the life insurance policies which equates to the cash surrender value of the policies. | |||||||||||||||||||||||||
The following table shows the components of net periodic postretirement benefit cost for the fiscal years ended June 30, 2013, 2012 and 2011. Net periodic postretirement benefit cost for fiscal 2013 was based on employee census information as of July 1, 2012 and asset information as of June 30, 2013. | |||||||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
As Restated | As Restated | ||||||||||||||||||||||||
Components of Net Periodic Postretirement Benefit Cost: | (In thousands) | ||||||||||||||||||||||||
Service cost | $ | 1,972 | $ | 1,817 | $ | 1,617 | |||||||||||||||||||
Interest cost | 969 | 1,100 | 1,496 | ||||||||||||||||||||||
Expected return on plan assets | — | — | — | ||||||||||||||||||||||
Amortization of net gain | 17 | (164 | ) | (712 | ) | ||||||||||||||||||||
Amortization of unrecognized transition (asset) obligation | — | — | — | ||||||||||||||||||||||
Amortization of prior service cost (credit) | (1,757 | ) | (1,757 | ) | (358 | ) | |||||||||||||||||||
Net periodic postretirement benefit cost | $ | 1,201 | $ | 996 | $ | 2,043 | |||||||||||||||||||
The difference between the assets and the Accumulated Postretirement Benefit Obligation (APBO) at the adoption of ASC 715-60 was established as a transition (asset) obligation and is amortized over the average expected future service for active employees as measured at the date of adoption. Any plan amendments that retroactively increase benefits create prior service cost. The increase in the APBO due to any plan amendment is established as a base and amortized over the average remaining years of service to the full eligibility date of active participants who are not yet fully eligible for benefits at the plan amendment date. Gains and losses due to experience different than that assumed or from changes in actuarial assumptions are not immediately recognized. The tables below show the remaining bases for the transition (asset) obligation, prior service cost (credit), and the calculation of the amortizable gain or loss. | |||||||||||||||||||||||||
Amortization Schedule | |||||||||||||||||||||||||
Transition (Asset) Obligation: The transition (asset) obligations have been fully amortized. | |||||||||||||||||||||||||
Prior service cost (credit) (dollars in thousands): | |||||||||||||||||||||||||
Date Established | Balance at | Annual | Years Remaining | Curtailment | Balance at | ||||||||||||||||||||
1-Jul-12 | Amortization | 30-Jun-13 | |||||||||||||||||||||||
1-Jan-08 | $ | (1,653 | ) | $ | 230 | 7.2 | — | $ | (1,423 | ) | |||||||||||||||
July 1, 2012 | (17,581 | ) | 1,527 | 11.5 | — | (16,054 | ) | ||||||||||||||||||
$ | (19,234 | ) | $ | 1,757 | $ | (17,477 | ) | ||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||||||
Retiree Medical Plan | Death Benefit | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
As Restated | As Restated | ||||||||||||||||||||||||
Amortization of Net (Gain) Loss (dollars in thousands): | |||||||||||||||||||||||||
Net (gain) loss as of July 1 | $ | (12,087 | ) | $ | (3,941 | ) | $ | 1,850 | $ | 2,231 | |||||||||||||||
Asset (gains) losses not yet recognized in market related value of assets | — | — | — | — | |||||||||||||||||||||
Net (gain) loss subject to amortization | (12,087 | ) | (3,941 | ) | 1,850 | 2,231 | |||||||||||||||||||
Corridor (10% of greater of APBO or assets) | 872 | 1,527 | (798 | ) | (806 | ) | |||||||||||||||||||
Net (gain) loss in excess of corridor | $ | (11,215 | ) | $ | (2,414 | ) | $ | 1,052 | $ | 1,425 | |||||||||||||||
Amortization years | 11.1 | 11.9 | 8 | 8.8 | |||||||||||||||||||||
The following tables provide a reconciliation of the benefit obligation and plan assets: | |||||||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
As Restated | |||||||||||||||||||||||||
Change in Benefit Obligation: | (In thousands) | ||||||||||||||||||||||||
Projected postretirement benefit obligation at beginning of year | $ | 23,325 | $ | 19,957 | |||||||||||||||||||||
Service cost | 1,972 | 1,817 | |||||||||||||||||||||||
Interest cost | 969 | 1,100 | |||||||||||||||||||||||
Participant contributions | 729 | 665 | |||||||||||||||||||||||
Amendments | — | — | |||||||||||||||||||||||
Actuarial (gains) losses | (8,520 | ) | 1,419 | ||||||||||||||||||||||
Benefits paid | (1,774 | ) | (1,633 | ) | |||||||||||||||||||||
Projected postretirement benefit obligation at end of year | $ | 16,701 | $ | 23,325 | |||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
As Restated | |||||||||||||||||||||||||
Change in Plan Assets: | (In thousands) | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | |||||||||||||||||||||
Actual return on assets | — | — | |||||||||||||||||||||||
Employer contributions | 1,045 | 968 | |||||||||||||||||||||||
Participant contributions | 729 | 665 | |||||||||||||||||||||||
Benefits paid | (1,774 | ) | (1,633 | ) | |||||||||||||||||||||
Fair value of plan assets at end of year | — | $ | — | ||||||||||||||||||||||
Funded status of plan | $ | (16,701 | ) | $ | (23,325 | ) | |||||||||||||||||||
June 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
As Restated | |||||||||||||||||||||||||
Amounts Recognized in the Consolidated Balance Sheet Consist of: | (In thousands) | ||||||||||||||||||||||||
Non-current assets | $ | — | $ | — | |||||||||||||||||||||
Current liabilities | (625 | ) | (799 | ) | |||||||||||||||||||||
Non-current liabilities | (16,076 | ) | (22,526 | ) | |||||||||||||||||||||
Total | $ | (16,701 | ) | $ | (23,325 | ) | |||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
As Restated | |||||||||||||||||||||||||
Amounts Recognized in Accumulated OCI Consist of: | (In thousands) | ||||||||||||||||||||||||
Net gain | $ | (10,131 | ) | $ | (1,594 | ) | |||||||||||||||||||
Transition obligation | — | — | |||||||||||||||||||||||
Prior service cost (credit) | (17,604 | ) | (19,361 | ) | |||||||||||||||||||||
Total accumulated OCI | $ | (27,735 | ) | $ | (20,955 | ) | |||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
As Restated | |||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI: | (In thousands) | ||||||||||||||||||||||||
Unrecognized actuarial loss (gain) | $ | (8,520 | ) | $ | 1,419 | ||||||||||||||||||||
Unrecognized transition (asset) obligation | — | — | |||||||||||||||||||||||
Unrecognized prior service cost | — | — | |||||||||||||||||||||||
Amortization of net loss | (17 | ) | 164 | ||||||||||||||||||||||
Amortization of prior service cost | 1,757 | 1,757 | |||||||||||||||||||||||
Total recognized in OCI | (6,780 | ) | 3,340 | ||||||||||||||||||||||
Net periodic benefit cost | 1,201 | 996 | |||||||||||||||||||||||
Total recognized in net periodic benefit cost and OCI | $ | (5,579 | ) | $ | 4,336 | ||||||||||||||||||||
The estimated net gain and prior service cost (credit) that will be amortized from accumulated OCI into net periodic benefit cost in fiscal 2014 are $0.8 million and $1.8 million, respectively. | |||||||||||||||||||||||||
Estimated Future Benefit Payments (in thousands): | |||||||||||||||||||||||||
Year ending | |||||||||||||||||||||||||
30-Jun-14 | $ | 640 | |||||||||||||||||||||||
30-Jun-15 | $ | 762 | |||||||||||||||||||||||
30-Jun-16 | $ | 836 | |||||||||||||||||||||||
30-Jun-17 | $ | 913 | |||||||||||||||||||||||
30-Jun-18 | $ | 1,034 | |||||||||||||||||||||||
June 30, 2019 to June 30, 2023 | $ | 6,522 | |||||||||||||||||||||||
Expected Contributions (in thousands) | |||||||||||||||||||||||||
30-Jun-14 | $ | 640 | |||||||||||||||||||||||
Sensitivity in Fiscal 2013 Results | |||||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan. A one percentage point change in assumed health care cost trend rates would have the following effects in fiscal 2013 (in thousands): | |||||||||||||||||||||||||
1-Percentage Point | |||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 305 | $ | (271 | ) | ||||||||||||||||||||
Effect on accumulated postretirement benefit obligation | $ | 1,230 | $ | (976 | ) | ||||||||||||||||||||
Bank_Loan
Bank Loan | 12 Months Ended |
Jun. 30, 2013 | |
Debt Disclosure [Abstract] | |
Bank Loan | Bank Loan |
On September 12, 2011, the Company entered into an Amended and Restated Loan and Security Agreement (the “Loan Agreement”) among the Company and Coffee Bean International, Inc. (“CBI”), as Borrowers, certain of the Company’s other subsidiaries, as Guarantors, the Lenders party thereto, and Wells Fargo Bank, National Association (“Wells Fargo”), as Agent. | |
On January 9, 2012, the Loan Agreement was amended in connection with JPMorgan Chase Bank, N.A. (“JPMorgan Chase”), becoming an additional Lender thereunder. On March 18, 2013, the Loan Agreement was amended further ("Amendment No. 2") to amend the definition of "Maximum Credit" available thereunder to $75.0 million from $85.0 million. Pursuant to Amendment No. 2, Wells Fargo will provide a commitment of $53.0 million and JPMorgan Chase will provide a commitment of $22.0 million. | |
The Loan Agreement provides for a senior secured revolving credit facility of up to $75.0 million, with a letter of credit sublimit of $20.0 million. The revolving credit facility provides for advances of 85% of eligible accounts receivable and 75% of eligible inventory (subject to a $60.0 million inventory loan limit), as defined. The Loan Agreement provides for interest rates based on modified Monthly Average Excess Availability levels with a range of PRIME + 0.25% to PRIME + 0.75% or Adjusted Eurodollar Rate + 2.0% to Adjusted Eurodollar Rate + 2.5%. The Loan Agreement has an amendment fee of 0.375% and an unused line fee of 0.25%. Outstanding obligations under the Loan Agreement are collateralized by all of the Borrowers’ assets, including the Company’s preferred stock portfolio. The Loan Agreement expires on March 2, 2015. | |
The Loan Agreement contains a variety of affirmative and negative covenants of types customary in an asset-based lending facility, including those relating to reporting requirements, maintenance of records, properties and corporate existence, compliance with laws, incurrence of other indebtedness and liens, limitations on certain payments, including the payment of dividends and capital expenditures, and transactions and extraordinary corporate events. The Loan Agreement allows the Company to pay dividends, provided, among other things, certain liquidity requirements are met, the aggregate amount of all such payments in any fiscal year shall not exceed $7.0 million ($1.75 million in any fiscal quarter), and no event of default exists or has occurred and is continuing as of the date of any such payment and after giving effect thereto. The Loan Agreement also contains financial covenants requiring the Borrowers to maintain minimum Excess Availability and Total Liquidity levels. The Loan Agreement allows the Lenders to establish reserve requirements, which may reduce the amount of credit otherwise available to the Company, to reflect events, conditions, or risks that would have a reasonable likelihood of adversely affecting the Lender’s collateral or the Company’s assets, including the Company’s green coffee inventory. | |
Effective December 1, 2012, the Company entered into an interest rate swap transaction utilizing a notional amount of $10.0 million and a maturity date of March 1, 2015. The Company entered into the swap transaction to effectively fix the future interest rate during the applicable period on a portion of its borrowings under the revolving credit facility. The swap transaction is intended to manage the Company's interest rate risk related to its revolving credit facility and requires the Company to pay a fixed rate of 0.48% per annum in exchange for a variable interest rate based on 1-month USD LIBOR-BBA. As of June 30, 2013, the variable interest rate based on 1-month USD LIBOR-BBA was 0.19%. | |
The Company has not designated its interest rate swap as an accounting hedge. The Company records the interest rate swap on its consolidated balance sheet at fair value with the changes in fair value recorded as gain or loss in "Other, net" in its consolidated statements of operations. In fiscal 2013, the Company recorded a loss of $25,000 for the change in fair value of its interest rate swap. No such gains or losses were recorded in fiscal 2012 (see Note 3). | |
On June 30, 2013, the Company was eligible to borrow up to a total of $61.7 million under the credit facility. As of June 30, 2013, the Company had outstanding borrowings of $19.8 million, including loan extension fees of $0.1 million, utilized $11.6 million of the letters of credit sublimit, and had excess availability under the credit facility of $30.3 million. In connection with entering into the interest rate swap agreement, the Company reclassified $10.0 million of its borrowings under the revolving credit facility as long-term because the Company intends to repay the borrowings in accordance with the termination date of the swap agreement which extends beyond one year. At June 30, 2013, the weighted average interest rate on the Company's outstanding borrowings under the credit facility was 1.37%. | |
As of June 30, 2013, the Company was in compliance with all restrictive covenants under the credit facility. On October 3, 2013, the Company and Wells Fargo, as Agent, and the Lenders entered into a Letter Agreement regarding Waiver of Event of Default (the “Waiver Agreement”) pursuant to which Wells Fargo agreed to waive the event of default arising under the Loan Agreement as a result of the Company’s failure to furnish, in a timely manner, its audited consolidated financial statements and unaudited consolidating financial statements, and the accompanying notes thereto, together with the unqualified opinion of independent certified public accountants with respect to the audited consolidated financial statements, for the fiscal year ended June 30, 2013; provided that the Company furnish to Agent such financial information by October 15, 2013. There can be no assurance that the Lenders will issue a waiver or grant an amendment to the covenants in future periods, if the Company required one. |
Employee_Stock_Ownership_Plan
Employee Stock Ownership Plan | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Employee Stock Ownership Plan [Abstract] | |||||||||||||
Employee Stock Ownership Plan | Employee Stock Ownership Plan | ||||||||||||
The Company’s ESOP was established in 2000. The plan is a leveraged ESOP in which the Company is the lender. The loans will be repaid from the Company’s discretionary plan contributions over the original 15 year term with a variable rate of interest. The annual interest rate was 1.69% at June 30, 2013, which is updated on a quarterly basis. | |||||||||||||
As of and for the years ended | |||||||||||||
June 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Loan amount (in thousands) | $ | 20,836 | $ | 25,637 | $ | 30,437 | |||||||
Shares purchased | — | — | — | ||||||||||
Shares are held by the plan trustee for allocation among participants as the loan is repaid. The unencumbered shares are allocated to participants using a compensation-based formula. Subject to vesting requirements, allocated shares are owned by participants and shares are held by the plan trustee until the participant retires. | |||||||||||||
In fiscal 2011, the Company used $1.3 million of the dividends on ESOP shares to pay down the loans, and allocated to the ESOP participants shares equivalent to the fair market value of the dividends they would have received. No dividends were paid in fiscal 2013 and 2012. In fiscal 2011, the Company issued 1,040 shares of common stock to the ESOP to compensate for a shortfall in unallocated, uncommitted shares. | |||||||||||||
The Company reports compensation expense equal to the fair market value of shares committed to be released to employees in the period in which they are committed. The cost of shares purchased by the ESOP which have not been committed to be released or allocated to participants are shown as a contra-equity account “Unearned ESOP Shares” and are excluded from earnings per share calculations. | |||||||||||||
During the fiscal years ended June 30, 2013, 2012 and 2011, the Company charged $2.1 million, $1.5 million, and $2.6 million to compensation expense related to the ESOP. The difference between cost and fair market value of committed to be released shares, which was $0.1 million, $0.1 million and $(1.4) million for the fiscal years ended June 30, 2013, 2012 and 2011, respectively, is recorded as additional paid-in capital. | |||||||||||||
June 30, | |||||||||||||
2013 | 2012 | ||||||||||||
Allocated shares | 1,885,060 | 1,763,742 | |||||||||||
Committed to be released shares | 173,244 | 185,538 | |||||||||||
Unallocated shares | 738,355 | 911,599 | |||||||||||
Total ESOP shares | 2,796,659 | 2,860,879 | |||||||||||
(In thousands) | |||||||||||||
Fair value of ESOP shares | $ | 39,321 | $ | 22,773 | |||||||||
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Share-Based Compensation | Share-based Compensation | ||||||||||||
On August 23, 2007, the Company’s Board of Directors approved the Farmer Bros. Co. 2007 Omnibus Plan (the “Omnibus Plan”), which was approved by stockholders on December 6, 2007. On December 6, 2012, the stockholders approved an amendment to increase the maximum number of shares of common stock available for issuance under the Omnibus Plan to 1,125,000 from 1,000,000, subject to adjustment as provided in the Omnibus Plan. Prior to adoption of the Omnibus Plan the Company had no share-based compensation plan. Awards issued under the Omnibus Plan may take the form of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, performance-based awards, stock payments, cash-based awards or other incentives payable in cash or shares of stock, or any combination thereof. Each award will be set forth in a separate agreement with the person receiving the award and will indicate the type, terms and conditions of the award. | |||||||||||||
The Company measures and recognizes compensation expense for all share-based payment awards made under the Omnibus Plan based on estimated fair values. | |||||||||||||
Stock Options | |||||||||||||
The Company estimates the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service period in the Company’s consolidated statements of operations. | |||||||||||||
Share-based compensation expense recognized during the period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. Compensation expense recognized for all stock option awards granted is recognized using the straight-line method over the vesting period. The options generally vest ratably over a period of 3 years, however, fiscal 2012 grants included nonqualified stock option awards to executive officers with different vesting periods, in each case, subject to certain events of acceleration as provided in the applicable employment agreement or award agreement with the executive officer. | |||||||||||||
The share-based compensation expense recognized in the Company’s consolidated statements of operations for the fiscal years ended June 30, 2013, 2012 and 2011 is based on awards ultimately expected to vest. Currently, management estimates an annual forfeiture rate of 6.5% based on actual forfeiture experience from the inception of the Omnibus Plan. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||||||||||||
The Company uses the Black-Scholes option valuation model, which requires management to make certain assumptions for estimating the fair value of stock options at the date of the grant. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because the Company’s stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimates, in management’s opinion the existing models may not necessarily provide a reliable single measure of the fair value of the Company’s stock options. Although the fair value of stock options is determined using an option valuation model that value may not be indicative of the fair value observed in a willing buyer/willing seller market transaction. | |||||||||||||
The following are the weighted average assumptions used in the Black-Scholes valuation model: | |||||||||||||
Year Ended June 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Average fair value of options | $ | 5.69 | $ | 4.42 | $ | 7.05 | |||||||
Forfeiture rate | 6.5 | % | 6.5 | % | 6.5 | % | |||||||
Risk-free interest rate | 0.9 | % | 1.1 | % | 2.7 | % | |||||||
Dividend yield | — | % | — | % | 1.3 | % | |||||||
Average expected life | 6 years | 6 years | 6 years | ||||||||||
Expected stock price volatility | 49.5 | % | 52.5 | % | 54.7 | % | |||||||
The Company’s assumption regarding expected stock price volatility is based on the historical volatility of the Company’s stock price. The risk-free interest rate is based on U.S. Treasury zero-coupon issues at the date of grant with a remaining term equal to the expected life of the stock options. The average expected life is based on the midpoint between the vesting date and the end of the contractual term of the award. | |||||||||||||
The following table summarizes stock option activity for the three most recent fiscal years: | |||||||||||||
Outstanding Stock Options: | Number | Weighted | Weighted | Weighted | Aggregate | ||||||||
of | Average | Average | Average | Intrinsic | |||||||||
Stock | Exercise | Grant Date | Remaining | Value | |||||||||
Options | Price ($) | Fair Value ($) | Life | (Dollars in thousands) | |||||||||
(Years) | |||||||||||||
Outstanding at June 30, 2010 | 404,943 | 20.17 | 6.25 | 5.8 | — | ||||||||
Granted | 327,656 | 14.95 | 7.05 | — | — | ||||||||
Cancelled/Forfeited | (234,789 | ) | 19.21 | 6.97 | — | — | |||||||
Outstanding at June 30, 2011 | 497,810 | 17.19 | 6.44 | 5.7 | 61 | ||||||||
Granted | 356,834 | 8.9 | 4.42 | — | — | ||||||||
Cancelled/Forfeited | (187,409 | ) | 16.89 | 5.06 | — | — | |||||||
Outstanding at June 30, 2012 | 667,235 | 12.84 | 4.78 | 4.8 | 143 | ||||||||
Granted | 192,892 | 12.12 | 5.69 | 6.5 | 374 | ||||||||
Exercised | (117,482 | ) | 10.24 | 5.23 | — | 336 | |||||||
Cancelled/Forfeited | (185,218 | ) | 13.83 | 5.92 | — | — | |||||||
Outstanding at June 30, 2013 | 557,427 | 12.81 | 5.44 | 5.1 | 1,620 | ||||||||
Vested and exercisable, June 30, 2013 | 241,766 | 15.43 | 5.85 | 3.9 | 515 | ||||||||
Vested and expected to vest, June 30, 2013 | 529,637 | 12.91 | 5.45 | 5.1 | 1,527 | ||||||||
The aggregate intrinsic values in the table above represent the total pretax intrinsic value, based on the Company’s closing stock price of $14.06 at June 28, 2013, $7.96 at June 29, 2012 and $10.14 at June 30, 2011, representing the last trading day of the respective fiscal years, which would have been received by award holders had all award holders exercised their awards that were in-the-money as of those dates. Total fair value of options vested during fiscal 2013, 2012 and 2011 was $1.0 million, $1.2 million and $0.7 million, respectively. | |||||||||||||
Nonvested Stock Options: | Number | Weighted | Weighted | Weighted | |||||||||
of | Average | Average | Average | ||||||||||
Stock | Exercise | Grant Date | Remaining | ||||||||||
Options | Price ($) | Fair Value ($) | Life (Years) | ||||||||||
Outstanding at June 30, 2010 | 300,794 | 19.42 | 6.22 | 2.1 | |||||||||
Granted | 327,656 | 14.95 | 7.05 | — | |||||||||
Vested | (105,458 | ) | 20.29 | 6.3 | — | ||||||||
Forfeited | (200,123 | ) | 18.74 | 7.09 | — | ||||||||
Outstanding at June 30, 2011 | 322,869 | 15.02 | 6.5 | 1.7 | |||||||||
Granted | 356,834 | 8.9 | 4.42 | 6.6 | |||||||||
Vested | (243,518 | ) | 13 | 5.85 | — | ||||||||
Forfeited | (92,946 | ) | 12.54 | 5.8 | — | ||||||||
Outstanding at June 30, 2012 | 343,239 | 10.76 | 4.2 | 6.3 | |||||||||
Granted | 192,892 | 12.12 | 5.69 | 6.5 | |||||||||
Vested | (188,909 | ) | 11.56 | 5.33 | — | ||||||||
Forfeited | (31,561 | ) | 13.82 | 5.92 | — | ||||||||
Outstanding at June 30, 2013 | 315,661 | 10.8 | 5.12 | 6.1 | |||||||||
As of June 30, 2013, 2012 and 2011, there was approximately $1.3 million, $1.3 million and $1.5 million, respectively, of unrecognized compensation cost related to stock options. Compensation expense recognized in general and administrative expenses was $0.9 million, $1.2 million and $0.7 million for fiscal 2013, 2012 and 2011, respectively. | |||||||||||||
Restricted Stock | |||||||||||||
During each of fiscal 2013, 2012 and 2011 the Company granted a total of 51,177 shares, 142,070 shares and 63,979 shares of restricted stock, respectively, with a weighted average grant date fair value of $11.67, $7.70 and $16.67 per share, respectively, to eligible employees, officers and directors under the Omnibus Plan. Shares of restricted stock generally vest at the end of three years for eligible employees and officers who are employees. The fiscal 2012 grants included awards to executive officers with different vesting periods, in each case, subject to accelerated vesting as provided in the applicable employment agreement or award agreement with the executive officer. Shares of restricted stock generally vest ratably over a period of three years for directors. | |||||||||||||
Compensation expense is recognized on a straight-line basis over the service period based on the estimated fair value of the restricted stock. Compensation expense recognized in general and administrative expenses was $0.6 million, $0.6 million and $0.5 million, for the fiscal years ended June 30, 2013, 2012 and 2011, respectively. As of June 30, 2013, 2012 and 2011, there was approximately $1.0 million, $1.3 million and $0.9 million, respectively, of unrecognized compensation cost related to restricted stock. | |||||||||||||
The following table summarizes restricted stock activity: | |||||||||||||
Outstanding and Nonvested Restricted Stock Awards: | Shares | Weighted | Weighted | Aggregate | |||||||||
Awarded | Average | Average | Intrinsic | ||||||||||
Grant Date | Remaining | Value | |||||||||||
Fair Value | Life | ($ in thousands) | |||||||||||
($) | (Years) | ||||||||||||
Outstanding at June 30, 2010 | 80,208 | 19.91 | 2 | 1,210 | |||||||||
Granted | 63,979 | 16.67 | — | 1,066 | |||||||||
Exercised/Released | (20,674 | ) | 21.52 | — | 332 | ||||||||
Cancelled/Forfeited | (42,826 | ) | 19.19 | — | 497 | ||||||||
Outstanding at June 30, 2011 | 80,687 | 17.31 | 2.6 | 818 | |||||||||
Granted | 142,070 | 7.7 | 2.1 | 1,094 | |||||||||
Exercised/Released | (27,227 | ) | 15.8 | — | 202 | ||||||||
Cancelled/Forfeited | (19,583 | ) | 13.92 | — | — | ||||||||
Outstanding June 30, 2012 | 175,947 | 10.16 | 1.9 | 1,401 | |||||||||
Granted | 51,177 | 11.67 | — | 597 | |||||||||
Exercised/Released | (64,668 | ) | 11.27 | — | 832 | ||||||||
Cancelled/Forfeited | (23,096 | ) | 12.21 | — | — | ||||||||
Outstanding at June 30, 2013 | 139,360 | 9.87 | 1.9 | 1,959 | |||||||||
Expected to vest, June 30, 2013 | 117,099 | 9.84 | 1.9 | 1,646 | |||||||||
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Other Current Liabilities [Abstract] | |||||||||
Accounts Payable and Accrued Liabilities Disclosure | Other Current Liabilities | ||||||||
Other current liabilities consist of the following: | |||||||||
June 30, | |||||||||
2013 | 2012 | ||||||||
As Restated | |||||||||
(In thousands) | |||||||||
Accrued postretirement benefits | $ | 625 | $ | 798 | |||||
Accrued workers’ compensation liabilities | 1,496 | 1,244 | |||||||
Short-term pension liabilities | 347 | 686 | |||||||
Other (including net taxes payable) | 2,703 | 2,568 | |||||||
$ | 5,171 | $ | 5,296 | ||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
The current and deferred components of the provision for income taxes consist of the following: | |||||||||||||
June 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
As Restated | As Restated | ||||||||||||
(In thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | (24 | ) | $ | (385 | ) | $ | (4 | ) | ||||
State | 191 | 115 | 323 | ||||||||||
Total current income tax expense (benefit) | 167 | (270 | ) | 319 | |||||||||
Deferred: | |||||||||||||
Federal | (819 | ) | (63 | ) | (11,373 | ) | |||||||
State | (173 | ) | (14 | ) | (2,342 | ) | |||||||
Total deferred income tax benefit | (992 | ) | (77 | ) | (13,715 | ) | |||||||
Income tax benefit | $ | (825 | ) | $ | (347 | ) | $ | (13,396 | ) | ||||
Income tax expense or benefit from continuing operations is generally determined without regard to other categories of earnings, such as discontinued operations and OCI. An exception is provided in ASC 740, "Tax Provisions," when there is aggregate income from categories other than continuing operations and a loss from continuing operations in the current year. In this case, the income tax benefit allocated to continuing operations is the amount by which the loss from continuing operations reduces the income tax expense recorded with respect to the other categories of earnings, even when a valuation allowance has been established against the deferred tax assets. In instances where a valuation allowance is established against current year losses, income from other sources, including gain from postretirement benefits recorded as a component of OCI, is considered when determining whether sufficient future taxable income exists to realize the deferred tax assets. As a result, for the fiscal years ended June 30, 2013, 2012 and 2011, the Company recorded income tax expense of $1.1 million, $0 and $14.1 million, respectively, in OCI related to the gain on postretirement benefits, and recorded a corresponding income tax benefit of $1.1 million, $0 and $14.1 million, respectively, in continuing operations. | |||||||||||||
A reconciliation of income tax benefit to the federal statutory tax rate is as follows: | |||||||||||||
June 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
As Restated | As Restated | ||||||||||||
Statutory tax rate | 34% | 34% | 34% | ||||||||||
(In thousands) | |||||||||||||
Income tax benefit at statutory rate | $ | (3,158 | ) | $ | (9,154 | ) | $ | (22,246 | ) | ||||
State income tax (net of federal tax benefit) | (223 | ) | (1,023 | ) | (2,874 | ) | |||||||
Dividend income exclusion | — | (85 | ) | (532 | ) | ||||||||
Valuation allowance | 3,074 | 10,588 | 13,188 | ||||||||||
Change in contingency reserve (net) | (7 | ) | (561 | ) | (1,308 | ) | |||||||
Research tax credit (net) | — | (15 | ) | (16 | ) | ||||||||
Other (net) | (511 | ) | (97 | ) | 392 | ||||||||
Income tax benefit | $ | (825 | ) | $ | (347 | ) | $ | (13,396 | ) | ||||
The primary components of the temporary differences which give rise to the Company’s net deferred tax liabilities are as follows: | |||||||||||||
June 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
As Restated | As Restated | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Postretirement benefits | $ | 26,014 | $ | 27,568 | $ | 18,260 | |||||||
Accrued liabilities | 4,477 | 3,958 | 4,138 | ||||||||||
Capital loss carryforward | 1,105 | 2,865 | 2,945 | ||||||||||
Net operating loss carryforward | 44,607 | 44,736 | 36,328 | ||||||||||
Intangible assets | 694 | 919 | — | ||||||||||
Other | 7,840 | 3,080 | 5,458 | ||||||||||
Total deferred tax assets | 84,737 | 83,126 | 67,129 | ||||||||||
Deferred tax liabilities: | |||||||||||||
Fixed assets | (2,641 | ) | (4,117 | ) | (7,881 | ) | |||||||
Intangible assets | — | — | (1,032 | ) | |||||||||
Other | (882 | ) | (794 | ) | (814 | ) | |||||||
Total deferred tax liabilities | (3,523 | ) | (4,911 | ) | (9,727 | ) | |||||||
Valuation allowance | (82,522 | ) | (79,448 | ) | (58,712 | ) | |||||||
Net deferred tax liability | $ | (1,308 | ) | $ | (1,233 | ) | $ | (1,310 | ) | ||||
The Company has approximately $114.4 million and $112.7 million of federal and state net operating loss carryforwards that will begin to expire in the years ending June 30, 2025 and June 30, 2020, respectively. The Company also has approximately $2.7 million and $1.2 million of federal and state capital loss carryforwards, respectively, that may only be used to offset capital gains that begin expiring in June 30, 2014. Additionally, the Company has $0.8 million of federal business tax credits that begin expiring in June 30, 2025 and $2.2 million of charitable contributions carryforwards that begin expiring in June 30, 2014. | |||||||||||||
At June 30, 2013, the Company had total deferred tax assets of $84.7 million and net deferred tax assets before valuation allowance of $81.2 million. The Company considered whether a valuation allowance should be recorded against deferred tax assets based on the likelihood that the benefits of the deferred tax assets would or would not ultimately be realized in future periods. In making such assessment, significant weight was given to evidence that could be objectively verified such as recent operating results and less consideration was given to less objective indicators such as future earnings projections. | |||||||||||||
After consideration of positive and negative evidence, including the recent history of losses, the Company cannot conclude that it is more likely than not that it will generate future earnings sufficient to realize the Company’s deferred tax assets as of June 30, 2013. Accordingly, a valuation allowance of $82.5 million has been recorded to offset this deferred tax asset. The valuation allowance increased by $3.1 million, $20.7 million and $13.3 million, in the fiscal years ended June 30, 2013, 2012 and 2011, respectively. | |||||||||||||
A tabular reconciliation of the total amounts (in absolute values) of unrecognized tax benefits is as follows: | |||||||||||||
Year Ended June 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
As Restated | As Restated | ||||||||||||
(In thousands) | |||||||||||||
Unrecognized tax benefits at beginning of year | $ | 3,211 | $ | 3,902 | $ | 5,218 | |||||||
Increases in tax positions for prior years | — | — | — | ||||||||||
(Decreases) increases in tax positions for current year | — | — | (1,316 | ) | |||||||||
Settlements | — | (691 | ) | — | |||||||||
Lapse in statute of limitations | — | — | — | ||||||||||
Unrecognized tax benefits at end of year | $ | 3,211 | $ | 3,211 | $ | 3,902 | |||||||
At June 30, 2013 and 2012, the Company has approximately $3.1 million and $3.1 million, respectively, of unrecognized tax benefits that, if recognized, would affect the effective tax rate, subject to the valuation allowance. The Company believes it is reasonably possible that none of its total unrecognized tax benefits could be released in the next 12 months. | |||||||||||||
The Company appealed a decision reached by the Internal Revenue Service regarding its June 30, 2003 through June 30, 2008 tax returns, and in August 2013 the appeals officer upheld the audit result. Additionally, in January 2012, the State of California completed an audit of the Company's June 30, 2006 and June 30, 2007 tax returns, and the Company also reached a Settlement Agreement with the State of California regarding the Company's June 30, 2002 to June 30, 2005 research and development tax credit claims. As a result of these decisions, the Company released none of the unrecognized tax benefit in the fourth quarter of fiscal 2013. | |||||||||||||
The Company files income tax returns in the U.S. and in various state jurisdictions with varying statutes of limitations. The Company is no longer subject to U.S. income tax examinations for the fiscal years prior to June 30, 2003. | |||||||||||||
The Company’s policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. As of June 30, 2013 and 2012, the Company recorded $0 and $10,000, respectively, in accrued interest and penalties associated with uncertain tax positions. Additionally, the Company recorded income (expense) of $10,000, $37,000 and $(12,000), related to interest and penalties on uncertain tax positions in the years ended June 30, 2013, 2012 and 2011, respectively. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share | ||||||||||||
Year ended June 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
As Restated | As Restated | ||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||
Net loss attributable to common stockholders—basic | $ | (8,401 | ) | $ | (26,274 | ) | $ | (51,631 | ) | ||||
Net loss attributable to nonvested restricted stockholders | (61 | ) | (302 | ) | (402 | ) | |||||||
Total net loss | $ | (8,462 | ) | $ | (26,576 | ) | $ | (52,033 | ) | ||||
Weighted average shares outstanding—basic | 15,604,452 | 15,492,314 | 15,066,663 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Shares issuable under stock options | — | — | — | ||||||||||
Weighted average shares outstanding—diluted | 15,604,452 | 15,492,314 | 15,066,663 | ||||||||||
Net loss per common share—basic and diluted | $ | (0.54 | ) | $ | (1.72 | ) | $ | (3.45 | ) |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies | ||||||||||||||||||||||||
With the acquisition of the DSD Coffee Business in the fiscal year ended June 30, 2009, the Company assumed some of the operating lease obligations associated with the acquired vehicles. The Company also refinanced some of the existing leases and entered into new capital leases for certain vehicles. The terms of the capital leases vary from 12 months to 84 months with varying expiration dates through 2020. | |||||||||||||||||||||||||
The Company is also obligated under operating leases for branch warehouses. Some operating leases have renewal options that allow the Company, as lessee, to extend the leases. The Company has one operating lease with a term greater than five years that expires in 2018 and has a ten year renewal option, and operating leases for computer hardware with terms that do not exceed five years. Rent expense for the fiscal years ended June 30, 2013, 2012 and 2011 was $3.6 million, $4.5 million and $6.3 million, respectively. | |||||||||||||||||||||||||
In May 2011, the Company did not meet the minimum credit rating criteria for participation in the alternative security program for California self-insurers. As a result, the Company was required to post a $5.9 million letter of credit as a security deposit to the State of California Department of Industrial Relations Self-Insurance Plans. As of June 30, 2013, this letter of credit continues to serve as a security deposit and has been reduced to $5.4 million. | |||||||||||||||||||||||||
Contractual obligations for future fiscal years are as follows (in thousands): | |||||||||||||||||||||||||
Contractual Obligations | |||||||||||||||||||||||||
Year Ended June 30, | Capital Lease | Operating | Pension Plan | Postretirement | Revolving Credit Facility | Purchase Commitments | |||||||||||||||||||
Obligations | Lease | Obligations | Benefits Other | ||||||||||||||||||||||
Obligations | Than Pension Plans | ||||||||||||||||||||||||
2014 | $ | 4,001 | $ | 3,868 | $ | 6,641 | $ | 640 | $ | 9,654 | $ | 18,583 | |||||||||||||
2015 | 3,692 | 3,130 | 6,794 | 762 | 10,000 | — | |||||||||||||||||||
2016 | 3,376 | 2,151 | 6,951 | 836 | — | — | |||||||||||||||||||
2017 | 1,469 | 1,398 | 7,228 | 913 | — | — | |||||||||||||||||||
2018 | 797 | 1,214 | 7,477 | 1,034 | — | — | |||||||||||||||||||
Thereafter | 93 | 833 | 42,443 | 6,522 | — | — | |||||||||||||||||||
$ | 12,594 | $ | 77,534 | $ | 10,707 | $ | 19,654 | $ | 18,583 | ||||||||||||||||
Total minimum lease payments | $ | 13,428 | |||||||||||||||||||||||
Less: imputed interest | (1,260 | ) | |||||||||||||||||||||||
(0.82% to 10.7%) | |||||||||||||||||||||||||
Present value of future minimum lease payments | $ | 12,168 | |||||||||||||||||||||||
Less: current portion | 3,409 | ||||||||||||||||||||||||
Long-term capital lease obligations | $ | 8,759 | |||||||||||||||||||||||
On August 31, 2012, the Council for Education and Research on Toxics (“CERT”) filed an amendment to a private enforcement action adding a number of companies as defendants, including CBI, which sell coffee in California. The suit alleges that the defendants have failed to issue clear and reasonable warnings in accordance with Proposition 65 that the coffee they produce, distribute and sell contains acrylamide. This lawsuit was filed in Los Angeles Superior Court (the “Court”). CERT has requested that the alleged violators remove acrylamide from their coffee or provide Proposition 65 warnings on their products and pay $2,500 per day for each and every violation while they are in violation of Proposition 65. The Company has joined a Joint Defense Group and, along with the other co-defendants, has answered the complaint, and the pleadings stage of case has been completed. Discovery in preparation for trial recently commenced, following a stay while summary adjudication was resolved in a related case. At this time, the Company is not able to predict the probability of the outcome or estimate of loss, if any, related to these matters. | |||||||||||||||||||||||||
The Company is a party to various other pending legal and administrative proceedings. It is management’s opinion that the outcome of such proceedings will not have a material impact on the Company’s financial position, results of operations, or cash flows. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||
Quarterly Financial Information | Quarterly Financial Data (Unaudited) | ||||||||||||||||||||||||
The following tables set forth certain unaudited quarterly information for each of the eight fiscal quarters in the two year period ended June 30, 2013. This quarterly information has been prepared on a consistent basis with the audited consolidated financial statements and, in the opinion of management, includes all adjustments which management believes are necessary for a fair presentation of the information for the periods presented. The unaudited quarterly data presented below, with the exception of the quarter ended June 30, 2013, have been restated to correct errors related to the Company's accounting for certain postretirement benefit obligations for its retiree medical plan, failure to timely adopt accounting guidance relating to a postretirement death benefit, when originally issued, and failure to record the appropriate amounts reflecting the cash surrender value of life insurance policies purchased by the Company to fund the postretirement death benefit, as well as to reflect corrections for certain immaterial adjustments and reclassifications to conform to the current year presentation. See Note 2 for additional information. In addition, reconciliations from the amounts as originally reported to the applicable restated amounts for the quarters ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012, December 31, 2011 and September 30, 2011 can be found in the unaudited consolidated financial statements immediately following the tables below. | |||||||||||||||||||||||||
The Company's quarterly operating results may fluctuate significantly as a result of a variety of factors, and operating results for any fiscal quarter are not necessarily indicative of results for a full fiscal year or future fiscal quarters. | |||||||||||||||||||||||||
September 30, | December 31, | March 31, | June 30, | ||||||||||||||||||||||
2012 | 2012 | 2013 | 2013 | ||||||||||||||||||||||
As Restated | As Restated | As Restated | |||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||
Net sales | $ | 119,153 | $ | 135,705 | $ | 126,343 | $ | 128,763 | |||||||||||||||||
Gross profit | $ | 44,621 | $ | 50,353 | $ | 48,675 | $ | 47,490 | |||||||||||||||||
(Loss) income from operations | $ | (1,419 | ) | $ | 547 | $ | (494 | ) | $ | (2,729 | ) | ||||||||||||||
Net income (loss) | $ | 2,979 | $ | (7,157 | ) | $ | (1,306 | ) | $ | (2,978 | ) | ||||||||||||||
Net income (loss) per common share—basic and diluted | $ | 0.19 | $ | (0.46 | ) | $ | (0.08 | ) | $ | (0.19 | ) | ||||||||||||||
September 30, | December 31, | March 31, | June 30, | ||||||||||||||||||||||
2011 | 2011 | 2012 | 2012 | ||||||||||||||||||||||
As Restated | As Restated | As Restated | As Restated | ||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||
Net sales | $ | 121,197 | $ | 131,770 | $ | 121,527 | $ | 120,948 | |||||||||||||||||
Gross profit | $ | 39,685 | $ | 44,541 | $ | 43,147 | $ | 45,529 | |||||||||||||||||
Loss from operations | $ | (4,334 | ) | $ | (5,353 | ) | $ | (3,812 | ) | $ | (8,615 | ) | |||||||||||||
Net loss | $ | (7,280 | ) | $ | (3,813 | ) | $ | (5,211 | ) | $ | (10,272 | ) | |||||||||||||
Net loss per common share—basic and diluted | $ | (0.48 | ) | $ | (0.25 | ) | $ | (0.33 | ) | $ | (0.65 | ) | |||||||||||||
During the fourth quarter and for the fiscal year ended June 30, 2013, the Company recorded $0.1 million in impairment loss on indefinite-lived intangible assets (see Note 1). During the fourth quarter and for the fiscal year ended June 30, 2012, the Company recorded $5.1 million in impairment loss on goodwill and $0.5 million in impairment loss on its indefinite-lived intangible assets related to CBI (see Note 1). During the fourth quarter of fiscal 2012, the Company also recorded $9.2 million in income tax benefit (see Note 16). | |||||||||||||||||||||||||
The following tables present the effects of adjustments made to the Company's previously reported unaudited consolidated quarterly financial statements for the quarters ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012, December 31, 2011 and September 30, 2011. For further information regarding these adjustments, see Note 2. | |||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||||
(In thousands, except share and per share data) | 31-Mar-13 | 31-Dec-12 | |||||||||||||||||||||||
Previously | Adjustments (1) | As | Previously | Adjustments (1) | As | ||||||||||||||||||||
Reported | Restated | Reported | Restated | ||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 5,525 | $ | — | $ | 5,525 | $ | 5,218 | $ | — | $ | 5,218 | |||||||||||||
Restricted cash | 3,751 | — | 3,751 | — | 3,599 | 3,599 | |||||||||||||||||||
Short-term investments | 20,769 | — | 20,769 | 20,570 | (17 | ) | 20,553 | ||||||||||||||||||
Accounts and notes receivable, net | 42,793 | — | 42,793 | 43,752 | — | 43,752 | |||||||||||||||||||
Inventories | 67,273 | — | 67,273 | 68,385 | — | 68,385 | |||||||||||||||||||
Income tax receivable | 139 | (22 | ) | 117 | 478 | (6 | ) | 472 | |||||||||||||||||
Prepaid expenses | 2,800 | — | 2,800 | 2,740 | — | 2,740 | |||||||||||||||||||
Total current assets | 143,050 | (22 | ) | 143,028 | 141,143 | 3,576 | 144,719 | ||||||||||||||||||
Property, plant and equipment, net | 93,837 | 1 | 93,838 | 98,159 | 1 | 98,160 | |||||||||||||||||||
Intangible assets, net | 6,586 | — | 6,586 | 6,929 | — | 6,929 | |||||||||||||||||||
Other assets | 3,026 | 2,221 | 5,247 | 3,052 | 2,221 | 5,273 | |||||||||||||||||||
Deferred income taxes | 854 | 7 | 861 | 854 | 7 | 861 | |||||||||||||||||||
Total assets | $ | 247,353 | $ | 2,207 | $ | 249,560 | $ | 250,137 | $ | 5,805 | $ | 255,942 | |||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Accounts payable | $ | 30,909 | $ | (1,031 | ) | $ | 29,878 | $ | 31,594 | $ | (1,141 | ) | $ | 30,453 | |||||||||||
Accrued payroll expenses | 16,735 | (1,363 | ) | 15,372 | 18,372 | (1,363 | ) | 17,009 | |||||||||||||||||
Short-term borrowings under revolving credit facility | 9,912 | — | 9,912 | 15,074 | — | 15,074 | |||||||||||||||||||
Short-term obligations under capital leases | 3,435 | — | 3,435 | 3,527 | — | 3,527 | |||||||||||||||||||
Short-term derivative liability | — | — | 5,916 | 5,916 | — | 6,292 | 6,292 | ||||||||||||||||||
Deferred income taxes | 1,480 | (35 | ) | 1,445 | 1,479 | (34 | ) | 1,445 | |||||||||||||||||
Other current liabilities | 16,492 | (9,764 | ) | 6,728 | 11,691 | (6,449 | ) | 5,242 | |||||||||||||||||
Total current liabilities | 78,963 | (6,277 | ) | 72,686 | 81,737 | (2,695 | ) | 79,042 | |||||||||||||||||
Long-term borrowings under revolving credit facility | 10,000 | — | 10,000 | 10,000 | — | 10,000 | |||||||||||||||||||
Accrued postretirement benefits | 35,393 | (12,404 | ) | 22,989 | 35,158 | (12,280 | ) | 22,878 | |||||||||||||||||
Other long-term liabilities—capital leases | 9,552 | — | 9,552 | 10,617 | — | 10,617 | |||||||||||||||||||
Accrued pension liabilities | 41,973 | 5,678 | 47,651 | 41,778 | 5,678 | 47,456 | |||||||||||||||||||
Accrued workers’ compensation liabilities | 4,022 | — | 4,022 | 4,022 | — | 4,022 | |||||||||||||||||||
Deferred income taxes | 718 | 41 | 759 | 607 | 41 | 648 | |||||||||||||||||||
Total liabilities | $ | 180,621 | $ | (12,962 | ) | $ | 167,659 | $ | 183,919 | $ | (9,256 | ) | $ | 174,663 | |||||||||||
Commitments and contingencies | |||||||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||
Preferred stock, $1.00 par value, 500,000 shares authorized and none issued | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Common stock, $1.00 par value, 25,000,000 shares authorized; 16,449,456 and 16,341,662 issued and outstanding as of March 31, 2013 and December 31, 2012, respectively | 16,449 | — | 16,449 | 16,342 | — | 16,342 | |||||||||||||||||||
(In thousands, except share and per share data) | 31-Mar-13 | 31-Dec-12 | |||||||||||||||||||||||
Previously | Adjustments (1) | As | Previously | Adjustments (1) | As | ||||||||||||||||||||
Reported | Restated | Reported | Restated | ||||||||||||||||||||||
Additional paid-in capital | 33,728 | — | 33,728 | 31,906 | — | 31,906 | |||||||||||||||||||
Retained earnings | 94,620 | 2,436 | 97,056 | 96,035 | 2,328 | 98,363 | |||||||||||||||||||
Unearned ESOP shares | (20,836 | ) | — | (20,836 | ) | (20,836 | ) | — | (20,836 | ) | |||||||||||||||
Less accumulated other comprehensive loss (income) | (57,229 | ) | 12,733 | (44,496 | ) | (57,229 | ) | 12,733 | (44,496 | ) | |||||||||||||||
Total stockholders’ equity | $ | 66,732 | $ | 15,169 | $ | 81,901 | $ | 66,218 | $ | 15,061 | $ | 81,279 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 247,353 | $ | 2,207 | $ | 249,560 | $ | 250,137 | $ | 5,805 | $ | 255,942 | |||||||||||||
_______________ | |||||||||||||||||||||||||
-1 | For details see the introduction section included in Note 2. | ||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||||
(In thousands, except share and per share data) | 30-Sep-12 | 31-Mar-12 | |||||||||||||||||||||||
Previously | Adjustments (1) | As | Previously | Adjustments (1) | As | ||||||||||||||||||||
Reported | Restated | Reported | Restated | ||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,545 | $ | — | $ | 2,545 | $ | 3,463 | $ | — | $ | 3,463 | |||||||||||||
Restricted cash | — | 129 | 129 | — | 1,774 | $ | 1,774 | ||||||||||||||||||
Short-term investments | 20,591 | (105 | ) | 20,486 | 18,715 | (229 | ) | 18,486 | |||||||||||||||||
Accounts and notes receivable, net | 43,139 | — | 43,139 | 41,685 | — | 41,685 | |||||||||||||||||||
Inventories | 69,924 | — | 69,924 | 75,762 | (311 | ) | 75,451 | ||||||||||||||||||
Income tax receivable | 388 | (19 | ) | 369 | 825 | 5 | 830 | ||||||||||||||||||
Prepaid expenses | 3,091 | — | 3,091 | 2,792 | (1 | ) | 2,791 | ||||||||||||||||||
Total current assets | 139,678 | 5 | 139,683 | 143,242 | 1,238 | 144,480 | |||||||||||||||||||
Property, plant and equipment, net | 103,315 | 2 | 103,317 | 106,622 | 233 | 106,855 | |||||||||||||||||||
Goodwill | — | — | — | 5,310 | — | 5,310 | |||||||||||||||||||
Intangible assets, net | 7,272 | — | 7,272 | 8,232 | — | 8,232 | |||||||||||||||||||
Other assets | 3,138 | 2,220 | 5,358 | 2,766 | 2,073 | 4,839 | |||||||||||||||||||
Deferred income taxes | 854 | 7 | 861 | 1,005 | 2 | 1,007 | |||||||||||||||||||
Total assets | $ | 254,257 | $ | 2,234 | $ | 256,491 | $ | 267,177 | $ | 3,546 | $ | 270,723 | |||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Accounts payable | $ | 29,201 | $ | (5 | ) | $ | 29,196 | $ | 31,688 | $ | — | $ | 31,688 | ||||||||||||
Accrued payroll expenses | 19,704 | (1,363 | ) | 18,341 | 16,757 | 1,283 | 18,040 | ||||||||||||||||||
Short-term borrowings under revolving credit facility | 24,996 | — | 24,996 | 28,702 | — | 28,702 | |||||||||||||||||||
Short-term obligations under capital leases | 3,683 | — | 3,683 | 2,745 | — | 2,745 | |||||||||||||||||||
Short-term derivative liability | — | 29 | 29 | — | 2,585 | 2,585 | |||||||||||||||||||
Deferred income taxes | 1,480 | (35 | ) | 1,445 | 500 | (24 | ) | 476 | |||||||||||||||||
Other current liabilities | 10,148 | (4,880 | ) | 5,268 | 12,005 | (6,718 | ) | 5,287 | |||||||||||||||||
Total current liabilities | 89,212 | (6,254 | ) | 82,958 | 92,397 | (2,874 | ) | 89,523 | |||||||||||||||||
Accrued postretirement benefits | 34,970 | (12,155 | ) | 22,815 | 24,715 | (5,476 | ) | 19,239 | |||||||||||||||||
Other long-term liabilities—capital leases | 11,368 | — | 11,368 | 9,759 | — | 9,759 | |||||||||||||||||||
Accrued pension liabilities | 41,539 | 5,678 | 47,217 | 21,231 | 5,678 | 26,909 | |||||||||||||||||||
Accrued workers’ compensation liabilities | 4,131 | — | 4,131 | 3,821 | — | 3,821 | |||||||||||||||||||
Deferred income taxes | 607 | 42 | 649 | 1,815 | 27 | 1,842 | |||||||||||||||||||
Total liabilities | $ | 181,827 | $ | (12,689 | ) | $ | 169,138 | $ | 153,738 | $ | (2,645 | ) | $ | 151,093 | |||||||||||
Commitments and contingencies | |||||||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||
Preferred stock, $1.00 par value, 500,000 shares authorized and none issued | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Common stock, $1.00 par value, 25,000,000 shares authorized; 16,314,154 and 16,281,035 issued and outstanding as of September 30, 2012 and March 31, 2012, respectively | 16,314 | — | 16,314 | 16,281 | — | 16,281 | |||||||||||||||||||
Additional paid-in capital | 35,653 | — | 35,653 | 34,093 | — | 34,093 | |||||||||||||||||||
(In thousands, except share and per share data) | 30-Sep-12 | 31-Mar-12 | |||||||||||||||||||||||
Previously | Adjustments (1) | As | Previously | Adjustments (1) | As | ||||||||||||||||||||
Reported | Restated | Reported | Restated | ||||||||||||||||||||||
Retained earnings | 103,329 | 2,190 | 105,519 | 112,589 | 225 | 112,814 | |||||||||||||||||||
Unearned ESOP shares | (25,637 | ) | — | (25,637 | ) | (25,636 | ) | — | (25,636 | ) | |||||||||||||||
Less accumulated other comprehensive loss (income) | (57,229 | ) | 12,733 | (44,496 | ) | (23,888 | ) | 5,966 | (17,922 | ) | |||||||||||||||
Total stockholders’ equity | $ | 72,430 | $ | 14,923 | $ | 87,353 | $ | 113,439 | $ | 6,191 | $ | 119,630 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 254,257 | $ | 2,234 | $ | 256,491 | $ | 267,177 | $ | 3,546 | $ | 270,723 | |||||||||||||
_______________ | |||||||||||||||||||||||||
-1 | For details see the introduction section included in Note 2. | ||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||||
(In thousands, except share and per share data) | 31-Dec-11 | 30-Sep-11 | |||||||||||||||||||||||
Previously | Adjustments (1) | As | Previously | Adjustments (1) | As | ||||||||||||||||||||
Reported | Restated | Reported | Restated | ||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 4,121 | $ | — | $ | 4,121 | $ | 4,552 | $ | — | $ | 4,552 | |||||||||||||
Restricted cash | — | 1,813 | 1,813 | — | 628 | 628 | |||||||||||||||||||
Short-term investments | 18,881 | (1,249 | ) | 17,632 | 16,193 | (368 | ) | 15,825 | |||||||||||||||||
Accounts and notes receivable, net | 44,765 | — | 44,765 | 44,554 | — | 44,554 | |||||||||||||||||||
Inventories | 78,185 | (311 | ) | 77,874 | 83,408 | (310 | ) | 83,098 | |||||||||||||||||
Income tax receivable | 170 | 8 | 178 | 161 | 7 | 168 | |||||||||||||||||||
Prepaid expenses | 3,196 | — | 3,196 | 2,249 | — | 2,249 | |||||||||||||||||||
Total current assets | 149,318 | 261 | 149,579 | 151,117 | (43 | ) | 151,074 | ||||||||||||||||||
Property, plant and equipment, net | 104,798 | 233 | 105,031 | 108,711 | 233 | 108,944 | |||||||||||||||||||
Goodwill and intangible assets, net | 13,902 | — | 13,902 | 14,270 | — | 14,270 | |||||||||||||||||||
Other assets | 2,803 | 2,074 | 4,877 | 2,846 | 2,073 | 4,919 | |||||||||||||||||||
Deferred income taxes | 1,005 | 2 | 1,007 | 1,005 | 2 | 1,007 | |||||||||||||||||||
Total assets | $ | 271,826 | $ | 2,570 | $ | 274,396 | $ | 277,949 | $ | 2,265 | $ | 280,214 | |||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Accounts payable | $ | 39,818 | $ | — | $ | 39,818 | $ | 38,414 | $ | (268 | ) | $ | 38,146 | ||||||||||||
Accrued payroll expenses | 17,243 | 1,282 | 18,525 | 14,888 | 1,283 | 16,171 | |||||||||||||||||||
Short-term borrowings under revolving credit facility | 25,971 | — | 25,971 | 33,398 | — | 33,398 | |||||||||||||||||||
Short-term obligations under capital leases | 1,674 | — | 1,674 | 1,588 | — | 1,588 | |||||||||||||||||||
Short-term derivative liability | — | 794 | 794 | — | 3,283 | 3,283 | |||||||||||||||||||
Deferred income taxes | 500 | (24 | ) | 476 | 500 | (24 | ) | 476 | |||||||||||||||||
Other current liabilities | 10,183 | (5,907 | ) | 4,276 | 12,495 | (8,432 | ) | 4,063 | |||||||||||||||||
Total current liabilities | 95,389 | (3,855 | ) | 91,534 | 101,283 | (4,158 | ) | 97,125 | |||||||||||||||||
Accrued postretirement benefits | 24,352 | (5,180 | ) | 19,172 | 23,911 | (4,884 | ) | 19,027 | |||||||||||||||||
Other long-term liabilities—capital leases | 6,254 | — | 6,254 | 6,664 | — | 6,664 | |||||||||||||||||||
Accrued pension liabilities | 22,495 | 5,678 | 28,173 | 19,316 | 5,677 | 24,993 | |||||||||||||||||||
Accrued workers’ compensation liabilities | 3,624 | — | 3,624 | 3,639 | — | 3,639 | |||||||||||||||||||
Deferred income taxes | 1,815 | 27 | 1,842 | 1,815 | 27 | 1,842 | |||||||||||||||||||
Total liabilities | $ | 153,929 | $ | (3,330 | ) | $ | 150,599 | $ | 156,628 | $ | (3,338 | ) | $ | 153,290 | |||||||||||
Commitments and contingencies | |||||||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||
Preferred stock, $1.00 par value, 500,000 shares authorized and none issued | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Common stock, $1.00 par value, 25,000,000 shares authorized; 16,261,723 and 16,186,852 issued and outstanding as of December 31, 2011 and September 30, 2011, respectively | 16,262 | — | 16,262 | 16,187 | — | 16,187 | |||||||||||||||||||
Additional paid-in capital | 33,071 | — | 33,071 | 37,259 | — | 37,259 | |||||||||||||||||||
Retained earnings | 118,089 | (66 | ) | 118,023 | 122,200 | (363 | ) | 121,837 | |||||||||||||||||
(In thousands, except share and per share data) | 31-Dec-11 | 30-Sep-11 | |||||||||||||||||||||||
Previously | Adjustments (1) | As | Previously | Adjustments (1) | As | ||||||||||||||||||||
Reported | Restated | Reported | Restated | ||||||||||||||||||||||
Unearned ESOP shares | (25,637 | ) | (25,637 | ) | (30,437 | ) | — | (30,437 | ) | ||||||||||||||||
Less accumulated other comprehensive loss (income) | (23,888 | ) | 5,966 | (17,922 | ) | (23,888 | ) | 5,966 | (17,922 | ) | |||||||||||||||
Total stockholders’ equity | $ | 117,897 | $ | 5,900 | $ | 123,797 | $ | 121,321 | $ | 5,603 | $ | 126,924 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 271,826 | $ | 2,570 | $ | 274,396 | $ | 277,949 | $ | 2,265 | $ | 280,214 | |||||||||||||
_______________ | |||||||||||||||||||||||||
-1 | For details see the introduction section included in Note 2. | ||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
(In thousands, except per share data) | Three Months Ended September 30, 2012 | Three Months Ended September 30, 2011 | |||||||||||||||||||||||
Previously Reported | Adjustments (1) | As Restated | Previously Reported | Adjustments (1) | As Restated | ||||||||||||||||||||
Net sales | $ | 119,153 | $ | — | $ | 119,153 | $ | 121,197 | $ | — | $ | 121,197 | |||||||||||||
Cost of goods sold | 74,532 | — | 74,532 | 81,512 | — | 81,512 | |||||||||||||||||||
Gross profit | 44,621 | — | 44,621 | 39,685 | — | 39,685 | |||||||||||||||||||
Selling expenses | 37,271 | — | 37,271 | 35,681 | — | 35,681 | |||||||||||||||||||
General and administrative expenses | 8,893 | (124 | ) | 8,769 | 8,634 | (296 | ) | 8,338 | |||||||||||||||||
Operating expenses | 46,164 | (124 | ) | 46,040 | 44,315 | (296 | ) | 44,019 | |||||||||||||||||
(Loss) income from operations | (1,543 | ) | 124 | (1,419 | ) | (4,630 | ) | 296 | (4,334 | ) | |||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Dividend income | 259 | — | 259 | 359 | — | 359 | |||||||||||||||||||
Interest income | 92 | — | 92 | 15 | — | 15 | |||||||||||||||||||
Interest expense | (457 | ) | — | (457 | ) | (575 | ) | — | (575 | ) | |||||||||||||||
Other, net | 4,945 | — | 4,945 | (2,407 | ) | — | (2,407 | ) | |||||||||||||||||
Total other income (expense) | 4,839 | — | 4,839 | (2,608 | ) | — | (2,608 | ) | |||||||||||||||||
Income (loss) before taxes | 3,296 | 124 | 3,420 | (7,238 | ) | 296 | (6,942 | ) | |||||||||||||||||
Income tax expense | 422 | 19 | 441 | 346 | (8 | ) | 338 | ||||||||||||||||||
Net income (loss) | $ | 2,874 | $ | 105 | $ | 2,979 | $ | (7,584 | ) | $ | 304 | $ | (7,280 | ) | |||||||||||
Net income (loss) per common share—basic and diluted | $ | 0.19 | $ | 0.19 | $ | (0.50 | ) | $ | (0.48 | ) | |||||||||||||||
Weighted average common shares outstanding—basic and diluted | 15,490 | 15,490 | 15,182 | 15,182 | |||||||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
(In thousands) | Three Months Ended September 30, 2012 | Three Months Ended September 30, 2011 | |||||||||||||||||||||||
Previously Reported | Adjustments(1) | As Restated | Previously Reported | Adjustments(1) | As Restated | ||||||||||||||||||||
Net income (loss) | $ | 2,874 | $ | 105 | $ | 2,979 | $ | (7,584 | ) | $ | 304 | $ | (7,280 | ) | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Change in the funded status of retiree benefit obligations | — | — | — | — | — | — | |||||||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | |||||||||||||||||||
Total comprehensive income (loss), net of tax | $ | 2,874 | $ | 105 | $ | 2,979 | $ | (7,584 | ) | $ | 304 | $ | (7,280 | ) | |||||||||||
_______________ | |||||||||||||||||||||||||
(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
(In thousands, except per share data) | Three Months Ended December 31, 2012 | Six Months Ended December 31, 2012 | |||||||||||||||||||||||
Previously Reported | Adjustments (1) | As Restated | Previously Reported | Adjustments (1) | As Restated | ||||||||||||||||||||
Net sales | $ | 135,705 | $ | — | $ | 135,705 | $ | 254,858 | $ | — | $ | 254,858 | |||||||||||||
Cost of goods sold | 85,352 | — | 85,352 | 159,884 | — | 159,884 | |||||||||||||||||||
Gross profit | 50,353 | — | 50,353 | 94,974 | — | 94,974 | |||||||||||||||||||
Selling expenses | 40,765 | — | 40,765 | 78,036 | — | 78,036 | |||||||||||||||||||
General and administrative expenses | 9,165 | (124 | ) | 9,041 | 18,058 | (248 | ) | 17,810 | |||||||||||||||||
Operating expenses | 49,930 | (124 | ) | 49,806 | 96,094 | (248 | ) | 95,846 | |||||||||||||||||
Income (loss) from operations | 423 | 124 | 547 | (1,120 | ) | 248 | (872 | ) | |||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Dividend income | 284 | — | 284 | 543 | — | 543 | |||||||||||||||||||
Interest income | 99 | — | 99 | 191 | — | 191 | |||||||||||||||||||
Interest expense | (463 | ) | — | (463 | ) | (920 | ) | — | (920 | ) | |||||||||||||||
Other, net | (7,656 | ) | — | (7,656 | ) | (2,711 | ) | — | (2,711 | ) | |||||||||||||||
Total other expense | (7,736 | ) | — | (7,736 | ) | (2,897 | ) | — | (2,897 | ) | |||||||||||||||
(Loss) income before taxes | (7,313 | ) | 124 | (7,189 | ) | (4,017 | ) | 248 | (3,769 | ) | |||||||||||||||
Income tax (benefit) expense | (19 | ) | (13 | ) | (32 | ) | 403 | 6 | 409 | ||||||||||||||||
Net (loss) income | $ | (7,294 | ) | $ | 137 | $ | (7,157 | ) | $ | (4,420 | ) | $ | 242 | $ | (4,178 | ) | |||||||||
Net (loss) income per common share—basic and diluted | $ | (0.47 | ) | $ | (0.46 | ) | $ | (0.28 | ) | $ | (0.27 | ) | |||||||||||||
Weighted average common shares outstanding—basic and diluted | 15,548 | 15,548 | 15,520 | 15,520 | |||||||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
(In thousands) | Three Months Ended December 31, 2012 | Six Months Ended December 31, 2012 | |||||||||||||||||||||||
Previously Reported | Adjustments(1) | As Restated | Previously Reported | Adjustments(1) | As Restated | ||||||||||||||||||||
Net (loss) income | $ | (7,294 | ) | $ | 137 | $ | (7,157 | ) | $ | (4,420 | ) | $ | 242 | $ | (4,178 | ) | |||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Change in the funded status of retiree benefit obligations | — | — | — | — | — | — | |||||||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | |||||||||||||||||||
Total comprehensive (loss) income, net of tax | $ | (7,294 | ) | $ | 137 | $ | (7,157 | ) | $ | (4,420 | ) | $ | 242 | $ | (4,178 | ) | |||||||||
_______________ | |||||||||||||||||||||||||
(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
(In thousands, except per share data) | Three Months Ended December 31, 2011 | Six Months Ended December 31, 2011 | |||||||||||||||||||||||
Previously Reported | Adjustments (1) | As Restated | Previously Reported | Adjustments (1) | As Restated | ||||||||||||||||||||
Net sales | $ | 131,770 | $ | — | $ | 131,770 | $ | 252,967 | $ | — | $ | 252,967 | |||||||||||||
Cost of goods sold | 87,229 | — | 87,229 | 168,741 | — | 168,741 | |||||||||||||||||||
Gross profit | 44,541 | — | 44,541 | 84,226 | — | 84,226 | |||||||||||||||||||
Selling expenses | 36,771 | — | 36,771 | 72,452 | — | 72,452 | |||||||||||||||||||
General and administrative expenses | 9,071 | (296 | ) | 8,775 | 17,705 | (592 | ) | 17,113 | |||||||||||||||||
Pension withdrawal expense | 4,348 | — | 4,348 | 4,348 | — | 4,348 | |||||||||||||||||||
Operating expenses | 50,190 | (296 | ) | 49,894 | 94,505 | (592 | ) | 93,913 | |||||||||||||||||
(Loss) income from operations | (5,649 | ) | 296 | (5,353 | ) | (10,279 | ) | 592 | (9,687 | ) | |||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Dividend income | 304 | — | 304 | 663 | — | 663 | |||||||||||||||||||
Interest income | 21 | — | 21 | 36 | — | 36 | |||||||||||||||||||
Interest expense | (506 | ) | — | (506 | ) | (1,081 | ) | — | (1,081 | ) | |||||||||||||||
Other, net | 1,780 | — | 1,780 | (627 | ) | — | (627 | ) | |||||||||||||||||
Total other income (expense) | 1,599 | — | 1,599 | (1,009 | ) | — | (1,009 | ) | |||||||||||||||||
(Loss) income before taxes | (4,050 | ) | 296 | (3,754 | ) | (11,288 | ) | 592 | (10,696 | ) | |||||||||||||||
Income tax expense (benefit) | 60 | (1 | ) | 59 | 406 | (9 | ) | 397 | |||||||||||||||||
Net (loss) income | $ | (4,110 | ) | $ | 297 | $ | (3,813 | ) | $ | (11,694 | ) | $ | 601 | $ | (11,093 | ) | |||||||||
Net (loss) income per common share—basic and diluted | $ | (0.27 | ) | $ | (0.25 | ) | $ | (0.77 | ) | $ | (0.73 | ) | |||||||||||||
Weighted average common shares outstanding—basic and diluted | 15,247 | 15,247 | 15,215 | 15,215 | |||||||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
(In thousands) | Three Months Ended December 31, 2011 | Six Months Ended December 31, 2011 | |||||||||||||||||||||||
Previously Reported | Adjustments(1) | As Restated | Previously Reported | Adjustments(1) | As Restated | ||||||||||||||||||||
Net (loss) income | $ | (4,110 | ) | $ | 297 | $ | (3,813 | ) | $ | (11,694 | ) | $ | 601 | $ | (11,093 | ) | |||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Change in the funded status of retiree benefit obligations | — | — | — | — | — | — | |||||||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | |||||||||||||||||||
Total comprehensive (loss) income, net of tax | $ | (4,110 | ) | $ | 297 | $ | (3,813 | ) | $ | (11,694 | ) | $ | 601 | $ | (11,093 | ) | |||||||||
_______________ | |||||||||||||||||||||||||
(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
(In thousands, except per share data) | Three Months Ended March 31, 2013 | Nine Months Ended March 31, 2013 | |||||||||||||||||||||||
Previously Reported | Adjustments (1) | As Restated | Previously Reported | Adjustments (1) | As Restated | ||||||||||||||||||||
Net sales | $ | 126,343 | $ | — | $ | 126,343 | $ | 381,201 | $ | — | $ | 381,201 | |||||||||||||
Cost of goods sold | 77,668 | — | 77,668 | 237,552 | — | 237,552 | |||||||||||||||||||
Gross profit | 48,675 | — | 48,675 | 143,649 | — | 143,649 | |||||||||||||||||||
Selling expenses | 39,135 | — | 39,135 | 117,171 | — | 117,171 | |||||||||||||||||||
General and administrative expenses | 10,159 | (125 | ) | 10,034 | 28,217 | (373 | ) | 27,844 | |||||||||||||||||
Operating expenses | 49,294 | (125 | ) | 49,169 | 145,388 | (373 | ) | 145,015 | |||||||||||||||||
(Loss) income from operations | (619 | ) | 125 | (494 | ) | (1,739 | ) | 373 | (1,366 | ) | |||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Dividend income | 286 | — | 286 | 829 | — | 829 | |||||||||||||||||||
Interest income | 92 | — | 92 | 283 | — | 283 | |||||||||||||||||||
Interest expense | (466 | ) | — | (466 | ) | (1,386 | ) | — | (1,386 | ) | |||||||||||||||
Other, net | (764 | ) | — | (764 | ) | (3,475 | ) | — | (3,475 | ) | |||||||||||||||
Total other expense | (852 | ) | — | (852 | ) | (3,749 | ) | — | (3,749 | ) | |||||||||||||||
(Loss) income before taxes | (1,471 | ) | 125 | (1,346 | ) | (5,488 | ) | 373 | (5,115 | ) | |||||||||||||||
Income tax (benefit) expense | (56 | ) | 16 | (40 | ) | 347 | 22 | 369 | |||||||||||||||||
Net (loss) income | $ | (1,415 | ) | $ | 109 | $ | (1,306 | ) | $ | (5,835 | ) | $ | 351 | $ | (5,484 | ) | |||||||||
Net (loss) income per common share—basic and diluted | $ | (0.09 | ) | $ | (0.08 | ) | $ | (0.38 | ) | $ | (0.35 | ) | |||||||||||||
Weighted average common shares outstanding—basic and diluted | 15,600 | 15,600 | 15,541 | 15,541 | |||||||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
(In thousands) | Three Months Ended March 31, 2013 | Nine Months Ended March 31, 2013 | |||||||||||||||||||||||
Previously Reported | Adjustments(1) | As Restated | Previously Reported | Adjustments(1) | As Restated | ||||||||||||||||||||
Net income (loss) | $ | (1,415 | ) | $ | 109 | $ | (1,306 | ) | $ | (5,835 | ) | $ | 351 | $ | (5,484 | ) | |||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Change in the funded status of retiree benefit obligations | — | — | — | — | — | — | |||||||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | |||||||||||||||||||
Total comprehensive income (loss), net of tax | $ | (1,415 | ) | $ | 109 | $ | (1,306 | ) | $ | (5,835 | ) | $ | 351 | $ | (5,484 | ) | |||||||||
_______________ | |||||||||||||||||||||||||
(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
(In thousands except per share data) | Three Months Ended March 31, 2012 | Nine Months Ended March 31, 2012 | |||||||||||||||||||||||
Previously Reported | Adjustments (1) | As Restated | Previously Reported | Adjustments (1) | As Restated | ||||||||||||||||||||
Net sales | $ | 121,527 | $ | — | $ | 121,527 | $ | 374,494 | $ | — | $ | 374,494 | |||||||||||||
Cost of goods sold | 78,380 | — | 78,380 | 247,121 | — | 247,121 | |||||||||||||||||||
Gross profit | 43,147 | — | 43,147 | 127,373 | — | 127,373 | |||||||||||||||||||
Selling expenses | 37,909 | — | 37,909 | 110,361 | — | 110,361 | |||||||||||||||||||
General and administrative expenses | 9,345 | (295 | ) | 9,050 | 27,050 | (887 | ) | 26,163 | |||||||||||||||||
Pension withdrawal expense | — | — | — | 4,348 | — | 4,348 | |||||||||||||||||||
Operating expenses | 47,254 | (295 | ) | 46,959 | 141,759 | (887 | ) | 140,872 | |||||||||||||||||
(Loss) income from operations | (4,107 | ) | 295 | (3,812 | ) | (14,386 | ) | 887 | (13,499 | ) | |||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Dividend income | 295 | — | 295 | 958 | — | 958 | |||||||||||||||||||
Interest income | 63 | — | 63 | 99 | — | 99 | |||||||||||||||||||
Interest expense | (498 | ) | — | (498 | ) | (1,579 | ) | — | (1,579 | ) | |||||||||||||||
Other, net | (1,831 | ) | — | (1,831 | ) | (2,458 | ) | — | (2,458 | ) | |||||||||||||||
Total other (expense) income | (1,971 | ) | — | (1,971 | ) | (2,980 | ) | — | (2,980 | ) | |||||||||||||||
(Loss) income before taxes | (6,078 | ) | 295 | (5,783 | ) | (17,366 | ) | 887 | (16,479 | ) | |||||||||||||||
Income tax (benefit) expense | (577 | ) | 5 | (572 | ) | (171 | ) | (4 | ) | (175 | ) | ||||||||||||||
Net (loss) income | $ | (5,501 | ) | $ | 290 | $ | (5,211 | ) | $ | (17,195 | ) | $ | 891 | $ | (16,304 | ) | |||||||||
Net (loss) income per common share—basic and diluted | $ | (0.35 | ) | $ | (0.33 | ) | $ | (1.11 | ) | $ | (1.06 | ) | |||||||||||||
Weighted average common shares outstanding—basic and diluted | 15,592 | 15,592 | 15,449 | 15,449 | |||||||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
(In thousands) | Three Months Ended March 31, 2012 | Nine Months Ended March 31, 2012 | |||||||||||||||||||||||
Previously Reported | Adjustments(1) | As Restated | Previously Reported | Adjustments(1) | As Restated | ||||||||||||||||||||
Net (loss) income | $ | (5,501 | ) | $ | 290 | $ | (5,211 | ) | $ | (17,195 | ) | $ | 891 | $ | (16,304 | ) | |||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||||
Change in the funded status of retiree benefit obligations | |||||||||||||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | |||||||||||||||||||
Total comprehensive (loss) income, net of tax | $ | (5,501 | ) | $ | 290 | $ | (5,211 | ) | $ | (17,195 | ) | $ | 891 | $ | (16,304 | ) | |||||||||
_______________ | |||||||||||||||||||||||||
(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
(In thousands, except per share data) | Three Months Ended June 30, 2012 | ||||||||||||||||||||||||
Previously Reported | Adjustments (1) | As Restated | |||||||||||||||||||||||
Net sales | $ | 120,948 | $ | — | $ | 120,948 | |||||||||||||||||||
Cost of goods sold | 75,497 | (78 | ) | 75,419 | |||||||||||||||||||||
Gross profit | 45,451 | 78 | 45,529 | ||||||||||||||||||||||
Selling expenses | 40,280 | — | 40,280 | ||||||||||||||||||||||
General and administrative expenses | 9,847 | (1,788 | ) | 8,059 | |||||||||||||||||||||
Impairment losses on goodwill and intangible assets | 5,585 | — | 5,585 | ||||||||||||||||||||||
Pension withdrawal expense | 220 | — | 220 | ||||||||||||||||||||||
Operating expenses | 55,932 | (1,788 | ) | 54,144 | |||||||||||||||||||||
Loss (income) from operations | (10,481 | ) | 1,866 | (8,615 | ) | ||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Dividend income | 273 | — | 273 | ||||||||||||||||||||||
Interest income | 115 | — | 115 | ||||||||||||||||||||||
Interest expense | (558 | ) | — | (558 | ) | ||||||||||||||||||||
Other, net | (1,659 | ) | — | (1,659 | ) | ||||||||||||||||||||
Total other expense | (1,829 | ) | — | (1,829 | ) | ||||||||||||||||||||
(Loss) income before taxes | (12,310 | ) | 1,866 | (10,444 | ) | ||||||||||||||||||||
Income tax (benefit) expense | (176 | ) | 4 | (172 | ) | ||||||||||||||||||||
Net (loss) income | (12,134 | ) | 1,862 | (10,272 | ) | ||||||||||||||||||||
Net (loss) income per common share—basic and diluted | $ | (0.77 | ) | $ | (0.65 | ) | |||||||||||||||||||
Weighted average common shares outstanding—basic and diluted | 15,723 | 15,723 | |||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
(In thousands) | Three Months Ended June 30, 2012 | ||||||||||||||||||||||||
Previously Reported | Adjustments(1) | As Restated | |||||||||||||||||||||||
Net (loss) income | $ | (12,134 | ) | $ | 1,862 | $ | (10,272 | ) | |||||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||||
Change in the funded status of retiree benefit obligations | (33,341 | ) | 6,641 | (26,700 | ) | ||||||||||||||||||||
Income tax (expense) benefit | — | — | — | ||||||||||||||||||||||
Total comprehensive (loss) income, net of tax | $ | (45,475 | ) | $ | 8,503 | $ | (36,972 | ) | |||||||||||||||||
_______________ | |||||||||||||||||||||||||
(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
(In thousands) | Three Months Ended September 30, 2012 | Three Months Ended September 30, 2011 | |||||||||||||||||||||||
Previously Reported | Adjustments(1) | As Restated | Previously Reported | Adjustments(1) | As Restated | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||
Net loss | $ | 2,874 | $ | 105 | $ | 2,979 | $ | (7,584 | ) | $ | 304 | $ | (7,280 | ) | |||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | 8,340 | — | 8,340 | 7,923 | — | 7,923 | |||||||||||||||||||
(Recovery of) provision for doubtful accounts | (922 | ) | — | (922 | ) | 590 | — | 590 | |||||||||||||||||
Gain on sales of assets | (3,213 | ) | — | (3,213 | ) | 98 | — | 98 | |||||||||||||||||
ESOP and share-based compensation expense | 823 | — | 823 | 790 | — | 790 | |||||||||||||||||||
Net gain on investments | (802 | ) | — | (802 | ) | 2,621 | — | 2,621 | |||||||||||||||||
Change in operating assets and liabilities: | |||||||||||||||||||||||||
Restricted cash | — | 1,483 | 1,483 | — | (168 | ) | (168 | ) | |||||||||||||||||
Short-term investments | 1,232 | (1,180 | ) | 52 | 6,059 | (92 | ) | 5,967 | |||||||||||||||||
Accounts and notes receivable | (1,481 | ) | — | (1,481 | ) | (1,643 | ) | — | (1,643 | ) | |||||||||||||||
Inventories | (3,943 | ) | — | (3,943 | ) | (3,192 | ) | — | (3,192 | ) | |||||||||||||||
Income tax receivable | 374 | 19 | 393 | 287 | (8 | ) | 279 | ||||||||||||||||||
Prepaid expenses and other assets | 120 | — | 120 | 543 | — | 543 | |||||||||||||||||||
Accounts payable | 1,863 | 405 | 2,268 | (3,650 | ) | (190 | ) | (3,840 | ) | ||||||||||||||||
Accrued payroll expenses and other liabilities | (834 | ) | (708 | ) | (1,542 | ) | (147 | ) | 451 | 304 | |||||||||||||||
Accrued postretirement benefits | 412 | (124 | ) | 288 | 327 | (297 | ) | 30 | |||||||||||||||||
Other long-term liabilities | (1,191 | ) | — | (1,191 | ) | (3,055 | ) | — | (3,055 | ) | |||||||||||||||
Net cash provided by operating activities | $ | 3,652 | $ | — | $ | 3,652 | $ | (33 | ) | $ | — | $ | (33 | ) | |||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Purchases of property, plant and equipment | (3,572 | ) | — | (3,572 | ) | (2,910 | ) | — | (2,910 | ) | |||||||||||||||
Proceeds from sales of property, plant and equipment | 3,786 | — | 3,786 | 198 | — | 198 | |||||||||||||||||||
Net cash provided by investing activities | $ | 214 | $ | — | $ | 214 | $ | (2,712 | ) | $ | — | $ | (2,712 | ) | |||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Proceeds from revolving credit facility | 4,800 | — | 4,800 | 8,400 | — | 8,400 | |||||||||||||||||||
(In thousands) | Three Months Ended September 30, 2012 | Three Months Ended September 30, 2011 | |||||||||||||||||||||||
Previously Reported | Adjustments(1) | As Restated | Previously Reported | Adjustments(1) | As Restated | ||||||||||||||||||||
Repayments on revolving credit facility | (9,250 | ) | — | (9,250 | ) | (6,800 | ) | — | (6,800 | ) | |||||||||||||||
Payments of capital lease obligations | (777 | ) | — | (777 | ) | (384 | ) | — | (384 | ) | |||||||||||||||
Net cash used in financing activities | $ | (5,227 | ) | $ | — | $ | (5,227 | ) | $ | 1,216 | $ | — | $ | 1,216 | |||||||||||
Net decrease in cash and cash equivalents | $ | (1,361 | ) | $ | — | $ | (1,361 | ) | $ | (1,529 | ) | $ | — | $ | (1,529 | ) | |||||||||
Cash and cash equivalents at beginning of year | 3,906 | — | 3,906 | 6,081 | — | 6,081 | |||||||||||||||||||
Cash and cash equivalents at end of year | $ | 2,545 | $ | — | $ | 2,545 | $ | 4,552 | $ | — | $ | 4,552 | |||||||||||||
_______________ | |||||||||||||||||||||||||
(1)For details see the introduction section included in Note 2. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
(In thousands) | Six Months Ended December 31, 2012 | Six Months Ended December 31, 2011 | |||||||||||||||||||||||
Previously Reported | Adjustments(1) | As Restated | Previously Reported | Adjustments(1) | As Restated | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||
Net loss | $ | (4,420 | ) | $ | 242 | $ | (4,178 | ) | $ | (11,694 | ) | $ | 601 | $ | (11,093 | ) | |||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | 16,640 | — | 16,640 | 15,821 | — | 15,821 | |||||||||||||||||||
(Recovery of) provision for doubtful accounts | (963 | ) | — | (963 | ) | 737 | — | 737 | |||||||||||||||||
Gain on sales of assets | (3,202 | ) | — | (3,202 | ) | (662 | ) | — | (662 | ) | |||||||||||||||
ESOP and share-based compensation expense | 1,906 | — | 1,906 | 1,476 | — | 1,476 | |||||||||||||||||||
Net loss on investments | 7,038 | — | 7,038 | 2,250 | — | 2,250 | |||||||||||||||||||
Change in operating assets and liabilities: | |||||||||||||||||||||||||
Restricted cash | — | (1,987 | ) | (1,987 | ) | — | (1,353 | ) | (1,353 | ) | |||||||||||||||
Short-term investments | (6,587 | ) | (1,267 | ) | (7,854 | ) | 3,743 | 789 | 4,532 | ||||||||||||||||
Accounts and notes receivable | (2,053 | ) | — | (2,053 | ) | (2,000 | ) | — | (2,000 | ) | |||||||||||||||
Inventories | (2,404 | ) | — | (2,404 | ) | 1,110 | — | 1,110 | |||||||||||||||||
Income tax receivable | 284 | 5 | 289 | 277 | (9 | ) | 268 | ||||||||||||||||||
Prepaid expenses and other assets | 558 | — | 558 | (361 | ) | — | (361 | ) | |||||||||||||||||
Accounts payable | 4,615 | (730 | ) | 3,885 | (1,712 | ) | 51 | (1,661 | ) | ||||||||||||||||
Accrued payroll expenses and other liabilities | (605 | ) | 3,986 | 3,381 | (165 | ) | 513 | 348 | |||||||||||||||||
Accrued postretirement benefits | 600 | (249 | ) | 351 | 767 | (592 | ) | 175 | |||||||||||||||||
Other long-term liabilities | (1,302 | ) | — | (1,302 | ) | 112 | — | 112 | |||||||||||||||||
Net cash provided by operating activities | $ | 10,105 | $ | — | $ | 10,105 | $ | 9,699 | $ | — | $ | 9,699 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Purchases of property, plant and equipment | (6,396 | ) | — | (6,396 | ) | (5,808 | ) | — | (5,808 | ) | |||||||||||||||
Proceeds from sales of property, plant and equipment | 3,911 | — | 3,911 | 1,227 | — | 1,227 | |||||||||||||||||||
Net cash used in investing activities | $ | (2,485 | ) | $ | — | $ | (2,485 | ) | $ | (4,581 | ) | $ | — | $ | (4,581 | ) | |||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Proceeds from revolving credit facility | 15,000 | — | 15,000 | 9,400 | — | 9,400 | |||||||||||||||||||
Repayments on revolving credit facility | (19,750 | ) | — | (19,750 | ) | (15,700 | ) | — | (15,700 | ) | |||||||||||||||
Payments of capital lease obligations | (1,558 | ) | — | (1,558 | ) | (778 | ) | — | (778 | ) | |||||||||||||||
Net cash used in financing activities | $ | (6,308 | ) | $ | — | $ | (6,308 | ) | $ | (7,078 | ) | $ | — | $ | (7,078 | ) | |||||||||
Net increase in cash and cash equivalents | $ | 1,312 | $ | — | $ | 1,312 | $ | (1,960 | ) | $ | — | $ | (1,960 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 3,906 | — | 3,906 | 6,081 | — | 6,081 | |||||||||||||||||||
(In thousands) | Six Months Ended December 31, 2012 | Six Months Ended December 31, 2011 | |||||||||||||||||||||||
Previously Reported | Adjustments(1) | As Restated | Previously Reported | Adjustments(1) | As Restated | ||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 5,218 | $ | — | $ | 5,218 | $ | 4,121 | $ | — | $ | 4,121 | |||||||||||||
_______________ | |||||||||||||||||||||||||
-1 | For details see the introduction section included in Note 2. | ||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
(In thousands) | Nine Months Ended March 31, 2013 | Nine Months Ended March 31, 2012 | |||||||||||||||||||||||
Previously Reported | Adjustments(1) | As Restated | Previously Reported | Adjustments(1) | As Restated | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||
Net loss | $ | (5,835 | ) | $ | 351 | $ | (5,484 | ) | $ | (17,195 | ) | $ | 891 | $ | (16,304 | ) | |||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | 24,778 | — | 24,778 | 23,831 | — | 23,831 | |||||||||||||||||||
(Recovery of) provision for doubtful accounts | (890 | ) | — | (890 | ) | 880 | — | 880 | |||||||||||||||||
Deferred income taxes | 111 | — | 111 | — | — | — | |||||||||||||||||||
Gain on sales of assets | (4,388 | ) | — | (4,388 | ) | (1,161 | ) | — | (1,161 | ) | |||||||||||||||
ESOP and share-based compensation expense | 2,639 | — | 2,639 | 2,519 | — | 2,519 | |||||||||||||||||||
Net loss on investments | 9,315 | — | 9,315 | 5,131 | — | 5,131 | |||||||||||||||||||
Change in operating assets and liabilities: | |||||||||||||||||||||||||
Restricted cash | — | (2,140 | ) | (2,140 | ) | — | (1,314 | ) | (1,314 | ) | |||||||||||||||
Short-term investments | (9,063 | ) | (1,284 | ) | (10,347 | ) | 1,027 | (231 | ) | 796 | |||||||||||||||
Accounts and notes receivable | (1,167 | ) | — | (1,167 | ) | 936 | — | 936 | |||||||||||||||||
Inventories | (1,291 | ) | — | (1,291 | ) | 3,533 | — | 3,533 | |||||||||||||||||
Income tax receivable | 622 | 23 | 645 | (377 | ) | (4 | ) | (381 | ) | ||||||||||||||||
Prepaid expenses and other assets | 522 | 522 | 81 | — | 81 | ||||||||||||||||||||
Accounts payable | 4,359 | (622 | ) | 3,737 | (9,342 | ) | 51 | (9,291 | ) | ||||||||||||||||
Accrued payroll expenses and other liabilities | (1,312 | ) | 4,046 | 2,734 | 1,102 | 1,494 | 2,596 | ||||||||||||||||||
Accrued postretirement benefits | 836 | (374 | ) | 462 | 1,130 | (887 | ) | 243 | |||||||||||||||||
Other long-term liabilities | (1,416 | ) | — | (1,416 | ) | (1,083 | ) | — | (1,083 | ) | |||||||||||||||
Net cash provided by operating activities | $ | 17,820 | $ | — | $ | 17,820 | $ | 11,012 | $ | — | $ | 11,012 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Purchases of property, plant and equipment | (10,118 | ) | — | (10,118 | ) | (10,533 | ) | — | (10,533 | ) | |||||||||||||||
Proceeds from sales of property, plant and equipment | 5,556 | — | 5,556 | 2,112 | — | 2,112 | |||||||||||||||||||
Net cash used in investing activities | $ | (4,562 | ) | $ | — | $ | (4,562 | ) | $ | (8,421 | ) | $ | — | $ | (8,421 | ) | |||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Proceeds from revolving credit facility | 22,550 | — | 22,550 | 13,700 | — | 13,700 | |||||||||||||||||||
Repayments on revolving credit facility | (32,771 | ) | — | (32,771 | ) | (17,700 | ) | — | (17,700 | ) | |||||||||||||||
Payments of capital lease obligations | (2,613 | ) | — | (2,613 | ) | (1,209 | ) | — | (1,209 | ) | |||||||||||||||
Proceeds from exercise of stock options | 1,195 | — | 1,195 | — | — | — | |||||||||||||||||||
Net cash used in financing activities | $ | (11,639 | ) | $ | — | $ | (11,639 | ) | $ | (5,209 | ) | $ | — | $ | (5,209 | ) | |||||||||
Net increase in cash and cash equivalents | $ | 1,619 | $ | — | $ | 1,619 | $ | (2,618 | ) | $ | — | $ | (2,618 | ) | |||||||||||
(In thousands) | Nine Months Ended March 31, 2013 | Nine Months Ended March 31, 2012 | |||||||||||||||||||||||
Previously Reported | Adjustments(1) | As Restated | Previously Reported | Adjustments(1) | As Restated | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | 3,906 | — | 3,906 | 6,081 | — | 6,081 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 5,525 | $ | — | $ | 5,525 | $ | 3,463 | $ | — | $ | 3,463 | |||||||||||||
_______________ | |||||||||||||||||||||||||
(1)For details see the introduction section included in Note 2. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Jun. 30, 2013 | ||
Accounting Policies [Abstract] | ||
Financial Statement Preparation, Policy | Financial Statement Preparation | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents, Policy | Cash Equivalents | |
The Company considers all highly liquid investments with original maturity dates of 90 days or less to be cash equivalents. Fair values of cash equivalents approximate cost due to the short period of time to maturity. | ||
Investment, Policy | Investments | |
The Company’s investments consist of money market instruments, marketable debt and equity securities, various derivative instruments, primarily exchange traded treasury and green coffee futures and options. Investments are held for trading purposes and stated at fair value. The cost of investments sold is determined on the specific identification method. Dividend and interest income is accrued as earned. | ||
Concentration Risk, Credit Risk, Policy | Concentration of Credit Risk | |
At June 30, 2013, the financial instruments which potentially expose the Company to concentration of credit risk consist of cash in financial institutions (which exceeds federally insured limits), short-term investments, investments in the preferred stocks of other companies, derivatives and trade receivables. Cash equivalents and short-term investments are not concentrated by issuer, industry or geographic area. Maturities are generally shorter than 180 days. Investments in the preferred stocks of other companies are limited to high quality issuers and are not concentrated by geographic area or issuer. | ||
The Company does not have any credit-risk related contingent features that would require it, in certain circumstances, to post additional collateral in support of its net derivative liability positions. The Company had $8.1 million and $1.6 million, respectively, in restricted cash representing cash held on deposit in margin accounts for coffee-related derivative instruments at June 30, 2013 and 2012 (see Note 6). Changes in commodity prices could have a significant impact on cash deposit requirements under the Company's broker and counterparty agreements. | ||
Concentration of credit risk with respect to trade receivables for the Company is limited due to the large number of customers comprising the Company’s customer base and their dispersion across many different geographic areas. The trade receivables are generally short-term and all probable bad debt losses have been appropriately considered in establishing the allowance for doubtful accounts. In fiscal 2010, based on a larger customer base due to the recent Company acquisitions and in response to slower collection of the Company’s accounts receivable resulting from the impact of the economic downturn on the Company’s customers, the Company increased its allowance for doubtful accounts from the previous fiscal year by $2.1 million and recorded a $3.2 million charge to bad debt expense. Due to improved collections of outstanding receivables, in fiscal 2013, 2012 and 2011, the Company decreased the allowance for doubtful accounts by $0.8 million, $1.0 million and $0.4 million, respectively. | ||
Inventory, Policy | Inventories | |
Inventories are valued at the lower of cost or market. The Company accounts for coffee, tea and culinary products on a last in, first out (“LIFO”) basis, and coffee brewing equipment manufactured on a first in, first out (“FIFO”) basis. The Company regularly evaluates these inventories to determine whether market conditions are correctly reflected in the recorded carrying value. At the end of each quarter, the Company records the expected effect of the liquidation of LIFO inventory quantities, if any, and records the actual impact at fiscal year-end. An actual valuation of inventory under the LIFO method is made only at the end of each fiscal year based on the inventory levels and costs at that time. | ||
If inventory quantities decline at the end of the fiscal year compared to the beginning of the fiscal year, the reduction results in the liquidation of LIFO inventory quantities carried at the cost prevailing in prior years. This LIFO inventory liquidation may result in a decrease or increase in cost of goods sold depending on whether the cost prevailing in prior years was lower or higher, respectively, than the current year cost. | ||
Property, Plant and Equipment, Policy | Property, Plant and Equipment | |
Property, plant and equipment is carried at cost, less accumulated depreciation. Depreciation is computed using the straight-line method. The following useful lives are used: | ||
Buildings and facilities | 10 to 30 years | |
Machinery and equipment | 3 to 5 years | |
Equipment under capital leases | Term of lease | |
Office furniture and equipment | 5 years | |
Capitalized software | 3 years | |
When assets are sold or retired, the asset and related accumulated depreciation are removed from the respective account balances and any gain or loss on disposal is included in operations. Maintenance and repairs are charged to expense, and betterments are capitalized. | ||
Coffee Brewing Equipment and Service, Policy | Coffee Brewing Equipment and Service | |
The Company classifies certain expenses related to coffee brewing equipment provided to customers as cost of goods sold. These costs include the cost of the equipment as well as the cost of servicing that equipment (including service employees’ salaries, cost of transportation and the cost of supplies and parts) and are considered directly attributable to the generation of revenues from its customers. | ||
Income Tax, Policy | Income Taxes | |
Deferred income taxes are determined based on the temporary differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which differences are expected to reverse. Estimating the Company’s tax liabilities involves judgments related to uncertainties in the application of complex tax regulations. The Company makes certain estimates and judgments to determine tax expense for financial statement purposes as they evaluate the effect of tax credits, tax benefits and deductions, some of which result from differences in the timing of recognition of revenue or expense for tax and financial statement purposes. Changes to these estimates may result in significant changes to the Company’s tax provision in future periods. Each fiscal quarter the Company reevaluates its tax provision and reconsiders its estimates and assumptions related to specific tax assets and liabilities, making adjustments as circumstances change. | ||
The Company’s policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. | ||
Revenue Recognition, Policy | Revenue Recognition | |
Most product sales are made “off-truck” to the Company’s customers at their places of business by the Company’s sales representatives. Revenue is recognized at the time the Company’s sales representatives physically deliver products to customers and title passes or when it is accepted by the customer when shipped by third-party delivery. | ||
The Company sells roast and ground coffee and tea to The J.M. Smucker Company ("J.M. Smucker") pursuant to a co–packing agreement. The Company recognizes revenue from the co-packing arrangement for the sale of tea on a net basis, net of direct costs of revenue, since the Company acts as an agent of J.M. Smucker in such transactions. As of June 30, 2013 and 2012, the Company had $0.3 million and $0.8 million, respectively, of receivables relating to this arrangement which are included in "Other receivables" (see Note 7). | ||
Earnings Per Share, Policy | Earnings (Loss) Per Common Share | |
Basic earnings (loss) per share (“EPS”) represents net earnings attributable to common stockholders divided by the weighted-average number of common shares outstanding for the period, excluding unallocated shares held by the Company's Employee Stock Ownership Plan ("ESOP") (see Note 13). Diluted EPS represents net earnings attributable to common stockholders divided by the weighted-average number of common shares outstanding, inclusive of the dilutive impact of common equivalent shares outstanding during the period. However, nonvested restricted stock awards (referred to as participating securities) are excluded from the dilutive impact of common equivalent shares outstanding in accordance with authoritative guidance under the two-class method. The nonvested restricted stockholders are entitled to participate in dividends declared on common stock as if the shares were fully vested and hence are deemed to be participating securities. Under the two-class method, earnings (loss) attributable to nonvested restricted stockholders are excluded from net earnings (loss) attributable to common stockholders for purposes of calculating basic and diluted EPS. Computation of EPS for the years ended June 30, 2013, 2012 and 2011 does not include the dilutive effect of 557,427, 667,235 and 497,810 shares, respectively, issuable under stock options since their inclusion would be anti-dilutive. Accordingly, the consolidated financial statements present only basic net loss per common share for all periods presented (see Note 17). | ||
Employee Stock Ownership Plan (ESOP), Policy | Employee Stock Ownership Plan | |
Compensation cost for the ESOP is based on the fair market value of shares released or deemed to be released for the period. Dividends on allocated shares retain the character of true dividends, but dividends on unallocated shares are considered compensation cost. As a leveraged ESOP with the Company as lender, a contra equity account is established to offset the Company’s note receivable. The contra account will change as compensation is recognized. | ||
Goodwill and Intangible Assets, Policy | Impairment of Goodwill and Intangible Assets | |
The Company performs its annual impairment test of goodwill and/or other indefinite-lived intangible assets as of June 30. Goodwill and other indefinite-lived intangible assets are not amortized but instead are reviewed for impairment annually and on an interim basis if events or changes in circumstances between annual tests indicate that an asset might be impaired. Indefinite-lived intangible assets are tested for impairment by comparing their fair values to their carrying values. | ||
Testing for impairment of goodwill is a two-step process. The first step requires the Company to compare the fair value of its reporting units to the carrying value of the net assets of the respective reporting units, including goodwill. If the fair value of the reporting unit is less than its carrying value, goodwill of the reporting unit is potentially impaired and the Company then completes step two to measure the impairment loss, if any. The second step requires the calculation of the implied fair value of goodwill, which is the residual fair value remaining after deducting the fair value of all tangible and intangible net assets of the reporting unit from the fair value of the reporting unit. If the implied fair value of goodwill is less than the carrying amount of goodwill, an impairment loss is recognized equal to the difference. | ||
In its annual test of impairment in the fourth quarter of fiscal 2012, the Company identified indicators of impairment including a decline in market capitalization and continuing losses from operations. The Company performed impairment tests to determine the recoverability of the carrying values of the assets or if impairment should be measured. The Company was required to make estimates of the fair value of the Company's intangible assets, and all assets of CBI, the reporting unit, which were based on the use of the income approach and/or market approach. | ||
The Company used the relief from royalty method under the income approach to estimate the fair value of its indefinite-lived intangible assets. Inputs to this method included estimated royalty rates associated with licensing and franchise royalty agreements in related industries, which are Level 3 inputs within the fair value hierarchy. To estimate the fair value of CBI, the Company used discounted cash flow analysis under the income approach and the guideline public company method under the market approach. Inputs to the discounted cash flow analysis included the projection of future cash flows which are Level 3 inputs within the fair value hierarchy. Inputs to the guideline public company analysis included valuation multiples of publicly traded companies similar to CBI, which are Level 2 inputs within the fair value hierarchy. | ||
As a result of these impairment tests, the Company determined that the Company's trademarks acquired in connection with the CBI acquisition were impaired and that the carrying value of all of the assets of CBI excluding goodwill exceeded their estimated fair values resulting in an implied fair value of zero for CBI's goodwill. Accordingly, in the fourth quarter of fiscal 2012, the Company | ||
Long-Lived Assets, Excluding Goodwill and Indefinite-lived Assets, Policy | Long-Lived Assets, Excluding Goodwill and Indefinite-lived Intangible Assets | |
The Company reviews the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Long-lived assets evaluated for impairment are grouped with other assets to the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. The estimated future cash flows are based upon, among other things, assumptions about expected future operating performance, and may differ from actual cash flows. If the sum of the projected undiscounted cash flows (excluding interest) is less than the carrying value of the assets, the assets will be written down to the estimated fair value in the period in which the determination is made. In its annual test of impairment as of the end of fiscal 2011, the Company determined that definite-lived intangible assets consisting of the customer relationships acquired, and the distribution agreement and co-pack agreement entered into, in connection with the DSD Coffee Business acquisition were impaired. | ||
Shipping and Handling Cost, Policy | Shipping and Handling Costs | |
The Company distributes its products directly to its customers and shipping and handling costs are recorded as Company selling expenses. | ||
New Accounting Pronouncements, Policy | New Accounting Pronouncements | |
In February 2013, the FASB issued ASU No. 2013-02, “Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income” ("ASU 2013-02"), an update to the authoritative guidance related to the reporting of amounts reclassified out of accumulated other comprehensive income. This new requirement about presenting information about amounts reclassified out of accumulated other comprehensive income and their corresponding effect on net income will present, in one place, information about significant amounts reclassified and, in some cases, cross-references to related footnote disclosures. The disclosure amendments in this update are effective prospectively for fiscal years (and interim periods within those years) beginning after December 15, 2012 and early adoption is permitted. ASU 2013-02 is effective for the Company beginning July 1, 2013. Adoption of ASU 2013-02 is not expected to have a material effect on the results of operations, financial position or cash flows of the Company. | ||
In February 2013, the FASB issued ASU No. 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” ("ASU 2013-01"). The amendments limit the scope of ASU No. 2011-11, “Disclosures about Offsetting Assets and Liabilities” ("ASU 2011-11") to certain derivative instruments (including bifurcated embedded derivatives), repurchase agreements and reverse repurchase agreements, and securities borrowing and lending arrangements that are either (1) offset on the balance sheet or (2) subject to an enforceable master netting arrangement or similar agreement. The requirements as initially written in ASU 2011-11 would have applied more broadly than intended. The disclosure amendments in this update are effective prospectively for fiscal years (and interim periods within those years) beginning after January 1, 2013. The amendments will be applied retrospectively for all comparative periods presented on the balance sheet. ASU 2013-01 is effective for the Company beginning in July 1, 2013. Adoption of ASU 2013-01 is not expected to have a material effect on the results of operations, financial position or cash flows of the Company. | ||
In July 2012, the FASB issued ASU No. 2012-02, “Testing Indefinite-Lived Intangible Assets for Impairment” ("ASU 2012-02"), an update to the authoritative guidance related to the impairment testing of indefinite-lived intangible assets. Similar to the guidance for goodwill impairment testing, companies will have the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying value. The guidance provides companies with a revised list of examples of events and circumstances to consider, in their totality, to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. If a company concludes that this is the case, the company is required to perform the quantitative impairment test by comparing the fair value with the carrying value. Otherwise, a company can skip the quantitative test. Companies are not required to perform the qualitative assessment and are permitted to skip the qualitative assessment for any indefinite-lived asset in any period and proceed directly to the quantitative impairment test. The company may resume performing the qualitative assessment in any subsequent period. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. ASU 2012-02 is effective for the Company beginning July 1, 2013. Adoption of ASU 2012-02 is not expected to have a material effect on the results of operations, financial position or cash flows of the Company. |
Income_Taxes_Classification_of
Income Taxes Classification of Interest and Penalties (Policies) | 12 Months Ended |
Jun. 30, 2013 | |
Income Taxes [Abstract] | |
Income Tax, Policy | Income Taxes |
Deferred income taxes are determined based on the temporary differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which differences are expected to reverse. Estimating the Company’s tax liabilities involves judgments related to uncertainties in the application of complex tax regulations. The Company makes certain estimates and judgments to determine tax expense for financial statement purposes as they evaluate the effect of tax credits, tax benefits and deductions, some of which result from differences in the timing of recognition of revenue or expense for tax and financial statement purposes. Changes to these estimates may result in significant changes to the Company’s tax provision in future periods. Each fiscal quarter the Company reevaluates its tax provision and reconsiders its estimates and assumptions related to specific tax assets and liabilities, making adjustments as circumstances change. | |
The Company’s policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |
Jun. 30, 2013 | ||
Accounting Policies [Abstract] | ||
Property, Plant and Equipment | The following useful lives are used: | |
Buildings and facilities | 10 to 30 years | |
Machinery and equipment | 3 to 5 years | |
Equipment under capital leases | Term of lease | |
Office furniture and equipment | 5 years | |
Capitalized software | 3 years | |
N |
Restatement_Tables
Restatement (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Accounting Changes and Error Corrections [Abstract] | |||||||||||||
Impact of Revisions To Prior issued Financial Statements | A summary of the impact of the restatement corrections and other immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) for fiscal 2012, 2011 and 2010 is presented below: | ||||||||||||
(In thousands) | Overstatement (Understatement) of Net Loss | ||||||||||||
Year ended June 30, | |||||||||||||
Description | 2012 | 2011 | 2010 | ||||||||||
Restatement corrections: | |||||||||||||
Correction of other postretirement benefit obligations—retiree medical plan | $ | 1,356 | $ | 105 | $ | — | |||||||
Correction of other postretirement benefit obligations—death benefit | (22 | ) | (1,022 | ) | 38 | ||||||||
Tax effect of corrections of other postretirement benefit obligations | — | 4,230 | 1 | ||||||||||
Net impact of restatement corrections on net loss | 1,334 | 3,313 | 39 | ||||||||||
Immaterial adjustments: | |||||||||||||
Correction of coffee brewing equipment expense | (233 | ) | 233 | (1,542 | ) | ||||||||
Correction of accrued fringe benefits liability | 1,471 | (1,471 | ) | 487 | |||||||||
Correction of inventory | 310 | 80 | (390 | ) | |||||||||
Correction of net periodic pension costs | (129 | ) | 129 | — | |||||||||
Total impact of immaterial adjustments on net loss | 1,419 | (1,029 | ) | (1,445 | ) | ||||||||
Total impact of restatement corrections and immaterial adjustments on net loss | $ | 2,753 | $ | 2,284 | $ | (1,406 | ) | ||||||
(In thousands) | Overstatement (Understatement) of | ||||||||||||
Total Comprehensive Loss (Income) | |||||||||||||
Year ended June 30, | |||||||||||||
Description | 2012 | 2011 | 2010 | ||||||||||
Total impact of restatement corrections and immaterial adjustments on net loss | $ | 2,753 | $ | 2,284 | $ | (1,406 | ) | ||||||
Restatement corrections: | |||||||||||||
Correction of postretirement benefit obligations—retiree medical plan | 8,120 | 11,074 | — | ||||||||||
Correction of postretirement benefit obligations—death benefit | (1,482 | ) | 152 | (1,151 | ) | ||||||||
Tax effect of corrections of other postretirement benefit obligations | — | (4,230 | ) | — | |||||||||
Net impact of restatement corrections on total comprehensive loss (income) | $ | 6,638 | $ | 6,996 | $ | (1,151 | ) | ||||||
Immaterial adjustments: | |||||||||||||
Correction of net periodic pension costs | 129 | (129 | ) | — | |||||||||
Total impact of immaterial adjustments on total comprehensive loss (income) | 129 | (129 | ) | — | |||||||||
Total impact of restatement corrections and immaterial adjustments on total comprehensive loss (income) | $ | 9,520 | $ | 9,151 | $ | (2,557 | ) | ||||||
The following tables in the remainder of this Note 2 and in Note 19 present the impact of the restatement corrections and immaterial adjustments on the Company's previously issued financial statements for the periods indicated. | |||||||||||||
CONSOLIDATED BALANCE SHEET | |||||||||||||
(In thousands, except share and per share data) | 30-Jun-12 | ||||||||||||
Previously Reported | Adjustments(1) | As Restated | |||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 3,906 | $ | — | $ | 3,906 | |||||||
Restricted cash | — | 1,612 | 1,612 | ||||||||||
Short-term investments | 21,021 | (1,285 | ) | 19,736 | |||||||||
Accounts and notes receivable, net of allowance for doubtful accounts of $1,872 | 40,736 | — | 40,736 | ||||||||||
Inventories | 65,981 | — | 65,981 | ||||||||||
Income tax receivable | 762 | — | 762 | ||||||||||
Prepaid expenses | 3,445 | — | 3,445 | ||||||||||
Total current assets | 135,851 | 327 | 136,178 | ||||||||||
Property, plant and equipment, net | 108,135 | 2 | 108,137 | ||||||||||
Intangible assets, net | 7,615 | — | 7,615 | ||||||||||
Other assets | 2,904 | 2,221 | 5,125 | ||||||||||
Deferred income taxes | 854 | 7 | 861 | ||||||||||
Total assets | $ | 255,359 | $ | 2,557 | $ | 257,916 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable | $ | 27,676 | $ | (410 | ) | $ | 27,266 | ||||||
Accrued payroll expenses | 20,494 | (1,364 | ) | 19,130 | |||||||||
Short-term borrowings under revolving credit facility | 29,126 | — | 29,126 | ||||||||||
Short-term obligations under capital leases | 3,737 | — | 3,737 | ||||||||||
Short-term derivative liability | — | 737 | 737 | ||||||||||
Deferred income taxes | 1,480 | (35 | ) | 1,445 | |||||||||
Other current liabilities | 10,176 | (4,880 | ) | 5,296 | |||||||||
Total current liabilities | 92,689 | (5,952 | ) | 86,737 | |||||||||
Accrued postretirement benefits | 34,557 | (12,031 | ) | 22,526 | |||||||||
Other long-term liabilities—capital leases | 12,130 | — | 12,130 | ||||||||||
Accrued pension liabilities | 42,513 | 5,678 | 48,191 | ||||||||||
Accrued workers’ compensation liabilities | 4,131 | — | 4,131 | ||||||||||
Deferred income taxes | 607 | 42 | 649 | ||||||||||
Total liabilities | $ | 186,627 | $ | (12,263 | ) | $ | 174,364 | ||||||
Commitments and contingencies | |||||||||||||
Stockholders’ equity: | |||||||||||||
Preferred stock, $1.00 par value, 500,000 shares authorized and none issued | $ | — | $ | — | $ | — | |||||||
Common stock, $1.00 par value, 25,000,000 shares authorized; 16,308,859 issued and outstanding | 16,309 | — | 16,309 | ||||||||||
Additional paid-in capital | 34,834 | — | 34,834 | ||||||||||
Retained earnings | 100,455 | 2,087 | 102,542 | ||||||||||
Unearned ESOP shares | (25,637 | ) | — | (25,637 | ) | ||||||||
Less accumulated other comprehensive loss | (57,229 | ) | 12,733 | (44,496 | ) | ||||||||
Total stockholders’ equity | $ | 68,732 | $ | 14,820 | $ | 83,552 | |||||||
Total liabilities and stockholders’ equity | $ | 255,359 | $ | 2,557 | $ | 257,916 | |||||||
_______________ | |||||||||||||
-1 | For details see the introduction section included elsewhere in this Note 2. | ||||||||||||
CONSOLIDATED BALANCE SHEET | |||||||||||||
(In thousands, except share and per share data) | 30-Jun-11 | ||||||||||||
Previously Reported | Adjustments (1) | As Restated | |||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 6,081 | $ | — | $ | 6,081 | |||||||
Restricted cash | — | 460 | 460 | ||||||||||
Short-term investments | 24,874 | (460 | ) | 24,414 | |||||||||
Accounts and notes receivable, net of allowance for doubtful accounts of $2,852 | 43,501 | — | 43,501 | ||||||||||
Inventories | 79,759 | (310 | ) | 79,449 | |||||||||
Income tax receivable | 448 | — | 448 | ||||||||||
Prepaid expenses | 2,747 | — | 2,747 | ||||||||||
Total current assets | 157,410 | (310 | ) | 157,100 | |||||||||
Property, plant and equipment, net | 114,107 | 233 | 114,340 | ||||||||||
Goodwill | 5,310 | — | 5,310 | ||||||||||
Intangible assets, net | 9,329 | — | 9,329 | ||||||||||
Other assets | 2,892 | 2,071 | 4,963 | ||||||||||
Deferred income taxes | 1,005 | 3 | 1,008 | ||||||||||
Total assets | $ | 290,053 | $ | 1,997 | $ | 292,050 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable | $ | 42,473 | $ | (51 | ) | $ | 42,422 | ||||||
Accrued payroll expenses | 15,675 | 1,283 | 16,958 | ||||||||||
Short-term borrowings under revolving credit facility | 31,362 | — | 31,362 | ||||||||||
Short-term obligations under capital leases | 1,570 | — | 1,570 | ||||||||||
Short-term derivative liabilities | — | 1,729 | 1,729 | ||||||||||
Deferred income taxes | 500 | (24 | ) | 476 | |||||||||
Other current liabilities | 11,882 | (7,355 | ) | 4,527 | |||||||||
Total current liabilities | 103,462 | (4,418 | ) | 99,044 | |||||||||
Accrued postretirement benefits | 23,585 | (4,589 | ) | 18,996 | |||||||||
Other long-term liabilities—capital leases | 7,066 | — | 7,066 | ||||||||||
Accrued pension liabilities | 22,371 | 5,677 | 28,048 | ||||||||||
Accrued workers’ compensation liabilities | 3,639 | — | 3,639 | ||||||||||
Deferred income taxes | 1,815 | 27 | 1,842 | ||||||||||
Total liabilities | $ | 161,938 | $ | (3,303 | ) | $ | 158,635 | ||||||
Commitments and contingencies | |||||||||||||
Stockholders’ equity: | |||||||||||||
Preferred stock, $1.00 par value, 500,000 shares authorized and none issued | $ | — | $ | — | $ | — | |||||||
Common stock, $1.00 par value, 25,000,000 shares authorized; 16,186,372 issued and outstanding | 16,186 | — | 16,186 | ||||||||||
Additional paid-in capital | 36,470 | — | 36,470 | ||||||||||
Retained earnings | 129,784 | (666 | ) | 129,118 | |||||||||
Unearned ESOP shares | (30,437 | ) | — | (30,437 | ) | ||||||||
Less accumulated other comprehensive loss | (23,888 | ) | 5,966 | (17,922 | ) | ||||||||
Total stockholders’ equity | $ | 128,115 | $ | 5,300 | $ | 133,415 | |||||||
Total liabilities and stockholders’ equity | $ | 290,053 | $ | 1,997 | $ | 292,050 | |||||||
_______________ | |||||||||||||
-1 | For details see the introduction section included elsewhere in this Note 2. | ||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||
(In thousands, except share and per share data) | Year ended June 30, 2012 | ||||||||||||
Previously Reported | Adjustments(1) | As Restated | |||||||||||
Net sales | $ | 495,442 | $ | — | $ | 495,442 | |||||||
Cost of goods sold | 322,618 | (78 | ) | 322,540 | |||||||||
Gross profit | 172,824 | 78 | 172,902 | ||||||||||
Selling expenses | 150,641 | — | 150,641 | ||||||||||
General and administrative expenses | 36,897 | (2,675 | ) | 34,222 | |||||||||
Impairment losses on goodwill and intangible assets | 5,585 | — | 5,585 | ||||||||||
Pension withdrawal expense | 4,568 | — | 4,568 | ||||||||||
Operating expenses | 197,691 | (2,675 | ) | 195,016 | |||||||||
(Loss) income from operations | (24,867 | ) | 2,753 | (22,114 | ) | ||||||||
Other income (expense): | |||||||||||||
Dividend income | 1,231 | — | 1,231 | ||||||||||
Interest income | 214 | — | 214 | ||||||||||
Interest expense | (2,137 | ) | — | (2,137 | ) | ||||||||
Other, net | (4,117 | ) | — | (4,117 | ) | ||||||||
Total other expense | (4,809 | ) | — | (4,809 | ) | ||||||||
(Loss) income before taxes | (29,676 | ) | 2,753 | (26,923 | ) | ||||||||
Income tax benefit | (347 | ) | — | (347 | ) | ||||||||
Net (loss) income | $ | (29,329 | ) | $ | 2,753 | $ | (26,576 | ) | |||||
Net (loss) income per common share—basic and diluted | $ | (1.89 | ) | $ | (1.72 | ) | |||||||
Weighted average common shares outstanding—basic and diluted | 15,492,314 | 15,492,314 | |||||||||||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||
(In thousands) | Year Ended June 30, 2012 | ||||||||||||
Previously Reported | Adjustments(1) | As Restated | |||||||||||
Net (loss) income | $ | (29,329 | ) | $ | 2,753 | $ | (26,576 | ) | |||||
Other comprehensive (loss) income, net of tax: | |||||||||||||
Change in the funded status of retiree benefit obligations | (33,341 | ) | 6,767 | (26,574 | ) | ||||||||
Income tax benefit | — | — | — | ||||||||||
Total comprehensive (loss) income, net of tax | $ | (62,670 | ) | $ | 9,520 | $ | (53,150 | ) | |||||
_______________ | |||||||||||||
(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | |||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||
(In thousands, except share and per share data) | Year ended June 30, 2011 | ||||||||||||
Previously Reported | Adjustments(1) | As Restated | |||||||||||
Net sales | $ | 463,945 | $ | — | $ | 463,945 | |||||||
Cost of goods sold | 306,771 | (313 | ) | 306,458 | |||||||||
Gross profit | 157,174 | 313 | 157,487 | ||||||||||
Selling expenses | 170,670 | — | 170,670 | ||||||||||
General and administrative expenses | 47,121 | 2,258 | 49,379 | ||||||||||
Impairment losses on intangible assets | 7,805 | — | 7,805 | ||||||||||
Operating expenses | 225,596 | 2,258 | 227,854 | ||||||||||
Loss from operations | (68,422 | ) | (1,945 | ) | (70,367 | ) | |||||||
Other income (expense): | |||||||||||||
Dividend income | 2,534 | — | 2,534 | ||||||||||
Interest income | 178 | — | 178 | ||||||||||
Interest expense | (1,965 | ) | — | (1,965 | ) | ||||||||
Other, net | 4,191 | — | 4,191 | ||||||||||
Total other income | 4,938 | — | 4,938 | ||||||||||
Loss before taxes | (63,484 | ) | (1,945 | ) | (65,429 | ) | |||||||
Income tax benefit | (9,167 | ) | (4,229 | ) | (13,396 | ) | |||||||
Net (loss) income | $ | (54,317 | ) | $ | 2,284 | $ | (52,033 | ) | |||||
Net (loss) income per common share—basic and diluted | $ | (3.61 | ) | $ | (3.45 | ) | |||||||
Weighted average common shares outstanding—basic and diluted | 15,066,663 | 15,066,663 | |||||||||||
Cash dividends declared per common share | $ | 0.18 | $ | 0.18 | |||||||||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||
(In thousands) | Year Ended June 30, 2011 | ||||||||||||
Previously Reported | Adjustments(1) | As Restated | |||||||||||
Net loss (income) | $ | (54,317 | ) | $ | 2,284 | $ | (52,033 | ) | |||||
Other comprehensive (loss) income, net of tax: | |||||||||||||
Change in the funded status of retiree benefit obligations | 25,634 | 11,097 | 36,731 | ||||||||||
Income tax expense | (9,823 | ) | (4,230 | ) | (14,053 | ) | |||||||
Total comprehensive (loss) income, net of tax | $ | (38,506 | ) | $ | 9,151 | $ | (29,355 | ) | |||||
_______________ | |||||||||||||
(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | |||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||
(In thousands, except share and per share data) | Year ended June 30, 2010 | ||||||||||||
Previously Reported | Adjustments(1) | As Restated | |||||||||||
Net sales | $ | 450,318 | $ | — | $ | 450,318 | |||||||
Cost of goods sold | 252,754 | 1,932 | 254,686 | ||||||||||
Gross profit | 197,564 | (1,932 | ) | 195,632 | |||||||||
Selling expenses | 187,685 | (395 | ) | 187,290 | |||||||||
General and administrative expenses | 49,071 | (130 | ) | 48,941 | |||||||||
Operating expenses | 236,756 | (525 | ) | 236,231 | |||||||||
Loss from operations | (39,192 | ) | (1,407 | ) | (40,599 | ) | |||||||
Other income (expense): | |||||||||||||
Dividend income | 3,224 | — | 3,224 | ||||||||||
Interest income | 303 | — | 303 | ||||||||||
Interest expense | (986 | ) | — | (986 | ) | ||||||||
Other, net | 10,169 | — | 10,169 | ||||||||||
Total other income | 12,710 | — | 12,710 | ||||||||||
Loss before taxes | (26,482 | ) | (1,407 | ) | (27,889 | ) | |||||||
Income tax benefit | (2,529 | ) | (1 | ) | (2,530 | ) | |||||||
Net loss | $ | (23,953 | ) | $ | (1,406 | ) | $ | (25,359 | ) | ||||
Net loss per common share—basic and diluted | $ | (1.61 | ) | $ | (1.71 | ) | |||||||
Weighted average common shares outstanding—basic and diluted | 14,866,306 | 14,866,306 | |||||||||||
Cash dividends declared per common share | $ | 0.46 | $ | 0.46 | |||||||||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||
(In thousands) | Year Ended June 30, 2010 | ||||||||||||
Previously Reported | Adjustments(1) | As Restated | |||||||||||
Net loss | $ | (23,953 | ) | $ | (1,406 | ) | (25,359 | ) | |||||
Other comprehensive loss, net of tax: | |||||||||||||
Change in the funded status of retiree benefit obligations | (4,787 | ) | (1,151 | ) | (5,938 | ) | |||||||
Income tax expense | — | — | — | ||||||||||
Total comprehensive loss, net of tax | $ | (28,740 | ) | $ | (2,557 | ) | $ | (31,297 | ) | ||||
_______________ | |||||||||||||
(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | |||||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||||||||
(In thousands) | Year Ended June 30, 2012 | ||||||||||||
Previously Reported | Adjustments(1) | As Restated | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net (loss) income | $ | (29,329 | ) | $ | 2,753 | $ | (26,576 | ) | |||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 32,113 | — | 32,113 | ||||||||||
Recovery of doubtful accounts | (980 | ) | — | (980 | ) | ||||||||
Deferred income taxes | (78 | ) | — | (78 | ) | ||||||||
Impairment losses on goodwill and intangible assets | 5,585 | — | 5,585 | ||||||||||
Net gains on sales of assets | (268 | ) | — | (268 | ) | ||||||||
ESOP and share-based compensation expense | 3,287 | — | 3,287 | ||||||||||
Net losses on derivatives and investments | 6,175 | — | 6,175 | ||||||||||
Change in operating assets and liabilities: | |||||||||||||
Restricted cash | — | (1,153 | ) | (1,153 | ) | ||||||||
Short-term investments | (2,322 | ) | 825 | (1,497 | ) | ||||||||
Accounts and notes receivable | 3,745 | — | 3,745 | ||||||||||
Inventories | 13,314 | (78 | ) | 13,236 | |||||||||
Income tax receivable | (314 | ) | — | (314 | ) | ||||||||
Prepaid expenses and other assets | (711 | ) | (149 | ) | (860 | ) | |||||||
Accounts payable | (13,083 | ) | (358 | ) | (13,441 | ) | |||||||
Accrued payroll expenses and other liabilities | 3,112 | (1,163 | ) | 1,949 | |||||||||
Accrued postretirement benefits | 995 | 2,535 | 3,530 | ||||||||||
Other long-term liabilities | (3,108 | ) | (3,212 | ) | (6,320 | ) | |||||||
Net cash provided by operating activities | $ | 18,133 | $ | — | $ | 18,133 | |||||||
Cash flows from investing activities: | |||||||||||||
Purchases of property, plant and equipment | (17,498 | ) | — | (17,498 | ) | ||||||||
Proceeds from sales of property, plant and equipment | 3,037 | — | 3,037 | ||||||||||
Net cash used in investing activities | $ | (14,461 | ) | $ | — | $ | (14,461 | ) | |||||
Cash flows from financing activities: | |||||||||||||
Proceeds from revolving credit facility | 17,250 | — | 17,250 | ||||||||||
Repayments on revolving credit facility | (21,200 | ) | — | (21,200 | ) | ||||||||
Payments of capital lease obligations | (1,897 | ) | — | (1,897 | ) | ||||||||
Net cash used in financing activities | $ | (5,847 | ) | $ | — | $ | (5,847 | ) | |||||
Net decrease in cash and cash equivalents | $ | (2,175 | ) | $ | — | $ | (2,175 | ) | |||||
Cash and cash equivalents at beginning of year | 6,081 | 6,081 | |||||||||||
Cash and cash equivalents at end of year | $ | 3,906 | $ | — | $ | 3,906 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||||
Cash paid for interest | $ | 2,123 | $ | — | $ | 2,123 | |||||||
Cash paid for income taxes | $ | 317 | $ | — | $ | 317 | |||||||
Non-cash financing and investing activities: | |||||||||||||
Equipment acquired under capital leases | $ | 9,508 | $ | — | $ | 9,508 | |||||||
_______________ | |||||||||||||
-1 | See the introduction section included elsewhere in this Note 2. | ||||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||||||||
(In thousands) | Year Ended June 30, 2011 | ||||||||||||
Previously Reported | Adjustments (1) | As Restated | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net (loss) income | $ | (54,317 | ) | $ | 2,284 | $ | (52,033 | ) | |||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 31,758 | — | 31,758 | ||||||||||
Provision for doubtful accounts | 2,024 | — | 2,024 | ||||||||||
Deferred income taxes | 336 | 2 | 338 | ||||||||||
Impairment losses on goodwill and intangible assets | 7,805 | — | 7,805 | ||||||||||
Net losses on sales of assets | 358 | — | 358 | ||||||||||
ESOP and share-based compensation expense | 3,825 | — | 3,825 | ||||||||||
Net gains on derivatives and investments | (1,312 | ) | — | (1,312 | ) | ||||||||
Change in operating assets and liabilities: | |||||||||||||
Restricted cash | — | (460 | ) | (460 | ) | ||||||||
Short-term investments | 27,381 | 913 | 28,294 | ||||||||||
Accounts and notes receivable | (2,929 | ) | — | (2,929 | ) | ||||||||
Inventories | 3,952 | (312 | ) | 3,640 | |||||||||
Income tax receivable | 5,392 | — | 5,392 | ||||||||||
Prepaid expenses and other assets | (434 | ) | 834 | 400 | |||||||||
Accounts payable | 12,997 | (504 | ) | 12,493 | |||||||||
Accrued payroll expenses and other liabilities | 2,112 | 44 | 2,156 | ||||||||||
Accrued postretirement benefits | 1,399 | (10,956 | ) | (9,557 | ) | ||||||||
Other long-term liabilities | (6,410 | ) | 8,155 | 1,745 | |||||||||
Net cash provided by operating activities | $ | 33,937 | $ | — | $ | 33,937 | |||||||
Cash flows from investing activities: | |||||||||||||
Purchases of property, plant and equipment | (19,416 | ) | — | (19,416 | ) | ||||||||
Proceeds from sales of property, plant and equipment | 2,021 | — | 2,021 | ||||||||||
Net cash used in investing activities | $ | (17,395 | ) | $ | — | $ | (17,395 | ) | |||||
Cash flows from financing activities: | |||||||||||||
Proceeds from revolving credit facility | 35,450 | — | 35,450 | ||||||||||
Repayments on revolving credit facility | (43,970 | ) | — | (43,970 | ) | ||||||||
Payments of capital lease obligations | (1,433 | ) | — | (1,433 | ) | ||||||||
Dividends paid | (4,657 | ) | — | (4,657 | ) | ||||||||
Net cash used in financing activities | $ | (14,610 | ) | $ | — | $ | (14,610 | ) | |||||
Net increase in cash and cash equivalents | $ | 1,932 | $ | — | $ | 1,932 | |||||||
Cash and cash equivalents at beginning of year | 4,149 | — | 4,149 | ||||||||||
Cash and cash equivalents at end of year | $ | 6,081 | $ | — | $ | 6,081 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||||
Cash paid for interest | $ | 1,945 | $ | — | $ | 1,945 | |||||||
Cash paid for income taxes | $ | 324 | $ | — | $ | 324 | |||||||
Non-cash financing and investing activities: | |||||||||||||
Equipment acquired under capital leases | $ | 5,659 | $ | — | $ | 5,659 | |||||||
Dividends accrued, but not paid | |||||||||||||
_______________ | |||||||||||||
-1 | See the introduction section included elsewhere in this Note 2. | ||||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||||||||
(In thousands) | Year Ended June 30, 2010 | ||||||||||||
Previously Reported | Adjustments (1) | As Restated | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net loss | $ | (23,953 | ) | $ | (1,406 | ) | $ | (25,359 | ) | ||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 26,778 | — | 26,778 | ||||||||||
Provision for doubtful accounts | 3,188 | — | 3,188 | ||||||||||
Deferred income taxes | 758 | 427 | 1,185 | ||||||||||
Net losses on sales of assets | 430 | — | 430 | ||||||||||
ESOP and share-based compensation expense | 4,785 | (1 | ) | 4,784 | |||||||||
Net gain on derivatives and investments | (9,382 | ) | — | (9,382 | ) | ||||||||
Change in operating assets and liabilities: | |||||||||||||
Restricted cash | — | — | — | ||||||||||
Short-term investments | 1,365 | (453 | ) | 912 | |||||||||
Accounts and notes receivable | (40 | ) | — | (40 | ) | ||||||||
Inventories | (14,751 | ) | 1,932 | (12,819 | ) | ||||||||
Income tax receivable | (1,677 | ) | — | (1,677 | ) | ||||||||
Prepaid expenses and other assets | 178 | (187 | ) | (9 | ) | ||||||||
Accounts payable | (738 | ) | 617 | (121 | ) | ||||||||
Accrued payroll expenses and other liabilities | 2,904 | (542 | ) | 2,362 | |||||||||
Accrued postretirement benefits | 3,926 | 1,302 | 5,228 | ||||||||||
Other long-term liabilities | 5,182 | (1,689 | ) | 3,493 | |||||||||
Net cash provided by operating activities | $ | (1,047 | ) | $ | — | $ | (1,047 | ) | |||||
Cash flows from investing activities: | |||||||||||||
Purchases of property, plant and equipment | (28,484 | ) | — | (28,484 | ) | ||||||||
Proceeds from sales of property, plant and equipment | 437 | — | 437 | ||||||||||
Net cash used in investing activities | $ | (28,047 | ) | $ | — | $ | (28,047 | ) | |||||
Cash flows from financing activities: | |||||||||||||
Proceeds from revolving credit facility | 33,737 | — | 33,737 | ||||||||||
Repayments on revolving credit facility | (12,756 | ) | — | (12,756 | ) | ||||||||
Payments of capital lease obligations | (837 | ) | — | (837 | ) | ||||||||
Dividends paid | (6,939 | ) | — | (6,939 | ) | ||||||||
Net cash used in financing activities | $ | 13,205 | $ | — | $ | 13,205 | |||||||
Net decrease in cash and cash equivalents | $ | (15,889 | ) | $ | — | $ | (15,889 | ) | |||||
Cash and cash equivalents at beginning of year | 20,038 | — | 20,038 | ||||||||||
Cash and cash equivalents at end of year | $ | 4,149 | $ | — | $ | 4,149 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||||
Cash paid for interest | $ | 890 | $ | — | $ | 890 | |||||||
Cash paid for income taxes | $ | 154 | $ | — | $ | 154 | |||||||
Non-cash financing and investing activities: | |||||||||||||
Equipment acquired under capital leases | $ | 3,954 | $ | — | $ | 3,954 | |||||||
Dividends accrued, but not paid | $ | 1,849 | $ | — | $ | 1,849 | |||||||
_______________ | |||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Schedule of Fair Values of Derivative Instruments on the Consolidated Balance Sheets | Fair values of derivative instruments on the consolidated balance sheets (in thousands): | ||||||||||||||||
Derivatives Designated as Cash Flow Hedges | Derivatives Not Designated as Accounting Hedges | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Financial Statement Location: | As Restated | As Restated | |||||||||||||||
Short-term investments: | |||||||||||||||||
Coffee-related derivatives | $ | — | $ | — | $ | 4 | $ | 339 | |||||||||
Short-term derivative liability: | |||||||||||||||||
Coffee futures | $ | 9,331 | $ | — | $ | 565 | $ | 737 | |||||||||
Other current liabilities: | |||||||||||||||||
Interest rate swap | $ | — | $ | — | $ | 25 | $ | — | |||||||||
Long-term derivative liability: | |||||||||||||||||
Coffee futures | $ | 1,129 | $ | — | $ | — | $ | — | |||||||||
Schedule of Pretax Effect of Derivative Instruments on Earnings and OCI | The following table presents pretax net gains and losses for the Company's coffee-related derivative instruments designated as cash flow hedges, as recognized in "Cost of goods sold," "Accumulated other comprehensive income" ("AOCI") and "Other, net" (in thousands): | ||||||||||||||||
Year Ended June 30, | |||||||||||||||||
2013 | 2012 | 2011 | Financial Statement Classification | ||||||||||||||
Net gains recognized in earnings (effective portion) | $ | 55 | $ | — | $ | — | Costs of goods sold | ||||||||||
Net losses recognized in other comprehensive income (loss) (effective portion) | $ | (7,921 | ) | $ | — | $ | — | AOCI | |||||||||
Net losses recognized in earnings (ineffective portion) | $ | (447 | ) | $ | — | $ | — | Other, net | |||||||||
Schedule of Net Realized and Unrealized Gains and Losses Recorded in 'Other, net' | Net realized and unrealized gains and losses recorded in "Other, net" are as follows: | ||||||||||||||||
Year Ended June 30, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(In thousands) | |||||||||||||||||
Realized (losses) gains, net | $ | (8,676 | ) | $ | (8,577 | ) | $ | 916 | |||||||||
Unrealized (losses) gains, net | (2,661 | ) | 1,248 | (2,402 | ) | ||||||||||||
Net realized and unrealized losses from coffee-related derivatives not designated as accounting hedges | (11,337 | ) | (7,329 | ) | (1,486 | ) | |||||||||||
Net realized and unrealized gains from investments | 230 | 1,154 | 2,798 | ||||||||||||||
Net unrealized losses from interest rate swap | (25 | ) | — | — | |||||||||||||
Net (losses) gains on derivatives and investments | (11,132 | ) | (6,175 | ) | 1,312 | ||||||||||||
Net gains from sales of assets | 4,467 | 1,375 | 1,359 | ||||||||||||||
Other gains, net | 1,700 | 683 | 1,520 | ||||||||||||||
Other, net | $ | (4,965 | ) | $ | (4,117 | ) | $ | 4,191 | |||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Schedule of Gross Unrealized Losses and Fair Values of Investments in Continuos Unrealized Loss Position | The following tables show gross unrealized losses (although such losses have been recognized in the consolidated statements of operations) and fair value for those investments that were in an unrealized loss position as of June 30, 2013 and 2012, aggregated by the length of time those investments have been in a continuous loss position: | ||||||||||||||||
June 30, 2013 | |||||||||||||||||
Less than 12 Months | Total | ||||||||||||||||
(In thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||
Preferred stock | $ | 5,391 | $ | (161 | ) | $ | 7,318 | $ | (228 | ) | |||||||
30-Jun-12 | |||||||||||||||||
Less than 12 Months | Total | ||||||||||||||||
(In thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||
Preferred stock | $ | 1,750 | $ | (16 | ) | $ | 2,891 | $ | (40 | ) | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis | Assets and liabilities measured and recorded at fair value on a recurring basis were as follows (in thousands): | ||||||||||||||||
30-Jun-13 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Preferred stock(1) | $ | 20,542 | $ | 15,738 | $ | 4,804 | $ | — | |||||||||
Futures, options and other derivative assets(1) | $ | 4 | $ | — | $ | 4 | $ | — | |||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||
Coffee-related derivative liabilities | $ | 10,460 | $ | 10,460 | $ | — | $ | — | |||||||||
Derivatives not designated as accounting hedges: | |||||||||||||||||
Coffee-related derivative liabilities | $ | 565 | $ | 565 | $ | — | $ | — | |||||||||
Derivative liabilities — interest rate swap | $ | 25 | $ | — | $ | 25 | $ | — | |||||||||
June 30, 2012 (As Restated) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Preferred stock(1) | $ | 19,395 | $ | 14,078 | $ | 5,317 | $ | — | |||||||||
Futures, options and other derivative assets(1) | $ | 341 | $ | — | $ | 341 | $ | — | |||||||||
Derivative liabilities | $ | 737 | $ | — | $ | 737 | $ | — | |||||||||
____________________ | |||||||||||||||||
-1 | Included in "Short-term investments" on the consolidated balance sheets. |
Accounts_and_Notes_Receivable_1
Accounts and Notes Receivable, net (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Receivables [Abstract] | |||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | |||||||||
June 30, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Trade receivables | $ | 43,965 | $ | 40,687 | |||||
Other receivables | 1,072 | 1,921 | |||||||
Allowance for doubtful accounts | (1,115 | ) | (1,872 | ) | |||||
$ | 43,922 | $ | 40,736 | ||||||
Schedule of Accounts, Notes, Loans and Financing Receivable, Valuation Allowance | Allowance for doubtful accounts: | ||||||||
(In thousands) | |||||||||
Balance at June 30, 2010 | $ | (3,293 | ) | ||||||
Additions | (2,024 | ) | |||||||
Write-offs | 2,465 | ||||||||
Balance at June 30, 2011 | (2,852 | ) | |||||||
Recovery | 980 | ||||||||
Write-offs | — | ||||||||
Balance at June 30, 2012 | (1,872 | ) | |||||||
Recovery | 757 | ||||||||
Write-offs | — | ||||||||
Balance at June 30, 2013 | $ | (1,115 | ) |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||
Schedule of Inventory, Current | |||||||||||||
June 30, 2013 | Processed | Unprocessed | Total | ||||||||||
(In thousands) | |||||||||||||
Coffee | $ | 12,553 | $ | 12,796 | $ | 25,349 | |||||||
Tea and culinary products | 21,406 | 4,194 | 25,600 | ||||||||||
Coffee brewing equipment | 5,144 | 4,774 | 9,918 | ||||||||||
$ | 39,103 | $ | 21,764 | $ | 60,867 | ||||||||
Processed | Unprocessed | Total | |||||||||||
June 30, 2012 | (In thousands) | ||||||||||||
Coffee | $ | 15,485 | $ | 11,836 | $ | 27,321 | |||||||
Tea and culinary products | 24,502 | 4,817 | 29,319 | ||||||||||
Coffee brewing equipment | 3,977 | 5,364 | 9,341 | ||||||||||
$ | 43,964 | $ | 22,017 | $ | 65,981 | ||||||||
Current Cost in Excess of LIFO | Current cost of coffee, tea and culinary inventories exceeds the LIFO cost by: | ||||||||||||
June 30, | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Coffee | $ | 27,755 | $ | 34,844 | |||||||||
Tea and culinary products | 7,757 | 7,239 | |||||||||||
Total | $ | 35,512 | $ | 42,083 | |||||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |
Jun. 30, 2013 | ||
Property, Plant and Equipment [Abstract] | ||
Property, Plant and Equipment | The following useful lives are used: | |
Buildings and facilities | 10 to 30 years | |
Machinery and equipment | 3 to 5 years | |
Equipment under capital leases | Term of lease | |
Office furniture and equipment | 5 years | |
Capitalized software | 3 years | |
N |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Schedule of Intangible Assets and Goodwill | The following is a summary of the Company’s amortized and unamortized intangible assets other than goodwill, along with amortization expense on these intangible assets for the past three fiscal years and estimated aggregate amortization expense for each of the next five fiscal years: | ||||||||||||||||
30-Jun-13 | 30-Jun-12 | ||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
(In thousands) | |||||||||||||||||
Amortized intangible assets: | |||||||||||||||||
Customer relationships | $ | 10,083 | $ | (9,434 | ) | $ | 10,083 | $ | (8,188 | ) | |||||||
Total amortized intangible assets | $ | 10,083 | $ | (9,434 | ) | $ | 10,083 | $ | (8,188 | ) | |||||||
Unamortized intangible assets: | |||||||||||||||||
Tradenames with indefinite lives | $ | 3,640 | $ | — | $ | 3,640 | $ | — | |||||||||
Trademarks with indefinite lives | 1,988 | — | 2,080 | — | |||||||||||||
Total unamortized intangible assets | $ | 5,628 | $ | — | $ | 5,720 | $ | — | |||||||||
Total intangible assets | $ | 15,711 | $ | (9,434 | ) | $ | 15,803 | $ | (8,188 | ) | |||||||
Aggregate amortization expense for the past three fiscal years: | |||||||||||||||||
For the fiscal year ended June 30, 2013 | $ | 1,246 | |||||||||||||||
For the fiscal year ended June 30, 2012 | $ | 1,439 | |||||||||||||||
For the fiscal year ended June 30, 2011 | $ | 2,948 | |||||||||||||||
Estimated amortization expense for each of the next five fiscal years: | |||||||||||||||||
For the fiscal year ending June 30, 2014 | $ | 649 | |||||||||||||||
Remaining weighted average amortization periods for intangible assets with finite lives are as follows: | |||||||||||||||||
Customer relationships (years) | 0.8 | ||||||||||||||||
Summary of the Changes in the Carrying Value of Goodwill | |||||||||||||||||
Summary of changes in the carrying value of goodwill: | |||||||||||||||||
Balance at June 30, 2011 | $ | 5,310 | |||||||||||||||
Reclassification | (165 | ) | |||||||||||||||
Impairment loss | (5,145 | ) | |||||||||||||||
Balance at June 30, 2012 | $ | — | |||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Jun. 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations and Funded Status of Pension Plan | Obligations and Funded Status | |||||||||||||||||||||||||||||||||||||||||||||||||
Farmer Bros. Plan | Brewmatic Plan | Hourly Employees’ Plan | ||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit obligation at the beginning of the year | $ | 124,828 | $ | 107,071 | $ | 4,022 | $ | 3,662 | $ | 1,520 | $ | 1,055 | ||||||||||||||||||||||||||||||||||||||
Service cost | — | — | 59 | 39 | 418 | 456 | ||||||||||||||||||||||||||||||||||||||||||||
Interest cost | 5,550 | 5,846 | 176 | 197 | 69 | 59 | ||||||||||||||||||||||||||||||||||||||||||||
Plan participant contributions | — | 81 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | 1,333 | 17,066 | (24 | ) | 416 | 56 | (38 | ) | ||||||||||||||||||||||||||||||||||||||||||
Benefits paid | (5,506 | ) | (5,236 | ) | (287 | ) | (292 | ) | (7 | ) | (12 | ) | ||||||||||||||||||||||||||||||||||||||
Effect of curtailment | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Projected benefit obligation at the end of the year | $ | 126,205 | $ | 124,828 | $ | 3,946 | $ | 4,022 | $ | 2,056 | $ | 1,520 | ||||||||||||||||||||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at the beginning of the year | $ | 82,110 | $ | 80,448 | $ | 2,718 | $ | 2,871 | $ | 1,013 | $ | 421 | ||||||||||||||||||||||||||||||||||||||
Actual return on plan assets | 10,145 | 246 | 322 | (25 | ) | 125 | (4 | ) | ||||||||||||||||||||||||||||||||||||||||||
Employer contributions | 1,348 | 6,571 | 310 | 164 | 117 | 608 | ||||||||||||||||||||||||||||||||||||||||||||
Plan participant contributions | — | 81 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Benefits paid | (5,506 | ) | (5,236 | ) | (287 | ) | (292 | ) | (7 | ) | (12 | ) | ||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at the end of the year | $ | 88,097 | $ | 82,110 | $ | 3,063 | $ | 2,718 | $ | 1,248 | $ | 1,013 | ||||||||||||||||||||||||||||||||||||||
Funded status at end of year (underfunded) overfunded | $ | (38,108 | ) | $ | (42,718 | ) | $ | (883 | ) | $ | (1,304 | ) | $ | (808 | ) | $ | (507 | ) | ||||||||||||||||||||||||||||||||
Amounts recognized in consolidated balance sheet | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-current assets | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||
Current liabilities | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Non-current liabilities | (38,108 | ) | (42,718 | ) | (883 | ) | (1,304 | ) | (808 | ) | (507 | ) | ||||||||||||||||||||||||||||||||||||||
Total | $ | (38,108 | ) | $ | (42,718 | ) | $ | (883 | ) | $ | (1,304 | ) | $ | (808 | ) | $ | (507 | ) | ||||||||||||||||||||||||||||||||
Amounts recognized in consolidated balance sheet | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total net (gain) loss | $ | 44,841 | $ | 48,720 | $ | 1,878 | $ | 2,154 | $ | 108 | $ | 90 | ||||||||||||||||||||||||||||||||||||||
Transition (asset) obligation | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | — | — | — | 53 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total accumulated OCI (not adjusted for applicable tax) | $ | 44,841 | $ | 48,720 | $ | 1,878 | $ | 2,207 | $ | 108 | $ | 90 | ||||||||||||||||||||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations | ||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 4.5 | % | 4.55 | % | 4.5 | % | 4.55 | % | 4.5 | % | 4.55 | % | ||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | values of plan assets were as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
30-Jun-13 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||
Farmer Bros. Plan | $ | 88,097 | $ | — | $ | 88,097 | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Brewmatic Plan | $ | 3,063 | $ | — | $ | 3,063 | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Hourly Employees’ Plan | $ | 1,248 | $ | — | $ | 1,248 | $ | — | ||||||||||||||||||||||||||||||||||||||||||
30-Jun-12 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||
Farmer Bros. Plan | $ | 82,110 | $ | — | $ | 78,006 | $ | 4,104 | ||||||||||||||||||||||||||||||||||||||||||
Brewmatic Plan | $ | 2,718 | $ | — | $ | 2,582 | $ | 136 | ||||||||||||||||||||||||||||||||||||||||||
Hourly Employees’ Plan | $ | 1,013 | $ | — | $ | 947 | $ | 66 | ||||||||||||||||||||||||||||||||||||||||||
Additional Disclosures | ||||||||||||||||||||||||||||||||||||||||||||||||||
Farmer Bros. Plan | Brewmatic Plan | Hourly Employees’ Plan | ||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||
($ In thousands) | ($ In thousands) | ($ In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Comparison of obligations to plan assets | ||||||||||||||||||||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 126,205 | $ | 124,828 | $ | 3,946 | $ | 4,022 | $ | 2,056 | $ | 1,520 | ||||||||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 126,205 | $ | 124,828 | $ | 3,946 | $ | 4,022 | $ | 2,056 | $ | 1,520 | ||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at measurement date | $ | 88,097 | $ | 82,110 | $ | 3,063 | $ | 2,718 | $ | 1,248 | $ | 1,013 | ||||||||||||||||||||||||||||||||||||||
Plan assets by category | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | $ | 58,681 | $ | 53,396 | $ | 2,059 | $ | 1,767 | $ | 811 | $ | 686 | ||||||||||||||||||||||||||||||||||||||
Debt securities | 24,822 | 24,610 | 843 | 815 | 375 | 261 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate | 4,594 | 4,104 | 161 | 136 | 62 | 66 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 88,097 | $ | 82,110 | $ | 3,063 | $ | 2,718 | $ | 1,248 | $ | 1,013 | ||||||||||||||||||||||||||||||||||||||
Plan assets by category | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | 67 | % | 65 | % | 67 | % | 65 | % | 65 | % | 68 | % | ||||||||||||||||||||||||||||||||||||||
Debt securities | 28 | % | 30 | % | 28 | % | 30 | % | 30 | % | 26 | % | ||||||||||||||||||||||||||||||||||||||
Real estate | 5 | % | 5 | % | 5 | % | 5 | % | 5 | % | 6 | % | ||||||||||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||
Schedule of Level Three Defined Benefit Plan Assets Roll Forward | The following is a reconciliation of asset balances with Level 3 input pricing: | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Total Gains | Settlements | Transfers | Ending | ||||||||||||||||||||||||||||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||||||||||||||||||||||||||
30-Jun-13 | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Farmer Bros. Plan | $ | 4,104 | $ | — | $ | — | $ | (4,104 | ) | $ | — | |||||||||||||||||||||||||||||||||||||||
Brewmatic Plan | $ | 136 | $ | — | $ | — | $ | (136 | ) | $ | — | |||||||||||||||||||||||||||||||||||||||
Hourly Employees’ Plan | $ | 66 | $ | — | $ | — | $ | (66 | ) | $ | — | |||||||||||||||||||||||||||||||||||||||
Beginning | Total Gains | Settlements | Ending | Unrealized | ||||||||||||||||||||||||||||||||||||||||||||||
Balance | Balance | Gains | ||||||||||||||||||||||||||||||||||||||||||||||||
30-Jun-12 | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Farmer Bros. Plan | $ | 4,711 | $ | 561 | $ | (1,168 | ) | $ | 4,104 | $ | 561 | |||||||||||||||||||||||||||||||||||||||
Brewmatic Plan | $ | 167 | $ | 19 | $ | (50 | ) | $ | 136 | $ | 19 | |||||||||||||||||||||||||||||||||||||||
Hourly Employees’ Plan | $ | 25 | $ | 5 | $ | 36 | $ | 66 | $ | 5 | ||||||||||||||||||||||||||||||||||||||||
The following is the target asset allocation for the Company's single employer pension plans for fiscal 2014: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets | Target Plan Asset Allocation for Farmer Bros. Plan, Brewmatic Plan and Hourly Employees' Plan | |||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. large cap equity securities | 35.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. small cap equity securities | 9.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
International equity securities | 15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | 30 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Real estate | 10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Future Benefit Payments (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ending | ||||||||||||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | $ | 640 | ||||||||||||||||||||||||||||||||||||||||||||||||
30-Jun-15 | $ | 762 | ||||||||||||||||||||||||||||||||||||||||||||||||
30-Jun-16 | $ | 836 | ||||||||||||||||||||||||||||||||||||||||||||||||
30-Jun-17 | $ | 913 | ||||||||||||||||||||||||||||||||||||||||||||||||
30-Jun-18 | $ | 1,034 | ||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2019 to June 30, 2023 | $ | 6,522 | ||||||||||||||||||||||||||||||||||||||||||||||||
Expected Contributions (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | $ | 640 | ||||||||||||||||||||||||||||||||||||||||||||||||
The following benefit payments are expected to be paid over the next 10 fiscal years: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated future benefit payments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ending | Farmer Bros. Plan | Brewmatic Plan | Hourly Employees’ | |||||||||||||||||||||||||||||||||||||||||||||||
Plan | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | $ | 5,970 | $ | 290 | $ | 34 | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2015 | $ | 6,110 | $ | 290 | $ | 47 | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2016 | $ | 6,260 | $ | 280 | $ | 64 | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2017 | $ | 6,520 | $ | 280 | $ | 81 | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2018 | $ | 6,740 | $ | 290 | $ | 100 | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2019 to June 30, 2023 | $ | 37,640 | $ | 1,380 | $ | 810 | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Multiemployer Plans | The Company's participation in WCTPP is outlined in the table below. The Pension Protection Act (“PPA”) Zone Status available in the Company's fiscal year 2013 and fiscal year 2012 is for the plan's year ended December 31, 2012 and December 31, 2011, respectively. The zone status is based on information obtained from WCTPP and is certified by WCTPP's actuary. Among other factors, plans in the green zone are generally more than 80% funded. Based on WCTPP's annual report on Form 5500, WCTPP was 90.0% and 90.3% funded for its plan year beginning January 1, 2013 and 2012, respectively. The “FIP/RP Status Pending/Implemented” column indicates if a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. | |||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plan | Employer | Pension | PPA Zone Status | FIP/RP | Surcharge | Expiration Date | ||||||||||||||||||||||||||||||||||||||||||||
Identification | Plan | Status | Imposed | of Collective | ||||||||||||||||||||||||||||||||||||||||||||||
Number | Number | July 1, | July 1, | Pending/ | Bargaining | |||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | Implemented | Agreements | |||||||||||||||||||||||||||||||||||||||||||||||
Western Conference of Teamsters Pension Plan | 91-6145047 | 1 | Green | Green | No | No | January 2014 to June 2017 | |||||||||||||||||||||||||||||||||||||||||||
Company contributions to the multiemployer pension plans: | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | WCTPP(1)(2)(3) | All other Plans(4) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended: | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | $ | 3,064 | $ | 37 | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2012 | $ | 3,048 | $ | 113 | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2011 | $ | 2,929 | $ | 254 | ||||||||||||||||||||||||||||||||||||||||||||||
____________ | ||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Individually significant plan. | |||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Less than 5% of total contribution to WCTPP based on WCTPP's most recent annual report on Form 5500 for the calendar year ended December 31, 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||
-3 | The Company guarantees that one hundred seventy-three (173) hours will be contributed upon for all employees who are compensated for all available straight time hours for each calendar month. An additional 6.5% of the basic contribution must be paid for PEER or the Program for Enhanced Early Retirement. | |||||||||||||||||||||||||||||||||||||||||||||||||
-4 | Includes plans that are not individually significant. | |||||||||||||||||||||||||||||||||||||||||||||||||
Postretrement Prior Service Cost | The tables below show the remaining bases for the transition (asset) obligation, prior service cost (credit), and the calculation of the amortizable gain or loss. | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization Schedule | ||||||||||||||||||||||||||||||||||||||||||||||||||
Transition (Asset) Obligation: The transition (asset) obligations have been fully amortized. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) (dollars in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Date Established | Balance at | Annual | Years Remaining | Curtailment | Balance at | |||||||||||||||||||||||||||||||||||||||||||||
1-Jul-12 | Amortization | 30-Jun-13 | ||||||||||||||||||||||||||||||||||||||||||||||||
1-Jan-08 | $ | (1,653 | ) | $ | 230 | 7.2 | — | $ | (1,423 | ) | ||||||||||||||||||||||||||||||||||||||||
July 1, 2012 | (17,581 | ) | 1,527 | 11.5 | — | (16,054 | ) | |||||||||||||||||||||||||||||||||||||||||||
$ | (19,234 | ) | $ | 1,757 | $ | (17,477 | ) | |||||||||||||||||||||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retiree Medical Plan | Death Benefit | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
As Restated | As Restated | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of Net (Gain) Loss (dollars in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net (gain) loss as of July 1 | $ | (12,087 | ) | $ | (3,941 | ) | $ | 1,850 | $ | 2,231 | ||||||||||||||||||||||||||||||||||||||||
Asset (gains) losses not yet recognized in market related value of assets | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net (gain) loss subject to amortization | (12,087 | ) | (3,941 | ) | 1,850 | 2,231 | ||||||||||||||||||||||||||||||||||||||||||||
Corridor (10% of greater of APBO or assets) | 872 | 1,527 | (798 | ) | (806 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Net (gain) loss in excess of corridor | $ | (11,215 | ) | $ | (2,414 | ) | $ | 1,052 | $ | 1,425 | ||||||||||||||||||||||||||||||||||||||||
Amortization years | 11.1 | 11.9 | 8 | 8.8 | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The following table shows the components of net periodic postretirement benefit cost for the fiscal years ended June 30, 2013, 2012 and 2011. Net periodic postretirement benefit cost for fiscal 2013 was based on employee census information as of July 1, 2012 and asset information as of June 30, 2013. | Components of Net Periodic Benefit Cost and | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Changes Recognized in Other Comprehensive Income (Loss) (OCI) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended June 30, | Farmer Bros. Plan | Brewmatic Plan | Hourly Employees’ Plan | |||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||||||
As Restated | As Restated | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Postretirement Benefit Cost: | (In thousands) | (In thousands) | (In thousands) | (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 1,972 | $ | 1,817 | $ | 1,617 | Components of net periodic benefit cost | |||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | 59 | $ | 39 | $ | 418 | $ | 456 | ||||||||||||||||||||||||||||||||||||||
Interest cost | 969 | 1,100 | 1,496 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | 5,550 | 5,846 | 176 | 197 | 69 | 59 | ||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (6,355 | ) | (6,569 | ) | (196 | ) | (213 | ) | (87 | ) | (28 | ) | ||||||||||||||||||||||||||||||||||||||
Amortization of net gain | 17 | (164 | ) | (712 | ) | Amortization of net (gain) loss | 1,422 | 570 | 126 | 87 | — | — | ||||||||||||||||||||||||||||||||||||||
Amortization of unrecognized transition (asset) obligation | — | — | — | Amortization of prior service cost (credit) | — | — | 19 | 18 | — | — | ||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | (1,757 | ) | (1,757 | ) | (358 | ) | Amount recognized due to special event (curtailment) | — | — | 34 | — | — | — | |||||||||||||||||||||||||||||||||||||
Net periodic postretirement benefit cost | $ | 1,201 | $ | 996 | $ | 2,043 | ||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 617 | $ | (153 | ) | $ | 218 | $ | 128 | $ | 400 | $ | 487 | |||||||||||||||||||||||||||||||||||||
Other changes recognized in OCI | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended June 30, | Net (gain) loss | $ | (2,456 | ) | $ | 23,389 | $ | (150 | ) | $ | 654 | $ | 18 | $ | (6 | ) | ||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
As Restated | Prior service cost (credit) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI: | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Unrecognized actuarial loss (gain) | $ | (8,520 | ) | $ | 1,419 | Amortization of net gain (loss) | (1,422 | ) | (570 | ) | (126 | ) | (87 | ) | — | — | ||||||||||||||||||||||||||||||||||
Unrecognized transition (asset) obligation | — | — | Amortization of transition asset (obligation) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Unrecognized prior service cost | — | — | Amortization of prior service (cost) credit | — | — | (19 | ) | (18 | ) | — | — | |||||||||||||||||||||||||||||||||||||||
Amortization of net loss | (17 | ) | 164 | Amount recognized due to special event (curtailment) | — | — | (34 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | 1,757 | 1,757 | Total recognized in OCI | $ | (3,878 | ) | $ | 22,819 | $ | (329 | ) | $ | 549 | $ | 18 | $ | (6 | ) | ||||||||||||||||||||||||||||||||
Total recognized in OCI | (6,780 | ) | 3,340 | Total recognized in net periodic benefit cost and OCI | $ | (3,261 | ) | $ | 22,666 | $ | (111 | ) | $ | 677 | $ | 418 | $ | 481 | ||||||||||||||||||||||||||||||||
Net periodic benefit cost | 1,201 | 996 | Weighted-average assumptions used to determine net periodic benefit cost | |||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 4.55 | % | 5.6 | % | 4.55 | % | 5.6 | % | 4.55 | % | 5.6 | % | ||||||||||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost and OCI | $ | (5,579 | ) | $ | 4,336 | Expected long-term return on plan assets | 8 | % | 8.25 | % | 8 | % | 8.25 | % | 8 | % | 8.25 | % | ||||||||||||||||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | N/A | 3 | % | |||||||||||||||||||||||||||||||||||||||||||
The following tables provide a reconciliation of the benefit obligation and plan assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
As Restated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Benefit Obligation: | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Projected postretirement benefit obligation at beginning of year | $ | 23,325 | $ | 19,957 | ||||||||||||||||||||||||||||||||||||||||||||||
Service cost | 1,972 | 1,817 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | 969 | 1,100 | ||||||||||||||||||||||||||||||||||||||||||||||||
Participant contributions | 729 | 665 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amendments | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial (gains) losses | (8,520 | ) | 1,419 | |||||||||||||||||||||||||||||||||||||||||||||||
Benefits paid | (1,774 | ) | (1,633 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Projected postretirement benefit obligation at end of year | $ | 16,701 | $ | 23,325 | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
As Restated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Plan Assets: | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||
Actual return on assets | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Employer contributions | 1,045 | 968 | ||||||||||||||||||||||||||||||||||||||||||||||||
Participant contributions | 729 | 665 | ||||||||||||||||||||||||||||||||||||||||||||||||
Benefits paid | (1,774 | ) | (1,633 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at end of year | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
Funded status of plan | $ | (16,701 | ) | $ | (23,325 | ) | ||||||||||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
As Restated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts Recognized in the Consolidated Balance Sheet Consist of: | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-current assets | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities | (625 | ) | (799 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Non-current liabilities | (16,076 | ) | (22,526 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | (16,701 | ) | $ | (23,325 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
As Restated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts Recognized in Accumulated OCI Consist of: | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net gain | $ | (10,131 | ) | $ | (1,594 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Transition obligation | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | (17,604 | ) | (19,361 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Total accumulated OCI | $ | (27,735 | ) | $ | (20,955 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one percentage point change in assumed health care cost trend rates would have the following effects in fiscal 2013 (in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||
1-Percentage Point | ||||||||||||||||||||||||||||||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||||||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 305 | $ | (271 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Effect on accumulated postretirement benefit obligation | $ | 1,230 | $ | (976 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Employee_Stock_Ownership_Plan_
Employee Stock Ownership Plan (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Schedule of Employee Stock Ownership Plan (ESOP) Disclosures | |||||||||||||
As of and for the years ended | |||||||||||||
June 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Loan amount (in thousands) | $ | 20,836 | $ | 25,637 | $ | 30,437 | |||||||
Shares purchased | — | — | — | ||||||||||
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity | |||||||||||||
June 30, | |||||||||||||
2013 | 2012 | ||||||||||||
Allocated shares | 1,885,060 | 1,763,742 | |||||||||||
Committed to be released shares | 173,244 | 185,538 | |||||||||||
Unallocated shares | 738,355 | 911,599 | |||||||||||
Total ESOP shares | 2,796,659 | 2,860,879 | |||||||||||
(In thousands) | |||||||||||||
Fair value of ESOP shares | $ | 39,321 | $ | 22,773 | |||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | ||||||||||||||||||||||||||||||||||
Nonvested | Vested | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following are the weighted average assumptions used in the Black-Scholes valuation model: | |||||||||||||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Average fair value of options | $ | 5.69 | $ | 4.42 | $ | 7.05 | ||||||||||||||||||||||||||||||
Forfeiture rate | 6.5 | % | 6.5 | % | 6.5 | % | ||||||||||||||||||||||||||||||
Risk-free interest rate | 0.9 | % | 1.1 | % | 2.7 | % | ||||||||||||||||||||||||||||||
Dividend yield | — | % | — | % | 1.3 | % | ||||||||||||||||||||||||||||||
Average expected life | 6 years | 6 years | 6 years | |||||||||||||||||||||||||||||||||
Expected stock price volatility | 49.5 | % | 52.5 | % | 54.7 | % | ||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ||||||||||||||||||||||||||||||||||||
Nonvested Stock Options: | Number | Weighted | Weighted | Weighted | Outstanding Stock Options: | Number | Weighted | Weighted | Weighted | Aggregate | ||||||||||||||||||||||||||
of | Average | Average | Average | of | Average | Average | Average | Intrinsic | ||||||||||||||||||||||||||||
Stock | Exercise | Grant Date | Remaining | Stock | Exercise | Grant Date | Remaining | Value | ||||||||||||||||||||||||||||
Options | Price ($) | Fair Value ($) | Life (Years) | Options | Price ($) | Fair Value ($) | Life | (Dollars in thousands) | ||||||||||||||||||||||||||||
Outstanding at June 30, 2010 | 300,794 | 19.42 | 6.22 | 2.1 | (Years) | |||||||||||||||||||||||||||||||
Outstanding at June 30, 2010 | 404,943 | 20.17 | 6.25 | 5.8 | — | |||||||||||||||||||||||||||||||
Granted | 327,656 | 14.95 | 7.05 | — | ||||||||||||||||||||||||||||||||
Granted | 327,656 | 14.95 | 7.05 | — | — | |||||||||||||||||||||||||||||||
Vested | (105,458 | ) | 20.29 | 6.3 | — | |||||||||||||||||||||||||||||||
Forfeited | (200,123 | ) | 18.74 | 7.09 | — | Cancelled/Forfeited | (234,789 | ) | 19.21 | 6.97 | — | — | ||||||||||||||||||||||||
Outstanding at June 30, 2011 | 322,869 | 15.02 | 6.5 | 1.7 | ||||||||||||||||||||||||||||||||
Outstanding at June 30, 2011 | 497,810 | 17.19 | 6.44 | 5.7 | 61 | |||||||||||||||||||||||||||||||
Granted | 356,834 | 8.9 | 4.42 | 6.6 | ||||||||||||||||||||||||||||||||
Granted | 356,834 | 8.9 | 4.42 | — | — | |||||||||||||||||||||||||||||||
Vested | (243,518 | ) | 13 | 5.85 | — | |||||||||||||||||||||||||||||||
Forfeited | (92,946 | ) | 12.54 | 5.8 | — | Cancelled/Forfeited | (187,409 | ) | 16.89 | 5.06 | — | — | ||||||||||||||||||||||||
Outstanding at June 30, 2012 | 343,239 | 10.76 | 4.2 | 6.3 | ||||||||||||||||||||||||||||||||
Outstanding at June 30, 2012 | 667,235 | 12.84 | 4.78 | 4.8 | 143 | |||||||||||||||||||||||||||||||
Granted | 192,892 | 12.12 | 5.69 | 6.5 | ||||||||||||||||||||||||||||||||
Granted | 192,892 | 12.12 | 5.69 | 6.5 | 374 | |||||||||||||||||||||||||||||||
Vested | (188,909 | ) | 11.56 | 5.33 | — | |||||||||||||||||||||||||||||||
Forfeited | (31,561 | ) | 13.82 | 5.92 | — | Exercised | (117,482 | ) | 10.24 | 5.23 | — | 336 | ||||||||||||||||||||||||
Outstanding at June 30, 2013 | 315,661 | 10.8 | 5.12 | 6.1 | ||||||||||||||||||||||||||||||||
Cancelled/Forfeited | (185,218 | ) | 13.83 | 5.92 | — | — | ||||||||||||||||||||||||||||||
Outstanding at June 30, 2013 | 557,427 | 12.81 | 5.44 | 5.1 | 1,620 | |||||||||||||||||||||||||||||||
Vested and exercisable, June 30, 2013 | 241,766 | 15.43 | 5.85 | 3.9 | 515 | |||||||||||||||||||||||||||||||
Vested and expected to vest, June 30, 2013 | 529,637 | 12.91 | 5.45 | 5.1 | 1,527 | |||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table summarizes restricted stock activity: | |||||||||||||||||||||||||||||||||||
Outstanding and Nonvested Restricted Stock Awards: | Shares | Weighted | Weighted | Aggregate | ||||||||||||||||||||||||||||||||
Awarded | Average | Average | Intrinsic | |||||||||||||||||||||||||||||||||
Grant Date | Remaining | Value | ||||||||||||||||||||||||||||||||||
Fair Value | Life | ($ in thousands) | ||||||||||||||||||||||||||||||||||
($) | (Years) | |||||||||||||||||||||||||||||||||||
Outstanding at June 30, 2010 | 80,208 | 19.91 | 2 | 1,210 | ||||||||||||||||||||||||||||||||
Granted | 63,979 | 16.67 | — | 1,066 | ||||||||||||||||||||||||||||||||
Exercised/Released | (20,674 | ) | 21.52 | — | 332 | |||||||||||||||||||||||||||||||
Cancelled/Forfeited | (42,826 | ) | 19.19 | — | 497 | |||||||||||||||||||||||||||||||
Outstanding at June 30, 2011 | 80,687 | 17.31 | 2.6 | 818 | ||||||||||||||||||||||||||||||||
Granted | 142,070 | 7.7 | 2.1 | 1,094 | ||||||||||||||||||||||||||||||||
Exercised/Released | (27,227 | ) | 15.8 | — | 202 | |||||||||||||||||||||||||||||||
Cancelled/Forfeited | (19,583 | ) | 13.92 | — | — | |||||||||||||||||||||||||||||||
Outstanding June 30, 2012 | 175,947 | 10.16 | 1.9 | 1,401 | ||||||||||||||||||||||||||||||||
Granted | 51,177 | 11.67 | — | 597 | ||||||||||||||||||||||||||||||||
Exercised/Released | (64,668 | ) | 11.27 | — | 832 | |||||||||||||||||||||||||||||||
Cancelled/Forfeited | (23,096 | ) | 12.21 | — | — | |||||||||||||||||||||||||||||||
Outstanding at June 30, 2013 | 139,360 | 9.87 | 1.9 | 1,959 | ||||||||||||||||||||||||||||||||
Expected to vest, June 30, 2013 | 117,099 | 9.84 | 1.9 | 1,646 | ||||||||||||||||||||||||||||||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accounts Payable and Accrued Liabilities | Other current liabilities consist of the following: | ||||||||
June 30, | |||||||||
2013 | 2012 | ||||||||
As Restated | |||||||||
(In thousands) | |||||||||
Accrued postretirement benefits | $ | 625 | $ | 798 | |||||
Accrued workers’ compensation liabilities | 1,496 | 1,244 | |||||||
Short-term pension liabilities | 347 | 686 | |||||||
Other (including net taxes payable) | 2,703 | 2,568 | |||||||
$ | 5,171 | $ | 5,296 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The current and deferred components of the provision for income taxes consist of the following: | ||||||||||||
June 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
As Restated | As Restated | ||||||||||||
(In thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | (24 | ) | $ | (385 | ) | $ | (4 | ) | ||||
State | 191 | 115 | 323 | ||||||||||
Total current income tax expense (benefit) | 167 | (270 | ) | 319 | |||||||||
Deferred: | |||||||||||||
Federal | (819 | ) | (63 | ) | (11,373 | ) | |||||||
State | (173 | ) | (14 | ) | (2,342 | ) | |||||||
Total deferred income tax benefit | (992 | ) | (77 | ) | (13,715 | ) | |||||||
Income tax benefit | $ | (825 | ) | $ | (347 | ) | $ | (13,396 | ) | ||||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax benefit to the federal statutory tax rate is as follows: | ||||||||||||
June 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
As Restated | As Restated | ||||||||||||
Statutory tax rate | 34% | 34% | 34% | ||||||||||
(In thousands) | |||||||||||||
Income tax benefit at statutory rate | $ | (3,158 | ) | $ | (9,154 | ) | $ | (22,246 | ) | ||||
State income tax (net of federal tax benefit) | (223 | ) | (1,023 | ) | (2,874 | ) | |||||||
Dividend income exclusion | — | (85 | ) | (532 | ) | ||||||||
Valuation allowance | 3,074 | 10,588 | 13,188 | ||||||||||
Change in contingency reserve (net) | (7 | ) | (561 | ) | (1,308 | ) | |||||||
Research tax credit (net) | — | (15 | ) | (16 | ) | ||||||||
Other (net) | (511 | ) | (97 | ) | 392 | ||||||||
Income tax benefit | $ | (825 | ) | $ | (347 | ) | $ | (13,396 | ) | ||||
Schedule of Deferred Tax Assets and Liabilities | The primary components of the temporary differences which give rise to the Company’s net deferred tax liabilities are as follows: | ||||||||||||
June 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
As Restated | As Restated | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Postretirement benefits | $ | 26,014 | $ | 27,568 | $ | 18,260 | |||||||
Accrued liabilities | 4,477 | 3,958 | 4,138 | ||||||||||
Capital loss carryforward | 1,105 | 2,865 | 2,945 | ||||||||||
Net operating loss carryforward | 44,607 | 44,736 | 36,328 | ||||||||||
Intangible assets | 694 | 919 | — | ||||||||||
Other | 7,840 | 3,080 | 5,458 | ||||||||||
Total deferred tax assets | 84,737 | 83,126 | 67,129 | ||||||||||
Deferred tax liabilities: | |||||||||||||
Fixed assets | (2,641 | ) | (4,117 | ) | (7,881 | ) | |||||||
Intangible assets | — | — | (1,032 | ) | |||||||||
Other | (882 | ) | (794 | ) | (814 | ) | |||||||
Total deferred tax liabilities | (3,523 | ) | (4,911 | ) | (9,727 | ) | |||||||
Valuation allowance | (82,522 | ) | (79,448 | ) | (58,712 | ) | |||||||
Net deferred tax liability | $ | (1,308 | ) | $ | (1,233 | ) | $ | (1,310 | ) | ||||
Summary of Income Tax Contingencies | A tabular reconciliation of the total amounts (in absolute values) of unrecognized tax benefits is as follows: | ||||||||||||
Year Ended June 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
As Restated | As Restated | ||||||||||||
(In thousands) | |||||||||||||
Unrecognized tax benefits at beginning of year | $ | 3,211 | $ | 3,902 | $ | 5,218 | |||||||
Increases in tax positions for prior years | — | — | — | ||||||||||
(Decreases) increases in tax positions for current year | — | — | (1,316 | ) | |||||||||
Settlements | — | (691 | ) | — | |||||||||
Lapse in statute of limitations | — | — | — | ||||||||||
Unrecognized tax benefits at end of year | $ | 3,211 | $ | 3,211 | $ | 3,902 | |||||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | |||||||||||||
Year ended June 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
As Restated | As Restated | ||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||
Net loss attributable to common stockholders—basic | $ | (8,401 | ) | $ | (26,274 | ) | $ | (51,631 | ) | ||||
Net loss attributable to nonvested restricted stockholders | (61 | ) | (302 | ) | (402 | ) | |||||||
Total net loss | $ | (8,462 | ) | $ | (26,576 | ) | $ | (52,033 | ) | ||||
Weighted average shares outstanding—basic | 15,604,452 | 15,492,314 | 15,066,663 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Shares issuable under stock options | — | — | — | ||||||||||
Weighted average shares outstanding—diluted | 15,604,452 | 15,492,314 | 15,066,663 | ||||||||||
Net loss per common share—basic and diluted | $ | (0.54 | ) | $ | (1.72 | ) | $ | (3.45 | ) |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||
Contractual Obligation, Fiscal Year Maturity Schedule | Contractual obligations for future fiscal years are as follows (in thousands): | ||||||||||||||||||||||||
Contractual Obligations | |||||||||||||||||||||||||
Year Ended June 30, | Capital Lease | Operating | Pension Plan | Postretirement | Revolving Credit Facility | Purchase Commitments | |||||||||||||||||||
Obligations | Lease | Obligations | Benefits Other | ||||||||||||||||||||||
Obligations | Than Pension Plans | ||||||||||||||||||||||||
2014 | $ | 4,001 | $ | 3,868 | $ | 6,641 | $ | 640 | $ | 9,654 | $ | 18,583 | |||||||||||||
2015 | 3,692 | 3,130 | 6,794 | 762 | 10,000 | — | |||||||||||||||||||
2016 | 3,376 | 2,151 | 6,951 | 836 | — | — | |||||||||||||||||||
2017 | 1,469 | 1,398 | 7,228 | 913 | — | — | |||||||||||||||||||
2018 | 797 | 1,214 | 7,477 | 1,034 | — | — | |||||||||||||||||||
Thereafter | 93 | 833 | 42,443 | 6,522 | — | — | |||||||||||||||||||
$ | 12,594 | $ | 77,534 | $ | 10,707 | $ | 19,654 | $ | 18,583 | ||||||||||||||||
Total minimum lease payments | $ | 13,428 | |||||||||||||||||||||||
Less: imputed interest | (1,260 | ) | |||||||||||||||||||||||
(0.82% to 10.7%) | |||||||||||||||||||||||||
Present value of future minimum lease payments | $ | 12,168 | |||||||||||||||||||||||
Less: current portion | 3,409 | ||||||||||||||||||||||||
Long-term capital lease obligations | $ | 8,759 | |||||||||||||||||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Quarterly Financial Information | The following tables set forth certain unaudited quarterly information for each of the eight fiscal quarters in the two year period ended June 30, 2013. This quarterly information has been prepared on a consistent basis with the audited consolidated financial statements and, in the opinion of management, includes all adjustments which management believes are necessary for a fair presentation of the information for the periods presented. The unaudited quarterly data presented below, with the exception of the quarter ended June 30, 2013, have been restated to correct errors related to the Company's accounting for certain postretirement benefit obligations for its retiree medical plan, failure to timely adopt accounting guidance relating to a postretirement death benefit, when originally issued, and failure to record the appropriate amounts reflecting the cash surrender value of life insurance policies purchased by the Company to fund the postretirement death benefit, as well as to reflect corrections for certain immaterial adjustments and reclassifications to conform to the current year presentation. See Note 2 for additional information. In addition, reconciliations from the amounts as originally reported to the applicable restated amounts for the quarters ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012, December 31, 2011 and September 30, 2011 can be found in the unaudited consolidated financial statements immediately following the tables below. | ||||||||||||||||||||||||
The Company's quarterly operating results may fluctuate significantly as a result of a variety of factors, and operating results for any fiscal quarter are not necessarily indicative of results for a full fiscal year or future fiscal quarters. | |||||||||||||||||||||||||
September 30, | December 31, | March 31, | June 30, | ||||||||||||||||||||||
2012 | 2012 | 2013 | 2013 | ||||||||||||||||||||||
As Restated | As Restated | As Restated | |||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||
Net sales | $ | 119,153 | $ | 135,705 | $ | 126,343 | $ | 128,763 | |||||||||||||||||
Gross profit | $ | 44,621 | $ | 50,353 | $ | 48,675 | $ | 47,490 | |||||||||||||||||
(Loss) income from operations | $ | (1,419 | ) | $ | 547 | $ | (494 | ) | $ | (2,729 | ) | ||||||||||||||
Net income (loss) | $ | 2,979 | $ | (7,157 | ) | $ | (1,306 | ) | $ | (2,978 | ) | ||||||||||||||
Net income (loss) per common share—basic and diluted | $ | 0.19 | $ | (0.46 | ) | $ | (0.08 | ) | $ | (0.19 | ) | ||||||||||||||
September 30, | December 31, | March 31, | June 30, | ||||||||||||||||||||||
2011 | 2011 | 2012 | 2012 | ||||||||||||||||||||||
As Restated | As Restated | As Restated | As Restated | ||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||
Net sales | $ | 121,197 | $ | 131,770 | $ | 121,527 | $ | 120,948 | |||||||||||||||||
Gross profit | $ | 39,685 | $ | 44,541 | $ | 43,147 | $ | 45,529 | |||||||||||||||||
Loss from operations | $ | (4,334 | ) | $ | (5,353 | ) | $ | (3,812 | ) | $ | (8,615 | ) | |||||||||||||
Net loss | $ | (7,280 | ) | $ | (3,813 | ) | $ | (5,211 | ) | $ | (10,272 | ) | |||||||||||||
Net loss per common share—basic and diluted | $ | (0.48 | ) | $ | (0.25 | ) | $ | (0.33 | ) | $ | (0.65 | ) | |||||||||||||
During the fourth quarter and for the fiscal year ended June 30, 2013, the Company recorded $0.1 million in impairment loss on indefinite-lived intangible assets (see Note 1). During the fourth quarter and for the fiscal year ended June 30, 2012, the Company recorded $5.1 million in impairment loss on goodwill and $0.5 million in impairment loss on its indefinite-lived intangible assets related to CBI (see Note 1). During the fourth quarter of fiscal 2012, the Company also recorded $9.2 million in income tax benefit (see Note 16). | |||||||||||||||||||||||||
The following tables present the effects of adjustments made to the Company's previously reported unaudited consolidated quarterly financial statements for the quarters ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012, December 31, 2011 and September 30, 2011. For further information regarding these adjustments, see Note 2. | |||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||||
(In thousands, except share and per share data) | 31-Mar-13 | 31-Dec-12 | |||||||||||||||||||||||
Previously | Adjustments (1) | As | Previously | Adjustments (1) | As | ||||||||||||||||||||
Reported | Restated | Reported | Restated | ||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 5,525 | $ | — | $ | 5,525 | $ | 5,218 | $ | — | $ | 5,218 | |||||||||||||
Restricted cash | 3,751 | — | 3,751 | — | 3,599 | 3,599 | |||||||||||||||||||
Short-term investments | 20,769 | — | 20,769 | 20,570 | (17 | ) | 20,553 | ||||||||||||||||||
Accounts and notes receivable, net | 42,793 | — | 42,793 | 43,752 | — | 43,752 | |||||||||||||||||||
Inventories | 67,273 | — | 67,273 | 68,385 | — | 68,385 | |||||||||||||||||||
Income tax receivable | 139 | (22 | ) | 117 | 478 | (6 | ) | 472 | |||||||||||||||||
Prepaid expenses | 2,800 | — | 2,800 | 2,740 | — | 2,740 | |||||||||||||||||||
Total current assets | 143,050 | (22 | ) | 143,028 | 141,143 | 3,576 | 144,719 | ||||||||||||||||||
Property, plant and equipment, net | 93,837 | 1 | 93,838 | 98,159 | 1 | 98,160 | |||||||||||||||||||
Intangible assets, net | 6,586 | — | 6,586 | 6,929 | — | 6,929 | |||||||||||||||||||
Other assets | 3,026 | 2,221 | 5,247 | 3,052 | 2,221 | 5,273 | |||||||||||||||||||
Deferred income taxes | 854 | 7 | 861 | 854 | 7 | 861 | |||||||||||||||||||
Total assets | $ | 247,353 | $ | 2,207 | $ | 249,560 | $ | 250,137 | $ | 5,805 | $ | 255,942 | |||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Accounts payable | $ | 30,909 | $ | (1,031 | ) | $ | 29,878 | $ | 31,594 | $ | (1,141 | ) | $ | 30,453 | |||||||||||
Accrued payroll expenses | 16,735 | (1,363 | ) | 15,372 | 18,372 | (1,363 | ) | 17,009 | |||||||||||||||||
Short-term borrowings under revolving credit facility | 9,912 | — | 9,912 | 15,074 | — | 15,074 | |||||||||||||||||||
Short-term obligations under capital leases | 3,435 | — | 3,435 | 3,527 | — | 3,527 | |||||||||||||||||||
Short-term derivative liability | — | — | 5,916 | 5,916 | — | 6,292 | 6,292 | ||||||||||||||||||
Deferred income taxes | 1,480 | (35 | ) | 1,445 | 1,479 | (34 | ) | 1,445 | |||||||||||||||||
Other current liabilities | 16,492 | (9,764 | ) | 6,728 | 11,691 | (6,449 | ) | 5,242 | |||||||||||||||||
Total current liabilities | 78,963 | (6,277 | ) | 72,686 | 81,737 | (2,695 | ) | 79,042 | |||||||||||||||||
Long-term borrowings under revolving credit facility | 10,000 | — | 10,000 | 10,000 | — | 10,000 | |||||||||||||||||||
Accrued postretirement benefits | 35,393 | (12,404 | ) | 22,989 | 35,158 | (12,280 | ) | 22,878 | |||||||||||||||||
Other long-term liabilities—capital leases | 9,552 | — | 9,552 | 10,617 | — | 10,617 | |||||||||||||||||||
Accrued pension liabilities | 41,973 | 5,678 | 47,651 | 41,778 | 5,678 | 47,456 | |||||||||||||||||||
Accrued workers’ compensation liabilities | 4,022 | — | 4,022 | 4,022 | — | 4,022 | |||||||||||||||||||
Deferred income taxes | 718 | 41 | 759 | 607 | 41 | 648 | |||||||||||||||||||
Total liabilities | $ | 180,621 | $ | (12,962 | ) | $ | 167,659 | $ | 183,919 | $ | (9,256 | ) | $ | 174,663 | |||||||||||
Commitments and contingencies | |||||||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||
Preferred stock, $1.00 par value, 500,000 shares authorized and none issued | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Common stock, $1.00 par value, 25,000,000 shares authorized; 16,449,456 and 16,341,662 issued and outstanding as of March 31, 2013 and December 31, 2012, respectively | 16,449 | — | 16,449 | 16,342 | — | 16,342 | |||||||||||||||||||
(In thousands, except share and per share data) | 31-Mar-13 | 31-Dec-12 | |||||||||||||||||||||||
Previously | Adjustments (1) | As | Previously | Adjustments (1) | As | ||||||||||||||||||||
Reported | Restated | Reported | Restated | ||||||||||||||||||||||
Additional paid-in capital | 33,728 | — | 33,728 | 31,906 | — | 31,906 | |||||||||||||||||||
Retained earnings | 94,620 | 2,436 | 97,056 | 96,035 | 2,328 | 98,363 | |||||||||||||||||||
Unearned ESOP shares | (20,836 | ) | — | (20,836 | ) | (20,836 | ) | — | (20,836 | ) | |||||||||||||||
Less accumulated other comprehensive loss (income) | (57,229 | ) | 12,733 | (44,496 | ) | (57,229 | ) | 12,733 | (44,496 | ) | |||||||||||||||
Total stockholders’ equity | $ | 66,732 | $ | 15,169 | $ | 81,901 | $ | 66,218 | $ | 15,061 | $ | 81,279 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 247,353 | $ | 2,207 | $ | 249,560 | $ | 250,137 | $ | 5,805 | $ | 255,942 | |||||||||||||
_______________ | |||||||||||||||||||||||||
-1 | For details see the introduction section included in Note 2. | ||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||||
(In thousands, except share and per share data) | 30-Sep-12 | 31-Mar-12 | |||||||||||||||||||||||
Previously | Adjustments (1) | As | Previously | Adjustments (1) | As | ||||||||||||||||||||
Reported | Restated | Reported | Restated | ||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,545 | $ | — | $ | 2,545 | $ | 3,463 | $ | — | $ | 3,463 | |||||||||||||
Restricted cash | — | 129 | 129 | — | 1,774 | $ | 1,774 | ||||||||||||||||||
Short-term investments | 20,591 | (105 | ) | 20,486 | 18,715 | (229 | ) | 18,486 | |||||||||||||||||
Accounts and notes receivable, net | 43,139 | — | 43,139 | 41,685 | — | 41,685 | |||||||||||||||||||
Inventories | 69,924 | — | 69,924 | 75,762 | (311 | ) | 75,451 | ||||||||||||||||||
Income tax receivable | 388 | (19 | ) | 369 | 825 | 5 | 830 | ||||||||||||||||||
Prepaid expenses | 3,091 | — | 3,091 | 2,792 | (1 | ) | 2,791 | ||||||||||||||||||
Total current assets | 139,678 | 5 | 139,683 | 143,242 | 1,238 | 144,480 | |||||||||||||||||||
Property, plant and equipment, net | 103,315 | 2 | 103,317 | 106,622 | 233 | 106,855 | |||||||||||||||||||
Goodwill | — | — | — | 5,310 | — | 5,310 | |||||||||||||||||||
Intangible assets, net | 7,272 | — | 7,272 | 8,232 | — | 8,232 | |||||||||||||||||||
Other assets | 3,138 | 2,220 | 5,358 | 2,766 | 2,073 | 4,839 | |||||||||||||||||||
Deferred income taxes | 854 | 7 | 861 | 1,005 | 2 | 1,007 | |||||||||||||||||||
Total assets | $ | 254,257 | $ | 2,234 | $ | 256,491 | $ | 267,177 | $ | 3,546 | $ | 270,723 | |||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Accounts payable | $ | 29,201 | $ | (5 | ) | $ | 29,196 | $ | 31,688 | $ | — | $ | 31,688 | ||||||||||||
Accrued payroll expenses | 19,704 | (1,363 | ) | 18,341 | 16,757 | 1,283 | 18,040 | ||||||||||||||||||
Short-term borrowings under revolving credit facility | 24,996 | — | 24,996 | 28,702 | — | 28,702 | |||||||||||||||||||
Short-term obligations under capital leases | 3,683 | — | 3,683 | 2,745 | — | 2,745 | |||||||||||||||||||
Short-term derivative liability | — | 29 | 29 | — | 2,585 | 2,585 | |||||||||||||||||||
Deferred income taxes | 1,480 | (35 | ) | 1,445 | 500 | (24 | ) | 476 | |||||||||||||||||
Other current liabilities | 10,148 | (4,880 | ) | 5,268 | 12,005 | (6,718 | ) | 5,287 | |||||||||||||||||
Total current liabilities | 89,212 | (6,254 | ) | 82,958 | 92,397 | (2,874 | ) | 89,523 | |||||||||||||||||
Accrued postretirement benefits | 34,970 | (12,155 | ) | 22,815 | 24,715 | (5,476 | ) | 19,239 | |||||||||||||||||
Other long-term liabilities—capital leases | 11,368 | — | 11,368 | 9,759 | — | 9,759 | |||||||||||||||||||
Accrued pension liabilities | 41,539 | 5,678 | 47,217 | 21,231 | 5,678 | 26,909 | |||||||||||||||||||
Accrued workers’ compensation liabilities | 4,131 | — | 4,131 | 3,821 | — | 3,821 | |||||||||||||||||||
Deferred income taxes | 607 | 42 | 649 | 1,815 | 27 | 1,842 | |||||||||||||||||||
Total liabilities | $ | 181,827 | $ | (12,689 | ) | $ | 169,138 | $ | 153,738 | $ | (2,645 | ) | $ | 151,093 | |||||||||||
Commitments and contingencies | |||||||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||
Preferred stock, $1.00 par value, 500,000 shares authorized and none issued | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Common stock, $1.00 par value, 25,000,000 shares authorized; 16,314,154 and 16,281,035 issued and outstanding as of September 30, 2012 and March 31, 2012, respectively | 16,314 | — | 16,314 | 16,281 | — | 16,281 | |||||||||||||||||||
Additional paid-in capital | 35,653 | — | 35,653 | 34,093 | — | 34,093 | |||||||||||||||||||
(In thousands, except share and per share data) | 30-Sep-12 | 31-Mar-12 | |||||||||||||||||||||||
Previously | Adjustments (1) | As | Previously | Adjustments (1) | As | ||||||||||||||||||||
Reported | Restated | Reported | Restated | ||||||||||||||||||||||
Retained earnings | 103,329 | 2,190 | 105,519 | 112,589 | 225 | 112,814 | |||||||||||||||||||
Unearned ESOP shares | (25,637 | ) | — | (25,637 | ) | (25,636 | ) | — | (25,636 | ) | |||||||||||||||
Less accumulated other comprehensive loss (income) | (57,229 | ) | 12,733 | (44,496 | ) | (23,888 | ) | 5,966 | (17,922 | ) | |||||||||||||||
Total stockholders’ equity | $ | 72,430 | $ | 14,923 | $ | 87,353 | $ | 113,439 | $ | 6,191 | $ | 119,630 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 254,257 | $ | 2,234 | $ | 256,491 | $ | 267,177 | $ | 3,546 | $ | 270,723 | |||||||||||||
_______________ | |||||||||||||||||||||||||
-1 | For details see the introduction section included in Note 2. | ||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||||
(In thousands, except share and per share data) | 31-Dec-11 | 30-Sep-11 | |||||||||||||||||||||||
Previously | Adjustments (1) | As | Previously | Adjustments (1) | As | ||||||||||||||||||||
Reported | Restated | Reported | Restated | ||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 4,121 | $ | — | $ | 4,121 | $ | 4,552 | $ | — | $ | 4,552 | |||||||||||||
Restricted cash | — | 1,813 | 1,813 | — | 628 | 628 | |||||||||||||||||||
Short-term investments | 18,881 | (1,249 | ) | 17,632 | 16,193 | (368 | ) | 15,825 | |||||||||||||||||
Accounts and notes receivable, net | 44,765 | — | 44,765 | 44,554 | — | 44,554 | |||||||||||||||||||
Inventories | 78,185 | (311 | ) | 77,874 | 83,408 | (310 | ) | 83,098 | |||||||||||||||||
Income tax receivable | 170 | 8 | 178 | 161 | 7 | 168 | |||||||||||||||||||
Prepaid expenses | 3,196 | — | 3,196 | 2,249 | — | 2,249 | |||||||||||||||||||
Total current assets | 149,318 | 261 | 149,579 | 151,117 | (43 | ) | 151,074 | ||||||||||||||||||
Property, plant and equipment, net | 104,798 | 233 | 105,031 | 108,711 | 233 | 108,944 | |||||||||||||||||||
Goodwill and intangible assets, net | 13,902 | — | 13,902 | 14,270 | — | 14,270 | |||||||||||||||||||
Other assets | 2,803 | 2,074 | 4,877 | 2,846 | 2,073 | 4,919 | |||||||||||||||||||
Deferred income taxes | 1,005 | 2 | 1,007 | 1,005 | 2 | 1,007 | |||||||||||||||||||
Total assets | $ | 271,826 | $ | 2,570 | $ | 274,396 | $ | 277,949 | $ | 2,265 | $ | 280,214 | |||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Accounts payable | $ | 39,818 | $ | — | $ | 39,818 | $ | 38,414 | $ | (268 | ) | $ | 38,146 | ||||||||||||
Accrued payroll expenses | 17,243 | 1,282 | 18,525 | 14,888 | 1,283 | 16,171 | |||||||||||||||||||
Short-term borrowings under revolving credit facility | 25,971 | — | 25,971 | 33,398 | — | 33,398 | |||||||||||||||||||
Short-term obligations under capital leases | 1,674 | — | 1,674 | 1,588 | — | 1,588 | |||||||||||||||||||
Short-term derivative liability | — | 794 | 794 | — | 3,283 | 3,283 | |||||||||||||||||||
Deferred income taxes | 500 | (24 | ) | 476 | 500 | (24 | ) | 476 | |||||||||||||||||
Other current liabilities | 10,183 | (5,907 | ) | 4,276 | 12,495 | (8,432 | ) | 4,063 | |||||||||||||||||
Total current liabilities | 95,389 | (3,855 | ) | 91,534 | 101,283 | (4,158 | ) | 97,125 | |||||||||||||||||
Accrued postretirement benefits | 24,352 | (5,180 | ) | 19,172 | 23,911 | (4,884 | ) | 19,027 | |||||||||||||||||
Other long-term liabilities—capital leases | 6,254 | — | 6,254 | 6,664 | — | 6,664 | |||||||||||||||||||
Accrued pension liabilities | 22,495 | 5,678 | 28,173 | 19,316 | 5,677 | 24,993 | |||||||||||||||||||
Accrued workers’ compensation liabilities | 3,624 | — | 3,624 | 3,639 | — | 3,639 | |||||||||||||||||||
Deferred income taxes | 1,815 | 27 | 1,842 | 1,815 | 27 | 1,842 | |||||||||||||||||||
Total liabilities | $ | 153,929 | $ | (3,330 | ) | $ | 150,599 | $ | 156,628 | $ | (3,338 | ) | $ | 153,290 | |||||||||||
Commitments and contingencies | |||||||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||
Preferred stock, $1.00 par value, 500,000 shares authorized and none issued | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Common stock, $1.00 par value, 25,000,000 shares authorized; 16,261,723 and 16,186,852 issued and outstanding as of December 31, 2011 and September 30, 2011, respectively | 16,262 | — | 16,262 | 16,187 | — | 16,187 | |||||||||||||||||||
Additional paid-in capital | 33,071 | — | 33,071 | 37,259 | — | 37,259 | |||||||||||||||||||
Retained earnings | 118,089 | (66 | ) | 118,023 | 122,200 | (363 | ) | 121,837 | |||||||||||||||||
(In thousands, except share and per share data) | 31-Dec-11 | 30-Sep-11 | |||||||||||||||||||||||
Previously | Adjustments (1) | As | Previously | Adjustments (1) | As | ||||||||||||||||||||
Reported | Restated | Reported | Restated | ||||||||||||||||||||||
Unearned ESOP shares | (25,637 | ) | (25,637 | ) | (30,437 | ) | — | (30,437 | ) | ||||||||||||||||
Less accumulated other comprehensive loss (income) | (23,888 | ) | 5,966 | (17,922 | ) | (23,888 | ) | 5,966 | (17,922 | ) | |||||||||||||||
Total stockholders’ equity | $ | 117,897 | $ | 5,900 | $ | 123,797 | $ | 121,321 | $ | 5,603 | $ | 126,924 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 271,826 | $ | 2,570 | $ | 274,396 | $ | 277,949 | $ | 2,265 | $ | 280,214 | |||||||||||||
_______________ | |||||||||||||||||||||||||
-1 | For details see the introduction section included in Note 2. | ||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
(In thousands, except per share data) | Three Months Ended September 30, 2012 | Three Months Ended September 30, 2011 | |||||||||||||||||||||||
Previously Reported | Adjustments (1) | As Restated | Previously Reported | Adjustments (1) | As Restated | ||||||||||||||||||||
Net sales | $ | 119,153 | $ | — | $ | 119,153 | $ | 121,197 | $ | — | $ | 121,197 | |||||||||||||
Cost of goods sold | 74,532 | — | 74,532 | 81,512 | — | 81,512 | |||||||||||||||||||
Gross profit | 44,621 | — | 44,621 | 39,685 | — | 39,685 | |||||||||||||||||||
Selling expenses | 37,271 | — | 37,271 | 35,681 | — | 35,681 | |||||||||||||||||||
General and administrative expenses | 8,893 | (124 | ) | 8,769 | 8,634 | (296 | ) | 8,338 | |||||||||||||||||
Operating expenses | 46,164 | (124 | ) | 46,040 | 44,315 | (296 | ) | 44,019 | |||||||||||||||||
(Loss) income from operations | (1,543 | ) | 124 | (1,419 | ) | (4,630 | ) | 296 | (4,334 | ) | |||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Dividend income | 259 | — | 259 | 359 | — | 359 | |||||||||||||||||||
Interest income | 92 | — | 92 | 15 | — | 15 | |||||||||||||||||||
Interest expense | (457 | ) | — | (457 | ) | (575 | ) | — | (575 | ) | |||||||||||||||
Other, net | 4,945 | — | 4,945 | (2,407 | ) | — | (2,407 | ) | |||||||||||||||||
Total other income (expense) | 4,839 | — | 4,839 | (2,608 | ) | — | (2,608 | ) | |||||||||||||||||
Income (loss) before taxes | 3,296 | 124 | 3,420 | (7,238 | ) | 296 | (6,942 | ) | |||||||||||||||||
Income tax expense | 422 | 19 | 441 | 346 | (8 | ) | 338 | ||||||||||||||||||
Net income (loss) | $ | 2,874 | $ | 105 | $ | 2,979 | $ | (7,584 | ) | $ | 304 | $ | (7,280 | ) | |||||||||||
Net income (loss) per common share—basic and diluted | $ | 0.19 | $ | 0.19 | $ | (0.50 | ) | $ | (0.48 | ) | |||||||||||||||
Weighted average common shares outstanding—basic and diluted | 15,490 | 15,490 | 15,182 | 15,182 | |||||||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
(In thousands) | Three Months Ended September 30, 2012 | Three Months Ended September 30, 2011 | |||||||||||||||||||||||
Previously Reported | Adjustments(1) | As Restated | Previously Reported | Adjustments(1) | As Restated | ||||||||||||||||||||
Net income (loss) | $ | 2,874 | $ | 105 | $ | 2,979 | $ | (7,584 | ) | $ | 304 | $ | (7,280 | ) | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Change in the funded status of retiree benefit obligations | — | — | — | — | — | — | |||||||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | |||||||||||||||||||
Total comprehensive income (loss), net of tax | $ | 2,874 | $ | 105 | $ | 2,979 | $ | (7,584 | ) | $ | 304 | $ | (7,280 | ) | |||||||||||
_______________ | |||||||||||||||||||||||||
(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
(In thousands, except per share data) | Three Months Ended December 31, 2012 | Six Months Ended December 31, 2012 | |||||||||||||||||||||||
Previously Reported | Adjustments (1) | As Restated | Previously Reported | Adjustments (1) | As Restated | ||||||||||||||||||||
Net sales | $ | 135,705 | $ | — | $ | 135,705 | $ | 254,858 | $ | — | $ | 254,858 | |||||||||||||
Cost of goods sold | 85,352 | — | 85,352 | 159,884 | — | 159,884 | |||||||||||||||||||
Gross profit | 50,353 | — | 50,353 | 94,974 | — | 94,974 | |||||||||||||||||||
Selling expenses | 40,765 | — | 40,765 | 78,036 | — | 78,036 | |||||||||||||||||||
General and administrative expenses | 9,165 | (124 | ) | 9,041 | 18,058 | (248 | ) | 17,810 | |||||||||||||||||
Operating expenses | 49,930 | (124 | ) | 49,806 | 96,094 | (248 | ) | 95,846 | |||||||||||||||||
Income (loss) from operations | 423 | 124 | 547 | (1,120 | ) | 248 | (872 | ) | |||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Dividend income | 284 | — | 284 | 543 | — | 543 | |||||||||||||||||||
Interest income | 99 | — | 99 | 191 | — | 191 | |||||||||||||||||||
Interest expense | (463 | ) | — | (463 | ) | (920 | ) | — | (920 | ) | |||||||||||||||
Other, net | (7,656 | ) | — | (7,656 | ) | (2,711 | ) | — | (2,711 | ) | |||||||||||||||
Total other expense | (7,736 | ) | — | (7,736 | ) | (2,897 | ) | — | (2,897 | ) | |||||||||||||||
(Loss) income before taxes | (7,313 | ) | 124 | (7,189 | ) | (4,017 | ) | 248 | (3,769 | ) | |||||||||||||||
Income tax (benefit) expense | (19 | ) | (13 | ) | (32 | ) | 403 | 6 | 409 | ||||||||||||||||
Net (loss) income | $ | (7,294 | ) | $ | 137 | $ | (7,157 | ) | $ | (4,420 | ) | $ | 242 | $ | (4,178 | ) | |||||||||
Net (loss) income per common share—basic and diluted | $ | (0.47 | ) | $ | (0.46 | ) | $ | (0.28 | ) | $ | (0.27 | ) | |||||||||||||
Weighted average common shares outstanding—basic and diluted | 15,548 | 15,548 | 15,520 | 15,520 | |||||||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
(In thousands) | Three Months Ended December 31, 2012 | Six Months Ended December 31, 2012 | |||||||||||||||||||||||
Previously Reported | Adjustments(1) | As Restated | Previously Reported | Adjustments(1) | As Restated | ||||||||||||||||||||
Net (loss) income | $ | (7,294 | ) | $ | 137 | $ | (7,157 | ) | $ | (4,420 | ) | $ | 242 | $ | (4,178 | ) | |||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Change in the funded status of retiree benefit obligations | — | — | — | — | — | — | |||||||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | |||||||||||||||||||
Total comprehensive (loss) income, net of tax | $ | (7,294 | ) | $ | 137 | $ | (7,157 | ) | $ | (4,420 | ) | $ | 242 | $ | (4,178 | ) | |||||||||
_______________ | |||||||||||||||||||||||||
(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
(In thousands, except per share data) | Three Months Ended December 31, 2011 | Six Months Ended December 31, 2011 | |||||||||||||||||||||||
Previously Reported | Adjustments (1) | As Restated | Previously Reported | Adjustments (1) | As Restated | ||||||||||||||||||||
Net sales | $ | 131,770 | $ | — | $ | 131,770 | $ | 252,967 | $ | — | $ | 252,967 | |||||||||||||
Cost of goods sold | 87,229 | — | 87,229 | 168,741 | — | 168,741 | |||||||||||||||||||
Gross profit | 44,541 | — | 44,541 | 84,226 | — | 84,226 | |||||||||||||||||||
Selling expenses | 36,771 | — | 36,771 | 72,452 | — | 72,452 | |||||||||||||||||||
General and administrative expenses | 9,071 | (296 | ) | 8,775 | 17,705 | (592 | ) | 17,113 | |||||||||||||||||
Pension withdrawal expense | 4,348 | — | 4,348 | 4,348 | — | 4,348 | |||||||||||||||||||
Operating expenses | 50,190 | (296 | ) | 49,894 | 94,505 | (592 | ) | 93,913 | |||||||||||||||||
(Loss) income from operations | (5,649 | ) | 296 | (5,353 | ) | (10,279 | ) | 592 | (9,687 | ) | |||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Dividend income | 304 | — | 304 | 663 | — | 663 | |||||||||||||||||||
Interest income | 21 | — | 21 | 36 | — | 36 | |||||||||||||||||||
Interest expense | (506 | ) | — | (506 | ) | (1,081 | ) | — | (1,081 | ) | |||||||||||||||
Other, net | 1,780 | — | 1,780 | (627 | ) | — | (627 | ) | |||||||||||||||||
Total other income (expense) | 1,599 | — | 1,599 | (1,009 | ) | — | (1,009 | ) | |||||||||||||||||
(Loss) income before taxes | (4,050 | ) | 296 | (3,754 | ) | (11,288 | ) | 592 | (10,696 | ) | |||||||||||||||
Income tax expense (benefit) | 60 | (1 | ) | 59 | 406 | (9 | ) | 397 | |||||||||||||||||
Net (loss) income | $ | (4,110 | ) | $ | 297 | $ | (3,813 | ) | $ | (11,694 | ) | $ | 601 | $ | (11,093 | ) | |||||||||
Net (loss) income per common share—basic and diluted | $ | (0.27 | ) | $ | (0.25 | ) | $ | (0.77 | ) | $ | (0.73 | ) | |||||||||||||
Weighted average common shares outstanding—basic and diluted | 15,247 | 15,247 | 15,215 | 15,215 | |||||||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
(In thousands) | Three Months Ended December 31, 2011 | Six Months Ended December 31, 2011 | |||||||||||||||||||||||
Previously Reported | Adjustments(1) | As Restated | Previously Reported | Adjustments(1) | As Restated | ||||||||||||||||||||
Net (loss) income | $ | (4,110 | ) | $ | 297 | $ | (3,813 | ) | $ | (11,694 | ) | $ | 601 | $ | (11,093 | ) | |||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Change in the funded status of retiree benefit obligations | — | — | — | — | — | — | |||||||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | |||||||||||||||||||
Total comprehensive (loss) income, net of tax | $ | (4,110 | ) | $ | 297 | $ | (3,813 | ) | $ | (11,694 | ) | $ | 601 | $ | (11,093 | ) | |||||||||
_______________ | |||||||||||||||||||||||||
(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
(In thousands, except per share data) | Three Months Ended March 31, 2013 | Nine Months Ended March 31, 2013 | |||||||||||||||||||||||
Previously Reported | Adjustments (1) | As Restated | Previously Reported | Adjustments (1) | As Restated | ||||||||||||||||||||
Net sales | $ | 126,343 | $ | — | $ | 126,343 | $ | 381,201 | $ | — | $ | 381,201 | |||||||||||||
Cost of goods sold | 77,668 | — | 77,668 | 237,552 | — | 237,552 | |||||||||||||||||||
Gross profit | 48,675 | — | 48,675 | 143,649 | — | 143,649 | |||||||||||||||||||
Selling expenses | 39,135 | — | 39,135 | 117,171 | — | 117,171 | |||||||||||||||||||
General and administrative expenses | 10,159 | (125 | ) | 10,034 | 28,217 | (373 | ) | 27,844 | |||||||||||||||||
Operating expenses | 49,294 | (125 | ) | 49,169 | 145,388 | (373 | ) | 145,015 | |||||||||||||||||
(Loss) income from operations | (619 | ) | 125 | (494 | ) | (1,739 | ) | 373 | (1,366 | ) | |||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Dividend income | 286 | — | 286 | 829 | — | 829 | |||||||||||||||||||
Interest income | 92 | — | 92 | 283 | — | 283 | |||||||||||||||||||
Interest expense | (466 | ) | — | (466 | ) | (1,386 | ) | — | (1,386 | ) | |||||||||||||||
Other, net | (764 | ) | — | (764 | ) | (3,475 | ) | — | (3,475 | ) | |||||||||||||||
Total other expense | (852 | ) | — | (852 | ) | (3,749 | ) | — | (3,749 | ) | |||||||||||||||
(Loss) income before taxes | (1,471 | ) | 125 | (1,346 | ) | (5,488 | ) | 373 | (5,115 | ) | |||||||||||||||
Income tax (benefit) expense | (56 | ) | 16 | (40 | ) | 347 | 22 | 369 | |||||||||||||||||
Net (loss) income | $ | (1,415 | ) | $ | 109 | $ | (1,306 | ) | $ | (5,835 | ) | $ | 351 | $ | (5,484 | ) | |||||||||
Net (loss) income per common share—basic and diluted | $ | (0.09 | ) | $ | (0.08 | ) | $ | (0.38 | ) | $ | (0.35 | ) | |||||||||||||
Weighted average common shares outstanding—basic and diluted | 15,600 | 15,600 | 15,541 | 15,541 | |||||||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
(In thousands) | Three Months Ended March 31, 2013 | Nine Months Ended March 31, 2013 | |||||||||||||||||||||||
Previously Reported | Adjustments(1) | As Restated | Previously Reported | Adjustments(1) | As Restated | ||||||||||||||||||||
Net income (loss) | $ | (1,415 | ) | $ | 109 | $ | (1,306 | ) | $ | (5,835 | ) | $ | 351 | $ | (5,484 | ) | |||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Change in the funded status of retiree benefit obligations | — | — | — | — | — | — | |||||||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | |||||||||||||||||||
Total comprehensive income (loss), net of tax | $ | (1,415 | ) | $ | 109 | $ | (1,306 | ) | $ | (5,835 | ) | $ | 351 | $ | (5,484 | ) | |||||||||
_______________ | |||||||||||||||||||||||||
(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
(In thousands except per share data) | Three Months Ended March 31, 2012 | Nine Months Ended March 31, 2012 | |||||||||||||||||||||||
Previously Reported | Adjustments (1) | As Restated | Previously Reported | Adjustments (1) | As Restated | ||||||||||||||||||||
Net sales | $ | 121,527 | $ | — | $ | 121,527 | $ | 374,494 | $ | — | $ | 374,494 | |||||||||||||
Cost of goods sold | 78,380 | — | 78,380 | 247,121 | — | 247,121 | |||||||||||||||||||
Gross profit | 43,147 | — | 43,147 | 127,373 | — | 127,373 | |||||||||||||||||||
Selling expenses | 37,909 | — | 37,909 | 110,361 | — | 110,361 | |||||||||||||||||||
General and administrative expenses | 9,345 | (295 | ) | 9,050 | 27,050 | (887 | ) | 26,163 | |||||||||||||||||
Pension withdrawal expense | — | — | — | 4,348 | — | 4,348 | |||||||||||||||||||
Operating expenses | 47,254 | (295 | ) | 46,959 | 141,759 | (887 | ) | 140,872 | |||||||||||||||||
(Loss) income from operations | (4,107 | ) | 295 | (3,812 | ) | (14,386 | ) | 887 | (13,499 | ) | |||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Dividend income | 295 | — | 295 | 958 | — | 958 | |||||||||||||||||||
Interest income | 63 | — | 63 | 99 | — | 99 | |||||||||||||||||||
Interest expense | (498 | ) | — | (498 | ) | (1,579 | ) | — | (1,579 | ) | |||||||||||||||
Other, net | (1,831 | ) | — | (1,831 | ) | (2,458 | ) | — | (2,458 | ) | |||||||||||||||
Total other (expense) income | (1,971 | ) | — | (1,971 | ) | (2,980 | ) | — | (2,980 | ) | |||||||||||||||
(Loss) income before taxes | (6,078 | ) | 295 | (5,783 | ) | (17,366 | ) | 887 | (16,479 | ) | |||||||||||||||
Income tax (benefit) expense | (577 | ) | 5 | (572 | ) | (171 | ) | (4 | ) | (175 | ) | ||||||||||||||
Net (loss) income | $ | (5,501 | ) | $ | 290 | $ | (5,211 | ) | $ | (17,195 | ) | $ | 891 | $ | (16,304 | ) | |||||||||
Net (loss) income per common share—basic and diluted | $ | (0.35 | ) | $ | (0.33 | ) | $ | (1.11 | ) | $ | (1.06 | ) | |||||||||||||
Weighted average common shares outstanding—basic and diluted | 15,592 | 15,592 | 15,449 | 15,449 | |||||||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
(In thousands) | Three Months Ended March 31, 2012 | Nine Months Ended March 31, 2012 | |||||||||||||||||||||||
Previously Reported | Adjustments(1) | As Restated | Previously Reported | Adjustments(1) | As Restated | ||||||||||||||||||||
Net (loss) income | $ | (5,501 | ) | $ | 290 | $ | (5,211 | ) | $ | (17,195 | ) | $ | 891 | $ | (16,304 | ) | |||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||||
Change in the funded status of retiree benefit obligations | |||||||||||||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | |||||||||||||||||||
Total comprehensive (loss) income, net of tax | $ | (5,501 | ) | $ | 290 | $ | (5,211 | ) | $ | (17,195 | ) | $ | 891 | $ | (16,304 | ) | |||||||||
_______________ | |||||||||||||||||||||||||
(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
(In thousands, except per share data) | Three Months Ended June 30, 2012 | ||||||||||||||||||||||||
Previously Reported | Adjustments (1) | As Restated | |||||||||||||||||||||||
Net sales | $ | 120,948 | $ | — | $ | 120,948 | |||||||||||||||||||
Cost of goods sold | 75,497 | (78 | ) | 75,419 | |||||||||||||||||||||
Gross profit | 45,451 | 78 | 45,529 | ||||||||||||||||||||||
Selling expenses | 40,280 | — | 40,280 | ||||||||||||||||||||||
General and administrative expenses | 9,847 | (1,788 | ) | 8,059 | |||||||||||||||||||||
Impairment losses on goodwill and intangible assets | 5,585 | — | 5,585 | ||||||||||||||||||||||
Pension withdrawal expense | 220 | — | 220 | ||||||||||||||||||||||
Operating expenses | 55,932 | (1,788 | ) | 54,144 | |||||||||||||||||||||
Loss (income) from operations | (10,481 | ) | 1,866 | (8,615 | ) | ||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Dividend income | 273 | — | 273 | ||||||||||||||||||||||
Interest income | 115 | — | 115 | ||||||||||||||||||||||
Interest expense | (558 | ) | — | (558 | ) | ||||||||||||||||||||
Other, net | (1,659 | ) | — | (1,659 | ) | ||||||||||||||||||||
Total other expense | (1,829 | ) | — | (1,829 | ) | ||||||||||||||||||||
(Loss) income before taxes | (12,310 | ) | 1,866 | (10,444 | ) | ||||||||||||||||||||
Income tax (benefit) expense | (176 | ) | 4 | (172 | ) | ||||||||||||||||||||
Net (loss) income | (12,134 | ) | 1,862 | (10,272 | ) | ||||||||||||||||||||
Net (loss) income per common share—basic and diluted | $ | (0.77 | ) | $ | (0.65 | ) | |||||||||||||||||||
Weighted average common shares outstanding—basic and diluted | 15,723 | 15,723 | |||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
(In thousands) | Three Months Ended June 30, 2012 | ||||||||||||||||||||||||
Previously Reported | Adjustments(1) | As Restated | |||||||||||||||||||||||
Net (loss) income | $ | (12,134 | ) | $ | 1,862 | $ | (10,272 | ) | |||||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||||
Change in the funded status of retiree benefit obligations | (33,341 | ) | 6,641 | (26,700 | ) | ||||||||||||||||||||
Income tax (expense) benefit | — | — | — | ||||||||||||||||||||||
Total comprehensive (loss) income, net of tax | $ | (45,475 | ) | $ | 8,503 | $ | (36,972 | ) | |||||||||||||||||
_______________ | |||||||||||||||||||||||||
(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
(In thousands) | Three Months Ended September 30, 2012 | Three Months Ended September 30, 2011 | |||||||||||||||||||||||
Previously Reported | Adjustments(1) | As Restated | Previously Reported | Adjustments(1) | As Restated | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||
Net loss | $ | 2,874 | $ | 105 | $ | 2,979 | $ | (7,584 | ) | $ | 304 | $ | (7,280 | ) | |||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | 8,340 | — | 8,340 | 7,923 | — | 7,923 | |||||||||||||||||||
(Recovery of) provision for doubtful accounts | (922 | ) | — | (922 | ) | 590 | — | 590 | |||||||||||||||||
Gain on sales of assets | (3,213 | ) | — | (3,213 | ) | 98 | — | 98 | |||||||||||||||||
ESOP and share-based compensation expense | 823 | — | 823 | 790 | — | 790 | |||||||||||||||||||
Net gain on investments | (802 | ) | — | (802 | ) | 2,621 | — | 2,621 | |||||||||||||||||
Change in operating assets and liabilities: | |||||||||||||||||||||||||
Restricted cash | — | 1,483 | 1,483 | — | (168 | ) | (168 | ) | |||||||||||||||||
Short-term investments | 1,232 | (1,180 | ) | 52 | 6,059 | (92 | ) | 5,967 | |||||||||||||||||
Accounts and notes receivable | (1,481 | ) | — | (1,481 | ) | (1,643 | ) | — | (1,643 | ) | |||||||||||||||
Inventories | (3,943 | ) | — | (3,943 | ) | (3,192 | ) | — | (3,192 | ) | |||||||||||||||
Income tax receivable | 374 | 19 | 393 | 287 | (8 | ) | 279 | ||||||||||||||||||
Prepaid expenses and other assets | 120 | — | 120 | 543 | — | 543 | |||||||||||||||||||
Accounts payable | 1,863 | 405 | 2,268 | (3,650 | ) | (190 | ) | (3,840 | ) | ||||||||||||||||
Accrued payroll expenses and other liabilities | (834 | ) | (708 | ) | (1,542 | ) | (147 | ) | 451 | 304 | |||||||||||||||
Accrued postretirement benefits | 412 | (124 | ) | 288 | 327 | (297 | ) | 30 | |||||||||||||||||
Other long-term liabilities | (1,191 | ) | — | (1,191 | ) | (3,055 | ) | — | (3,055 | ) | |||||||||||||||
Net cash provided by operating activities | $ | 3,652 | $ | — | $ | 3,652 | $ | (33 | ) | $ | — | $ | (33 | ) | |||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Purchases of property, plant and equipment | (3,572 | ) | — | (3,572 | ) | (2,910 | ) | — | (2,910 | ) | |||||||||||||||
Proceeds from sales of property, plant and equipment | 3,786 | — | 3,786 | 198 | — | 198 | |||||||||||||||||||
Net cash provided by investing activities | $ | 214 | $ | — | $ | 214 | $ | (2,712 | ) | $ | — | $ | (2,712 | ) | |||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Proceeds from revolving credit facility | 4,800 | — | 4,800 | 8,400 | — | 8,400 | |||||||||||||||||||
(In thousands) | Three Months Ended September 30, 2012 | Three Months Ended September 30, 2011 | |||||||||||||||||||||||
Previously Reported | Adjustments(1) | As Restated | Previously Reported | Adjustments(1) | As Restated | ||||||||||||||||||||
Repayments on revolving credit facility | (9,250 | ) | — | (9,250 | ) | (6,800 | ) | — | (6,800 | ) | |||||||||||||||
Payments of capital lease obligations | (777 | ) | — | (777 | ) | (384 | ) | — | (384 | ) | |||||||||||||||
Net cash used in financing activities | $ | (5,227 | ) | $ | — | $ | (5,227 | ) | $ | 1,216 | $ | — | $ | 1,216 | |||||||||||
Net decrease in cash and cash equivalents | $ | (1,361 | ) | $ | — | $ | (1,361 | ) | $ | (1,529 | ) | $ | — | $ | (1,529 | ) | |||||||||
Cash and cash equivalents at beginning of year | 3,906 | — | 3,906 | 6,081 | — | 6,081 | |||||||||||||||||||
Cash and cash equivalents at end of year | $ | 2,545 | $ | — | $ | 2,545 | $ | 4,552 | $ | — | $ | 4,552 | |||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | |
Property, Plant and Equipment | |||||||||||||||
Restricted cash | $3,751,000 | $3,599,000 | $129,000 | $1,612,000 | $1,774,000 | $1,813,000 | $628,000 | $3,599,000 | $1,813,000 | $3,751,000 | $1,774,000 | $8,084,000 | $1,612,000 | $460,000 | |
Provision for doubtful accounts | -922,000 | 590,000 | -963,000 | 737,000 | -890,000 | 880,000 | -757,000 | -980,000 | 2,024,000 | 3,188,000 | |||||
Allowance for Doubtful Accounts Receivable, Period Increase (Decrease) | 800,000 | 1,000,000 | 400,000 | -2,100,000 | |||||||||||
Cost of goods sold | 77,668,000 | 85,352,000 | 74,532,000 | 75,419,000 | 78,380,000 | 87,229,000 | 81,512,000 | 159,884,000 | 168,741,000 | 237,552,000 | 247,121,000 | 318,825,000 | 322,540,000 | 306,458,000 | 254,686,000 |
Property, Plant and Equipment, Gross | 263,527,000 | 268,686,000 | 263,527,000 | ||||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 557,427 | 667,235 | 497,810 | ||||||||||||
Goodwill and intangible assets impairment losses | 5,585,000 | 92,000 | 5,585,000 | 7,805,000 | |||||||||||
Goodwill-related impairment charges | 5,145,000 | ||||||||||||||
Maximum | |||||||||||||||
Property, Plant and Equipment | |||||||||||||||
Cash Equivalents and Short-term Investments, Maturity Period | 180 days | ||||||||||||||
Building | |||||||||||||||
Property, Plant and Equipment | |||||||||||||||
Property, Plant and Equipment, Gross | 78,608,000 | 77,807,000 | 78,608,000 | ||||||||||||
Building | Minimum | |||||||||||||||
Property, Plant and Equipment | |||||||||||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||||||||||
Building | Maximum | |||||||||||||||
Property, Plant and Equipment | |||||||||||||||
Property, Plant and Equipment, Useful Life | 30 years | ||||||||||||||
Distribution Center | |||||||||||||||
Property, Plant and Equipment | |||||||||||||||
Number of Real Estate Properties | 6 | ||||||||||||||
Branch Warehouses | |||||||||||||||
Property, Plant and Equipment | |||||||||||||||
Number of Real Estate Properties | 117 | ||||||||||||||
Machinery and Equipment | |||||||||||||||
Property, Plant and Equipment | |||||||||||||||
Property, Plant and Equipment, Gross | 129,846,000 | 138,470,000 | 129,846,000 | ||||||||||||
Machinery and Equipment | Minimum | |||||||||||||||
Property, Plant and Equipment | |||||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||||||
Machinery and Equipment | Maximum | |||||||||||||||
Property, Plant and Equipment | |||||||||||||||
Property, Plant and Equipment, Useful Life | 5 years | ||||||||||||||
Office Equipment | |||||||||||||||
Property, Plant and Equipment | |||||||||||||||
Property, Plant and Equipment, Useful Life | 5 years | ||||||||||||||
Property, Plant and Equipment, Gross | 16,818,000 | 15,610,000 | 16,818,000 | ||||||||||||
Software and Software Development Costs | |||||||||||||||
Property, Plant and Equipment | |||||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||||||
Property, Plant and Equipment, Gross | 18,524,000 | 17,993,000 | 18,524,000 | ||||||||||||
Coffee Brewing Equipment | |||||||||||||||
Property, Plant and Equipment | |||||||||||||||
Property, Plant and Equipment, Gross | 13,900,000 | 9,300,000 | 13,900,000 | ||||||||||||
Depreciation | 12,800,000 | 12,200,000 | 9,600,000 | ||||||||||||
J. M. Smucker | |||||||||||||||
Property, Plant and Equipment | |||||||||||||||
Other Receivables | 800,000 | 300,000 | 800,000 | ||||||||||||
Coffee Brewing Equipment and Service | |||||||||||||||
Property, Plant and Equipment | |||||||||||||||
Cost of goods sold | 25,600,000 | 24,900,000 | 27,100,000 | ||||||||||||
Deposits Held At CommodityTrading Accounts [Member] | |||||||||||||||
Property, Plant and Equipment | |||||||||||||||
Restricted cash | $1,600,000 | $8,100,000 | $1,600,000 | ||||||||||||
Workforce Subject to Collective Bargaining Arrangements [Member] | |||||||||||||||
Property, Plant and Equipment | |||||||||||||||
Concentration Risk, Percentage | 0.00% |
Restatement_Narrative_Details
Restatement - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | |||||||||||||||
(Overstatement) understatement of accrued postretirement benefits | $22,989,000 | $22,878,000 | $22,815,000 | $22,526,000 | $19,239,000 | $19,172,000 | $19,027,000 | $22,878,000 | $19,172,000 | $22,989,000 | $19,239,000 | $16,076,000 | $22,526,000 | $18,996,000 | |||||||||||||||
(Overstatement) understatement of other comprehensive income | -1,306,000 | -7,157,000 | 2,979,000 | -36,972,000 | -5,211,000 | -3,813,000 | -7,280,000 | -4,178,000 | -11,093,000 | -5,484,000 | -16,304,000 | -6,480,000 | -53,150,000 | -29,355,000 | -31,297,000 | ||||||||||||||
Adjustments | |||||||||||||||||||||||||||||
(Overstatement) understatement of accrued postretirement benefits | -12,404,000 | [1] | -12,280,000 | [1] | -12,155,000 | [1] | -12,031,000 | [2] | -5,476,000 | [1] | -5,180,000 | [1] | -4,884,000 | [1] | -12,280,000 | [1] | -5,180,000 | [1] | -12,404,000 | [1] | -5,476,000 | [1] | -12,031,000 | [2] | -4,589,000 | [2] | |||
(Overstatement) understatement of other comprehensive income | 109,000 | [3] | 137,000 | [3] | 105,000 | [3] | 8,503,000 | [3] | 290,000 | [3] | 297,000 | [3] | 304,000 | [3] | 242,000 | [3] | 601,000 | [3] | 351,000 | [3] | 891,000 | [3] | 9,520,000 | [4] | 9,151,000 | [4],[5] | -2,557,000 | [4],[5] | |
Retiree Medical Plan | Adjustments | |||||||||||||||||||||||||||||
(Overstatement) understatement of accrued postretirement benefits | -20,700,000 | -20,700,000 | -11,200,000 | ||||||||||||||||||||||||||
(Overstatement) understatement of other comprehensive income | 19,200,000 | [4] | 11,100,000 | [4] | |||||||||||||||||||||||||
Death Benefit Plan | Adjustments | |||||||||||||||||||||||||||||
(Overstatement) understatement of accrued postretirement benefits | 8,100,000 | 8,100,000 | 6,400,000 | ||||||||||||||||||||||||||
(Overstatement) understatement of other comprehensive income | -2,200,000 | [4] | -800,000 | [4] | |||||||||||||||||||||||||
Understatement of the Cash Surrender Value of life insurance | $2,200,000 | $2,200,000 | $2,100,000 | ||||||||||||||||||||||||||
[1] | For details see the introduction section included in Note 2. | ||||||||||||||||||||||||||||
[2] | For details see the introduction section included elsewhere in this Note 2. | ||||||||||||||||||||||||||||
[3] | See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. | ||||||||||||||||||||||||||||
[4] | (1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | ||||||||||||||||||||||||||||
[5] | See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. |
Restatement_Summary_of_the_Imp
Restatement - Summary of the Impact of Restatement and Other Immaterial Adjustments (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | ||||||||||||||
Net loss | ($2,978) | ($1,306) | ($7,157) | $2,979 | ($10,272) | ($5,211) | ($3,813) | ($7,280) | ($4,178) | ($11,093) | ($5,484) | ($16,304) | ($8,462) | ($26,576) | ($52,033) | ($25,359) | ||||||||||||||
Total comprehensive income (loss), net of tax | -1,306 | -7,157 | 2,979 | -36,972 | -5,211 | -3,813 | -7,280 | -4,178 | -11,093 | -5,484 | -16,304 | -6,480 | -53,150 | -29,355 | -31,297 | |||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||
Net loss | 109 | [1] | 137 | [1] | 105 | [1],[2] | 1,862 | [1] | 290 | [1] | 297 | [1] | 304 | [1],[2] | 242 | [1],[2] | 601 | [1],[2] | 351 | [1],[2] | 891 | [1],[2] | 2,753 | [3],[4] | 2,284 | [3],[5],[6] | -1,406 | [3],[5],[7] | ||
Total comprehensive income (loss), net of tax | 109 | [1] | 137 | [1] | 105 | [1] | 8,503 | [1] | 290 | [1] | 297 | [1] | 304 | [1] | 242 | [1] | 601 | [1] | 351 | [1] | 891 | [1] | 9,520 | [3] | 9,151 | [3],[5] | -2,557 | [3],[5] | ||
Restatement Of Other Postretirement Benefit Obligations To Net Loss [Member] | Adjustments | ||||||||||||||||||||||||||||||
Net loss | 1,334 | [3] | 3,313 | [3] | 39 | [3] | ||||||||||||||||||||||||
Total comprehensive income (loss), net of tax | 6,638 | [3] | 6,996 | [3] | -1,151 | [3] | ||||||||||||||||||||||||
Restatement Of Other Postretirement Benefit Obligations To Net Loss [Member] | Correction Of Other Postretirement Benefit Obligations, Retiree Medical Plan [Member] | Adjustments | ||||||||||||||||||||||||||||||
Net loss | 1,356 | [3] | 105 | [3] | 0 | [3] | ||||||||||||||||||||||||
Total comprehensive income (loss), net of tax | 8,120 | [3] | 11,074 | [3] | 0 | [3] | ||||||||||||||||||||||||
Restatement Of Other Postretirement Benefit Obligations To Net Loss [Member] | Correction Of Other Postretirement Benefit Obligations, Death Benefit Plan [Member] | Adjustments | ||||||||||||||||||||||||||||||
Net loss | -22 | [3] | -1,022 | [3] | 38 | [3] | ||||||||||||||||||||||||
Total comprehensive income (loss), net of tax | -1,482 | [3] | 152 | [3] | -1,151 | [3] | ||||||||||||||||||||||||
Restatement Of Other Postretirement Benefit Obligations To Net Loss [Member] | Tax Effect Of Correction Of Other Postretirement Benefit Obligations [Member] | Adjustments | ||||||||||||||||||||||||||||||
Net loss | 0 | [3] | 4,230 | [3] | 1 | [3] | ||||||||||||||||||||||||
Total comprehensive income (loss), net of tax | 0 | [3] | -4,230 | [3] | 0 | [3] | ||||||||||||||||||||||||
Immaterial Adjustments [Member] | Adjustments | ||||||||||||||||||||||||||||||
Net loss | 1,419 | [3] | -1,029 | [3] | -1,445 | [3] | ||||||||||||||||||||||||
Total comprehensive income (loss), net of tax | 129 | [3] | -129 | [3] | 0 | [3] | ||||||||||||||||||||||||
Immaterial Adjustments [Member] | Correction Of Coffee Brewing Equipment [Member] | Adjustments | ||||||||||||||||||||||||||||||
Net loss | -233 | [3] | 233 | [3] | -1,542 | [3] | ||||||||||||||||||||||||
Immaterial Adjustments [Member] | Correction Of Accrued Fringe Benefits Liability [Member] | Adjustments | ||||||||||||||||||||||||||||||
Net loss | 1,471 | [3] | -1,471 | [3] | 487 | [3] | ||||||||||||||||||||||||
Immaterial Adjustments [Member] | Correction Of Inventory [Member] | Adjustments | ||||||||||||||||||||||||||||||
Net loss | 310 | [3] | 80 | [3] | -390 | [3] | ||||||||||||||||||||||||
Immaterial Adjustments [Member] | Correction Of Net Periodic Pension Costs [Member] | Adjustments | ||||||||||||||||||||||||||||||
Net loss | -129 | [3] | 129 | [3] | 0 | [3] | ||||||||||||||||||||||||
Total comprehensive income (loss), net of tax | $129 | [3] | ($129) | [3] | $0 | [3] | ||||||||||||||||||||||||
[1] | See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. | |||||||||||||||||||||||||||||
[2] | For details see the introduction section included in Note 2. | |||||||||||||||||||||||||||||
[3] | (1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | |||||||||||||||||||||||||||||
[4] | See the introduction section included elsewhere in this Note 2. | |||||||||||||||||||||||||||||
[5] | See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | |||||||||||||||||||||||||||||
[6] | (1)See the introduction section included elsewhere in this Note 2. | |||||||||||||||||||||||||||||
[7] | _______________B (1)See the introduction section included elsewhere in this Note 2. |
Restatement_Balance_Sheet_Deta
Restatement Balance Sheet (Details) (USD $) | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Jun. 30, 2010 | Jun. 30, 2009 | ||||||||||
Cash and cash equivalents | $2,678,000 | $5,525,000 | $5,218,000 | $2,545,000 | $3,906,000 | $3,463,000 | $4,121,000 | $4,552,000 | $6,081,000 | $4,149,000 | $20,038,000 | ||||||||||
Restricted cash | 8,084,000 | 3,751,000 | 3,599,000 | 129,000 | 1,612,000 | 1,774,000 | 1,813,000 | 628,000 | 460,000 | ||||||||||||
Short-term investments | 20,546,000 | 20,769,000 | 20,553,000 | 20,486,000 | 19,736,000 | 18,486,000 | 17,632,000 | 15,825,000 | 24,414,000 | ||||||||||||
Accounts and notes receivable, net | 43,922,000 | 42,793,000 | 43,752,000 | 43,139,000 | 40,736,000 | 41,685,000 | 44,765,000 | 44,554,000 | 43,501,000 | ||||||||||||
Inventories | 60,867,000 | 67,273,000 | 68,385,000 | 69,924,000 | 65,981,000 | 75,451,000 | 77,874,000 | 83,098,000 | 79,449,000 | ||||||||||||
Income tax receivable | 409,000 | 117,000 | 472,000 | 369,000 | 762,000 | 830,000 | 178,000 | 168,000 | 448,000 | ||||||||||||
Prepaid expenses | 3,243,000 | 2,800,000 | 2,740,000 | 3,091,000 | 3,445,000 | 2,791,000 | 3,196,000 | 2,249,000 | 2,747,000 | ||||||||||||
Total current assets | 139,749,000 | 143,028,000 | 144,719,000 | 139,683,000 | 136,178,000 | 144,480,000 | 149,579,000 | 151,074,000 | 157,100,000 | ||||||||||||
Property, plant and equipment, net | 92,159,000 | 93,838,000 | 98,160,000 | 103,317,000 | 108,137,000 | 106,855,000 | 105,031,000 | 108,944,000 | 114,340,000 | ||||||||||||
Goodwill | 0 | 0 | 5,310,000 | 5,310,000 | |||||||||||||||||
Intangible assets, net | 6,277,000 | 6,586,000 | 6,929,000 | 7,272,000 | 7,615,000 | 8,232,000 | 13,902,000 | 14,270,000 | 9,329,000 | ||||||||||||
Other assets | 5,484,000 | 5,247,000 | 5,273,000 | 5,358,000 | 5,125,000 | 4,839,000 | 4,877,000 | 4,919,000 | 4,963,000 | ||||||||||||
Deferred income taxes | 467,000 | 861,000 | 861,000 | 861,000 | 861,000 | 1,007,000 | 1,007,000 | 1,007,000 | 1,008,000 | ||||||||||||
Total assets | 244,136,000 | 249,560,000 | 255,942,000 | 256,491,000 | 257,916,000 | 270,723,000 | 274,396,000 | 280,214,000 | 292,050,000 | ||||||||||||
Accounts payable | 27,740,000 | 29,878,000 | 30,453,000 | 29,196,000 | 27,266,000 | 31,688,000 | 39,818,000 | 38,146,000 | 42,422,000 | ||||||||||||
Accrued payroll expenses | 19,757,000 | 15,372,000 | 17,009,000 | 18,341,000 | 19,130,000 | 18,040,000 | 18,525,000 | 16,171,000 | 16,958,000 | ||||||||||||
Short-term borrowings under revolving credit facility | 9,654,000 | 9,912,000 | 15,074,000 | 24,996,000 | 29,126,000 | 28,702,000 | 25,971,000 | 33,398,000 | 31,362,000 | ||||||||||||
Short-term obligations under capital leases | 3,409,000 | 3,435,000 | 3,527,000 | 3,683,000 | 3,737,000 | 2,745,000 | 1,674,000 | 1,588,000 | 1,570,000 | ||||||||||||
Short term derivative liability | 9,896,000 | 5,916,000 | 6,292,000 | 29,000 | 737,000 | 2,585,000 | 794,000 | 3,283,000 | 1,729,000 | ||||||||||||
Deferred income taxes | 923,000 | 1,445,000 | 1,445,000 | 1,445,000 | 1,445,000 | 476,000 | 476,000 | 476,000 | 476,000 | ||||||||||||
Other current liabilities | 5,171,000 | 6,728,000 | 5,242,000 | 5,268,000 | 5,296,000 | 5,287,000 | 4,276,000 | 4,063,000 | 4,527,000 | ||||||||||||
Total current liabilities | 76,550,000 | 72,686,000 | 79,042,000 | 82,958,000 | 86,737,000 | 89,523,000 | 91,534,000 | 97,125,000 | 99,044,000 | ||||||||||||
Long-term borrowings under revolving credit facility | 10,000,000 | 10,000,000 | 10,000,000 | 0 | |||||||||||||||||
Long-term derivative liability | 1,129,000 | 0 | |||||||||||||||||||
Accrued postretirement benefits | 16,076,000 | 22,989,000 | 22,878,000 | 22,815,000 | 22,526,000 | 19,239,000 | 19,172,000 | 19,027,000 | 18,996,000 | ||||||||||||
Other long-term liabilities-capital leases | 8,759,000 | 9,552,000 | 10,617,000 | 11,368,000 | 12,130,000 | 9,759,000 | 6,254,000 | 6,664,000 | 7,066,000 | ||||||||||||
Accrued pension liabilities | 43,800,000 | 47,651,000 | 47,456,000 | 47,217,000 | 48,191,000 | 26,909,000 | 28,173,000 | 24,993,000 | 28,048,000 | ||||||||||||
Accrued workers' compensation liabilities | 5,132,000 | 4,022,000 | 4,022,000 | 4,131,000 | 4,131,000 | 3,821,000 | 3,624,000 | 3,639,000 | 3,639,000 | ||||||||||||
Deferred income taxes | 852,000 | 759,000 | 648,000 | 649,000 | 649,000 | 1,842,000 | 1,842,000 | 1,842,000 | 1,842,000 | ||||||||||||
Total liabilities | 162,298,000 | 167,659,000 | 174,663,000 | 169,138,000 | 174,364,000 | 151,093,000 | 150,599,000 | 153,290,000 | 158,635,000 | ||||||||||||
Commitments and contingencies | |||||||||||||||||||||
Preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Common stock | 16,454,000 | 16,449,000 | 16,342,000 | 16,314,000 | 16,309,000 | 16,281,000 | 16,262,000 | 16,187,000 | 16,186,000 | ||||||||||||
Additional paid-in capital | 34,654,000 | 33,728,000 | 31,906,000 | 35,653,000 | 34,834,000 | 34,093,000 | 33,071,000 | 37,259,000 | 36,470,000 | ||||||||||||
Retained earnings | 94,080,000 | 97,056,000 | 98,363,000 | 105,519,000 | 102,542,000 | 112,814,000 | 118,023,000 | 121,837,000 | 129,118,000 | ||||||||||||
Unearned ESOP shares | -20,836,000 | -20,836,000 | -20,836,000 | -25,637,000 | -25,637,000 | -25,636,000 | -25,637,000 | -30,437,000 | -30,437,000 | ||||||||||||
Less accumulated other comprehensive loss | -42,514,000 | -44,496,000 | -44,496,000 | -44,496,000 | -44,496,000 | -17,922,000 | -17,922,000 | -17,922,000 | -17,922,000 | ||||||||||||
Total stockholders' equity | 81,838,000 | 81,901,000 | 81,279,000 | 87,353,000 | 83,552,000 | 119,630,000 | 123,797,000 | 126,924,000 | 133,415,000 | 161,744,000 | |||||||||||
Total liabilities and stockholders' equity | 244,136,000 | 249,560,000 | 255,942,000 | 256,491,000 | 257,916,000 | 270,723,000 | 274,396,000 | 280,214,000 | 292,050,000 | ||||||||||||
Previously Reported | |||||||||||||||||||||
Cash and cash equivalents | 5,525,000 | 5,218,000 | 2,545,000 | 3,906,000 | 3,463,000 | 4,121,000 | 4,552,000 | 6,081,000 | 4,149,000 | 20,038,000 | |||||||||||
Restricted cash | 3,751,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||
Short-term investments | 20,769,000 | 20,570,000 | 20,591,000 | 21,021,000 | 18,715,000 | 18,881,000 | 16,193,000 | 24,874,000 | |||||||||||||
Accounts and notes receivable, net | 42,793,000 | 43,752,000 | 43,139,000 | 40,736,000 | 41,685,000 | 44,765,000 | 44,554,000 | 43,501,000 | |||||||||||||
Inventories | 67,273,000 | 68,385,000 | 69,924,000 | 65,981,000 | 75,762,000 | 78,185,000 | 83,408,000 | 79,759,000 | |||||||||||||
Income tax receivable | 139,000 | 478,000 | 388,000 | 762,000 | 825,000 | 170,000 | 161,000 | 448,000 | |||||||||||||
Prepaid expenses | 2,800,000 | 2,740,000 | 3,091,000 | 3,445,000 | 2,792,000 | 3,196,000 | 2,249,000 | 2,747,000 | |||||||||||||
Total current assets | 143,050,000 | 141,143,000 | 139,678,000 | 135,851,000 | 143,242,000 | 149,318,000 | 151,117,000 | 157,410,000 | |||||||||||||
Property, plant and equipment, net | 93,837,000 | 98,159,000 | 103,315,000 | 108,135,000 | 106,622,000 | 104,798,000 | 108,711,000 | 114,107,000 | |||||||||||||
Goodwill | 0 | 5,310,000 | 5,310,000 | ||||||||||||||||||
Intangible assets, net | 6,586,000 | 6,929,000 | 7,272,000 | 7,615,000 | 8,232,000 | 13,902,000 | 14,270,000 | 9,329,000 | |||||||||||||
Other assets | 3,026,000 | 3,052,000 | 3,138,000 | 2,904,000 | 2,766,000 | 2,803,000 | 2,846,000 | 2,892,000 | |||||||||||||
Deferred income taxes | 854,000 | 854,000 | 854,000 | 854,000 | 1,005,000 | 1,005,000 | 1,005,000 | 1,005,000 | |||||||||||||
Total assets | 247,353,000 | 250,137,000 | 254,257,000 | 255,359,000 | 267,177,000 | 271,826,000 | 277,949,000 | 290,053,000 | |||||||||||||
Accounts payable | 30,909,000 | 31,594,000 | 29,201,000 | 27,676,000 | 31,688,000 | 39,818,000 | 38,414,000 | 42,473,000 | |||||||||||||
Accrued payroll expenses | 16,735,000 | 18,372,000 | 19,704,000 | 20,494,000 | 16,757,000 | 17,243,000 | 14,888,000 | 15,675,000 | |||||||||||||
Short-term borrowings under revolving credit facility | 9,912,000 | 15,074,000 | 24,996,000 | 29,126,000 | 28,702,000 | 25,971,000 | 33,398,000 | 31,362,000 | |||||||||||||
Short-term obligations under capital leases | 3,435,000 | 3,527,000 | 3,683,000 | 3,737,000 | 2,745,000 | 1,674,000 | 1,588,000 | 1,570,000 | |||||||||||||
Short term derivative liability | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||
Deferred income taxes | 1,480,000 | 1,479,000 | 1,480,000 | 1,480,000 | 500,000 | 500,000 | 500,000 | 500,000 | |||||||||||||
Other current liabilities | 16,492,000 | 11,691,000 | 10,148,000 | 10,176,000 | 12,005,000 | 10,183,000 | 12,495,000 | 11,882,000 | |||||||||||||
Total current liabilities | 78,963,000 | 81,737,000 | 89,212,000 | 92,689,000 | 92,397,000 | 95,389,000 | 101,283,000 | 103,462,000 | |||||||||||||
Long-term borrowings under revolving credit facility | 10,000,000 | 10,000,000 | |||||||||||||||||||
Accrued postretirement benefits | 35,393,000 | 35,158,000 | 34,970,000 | 34,557,000 | 24,715,000 | 24,352,000 | 23,911,000 | 23,585,000 | |||||||||||||
Other long-term liabilities-capital leases | 9,552,000 | 10,617,000 | 11,368,000 | 12,130,000 | 9,759,000 | 6,254,000 | 6,664,000 | 7,066,000 | |||||||||||||
Accrued pension liabilities | 41,973,000 | 41,778,000 | 41,539,000 | 42,513,000 | 21,231,000 | 22,495,000 | 19,316,000 | 22,371,000 | |||||||||||||
Accrued workers' compensation liabilities | 4,022,000 | 4,022,000 | 4,131,000 | 4,131,000 | 3,821,000 | 3,624,000 | 3,639,000 | 3,639,000 | |||||||||||||
Deferred income taxes | 718,000 | 607,000 | 607,000 | 607,000 | 1,815,000 | 1,815,000 | 1,815,000 | 1,815,000 | |||||||||||||
Total liabilities | 180,621,000 | 183,919,000 | 181,827,000 | 186,627,000 | 153,738,000 | 153,929,000 | 156,628,000 | 161,938,000 | |||||||||||||
Preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||
Common stock | 16,449,000 | 16,342,000 | 16,314,000 | 16,309,000 | 16,281,000 | 16,262,000 | 16,187,000 | 16,186,000 | |||||||||||||
Additional paid-in capital | 33,728,000 | 31,906,000 | 35,653,000 | 34,834,000 | 34,093,000 | 33,071,000 | 37,259,000 | 36,470,000 | |||||||||||||
Retained earnings | 94,620,000 | 96,035,000 | 103,329,000 | 100,455,000 | 112,589,000 | 118,089,000 | 122,200,000 | 129,784,000 | |||||||||||||
Unearned ESOP shares | -20,836,000 | -20,836,000 | -25,637,000 | -25,637,000 | -25,636,000 | -25,637,000 | -30,437,000 | -30,437,000 | |||||||||||||
Less accumulated other comprehensive loss | -57,229,000 | -57,229,000 | -57,229,000 | -57,229,000 | -23,888,000 | -23,888,000 | -23,888,000 | -23,888,000 | |||||||||||||
Total stockholders' equity | 66,732,000 | 66,218,000 | 72,430,000 | 68,732,000 | 113,439,000 | 117,897,000 | 121,321,000 | 128,115,000 | 165,595,000 | ||||||||||||
Total liabilities and stockholders' equity | 247,353,000 | 250,137,000 | 254,257,000 | 255,359,000 | 267,177,000 | 271,826,000 | 277,949,000 | 290,053,000 | |||||||||||||
Adjustments | |||||||||||||||||||||
Cash and cash equivalents | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1],[2],[3] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1],[2],[4] | 0 | [4],[5] | 0 | [5] | |
Restricted cash | 0 | [1] | 3,599,000 | [1] | 129,000 | [1] | 1,612,000 | [2] | 1,774,000 | [1] | 1,813,000 | [1] | 628,000 | [1] | 460,000 | [2] | |||||
Short-term investments | 0 | [1] | -17,000 | [1] | -105,000 | [1] | -1,285,000 | [2] | -229,000 | [1] | -1,249,000 | [1] | -368,000 | [1] | -460,000 | [2] | |||||
Accounts and notes receivable, net | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | |||||
Inventories | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | -311,000 | [1] | -311,000 | [1] | -310,000 | [1] | -310,000 | [2] | |||||
Income tax receivable | -22,000 | [1] | -6,000 | [1] | -19,000 | [1] | 0 | [2] | 5,000 | [1] | 8,000 | [1] | 7,000 | [1] | 0 | [2] | |||||
Prepaid expenses | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | -1,000 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | |||||
Total current assets | -22,000 | [1] | 3,576,000 | [1] | 5,000 | [1] | 327,000 | [2] | 1,238,000 | [1] | 261,000 | [1] | -43,000 | [1] | -310,000 | [2] | |||||
Property, plant and equipment, net | 1,000 | [1] | 1,000 | [1] | 2,000 | [1] | 2,000 | [2] | 233,000 | [1] | 233,000 | [1] | 233,000 | [1] | 233,000 | [2] | |||||
Goodwill | 0 | [1] | 0 | [1] | 0 | [2] | |||||||||||||||
Intangible assets, net | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | |||||
Other assets | 2,221,000 | [1] | 2,221,000 | [1] | 2,220,000 | [1] | 2,221,000 | [2] | 2,073,000 | [1] | 2,074,000 | [1] | 2,073,000 | [1] | 2,071,000 | [2] | |||||
Deferred income taxes | 7,000 | [1] | 7,000 | [1] | 7,000 | [1] | 7,000 | [2] | 2,000 | [1] | 2,000 | [1] | 2,000 | [1] | 3,000 | [2] | |||||
Total assets | 2,207,000 | [1] | 5,805,000 | [1] | 2,234,000 | [1] | 2,557,000 | [2] | 3,546,000 | [1] | 2,570,000 | [1] | 2,265,000 | [1] | 1,997,000 | [2] | |||||
Accounts payable | -1,031,000 | [1] | -1,141,000 | [1] | -5,000 | [1] | -410,000 | [2] | 0 | [1] | 0 | [1] | -268,000 | [1] | -51,000 | [2] | |||||
Accrued payroll expenses | -1,363,000 | [1] | -1,363,000 | [1] | -1,363,000 | [1] | -1,364,000 | [2] | 1,283,000 | [1] | 1,282,000 | [1] | 1,283,000 | [1] | 1,283,000 | [2] | |||||
Short-term borrowings under revolving credit facility | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | |||||
Short-term obligations under capital leases | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | |||||
Short term derivative liability | 5,916,000 | [1] | 6,292,000 | [1] | 29,000 | [1] | 737,000 | [2] | 2,585,000 | [1] | 794,000 | [1] | 3,283,000 | [1] | 1,729,000 | ||||||
Deferred income taxes | -35,000 | [1] | -34,000 | [1] | -35,000 | [1] | -35,000 | [2] | -24,000 | [1] | -24,000 | [1] | -24,000 | [1] | -24,000 | [2] | |||||
Other current liabilities | -9,764,000 | [1] | -6,449,000 | [1] | -4,880,000 | [1] | -4,880,000 | [2] | -6,718,000 | [1] | -5,907,000 | [1] | -8,432,000 | [1] | -7,355,000 | [2] | |||||
Total current liabilities | -6,277,000 | [1] | -2,695,000 | [1] | -6,254,000 | [1] | -5,952,000 | [2] | -2,874,000 | [1] | -3,855,000 | [1] | -4,158,000 | [1] | -4,418,000 | [2] | |||||
Long-term borrowings under revolving credit facility | 0 | [1] | 0 | [1] | |||||||||||||||||
Accrued postretirement benefits | -12,404,000 | [1] | -12,280,000 | [1] | -12,155,000 | [1] | -12,031,000 | [2] | -5,476,000 | [1] | -5,180,000 | [1] | -4,884,000 | [1] | -4,589,000 | [2] | |||||
Other long-term liabilities-capital leases | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | |||||
Accrued pension liabilities | 5,678,000 | [1] | 5,678,000 | [1] | 5,678,000 | [1] | 5,678,000 | [2] | 5,678,000 | [1] | 5,678,000 | [1] | 5,677,000 | [1] | 5,677,000 | [2] | |||||
Accrued workers' compensation liabilities | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | |||||
Deferred income taxes | 41,000 | [1] | 41,000 | [1] | 42,000 | [1] | 42,000 | [2] | 27,000 | [1] | 27,000 | [1] | 27,000 | [1] | 27,000 | [2] | |||||
Total liabilities | -12,962,000 | [1] | -9,256,000 | [1] | -12,689,000 | [1] | -12,263,000 | [2] | -2,645,000 | [1] | -3,330,000 | [1] | -3,338,000 | [1] | -3,303,000 | [2] | |||||
Preferred stock | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | |||||
Common stock | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | |||||
Additional paid-in capital | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | |||||
Retained earnings | 2,436,000 | [1] | 2,328,000 | [1] | 2,190,000 | [1] | 2,087,000 | [2] | 225,000 | [1] | -66,000 | [1] | -363,000 | [1] | -666,000 | [2] | |||||
Unearned ESOP shares | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [1] | 0 | [2] | |||||||
Less accumulated other comprehensive loss | 12,733,000 | [1] | 12,733,000 | [1] | 12,733,000 | [1] | 12,733,000 | [2] | 5,966,000 | [1] | 5,966,000 | [1] | 5,966,000 | [1] | 5,966,000 | [2] | |||||
Total stockholders' equity | 15,169,000 | [1] | 15,061,000 | [1] | 14,923,000 | [1] | 14,820,000 | [2] | 6,191,000 | [1] | 5,900,000 | [1] | 5,603,000 | [1] | 5,300,000 | [2] | -3,851,000 | ||||
Total liabilities and stockholders' equity | $2,207,000 | [1] | $5,805,000 | [1] | $2,234,000 | [1] | $2,557,000 | [2] | $3,546,000 | [1] | $2,570,000 | [1] | $2,265,000 | [1] | $1,997,000 | [2] | |||||
[1] | For details see the introduction section included in Note 2. | ||||||||||||||||||||
[2] | For details see the introduction section included elsewhere in this Note 2. | ||||||||||||||||||||
[3] | See the introduction section included elsewhere in this Note 2. | ||||||||||||||||||||
[4] | (1)See the introduction section included elsewhere in this Note 2. | ||||||||||||||||||||
[5] | _______________B (1)See the introduction section included elsewhere in this Note 2. |
Restatement_Statement_of_Opera
Restatement Statement of Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | ||||||||||||||
Net sales | $128,763 | $126,343 | $135,705 | $119,153 | $120,948 | $121,527 | $131,770 | $121,197 | $254,858 | $252,967 | $381,201 | $374,494 | $509,964 | $495,442 | $463,945 | $450,318 | ||||||||||||||
Cost of goods sold | 77,668 | 85,352 | 74,532 | 75,419 | 78,380 | 87,229 | 81,512 | 159,884 | 168,741 | 237,552 | 247,121 | 318,825 | 322,540 | 306,458 | 254,686 | |||||||||||||||
Gross profit | 47,490 | 48,675 | 50,353 | 44,621 | 45,529 | 43,147 | 44,541 | 39,685 | 94,974 | 84,226 | 143,649 | 127,373 | 191,139 | 172,902 | 157,487 | 195,632 | ||||||||||||||
Selling expenses | 39,135 | 40,765 | 37,271 | 40,280 | 37,909 | 36,771 | 35,681 | 78,036 | 72,452 | 117,171 | 110,361 | 158,079 | 150,641 | 170,670 | 187,290 | |||||||||||||||
General and administrative expenses | 10,034 | 9,041 | 8,769 | 8,059 | 9,050 | 8,775 | 8,338 | 17,810 | 17,113 | 27,844 | 26,163 | 37,063 | 34,222 | 49,379 | 48,941 | |||||||||||||||
Goodwill and intangible assets impairment losses | 5,585 | 92 | 5,585 | 7,805 | ||||||||||||||||||||||||||
Pension withdrawal expense | 220 | 0 | 4,348 | 4,348 | 4,348 | 0 | 4,568 | 0 | ||||||||||||||||||||||
Operating expenses | 49,169 | 49,806 | 46,040 | 54,144 | 46,959 | 49,894 | 44,019 | 95,846 | 93,913 | 145,015 | 140,872 | 195,234 | 195,016 | 227,854 | 236,231 | |||||||||||||||
Loss from operations | -2,729 | -494 | 547 | -1,419 | -8,615 | -3,812 | -5,353 | -4,334 | -872 | -9,687 | -1,366 | -13,499 | -4,095 | -22,114 | -70,367 | -40,599 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||
Dividend income | 286 | 284 | 259 | 273 | 295 | 304 | 359 | 543 | 663 | 829 | 958 | 1,103 | 1,231 | 2,534 | 3,224 | |||||||||||||||
Interest income | 92 | 99 | 92 | 115 | 63 | 21 | 15 | 191 | 36 | 283 | 99 | 452 | 214 | 178 | 303 | |||||||||||||||
Interest expense | -466 | -463 | -457 | -558 | -498 | -506 | -575 | -920 | -1,081 | -1,386 | -1,579 | -1,782 | -2,137 | -1,965 | -986 | |||||||||||||||
Other, net | -764 | -7,656 | 4,945 | -1,659 | -1,831 | 1,780 | -2,407 | -2,711 | -627 | -3,475 | -2,458 | -4,965 | -4,117 | 4,191 | 10,169 | |||||||||||||||
Total other (expense) income | -852 | -7,736 | 4,839 | -1,829 | -1,971 | 1,599 | -2,608 | -2,897 | -1,009 | -3,749 | -2,980 | -5,192 | -4,809 | 4,938 | 12,710 | |||||||||||||||
Loss before taxes | -1,346 | -7,189 | 3,420 | -10,444 | -5,783 | -3,754 | -6,942 | -3,769 | -10,696 | -5,115 | -16,479 | -9,287 | -26,923 | -65,429 | -27,889 | |||||||||||||||
Income tax (benefit) expense | -40 | -32 | 441 | -172 | -572 | 59 | 338 | 409 | 397 | 369 | -175 | -825 | -347 | -13,396 | -2,530 | |||||||||||||||
Net loss | -2,978 | -1,306 | -7,157 | 2,979 | -10,272 | -5,211 | -3,813 | -7,280 | -4,178 | -11,093 | -5,484 | -16,304 | -8,462 | -26,576 | -52,033 | -25,359 | ||||||||||||||
Net loss per common share - basic and diluted, in dollars per share | ($0.19) | ($0.08) | ($0.46) | $0.19 | ($0.65) | ($0.33) | ($0.25) | ($0.48) | ($0.27) | ($0.73) | ($0.35) | ($1.06) | ($0.54) | ($1.72) | ($3.45) | ($1.71) | ||||||||||||||
Weighted average common shares outstanding - basic and diluted | 15,600,000 | 15,548,000 | 15,490,000 | 15,723,000 | 15,592,000 | 15,247,000 | 15,182,000 | 15,520,000 | 15,215,000 | 15,541,000 | 15,449,000 | 15,604,452 | 15,492,314 | 15,066,663 | 14,866,306 | |||||||||||||||
Cash dividends declared per common share | $0 | $0 | $0.18 | $0.46 | ||||||||||||||||||||||||||
Previously Reported | ||||||||||||||||||||||||||||||
Net sales | 126,343 | 135,705 | 119,153 | 120,948 | 121,527 | 131,770 | 121,197 | 254,858 | 252,967 | 381,201 | 374,494 | 495,442 | 463,945 | 450,318 | ||||||||||||||||
Cost of goods sold | 77,668 | 85,352 | 74,532 | 75,497 | 78,380 | 87,229 | 81,512 | 159,884 | 168,741 | 237,552 | 247,121 | 322,618 | 306,771 | 252,754 | ||||||||||||||||
Gross profit | 48,675 | 50,353 | 44,621 | 45,451 | 43,147 | 44,541 | 39,685 | 94,974 | 84,226 | 143,649 | 127,373 | 172,824 | 157,174 | 197,564 | ||||||||||||||||
Selling expenses | 39,135 | 40,765 | 37,271 | 40,280 | 37,909 | 36,771 | 35,681 | 78,036 | 72,452 | 117,171 | 110,361 | 150,641 | 170,670 | 187,685 | ||||||||||||||||
General and administrative expenses | 10,159 | 9,165 | 8,893 | 9,847 | 9,345 | 9,071 | 8,634 | 18,058 | 17,705 | 28,217 | 27,050 | 36,897 | 47,121 | 49,071 | ||||||||||||||||
Goodwill and intangible assets impairment losses | 5,585 | 5,585 | 7,805 | |||||||||||||||||||||||||||
Pension withdrawal expense | 220 | 0 | 4,348 | 4,348 | 4,348 | 4,568 | ||||||||||||||||||||||||
Operating expenses | 49,294 | 49,930 | 46,164 | 55,932 | 47,254 | 50,190 | 44,315 | 96,094 | 94,505 | 145,388 | 141,759 | 197,691 | 225,596 | 236,756 | ||||||||||||||||
Loss from operations | -619 | 423 | -1,543 | -10,481 | -4,107 | -5,649 | -4,630 | -1,120 | -10,279 | -1,739 | -14,386 | -24,867 | -68,422 | -39,192 | ||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||
Dividend income | 286 | 284 | 259 | 273 | 295 | 304 | 359 | 543 | 663 | 829 | 958 | 1,231 | 2,534 | 3,224 | ||||||||||||||||
Interest income | 92 | 99 | 92 | 115 | 63 | 21 | 15 | 191 | 36 | 283 | 99 | 214 | 178 | 303 | ||||||||||||||||
Interest expense | -466 | -463 | -457 | -558 | -498 | -506 | -575 | -920 | -1,081 | -1,386 | -1,579 | -2,137 | -1,965 | -986 | ||||||||||||||||
Other, net | -764 | -7,656 | 4,945 | -1,659 | -1,831 | 1,780 | -2,407 | -2,711 | -627 | -3,475 | -2,458 | -4,117 | 4,191 | 10,169 | ||||||||||||||||
Total other (expense) income | -852 | -7,736 | 4,839 | -1,829 | -1,971 | 1,599 | -2,608 | -2,897 | -1,009 | -3,749 | -2,980 | -4,809 | 4,938 | 12,710 | ||||||||||||||||
Loss before taxes | -1,471 | -7,313 | 3,296 | -12,310 | -6,078 | -4,050 | -7,238 | -4,017 | -11,288 | -5,488 | -17,366 | -29,676 | -63,484 | -26,482 | ||||||||||||||||
Income tax (benefit) expense | -56 | -19 | 422 | -176 | -577 | 60 | 346 | 403 | 406 | 347 | -171 | -347 | -9,167 | -2,529 | ||||||||||||||||
Net loss | -1,415 | -7,294 | 2,874 | -12,134 | -5,501 | -4,110 | -7,584 | -4,420 | -11,694 | -5,835 | -17,195 | -29,329 | -54,317 | -23,953 | ||||||||||||||||
Net loss per common share - basic and diluted, in dollars per share | ($0.09) | ($0.47) | $0.19 | ($0.77) | ($0.35) | ($0.27) | ($0.50) | ($0.28) | ($0.77) | ($0.38) | ($1.11) | ($1.89) | ($3.61) | ($1.61) | ||||||||||||||||
Weighted average common shares outstanding - basic and diluted | 15,600,000 | 15,548,000 | 15,490,000 | 15,723,000 | 15,592,000 | 15,247,000 | 15,182,000 | 15,520,000 | 15,215,000 | 15,541,000 | 15,449,000 | 15,492,314 | 15,066,663 | 14,866,306 | ||||||||||||||||
Cash dividends declared per common share | $0.18 | $0.46 | ||||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||
Net sales | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [3] | ||
Cost of goods sold | 0 | [1] | 0 | [1] | -78 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | -78 | [2] | -313 | [3] | 1,932 | [3] | ||||
Gross profit | 0 | [1] | 0 | [1] | 0 | [1] | 78 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 78 | [2] | 313 | [3] | -1,932 | [3] | ||
Selling expenses | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [3] | -395 | [3] | ||
General and administrative expenses | -125 | [1] | -124 | [1] | -124 | [1] | -1,788 | [1] | -295 | [1] | -296 | [1] | -296 | [1] | -248 | [1] | -592 | [1] | -373 | [1] | -887 | [1] | -2,675 | [2] | 2,258 | [3] | -130 | [3] | ||
Goodwill and intangible assets impairment losses | 0 | [1] | 0 | [2],[4] | 0 | [3],[5] | ||||||||||||||||||||||||
Pension withdrawal expense | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | ||||||||||||||||||
Operating expenses | -125 | [1] | -124 | [1] | -124 | [1] | -1,788 | [1] | -295 | [1] | -296 | [1] | -296 | [1] | -248 | [1] | -592 | [1] | -373 | [1] | -887 | [1] | -2,675 | [2] | 2,258 | [3] | -525 | [3] | ||
Loss from operations | 125 | [1] | 124 | [1] | 124 | [1] | 1,866 | [1] | 295 | [1] | 296 | [1] | 296 | [1] | 248 | [1] | 592 | [1] | 373 | [1] | 887 | [1] | 2,753 | [2] | -1,945 | [3] | -1,407 | [3] | ||
Other income (expense): | ||||||||||||||||||||||||||||||
Dividend income | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [3] | ||
Interest income | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [3] | ||
Interest expense | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [3] | ||
Other, net | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [3] | ||
Total other (expense) income | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [3] | ||
Loss before taxes | 125 | [1] | 124 | [1] | 124 | [1] | 1,866 | [1] | 295 | [1] | 296 | [1] | 296 | [1] | 248 | [1] | 592 | [1] | 373 | [1] | 887 | [1] | 2,753 | [2] | -1,945 | [3] | -1,407 | [3] | ||
Income tax (benefit) expense | 16 | [1] | -13 | [1] | 19 | [1] | 4 | [1] | 5 | [1] | -1 | [1] | -8 | [1] | 6 | [1] | -9 | [1] | 22 | [1] | -4 | [1] | 0 | [2] | -4,229 | [3] | -1 | [3] | ||
Net loss | $109 | [1] | $137 | [1] | $105 | [1],[6] | $1,862 | [1] | $290 | [1] | $297 | [1] | $304 | [1],[6] | $242 | [1],[6] | $601 | [1],[6] | $351 | [1],[6] | $891 | [1],[6] | $2,753 | [2],[4] | $2,284 | [2],[3],[5] | ($1,406) | [2],[3],[7] | ||
Net loss per common share - basic and diluted, in dollars per share | [1] | [1] | [1] | [1] | [1] | [1] | [1] | [1] | [1] | [1] | [1] | [2] | [3] | |||||||||||||||||
Weighted average common shares outstanding - basic and diluted | [1] | [1] | [2] | [3] | ||||||||||||||||||||||||||
Cash dividends declared per common share | [3] | |||||||||||||||||||||||||||||
[1] | See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. | |||||||||||||||||||||||||||||
[2] | (1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | |||||||||||||||||||||||||||||
[3] | See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | |||||||||||||||||||||||||||||
[4] | See the introduction section included elsewhere in this Note 2. | |||||||||||||||||||||||||||||
[5] | (1)See the introduction section included elsewhere in this Note 2. | |||||||||||||||||||||||||||||
[6] | For details see the introduction section included in Note 2. | |||||||||||||||||||||||||||||
[7] | _______________B (1)See the introduction section included elsewhere in this Note 2. |
Restatement_Statements_of_Comp
Restatement Statements of Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | ||||||||||||||
Net loss | ($2,978) | ($1,306) | ($7,157) | $2,979 | ($10,272) | ($5,211) | ($3,813) | ($7,280) | ($4,178) | ($11,093) | ($5,484) | ($16,304) | ($8,462) | ($26,576) | ($52,033) | ($25,359) | ||||||||||||||
Retiree benefits | 0 | 0 | 0 | 26,700 | 0 | 0 | 0 | 0 | 0 | 10,969 | -26,574 | 36,731 | -5,938 | |||||||||||||||||
Tax benefit on retiree benefits | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1,066 | 0 | -14,053 | 0 | |||||||||||||||
Total comprehensive income (loss), net of tax | -1,306 | -7,157 | 2,979 | -36,972 | -5,211 | -3,813 | -7,280 | -4,178 | -11,093 | -5,484 | -16,304 | -6,480 | -53,150 | -29,355 | -31,297 | |||||||||||||||
Previously Reported | ||||||||||||||||||||||||||||||
Net loss | -1,415 | -7,294 | 2,874 | -12,134 | -5,501 | -4,110 | -7,584 | -4,420 | -11,694 | -5,835 | -17,195 | -29,329 | -54,317 | -23,953 | ||||||||||||||||
Retiree benefits | 0 | 0 | 0 | 33,341 | 0 | 0 | 0 | 0 | 0 | -33,341 | 25,634 | -4,787 | ||||||||||||||||||
Tax benefit on retiree benefits | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9,823 | 0 | ||||||||||||||||
Total comprehensive income (loss), net of tax | -1,415 | -7,294 | 2,874 | -45,475 | -5,501 | -4,110 | -7,584 | -4,420 | -11,694 | -5,835 | -17,195 | -62,670 | -38,506 | -28,740 | ||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||
Net loss | 109 | [1] | 137 | [1] | 105 | [1],[2] | 1,862 | [1] | 290 | [1] | 297 | [1] | 304 | [1],[2] | 242 | [1],[2] | 601 | [1],[2] | 351 | [1],[2] | 891 | [1],[2] | 2,753 | [3],[4] | 2,284 | [3],[5],[6] | -1,406 | [3],[5],[7] | ||
Retiree benefits | 0 | [1] | 0 | [1] | 0 | [1] | -6,641 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 6,767 | [3] | 11,097 | [5] | -1,151 | [5] | ||||||
Tax benefit on retiree benefits | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [3] | -4,230 | [5] | 0 | [5] | ||
Total comprehensive income (loss), net of tax | $109 | [1] | $137 | [1] | $105 | [1] | $8,503 | [1] | $290 | [1] | $297 | [1] | $304 | [1] | $242 | [1] | $601 | [1] | $351 | [1] | $891 | [1] | $9,520 | [3] | $9,151 | [3],[5] | ($2,557) | [3],[5] | ||
[1] | See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. | |||||||||||||||||||||||||||||
[2] | For details see the introduction section included in Note 2. | |||||||||||||||||||||||||||||
[3] | (1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | |||||||||||||||||||||||||||||
[4] | See the introduction section included elsewhere in this Note 2. | |||||||||||||||||||||||||||||
[5] | See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | |||||||||||||||||||||||||||||
[6] | (1)See the introduction section included elsewhere in this Note 2. | |||||||||||||||||||||||||||||
[7] | _______________B (1)See the introduction section included elsewhere in this Note 2. |
Restatement_Statement_of_Cash_
Restatement Statement of Cash Flows (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | ||||||||||
Net loss | $2,979 | ($7,280) | ($4,178) | ($11,093) | ($5,484) | ($16,304) | ($8,462) | ($26,576) | ($52,033) | ($25,359) | ||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Depreciation and amortization | 8,340 | 7,923 | 16,640 | 15,821 | 24,778 | 23,831 | 32,542 | 32,113 | 31,758 | 26,778 | ||||||||||
(Recovery of) provision for doubtful accounts | 922 | -590 | 963 | -737 | 890 | -880 | 757 | 980 | -2,024 | -3,188 | ||||||||||
Deferred income taxes | -111 | 0 | 74 | -78 | 338 | -1,185 | ||||||||||||||
Goodwill and intangible assets impairment losses | 92 | 5,585 | 7,805 | |||||||||||||||||
Net (gains) losses on sales of assets | -3,213 | 98 | 3,202 | 662 | 4,388 | 1,161 | -4,466 | -268 | 358 | 430 | ||||||||||
ESOP and share-based compensation expense | 823 | 790 | 1,906 | 1,476 | 2,639 | 2,519 | 3,563 | 3,287 | 3,825 | 4,784 | ||||||||||
Net losses (gains) on derivative and investments | -802 | 2,621 | -7,038 | -2,250 | -9,315 | -5,131 | 11,132 | 6,175 | -1,312 | 9,382 | ||||||||||
Change in operating assets and liabilities: | ||||||||||||||||||||
Restricted cash | 1,483 | -168 | 1,987 | 1,353 | 2,140 | 1,314 | -6,472 | -1,153 | -460 | 0 | ||||||||||
Short-term investments | 52 | 5,967 | 7,854 | -4,532 | 10,347 | -796 | -11,942 | -1,497 | 28,294 | 912 | ||||||||||
Accounts and notes receivable | -1,481 | -1,643 | 2,053 | 2,000 | 1,167 | -936 | -2,429 | 3,745 | -2,929 | -40 | ||||||||||
Inventories | -3,943 | -3,192 | 2,404 | -1,110 | 1,291 | -3,533 | 5,115 | 13,236 | 3,640 | -12,819 | ||||||||||
Income tax receivable | 393 | 279 | -289 | -268 | -645 | 381 | 353 | -314 | 5,392 | -1,677 | ||||||||||
Prepaid expenses and other assets | 120 | 543 | -558 | 361 | -522 | -81 | -157 | -860 | 400 | -9 | ||||||||||
Accounts payable | 2,268 | -3,840 | 3,885 | -1,661 | 3,737 | -9,291 | 1,773 | -13,441 | 12,493 | -121 | ||||||||||
Accrued payroll, expenses and other liabilities | -1,542 | 304 | 3,381 | 348 | 2,734 | 2,596 | 1,741 | 1,949 | 2,156 | 2,362 | ||||||||||
Accrued postretirement benefits | 288 | 30 | 351 | 175 | 462 | 243 | -6,451 | 3,530 | -9,557 | 5,228 | ||||||||||
Other long-term liabilities | -1,191 | -3,055 | -1,302 | 112 | -1,416 | -1,083 | 6,678 | -6,320 | 1,745 | 3,493 | ||||||||||
Net cash provided by operating activities | 3,652 | -33 | 10,105 | 9,699 | 17,820 | 11,012 | 21,927 | 18,133 | 33,937 | -1,047 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | -3,572 | -2,910 | -6,396 | -5,808 | -10,118 | -10,533 | -15,894 | -17,498 | -19,416 | -28,484 | ||||||||||
Proceeds from sales of property, plant and equipment | 3,786 | 198 | 3,911 | 1,227 | 5,556 | 2,112 | 5,666 | 3,037 | 2,021 | 437 | ||||||||||
Net cash used in investing activities | 214 | -2,712 | -2,485 | -4,581 | -4,562 | -8,421 | -10,228 | -14,461 | -17,395 | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from revolving credit facility | 4,800 | 8,400 | 15,000 | 9,400 | 22,550 | 13,700 | 43,990 | 17,250 | 35,450 | 33,737 | ||||||||||
Repayments on revolving credit facility | -9,250 | -6,800 | 19,750 | 15,700 | -32,771 | -17,700 | -54,761 | -21,200 | -43,970 | -12,756 | ||||||||||
Payments of capital lease obligations | -777 | -384 | 1,558 | 778 | -2,613 | -1,209 | -3,359 | -1,897 | -1,433 | -837 | ||||||||||
Proceeds from stock option exercises | 1,195 | 0 | 1,203 | 0 | 0 | |||||||||||||||
Dividends paid | 0 | 0 | -4,657 | -6,939 | ||||||||||||||||
Net cash used in financing activities | -5,227 | 1,216 | -6,308 | -7,078 | -11,639 | -5,209 | -12,927 | -5,847 | -14,610 | 13,205 | ||||||||||
Net (decrease) increase in cash and cash equivalents | -1,361 | -1,529 | 1,312 | -1,960 | 1,619 | -2,618 | -1,228 | -2,175 | 1,932 | -15,889 | ||||||||||
Cash and cash equivalents at beginning of year | 3,906 | 6,081 | 3,906 | 6,081 | 3,906 | 6,081 | 3,906 | 6,081 | 4,149 | 20,038 | ||||||||||
Cash and cash equivalents at end of year | 2,545 | 4,552 | 5,218 | 4,121 | 5,525 | 3,463 | 2,678 | 3,906 | 6,081 | 4,149 | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||
Cash paid for interest | 1,783 | 1,945 | 890 | |||||||||||||||||
Cash paid for income taxes | 370 | 324 | 154 | |||||||||||||||||
Equipment acquired under capital leases | 626 | 5,659 | 3,954 | |||||||||||||||||
Dividends, Common Stock, Cash | 1,849 | |||||||||||||||||||
Previously Reported | ||||||||||||||||||||
Net loss | 2,874 | -7,584 | -4,420 | -11,694 | -5,835 | -17,195 | -29,329 | -54,317 | -23,953 | |||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Depreciation and amortization | 8,340 | 7,923 | 16,640 | 15,821 | 24,778 | 23,831 | 32,113 | 31,758 | 26,778 | |||||||||||
(Recovery of) provision for doubtful accounts | 922 | -590 | 963 | -737 | 890 | -880 | 980 | -2,024 | -3,188 | |||||||||||
Deferred income taxes | -111 | 0 | -78 | 336 | -758 | |||||||||||||||
Goodwill and intangible assets impairment losses | 5,585 | 7,805 | ||||||||||||||||||
Net (gains) losses on sales of assets | -3,213 | 98 | 3,202 | 662 | 4,388 | 1,161 | -268 | 358 | 430 | |||||||||||
ESOP and share-based compensation expense | 823 | 790 | 1,906 | 1,476 | 2,639 | 2,519 | 3,287 | 3,825 | 4,785 | |||||||||||
Net losses (gains) on derivative and investments | -802 | 2,621 | -7,038 | -2,250 | -9,315 | -5,131 | 6,175 | -1,312 | 9,382 | |||||||||||
Change in operating assets and liabilities: | ||||||||||||||||||||
Restricted cash | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Short-term investments | 1,232 | 6,059 | 6,587 | -3,743 | 9,063 | -1,027 | -2,322 | 27,381 | 1,365 | |||||||||||
Accounts and notes receivable | -1,481 | -1,643 | 2,053 | 2,000 | 1,167 | -936 | 3,745 | -2,929 | -40 | |||||||||||
Inventories | -3,943 | -3,192 | 2,404 | -1,110 | 1,291 | -3,533 | 13,314 | 3,952 | -14,751 | |||||||||||
Income tax receivable | 374 | 287 | -284 | -277 | -622 | 377 | -314 | 5,392 | -1,677 | |||||||||||
Prepaid expenses and other assets | 120 | 543 | -558 | 361 | -522 | -81 | -711 | -434 | 178 | |||||||||||
Accounts payable | 1,863 | -3,650 | 4,615 | -1,712 | 4,359 | -9,342 | -13,083 | 12,997 | -738 | |||||||||||
Accrued payroll, expenses and other liabilities | -834 | -147 | -605 | -165 | -1,312 | 1,102 | 3,112 | 2,112 | 2,904 | |||||||||||
Accrued postretirement benefits | 412 | 327 | 600 | 767 | 836 | 1,130 | 995 | 1,399 | 3,926 | |||||||||||
Other long-term liabilities | -1,191 | -3,055 | -1,302 | 112 | -1,416 | -1,083 | -3,108 | -6,410 | 5,182 | |||||||||||
Net cash provided by operating activities | 3,652 | -33 | 10,105 | 9,699 | 17,820 | 11,012 | 18,133 | 33,937 | -1,047 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | -3,572 | -2,910 | -6,396 | -5,808 | -10,118 | -10,533 | -17,498 | -19,416 | -28,484 | |||||||||||
Proceeds from sales of property, plant and equipment | 3,786 | 198 | 3,911 | 1,227 | 5,556 | 2,112 | 3,037 | 2,021 | 437 | |||||||||||
Net cash used in investing activities | 214 | -2,712 | -2,485 | -4,581 | -4,562 | -8,421 | -14,461 | -17,395 | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from revolving credit facility | 4,800 | 8,400 | 15,000 | 9,400 | 22,550 | 13,700 | 17,250 | 35,450 | 33,737 | |||||||||||
Repayments on revolving credit facility | -9,250 | -6,800 | 19,750 | 15,700 | -32,771 | -17,700 | -21,200 | -43,970 | -12,756 | |||||||||||
Payments of capital lease obligations | -777 | -384 | 1,558 | 778 | -2,613 | -1,209 | -1,897 | -1,433 | -837 | |||||||||||
Proceeds from stock option exercises | 1,195 | 0 | ||||||||||||||||||
Dividends paid | -4,657 | -6,939 | ||||||||||||||||||
Net cash used in financing activities | -5,227 | 1,216 | -6,308 | -7,078 | -11,639 | -5,209 | -5,847 | -14,610 | 13,205 | |||||||||||
Net (decrease) increase in cash and cash equivalents | -1,361 | -1,529 | 1,312 | -1,960 | 1,619 | -2,618 | -2,175 | 1,932 | -15,889 | |||||||||||
Cash and cash equivalents at beginning of year | 3,906 | 6,081 | 3,906 | 6,081 | 3,906 | 6,081 | 3,906 | 6,081 | 4,149 | 20,038 | ||||||||||
Cash and cash equivalents at end of year | 2,545 | 4,552 | 5,218 | 4,121 | 5,525 | 3,463 | 3,906 | 6,081 | 4,149 | |||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||
Cash paid for interest | 2,123 | 1,945 | 890 | |||||||||||||||||
Cash paid for income taxes | 317 | 324 | 154 | |||||||||||||||||
Equipment acquired under capital leases | 9,508 | 5,659 | 3,954 | |||||||||||||||||
Dividends, Common Stock, Cash | 1,849 | |||||||||||||||||||
Adjustments | ||||||||||||||||||||
Net loss | 105 | [1],[2] | 304 | [1],[2] | 242 | [1],[2] | 601 | [1],[2] | 351 | [1],[2] | 891 | [1],[2] | 2,753 | [3],[4] | 2,284 | [3],[5],[6] | -1,406 | [3],[5],[7] | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Depreciation and amortization | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
(Recovery of) provision for doubtful accounts | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | 0 | [6] | 0 | [7] | |||
Deferred income taxes | 0 | [1] | 0 | [1] | 0 | [4] | 2 | [6] | -427 | [7] | ||||||||||
Goodwill and intangible assets impairment losses | 0 | [3],[4] | 0 | [5],[6] | ||||||||||||||||
Net (gains) losses on sales of assets | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
ESOP and share-based compensation expense | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | -1 | [7] | ||
Net losses (gains) on derivative and investments | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
Change in operating assets and liabilities: | ||||||||||||||||||||
Restricted cash | 1,483 | [1] | -168 | [1] | 1,987 | 1,353 | 2,140 | 1,314 | -1,153 | -460 | 0 | |||||||||
Short-term investments | -1,180 | [1] | -92 | [1] | 1,267 | [1] | -789 | [1] | 1,284 | [1] | 231 | [1] | 825 | [4] | 913 | [6] | -453 | [7] | ||
Accounts and notes receivable | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
Inventories | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | -78 | [4] | -312 | [6] | 1,932 | [7] | ||
Income tax receivable | 19 | [1] | -8 | [1] | -5 | [1] | 9 | [1] | -23 | [1] | 4 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
Prepaid expenses and other assets | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | -149 | [4] | 834 | [6] | -187 | [7] | ||||
Accounts payable | 405 | [1] | -190 | [1] | -730 | [1] | 51 | [1] | -622 | [1] | 51 | [1] | -358 | [4] | -504 | [6] | 617 | [7] | ||
Accrued payroll, expenses and other liabilities | -708 | [1] | 451 | [1] | 3,986 | [1] | 513 | [1] | 4,046 | [1] | 1,494 | [1] | -1,163 | [4] | 44 | [6] | -542 | [7] | ||
Accrued postretirement benefits | -124 | [1] | -297 | [1] | -249 | [1] | -592 | [1] | -374 | [1] | -887 | [1] | 2,535 | [4] | -10,956 | [6] | 1,302 | [7] | ||
Other long-term liabilities | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | -3,212 | [4] | 8,155 | [6] | -1,689 | [7] | ||
Net cash provided by operating activities | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
Proceeds from sales of property, plant and equipment | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
Net cash used in investing activities | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | ||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from revolving credit facility | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
Repayments on revolving credit facility | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
Payments of capital lease obligations | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
Proceeds from stock option exercises | 0 | [1] | 0 | [1] | ||||||||||||||||
Dividends paid | 0 | 0 | [7] | |||||||||||||||||
Net cash used in financing activities | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | 0 | 0 | [4] | 0 | [6] | 0 | [7] | ||||
Net (decrease) increase in cash and cash equivalents | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | 0 | 0 | [4] | 0 | [6] | 0 | [7] | ||||
Cash and cash equivalents at beginning of year | 0 | [1],[4],[8] | 0 | [1],[6],[8] | 0 | [1],[4],[8] | 0 | [1],[6],[8] | 0 | [1],[4],[8] | 0 | [1],[6],[8] | 0 | [1],[4],[8] | 0 | [1],[6],[8] | 0 | [6],[7] | 0 | [7] |
Cash and cash equivalents at end of year | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1],[4],[8] | 0 | [1],[6],[8] | 0 | [6],[7] | ||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||
Cash paid for interest | 0 | 0 | 0 | |||||||||||||||||
Cash paid for income taxes | 0 | 0 | 0 | |||||||||||||||||
Equipment acquired under capital leases | 0 | 0 | 0 | |||||||||||||||||
Dividends, Common Stock, Cash | $0 | |||||||||||||||||||
[1] | For details see the introduction section included in Note 2. | |||||||||||||||||||
[2] | See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. | |||||||||||||||||||
[3] | (1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | |||||||||||||||||||
[4] | See the introduction section included elsewhere in this Note 2. | |||||||||||||||||||
[5] | See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | |||||||||||||||||||
[6] | (1)See the introduction section included elsewhere in this Note 2. | |||||||||||||||||||
[7] | _______________B (1)See the introduction section included elsewhere in this Note 2. | |||||||||||||||||||
[8] | For details see the introduction section included elsewhere in this Note 2. |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Narrative (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 01, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | |
Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Deposits Held At CommodityTrading Accounts [Member] | Deposits Held At CommodityTrading Accounts [Member] | |||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative Instruments, Percentage Designated As Cash Flow Hedges | 89.00% | ||||||||||||||
Loss on Cash Flow Hedge Ineffectiveness | $400,000 | ||||||||||||||
Losses recognized in OCI | -7,921,000 | 0 | 0 | ||||||||||||
Restricted cash | 8,084,000 | 3,751,000 | 3,599,000 | 129,000 | 1,612,000 | 1,774,000 | 1,813,000 | 628,000 | 460,000 | 8,100,000 | 1,600,000 | ||||
Notional Amount of Interest Rate Derivatives | 10,000,000 | 10,000,000 | |||||||||||||
Derivative, Fixed Interest Rate | 0.48% | ||||||||||||||
Net losses to be reclassified into earnings within the next twelve months | $6,800,000 | ||||||||||||||
Derivative Instruments, Percentage Excluded from Effectiveness Testing | 11.00% |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Fair Value of Derivative Instruments on the Consolidated Balance Sheets (Details) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | ||
Short-term Investments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $4 | $339 |
Short-term Investments [Member] | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Short-Term Derivative Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 565 | 737 |
Short-Term Derivative Liabilities [Member] | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 9,331 | 0 |
Other Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 25 | 0 |
Other Accrued Liabilities [Member] | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Other Long Term Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Other Long Term Liabilities [Member] | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $1,129 | $0 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Pretax Effect of Derivative Instruments on Earnings and OCI (Details) (Cash Flow Hedging [Member], USD $) | 12 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net gains recognized in earnings (effective portion) | $55,000 | $0 | $0 |
Net losses recognized in other comprehensive income (loss) (effective portion) | -7,921,000 | 0 | 0 |
Net losses recognized in earnings (ineffective portion) | ($447,000) | $0 | $0 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments - Net Realized and Unrealized Gains and Losses Recorded in "Other, net" (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||
Other, net | ($764,000) | ($7,656,000) | $4,945,000 | ($1,659,000) | ($1,831,000) | $1,780,000 | ($2,407,000) | ($2,711,000) | ($627,000) | ($3,475,000) | ($2,458,000) | ($4,965,000) | ($4,117,000) | $4,191,000 | $10,169,000 |
Coffee | |||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||
Realized (losses) gains, net | -8,676,000 | -8,577,000 | 916,000 | ||||||||||||
Unrealized (losses) gains, net | -2,661,000 | 1,248,000 | -2,402,000 | ||||||||||||
Net realized and unrealized losses from coffee-related derivatives not designated as accounting hedges | -11,337,000 | -7,329,000 | -1,486,000 | ||||||||||||
Net realized and unrealized gains from investments | 230,000 | 1,154,000 | 2,798,000 | ||||||||||||
Net unrealized losses from interest rate swap | -25,000 | 0 | 0 | ||||||||||||
Net (losses) gains on derivatives and investments | -11,132,000 | -6,175,000 | 1,312,000 | ||||||||||||
Net gains from sales of assets | 4,467,000 | 1,375,000 | 1,359,000 | ||||||||||||
Other gains, net | 1,700,000 | 683,000 | 1,520,000 | ||||||||||||
Other, net | ($4,965,000) | ($4,117,000) | $4,191,000 |
Investments_Narrative_Details
Investments - Narrative (Details) (Preferred Stock, USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
Preferred Stock | ||
Schedule of Trading Securities and Other Trading Assets | ||
Fair value of trading securities in unrealized gain position | $13,200,000 | $16,500,000 |
Fair value of trading securities in unrealized loss position | $7,318,000 | $2,891,000 |
Investments_Gross_Unrealized_L
Investments - Gross Unrealized Losses (Details) (Preferred Stock, USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | ||
Preferred Stock | ||
Schedule of Trading Securities and Other Trading Assets | ||
Less than 12 Months - Fair Value | $5,391 | $1,750 |
Less than 12 Months - Unrealized Loss | -161 | -16 |
Total - Fair Value | 7,318 | 2,891 |
Total - Unrealized Loss | ($228) | ($40) |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis (Details) (USD $) | Jun. 30, 2013 | Dec. 01, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
Derivative Liabilities - Interest Rate Swap | Derivative Liabilities | Derivative Liabilities | Derivative Liabilities | Derivative Liabilities | Derivative Liabilities | Derivative Liabilities | Derivative Liabilities | Derivative Liabilities | Derivative Liabilities | Derivative Liabilities | Derivative Liabilities | Derivative Liabilities | Derivative Liabilities | Derivative Liabilities | Derivative Liabilities | Derivative Liabilities | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Futures, Options and Other Derivative Assets | Futures, Options and Other Derivative Assets | Futures, Options and Other Derivative Assets | Futures, Options and Other Derivative Assets | Futures, Options and Other Derivative Assets | Futures, Options and Other Derivative Assets | Futures, Options and Other Derivative Assets | Futures, Options and Other Derivative Assets | |||
Total | Level 1 | Level 2 | Level 3 | Designated as Cash Flow Hedges | Designated as Cash Flow Hedges | Designated as Cash Flow Hedges | Designated as Cash Flow Hedges | Not Designated as Cash Flow Hedges | Not Designated as Cash Flow Hedges | Not Designated as Cash Flow Hedges | Not Designated as Cash Flow Hedges | Derivative Liabilities - Interest Rate Swap | Derivative Liabilities - Interest Rate Swap | Derivative Liabilities - Interest Rate Swap | Derivative Liabilities - Interest Rate Swap | Total | Total | Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Total | Total | Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | ||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Not Designated as Cash Flow Hedges | Not Designated as Cash Flow Hedges | Not Designated as Cash Flow Hedges | Not Designated as Cash Flow Hedges | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||
Notional Amount of Interest Rate Derivatives | $10,000,000 | $10,000,000 | |||||||||||||||||||||||||||||||||
Assets, Fair Value Disclosure, Recurring | 4,000 | 341,000 | 0 | 0 | 4,000 | 341,000 | 0 | 0 | |||||||||||||||||||||||||||
Interest Rate Cash Flow Hedge Liability at Fair Value | 10,460,000 | 10,460,000 | 0 | 0 | |||||||||||||||||||||||||||||||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 565,000 | 565,000 | 0 | 0 | |||||||||||||||||||||||||||||||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 25,000 | 0 | 25,000 | 0 | |||||||||||||||||||||||||||||||
Available-for-sale Securities, Fair Value Disclosure | 20,542,000 | 19,395,000 | 15,738,000 | 14,078,000 | 4,804,000 | 5,317,000 | 0 | 0 | |||||||||||||||||||||||||||
Derivative, Fixed Interest Rate | 0.48% | 0.48% | |||||||||||||||||||||||||||||||||
Derivative Liability, Fair Value, Net | $737,000 | $0 | $737,000 | $0 |
Restricted_Cash_Details
Restricted Cash (Details) (USD $) | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Restricted cash | $8,084 | $3,751 | $3,599 | $129 | $1,612 | $1,774 | $1,813 | $628 | $460 |
Short-term Investments [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Derivative Asset, Fair Value, Gross Asset | 4 | 339 | |||||||
Deposits Held At CommodityTrading Accounts [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Restricted cash | $8,100 | $1,600 |
Accounts_and_Notes_Receivable_2
Accounts and Notes Receivable, net - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | |
Receivables [Abstract] | ||||||||||
Provision for doubtful accounts | ($922,000) | $590,000 | ($963,000) | $737,000 | ($890,000) | $880,000 | ($757,000) | ($980,000) | $2,024,000 | $3,188,000 |
Increase (decrease) in allownacefor doubtful accounts | ($800,000) | ($1,000,000) | ($400,000) | $2,100,000 |
Accounts_and_Notes_Receivable_3
Accounts and Notes Receivable, net - Schedule of Accounts Receivable (Details) (USD $) | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | |||||||||
Receivables [Abstract] | |||||||||
Accounts Receivable, Gross, Current | $43,965 | $40,687 | |||||||
Other Receivables, Gross, Current | 1,072 | 1,921 | |||||||
Allowance for Doubtful Accounts Receivable, Current | -1,115 | -1,872 | |||||||
Accounts and notes receivable, net | $43,922 | $42,793 | $43,752 | $43,139 | $40,736 | $41,685 | $44,765 | $44,554 | $43,501 |
Accounts_and_Notes_Receivable_4
Accounts and Notes Receivable, net - Allowance For Doubtful Accounts (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||||
Beginning Balance | ($1,872) | ($2,852) | ($1,872) | ($2,852) | ($1,872) | ($2,852) | ($1,872) | ($2,852) | ($3,293) | |
Additions | 922 | -590 | 963 | -737 | 890 | -880 | 757 | 980 | -2,024 | -3,188 |
Write-offs | 0 | 0 | 2,465 | |||||||
Ending Balance | ($1,115) | ($1,872) | ($2,852) | ($3,293) |
Inventories_Narrative_Details
Inventories - Narrative (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Schedule of Inventory [Line Items] | |||
Inventory Valuation Reserves | $700,000 | ||
Effect of LIFO Inventory Liquidation on Income | -1,100,000 | -14,200,000 | -1,100,000 |
Coffee | |||
Schedule of Inventory [Line Items] | |||
Net (losses) gains on derivatives and investments | -11,132,000 | -6,175,000 | 1,312,000 |
Realized Loss on Derivatives | -8,676,000 | -8,577,000 | 916,000 |
Unrealized Gain on Derivatives | ($2,661,000) | $1,248,000 | ($2,402,000) |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventory (Details) (USD $) | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | |||||||||
Product Information | |||||||||
Processed | $39,103 | $43,964 | |||||||
Unprocessed | 21,764 | 22,017 | |||||||
Total | 60,867 | 67,273 | 68,385 | 69,924 | 65,981 | 75,451 | 77,874 | 83,098 | 79,449 |
Coffee | |||||||||
Product Information | |||||||||
Processed | 12,553 | 15,485 | |||||||
Unprocessed | 12,796 | 11,836 | |||||||
Total | 25,349 | 27,321 | |||||||
Tea and Culinary Products | |||||||||
Product Information | |||||||||
Processed | 21,406 | 24,502 | |||||||
Unprocessed | 4,194 | 4,817 | |||||||
Total | 25,600 | 29,319 | |||||||
Coffee Brewing Equipment | |||||||||
Product Information | |||||||||
Processed | 5,144 | 3,977 | |||||||
Unprocessed | 4,774 | 5,364 | |||||||
Total | $9,918 | $9,341 |
Inventories_Current_Costs_in_E
Inventories - Current Costs in Excess of LIFO (Details) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | ||
Current Costs in Excess of LIFO | ||
Excess of Replacement or Current Costs over Stated LIFO Value | $35,512 | $42,083 |
Coffee | ||
Current Costs in Excess of LIFO | ||
Excess of Replacement or Current Costs over Stated LIFO Value | 27,755 | 34,844 |
Tea and Culinary Products | ||
Current Costs in Excess of LIFO | ||
Excess of Replacement or Current Costs over Stated LIFO Value | $7,757 | $7,239 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||||||||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | |
Property, Plant and Equipment | |||||||||
Property, Plant and Equipment, Gross | $268,686,000 | $263,527,000 | |||||||
Accumulated depreciation | -185,718,000 | -164,661,000 | |||||||
Land | 9,191,000 | 9,271,000 | |||||||
Property, plant and equipment, net | 92,159,000 | 108,137,000 | 114,340,000 | 93,838,000 | 98,160,000 | 103,317,000 | 106,855,000 | 105,031,000 | 108,944,000 |
Maintenance Costs | 7,600,000 | 7,900,000 | 10,300,000 | ||||||
Building and Facilities | |||||||||
Property, Plant and Equipment | |||||||||
Property, Plant and Equipment, Gross | 77,807,000 | 78,608,000 | |||||||
Machinery and Equipment | |||||||||
Property, Plant and Equipment | |||||||||
Property, Plant and Equipment, Gross | 138,470,000 | 129,846,000 | |||||||
Coffee Brewing Equipment | |||||||||
Property, Plant and Equipment | |||||||||
Property, Plant and Equipment, Gross | 9,300,000 | 13,900,000 | |||||||
Depreciation | 12,800,000 | 12,200,000 | 9,600,000 | ||||||
Equipment under Capital Leases | |||||||||
Property, Plant and Equipment | |||||||||
Property, Plant and Equipment, Gross | 18,806,000 | 19,731,000 | |||||||
Capitalized Software Costs | |||||||||
Property, Plant and Equipment | |||||||||
Property, Plant and Equipment, Gross | 17,993,000 | 18,524,000 | |||||||
Office Furniture and Equipment | |||||||||
Property, Plant and Equipment | |||||||||
Property, Plant and Equipment, Gross | $15,610,000 | $16,818,000 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2012 | Mar. 31, 2012 |
Goodwill | |||||
Amortizable intangible assets | $10,083 | $10,083 | |||
Accumulated amortization | -9,434 | -8,188 | |||
Goodwill | 0 | 5,310 | 0 | 5,310 | |
Total unamortized intangible assets | 5,628 | 5,720 | |||
Total intangible assets | 15,711 | 15,803 | |||
Amortization of Intangible Assets | 1,246 | 1,439 | 2,948 | ||
Estimated Amortization expense for each of the next five fiscal years: | |||||
For the fiscal year ended and June 30, 2014 | 649 | ||||
The following is a summary of the changes in the carrying value of goodwill | |||||
Beginning Balance | 0 | 5,310 | 0 | 5,310 | |
Reclassification | -165 | ||||
Write-off | -5,145 | ||||
Ending Balance | 0 | 5,310 | 0 | 5,310 | |
Trade Names | |||||
Goodwill | |||||
Unamortized intangible assets | 3,640 | 3,640 | |||
Trademarks | |||||
Goodwill | |||||
Unamortized intangible assets | 1,988 | 2,080 | |||
Customer Relationships | |||||
Goodwill | |||||
Amortizable intangible assets | 10,083 | 10,083 | |||
Accumulated amortization | ($9,434) | ($8,188) | |||
Customer Relationships | Weighted Average | |||||
The remaining weighted average amortization periods for intangible assets with finite lives are as follows: | |||||
Remaining amortization periods for intangible assets with finite lives | 0 years 9 months 0 days |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2011 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Oct. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Farmer Brothers Plan | Farmer Brothers Plan | Brewmatic Plan | Brewmatic Plan | Hourly Employees' Plan | Hourly Employees' Plan | Postretirement Benefits Other Than Pension | Postretirement Benefits Other Than Pension | Postretirement Benefits Other Than Pension | Publicly Traded Mutual Fund | Publicly Traded Mutual Fund | Real Estate | Real Estate | Real Estate | Real Estate | Real Estate | Real Estate | Real Estate | Minimum | Maximum | Program for Enhanced Early Retirement | Green Zone [Member] | Western Conference of Teamsters Pension Plan | Western Conference of Teamsters Pension Plan | Western Conference of Teamsters Pension Plan | Labor Management Pension Fund | Central States Pension Fund | Multiemployer Plans, Pension | Other Postretirement Benefit Plans, Defined Contribution [Member] | Other Postretirement Benefit Plans, Defined Contribution [Member] | Other Postretirement Benefit Plans, Defined Contribution [Member] | |||||||||||
Farmer Brothers Plan | Farmer Brothers Plan | Brewmatic Plan | Brewmatic Plan | Hourly Employees' Plan | Hourly Employees' Plan | Minimum | quarter | plan | |||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Amortization of net (gain) loss for the period | ($1,422,000) | ($570,000) | ($126,000) | ($87,000) | $0 | $0 | ($17,000) | $164,000 | $712,000 | ||||||||||||||||||||||||||||||||
Effect of Curtailments | 34,000 | 1,500,000 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Plan assets by category | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 95.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 6.00% | ||||||||||||||||||||||||||
Amount expected to be recognized as a component of net periodic benefit cost in the next fiscal year | 300,000 | 0 | 400,000 | ||||||||||||||||||||||||||||||||||||||
Expected employer contributions in the next fiscal year | 1,000,000 | 100,000 | 200,000 | 640,000 | |||||||||||||||||||||||||||||||||||||
Funded status of multiemployer plans | 80.00% | 90.00% | 90.30% | ||||||||||||||||||||||||||||||||||||||
Company's share of multiemployer plan's unfunded vested benefit liability | 11,600,000 | ||||||||||||||||||||||||||||||||||||||||
Average hour calculation period for monthly payments in the case of withdrawal from multiemployer plan | 3 years | ||||||||||||||||||||||||||||||||||||||||
Window for average hour calculation period in the case of withdrawal from multiemployer plan | 10 years | ||||||||||||||||||||||||||||||||||||||||
Interest rate on monthly payments in the case of withdrawal from multiemployer plan, after interest free period | 7.00% | ||||||||||||||||||||||||||||||||||||||||
Withdrawal obligation | 0 | 4,300,000 | |||||||||||||||||||||||||||||||||||||||
Quarterly installment payments on estimated withdrawal liability | 100,000 | ||||||||||||||||||||||||||||||||||||||||
Number of quarters relating to installment payments on estimated withdrawal liability | 80 | ||||||||||||||||||||||||||||||||||||||||
Determination period relating to withdrawal liability | 24 months | ||||||||||||||||||||||||||||||||||||||||
Pension withdrawal expense | 220,000 | 0 | 4,348,000 | 4,348,000 | 4,348,000 | 0 | 4,568,000 | 0 | 300,000 | ||||||||||||||||||||||||||||||||
Expected contributions to multiemployer pension plan | 3,400,000 | 6,400,000 | |||||||||||||||||||||||||||||||||||||||
Number of non-pension multiemployer plans that the Company participates in | 8 | ||||||||||||||||||||||||||||||||||||||||
Multiemployer Plan, Period Contributions | 5,800,000 | 5,800,000 | 5,400,000 | ||||||||||||||||||||||||||||||||||||||
Hours required for plan qualification | T1000H | ||||||||||||||||||||||||||||||||||||||||
Elective employee contribution, as a percentage of their annual pay, range | 1.00% | 15.00% | |||||||||||||||||||||||||||||||||||||||
Percentage of employee contribution eligible for Company matching | 50.00% | ||||||||||||||||||||||||||||||||||||||||
Company contribution, maximum percentage of employee's eligible income | 6.00% | ||||||||||||||||||||||||||||||||||||||||
Plan periodic vesting percentage | 20.00% | ||||||||||||||||||||||||||||||||||||||||
Plan, periodic vesting period | 5 years | ||||||||||||||||||||||||||||||||||||||||
Automatic vesting age | 65 years | ||||||||||||||||||||||||||||||||||||||||
Current employees, percent vested | 100.00% | ||||||||||||||||||||||||||||||||||||||||
Amortization of net gain (loss) | -800,000 | 1,422,000 | 570,000 | 126,000 | 87,000 | 0 | 0 | 8,520,000 | -1,419,000 | ||||||||||||||||||||||||||||||||
Amortization of prior service (cost)/credit | -1,800,000 | 0 | 0 | -19,000 | -18,000 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Defined Contribution Plan, Employer Matching Contribution, Amount | $1,200,000 | $1,400,000 | $100,000 | ||||||||||||||||||||||||||||||||||||||
Employer contributions (hours) | T173H |
Employee_Benefit_Plans_Change_
Employee Benefit Plans - Change in Projected Benefit Obligation, Plan Assets and Net Funded Status (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
Farmer Brothers Plan | Farmer Brothers Plan | Brewmatic Plan | Brewmatic Plan | Hourly Employees' Plan | Hourly Employees' Plan | Postretirement Benefits Other Than Pension | Postretirement Benefits Other Than Pension | Postretirement Benefits Other Than Pension | |||||
Change in projected benefit | |||||||||||||
Benefit obligation at the beginning of the year | $124,828 | $107,071 | $4,022 | $3,662 | $1,520 | $1,055 | $23,325 | $19,957 | |||||
Service cost | 0 | 0 | 59 | 39 | 418 | 456 | 1,972 | 1,817 | 1,617 | ||||
Interest cost | 5,550 | 5,846 | 176 | 197 | 69 | 59 | 969 | 1,100 | 1,496 | ||||
Plan participants contributions | 0 | 81 | 0 | 0 | 0 | 0 | 729 | 665 | |||||
Amendments | 0 | 0 | |||||||||||
Actuarial Gain/Loss | 1,333 | 17,066 | -24 | 416 | 56 | -38 | -8,520 | 1,419 | |||||
Benefits paid | -5,506 | -5,236 | -287 | -292 | -7 | -12 | -1,774 | -1,633 | |||||
Effect of Curtailments | -34 | -1,500 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Benefit obligation at the end of the year | 126,205 | 124,828 | 3,946 | 4,022 | 2,056 | 1,520 | 16,701 | 23,325 | 19,957 | ||||
Change in plan assets | |||||||||||||
Fair value of plan assets at the beginning of the year | 82,110 | 80,448 | 2,718 | 2,871 | 1,013 | 421 | 0 | 0 | |||||
Actual return on plan assets | 10,145 | 246 | 322 | -25 | 125 | -4 | 0 | 0 | |||||
Employer contributions | 1,348 | 6,571 | 310 | 164 | 117 | 608 | 1,045 | 968 | |||||
Plan participants contributions | 0 | 81 | 0 | 0 | 0 | 0 | 729 | 665 | |||||
Benefits paid | -5,506 | -5,236 | -287 | -292 | -7 | -12 | -1,774 | -1,633 | |||||
Fair value of plan assets at the ending of the year | 88,097 | 82,110 | 3,063 | 2,718 | 1,248 | 1,013 | 0 | 0 | 0 | ||||
Funded status at end of year (underfunded)/overfunded | -38,108 | -42,718 | -883 | -1,304 | -808 | -507 | -16,701 | -23,325 | |||||
Amounts recognized in balance sheet | |||||||||||||
Noncurrent assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Current liabilities | -347 | -347 | -686 | 0 | 0 | 0 | 0 | 0 | 0 | 625 | 799 | ||
Noncurrent liabilities | -38,108 | -42,718 | -883 | -1,304 | -808 | -507 | 16,076 | 22,526 | |||||
Amounts Recognized in Balance Sheet | 38,108 | 42,718 | 883 | 1,304 | 808 | 507 | -16,701 | -23,325 | |||||
Amounts recognized in balance sheet | |||||||||||||
Total net (gain) loss | 44,841 | 48,720 | 1,878 | 2,154 | 108 | 90 | |||||||
Transition (asset) obligation | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Prior service cost (credit) | 0 | 0 | 0 | 53 | 0 | 0 | |||||||
Total accumulated OCI (not adjusted for applicable tax) | 44,841 | 48,720 | 1,878 | 2,207 | 108 | 90 | |||||||
Total net (gain) loss | -10,131 | -1,594 | |||||||||||
Transition (asset) obligation | 0 | 0 | |||||||||||
Prior service cost (credit) | -17,604 | -19,361 | |||||||||||
Total accumulated OCI (not adjusted for applicable tax) | ($27,735) | ($20,955) | |||||||||||
Weighted average assumptions used to determine benefit obligations | |||||||||||||
Discount rate | 4.50% | 4.55% | 4.50% | 4.55% | 4.50% | 4.55% |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Net Periodic Benefit Cost and Amounts Recognized in Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
Other changes recognized in OCI | |||
Amortization of net gain (loss) | $800 | ||
Amortization of prior service (cost)/credit | -1,800 | ||
Postretirement Benefits Other Than Pension | |||
Components of net periodic benefit cost | |||
Service cost | 1,972 | 1,817 | 1,617 |
Interest cost | 969 | 1,100 | 1,496 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of net (gain) loss | -17 | 164 | 712 |
Amortization of prior service cost (credit) | 1,757 | 1,757 | 358 |
Net periodic benefit cost | 1,201 | 996 | 2,043 |
Other changes recognized in OCI | |||
Amortization of net gain (loss) | -8,520 | 1,419 | |
Amortization of transition asset/(obligation) | 0 | 0 | 0 |
Amortization of prior service (cost)/credit | 0 | 0 | |
Total recognized in other comprehensive income | -6,780 | 3,340 | |
Total recognized in net periodic benefit cost and OCI | -5,579 | 4,336 | |
Farmer Brothers Plan | |||
Components of net periodic benefit cost | |||
Service cost | 0 | 0 | |
Interest cost | 5,550 | 5,846 | |
Expected return on plan assets | -6,355 | -6,569 | |
Amortization of net (gain) loss | -1,422 | -570 | |
Amortization of prior service cost (credit) | 0 | 0 | |
Amount recognized due to special event (curtailment) | 0 | 0 | |
Net periodic benefit cost | 617 | -153 | |
Other changes recognized in OCI | |||
Net (gain)/loss | -2,456 | 23,389 | |
Prior service cost/(credit) | 0 | 0 | |
Amortization of net gain (loss) | -1,422 | -570 | |
Amortization of transition asset/(obligation) | 0 | 0 | |
Amortization of prior service (cost)/credit | 0 | 0 | |
Amount recognized due to special event (curtailment) | 0 | 0 | |
Total recognized in other comprehensive income | -3,878 | 22,819 | |
Total recognized in net periodic benefit cost and OCI | -3,261 | 22,666 | |
Weighted average assumptions used to determine benefit obligations | |||
Discount rate | 4.55% | 5.60% | |
Expected long-term return on plan assets | 8.00% | 8.25% | |
Brewmatic Plan | |||
Components of net periodic benefit cost | |||
Service cost | 59 | 39 | |
Interest cost | 176 | 197 | |
Expected return on plan assets | -196 | -213 | |
Amortization of net (gain) loss | -126 | -87 | |
Amortization of prior service cost (credit) | -19 | -18 | |
Amount recognized due to special event (curtailment) | 34 | 0 | |
Net periodic benefit cost | 218 | 128 | |
Other changes recognized in OCI | |||
Net (gain)/loss | -150 | 654 | |
Prior service cost/(credit) | 0 | 0 | |
Amortization of net gain (loss) | -126 | -87 | |
Amortization of transition asset/(obligation) | 0 | 0 | |
Amortization of prior service (cost)/credit | -19 | -18 | |
Amount recognized due to special event (curtailment) | -34 | 0 | |
Total recognized in other comprehensive income | -329 | 549 | |
Total recognized in net periodic benefit cost and OCI | -111 | 677 | |
Weighted average assumptions used to determine benefit obligations | |||
Discount rate | 4.55% | 5.60% | |
Expected long-term return on plan assets | 8.00% | 8.25% | |
Hourly Employees' Plan | |||
Components of net periodic benefit cost | |||
Service cost | 418 | 456 | |
Interest cost | 69 | 59 | |
Expected return on plan assets | -87 | -28 | |
Amortization of net (gain) loss | 0 | 0 | |
Amortization of prior service cost (credit) | 0 | 0 | |
Amount recognized due to special event (curtailment) | 0 | 0 | |
Net periodic benefit cost | 400 | 487 | |
Other changes recognized in OCI | |||
Net (gain)/loss | 18 | -6 | |
Prior service cost/(credit) | 0 | 0 | |
Amortization of net gain (loss) | 0 | 0 | |
Amortization of transition asset/(obligation) | 0 | 0 | |
Amortization of prior service (cost)/credit | 0 | 0 | |
Amount recognized due to special event (curtailment) | 0 | 0 | |
Total recognized in other comprehensive income | 18 | -6 | |
Total recognized in net periodic benefit cost and OCI | $418 | $481 | |
Weighted average assumptions used to determine benefit obligations | |||
Discount rate | 4.55% | 5.60% | |
Expected long-term return on plan assets | 8.00% | 8.25% | |
Rate of compensation increase | 3.00% |
Employee_Benefit_Plans_Descrip
Employee Benefit Plans - Description of Investment Policy (Details) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | |||
Real Estate | |||
Defined Benefit Plan Disclosure | |||
Plan assets by category | 5.00% | ||
Farmer Brothers Plan | |||
Defined Benefit Plan Disclosure | |||
Projected benefit obligation | $126,205 | $124,828 | $107,071 |
Accumulated benefit obligation | 126,205 | 124,828 | |
Fair value of plan assets at measurement date | 88,097 | 82,110 | 80,448 |
Plan assets by category | 100.00% | 100.00% | |
Farmer Brothers Plan | Equity Securities | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets at measurement date | 58,681 | 53,396 | |
Plan assets by category | 67.00% | 65.00% | |
Farmer Brothers Plan | Debt Securities | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets at measurement date | 24,822 | 24,610 | |
Plan assets by category | 28.00% | 30.00% | |
Farmer Brothers Plan | Real Estate | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets at measurement date | 4,594 | 4,104 | |
Plan assets by category | 5.00% | 5.00% | |
Brewmatic Plan | |||
Defined Benefit Plan Disclosure | |||
Projected benefit obligation | 3,946 | 4,022 | 3,662 |
Accumulated benefit obligation | 3,946 | 4,022 | |
Fair value of plan assets at measurement date | 3,063 | 2,718 | 2,871 |
Plan assets by category | 100.00% | 100.00% | |
Brewmatic Plan | Equity Securities | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets at measurement date | 2,059 | 1,767 | |
Plan assets by category | 67.00% | 65.00% | |
Brewmatic Plan | Debt Securities | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets at measurement date | 843 | 815 | |
Plan assets by category | 28.00% | 30.00% | |
Brewmatic Plan | Real Estate | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets at measurement date | 161 | 136 | |
Plan assets by category | 5.00% | 5.00% | |
Hourly Employees' Plan | |||
Defined Benefit Plan Disclosure | |||
Projected benefit obligation | 2,056 | 1,520 | 1,055 |
Accumulated benefit obligation | 2,056 | 1,520 | |
Fair value of plan assets at measurement date | 1,248 | 1,013 | 421 |
Plan assets by category | 100.00% | 100.00% | |
Hourly Employees' Plan | Equity Securities | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets at measurement date | 811 | 686 | |
Plan assets by category | 65.00% | 68.00% | |
Hourly Employees' Plan | Debt Securities | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets at measurement date | 375 | 261 | |
Plan assets by category | 30.00% | 26.00% | |
Hourly Employees' Plan | Real Estate | |||
Defined Benefit Plan Disclosure | |||
Fair value of plan assets at measurement date | $62 | $66 | |
Plan assets by category | 5.00% | 6.00% |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans - Fair Value of Plan Assets (Details) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | |||
Farmer Brothers Plan | |||
Defined Benefit Plan Disclosure | |||
Fair Value of Plan Assets | $88,097 | $82,110 | $80,448 |
Farmer Brothers Plan | Fair Value | |||
Defined Benefit Plan Disclosure | |||
Fair Value of Plan Assets | 88,097 | 82,110 | |
Farmer Brothers Plan | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Fair Value of Plan Assets | 0 | 0 | |
Farmer Brothers Plan | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Fair Value of Plan Assets | 88,097 | 78,006 | |
Farmer Brothers Plan | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Fair Value of Plan Assets | 0 | 4,104 | 4,711 |
Brewmatic Plan | |||
Defined Benefit Plan Disclosure | |||
Fair Value of Plan Assets | 3,063 | 2,718 | 2,871 |
Brewmatic Plan | Fair Value | |||
Defined Benefit Plan Disclosure | |||
Fair Value of Plan Assets | 3,063 | 2,718 | |
Brewmatic Plan | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Fair Value of Plan Assets | 0 | 0 | |
Brewmatic Plan | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Fair Value of Plan Assets | 3,063 | 2,582 | |
Brewmatic Plan | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Fair Value of Plan Assets | 0 | 136 | 167 |
Hourly Employees' Plan | |||
Defined Benefit Plan Disclosure | |||
Fair Value of Plan Assets | 1,248 | 1,013 | 421 |
Hourly Employees' Plan | Fair Value | |||
Defined Benefit Plan Disclosure | |||
Fair Value of Plan Assets | 1,248 | 1,013 | |
Hourly Employees' Plan | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Fair Value of Plan Assets | 0 | 0 | |
Hourly Employees' Plan | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Fair Value of Plan Assets | 1,248 | 947 | |
Hourly Employees' Plan | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Fair Value of Plan Assets | $0 | $66 | $25 |
Employee_Benefit_Plans_Reconci
Employee Benefit Plans - Reconciliation of Asset Balances (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
Farmer Brothers Plan | ||
Change in plan assets | ||
Fair value of plan assets at the beginning of the year | $82,110 | $80,448 |
Total gains | 10,145 | 246 |
Fair value of plan assets at the ending of the year | 88,097 | 82,110 |
Farmer Brothers Plan | Level 3 | ||
Change in plan assets | ||
Fair value of plan assets at the beginning of the year | 4,104 | 4,711 |
Total gains | 0 | 561 |
Settlements | 0 | -1,168 |
Fair value of plan assets at the ending of the year | 0 | 4,104 |
Unrealized gains | 561 | |
Defined Benefit Plan, Assets Transferred to (from) Plan | -4,104 | |
Brewmatic Plan | ||
Change in plan assets | ||
Fair value of plan assets at the beginning of the year | 2,718 | 2,871 |
Total gains | 322 | -25 |
Fair value of plan assets at the ending of the year | 3,063 | 2,718 |
Brewmatic Plan | Level 3 | ||
Change in plan assets | ||
Fair value of plan assets at the beginning of the year | 136 | 167 |
Total gains | 0 | 19 |
Settlements | 0 | -50 |
Fair value of plan assets at the ending of the year | 0 | 136 |
Unrealized gains | 19 | |
Defined Benefit Plan, Assets Transferred to (from) Plan | -136 | |
Hourly Employees' Plan | ||
Change in plan assets | ||
Fair value of plan assets at the beginning of the year | 1,013 | 421 |
Total gains | 125 | -4 |
Fair value of plan assets at the ending of the year | 1,248 | 1,013 |
Hourly Employees' Plan | Level 3 | ||
Change in plan assets | ||
Fair value of plan assets at the beginning of the year | 66 | 25 |
Total gains | 0 | 5 |
Settlements | 0 | 36 |
Fair value of plan assets at the ending of the year | 0 | 66 |
Unrealized gains | 5 | |
Defined Benefit Plan, Assets Transferred to (from) Plan | ($66) |
Employee_Benefit_Plans_Target_
Employee Benefit Plans - Target Plan Asset Allocation (Details) | 12 Months Ended |
Jun. 30, 2013 | |
Defined Benefit Plan Disclosure | |
Target Plan Asset Allocations | 100.00% |
U.S. Large Cap Equity Securities | |
Defined Benefit Plan Disclosure | |
Target Plan Asset Allocations | 35.80% |
U.S. Small Cap Equity Securities | |
Defined Benefit Plan Disclosure | |
Target Plan Asset Allocations | 9.20% |
International Equity Securities | |
Defined Benefit Plan Disclosure | |
Target Plan Asset Allocations | 15.00% |
Debt Securities | |
Defined Benefit Plan Disclosure | |
Target Plan Asset Allocations | 30.00% |
Real Estate | |
Defined Benefit Plan Disclosure | |
Target Plan Asset Allocations | 10.00% |
Employee_Benefit_Plans_Estimat
Employee Benefit Plans - Estimated Future Benefit Payments (Details) (USD $) | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |
Farmer Brothers Plan | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $5,970 |
30-Jun-13 | 1,000 |
30-Jun-14 | 6,110 |
30-Jun-15 | 6,260 |
30-Jun-16 | 6,520 |
30-Jun-17 | 6,740 |
2018-2021 | 37,640 |
Brewmatic Plan | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 290 |
30-Jun-13 | 100 |
30-Jun-14 | 290 |
30-Jun-15 | 280 |
30-Jun-16 | 280 |
30-Jun-17 | 290 |
2018-2021 | 1,380 |
Hourly Employees' Plan | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 34 |
30-Jun-13 | 200 |
30-Jun-14 | 47 |
30-Jun-15 | 64 |
30-Jun-16 | 81 |
30-Jun-17 | 100 |
2018-2021 | 810 |
Postretirement Benefits Other Than Pension | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 640 |
30-Jun-13 | 640 |
30-Jun-14 | 762 |
30-Jun-15 | 836 |
30-Jun-16 | 913 |
30-Jun-17 | 1,034 |
2018-2021 | $6,522 |
Employee_Benefit_Plans_MultiEm
Employee Benefit Plans - Multi-Employer Plan (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||
Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Dec. 31, 2011 | Oct. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |||||||
Western Conference of Teamsters Pension Plan | Western Conference of Teamsters Pension Plan | Program for Enhanced Early Retirement | Multiemployer Plans, Pension | Multiemployer Plans, Pension | Multiemployer Plans, Pension | Multiemployer Plans, Pension | Multiemployer Plans, Pension | Multiemployer Plans, Pension | Other Postretirement Benefit Plans, Defined Contribution [Member] | Other Postretirement Benefit Plans, Defined Contribution [Member] | Other Postretirement Benefit Plans, Defined Contribution [Member] | |||||||||||||||
Western Conference of Teamsters Pension Plan | Western Conference of Teamsters Pension Plan | Western Conference of Teamsters Pension Plan | All Other Plans | All Other Plans | All Other Plans | |||||||||||||||||||||
Multiemployer Plans | ||||||||||||||||||||||||||
Multiemployer Plan, Period Contributions | $5,800,000 | $5,800,000 | $5,400,000 | |||||||||||||||||||||||
Employer contributions | 3,064,000 | [1],[2],[3] | 3,048,000 | [1],[2],[3] | 2,929,000 | [1],[2],[3] | 37,000 | [4] | 113,000 | [4] | 254,000 | [4] | ||||||||||||||
Withdrawal obligation | 0 | |||||||||||||||||||||||||
Employer contributions (percentage) | 5.00% | 6.50% | ||||||||||||||||||||||||
Employer contributions (hours) | T173H | |||||||||||||||||||||||||
Pension withdrawal expense | $220,000 | $0 | $4,348,000 | $4,348,000 | $4,348,000 | $0 | $4,568,000 | $0 | ||||||||||||||||||
[1] | Individually significant plan. | |||||||||||||||||||||||||
[2] | Less than 5% of total contribution to WCTPP based on WCTPP's most recent annual report on Form 5500 for the calendar year ended December 31, 2012. | |||||||||||||||||||||||||
[3] | The Company guarantees that one hundred seventy-three (173) hours will be contributed upon for all employees who are compensated for all available straight time hours for each calendar month. An additional 6.5% of the basic contribution must be paid for PEER or the Program for Enhanced Early Retirement. | |||||||||||||||||||||||||
[4] | Includes plans that are not individually significant. |
Employee_Benefit_Plans_Amortiz
Employee Benefit Plans - Amortization Schedule (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
Amortization of Net (Gain) Loss Calculation | ||
Amortization years | 11 years 10 months 24 days | |
Retiree Medical Plan | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit) [Roll Forward] | ||
Net Prior Service Cost (Credit), beginning of period | ($19,234) | |
Annual Amortization | 1,757 | |
Net Prior Service Cost (Credit), end of period | -17,477 | -19,234 |
Amortization of Net (Gain) Loss Calculation | ||
Net (gain) loss | -12,087 | -3,941 |
Asset (gains)/losses not yet recognized in market related value of assets | 0 | 0 |
Net (gain) loss subject to amortization | -12,087 | -3,941 |
Defined Benefit Plan, Corridor | 872 | 1,527 |
Net (gain)/loss in excess of corridor | -11,215 | -2,414 |
Amortization years | 11 years 1 month 3 days | |
Other Postretirement Benefit Plans, Defined Benefit Plan Established January 1, 2008 [Member] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit) [Roll Forward] | ||
Net Prior Service Cost (Credit), beginning of period | -1,653 | |
Annual Amortization | 230 | |
Years Remaining | 7 years 2 months 12 days | |
Curtailment | 0 | |
Net Prior Service Cost (Credit), end of period | -1,423 | |
Other Postretirement Benefit Plans, Defined Benefit Plan Established July 1, 2012 [Member] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit) [Roll Forward] | ||
Net Prior Service Cost (Credit), beginning of period | -17,581 | |
Annual Amortization | 1,527 | |
Years Remaining | 11 years 6 months | |
Curtailment | 0 | |
Net Prior Service Cost (Credit), end of period | -16,054 | |
Death Benefit Plan | ||
Amortization of Net (Gain) Loss Calculation | ||
Net (gain) loss | 1,850 | 2,231 |
Asset (gains)/losses not yet recognized in market related value of assets | 0 | 0 |
Net (gain) loss subject to amortization | 1,850 | 2,231 |
Defined Benefit Plan, Corridor | -798 | -806 |
Net (gain)/loss in excess of corridor | $1,052 | $1,425 |
Amortization years | 8 years 0 months 15 days | 8 years 9 months 7 days |
Employee_Benefit_Plans_Sensiti
Employee Benefit Plans - Sensitivity in Results (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2013 |
Compensation and Retirement Disclosure [Abstract] | |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | $305 |
Effect on total service and interest cost components | -271 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | 1,230 |
Effect on accumulated postretirement benefit obligation | ($976) |
Bank_Loan_Details
Bank Loan (Details) (USD $) | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jan. 09, 2012 | Jan. 08, 2012 | Jan. 09, 2012 | Mar. 02, 2009 | Mar. 02, 2009 | Jan. 09, 2012 | Mar. 02, 2009 | Mar. 02, 2009 | Jan. 09, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jan. 09, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
Revolving Credit Facility | Letter of Credit | Amendment Number 1 [Member] | Amendment Number 1 [Member] | The Loan Agreement | The Loan Agreement | The Loan Agreement | The Loan Agreement | The Loan Agreement | The Loan Agreement | Wells Fargo | Wells Fargo | Wells Fargo | Wells Fargo | JP Morgan Chase | Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||
Revolving Credit Facility | Revolving Credit Facility | Option One | Option One | Option One | Option Two | Option Two | Option Two | Amendment Number 1 [Member] | New Loan Agreement | New Loan Agreement | New Loan Agreement | Amendment Number 1 [Member] | ||||||
Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Letter of Credit | Revolving Credit Facility | ||||||||
Minimum | Maximum | Minimum | Maximum | |||||||||||||||
Line of Credit Facility | ||||||||||||||||||
Maximum borrowing capacity | $75,000,000 | $85,000,000 | $53,000,000 | $75,000,000 | $75,000,000 | $20,000,000 | $22,000,000 | |||||||||||
Percentage of receivables eligible for advance | 85.00% | |||||||||||||||||
Percentage of inventory eligible for advance | 75.00% | |||||||||||||||||
Inventory loan limit | 60,000,000 | 60,000,000 | ||||||||||||||||
Description of variable rate basis | Prime | Adjusted Euro Dollar | ||||||||||||||||
Basis spread on variable rate | 0.25% | 0.75% | 2.00% | 2.50% | ||||||||||||||
Amendment fee, percentage | 0.38% | |||||||||||||||||
Unused line fee | 0.25% | |||||||||||||||||
Line Of Credit Facility, Maximum Periodic Payment Under Covenant | 1,750,000 | 7,000,000 | ||||||||||||||||
Derivative, Fixed Interest Rate | 0.48% | 0.48% | ||||||||||||||||
Derivative, Variable Interest Rate | 0.19% | |||||||||||||||||
Net realized and unrealized losses from coffee-related derivatives not designated as accounting hedges | 25,000 | 0 | ||||||||||||||||
Current Borrowing Capacity | 61,700,000 | |||||||||||||||||
Amount borrowed | 19,800,000 | 11,600,000 | ||||||||||||||||
Loan extension fee amount | 100,000 | |||||||||||||||||
Remaining borrowing capacity | 30,300,000 | |||||||||||||||||
Long-term Line of Credit | $10,000,000 | |||||||||||||||||
Debt, Weighted Average Interest Rate | 1.37% |
Employee_Stock_Ownership_Plan_1
Employee Stock Ownership Plan - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Initial term of employer loan | 15 years | ||
Related party transaction, Interest rate | 1.69% | ||
Dividends on ESOP shares used to pay down loan | $1.30 | ||
Shares issued to compensate for shortfall | 1,040 | ||
Compensation Expense | 2.1 | 1.5 | 2.6 |
Difference between cost and market value of committed to be released shares | $0.10 | $0.10 | ($1.40) |
Employee_Stock_Ownership_Plan_2
Employee Stock Ownership Plan - ESOP Plan Contributions (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Loan amount (in thousands) | $20,836 | $25,637 | $30,437 |
Shares purchased | 0 | 0 | 0 |
Employee_Stock_Ownership_Plan_3
Employee Stock Ownership Plan - Number and Value of ESOP Shares (Details) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Allocated shares | 1,885,060 | 1,763,742 |
Committed to be released shares | 173,244 | 185,538 |
Unallocated shares | 738,355 | 911,599 |
Total ESOP shares | 2,796,659 | 2,860,879 |
Fair value of ESOP shares | $39,321 | $22,773 |
ShareBased_Compensation_Narrat
Share-Based Compensation - Narrative (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2013 | Dec. 06, 2012 | Dec. 05, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2011 |
Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Omnibus Plan | Omnibus Plan | Omnibus Plan | Stock Options | Stock Options | Stock Options | Stock Options | Restricted Stock | Restricted Stock | Restricted Stock | ||||
General and Administrative Expense | General and Administrative Expense | General and Administrative Expense | General and Administrative Expense | General and Administrative Expense | General and Administrative Expense | Omnibus Plan | Omnibus Plan | ||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | |||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,125,000 | 1,000,000 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | |||||||||||||||||
Forfeiture rate | 6.50% | 6.50% | 6.50% | 6.50% | |||||||||||||||
Share Price | $14.06 | $7.96 | $10.14 | ||||||||||||||||
Fair value of options vested | $1 | $1.20 | $0.70 | ||||||||||||||||
Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | 1.3 | 1.5 | |||||||||||||||||
Allocated Share-based Compensation Expense | 0.6 | 0.6 | 0.5 | 0.9 | 1.2 | 0.7 | |||||||||||||
Shares Awarded, Granted | 142,070 | 63,979 | |||||||||||||||||
Restricted stock, Granted, Weighted Average Grant Date Fair Value | $7.70 | $16.67 | |||||||||||||||||
Unrecognized compensation cost related to restricted stock | $1 | $1.30 | $0.90 |
ShareBased_Compensation_Weight
Share-Based Compensation - Weighted-average assumptions using Black-Scholes model (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Average fair value of options | $5.69 | $4.42 | $7.05 |
Forfeiture rate | 6.50% | 6.50% | 6.50% |
Risk-free interest rate | 0.90% | 1.10% | 2.70% |
Dividend yield | 0.00% | 0.00% | 1.30% |
Average expected life | 6 years | 6 years | 6 years |
Expected stock price volatility | 49.50% | 52.50% | 54.70% |
ShareBased_Compensation_Stock_
Share-Based Compensation - Stock Option Activity (Details) (USD $) | 12 Months Ended | |||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 557,427 | 667,235 | 497,810 | |
Share Price | $14.06 | $7.96 | $10.14 | |
Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $1,300,000 | $1,500,000 | ||
Fair value of options vested | 1,000,000 | 1,200,000 | 700,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -117,482 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $10.24 | |||
ShareBased Compensation Arrangement By ShareBased Payment Award,Options, Exercises In Period, Weighted Average Grant Date Fair Value | $5.23 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | 336,000 | |||
Share-based Compensation Arrangement By Share-based Payment Award, Options, Granted, Weighted Average Remaining Contractual Term | 6 years 6 months 0 days | 6 years 7 months 6 days | ||
Share-based Compensation Arrangement By Share-based Payment Award, Options, Grants In Period, Aggregate Intrinsic Value | 374,000 | |||
Nonvested | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Number of Stock Options, Beginning balance | 343,239 | 322,869 | 300,794 | |
Number of Stock Options, Granted | 192,892 | 356,834 | 327,656 | |
Number of Stock Options, Vested | -188,909 | -243,518 | -105,458 | |
Number of Stock Options, Cancelled/Forfeited | -31,561 | -92,946 | -200,123 | |
Number of Stock Options, Ending balance | 315,661 | 343,239 | 322,869 | 300,794 |
Weighted Average Exercise Price, Beginning balance | $10.76 | $15.02 | $19.42 | |
Weighted Average Exercise Price, Granted | $12.12 | $8.90 | $14.95 | |
Weighted Average Exercise Price, Vested | $11.56 | $13 | $20.29 | |
Weighted Average Exercise Price, Cancelled/Forfeited | $13.82 | $12.54 | $18.74 | |
Weighted Average Exercise Price, Ending balance | $10.80 | $10.76 | $15.02 | $19.42 |
Weighted Average Grant Date Fair Value, Beginning balance | $4.20 | $6.50 | $6.22 | |
Weighted Average Grant Date Fair Value, Granted | $5.69 | $4.42 | $7.05 | |
Weighted Average Grant Date Fair Value, Vested | $5.33 | $5.85 | $6.30 | |
Weighted Average Grant Date Fair Value, Cancelled/Forfeited | $5.92 | $5.80 | $7.09 | |
Weighted Average Grant Date Fair Value, Ending balance | $5.12 | $4.20 | $6.50 | $6.22 |
Nonvested Awards, Weighted Average Remaining Amortization Period, Beginning balance | 6 years 1 month 6 days | 6 years 3 months 18 days | 1 year 8 months 12 days | 2 years 1 month 6 days |
Vested | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 404,943 | |||
Number of Stock Options, Beginning balance | 667,235 | 497,810 | ||
Number of Stock Options, Granted | 192,892 | 356,834 | 327,656 | |
Number of Stock Options, Cancelled/Forfeited | -185,218 | -187,409 | -234,789 | |
Number of Stock Options, Ending balance | 557,427 | 667,235 | 497,810 | |
Weighted Average Exercise Price, Beginning balance | $12.84 | $17.19 | $20.17 | |
Weighted Average Exercise Price, Granted | $12.12 | $8.90 | $14.95 | |
Weighted Average Exercise Price, Cancelled/Forfeited | $13.83 | $16.89 | $19.21 | |
Weighted Average Exercise Price, Ending balance | $12.81 | $12.84 | $17.19 | $20.17 |
Weighted Average Grant Date Fair Value, Beginning balance | $4.78 | $6.44 | $6.25 | |
Weighted Average Grant Date Fair Value, Granted | $5.69 | $4.42 | $7.05 | |
Weighted Average Grant Date Fair Value, Cancelled/Forfeited | $5.92 | $5.06 | $6.97 | |
Weighted Average Grant Date Fair Value, Ending balance | $5.44 | $4.78 | $6.44 | $6.25 |
Weighted Average Remaining Life, Beginning balance | 5 years 1 month 6 days | 4 years 9 months 18 days | 5 years 8 months 12 days | 5 years 9 months 18 days |
Weighted Average Remaining Life, Ending balance | 5 years 1 month 6 days | 4 years 9 months 18 days | 5 years 8 months 12 days | 5 years 9 months 18 days |
Aggregate Intrinsic Value, Beginning balance | 1,620,000 | 143,000 | 61,000 | 0 |
Aggregate Intrinsic Value, Ending balance | 1,620,000 | 143,000 | 61,000 | 0 |
Options, Vested and exercisable, Outstanding | 241,766 | |||
Options, Vested and exercisable, Weighted Average Exercise Price | $15.43 | |||
Options, Vested and exercisable, Weighted Average Grant Date Fair Value | $5.85 | |||
Options, Vested and exercisable, Weighted Average Remaining Contractual Term | 3 years 10 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 515,000 | |||
Options, Vested and expected to vest, Outstanding | 529,637 | |||
Options, Vested and expected to vest, Weighted Average Exercise Price | $12.91 | |||
Options, Vested and expected to vest, Weighted Average Grant Date Fair Value | $5.45 | |||
Options, Vested and expected to vest, Exercisable, Weighted Average Remaining Life | 5 years 1 month 6 days | |||
Options, Vested and expected to vest, Aggregate Intrinsic Value | $1,527,000 |
ShareBased_Compensation_Restri
Share-Based Compensation - Restricted Stock Activity (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Share-based Compensation Arrangement By Share-based Payment Award, Options, Granted, Weighted Average Remaining Contractual Term | 6 years 6 months 0 days | 6 years 7 months 6 days | ||
Restricted Stock | Vested | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Shares Awarded, Beginning balance | 80,687 | 80,208 | ||
Shares Awarded, Granted | 51,177 | 142,070 | 63,979 | |
Shares Awarded, Exercised/Released | -64,668 | -27,227 | -20,674 | |
Shares Awarded, Cancelled/Forfeited | -23,096 | -19,583 | -42,826 | |
Shares Awarded, Ending balance | 139,360 | 175,947 | ||
Weighted Average Grant Date Fair Value, Beginning balance | $10.16 | $17.31 | $19.91 | |
Weighted Average Grant Date Fair Value, Granted | $11.67 | $7.70 | $16.67 | |
Share-based Compensation Arrangement By Share-based Payment Award, Options, Granted, Weighted Average Remaining Contractual Term | 2 years 1 month 6 days | |||
Weighted Average Grant Date Fair Value, Exercised/Released | $11.27 | $15.80 | $21.52 | |
Weighted Average Grant Date Fair Value, Cancelled/Forfeited | $12.21 | $13.92 | $19.19 | |
Weighted Average Grant Date Fair Value, Ending balance | $9.87 | $10.16 | $17.31 | $19.91 |
Weighted Average Remaining Life, Beginning balance | 1 year 10 months 24 days | 1 year 10 months 24 days | 2 years 7 months 6 days | 2 years |
Weighted Average Remaining Life, Ending balance | 1 year 10 months 24 days | 1 year 10 months 24 days | 2 years 7 months 6 days | 2 years |
Aggregate Intrinsic Value, Beginning Balance | $1,401 | $818 | $1,210 | |
Aggregate Intrinsic Value, Exercised/Released | 832 | 202 | 332 | |
Aggregate Intrinsic Value, Granted | 597 | 1,094 | 1,066 | |
Aggregate Intrinsic Value, Cancelled/Forfeited | 0 | 0 | 497 | |
Aggregate Intrinsic Value, Ending Balance | 1,959 | 1,401 | 818 | 1,210 |
Vested and Expected to Vest, Outstanding, Number | 117,099 | |||
Vested and Expected to Vest, Weighted Average Exercise Price | $9.84 | |||
Vested and Expected to Vest, Weighted Average Remaining Life | 1 year 10 months 24 days | |||
Vested and Expected to Vest, Aggregate Intrinsic Value | $1,646 |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued postretirement benefits | $625 | $798 | |||||||
Accrued workersb compensation liabilities | 1,496 | 1,244 | |||||||
Short-term pension liabilities | 347 | 686 | |||||||
Other (including net taxes payable) | 2,703 | 2,568 | |||||||
Other current liabilities | $5,171 | $6,728 | $5,242 | $5,268 | $5,296 | $5,287 | $4,276 | $4,063 | $4,527 |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||
Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | |
California | Expiring June 30 2025 | Expiring June 30 2020 | Expiring June 30 2012 | General Business Tax Credit Carryforward [Member] | Charitable Contribution Carryfoward [Member] | ||||||||||||||||
Income Tax Disclosure | |||||||||||||||||||||
Income tax expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ($1,066,000) | $0 | ($14,053,000) | $0 | ||||||
Tax Benefit from Gain on Postretirement Benefits, Continuing Operations | 1,100,000 | 0 | 14,100,000 | ||||||||||||||||||
Operating loss carryforwards | 114,400,000 | 112,700,000 | |||||||||||||||||||
Federal capital loss carryforward | 2,700,000 | ||||||||||||||||||||
State capital loss carryforward | 1,200,000 | ||||||||||||||||||||
Federal business tax credits | 800,000 | 2,200,000 | |||||||||||||||||||
Deferred tax assets | 83,126,000 | 84,737,000 | 83,126,000 | 67,129,000 | |||||||||||||||||
Deferred Tax Assets, Net of Valuation Allowance | -81,200,000 | ||||||||||||||||||||
Valuation allowance | -79,448,000 | -82,522,000 | -79,448,000 | -58,712,000 | |||||||||||||||||
Valuation allowance increase (decrease) | 3,100,000 | 20,700,000 | 13,300,000 | ||||||||||||||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 3,100,000 | 3,100,000 | 3,100,000 | ||||||||||||||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate, Next Twelve Months | 0 | ||||||||||||||||||||
Settlements | 0 | 691,000 | 0 | 0 | |||||||||||||||||
Income tax penalties and interest accrued on unrecognized tax benefits | 10,000 | 0 | 10,000 | ||||||||||||||||||
Income tax penalties and interest expense on unrecognized tax benefits | ($10,000) | ($37,000) | $12,000 |
Income_Taxes_Current_and_Defer
Income Taxes - Current and Deferred Components of Provision For Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | |
Income Tax Disclosure [Abstract] | |||||||||||||||
Tax Benefit from Gain on Postretirement Benefits, Continuing Operations | ($1,100,000) | $0 | ($14,100,000) | ||||||||||||
Current: | |||||||||||||||
Federal | -24,000 | -385,000 | -4,000 | ||||||||||||
State | 191,000 | 115,000 | 323,000 | ||||||||||||
Total current income tax benefit | 167,000 | -270,000 | 319,000 | ||||||||||||
Deferred: | |||||||||||||||
Federal | -819,000 | -63,000 | -11,373,000 | ||||||||||||
State | -173,000 | -14,000 | -2,342,000 | ||||||||||||
Total deferred income tax expense (benefit) | -992,000 | -77,000 | -13,715,000 | ||||||||||||
Income tax (benefit) expense | ($40,000) | ($32,000) | $441,000 | ($172,000) | ($572,000) | $59,000 | $338,000 | $409,000 | $397,000 | $369,000 | ($175,000) | ($825,000) | ($347,000) | ($13,396,000) | ($2,530,000) |
Income_Taxes_Reconciliation_to
Income Taxes - Reconciliation to Fedreal Statutory Rate (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||||||||||||||
Statutory tax rate | 34.00% | 34.00% | 34.00% | ||||||||||||
Income tax benefit at statutory rate | ($3,158) | ($9,154) | ($22,246) | ||||||||||||
State income tax (net of federal tax benefit) | -223 | -1,023 | -2,874 | ||||||||||||
Dividend income exclusion | 0 | -85 | -532 | ||||||||||||
Valuation allowance | 3,074 | 10,588 | 13,188 | ||||||||||||
Change in contingency reserve (net) | -7 | -561 | -1,308 | ||||||||||||
Research tax credit (net) | 0 | -15 | -16 | ||||||||||||
Other (net) | -511 | -97 | 392 | ||||||||||||
Income tax (benefit) expense | ($40) | ($32) | $441 | ($172) | ($572) | $59 | $338 | $409 | $397 | $369 | ($175) | ($825) | ($347) | ($13,396) | ($2,530) |
Income_Taxes_Components_of_the
Income Taxes - Components of the Temporary Differences (Details) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | |||
Deferred Tax Assets: [Abstract] | |||
Postretirement benefits | $26,014 | $27,568 | $18,260 |
Accrued liabilities | 4,477 | 3,958 | 4,138 |
Capital loss carryforward | 1,105 | 2,865 | 2,945 |
Net operating loss carryforward | 44,607 | 44,736 | 36,328 |
Intangible assets | 694 | 919 | 0 |
Other | 7,840 | 3,080 | 5,458 |
Total deferred tax assets | 84,737 | 83,126 | 67,129 |
Deferred tax liabilities: [Abstract] | |||
Fixed assets | -2,641 | -4,117 | -7,881 |
Intangible Assets | 0 | 0 | -1,032 |
Other | -882 | -794 | -814 |
Total deferred tax liabilities | -3,523 | -4,911 | -9,727 |
Valuation allowance | -82,522 | -79,448 | -58,712 |
Net deferred tax liability | $1,308 | $1,233 | $1,310 |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $3,100,000 | $3,100,000 | |
Changes in unrecognized tax benefits | |||
Unrecognized tax benefits at beginning of year | 3,211,000 | 3,902,000 | 5,218,000 |
Increases in tax positionsfor prior periods | 0 | 0 | 0 |
(Decreases) increases in tax positions for current year | 0 | 0 | -1,316,000 |
Settlements | 0 | -691,000 | 0 |
Lapse in statute of limitations | 0 | 0 | 0 |
Unrecognized tax benefits at end of year | $3,211,000 | $3,211,000 | $3,902,000 |
Earnings_Loss_Per_Share_Detail
Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 |
Earnings Per Share [Abstract] | ||||||||||||||||
Net loss attributable to comon stockholders - basic | ($8,401) | ($26,274) | ($51,631) | |||||||||||||
Net loss attributable to nonvested restricted stockholders | -61 | -302 | -402 | |||||||||||||
Net loss | ($2,978) | ($1,306) | ($7,157) | $2,979 | ($10,272) | ($5,211) | ($3,813) | ($7,280) | ($4,178) | ($11,093) | ($5,484) | ($16,304) | ($8,462) | ($26,576) | ($52,033) | ($25,359) |
Weighted average shares outstanding - basic | 15,604,452 | 15,492,314 | 15,066,663 | |||||||||||||
Shares issuable under stock options | 0 | 0 | 0 | |||||||||||||
Weighted average shares outstanding - diluted | 15,604,452 | 15,492,314 | 15,066,663 | |||||||||||||
Net loss per common share - basic and diluted, in dollars per share | ($0.19) | ($0.08) | ($0.46) | $0.19 | ($0.65) | ($0.33) | ($0.25) | ($0.48) | ($0.27) | ($0.73) | ($0.35) | ($1.06) | ($0.54) | ($1.72) | ($3.45) | ($1.71) |
Commitments_and_Contingencies_1
Commitments and Contingencies - Narrative (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | 31-May-11 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 |
lease | Security Deposit - Letter of Credit | Security Deposit - Letter of Credit | Minimum | Maximum | Computer Equipment | |||
Maximum | ||||||||
Contractual Obligations | ||||||||
Capital Lease, Term | 12 months | 84 months | ||||||
Operating Leases of Lessee, Number of Leases, Term Greater than Five Years | 1 | |||||||
Operating Lease, Term | 5 years | 5 years | ||||||
Operating Lease, Renewal Option | 10 years | |||||||
Rent Expense | $3.60 | $4.50 | $6.30 | |||||
Security Deposit | $5.90 | $5.40 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Contractual Obligations (Details) (USD $) | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | |||||||||
Capital Lease Obligations | |||||||||
2013 | $4,001 | ||||||||
2014 | 3,692 | ||||||||
2015 | 3,376 | ||||||||
2016 | 1,469 | ||||||||
2017 | 797 | ||||||||
Thereafter | 93 | ||||||||
Total minimum lease payments | 13,428 | ||||||||
Less: imputed interest (3.5% to 10.7%) | -1,260 | ||||||||
Present value of future minimum lease payments | 12,168 | ||||||||
Less: current portion | 3,409 | 3,435 | 3,527 | 3,683 | 3,737 | 2,745 | 1,674 | 1,588 | 1,570 |
Long-term capital lease obligation | 8,759 | 9,552 | 10,617 | 11,368 | 12,130 | 9,759 | 6,254 | 6,664 | 7,066 |
Operating Lease Obligations [Abstract] | |||||||||
2013 | 3,868 | ||||||||
2014 | 3,130 | ||||||||
2015 | 2,151 | ||||||||
2016 | 1,398 | ||||||||
2017 | 1,214 | ||||||||
Thereafter | 833 | ||||||||
Future Minimum Payments Due | 12,594 | ||||||||
Purchase Commitments | |||||||||
2014 | 18,583 | ||||||||
2015 | 0 | ||||||||
2016 | 0 | ||||||||
2017 | 0 | ||||||||
2018 | 0 | ||||||||
Thereafter | 0 | ||||||||
Future minimum purchase commitments | 18,583 | ||||||||
Pension Plan | |||||||||
Defined Benefit Plan Obligations | |||||||||
2013 | 6,641 | ||||||||
2014 | 6,794 | ||||||||
2015 | 6,951 | ||||||||
2016 | 7,228 | ||||||||
2017 | 7,477 | ||||||||
Thereafter | 42,443 | ||||||||
Future payments due | 77,534 | ||||||||
Postretirement Benefits Other Than Pension | |||||||||
Defined Benefit Plan Obligations | |||||||||
2013 | 640 | ||||||||
2014 | 762 | ||||||||
2015 | 836 | ||||||||
2016 | 913 | ||||||||
2017 | 1,034 | ||||||||
Thereafter | 6,522 | ||||||||
Future payments due | 10,707 | ||||||||
Minimum | |||||||||
Capital Lease Obligations | |||||||||
Imputed interest rate on capital leases | 0.82% | ||||||||
Maximum | |||||||||
Capital Lease Obligations | |||||||||
Imputed interest rate on capital leases | 10.70% | ||||||||
Revolving Credit Facility | |||||||||
Revolving Credit Facility | |||||||||
2014 | 9,654 | ||||||||
2015 | 10,000 | ||||||||
2016 | 0 | ||||||||
2017 | 0 | ||||||||
2018 | 0 | ||||||||
Thereafter | 0 | ||||||||
Future minimum debt maturities | $19,654 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||
Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | Jun. 30, 2013 | Jun. 30, 2012 | |
Coffee Bean International | Coffee Bean International | ||||||||||||||||
Effect of Fourth Quarter Events | |||||||||||||||||
Goodwill-related impairment charges | $5,145,000 | $100,000 | $5,100,000 | ||||||||||||||
Intangible assets impairment losses | 500,000 | ||||||||||||||||
Income tax benefit | $40,000 | $32,000 | ($441,000) | $172,000 | $572,000 | ($59,000) | ($338,000) | ($409,000) | ($397,000) | ($369,000) | $175,000 | $825,000 | $347,000 | $13,396,000 | $2,530,000 | $9,200,000 |
Quarterly_Financial_Data_Unaud3
Quarterly Financial Data (Unaudited) - Financial Data (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Net sales | $128,763 | $126,343 | $135,705 | $119,153 | $120,948 | $121,527 | $131,770 | $121,197 | $254,858 | $252,967 | $381,201 | $374,494 | $509,964 | $495,442 | $463,945 | $450,318 |
Gross profit | 47,490 | 48,675 | 50,353 | 44,621 | 45,529 | 43,147 | 44,541 | 39,685 | 94,974 | 84,226 | 143,649 | 127,373 | 191,139 | 172,902 | 157,487 | 195,632 |
Loss from operations | -2,729 | -494 | 547 | -1,419 | -8,615 | -3,812 | -5,353 | -4,334 | -872 | -9,687 | -1,366 | -13,499 | -4,095 | -22,114 | -70,367 | -40,599 |
Net loss | ($2,978) | ($1,306) | ($7,157) | $2,979 | ($10,272) | ($5,211) | ($3,813) | ($7,280) | ($4,178) | ($11,093) | ($5,484) | ($16,304) | ($8,462) | ($26,576) | ($52,033) | ($25,359) |
Net loss per common share - basic and diluted, in dollars per share | ($0.19) | ($0.08) | ($0.46) | $0.19 | ($0.65) | ($0.33) | ($0.25) | ($0.48) | ($0.27) | ($0.73) | ($0.35) | ($1.06) | ($0.54) | ($1.72) | ($3.45) | ($1.71) |
Quarterly_Financial_Data_Unaud4
Quarterly Financial Data (Unaudited) - Consolidated Balance Sheets (Details) (USD $) | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Jun. 30, 2010 | Jun. 30, 2009 | ||||||||||
Cash and cash equivalents | $2,678,000 | $5,525,000 | $5,218,000 | $2,545,000 | $3,906,000 | $3,463,000 | $4,121,000 | $4,552,000 | $6,081,000 | $4,149,000 | $20,038,000 | ||||||||||
Restricted cash | 8,084,000 | 3,751,000 | 3,599,000 | 129,000 | 1,612,000 | 1,774,000 | 1,813,000 | 628,000 | 460,000 | ||||||||||||
Short-term investments | 20,546,000 | 20,769,000 | 20,553,000 | 20,486,000 | 19,736,000 | 18,486,000 | 17,632,000 | 15,825,000 | 24,414,000 | ||||||||||||
Accounts and notes receivable, net | 43,922,000 | 42,793,000 | 43,752,000 | 43,139,000 | 40,736,000 | 41,685,000 | 44,765,000 | 44,554,000 | 43,501,000 | ||||||||||||
Inventories | 60,867,000 | 67,273,000 | 68,385,000 | 69,924,000 | 65,981,000 | 75,451,000 | 77,874,000 | 83,098,000 | 79,449,000 | ||||||||||||
Income tax receivable | 409,000 | 117,000 | 472,000 | 369,000 | 762,000 | 830,000 | 178,000 | 168,000 | 448,000 | ||||||||||||
Prepaid expenses | 3,243,000 | 2,800,000 | 2,740,000 | 3,091,000 | 3,445,000 | 2,791,000 | 3,196,000 | 2,249,000 | 2,747,000 | ||||||||||||
Total current assets | 139,749,000 | 143,028,000 | 144,719,000 | 139,683,000 | 136,178,000 | 144,480,000 | 149,579,000 | 151,074,000 | 157,100,000 | ||||||||||||
Property, plant and equipment, net | 92,159,000 | 93,838,000 | 98,160,000 | 103,317,000 | 108,137,000 | 106,855,000 | 105,031,000 | 108,944,000 | 114,340,000 | ||||||||||||
Goodwill | 0 | 0 | 5,310,000 | 5,310,000 | |||||||||||||||||
Intangible assets, net | 6,277,000 | 6,586,000 | 6,929,000 | 7,272,000 | 7,615,000 | 8,232,000 | 13,902,000 | 14,270,000 | 9,329,000 | ||||||||||||
Other assets | 5,484,000 | 5,247,000 | 5,273,000 | 5,358,000 | 5,125,000 | 4,839,000 | 4,877,000 | 4,919,000 | 4,963,000 | ||||||||||||
Deferred income taxes | 467,000 | 861,000 | 861,000 | 861,000 | 861,000 | 1,007,000 | 1,007,000 | 1,007,000 | 1,008,000 | ||||||||||||
Total assets | 244,136,000 | 249,560,000 | 255,942,000 | 256,491,000 | 257,916,000 | 270,723,000 | 274,396,000 | 280,214,000 | 292,050,000 | ||||||||||||
Accounts payable | 27,740,000 | 29,878,000 | 30,453,000 | 29,196,000 | 27,266,000 | 31,688,000 | 39,818,000 | 38,146,000 | 42,422,000 | ||||||||||||
Accrued payroll expenses | 19,757,000 | 15,372,000 | 17,009,000 | 18,341,000 | 19,130,000 | 18,040,000 | 18,525,000 | 16,171,000 | 16,958,000 | ||||||||||||
Short-term borrowings under revolving credit facility | 9,654,000 | 9,912,000 | 15,074,000 | 24,996,000 | 29,126,000 | 28,702,000 | 25,971,000 | 33,398,000 | 31,362,000 | ||||||||||||
Short-term obligations under capital leases | 3,409,000 | 3,435,000 | 3,527,000 | 3,683,000 | 3,737,000 | 2,745,000 | 1,674,000 | 1,588,000 | 1,570,000 | ||||||||||||
Short term derivative liability | 9,896,000 | 5,916,000 | 6,292,000 | 29,000 | 737,000 | 2,585,000 | 794,000 | 3,283,000 | 1,729,000 | ||||||||||||
Deferred income taxes | 923,000 | 1,445,000 | 1,445,000 | 1,445,000 | 1,445,000 | 476,000 | 476,000 | 476,000 | 476,000 | ||||||||||||
Other current liabilities | 5,171,000 | 6,728,000 | 5,242,000 | 5,268,000 | 5,296,000 | 5,287,000 | 4,276,000 | 4,063,000 | 4,527,000 | ||||||||||||
Total current liabilities | 76,550,000 | 72,686,000 | 79,042,000 | 82,958,000 | 86,737,000 | 89,523,000 | 91,534,000 | 97,125,000 | 99,044,000 | ||||||||||||
Long-term borrowings under revolving credit facility | 10,000,000 | 10,000,000 | 10,000,000 | 0 | |||||||||||||||||
Accrued postretirement benefits | 16,076,000 | 22,989,000 | 22,878,000 | 22,815,000 | 22,526,000 | 19,239,000 | 19,172,000 | 19,027,000 | 18,996,000 | ||||||||||||
Other long-term liabilities-capital leases | 8,759,000 | 9,552,000 | 10,617,000 | 11,368,000 | 12,130,000 | 9,759,000 | 6,254,000 | 6,664,000 | 7,066,000 | ||||||||||||
Accrued pension liabilities | 43,800,000 | 47,651,000 | 47,456,000 | 47,217,000 | 48,191,000 | 26,909,000 | 28,173,000 | 24,993,000 | 28,048,000 | ||||||||||||
Accrued workers' compensation liabilities | 5,132,000 | 4,022,000 | 4,022,000 | 4,131,000 | 4,131,000 | 3,821,000 | 3,624,000 | 3,639,000 | 3,639,000 | ||||||||||||
Deferred income taxes | 852,000 | 759,000 | 648,000 | 649,000 | 649,000 | 1,842,000 | 1,842,000 | 1,842,000 | 1,842,000 | ||||||||||||
Total liabilities | 162,298,000 | 167,659,000 | 174,663,000 | 169,138,000 | 174,364,000 | 151,093,000 | 150,599,000 | 153,290,000 | 158,635,000 | ||||||||||||
Commitments and contingencies | |||||||||||||||||||||
Preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Common stock | 16,454,000 | 16,449,000 | 16,342,000 | 16,314,000 | 16,309,000 | 16,281,000 | 16,262,000 | 16,187,000 | 16,186,000 | ||||||||||||
Additional paid-in capital | 34,654,000 | 33,728,000 | 31,906,000 | 35,653,000 | 34,834,000 | 34,093,000 | 33,071,000 | 37,259,000 | 36,470,000 | ||||||||||||
Retained earnings | 94,080,000 | 97,056,000 | 98,363,000 | 105,519,000 | 102,542,000 | 112,814,000 | 118,023,000 | 121,837,000 | 129,118,000 | ||||||||||||
Unearned ESOP shares | -20,836,000 | -20,836,000 | -20,836,000 | -25,637,000 | -25,637,000 | -25,636,000 | -25,637,000 | -30,437,000 | -30,437,000 | ||||||||||||
Less accumulated other comprehensive loss | -42,514,000 | -44,496,000 | -44,496,000 | -44,496,000 | -44,496,000 | -17,922,000 | -17,922,000 | -17,922,000 | -17,922,000 | ||||||||||||
Total stockholders' equity | 81,838,000 | 81,901,000 | 81,279,000 | 87,353,000 | 83,552,000 | 119,630,000 | 123,797,000 | 126,924,000 | 133,415,000 | 161,744,000 | |||||||||||
Total liabilities and stockholders' equity | 244,136,000 | 249,560,000 | 255,942,000 | 256,491,000 | 257,916,000 | 270,723,000 | 274,396,000 | 280,214,000 | 292,050,000 | ||||||||||||
Previously Reported | |||||||||||||||||||||
Cash and cash equivalents | 5,525,000 | 5,218,000 | 2,545,000 | 3,906,000 | 3,463,000 | 4,121,000 | 4,552,000 | 6,081,000 | 4,149,000 | 20,038,000 | |||||||||||
Restricted cash | 3,751,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||
Short-term investments | 20,769,000 | 20,570,000 | 20,591,000 | 21,021,000 | 18,715,000 | 18,881,000 | 16,193,000 | 24,874,000 | |||||||||||||
Accounts and notes receivable, net | 42,793,000 | 43,752,000 | 43,139,000 | 40,736,000 | 41,685,000 | 44,765,000 | 44,554,000 | 43,501,000 | |||||||||||||
Inventories | 67,273,000 | 68,385,000 | 69,924,000 | 65,981,000 | 75,762,000 | 78,185,000 | 83,408,000 | 79,759,000 | |||||||||||||
Income tax receivable | 139,000 | 478,000 | 388,000 | 762,000 | 825,000 | 170,000 | 161,000 | 448,000 | |||||||||||||
Prepaid expenses | 2,800,000 | 2,740,000 | 3,091,000 | 3,445,000 | 2,792,000 | 3,196,000 | 2,249,000 | 2,747,000 | |||||||||||||
Total current assets | 143,050,000 | 141,143,000 | 139,678,000 | 135,851,000 | 143,242,000 | 149,318,000 | 151,117,000 | 157,410,000 | |||||||||||||
Property, plant and equipment, net | 93,837,000 | 98,159,000 | 103,315,000 | 108,135,000 | 106,622,000 | 104,798,000 | 108,711,000 | 114,107,000 | |||||||||||||
Goodwill | 0 | 5,310,000 | 5,310,000 | ||||||||||||||||||
Intangible assets, net | 6,586,000 | 6,929,000 | 7,272,000 | 7,615,000 | 8,232,000 | 13,902,000 | 14,270,000 | 9,329,000 | |||||||||||||
Other assets | 3,026,000 | 3,052,000 | 3,138,000 | 2,904,000 | 2,766,000 | 2,803,000 | 2,846,000 | 2,892,000 | |||||||||||||
Deferred income taxes | 854,000 | 854,000 | 854,000 | 854,000 | 1,005,000 | 1,005,000 | 1,005,000 | 1,005,000 | |||||||||||||
Total assets | 247,353,000 | 250,137,000 | 254,257,000 | 255,359,000 | 267,177,000 | 271,826,000 | 277,949,000 | 290,053,000 | |||||||||||||
Accounts payable | 30,909,000 | 31,594,000 | 29,201,000 | 27,676,000 | 31,688,000 | 39,818,000 | 38,414,000 | 42,473,000 | |||||||||||||
Accrued payroll expenses | 16,735,000 | 18,372,000 | 19,704,000 | 20,494,000 | 16,757,000 | 17,243,000 | 14,888,000 | 15,675,000 | |||||||||||||
Short-term borrowings under revolving credit facility | 9,912,000 | 15,074,000 | 24,996,000 | 29,126,000 | 28,702,000 | 25,971,000 | 33,398,000 | 31,362,000 | |||||||||||||
Short-term obligations under capital leases | 3,435,000 | 3,527,000 | 3,683,000 | 3,737,000 | 2,745,000 | 1,674,000 | 1,588,000 | 1,570,000 | |||||||||||||
Short term derivative liability | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||
Deferred income taxes | 1,480,000 | 1,479,000 | 1,480,000 | 1,480,000 | 500,000 | 500,000 | 500,000 | 500,000 | |||||||||||||
Other current liabilities | 16,492,000 | 11,691,000 | 10,148,000 | 10,176,000 | 12,005,000 | 10,183,000 | 12,495,000 | 11,882,000 | |||||||||||||
Total current liabilities | 78,963,000 | 81,737,000 | 89,212,000 | 92,689,000 | 92,397,000 | 95,389,000 | 101,283,000 | 103,462,000 | |||||||||||||
Long-term borrowings under revolving credit facility | 10,000,000 | 10,000,000 | |||||||||||||||||||
Accrued postretirement benefits | 35,393,000 | 35,158,000 | 34,970,000 | 34,557,000 | 24,715,000 | 24,352,000 | 23,911,000 | 23,585,000 | |||||||||||||
Other long-term liabilities-capital leases | 9,552,000 | 10,617,000 | 11,368,000 | 12,130,000 | 9,759,000 | 6,254,000 | 6,664,000 | 7,066,000 | |||||||||||||
Accrued pension liabilities | 41,973,000 | 41,778,000 | 41,539,000 | 42,513,000 | 21,231,000 | 22,495,000 | 19,316,000 | 22,371,000 | |||||||||||||
Accrued workers' compensation liabilities | 4,022,000 | 4,022,000 | 4,131,000 | 4,131,000 | 3,821,000 | 3,624,000 | 3,639,000 | 3,639,000 | |||||||||||||
Deferred income taxes | 718,000 | 607,000 | 607,000 | 607,000 | 1,815,000 | 1,815,000 | 1,815,000 | 1,815,000 | |||||||||||||
Total liabilities | 180,621,000 | 183,919,000 | 181,827,000 | 186,627,000 | 153,738,000 | 153,929,000 | 156,628,000 | 161,938,000 | |||||||||||||
Preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||
Common stock | 16,449,000 | 16,342,000 | 16,314,000 | 16,309,000 | 16,281,000 | 16,262,000 | 16,187,000 | 16,186,000 | |||||||||||||
Additional paid-in capital | 33,728,000 | 31,906,000 | 35,653,000 | 34,834,000 | 34,093,000 | 33,071,000 | 37,259,000 | 36,470,000 | |||||||||||||
Retained earnings | 94,620,000 | 96,035,000 | 103,329,000 | 100,455,000 | 112,589,000 | 118,089,000 | 122,200,000 | 129,784,000 | |||||||||||||
Unearned ESOP shares | -20,836,000 | -20,836,000 | -25,637,000 | -25,637,000 | -25,636,000 | -25,637,000 | -30,437,000 | -30,437,000 | |||||||||||||
Less accumulated other comprehensive loss | -57,229,000 | -57,229,000 | -57,229,000 | -57,229,000 | -23,888,000 | -23,888,000 | -23,888,000 | -23,888,000 | |||||||||||||
Total stockholders' equity | 66,732,000 | 66,218,000 | 72,430,000 | 68,732,000 | 113,439,000 | 117,897,000 | 121,321,000 | 128,115,000 | 165,595,000 | ||||||||||||
Total liabilities and stockholders' equity | 247,353,000 | 250,137,000 | 254,257,000 | 255,359,000 | 267,177,000 | 271,826,000 | 277,949,000 | 290,053,000 | |||||||||||||
Adjustments | |||||||||||||||||||||
Cash and cash equivalents | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1],[2],[3] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1],[2],[4] | 0 | [4],[5] | 0 | [5] | |
Restricted cash | 0 | [1] | 3,599,000 | [1] | 129,000 | [1] | 1,612,000 | [2] | 1,774,000 | [1] | 1,813,000 | [1] | 628,000 | [1] | 460,000 | [2] | |||||
Short-term investments | 0 | [1] | -17,000 | [1] | -105,000 | [1] | -1,285,000 | [2] | -229,000 | [1] | -1,249,000 | [1] | -368,000 | [1] | -460,000 | [2] | |||||
Accounts and notes receivable, net | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | |||||
Inventories | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | -311,000 | [1] | -311,000 | [1] | -310,000 | [1] | -310,000 | [2] | |||||
Income tax receivable | -22,000 | [1] | -6,000 | [1] | -19,000 | [1] | 0 | [2] | 5,000 | [1] | 8,000 | [1] | 7,000 | [1] | 0 | [2] | |||||
Prepaid expenses | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | -1,000 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | |||||
Total current assets | -22,000 | [1] | 3,576,000 | [1] | 5,000 | [1] | 327,000 | [2] | 1,238,000 | [1] | 261,000 | [1] | -43,000 | [1] | -310,000 | [2] | |||||
Property, plant and equipment, net | 1,000 | [1] | 1,000 | [1] | 2,000 | [1] | 2,000 | [2] | 233,000 | [1] | 233,000 | [1] | 233,000 | [1] | 233,000 | [2] | |||||
Goodwill | 0 | [1] | 0 | [1] | 0 | [2] | |||||||||||||||
Intangible assets, net | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | |||||
Other assets | 2,221,000 | [1] | 2,221,000 | [1] | 2,220,000 | [1] | 2,221,000 | [2] | 2,073,000 | [1] | 2,074,000 | [1] | 2,073,000 | [1] | 2,071,000 | [2] | |||||
Deferred income taxes | 7,000 | [1] | 7,000 | [1] | 7,000 | [1] | 7,000 | [2] | 2,000 | [1] | 2,000 | [1] | 2,000 | [1] | 3,000 | [2] | |||||
Total assets | 2,207,000 | [1] | 5,805,000 | [1] | 2,234,000 | [1] | 2,557,000 | [2] | 3,546,000 | [1] | 2,570,000 | [1] | 2,265,000 | [1] | 1,997,000 | [2] | |||||
Accounts payable | -1,031,000 | [1] | -1,141,000 | [1] | -5,000 | [1] | -410,000 | [2] | 0 | [1] | 0 | [1] | -268,000 | [1] | -51,000 | [2] | |||||
Accrued payroll expenses | -1,363,000 | [1] | -1,363,000 | [1] | -1,363,000 | [1] | -1,364,000 | [2] | 1,283,000 | [1] | 1,282,000 | [1] | 1,283,000 | [1] | 1,283,000 | [2] | |||||
Short-term borrowings under revolving credit facility | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | |||||
Short-term obligations under capital leases | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | |||||
Short term derivative liability | 5,916,000 | [1] | 6,292,000 | [1] | 29,000 | [1] | 737,000 | [2] | 2,585,000 | [1] | 794,000 | [1] | 3,283,000 | [1] | 1,729,000 | ||||||
Deferred income taxes | -35,000 | [1] | -34,000 | [1] | -35,000 | [1] | -35,000 | [2] | -24,000 | [1] | -24,000 | [1] | -24,000 | [1] | -24,000 | [2] | |||||
Other current liabilities | -9,764,000 | [1] | -6,449,000 | [1] | -4,880,000 | [1] | -4,880,000 | [2] | -6,718,000 | [1] | -5,907,000 | [1] | -8,432,000 | [1] | -7,355,000 | [2] | |||||
Total current liabilities | -6,277,000 | [1] | -2,695,000 | [1] | -6,254,000 | [1] | -5,952,000 | [2] | -2,874,000 | [1] | -3,855,000 | [1] | -4,158,000 | [1] | -4,418,000 | [2] | |||||
Long-term borrowings under revolving credit facility | 0 | [1] | 0 | [1] | |||||||||||||||||
Accrued postretirement benefits | -12,404,000 | [1] | -12,280,000 | [1] | -12,155,000 | [1] | -12,031,000 | [2] | -5,476,000 | [1] | -5,180,000 | [1] | -4,884,000 | [1] | -4,589,000 | [2] | |||||
Other long-term liabilities-capital leases | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | |||||
Accrued pension liabilities | 5,678,000 | [1] | 5,678,000 | [1] | 5,678,000 | [1] | 5,678,000 | [2] | 5,678,000 | [1] | 5,678,000 | [1] | 5,677,000 | [1] | 5,677,000 | [2] | |||||
Accrued workers' compensation liabilities | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | |||||
Deferred income taxes | 41,000 | [1] | 41,000 | [1] | 42,000 | [1] | 42,000 | [2] | 27,000 | [1] | 27,000 | [1] | 27,000 | [1] | 27,000 | [2] | |||||
Total liabilities | -12,962,000 | [1] | -9,256,000 | [1] | -12,689,000 | [1] | -12,263,000 | [2] | -2,645,000 | [1] | -3,330,000 | [1] | -3,338,000 | [1] | -3,303,000 | [2] | |||||
Preferred stock | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | |||||
Common stock | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | |||||
Additional paid-in capital | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | |||||
Retained earnings | 2,436,000 | [1] | 2,328,000 | [1] | 2,190,000 | [1] | 2,087,000 | [2] | 225,000 | [1] | -66,000 | [1] | -363,000 | [1] | -666,000 | [2] | |||||
Unearned ESOP shares | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [1] | 0 | [2] | |||||||
Less accumulated other comprehensive loss | 12,733,000 | [1] | 12,733,000 | [1] | 12,733,000 | [1] | 12,733,000 | [2] | 5,966,000 | [1] | 5,966,000 | [1] | 5,966,000 | [1] | 5,966,000 | [2] | |||||
Total stockholders' equity | 15,169,000 | [1] | 15,061,000 | [1] | 14,923,000 | [1] | 14,820,000 | [2] | 6,191,000 | [1] | 5,900,000 | [1] | 5,603,000 | [1] | 5,300,000 | [2] | -3,851,000 | ||||
Total liabilities and stockholders' equity | $2,207,000 | [1] | $5,805,000 | [1] | $2,234,000 | [1] | $2,557,000 | [2] | $3,546,000 | [1] | $2,570,000 | [1] | $2,265,000 | [1] | $1,997,000 | [2] | |||||
[1] | For details see the introduction section included in Note 2. | ||||||||||||||||||||
[2] | For details see the introduction section included elsewhere in this Note 2. | ||||||||||||||||||||
[3] | See the introduction section included elsewhere in this Note 2. | ||||||||||||||||||||
[4] | (1)See the introduction section included elsewhere in this Note 2. | ||||||||||||||||||||
[5] | _______________B (1)See the introduction section included elsewhere in this Note 2. |
Quarterly_Financial_Data_Unaud5
Quarterly Financial Data (Unaudited) - Consolidated Statements of Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | ||||||||||||||
Net sales | $128,763 | $126,343 | $135,705 | $119,153 | $120,948 | $121,527 | $131,770 | $121,197 | $254,858 | $252,967 | $381,201 | $374,494 | $509,964 | $495,442 | $463,945 | $450,318 | ||||||||||||||
Cost of goods sold | 77,668 | 85,352 | 74,532 | 75,419 | 78,380 | 87,229 | 81,512 | 159,884 | 168,741 | 237,552 | 247,121 | 318,825 | 322,540 | 306,458 | 254,686 | |||||||||||||||
Gross profit | 47,490 | 48,675 | 50,353 | 44,621 | 45,529 | 43,147 | 44,541 | 39,685 | 94,974 | 84,226 | 143,649 | 127,373 | 191,139 | 172,902 | 157,487 | 195,632 | ||||||||||||||
Selling expenses | 39,135 | 40,765 | 37,271 | 40,280 | 37,909 | 36,771 | 35,681 | 78,036 | 72,452 | 117,171 | 110,361 | 158,079 | 150,641 | 170,670 | 187,290 | |||||||||||||||
General and administrative expenses | 10,034 | 9,041 | 8,769 | 8,059 | 9,050 | 8,775 | 8,338 | 17,810 | 17,113 | 27,844 | 26,163 | 37,063 | 34,222 | 49,379 | 48,941 | |||||||||||||||
Goodwill and intangible assets impairment losses | 5,585 | 92 | 5,585 | 7,805 | ||||||||||||||||||||||||||
Pension curtailment expense | 220 | 0 | 4,348 | 4,348 | 4,348 | 0 | 4,568 | 0 | ||||||||||||||||||||||
Operating expenses | 49,169 | 49,806 | 46,040 | 54,144 | 46,959 | 49,894 | 44,019 | 95,846 | 93,913 | 145,015 | 140,872 | 195,234 | 195,016 | 227,854 | 236,231 | |||||||||||||||
Loss from operations | -2,729 | -494 | 547 | -1,419 | -8,615 | -3,812 | -5,353 | -4,334 | -872 | -9,687 | -1,366 | -13,499 | -4,095 | -22,114 | -70,367 | -40,599 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||
Dividend income | 286 | 284 | 259 | 273 | 295 | 304 | 359 | 543 | 663 | 829 | 958 | 1,103 | 1,231 | 2,534 | 3,224 | |||||||||||||||
Interest income | 92 | 99 | 92 | 115 | 63 | 21 | 15 | 191 | 36 | 283 | 99 | 452 | 214 | 178 | 303 | |||||||||||||||
Interest expense | -466 | -463 | -457 | -558 | -498 | -506 | -575 | -920 | -1,081 | -1,386 | -1,579 | -1,782 | -2,137 | -1,965 | -986 | |||||||||||||||
Other, net | -764 | -7,656 | 4,945 | -1,659 | -1,831 | 1,780 | -2,407 | -2,711 | -627 | -3,475 | -2,458 | -4,965 | -4,117 | 4,191 | 10,169 | |||||||||||||||
Total other (expense) income | -852 | -7,736 | 4,839 | -1,829 | -1,971 | 1,599 | -2,608 | -2,897 | -1,009 | -3,749 | -2,980 | -5,192 | -4,809 | 4,938 | 12,710 | |||||||||||||||
Loss before taxes | -1,346 | -7,189 | 3,420 | -10,444 | -5,783 | -3,754 | -6,942 | -3,769 | -10,696 | -5,115 | -16,479 | -9,287 | -26,923 | -65,429 | -27,889 | |||||||||||||||
Income tax (benefit) expense | -40 | -32 | 441 | -172 | -572 | 59 | 338 | 409 | 397 | 369 | -175 | -825 | -347 | -13,396 | -2,530 | |||||||||||||||
Net income (loss) | -2,978 | -1,306 | -7,157 | 2,979 | -10,272 | -5,211 | -3,813 | -7,280 | -4,178 | -11,093 | -5,484 | -16,304 | -8,462 | -26,576 | -52,033 | -25,359 | ||||||||||||||
Net income (loss) per common share - basic and diluted, in dollars per share | ($0.19) | ($0.08) | ($0.46) | $0.19 | ($0.65) | ($0.33) | ($0.25) | ($0.48) | ($0.27) | ($0.73) | ($0.35) | ($1.06) | ($0.54) | ($1.72) | ($3.45) | ($1.71) | ||||||||||||||
Weighted average common shares outstanding - basic and diluted | 15,600,000 | 15,548,000 | 15,490,000 | 15,723,000 | 15,592,000 | 15,247,000 | 15,182,000 | 15,520,000 | 15,215,000 | 15,541,000 | 15,449,000 | 15,604,452 | 15,492,314 | 15,066,663 | 14,866,306 | |||||||||||||||
Previously Reported | ||||||||||||||||||||||||||||||
Net sales | 126,343 | 135,705 | 119,153 | 120,948 | 121,527 | 131,770 | 121,197 | 254,858 | 252,967 | 381,201 | 374,494 | 495,442 | 463,945 | 450,318 | ||||||||||||||||
Cost of goods sold | 77,668 | 85,352 | 74,532 | 75,497 | 78,380 | 87,229 | 81,512 | 159,884 | 168,741 | 237,552 | 247,121 | 322,618 | 306,771 | 252,754 | ||||||||||||||||
Gross profit | 48,675 | 50,353 | 44,621 | 45,451 | 43,147 | 44,541 | 39,685 | 94,974 | 84,226 | 143,649 | 127,373 | 172,824 | 157,174 | 197,564 | ||||||||||||||||
Selling expenses | 39,135 | 40,765 | 37,271 | 40,280 | 37,909 | 36,771 | 35,681 | 78,036 | 72,452 | 117,171 | 110,361 | 150,641 | 170,670 | 187,685 | ||||||||||||||||
General and administrative expenses | 10,159 | 9,165 | 8,893 | 9,847 | 9,345 | 9,071 | 8,634 | 18,058 | 17,705 | 28,217 | 27,050 | 36,897 | 47,121 | 49,071 | ||||||||||||||||
Goodwill and intangible assets impairment losses | 5,585 | 5,585 | 7,805 | |||||||||||||||||||||||||||
Pension curtailment expense | 220 | 0 | 4,348 | 4,348 | 4,348 | 4,568 | ||||||||||||||||||||||||
Operating expenses | 49,294 | 49,930 | 46,164 | 55,932 | 47,254 | 50,190 | 44,315 | 96,094 | 94,505 | 145,388 | 141,759 | 197,691 | 225,596 | 236,756 | ||||||||||||||||
Loss from operations | -619 | 423 | -1,543 | -10,481 | -4,107 | -5,649 | -4,630 | -1,120 | -10,279 | -1,739 | -14,386 | -24,867 | -68,422 | -39,192 | ||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||
Dividend income | 286 | 284 | 259 | 273 | 295 | 304 | 359 | 543 | 663 | 829 | 958 | 1,231 | 2,534 | 3,224 | ||||||||||||||||
Interest income | 92 | 99 | 92 | 115 | 63 | 21 | 15 | 191 | 36 | 283 | 99 | 214 | 178 | 303 | ||||||||||||||||
Interest expense | -466 | -463 | -457 | -558 | -498 | -506 | -575 | -920 | -1,081 | -1,386 | -1,579 | -2,137 | -1,965 | -986 | ||||||||||||||||
Other, net | -764 | -7,656 | 4,945 | -1,659 | -1,831 | 1,780 | -2,407 | -2,711 | -627 | -3,475 | -2,458 | -4,117 | 4,191 | 10,169 | ||||||||||||||||
Total other (expense) income | -852 | -7,736 | 4,839 | -1,829 | -1,971 | 1,599 | -2,608 | -2,897 | -1,009 | -3,749 | -2,980 | -4,809 | 4,938 | 12,710 | ||||||||||||||||
Loss before taxes | -1,471 | -7,313 | 3,296 | -12,310 | -6,078 | -4,050 | -7,238 | -4,017 | -11,288 | -5,488 | -17,366 | -29,676 | -63,484 | -26,482 | ||||||||||||||||
Income tax (benefit) expense | -56 | -19 | 422 | -176 | -577 | 60 | 346 | 403 | 406 | 347 | -171 | -347 | -9,167 | -2,529 | ||||||||||||||||
Net income (loss) | -1,415 | -7,294 | 2,874 | -12,134 | -5,501 | -4,110 | -7,584 | -4,420 | -11,694 | -5,835 | -17,195 | -29,329 | -54,317 | -23,953 | ||||||||||||||||
Net income (loss) per common share - basic and diluted, in dollars per share | ($0.09) | ($0.47) | $0.19 | ($0.77) | ($0.35) | ($0.27) | ($0.50) | ($0.28) | ($0.77) | ($0.38) | ($1.11) | ($1.89) | ($3.61) | ($1.61) | ||||||||||||||||
Weighted average common shares outstanding - basic and diluted | 15,600,000 | 15,548,000 | 15,490,000 | 15,723,000 | 15,592,000 | 15,247,000 | 15,182,000 | 15,520,000 | 15,215,000 | 15,541,000 | 15,449,000 | 15,492,314 | 15,066,663 | 14,866,306 | ||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||
Net sales | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [3] | ||
Cost of goods sold | 0 | [1] | 0 | [1] | -78 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | -78 | [2] | -313 | [3] | 1,932 | [3] | ||||
Gross profit | 0 | [1] | 0 | [1] | 0 | [1] | 78 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 78 | [2] | 313 | [3] | -1,932 | [3] | ||
Selling expenses | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [3] | -395 | [3] | ||
General and administrative expenses | -125 | [1] | -124 | [1] | -124 | [1] | -1,788 | [1] | -295 | [1] | -296 | [1] | -296 | [1] | -248 | [1] | -592 | [1] | -373 | [1] | -887 | [1] | -2,675 | [2] | 2,258 | [3] | -130 | [3] | ||
Goodwill and intangible assets impairment losses | 0 | [1] | 0 | [2],[4] | 0 | [3],[5] | ||||||||||||||||||||||||
Pension curtailment expense | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | ||||||||||||||||||
Operating expenses | -125 | [1] | -124 | [1] | -124 | [1] | -1,788 | [1] | -295 | [1] | -296 | [1] | -296 | [1] | -248 | [1] | -592 | [1] | -373 | [1] | -887 | [1] | -2,675 | [2] | 2,258 | [3] | -525 | [3] | ||
Loss from operations | 125 | [1] | 124 | [1] | 124 | [1] | 1,866 | [1] | 295 | [1] | 296 | [1] | 296 | [1] | 248 | [1] | 592 | [1] | 373 | [1] | 887 | [1] | 2,753 | [2] | -1,945 | [3] | -1,407 | [3] | ||
Other income (expense): | ||||||||||||||||||||||||||||||
Dividend income | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [3] | ||
Interest income | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [3] | ||
Interest expense | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [3] | ||
Other, net | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [3] | ||
Total other (expense) income | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [3] | ||
Loss before taxes | 125 | [1] | 124 | [1] | 124 | [1] | 1,866 | [1] | 295 | [1] | 296 | [1] | 296 | [1] | 248 | [1] | 592 | [1] | 373 | [1] | 887 | [1] | 2,753 | [2] | -1,945 | [3] | -1,407 | [3] | ||
Income tax (benefit) expense | 16 | [1] | -13 | [1] | 19 | [1] | 4 | [1] | 5 | [1] | -1 | [1] | -8 | [1] | 6 | [1] | -9 | [1] | 22 | [1] | -4 | [1] | 0 | [2] | -4,229 | [3] | -1 | [3] | ||
Net income (loss) | $109 | [1] | $137 | [1] | $105 | [1],[6] | $1,862 | [1] | $290 | [1] | $297 | [1] | $304 | [1],[6] | $242 | [1],[6] | $601 | [1],[6] | $351 | [1],[6] | $891 | [1],[6] | $2,753 | [2],[4] | $2,284 | [2],[3],[5] | ($1,406) | [2],[3],[7] | ||
Net income (loss) per common share - basic and diluted, in dollars per share | [1] | [1] | [1] | [1] | [1] | [1] | [1] | [1] | [1] | [1] | [1] | [2] | [3] | |||||||||||||||||
Weighted average common shares outstanding - basic and diluted | [1] | [1] | [2] | [3] | ||||||||||||||||||||||||||
[1] | See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. | |||||||||||||||||||||||||||||
[2] | (1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | |||||||||||||||||||||||||||||
[3] | See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | |||||||||||||||||||||||||||||
[4] | See the introduction section included elsewhere in this Note 2. | |||||||||||||||||||||||||||||
[5] | (1)See the introduction section included elsewhere in this Note 2. | |||||||||||||||||||||||||||||
[6] | For details see the introduction section included in Note 2. | |||||||||||||||||||||||||||||
[7] | _______________B (1)See the introduction section included elsewhere in this Note 2. |
Quarterly_Financial_Data_Unaud6
Quarterly Financial Data (Unaudited) - Consolidated Statements of Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | ||||||||||||||
Net income (loss) | ($2,978) | ($1,306) | ($7,157) | $2,979 | ($10,272) | ($5,211) | ($3,813) | ($7,280) | ($4,178) | ($11,093) | ($5,484) | ($16,304) | ($8,462) | ($26,576) | ($52,033) | ($25,359) | ||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||
Change in the funded status status of retiree benefit obligations | 0 | 0 | 0 | 26,700 | 0 | 0 | 0 | 0 | 0 | 10,969 | -26,574 | 36,731 | -5,938 | |||||||||||||||||
Income tax expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1,066 | 0 | -14,053 | 0 | |||||||||||||||
Total comprehensive income (loss), net of tax | -1,306 | -7,157 | 2,979 | -36,972 | -5,211 | -3,813 | -7,280 | -4,178 | -11,093 | -5,484 | -16,304 | -6,480 | -53,150 | -29,355 | -31,297 | |||||||||||||||
Previously Reported | ||||||||||||||||||||||||||||||
Net income (loss) | -1,415 | -7,294 | 2,874 | -12,134 | -5,501 | -4,110 | -7,584 | -4,420 | -11,694 | -5,835 | -17,195 | -29,329 | -54,317 | -23,953 | ||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||
Change in the funded status status of retiree benefit obligations | 0 | 0 | 0 | 33,341 | 0 | 0 | 0 | 0 | 0 | -33,341 | 25,634 | -4,787 | ||||||||||||||||||
Income tax expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9,823 | 0 | ||||||||||||||||
Total comprehensive income (loss), net of tax | -1,415 | -7,294 | 2,874 | -45,475 | -5,501 | -4,110 | -7,584 | -4,420 | -11,694 | -5,835 | -17,195 | -62,670 | -38,506 | -28,740 | ||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||
Net income (loss) | 109 | [1] | 137 | [1] | 105 | [1],[2] | 1,862 | [1] | 290 | [1] | 297 | [1] | 304 | [1],[2] | 242 | [1],[2] | 601 | [1],[2] | 351 | [1],[2] | 891 | [1],[2] | 2,753 | [3],[4] | 2,284 | [3],[5],[6] | -1,406 | [3],[5],[7] | ||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||
Change in the funded status status of retiree benefit obligations | 0 | [1] | 0 | [1] | 0 | [1] | -6,641 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 6,767 | [3] | 11,097 | [5] | -1,151 | [5] | ||||||
Income tax expense | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [3] | -4,230 | [5] | 0 | [5] | ||
Total comprehensive income (loss), net of tax | $109 | [1] | $137 | [1] | $105 | [1] | $8,503 | [1] | $290 | [1] | $297 | [1] | $304 | [1] | $242 | [1] | $601 | [1] | $351 | [1] | $891 | [1] | $9,520 | [3] | $9,151 | [3],[5] | ($2,557) | [3],[5] | ||
[1] | See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. | |||||||||||||||||||||||||||||
[2] | For details see the introduction section included in Note 2. | |||||||||||||||||||||||||||||
[3] | (1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | |||||||||||||||||||||||||||||
[4] | See the introduction section included elsewhere in this Note 2. | |||||||||||||||||||||||||||||
[5] | See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | |||||||||||||||||||||||||||||
[6] | (1)See the introduction section included elsewhere in this Note 2. | |||||||||||||||||||||||||||||
[7] | _______________B (1)See the introduction section included elsewhere in this Note 2. |
Quarterly_Financial_Data_Unaud7
Quarterly Financial Data (Unaudited) - Consolidated Statements of Cash Flows (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | ||||||||||
Net income (loss) | $2,979 | ($7,280) | ($4,178) | ($11,093) | ($5,484) | ($16,304) | ($8,462) | ($26,576) | ($52,033) | ($25,359) | ||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Depreciation and amortization | 8,340 | 7,923 | 16,640 | 15,821 | 24,778 | 23,831 | 32,542 | 32,113 | 31,758 | 26,778 | ||||||||||
Provision for doubtful accounts | -922 | 590 | -963 | 737 | -890 | 880 | -757 | -980 | 2,024 | 3,188 | ||||||||||
Deferred income taxes | -111 | 0 | 74 | -78 | 338 | -1,185 | ||||||||||||||
Goodwill and intangible assets impairment losses | 92 | 5,585 | 7,805 | |||||||||||||||||
Net (gains) losses on sales of assets | -3,213 | 98 | 3,202 | 662 | 4,388 | 1,161 | -4,466 | -268 | 358 | 430 | ||||||||||
ESOP and share-based compensation expense | 823 | 790 | 1,906 | 1,476 | 2,639 | 2,519 | 3,563 | 3,287 | 3,825 | 4,784 | ||||||||||
Net losses (gains) on derivative and investments | -802 | 2,621 | -7,038 | -2,250 | -9,315 | -5,131 | 11,132 | 6,175 | -1,312 | 9,382 | ||||||||||
Change in operating assets and liabilities: | ||||||||||||||||||||
Restricted cash | 1,483 | -168 | 1,987 | 1,353 | 2,140 | 1,314 | -6,472 | -1,153 | -460 | 0 | ||||||||||
Short-term investments | 52 | 5,967 | 7,854 | -4,532 | 10,347 | -796 | -11,942 | -1,497 | 28,294 | 912 | ||||||||||
Accounts and notes receivable | -1,481 | -1,643 | 2,053 | 2,000 | 1,167 | -936 | -2,429 | 3,745 | -2,929 | -40 | ||||||||||
Inventories | -3,943 | -3,192 | 2,404 | -1,110 | 1,291 | -3,533 | 5,115 | 13,236 | 3,640 | -12,819 | ||||||||||
Income tax receivable | 393 | 279 | -289 | -268 | -645 | 381 | 353 | -314 | 5,392 | -1,677 | ||||||||||
Prepaid expenses and other assets | 120 | 543 | -558 | 361 | -522 | -81 | -157 | -860 | 400 | -9 | ||||||||||
Accounts payable | 2,268 | -3,840 | 3,885 | -1,661 | 3,737 | -9,291 | 1,773 | -13,441 | 12,493 | -121 | ||||||||||
Accrued payroll, expenses and other liabilities | -1,542 | 304 | 3,381 | 348 | 2,734 | 2,596 | 1,741 | 1,949 | 2,156 | 2,362 | ||||||||||
Accrued postretirement benefits | 288 | 30 | 351 | 175 | 462 | 243 | -6,451 | 3,530 | -9,557 | 5,228 | ||||||||||
Other long-term liabilities | -1,191 | -3,055 | -1,302 | 112 | -1,416 | -1,083 | 6,678 | -6,320 | 1,745 | 3,493 | ||||||||||
Net cash provided by operating activities | 3,652 | -33 | 10,105 | 9,699 | 17,820 | 11,012 | 21,927 | 18,133 | 33,937 | -1,047 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | -3,572 | -2,910 | -6,396 | -5,808 | -10,118 | -10,533 | -15,894 | -17,498 | -19,416 | -28,484 | ||||||||||
Proceeds from sales of property, plant and equipment | 3,786 | 198 | 3,911 | 1,227 | 5,556 | 2,112 | 5,666 | 3,037 | 2,021 | 437 | ||||||||||
Net cash used in investing activities | 214 | -2,712 | -2,485 | -4,581 | -4,562 | -8,421 | -10,228 | -14,461 | -17,395 | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from revolving credit facility | 4,800 | 8,400 | 15,000 | 9,400 | 22,550 | 13,700 | 43,990 | 17,250 | 35,450 | 33,737 | ||||||||||
Repayments on revolving credit facility | -9,250 | -6,800 | 19,750 | 15,700 | -32,771 | -17,700 | -54,761 | -21,200 | -43,970 | -12,756 | ||||||||||
Payments of capital lease obligations | -777 | -384 | 1,558 | 778 | -2,613 | -1,209 | -3,359 | -1,897 | -1,433 | -837 | ||||||||||
Proceeds from stock option exercises | 1,195 | 0 | 1,203 | 0 | 0 | |||||||||||||||
Dividends paid | 0 | 0 | -4,657 | -6,939 | ||||||||||||||||
Net cash used in financing activities | -5,227 | 1,216 | -6,308 | -7,078 | -11,639 | -5,209 | -12,927 | -5,847 | -14,610 | 13,205 | ||||||||||
Net (decrease) increase in cash and cash equivalents | -1,361 | -1,529 | 1,312 | -1,960 | 1,619 | -2,618 | -1,228 | -2,175 | 1,932 | -15,889 | ||||||||||
Cash and cash equivalents at beginning of year | 3,906 | 6,081 | 3,906 | 6,081 | 3,906 | 6,081 | 3,906 | 6,081 | 4,149 | 20,038 | ||||||||||
Cash and cash equivalents at end of year | 2,545 | 4,552 | 5,218 | 4,121 | 5,525 | 3,463 | 2,678 | 3,906 | 6,081 | 4,149 | ||||||||||
Previously Reported | ||||||||||||||||||||
Net income (loss) | 2,874 | -7,584 | -4,420 | -11,694 | -5,835 | -17,195 | -29,329 | -54,317 | -23,953 | |||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Depreciation and amortization | 8,340 | 7,923 | 16,640 | 15,821 | 24,778 | 23,831 | 32,113 | 31,758 | 26,778 | |||||||||||
Provision for doubtful accounts | -922 | 590 | -963 | 737 | -890 | 880 | -980 | 2,024 | 3,188 | |||||||||||
Deferred income taxes | -111 | 0 | -78 | 336 | -758 | |||||||||||||||
Goodwill and intangible assets impairment losses | 5,585 | 7,805 | ||||||||||||||||||
Net (gains) losses on sales of assets | -3,213 | 98 | 3,202 | 662 | 4,388 | 1,161 | -268 | 358 | 430 | |||||||||||
ESOP and share-based compensation expense | 823 | 790 | 1,906 | 1,476 | 2,639 | 2,519 | 3,287 | 3,825 | 4,785 | |||||||||||
Net losses (gains) on derivative and investments | -802 | 2,621 | -7,038 | -2,250 | -9,315 | -5,131 | 6,175 | -1,312 | 9,382 | |||||||||||
Change in operating assets and liabilities: | ||||||||||||||||||||
Restricted cash | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Short-term investments | 1,232 | 6,059 | 6,587 | -3,743 | 9,063 | -1,027 | -2,322 | 27,381 | 1,365 | |||||||||||
Accounts and notes receivable | -1,481 | -1,643 | 2,053 | 2,000 | 1,167 | -936 | 3,745 | -2,929 | -40 | |||||||||||
Inventories | -3,943 | -3,192 | 2,404 | -1,110 | 1,291 | -3,533 | 13,314 | 3,952 | -14,751 | |||||||||||
Income tax receivable | 374 | 287 | -284 | -277 | -622 | 377 | -314 | 5,392 | -1,677 | |||||||||||
Prepaid expenses and other assets | 120 | 543 | -558 | 361 | -522 | -81 | -711 | -434 | 178 | |||||||||||
Accounts payable | 1,863 | -3,650 | 4,615 | -1,712 | 4,359 | -9,342 | -13,083 | 12,997 | -738 | |||||||||||
Accrued payroll, expenses and other liabilities | -834 | -147 | -605 | -165 | -1,312 | 1,102 | 3,112 | 2,112 | 2,904 | |||||||||||
Accrued postretirement benefits | 412 | 327 | 600 | 767 | 836 | 1,130 | 995 | 1,399 | 3,926 | |||||||||||
Other long-term liabilities | -1,191 | -3,055 | -1,302 | 112 | -1,416 | -1,083 | -3,108 | -6,410 | 5,182 | |||||||||||
Net cash provided by operating activities | 3,652 | -33 | 10,105 | 9,699 | 17,820 | 11,012 | 18,133 | 33,937 | -1,047 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | -3,572 | -2,910 | -6,396 | -5,808 | -10,118 | -10,533 | -17,498 | -19,416 | -28,484 | |||||||||||
Proceeds from sales of property, plant and equipment | 3,786 | 198 | 3,911 | 1,227 | 5,556 | 2,112 | 3,037 | 2,021 | 437 | |||||||||||
Net cash used in investing activities | 214 | -2,712 | -2,485 | -4,581 | -4,562 | -8,421 | -14,461 | -17,395 | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from revolving credit facility | 4,800 | 8,400 | 15,000 | 9,400 | 22,550 | 13,700 | 17,250 | 35,450 | 33,737 | |||||||||||
Repayments on revolving credit facility | -9,250 | -6,800 | 19,750 | 15,700 | -32,771 | -17,700 | -21,200 | -43,970 | -12,756 | |||||||||||
Payments of capital lease obligations | -777 | -384 | 1,558 | 778 | -2,613 | -1,209 | -1,897 | -1,433 | -837 | |||||||||||
Proceeds from stock option exercises | 1,195 | 0 | ||||||||||||||||||
Dividends paid | -4,657 | -6,939 | ||||||||||||||||||
Net cash used in financing activities | -5,227 | 1,216 | -6,308 | -7,078 | -11,639 | -5,209 | -5,847 | -14,610 | 13,205 | |||||||||||
Net (decrease) increase in cash and cash equivalents | -1,361 | -1,529 | 1,312 | -1,960 | 1,619 | -2,618 | -2,175 | 1,932 | -15,889 | |||||||||||
Cash and cash equivalents at beginning of year | 3,906 | 6,081 | 3,906 | 6,081 | 3,906 | 6,081 | 3,906 | 6,081 | 4,149 | 20,038 | ||||||||||
Cash and cash equivalents at end of year | 2,545 | 4,552 | 5,218 | 4,121 | 5,525 | 3,463 | 3,906 | 6,081 | 4,149 | |||||||||||
Adjustments | ||||||||||||||||||||
Net income (loss) | 105 | [1],[2] | 304 | [1],[2] | 242 | [1],[2] | 601 | [1],[2] | 351 | [1],[2] | 891 | [1],[2] | 2,753 | [3],[4] | 2,284 | [3],[5],[6] | -1,406 | [3],[5],[7] | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Depreciation and amortization | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
Provision for doubtful accounts | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | 0 | [6] | 0 | [7] | |||
Deferred income taxes | 0 | [1] | 0 | [1] | 0 | [4] | 2 | [6] | -427 | [7] | ||||||||||
Goodwill and intangible assets impairment losses | 0 | [3],[4] | 0 | [5],[6] | ||||||||||||||||
Net (gains) losses on sales of assets | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
ESOP and share-based compensation expense | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | -1 | [7] | ||
Net losses (gains) on derivative and investments | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
Change in operating assets and liabilities: | ||||||||||||||||||||
Restricted cash | 1,483 | [1] | -168 | [1] | 1,987 | 1,353 | 2,140 | 1,314 | -1,153 | -460 | 0 | |||||||||
Short-term investments | -1,180 | [1] | -92 | [1] | 1,267 | [1] | -789 | [1] | 1,284 | [1] | 231 | [1] | 825 | [4] | 913 | [6] | -453 | [7] | ||
Accounts and notes receivable | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
Inventories | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | -78 | [4] | -312 | [6] | 1,932 | [7] | ||
Income tax receivable | 19 | [1] | -8 | [1] | -5 | [1] | 9 | [1] | -23 | [1] | 4 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
Prepaid expenses and other assets | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | -149 | [4] | 834 | [6] | -187 | [7] | ||||
Accounts payable | 405 | [1] | -190 | [1] | -730 | [1] | 51 | [1] | -622 | [1] | 51 | [1] | -358 | [4] | -504 | [6] | 617 | [7] | ||
Accrued payroll, expenses and other liabilities | -708 | [1] | 451 | [1] | 3,986 | [1] | 513 | [1] | 4,046 | [1] | 1,494 | [1] | -1,163 | [4] | 44 | [6] | -542 | [7] | ||
Accrued postretirement benefits | -124 | [1] | -297 | [1] | -249 | [1] | -592 | [1] | -374 | [1] | -887 | [1] | 2,535 | [4] | -10,956 | [6] | 1,302 | [7] | ||
Other long-term liabilities | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | -3,212 | [4] | 8,155 | [6] | -1,689 | [7] | ||
Net cash provided by operating activities | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
Proceeds from sales of property, plant and equipment | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
Net cash used in investing activities | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | ||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from revolving credit facility | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
Repayments on revolving credit facility | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
Payments of capital lease obligations | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [4] | 0 | [6] | 0 | [7] | ||
Proceeds from stock option exercises | 0 | [1] | 0 | [1] | ||||||||||||||||
Dividends paid | 0 | 0 | [7] | |||||||||||||||||
Net cash used in financing activities | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | 0 | 0 | [4] | 0 | [6] | 0 | [7] | ||||
Net (decrease) increase in cash and cash equivalents | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | 0 | 0 | [4] | 0 | [6] | 0 | [7] | ||||
Cash and cash equivalents at beginning of year | 0 | [1],[4],[8] | 0 | [1],[6],[8] | 0 | [1],[4],[8] | 0 | [1],[6],[8] | 0 | [1],[4],[8] | 0 | [1],[6],[8] | 0 | [1],[4],[8] | 0 | [1],[6],[8] | 0 | [6],[7] | 0 | [7] |
Cash and cash equivalents at end of year | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1],[4],[8] | $0 | [1],[6],[8] | $0 | [6],[7] | ||
[1] | For details see the introduction section included in Note 2. | |||||||||||||||||||
[2] | See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. | |||||||||||||||||||
[3] | (1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | |||||||||||||||||||
[4] | See the introduction section included elsewhere in this Note 2. | |||||||||||||||||||
[5] | See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. | |||||||||||||||||||
[6] | (1)See the introduction section included elsewhere in this Note 2. | |||||||||||||||||||
[7] | _______________B (1)See the introduction section included elsewhere in this Note 2. | |||||||||||||||||||
[8] | For details see the introduction section included elsewhere in this Note 2. |