Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | ||
Sep. 26, 2013 | Oct. 24, 2013 | Oct. 24, 2013 | |
Class A Common Stock [Member] | Common Stock [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 26-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Trading Symbol | 'JBSS | ' | ' |
Entity Registrant Name | 'SANFILIPPO JOHN B & SON INC | ' | ' |
Entity Central Index Key | '0000880117 | ' | ' |
Current Fiscal Year End Date | '--06-26 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 2,597,426 | 8,337,009 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 26, 2013 | Sep. 27, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' |
Net sales | $176,697 | $177,507 |
Cost of sales | 147,328 | 146,934 |
Gross profit | 29,369 | 30,573 |
Operating expenses: | ' | ' |
Selling expenses | 9,899 | 10,179 |
Administrative expenses | 7,142 | 6,525 |
Total operating expenses | 17,041 | 16,704 |
Income from operations | 12,328 | 13,869 |
Other expense: | ' | ' |
Interest expense including $286 and $292 to related parties | 1,086 | 1,246 |
Rental and miscellaneous expense, net | 513 | 530 |
Total other expense, net | 1,599 | 1,776 |
Income before income taxes | 10,729 | 12,093 |
Income tax expense | 3,954 | 4,559 |
Net income | 6,775 | 7,534 |
Other comprehensive income: | ' | ' |
Amortization of prior service cost and actuarial gain included in net periodic pension cost | 222 | 239 |
Income tax expense related to pension adjustments | -89 | -96 |
Other comprehensive income, net of tax: | 133 | 143 |
Comprehensive income | $6,908 | $7,677 |
Net income per common share-basic | $0.62 | $0.70 |
Net income per common share-diluted | $0.61 | $0.69 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 26, 2013 | Sep. 27, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' |
Interest expense to related parties | $286 | $292 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 26, 2013 | Jun. 27, 2013 | Sep. 27, 2012 |
In Thousands, unless otherwise specified | |||
CURRENT ASSETS: | ' | ' | ' |
Cash | $1,195 | $834 | $2,471 |
Accounts receivable, less allowances of $3,675, $2,628 and $2,884 | 50,498 | 49,509 | 63,927 |
Inventories | 158,066 | 158,706 | 134,617 |
Deferred income taxes | 3,670 | 3,723 | 4,823 |
Prepaid expenses and other current assets | 2,892 | 4,843 | 2,893 |
Assets held for sale | 6,175 | 6,175 | ' |
TOTAL CURRENT ASSETS | 222,496 | 223,790 | 208,731 |
PROPERTY, PLANT AND EQUIPMENT: | ' | ' | ' |
Land | 9,285 | 9,285 | 9,285 |
Buildings | 102,424 | 102,424 | 102,168 |
Machinery and equipment | 166,164 | 166,549 | 162,576 |
Furniture and leasehold improvements | 4,363 | 4,363 | 4,289 |
Vehicles | 524 | 524 | 568 |
Construction in progress | 3,697 | 1,207 | 538 |
Property, Plant and Equipment, Gross, Total | 286,457 | 284,352 | 279,424 |
Less: Accumulated depreciation | 174,889 | 172,928 | 164,047 |
Property Plant And Equipment, Total | 111,568 | 111,424 | 115,377 |
Rental investment property, less accumulated depreciation of $6,668, $6,470 and $6,481 | 22,225 | 22,423 | 29,218 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 133,793 | 133,847 | 144,595 |
Cash surrender value of officers' life insurance and other assets | 8,752 | 8,405 | 7,726 |
Deferred income taxes | 1,002 | 827 | ' |
Intangible assets, net | 7,218 | 7,875 | 10,177 |
TOTAL ASSETS | 373,261 | 374,744 | 371,229 |
CURRENT LIABILITIES: | ' | ' | ' |
Revolving credit facility borrowings | 27,842 | 31,867 | 38,067 |
Current maturities of long-term debt, including related party debt of $328, $321 and $303 | 8,539 | 8,690 | 12,496 |
Accounts payable, including related party payables of $178, $290 and $181 | 44,502 | 43,741 | 38,284 |
Book overdraft | 1,914 | 1,052 | 932 |
Accrued payroll and related benefits | 6,035 | 15,855 | 6,050 |
Other accrued expenses | 8,679 | 7,593 | 11,638 |
Income taxes payable | 2,797 | ' | 4,120 |
TOTAL CURRENT LIABILITIES | 100,308 | 108,798 | 111,587 |
LONG-TERM LIABILITIES: | ' | ' | ' |
Long-term debt, less current maturities, including related party debt of $12,180, $12,264 and $12,507 | 32,980 | 33,665 | 35,718 |
Retirement plan | 12,692 | 12,615 | 13,400 |
Deferred income taxes | ' | ' | 646 |
Other | 4,767 | 4,362 | 979 |
TOTAL LONG-TERM LIABILITIES | 50,439 | 50,642 | 50,743 |
TOTAL LIABILITIES | 150,747 | 159,440 | 162,330 |
COMMITMENTS AND CONTINGENCIES | ' | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' | ' |
Capital in excess of par value | 106,434 | 106,132 | 104,084 |
Retained earnings | 120,205 | 113,430 | 110,093 |
Accumulated other comprehensive loss | -3,031 | -3,164 | -4,183 |
Treasury stock, at cost; 117,900 shares of Common Stock | -1,204 | -1,204 | -1,204 |
TOTAL STOCKHOLDERS' EQUITY | 222,514 | 215,304 | 208,899 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 373,261 | 374,744 | 371,229 |
Class A Common Stock [Member] | ' | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' | ' |
Common Stock | 26 | 26 | 26 |
Common Stock [Member] | ' | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' | ' |
Common Stock | $84 | $84 | $83 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 26, 2013 | Jun. 27, 2013 | Sep. 27, 2012 |
In Thousands, except Share data, unless otherwise specified | |||
Allowances for accounts receivable, current | $3,675 | $2,628 | $2,884 |
Accumulated depreciation of rental investment property | 6,668 | 6,470 | 6,481 |
Current maturities of long-term debt, related party debt | 328 | 321 | 303 |
Accounts payable, related party payables | 178 | 290 | 181 |
Related party debt, Non-current | $12,180 | $12,264 | $12,507 |
Treasury stock, shares | 117,900 | 117,900 | 117,900 |
Class A Common Stock [Member] | ' | ' | ' |
Common stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Common stock, shares issued | 2,597,426 | 2,597,426 | 2,597,426 |
Common stock, shares outstanding | 2,597,426 | 2,597,426 | 2,597,426 |
Common Stock [Member] | ' | ' | ' |
Common stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 17,000,000 | 17,000,000 | 17,000,000 |
Common stock, shares issued | 8,454,909 | 8,440,409 | 8,285,705 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 26, 2013 | Sep. 27, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $6,775 | $7,534 |
Depreciation and amortization | 4,001 | 4,171 |
Loss (gain) on disposition of properties, net | 67 | -559 |
Deferred income tax (benefit) expense | -122 | 186 |
Stock-based compensation expense | 216 | 184 |
Change in assets and liabilities: | ' | ' |
Accounts receivable, net | -989 | -14,060 |
Inventories | 640 | 11,767 |
Prepaid expenses and other current assets | 1,011 | 205 |
Accounts payable | 466 | 5,240 |
Accrued expenses | -8,723 | -8,456 |
Income taxes payable | 3,737 | 4,306 |
Other long-term liabilities | 405 | -27 |
Other, net | -82 | -207 |
Net cash provided by operating activities | 7,402 | 10,284 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of property, plant and equipment | -3,062 | -1,586 |
Proceeds from disposition of assets | ' | 870 |
Other | -55 | -68 |
Net cash used in investing activities | -3,117 | -784 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Borrowings under revolving credit facility | 64,731 | 81,645 |
Repayments of revolving credit borrowings | -68,756 | -89,426 |
Principal payments on long-term debt | -836 | -716 |
Increase (decrease) in book overdraft | 862 | -1,015 |
Issuance of Common Stock under equity award plans | 27 | 24 |
Tax benefit of equity award exercises | 48 | ' |
Net cash used in financing activities | -3,924 | -9,488 |
NET INCREASE IN CASH | 361 | 12 |
Cash, beginning of period | 834 | 2,459 |
Cash, end of period | $1,195 | $2,471 |
Basis_of_Presentation_and_Desc
Basis of Presentation and Description of Business | 3 Months Ended | |||
Sep. 26, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Basis of Presentation and Description of Business | ' | |||
Note 1 – Basis of Presentation and Description of Business | ||||
As used herein, unless the context otherwise indicates, the terms “Company”, “we”, “us”, “our” or “our Company” collectively refer to John B. Sanfilippo & Son, Inc. and our two wholly-owned subsidiaries, JBSS Real Estate, LLC and JBSS Ventures, LLC. Our fiscal year ends on the final Thursday of June each year, and typically consists of fifty-two weeks (four thirteen-week quarters). Additional information on the comparability of the periods presented is as follows: | ||||
• | References herein to fiscal 2014 and fiscal 2013 are to the fiscal year ending June 26, 2014 and the fiscal year ended June 27, 2013, respectively. | |||
• | References herein to the first quarter of fiscal 2014 and fiscal 2013 are to the quarters ended September 26, 2013 and September 27, 2012, respectively. | |||
We are one of the leading processors and distributors of peanuts and tree nuts in the United States. These nuts are sold under a variety of private brands and under the Fisher, Orchard Valley Harvest and Sunshine Country brand names. We also market and distribute, and in most cases manufacture or process, a diverse product line of food and snack products, including peanut butter, almond butter, candy and confections, snacks and trail mixes, sunflower seeds, dried fruit, corn snacks, sesame sticks and other sesame snack products under private brands and brand names. Our products are sold through the major distribution channels to significant buyers of nuts, including food retailers, commercial ingredient users, contract packaging customers and international customers. | ||||
The accompanying unaudited financial statements fairly present the consolidated statements of comprehensive income, consolidated balance sheets and consolidated statements of cash flows, and reflect all adjustments, consisting only of normal recurring adjustments which are necessary for the fair statement of the results of the interim periods. | ||||
The interim results of operations are not necessarily indicative of the results to be expected for a full year. The balance sheet data as of June 27, 2013 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). Accordingly, these unaudited financial statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2013 Annual Report on Form 10-K for the fiscal year ended June 27, 2013. |
Inventories
Inventories | 3 Months Ended | ||||||||||||
Sep. 26, 2013 | |||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||
Inventories | ' | ||||||||||||
Note 2 – Inventories | |||||||||||||
Inventories are stated at the lower of cost (first in, first out) or market which approximates actual cost. Raw materials and supplies include costs of nut and nut related products. Work-in-process and finished goods include labor and manufacturing overhead costs. Inventories consist of the following: | |||||||||||||
September 26, | June 27, | September 27, | |||||||||||
2013 | 2013 | 2012 | |||||||||||
Raw material and supplies | $ | 69,873 | $ | 80,925 | $ | 49,055 | |||||||
Work-in-process and finished goods | 88,193 | 77,781 | 85,562 | ||||||||||
Total | $ | 158,066 | $ | 158,706 | $ | 134,617 | |||||||
Intangible_Assets
Intangible Assets | 3 Months Ended | ||||||||||||
Sep. 26, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Intangible Assets | ' | ||||||||||||
Note 3 – Intangible Assets | |||||||||||||
Intangible assets subject to amortization consist of the following: | |||||||||||||
September 26, | June 27, | September 27, | |||||||||||
2013 | 2013 | 2012 | |||||||||||
Customer relationships | $ | 10,600 | $ | 10,600 | $ | 10,600 | |||||||
Non-compete agreement | 5,400 | 5,400 | 5,400 | ||||||||||
Brand names | 8,090 | 8,090 | 8,090 | ||||||||||
Total intangible assets, gross | 24,090 | 24,090 | 24,090 | ||||||||||
Less accumulated amortization: | |||||||||||||
Customer relationships | (5,067 | ) | (4,689 | ) | (3,553 | ) | |||||||
Non-compete agreement | (3,771 | ) | (3,501 | ) | (2,361 | ) | |||||||
Brand names | (8,034 | ) | (8,025 | ) | (7,999 | ) | |||||||
Total accumulated amortization | (16,872 | ) | (16,215 | ) | (13,913 | ) | |||||||
Net intangible assets | $ | 7,218 | $ | 7,875 | $ | 10,177 | |||||||
Customer relationships and the non-compete agreement relate wholly to the Orchard Valley Harvest (“OVH”) acquisition completed in 2010. Customer relationships are being amortized on a straight line basis over seven years. The non-compete agreement is being amortized based upon the expected pattern of cash flow annual benefit over a five year period. The brand names consist primarily of the Fisher brand name, which we acquired in a 1995 acquisition. The Fisher brand name became fully amortized in fiscal 2011. The remaining brand name relates to the OVH acquisition and is being amortized on a straight line basis over five years. |
Primary_Financing_Facilities
Primary Financing Facilities | 3 Months Ended |
Sep. 26, 2013 | |
Debt Disclosure [Abstract] | ' |
Primary Financing Facilities | ' |
Note 4 – Primary Financing Facilities | |
On February 7, 2008, we entered into a Credit Agreement with a bank group (the “Bank Lenders”) providing a $117,500 revolving loan commitment and letter of credit subfacility and subsequently amended the Credit Agreement in March 2010, July 2011, October 2011 and January 2013 (as amended, the “Credit Facility”). At September 26, 2013, we had $85,708 of available credit under the Credit Facility which reflects borrowings of $27,842 and reduced availability as a result of $3,950 in outstanding letters of credit. As of September 26, 2013, we were in compliance with all covenants under the Credit Facility. We would still be in compliance with all restrictive covenants under the Credit Facility if the entire available amount were borrowed. | |
Also on February 7, 2008, we entered into a Loan Agreement with an insurance company (the “Mortgage Lender”) providing us with two term loans, one in the amount of $36,000 (“Tranche A”) and the other in the amount of $9,000 (“Tranche B”), for an aggregate amount of $45,000 (the “Mortgage Facility”). As of September 26, 2013, we were in compliance with all covenants under the Mortgage Facility. We have classified $20,800 under Tranche A as long-term debt at September 26, 2013 which represents scheduled principal payments due beyond twelve months. All amounts outstanding under Tranche B are classified as short-term debt as of September 26, 2013, since the Mortgage Lender has the option to use proceeds of any sale of the site that was originally purchased by the Company in Elgin, Illinois to reduce the amount outstanding under Tranche B. |
Income_Taxes
Income Taxes | 3 Months Ended |
Sep. 26, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 5 – Income Taxes | |
At the beginning of fiscal year 2014, we had gross state tax net operating losses of approximately $5,040 that will expire between 2017 and 2030 if not utilized. | |
As of September 26, 2013, unrecognized tax benefits and accrued interest and penalties were not material. There were no material changes to the amount of unrecognized tax benefits during the first quarter of fiscal 2014. We do not anticipate that total unrecognized tax benefits will significantly change in the next twelve months. | |
We file income tax returns with federal and state tax authorities within the United States of America. Our federal tax returns are open for audit for fiscal 2011 and later. Our Illinois tax returns are open for audit for fiscal 2009 and later. Our California tax returns are open for audit for fiscal 2008 and later. No other tax jurisdictions are material to us. |
Earnings_Per_Common_Share
Earnings Per Common Share | 3 Months Ended | ||||||||
Sep. 26, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Common Share | ' | ||||||||
Note 6 – Earnings Per Common Share | |||||||||
Basic earnings per common share are calculated using the weighted average number of shares of Common Stock and Class A Common Stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue Common Stock (i) were exercised or converted into Common Stock or (ii) resulted in the issuance of Common Stock. The following table presents the reconciliation of the weighted average shares outstanding used in computing basic and diluted earnings per share: | |||||||||
For the Quarter Ended | |||||||||
September 26, | September 27, | ||||||||
2013 | 2012 | ||||||||
Weighted average number of shares outstanding – basic | 10,960,737 | 10,796,682 | |||||||
Effect of dilutive securities: | |||||||||
Stock options and restricted stock units | 136,237 | 159,426 | |||||||
Weighted average number of shares outstanding – diluted | 11,096,974 | 10,956,108 | |||||||
The following table presents a summary of anti-dilutive stock options excluded from the computation of diluted earnings per share: | |||||||||
For the Quarter Ended | |||||||||
September 26, | September 27, | ||||||||
2013 | 2012 | ||||||||
Weighted average number of anti-dilutive shares | 3,750 | 59,250 | |||||||
Weighted average exercise price | $ | 26.04 | $ | 18.65 |
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 3 Months Ended |
Sep. 26, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Stock-Based Compensation Plans | ' |
Note 7 – Stock-Based Compensation Plans | |
During the quarter ended September 26, 2013 there was no significant stock option activity. | |
During the quarter ended September 26, 2013, 11,000 restricted stock units (“RSUs”) vested, with a weighted-average grant-date fair value of $13.00. Of the RSUs outstanding as of September 26, 2013, 38,000 are vested and the non-vested RSUs will vest over a weighted average period of 1.0 years. | |
Compensation expense attributable to stock-based compensation during the first quarter of fiscal 2014 and fiscal 2013 was $216 and $184, respectively. As of September 26, 2013, there was $763 of total unrecognized compensation cost related to non-vested, share-based compensation arrangements granted under our stock-based compensation plans. We expect to recognize that cost over a weighted average period of 1.0 years. |
Retirement_Plan
Retirement Plan | 3 Months Ended | ||||||||
Sep. 26, 2013 | |||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||
Retirement Plan | ' | ||||||||
Note 8 – Retirement Plan | |||||||||
On August 2, 2007, our Compensation, Nominating and Corporate Governance Committee approved a restated Supplemental Retirement Plan (the “SERP”) for certain of our executive officers and key employees, effective as of August 25, 2005. The purpose of the SERP is to provide an unfunded, non-qualified deferred compensation benefit upon retirement, disability or death to certain executive officers and key employees. The monthly benefit is based upon each individual’s earnings and his or her number of years of service. Administrative expenses include the following net periodic benefit costs: | |||||||||
For the Quarter Ended | |||||||||
September 26, | September 27, | ||||||||
2013 | 2012 | ||||||||
Service cost | $ | 81 | $ | 86 | |||||
Interest cost | 159 | 142 | |||||||
Amortization of prior service cost | 239 | 239 | |||||||
Amortization of gain | (17 | ) | — | ||||||
Net periodic benefit cost | $ | 462 | $ | 467 | |||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | ||||||
Sep. 26, 2013 | |||||||
Equity [Abstract] | ' | ||||||
Accumulated Other Comprehensive Loss | ' | ||||||
Note 9 – Accumulated Other Comprehensive Loss | |||||||
The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the quarter ended | |||||||
September 26, 2013.(a) These changes are all related to our defined benefit pension plan. | |||||||
Accumulated | |||||||
other | |||||||
comprehensive | |||||||
loss | |||||||
Balance—June 27, 2013 | $ | (3,164 | ) | ||||
Other comprehensive income before reclassifications | — | ||||||
Amounts reclassified from accumulated other comprehensive loss | 222 | ||||||
Tax effect | (89 | ) | |||||
Net current-period other comprehensive income | 133 | ||||||
Balance—September 26, 2013 | $ | (3,031 | ) | ||||
(a) | Amounts in parenthesis indicate debits/expense. | ||||||
The reclassifications out of accumulated other comprehensive loss for the quarter ended September 26, 2013 were as follows: | |||||||
Reclassifications from AOCL to earnings | Amount | Affected line item in the | |||||
Reclassified | Consolidated Statements of | ||||||
from AOCL(b) | Comprehensive Income | ||||||
Amortization of defined benefit pension items: | |||||||
Unrecognized prior service cost | $ | (239 | ) | Administrative expenses | |||
Unrecognized net gain | 17 | Administrative expenses | |||||
Total before tax | (222 | ) | |||||
Tax effect | 89 | Income tax expense | |||||
Amortization of defined pension items, net of tax | $ | (133 | ) | ||||
(b) | Amounts in parenthesis indicate debits to expense. See Note 8-Retirement Plan for additional details. |
Assets_Held_for_Sale
Assets Held for Sale | 3 Months Ended |
Sep. 26, 2013 | |
Text Block [Abstract] | ' |
Assets Held for Sale | ' |
Note 10 – Assets Held for Sale | |
Since March 2006 we have owned property in Elgin, Illinois (the “Old Elgin Site”) originally purchased for our facility consolidation project. During the third quarter of fiscal 2013 we reached an agreed upon sales contract with a third party which has since been executed. The planned sale of this property meets the criteria of an asset “Held for Sale” in accordance with ASC 360, Property, Plant and Equipment. Assets held for sale are required to be measured at the lower of their carrying value or fair value less cost to sell. No adjustment to fair value less costs to sell was required. A current asset of $6,175 is presented in the consolidated balance sheets at September 26, 2013. |
Distribution_Channel_and_Produ
Distribution Channel and Product Type Sales Mix | 3 Months Ended | ||||||||
Sep. 26, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Distribution Channel and Product Type Sales Mix | ' | ||||||||
Note 11 – Distribution Channel and Product Type Sales Mix | |||||||||
We operate in a single reportable segment through which we sell various nut and nut related products through multiple distribution channels. | |||||||||
The following summarizes net sales by distribution channel: | |||||||||
For the Quarter Ended | |||||||||
Distribution Channel | September 26, | September 27, | |||||||
2013 | 2012 | ||||||||
Consumer* | $ | 96,510 | $ | 107,607 | |||||
Commercial Ingredients | 50,020 | 43,366 | |||||||
Contract Packaging | 23,323 | 18,480 | |||||||
Export | 6,844 | 8,054 | |||||||
Total | $ | 176,697 | $ | 177,507 | |||||
* | Sales of branded products were approximately 29% and 31% of total consumer sales during the first quarter of fiscal 2014 and fiscal 2013, respectively. | ||||||||
The following summarizes sales by product type as a percentage of total gross sales. The information is based upon gross sales, rather than net sales, because certain adjustments, such as promotional discounts, are not allocable to product type. | |||||||||
For the Quarter Ended | |||||||||
Product Type | September 26, | September 27, | |||||||
2013 | 2012 | ||||||||
Peanuts | 15.8 | % | 20.3 | % | |||||
Pecans | 13.1 | 16.1 | |||||||
Cashews & Mixed Nuts | 18.9 | 19 | |||||||
Walnuts | 11.2 | 11.6 | |||||||
Almonds | 21.7 | 15.8 | |||||||
Other | 19.3 | 17.2 | |||||||
Total | 100 | % | 100 | % | |||||
For all periods presented, the largest component of the “Other” product type is trail and snack mixes which include nut products. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 3 Months Ended |
Sep. 26, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingent Liabilities | ' |
Note 12 – Commitments and Contingent Liabilities | |
We are currently a party to various legal proceedings in the ordinary course of business. While management presently believes that the ultimate outcomes of these proceedings, individually and in the aggregate, will not materially affect our Company’s financial position, results of operations or cash flows, legal proceedings are subject to inherent uncertainties, and unfavorable outcomes could occur. Unfavorable outcomes could include substantial monetary damages in excess of any appropriate accruals which management has established. Were such unfavorable final outcomes to occur, there exists the possibility of a material adverse effect on our financial position, results of operations and cash flows. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||
Sep. 26, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||
Note 13 – Fair Value of Financial Instruments | |||||||||||||
Authoritative guidance issued by the Financial Accounting Standards Board (“FASB”) defines fair value as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels: | |||||||||||||
Level 1 | – | Quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities. | |||||||||||
Level 2 | – | Observable inputs other than quoted prices in active markets. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. | |||||||||||
Level 3 | – | Unobservable inputs for which there is little or no market data available. | |||||||||||
The carrying values of cash, trade accounts receivable and accounts payable approximate their fair values at each balance sheet date because of the short-term maturities and nature of these balances. | |||||||||||||
The carrying value of our revolving credit facility borrowings approximates fair value at each balance sheet date because interest rates on this instrument approximate current market rates (Level 2 criteria), the short-term maturity and nature of this balance. In addition, there has been no significant change in our inherent credit risk. | |||||||||||||
The following table summarizes the carrying value and fair value estimate of our long term debt, including current maturities: | |||||||||||||
September 26, | June 27, | September 27, | |||||||||||
2013 | 2013 | 2012 | |||||||||||
Carrying value of long-term debt: | $ | 41,519 | $ | 42,355 | $ | 48,214 | |||||||
Fair value of long-term debt: | 45,371 | 46,059 | 52,781 | ||||||||||
The estimated fair value of our long-term debt was determined using a market approach based upon Level 2 observable inputs, which estimates fair value based on interest rates currently offered on loans with similar terms to borrowers of similar credit quality or broker quotes. In addition, there have been no significant changes in the underlying assets securing our long-term debt. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Sep. 26, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Note 14 – Recent Accounting Pronouncements | |
In February 2013, the FASB issued ASU No. 2013-02, “Comprehensive Income (Topic 220)—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The update requires presentation by the respective line items of net income, either on the face of the statement where net income is presented or in the notes, information about significant amounts required under U.S. GAAP to be reclassified out of accumulated other comprehensive income in their entirety. For amounts not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. This update is effective for fiscal years beginning on or after December 15, 2012, and interim periods within those annual periods. We adopted this update this fiscal quarter. Because the update only affects the presentation of comprehensive income and does not impact what is included in comprehensive income, the adoption of this update did not have an impact on our financial position, results of operations, or cash flows. |
Subsequent_Event
Subsequent Event | 3 Months Ended |
Sep. 26, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Note 15 – Subsequent Event | |
On October 29, 2013, our Board of Directors, after considering the financial position of our Company, declared a special cash dividend of $1.50 per share on all issued and outstanding shares of Common Stock and Class A Common Stock of the Company (the “Special Dividend”). The Special Dividend will be paid on December 5, 2013, to stockholders of record at the close of business on November 21, 2013. The ex-dividend date is the close of business on November 19, 2013. The Company obtained the appropriate consent from the Bank Lenders in order to declare and pay this Special Dividend. The total amount of cash expected to be paid to stockholders under the Special Dividend will be approximately $17,000. |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Sep. 26, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
In February 2013, the FASB issued ASU No. 2013-02, “Comprehensive Income (Topic 220)—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The update requires presentation by the respective line items of net income, either on the face of the statement where net income is presented or in the notes, information about significant amounts required under U.S. GAAP to be reclassified out of accumulated other comprehensive income in their entirety. For amounts not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. This update is effective for fiscal years beginning on or after December 15, 2012, and interim periods within those annual periods. We adopted this update this fiscal quarter. Because the update only affects the presentation of comprehensive income and does not impact what is included in comprehensive income, the adoption of this update did not have an impact on our financial position, results of operations, or cash flows. |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||||||
Sep. 26, 2013 | |||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||
Components of Inventories | ' | ||||||||||||
Inventories consist of the following: | |||||||||||||
September 26, | June 27, | September 27, | |||||||||||
2013 | 2013 | 2012 | |||||||||||
Raw material and supplies | $ | 69,873 | $ | 80,925 | $ | 49,055 | |||||||
Work-in-process and finished goods | 88,193 | 77,781 | 85,562 | ||||||||||
Total | $ | 158,066 | $ | 158,706 | $ | 134,617 | |||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | ||||||||||||
Sep. 26, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Components of Intangible Assets | ' | ||||||||||||
Intangible assets subject to amortization consist of the following: | |||||||||||||
September 26, | June 27, | September 27, | |||||||||||
2013 | 2013 | 2012 | |||||||||||
Customer relationships | $ | 10,600 | $ | 10,600 | $ | 10,600 | |||||||
Non-compete agreement | 5,400 | 5,400 | 5,400 | ||||||||||
Brand names | 8,090 | 8,090 | 8,090 | ||||||||||
Total intangible assets, gross | 24,090 | 24,090 | 24,090 | ||||||||||
Less accumulated amortization: | |||||||||||||
Customer relationships | (5,067 | ) | (4,689 | ) | (3,553 | ) | |||||||
Non-compete agreement | (3,771 | ) | (3,501 | ) | (2,361 | ) | |||||||
Brand names | (8,034 | ) | (8,025 | ) | (7,999 | ) | |||||||
Total accumulated amortization | (16,872 | ) | (16,215 | ) | (13,913 | ) | |||||||
Net intangible assets | $ | 7,218 | $ | 7,875 | $ | 10,177 | |||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 3 Months Ended | ||||||||
Sep. 26, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Weighted Average Shares Outstanding Used in Computing Earning Per Share | ' | ||||||||
The following table presents the reconciliation of the weighted average shares outstanding used in computing basic and diluted earnings per share: | |||||||||
For the Quarter Ended | |||||||||
September 26, | September 27, | ||||||||
2013 | 2012 | ||||||||
Weighted average number of shares outstanding – basic | 10,960,737 | 10,796,682 | |||||||
Effect of dilutive securities: | |||||||||
Stock options and restricted stock units | 136,237 | 159,426 | |||||||
Weighted average number of shares outstanding – diluted | 11,096,974 | 10,956,108 | |||||||
Summary of Anti-dilutive Stock Options Excluded from Computation of Diluted Earnings Per Share | ' | ||||||||
The following table presents a summary of anti-dilutive stock options excluded from the computation of diluted earnings per share: | |||||||||
For the Quarter Ended | |||||||||
September 26, | September 27, | ||||||||
2013 | 2012 | ||||||||
Weighted average number of anti-dilutive shares | 3,750 | 59,250 | |||||||
Weighted average exercise price | $ | 26.04 | $ | 18.65 |
Retirement_Plan_Tables
Retirement Plan (Tables) | 3 Months Ended | ||||||||
Sep. 26, 2013 | |||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||
Schedule of Net Benefit Costs | ' | ||||||||
Administrative expenses include the following net periodic benefit costs: | |||||||||
For the Quarter Ended | |||||||||
September 26, | September 27, | ||||||||
2013 | 2012 | ||||||||
Service cost | $ | 81 | $ | 86 | |||||
Interest cost | 159 | 142 | |||||||
Amortization of prior service cost | 239 | 239 | |||||||
Amortization of gain | (17 | ) | — | ||||||
Net periodic benefit cost | $ | 462 | $ | 467 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | ||||||
Sep. 26, 2013 | |||||||
Equity [Abstract] | ' | ||||||
Changes in Accumulated Other Comprehensive Loss | ' | ||||||
The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the quarter ended | |||||||
September 26, 2013.(a) These changes are all related to our defined benefit pension plan. | |||||||
Accumulated | |||||||
other | |||||||
comprehensive | |||||||
loss | |||||||
Balance—June 27, 2013 | $ | (3,164 | ) | ||||
Other comprehensive income before reclassifications | — | ||||||
Amounts reclassified from accumulated other comprehensive loss | 222 | ||||||
Tax effect | (89 | ) | |||||
Net current-period other comprehensive income | 133 | ||||||
Balance—September 26, 2013 | $ | (3,031 | ) | ||||
(a) | Amounts in parenthesis indicate debits/expense. | ||||||
Reclassification Out of Accumulated Other Comprehensive Loss | ' | ||||||
The reclassifications out of accumulated other comprehensive loss for the quarter ended September 26, 2013 were as follows: | |||||||
Reclassifications from AOCL to earnings | Amount | Affected line item in the | |||||
Reclassified | Consolidated Statements of | ||||||
from AOCL(b) | Comprehensive Income | ||||||
Amortization of defined benefit pension items: | |||||||
Unrecognized prior service cost | $ | (239 | ) | Administrative expenses | |||
Unrecognized net gain | 17 | Administrative expenses | |||||
Total before tax | (222 | ) | |||||
Tax effect | 89 | Income tax expense | |||||
Amortization of defined pension items, net of tax | $ | (133 | ) | ||||
(b) | Amounts in parenthesis indicate debits to expense. See Note 8-Retirement Plan for additional details. |
Distribution_Channel_and_Produ1
Distribution Channel and Product Type Sales Mix (Tables) | 3 Months Ended | ||||||||
Sep. 26, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Schedule of Revenue by Distribution Channel | ' | ||||||||
The following summarizes net sales by distribution channel: | |||||||||
For the Quarter Ended | |||||||||
Distribution Channel | September 26, | September 27, | |||||||
2013 | 2012 | ||||||||
Consumer* | $ | 96,510 | $ | 107,607 | |||||
Commercial Ingredients | 50,020 | 43,366 | |||||||
Contract Packaging | 23,323 | 18,480 | |||||||
Export | 6,844 | 8,054 | |||||||
Total | $ | 176,697 | $ | 177,507 | |||||
* | Sales of branded products were approximately 29% and 31% of total consumer sales during the first quarter of fiscal 2014 and fiscal 2013, respectively. | ||||||||
Schedule of Sales by Product Type as Percentage of Gross Sales | ' | ||||||||
The following summarizes sales by product type as a percentage of total gross sales. The information is based upon gross sales, rather than net sales, because certain adjustments, such as promotional discounts, are not allocable to product type. | |||||||||
For the Quarter Ended | |||||||||
Product Type | September 26, | September 27, | |||||||
2013 | 2012 | ||||||||
Peanuts | 15.8 | % | 20.3 | % | |||||
Pecans | 13.1 | 16.1 | |||||||
Cashews & Mixed Nuts | 18.9 | 19 | |||||||
Walnuts | 11.2 | 11.6 | |||||||
Almonds | 21.7 | 15.8 | |||||||
Other | 19.3 | 17.2 | |||||||
Total | 100 | % | 100 | % | |||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||
Sep. 26, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Carrying Value and Fair Value Estimate of Long Term Debt | ' | ||||||||||||
The following table summarizes the carrying value and fair value estimate of our long term debt, including current maturities: | |||||||||||||
September 26, | June 27, | September 27, | |||||||||||
2013 | 2013 | 2012 | |||||||||||
Carrying value of long-term debt: | $ | 41,519 | $ | 42,355 | $ | 48,214 | |||||||
Fair value of long-term debt: | 45,371 | 46,059 | 52,781 |
Basis_of_Presentation_and_Desc1
Basis of Presentation and Description of Business - Additional Information (Detail) | 3 Months Ended |
Sep. 26, 2013 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Number of weeks in fiscal year | '364 days |
Number of weeks in quarter | '91 days |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Sep. 26, 2013 | Jun. 27, 2013 | Sep. 27, 2012 |
In Thousands, unless otherwise specified | |||
Inventory Disclosure [Abstract] | ' | ' | ' |
Raw material and supplies | $69,873 | $80,925 | $49,055 |
Work-in-process and finished goods | 88,193 | 77,781 | 85,562 |
Total | $158,066 | $158,706 | $134,617 |
Intangible_Assets_Components_o
Intangible Assets - Components of Intangible Assets (Detail) (USD $) | Sep. 26, 2013 | Jun. 27, 2013 | Sep. 27, 2012 |
In Thousands, unless otherwise specified | |||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Total intangible assets, gross | $24,090 | $24,090 | $24,090 |
Less accumulated amortization: | ' | ' | ' |
Total accumulated amortization | -16,872 | -16,215 | -13,913 |
Net intangible assets | 7,218 | 7,875 | 10,177 |
Customer relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Total intangible assets, gross | 10,600 | 10,600 | 10,600 |
Less accumulated amortization: | ' | ' | ' |
Total accumulated amortization | -5,067 | -4,689 | -3,553 |
Non-compete agreement [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Total intangible assets, gross | 5,400 | 5,400 | 5,400 |
Less accumulated amortization: | ' | ' | ' |
Total accumulated amortization | -3,771 | -3,501 | -2,361 |
Brand names [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Total intangible assets, gross | 8,090 | 8,090 | 8,090 |
Less accumulated amortization: | ' | ' | ' |
Total accumulated amortization | ($8,034) | ($8,025) | ($7,999) |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) | 3 Months Ended |
Sep. 26, 2013 | |
Customer relationships [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Amortization period | '7 years |
Non-compete agreement [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Amortization period | '5 years |
Brand names [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Amortization period | '5 years |
Primary_Financing_Facilities_A
Primary Financing Facilities - Additional Information (Detail) (USD $) | Sep. 26, 2013 | Jun. 27, 2013 | Sep. 27, 2012 | Sep. 26, 2013 | Feb. 07, 2008 | Feb. 07, 2008 | Feb. 07, 2008 | Feb. 07, 2008 |
In Thousands, unless otherwise specified | Mortgage Facility Tranche A [Member] | Mortgage Facility Tranche A [Member] | Mortgage Facility Tranche B [Member] | Mortgage Facility [Member] | Revolving Credit Facility [Member] | |||
Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving loan commitment and letter of credit sub facility | ' | ' | ' | ' | ' | ' | ' | $117,500 |
Available credit under the Credit Facility | 85,708 | ' | ' | ' | ' | ' | ' | ' |
Borrowings | 27,842 | 31,867 | 38,067 | ' | ' | ' | ' | ' |
Outstanding letters of credit | 3,950 | ' | ' | ' | ' | ' | ' | ' |
Amounts of term loans | $41,519 | $42,355 | $48,214 | $20,800 | $36,000 | $9,000 | $45,000 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 26, 2013 |
Operating Loss Carryforwards [Line Items] | ' |
Gross state tax net operating losses expiration dates | 'Between 2017 and 2030 |
State and Local Jurisdiction [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Gross state tax net operating losses | 5,040 |
United States [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Year of tax return audit | '2011 |
Illinois [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Year of tax return audit | '2009 |
California [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Year of tax return audit | '2008 |
Earnings_Per_Common_Share_Weig
Earnings Per Common Share - Weighted Average Shares Outstanding Used in Computing Earnings Per Share (Detail) | 3 Months Ended | |
Sep. 26, 2013 | Sep. 27, 2012 | |
Weighted Average Shares Outstanding [Abstract] | ' | ' |
Weighted average number of shares outstanding - basic | 10,960,737 | 10,796,682 |
Effect of dilutive securities: | ' | ' |
Stock options and restricted stock units | 136,237 | 159,426 |
Weighted average number of shares outstanding - diluted | 11,096,974 | 10,956,108 |
Earnings_Per_Common_Share_Summ
Earnings Per Common Share - Summary of Anti Dilutive Stock Options Excluded From Computation of Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
Sep. 26, 2013 | Sep. 27, 2012 | |
Anti Dilutive Shares [Abstract] | ' | ' |
Weighted average number of anti-dilutive shares | 3,750 | 59,250 |
Weighted average exercise price | $26.04 | $18.65 |
Stock_Based_Compensation_Plans
Stock Based Compensation Plans - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 26, 2013 | Sep. 27, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Compensation expense attributable to stock-based compensation | $216 | $184 |
Unrecognized compensation cost related to non-vested share-based compensation | $763 | ' |
Expected weighted average recognize period of unrecognized compensation cost related to non-vested share-based compensation | '1 year | ' |
Restricted Stock Units R S U [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock units vested | 11,000 | ' |
Restricted stock units vested Weighted-average grant-date fair value | $13 | ' |
Restricted stock units vested | 38,000 | ' |
Vesting period of restricted stock units granted | '1 year | ' |
Retirement_Plan_Schedule_of_Ne
Retirement Plan - Schedule of Net Benefit Costs (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 26, 2013 | Sep. 27, 2012 |
Compensation And Retirement Disclosure [Abstract] | ' | ' |
Service cost | $81 | $86 |
Interest cost | 159 | 142 |
Amortization of prior service cost | 239 | 239 |
Amortization of gain | -17 | ' |
Net periodic benefit cost | $462 | $467 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 26, 2013 | Sep. 27, 2012 |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax [Abstract] | ' | ' |
Balance - June 27, 2013 | ($3,164) | ($4,183) |
Other comprehensive income before reclassifications | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | 222 | ' |
Tax effect | -89 | ' |
Net current-period other comprehensive income | 133 | ' |
Balance - September 26, 2013 | ($3,031) | ($4,183) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss - Reclassification Out of Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 26, 2013 | Sep. 27, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Total before tax | ($222) | ' |
Tax effect | -89 | -96 |
Amortization of defined pension items, net of tax | 133 | 143 |
Amortization of defined benefit pension items [Member] | Amount Reclassified from AOCL [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Total before tax | -222 | ' |
Tax effect | 89 | ' |
Amortization of defined pension items, net of tax | -133 | ' |
Amortization of defined benefit pension items [Member] | Amount Reclassified from AOCL [Member] | Administrative Expenses [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Unrecognized prior service cost | -239 | ' |
Unrecognized net gain | $17 | ' |
Assets_Held_for_Sale_Additiona
Assets Held for Sale - Additional Information (Detail) (USD $) | Sep. 26, 2013 | Jun. 27, 2013 |
In Thousands, unless otherwise specified | ||
Assets Held For Sale Current [Abstract] | ' | ' |
Assets held for sale | $6,175 | $6,175 |
Distribution_Channel_and_Produ2
Distribution Channel and Product Type Sales Mix - Schedule of Revenue by Distribution Channel (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 26, 2013 | Sep. 27, 2012 |
Distribution Channel Reporting Information [Line Items] | ' | ' |
Total | $176,697 | $177,507 |
Consumer [Member] | ' | ' |
Distribution Channel Reporting Information [Line Items] | ' | ' |
Total | 96,510 | 107,607 |
Commercial Ingredients [Member] | ' | ' |
Distribution Channel Reporting Information [Line Items] | ' | ' |
Total | 50,020 | 43,366 |
Contract Packaging [Member] | ' | ' |
Distribution Channel Reporting Information [Line Items] | ' | ' |
Total | 23,323 | 18,480 |
Export [Member] | ' | ' |
Distribution Channel Reporting Information [Line Items] | ' | ' |
Total | $6,844 | $8,054 |
Distribution_Channel_and_Produ3
Distribution Channel and Product Type Sales Mix - Schedule of Revenue by Distribution Channel (Parenthetical) (Detail) (Branded products [Member], Sales [Member]) | 3 Months Ended | 12 Months Ended |
Sep. 26, 2013 | Jun. 27, 2013 | |
Branded products [Member] | Sales [Member] | ' | ' |
Distribution Channel Reporting Information [Line Items] | ' | ' |
Percentage of total consumer sales comprised of sale of branded products | 29.00% | 31.00% |
Distribution_Channel_and_Produ4
Distribution Channel and Product Type Sales Mix - Schedule of Sales by Product Type as Percentage of Gross Sales (Detail) | 3 Months Ended | |
Sep. 26, 2013 | Sep. 27, 2012 | |
Product Type Reporting Information [Line Items] | ' | ' |
Total | 100.00% | 100.00% |
Peanuts [Member] | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' |
Total | 15.80% | 20.30% |
Pecans [Member] | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' |
Total | 13.10% | 16.10% |
Cashews & Mixed Nuts [Member] | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' |
Total | 18.90% | 19.00% |
Walnuts [Member] | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' |
Total | 11.20% | 11.60% |
Almonds [Member] | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' |
Total | 21.70% | 15.80% |
Other [Member] | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' |
Total | 19.30% | 17.20% |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Carrying Value and Fair Value Estimate of Long Term Debt (Detail) (USD $) | Sep. 26, 2013 | Jun. 27, 2013 | Sep. 27, 2012 |
In Thousands, unless otherwise specified | |||
Fair Value Disclosures [Abstract] | ' | ' | ' |
Carrying value of long-term debt: | $41,519 | $42,355 | $48,214 |
Fair value of long-term debt: | $45,371 | $46,059 | $52,781 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Subsequent Event [Member], USD $) | 1 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Oct. 29, 2013 |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Special cash dividend | $1.50 |
Special dividend payout expected | $17,000 |
Dividend payable date, declared day | 29-Oct-13 |
Dividend Payable Date | 5-Dec-13 |
Dividend payable, ex-dividend date | 19-Nov-13 |