ARC Group Worldwide (ARCW) 10-Q 12 May 15 2015 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Mar. 29, 2015	7-May-15
Document and Entity Information [Abstract]
Entity Registrant Name	ARC Group Worldwide, Inc.
Entity Central Index Key	826326
Document Type	10-Q
Document Period End Date	29-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-24
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		18,350,121
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 29, 2015	Mar. 30, 2014	Mar. 29, 2015	Mar. 30, 2014
Condensed Consolidated Statements of Operations
Sales	$27,864	$20,930	$83,668	$59,272
Cost of sales	21,582	14,501	64,016	40,888
Gross profit	6,282	6,429	19,652	18,384
Selling, general and administrative	4,549	2,963	14,967	10,465
Merger expense		194	187	194
Income from operations	1,733	3,272	4,498	7,725
Other income, net	128	2	117	9
Interest expense, net	-1,466	-282	-3,600	-781
Income before income taxes	395	2,992	1,015	6,953
Income tax benefit (expense)	39	-1,342	-351	-2,418
Net income	434	1,650	664	4,535
Less: Net income attributable to non-controlling interests	-51	-65	-165	-182
Net income attributable to ARC Group Worldwide, Inc.	$383	$1,585	$499	$4,353
Net income per common share:
Basic and diluted income per share	$0.02	$0.11	$0.03	$0.30
Weighted average common shares outstanding:
Basic and diluted (in shares)	14,673,205	14,673,205	14,673,205	14,561,872

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 29, 2015	Jun. 30, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$4,043	$9,384
Accounts receivable, net	16,036	15,337
Inventories, net	16,677	15,231
Prepaid and other current assets	3,585	2,606
Total current assets	40,341	42,558
Property and equipment, net	45,024	45,268
Goodwill	14,764	16,357
Intangible assets, net	28,220	30,825
Other	1,481	1,381
Total assets	129,830	136,389
Current liabilities:
Accounts payable	7,594	9,430
Accrued expenses	3,118	5,905
Deferred revenue	828	1,016
Bank borrowings, current portion	16,430	14,419
Capital lease obligations, current portion	1,151	1,124
Accrued escrow obligation	4,291	2,400
Total current liabilities	33,412	34,294
Long-term debt, net of current portion	59,372	62,757
Capital lease obligations, net of current portion	3,857	4,723
Accrued escrow obligation		2,600
Other	1,577	674
Total liabilities	98,218	105,048
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, $0.001 par value, 2,000,000 authorized, no shares issued and outstanding
Common stock, $0.0005 par value, 250,000,000 shares authorized; 15,088,522 shares issued and 15,080,121 shares outstanding at March 29, 2015 and June 30, 2014	3	3
Treasury stock, at cost; 8,401 shares at March 29th, 2015 and June 30, 2014	-94	-94
Additional paid-in capital	13,900	14,293
Retained earnings	16,642	16,143
ARC Group Worldwide, Inc. total stockholder equity	30,451	30,345
Non-controlling interest	1,161	996
Total stockholders' equity	31,612	31,341
Total liabilities and stockholders' equity	$129,830	$136,389

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 28, 2014	Jun. 30, 2014
Condensed Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	15,088,522	15,088,522
Common stock, shares outstanding	15,080,121	15,080,121
Treasury stock, at cost, shares	8,401	8,401

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Mar. 29, 2015	Mar. 30, 2014
Cash flows from operating activities:
Net income	$664	$4,535
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	7,061	2,704
Non-cash stock based compensation expense		779
Amortization of debt discount		316
Bad debt expense and other	-6	51
Deferred income taxes	313
Changes in working capital:
Accounts receivable	-670	-10
Inventory	-1,446	-1,577
Prepaid expenses and other assets	-490	-51
Accounts payable	-1,835	130
Other accrued expenses	-1,901	1,488
Deferred revenue	-188	-329
Net cash provided by operating activities	1,502	8,036
Cash flows from investing activities:
Purchase of plant and equipment	-4,236	-2,623
Net cash used in investing activities	-4,236	-2,623
Cash flows from financing activities:
Proceeds from debt issuance	24,500
Repayments of long-term debt and capital lease obligations	-26,714	-3,358
Stock issuance costs	-256
Repurchase of shares		-93
Net cash used in financing activities	-2,470	-3,451
Effect of exchange rates on cash and cash equivalents	-137
Net (decrease) increase in cash and cash equivalents	-5,341	1,962
Cash and cash equivalents, beginning of period	9,384	3,601
Cash and cash equivalents, end of period	4,043	5,563
Supplemental disclosures of cash flow information:
Cash paid for interest	2,470	465
Cash paid for income taxes	1,075	975
Non-cash investing and financing activities:
Termination of note receivable from related party		$272

General_Information

General Information	9 Months Ended
	Mar. 29, 2015
General Information
General Information
	NOTE 1 — General Information
	Organization and Nature of Business
	ARC Group Worldwide, Inc. (referred to herein as the “Company” or “ARC”) was organized under the laws of the State of Utah on September 30, 1987.
	On August 8, 2012, ARC completed the acquisition of Quadrant Metals Technology, LLC (referred to herein as “QMT” or the “Predecessor”) and Advanced Forming Technology (“AFT”).  QMT was formed in March 2011 to function as a holding company for a group of diversified manufacturing and distribution companies.  Upon formation, QMT acquired controlling interests in TeknaSeal LLC (“TeknaSeal”) and FloMet LLC (“FloMet”) as of May 1, 2011 and June 30, 2011, respectively.  Subsequently, QMT acquired General Flange & Forge (“GF&F”) as of April 18, 2011.  Of note, while QMT was formed in 2011, affiliated companies have held controlling interests in FloMet and TeknaSeal for over 10 years.
	AFT is comprised of two operating units, AFT-U.S. and AFT Hungary.  In April 2014, ARC acquired in separate transactions Advance Tooling Concepts, LLC (“ATC”) and Thixoforming LLC (“Thixoforming”).  In June 2014, ARC acquired substantially all of the assets of Kecy Corporation and 411 Munson Holding (collectively referred to herein as “Kecy”).
	Everest Hill Group Inc. (“Everest Hill Group”) has been the Company’s majority stockholder since 2008.  ARC and Everest Hill Group are under common control.
	Basis of Presentation and Principles of Consolidation
	The Company’s fiscal year begins July 1 and ends June 30, with the interim quarterly reporting periods consisting of thirteen weeks.  Therefore, the quarter end will not always coincide with the date of the end of the calendar month.
	The Consolidated Financial Statements include the amounts of ARC and its controlled subsidiaries.  All material intercompany transactions have been eliminated in consolidation.  The Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Significant_Accounting_Policie

Significant Accounting Policies	9 Months Ended
	Mar. 29, 2015
Significant Accounting Policies
Significant Accounting Policies
	NOTE 2 — Significant Accounting Policies
	Use of Estimates
	The preparation of financial statements in conformity with U.S. 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 reported amounts of revenue and expenses during the reporting period.  Estimates are used for, among other things: allowances for doubtful accounts; inventory write-downs; valuation allowances for deferred tax assets; uncertain tax positions; valuation and useful lives of long-term assets including property, equipment, intangible assets, and goodwill; contingencies; and the fair value of assets and liabilities obtained in business combinations.  Due to the inherent uncertainties in making estimates, actual results could differ from those estimates and such differences may be material to the consolidated financial statements.
	Inventories
	Inventories are stated at the lower of average cost using the first-in, first-out (FIFO) method or market.  It is the Company’s practice to provide a valuation allowance for inventories to account for actual market pricing deflation and inventory shrinkage.
	Management actively reviews this inventory to determine that all materials are for products still in production to determine any potential obsolescence issues.
	Plant and Equipment
	Plant and equipment is stated at cost or acquisition date fair value less accumulated depreciation.  Depreciation is recognized on a straight-line basis over the estimated useful lives of the related assets.  Major additions and improvements are capitalized, while replacements, maintenance, and repairs, which do not improve or extend the life of the respective assets, are expensed as incurred.
	Goodwill, Intangibles and Other Long-lived Assets
	Goodwill and indefinite-lived intangible assets are reviewed for impairment at least annually in June of each fiscal year, or more frequently if a triggering event occurs between impairment testing dates.  The Company’s impairment assessment begins with a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value.  The qualitative assessment includes comparing the overall financial performance of the reporting units against historical financial results.  Additionally, each reporting unit’s fair value is assessed in light of certain events and circumstances, including macroeconomic conditions, industry, and market considerations, and other relevant entity and reporting unit specific events.  If it is determined under the qualitative assessment that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then a two-step quantitative impairment test is performed.  Under the first step, the estimated fair value of the reporting unit is compared with its carrying value (including goodwill).  If the fair value of the reporting unit exceeds its carrying value, step two does not need to be performed.  If the estimated fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the enterprise must perform step two of the impairment test (measurement).  Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill.  The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation in acquisition accounting.  The residual fair value after this allocation is the implied fair value of the reporting unit goodwill.  Fair value of the reporting unit under the two-step assessment is determined using a discounted cash flow analysis.  The selection and assessment of qualitative factors used to determine whether it is more likely than not that the fair value of a reporting unit exceeds the carrying value involves significant judgments and estimates.  There were no impairments of goodwill recognized during the nine months ended March 29, 2015 or March 30, 2014.
	Intangible assets (identified as patents, trademarks, customer relationships, non-compete agreements, and other) are recorded at fair value at the time of acquisition.  Finite-lived intangibles are stated at cost less accumulated amortization.  Amortization is recorded using the straight-line method, which approximates the expected pattern of economic benefit, over the estimated lives of the assets.
	The Company reviews the carrying value of its long-lived tangible and finite-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable.  Factors that would require an impairment assessment include, among other things, a significant change in the extent or manner in which an asset is used, a continual decline in the Company’s operating performance, or as a result of fundamental changes in a subsidiary’s business condition.
	Recoverability of long-lived assets is measured by comparing their carrying amount to the projected cash flows the assets are expected to generate.  If such assets are considered to be impaired, the impairment loss recognized, if any, is the amount by which the carrying amount of the finite-lived intangible assets exceeds fair value.  There were no impairments of long-lived assets during the nine months ended March 29, 2015 or March 30, 2014.
	Revenue Recognition
	Revenue is measured at the fair value of the consideration received or receivable net of sales tax, trade discounts and customer returns.  The Company recognizes revenue when the earnings process is complete.  This generally occurs when products are shipped to the customer in accordance with the contract or purchase order, ownership and risk of loss have passed to the customer, collectability is reasonably assured, and pricing is fixed and determinable.  In instances where title does not pass to the customer upon shipment, the Company recognizes revenue upon delivery or customer acceptance, depending on terms of the sales agreement.  Service sales, representing maintenance and engineering activities, are recognized as services are performed.  Products are generally shipped free-on-board from our facilities, the customer pays freight costs and assumes all liability.
	Research and Development Costs
	Research and development costs are expensed as incurred. The majority of these expenditures consist of salaries for engineering and manufacturing personal and fees paid to consultants for services rendered.  For the three and nine months ended March 29, 2015, the Company incurred $323 thousand and $1.0 million, respectively, and $100 thousand for both the three and nine months ended March 30, 2014, for research and development. These amounts are included in selling, general, and administrative expense on the accompanying Unaudited Condensed Consolidated Statements of Operations
	Non-Controlling Interest
	In connection with the acquisitions of FloMet and TeknaSeal, the Company obtained a majority interest in the subsidiaries and control of the subsidiaries’ boards of directors.  Third party investors own approximately 4% of the outstanding shares of FloMet and approximately 6% of the outstanding shares of TeknaSeal.  Accordingly, the Consolidated Financial Statements include the financial position of these subsidiaries for the periods reported and the results of operations of these subsidiaries since the dates of acquisitions.  The Company has recognized the net income attributable to the non-controlling interest in the Company’s subsidiaries in the Statements of Operations.
	Recent Accounting Pronouncements
	From time to time, the FASB or other standard setting bodies issue new accounting pronouncements.  Updates to the ASC are communicated through issuance of an Accounting Standards Update (“ASU”).
	In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which requires an entity to report a disposal of a component of an entity in discontinued operations if the disposal represents a strategic shift that has a major effect on an entity’s operations and financial results when the component of an entity meets certain criteria to be classified as held for sale when the component of an entity is disposed of by a sale or disposed of other than by a sale.  Further, additional disclosures about discontinued operations should include the following for the periods in which the results of operations of the discontinued operations are presented in the statement of operations: the major classes of line items constituting pretax profit or loss of discontinued operations; total operating and investing cash flows of discontinued operations; depreciation, amortization, capital expenditures, and significant operating and investing noncash items of discontinued operations; pretax profit or loss attributable to the parent if a discontinued operation includes a non-controlling interest; a reconciliation of major classes of assets, liabilities of the discontinued operation classified as held for sale; and a reconciliation of major classes of line items constituting the pretax profit or loss of the discontinued operation.  This guidance is effective for the Company beginning in fiscal year 2016, and will impact the Company’s assessment of any future discontinued operations.
	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers: Topic 606 (ASU 2014-09), to supersede nearly all existing revenue recognition guidance under U.S. GAAP.  The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services.  ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under existing U.S. GAAP including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation.  ASU 2014-09 is effective in the Company’s first quarter of fiscal 2017 using either of two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (ii) retrospective with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined per ASU 2014-09.  The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements.  In April 2015, the FASB announced it plans to propose extending the deadline for the adoption of ASU 2014-09 by one year.

Business_Acquisitions

Business Acquisitions	9 Months Ended
	Mar. 29, 2015
Business Acquisitions
Business Acquisitions
	NOTE 3 — Business Acquisitions
	Advance Tooling Concepts
	On April 7, 2014, the Company acquired the membership interests of ATC (referred to herein as the “ATC Acquisition”) for $24.3 million.  A portion of the purchase price, $2.4 million, was placed into escrow for a period of 12 months (referred to herein as the “ATC Escrow”) to satisfy certain working capital adjustments and/or indemnification obligations.  Under the terms of the ATC escrow arrangement, the ATC Escrow was secured by newly issued shares of the Company equal to 125% of the amount that would be paid in cash.  In July 2014, the ATC Escrow was reduced by $0.7 million following the completion of the working capital adjustment.  The Company determined the common stock held in escrow was mandatory redeemable and therefore recorded $1.7 million as a current liability in the accompanying balance sheet.  The Company is currently negotiating a final settlement with the Seller.
	ATC is a plastic injection molding company offering complete plastic injection molding capabilities, as well as in-house molding and tooling expertise, to customers.  This acquisition strengthens the Company’s ability to: (i) offer customers a suite of advanced manufacturing products and services; and (ii) increase the speed-to-market of customer products.  The total purchase price for the acquisition of ATC was as follows:
	(in thousands)	Amount
	Cash paid	$	20,670
	Payoff of ATC indebtedness	1,230
	Common stock placed escrow	1,691
	Aggregate purchase price	$	23,591
	The Company recognized the assets and liabilities of ATC based on their acquisition date fair values.  The fair value of ATC’s property and equipment was estimated using a “cost approach” and a “market approach.”  The cost approach uses reproduction or replacement cost, adjusted for estimated depreciation, to value the assets.  The market approach uses prices and other relevant information generated by market transactions involving similar assets.  Identified intangible assets were measured at fair value primarily using “income approaches,” which required a forecast of expected future cash flows, either for the use of a relief-from royalty method or a multi-period excess earnings method.  The aggregate purchase price exceeds the aggregate estimated fair value of the acquired assets and assumed liabilities by $2.8 million, which amount has been recognized as goodwill. Goodwill associated with this acquisition is deductible for income tax purposes.
	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed of ATC at the acquisition date.
	(in thousands)	Amount
	Cash and cash equivalents	$	1,694
	Accounts receivable	1,248
	Inventory	469
	Other current assets	13
	Property and equipment	3,976
	Intangible assets	15,788
	Goodwill	2,766
	Current liabilities	(2,363		)
	Fair value of net assets acquired	$	23,591
	The determination of the fair values of the acquired assets and assumed liabilities, and the related determination of estimated lives of depreciable tangible and identifiable intangible assets, requires significant judgment.  The fair values of acquired assets and liabilities were revised from the estimated values initially filed on Form 8-K/A on June 24, 2014 as a result of the Company’s normal process for determining the fair value of acquired assets and assumed liabilities.  Revisions were made primarily to assign fair values to acquired intangible assets of $15.8 million and property and equipment of $1.5 million that had previously been provisionally recorded as goodwill.  Other adjustments to current assets, totaling $1.4 million, and current liabilities, totaling $1.3 million, resulted from the same normal process for determining fair values of acquired assets and assumed liabilities.  During the quarter ended September 28, 2014, the Company revised the fair values of current liabilities assumed and goodwill by $40 thousand.  The Company will complete its determinations of the fair values of acquired assets and assumed liabilities by April 6, 2015.  The final determinations may be significantly different than those reflected in its Consolidated Financial Statements as of March 29, 2015.  The results of ATC’s operations have been included in the Company’s Consolidated Results of Operations beginning as of the acquisition date of April 7, 2014.
	Kecy
	On June 25, 2014, the Company acquired substantially all of the assets of Kecy Corporation and 411 Munson Holding (referred to herein as the “Kecy Acquisition”) for approximately $26.8 million.  A portion of the purchase price, $2.6 million, was placed into escrow for a period of 18 months (referred to herein as the “Kecy Escrow”) to satisfy certain working capital adjustments and/or indemnification obligations.  Under the terms of the Kecy escrow arrangement, the Kecy Escrow was secured by newly issued shares of the Company equal to the amount that would be paid in cash.  To the extent the escrow has not been drawn upon, the escrow shares will be replaced by cash and paid to the seller, with the stock released from escrow and placed into treasury.  As a result, the Company has determined the common stock held in escrow is mandatory redeemable and have therefore recorded $2.6 million as a current liability in the accompanying balance sheet as of March 29, 2015.
	Kecy is a precision metal stamping company and offers value-added secondary design and production processing.  The acquisition allows ARC to provide its customers metal stamping applications in order to offer a more holistic solution and increase the speed-to-market.  The total purchase price for the acquisition of Kecy was as follows:
	(in thousands)	Amount
	Cash paid	$	23,225
	Excess working capital acquired	1,009
	Common stock placed escrow	2,600
	Aggregate purchase price	$	26,834
	The Company recognized the assets and liabilities of Kecy based on their acquisition date fair values.  The fair value of Kecy’s tangible assets was estimated using both a “cost approach” and a “market approach” depending on the property.  A cost approach is based on estimating the cost of constructing the building, less depreciation, plus land.  A market approach uses prices and other relevant information generated by market transactions involving comparable assets.  Identified intangible assets were measured at fair value primarily using “income approaches,” which required a forecast of expected future cash flows for the use of a relief-from royalty and excess earnings methods.
	The aggregate purchase price exceeds the aggregate estimated fair value of the acquired assets and assumed liabilities by $500 thousand, which has been recognized as goodwill. Goodwill associated with this acquisition is deductible for income tax purposes.
	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed of Kecy at the acquisition date.
	(in thousands)	Amount
	Accounts receivable	$	3,370
	Inventories	3,182
	Prepaid and other current assets	49
	Property and equipment	9,255
	Goodwill	500
	Intangible assets	11,396
	Accounts payable	(188		)
	Accrued expenses	(730		)
	Fair value of net assets acquired	$	26,834
	The determination of the fair values of the acquired assets and assumed liabilities, and the related determination of estimated lives of depreciable tangible and identifiable intangible assets, requires significant judgment. The fair value amounts related to the acquisition of Kecy are provisional and the Company will complete its final determination no later than June 24, 2015.  The final determination may be significantly different than the provisional amounts.  When amounts previously recognized as provisional are finalized, they are reported at their final amounts as though they had been completed as of the acquisition date. Changes to fair values are adjusted retrospectively in the current period financial statements.
	The fair values of acquired assets and liabilities were revised from the estimated values initially filed on Form 8-K/A on September 8, 2014 as a result of the Company’s normal process for determining the fair value of acquired assets and assumed liabilities.  Revisions were made primarily to assign fair values to acquired intangible assets of $4.1 million that had previously been recorded provisionally as goodwill.  Other adjustments to current assets, totaling $(1.5) million, and current liabilities, totaling $(0.6) million, resulted from the same normal process for determining fair values of acquired assets and assumed liabilities. During the three month period ended December 28, 2014, the Company retrospectively adjusted its reported assignment of the aggregate consideration for a change to its original estimate of the fair value of inventory due a change in accounting for supplies.  As a result of this revision, inventory increased by $925 thousand and goodwill decreased by the same amount.  The results of Kecy’s operations have been included in the Company’s Consolidated Results of Operations beginning as of the acquisition date of June 25, 2014.
	Pro Forma Financial Information (Unaudited)
	The historical operating results of ATC and Kecy have not been included in the Company’s historical consolidated operating results prior to their acquisition dates.  The following unaudited pro forma information presents the combined results of continuing operations for the nine months ended March 30, 2014 as if the acquisitions had been completed on July 1, 2012.  The unaudited pro forma results do not reflect any material adjustments, operating efficiencies or potential cost savings that may result from the consolidation of operations but do reflect certain adjustments expected to have a continuing impact on the combined results.
	(in thousands, except per share data)	Nine months ended
		March 30, 2014
	Revenue	$	89,552
	Net income	$	4,731
	Basic and diluted net income per common share	$	0.32
	Other Acquisition
	During the fiscal year ended June 30, 2014, the Company acquired Thixoforming, a provider of magnesium injection molding products to add further capacity to the Company’s position in the injection molding industry.  This acquisition was not significant to the Company’s consolidated results of operations and financial position.  The provisional fair value for this acquisition is subject to change as certain information as of the date of the acquisition is evaluated during the measurement period, not to exceed one year subsequent to the acquisition date.  Pro forma results have not been presented as they would not be materially different from the Company’s actual results.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Mar. 29, 2015
Fair Value Measurements
Fair Value Measurements
	NOTE 4 - Fair Value Measurements
	The fair value guidance establishes a three-level valuation hierarchy for disclosure of fair value measurements.  The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date.  The three levels of inputs are defined as follows:
		·	Level 1 - Quoted prices (unadjusted) for identical assets or liabilities in active markets.
		·	Level 2 - Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
		·	Level 3 - Unobservable inputs when little or no market data is available.
	A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
	The Company did not have cash equivalents at March 29, 2015 and June 30, 2014.
	Cash held in financial institutions outside the United States to support existing operations and planned growth totaled $0.7 million and $0.6 million as of March 29, 2015 and June 30, 2014, respectively.  The Company’s Hungarian subsidiary, where these funds are held, is taxed in a similar manner to its domestic subsidiaries.  Thus, the Company would not incur a tax obligation should it decide to repatriate these funds.
	The Company values its debt using Level 3 unobservable inputs.  As the interest rates on the debt are variable, the carrying amount approximates fair market value.
	There were no transfers of assets or liabilities between levels in the valuation hierarchy during the periods ended March 29, 2015 and June 30, 2014.

Inventory

Inventory	9 Months Ended
	Mar. 29, 2015
Inventory
Inventory
	NOTE 5 — Inventory
	Inventories consisted of the following:
	(in thousands)	March 29, 2015			June 30, 2014
	Raw materials and supplies	$	5,656		$	4,741
	Work-in-process	7,926			6,475
	Finished goods	3,871			4,217
		17,453			15,433
	Less: Reserve for obsolescence	(776		)	(202		)
		$	16,677		$	15,231

Plant_and_Equipment

Plant and Equipment	9 Months Ended
	Mar. 29, 2015
Plant and Equipment
Plant and Equipment
	NOTE 6 — Plant and Equipment
	Plant and equipment consisted of the following:
	(in thousands)	Depreciable Life	March 29, 2014			June 30, 2014
		(in years)
	Land	—	$	1,264		$	1,264
	Building and improvements	Jul-40	17,315			17,369
	Machinery and equipment	12-Mar	40,293			36,251
	Office furniture and equipment	10-Mar	896			883
	Construction-in-process	—	2,469			2,358
			62,237			58,125
	Less: Accumulated depreciation		(17,213		)	(12,857		)
			$	45,024		$	45,268
	Depreciation expense totaled $1.5 million and $0.8 million for the three months ended March 29, 2015 and March 30, 2014, respectively, and $4.5 million and $2.3 million for the nine months ended March 29, 2015 and March 30, 2014, respectively.

Goodwill_Intangibles_and_Other

Goodwill, Intangibles and Other Long-lived Assets	9 Months Ended
	Mar. 29, 2015
Goodwill, Intangibles and Other Long-lived Assets
Goodwill, Intangibles and Other Long-lived Assets
	NOTE 7 — Goodwill, Intangibles and Other Long-lived Assets
	The following table summarizes the activity in the Company’s goodwill account during the nine month period ended March 29, 2015:
	(in thousands)		Amount
	Balance, June 30, 2014		$	16,357
	Purchase accounting adjustments		(1,593		)
	Balance, March 29, 2015		$	14,764
	The following table summarizes the Company’s intangible assets as follows:
			As of March 29, 2015								As of June 30, 2014
	(in thousands)		Gross			Accumulated			Net Carrying		Gross		Accumulated			Net Carrying
			Carrying			Amortization			Amount		Carrying		Amortization			Amount
			Amount								Amount
	Intangible assets:
	Patents and tradenames		$	3,773		$	(467	)	$	3,306	$	3,773	$	(290	)	$	3,483
	Customer relationships		24,077			(3,011		)	21,066		24,077		(1,205		)	22,872
	Non-compete agreements and other		4,652			(804		)	3,848		4,652		(182		)	4,470
	Total		$	32,502		$	(4,282	)	$	28,220	$	32,502	$	(1,677	)	$	30,825
	Patents and tradenames, customer relationships, and non-compete agreements and other intangible assets are amortized using the straight line method over a weighted average useful lives of approximately13.5 years, 10.8 years, and 6.5 years, respectively.  Amortization expense totaled $0.9 million and $0.2 million for identifiable intangible assets for the three months ended March 29, 2015 and March 30, 2014, respectively, and $2.6 million and $0.3 million nine months ended March 29, 2015 and March 30, 2014, respectively.  Estimated future amortization expense for the next five years as of March 29, 2015, is as follows:
	(in thousands)		Amount
	Fiscal Years:
	2015 (1)		$	866
	2016		3,471
	2017		3,471
	2018		3,470
	2019		3,288
	Thereafter		13,654
	Total		$	28,220
		-1		Represents estimated amortization for the three month period ended June 30, 2015.

Debt

Debt	9 Months Ended
	Mar. 29, 2015
Debt
Debt
	NOTE 8 — Debt
	Long-term debt payable consists of the following:
	(in thousands)		March 29, 2015			June 30, 2014
	Senior secured revolving commitment		$	9,560		$	9,310
	Senior secured term loan		34,819			43,875
	Senior secured delayed draw term loan		11,423			23,700
	Subordinated term loan		20,000			—
	Other		—			291
	Total long-term debt		75,802			77,176
	Less: Senior secured revolving commitment, current portion		(9,560		)	(9,310		)
	Less: Senior secured term loan, current portion		(4,500		)	(4,225		)
	Less: Senior secured delayed draw term loan, current portion		(2,370		)	(593		)
	Less: Other		—			(291		)
	Non-current portion		$	59,372		$	62,757
	Amended & Restated Credit Agreement
	On November 10, 2014 (the “Effective Date”), the Company and certain of its subsidiaries entered into an Amended and Restated Credit Agreement with Citizens Bank (the “Amended & Restated Credit Agreement”), which amends and restates the Credit Agreement, dated as of April 7, 2014 (the “Original Credit Agreement”), as amended by the First Amendment to Credit Agreement, dated as of June 25, 2014 (the “June 2014 Amendment”), by and among the Company and its certain subsidiaries, Citizens Bank, N.A., as Administrative Agent, issuing bank and swingline lender, and Capital One, N.A., as Syndication Agent, and other lenders from time to time party thereto, regarding loans and extensions of credit in the principal amount of up to $90.0 million. In consideration for the Company and its subsidiaries entering into the Amended & Restated Credit Agreement, the Administrative Agent and the Lenders waived non-compliance of the Company and its subsidiaries with respect to certain covenants in the Original Credit Agreement and the June 2014 Amendment. On December 23, 2014, the parties to the Amended & Restated Credit Agreement entered into a first amendment (the “Citizens First Amendment”)  to make technical corrections and to clarify, among other matters, that mandatory prepayments of the loans will not be required in connection with any issuance of equity interests of the Company so long as the Company’s senior leverage ratio is less than 2.25:1.00 and the proceeds thereof are utilized within 90 days to (i) finance a permitted acquisition or other permitted investments; or (ii) to finance consolidated capital expenditures.  If after issuance of equity interests the Company’s senior leverage ratio is greater than 2.25:1.00 (as calculated on a pro forma basis), then the proceeds of the issuance of the equity interests will be utilized as follows: 100% of the amount, if any, of such net cash proceeds necessary to reduce the senior leverage ratio to 2.75:1.00 on a pro forma basis, plus (y) 75% of the balance, if any, of such net cash proceeds remaining, to the extent necessary to reduce the Senior Leverage Ratio to 2.25:1.00 on a Pro Forma Basis, plus (z) 50% of the balance, if any, of such net cash proceeds remaining.  In the event that any proceeds from the issuance of equity interests are to be applied as cure amounts under the Amended and Restated Credit Agreement, then 100% of such net cash proceeds will be required to be paid as mandatory prepayments of the loans.
	The Amended & Restated Credit Agreement has several borrowing options, including interest rates that are based on: (i) a defined Base Rate (as defined in the Credit Agreement), plus a margin based on the applicable Leverage Ratio, payable monthly; or (ii) an Eurodollar Rate (as defined in the Credit Agreement) plus a margin based on the applicable Leverage Ratio, payable at the end of the applicable interest period for the borrowing and, for interest periods in excess of three months, on the date that is three months after the commencement of the interest period. The Base Rate represents a rate per annum equal to the highest of (a) Citizens Bank’s then publicly announced prime rate, (b) Federal Funds Rate as then in effect plus 1/2 of 1.0% or (c) the Adjusted Eurodollar Rate (as defined in the Credit Agreement) as then in effect plus 1.0%. At March 29, 2015, interest rates on borrowings under the Credit Agreement ranged from 4.2% to 6.25%.
	Subsequent to the period covered by this Report, on April 8, 2015, the Company sold 3,450,000 shares of ARC common stock in a registered public offering at a price of $5.00 per share, including 450,000 shares sold pursuant to a fully-exercised option to purchase additional shares granted to the underwriters by the Company.  The Company received net proceeds from the offering of approximately $15.6 million after underwriting discounts, commissions, fees, and expenses.  The net proceeds were then used to prepay a portion of the principal outstanding under the Amended & Restated Credit Agreement.  On May 11, 2015, as a result of the prepayment, the Company, Citizens Bank, N.A., as Administrative Agent, issuing bank and swingline lender, and Capital One, N.A., as Syndication Agent, and other lenders entered into the Limited Waiver and Second Amendment to the Amended and Restated Credit Agreement (the “Citizens Second Amendment”).  Under the terms of the Citizens Second Amendment, the Administrative agent and the lenders agreed to waive certain covenants with respect to which the Company was not in compliance and agreed to exclude from the fixed charge coverage calculation scheduled principal payments on indebtedness for the fiscal quarters ended March 29, 2015 and June 30, 2105.  Aside from the aforementioned items, there have been no other changes to the terms and conditions of the Amended & Restated Credit Agreement.
	Subordinated Term Loan Agreement
	On the Effective Date, the Company and certain of its subsidiaries entered into a subordinated term loan credit agreement with McLarty Capital Partners SBIC, L.P. (“McLarty”) as administrative agent, and other lenders from time to time party thereto (“Subordinated Loan Agreement”), regarding an extension of credit in the form of a subordinated term loan in an aggregate principal amount of $20.0 million. McLarty is indirectly a related party to one of the officers and directors of the Company, and therefore the Board of Directors appointed a special committee consisting solely of independent directors to assure that the Subordinated Loan Agreement is fair and reasonable to the Company and its shareholders. On the Effective Date, the Company, using proceeds from the Subordinated Credit Facility, repaid a similar portion of the previously borrowed loans under the Senior Credit Facility. On December 29, 2014, the Company entered into an amendment to the Subordinated Loan Agreement (the “McLarty First Amendment”)  to clarify, among other matters, that mandatory prepayments of the subordinated loans will not be required in connection with any issuance of equity interests of the Company so long as, after satisfaction of mandatory prepayment obligations under the Senior Credit Facility, the Company’s senior leverage ratio is less than 2.25:1.00 and the proceeds thereof are utilized within 90 days to (i) finance a permitted acquisition or other permitted investments; or (ii) to finance consolidated capital expenditures.  If after issuance of equity interests the Company’s senior leverage ratio is greater than 2.25:1.00 (as calculated on a pro forma basis), then the proceeds of the issuance of the equity interests will be utilized as follows: 25% of the amount, if any, of such net cash proceeds necessary to reduce the senior leverage ratio to 2.25:1.00 on a pro forma basis, plus (y) 50% of the balance, if any, of such net cash proceeds remaining, to the extent necessary to reduce the Senior Leverage Ratio to 2.25:1.00.  In the event that any proceeds from the issuance of equity interests are to be applied as cure amounts under the Subordinated Loan Agreement, then 100% of such net cash proceeds will be required to be paid as mandatory prepayments of the subordinated loans.
	The subordinated term loan under the Subordinated Loan Agreement will mature five years after the Effective Date. The interest rate set forth in the Subordinated Loan Agreement is 11.00% per annum. Upon an event of default under the Credit Agreement, the interest rate increases automatically by 2.00% per annum. The Subordinated Loan Agreement contains customary representations and warranties, events of default, affirmative covenants and negative covenants and prepayment terms that are substantially similar to those contained in the Amended and Restated Credit Agreement. The Subordinated Loan Agreement has been subordinated to the Amended & Restated Credit Agreement pursuant to First Lien Subordination Agreement.
	The credit agreements governing our Senior Credit Facility and the Subordinated Credit Facility require us to comply with a number of customary financial and other covenants, such as maintaining debt service coverage and leverage ratios in certain situations and maintaining insurance coverage. These covenants may limit our flexibility in our operations, and breaches of these covenants could result in defaults under the instruments governing the applicable indebtedness even if we had satisfied our payment obligations. If we were to default on the credit agreements or other debt instruments, our financial condition would be adversely affected.
	The following schedule represents the Company’s future debt payments as of March 29, 2015:
	(in thousands)		Amount
	2015 (1)		$	1,717
	2016 (2)		16,860
	2017		9,016
	2018		10,305
	2019 and thereafter		37,904
	Total		$	75,802
		-1		Represents long-term debt principal payments for the three month period ending June 30, 2015.
		-2		Amount includes the Senior secured revolving commitment

Income_Taxes

Income Taxes	9 Months Ended
	Mar. 29, 2015
Income Taxes
Income Taxes
	NOTE 9 - Income Taxes
	The effective tax rate for the nine months ended March 29, 2015 and March 30, 2014 was 34.6% and 34.8 %, respectively.  The effective tax rate for the three months and nine months ended March 29, 2015 was positively impacted by $420 thousand and $312 thousand, respectively, of favorable discrete items recognized during the period.  The Company’s effective tax rate could fluctuate significantly on a quarterly basis due to changes in the valuation of its deferred tax assets or liabilities, or by changes in tax laws, regulations, accounting principles or interpretations thereof.
	As of March 29, 2015 and June 30, 2014, deferred tax assets of $1.7 million and $1.2 million, respectively, have been included in prepaid and other current assets in the accompanying balance sheets.  There was no non-current portion of deferred tax assets as of March 29, 2015 and $0.3 million as of June 30, 2014, which has been included in other assets.  Current taxes payable of $0.1 million and $1.8 million as of March 29, 2015 and June 30, 2014, respectively, have been included in accrued expenses.  Long-term deferred tax obligations totaled $0.8 million at March 29, 2015 and there was no long-term deferred tax obligation at June 30, 2014.
	A valuation allowance has been established on the Company’s deferred tax assets as realization has not met the more likely-than-not threshold requirement.  The Company evaluates the recoverability of deferred tax assets by assessing the adequacy of future expected taxable income from all sources, including carrybacks (if applicable), reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies.  If the Company’s judgment changes and it is determined that the Company will be able to realize these deferred tax assets, the tax benefits relating to any reversal of the valuation allowance will be accounted for as a reduction to income tax expense.
	The amount of unrecognized tax benefits for uncertain tax positions was $$0.8 million as of March 29, 2015 and $0.7 million as of June 30, 2014, including related liabilities for interest and penalties of $151 thousand and $106 thousand as of March 29, 2015 and June 30, 2014, respectively.  The liability and related interest have been included in other liabilities in the accompanying balance sheets.
	The Company has elected to include the operations of its foreign subsidiary located in Hungary in its U.S. consolidated income tax return, and as such is included in its provision for income taxes. Other foreign earnings for which the Company has not provided for U.S. taxes totaled approximately $0.7 million as of March 29, 2015.

Earnings_Per_Share

Earnings Per Share	9 Months Ended
	Mar. 29, 2015
Earnings Per Share
Earnings Per Share
	NOTE 10 — Earnings Per Share
	Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period.  Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding and dilutive potential common shares for the period.  In connection with the acquisitions of ATC and Kecy, the Company issued a total of 406,238 shares, which were placed in escrow to satisfy certain working capital adjustments and/or indemnification obligations.  To the extent the escrow has not been drawn upon, the escrow shares will be replaced by cash and paid to the seller.  As these shares are not expected to be released, these shares have been excluded from the basic and diluted share computations.  As of March 29, 2015 and March 30, 2014, the Company had no outstanding stock equity awards, therefore there was no computation of dilutive securities.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
	Mar. 29, 2015
Related Party Transactions
Related Party Transactions
	NOTE 11 — Related Party Transactions
	Quadrant Management Inc. and Everest Hill Group, Inc.
	ARC, Everest Hill Group, QMI, and QMT are under common control.  Prior to the ARC acquisition of QMT and AFT, QMI, through Everest Hill Group, owned 74.0% of the membership interests of QMT.  As a result of the ARC acquisition of QMT and AFT, Everest Hill Group became the controlling shareholder of ARC.  Specifically, Everest Hill Group controls 100% of the ownership interests of QMI, as well as, via certain wholly-owned intermediaries, 59.9% of the shares of ARC as of March 29, 2015.  Subsequent to the period covered by this Report and following the closing of ARC’s public offering of shares of common stock on April 8, 2015, Everest Hill Group controls approximately 48.8% of the shares of ARC.
	In addition, the following officers and directors of ARC are also affiliated with QMI and Everest Hill Group:
		·	Mr. Jason Young, the Company’s Chairman and Chief Executive Officer, has been a Managing Director at QMI since 2005, where he is responsible for making investments in U.S. and emerging market companies, and where he frequently serves in active management or director-level roles.
		·	Mr. Theodore Deinard is a Principal of QMI and serves as Chief Executive Officer of ARC Wireless, Inc.  Mr. Deinard is also related by marriage to an officer of QMI.
		·	Mr. Young and Mr. Deinard are each deemed to share voting and investment power over the shares beneficially owned by Everest Hill Group.
		·	Mr. Jason Young and Mr. Alan Quasha, an officer of QMI, each serve on the Board of Directors of QMT and receive fees for such services.
	McLarty Capital Partners SBIC, L.P.
	McLarty Capital Partners SBIC, L.P. is indirectly a related party to the Company and as such the Board of Directors appointed a special committee consisting solely of independent directors to assure that the Subordinated Loan Agreement is fair and reasonable to the Company and its shareholders.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Mar. 29, 2015
Commitments and Contingencies
Commitments and Contingencies
	NOTE 12 — Commitments and Contingencies
	The Company leases land, facilities, and equipment under various non-cancellable operating lease agreements expiring through June 25, 2024, and contain various renewal options.  The Company also leases equipment under non-cancellable capital lease agreements expiring through January 31, 2017.  The capital leases have interest rates ranging from 3.0% to 9.2%.
	From time to time, the Company is a party to various litigation matters incidental to the conduct of its business.  The Company is not presently a party to any legal proceedings, the resolution of which, management believes, would have a material adverse effect on its business, operating results, financial condition, or cash flows.

Segment_Information

Segment Information	9 Months Ended
	Mar. 29, 2015
Segment Information
Segment Information
	NOTE 13 — Segment Information
	Information regarding segments is presented in accordance with ASC 280, Segment Reporting.  Based on the criteria outlined in this guidance, the Company’s operations are classified into four reportable business segments:  Precision Components Group, 3DMT Group, Flanges and Fittings Group, and Wireless Group.
		·		The Precision Components Group companies provide highly engineered fabricated metal components using processes consisting of metal injection molding, metal stamping, and the hermetic sealing of certain components.  Industries served include medical and dental devices, firearms and defense, automotive, aerospace, consumer durables, and electronic devices.
		·		The 3DMT Group was strategically established in the second quarter of fiscal year 2014 to meet customer needs of reducing costs and accelerating the “speed-to-market” through rapid prototyping, short-run production, and rapid tooling.  The segment consists of our tooling product line, 3DMT (our 3D printing and additive manufacturing operations), and ATC, which was acquired in April 2014.
		·		The Flange and Fittings Group consists of GF&F.  GF&F provides custom machining needs and special flange facings.
		·		The Wireless Group focuses on wireless broadband technology related to propagation and optimization.  It designs and develops hardware, including antennas, radios, and related accessories, used in broadband and other wireless networks.  Products are sold to public and private carriers, wireless infrastructure providers, wireless equipment distributors, value added resellers, and other original equipment manufacturers.
	Summarized segment information for the Company’s four segments for three and nine month periods ended March 29, 2015 and March 30, 2014 is as follows:
			Three months ended,						Nine months ended,
	(in thousands)		March 29, 2015			March 30, 2014			March 29, 2015			March 30, 2014
	Net sales:
	Precision Components Group		$	21,348		$	17,880		$	65,124		$	49,873
	3DMT Group		4,675			993			12,526			3,166
	Flanges and Fittings Group		1,366			1,557			4,411			4,154
	Wireless Group		475			500			1,607			2,079
	Consolidated net sales		$	27,864		$	20,930		$	83,668		$	59,272
	Operating costs:
	Precision Components Group		18,649			14,405			56,952			40,859
	3DMT Group		5,034			940			13,695			2,470
	Flanges and Fittings Group		1,251			1,313			3,925			3,748
	Wireless Group		417			408			1,587			1,591
	Consolidated operating costs		$	25,351		$	17,066		$	76,159		$	48,668
	Segment operating income from continuing operations:
	Precision Components Group		2,699			3,475			8,172			9,014
	3DMT Group		(359		)	53			(1,169		)	696
	Flanges and Fittings Group		115			244			486			406
	Wireless Group		58			92			20			488
	Corporate expense		(780		)	(592		)	(3,011		)	(2,879		)
	Total segment operating income from continuing operations		$	1,733		$	3,272		$	4,498		$	7,725
	Other income, net		128			2			117			9
	Interest expense, net		(1,466		)	(282		)	(3,600		)	(781		)
	Non-operating expense		(1,338		)	(280		)	(3,483		)	(772		)
	Consolidated income from continuing operations before income tax expense and non-controlling interest		$	395		$	2,992		$	1,015		$	6,953
			Three months ended,						Nine months ended,
	(in thousands)		March 29, 2015			March 30,			March 29, 2015			March 30, 2014
						2014
	Capital expenditures:
	Precision Components Group		$	725		$	1,264		$	4,004		$	2,146
	3DMT Group		42			466			209			466
	Flanges and Fittings Group		23			1			23			11
	Wireless Group		—			—			—			—
	Consolidated capital expenditures		$	790		$	1,731		$	4,236		$	2,623
	Depreciation and amortization expense:
	Precision Components Group		$	1,528		$	867		$	4,447		$	2,564
	3DMT Group		823			—			2,490			—
	Flanges and Fittings Group		25			26			69			78
	Wireless Group		19			21			55			62
	Consolidated depreciation and amortization		$	2,395		$	914		$	7,061		$	2,704
	(in thousands)		March 29, 2015			June 30, 2014
	Total assets:
	Precision Components Group		$	79,227		$	91,045
	3DMT Group		21,855			29,826
	Flanges and Fittings Group		1,642			3,650
	Wireless Group		1,017			1,515
	Corporate		26,089			10,353
	Consolidated total assets		$	129,830		$	136,389
	Geographic information for the Company is as follows:
			Three months ended,						Nine months ended,
	(in thousands)		March 29, 2015			March 30, 2014			March 29, 2015			March 30, 2014
	Sales from continuing operations: (1)
	U.S.		$	24,944		$	17,552		$	74,577		$	49,324
	International		2,920			3,378			9,091			9,948
			$	27,864		$	20,930		$	83,668		$	59,272
		-1		Sales are attributable to the country in which the product is manufactured or service is provided.
(in thousands)		March 29, 2015			June 30, 2014
Long-lived assets:
U.S.		$	78,590		$	82,861
International		9,418			9,589
		$	88,008		$	92,450

Significant_Customers

Significant Customers	9 Months Ended
	Mar. 29, 2015
Significant Customers
Significant Customers
	NOTE 14 — Significant Customers
	The Company had sales to five significant customers, deemed to be in excess of 5% of sales, for the three month period ended March 29, 2015 and four significant customers for the three month period ended March 30, 2014, which represented approximately 37.0% and 43.1%, respectively, of the Company’s total sales.  The Company had sales to five significant customers for the nine month period ended March 29, 2015 and four significant customers, deemed in excess of 5% of sales, for the nine month period ended March 30, 2014, which represented approximately 35.4% and 43.9%, respectively, of the Company’s total sales.  The concentration of the Company’s business with a relatively small number of customers may expose it to a material adverse effect if one or more of these large customers were to experience financial difficulty or were to cease being customer for non-financial related issues.
		Percentage of Sales
		Three months ended,				Nine months ended,
	Customer	March 29, 2015		March 30, 2014		March 29, 2015		March 30, 2014
	1	10.2	%	*	%	9.5	%	*	%
	2	8.1	%	13.5	%	8.1	%	11.9	%
	3	6.5	%	*	%	5.2	%	*	%
	4	6.3	%	8.9	%	5.2	%	9.3	%
	5	5.9	%	13.4	%	7.4	%	13.2	%
	6	*	%	8.1	%	*	%	8.7	%
	7	*	%	*	%	*	%	*	%
	*Customer represented less than 5% of sales for the periods presented.
		Percentage of Receivables
	Customer	March 29, 2015		June 30, 2014
	1	**	%	**	%
	2	10.5	%	17.1	%
	3	**	%	**	%
	4	7.2	%	**	%
	5	5.5	%	12.6	%
	6	**	%	**	%
	7	6.2	%	**	%
	**Customer represented less than 5% of accounts receivable for the periods presented.

Subsequent_Event

Subsequent Event	9 Months Ended
	Mar. 29, 2015
Subsequent Event.
Subsequent Event
	NOTE 15 — Subsequent Events
	On April 8, 2015, the Company sold 3,450,000 shares of ARC common stock in a registered public offering at a price to the public of $5.00 per share, including 450,000 shares sold pursuant to an option to purchase additional shares granted to the underwriters by the Company, which was exercised in full.  The Company received net proceeds from the offering, after underwriting discounts, commissions, fees and expenses, of approximately $15.6 million.  The net proceeds were used to prepay a portion of the principal outstanding on the Company’s Senior Secured Term Loan.
	On May 11, 2015, as a result of the prepayment, the Company, Citizens Bank, N.A., as Administrative Agent, issuing bank and swingline lender, and Capital One, N.A., as Syndication Agent, and other lenders entered into the Citizens Second Amendment to the Amended and Restated Credit Agreement.  Under the Citizens Second Amendment, the Administrative agent and the lenders agreed to waive certain covenants with respect to which the Company was not in compliance and agreed to exclude from the fixed charge coverage calculation scheduled principal payments on indebtedness for the fiscal quarters ended March 29, 2015 and June 30, 2105.  Aside from the aforementioned items, there have been no other changes to the terms and conditions of the Amended & Restated Credit Agreement.

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 29, 2015
Significant Accounting Policies
Basis of Presentation
	Basis of Presentation and Principles of Consolidation
	The Company’s fiscal year begins July 1 and ends June 30, with the interim quarterly reporting periods consisting of thirteen weeks.  Therefore, the quarter end will not always coincide with the date of the end of the calendar month.
	The Consolidated Financial Statements include the amounts of ARC and its controlled subsidiaries.  All material intercompany transactions have been eliminated in consolidation.  The Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Principles of Consolidation
	Basis of Presentation and Principles of Consolidation
	The Company’s fiscal year begins July 1 and ends June 30, with the interim quarterly reporting periods consisting of thirteen weeks.  Therefore, the quarter end will not always coincide with the date of the end of the calendar month.
	The Consolidated Financial Statements include the amounts of ARC and its controlled subsidiaries.  All material intercompany transactions have been eliminated in consolidation.  The Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Use of Estimates
	Use of Estimates
	The preparation of financial statements in conformity with U.S. 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 reported amounts of revenue and expenses during the reporting period.  Estimates are used for, among other things: allowances for doubtful accounts; inventory write-downs; valuation allowances for deferred tax assets; uncertain tax positions; valuation and useful lives of long-term assets including property, equipment, intangible assets, and goodwill; contingencies; and the fair value of assets and liabilities obtained in business combinations.  Due to the inherent uncertainties in making estimates, actual results could differ from those estimates and such differences may be material to the consolidated financial statements.
Inventories
	Inventories
	Inventories are stated at the lower of average cost using the first-in, first-out (FIFO) method or market.  It is the Company’s practice to provide a valuation allowance for inventories to account for actual market pricing deflation and inventory shrinkage.
	Management actively reviews this inventory to determine that all materials are for products still in production to determine any potential obsolescence issues.
Plant and Equipment
	Plant and Equipment
	Plant and equipment is stated at cost or acquisition date fair value less accumulated depreciation.  Depreciation is recognized on a straight-line basis over the estimated useful lives of the related assets.  Major additions and improvements are capitalized, while replacements, maintenance, and repairs, which do not improve or extend the life of the respective assets, are expensed as incurred.
Goodwill and Intangibles
	Goodwill, Intangibles and Other Long-lived Assets
	Goodwill and indefinite-lived intangible assets are reviewed for impairment at least annually in June of each fiscal year, or more frequently if a triggering event occurs between impairment testing dates.  The Company’s impairment assessment begins with a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value.  The qualitative assessment includes comparing the overall financial performance of the reporting units against historical financial results.  Additionally, each reporting unit’s fair value is assessed in light of certain events and circumstances, including macroeconomic conditions, industry, and market considerations, and other relevant entity and reporting unit specific events.  If it is determined under the qualitative assessment that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then a two-step quantitative impairment test is performed.  Under the first step, the estimated fair value of the reporting unit is compared with its carrying value (including goodwill).  If the fair value of the reporting unit exceeds its carrying value, step two does not need to be performed.  If the estimated fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the enterprise must perform step two of the impairment test (measurement).  Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill.  The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation in acquisition accounting.  The residual fair value after this allocation is the implied fair value of the reporting unit goodwill.  Fair value of the reporting unit under the two-step assessment is determined using a discounted cash flow analysis.  The selection and assessment of qualitative factors used to determine whether it is more likely than not that the fair value of a reporting unit exceeds the carrying value involves significant judgments and estimates.  There were no impairments of goodwill recognized during the nine months ended March 29, 2015 or March 30, 2014.
	Intangible assets (identified as patents, trademarks, customer relationships, non-compete agreements, and other) are recorded at fair value at the time of acquisition.  Finite-lived intangibles are stated at cost less accumulated amortization.  Amortization is recorded using the straight-line method, which approximates the expected pattern of economic benefit, over the estimated lives of the assets.
	The Company reviews the carrying value of its long-lived tangible and finite-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable.  Factors that would require an impairment assessment include, among other things, a significant change in the extent or manner in which an asset is used, a continual decline in the Company’s operating performance, or as a result of fundamental changes in a subsidiary’s business condition.
	Recoverability of long-lived assets is measured by comparing their carrying amount to the projected cash flows the assets are expected to generate.  If such assets are considered to be impaired, the impairment loss recognized, if any, is the amount by which the carrying amount of the finite-lived intangible assets exceeds fair value.  There were no impairments of long-lived assets during the nine months ended March 29, 2015 or March 30, 2014.
Other Long-lived Assets
	Goodwill, Intangibles and Other Long-lived Assets
	Goodwill and indefinite-lived intangible assets are reviewed for impairment at least annually in June of each fiscal year, or more frequently if a triggering event occurs between impairment testing dates.  The Company’s impairment assessment begins with a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value.  The qualitative assessment includes comparing the overall financial performance of the reporting units against historical financial results.  Additionally, each reporting unit’s fair value is assessed in light of certain events and circumstances, including macroeconomic conditions, industry, and market considerations, and other relevant entity and reporting unit specific events.  If it is determined under the qualitative assessment that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then a two-step quantitative impairment test is performed.  Under the first step, the estimated fair value of the reporting unit is compared with its carrying value (including goodwill).  If the fair value of the reporting unit exceeds its carrying value, step two does not need to be performed.  If the estimated fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the enterprise must perform step two of the impairment test (measurement).  Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill.  The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation in acquisition accounting.  The residual fair value after this allocation is the implied fair value of the reporting unit goodwill.  Fair value of the reporting unit under the two-step assessment is determined using a discounted cash flow analysis.  The selection and assessment of qualitative factors used to determine whether it is more likely than not that the fair value of a reporting unit exceeds the carrying value involves significant judgments and estimates.  There were no impairments of goodwill recognized during the nine months ended March 29, 2015 or March 30, 2014.
	Intangible assets (identified as patents, trademarks, customer relationships, non-compete agreements, and other) are recorded at fair value at the time of acquisition.  Finite-lived intangibles are stated at cost less accumulated amortization.  Amortization is recorded using the straight-line method, which approximates the expected pattern of economic benefit, over the estimated lives of the assets.
	The Company reviews the carrying value of its long-lived tangible and finite-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable.  Factors that would require an impairment assessment include, among other things, a significant change in the extent or manner in which an asset is used, a continual decline in the Company’s operating performance, or as a result of fundamental changes in a subsidiary’s business condition.
	Recoverability of long-lived assets is measured by comparing their carrying amount to the projected cash flows the assets are expected to generate.  If such assets are considered to be impaired, the impairment loss recognized, if any, is the amount by which the carrying amount of the finite-lived intangible assets exceeds fair value.  There were no impairments of long-lived assets during the nine months ended March 29, 2015 or March 30, 2014.
Revenue Recognition
	Revenue Recognition
	Revenue is measured at the fair value of the consideration received or receivable net of sales tax, trade discounts and customer returns.  The Company recognizes revenue when the earnings process is complete.  This generally occurs when products are shipped to the customer in accordance with the contract or purchase order, ownership and risk of loss have passed to the customer, collectability is reasonably assured, and pricing is fixed and determinable.  In instances where title does not pass to the customer upon shipment, the Company recognizes revenue upon delivery or customer acceptance, depending on terms of the sales agreement.  Service sales, representing maintenance and engineering activities, are recognized as services are performed.  Products are generally shipped free-on-board from our facilities, the customer pays freight costs and assumes all liability.
Research and Development Costs
	Research and Development Costs
	Research and development costs are expensed as incurred. The majority of these expenditures consist of salaries for engineering and manufacturing personal and fees paid to consultants for services rendered.  For the three and nine months ended March 29, 2015, the Company incurred $323 thousand and $1.0 million, respectively, and $100 thousand for both the three and nine months ended March 30, 2014, for research and development. These amounts are included in selling, general, and administrative expense on the accompanying Unaudited Condensed Consolidated Statements of Operations
Non-Controlling Interest
	Non-Controlling Interest
	In connection with the acquisitions of FloMet and TeknaSeal, the Company obtained a majority interest in the subsidiaries and control of the subsidiaries’ boards of directors.  Third party investors own approximately 4% of the outstanding shares of FloMet and approximately 6% of the outstanding shares of TeknaSeal.  Accordingly, the Consolidated Financial Statements include the financial position of these subsidiaries for the periods reported and the results of operations of these subsidiaries since the dates of acquisitions.  The Company has recognized the net income attributable to the non-controlling interest in the Company’s subsidiaries in the Statements of Operations.
Recent Accounting Pronouncements
	Recent Accounting Pronouncements
	From time to time, the FASB or other standard setting bodies issue new accounting pronouncements.  Updates to the ASC are communicated through issuance of an Accounting Standards Update (“ASU”).
	In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which requires an entity to report a disposal of a component of an entity in discontinued operations if the disposal represents a strategic shift that has a major effect on an entity’s operations and financial results when the component of an entity meets certain criteria to be classified as held for sale when the component of an entity is disposed of by a sale or disposed of other than by a sale.  Further, additional disclosures about discontinued operations should include the following for the periods in which the results of operations of the discontinued operations are presented in the statement of operations: the major classes of line items constituting pretax profit or loss of discontinued operations; total operating and investing cash flows of discontinued operations; depreciation, amortization, capital expenditures, and significant operating and investing noncash items of discontinued operations; pretax profit or loss attributable to the parent if a discontinued operation includes a non-controlling interest; a reconciliation of major classes of assets, liabilities of the discontinued operation classified as held for sale; and a reconciliation of major classes of line items constituting the pretax profit or loss of the discontinued operation.  This guidance is effective for the Company beginning in fiscal year 2016, and will impact the Company’s assessment of any future discontinued operations.
	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers: Topic 606 (ASU 2014-09), to supersede nearly all existing revenue recognition guidance under U.S. GAAP.  The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services.  ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under existing U.S. GAAP including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation.  ASU 2014-09 is effective in the Company’s first quarter of fiscal 2017 using either of two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (ii) retrospective with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined per ASU 2014-09.  The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements.  In April 2015, the FASB announced it plans to propose extending the deadline for the adoption of ASU 2014-09 by one year.

Business_Acquisitions_Tables

Business Acquisitions (Tables)	9 Months Ended
	Mar. 29, 2015
Business acquisitions
Schedule of Pro-Forma Financial Information
	(in thousands, except per share data)	Nine months ended
		March 30, 2014
	Revenue	$	89,552
	Net income	$	4,731
	Basic and diluted net income per common share	$	0.32
Advanced Tooling Concepts
Business acquisitions
Schedule of total purchase price
	(in thousands)	Amount
	Cash paid	$	20,670
	Payoff of ATC indebtedness	1,230
	Common stock placed escrow	1,691
	Aggregate purchase price	$	23,591
Summary of assets acquired and liabilities assumed
	(in thousands)	Amount
	Cash and cash equivalents	$	1,694
	Accounts receivable	1,248
	Inventory	469
	Other current assets	13
	Property and equipment	3,976
	Intangible assets	15,788
	Goodwill	2,766
	Current liabilities	(2,363		)
	Fair value of net assets acquired	$	23,591
Kecy Acquisition
Business acquisitions
Schedule of total purchase price
	(in thousands)	Amount
	Cash paid	$	23,225
	Excess working capital acquired	1,009
	Common stock placed escrow	2,600
	Aggregate purchase price	$	26,834
Summary of assets acquired and liabilities assumed
	(in thousands)	Amount
	Accounts receivable	$	3,370
	Inventories	3,182
	Prepaid and other current assets	49
	Property and equipment	9,255
	Goodwill	500
	Intangible assets	11,396
	Accounts payable	(188		)
	Accrued expenses	(730		)
	Fair value of net assets acquired	$	26,834

Inventory_Tables

Inventory (Tables)	9 Months Ended
	Mar. 29, 2015
Inventory
Schedule of inventories
	(in thousands)	March 29, 2015			June 30, 2014
	Raw materials and supplies	$	5,656		$	4,741
	Work-in-process	7,926			6,475
	Finished goods	3,871			4,217
		17,453			15,433
	Less: Reserve for obsolescence	(776		)	(202		)
		$	16,677		$	15,231

Plant_and_Equipment_Tables

Plant and Equipment (Tables)	9 Months Ended
	Mar. 29, 2015
Plant and Equipment
Schedule of plant and equipment
	(in thousands)	Depreciable Life	March 29, 2014			June 30, 2014
		(in years)
	Land	—	$	1,264		$	1,264
	Building and improvements	Jul-40	17,315			17,369
	Machinery and equipment	12-Mar	40,293			36,251
	Office furniture and equipment	10-Mar	896			883
	Construction-in-process	—	2,469			2,358
			62,237			58,125
	Less: Accumulated depreciation		(17,213		)	(12,857		)
			$	45,024		$	45,268

Goodwill_Intangibles_and_Other1

Goodwill, Intangibles and Other Long-lived Assets (Tables)	9 Months Ended
	Mar. 29, 2015
Goodwill, Intangibles and Other Long-lived Assets
Summary of goodwill activity
	(in thousands)		Amount
	Balance, June 30, 2014		$	16,357
	Purchase accounting adjustments		(1,593		)
	Balance, March 29, 2015		$	14,764
Summary of intangible assets
			As of March 29, 2015								As of June 30, 2014
	(in thousands)		Gross			Accumulated			Net Carrying		Gross		Accumulated			Net Carrying
			Carrying			Amortization			Amount		Carrying		Amortization			Amount
			Amount								Amount
	Intangible assets:
	Patents and tradenames		$	3,773		$	(467	)	$	3,306	$	3,773	$	(290	)	$	3,483
	Customer relationships		24,077			(3,011		)	21,066		24,077		(1,205		)	22,872
	Non-compete agreements and other		4,652			(804		)	3,848		4,652		(182		)	4,470
	Total		$	32,502		$	(4,282	)	$	28,220	$	32,502	$	(1,677	)	$	30,825
Schedule of estimated future amortization expense of intangible assets
	(in thousands)		Amount
	Fiscal Years:
	2015 (1)		$	866
	2016		3,471
	2017		3,471
	2018		3,470
	2019		3,288
	Thereafter		13,654
	Total		$	28,220
		-1		Represents estimated amortization for the three month period ended June 30, 2015.

Debt_Tables

Debt (Tables)	9 Months Ended
	Mar. 29, 2015
Debt
Schedule of long-term debt payable
	(in thousands)		March 29, 2015			June 30, 2014
	Senior secured revolving commitment		$	9,560		$	9,310
	Senior secured term loan		34,819			43,875
	Senior secured delayed draw term loan		11,423			23,700
	Subordinated term loan		20,000			—
	Other		—			291
	Total long-term debt		75,802			77,176
	Less: Senior secured revolving commitment, current portion		(9,560		)	(9,310		)
	Less: Senior secured term loan, current portion		(4,500		)	(4,225		)
	Less: Senior secured delayed draw term loan, current portion		(2,370		)	(593		)
	Less: Other		—			(291		)
	Non-current portion		$	59,372		$	62,757
Schedule of future debt payments
	(in thousands)		Amount
	2015 (1)		$	1,717
	2016 (2)		16,860
	2017		9,016
	2018		10,305
	2019 and thereafter		37,904
	Total		$	75,802
		-1		Represents long-term debt principal payments for the three month period ending June 30, 2015.
		-2		Amount includes the Senior secured revolving commitment

Segment_Information_Tables

Segment Information (Tables)	9 Months Ended
	Mar. 29, 2015
Segment Information
Summary of segment information
			Three months ended,						Nine months ended,
	(in thousands)		March 29, 2015			March 30, 2014			March 29, 2015			March 30, 2014
	Net sales:
	Precision Components Group		$	21,348		$	17,880		$	65,124		$	49,873
	3DMT Group		4,675			993			12,526			3,166
	Flanges and Fittings Group		1,366			1,557			4,411			4,154
	Wireless Group		475			500			1,607			2,079
	Consolidated net sales		$	27,864		$	20,930		$	83,668		$	59,272
	Operating costs:
	Precision Components Group		18,649			14,405			56,952			40,859
	3DMT Group		5,034			940			13,695			2,470
	Flanges and Fittings Group		1,251			1,313			3,925			3,748
	Wireless Group		417			408			1,587			1,591
	Consolidated operating costs		$	25,351		$	17,066		$	76,159		$	48,668
	Segment operating income from continuing operations:
	Precision Components Group		2,699			3,475			8,172			9,014
	3DMT Group		(359		)	53			(1,169		)	696
	Flanges and Fittings Group		115			244			486			406
	Wireless Group		58			92			20			488
	Corporate expense		(780		)	(592		)	(3,011		)	(2,879		)
	Total segment operating income from continuing operations		$	1,733		$	3,272		$	4,498		$	7,725
	Other income, net		128			2			117			9
	Interest expense, net		(1,466		)	(282		)	(3,600		)	(781		)
	Non-operating expense		(1,338		)	(280		)	(3,483		)	(772		)
	Consolidated income from continuing operations before income tax expense and non-controlling interest		$	395		$	2,992		$	1,015		$	6,953
			Three months ended,						Nine months ended,
	(in thousands)		March 29, 2015			March 30,			March 29, 2015			March 30, 2014
						2014
	Capital expenditures:
	Precision Components Group		$	725		$	1,264		$	4,004		$	2,146
	3DMT Group		42			466			209			466
	Flanges and Fittings Group		23			1			23			11
	Wireless Group		—			—			—			—
	Consolidated capital expenditures		$	790		$	1,731		$	4,236		$	2,623
	Depreciation and amortization expense:
	Precision Components Group		$	1,528		$	867		$	4,447		$	2,564
	3DMT Group		823			—			2,490			—
	Flanges and Fittings Group		25			26			69			78
	Wireless Group		19			21			55			62
	Consolidated depreciation and amortization		$	2,395		$	914		$	7,061		$	2,704
	(in thousands)		March 29, 2015			June 30, 2014
	Total assets:
	Precision Components Group		$	79,227		$	91,045
	3DMT Group		21,855			29,826
	Flanges and Fittings Group		1,642			3,650
	Wireless Group		1,017			1,515
	Corporate		26,089			10,353
	Consolidated total assets		$	129,830		$	136,389
Schedule of geographic information
			Three months ended,						Nine months ended,
	(in thousands)		March 29, 2015			March 30, 2014			March 29, 2015			March 30, 2014
	Sales from continuing operations: (1)
	U.S.		$	24,944		$	17,552		$	74,577		$	49,324
	International		2,920			3,378			9,091			9,948
			$	27,864		$	20,930		$	83,668		$	59,272
		-1		Sales are attributable to the country in which the product is manufactured or service is provided.
	(in thousands)		March 29, 2015			June 30, 2014
	Long-lived assets:
	U.S.		$	78,590		$	82,861
	International		9,418			9,589
			$	88,008		$	92,450

Significant_Customers_Tables

Significant Customers (Tables)	9 Months Ended
	Mar. 29, 2015
Significant Customers
Schedule of sales and accounts receivable customer concentration risk
		Percentage of Sales
		Three months ended,				Nine months ended,
	Customer	March 29, 2015		March 30, 2014		March 29, 2015		March 30, 2014
	1	10.2	%	*	%	9.5	%	*	%
	2	8.1	%	13.5	%	8.1	%	11.9	%
	3	6.5	%	*	%	5.2	%	*	%
	4	6.3	%	8.9	%	5.2	%	9.3	%
	5	5.9	%	13.4	%	7.4	%	13.2	%
	6	*	%	8.1	%	*	%	8.7	%
	7	*	%	*	%	*	%	*	%
	*Customer represented less than 5% of sales for the periods presented.
		Percentage of Receivables
	Customer	March 29, 2015		June 30, 2014
	1	**	%	**	%
	2	10.5	%	17.1	%
	3	**	%	**	%
	4	7.2	%	**	%
	5	5.5	%	12.6	%
	6	**	%	**	%
	7	6.2	%	**	%
	**Customer represented less than 5% of accounts receivable for the periods presented.

General_Information_Details

General Information (Details)	9 Months Ended
	Mar. 29, 2015
Organization and Nature of Business
Length of interim quarterly reporting periods	91 days
Advanced Forming Technology Inc
Organization and Nature of Business
Number of operating units	2
FloMet and TeknaSeal | Minimum
Organization and Nature of Business
Period of controlling interests held by affiliated companies	10 years

Significant_Accounting_Policie2

Significant Accounting Policies (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 29, 2015	Mar. 30, 2014	Mar. 29, 2015	Mar. 30, 2014
Goodwill, Intangibles and Other Long-lived Assets
Goodwill impairment			$0	$0
Long-lived assets impairment			0	0
Research and Development Costs
Research and development expense	$323	$100	$1,000	$100

Significant_Accounting_Policie3

Significant Accounting Policies (Details 2)	Mar. 29, 2015
FloMet
Non-Controlling Interest
Third party ownership percentage	4.00%
TeknaSeal
Non-Controlling Interest
Third party ownership percentage	6.00%

Business_Acquisitions_Details

Business Acquisitions (Details) (USD $)	0 Months Ended	1 Months Ended
	Apr. 07, 2014	Jul. 31, 2014	Mar. 29, 2015	Jun. 30, 2014
Business acquisitions
Current liability			$4,291,000	$2,400,000
Estimated fair values of assets acquired and liabilities
Goodwill			14,764,000	16,357,000
Advanced Tooling Concepts
Business acquisitions
Escrow period	12 months
Value of shares securing escrow as a percentage of cash value	125.00%
Current liability			1,700,000
Purchase price for the acquisition
Cash paid	20,670,000
Payoff of ATC indebtedness	1,230,000
Common stock placed escrow	1,691,000
Aggregate purchase price	23,591,000
Estimated fair values of assets acquired and liabilities
Cash and cash equivalents	1,694,000
Accounts receivable	1,248,000
Inventory	469,000
Other current assets	13,000
Property and equipment	3,976,000
Intangible assets	15,788,000
Goodwill	2,766,000
Current liabilities	-2,363,000
Fair value of net assets acquired	23,591,000
Advanced Tooling Concepts | Previously reported
Purchase price for the acquisition
Common stock placed escrow	2,400,000
Aggregate purchase price	24,300,000
Advanced Tooling Concepts | Fair value revisions
Estimated fair values of assets acquired and liabilities
Property and equipment	1,500,000
Intangible assets	15,800,000
Goodwill	40,000
Current liabilities	-40,000
Advanced Tooling Concepts | Adjustments to historical books
Estimated fair values of assets acquired and liabilities
Current liabilities	1,300,000
Current assets	1,400,000
Advanced Tooling Concepts | Working capital adjustments
Business acquisitions
Reduction in escrow due to working capital adjustments		$700,000

Business_Acquisitions_Details_

Business Acquisitions (Details 2) (USD $)	0 Months Ended
	Jun. 25, 2014	Mar. 29, 2015	Jun. 30, 2014
Business acquisitions
Current liability		$4,291,000	$2,400,000
Estimated fair values of assets acquired and liabilities
Goodwill		14,764,000	16,357,000
Kecy Acquisition
Business acquisitions
Escrow period	18 months
Current liability		2,600,000
Purchase price for the acquisition
Cash paid	23,225,000
Excess working capital acquired	1,009,000
Common stock placed escrow	2,600,000
Aggregate purchase price	26,834,000
Estimated fair values of assets acquired and liabilities
Accounts receivable	3,370,000
Inventories	3,182,000
Prepaid and other current assets	49,000
Property and equipment	9,255,000
Intangible assets	11,396,000
Goodwill	500,000
Accounts payable	-188,000
Accrued expenses	-730,000
Fair value of net assets acquired	26,834,000
Kecy Acquisition | Fair value revisions
Estimated fair values of assets acquired and liabilities
Inventories	925,000
Intangible assets	4,100,000
Goodwill	-925,000
Kecy Acquisition | Adjustments to historical books
Estimated fair values of assets acquired and liabilities
Current assets	-1,500,000
Current liabilities	($600,000)

Business_Acquisitions_Details_1

Business Acquisitions (Details 3) (USD $)	9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 30, 2014
Pro Forma Financial Information
Revenue	$89,552
Net income	$4,731
Basic net income per common share (in dollars per share)	$0.32
Diluted net income per common share (in dollars per share)	$0.32

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Mar. 29, 2015	Jun. 30, 2014
In Millions, unless otherwise specified
Fair Value Measurements
Cash held in financial institutions outside the U.S. by foreign subsidiaries	$0.70	$0.60

Inventory_Details

Inventory (Details) (USD $)	Mar. 29, 2015	Jun. 30, 2014
In Thousands, unless otherwise specified
Inventory
Raw materials and supplies	$5,656	$4,741
Work-in-process	7,926	6,475
Finished goods	3,871	4,217
Inventories, gross	17,453	15,433
Less: Reserve for obsolescence	-776	-202
Inventories, net	$16,677	$15,231

Plant_and_Equipment_Details

Plant and Equipment (Details) (USD $)	3 Months Ended		9 Months Ended
	Mar. 29, 2015	Mar. 30, 2014	Mar. 29, 2015	Mar. 30, 2014	Jun. 30, 2014
Plant and equipment
Plant and equipment, gross	$62,237,000		$62,237,000		$58,125,000
Less: Accumulated depreciation	-17,213,000		-17,213,000		-12,857,000
Plant and equipment, net	45,024,000		45,024,000		45,268,000
Depreciation expense	1,500,000	800,000	4,500,000	2,300,000
Land
Plant and equipment
Plant and equipment, gross	1,264,000		1,264,000		1,264,000
Building and improvements
Plant and equipment
Plant and equipment, gross	17,315,000		17,315,000		17,369,000
Building and improvements | Minimum
Plant and equipment
Depreciable Life			7 years
Building and improvements | Maximum
Plant and equipment
Depreciable Life			40 years
Machinery and equipment
Plant and equipment
Plant and equipment, gross	40,293,000		40,293,000		36,251,000
Machinery and equipment | Minimum
Plant and equipment
Depreciable Life			3 years
Machinery and equipment | Maximum
Plant and equipment
Depreciable Life			12 years
Office furniture and equipment
Plant and equipment
Plant and equipment, gross	896,000		896,000		883,000
Office furniture and equipment | Minimum
Plant and equipment
Depreciable Life			3 years
Office furniture and equipment | Maximum
Plant and equipment
Depreciable Life			10 years
Construction-in-process
Plant and equipment
Plant and equipment, gross	$2,469,000		$2,469,000		$2,358,000

Goodwill_Intangibles_and_Other2

Goodwill, Intangibles and Other Long-lived Assets (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Mar. 29, 2015
Goodwill
Balance, beginning of year	$16,357
Purchase accounting adjustments	-1,593
Balance, end of year	$14,764

Goodwill_Intangibles_and_Other3

Goodwill, Intangibles and Other Long-lived Assets (Details 2) (USD $)	3 Months Ended		9 Months Ended
	Mar. 29, 2015	Mar. 30, 2014	Mar. 29, 2015	Mar. 30, 2014	Jun. 30, 2014
Intangible assets
Gross Carrying Amount	$32,502,000		$32,502,000		$32,502,000
Accumulated Amortization	-4,282,000		-4,282,000		-1,677,000
Net Carrying Amount	28,220,000		28,220,000		30,825,000
Amortization expense	900,000	200,000	2,600,000	300,000
Estimated future amortization expense
2015	866,000		866,000
2016	3,471,000		3,471,000
2017	3,471,000		3,471,000
2018	3,470,000		3,470,000
2019	3,288,000		3,288,000
Thereafter	13,654,000		13,654,000
Net Carrying Amount	28,220,000		28,220,000		30,825,000
Patents and tradenames
Intangible assets
Gross Carrying Amount	3,773,000		3,773,000		3,773,000
Accumulated Amortization	-467,000		-467,000		-290,000
Net Carrying Amount	3,306,000		3,306,000		3,483,000
Estimated useful life			13 years 6 months
Estimated future amortization expense
Net Carrying Amount	3,306,000		3,306,000		3,483,000
Customer relationships
Intangible assets
Gross Carrying Amount	24,077,000		24,077,000		24,077,000
Accumulated Amortization	-3,011,000		-3,011,000		-1,205,000
Net Carrying Amount	21,066,000		21,066,000		22,872,000
Estimated useful life			10 years 9 months 18 days
Estimated future amortization expense
Net Carrying Amount	21,066,000		21,066,000		22,872,000
Non-compete agreements and other
Intangible assets
Gross Carrying Amount	4,652,000		4,652,000		4,652,000
Accumulated Amortization	-804,000		-804,000		-182,000
Net Carrying Amount	3,848,000		3,848,000		4,470,000
Estimated useful life			6 years 6 months
Estimated future amortization expense
Net Carrying Amount	$3,848,000		$3,848,000		$4,470,000

Debt_Details

Debt (Details) (USD $)	Mar. 29, 2015	Jun. 30, 2014
In Thousands, unless otherwise specified
Debt
Long-term debt	$75,802	$77,176
Less: current portion	-16,430	-14,419
Non-current portion	59,372	62,757
Senior secured revolving commitment
Debt
Long-term debt	9,560	9,310
Less: current portion	-9,560	-9,310
Senior secured term loan
Debt
Long-term debt	34,819	43,875
Less: current portion	-4,500	-4,225
Senior secured delayed draw term loan
Debt
Long-term debt	11,423	23,700
Less: current portion	-2,370	-593
Subordinated term loan
Debt
Long-term debt	20,000
Other
Debt
Long-term debt		291
Less: current portion		($291)

Debt_Details_2

Debt (Details 2) (USD $)	0 Months Ended		9 Months Ended
	Apr. 08, 2015	Apr. 08, 2015	Mar. 29, 2015	Jun. 30, 2014
Future debt payments:
2015			$1,717,000
2016			16,860,000
2017			9,016,000
2018			10,305,000
2019 and thereafter			37,904,000
Long-term debt			75,802,000	77,176,000
Subsequent event | Common stock
Debt
Number of shares sold	3,450,000	3,450,000
Price of shares sold (in dollars per share)	$5	$5
Net proceeds expected		15,600,000
Subsequent event | Option granted to underwriters | Common stock
Debt
Number of shares sold	450,000	450,000
Subordinated term loan
Debt
Maximum borrowing capacity			20,000,000
Threshold senior leverage ratio for no mandatory prepayments			2.25
Period for equity proceeds utilization without mandatory loan prepayments			90 days
Percentage of equity proceeds required to reduce senior leverage ratio to first target level, if above threshold			25.00%
Target pro forma senior leverage ratio for first tier percentage of equity proceeds			2.25
Percentage of remaining equity proceeds required to reduce senior leverage ratio to threshold level			50.00%
Percentage of equity proceeds to prepay debt if applied as cure amounts			100.00%
Maturity term			5 years
Interest rate			11.00%
Interest rate increase upon an event of default (as a percent)			2.00%
Future debt payments:
Long-term debt			20,000,000
Amended & Restated Credit Agreement
Debt
Maximum borrowing capacity			$90,000,000
Threshold senior leverage ratio for no mandatory prepayments			2.25
Period for equity proceeds utilization without mandatory loan prepayments			90 days
Percentage of equity proceeds required to reduce senior leverage ratio to first target level, if above threshold			100.00%
Target pro forma senior leverage ratio for first tier percentage of equity proceeds			2.75
Percentage of equity proceeds required to reduce senior leverage ratio to second target level, if above threshold			75.00%
Target pro forma senior leverage ratio for second tier percentage of equity proceeds			2.25
Percentage of remaining equity proceeds required to reduce senior leverage ratio to threshold level			50.00%
Percentage of equity proceeds to prepay debt if applied as cure amounts			100.00%
Minimum interest rate on credit agreement (as a percent)			4.20%
Maximum interest rate on credit agreement (as a percent)			6.25%
Amended & Restated Credit Agreement | Base Rate Loans | Federal Funds Rate
Debt
Spread on variable rate basis (as a percent)			0.50%
Amended & Restated Credit Agreement | Base Rate Loans | Adjusted Eurodollar
Debt
Spread on variable rate basis (as a percent)			1.00%

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended	9 Months Ended
	Mar. 29, 2015	Mar. 29, 2015	Mar. 30, 2014	Jun. 30, 2014
Income Taxes
Effective tax rate (as a percent)		34.60%	34.80%
Discrete tax adjustments	$420,000	$312,000
Deferred tax assets included in prepaid and other current assets	1,700,000	1,700,000		1,200,000
Deferred tax assets included in other assets	0	0		300,000
Taxes payable	100,000	100,000		1,800,000
Long-term deferred tax obligation	800,000	800,000		0
Unrecognized tax benefits	800,000	800,000		700,000
Interest and penalties liabilities related to unrecognized tax benefits	151,000	151,000		106,000
Other foreign earnings for which U.S. taxes not provided	$700,000	$700,000

Earnings_Per_Share_Details

Earnings Per Share (Details)	9 Months Ended
	Mar. 29, 2015	Mar. 30, 2014
Earnings per share
Outstanding stock equity awards (in shares)	0	0
Dilutive securities (in shares)	0	0
ATC and Kecy
Earnings per share
Number of shares issued in acquisitions, held in escrow and excluded from earnings per share calculations	406,238

Related_Party_Transactions_Det

Related Party Transactions (Details)	Apr. 08, 2015	Mar. 29, 2015	Aug. 07, 2012
Everest Hill Group
Related party transactions
Percentage ownership by related party	48.80%	59.90%
QMI | QMT
Related party transactions
Percentage ownership of membership interests			74.00%
QMI | Everest Hill Group
Related party transactions
Percentage ownership by related party		100.00%

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (Capital lease agreements)	9 Months Ended
	Mar. 29, 2015
Capital lease agreements
Commitments and contingencies
Interest rates, low end of range	3.00%
Interest rates, high end of range	9.20%

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 29, 2015	Mar. 30, 2014	Mar. 29, 2015	Mar. 30, 2014	Jun. 30, 2014
			segment
Segment information
Reportable business segments			4
Net sales	$27,864	$20,930	$83,668	$59,272
Segment operating income from continuing operations	1,733	3,272	4,498	7,725
Other income, net	128	2	117	9
Interest expense, net	-1,466	-282	-3,600	-781
Non-operating expense	-1,338	-280	-3,483	-772
Income before income taxes	395	2,992	1,015	6,953
Capital expenditures	790	1,731	4,236	2,623
Depreciation and amortization expense	2,395	914	7,061	2,704
Total assets	129,830		129,830		136,389
Total segments
Segment information
Operating costs	25,351	17,066	76,159	48,668
Corporate expense
Segment information
Segment operating income from continuing operations	-780	-592	-3,011	-2,879
Total assets	26,089		26,089		10,353
Precision Components Group
Segment information
Net sales	21,348	17,880	65,124	49,873
Capital expenditures	725	1,264	4,004	2,146
Depreciation and amortization expense	1,528	867	4,447	2,564
Total assets	79,227		79,227		91,045
Precision Components Group | Total segments
Segment information
Operating costs	18,649	14,405	56,952	40,859
Segment operating income from continuing operations	2,699	3,475	8,172	9,014
3DMT Group
Segment information
Net sales	4,675	993	12,526	3,166
Capital expenditures	42	466	209	466
Depreciation and amortization expense	823		2,490
Total assets	21,855		21,855		29,826
3DMT Group | Total segments
Segment information
Operating costs	5,034	940	13,695	2,470
Segment operating income from continuing operations	-359	53	-1,169	696
Flanges and Fittings Group
Segment information
Net sales	1,366	1,557	4,411	4,154
Capital expenditures	23	1	23	11
Depreciation and amortization expense	25	26	69	78
Total assets	1,642		1,642		3,650
Flanges and Fittings Group | Total segments
Segment information
Operating costs	1,251	1,313	3,925	3,748
Segment operating income from continuing operations	115	244	486	406
Wireless Group
Segment information
Net sales	475	500	1,607	2,079
Depreciation and amortization expense	19	21	55	62
Total assets	1,017		1,017		1,515
Wireless Group | Total segments
Segment information
Operating costs	417	408	1,587	1,591
Segment operating income from continuing operations	$58	$92	$20	$488

Segment_Information_Details_2

Segment Information (Details 2) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 29, 2015	Mar. 30, 2014	Mar. 29, 2015	Mar. 30, 2014	Jun. 30, 2014
Segment information
Sales	$27,864	$20,930	$83,668	$59,272
Long-lived assets	88,008		88,008		92,450
U.S.
Segment information
Sales	24,944	17,552	74,577	49,324
Long-lived assets	78,590		78,590		82,861
International
Segment information
Sales	2,920	3,378	9,091	9,948
Long-lived assets	$9,418		$9,418		$9,589

Significant_Customers_Details

Significant Customers (Details) (Customers)	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 29, 2015	Mar. 30, 2014	Mar. 29, 2015	Mar. 30, 2014	Jun. 30, 2014
	customer	customer	customer	customer
Significant customers
Number of significant customers	5	4	5	4
Concentration percentage, disclosure threshold			5.00%
Sales
Significant customers
Concentration percentage	37.00%	43.10%	35.40%	43.90%
Sales | Customer 1
Significant customers
Concentration percentage	10.20%		9.50%
Sales | Customer 2
Significant customers
Concentration percentage	8.10%	13.50%	8.10%	11.90%
Sales | Customer 3
Significant customers
Concentration percentage	6.50%		5.20%
Sales | Customer 4
Significant customers
Concentration percentage	6.30%	8.90%	5.20%	9.30%
Sales | Customer 5
Significant customers
Concentration percentage	5.90%	13.40%	7.40%	13.20%
Sales | Customer 6
Significant customers
Concentration percentage		8.10%		8.70%
Receivables | Customer 2
Significant customers
Concentration percentage			10.50%		17.10%
Receivables | Customer 4
Significant customers
Concentration percentage			7.20%
Receivables | Customer 5
Significant customers
Concentration percentage			5.50%		12.60%
Receivables | Customer 7
Significant customers
Concentration percentage			6.20%

Subsequent_Events_Details

Subsequent Events (Details) (Subsequent event, Common stock, USD $)	0 Months Ended
In Millions, except Share data, unless otherwise specified	Apr. 08, 2015	Apr. 08, 2015
Subsequent Events
Number of shares sold	3,450,000	3,450,000
Price of shares sold (in dollars per share)	$5	$5
Net proceeds expected		$15.60
Forecast
Subsequent Events
Net proceeds expected	$15.60
Option granted to underwriters
Subsequent Events
Number of shares sold	450,000	450,000