Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Mar. 27, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | |
Class A Common Stock [Member] | Common Stock, non-cumulative voting rights of one vote per share [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 27-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
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 | 8,444,205 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 27, 2014 | Mar. 28, 2013 | Mar. 27, 2014 | Mar. 28, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net sales | $174,291 | $163,815 | $576,102 | $556,941 |
Cost of sales | 151,492 | 140,936 | 486,986 | 466,813 |
Gross profit | 22,799 | 22,879 | 89,116 | 90,128 |
Operating expenses: | ' | ' | ' | ' |
Selling expenses | 10,283 | 11,565 | 35,338 | 36,342 |
Administrative expenses | 6,378 | 7,990 | 20,559 | 22,167 |
Gain on assets held for sale, net | ' | ' | -1,641 | ' |
Total operating expenses | 16,661 | 19,555 | 54,256 | 58,509 |
Income from operations | 6,138 | 3,324 | 34,860 | 31,619 |
Other expense: | ' | ' | ' | ' |
Interest expense including $284, $289, $855 and $873 to related parties | 1,077 | 1,171 | 3,225 | 3,521 |
Rental and miscellaneous expense, net | 453 | 364 | 1,777 | 1,183 |
Total other expense, net | 1,530 | 1,535 | 5,002 | 4,704 |
Income before income taxes | 4,608 | 1,789 | 29,858 | 26,915 |
Income tax expense | 927 | 1,447 | 10,178 | 10,738 |
Net income | 3,681 | 342 | 19,680 | 16,177 |
Other comprehensive income: | ' | ' | ' | ' |
Amortization of prior service cost and actuarial gain included in net periodic pension cost | 222 | 239 | 667 | 718 |
Income tax expense related to pension adjustments | -89 | -96 | -267 | -287 |
Other comprehensive income, net of tax: | 133 | 143 | 400 | 431 |
Comprehensive income | $3,814 | $485 | $20,080 | $16,608 |
Net income per common share-basic | $0.33 | $0.03 | $1.79 | $1.49 |
Net income per common share-diluted | $0.33 | $0.03 | $1.77 | $1.47 |
Cash dividends declared per share | ' | ' | $1.50 | $1 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 27, 2014 | Mar. 28, 2013 | Mar. 27, 2014 | Mar. 28, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Interest expense to related parties | $284 | $289 | $855 | $873 |
CONSOLIDATED_BALANCE_SHEETS_Un
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Mar. 27, 2014 | Jun. 27, 2013 | Mar. 28, 2013 |
In Thousands, unless otherwise specified | |||
CURRENT ASSETS: | ' | ' | ' |
Cash | $1,197 | $834 | $1,506 |
Accounts receivable, less allowances of $3,684, $2,628 and $3,538 | 52,446 | 49,509 | 51,355 |
Inventories | 198,067 | 158,706 | 166,754 |
Deferred income taxes | 3,496 | 3,723 | 4,913 |
Prepaid expenses and other current assets | 7,069 | 4,843 | 5,558 |
Assets held for sale | ' | 6,175 | 6,175 |
TOTAL CURRENT ASSETS | 262,275 | 223,790 | 236,261 |
PROPERTY, PLANT AND EQUIPMENT: | ' | ' | ' |
Land | 9,285 | 9,285 | 9,285 |
Buildings | 102,796 | 102,424 | 102,424 |
Machinery and equipment | 171,271 | 166,549 | 166,005 |
Furniture and leasehold improvements | 4,363 | 4,363 | 4,340 |
Vehicles | 532 | 524 | 527 |
Construction in progress | 2,379 | 1,207 | 933 |
Property, plant and equipment gross | 290,626 | 284,352 | 283,514 |
Less: Accumulated depreciation | 179,947 | 172,928 | 169,807 |
Property, plant and equipment net | 110,679 | 111,424 | 113,707 |
Rental investment property, less accumulated depreciation of $7,064, $6,470 and $6,272 | 21,829 | 22,423 | 22,621 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 132,508 | 133,847 | 136,328 |
Cash surrender value of officers' life insurance and other assets | 8,580 | 8,405 | 7,945 |
Deferred income taxes | 804 | 827 | ' |
Intangible assets, net | 5,903 | 7,875 | 8,643 |
TOTAL ASSETS | 410,070 | 374,744 | 389,177 |
CURRENT LIABILITIES: | ' | ' | ' |
Revolving credit facility borrowings | 55,829 | 31,867 | 42,047 |
Current maturities of long-term debt, including related party debt of $341, $321 and $315 | 3,345 | 8,690 | 12,130 |
Accounts payable, including related party payables of $66, $290 and $309 | 54,746 | 43,741 | 42,532 |
Book overdraft | 6,886 | 1,052 | 9,112 |
Accrued payroll and related benefits | 6,910 | 15,855 | 10,923 |
Other accrued expenses | 7,251 | 7,593 | 13,468 |
Income taxes payable | ' | ' | 1,192 |
TOTAL CURRENT LIABILITIES | 134,967 | 108,798 | 131,404 |
LONG-TERM LIABILITIES: | ' | ' | ' |
Long-term debt, less current maturities, including related party debt of $12,006, $12,264 and $12,347 | 36,506 | 33,665 | 34,351 |
Retirement plan | 12,844 | 12,615 | 13,531 |
Deferred income taxes | ' | ' | 959 |
Other | 5,220 | 4,362 | 923 |
TOTAL LONG-TERM LIABILITIES | 54,570 | 50,642 | 49,764 |
TOTAL LIABILITIES | 189,537 | 159,440 | 181,168 |
COMMITMENTS AND CONTINGENCIES | ' | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' | ' |
Capital in excess of par value | 107,880 | 106,132 | 105,152 |
Retained earnings | 116,510 | 113,430 | 107,847 |
Accumulated other comprehensive loss | -2,764 | -3,164 | -3,896 |
Treasury stock, at cost; 117,900 shares of Common Stock | -1,204 | -1,204 | -1,204 |
TOTAL STOCKHOLDERS' EQUITY | 220,533 | 215,304 | 208,009 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 410,070 | 374,744 | 389,177 |
Class A Common Stock [Member] | ' | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' | ' |
Common Stock | 26 | 26 | 26 |
Common Stock, non-cumulative voting rights of one vote per share [Member] | ' | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' | ' |
Common Stock | $85 | $84 | $84 |
CONSOLIDATED_BALANCE_SHEETS_Un1
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Mar. 27, 2014 | Jun. 27, 2013 | Mar. 28, 2013 |
In Thousands, except Share data, unless otherwise specified | |||
Allowances for accounts receivable, current | $3,684 | $2,628 | $3,538 |
Accumulated depreciation of rental investment property | 7,064 | 6,470 | 6,272 |
Current maturities of long-term debt, related party debt | 341 | 321 | 315 |
Accounts payable, related party payables | 66 | 290 | 309 |
Related party debt, Non-current | $12,006 | $12,264 | $12,347 |
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, non-cumulative voting rights of one vote per share [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 | 8,562,105 | 8,440,409 | 8,385,580 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 27, 2014 | Mar. 28, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $19,680 | $16,177 |
Depreciation and amortization | 12,136 | 12,607 |
Gain on disposition of properties, net | -1,520 | -608 |
Deferred income tax expense | 250 | 409 |
Stock-based compensation expense | 833 | 682 |
Change in assets and liabilities: | ' | ' |
Accounts receivable, net | -2,937 | -1,488 |
Inventories | -39,361 | -20,370 |
Prepaid expenses and other current assets | -1,478 | -2,460 |
Accounts payable | 10,204 | 9,488 |
Accrued expenses | -9,292 | -1,742 |
Income taxes payable | -748 | 1,378 |
Other long-term liabilities | 858 | -83 |
Other, net | 481 | 11 |
Net cash (used in) provided by operating activities | -10,894 | 14,001 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of property, plant and equipment | -8,152 | -6,406 |
Proceeds from dispositions of assets, net | 7,839 | 984 |
Other | -28 | -142 |
Net cash used in investing activities | -341 | -5,564 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Borrowings under revolving credit facility | 238,252 | 252,586 |
Repayments of revolving credit borrowings | -214,290 | -256,387 |
Principal payments on long-term debt | -2,504 | -2,449 |
Increase in book overdraft | 5,834 | 7,165 |
Dividends paid | -16,599 | -10,889 |
Issuance of Common Stock under equity award plans | 523 | 481 |
Tax benefit of equity award exercises | 382 | 103 |
Net cash provided by (used in) financing activities | 11,598 | -9,390 |
NET INCREASE (DECREASE) IN CASH | 363 | -953 |
Cash, beginning of period | 834 | 2,459 |
Cash, end of period | $1,197 | $1,506 |
Basis_of_Presentation_and_Desc
Basis of Presentation and Description of Business | 9 Months Ended | |||
Mar. 27, 2014 | ||||
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 wholly-owned subsidiaries, JBSS Real Estate, LLC, JBSS Ventures, LLC and Sanfilippo (Shanghai) Trading Co. Ltd. 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 third quarters of fiscal 2014 and fiscal 2013 are to the quarters ended March 27, 2014 and March 28, 2013, respectively. | |||
• | References herein to the first three quarters or first thirty-nine weeks of fiscal 2014 and fiscal 2013 are to the thirty-nine weeks ended March 27, 2014 and March 28, 2013, 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 | 9 Months Ended | ||||||||||||
Mar. 27, 2014 | |||||||||||||
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: | |||||||||||||
March 27, | June 27, | March 28, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
Raw material and supplies | $ | 123,155 | $ | 80,925 | $ | 100,988 | |||||||
Work-in-process and finished goods | 74,912 | 77,781 | 65,766 | ||||||||||
Total | $ | 198,067 | $ | 158,706 | $ | 166,754 | |||||||
Intangible_Assets
Intangible Assets | 9 Months Ended | ||||||||||||
Mar. 27, 2014 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Intangible Assets | ' | ||||||||||||
Note 3 – Intangible Assets | |||||||||||||
Intangible assets subject to amortization consist of the following: | |||||||||||||
March 27, | June 27, | March 28, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
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 | (5,824 | ) | (4,689 | ) | (4,310 | ) | |||||||
Non-compete agreement | (4,312 | ) | (3,501 | ) | (3,120 | ) | |||||||
Brand names | (8,051 | ) | (8,025 | ) | (8,017 | ) | |||||||
Total accumulated amortization | (18,187 | ) | (16,215 | ) | (15,447 | ) | |||||||
Net intangible assets | $ | 5,903 | $ | 7,875 | $ | 8,643 | |||||||
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 | 9 Months Ended |
Mar. 27, 2014 | |
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, January 2013 and December 2013 (as amended, the “Credit Facility”). At March 27, 2014, we had $57,721 of available credit under the Credit Facility which reflects borrowings of $55,829 and reduced availability as a result of $3,950 in outstanding letters of credit. As of March 27, 2014, 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 March 27, 2014, we were in compliance with all covenants under the Mortgage Facility. We have classified $19,600 under Tranche A and $4,900 under Tranche B as long-term debt at March 27, 2014, which represents scheduled principal payments due beyond twelve months. As of the second quarter of fiscal 2014, amounts outstanding under Tranche B are no longer classified entirely as short-term debt since the Mortgage Lender waived its option to use the proceeds from the sale of the Old Elgin Site (as defined below) to reduce the amount outstanding under Tranche B. At March 28, 2013 and June 27, 2013 the entire Tranche B balance was classified within current maturities of long-term debt. See Note 11- Sale of Real Property below for additional details. |
Income_Taxes
Income Taxes | 9 Months Ended |
Mar. 27, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 5 – Income Taxes | |
During the third quarter of fiscal 2014 we recorded discrete tax items which resulted in approximately $677 of income tax benefit. Consequently, we recognized income tax expense of $927 for the third quarter of fiscal 2014 which resulted in an effective tax rate of 20.1%. The discrete tax items recorded in the third quarter of fiscal 2014 primarily relate to the tax benefit of losses realized from the divestiture of an equity investment in ARMA Energy, Inc. (“ARMA”), and the cancellation of a secured promissory note receivable due from ARMA. A portion of the loss on disposal of the investment is available as a carryforward capital loss. Since the capital loss is not expected to be realized in the foreseeable future, a valuation allowance has been recorded. | |
We recorded approximately $776 of discrete income tax items during the third quarter of fiscal 2013, which resulted in income tax expense of $1,447 and an effective tax rate of 80.9%. The discrete tax items recorded in the third quarter of fiscal 2013 primarily related to the to the impact of a full valuation allowance recorded against deferred tax assets that were created as a result of our initial transactions with ARMA. | |
At the beginning of fiscal year 2014, based on our final fiscal 2013 tax returns, we had gross state tax net operating losses of approximately $6,053 that will expire between 2017 and 2030 if not utilized. | |
As of March 27, 2014, 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 three quarters 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 currently under audit for fiscal 2011 and 2012. Our Illinois tax returns are open for audit for fiscal 2009 and 2010. 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 | 9 Months Ended | ||||||||||||||||
Mar. 27, 2014 | |||||||||||||||||
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 | For the Thirty-nine Weeks | ||||||||||||||||
Ended | |||||||||||||||||
March 27, | March 28, | March 27, | March 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average number of shares outstanding – basic | 11,073,669 | 10,898,304 | 11,016,926 | 10,844,341 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options and restricted stock units | 82,560 | 126,434 | 99,565 | 129,688 | |||||||||||||
Weighted average number of shares outstanding – diluted | 11,156,229 | 11,024,738 | 11,116,491 | 10,974,029 | |||||||||||||
The following table presents a summary of anti-dilutive awards excluded from the computation of diluted earnings per share: | |||||||||||||||||
For the Quarter Ended | For the Thirty-nine | ||||||||||||||||
Weeks Ended | |||||||||||||||||
March 27, | March 28, | March 27, | March 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average number of anti-dilutive shares: | — | 2,250 | 20,203 | 53,917 | |||||||||||||
Weighted average exercise price: | $ | — | $ | 32.3 | $ | 25.36 | $ | 18.29 |
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 9 Months Ended | ||||||||||||||||
Mar. 27, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation Plans | ' | ||||||||||||||||
Note 7 – Stock-Based Compensation Plans | |||||||||||||||||
The following is a summary of stock option activity for the first three quarters of fiscal 2014: | |||||||||||||||||
Options | Shares | Weighted | Weighted | Aggregate | |||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
Outstanding at June 27, 2013 | 115,250 | $ | 13.68 | ||||||||||||||
Activity: | |||||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (42,500 | ) | 12.32 | ||||||||||||||
Forfeited | (2,250 | ) | 32.3 | ||||||||||||||
Outstanding at March 27, 2014 | 70,500 | $ | 13.91 | 2.28 | $ | 624 | |||||||||||
Exercisable at March 27, 2014 | 68,625 | $ | 13.87 | 2.13 | $ | 609 | |||||||||||
For the thirty-nine weeks ended March 27, 2014, the total intrinsic value of options exercised was $507 and the total cash received was $523. The change in non-vested stock option activity was insignificant during the first three quarters of fiscal 2014. | |||||||||||||||||
The following is a summary of restricted stock unit activity for the first three quarters of fiscal 2014: | |||||||||||||||||
Restricted Stock Units | Shares | Weighted | |||||||||||||||
Average | |||||||||||||||||
Grant | |||||||||||||||||
Date Fair | |||||||||||||||||
Value | |||||||||||||||||
Outstanding at June 27, 2013 | 215,294 | $ | 11.99 | ||||||||||||||
Activity: | |||||||||||||||||
Granted | 68,710 | 25.32 | |||||||||||||||
Vested | (79,196 | ) | 12.74 | ||||||||||||||
Forfeited | (3,500 | ) | 12.77 | ||||||||||||||
Outstanding at March 27, 2014 | 201,308 | $ | 16.23 | ||||||||||||||
Restricted stock units (“RSUs”) granted to employees and non-employee outside directors vest over a three-year and one-year period, respectively. At March 27, 2014 there are 40,098 RSUs outstanding that are vested but deferred. The non-vested RSUs will vest over a weighted average period of 1.6 years. | |||||||||||||||||
The following table summarizes compensation cost charged to earnings for all equity compensation plans for the periods presented: | |||||||||||||||||
For the Quarter Ended | For the Thirty-nine Weeks | ||||||||||||||||
Ended | |||||||||||||||||
March 27, | March 28, | March 27, | March 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock-based compensation cost | $ | 272 | $ | 232 | $ | 833 | $ | 682 | |||||||||
As of March 27, 2014, there was $1,822 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 1.6 years. |
Special_Cash_Dividend
Special Cash Dividend | 9 Months Ended |
Mar. 27, 2014 | |
Text Block [Abstract] | ' |
Special Cash Dividend | ' |
Note 8 – Special Cash Dividend | |
On October 29, 2013, our Board of Directors, after considering the financial position of our Company and other factors, declared a special cash dividend of $1.50 per share on all issued and outstanding shares of Common Stock and Class A Stock of the Company (the “Special Dividend”). The Special Dividend was paid on December 5, 2013 to stockholders of record at the close of business on November 21, 2013. The ex-dividend date was 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 paid to stockholders under the Special Dividend was $16,599. |
Retirement_Plan
Retirement Plan | 9 Months Ended | ||||||||||||||||
Mar. 27, 2014 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Retirement Plan | ' | ||||||||||||||||
Note 9 – 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 | For the Thirty-nine Weeks | ||||||||||||||||
Ended | |||||||||||||||||
March 27, | March 28, | March 27, | March 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 81 | $ | 86 | $ | 242 | $ | 257 | |||||||||
Interest cost | 159 | 142 | 476 | 427 | |||||||||||||
Amortization of prior service cost | 239 | 239 | 718 | 718 | |||||||||||||
Amortization of gain | (17 | ) | — | (51 | ) | — | |||||||||||
Net periodic benefit cost | $ | 462 | $ | 467 | $ | 1,385 | $ | 1,402 |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||
Mar. 27, 2014 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||
Note 10 – Accumulated Other Comprehensive Loss | |||||||||||
The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the thirty-nine weeks ended March 27, 2014. These changes are all related to our defined benefit pension plan. | |||||||||||
Accumulated other | |||||||||||
comprehensive loss (a) | |||||||||||
Balance—June 27, 2013 | $ | (3,164 | ) | ||||||||
Other comprehensive income before reclassifications | — | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | 667 | ||||||||||
Tax effect | (267 | ) | |||||||||
Net current-period other comprehensive income | 400 | ||||||||||
Balance—March 27, 2014 | $ | (2,764 | ) | ||||||||
(a) | Amounts in parenthesis indicate debits/expense. | ||||||||||
The reclassifications out of accumulated other comprehensive loss for the quarter and thirty-nine weeks ended March 27, 2014 were as follows: | |||||||||||
Reclassifications from AOCL to earnings (b) | Quarter Ended | Thirty-Nine | Affected line item in the | ||||||||
March 27, 2014 | Weeks Ended | Consolidated Statements of | |||||||||
March 27, 2014 | Comprehensive Income | ||||||||||
Amortization of defined benefit pension items: | |||||||||||
Unrecognized prior service cost | $ | (239 | ) | $ | (718 | ) | Administrative expenses | ||||
Unrecognized net gain | 17 | 51 | Administrative expenses | ||||||||
Total before tax | (222 | ) | (667 | ) | |||||||
Tax effect | 89 | 267 | Income tax expense | ||||||||
Amortization of defined pension items, net of tax | $ | (133 | ) | (400 | ) | ||||||
(b) | Amounts in parenthesis indicate debits to expense. See Note 9-Retirement Plan above for additional details. |
Sale_of_Real_Property
Sale of Real Property | 9 Months Ended |
Mar. 27, 2014 | |
Text Block [Abstract] | ' |
Sale of Real Property | ' |
Note 11 – Sale of Real Property | |
On December 26, 2013, we completed the sale of land and a building that was originally purchased for our facility consolidation project (the “Old Elgin Site”). The sales price was $8,000 and resulted in a gain of $1,037, net of $604 income tax expense, for the thirty-nine weeks ended March 27, 2014. |
Distribution_Channel_and_Produ
Distribution Channel and Product Type Sales Mix | 9 Months Ended | ||||||||||||||||
Mar. 27, 2014 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Distribution Channel and Product Type Sales Mix | ' | ||||||||||||||||
Note 12 – 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 | For the Thirty-nine | ||||||||||||||||
Weeks Ended | |||||||||||||||||
Distribution Channel | March 27, | March 28, | March 27, | March 28, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Consumer* | $ | 98,588 | $ | 89,052 | $ | 337,460 | $ | 336,946 | |||||||||
Commercial Ingredients | 45,273 | 43,594 | 140,961 | 130,113 | |||||||||||||
Contract Packaging | 21,867 | 21,233 | 71,823 | 62,738 | |||||||||||||
Export | 8,563 | 9,936 | 25,858 | 27,144 | |||||||||||||
Total | $ | 174,291 | $ | 163,815 | $ | 576,102 | $ | 556,941 | |||||||||
* | Sales of branded products were approximately 27% and 24% of total consumer sales during the third quarter of fiscal 2014 and fiscal 2013, respectively. Sales of branded products were approximately 33% of total consumer sales during the first thirty-nine weeks of both fiscal 2014 and fiscal 2013. | ||||||||||||||||
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 | For the Thirty-nine | ||||||||||||||||
Weeks Ended | |||||||||||||||||
Product Type | March 27, | March 28, | March 27, | March 28, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Peanuts | 15.8 | % | 19.8 | % | 14.7 | % | 18.5 | % | |||||||||
Pecans | 10.6 | 10.6 | 14.8 | 17.4 | |||||||||||||
Cashews & Mixed Nuts | 20.7 | 19.8 | 19.1 | 18.8 | |||||||||||||
Walnuts | 11.6 | 12.2 | 12.2 | 12.6 | |||||||||||||
Almonds | 24.2 | 17.9 | 21.7 | 15.1 | |||||||||||||
Other | 17.1 | 19.7 | 17.5 | 17.6 | |||||||||||||
Total | 100 | % | 100 | % | 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 | 9 Months Ended |
Mar. 27, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingent Liabilities | ' |
Note 13 – 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 | 9 Months Ended | ||||||||||||
Mar. 27, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||
Note 14 – 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: | |||||||||||||
March 27, | June 27, | March 28, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
Carrying value of long-term debt: | $ | 39,851 | $ | 42,355 | $ | 46,481 | |||||||
Fair value of long-term debt: | 43,724 | 46,059 | 51,469 | ||||||||||
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 | 9 Months Ended |
Mar. 27, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Note 15 – 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 in the first quarter of fiscal 2014. The update only affects the presentation of comprehensive income and does not impact what is included in comprehensive income, and therefore the adoption of this update did not have an impact on our financial position, results of operations, or cash flows. | |
In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”. This update changes the threshold for reporting discontinued operations and adds new disclosures. The update defines a discontinued operation as a disposal of a component or group of components that is disposed of or is classified as held for sale and “represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.” For disposals of individually significant components that do not qualify as discontinued operations, an entity must disclose pre-tax earnings of the disposed component. For public business entities, this guidance is effective prospectively for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company does not expect the adoption of this update to have a material impact on our financial position, results of operations, or cash flows. |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Mar. 27, 2014 | |
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 in the first quarter of fiscal 2014. The update only affects the presentation of comprehensive income and does not impact what is included in comprehensive income, and therefore the adoption of this update did not have an impact on our financial position, results of operations, or cash flows. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||||||
Mar. 27, 2014 | |||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||
Components of Inventories | ' | ||||||||||||
Inventories consist of the following: | |||||||||||||
March 27, | June 27, | March 28, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
Raw material and supplies | $ | 123,155 | $ | 80,925 | $ | 100,988 | |||||||
Work-in-process and finished goods | 74,912 | 77,781 | 65,766 | ||||||||||
Total | $ | 198,067 | $ | 158,706 | $ | 166,754 |
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | ||||||||||||
Mar. 27, 2014 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Components of Intangible Assets | ' | ||||||||||||
Intangible assets subject to amortization consist of the following: | |||||||||||||
March 27, | June 27, | March 28, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
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 | (5,824 | ) | (4,689 | ) | (4,310 | ) | |||||||
Non-compete agreement | (4,312 | ) | (3,501 | ) | (3,120 | ) | |||||||
Brand names | (8,051 | ) | (8,025 | ) | (8,017 | ) | |||||||
Total accumulated amortization | (18,187 | ) | (16,215 | ) | (15,447 | ) | |||||||
Net intangible assets | $ | 5,903 | $ | 7,875 | $ | 8,643 | |||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 27, 2014 | |||||||||||||||||
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 | For the Thirty-nine Weeks | ||||||||||||||||
Ended | |||||||||||||||||
March 27, | March 28, | March 27, | March 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average number of shares outstanding – basic | 11,073,669 | 10,898,304 | 11,016,926 | 10,844,341 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options and restricted stock units | 82,560 | 126,434 | 99,565 | 129,688 | |||||||||||||
Weighted average number of shares outstanding – diluted | 11,156,229 | 11,024,738 | 11,116,491 | 10,974,029 | |||||||||||||
Summary of Anti-dilutive Stock Options Excluded from Computation of Diluted Earnings Per Share | ' | ||||||||||||||||
The following table presents a summary of anti-dilutive awards excluded from the computation of diluted earnings per share: | |||||||||||||||||
For the Quarter Ended | For the Thirty-nine | ||||||||||||||||
Weeks Ended | |||||||||||||||||
March 27, | March 28, | March 27, | March 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average number of anti-dilutive shares: | — | 2,250 | 20,203 | 53,917 | |||||||||||||
Weighted average exercise price: | $ | — | $ | 32.3 | $ | 25.36 | $ | 18.29 |
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 27, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
The following is a summary of stock option activity for the first three quarters of fiscal 2014: | |||||||||||||||||
Options | Shares | Weighted | Weighted | Aggregate | |||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
Outstanding at June 27, 2013 | 115,250 | $ | 13.68 | ||||||||||||||
Activity: | |||||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (42,500 | ) | 12.32 | ||||||||||||||
Forfeited | (2,250 | ) | 32.3 | ||||||||||||||
Outstanding at March 27, 2014 | 70,500 | $ | 13.91 | 2.28 | $ | 624 | |||||||||||
Exercisable at March 27, 2014 | 68,625 | $ | 13.87 | 2.13 | $ | 609 | |||||||||||
Summary of Restricted Stock Unit Activity | ' | ||||||||||||||||
The following is a summary of restricted stock unit activity for the first three quarters of fiscal 2014: | |||||||||||||||||
Restricted Stock Units | Shares | Weighted | |||||||||||||||
Average Grant | |||||||||||||||||
Date Fair | |||||||||||||||||
Value | |||||||||||||||||
Outstanding at June 27, 2013 | 215,294 | $ | 11.99 | ||||||||||||||
Activity: | |||||||||||||||||
Granted | 68,710 | 25.32 | |||||||||||||||
Vested | (79,196 | ) | 12.74 | ||||||||||||||
Forfeited | (3,500 | ) | 12.77 | ||||||||||||||
Outstanding at March 27, 2014 | 201,308 | $ | 16.23 | ||||||||||||||
Summary of Compensation Charged to Equity Compensation Plans | ' | ||||||||||||||||
The following table summarizes compensation cost charged to earnings for all equity compensation plans for the periods presented: | |||||||||||||||||
For the Quarter Ended | For the Thirty-nine Weeks | ||||||||||||||||
Ended | |||||||||||||||||
March 27, | March 28, | March 27, | March 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock-based compensation cost | $ | 272 | $ | 232 | $ | 833 | $ | 682 |
Retirement_Plan_Tables
Retirement Plan (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 27, 2014 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Net Benefit Costs | ' | ||||||||||||||||
Administrative expenses include the following net periodic benefit costs: | |||||||||||||||||
For the Quarter Ended | For the Thirty-nine Weeks | ||||||||||||||||
Ended | |||||||||||||||||
March 27, | March 28, | March 27, | March 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 81 | $ | 86 | $ | 242 | $ | 257 | |||||||||
Interest cost | 159 | 142 | 476 | 427 | |||||||||||||
Amortization of prior service cost | 239 | 239 | 718 | 718 | |||||||||||||
Amortization of gain | (17 | ) | — | (51 | ) | — | |||||||||||
Net periodic benefit cost | $ | 462 | $ | 467 | $ | 1,385 | $ | 1,402 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||
Mar. 27, 2014 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Changes in Accumulated Other Comprehensive Loss | ' | ||||||||||
The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the thirty-nine weeks ended March 27, 2014. These changes are all related to our defined benefit pension plan. | |||||||||||
Accumulated other | |||||||||||
comprehensive loss (a) | |||||||||||
Balance—June 27, 2013 | $ | (3,164 | ) | ||||||||
Other comprehensive income before reclassifications | — | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | 667 | ||||||||||
Tax effect | (267 | ) | |||||||||
Net current-period other comprehensive income | 400 | ||||||||||
Balance—March 27, 2014 | $ | (2,764 | ) | ||||||||
(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 and thirty-nine weeks ended March 27, 2014 were as follows: | |||||||||||
Reclassifications from AOCL to earnings (b) | Quarter Ended | Thirty-Nine | Affected line item in | ||||||||
March 27, 2014 | Weeks Ended | the Consolidated | |||||||||
March 27, 2014 | Statements of | ||||||||||
Comprehensive | |||||||||||
Income | |||||||||||
Amortization of defined benefit pension items: | |||||||||||
Unrecognized prior service cost | $ | (239 | ) | $ | (718 | ) | Administrative expenses | ||||
Unrecognized net gain | 17 | 51 | Administrative expenses | ||||||||
Total before tax | (222 | ) | (667 | ) | |||||||
Tax effect | 89 | 267 | Income tax expense | ||||||||
Amortization of defined pension items, net of tax | $ | (133 | ) | (400 | ) | ||||||
(b) | Amounts in parenthesis indicate debits to expense. See Note 9-Retirement Plan above for additional details. |
Distribution_Channel_and_Produ1
Distribution Channel and Product Type Sales Mix (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 27, 2014 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Schedule of Revenue by Distribution Channel | ' | ||||||||||||||||
The following summarizes net sales by distribution channel: | |||||||||||||||||
For the Quarter Ended | For the Thirty-nine | ||||||||||||||||
Weeks Ended | |||||||||||||||||
Distribution Channel | March 27, | March 28, | March 27, | March 28, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Consumer* | $ | 98,588 | $ | 89,052 | $ | 337,460 | $ | 336,946 | |||||||||
Commercial Ingredients | 45,273 | 43,594 | 140,961 | 130,113 | |||||||||||||
Contract Packaging | 21,867 | 21,233 | 71,823 | 62,738 | |||||||||||||
Export | 8,563 | 9,936 | 25,858 | 27,144 | |||||||||||||
Total | $ | 174,291 | $ | 163,815 | $ | 576,102 | $ | 556,941 | |||||||||
* | Sales of branded products were approximately 27% and 24% of total consumer sales during the third quarter of fiscal 2014 and fiscal 2013, respectively. Sales of branded products were approximately 33% of total consumer sales during the first thirty-nine weeks of both fiscal 2014 and fiscal 2013. | ||||||||||||||||
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 | For the Thirty-nine | ||||||||||||||||
Weeks Ended | |||||||||||||||||
Product Type | March 27, | March 28, | March 27, | March 28, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Peanuts | 15.8 | % | 19.8 | % | 14.7 | % | 18.5 | % | |||||||||
Pecans | 10.6 | 10.6 | 14.8 | 17.4 | |||||||||||||
Cashews & Mixed Nuts | 20.7 | 19.8 | 19.1 | 18.8 | |||||||||||||
Walnuts | 11.6 | 12.2 | 12.2 | 12.6 | |||||||||||||
Almonds | 24.2 | 17.9 | 21.7 | 15.1 | |||||||||||||
Other | 17.1 | 19.7 | 17.5 | 17.6 | |||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||
Mar. 27, 2014 | |||||||||||||
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: | |||||||||||||
March 27, | June 27, | March 28, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
Carrying value of long-term debt: | $ | 39,851 | $ | 42,355 | $ | 46,481 | |||||||
Fair value of long-term debt: | 43,724 | 46,059 | 51,469 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Mar. 27, 2014 | Jun. 27, 2013 | Mar. 28, 2013 |
In Thousands, unless otherwise specified | |||
Inventory Disclosure [Abstract] | ' | ' | ' |
Raw material and supplies | $123,155 | $80,925 | $100,988 |
Work-in-process and finished goods | 74,912 | 77,781 | 65,766 |
Total | $198,067 | $158,706 | $166,754 |
Intangible_Assets_Components_o
Intangible Assets - Components of Intangible Assets (Detail) (USD $) | Mar. 27, 2014 | Jun. 27, 2013 | Mar. 28, 2013 |
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 | -18,187 | -16,215 | -15,447 |
Net intangible assets | 5,903 | 7,875 | 8,643 |
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 | -5,824 | -4,689 | -4,310 |
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 | -4,312 | -3,501 | -3,120 |
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 | ($8,051) | ($8,025) | ($8,017) |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) | 9 Months Ended |
Mar. 27, 2014 | |
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 $) | Mar. 27, 2014 | Jun. 27, 2013 | Mar. 28, 2013 | Mar. 27, 2014 | Feb. 07, 2008 | Mar. 27, 2014 | 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 Tranche B [Member] | Mortgage Facility [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving loan commitment and letter of credit sub facility | ' | ' | ' | ' | ' | ' | ' | ' | $117,500 |
Available credit under the Credit Facility | 57,721 | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings | 55,829 | 31,867 | 42,047 | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | 3,950 | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts of term loans | 39,851 | 42,355 | 46,481 | ' | 36,000 | ' | 9,000 | 45,000 | ' |
Long term portion of term loan | ' | ' | ' | $19,600 | ' | $4,900 | ' | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 27, 2014 | Mar. 28, 2013 | Mar. 27, 2014 | Mar. 28, 2013 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Discrete Income Tax Benefit | $677 | $776 | ' | ' |
Income tax expense | 927 | 1,447 | 10,178 | 10,738 |
Effective tax rate | 20.10% | 80.90% | ' | ' |
Gross state tax net operating losses expiration dates | ' | ' | 'Between 2017 and 2030 | ' |
United States [Member] | Earliest Tax Year Open For Examination [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Year of tax return audit | ' | ' | '2011 | ' |
Illinois [Member] | Earliest Tax Year Open For Examination [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Year of tax return audit | ' | ' | '2009 | ' |
California [Member] | Earliest Tax Year Open For Examination [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Year of tax return audit | ' | ' | '2008 | ' |
State and Local Jurisdiction [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Gross state tax net operating losses | $6,053 | ' | $6,053 | ' |
Earnings_Per_Common_Share_Weig
Earnings Per Common Share - Weighted Average Shares Outstanding Used in Computing Earnings Per Share (Detail) | 3 Months Ended | 9 Months Ended | ||
Mar. 27, 2014 | Mar. 28, 2013 | Mar. 27, 2014 | Mar. 28, 2013 | |
Weighted Average Shares Outstanding [Abstract] | ' | ' | ' | ' |
Weighted average number of shares outstanding - basic | 11,073,669 | 10,898,304 | 11,016,926 | 10,844,341 |
Effect of dilutive securities: | ' | ' | ' | ' |
Stock options and restricted stock units | 82,560 | 126,434 | 99,565 | 129,688 |
Weighted average number of shares outstanding - diluted | 11,156,229 | 11,024,738 | 11,116,491 | 10,974,029 |
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 | 9 Months Ended | ||
Mar. 27, 2014 | Mar. 28, 2013 | Mar. 27, 2014 | Mar. 28, 2013 | |
Anti Dilutive Shares [Abstract] | ' | ' | ' | ' |
Weighted average number of anti-dilutive shares | ' | 2,250 | 20,203 | 53,917 |
Weighted average exercise price | ' | $32.30 | $25.36 | $18.29 |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans - Summary of Stock Option Activity (Detail) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 27, 2014 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Outstanding beginning balance, Shares | 115,250 |
Granted, Shares | ' |
Exercised, Shares | -42,500 |
Forfeited, Shares | -2,250 |
Outstanding ending balance, Shares | 70,500 |
Exercisable, Shares | 68,625 |
Outstanding beginning Balance, Weighted Average Exercise Price | $13.68 |
Granted, Weighted Average Exercise Price | ' |
Exercised, Weighted Average Exercise Price | $12.32 |
Forfeited, Weighted Average Exercise Price | $32.30 |
Outstanding Ending Balance, Weighted Average Exercise Price | $13.91 |
Exercisable Balance, Weighted Average Exercise Price | $13.87 |
Outstanding, Weighted Average Remaining Contractual Term | '2 years 3 months 11 days |
Exercisable, Weighted Average Remaining Contractual Term | '2 years 1 month 17 days |
Outstanding, Aggregate Intrinsic Value | $624 |
Exercisable, Aggregate Intrinsic Value | $609 |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans - Additional Information (Detail) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 27, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Total intrinsic value of options exercised | $507 |
Total cash received from exercise of options | 523 |
Unrecognized compensation cost related to non-vested share-based compensation | $1,822 |
Expected weighted average recognize period of unrecognized compensation cost related to non-vested share-based compensation | '1 year 7 months 6 days |
Restricted Stock Units R S U [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period of restricted stock units granted | '1 year 7 months 6 days |
Restricted stock units vested | 40,098 |
Restricted Stock Units R S U [Member] | Employees [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period of restricted stock units granted | '3 years |
Restricted Stock Units R S U [Member] | Non Employee Outside Directors [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period of restricted stock units granted | '1 year |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans - Summary of Restricted Stock Unit Activity (Detail) (USD $) | 9 Months Ended |
Mar. 27, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Outstanding beginning balance, Shares | 215,294 |
Granted, Shares | 68,710 |
Vested, Shares | -79,196 |
Forfeited, Shares | -3,500 |
Outstanding ending balance, Shares | 201,308 |
Weighted Average Grant Date Fair Value, Beginning Balance | $11.99 |
Granted, Weighted Average Grant Date Fair Value | $25.32 |
Vested, Weighted Average Grant Date Fair Value | $12.74 |
Forfeited, Weighted Average Grant Date Fair Value | $12.77 |
Weighted Average Grant Date Fair Value, Ending Balance | $16.23 |
StockBased_Compensation_Plans_4
Stock-Based Compensation Plans - Summary of Equity Compensation Plans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 27, 2014 | Mar. 28, 2013 | Mar. 27, 2014 | Mar. 28, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | ' |
Stock-based compensation cost | $272 | $232 | $833 | $682 |
Special_Cash_Dividend_Addition
Special Cash Dividend - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 27, 2014 | Mar. 28, 2013 | Mar. 27, 2014 | Mar. 28, 2013 |
Equity [Abstract] | ' | ' | ' | ' |
Special cash dividend | ' | ' | $1.50 | $1 |
Special dividend payout expected | ' | ' | $16,599 | $10,889 |
Dividends payable date, declared day | ' | ' | 29-Oct-13 | ' |
Dividend Payable Date | ' | ' | 5-Dec-13 | ' |
Retirement_Plan_Schedule_of_Ne
Retirement Plan - Schedule of Net Benefit Costs (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 27, 2014 | Mar. 28, 2013 | Mar. 27, 2014 | Mar. 28, 2013 |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Service cost | $81 | $86 | $242 | $257 |
Interest cost | 159 | 142 | 476 | 427 |
Amortization of prior service cost | 239 | 239 | 718 | 718 |
Amortization of gain | -17 | ' | -51 | ' |
Net periodic benefit cost | $462 | $467 | $1,385 | $1,402 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 27, 2014 | Mar. 28, 2013 |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax [Abstract] | ' | ' |
Balance - June 27, 2013 | ($3,164) | ($3,896) |
Other comprehensive income before reclassifications | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | 667 | ' |
Tax effect | -267 | ' |
Net current-period other comprehensive income | 400 | ' |
Balance - March 27, 2014 | ($2,764) | ($3,896) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss - Reclassification Out of Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 27, 2014 | Mar. 28, 2013 | Mar. 27, 2014 | Mar. 28, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Total before tax | $222 | $239 | $667 | $718 |
Tax effect | -89 | -96 | -267 | -287 |
Amortization of defined pension items, net of tax | 133 | 143 | 400 | 431 |
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 | ' | -667 | ' |
Tax effect | 89 | ' | 267 | ' |
Amortization of defined pension items, net of tax | -133 | ' | -400 | ' |
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 | ' | -718 | ' |
Unrecognized net gain | $17 | ' | $51 | ' |
Sale_of_Real_Property_Addition
Sale of Real Property - Additional Information (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Mar. 27, 2014 |
Gain Loss On Sale Of Property [Abstract] | ' |
Proceeds from sale of land and building | $8,000 |
Gain on sale of land and building | 1,037 |
Income tax expense of sale of land and building | $604 |
Distribution_Channel_and_Produ2
Distribution Channel and Product Type Sales Mix - Schedule of Revenue by Distribution Channel (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 27, 2014 | Mar. 28, 2013 | Mar. 27, 2014 | Mar. 28, 2013 |
Distribution Channel Reporting Information [Line Items] | ' | ' | ' | ' |
Total | $174,291 | $163,815 | $576,102 | $556,941 |
Consumer [Member] | ' | ' | ' | ' |
Distribution Channel Reporting Information [Line Items] | ' | ' | ' | ' |
Total | 98,588 | 89,052 | 337,460 | 336,946 |
Commercial Ingredients [Member] | ' | ' | ' | ' |
Distribution Channel Reporting Information [Line Items] | ' | ' | ' | ' |
Total | 45,273 | 43,594 | 140,961 | 130,113 |
Contract Packaging [Member] | ' | ' | ' | ' |
Distribution Channel Reporting Information [Line Items] | ' | ' | ' | ' |
Total | 21,867 | 21,233 | 71,823 | 62,738 |
Export [Member] | ' | ' | ' | ' |
Distribution Channel Reporting Information [Line Items] | ' | ' | ' | ' |
Total | $8,563 | $9,936 | $25,858 | $27,144 |
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 | 9 Months Ended | ||
Mar. 27, 2014 | Mar. 28, 2013 | Mar. 27, 2014 | Mar. 28, 2013 | |
Branded products [Member] | Sales [Member] | ' | ' | ' | ' |
Distribution Channel Reporting Information [Line Items] | ' | ' | ' | ' |
Percentage of total consumer sales comprised of sale of branded products | 27.00% | 24.00% | 33.00% | 33.00% |
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 | 9 Months Ended | ||
Mar. 27, 2014 | Mar. 28, 2013 | Mar. 27, 2014 | Mar. 28, 2013 | |
Product Type Reporting Information [Line Items] | ' | ' | ' | ' |
Total | 100.00% | 100.00% | 100.00% | 100.00% |
Peanuts [Member] | ' | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' | ' |
Total | 15.80% | 19.80% | 14.70% | 18.50% |
Pecans [Member] | ' | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' | ' |
Total | 10.60% | 10.60% | 14.80% | 17.40% |
Cashews & Mixed Nuts [Member] | ' | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' | ' |
Total | 20.70% | 19.80% | 19.10% | 18.80% |
Walnuts [Member] | ' | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' | ' |
Total | 11.60% | 12.20% | 12.20% | 12.60% |
Almonds [Member] | ' | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' | ' |
Total | 24.20% | 17.90% | 21.70% | 15.10% |
Other [Member] | ' | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' | ' |
Total | 17.10% | 19.70% | 17.50% | 17.60% |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Carrying Value and Fair Value Estimate of Long-Term Debt (Detail) (USD $) | Mar. 27, 2014 | Jun. 27, 2013 | Mar. 28, 2013 |
In Thousands, unless otherwise specified | |||
Fair Value Disclosures [Abstract] | ' | ' | ' |
Carrying value of long-term debt: | $39,851 | $42,355 | $46,481 |
Fair value of long-term debt: | $43,724 | $46,059 | $51,469 |