ARC Group Worldwide (ARCW) 10-Q 13 Nov 13 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	3 Months Ended
	Sep. 29, 2013	Nov. 05, 2013
Document And Entity Information	'	'
Entity Registrant Name	'ARC Group Worldwide, Inc.	'
Entity Central Index Key	'0000826326	'
Trading Symbol	'ARCW	'
Document Type	'10-Q	'
Document Period End Date	29-Sep-13	'
Current Fiscal Year End Date	'--06-30	'
Amendment Flag	'false	'
Entity Filer Category	'Smaller Reporting Company	'
Is Entity a Well-known Seasoned Issuer?	'No	'
Is Entity a Voluntary Filer?	'No	'
Is Entity's Reporting Status Current?	'Yes	'
Entity Common Stock, Par Value	$0.00	'
Entity Common Stock Shares Outstanding	'	5,877,683
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 29, 2013	Sep. 30, 2012
Income Statement [Abstract]	'	'
Sales	$18,400	$13,326
Cost of sales	12,729	9,661
Gross Profit	5,671	3,665
Operating Expense:	'	'
Selling, general and administrative	3,770	2,221
Merger expenses	'	1,637
Income (Loss) from Operations	1,901	-193
Other Income (Expense):	'	'
Other income (expense)	'	33
Gain on bargain purchase	'	381
Interest expense, net	-205	-167
Total other income (expense)	-205	247
Income before Income Taxes	1,696	54
Current and deferred income tax expense	-386	'
Earnings from continuing operations	1,310	54
Loss from discontinued operations, net of taxes of $0	'	-70
Net Income (Loss)	1,310	-16
Less: Net Income (Loss) Attributable to Non-Controlling Interest	56	73
Net Income (Loss) Attributable to ARC Group Worldwide, Inc	1,254	-89
Amounts Attributable to ARC Group Worldwide, Inc.	'	'
Net Income from Continuing Operations	1,254	-26
Net Income (Loss) from Discontinued Operations	'	($63)
Net Income (Loss) per Common Share:	'	'
Continuing operations (net of non-controlling interest)	$0.22	($0.01)
Discontinued operations (net of non-controlling interest)	'	($0.01)
Basic and diluted	$0.22	($0.02)
Weighted Average Common Shares Outstanding:	'	'
Basic and diluted	5,728,140	5,149,700

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2012
Income Statement [Abstract]	'
Discontinued operations, tax expense	$0

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Sep. 29, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Current Assets:	'	'
Cash and cash equivalents	$4,338	$3,601
Accounts receivable, net	10,482	10,636
Inventories, net	11,036	10,780
Prepaid and other current assets	1,466	1,012
Current assets of discontinued operations	'	262
Total current assets	27,322	26,291
Property and Equipment, net	23,694	24,051
Long-Term Assets:	'	'
Goodwill	11,497	11,497
Intangible assets, net	4,496	4,622
Other	220	211
Total long-term assets	16,213	16,330
Total Assets	67,229	66,672
Current Liabilities:	'	'
Accounts payable	5,708	5,496
Accrued expenses	2,649	2,265
Due to related party	20	20
Deferred revenue	712	1,103
Current portion of long-term debt	7,185	7,410
Current liabilities of discontinued operations	'	7
Total current liabilities	16,274	16,301
Long-Term Liabilities:	'	'
Bank debt, noncurrent	7,255	8,788
Convertible debt, net of discount	15,972	15,866
Total long-term liabilities	23,227	24,654
Total Liabilities	39,501	40,955
Commitments (Note H)	'	'
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, 5,877,683 and 5,672,618 shares issued at September 29, 2013 and June 30, 2013, respectively	3	3
Treasury stock, at cost	-1	-1
Additional paid-in capital	14,021	13,280
Note Receivable from Related Party	'	-272
Accumulated earning/deficit	12,880	11,627
Non-Controlling Interest	825	1,080
Total Stockholders' Equity	27,728	25,717
Total Liabilities and Stockholders' Equity	$67,229	$66,672

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)	Sep. 29, 2013	Jun. 30, 2013
Statement of Financial Position [Abstract]	'	'
Preferred stock, par value	$0.00	$0.00
Preferred stock, authorized	2,000,000	2,000,000
Common stock, par value	$0.00	$0.00
Common stock, authorized	250,000,000	250,000,000
Common stock, issued	5,877,683	5,672,618

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 29, 2013	Sep. 30, 2012
Cash Flows from Operating Activities	'	'
Net Income	$1,310	($16)
Loss from Discontinued Operations	'	70
Income from continuing operations	1,310	54
Adjustments to Reconcile Changes in Net Assets to Net Cash Provided by (Used In) Operating Activities	'	'
Depreciation and Amortization	898	571
Gain on Bargain Purchase	'	-381
Amortization of Debt Discount	105	'
Bad Debt Expense	48	'
Share-Based Compensation	701	'
(Increase) Decrease in Assets	'	'
Accounts Receivable	362	276
Related Party Receivable	'	205
Inventory	-256	72
Prepaid Expenses and Other Assets	-456	-163
Other Long-Term Assets	'	-155
Increase (Decrease) in Liabilities	'	'
Accounts Payable	162	-601
Other Accrued Expenses	383	-99
Related Party Payable	'	-321
Deferred Revenue	-391	-30
Net Cash Provided by (Used In) Operating Activities of Continuing Operations	2,866	-572
Net Cash Provided By Operating Activities of Discontinued Operations	'	99
Net Cash Provided by (Used In) Operating Activities	2,866	-473
Cash Flows from Investing Activities	'	'
Net Assets Acquired in the QMT and AFT Acquisitions	'	-25,147
Net Cash Acquired in the QMT and AFT Acquisitions	'	11,325
Investment in Plant and Equipment	-371	-59
Cash Received in Reverse Merger	'	451
Net Cash Used In Investing Activities	-371	-13,430
Cash Flows from Financing Activities	'	'
Proceeds from Issuance of Debt	'	25,000
Principal Payments on Existing Debt	-1,758	-9,714
Payment on Capital Lease Obligations	'	-6
Repurchase of Shares	'	-2
Increase in Restricted Cash	'	-1,000
Distribution Payments to Non-controlling Interest Members	'	-29
Distributions to Members	'	-531
Net Cash Provided by (Used in) Financing Activities	-1,758	13,718
Net Increase (Decrease) in Cash and Cash Equivalents	737	-185
Cash and Cash Equivalents, Beginning of Period	3,601	1,448
Cash and Cash Equivalents, End of Period	4,338	1,263
Supplemental Disclosures of Cash Flow Information	'	'
Cash Paid During the Year for Interest	100	152
Non-Cash Transactions	'	'
Stock Issued in the Reverse Merger	'	10,225
Convertible Debt Issued in AFT Acquisition	'	17,600
Equity Exchanges for Membership Interest	312	'
Termination of Note Receivable from Related Party	$272	'

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Sep. 29, 2013
Summary Of Significant Accounting Policies	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	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.
	Quadrant Metals Technology, LLC (referred to herein as “QMT” or “the Predecessor”) was formed in March 2011 to function as a holding company for a group of diversified manufacturing and distribution companies. Subsequent to formation, QMT acquired controlling interests in Tekna Seal LLC (“Tekna Seal”) as of May 1, 2011 and in FloMet LLC (“FloMet”) as of June 30, 2011. In addition, QMT acquired General Flange & Forge (“GF&F”) as of April 18, 2011 and has held controlling interests in GF&F since that date. Furthermore, TubeFit LLC (“TubeFit”) was formed on November 1, 2011 and QMT has held controlling interests in TubeFit since that date. While QMT was formed in 2011 as a holding company, affiliated companies have held controlling interests in FloMet and Tekna Seal for over 10 years.
	Advanced Forming Technology, Inc. (“AFT”) is comprised of two operating units, AFT-US and AFT Hungary. AFT-US was founded in 1987. From 1991 until its acquisition by ARC, AFT was operated as a division of Precision Castparts Corporation, a publicly traded company.
	Basis of Presentation/Principles of Consolidation
	The Company’s fiscal year begins July 1 and ends June 30; the quarters for interim reporting consist of thirteen weeks, therefore, the quarter end will not always coincide with the date of the calendar month.
	Prior to the date of the Acquisitions (as defined below), the Predecessor operated in two business segments, identified as:
	●	Precision Components Group, consisting of FloMet and Tekna Seal, and
	●	Flanges and Fittings Group, consisting of GF&F and TubeFit.
	After completion of the Acquisitions, ARC operates three business segments:
	●	Precision Components Group, consisting of FloMet, AFT-US, AFT-Hungary, and Tekna Seal;
	●	Flanges and Fittings Group, consisting of GF&F and TubeFit; and
	●	Wireless Group, consisting of ARC Wireless LLC and ARC Wireless Ltd.
	During the third quarter of fiscal year 2013, the Company made the decision to discontinue the operations of TubeFit, which was previously included within its Flanges & Fittings segment. The operations of TubeFit have been included in our financial statements as discontinued operations for all periods presented.
	The accompanying consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States. The accompanying consolidated financial statements include the amounts of the Company as well as the Predecessor Company and all wholly owned subsidiaries. All material intercompany accounts, transactions, and profits have been eliminated in consolidation.
	Significant Business Acquisitions
	On August 8, 2012, ARC completed the acquisitions of QMT and AFT (referred to herein as the “QMT Acquisition” and the “AFT Acquisition” and collectively, the “Acquisitions”).  The reasons for the Acquisitions included synergies between the businesses, including cross fertilization of product/customer applications, expanded R&D capabilities, and operational synergies, among others. It is also believed that the Acquisitions will help generate further scale and lead to enhanced revenue and earnings growth. The Company believes that combination of two of the largest recognized leaders in the metal injection molding (“MIM”) industry will provide distinct scale advantages creating substantial barriers to entry for other companies and providing ARC with long-term strategic positioning as the clear market leader in the MIM industry.
	For reasons detailed below, the accompanying financial statements include the results of operations of ARC, QMT and AFT for periods subsequent to the Acquisitions; for periods prior to the Acquisitions the results of operations are presented only for QMT.
	The QMT Acquisition
	Effective August 8, 2012, the Company issued common stock in exchange for 100% of the issued and outstanding membership interest of QMT (equal to 4,029,700 shares of ARC’s common stock after giving effect to the 1:1.95 reverse stock split). The QMT Acquisition was accounted for as a reverse acquisition under generally accepted accounting principles, whereby QMT was deemed to be the accounting acquirer in the acquisition. The shares of common stock issued to QMT pursuant to the merger are presented as having been outstanding since July 1, 2011.
	As a result, the financial statements for periods prior to August 8, 2012 reflect only the operations of QMT. The accompanying financial statements present the previously issued shares of ARC common stock as having been issued pursuant to the merger on August 8, 2012. All transactions between divisions and/or wholly owned subsidiaries of the Company or the Predecessor Company have been eliminated in the financial statements.
	For the QMT Acquisition, , the Company sold 57,505 shares of ARC Common Stock after giving effect to the proposed 1:1.95 reverse stock split to Carret P.T., LP in consideration for cash investment in ARC of $449 thousand. The purchase price for the reverse acquisition of $10.2 million was derived from the ARC common stock equal to 1,585,413 shares after giving effect to the 1:1.95 reverse stock split at the August 8, 2012 stock price.
	With regard to the assets acquired for the reverse merger of ARC by QMT, ARC’s historical accumulated deficit for periods prior to August 8, 2012, in the amount of $10.2 million was eliminated against additional paid in capital. The acquisition was accounted for using the purchase method of accounting and, accordingly the Company’s consolidated balance sheet as of June 30, 2013, includes the impact of the acquisition.
	The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date.
	To record the assets and liabilities for the reverse merger of ARC by QMT (in thousands):
	Cash and cash equivalents		$	10,590
	Accounts receivable, net			1,096
	Inventories, net			737
	Prepaid and other current assets			40
	Property and equipment, net			236
	Intangible assets			109
	Other Assets			6
	Negative goodwill resulting from the acquisition accounted for as a bargain purchase			(381	)
	Accounts payable			(2,030	)
	Accrued expenses			(169	)
	Current portion of capital lease			(9	)
	Fair value of net assets acquired		$	10,225
	The AFT Acquisition
	Effective August 8, 2012, the Company acquired all shares of AFT and the net assets of AFT for approximately $40.6 million. The AFT Acquisition was completed through the payment of cash totaling $7.1 million, less post-closing adjustments of ($0.1) million, bank facility funds of $18.1 million, and a convertible note net of interest discount with Precision Castparts Corp. of $15.5 million.
	The total adjusted purchase price of AFT was allocated to the tangible and intangible assets acquired based upon their respective fair values at the acquisition date with the excess purchase price allocated to goodwill for AFT in the amount of $4.7 million. The goodwill arising from the AFT Acquisition consists of synergies and economies of scale expected from the QMT and AFT Acquisitions. The goodwill recognized is expected to be deductible for income tax purposes. For AFT, third party consultants were retained to perform valuation techniques to establish valuation for property and equipment, and identifiable intangible assets. For ARC the fair value of the identifiable assets acquired and liabilities assumed of $10.6 million exceeded the fair value of the purchase price of the business of $10.2 million. As a result, the Company reassessed the recognition and measurement of identifiable assets acquired and liabilities assumed and concluded that the valuation procedures and resulting measures were appropriate. Accordingly, the ARC reverse acquisition has been accounted for as a bargain purchase and, as a result, the Company recognized a gain of $0.4 million associated with the reverse acquisition. The gain is included in the line item “Gain on bargain purchase” in the 2013 Consolidated Statement of Operations.
	The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date.
	To record the assets and liabilities purchased in the acquisition of AFT (in thousands):
	Cash and cash equivalents		$	735
	Accounts receivable, net			6,236
	Inventories, net			6,521
	Prepaid and other current assets			264
	Property and equipment, net			21,590
	Other intangible assets			4,983
	Goodwill			4,663
	Accounts payable			(3,007	)
	Accrued expenses			(1,375	)
	Fair value of net assets acquired		$	40,610
	Pro forma Financial Information (Unaudited)
	The historical operating results of ARC and AFT 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 three months ended September 30, 2012 as if the acquisition had been completed on July 1, 2012.
	(In thousands, except per share data)		Three Month Period Ended September
			30, 2012
	Revenue		$	16,769
	Loss from continuing operations			(735	)
	Loss from discontinued operations			(70	)
	Net loss		$	(805	)
	Loss per common share for continuing operation			(0.13	)
	Loss per common share for discontinued operations			(0.01	)
Basic and diluted net loss  per common share		$	(0.14	)
Cash and Cash Equivalents
For purposes of reporting cash flows, the Company considers all highly liquid debt instruments with an initial maturity of three months or less to be cash equivalents. The Company places its cash with high credit quality financial institutions and does not believe it is exposed to any significant credit risk on cash and cash equivalents. At times, cash in the bank may exceed FDIC insurable limits.
Accounts Receivable
The Company uses the allowance method to account for uncollectible accounts receivable. The allowance is sufficient to cover both current and anticipated future losses. Uncollectible amounts are charged against the allowance account. Management estimates this amount based upon prior experience with customers and an analysis of individual trade accounts. An allowance for doubtful accounts of $255 thousand and $222 thousand has been reserved as of September 29, 2013 and June 30, 2013, respectively.
The Company offers most customers between net 30 and 60 day terms. Accounts are considered past due if a payment is not received within credit terms.
Inventories
The Company values inventories at the lower of average cost or market using the first-in, first-out (FIFO) method. 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. An allowance for inventory obsolescence of $419 thousand and $386 thousand has been reserved as of September 29, 2013 and June 30, 2013, respectively.
Plant and Equipment
Plant and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows:
		Useful Life
	Building and Improvements	7 to 40 years
	Machinery and Equipment	3 to 12 years
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.
Depreciation expense totaled $772 thousand and $572 thousand in the quarters ended September 29, 2013 and September 30, 2012, respectively.
Long-lived Assets
The carrying value of long-lived assets are reviewed annually; if at any time the facts or circumstances at any of our individual subsidiaries indicate impairment of long-lived asset values, as a result of a continual decline in performance, or as a result of fundamental changes in a subsidiary’s market conditions, a determination is made as to whether the carrying value of the property’s long-lived assets exceeds estimated realizable value. Long-lived assets consist primarily of Property and Equipment. No impairment was determined as of September 29, 2013.
Goodwill and Intangibles
Goodwill is recognized as a result of an acquisition when the price paid for the acquired business exceeds the fair value of its identified net assets. Identifiable intangible assets are recognized at their fair value when acquired. Goodwill and intangible assets with indefinite useful lives are not amortized, but instead tested for impairment at least annually. The Company performs the qualitative assessment using a “more likely than not” concept first. The determination of the value of such intangible assets requires management to make estimates and assumptions that affect the consolidated financial statements. If it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is necessary. The Company is compared to its carrying value to determine whether an indication of impairment exists.  If impairment exists, then the fair value of the goodwill is determined by allocation of the Company’s fair value to its assets and liabilities (including any unrecognized intangible assets). Intangible assets with definite useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment.
The Company has evaluated its goodwill and intangibles that were acquired in prior periods for impairment and has determined that goodwill and intangibles were not impaired for continuing operations as of the quarter ended September 29, 2013.
The carrying amounts of goodwill are as follows (in thousands):
		September 29,			June 30,
		2013			2013
Precision Components		$	9,785		$	9,785
Flanges and Fitting			1,712			1,712
Wireless			—			—
Total		$	11,497		$	11,497
Goodwill and Intangibles
The gross carrying amount and accumulated amortization of acquired intangible assets are as follows (in thousands):
		September 29,			June 30,
		2013			2013
Patents		$	272		$	272
Tradenames			75			75
Customer Relationships			4,971			4,971
Total Gross Carrying Value			5,318			5,318
Accumulated Amortization			(822	)		(696	)
Total Net Carrying Value		$	4,496		$	4,622
Intangible assets are being amortized using the straight-line method over estimated useful lives ranging from 5 to 15 years. Amortization expense totaled $126 thousand for other identifiable intangible assets for the quarter ended September 29, 2013.
Estimated future amortization expense for the next five years as of September 29, 2013 is as follows (in thousands):
Fiscal Years		Amount
2014			$	378
2015				503
2016				503
2017				503
2018				502
Deferred Revenue
Unearned revenue consists of customer deposits for the development of molds used in the manufacturing process. As of September 29, 2013 and June 30, 2013, unearned income was $712 thousand and $1,103 thousand, respectively. The Company recognizes revenue and the related expenses when the customer approves the mold for production. Accordingly, as of September 29, 2013 and June 30, 2013, the Company  has incurred costs of $762 thousand and $897 thousand, respectively, related to molds in the process of being developed which have been deferred and are included as part of the total current assets on the accompanying balance sheet.
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.
Financial Instruments
The Company’s financial instruments consist of cash and cash equivalents, notes and accounts receivable, accrued liabilities, and notes and accounts payable. It is management’s opinion that the Company is not exposed to significant interest rate or credit risks arising from these instruments. The fair values of these financial instruments approximate their carrying values.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes
The Company accounts for income taxes pursuant to Accounting Standards Codification (“ASC”) 740, Income Taxes, which utilizes the asset and liability method of computing deferred income taxes. The objective of this method is to establish deferred tax assets and liabilities for any temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The current and deferred tax provision is allocated among the members of the consolidated group on the separate income tax return basis.
ASC 740 also provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial statements. Tax positions must meet a “more-likely-than-not” recognition threshold at the effective date to be recognized. During the three months ended September 29, 2013 the Company recognized no adjustments for uncertain tax positions.
The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. No interest and penalties related to uncertain tax positions were recognized at September 29, 2013. The Company expects no material changes to unrecognized tax positions within the next twelve months.
The tax returns for the years ending June 30, 2010 through 2012 are open to examination by federal and state authorities.
Presentation of Certain Taxes
The Company collects various taxes from customers and remits these amounts to applicable taxing authorities. The Company’s accounting policy is to exclude these taxes from revenues and cost of sales.
Advertising
Advertising costs are charged to operations when incurred. Total advertising costs for the quarters ended September 29, 2013 and September 30, 2012 was approximately $11 thousand and $28 thousand, respectively.
Foreign Currency Transactions
AFT-Hungary’s functional currency is the U.S. Dollar, transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Transaction gains and losses had no material impact on the Company’s results of operations for any year presented.

RECENT_ACCOUNTING_PRONOUNCEMEN

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Sep. 29, 2013
Recent Accounting Pronouncements	'
RECENT ACCOUNTING PRONOUNCEMENTS	'
	NOTE B – RECENT ACCOUNTING PRONOUNCEMENTS
	Changes to accounting principles generally accepted in the United States of America (U.S. GAAP) are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASU’s) to the FASB’s Accounting Standards Codification.
	The Company considers the applicability and impact of all ASU’s. ASU’s not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position or results of operations.
	In July 2013, the FASB issued ASU 2013-10, “Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a benchmark Interest Rate for Hedge Accounting Purposes,” (“ASU 2013-10”).  ASU 2013-10 provides guidance on the risks that are permitted to be hedged in a fair value or cash flow hedge.  ASU 2013-10 is effective for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013.  Adoption of this guidance did not have a significant impact on the determination or reporting of the Company’s financial results.
	In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax benefit When a New operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” (“ASU 2013-11”).  ASU 2013-11 provides guidance to eliminate diversity in practice in the presentation of unrecognized tax benefits in those instances.  ASU 2013-11 is effective for annual and interim reporting periods beginning after December 15, 2014 with early adoption permitted.   The Company is currently evaluating the impact that the adoption will have on the determination or reporting of its financial results.

INVENTORY

INVENTORY	3 Months Ended
	Sep. 29, 2013
Inventory	'
INVENTORY	'
	NOTE C – INVENTORY
	Inventories consisted of the following (in thousands):
		September 29,		June 30,
		2013		2013
	Raw Materials and Supplies	$	3,531	$	3,172
	Work In Process		4,861		4,772
	Finished Goods		3,063		3,222
			11,455		11,166
	Less: Reserve for Obsolescence		419		386
		$	11,036	$	10,780

PLANT_AND_EQUIPMENT

PLANT AND EQUIPMENT	3 Months Ended
	Sep. 29, 2013
Plant And Equipment	'
PLANT AND EQUIPMENT	'
	NOTE D – PLANT and EQUIPMENT
	Plant and equipment consisted of the following (in thousands):
		September 29,		June 30,
		2013		2013
	Land	$	1,197	$	1,197
	Building and Improvements		12,859		12,859
	Machinery and Equipment		18,291		18,277
	Office Equipment		779		766
	Leasehold Improvements		65		65
	Automobiles		186		186
	Construction in Process		666		281
			34,043		33,631
	Less: Accumulated Depreciation		10,349		9,580
		$	23,694	$	24,051

LONGTERM_DEBT

LONG-TERM DEBT	3 Months Ended
	Sep. 29, 2013
Long-term Debt, Unclassified [Abstract]	'
LONG-TERM DEBT	'
	NOTE E – LONG-TERM DEBT
	Long-term debt payable consists of the following:
	On August 8, 2012, QMT entered into an agreement with TD Bank, N.A. for a $25.0 million credit facility to fund the purchase of Precision Castparts Corp.’s (“PCC”) interest in Advanced Forming Technology Inc. and AFT-Hungary Kft., and to pay off the balances of outstanding loans held as of that date.
	The Credit facility is described in the first four notes below. Unless otherwise noted, interest rate for the Credit facility below is variable and can range from one month Libor plus 250-300bps and is determined based on total leverage ratio as measured on a rolling four quarter basis at the end of each fiscal quarter.
			Balance as of
			(in thousands)
						30-Jun-13
			29-Sep-13
	Revolving line of credit not to exceed $10.0 million with a maturity date of August 8, 2015; collateralized by accounts receivable and inventory; the amount available from this line is determined by a monthly borrowing base, at September 29, 2013. Interest is accrued and payable monthly.		$	2,643		$	2,868
	Term Loan A in the amount of $3.6 million, collateralized by equipment payable in equal monthly payments of $60 thousand plus accrued interest, with a maturity date of August 8, 2017.		$	2,829		$	3,010
	Term Loan B (commercial mortgage) in the amount of $5.5 million payable in equal monthly installments of $18 thousand plus accrued interest with maturity date of August 8, 2022, with a five year call option.		$	5,234		$	5,288
	Term Bridge Loan in the amount of $6.9 million with interest only payments for the first 6 months and 23 monthly principal payments of $300 thousand plus interest with maturity date of February 8, 2015.		$	3,734		$	5,032
	Subtotal			14,440			16,198
	Convertible Note Payable to Precision Castparts in the amount of $17.6 million; due at 8/8/2017; interest is equal to the Five-Year U.S. Treasury Note Constant Maturity rate adjusted on each anniversary and is paid on a quarterly basis; this Note is subordinated to the first priority security interest of TD Bank, N.A.  Subject to certain terms of the agreement the Holder has the option to convert outstanding principal and unpaid interest into shares of the Company’s Common Stock.			17,600			17,600
	Convertible note interest discount (1)		$	(1,628	)	$	(1,734	)
	Convertible note, net of discount		$	15,972		$	15,866
	Total Long-Term Debt from Continuing Operations		$	30,412		$	32,064
	Less: Current Portion from Continuing Operations			(7,185	)		(7,410	)
	Total Long-Term Debt Less Current Portion		$	23,227		$	24,654
	-1	The interest discount represents the difference between the actual negotiated interest rate being the Five-Year U.S. Treasury Note Constant Maturity rate, and the Company’s assumption of market rate of 4%. The total interest discount calculated was $2.1 million, which is amortized over the life of the note. The fiscal year 2014 non-cash interest discount amortization reduces the interest discount balance by $105 thousand, resulting in an ending balance as of September 29, 2013 of $1.6 million.
	Maturities on notes payable and Line of Credit are due as follows using our fiscal year end:
	2014		$	6,049
	2015			1,975
	2016			941
	2017			16,915
	2018			339
	2019 – 2022			4,193
	Total			30,412
	An economic hedging instrument was acquired through TD Bank, N.A. to synthetically convert the floating rate to an indicative fixed rate on 50% of the notional amounts of Term Loan A and Term Loan B for a term of five years.  Fixed rate through a derivative swap was locked in at the time the Swap was executed; the swap is discussed in Note F.
	Certain loans are subject to financial and non-financial covenants established by TD Bank, N.A.; compliance is determined on an annual basis using audited and consolidated financial statements. As of the quarter ended September 29, 2013 and year ended June 30, 2013, the Company was in compliance with all covenants.

DERIVATIVES_AND_HEDGING_ACTIVI

DERIVATIVES AND HEDGING ACTIVITIES	3 Months Ended
	Sep. 29, 2013
Derivatives And Hedging Activities	'
DERIVATIVES AND HEDGING ACTIVITIES	'
	NOTE F - DERIVATIVES AND HEDGING ACTIVITIES
	Pay Fixed, Receive-Variable Interest Rate Swaps
	Objective of the swaps: QMT entered into two separate pay-fixed, receive-variable interest rate swaps with the objective of eliminating the variability in the Company’s interest expense on 50% of its $3,612 thousand Term Loan (“Term Loan A”) and of its $5,470 thousand Term Loan (“Term Loan B”) attributable to changes in one month LIBOR. The Term Loans were made pursuant to the Loan and Security Agreement (“Agreement”) dated August 8, 2012 between QMT and TD Bank, N.A.
	The terms of the outstanding swaps as September 29, 2013 were as follows:
	Associated Debt	Notional Amount		Effective Date	Fixed Rate Paid			Variable Rate	Fair Value		Swap
		(thousands)						Received	(thousands)		Termination
											Date
	Term Loan A	$	1,414	8-Aug-12		0.85	%	LIBOR*	$	5	8-Aug-17
	Term Loan B	$	2,616	8-Aug-12		1.1	%	LIBOR*	$	6	8-Aug-17
	*One month London Interbank Offered Rate
	The Company estimated the fair value of these instruments based on a market position at close of business September 29, 2013 and on such basis determined the fair value to be $11 thousand.
	Termination of Swap prior to maturity will be settled at market value and may result in a payment to or from borrower determined at the time of termination.

BENEFIT_PLANS

BENEFIT PLANS	3 Months Ended
	Sep. 29, 2013
Benefit Plans	'
BENEFIT PLANS	'
	NOTE G – BENEFIT PLANS
	401(k) Plan
	Each of the operating entities of the Predecessor sponsors a 401(k) plan and matches employee contributions as determined by resolution of the Board on an annual basis. The employer contribution criterion currently varies by operating entity. The amount charged to expense under the Plan was $76 thousand and $86 thousand for the three months ended September 29, 2013 and September 30, 2012, respectively.
	Cash Incentive Plan
	Certain full-time salaried employees of the Company are covered under a contributory cash incentive plan. The Company’s contributions are based on amounts established at the discretion of the Board. The Company’s contributions to this plan for three months ended September 29, 2013 and September 30, 2012 were $203 thousand and $112 thousand, respectively.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Sep. 29, 2013
Commitments And Contingencies	'
COMMITMENTS AND CONTINGENCIES	'
	NOTE H – COMMITMENTS AND CONTINGENCIES
	The Company leases land, facilities and equipment under various non-cancellable operating lease agreements expiring through August 31, 2017 and contain various renewal options.
	At September 29, 2013, future rental commitments under non-cancellable operating leases were as follows (in thousands):
	June 30,
	2014	$	293
	2015		167
	2016		143
	2017		129
	2018		104
	Thereafter		—
	Total		836
	Rent expense was $72 thousand and $163 thousand for the three months ended September 29, 2013 and September 30, 2012, respectively.
	The Company entered into an employee agreement with the president and CEO of Quadrant Metal Technologies (“QMT”) dated March 1, 2011. The agreement will expire February 24, 2014, with an automatic one year renewal option.  The President and CEO of QMT’s annual salary is $285 thousand and he is eligible for benefits as provided to similar situated employees of QMT.

CUSTOMER_AND_SUPPLIER_CONCENTR

CUSTOMER AND SUPPLIER CONCENTRATION RISK	3 Months Ended
	Sep. 29, 2013
Customer And Supplier Concentration Risk	'
CUSTOMER AND SUPPLIER CONCENTRATION RISK	'
	NOTE I – CUSTOMER AND SUPPLIER CONCENTRATION RISK
	The Company had sales to four customers for the three months ended September 29, 2013 and September 30, 2012, respectively, which represented approximately 41.8% and 30.9% of our sales. The concentration of the Company’s business with a relatively small number of customers may expose us 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. The Company sells a majority of its products in the MIM business to medical, firearm, consumer, and automotive industries.
	As of September 29, 2013 and June 30, 2013, these customers represented approximately 35.2% and 35.6%, respectively, of our net trade accounts receivable.
	As of September 29, 2013 and June 30, 2013, respectively, there was no concentration in the volume of business above 5% transacted with a particular supplier(s) for which the Company had no alternative sources of supply.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	3 Months Ended
	Sep. 29, 2013
Earnings Per Share [Abstract]	'
EARNINGS PER SHARE	'
	NOTE J – EARNINGS PER SHARE
	Basic earnings (loss) per share includes no dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share, reflects the potential dilution of securities that could share in the earnings of the entity. As of September 29, 2013 the Company had no outstanding stock options, therefore there was no computation of effect of dilutive securities. In addition, there was no effect of the convertible debt to the dilutive calculation since the non-market based contingency had not been met.
	The following table represents a reconciliation of the shares used to calculate basic and diluted earnings (loss) per share for the respective periods indicated (in thousands, except per share amounts):
		For the Three Months Ended
		September 29,						September 30,
		2013						2012
		Net Earnings		Weighted		Per Share		Net Earnings			Weighted		Per Share
		(Loss)		Average		Earnings		(Loss)			Average		Earnings
		Attributed to Common		Shares		(Loss)		Attributed to Common			Shares		(Loss)
		Stock						Stock
	Basic and Diluted EPS:
	Net Earnings from Continuing Operations	$	1,254		5,728	$	0.22	$	(26	)		5,150	$	(0.01	)
	Net Loss from Discontinued Operations		—		5,728		—		(63	)		5,150		(0.01	)
	Effect of Dilutive Securities		—		—		—		—			—		—
	Employee stock options		—		—		—		—			—		—
	Diluted earnings per share	$	1,254		5,728	$	0.22	$	(89	)		5,150	$	(0.02	)

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Sep. 29, 2013
Income Taxes	'
INCOME TAXES	'
	NOTE K - INCOME TAXES
	The current income tax provision for the three months ended September 29, 2013 is $267 thousand. In addition, for the three months ended September 29, 2013, there were $119K thousand in local foreign taxes paid. There was no income tax provision for the three months ended September 30, 2012.
	Goodwill recorded as part of an asset purchase agreement is deductible for tax purposes and only recorded as a book charge if it is impaired. A deferred tax liability is recorded as the tax deduction is realized, which will not be reversed unless and until the goodwill is disposed of or impaired. The Company will continue to record an income tax expense related to the amortization of goodwill as a discrete item each quarter unless and until such impairment occurs.
	As of September 29, 2013, our net deferred tax assets of $4,316 thousand are fully offset by a valuation allowance. ASC 740, Income Taxes, provides for the recognition of deferred tax assets if realization of such assets is more likely than not.
	Based upon the weight of available evidence, which includes historical operating performance and uncertainties in forecasting our future results, we provided a full valuation allowance against our net U.S. deferred tax assets and a full valuation allowance against certain foreign deferred tax assets. The Company will reassess the need for a valuation allowance on a quarterly basis. A subsequent determination that the valuation allowance should be reduced would generally result in a benefit to the income tax provision.

SEGMENT_INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Sep. 29, 2013
Segment Information	'
SEGMENT INFORMATION	'
	NOTE L – SEGMENT INFORMATION
	Prior to August 8, 2012, the Company operated as a diversified manufacturing holding company active in metal injection molding, specialty hermetic seals, and flanges & fittings and operated under two reportable business segments:
	·	Precision Components Group, consisting of FloMet and Tekna Seal, and
	·	Flanges and Fittings Group, consisting of GF&F and TubeFit.
	Subsequent to the Acquisitions on August 8, 2012, the Company operates three business segments:
	·	Precision Components Group, consisting of FloMet, AFT-US, AFT-Hungary, and Tekna Seal;
	·	Flanges and Fittings Group, consisting of GF&F and TubeFit; and
	·	Wireless Group, consisting of ARC Wireless LLC and ARC Wireless Ltd.
	During the third quarter of fiscal year 2013, the Company made the decision to discontinue the operations of TubeFit, which was previously included within its Flanges & Fittings segment. Consequently, the Company has classified the results of operations of TubeFit as a discontinued operation for all periods presented.
	Summarized segment information for our three continuing segments for quarters ended September 29, 2013 and September 30, 2012 are as follows:
			For the three months ended
			(in thousands)
			29-Sep-13			September 30, 2012
	Net sales:
	Precision Components		$	16,452		$	11,289
	Flanges and Fittings			1,261			1,663
	Wireless			687			374
	Consolidated net sales		$	18,400		$	13,326
	Operating Costs:
	Precision Components			13,352			9,698
	Flanges and Fittings			1,189			1,463
	Wireless			498			386
	Consolidated Operating Costs		$	15,039		$	11,547
	Segment operating income/(loss) from continuing operations:
	Precision Components			3,100			1,591
	Flanges and Fittings			72			200
	Wireless			189			(12	)
	Corporate Expense			(1,460	)		(1,972	)
	Total segment operating income from continuing operations		$	1,901		$	(193	)
	Interest expense, net			(205	)		(167	)
	Gain on bargain purchase			—			381
	Other non-operating income(expense)			—			33
	Non- Operating Income (Expenses)		$	(205	)	$	247
	Consolidated income from continuing operations before income tax expense and non-controlling interest		$	1,696		$	54
	Fiscal Quarter ending:		September 29,			September 30,
			2013			2012
	Capital Expenditures:
	Precision Components		$	371		$	59
	Flanges and Fittings			—			—
	Wireless			—			—
	Consolidated Capital Expenditures		$	371		$	59
	Fiscal Quarter ending:		September 29,			September 30,
			2013			2012
	Depreciation and Amortization Expense:
	Precision Components		$	853		$	530
	Flanges and Fittings			26			25
	Wireless			19			16
	Consolidated Depreciation and Amortization Expense		$	898		$	571

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Sep. 29, 2013
Related Party Transactions [Abstract]	'
RELATED PARTY TRANSACTIONS	'
	NOTE M – RELATED PARTY TRANSACTIONS
	Quadrant Management Inc. and Brean Murray Carret Group, Inc.
	Quadrant Management Inc. (“QMI”) is under common control with Brean Murray Carret Group, Inc. (“Brean Murray”). Quadrant indirectly owned 74.0% of the membership interests of Quadrant Metals Technologies LLC (“QMT”) prior to the Acquisitions. Brean Murray is the controlling shareholder of ARC. Brean Murray and QMI are under common control and therefore Brean Murray, QMI, ARC, and QMT are affiliates under common control. Specifically, Brean Murray controls 100% of the ownership interests of QMI, as well as, via certain wholly-owned intermediaries, 61.5% of the shares of ARC.
	Pursuant to the original terms of the ARC Advisory Agreement entered into on January 21, 2009, (the “ARC Advisory Agreement”), QMI has provided ARC financial advisory and business consulting services, including restructuring services. In consideration for the restructuring services provided by QMI since November 2008 and for ongoing services, ARC originally agreed to pay QMI the following compensation: (1) an initial cash fee of $250 thousand upon signing the ARC Advisory Agreement; (2) an annual fee of the greater of: (i) $250 thousand; (ii) 20% of any increase in reported earnings before interest, taxes, depreciation and amortization after adjusting for one-time and non-recurring items (“EBITDA”) for the current financial year over preceding year; or (iii) 20% of reported EBITDA for the current financial year; and (3) all reasonable out-of-pocket expenses incurred QMI in performing services under the ARC Advisory Agreement.
	The ARC Advisory Agreement technically provides QMI the right to receive 20% of ARC’s EBITDA, even if such EBITDA is derived from the QMT Acquisition and the AFT Acquisition.  However, QMI has granted waivers to certain provisions of the ARC Advisory Agreement, (the “Quadrant Waiver”), such that:  (1) in calendar year 2012 QMI shall only be paid an annual fee equal to the greater of (i) $250 thousand; (ii) the product of (a) 20% and (b) the EBITDA of ARC for the twelve months ending December 31, 2012 less the combined EBITDA of QMT and AFT for the twelve months ending February 29, 2012 less the EBITDA of ARC for the twelve months ending December 31, 2011; or (iii) the product of (a) 20% and (b) the reported EBITDA for the financial year of the Company minus the reported EBITDA for QMT and AFT for the twelve months ended February 29, 2012; and (2) in calendar year 2013 QMI shall only be paid an annual fee equal to the greater of (i) $250 thousand; (ii) the product of (a) 20% and (b) the EBITDA of ARC for the twelve months ending December 31, 2013 less the EBITDA of ARC for the twelve months ending December 31, 2012; or (iii) the product of (a) 20% and (b) the reported EBITDA for the financial year of the Company minus the reported EBITDA for QMT and AFT for the twelve months ended February 29, 2012. The ARC Advisory Agreement has been further revised such that it shall no longer extend for additional one-year periods after its expiration on December 31, 2013 in the absence of written termination notice by either party.
	In consideration for granting the foregoing waiver, and in consideration for substantial merger and acquisition support services rendered to ARC over the past several years, QMI and ARC entered into a Letter Agreement pursuant to which ARC agreed to pay QMI transaction fees upon the closing of the QMT and AFT Acquisitions, calculated by reference to 2% of the total enterprise value for the QMT Acquisition and AFT Acquisition. As a result of the Closing of the QMT and AFT Acquisitions on August 8, 2012, a fee of $1.6 million has been paid to QMI.
	In addition, QMI and QMT have entered into a non-exclusive financial advisory agreement, (the “QMT Financial Advisory Agreement”), whereby QMI performs ongoing consulting and advisory services for QMT through QMI personnel (acting at all times as independent contractors to QMT). The scope of such services includes business consulting services, financial advisory services, and other services. In consideration for such services, on April 1, 2012, QMT commenced paying an annual cash fee to QMI of $250 thousand to be paid in quarterly installments. QMT shall reimburse QMI for all reasonable out-of-pocket costs and expenses incurred by QMI in connection with the performance of its services. The QMT-QMI financial advisory agreement continues in effect following the acquisition of QMT by the Company and will remain effective through December 31, 2013 in accordance with the Amendment to the QMT Financial Advisory Agreement.
	As a result of the accounting for the reverse merger, the statement of operations reflect only the fees earned by QMI for financial advisory services provided to QMT prior to August 8, 2012 and subsequent to August 8, 2012, fees earned by QMI for financial advisory services provided to ARC and QMT. Fees earned by QMI for the three months ended September 29, 2013 and September 30, 2012 were $428 thousand and $188 thousand, respectively.
	In addition, the following officers and directors of ARC are also affiliated with QMI and Brean Murray: 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 US and emerging market companies, and where he frequently serves in active management or director-level roles. Mr. Theodore Deinard, who served as the Company’s Interim Chief Executive Officer and as a director of the Company until he resigned as the Interim Chief Executive Officer of the Company and as a member of the Company’s Board of Directors on April 29, 2013, is a Managing Director 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. 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. Mr. Young and Mr. Deinard are each deemed to share voting and investment power over the shares beneficially owned by Brean Murray.
	As of September 29, 2013, Quadrant Metals Technologies owed its members $20 thousand for state income tax withheld on membership distributions.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Sep. 29, 2013
Discontinued Operations:	'
DISCONTINUED OPERATIONS	'
	NOTE N – DISCONTINUED OPERATIONS
	During the third quarter of fiscal year 2013, the Company made the decision to discontinue operation of TubeFit, which was previously included within its Flanges & Fittings segment. The inventory and equipment were sold in the fourth quarter of fiscal year 2013. The operations of TubeFit have been included in our consolidated statement of operations as discontinued operations for all periods presented. Results for discontinued operations for the three months ended September 29, 2013 and September 30, 2012, (in thousands):
		For the three months ended
		September 29,		September 30,
		2013		2012
	Net sales from discontinued operations	$	—	$	155
	Operating loss from discontinued operations	$	—	$	(57	)
	Other income (expense)	$	—	$	(13	)
	Income tax benefit		––		—
	Loss from discontinued operations	$	—	$	(70	)
	The following assets and liabilities of TubeFit were segregated into Assets of Discontinued Operations and Liabilities of Discontinued Operations as appropriate in the balance sheet dated September 29, 2013 and June 30, 2013 as follows (in thousands):
		September 29,		June 30,
		2013		2013
	Accounts receivable, net	$	—	$	256
	Prepaid/Other Current Assets	$	—	$	6
	Assets of Discontinued Operations	$	—	$	262
	Accounts payable	$	—	$	6
	Accrued expenses	$	—	$	1
	Liabilities of Discontinued Operations	$	—	$	7

STOCKBASED_COMPENSATION

STOCKBASED COMPENSATION	3 Months Ended
	Sep. 29, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
STOCKBASED COMPENSATION	'
	NOTE O - STOCK BASED COMPENSATION
	The Company issued an equity grant of 145,456 shares of common stock to Mr. Jason Young, approved by the Compensation Committee of the Board of Directors on August 19th, 2013 as inducement for Mr. Young to accept reappointment as Chief Executive Officer (the “Stock Grant”). The Compensation Committee had concluded that the value date of the Stock Grant would be determined by reference to the closing quoted price of the Company’s common stock on the NASDAQ Stock Market of the immediately preceding trading day, August 16, 2013, which was $4.82 per share. For the first quarter 2014, stock-based compensation expense was recorded in the amount of $701 thousand within “Selling, general, and administrative costs” on the Condensed Consolidated Statement of Operations.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Sep. 29, 2013
Subsequent Events [Abstract]	'
SUBSEQUENT EVENTS	'
	NOTE P - SUBSEQUENT EVENTS
	The ARC Group Worldwide, Inc. Board of Directors authorized the repurchase of up to $250,000 of the Company’s common stock on October 9, 2013. The stock repurchase program does not obligate ARC to acquire any particular amount of stock. It also does not have an expiration date and may be limited or terminated at any time without notice.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Sep. 29, 2013
Summary Of Significant Accounting Policies Policies	'
Basis of Presentation/Principles of Consolidation	'
	Basis of Presentation/Principles of Consolidation
	The Company’s fiscal year begins July 1 and ends June 30; the quarters for interim reporting consist of thirteen weeks, therefore, the quarter end will not always coincide with the date of the calendar month.
	Prior to the date of the Acquisitions (as defined below), the Predecessor operated in two business segments, identified as:
	●	Precision Components Group, consisting of FloMet and Tekna Seal, and
	●	Flanges and Fittings Group, consisting of GF&F and TubeFit.
	After completion of the Acquisitions, ARC operates three business segments:
	●	Precision Components Group, consisting of FloMet, AFT-US, AFT-Hungary, and Tekna Seal;
	●	Flanges and Fittings Group, consisting of GF&F and TubeFit; and
	●	Wireless Group, consisting of ARC Wireless LLC and ARC Wireless Ltd.
	During the third quarter of fiscal year 2013, the Company made the decision to discontinue the operations of TubeFit, which was previously included within its Flanges & Fittings segment. The operations of TubeFit have been included in our financial statements as discontinued operations for all periods presented.
	The accompanying consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States. The accompanying consolidated financial statements include the amounts of the Company as well as the Predecessor Company and all wholly owned subsidiaries. All material intercompany accounts, transactions, and profits have been eliminated in consolidation.
Significant Business Acquisitions	'
	Significant Business Acquisitions
	On August 8, 2012, ARC completed the acquisitions of QMT and AFT (referred to herein as the “QMT Acquisition” and the “AFT Acquisition” and collectively, the “Acquisitions”).  The reasons for the Acquisitions included synergies between the businesses, including cross fertilization of product/customer applications, expanded R&D capabilities, and operational synergies, among others. It is also believed that the Acquisitions will help generate further scale and lead to enhanced revenue and earnings growth. The Company believes that combination of two of the largest recognized leaders in the metal injection molding (“MIM”) industry will provide distinct scale advantages creating substantial barriers to entry for other companies and providing ARC with long-term strategic positioning as the clear market leader in the MIM industry.
	For reasons detailed below, the accompanying financial statements include the results of operations of ARC, QMT and AFT for periods subsequent to the Acquisitions; for periods prior to the Acquisitions the results of operations are presented only for QMT.
	The QMT Acquisition
	Effective August 8, 2012, the Company issued common stock in exchange for 100% of the issued and outstanding membership interest of QMT (equal to 4,029,700 shares of ARC’s common stock after giving effect to the 1:1.95 reverse stock split). The QMT Acquisition was accounted for as a reverse acquisition under generally accepted accounting principles, whereby QMT was deemed to be the accounting acquirer in the acquisition. The shares of common stock issued to QMT pursuant to the merger are presented as having been outstanding since July 1, 2011.
	As a result, the financial statements for periods prior to August 8, 2012 reflect only the operations of QMT. The accompanying financial statements present the previously issued shares of ARC common stock as having been issued pursuant to the merger on August 8, 2012. All transactions between divisions and/or wholly owned subsidiaries of the Company or the Predecessor Company have been eliminated in the financial statements.
	For the QMT Acquisition, , the Company sold 57,505 shares of ARC Common Stock after giving effect to the proposed 1:1.95 reverse stock split to Carret P.T., LP in consideration for cash investment in ARC of $449 thousand. The purchase price for the reverse acquisition of $10.2 million was derived from the ARC common stock equal to 1,585,413 shares after giving effect to the 1:1.95 reverse stock split at the August 8, 2012 stock price.
	With regard to the assets acquired for the reverse merger of ARC by QMT, ARC’s historical accumulated deficit for periods prior to August 8, 2012, in the amount of $10.2 million was eliminated against additional paid in capital. The acquisition was accounted for using the purchase method of accounting and, accordingly the Company’s consolidated balance sheet as of June 30, 2013, includes the impact of the acquisition.
	The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date.
	To record the assets and liabilities for the reverse merger of ARC by QMT (in thousands):
	Cash and cash equivalents		$	10,590
	Accounts receivable, net			1,096
	Inventories, net			737
	Prepaid and other current assets			40
	Property and equipment, net			236
	Intangible assets			109
	Other Assets			6
	Negative goodwill resulting from the acquisition accounted for as a bargain purchase			(381	)
	Accounts payable			(2,030	)
	Accrued expenses			(169	)
	Current portion of capital lease			(9	)
	Fair value of net assets acquired		$	10,225
	The AFT Acquisition
	Effective August 8, 2012, the Company acquired all shares of AFT and the net assets of AFT for approximately $40.6 million. The AFT Acquisition was completed through the payment of cash totaling $7.1 million, less post-closing adjustments of ($0.1) million, bank facility funds of $18.1 million, and a convertible note net of interest discount with Precision Castparts Corp. of $15.5 million.
	The total adjusted purchase price of AFT was allocated to the tangible and intangible assets acquired based upon their respective fair values at the acquisition date with the excess purchase price allocated to goodwill for AFT in the amount of $4.7 million. The goodwill arising from the AFT Acquisition consists of synergies and economies of scale expected from the QMT and AFT Acquisitions. The goodwill recognized is expected to be deductible for income tax purposes. For AFT, third party consultants were retained to perform valuation techniques to establish valuation for property and equipment, and identifiable intangible assets. For ARC the fair value of the identifiable assets acquired and liabilities assumed of $10.6 million exceeded the fair value of the purchase price of the business of $10.2 million. As a result, the Company reassessed the recognition and measurement of identifiable assets acquired and liabilities assumed and concluded that the valuation procedures and resulting measures were appropriate. Accordingly, the ARC reverse acquisition has been accounted for as a bargain purchase and, as a result, the Company recognized a gain of $0.4 million associated with the reverse acquisition. The gain is included in the line item “Gain on bargain purchase” in the 2013 Consolidated Statement of Operations.
	The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date.
	To record the assets and liabilities purchased in the acquisition of AFT (in thousands):
	Cash and cash equivalents		$	735
	Accounts receivable, net			6,236
	Inventories, net			6,521
	Prepaid and other current assets			264
	Property and equipment, net			21,590
	Other intangible assets			4,983
	Goodwill			4,663
	Accounts payable			(3,007	)
	Accrued expenses			(1,375	)
	Fair value of net assets acquired		$	40,610
	Pro forma Financial Information (Unaudited)
	The historical operating results of ARC and AFT 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 three months ended September 30, 2012 as if the acquisition had been completed on July 1, 2012.
	(In thousands, except per share data)		Three Month Period Ended September
			30, 2012
	Revenue		$	16,769
	Loss from continuing operations			(735	)
	Loss from discontinued operations			(70	)
	Net loss		$	(805	)
	Loss per common share for continuing operation			(0.13	)
	Loss per common share for discontinued operations			(0.01	)
	Basic and diluted net loss  per common share		$	(0.14	)
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	For purposes of reporting cash flows, the Company considers all highly liquid debt instruments with an initial maturity of three months or less to be cash equivalents. The Company places its cash with high credit quality financial institutions and does not believe it is exposed to any significant credit risk on cash and cash equivalents. At times, cash in the bank may exceed FDIC insurable limits.
Accounts Receivable	'
	Accounts Receivable
	The Company uses the allowance method to account for uncollectible accounts receivable. The allowance is sufficient to cover both current and anticipated future losses. Uncollectible amounts are charged against the allowance account. Management estimates this amount based upon prior experience with customers and an analysis of individual trade accounts. An allowance for doubtful accounts of $255 thousand and $222 thousand has been reserved as of September 29, 2013 and June 30, 2013, respectively.
	The Company offers most customers between net 30 and 60 day terms. Accounts are considered past due if a payment is not received within credit terms.
Inventories	'
	Inventories
	The Company values inventories at the lower of average cost or market using the first-in, first-out (FIFO) method. 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. An allowance for inventory obsolescence of $419 thousand and $386 thousand has been reserved as of September 29, 2013 and June 30, 2013, respectively.
Plant and Equipment	'
	Plant and Equipment
	Plant and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows:
			Useful Life
		Building and Improvements	7 to 40 years
		Machinery and Equipment	3 to 12 years
	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.
	Depreciation expense totaled $772 thousand and $572 thousand in the quarters ended September 29, 2013 and September 30, 2012, respectively.
Long-lived Assets	'
	Long-lived Assets
	The carrying value of long-lived assets are reviewed annually; if at any time the facts or circumstances at any of our individual subsidiaries indicate impairment of long-lived asset values, as a result of a continual decline in performance, or as a result of fundamental changes in a subsidiary’s market conditions, a determination is made as to whether the carrying value of the property’s long-lived assets exceeds estimated realizable value. Long-lived assets consist primarily of Property and Equipment. No impairment was determined as of September 29, 2013.
Goodwill and Intangibles	'
	Goodwill and Intangibles
	Goodwill is recognized as a result of an acquisition when the price paid for the acquired business exceeds the fair value of its identified net assets. Identifiable intangible assets are recognized at their fair value when acquired. Goodwill and intangible assets with indefinite useful lives are not amortized, but instead tested for impairment at least annually. The Company performs the qualitative assessment using a “more likely than not” concept first. The determination of the value of such intangible assets requires management to make estimates and assumptions that affect the consolidated financial statements. If it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is necessary. The Company is compared to its carrying value to determine whether an indication of impairment exists.  If impairment exists, then the fair value of the goodwill is determined by allocation of the Company’s fair value to its assets and liabilities (including any unrecognized intangible assets). Intangible assets with definite useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment.
	The Company has evaluated its goodwill and intangibles that were acquired in prior periods for impairment and has determined that goodwill and intangibles were not impaired for continuing operations as of the quarter ended September 29, 2013.
	The carrying amounts of goodwill are as follows (in thousands):
			September 29,			June 30,
			2013			2013
	Precision Components		$	9,785		$	9,785
	Flanges and Fitting			1,712			1,712
	Wireless			—			—
	Total		$	11,497		$	11,497
	The gross carrying amount and accumulated amortization of acquired intangible assets are as follows (in thousands):
			September 29,			June 30,
			2013			2013
	Patents		$	272		$	272
	Tradenames			75			75
	Customer Relationships			4,971			4,971
	Total Gross Carrying Value			5,318			5,318
	Accumulated Amortization			(822	)		(696	)
	Total Net Carrying Value		$	4,496		$	4,622
	Intangible assets are being amortized using the straight-line method over estimated useful lives ranging from 5 to 15 years. Amortization expense totaled $126 thousand for other identifiable intangible assets for the quarter ended September 29, 2013.
	Estimated future amortization expense for the next five years as of September 29, 2013 is as follows (in thousands):
	Fiscal Years		Amount
	2014			$	378
	2015				503
	2016				503
	2017				503
	2018				502
Deferred Revenue	'
	Deferred Revenue
	Unearned revenue consists of customer deposits for the development of molds used in the manufacturing process. As of September 29, 2013 and June 30, 2013, unearned income was $712 thousand and $1,103 thousand, respectively. The Company recognizes revenue and the related expenses when the customer approves the mold for production. Accordingly, as of September 29, 2013 and June 30, 2013, the Company  has incurred costs of $762 thousand and $897 thousand, respectively, related to molds in the process of being developed which have been deferred and are included as part of the total current assets on the accompanying balance sheet.
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.
Financial Instruments	'
	Financial Instruments
	The Company’s financial instruments consist of cash and cash equivalents, notes and accounts receivable, accrued liabilities, and notes and accounts payable. It is management’s opinion that the Company is not exposed to significant interest rate or credit risks arising from these instruments. The fair values of these financial instruments approximate their carrying values.
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes	'
	Income Taxes
	The Company accounts for income taxes pursuant to Accounting Standards Codification (“ASC”) 740, Income Taxes, which utilizes the asset and liability method of computing deferred income taxes. The objective of this method is to establish deferred tax assets and liabilities for any temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The current and deferred tax provision is allocated among the members of the consolidated group on the separate income tax return basis.
	ASC 740 also provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial statements. Tax positions must meet a “more-likely-than-not” recognition threshold at the effective date to be recognized. During the three months ended September 29, 2013 the Company recognized no adjustments for uncertain tax positions.
	The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. No interest and penalties related to uncertain tax positions were recognized at September 29, 2013. The Company expects no material changes to unrecognized tax positions within the next twelve months.
	The tax returns for the years ending June 30, 2010 through 2012 are open to examination by federal and state authorities.
Presentation of certain taxes	'
	Presentation of Certain Taxes
	The Company collects various taxes from customers and remits these amounts to applicable taxing authorities. The Company’s accounting policy is to exclude these taxes from revenues and cost of sales.
Advertising	'
	Advertising
	Advertising costs are charged to operations when incurred. Total advertising costs for the quarters ended September 29, 2013 and September 30, 2012 was approximately $11 thousand and $28 thousand, respectively.
Foreign Currency Transactions	'
	Foreign Currency Transactions
	AFT-Hungary’s functional currency is the U.S. Dollar, transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Transaction gains and losses had no material impact on the Company’s results of operations for any year presented.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Sep. 29, 2013
Summary Of Significant Accounting Policies Tables	'
Schedule of assets and liabilities for the reverse merger and acquisition	'
	To record the assets and liabilities for the reverse merger of ARC by QMT (in thousands):
	Cash and cash equivalents		$	10,590
	Accounts receivable, net			1,096
	Inventories, net			737
	Prepaid and other current assets			40
	Property and equipment, net			236
	Intangible assets			109
	Other Assets			6
	Negative goodwill resulting from the acquisition accounted for as a bargain purchase			(381	)
	Accounts payable			(2,030	)
	Accrued expenses			(169	)
	Current portion of capital lease			(9	)
	Fair value of net assets acquired		$	10,225
	To record the assets and liabilities purchased in the acquisition of AFT (in thousands):
	Cash and cash equivalents		$	735
	Accounts receivable, net			6,236
	Inventories, net			6,521
	Prepaid and other current assets			264
	Property and equipment, net			21,590
	Other intangible assets			4,983
	Goodwill			4,663
	Accounts payable			(3,007	)
	Accrued expenses			(1,375	)
	Fair value of net assets acquired		$	40,610
Schedule of Pro-Forma Financial Information, inclduing reverse merger and acquisition	'
	The historical operating results of ARC and AFT 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 three months ended September 30, 2012 as if the acquisition had been completed on July 1, 2012.
	(In thousands, except per share data)		Three Month Period Ended September
			30, 2012
	Revenue		$	16,769
	Loss from continuing operations			(735	)
	Loss from discontinued operations			(70	)
	Net loss		$	(805	)
	Loss per common share for continuing operation			(0.13	)
	Loss per common share for discontinued operations			(0.01	)
	Basic and diluted net loss  per common share		$	(0.14	)
Schedule of useful life of plant and equipment	'
	Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows:
			Useful Life
		Building and Improvements	7 to 40 years
		Machinery and Equipment	3 to 12 years
Schedule of carrying amounts of goodwill	'
	The carrying amounts of goodwill are as follows (in thousands):
			September 29,			June 30,
			2013			2013
	Precision Components		$	9,785		$	9,785
	Flanges and Fitting			1,712			1,712
	Wireless			—			—
	Total		$	11,497		$	11,497
Schedule of gross carrying amount and accumulated amortization of acquired intangible assets	'
	The gross carrying amount and accumulated amortization of acquired intangible assets are as follows (in thousands):
			September 29,			June 30,
			2013			2013
	Patents		$	272		$	272
	Tradenames			75			75
	Customer Relationships			4,971			4,971
	Total Gross Carrying Value			5,318			5,318
	Accumulated Amortization			(822	)		(696	)
	Total Net Carrying Value		$	4,496		$	4,622
Schedule of estimated future amortization expense of intangible assets	'
	Estimated future amortization expense for the next five years as of September 29, 2013 is as follows (in thousands):
	Fiscal Years		Amount
	2014			$	378
	2015				503
	2016				503
	2017				503
	2018				502

INVENTORY_Tables

INVENTORY (Tables)	3 Months Ended
	Sep. 29, 2013
Inventory Tables	'
Schedule of inventories	'
	Inventories consisted of the following (in thousands):
		September 29,		June 30,
		2013		2013
	Raw Materials and Supplies	$	3,531	$	3,172
	Work In Process		4,861		4,772
	Finished Goods		3,063		3,222
			11,455		11,166
	Less: Reserve for Obsolescence		419		386
		$	11,036	$	10,780

PLANT_AND_EQUIPMENT_Tables

PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Sep. 29, 2013
Plant And Equipment Tables	'
Schedule of plant and equipment	'
	Plant and equipment consisted of the following (in thousands):
		September 29,		June 30,
		2013		2013
	Land	$	1,197	$	1,197
	Building and Improvements		12,859		12,859
	Machinery and Equipment		18,291		18,277
	Office Equipment		779		766
	Leasehold Improvements		65		65
	Automobiles		186		186
	Construction in Process		666		281
			34,043		33,631
	Less: Accumulated Depreciation		10,349		9,580
		$	23,694	$	24,051

LONGTERM_DEBT_Tables

LONG-TERM DEBT (Tables)	3 Months Ended
	Sep. 29, 2013
Long-Term Debt Tables	'
Schedule of Debt	'
			Balance as of
			(in thousands)
						30-Jun-13
			29-Sep-13
	Revolving line of credit not to exceed $10.0 million with a maturity date of August 8, 2015; collateralized by accounts receivable and inventory; the amount available from this line is determined by a monthly borrowing base, at September 29, 2013. Interest is accrued and payable monthly.		$	2,643		$	2,868
	Term Loan A in the amount of $3.6 million, collateralized by equipment payable in equal monthly payments of $60 thousand plus accrued interest, with a maturity date of August 8, 2017.		$	2,829		$	3,010
	Term Loan B (commercial mortgage) in the amount of $5.5 million payable in equal monthly installments of $18 thousand plus accrued interest with maturity date of August 8, 2022, with a five year call option.		$	5,234		$	5,288
	Term Bridge Loan in the amount of $6.9 million with interest only payments for the first 6 months and 23 monthly principal payments of $300 thousand plus interest with maturity date of February 8, 2015.		$	3,734		$	5,032
	Subtotal			14,440			16,198
	Convertible Note Payable to Precision Castparts in the amount of $17.6 million; due at 8/8/2017; interest is equal to the Five-Year U.S. Treasury Note Constant Maturity rate adjusted on each anniversary and is paid on a quarterly basis; this Note is subordinated to the first priority security interest of TD Bank, N.A.  Subject to certain terms of the agreement the Holder has the option to convert outstanding principal and unpaid interest into shares of the Company’s Common Stock.			17,600			17,600
	Convertible note interest discount (1)		$	(1,628	)	$	(1,734	)
	Convertible note, net of discount		$	15,972		$	15,866
	Total Long-Term Debt from Continuing Operations		$	30,412		$	32,064
	Less: Current Portion from Continuing Operations			(7,185	)		(7,410	)
	Total Long-Term Debt Less Current Portion		$	23,227		$	24,654
	-1	The interest discount represents the difference between the actual negotiated interest rate being the Five-Year U.S. Treasury Note Constant Maturity rate, and the Company’s assumption of market rate of 4%. The total interest discount calculated was $2.1 million, which is amortized over the life of the note. The fiscal year 2014 non-cash interest discount amortization reduces the interest discount balance by $105 thousand, resulting in an ending balance as of September 29, 2013 of $1.6 million.
Schedule of Maturities of Long-term Debt	'
	Maturities on notes payable and Line of Credit are due as follows using our fiscal year end:
	2014		$	6,049
	2015			1,975
	2016			941
	2017			16,915
	2018			339
	2019 – 2022			4,193
	Total			30,412

DERIVATIVES_AND_HEDGING_ACTIVI1

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Sep. 29, 2013
Derivatives And Hedging Activities Tables	'
Schedule of outstanding swaps	'
	The terms of the outstanding swaps as September 29, 2013 were as follows:
	Associated Debt	Notional Amount		Effective Date	Fixed Rate Paid			Variable Rate	Fair Value		Swap
		(thousands)						Received	(thousands)		Termination
											Date
	Term Loan A	$	1,414	8-Aug-12		0.85	%	LIBOR*	$	5	8-Aug-17
	Term Loan B	$	2,616	8-Aug-12		1.1	%	LIBOR*	$	6	8-Aug-17
	*One month London Interbank Offered Rate

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Sep. 29, 2013
Commitments And Contingencies Tables	'
Schedule of future minimum rental commitments under non-cancellable operating leases	'
	At September 29, 2013, future rental commitments under non-cancellable operating leases were as follows (in thousands):
	June 30,
	2014	$	293
	2015		167
	2016		143
	2017		129
	2018		104
	Thereafter		—
	Total		836

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	3 Months Ended
	Sep. 29, 2013
Earnings Per Share Tables	'
Schedule of reconciliation of shares used to calculate basic and diluted earnings (loss) per share	'
	The following table represents a reconciliation of the shares used to calculate basic and diluted earnings (loss) per share for the respective periods indicated (in thousands, except per share amounts):
		For the Three Months Ended
		September 29,						September 30,
		2013						2012
		Net Earnings		Weighted		Per Share		Net Earnings			Weighted		Per Share
		(Loss)		Average		Earnings		(Loss)			Average		Earnings
		Attributed to Common		Shares		(Loss)		Attributed to Common			Shares		(Loss)
		Stock						Stock
	Basic and Diluted EPS:
	Net Earnings from Continuing Operations	$	1,254		5,728	$	0.22	$	(26	)		5,150	$	(0.01	)
	Net Loss from Discontinued Operations		—		5,728		—		(63	)		5,150		(0.01	)
	Effect of Dilutive Securities		—		—		—		—			—		—
	Employee stock options		—		—		—		—			—		—
	Diluted earnings per share	$	1,254		5,728	$	0.22	$	(89	)		5,150	$	(0.02	)

SEGMENT_INFORMATION_Tables

SEGMENT INFORMATION (Tables)	3 Months Ended
	Sep. 29, 2013
Segment Information Tables	'
Schedule of segment reporting, by operating segment	'
	Summarized segment information for our three continuing segments for quarters ended September 29, 2013 and September 30, 2012 are as follows:
		For the three months ended
		(in thousands)
		29-Sep-13			September 30, 2012
	Net sales:
	Precision Components	$	16,452		$	11,289
	Flanges and Fittings		1,261			1,663
	Wireless		687			374
	Consolidated net sales	$	18,400		$	13,326
	Operating Costs:
	Precision Components		13,352			9,698
	Flanges and Fittings		1,189			1,463
	Wireless		498			386
	Consolidated Operating Costs	$	15,039		$	11,547
	Segment operating income/(loss) from continuing operations:
	Precision Components		3,100			1,591
	Flanges and Fittings		72			200
	Wireless		189			(12	)
	Corporate Expense		(1,460	)		(1,972	)
	Total segment operating income from continuing operations	$	1,901		$	(193	)
	Interest expense, net		(205	)		(167	)
	Gain on bargain purchase		—			381
	Other non-operating income(expense)		—			33
	Non- Operating Income (Expenses)	$	(205	)	$	247
	Consolidated income from continuing operations before income tax expense and non-controlling interest	$	1,696		$	54
	Fiscal Quarter ending:	September 29,			September 30,
		2013			2012
	Capital Expenditures:
	Precision Components	$	371		$	59
	Flanges and Fittings		—			—
	Wireless		—			—
	Consolidated Capital Expenditures	$	371		$	59
	Fiscal Quarter ending:	September 29,			September 30,
		2013			2012
	Depreciation and Amortization Expense:
	Precision Components	$	853		$	530
	Flanges and Fittings		26			25
	Wireless		19			16
	Consolidated Depreciation and Amortization Expense	$	898		$	571

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Sep. 29, 2013
Discontinued Operations Tables	'
Schedule of results and assets and liabilities of discontinued operations	'
	Results for discontinued operations for the three months ended September 29, 2013 and September 30, 2012, (in thousands):
		For the three months ended
		September 29,		September 30,
		2013		2012
	Net sales from discontinued operations	$	—	$	155
	Operating loss from discontinued operations	$	—	$	(57	)
	Other income (expense)	$	—	$	(13	)
	Income tax benefit		––		—
	Loss from discontinued operations	$	—	$	(70	)
	The following assets and liabilities of TubeFit were segregated into Assets of Discontinued Operations and Liabilities of Discontinued Operations as appropriate in the balance sheet dated September 29, 2013 and June 30, 2013 as follows (in thousands):
		September 29,		June 30,
		2013		2013
	Accounts receivable, net	$	—	$	256
	Prepaid/Other Current Assets	$	—	$	6
	Assets of Discontinued Operations	$	—	$	262
	Accounts payable	$	—	$	6
	Accrued expenses	$	—	$	1
	Liabilities of Discontinued Operations	$	—	$	7

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)	0 Months Ended	3 Months Ended
	Aug. 08, 2012	Sep. 29, 2013	Sep. 30, 2012	Jun. 30, 2013
Significant Business Acquisitions	'	'	'	'
Cash investment from Carret PT	$449,000	'	'	'
Goodwill	'	11,497,000	'	11,497,000
Accumulated deficit	'	12,880,000	'	11,627,000
Gain on bargain purchase	'	'	381,000	'
Accounts Receivable	'	'	'	'
Allowance for doubtful accounts receivable	'	255,000	'	222,000
Inventories	'	'	'	'
Allowance for inventory obsolescence	'	419,000	'	386,000
Plant and equipment	'	'	'	'
Depreciation expense	'	772,000	572,000	'
Goodwill and intangibles	'	'	'	'
Amortization expense	'	126,000	'	'
Deferred Revenue	'	'	'	'
Unearned income	'	712,000	'	1,103,000
Deferred costs	'	762,000	'	897,000
Advertising costs	'	'	'	'
Advertising Expense	'	11,000	28,000	'
Lower Range	'	'	'	'
Goodwill and intangibles	'	'	'	'
Amortization period	'	'5 years	'	'
Upper Range	'	'	'	'
Goodwill and intangibles	'	'	'	'
Amortization period	'	'15 years	'	'
Quadrant Metals Technologies LLC	'	'	'	'
Significant Business Acquisitions	'	'	'	'
Ownership percentage acquired	100.00%	'	'	'
ARC shares re-acquired in acquisition	4,029,700	'	'	'
Reverse stock split	'1:1.95	'	'	'
Date acquired	8-Aug-12	'	'	'
Total acquisition price	10,200,000	'	'	'
Shares sold	57,505	'	'	'
Shares issued in acquisition	1,585,413	'	'	'
Net assets acquired and liabilities assumed	10,600,000	'	'	'
Fair value of purchase price	10,200,000	'	'	'
Accumulated deficit	10,200,000	'	'	'
Gain on bargain purchase	381,000	'	'	'
Advanced Forming Technology Inc	'	'	'	'
Significant Business Acquisitions	'	'	'	'
Ownership percentage acquired	100.00%	'	'	'
Date acquired	8-Aug-12	'	'	'
Total acquisition price	40,600,000	'	'	'
Cash paid for acquisition	7,100,000	'	'	'
Post-closing adjustments	-100,000	'	'	'
Bank facility funds used for acquisition	18,100,000	'	'	'
Convertible note, net with Precision Castparts used in acquisition	15,500,000	'	'	'
Goodwill	$4,663,000	'	'	'

SUMMARY_OF_SIGNIFICANT_ACCOUNT4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	Sep. 29, 2013	Jun. 30, 2013	Aug. 08, 2012	Aug. 08, 2012
In Thousands, unless otherwise specified			Quadrant Metals Technologies LLC	Advanced Forming Technology Inc
Assets Acquired and Liabilities Assumed	'	'	'	'
Cash and cash equivalents	'	'	$10,590	$735
Accounts receivable, net	'	'	1,096	6,236
Inventories, net	'	'	737	6,521
Prepaid and other current assets	'	'	40	264
Property and equipment, net	'	'	236	21,590
Intangible assets, other than goodwill	'	'	109	4,983
Other assets	'	'	6	'
Negative goodwill resulting from the acquisition accounted for as a bargain purchase	'	'	-381	'
Goodwill	11,497	11,497	'	4,663
Accounts payable	'	'	-2,030	-3,007
Accrued expenses	'	'	-169	-1,375
Current portion of capital lease	'	'	-9	'
Fair value of net assets acquired	'	'	$10,225	$40,610

SUMMARY_OF_SIGNIFICANT_ACCOUNT5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2012
Pro forma Financial Information	'
Revenue	$16,769
Loss from continuing operations	-735
Loss from discontinued operations	-70
Net Loss	($805)
Loss per common share for continuing operation	($0.13)
Loss per common share for discontinued operations	($0.01)
Basic and diluted net loss per common share	($0.14)

SUMMARY_OF_SIGNIFICANT_ACCOUNT6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2)	3 Months Ended
	Sep. 29, 2013
Building and Improvements | Lower Range	'
Estimated useful life	'7 years
Building and Improvements | Upper Range	'
Estimated useful life	'40 years
Machinery and Equipment | Lower Range	'
Estimated useful life	'3 years
Machinery and Equipment | Upper Range	'
Estimated useful life	'12 years

SUMMARY_OF_SIGNIFICANT_ACCOUNT7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) (USD $)	Sep. 29, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Goodwill	$11,497	$11,497
Precision Components	'	'
Goodwill	9,785	9,785
Flanges and Fitting	'	'
Goodwill	$1,712	$1,712

SUMMARY_OF_SIGNIFICANT_ACCOUNT8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) (USD $)	Sep. 29, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Intangible Assets, Gross (Excluding Goodwill)	$5,318	$5,318
Accumulated Amortization	-822	-696
Intangible Assets, Net (Excluding Goodwill)	4,496	4,622
Patents	'	'
Intangible Assets, Gross (Excluding Goodwill)	272	272
Tradenames	'	'
Intangible Assets, Gross (Excluding Goodwill)	75	75
Customer Relationships	'	'
Intangible Assets, Gross (Excluding Goodwill)	$4,971	$4,971

SUMMARY_OF_SIGNIFICANT_ACCOUNT9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5) (USD $)	Sep. 29, 2013
In Thousands, unless otherwise specified
Estimated future amortization expense for the next five years as of September 29,	'
2014	$378
2015	503
2016	503
2017	503
2018	$502

INVENTORY_Details

INVENTORY (Details) (USD $)	Sep. 29, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Inventory Details	'	'
Raw Materials and Supplies	$3,531	$3,172
Work In Process	4,861	4,772
Finished Goods	3,063	3,222
[InventoryGross]	11,455	11,166
Less: Reserve for Obsolescence	419	386
[InventoryNet]	$11,036	$10,780

PLANT_AND_EQUIPMENT_Details

PLANT AND EQUIPMENT (Details) (USD $)	Sep. 29, 2013	Jun. 30, 2013	Sep. 30, 2012
In Thousands, unless otherwise specified
Property, Plant and Equipment, Gross	$34,043	'	$33,631
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	10,349	'	9,580
Property and Equipment, net	23,694	24,051	24,051
Land	'	'	'
Property, Plant and Equipment, Gross	1,197	1,197	'
Building and Improvements	'	'	'
Property, Plant and Equipment, Gross	12,859	12,859	'
Machinery and Equipment	'	'	'
Property, Plant and Equipment, Gross	18,291	18,277	'
Office Equipment	'	'	'
Property, Plant and Equipment, Gross	779	766	'
Leasehold Improvements	'	'	'
Property, Plant and Equipment, Gross	65	65	'
Automobiles	'	'	'
Property, Plant and Equipment, Gross	186	186	'
Construction In Progress	'	'	'
Property, Plant and Equipment, Gross	$666	$281	'

LONGTERM_DEBT_Details_Narrativ

LONG-TERM DEBT (Details Narrative) (USD $)	3 Months Ended		12 Months Ended						3 Months Ended
In Thousands, unless otherwise specified	Sep. 29, 2013	Sep. 30, 2012	Jun. 30, 2014	Sep. 29, 2013		Jun. 30, 2013		Aug. 08, 2012	Sep. 29, 2013	Sep. 29, 2013	Sep. 29, 2013
				Convertible Note		Convertible Note		Convertible Note	Credit Facility	Credit Facility	Credit Facility
										Lower Range	Upper Range
Line of Credit Facility, Maximum Borrowing Capacity	'	'	'	'		'		'	$25,000	'	'
Interest Rate description	'	'	'	'		'		'	'One Month LIBOR	'	'
Basis spread	'	'	'	'		'		'	'	2.50%	3.00%
Assumption of market interest rate	'	'	'	'		'		4.00%	'	'	'
Convertible debt, interest discount	'	'	'	-1,628	[1]	-1,734	[1]	2,100	'	'	'
Amortization of interest discount	$105	'	$105	'		'		'	'	'	'
Economic hedging instrument, percentage of notional amounts	50.00%	'	'	'		'		'	'	'	'
Term of swap on Term Loan A and B	'5 years	'	'	'		'		'	'	'	'
[1]	The interest discount represents the difference between the actual negotiated interest rate being the Five-Year U.S. Treasury Note Constant Maturity rate, and the Company?s assumption of market rate of 4%. The total interest discount calculated was $2.1 million, which is amortized over the life of the note. The fiscal year 2014 non-cash interest discount amortization reduces the interest discount balance by $105 thousand, resulting in an ending balance as of September 29, 2013 of $1.6 million.

LONGTERM_DEBT_Details

LONG-TERM DEBT (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 29, 2013		Jun. 30, 2013		Aug. 08, 2012
Loans payable	$14,440		$16,198		'
Convertible debt, net of discount	15,972		15,866		'
Total Long-Term Debt from Continuing Operations	30,412		32,064		'
Less: Current Portion from Continuing Operations	-7,185		-7,410		'
Total Long-Term Debt Less Current Portion	23,227		24,654		'
Term Loan A	'		'		'
Loans payable	2,829		3,010		'
Face amount of debt	3,612		'		'
Term Loan B - Commercial Mortgage	'		'		'
Loans payable	5,234		5,288		'
Face amount of debt	5,470		'		'
Periodic payment amount	18		'		'
Frequency of Periodic Payment	'Monthly		'		'
Debt maturity date	8-Aug-22		'		'
Call option	'5 years		'		'
Term Bridge Loan	'		'		'
Loans payable	3,734		5,032		'
Face amount of debt	6,900		'		'
Periodic payment amount	300		'		'
Frequency of Periodic Payment	'Monthly		'		'
Debt maturity date	8-Feb-15		'		'
Interest rate terms	'Interest only payments for the first 6 months and 23 monthly principal payments		'		'
Number of months for interest-only payments	'0 years 6 months		'		'
Number of months for principal payments	'0 years 23 months		'		'
Convertible Note	'		'		'
Convertible debt, gross	17,600		17,600		'
Face amount of debt	17,600		'		'
Debt maturity date	8-Aug-17		'		'
Convertible debt, interest discount	-1,628	[1]	-1,734	[1]	2,100
Convertible debt, net of discount	15,972		15,866		'
Notes Payable to Banks	'		'		'
Notes payable	'		6,868		'
Revolving Line of Credit	'		'		'
Revolving line of credit	2,643		2,868		'
Line of Credit Facility, Maximum Borrowing Capacity	10,000		'		'
Credit facility expiration date	8-Aug-15		'		'
Term Loan A	'		'		'
Periodic payment amount	$60		'		'
Frequency of Periodic Payment	'Monthly		'		'
Debt maturity date	8-Aug-17		'		'
[1]	The interest discount represents the difference between the actual negotiated interest rate being the Five-Year U.S. Treasury Note Constant Maturity rate, and the Company?s assumption of market rate of 4%. The total interest discount calculated was $2.1 million, which is amortized over the life of the note. The fiscal year 2014 non-cash interest discount amortization reduces the interest discount balance by $105 thousand, resulting in an ending balance as of September 29, 2013 of $1.6 million.

LONGTERM_DEBT_Details_1

LONG-TERM DEBT (Details 1) (USD $)	Sep. 29, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Maturities are as follows:	'	'
2014	$6,049	'
2015	1,975	'
2016	941	'
2017	16,915	'
2018	339	'
2019-2022	4,193	'
Total	$30,412	$32,064

DERIVATIVES_AND_HEDGING_ACTIVI2

DERIVATIVES AND HEDGING ACTIVITIES (Details Narrative) (USD $)	Sep. 29, 2013
In Thousands, unless otherwise specified
Derivatives And Hedging Activities Details Narrative	'
Fair value of interest rate derivatives	$11

DERIVATIVES_AND_HEDGING_ACTIVI3

DERIVATIVES AND HEDGING ACTIVITIES (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 29, 2013
Swap - Term Loan A	'
Associated Debt	'Term Loan A
Notional Amount	$1,414
Effective Date	8-Aug-12
Fixed Rate Paid	0.85%
Variable Rate Received	'LIBOR	[1]
Fair Value	5
Swap Termination Date	8-Aug-17
Swap - Term Loan B	'
Associated Debt	'Term Loan B
Notional Amount	2,616
Effective Date	8-Aug-12
Fixed Rate Paid	1.10%
Variable Rate Received	'LIBOR	[1]
Fair Value	$6
Swap Termination Date	8-Aug-17
[1]	One month London Interbank Offered Rate

BENEFIT_PLANS_Details_Narrativ

BENEFIT PLANS (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 29, 2013	Sep. 30, 2012
Benefit Plans Details Narrative	'	'
401(k) plan cost recognized	$76	$86
Company's contribution to cash incentive plan	$203	$112

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES (Details Narrative) (USD $)	3 Months Ended
	Sep. 29, 2013	Sep. 30, 2012
Operating Leases, rent expense	$72,000	$163,000
Employee Agreement Expiration Date	24-Feb-14	'
Quadrant Metals Technologies LLC | CEO	'	'
Annual Salary	$285,000	'

COMMITMENTS_AND_CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	Sep. 29, 2013
In Thousands, unless otherwise specified
Future rental commitments under non-cancellable operating leases for the year ended June 30,	'
2014	$293
2015	167
2016	143
2017	129
2018	104
Total	$836

CUSTOMER_AND_SUPPLIER_CONCENTR1

CUSTOMER AND SUPPLIER CONCENTRATION RISK (Details Narrative)	3 Months Ended
	Sep. 29, 2013	Sep. 30, 2012
Concentration Risk Supplier	'	'There was no concentration in the volume of business above 5% transacted with a particular supplier(s) for which the Company had no alternative sources of supply.
Customers | Sales Revenue	'	'
Description of customer concentration risk	'Four customers	'Three Customers
Concentration risk, percentage	41.80%	30.90%
Customers | Accounts Receivable	'	'
Description of customer concentration risk	'Four customers	'Three Customers
Concentration risk, percentage	35.20%	35.60%

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 29, 2013	Sep. 30, 2012
Basic EPS:	'	'
Weighted average shares	5,728,000	5,150,000
Continuing Operations:	'	'
Net earnings (loss) attributed to common stock	$1,254	($26)
Per share earnings (loss)	$0.22	($0.01)
Discontinued Operations:	'	'
Net earnings (loss) attributed to common stock	'	-63
Per share earnings (loss)	'	($0.01)
Diluted EPS:	'	'
Net earnings (loss) attributed to common stock	$1,254	($89)
Weighted average shares	5,728,000	5,150,000
Per share earnings (loss)	$0.22	($0.02)

INCOME_TAXES_Details_Narrative

INCOME TAXES (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 29, 2013
Income Taxes Details Narrative	'
Provision for income taxes	$267
Local foreign taxes paid	119
Net deferred tax assets	4,316
Valuation Allowance	($4,316)

SEGMENT_INFORMATION_Details

SEGMENT INFORMATION (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 29, 2013	Sep. 30, 2012
Net sales	$18,400	$13,326
Operating costs	15,039	11,547
Operating income (loss)	1,901	-193
Interest expense, net	-205	-167
Gain on bargain purchase	'	381
Other non-operating income (expense)	'	33
Non-operating income (expense)	-205	247
Consolidated income from continuing operations before income tax expense and non-controlling interest	1,696	54
Purchase of plant and equipment	371	59
Depreciation and amortization	898	571
Precision Components	'	'
Net sales	16,452	11,289
Operating costs	13,352	9,698
Operating income (loss)	3,100	1,591
Purchase of plant and equipment	371	59
Depreciation and amortization	853	530
Flanges and Fitting	'	'
Net sales	1,261	1,663
Operating costs	1,189	1,463
Operating income (loss)	72	200
Depreciation and amortization	26	25
Wireless	'	'
Net sales	687	374
Operating costs	498	386
Operating income (loss)	189	-12
Depreciation and amortization	19	16
Corporate	'	'
Operating income (loss)	($1,460)	($1,972)

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)	Sep. 29, 2013	Sep. 29, 2013	Dec. 30, 2012	Sep. 29, 2013	Sep. 30, 2012	Sep. 29, 2013	Sep. 29, 2013
In Thousands, unless otherwise specified	Quadrant Metals Technologies LLC	Brean Murray Carret Group, Inc.	Quadrant Management Inc.	Quadrant Management Inc.	Quadrant Management Inc.	Quadrant Management Inc.	Quadrant Management Inc.
						Quadrant Metals Technologies LLC	Brean Murray Carret Group, Inc.
Common control relationship description	'	'Via certain wholly-owned intermediaries controls 61.5% of the shares of ARC	'	'	'	'Indirectly owned 74% of the membership interests of Quadrant Metals Technologies LLC	'
Ownership percentage	'	61.50%	'	'	'	74.00%	100.00%
Description of advisory agreements	'	'	'	'Financial advisory and business consulting services, including restructuring services	'	'Non-exclusive financial advisory agreement performing onging consulting and advisory services	'
Expiration date of advisory agreements	'	'	'	31-Dec-13	'	31-Dec-13	'
Initial advisory fee amount	'	'	'	$250	'	'	'
Annual advisory fee - 1st tier pricing	'	'	250	250	'	'	'
Advisory fee amount computed on increase in EBITDA - 2nd tier pricing	'	'	'	20.00%	'	'	'
Advisory fee amount computed on EBITDA - 3rd tier pricing	'	'	20.00%	20.00%	'	'	'
Total enterprise value, percentage used for transaction fees	'	'	'	2.00%	'	'	'
Transaction fees	'	'	1,600	'	'	'	'
Annual Advisory Fee	'	'	'	'	'	250	'
Advisory fees paid	'	'	'	428	188	'	'
Due to members - state income tax withheld	$20	'	'	'	'	'	'

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2012
Results of discontinued operations - TubeFit	'
Net sales from discontinued operations	$155
Operating loss from discontinued operations	-57
Other income (expense)	-13
Income tax benefit	0
Loss from discontinued operations	($70)

DISCONTINUED_OPERATIONS_Detail1

DISCONTINUED OPERATIONS (Details 1) (USD $)	Jun. 30, 2013
In Thousands, unless otherwise specified
Discontinued Operations Details 1	'
Accounts receivable, net	$256
Prepaid/Other Current Assets	6
Assets of Discontinued Operations	262
Accounts payable	6
Accrued expenses	1
Liabilities of Discontinued Operations	$7

STOCKBASED_COMPENSATION_Detail

STOCKBASED COMPENSATION (Details Narrative) (CEO, USD $)	0 Months Ended
	Aug. 19, 2013
CEO	'
Stock granted, shares	145,456
Value assigned stock grant, per share	$4.82

SUBSEQUENT_EVENTS_Details_Narr

SUBSEQUENT EVENTS (Details Narrative) (USD $)	0 Months Ended
In Thousands, unless otherwise specified	Oct. 09, 2013
Subsequent Events Details Narrative	'
Authorized repurchase of common stock, amount	$250,000