Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Jun. 26, 2014 | Dec. 26, 2013 | Aug. 15, 2014 | Aug. 15, 2014 | |
Common Stock, non-cumulative voting rights of one vote per share [Member] | Class A Common Stock [Member] | |||
Document Information [Line Items] | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 26-Jun-14 | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Trading Symbol | 'JBSS | ' | ' | ' |
Entity Registrant Name | 'SANFILIPPO JOHN B & SON INC | ' | ' | ' |
Entity Central Index Key | '0000880117 | ' | ' | ' |
Current Fiscal Year End Date | '--06-26 | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 8,451,205 | 2,597,426 |
Entity Public Float | ' | $207,307,458 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 26, 2014 | Jun. 27, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash | $1,884 | $834 |
Accounts receivable, less allowances of $3,210 and $2,628, respectively | 55,800 | 49,509 |
Inventories | 182,830 | 158,706 |
Deferred income taxes | 3,484 | 3,723 |
Prepaid expenses and other current assets | 5,376 | 4,843 |
Assets held for sale | ' | 6,175 |
TOTAL CURRENT ASSETS | 249,374 | 223,790 |
PROPERTY, PLANT AND EQUIPMENT: | ' | ' |
Land | 9,285 | 9,285 |
Buildings | 102,796 | 102,424 |
Machinery and equipment | 170,694 | 166,549 |
Furniture and leasehold improvements | 4,363 | 4,363 |
Vehicles | 468 | 524 |
Construction in progress | 2,901 | 1,207 |
Property, plant and equipment gross | 290,507 | 284,352 |
Less: Accumulated depreciation | 181,684 | 172,928 |
Property, plant and equipment net | 108,823 | 111,424 |
Rental investment property, less accumulated depreciation of $7,262 and $6,470, respectively | 21,631 | 22,423 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 130,454 | 133,847 |
OTHER LONG TERM ASSETS: | ' | ' |
Cash surrender value of officers' life insurance and other assets | 8,811 | 8,405 |
Deferred income taxes | 726 | 827 |
Intangible assets, net | 5,246 | 7,875 |
TOTAL ASSETS | 394,611 | 374,744 |
CURRENT LIABILITIES: | ' | ' |
Revolving credit facility borrowings | 40,542 | 31,867 |
Current maturities of long-term debt, including related party debt of $348 and $321, respectively | 3,349 | 8,690 |
Accounts payable, including related party payables of $232 and $290, respectively | 44,907 | 43,741 |
Book overdraft | 2,414 | 1,052 |
Accrued payroll and related benefits | 13,099 | 15,855 |
Other accrued expenses | 7,920 | 7,593 |
TOTAL CURRENT LIABILITIES | 112,231 | 108,798 |
LONG-TERM LIABILITIES: | ' | ' |
Long-term debt, less current maturities, including related party debt of $11,916 and $12,264, respectively | 35,666 | 33,665 |
Retirement plan | 14,372 | 12,615 |
Other | 5,515 | 4,362 |
TOTAL LONG-TERM LIABILITIES | 55,553 | 50,642 |
TOTAL LIABILITIES | 167,784 | 159,440 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Capital in excess of par value | 108,305 | 106,132 |
Retained earnings | 123,118 | 113,430 |
Accumulated other comprehensive loss | -3,503 | -3,164 |
Treasury stock, at cost; 117,900 shares of Common Stock | -1,204 | -1,204 |
TOTAL STOCKHOLDERS' EQUITY | 226,827 | 215,304 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 394,611 | 374,744 |
Class A Common Stock [Member] | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Common Stock | 26 | 26 |
TOTAL STOCKHOLDERS' EQUITY | 26 | 26 |
Common Stock, non-cumulative voting rights of one vote per share [Member] | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Common Stock | 85 | 84 |
TOTAL STOCKHOLDERS' EQUITY | $85 | $84 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 26, 2014 | Jun. 27, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowances for accounts receivable, current | $3,210 | $2,628 |
Accumulated depreciation of rental investment property | 7,262 | 6,470 |
Current maturities of long-term debt, related party debt | 348 | 321 |
Accounts payable, related party payables | 232 | 290 |
Related party debt, Non-current | $11,916 | $12,264 |
Common stock, par value | $0.01 | ' |
Treasury stock, shares | 117,900 | 117,900 |
Class A Common Stock [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 2,597,426 | 2,597,426 |
Common stock, shares outstanding | 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 |
Common stock, shares authorized | 17,000,000 | 17,000,000 |
Common stock, shares issued | 8,569,105 | 8,440,409 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net sales | $778,622 | $734,334 | $700,575 |
Cost of sales | 655,757 | 614,372 | 593,521 |
Gross profit | 122,865 | 119,962 | 107,054 |
Operating expenses: | ' | ' | ' |
Selling expenses | 48,258 | 47,112 | 45,085 |
Administrative expenses | 29,252 | 31,231 | 28,996 |
Gain on sale of assets held for sale, net | -1,641 | ' | ' |
Total operating expenses | 75,869 | 78,343 | 74,081 |
Income from operations | 46,996 | 41,619 | 32,973 |
Other expense: | ' | ' | ' |
Interest expense including $1,136, $1,161 and $1,151 to related parties, respectively | 4,354 | 4,754 | 5,364 |
Rental and miscellaneous expense, net | 2,810 | 1,569 | 1,388 |
Total other expense, net | 7,164 | 6,323 | 6,752 |
Income before income taxes | 39,832 | 35,296 | 26,221 |
Income tax expense | 13,545 | 13,536 | 9,099 |
Net income | 26,287 | 21,760 | 17,122 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' |
Amortization of prior service cost and actuarial gain included in net periodic pension cost | 534 | 574 | 463 |
Net actuarial (loss) gain arising during the period | -873 | 589 | -1,548 |
Other comprehensive (loss) income, net of tax | -339 | 1,163 | -1,085 |
Comprehensive income | $25,948 | $22,923 | $16,037 |
Net income per common share - basic | $2.38 | $2 | $1.60 |
Net income per common share - diluted | $2.36 | $1.98 | $1.58 |
Cash dividends declared per share | $1.50 | $1 | ' |
Weighted average shares outstanding - basic | 11,033,310 | 10,863,064 | 10,726,004 |
Weighted average shares outstanding - diluted | 11,132,347 | 10,992,997 | 10,828,512 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Interest expense to related parties | $1,136 | $1,161 | $1,151 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Class A Common Stock [Member] | Common Stock, non-cumulative voting rights of one vote per share [Member] | Capital Units [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
In Thousands, except Share data | |||||||
Balance at Jun. 30, 2011 | $183,707 | $26 | $82 | $102,608 | $85,437 | ($3,242) | ($1,204) |
Balance, Shares at Jun. 30, 2011 | ' | 2,597,426 | 8,182,580 | ' | ' | ' | ' |
Net income | 17,122 | ' | ' | ' | 17,122 | ' | ' |
Pension liability amortization, net of income tax expense | 463 | ' | ' | ' | ' | 463 | ' |
Pension liability adjustment, net of income tax benefit (expense) | -1,548 | ' | ' | ' | ' | -1,548 | ' |
Equity award exercises | 501 | ' | 1 | 500 | ' | ' | ' |
Equity award exercises, shares | ' | ' | 100,125 | ' | ' | ' | ' |
Stock-based compensation expense | 768 | ' | ' | 768 | ' | ' | ' |
Balance at Jun. 28, 2012 | 201,013 | 26 | 83 | 103,876 | 102,559 | -4,327 | -1,204 |
Balance, Shares at Jun. 28, 2012 | ' | 2,597,426 | 8,282,705 | ' | ' | ' | ' |
Net income | 21,760 | ' | ' | ' | 21,760 | ' | ' |
Cash dividends | -10,889 | ' | ' | ' | -10,889 | ' | ' |
Pension liability amortization, net of income tax expense | 574 | ' | ' | ' | ' | 574 | ' |
Pension liability adjustment, net of income tax benefit (expense) | 589 | ' | ' | ' | ' | 589 | ' |
Equity award exercises | 1,341 | ' | 1 | 1,340 | ' | ' | ' |
Equity award exercises, shares | ' | ' | 157,704 | ' | ' | ' | ' |
Stock-based compensation expense | 916 | ' | ' | 916 | ' | ' | ' |
Balance at Jun. 27, 2013 | 215,304 | 26 | 84 | 106,132 | 113,430 | -3,164 | -1,204 |
Balance, Shares at Jun. 27, 2013 | ' | 2,597,426 | 8,440,409 | ' | ' | ' | ' |
Net income | 26,287 | ' | ' | ' | 26,287 | ' | ' |
Cash dividends | -16,599 | ' | ' | ' | -16,599 | ' | ' |
Pension liability amortization, net of income tax expense | 534 | ' | ' | ' | ' | 534 | ' |
Pension liability adjustment, net of income tax benefit (expense) | -873 | ' | ' | ' | ' | -873 | ' |
Equity award exercises | 1,058 | ' | 1 | 1,057 | ' | ' | ' |
Equity award exercises, shares | ' | ' | 128,696 | ' | ' | ' | ' |
Stock-based compensation expense | 1,116 | ' | ' | 1,116 | ' | ' | ' |
Balance at Jun. 26, 2014 | $226,827 | $26 | $85 | $108,305 | $123,118 | ($3,503) | ($1,204) |
Balance, Shares at Jun. 26, 2014 | ' | 2,597,426 | 8,569,105 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Statement Of Stockholders Equity [Abstract] | ' | ' | ' |
Cash dividends per common share | $1.50 | $1 | ' |
Pension liability amortization income tax expense | $355 | $383 | $309 |
Pension liability adjustment income tax benefit (expense) | $581 | $390 | $1,031 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $26,287 | $21,760 | $17,122 |
Depreciation and amortization | 16,278 | 16,717 | 17,117 |
(Gain) loss on disposition of properties, net | -1,526 | -575 | 16 |
Deferred income tax expense (benefit) | 567 | -947 | -809 |
Stock-based compensation expense | 1,105 | 905 | 820 |
Change in assets and liabilities, net of business acquired: | ' | ' | ' |
Accounts receivable, net | -6,231 | 358 | -10,836 |
Inventories | -24,124 | -12,322 | -17,446 |
Prepaid expenses and other current assets | 1,136 | -805 | -19 |
Accounts payable | 616 | 10,527 | 4,784 |
Accrued expenses | -2,434 | -2,696 | 5,442 |
Income taxes receivable/payable | -1,669 | -754 | -1,003 |
Other long-term liabilities | 1,153 | 3,356 | -114 |
Other, net | 792 | 229 | 831 |
Net cash provided by operating activities | 11,950 | 35,753 | 15,905 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchases of property, plant and equipment | -9,928 | -7,207 | -7,531 |
Proceeds from disposition of assets | 7,879 | 993 | 434 |
Other | -7 | -165 | -89 |
Net cash used in investing activities | -2,056 | -6,379 | -7,186 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Borrowings under revolving credit facilities | 304,910 | 313,059 | 310,727 |
Repayments of revolving credit borrowings | -296,235 | -327,040 | -312,864 |
Principal payments on long-term debt | -3,340 | -6,575 | -4,309 |
Increase (decrease) in book overdraft | 1,362 | -895 | 308 |
Dividends paid | -16,599 | -10,889 | ' |
Credit facility amendment costs | ' | ' | -241 |
Payment of contingent consideration | ' | ' | -1,702 |
Proceeds from the exercise of stock options | 616 | 1,219 | 452 |
Tax benefit of equity award exercises | 442 | 122 | 48 |
Net cash used in financing activities | -8,844 | -30,999 | -7,581 |
NET INCREASE (DECREASE) IN CASH | 1,050 | -1,625 | 1,138 |
Cash, beginning of period | 834 | 2,459 | 1,321 |
Cash, end of period | 1,884 | 834 | 2,459 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Interest paid | 4,046 | 4,131 | 5,011 |
Income taxes paid, excluding refunds of $292, $14, and $565, respectively | $14,366 | $15,135 | $11,383 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Statement Of Cash Flows [Abstract] | ' | ' | ' |
Income taxes paid, refunds | $292 | $14 | $565 |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||
Jun. 26, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||||
NOTE 1 — SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
Basis of Presentation and Consolidation and Description of Business | |||||||||||||
Our consolidated financial statements include the accounts of 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 last Thursday of June each year, and typically consists of fifty-two weeks (four thirteen week quarters). The accompanying consolidated financial statements and related footnotes are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). | |||||||||||||
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, nut clusters, sunflower kernels, 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. | |||||||||||||
Management Estimates | |||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include reserves for customer deductions, the quantity and valuation of bulk inventories, the evaluation of recoverability of long-lived assets, and the realizability of deferred tax assets. Actual results could differ from those estimates. | |||||||||||||
Accounts Receivable | |||||||||||||
Accounts receivable are stated at the amounts charged to customers, less allowances for doubtful accounts, and reserves for estimated cash discounts and customer deductions. The allowance for doubtful accounts is calculated by specifically identifying customers that are credit risks and estimating the extent that other non-specifically identified customers will become credit risks. Account balances are charged off against the allowance when we conclude that it is probable the receivable will not be recovered. The reserve for estimated cash discounts is based on historical experience. The reserve for customer deductions represents known customer short payments and an estimate of future credit memos that will be issued to customers related to rebates and allowances for marketing and promotions based on agreed upon programs and historical experience. | |||||||||||||
Inventories | |||||||||||||
Inventories, which consist principally of inshell bulk-stored nuts, shelled nuts, dried fruit and processed and packaged nut products, are stated at the lower of cost (first-in, first-out) or market which approximates actual cost. Inventory costs are reviewed at least quarterly. Fluctuations in the market price of pecans, peanuts, walnuts, almonds, cashews and other nuts may affect the value of inventory, gross profit and gross profit margin. When expected market sales prices move below costs, we record adjustments to write down the carrying values of inventories to the lower of cost (first-in, first-out) or market. The results of our shelling process can also result in changes to inventory costs, such as adjustments made pursuant to actual versus expected crop yields. We maintain significant inventories of bulk-stored inshell pecans, peanuts and walnuts. Quantities of inshell bulk-stored nuts are determined based on our inventory systems and are subject to quarterly physical verification techniques including observation, weighing and other methods. The quantities of each crop year bulk-stored nut inventories are generally shelled out over a ten to fifteen month period, at which time revisions to any estimates are also recorded. | |||||||||||||
Property, Plant and Equipment | |||||||||||||
Property, plant and equipment are stated at cost. Major improvements that extend the useful life, add capacity, or add functionality are capitalized and charged to expense through depreciation. Repairs and maintenance costs are charged to expense as incurred. The cost and accumulated depreciation of assets sold or retired are removed from the respective accounts, and any gain or loss is recognized currently in operating income. | |||||||||||||
Depreciation expense for the last three fiscal years is as follows: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Depreciation expense | $ | 13,649 | $ | 13,648 | $ | 14,062 | |||||||
Cost is depreciated using the straight-line method over the following estimated useful lives: | |||||||||||||
Classification | Estimated Useful Lives | ||||||||||||
Buildings | 10 to 40 years | ||||||||||||
Machinery and equipment | 5 to 10 years | ||||||||||||
Furniture and leasehold improvements | 5 to 10 years | ||||||||||||
Vehicles | 3 to 5 years | ||||||||||||
Computers and software | 3 to 5 years | ||||||||||||
No interest costs were capitalized for the last three fiscal years due to the lack of any significant project. | |||||||||||||
Assets Held For Sale | |||||||||||||
An asset is classified as held for sale when (i) management commits to a plan to sell and it is actively marketed, (ii) it is available for immediate sale and the sale is expected to be completed within one year and (iii) it is unlikely significant changes to the plan will be made or that the plan will be withdrawn. Assets held for sale may exceed one year due to events or circumstances beyond our control. Recoverability is also assessed and assets held for sale are reported at the lower of carrying value or fair-value less costs to sell. Assets classified as held for sale are no longer depreciated and are reported on a separate line on the balance sheet. | |||||||||||||
Impairment of Long-Lived Assets | |||||||||||||
We review held and used long-lived assets, including our rental investment property and amortizable identifiable intangible assets, to assess recoverability from projected undiscounted cash flows whenever events or changes in facts and circumstances indicate that the carrying value of the assets may not be recoverable. When such events occur, we compare the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group to the carrying amount of the long lived asset or asset group. The cash flows are based on our best estimate of future cash flows derived from the most recent business projections. If this comparison indicates there is an impairment, the carrying value of the asset is reduced to its estimated fair value. | |||||||||||||
We did not record any impairment of long-lived assets for the last three fiscal years. | |||||||||||||
Deferred Financing Costs | |||||||||||||
Deferred financing costs are incurred to obtain long-term financing and are amortized using the effective interest method over the term of the related debt. The amortization of deferred financing costs, which is classified in interest expense in the consolidated statement of comprehensive income, was as follows for the last three fiscal years: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Amortization of deferred financing costs | $ | 329 | $ | 442 | $ | 370 | |||||||
Facility Consolidation Project/Real Estate Transactions | |||||||||||||
In April 2005, we acquired property to be used for the Elgin Site. Two buildings are located on the Elgin Site, one of which is an office building. Approximately 74% of the office building is currently vacant. The other building, a warehouse, was expanded and modified for use as our principal processing facility and headquarters. The allocation of the purchase price to the two buildings was determined through a third party appraisal. The value assigned to the office building is included in rental investment property on the balance sheet. The value assigned to the warehouse building is included in “Property, plant and equipment”. | |||||||||||||
The net rental expense from the office building is included in the caption “Rental and miscellaneous expense, net”. Gross rental income and rental (expense), net for the last three fiscal years are as follows: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Gross rental income | $ | 1,697 | $ | 1,671 | $ | 1,426 | |||||||
Rental (expense), net | (2,798 | ) | (1,495 | ) | (1,450 | ) | |||||||
Expected future gross rental income under operating leases within the office building is as follows for the fiscal years ending: | |||||||||||||
June 25, 2015 | $ | 1,745 | |||||||||||
30-Jun-16 | 1,756 | ||||||||||||
29-Jun-17 | 1,599 | ||||||||||||
28-Jun-18 | 599 | ||||||||||||
27-Jun-19 | 558 | ||||||||||||
Thereafter | 2,428 | ||||||||||||
$ | 8,685 | ||||||||||||
On March 28, 2006, our wholly-owned subsidiary JBSS Properties, LLC acquired title by quitclaim deed to the site that was originally purchased in Elgin, Illinois (the “Old Elgin Site”) for our facility consolidation project and also entered into an Assignment and Assumption Agreement (the “Agreement”) with the City of Elgin (the “City”). In the third quarter of fiscal 2013, JBSS Properties, LLC transferred all of its properties and agreements to JBSS Real Estate, LLC. Under the terms of the Agreement, the City assigned to us their remaining rights and obligations under a development agreement entered into by and among the Company, certain related party partnerships and the City (the “Development Agreement”). We incurred $6,806 of gross costs under the Development Agreement, and had a carrying value of $6,175 at June 27, 2013. These costs were recorded as “Assets held for sale” at June 27, 2013. | |||||||||||||
On December 26, 2013 (the second quarter of fiscal 2014), we completed the sale of the Old Elgin Site. The sales price was $8,000 and resulted in a pre-tax gain of $1,641. | |||||||||||||
In September 2012, we completed the sale of land and a building where we owned and operated a retail store in Barrington, Illinois. Proceeds from the sale were $870, net of expenses of $45, and resulted in a pre-tax gain of $660 which is recorded in “Administrative expenses” for the year ended June 27, 2013. | |||||||||||||
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 June 26, 2014 and June 27, 2013 because of the short-term maturities and nature of these balances. | |||||||||||||
The carrying value of our Credit Facility (as defined in Note 4 in the Notes to Consolidated Financial Statements “Revolving Credit Facility” below) borrowings approximates fair value at June 26, 2014 and June 27, 2013 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: | |||||||||||||
June 26, 2014 | June 27, 2013 | ||||||||||||
Carrying value of long-term debt: | $ | 39,015 | $ | 42,355 | |||||||||
Fair value of long-term debt: | 43,091 | 46,059 | |||||||||||
The estimated fair value of 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, other than the sale of the Old Elgin Site discussed above. | |||||||||||||
Revenue Recognition | |||||||||||||
We recognize revenue when persuasive evidence of an arrangement exists, title has transferred (based upon terms of shipment), price is fixed, delivery occurs and collection is reasonably assured. We sell our products under some arrangements which include customer contracts which fix the sales price for periods, typically of up to one year, for some industrial customers and through specific programs consisting of promotion allowances, volume and customer rebates and marketing allowances, among others, to consumer customers and commercial ingredient users. Reserves for these programs are established based upon the terms of specific arrangements. Revenues are recorded net of rebates and promotion and marketing allowances. Revenues are also recorded net of expected customer deductions which are provided for based upon past experiences. While customers do have the right to return products, past experience has demonstrated that product returns have been insignificant. Provisions for returns are reflected as a reduction in net sales and are estimated based upon customer specific circumstances. Billings for shipping and handling costs are included in revenues. | |||||||||||||
Segment Reporting | |||||||||||||
We operate in a single reportable operating segment that consists of selling various nut and nut related products through multiple distribution channels. | |||||||||||||
Significant Customers and Concentration of Credit Risk | |||||||||||||
The highly competitive nature of our business provides an environment for the loss of customers and the opportunity to gain new customers. We are subject to concentrations of credit risk, primarily in trade accounts receivable, and we attempt to mitigate this risk through our credit evaluation process, collection terms and through geographical dispersion of sales. Sales to three customers each exceeded 10% of net sales during fiscal 2014 and 2013. There were two customers in fiscal 2012 that each had sales exceeding 10% of net sales. Sales to these customers represented approximately 46%, 48% and 36% of our net sales in fiscal 2014, fiscal 2013 and fiscal 2012, respectively. Net accounts receivable from these customers were 55% and 49% of net accounts receivable at June 26, 2014 and June 27, 2013, respectively. | |||||||||||||
Promotion, Marketing and Advertising Costs | |||||||||||||
Promotion allowances, customer rebates and marketing allowances are recorded at the time revenue is recognized and are reflected as reductions in sales. Annual volume rebates are estimated based upon projected volumes for the year, while promotion and marketing allowances are recorded based upon terms of the actual arrangements. Coupon incentive costs are accrued based on estimates of product sold to retailers at our measurement date and an estimate of redemptions to occur. | |||||||||||||
The majority of marketing costs and substantially all advertising costs are incurred to promote and support branded products in the consumer distribution channel. These costs are generally expensed as incurred, recorded in selling expenses, and were as follows for the last three fiscal years: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Marketing and advertising expense | $ | 10,330 | $ | 10,928 | $ | 8,946 | |||||||
Shipping and Handling Costs | |||||||||||||
Shipping and handling costs, which include freight and other expenses to prepare finished goods for shipment, are included in selling expenses. Shipping and handling costs for the last three fiscal years were as follows: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Shipping and handling costs | $ | 17,895 | $ | 15,801 | $ | 15,757 | |||||||
Research and Development Expenses | |||||||||||||
Research and development expense represents the cost of our research and development personnel and their related expenses and is charged to selling expenses as incurred. Research and development expenses for the last three fiscal years were as follows: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Research and development expense | $ | 882 | $ | 1,233 | $ | 1,062 | |||||||
Stock-Based Compensation | |||||||||||||
We account for stock-based employee compensation arrangements in accordance with the provisions of ASC 718 by calculating compensation cost based on the grant date fair value. We then amortize compensation expense over the vesting period on a straight line basis. We estimate the fair value of each stock option on the date of the grant using the Black-Scholes option pricing model discounted by an estimated forfeiture rate (using the risk-free interest rate, expected term, expected volatility, and dividend yield variables). The grant date fair value of RSUs is determined based on the market price of our Common Stock on the date of grant. | |||||||||||||
Income Taxes | |||||||||||||
We account for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been reported in our financial statements or tax returns. Such items give rise to differences in the financial reporting and tax basis of assets and liabilities. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets if it is more likely than not that all or a portion of the asset will not be realized. Any investment tax credits are accounted for by using the flow-through method, whereby the credits are reflected as reductions of tax expense in the year they are recognized in the financial statements. In estimating future tax consequences, we consider all expected future events other than changes in tax law or rates. | |||||||||||||
We record liabilities for uncertain income tax positions based on a two-step process. The first step is recognition, where we evaluate whether an individual tax position has a likelihood of greater than 50% of being sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation processes. For tax positions that are currently estimated to have a less than 50% likelihood of being sustained, no tax benefit is recorded. For tax positions that have met the recognition threshold in the first step, we perform the second step of measuring the benefit to be recorded. The actual benefits ultimately realized may differ from our estimates. In future periods, changes in facts, circumstances, and new information may require us to change the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recorded in results of operations and financial position in the period in which such changes occur. | |||||||||||||
We recognize interest and penalties accrued related to unrecognized tax benefits in the income tax expense /(benefit) caption in the Consolidated Statement of Comprehensive Income. | |||||||||||||
We evaluate the realization of deferred tax assets by considering our historical taxable income and future taxable income based upon the reversal of deferred tax liabilities. As of June 26, 2014, we believe that our deferred tax assets are fully realizable, except for $175 of basis differences for which we have provided a valuation allowance. | |||||||||||||
Earnings per Share | |||||||||||||
Basic earnings per common share are calculated using the weighted average number of shares of Common Stock and Class A 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 were exercised or converted into Common Stock or 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: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Weighted average number of shares outstanding — basic | 11,033,310 | 10,863,064 | 10,726,004 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options and restricted stock units | 99,037 | 129,933 | 102,508 | ||||||||||
Weighted average number of shares outstanding — diluted | 11,132,347 | 10,992,997 | 10,828,512 | ||||||||||
The following table presents a summary of anti-dilutive stock options excluded from the computation of diluted earnings per share: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Weighted average number of anti-dilutive shares: | 15,153 | 41,375 | 107,125 | ||||||||||
Weighted average exercise price: | $ | 25.36 | $ | 18.46 | $ | 17.63 | |||||||
Comprehensive Income | |||||||||||||
We account for comprehensive income in accordance with ASC Topic 220, Comprehensive Income. This topic establishes standards for reporting and displaying comprehensive income and its components in a full set of general-purpose financial statements. The topic requires that all components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. This topic also requires all non-owner changes in stockholders’ equity be presented in either a single continuous statement of comprehensive income or in two separate but consecutive statements. This guidance also 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 and 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, we provide a cross-reference to other disclosures that offer additional details about those amounts. | |||||||||||||
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 new guidance 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 and 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 guidance 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. | |||||||||||||
In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers and created a new ASC Topic 606, Revenue from Contracts with Customers, and added ASC Subtopic 340-40, Other Assets and Deferred Costs—Contracts with Customers. The guidance in this update supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the industry topics of the codification. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance will be effective for the Company beginning in fiscal year 2017. This guidance can be adopted either retrospectively to each prior reporting period presented, or retrospectively with a cumulative-effect adjustment recognized as of the date of adoption. The Company is currently assessing the impact of this new guidance on our financial position, results of operations or cash flows. | |||||||||||||
In June 2014, the FASB issued ASU No. 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force). This guidance requires a performance target that affects vesting and that could be achieved after the requisite service period to be treated as a performance condition. The current accounting standard for stock-based compensation as it applies to awards with performance conditions should be applied. This guidance is effective for fiscal years, including interim reporting periods, beginning after December 15, 2015. Early adoption is permitted. This update will be effective for the Company beginning in fiscal year 2017. The Company is currently assessing the impact of this guidance, but does not anticipate it will have a material impact on our financial position, results of operations or cash flows. |
INVENTORIES
INVENTORIES | 12 Months Ended | ||||||||
Jun. 26, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
INVENTORIES | ' | ||||||||
NOTE 2 — INVENTORIES | |||||||||
Inventories consist of the following: | |||||||||
June 26, 2014 | June 27, 2013 | ||||||||
Raw material and supplies | $ | 89,417 | $ | 80,925 | |||||
Work-in-process and finished goods | 93,413 | 77,781 | |||||||
$ | 182,830 | $ | 158,706 | ||||||
INTANGIBLE_ASSETS
INTANGIBLE ASSETS | 12 Months Ended | ||||||||||||
Jun. 26, 2014 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
INTANGIBLE ASSETS | ' | ||||||||||||
NOTE 3 — INTANGIBLE ASSETS | |||||||||||||
Intangible assets subject to amortization consist of the following: | |||||||||||||
June 26, 2014 | June 27, 2013 | ||||||||||||
Customer relationships | $ | 10,600 | $ | 10,600 | |||||||||
Non-compete agreement | 5,400 | 5,400 | |||||||||||
Brand names | 8,090 | 8,090 | |||||||||||
Total intangible assets, gross | 24,090 | 24,090 | |||||||||||
Less accumulated amortization: | |||||||||||||
Customer relationships | (6,203 | ) | (4,689 | ) | |||||||||
Non-compete agreement | (4,582 | ) | (3,501 | ) | |||||||||
Brand names | (8,059 | ) | (8,025 | ) | |||||||||
Total accumulated amortization | (18,844 | ) | (16,215 | ) | |||||||||
Net intangible assets | $ | 5,246 | $ | 7,875 | |||||||||
Customer relationships and the non-compete agreement relate wholly to the Orchard Valley Harvest (“OVH”) acquisition completed in fiscal 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 name consists primarily of the Fisher brand name, which we acquired in a 1995 acquisition. The Fisher brand name became fully amortized in fiscal 2011. The remainder of the brand name relates to the OVH acquisition and is being amortized on a straight line basis over five years. | |||||||||||||
Total amortization expense related to intangible assets, which is classified in administrative expense in the consolidated statement of comprehensive income, was as follows for the last three fiscal years: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Amortization of intangible assets | $ | 2,629 | $ | 3,069 | $ | 2,973 | |||||||
Expected amortization expense for the next five fiscal years is as follows: | |||||||||||||
Fiscal year ending | |||||||||||||
25-Jun-15 | $ | 2,167 | |||||||||||
30-Jun-16 | 1,710 | ||||||||||||
29-Jun-17 | 1,369 | ||||||||||||
28-Jun-18 | — | ||||||||||||
27-Jun-19 | — |
REVOLVING_CREDIT_FACILITY
REVOLVING CREDIT FACILITY | 12 Months Ended |
Jun. 26, 2014 | |
Debt Disclosure [Abstract] | ' |
REVOLVING CREDIT FACILITY | ' |
NOTE 4 — REVOLVING CREDIT FACILITY | |
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 (the “Credit Facility”). 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”). | |
The Credit Facility, as amended, matures on July 15, 2016 and is secured by substantially all our assets other than real property and fixtures. The Mortgage Facility is secured by mortgages on essentially all of our owned real property located in Elgin, Illinois, Gustine, California and Garysburg, North Carolina (the “Encumbered Properties”). | |
On December 16, 2013, we entered into a Consent and Fifth Amendment to the Credit Facility (the “Fifth Amendment”) which permitted the Company to form and invest in a wholly-owned Chinese subsidiary and made technical modifications to definitions. | |
The portion of the borrowing base calculation based upon machinery and equipment decreased by $1,500 per year for the first five years to coincide with depreciation of the machinery and equipment collateral. As of June 26, 2014 and June 27, 2013, the weighted average interest rate for the Credit Facility was 2.13% and 2.23%, respectively. The terms of the Credit Facility contain covenants that require us to restrict investments, indebtedness, capital expenditures, acquisitions and certain sales of assets, cash dividends, redemptions of capital stock and prepayment of indebtedness (if such prepayment, among other things, is of a subordinate debt). If loan availability under the Borrowing Base Calculation falls below $25,000, we will be required to maintain a specified fixed charge coverage ratio, tested on a monthly basis. All cash received from customers is required to be applied against the Credit Facility. The Bank Lenders are entitled to require immediate repayment of our obligations under the Credit Facility in the event of default on the payments required under the Credit Facility, a change in control in the ownership of the Company, non-compliance with the financial covenants or upon the occurrence of certain other defaults by us under the Credit Facility (including a default under the Mortgage Facility). As of June 26, 2014, we were in compliance with all covenants under the Credit Facility and we currently expect to be in compliance with the financial covenant in the Credit Facility for the foreseeable future. As of June 26, 2014, we had $72,458 of available credit under the Credit Facility which reflects borrowings of $40,542 and reduced availability as a result of $4,500 in outstanding letters of credit. We would still be in compliance with all restrictive covenants under the Credit Facility if this entire amount were borrowed. |
LONGTERM_DEBT
LONG-TERM DEBT | 12 Months Ended | ||||||||
Jun. 26, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
LONG-TERM DEBT | ' | ||||||||
NOTE 5 — LONG-TERM DEBT | |||||||||
Long-term debt consists of the following: | |||||||||
June 26, | June 27, | ||||||||
2014 | 2013 | ||||||||
Mortgage Facility (“Tranche A”), collateralized by real property, due in monthly principal installments of $200 plus interest at 7.63% per annum through February 2023 with a final principal payment of $600 on March 1, 2023 | $ | 21,400 | $ | 23,800 | |||||
Mortgage Facility (“Tranche B”), collateralized by real property, due in monthly principal installments of $50 plus interest at the greater of one month LIBOR plus 3.75% per annum or 4.50% through February 2023 with a final principal payment of $150 on March 1, 2023 | 5,350 | 5,950 | |||||||
Selma, Texas facility financing obligation to related parties, due in monthly installments of $121 through September 1, 2031 | 12,264 | 12,585 | |||||||
Other | 1 | 20 | |||||||
39,015 | 42,355 | ||||||||
Less: Current maturities | (3,349 | ) | (8,690 | ) | |||||
Total long-term debt | $ | 35,666 | $ | 33,665 | |||||
We are subject to periodic interest rate resets for each of Tranche A and Tranche B. Specifically, on March 1, 2018 (the “Tranche A Reset Date”) and March 1, 2016 and every two years thereafter (each, a “Tranche B Reset Date”), the Mortgage Lender may reset the interest rates for each of Tranche A and Tranche B, respectively, in its sole and absolute discretion. If the reset interest rate for either Tranche A or Tranche B is unacceptable to us and we (i) do not have sufficient funds to repay amounts due with respect to Tranche A or Tranche B on the Tranche A Reset Date or Tranche B Reset Date, in each case, as applicable, or (ii) are unable to refinance amounts due with respect to Tranche A or Tranche B on the Tranche A Reset Date or Tranche B Reset Date, in each case, as applicable, on terms more favorable than the reset interest rates, then, depending on the extent of the changes in the reset interest rates, our interest expense could increase materially. | |||||||||
Tranche A under the Mortgage Facility accrues interest at a fixed interest rate of 7.63% per annum, payable monthly. As mentioned above, such interest rate may be reset by the Mortgage Lender on the Tranche A Reset Date. Tranche B under the Mortgage Facility accrues interest, as reset on March 1, 2014, at a floating rate of the greater of one month LIBOR plus 3.75% per annum or 4.50%, payable monthly. The margin on such floating rate may be reset by the Mortgage Lender on each Tranche B Reset Date; provided, however, that the Mortgage Lender may also change the underlying index on each Tranche B Reset Date occurring on or after March 1, 2016. We do not currently anticipate that any change in the floating rate or the underlying index will have a material adverse effect upon our business, financial condition or results of operations. | |||||||||
The terms of the Mortgage Facility contain covenants that require us to maintain a specified net worth of $110,000 and maintain the Encumbered Properties. The Mortgage Lender is entitled to require immediate repayment of our obligations under the Mortgage Facility in the event we default in the payments required under the Mortgage Facility, non-compliance with the covenants or upon the occurrence of certain other defaults by us under the Mortgage Facility. As of June 26, 2014, we were in compliance with all covenants under the Mortgage Facility. We currently believe that we will be in compliance with the financial covenants in the Mortgage Facility for the foreseeable future and therefore $19,000 of Tranche A has been classified as long-term debt as of June 26, 2014 which represents scheduled principal payments that are 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, which in part served as collateral for the Mortgage Facility, to reduce the amount outstanding under Tranche B. Therefore, $4,750 of Tranche B has been classified as long-term debt as of June 26, 2014 which represents scheduled principal payments that are due beyond twelve months. | |||||||||
In September 2006, we sold our Selma, Texas properties to two related party partnerships for $14,300 and are leasing them back. The selling price was determined by an independent appraiser to be the fair market value which also approximated our carrying value. The lease for the Selma, Texas properties has a ten-year term at a fair market value rent with three five-year renewal options. Also, we have an option to purchase the properties from the partnerships after five years at 95% (100% in certain circumstances) of the then fair market value, but not to be less than the $14,300 purchase price. The financing obligation is being accounted for similar to the accounting for a capital lease, whereby the $14,300 was recorded as a debt obligation, as the provisions of the arrangement are not eligible for sale-leaseback accounting. The balance of the debt obligation outstanding at June 26, 2014 was $12,264. | |||||||||
Aggregate maturities of long-term debt are as follows for the fiscal years ending: | |||||||||
June 25, 2015 | $ | 3,349 | |||||||
30-Jun-16 | 3,376 | ||||||||
29-Jun-17 | 3,407 | ||||||||
28-Jun-18 | 3,441 | ||||||||
27-Jun-19 | 3,477 | ||||||||
Thereafter | 21,965 | ||||||||
$ | 39,015 | ||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Jun. 26, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
NOTE 6 — INCOME TAXES | |||||||||||||
The provision for income taxes for the last three fiscal years is as follows: | |||||||||||||
For the Year Ended: | |||||||||||||
June 26, | June 27, | June 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 11,274 | $ | 12,405 | $ | 8,420 | |||||||
State | 1,704 | 2,078 | 1,488 | ||||||||||
Total current | 12,978 | 14,483 | 9,908 | ||||||||||
Deferred: | |||||||||||||
Deferred federal | 375 | (1,205 | ) | (750 | ) | ||||||||
Deferred state | 192 | 258 | (59 | ) | |||||||||
Total deferred | 567 | (947 | ) | (809 | ) | ||||||||
Total income tax expense | $ | 13,545 | $ | 13,536 | $ | 9,099 | |||||||
The reconciliations of income taxes at the statutory federal income tax rate to income taxes reported in the Consolidated Statements of Comprehensive Income for the last three fiscal years are as follows: | |||||||||||||
June 26, | June 27, | June 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal benefit | 3.3 | 4.5 | 3.5 | ||||||||||
Research and development tax credit | (0.1 | ) | (0.2 | ) | (0.2 | ) | |||||||
Domestic manufacturing deduction | (2.7 | ) | (3.4 | ) | (3.2 | ) | |||||||
Change in valuation allowance | (1.4 | ) | 2 | — | |||||||||
Other | (0.1 | ) | 0.4 | (0.4 | ) | ||||||||
Effective tax rate | 34 | % | 38.3 | % | 34.7 | % | |||||||
The increase in the effective tax rate of fiscal 2013 is primarily due to the impact of an $815 valuation allowance recorded against deferred tax assets that were created as a result of our equity investment in, and sale of intellectual property rights to an unconsolidated variable interest entity. During fiscal 2014 we divested our investment in, and cancelled a secured promissory note due from this entity. The tax benefit of these losses was $640 and consequently reduced the fiscal 2014 effective tax rate. | |||||||||||||
Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement basis and the tax basis of assets and liabilities using enacted statutory tax rates applicable to future years. Deferred tax assets and liabilities are comprised of the following: | |||||||||||||
June 26, 2014 | June 27, 2013 | ||||||||||||
Current tax assets: | |||||||||||||
Accounts receivable | $ | 343 | $ | 298 | |||||||||
Employee compensation | 1,785 | 2,021 | |||||||||||
Inventory | 424 | 376 | |||||||||||
Workers’ compensation | 673 | 597 | |||||||||||
Other | 296 | 620 | |||||||||||
Less valuation allowance | (37 | ) | (189 | ) | |||||||||
Net deferred tax asset - current | $ | 3,484 | $ | 3,723 | |||||||||
Non-current tax assets (liabilities): | |||||||||||||
Depreciation | $ | (13,384 | ) | $ | (11,525 | ) | |||||||
Amortization | (80 | ) | (278 | ) | |||||||||
Capitalized leases | 1,249 | 1,099 | |||||||||||
Goodwill and intangible assets | 5,081 | 4,690 | |||||||||||
Operating loss carryforwards | 205 | 264 | |||||||||||
Retirement plan | 5,749 | 5,046 | |||||||||||
Workers’ compensation | 1,347 | 1,194 | |||||||||||
Capital loss carryforward | 175 | — | |||||||||||
Equity method investment | — | 615 | |||||||||||
Other | 522 | 348 | |||||||||||
Less valuation allowance | (138 | ) | (626 | ) | |||||||||
Net deferred tax asset – long term | 726 | 827 | |||||||||||
Net deferred tax assets - total | $ | 4,210 | $ | 4,550 | |||||||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income of the character necessary during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income, and tax-planning strategies in making this assessment. The net change in the total valuation allowance was a decrease of $640 in fiscal 2014 and an increase of $815 in fiscal 2013. If or when recognized, the tax benefits relating to any reversal of the valuation allowance will be recognized as a reduction of income tax expense. | |||||||||||||
We have gross state tax net operating losses of approximately $3,649 that will expire in 2024 if not utilized. | |||||||||||||
We have an immaterial amount of gross state tax credits. | |||||||||||||
For the years ending June 26, 2014 and June 27, 2013, unrecognized tax benefits and accrued interest and penalties were $263 and $131. Accrued interest and penalties related to uncertain tax positions are not material for any periods presented. Interest and penalties were not material for any period presented. The total gross amounts of unrecognized tax benefits were $247 and $139 at June 26, 2014 and June 27, 2013, respectively. | |||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: | |||||||||||||
June 26, | June 27, | ||||||||||||
2014 | 2013 | ||||||||||||
Beginning balance | $ | 139 | $ | 133 | |||||||||
Gross increases — tax positions in prior year | 248 | 5 | |||||||||||
Gross decreases — tax positions in prior year | (107 | ) | (12 | ) | |||||||||
Settlements | — | — | |||||||||||
Gross increases — tax positions in current year | 7 | 23 | |||||||||||
Lapse of statute of limitations | (40 | ) | (10 | ) | |||||||||
Ending balance | $ | 247 | $ | 139 | |||||||||
Unrecognized tax benefits, that if recognized, would affect the annual effective tax rate on income from continuing operations, are as follows: | |||||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Unrecognized tax benefits that would affect annual effective tax rate | $ | 233 | $ | 127 | $ | 113 | |||||||
We do not anticipate that total unrecognized tax benefits will significantly change in the next twelve months. | |||||||||||||
There were certain changes in state tax laws during the period the impact of which was insignificant. 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 return is open for audit for fiscal 2013. Our California tax returns are open for audit for fiscal 2009 and later. No other tax jurisdictions are material to us. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||||||||||
Jun. 26, 2014 | |||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||
COMMITMENTS AND CONTINGENCIES | ' | ||||||||||||
NOTE 7 — COMMITMENTS AND CONTINGENCIES | |||||||||||||
Operating Leases | |||||||||||||
We lease certain equipment pursuant to agreements accounted for as operating leases. Rent expense aggregated under these operating leases was as follows for the last three fiscal years: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Rent expense related to operating leases | $ | 1,572 | $ | 1,414 | $ | 1,459 | |||||||
Aggregate non-cancelable lease commitments under these operating leases with initial or remaining terms greater than one year are as follows: | |||||||||||||
Fiscal year ending | |||||||||||||
25-Jun-15 | $ | 1,320 | |||||||||||
30-Jun-16 | 1,187 | ||||||||||||
29-Jun-17 | 1,038 | ||||||||||||
28-Jun-18 | 543 | ||||||||||||
27-Jun-19 | 141 | ||||||||||||
Thereafter | 17 | ||||||||||||
$ | 4,246 | ||||||||||||
Litigation | |||||||||||||
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 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 money 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. | |||||||||||||
Cardenas et. al. v John B. Sanfilippo & Son, Inc. | |||||||||||||
In fiscal 2010, a class action wage and hour lawsuit was filed against us in the U.S. District Court for the Northern District of Illinois (the “District Court”) under the Illinois Minimum Wage Law (“IMWL”) and the Fair Labor Standards Act (“FLSA”). The plaintiffs claimed damages under the IMWL in an amount equal to all unpaid back pay alleged to be owed to the plaintiffs, prejudgment interest on the back pay, punitive damages, attorneys’ fees and costs, and an injunction precluding the Company from violating the IMWL. The plaintiffs additionally claimed damages under the FLSA in an amount equal to all back pay alleged to be owed to the plaintiffs, prejudgment interest on the back pay, liquidated damages equal to the amount of unpaid back wages, and attorneys’ fees and costs. In fiscal 2011, the plaintiffs filed a second amended complaint in which they alleged that the Company maintained and maintains a practice regarding the rounding of employees’ time entries which violates the IMWL and the FLSA. | |||||||||||||
Following mediation during fiscal 2011 in order to cover an expanded scope of wage and hour claims, plaintiffs and facilities, we agreed in principle to a $2,600 settlement (the “Settlement Agreement”). In the fourth quarter of fiscal 2011, the Settlement Agreement was finalized and preliminarily approved by the District Court which included a provision allowing for a reverter payment if all or some class members do not submit claim forms. We recorded an accrual of $1,950 in fiscal 2011 for the class action wage and hour lawsuit which was our best estimate of the payout to class members who submitted claim forms, net of any estimated reverter payout to the Company and other agreed upon payouts pursuant to the settlement agreement. | |||||||||||||
During the first quarter of fiscal 2012, the Court issued a final approval of the Settlement Agreement which did not have a material impact on earnings during fiscal 2012. The case was closed and formally dismissed by the Court during the fourth quarter of fiscal 2012. Pursuant to the terms of the Settlement Agreement, we paid $2,600 to the claims administrator during the first quarter of fiscal 2012 and received a reverter payment for unclaimed settlement funds of approximately $665 during the fourth quarter of fiscal 2012. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Jun. 26, 2014 | |
Equity [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
NOTE 8 — STOCKHOLDERS’ EQUITY | |
Our Class A Common Stock, $.01 par value (the “Class A Stock”), has cumulative voting rights with respect to the election of those directors which the holders of Class A Stock are entitled to elect, and 10 votes per share on all other matters on which holders of our Class A Stock and Common Stock are entitled to vote, with the exception of election of the directors for which the holders of Common Stock are eligible to elect. In addition, each share of Class A Stock is convertible at the option of the holder at any time into one share of Common Stock and automatically converts into one share of Common Stock upon any sale or transfer other than to related individuals. Each share of our Common Stock, $.01 par value (the “Common Stock”) has noncumulative voting rights of one vote per share. The Class A Stock and the Common Stock are entitled to share equally, on a share-for-share basis, in any cash dividends declared by the Board of Directors, and the holders of the Common Stock are entitled to elect 25%, rounded up to the nearest whole number, of the members comprising the Board of Directors. |
STOCKBASED_COMPENSATION_PLANS
STOCK-BASED COMPENSATION PLANS | 12 Months Ended | ||||||||||||||||
Jun. 26, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
STOCK-BASED COMPENSATION PLANS | ' | ||||||||||||||||
NOTE 9 — STOCK-BASED COMPENSATION PLANS | |||||||||||||||||
At our annual meeting of stockholders on October 30, 2008, our stockholders approved a new equity incentive plan (the “2008 Equity Incentive Plan”) pursuant to which awards of options and stock-based awards may be made to members of the Board of Directors, employees and other individuals providing services to the Company. A total of 1,000,000 shares of Common Stock are authorized for grants of awards under the 2008 Equity Incentive Plan, which may be in the form of options, restricted stock, restricted stock units, stock appreciation rights (“SARs”), Common Stock or dividends and dividend equivalents. As of June 26, 2014, there were 599,705 shares of Common Stock that remained authorized for future grants of awards, subject to the limitations set below. A maximum of 500,000 of the 1,000,000 shares of Common Stock authorized under the 2008 Equity Incentive Plan may be used for grants of Common Stock, restricted stock and restricted stock units. Additionally, awards of options or SARs are limited to 100,000 shares annually to any single individual, and awards of Common Stock, restricted stock or restricted stock units are limited to 50,000 shares annually to any single individual. All restricted stock units granted under the 2008 Equity Incentive Plan have vesting periods of three years for awards to employees and one year for awards to non-employee members of the Board of Directors. Recipients of restricted stock unit awards have the option to defer receipt of vested shares until a specified later date, typically soon after separation from the Company. The exercise price of stock options was determined as set forth in the 2008 Equity Incentive Plan by the Compensation Committee of our Board of Directors, and must be at least the fair market value of the Common Stock on the date of grant. Except as set forth in the 2008 Equity Incentive Plan, options expire upon termination of employment or directorship, as applicable. The options granted under the 2008 Equity Incentive Plan are exercisable 25% annually commencing on the first anniversary date of grant and become fully exercisable on the fourth anniversary date of grant. Options generally will expire no later than ten years after the date on which they are granted. We issue new shares of Common Stock upon exercise of stock options. | |||||||||||||||||
The 2008 Equity Incentive Plan replaced a stock option plan approved at our annual meeting of stockholders on October 28, 1998 (the “1998 Equity Incentive Plan”) pursuant to which awards of options and stock-based awards could be made. There were 700,000 shares of Common Stock authorized for issuance to certain key employees and “outside directors” (i.e., directors who are not employees of the Company). The exercise price of the options was determined as set forth in the 1998 Equity Incentive Plan by the Board of Directors and was at least the fair market value of the Common Stock on the date of grant. Except as set forth in the 1998 Equity Incentive Plan, options expire upon termination of employment or directorship, as applicable. The options granted under the 1998 Equity Incentive Plan are exercisable 25% annually commencing on the first anniversary date of grant and become fully exercisable on the fourth anniversary date of grant. Options generally will expire no later than ten years after the date on which they are granted. We issue new shares of Common Stock upon exercise of stock options issued pursuant to the 1998 Equity Incentive Plan. Through fiscal 2007, all of the options granted, except those granted to outside directors, were intended to qualify as incentive stock options within the meaning of Section 422 of the Internal Revenue Code. Effective fiscal 2008, all option grants are non-qualified awards. The 1998 Equity Incentive Plan terminated on September 1, 2008. However, all outstanding options issued pursuant to the 1998 Equity Incentive Plan will continue to be governed by the terms of the 1998 Equity Incentive Plan and their respective award agreements. | |||||||||||||||||
We determine the fair value of stock option awards using the Black-Scholes option-pricing model. There were no options granted in fiscal 2014. The following weighted-average assumptions were used to determine the fair value of options granted during fiscal 2013 and fiscal 2012: | |||||||||||||||||
June 27, 2013 | June 28, 2012 | ||||||||||||||||
Risk-free interest rate | 0.9 | % | 1.1 | % | |||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Expected volatility | 42.3 | % | 38.1 | % | |||||||||||||
Expected life (years) | 6.3 | 6.3 | |||||||||||||||
The expected term of the awards was determined using the “simplified method” as stated in SEC Staff Accounting Bulletin No. 107 that utilizes the following formula: ((vesting term + original contract term)/2). Expected stock volatility was determined based on historical volatility for the 6.25 year-period preceding the measurement date. The risk-free rate was based on the yield curve in effect at the time the options were granted, using U.S. treasury constant maturities over the expected life of the option. Expected forfeitures were determined based upon our expectations and past experiences. Expected dividend yield was based on our dividend practices at the time the options were granted. | |||||||||||||||||
The following is a summary of stock option activity for the year ended June 26, 2014: | |||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
Outstanding at June 27, 2013 | 115,250 | $ | 13.68 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (49,500 | ) | 12.44 | ||||||||||||||
Forfeited | (2,250 | ) | 32.3 | ||||||||||||||
Outstanding at June 26, 2014 | 63,500 | $ | 13.98 | 2.01 | $ | 786 | |||||||||||
Exercisable at June 26, 2014 | 61,875 | $ | 13.95 | 1.86 | $ | 768 | |||||||||||
The number of stock options vested, and expected to vest in the future, as of June 26, 2014, is not significantly different from the number of stock options outstanding at June 26, 2014, as stated above. All options granted during fiscal 2013 and fiscal 2012 were at exercise prices equal to the market price of Common Stock at the grant date. | |||||||||||||||||
The following table summarizes the weighted-average grant-date fair value of option awards granted, the total intrinsic value of all options exercised and the total cash received from the exercise of options for the last three fiscal years: | |||||||||||||||||
Year ended | Year ended | Year ended | |||||||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||||||
Weighted-average grant date fair value of options granted | $ | — | $ | 5.77 | $ | 3.39 | |||||||||||
Total intrinsic value of options exercised | $ | 602 | $ | 535 | $ | 394 | |||||||||||
Total cash received from exercise of options | $ | 616 | $ | 1,219 | $ | 452 | |||||||||||
The following is a summary of non-vested stock options for the year ended June 26, 2014: | |||||||||||||||||
Options | Shares | Weighted- | |||||||||||||||
Average | |||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested at June 27, 2013 | 2,625 | $ | 6.45 | ||||||||||||||
Granted | — | — | |||||||||||||||
Vested | (1,000 | ) | 6.56 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Non-vested at June 26, 2014 | 1,625 | $ | 6.4 | ||||||||||||||
Exercise prices for options outstanding as of June 26, 2014 ranged from $7.95 to $18.46 and may be segregated into two ranges, as shown below: | |||||||||||||||||
Option Price Per Share Range | |||||||||||||||||
$7.95 - $11.30 | $14.73 - $18.46 | ||||||||||||||||
Number of options | 28,000 | 35,500 | |||||||||||||||
Weighted-average exercise price | $ | 8.91 | $ | 17.98 | |||||||||||||
Weighted-average remaining life in years | 3 | 1.2 | |||||||||||||||
Number of options exercisable | 27,750 | 34,125 | |||||||||||||||
Weighted-average exercise price for exercisable options | $ | 8.92 | $ | 18.05 | |||||||||||||
Restricted stock units granted to employees and outside directors vest over a three-year and one-year period, respectively. The fair value of restricted stock awards is determined based on the market price of our Common Stock on the date of grant. | |||||||||||||||||
The following is a summary of restricted stock unit activity for the year ended June 26, 2014: | |||||||||||||||||
Restricted Stock Units | Shares | Weighted- | |||||||||||||||
Average | |||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at June 27, 2013 | 215,294 | $ | 11.99 | ||||||||||||||
Granted | 68,710 | 25.32 | |||||||||||||||
Vested | (79,196 | ) | 12.74 | ||||||||||||||
Forfeited | (3,500 | ) | 12.77 | ||||||||||||||
Outstanding at June 26, 2014 | 201,308 | $ | 16.23 | ||||||||||||||
At June 26, 2014 there were 40,098 restricted stock units outstanding that were vested but deferred. At June 27, 2013 there were 37,500 restricted stock units outstanding that were vested but deferred. The non-vested restricted stock units at June 26, 2014 will vest over a weighted-average period of 1.4 years. | |||||||||||||||||
In the first quarter of fiscal 2011 we granted 10,000 SARs to a marketing consultant which vested over a three year period and had a ten year term. In the third quarter of fiscal 2013 the consultant exercised 7,500 of the SARs and the Compensation Committee accelerated the vesting of the remaining awards. During the first quarter of fiscal 2014, the remaining 2,500 shares vested and the resulting liability was settled. | |||||||||||||||||
The following table summarizes compensation cost charged to earnings for all equity compensation plans and the total income tax benefit recognized for the last three fiscal years: | |||||||||||||||||
Year ended | Year ended | Year ended | |||||||||||||||
June 26, | June 27, | June 28, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Compensation cost charged to earnings | $ | 1,105 | $ | 905 | $ | 820 | |||||||||||
Income tax benefit recognized | 512 | 202 | 95 | ||||||||||||||
At June 26, 2014, there was $1,551 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 1.4 years. |
SPECIAL_CASH_DIVIDENDS
SPECIAL CASH DIVIDENDS | 12 Months Ended |
Jun. 26, 2014 | |
Text Block [Abstract] | ' |
SPECIAL CASH DIVIDENDS | ' |
NOTE 10 — SPECIAL CASH DIVIDENDS | |
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 “2014 Special Dividend”). The 2014 Special Dividend of $16,599 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 the 2014 Special Dividend. | |
On December 10, 2012, our Board of Directors, after considering the financial position of our Company and other factors, declared a special cash dividend of $1.00 per share on all issued and outstanding shares of Common Stock and Class A Stock of the Company (the “2013 Special Dividend”). The 2013 Special Dividend of $10,889 was paid December 28, 2012, to stockholders of record at the close of business on December 20, 2012. The ex-dividend date was the close of business on December 18, 2012. We obtained the appropriate consent from the Bank Lenders in order to declare and pay the 2013 Special Dividend. |
INVESTMENT_IN_ARMA_ENERGY_INC
INVESTMENT IN ARMA ENERGY, INC | 12 Months Ended |
Jun. 26, 2014 | |
Equity Method Investments And Joint Ventures [Abstract] | ' |
INVESTMENT IN ARMA ENERGY, INC | ' |
NOTE 11 — INVESTMENT IN ARMA ENERGY, INC. | |
Over the past few years we developed, marketed, and secured proprietary and intellectual property rights to the “ARMA brand” in select markets. The ARMA brand products consisted of “energy-infused” snack products, including kettle cooked potato chips, trail mixes, fruit and nut blends, granola mixes and other products. Sales of ARMA brand products were historically immaterial to our financial condition, results of operations and cash flows. | |
On February 1, 2013 we entered into a Stock Purchase Agreement with ARMA Energy, Inc. (“AEI”) whereby we received approximately 71% of the preferred stock of AEI in exchange for sales, marketing, services, and other expenses already incurred. In addition, on February 1, 2013, we sold all of our intellectual property rights in the ARMA brand to AEI in exchange for a secured promissory note in the principal amount of $500 payable over five years. The fair value of the note received and non-controlling interest retained at the time of sale were not deemed material. At June 27, 2013 our ownership percentage had decreased to approximately 58% due to additional investment from unrelated parties. After recording our proportional share of losses, our investment in this entity was $0 at June 27, 2013. | |
During the third quarter of fiscal 2014 we divested of our equity investment in AEI and cancelled the secured promissory note receivable. This produced a tax benefit which favorably impacted our fiscal 2014 effective tax rate. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended | ||||||||||||
Jun. 26, 2014 | |||||||||||||
Postemployment Benefits [Abstract] | ' | ||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||
NOTE 12 — EMPLOYEE BENEFIT PLANS | |||||||||||||
We maintain a contributory plan established pursuant to the provisions of section 401(k) of the Internal Revenue Code. The plan provides retirement benefits for all nonunion employees meeting minimum age and service requirements. We currently match 100% of the first three percent contributed by each employee and 50% of the next two percent contributed, up to certain maximums specified in the plan. Our expense for the 401(k) plan was as follows for the last three fiscal years: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, | June 27, | June 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
401(k) plan expense | $ | 1,356 | $ | 1,171 | $ | 922 | |||||||
During the first quarter of fiscal 2009, we recorded a long-term liability of $868 for the withdrawal from the multiemployer plan (“Route pension”) for the step-van drivers that were employed for our store-door delivery system that was discontinued during fiscal 2008. Pursuant to terms of settlement with a labor union, we are making monthly payments of $8 (including interest) through April 2022. | |||||||||||||
The total Route pension liability was as follows for the last two fiscal years: | |||||||||||||
June 26, | June 27, | ||||||||||||
2014 | 2013 | ||||||||||||
Route pension liability | $ | 590 | $ | 646 | |||||||||
Virtually all of our salaried employees participate in our Sanfilippo Value Added Plan (as amended, the “SVA Plan”) which is a cash incentive plan (an economic value added-based program) administered by our Compensation Committee. We accrue expense related to the SVA Plan in the annual period that the economic performance underlying such performance occurs. This method of expense recognition properly matches the expense associated with improved economic performance with the period the improved performance occurs on a systematic and rational basis. |
RETIREMENT_PLAN
RETIREMENT PLAN | 12 Months Ended | ||||||||||||
Jun. 26, 2014 | |||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||
RETIREMENT PLAN | ' | ||||||||||||
NOTE 13 — RETIREMENT PLAN | |||||||||||||
On August 2, 2007, the committee then known as the Compensation, Nominating and Corporate Governance Committee (the “Committee”) approved a restated Supplemental Employee Retirement Plan (“SERP”) for certain executive officers and key employees, retroactively effective as of August 25, 2005. The restated SERP retroactively changed the plan adopted on August 25, 2005 to, among other things, clarify certain actuarial provisions and incorporate new Internal Revenue Service requirements. The SERP is an unfunded, non-qualified benefit plan that will provide eligible participants with monthly benefits upon retirement, disability or death, subject to certain conditions. Benefits paid to retirees are based on age at retirement, years of credited service, and average compensation. We use our fiscal year-end as the measurement date for the obligation calculation. Accounting guidance now codified in ASC Topic 715, Compensation – Retirement Benefits requires the recognition of the funded status of the SERP on the Consolidated Balance Sheet. Actuarial gains or losses, prior service costs or credits and transition obligations that have not yet been recognized are recorded as a component of “Accumulated Other Comprehensive Loss” (“AOCL”). | |||||||||||||
The following table presents the changes in the projected benefit obligation for the fiscal years ended: | |||||||||||||
June 26, | June 27, | ||||||||||||
2014 | 2013 | ||||||||||||
Change in projected benefit obligation | |||||||||||||
Benefit obligation at beginning of year | $ | 13,268 | $ | 13,989 | |||||||||
Service cost | 323 | 343 | |||||||||||
Interest cost | 634 | 570 | |||||||||||
Actuarial loss (gain) | 1,454 | (979 | ) | ||||||||||
Benefits paid | (654 | ) | (655 | ) | |||||||||
Projected benefit obligation at end of year | $ | 15,025 | $ | 13,268 | |||||||||
Components of the actuarial loss (gain) portion of the change in projected benefit obligation are presented below for the fiscal years ended: | |||||||||||||
June 26, | June 27, | June 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Actuarial Loss (Gain) | |||||||||||||
Change in assumed pay increases | $ | (85 | ) | $ | 423 | $ | (35 | ) | |||||
Change in discount rate | 1,084 | (1,555 | ) | 2,494 | |||||||||
Change in bonus assumption | 474 | — | — | ||||||||||
Other | (19 | ) | 153 | 120 | |||||||||
Actuarial loss (gain) | $ | 1,454 | $ | (979 | ) | $ | 2,579 | ||||||
The components of the net periodic pension cost are as follows for the fiscal years ended: | |||||||||||||
June 26, | June 27, | June 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Service cost | $ | 323 | $ | 343 | $ | 243 | |||||||
Interest cost | 634 | 570 | 600 | ||||||||||
Recognized gain amortization | (68 | ) | — | (185 | ) | ||||||||
Prior service cost amortization | 957 | 957 | 957 | ||||||||||
Net periodic pension cost | $ | 1,846 | $ | 1,870 | $ | 1,615 | |||||||
Significant assumptions related to our SERP include the discount rate used to calculate the actuarial present value of benefit obligations to be paid in the future and the average rate of compensation expense increase by SERP participants. | |||||||||||||
We used the following assumptions to calculate the benefit obligations of our SERP as of the following dates: | |||||||||||||
June 26, | June 27, | ||||||||||||
2014 | 2013 | ||||||||||||
Discount rate | 4.37% | 4.90% | |||||||||||
Rate of compensation increases | 4.50% | 4.50% | |||||||||||
Bonus payment | 60% - 85% of | 60% - 70% of | |||||||||||
base, | base, | ||||||||||||
paid 3 of 5 | paid 3 of 5 | ||||||||||||
years | years | ||||||||||||
We used the following assumptions to calculate the net periodic costs of our SERP as follows for the fiscal years ended: | |||||||||||||
June 26, | June 27, | June 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Discount rate | 4.90% | 4.17% | 5.51% | ||||||||||
Rate of compensation increases | 4.50% | 4.50% | 4.50% | ||||||||||
Bonus payment | 60% - 70% of | 60% - 70% of | 60% - 70% of | ||||||||||
base, | base, | base, | |||||||||||
paid 3 of 5 | paid 3 of 5 | paid 3 of 5 | |||||||||||
years | years | years | |||||||||||
The assumed discount rate is based, in part, upon a discount rate modeling process that considers both high quality long-term indices and the duration of the SERP plan relative to the durations implicit in the broader indices. The discount rate is utilized principally in calculating the actuarial present value of our obligation and periodic expense pursuant to the SERP. To the extent the discount rate increases or decreases, our SERP obligation is decreased or increased, accordingly. | |||||||||||||
The following table presents the benefits expected to be paid in the next ten fiscal years: | |||||||||||||
Fiscal year | |||||||||||||
2015 | $ | 653 | |||||||||||
2016 | 650 | ||||||||||||
2017 | 642 | ||||||||||||
2018 | 629 | ||||||||||||
2019 | 611 | ||||||||||||
2020 — 2024 | 3,073 | ||||||||||||
The following table presents the components of AOCL that have not yet been recognized in net pension expense: | |||||||||||||
June 26, 2014 | June 27, 2013 | ||||||||||||
Unrecognized net gain | $ | 735 | $ | 2,257 | |||||||||
Unrecognized prior service cost | (6,220 | ) | (7,177 | ) | |||||||||
Tax effect | 1,982 | 1,756 | |||||||||||
Net amount unrecognized | $ | (3,503 | ) | $ | (3,164 | ) | |||||||
We expect to recognize $957 of the prior service cost into net periodic pension expense during the fiscal year ending June 25, 2015. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended | ||||||
Jun. 26, 2014 | |||||||
Equity [Abstract] | ' | ||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | ||||||
NOTE 14 – ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||
The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the fiscal year ended June 26, 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 loss before reclassifications | (1,454 | ) | |||||
Amounts reclassified from accumulated other comprehensive loss | 889 | ||||||
Tax effect | 226 | ||||||
Net current-period other comprehensive loss | (339 | ) | |||||
Balance - June 26, 2014 | $ | (3,503 | ) | ||||
(a) | Amounts in parenthesis indicate debits/expense. | ||||||
The reclassifications out of accumulated other comprehensive loss for the year ended June 26, 2014 were as follows: | |||||||
Reclassifications from AOCL to earnings (b) | Year Ended June 26, | Affected line item in the | |||||
2014 | Consolidated Statements of | ||||||
Comprehensive Income | |||||||
Amortization of defined benefit pension items: | |||||||
Unrecognized prior service cost | $ | (957 | ) | Administrative expenses | |||
Unrecognized net gain | 68 | Administrative expenses | |||||
Total before tax | (889 | ) | |||||
Tax effect | 355 | Income tax expense | |||||
Amortization of defined pension items, net of tax | $ | (534 | ) | ||||
(b) | Amounts in parenthesis indicate debits to expense. See Note 13 above for additional details. |
TRANSACTIONS_WITH_RELATED_PART
TRANSACTIONS WITH RELATED PARTIES | 12 Months Ended | ||||||||||||
Jun. 26, 2014 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
TRANSACTIONS WITH RELATED PARTIES | ' | ||||||||||||
NOTE 15 — TRANSACTIONS WITH RELATED PARTIES | |||||||||||||
In addition to the related party transactions described in Note 5, we also entered into transactions with the related party described below: | |||||||||||||
We purchase materials from a company that is effectively owned by three members of our Board of Directors, two of whom are also executive officers, and individuals directly related to them. Purchases from this related party aggregated to the following for the years ending: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Purchases from related party | $ | 11,077 | $ | 10,723 | $ | 11,474 | |||||||
Accounts payable to this related entity aggregated to the following for the fiscal years ending: | |||||||||||||
June 26, 2014 | $ | 232 | |||||||||||
June 27, 2013 | 290 |
DISTRIBUTION_CHANNEL_AND_PRODU
DISTRIBUTION CHANNEL AND PRODUCT TYPE SALES MIX | 12 Months Ended | ||||||||||||
Jun. 26, 2014 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
DISTRIBUTION CHANNEL AND PRODUCT TYPE SALES MIX | ' | ||||||||||||
NOTE 16 — DISTRIBUTION CHANNEL AND PRODUCT TYPE SALES MIX | |||||||||||||
We operate in a single reportable operating segment through which we sell various nut products through multiple distribution channels. The following summarizes net sales by distribution channel for the fiscal years ended: | |||||||||||||
Distribution Channel | June 26, | June 27, | June 28, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Consumer * | $ | 453,339 | $ | 436,228 | $ | 418,699 | |||||||
Commercial Ingredients | 193,180 | 177,774 | 176,611 | ||||||||||
Contract Packaging | 98,125 | 85,940 | 70,388 | ||||||||||
Export | 33,978 | 34,392 | 34,877 | ||||||||||
$ | 778,622 | $ | 734,334 | $ | 700,575 | ||||||||
* | Sales of branded products, primarily all Fisher brand, were approximately 31%, 30% and 29% of total consumer channel sales during fiscal 2014, 2013 and 2012, 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 types, for the fiscal year ended: | |||||||||||||
Product Type | June 26, | June 27, | June 28, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Peanuts | 15.1 | % | 18.2 | % | 17.6 | % | |||||||
Pecans | 13.6 | 15.9 | 17.9 | ||||||||||
Cashews & Mixed Nuts | 18.7 | 19.4 | 20.3 | ||||||||||
Walnuts | 11.7 | 12 | 12.2 | ||||||||||
Almonds | 22.3 | 16.5 | 14.7 | ||||||||||
Other | 18.6 | 18 | 17.3 | ||||||||||
100 | % | 100 | % | 100 | % | ||||||||
For all periods presented, the largest component of the “Other” product type is trail and snack mixes which include nut products. |
VALUATION_AND_QUALIFYING_ACCOU
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | 12 Months Ended | ||||||||||||||||
Jun. 26, 2014 | |||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | ' | ||||||||||||||||
NOTE 17 — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||||||||||||||||
The following table details the activity in various allowance and reserve accounts. | |||||||||||||||||
Description | Balance at | Additions | Deductions | Balance at | |||||||||||||
Beginning | End of Period | ||||||||||||||||
of Period | |||||||||||||||||
June 26, 2014 | |||||||||||||||||
Allowance for doubtful accounts | $ | 194 | $ | 31 | $ | (16 | ) | $ | 209 | ||||||||
Reserve for cash discounts | 550 | 10,539 | (10,439 | ) | 650 | ||||||||||||
Reserve for customer deductions | 1,884 | 5,381 | (4,914 | ) | 2,351 | ||||||||||||
Deferred tax asset valuation allowance | 815 | — | (640 | ) | 175 | ||||||||||||
Total | $ | 3,443 | $ | 15,951 | $ | (16,009 | ) | $ | 3,385 | ||||||||
June 27, 2013 | |||||||||||||||||
Allowance for doubtful accounts | $ | 195 | $ | — | $ | (1 | ) | $ | 194 | ||||||||
Reserve for cash discounts | 550 | 9,899 | (9,899 | ) | 550 | ||||||||||||
Reserve for customer deductions | 2,122 | 4,256 | (4,494 | ) | 1,884 | ||||||||||||
Deferred tax asset valuation allowance | — | 815 | — | 815 | |||||||||||||
Total | $ | 2,867 | $ | 14,970 | $ | (14,394 | ) | $ | 3,443 | ||||||||
June 28, 2012 | |||||||||||||||||
Allowance for doubtful accounts | $ | 224 | $ | 45 | $ | (74 | ) | $ | 195 | ||||||||
Reserve for cash discounts | 470 | 8,447 | (8,367 | ) | 550 | ||||||||||||
Reserve for customer deductions | 2,179 | 3,638 | (3,695 | ) | 2,122 | ||||||||||||
Total | $ | 2,873 | $ | 12,130 | $ | (12,136 | ) | $ | 2,867 |
SUPPLEMENTARY_QUARTERLY_DATA_U
SUPPLEMENTARY QUARTERLY DATA (Unaudited) | 12 Months Ended | ||||||||||||||||
Jun. 26, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
SUPPLEMENTARY QUARTERLY DATA (Unaudited) | ' | ||||||||||||||||
NOTE 18 — SUPPLEMENTARY QUARTERLY DATA (Unaudited) | |||||||||||||||||
The following unaudited quarterly consolidated financial data are presented for fiscal 2014 and fiscal 2013. Quarterly financial results necessarily rely on estimates and caution is required in drawing specific conclusions from quarterly consolidated results. | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter(1) | ||||||||||||||
Year Ended June 26, 2014: | |||||||||||||||||
Net sales | $ | 176,697 | $ | 225,114 | $ | 174,291 | $ | 202,520 | |||||||||
Gross profit | 29,369 | 36,948 | 22,799 | 33,749 | |||||||||||||
Income from operations | 12,328 | 16,394 | 6,138 | 12,136 | |||||||||||||
Net income | 6,775 | 9,224 | 3,681 | 6,607 | |||||||||||||
Basic earnings per common share | $ | 0.62 | $ | 0.84 | $ | 0.33 | $ | 0.6 | |||||||||
Diluted earnings per common share | $ | 0.61 | $ | 0.83 | $ | 0.33 | $ | 0.59 | |||||||||
Cash dividends declared per common share | $ | — | $ | 1.5 | $ | — | $ | — | |||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Year Ended June 27, 2013: | |||||||||||||||||
Net sales | $ | 177,507 | $ | 215,619 | $ | 163,815 | $ | 177,393 | |||||||||
Gross profit | 30,573 | 36,676 | 22,879 | 29,834 | |||||||||||||
Income from operations | 13,869 | 14,426 | 3,324 | 10,000 | |||||||||||||
Net income | 7,534 | 8,301 | 342 | 5,583 | |||||||||||||
Basic earnings per common share | $ | 0.7 | $ | 0.77 | $ | 0.03 | $ | 0.51 | |||||||||
Diluted earnings per common share | $ | 0.69 | $ | 0.76 | $ | 0.03 | $ | 0.51 | |||||||||
Cash dividends declared per common share | $ | — | $ | 1 | $ | — | $ | — | |||||||||
-1 | The fourth quarter of fiscal 2014 contained a $0.4 increase in cost of sales due to a change in the estimate of on-hand quantities of bulk-stored inshell pecan and walnut inventories. |
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||||
Jun. 26, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Basis of Presentation and Consolidation and Description of Business | ' | ||||||||||||
Basis of Presentation and Consolidation and Description of Business | |||||||||||||
Our consolidated financial statements include the accounts of 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 last Thursday of June each year, and typically consists of fifty-two weeks (four thirteen week quarters). The accompanying consolidated financial statements and related footnotes are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). | |||||||||||||
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, nut clusters, sunflower kernels, 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. | |||||||||||||
Management Estimates | ' | ||||||||||||
Management Estimates | |||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include reserves for customer deductions, the quantity and valuation of bulk inventories, the evaluation of recoverability of long-lived assets, and the realizability of deferred tax assets. Actual results could differ from those estimates. | |||||||||||||
Accounts Receivable | ' | ||||||||||||
Accounts Receivable | |||||||||||||
Accounts receivable are stated at the amounts charged to customers, less allowances for doubtful accounts, and reserves for estimated cash discounts and customer deductions. The allowance for doubtful accounts is calculated by specifically identifying customers that are credit risks and estimating the extent that other non-specifically identified customers will become credit risks. Account balances are charged off against the allowance when we conclude that it is probable the receivable will not be recovered. The reserve for estimated cash discounts is based on historical experience. The reserve for customer deductions represents known customer short payments and an estimate of future credit memos that will be issued to customers related to rebates and allowances for marketing and promotions based on agreed upon programs and historical experience. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories | |||||||||||||
Inventories, which consist principally of inshell bulk-stored nuts, shelled nuts, dried fruit and processed and packaged nut products, are stated at the lower of cost (first-in, first-out) or market which approximates actual cost. Inventory costs are reviewed at least quarterly. Fluctuations in the market price of pecans, peanuts, walnuts, almonds, cashews and other nuts may affect the value of inventory, gross profit and gross profit margin. When expected market sales prices move below costs, we record adjustments to write down the carrying values of inventories to the lower of cost (first-in, first-out) or market. The results of our shelling process can also result in changes to inventory costs, such as adjustments made pursuant to actual versus expected crop yields. We maintain significant inventories of bulk-stored inshell pecans, peanuts and walnuts. Quantities of inshell bulk-stored nuts are determined based on our inventory systems and are subject to quarterly physical verification techniques including observation, weighing and other methods. The quantities of each crop year bulk-stored nut inventories are generally shelled out over a ten to fifteen month period, at which time revisions to any estimates are also recorded. | |||||||||||||
Property, Plant and Equipment | ' | ||||||||||||
Property, Plant and Equipment | |||||||||||||
Property, plant and equipment are stated at cost. Major improvements that extend the useful life, add capacity, or add functionality are capitalized and charged to expense through depreciation. Repairs and maintenance costs are charged to expense as incurred. The cost and accumulated depreciation of assets sold or retired are removed from the respective accounts, and any gain or loss is recognized currently in operating income. | |||||||||||||
Depreciation expense for the last three fiscal years is as follows: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Depreciation expense | $ | 13,649 | $ | 13,648 | $ | 14,062 | |||||||
Cost is depreciated using the straight-line method over the following estimated useful lives: | |||||||||||||
Classification | Estimated Useful Lives | ||||||||||||
Buildings | 10 to 40 years | ||||||||||||
Machinery and equipment | 5 to 10 years | ||||||||||||
Furniture and leasehold improvements | 5 to 10 years | ||||||||||||
Vehicles | 3 to 5 years | ||||||||||||
Computers and software | 3 to 5 years | ||||||||||||
No interest costs were capitalized for the last three fiscal years due to the lack of any significant project. | |||||||||||||
Assets Held For Sale | ' | ||||||||||||
Assets Held For Sale | |||||||||||||
An asset is classified as held for sale when (i) management commits to a plan to sell and it is actively marketed, (ii) it is available for immediate sale and the sale is expected to be completed within one year and (iii) it is unlikely significant changes to the plan will be made or that the plan will be withdrawn. Assets held for sale may exceed one year due to events or circumstances beyond our control. Recoverability is also assessed and assets held for sale are reported at the lower of carrying value or fair-value less costs to sell. Assets classified as held for sale are no longer depreciated and are reported on a separate line on the balance sheet. | |||||||||||||
Impairment of Long-Lived Assets | ' | ||||||||||||
Impairment of Long-Lived Assets | |||||||||||||
We review held and used long-lived assets, including our rental investment property and amortizable identifiable intangible assets, to assess recoverability from projected undiscounted cash flows whenever events or changes in facts and circumstances indicate that the carrying value of the assets may not be recoverable. When such events occur, we compare the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group to the carrying amount of the long lived asset or asset group. The cash flows are based on our best estimate of future cash flows derived from the most recent business projections. If this comparison indicates there is an impairment, the carrying value of the asset is reduced to its estimated fair value. | |||||||||||||
We did not record any impairment of long-lived assets for the last three fiscal years. | |||||||||||||
Deferred Financing Costs | ' | ||||||||||||
Deferred Financing Costs | |||||||||||||
Deferred financing costs are incurred to obtain long-term financing and are amortized using the effective interest method over the term of the related debt. The amortization of deferred financing costs, which is classified in interest expense in the consolidated statement of comprehensive income, was as follows for the last three fiscal years: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Amortization of deferred financing costs | $ | 329 | $ | 442 | $ | 370 | |||||||
Facility Consolidation Project/Real Estate Transactions | ' | ||||||||||||
Facility Consolidation Project/Real Estate Transactions | |||||||||||||
In April 2005, we acquired property to be used for the Elgin Site. Two buildings are located on the Elgin Site, one of which is an office building. Approximately 74% of the office building is currently vacant. The other building, a warehouse, was expanded and modified for use as our principal processing facility and headquarters. The allocation of the purchase price to the two buildings was determined through a third party appraisal. The value assigned to the office building is included in rental investment property on the balance sheet. The value assigned to the warehouse building is included in “Property, plant and equipment”. | |||||||||||||
The net rental expense from the office building is included in the caption “Rental and miscellaneous expense, net”. Gross rental income and rental (expense), net for the last three fiscal years are as follows: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Gross rental income | $ | 1,697 | $ | 1,671 | $ | 1,426 | |||||||
Rental (expense), net | (2,798 | ) | (1,495 | ) | (1,450 | ) | |||||||
Expected future gross rental income under operating leases within the office building is as follows for the fiscal years ending: | |||||||||||||
June 25, 2015 | 1,745 | ||||||||||||
30-Jun-16 | 1,756 | ||||||||||||
29-Jun-17 | 1,599 | ||||||||||||
28-Jun-18 | 599 | ||||||||||||
27-Jun-19 | 558 | ||||||||||||
Thereafter | 2,428 | ||||||||||||
$ | 8,685 | ||||||||||||
On March 28, 2006, our wholly-owned subsidiary JBSS Properties, LLC acquired title by quitclaim deed to the site that was originally purchased in Elgin, Illinois (the “Old Elgin Site”) for our facility consolidation project and also entered into an Assignment and Assumption Agreement (the “Agreement”) with the City of Elgin (the “City”). In the third quarter of fiscal 2013, JBSS Properties, LLC transferred all of its properties and agreements to JBSS Real Estate, LLC. Under the terms of the Agreement, the City assigned to us their remaining rights and obligations under a development agreement entered into by and among the Company, certain related party partnerships and the City (the “Development Agreement”). We incurred $6,806 of gross costs under the Development Agreement, and had a carrying value of $6,175 at June 27, 2013. These costs were recorded as “Assets held for sale” at June 27, 2013. | |||||||||||||
On December 26, 2013 (the second quarter of fiscal 2014), we completed the sale of the Old Elgin Site. The sales price was $8,000 and resulted in a pre-tax gain of $1,641. | |||||||||||||
In September 2012, we completed the sale of land and a building where we owned and operated a retail store in Barrington, Illinois. Proceeds from the sale were $870, net of expenses of $45, and resulted in a pre-tax gain of $660 which is recorded in “Administrative expenses” for the year ended June 27, 2013. | |||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||
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 June 26, 2014 and June 27, 2013 because of the short-term maturities and nature of these balances. | |||||||||||||
The carrying value of our Credit Facility (as defined in Note 4 in the Notes to Consolidated Financial Statements “Revolving Credit Facility” below) borrowings approximates fair value at June 26, 2014 and June 27, 2013 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: | |||||||||||||
Year ended | Year ended | ||||||||||||
June 26, 2014 | June 27, 2013 | ||||||||||||
Carrying value of long-term debt: | $ | 39,015 | $ | 42,355 | |||||||||
Fair value of long-term debt: | 43,091 | 46,059 | |||||||||||
The estimated fair value of 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, other than the sale of the Old Elgin Site discussed above. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
We recognize revenue when persuasive evidence of an arrangement exists, title has transferred (based upon terms of shipment), price is fixed, delivery occurs and collection is reasonably assured. We sell our products under some arrangements which include customer contracts which fix the sales price for periods, typically of up to one year, for some industrial customers and through specific programs consisting of promotion allowances, volume and customer rebates and marketing allowances, among others, to consumer customers and commercial ingredient users. Reserves for these programs are established based upon the terms of specific arrangements. Revenues are recorded net of rebates and promotion and marketing allowances. Revenues are also recorded net of expected customer deductions which are provided for based upon past experiences. While customers do have the right to return products, past experience has demonstrated that product returns have been insignificant. Provisions for returns are reflected as a reduction in net sales and are estimated based upon customer specific circumstances. Billings for shipping and handling costs are included in revenues. | |||||||||||||
Segment Reporting | ' | ||||||||||||
Segment Reporting | |||||||||||||
We operate in a single reportable operating segment that consists of selling various nut and nut related products through multiple distribution channels. | |||||||||||||
Significant Customers and Concentration of Credit Risk | ' | ||||||||||||
Significant Customers and Concentration of Credit Risk | |||||||||||||
The highly competitive nature of our business provides an environment for the loss of customers and the opportunity to gain new customers. We are subject to concentrations of credit risk, primarily in trade accounts receivable, and we attempt to mitigate this risk through our credit evaluation process, collection terms and through geographical dispersion of sales. Sales to three customers each exceeded 10% of net sales during fiscal 2014 and 2013. There were two customers in fiscal 2012 that each had sales exceeding 10% of net sales. Sales to these customers represented approximately 46%, 48% and 36% of our net sales in fiscal 2014, fiscal 2013 and fiscal 2012, respectively. Net accounts receivable from these customers were 55% and 49% of net accounts receivable at June 26, 2014 and June 27, 2013, respectively. | |||||||||||||
Promotion, Marketing and Advertising Costs | ' | ||||||||||||
Promotion, Marketing and Advertising Costs | |||||||||||||
Promotion allowances, customer rebates and marketing allowances are recorded at the time revenue is recognized and are reflected as reductions in sales. Annual volume rebates are estimated based upon projected volumes for the year, while promotion and marketing allowances are recorded based upon terms of the actual arrangements. Coupon incentive costs are accrued based on estimates of product sold to retailers at our measurement date and an estimate of redemptions to occur. | |||||||||||||
The majority of marketing costs and substantially all advertising costs are incurred to promote and support branded products in the consumer distribution channel. These costs are generally expensed as incurred, recorded in selling expenses, and were as follows for the last three fiscal years: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Marketing and advertising expense | $ | 10,330 | $ | 10,928 | $ | 8,946 | |||||||
Shipping and Handling Costs | ' | ||||||||||||
Shipping and Handling Costs | |||||||||||||
Shipping and handling costs, which include freight and other expenses to prepare finished goods for shipment, are included in selling expenses. Shipping and handling costs for the last three fiscal years were as follows: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Shipping and handling costs | $ | 17,895 | $ | 15,801 | $ | 15,757 | |||||||
Research and Development Expenses | ' | ||||||||||||
Research and Development Expenses | |||||||||||||
Research and development expense represents the cost of our research and development personnel and their related expenses and is charged to selling expenses as incurred. Research and development expenses for the last three fiscal years were as follows: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Research and development expense | $ | 882 | $ | 1,233 | $ | 1,062 | |||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
We account for stock-based employee compensation arrangements in accordance with the provisions of ASC 718 by calculating compensation cost based on the grant date fair value. We then amortize compensation expense over the vesting period on a straight line basis. We estimate the fair value of each stock option on the date of the grant using the Black-Scholes option pricing model discounted by an estimated forfeiture rate (using the risk-free interest rate, expected term, expected volatility, and dividend yield variables). The grant date fair value of RSUs is determined based on the market price of our Common Stock on the date of grant. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
We account for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been reported in our financial statements or tax returns. Such items give rise to differences in the financial reporting and tax basis of assets and liabilities. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets if it is more likely than not that all or a portion of the asset will not be realized. Any investment tax credits are accounted for by using the flow-through method, whereby the credits are reflected as reductions of tax expense in the year they are recognized in the financial statements. In estimating future tax consequences, we consider all expected future events other than changes in tax law or rates. | |||||||||||||
We record liabilities for uncertain income tax positions based on a two-step process. The first step is recognition, where we evaluate whether an individual tax position has a likelihood of greater than 50% of being sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation processes. For tax positions that are currently estimated to have a less than 50% likelihood of being sustained, no tax benefit is recorded. For tax positions that have met the recognition threshold in the first step, we perform the second step of measuring the benefit to be recorded. The actual benefits ultimately realized may differ from our estimates. In future periods, changes in facts, circumstances, and new information may require us to change the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recorded in results of operations and financial position in the period in which such changes occur. | |||||||||||||
We recognize interest and penalties accrued related to unrecognized tax benefits in the income tax expense /(benefit) caption in the Consolidated Statement of Comprehensive Income. | |||||||||||||
We evaluate the realization of deferred tax assets by considering our historical taxable income and future taxable income based upon the reversal of deferred tax liabilities. As of June 26, 2014, we believe that our deferred tax assets are fully realizable, except for $175 of basis differences for which we have provided a valuation allowance. | |||||||||||||
Earnings per Share | ' | ||||||||||||
Earnings per Share | |||||||||||||
Basic earnings per common share are calculated using the weighted average number of shares of Common Stock and Class A 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 were exercised or converted into Common Stock or 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: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Weighted average number of shares outstanding — basic | 11,033,310 | 10,863,064 | 10,726,004 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options and restricted stock units | 99,037 | 129,933 | 102,508 | ||||||||||
Weighted average number of shares outstanding — diluted | 11,132,347 | 10,992,997 | 10,828,512 | ||||||||||
The following table presents a summary of anti-dilutive stock options excluded from the computation of diluted earnings per share: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Weighted average number of anti-dilutive shares: | 15,153 | 41,375 | 107,125 | ||||||||||
Weighted average exercise price: | $ | 25.36 | $ | 18.46 | $ | 17.63 | |||||||
Comprehensive Income | ' | ||||||||||||
Comprehensive Income | |||||||||||||
We account for comprehensive income in accordance with ASC Topic 220, Comprehensive Income. This topic establishes standards for reporting and displaying comprehensive income and its components in a full set of general-purpose financial statements. The topic requires that all components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. This topic also requires all non-owner changes in stockholders’ equity be presented in either a single continuous statement of comprehensive income or in two separate but consecutive statements. This guidance also 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 and 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, we provide a cross-reference to other disclosures that offer additional details about those amounts. | |||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||
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 new guidance 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 and 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 guidance 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. | |||||||||||||
In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers and created a new ASC Topic 606, Revenue from Contracts with Customers, and added ASC Subtopic 340-40, Other Assets and Deferred Costs—Contracts with Customers. The guidance in this update supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the industry topics of the codification. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance will be effective for the Company beginning in fiscal year 2017. This guidance can be adopted either retrospectively to each prior reporting period presented, or retrospectively with a cumulative-effect adjustment recognized as of the date of adoption. The Company is currently assessing the impact of this new guidance on our financial position, results of operations or cash flows. | |||||||||||||
In June 2014, the FASB issued ASU No. 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force). This guidance requires a performance target that affects vesting and that could be achieved after the requisite service period to be treated as a performance condition. The current accounting standard for stock-based compensation as it applies to awards with performance conditions should be applied. This guidance is effective for fiscal years, including interim reporting periods, beginning after December 15, 2015. Early adoption is permitted. This update will be effective for the Company beginning in fiscal year 2017. The Company is currently assessing the impact of this guidance, but does not anticipate it will have a material impact on our financial position, results of operations or cash flows. |
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||
Jun. 26, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Depreciation Expense for Last Three Fiscal Years | ' | ||||||||||||
Depreciation expense for the last three fiscal years is as follows: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Depreciation expense | $ | 13,649 | $ | 13,648 | $ | 14,062 | |||||||
Estimated Useful Lives of Property, Plant and Equipment | ' | ||||||||||||
Cost is depreciated using the straight-line method over the following estimated useful lives: | |||||||||||||
Classification | Estimated Useful Lives | ||||||||||||
Buildings | 10 to 40 years | ||||||||||||
Machinery and equipment | 5 to 10 years | ||||||||||||
Furniture and leasehold improvements | 5 to 10 years | ||||||||||||
Vehicles | 3 to 5 years | ||||||||||||
Computers and software | 3 to 5 years | ||||||||||||
Amortization of Deferred Financing Costs | ' | ||||||||||||
The amortization of deferred financing costs, which is classified in interest expense in the consolidated statement of comprehensive income, was as follows for the last three fiscal years: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Amortization of deferred financing costs | $ | 329 | $ | 442 | $ | 370 | |||||||
Schedule of Gross Rental Income and Rental (Expense) | ' | ||||||||||||
The net rental expense from the office building is included in the caption “Rental and miscellaneous expense, net”. Gross rental income and rental (expense), net for the last three fiscal years are as follows: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Gross rental income | $ | 1,697 | $ | 1,671 | $ | 1,426 | |||||||
Rental (expense), net | (2,798 | ) | (1,495 | ) | (1,450 | ) | |||||||
Expected Future Gross Rental Income Under Operating Leases within Office Building | ' | ||||||||||||
Expected future gross rental income under operating leases within the office building is as follows for the fiscal years ending: | |||||||||||||
June 25, 2015 | $ | 1,745 | |||||||||||
30-Jun-16 | 1,756 | ||||||||||||
29-Jun-17 | 1,599 | ||||||||||||
28-Jun-18 | 599 | ||||||||||||
27-Jun-19 | 558 | ||||||||||||
Thereafter | 2,428 | ||||||||||||
$ | 8,685 | ||||||||||||
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: | |||||||||||||
June 26, 2014 | June 27, 2013 | ||||||||||||
Carrying value of long-term debt: | $ | 39,015 | $ | 42,355 | |||||||||
Fair value of long-term debt: | 43,091 | 46,059 | |||||||||||
Marketing and Advertising Expenses, Recorded in Selling Expenses | ' | ||||||||||||
The majority of marketing costs and substantially all advertising costs are incurred to promote and support branded products in the consumer distribution channel. These costs are generally expensed as incurred, recorded in selling expenses, and were as follows for the last three fiscal years: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Marketing and advertising expense | $ | 10,330 | $ | 10,928 | $ | 8,946 | |||||||
Shipping and Handling Cost for Last Three Fiscal Years | ' | ||||||||||||
Shipping and handling costs for the last three fiscal years were as follows: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Shipping and handling costs | $ | 17,895 | $ | 15,801 | $ | 15,757 | |||||||
Research and Development Expenses for Last Three Fiscal Years | ' | ||||||||||||
Research and development expense represents the cost of our research and development personnel and their related expenses and is charged to selling expenses as incurred. Research and development expenses for the last three fiscal years were as follows: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Research and development expense | $ | 882 | $ | 1,233 | $ | 1,062 | |||||||
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: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Weighted average number of shares outstanding — basic | 11,033,310 | 10,863,064 | 10,726,004 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options and restricted stock units | 99,037 | 129,933 | 102,508 | ||||||||||
Weighted average number of shares outstanding — diluted | 11,132,347 | 10,992,997 | 10,828,512 | ||||||||||
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: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Weighted average number of anti-dilutive shares: | 15,153 | 41,375 | 107,125 | ||||||||||
Weighted average exercise price: | $ | 25.36 | $ | 18.46 | $ | 17.63 |
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | ||||||||
Jun. 26, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Components of Inventories | ' | ||||||||
Inventories consist of the following: | |||||||||
June 26, 2014 | June 27, 2013 | ||||||||
Raw material and supplies | $ | 89,417 | $ | 80,925 | |||||
Work-in-process and finished goods | 93,413 | 77,781 | |||||||
$ | 182,830 | $ | 158,706 | ||||||
INTANGIBLE_ASSETS_Tables
INTANGIBLE ASSETS (Tables) | 12 Months Ended | ||||||||||||
Jun. 26, 2014 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Components of Intangible Assets | ' | ||||||||||||
Intangible assets subject to amortization consist of the following: | |||||||||||||
June 26, 2014 | June 27, 2013 | ||||||||||||
Customer relationships | $ | 10,600 | $ | 10,600 | |||||||||
Non-compete agreement | 5,400 | 5,400 | |||||||||||
Brand names | 8,090 | 8,090 | |||||||||||
Total intangible assets, gross | 24,090 | 24,090 | |||||||||||
Less accumulated amortization: | |||||||||||||
Customer relationships | (6,203 | ) | (4,689 | ) | |||||||||
Non-compete agreement | (4,582 | ) | (3,501 | ) | |||||||||
Brand names | (8,059 | ) | (8,025 | ) | |||||||||
Total accumulated amortization | (18,844 | ) | (16,215 | ) | |||||||||
Net intangible assets | $ | 5,246 | $ | 7,875 | |||||||||
Amortization of Intangible Assets | ' | ||||||||||||
Total amortization expense related to intangible assets, which is classified in administrative expense in the consolidated statement of comprehensive income, was as follows for the last three fiscal years: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Amortization of intangible assets | $ | 2,629 | $ | 3,069 | $ | 2,973 | |||||||
Expected Amortization Expense | ' | ||||||||||||
Expected amortization expense for the next five fiscal years is as follows: | |||||||||||||
Fiscal year ending | |||||||||||||
25-Jun-15 | $ | 2,167 | |||||||||||
30-Jun-16 | 1,710 | ||||||||||||
29-Jun-17 | 1,369 | ||||||||||||
28-Jun-18 | — | ||||||||||||
27-Jun-19 | — |
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 12 Months Ended | ||||||||
Jun. 26, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-term Debt | ' | ||||||||
Long-term debt consists of the following: | |||||||||
June 26, | June 27, | ||||||||
2014 | 2013 | ||||||||
Mortgage Facility (“Tranche A”), collateralized by real property, due in monthly principal installments of $200 plus interest at 7.63% per annum through February 2023 with a final principal payment of $600 on March 1, 2023 | $ | 21,400 | $ | 23,800 | |||||
Mortgage Facility (“Tranche B”), collateralized by real property, due in monthly principal installments of $50 plus interest at the greater of one month LIBOR plus 3.75% per annum or 4.50% through February 2023 with a final principal payment of $150 on March 1, 2023 | 5,350 | 5,950 | |||||||
Selma, Texas facility financing obligation to related parties, due in monthly installments of $121 through September 1, 2031 | 12,264 | 12,585 | |||||||
Other | 1 | 20 | |||||||
39,015 | 42,355 | ||||||||
Less: Current maturities | (3,349 | ) | (8,690 | ) | |||||
Total long-term debt | $ | 35,666 | $ | 33,665 | |||||
Aggregate Maturities of Long-term Debt | ' | ||||||||
Aggregate maturities of long-term debt are as follows for the fiscal years ending: | |||||||||
June 25, 2015 | $ | 3,349 | |||||||
30-Jun-16 | 3,376 | ||||||||
29-Jun-17 | 3,407 | ||||||||
28-Jun-18 | 3,441 | ||||||||
27-Jun-19 | 3,477 | ||||||||
Thereafter | 21,965 | ||||||||
$ | 39,015 | ||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Jun. 26, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Provision for Income Taxes | ' | ||||||||||||
The provision for income taxes for the last three fiscal years is as follows: | |||||||||||||
For the Year Ended: | |||||||||||||
June 26, | June 27, | June 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 11,274 | $ | 12,405 | $ | 8,420 | |||||||
State | 1,704 | 2,078 | 1,488 | ||||||||||
Total current | 12,978 | 14,483 | 9,908 | ||||||||||
Deferred: | |||||||||||||
Deferred federal | 375 | (1,205 | ) | (750 | ) | ||||||||
Deferred state | 192 | 258 | (59 | ) | |||||||||
Total deferred | 567 | (947 | ) | (809 | ) | ||||||||
Total income tax expense | $ | 13,545 | $ | 13,536 | $ | 9,099 | |||||||
Reconciliations of Income Taxes at Statutory Federal Income Tax Rate | ' | ||||||||||||
The reconciliations of income taxes at the statutory federal income tax rate to income taxes reported in the Consolidated Statements of Comprehensive Income for the last three fiscal years are as follows: | |||||||||||||
June 26, | June 27, | June 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal benefit | 3.3 | 4.5 | 3.5 | ||||||||||
Research and development tax credit | (0.1 | ) | (0.2 | ) | (0.2 | ) | |||||||
Domestic manufacturing deduction | (2.7 | ) | (3.4 | ) | (3.2 | ) | |||||||
Change in valuation allowance | (1.4 | ) | 2 | — | |||||||||
Other | (0.1 | ) | 0.4 | (0.4 | ) | ||||||||
Effective tax rate | 34 | % | 38.3 | % | 34.7 | % | |||||||
Deferred Tax Assets and Liabilities | ' | ||||||||||||
Deferred tax assets and liabilities are comprised of the following: | |||||||||||||
June 26, 2014 | June 27, 2013 | ||||||||||||
Current tax assets: | |||||||||||||
Accounts receivable | $ | 343 | $ | 298 | |||||||||
Employee compensation | 1,785 | 2,021 | |||||||||||
Inventory | 424 | 376 | |||||||||||
Workers’ compensation | 673 | 597 | |||||||||||
Other | 296 | 620 | |||||||||||
Less valuation allowance | (37 | ) | (189 | ) | |||||||||
Net deferred tax asset - current | $ | 3,484 | $ | 3,723 | |||||||||
Non-current tax assets (liabilities): | |||||||||||||
Depreciation | $ | (13,384 | ) | $ | (11,525 | ) | |||||||
Amortization | (80 | ) | (278 | ) | |||||||||
Capitalized leases | 1,249 | 1,099 | |||||||||||
Goodwill and intangible assets | 5,081 | 4,690 | |||||||||||
Operating loss carryforwards | 205 | 264 | |||||||||||
Retirement plan | 5,749 | 5,046 | |||||||||||
Workers’ compensation | 1,347 | 1,194 | |||||||||||
Capital loss carryforward | 175 | — | |||||||||||
Equity method investment | — | 615 | |||||||||||
Other | 522 | 348 | |||||||||||
Less valuation allowance | (138 | ) | (626 | ) | |||||||||
Net deferred tax asset – long term | 726 | 827 | |||||||||||
Net deferred tax assets - total | $ | 4,210 | $ | 4,550 | |||||||||
Schedule of Reconciliation of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: | |||||||||||||
June 26, | June 27, | ||||||||||||
2014 | 2013 | ||||||||||||
Beginning balance | $ | 139 | $ | 133 | |||||||||
Gross increases — tax positions in prior year | 248 | 5 | |||||||||||
Gross decreases — tax positions in prior year | (107 | ) | (12 | ) | |||||||||
Settlements | — | — | |||||||||||
Gross increases — tax positions in current year | 7 | 23 | |||||||||||
Lapse of statute of limitations | (40 | ) | (10 | ) | |||||||||
Ending balance | $ | 247 | $ | 139 | |||||||||
Unrecognized Tax Benefits | ' | ||||||||||||
Unrecognized tax benefits, that if recognized, would affect the annual effective tax rate on income from continuing operations, are as follows: | |||||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Unrecognized tax benefits that would affect annual effective tax rate | $ | 233 | $ | 127 | $ | 113 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||||||||||
Jun. 26, 2014 | |||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||
Rent Expense Related to Operating Leases | ' | ||||||||||||
Rent expense aggregated under these operating leases was as follows for the last three fiscal years: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Rent expense related to operating leases | $ | 1,572 | $ | 1,414 | $ | 1,459 | |||||||
Aggregate Non-Cancelable Lease Commitments Under Operating Leases | ' | ||||||||||||
Aggregate non-cancelable lease commitments under these operating leases with initial or remaining terms greater than one year are as follows: | |||||||||||||
Fiscal year ending | |||||||||||||
25-Jun-15 | $ | 1,320 | |||||||||||
30-Jun-16 | 1,187 | ||||||||||||
29-Jun-17 | 1,038 | ||||||||||||
28-Jun-18 | 543 | ||||||||||||
27-Jun-19 | 141 | ||||||||||||
Thereafter | 17 | ||||||||||||
$ | 4,246 | ||||||||||||
STOCKBASED_COMPENSATION_PLANS_
STOCK-BASED COMPENSATION PLANS (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 26, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Weighted Average Assumptions to Determine Fair Value of Options Granted | ' | ||||||||||||||||
The following weighted-average assumptions were used to determine the fair value of options granted during fiscal 2013 and fiscal 2012: | |||||||||||||||||
June 27, 2013 | June 28, 2012 | ||||||||||||||||
Risk-free interest rate | 0.9 | % | 1.1 | % | |||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Expected volatility | 42.3 | % | 38.1 | % | |||||||||||||
Expected life (years) | 6.3 | 6.3 | |||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
The following is a summary of stock option activity for the year ended June 26, 2014: | |||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
Outstanding at June 27, 2013 | 115,250 | $ | 13.68 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (49,500 | ) | 12.44 | ||||||||||||||
Forfeited | (2,250 | ) | 32.3 | ||||||||||||||
Outstanding at June 26, 2014 | 63,500 | $ | 13.98 | 2.01 | $ | 786 | |||||||||||
Exercisable at June 26, 2014 | 61,875 | $ | 13.95 | 1.86 | $ | 768 | |||||||||||
Summary of Weighted Average Grant Date Fair Value of Option Awards Granted | ' | ||||||||||||||||
The following table summarizes the weighted-average grant-date fair value of option awards granted, the total intrinsic value of all options exercised and the total cash received from the exercise of options for the last three fiscal years: | |||||||||||||||||
Year ended | Year ended | Year ended | |||||||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||||||
Weighted-average grant date fair value of options granted | $ | — | $ | 5.77 | $ | 3.39 | |||||||||||
Total intrinsic value of options exercised | $ | 602 | $ | 535 | $ | 394 | |||||||||||
Total cash received from exercise of options | $ | 616 | $ | 1,219 | $ | 452 | |||||||||||
Summary of Non Vested Stock Options | ' | ||||||||||||||||
The following is a summary of non-vested stock options for the year ended June 26, 2014: | |||||||||||||||||
Options | Shares | Weighted- | |||||||||||||||
Average | |||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested at June 27, 2013 | 2,625 | $ | 6.45 | ||||||||||||||
Granted | — | — | |||||||||||||||
Vested | (1,000 | ) | 6.56 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Non-vested at June 26, 2014 | 1,625 | $ | 6.4 | ||||||||||||||
Options Outstanding | ' | ||||||||||||||||
Exercise prices for options outstanding as of June 26, 2014 ranged from $7.95 to $18.46 and may be segregated into two ranges, as shown below: | |||||||||||||||||
Option Price Per Share Range | |||||||||||||||||
$7.95 - $11.30 | $14.73 - $18.46 | ||||||||||||||||
Number of options | 28,000 | 35,500 | |||||||||||||||
Weighted-average exercise price | $ | 8.91 | $ | 17.98 | |||||||||||||
Weighted-average remaining life in years | 3 | 1.2 | |||||||||||||||
Number of options exercisable | 27,750 | 34,125 | |||||||||||||||
Weighted-average exercise price for exercisable options | $ | 8.92 | $ | 18.05 | |||||||||||||
Summary of Restricted Stock Unit Activity | ' | ||||||||||||||||
The following is a summary of restricted stock unit activity for the year ended June 26, 2014: | |||||||||||||||||
Restricted Stock Units | Shares | Weighted- | |||||||||||||||
Average | |||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at June 27, 2013 | 215,294 | $ | 11.99 | ||||||||||||||
Granted | 68,710 | 25.32 | |||||||||||||||
Vested | (79,196 | ) | 12.74 | ||||||||||||||
Forfeited | (3,500 | ) | 12.77 | ||||||||||||||
Outstanding at June 26, 2014 | 201,308 | $ | 16.23 | ||||||||||||||
Summary of Compensation Cost and Income Tax Benefit | ' | ||||||||||||||||
The following table summarizes compensation cost charged to earnings for all equity compensation plans and the total income tax benefit recognized for the last three fiscal years: | |||||||||||||||||
Year ended | Year ended | Year ended | |||||||||||||||
June 26, | June 27, | June 28, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Compensation cost charged to earnings | $ | 1,105 | $ | 905 | $ | 820 | |||||||||||
Income tax benefit recognized | 512 | 202 | 95 |
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | ||||||||||||
Jun. 26, 2014 | |||||||||||||
Postemployment Benefits [Abstract] | ' | ||||||||||||
Expense for 401(k) Plan | ' | ||||||||||||
Our expense for the 401(k) plan was as follows for the last three fiscal years: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, | June 27, | June 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
401(k) plan expense | $ | 1,356 | $ | 1,171 | $ | 922 | |||||||
Total Route Pension Liability | ' | ||||||||||||
The total Route pension liability was as follows for the last two fiscal years: | |||||||||||||
June 26, | June 27, | ||||||||||||
2014 | 2013 | ||||||||||||
Route pension liability | $ | 590 | $ | 646 |
RETIREMENT_PLAN_Tables
RETIREMENT PLAN (Tables) | 12 Months Ended | ||||||||||||
Jun. 26, 2014 | |||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||
Changes in Projected Benefit Obligation | ' | ||||||||||||
The following table presents the changes in the projected benefit obligation for the fiscal years ended: | |||||||||||||
June 26, | June 27, | ||||||||||||
2014 | 2013 | ||||||||||||
Change in projected benefit obligation | |||||||||||||
Benefit obligation at beginning of year | $ | 13,268 | $ | 13,989 | |||||||||
Service cost | 323 | 343 | |||||||||||
Interest cost | 634 | 570 | |||||||||||
Actuarial loss (gain) | 1,454 | (979 | ) | ||||||||||
Benefits paid | (654 | ) | (655 | ) | |||||||||
Projected benefit obligation at end of year | $ | 15,025 | $ | 13,268 | |||||||||
Components of Actuarial Loss (Gain) Portion of Change in Projected Benefit Obligation | ' | ||||||||||||
Components of the actuarial loss (gain) portion of the change in projected benefit obligation are presented below for the fiscal years ended: | |||||||||||||
June 26, | June 27, | June 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Actuarial Loss (Gain) | |||||||||||||
Change in assumed pay increases | $ | (85 | ) | $ | 423 | $ | (35 | ) | |||||
Change in discount rate | 1,084 | (1,555 | ) | 2,494 | |||||||||
Change in bonus assumption | 474 | — | — | ||||||||||
Other | (19 | ) | 153 | 120 | |||||||||
Actuarial loss (gain) | $ | 1,454 | $ | (979 | ) | $ | 2,579 | ||||||
Schedule of Net Benefit Costs | ' | ||||||||||||
The components of the net periodic pension cost are as follows for the fiscal years ended: | |||||||||||||
June 26, | June 27, | June 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Service cost | $ | 323 | $ | 343 | $ | 243 | |||||||
Interest cost | 634 | 570 | 600 | ||||||||||
Recognized gain amortization | (68 | ) | — | (185 | ) | ||||||||
Prior service cost amortization | 957 | 957 | 957 | ||||||||||
Net periodic pension cost | $ | 1,846 | $ | 1,870 | $ | 1,615 | |||||||
Assumptions to Calculate Benefit Obligations of SERP | ' | ||||||||||||
We used the following assumptions to calculate the benefit obligations of our SERP as of the following dates: | |||||||||||||
June 26, | June 27, | ||||||||||||
2014 | 2013 | ||||||||||||
Discount rate | 4.37% | 4.90% | |||||||||||
Rate of compensation increases | 4.50% | 4.50% | |||||||||||
Bonus payment | 60% - 85% of | 60% - 70% of | |||||||||||
base, | base, | ||||||||||||
paid 3 of 5 | paid 3 of 5 | ||||||||||||
years | years | ||||||||||||
Assumptions to Calculate Net Periodic Costs of SERP | ' | ||||||||||||
We used the following assumptions to calculate the net periodic costs of our SERP as follows for the fiscal years ended: | |||||||||||||
June 26, | June 27, | June 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Discount rate | 4.90% | 4.17% | 5.51% | ||||||||||
Rate of compensation increases | 4.50% | 4.50% | 4.50% | ||||||||||
Bonus payment | 60% - 70% of | 60% - 70% of | 60% - 70% of | ||||||||||
base, | base, | base, | |||||||||||
paid 3 of 5 | paid 3 of 5 | paid 3 of 5 | |||||||||||
years | years | years | |||||||||||
Benefits Expected to be Paid in Next Ten Fiscal Years | ' | ||||||||||||
The following table presents the benefits expected to be paid in the next ten fiscal years: | |||||||||||||
Fiscal year | |||||||||||||
2015 | $ | 653 | |||||||||||
2016 | 650 | ||||||||||||
2017 | 642 | ||||||||||||
2018 | 629 | ||||||||||||
2019 | 611 | ||||||||||||
2020 — 2024 | 3,073 | ||||||||||||
Components of AOCL | ' | ||||||||||||
The following table presents the components of AOCL that have not yet been recognized in net pension expense: | |||||||||||||
June 26, 2014 | June 27, 2013 | ||||||||||||
Unrecognized net gain | $ | 735 | $ | 2,257 | |||||||||
Unrecognized prior service cost | (6,220 | ) | (7,177 | ) | |||||||||
Tax effect | 1,982 | 1,756 | |||||||||||
Net amount unrecognized | $ | (3,503 | ) | $ | (3,164 | ) | |||||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended | ||||||
Jun. 26, 2014 | |||||||
Equity [Abstract] | ' | ||||||
Changes in Accumulated Other Comprehensive Loss | ' | ||||||
The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the fiscal year ended June 26, 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 loss before reclassifications | (1,454 | ) | |||||
Amounts reclassified from accumulated other comprehensive loss | 889 | ||||||
Tax effect | 226 | ||||||
Net current-period other comprehensive loss | (339 | ) | |||||
Balance - June 26, 2014 | $ | (3,503 | ) | ||||
(a) | Amounts in parenthesis indicate debits/expense. | ||||||
Reclassification Out of Accumulated Other Comprehensive Loss | ' | ||||||
The reclassifications out of accumulated other comprehensive loss for the year ended June 26, 2014 were as follows: | |||||||
Reclassifications from AOCL to earnings (b) | Year Ended June 26, | Affected line item in the | |||||
2014 | Consolidated Statements of | ||||||
Comprehensive Income | |||||||
Amortization of defined benefit pension items: | |||||||
Unrecognized prior service cost | $ | (957 | ) | Administrative expenses | |||
Unrecognized net gain | 68 | Administrative expenses | |||||
Total before tax | (889 | ) | |||||
Tax effect | 355 | Income tax expense | |||||
Amortization of defined pension items, net of tax | $ | (534 | ) | ||||
(b) | Amounts in parenthesis indicate debits to expense. See Note 13 above for additional details. |
TRANSACTIONS_WITH_RELATED_PART1
TRANSACTIONS WITH RELATED PARTIES (Tables) | 12 Months Ended | ||||||||||||
Jun. 26, 2014 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Summary of Transactions with Related Party | ' | ||||||||||||
We purchase materials from a company that is effectively owned by three members of our Board of Directors, two of whom are also executive officers, and individuals directly related to them. Purchases from this related party aggregated to the following for the years ending: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
June 26, 2014 | June 27, 2013 | June 28, 2012 | |||||||||||
Purchases from related party | $ | 11,077 | $ | 10,723 | $ | 11,474 | |||||||
Summary of Accounts Payable to Related Parties | ' | ||||||||||||
Accounts payable to this related entity aggregated to the following for the fiscal years ending: | |||||||||||||
June 26, 2014 | $ | 232 | |||||||||||
June 27, 2013 | 290 |
DISTRIBUTION_CHANNEL_AND_PRODU1
DISTRIBUTION CHANNEL AND PRODUCT TYPE SALES MIX (Tables) | 12 Months Ended | ||||||||||||
Jun. 26, 2014 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Schedule of Revenue by Distribution Channel | ' | ||||||||||||
The following summarizes net sales by distribution channel for the fiscal years ended: | |||||||||||||
Distribution Channel | June 26, | June 27, | June 28, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Consumer * | $ | 453,339 | $ | 436,228 | $ | 418,699 | |||||||
Commercial Ingredients | 193,180 | 177,774 | 176,611 | ||||||||||
Contract Packaging | 98,125 | 85,940 | 70,388 | ||||||||||
Export | 33,978 | 34,392 | 34,877 | ||||||||||
$ | 778,622 | $ | 734,334 | $ | 700,575 | ||||||||
* | Sales of branded products, primarily all Fisher brand, were approximately 31%, 30% and 29% of total consumer channel sales during fiscal 2014, 2013 and 2012, 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 types, for the fiscal year ended: | |||||||||||||
Product Type | June 26, | June 27, | June 28, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Peanuts | 15.1 | % | 18.2 | % | 17.6 | % | |||||||
Pecans | 13.6 | 15.9 | 17.9 | ||||||||||
Cashews & Mixed Nuts | 18.7 | 19.4 | 20.3 | ||||||||||
Walnuts | 11.7 | 12 | 12.2 | ||||||||||
Almonds | 22.3 | 16.5 | 14.7 | ||||||||||
Other | 18.6 | 18 | 17.3 | ||||||||||
100 | % | 100 | % | 100 | % | ||||||||
VALUATION_AND_QUALIFYING_ACCOU1
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 26, 2014 | |||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Activity in Various Allowance and Reserve Accounts | ' | ||||||||||||||||
The following table details the activity in various allowance and reserve accounts. | |||||||||||||||||
Description | Balance at | Additions | Deductions | Balance at | |||||||||||||
Beginning | End of Period | ||||||||||||||||
of Period | |||||||||||||||||
June 26, 2014 | |||||||||||||||||
Allowance for doubtful accounts | $ | 194 | $ | 31 | $ | (16 | ) | $ | 209 | ||||||||
Reserve for cash discounts | 550 | 10,539 | (10,439 | ) | 650 | ||||||||||||
Reserve for customer deductions | 1,884 | 5,381 | (4,914 | ) | 2,351 | ||||||||||||
Deferred tax asset valuation allowance | 815 | — | (640 | ) | 175 | ||||||||||||
Total | $ | 3,443 | $ | 15,951 | $ | (16,009 | ) | $ | 3,385 | ||||||||
June 27, 2013 | |||||||||||||||||
Allowance for doubtful accounts | $ | 195 | $ | — | $ | (1 | ) | $ | 194 | ||||||||
Reserve for cash discounts | 550 | 9,899 | (9,899 | ) | 550 | ||||||||||||
Reserve for customer deductions | 2,122 | 4,256 | (4,494 | ) | 1,884 | ||||||||||||
Deferred tax asset valuation allowance | — | 815 | — | 815 | |||||||||||||
Total | $ | 2,867 | $ | 14,970 | $ | (14,394 | ) | $ | 3,443 | ||||||||
June 28, 2012 | |||||||||||||||||
Allowance for doubtful accounts | $ | 224 | $ | 45 | $ | (74 | ) | $ | 195 | ||||||||
Reserve for cash discounts | 470 | 8,447 | (8,367 | ) | 550 | ||||||||||||
Reserve for customer deductions | 2,179 | 3,638 | (3,695 | ) | 2,122 | ||||||||||||
Total | $ | 2,873 | $ | 12,130 | $ | (12,136 | ) | $ | 2,867 | ||||||||
SUPPLEMENTARY_QUARTERLY_DATA_U1
SUPPLEMENTARY QUARTERLY DATA (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 26, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Unaudited quarterly consolidated financial data | ' | ||||||||||||||||
The following unaudited quarterly consolidated financial data are presented for fiscal 2014 and fiscal 2013. Quarterly financial results necessarily rely on estimates and caution is required in drawing specific conclusions from quarterly consolidated results. | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter(1) | ||||||||||||||
Year Ended June 26, 2014: | |||||||||||||||||
Net sales | $ | 176,697 | $ | 225,114 | $ | 174,291 | $ | 202,520 | |||||||||
Gross profit | 29,369 | 36,948 | 22,799 | 33,749 | |||||||||||||
Income from operations | 12,328 | 16,394 | 6,138 | 12,136 | |||||||||||||
Net income | 6,775 | 9,224 | 3,681 | 6,607 | |||||||||||||
Basic earnings per common share | $ | 0.62 | $ | 0.84 | $ | 0.33 | $ | 0.6 | |||||||||
Diluted earnings per common share | $ | 0.61 | $ | 0.83 | $ | 0.33 | $ | 0.59 | |||||||||
Cash dividends declared per common share | $ | — | $ | 1.5 | $ | — | $ | — | |||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Year Ended June 27, 2013: | |||||||||||||||||
Net sales | $ | 177,507 | $ | 215,619 | $ | 163,815 | $ | 177,393 | |||||||||
Gross profit | 30,573 | 36,676 | 22,879 | 29,834 | |||||||||||||
Income from operations | 13,869 | 14,426 | 3,324 | 10,000 | |||||||||||||
Net income | 7,534 | 8,301 | 342 | 5,583 | |||||||||||||
Basic earnings per common share | $ | 0.7 | $ | 0.77 | $ | 0.03 | $ | 0.51 | |||||||||
Diluted earnings per common share | $ | 0.69 | $ | 0.76 | $ | 0.03 | $ | 0.51 | |||||||||
Cash dividends declared per common share | $ | — | $ | 1 | $ | — | $ | — | |||||||||
-1 | The fourth quarter of fiscal 2014 contained a $0.4 increase in cost of sales due to a change in the estimate of on-hand quantities of bulk-stored inshell pecan and walnut inventories. |
Recovered_Sheet1
Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Dec. 26, 2013 | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 | |
Segment | ||||
Accounting Policies [Line Items] | ' | ' | ' | ' |
Period to shell bulk stored nut inventories | ' | 'Ten to fifteen months | ' | ' |
Interest costs capitalized | ' | $0 | $0 | $0 |
Recorded impairments of long - lived assets | ' | 0 | 0 | 0 |
Gross costs incurred under the Development Agreement | ' | 6,806,000 | ' | ' |
Assets held for sale | ' | ' | 6,175,000 | ' |
Sales price of land and building | 8,000,000 | ' | ' | ' |
Gain on sale of land and building | 1,641,000 | ' | ' | ' |
Proceeds from sale of land and building, net | ' | ' | 870,000 | ' |
Expenses incurred on sale of land and building recorded in administrative expenses | ' | ' | 45,000 | ' |
Pre-tax gain on sale of land and building | ' | 1,526,000 | 575,000 | -16,000 |
Number of reportable operating segment | ' | 1 | ' | ' |
Percentage of likelihood to record liabilities for uncertain tax positions | ' | 'Greater than 50% | ' | ' |
Percentage of likelihood where no benefit for uncertain tax positions is recorded | ' | 'Less than 50% | ' | ' |
Deferred Tax Asset Valuation Allowance [Member] | ' | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' | ' |
Deferred tax asset valuation allowance | ' | 175,000 | ' | ' |
Accounts Receivable [Member] | ' | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of customers exceeding ten percent of sales | ' | 3 | 3 | 2 |
Percentage of net sales | ' | 55.00% | 49.00% | ' |
Sales Revenue, Net [Member] | ' | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' | ' |
Concentration Risk Benchmark Percentage | ' | 10.00% | 10.00% | 10.00% |
Percentage of net sales | ' | 46.00% | 48.00% | 36.00% |
Administrative Expenses [Member] | ' | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' | ' |
Pre-tax gain on sale of land and building | ' | ' | $660,000 | ' |
Elgin Site [Member] | ' | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' | ' |
Percentage of building currently vacant | ' | 74.00% | ' | ' |
Number of buildings located on site | ' | 2 | ' | ' |
Recovered_Sheet2
Significant Accounting Policies - Depreciation Expense for Last Three Fiscal Years (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Depreciation Expense [Abstract] | ' | ' | ' |
Depreciation expense | $13,649 | $13,648 | $14,062 |
Recovered_Sheet3
Significant Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Detail) | 12 Months Ended |
Jun. 26, 2014 | |
Minimum [Member] | Buildings [Member] | ' |
Property Plant And Equipment Estimated Useful Lifes [Line Items] | ' |
Property, plant and equipment estimated useful life | '10 years |
Minimum [Member] | Machinery and equipment [Member] | ' |
Property Plant And Equipment Estimated Useful Lifes [Line Items] | ' |
Property, plant and equipment estimated useful life | '5 years |
Minimum [Member] | Furniture and leasehold improvements [Member] | ' |
Property Plant And Equipment Estimated Useful Lifes [Line Items] | ' |
Property, plant and equipment estimated useful life | '5 years |
Minimum [Member] | Vehicles [Member] | ' |
Property Plant And Equipment Estimated Useful Lifes [Line Items] | ' |
Property, plant and equipment estimated useful life | '3 years |
Minimum [Member] | Computers and software [Member] | ' |
Property Plant And Equipment Estimated Useful Lifes [Line Items] | ' |
Property, plant and equipment estimated useful life | '3 years |
Maximum [Member] | Buildings [Member] | ' |
Property Plant And Equipment Estimated Useful Lifes [Line Items] | ' |
Property, plant and equipment estimated useful life | '40 years |
Maximum [Member] | Machinery and equipment [Member] | ' |
Property Plant And Equipment Estimated Useful Lifes [Line Items] | ' |
Property, plant and equipment estimated useful life | '10 years |
Maximum [Member] | Furniture and leasehold improvements [Member] | ' |
Property Plant And Equipment Estimated Useful Lifes [Line Items] | ' |
Property, plant and equipment estimated useful life | '10 years |
Maximum [Member] | Vehicles [Member] | ' |
Property Plant And Equipment Estimated Useful Lifes [Line Items] | ' |
Property, plant and equipment estimated useful life | '5 years |
Maximum [Member] | Computers and software [Member] | ' |
Property Plant And Equipment Estimated Useful Lifes [Line Items] | ' |
Property, plant and equipment estimated useful life | '5 years |
Significant_Accounting_Policie3
Significant Accounting Policies - Amortization of Deferred Financing Costs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Deferred Financing Costs [Abstract] | ' | ' | ' |
Amortization of deferred financing costs | $329 | $442 | $370 |
Significant_Accounting_Policie4
Significant Accounting Policies - Schedule of Gross Rental Income and Rental (Expense) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Gross Rental Income And Expense [Abstract] | ' | ' | ' |
Gross rental income | $1,697 | $1,671 | $1,426 |
Rental (expense), net | ($2,798) | ($1,495) | ($1,450) |
Significant_Accounting_Policie5
Significant Accounting Policies - Expected Future Gross Rental Income under Operating Leases within Office Building (Detail) (USD $) | Jun. 26, 2014 |
In Thousands, unless otherwise specified | |
Expected Future Gross Rental Income Under Operating Leases [Abstract] | ' |
25-Jun-15 | $1,745 |
30-Jun-16 | 1,756 |
29-Jun-17 | 1,599 |
28-Jun-18 | 599 |
27-Jun-19 | 558 |
Thereafter | 2,428 |
Total | $8,685 |
Significant_Accounting_Policie6
Significant Accounting Policies - Carrying Value and Fair Value Estimate of Long Term Debt (Detail) (USD $) | Jun. 26, 2014 | Jun. 27, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Carrying value of long-term debt: | $39,015 | $42,355 |
Fair value of long-term debt: | $43,091 | $46,059 |
Significant_Accounting_Policie7
Significant Accounting Policies - Marketing and Advertising Expenses Recorded in Selling Expenses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Marketing And Advertising Expense [Abstract] | ' | ' | ' |
Marketing and advertising expense | $10,330 | $10,928 | $8,946 |
Significant_Accounting_Policie8
Significant Accounting Policies - Shipping and Handling Cost for Last Three Fiscal Years (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Shipping And Handling Costs [Abstract] | ' | ' | ' |
Shipping and handling costs | $17,895 | $15,801 | $15,757 |
Significant_Accounting_Policie9
Significant Accounting Policies - Research and Development Expenses for Last Three Fiscal Years (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Research And Development [Abstract] | ' | ' | ' |
Research and development expense | $882 | $1,233 | $1,062 |
Recovered_Sheet4
Significant Accounting Policies - Weighted Average Shares Outstanding Used in Computing Earning Per Share (Detail) | 12 Months Ended | ||
Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 | |
Weighted Average Shares Outstanding [Abstract] | ' | ' | ' |
Weighted average number of shares outstanding - basic | 11,033,310 | 10,863,064 | 10,726,004 |
Effect of dilutive securities: | ' | ' | ' |
Stock options and restricted stock units | 99,037 | 129,933 | 102,508 |
Weighted average number of shares outstanding - diluted | 11,132,347 | 10,992,997 | 10,828,512 |
Recovered_Sheet5
Significant Accounting Policies - Anti Dilutive Stock Options Excluded from Computation of Earnings Per Share (Detail) (USD $) | 12 Months Ended | ||
Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 | |
Anti Dilutive Shares [Abstract] | ' | ' | ' |
Weighted average number of anti-dilutive shares | 15,153 | 41,375 | 107,125 |
Weighted average exercise price | $25.36 | $18.46 | $17.63 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Jun. 26, 2014 | Jun. 27, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw material and supplies | $89,417 | $80,925 |
Work-in-process and finished goods | 93,413 | 77,781 |
Total | $182,830 | $158,706 |
Intangible_Assets_Components_o
Intangible Assets - Components of Intangible Assets (Detail) (USD $) | Jun. 26, 2014 | Jun. 27, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangible assets, gross | $24,090 | $24,090 |
Less accumulated amortization: | ' | ' |
Total accumulated amortization | -18,844 | -16,215 |
Net intangible assets | 5,246 | 7,875 |
Customer relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangible assets, gross | 10,600 | 10,600 |
Less accumulated amortization: | ' | ' |
Total accumulated amortization | -6,203 | -4,689 |
Non-compete agreement [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangible assets, gross | 5,400 | 5,400 |
Less accumulated amortization: | ' | ' |
Total accumulated amortization | -4,582 | -3,501 |
Brand names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangible assets, gross | 8,090 | 8,090 |
Less accumulated amortization: | ' | ' |
Total accumulated amortization | ($8,059) | ($8,025) |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) | 12 Months Ended |
Jun. 26, 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 |
Intangible_Assets_Amortization
Intangible Assets - Amortization of Intangible Assets (Detail) (Administrative Expenses [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Administrative Expenses [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization of intangible assets | $2,629 | $3,069 | $2,973 |
Intangible_Assets_Expected_Amo
Intangible Assets - Expected Amortization Expense (Detail) (USD $) | Jun. 26, 2014 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
25-Jun-15 | $2,167 |
30-Jun-16 | 1,710 |
29-Jun-17 | 1,369 |
28-Jun-18 | ' |
27-Jun-19 | ' |
Revolving_Credit_Facility_Addi
Revolving Credit Facility - Additional Information (Detail) (USD $) | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 26, 2014 | Jun. 27, 2013 | Feb. 07, 2008 | Jun. 26, 2014 | Jun. 27, 2013 | Feb. 07, 2008 | Feb. 07, 2008 | Feb. 07, 2008 |
Mortgage Facility Tranche A [Member] | Mortgage Facility Tranche A [Member] | Mortgage Facility Tranche A [Member] | Mortgage Facility Tranche B [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 |
Amounts of term loans | ' | ' | 21,400 | 23,800 | 36,000 | 5,350 | 5,950 | 9,000 | 45,000 | ' |
Maturity period of revolving credit facility amended | 15-Jul-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual decrease in borrowing base calculation based upon machinery and equipment | 1,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate for the Credit Facility | 2.13% | 2.23% | ' | ' | ' | ' | ' | ' | ' | ' |
Available credit under the Credit Facility | 72,458 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings | 40,542 | 31,867 | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | $4,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for annual decrease in Borrowing Base Calculation based upon machinery and equipment | 'First five years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Longterm_Debt_Longterm_Debt_De
Long-term Debt - Long-term Debt (Detail) (USD $) | Jun. 26, 2014 | Jun. 27, 2013 | Feb. 07, 2008 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Other | $1 | $20 | ' |
Total Debt | 39,015 | 42,355 | ' |
Less: Current maturities | -3,349 | -8,690 | ' |
Total long-term debt | 35,666 | 33,665 | ' |
Mortgage Facility Tranche A [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amounts of term loans | 21,400 | 23,800 | 36,000 |
Mortgage Facility Tranche B [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amounts of term loans | 5,350 | 5,950 | 9,000 |
Selma, Texas properties [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amounts of term loans | $12,264 | $12,585 | ' |
Longterm_Debt_Longterm_Debt_Pa
Long-term Debt - Long-term Debt (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 26, 2014 |
Mortgage Facility Tranche A [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest rate | 7.63% |
Monthly principal installment | $200 |
Final principal payment | 600 |
Mortgage Facility Tranche B [Member] | ' |
Debt Instrument [Line Items] | ' |
Monthly principal installment | 50 |
Final principal payment | 150 |
Mortgage facility interest | 'One month LIBOR plus 3.75% per annum or 4.50% |
Interest rate added to LIBOR | 3.75% |
Minimum interest rate | 4.50% |
Selma, Texas properties [Member] | ' |
Debt Instrument [Line Items] | ' |
Monthly principal installment | $121 |
Mortgage Facility maturity date | 1-Sep-31 |
Longterm_Debt_Additional_Infor
Long-term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Feb. 07, 2008 | Jun. 26, 2014 | Jun. 27, 2013 | Feb. 07, 2008 | Jun. 26, 2014 | Feb. 07, 2008 | Sep. 30, 2006 | Jun. 26, 2014 | Jun. 27, 2013 |
Mortgage Facility Tranche A [Member] | Mortgage Facility Tranche A [Member] | Mortgage Facility Tranche A [Member] | Mortgage Facility Tranche B [Member] | Mortgage Facility Tranche B [Member] | Mortgage Facility Tranche B [Member] | Mortgage Facility [Member] | Mortgage Facility [Member] | Selma, Texas properties [Member] | Selma, Texas properties [Member] | Selma, Texas properties [Member] | |
Debt Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate reset date | 1-Mar-18 | ' | ' | 1-Mar-16 | ' | ' | ' | ' | ' | ' | ' |
Mortgage Facility maturity date | ' | ' | ' | ' | ' | ' | 1-Mar-23 | ' | ' | 1-Sep-31 | ' |
Interest rate | 7.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage facility interest | ' | ' | ' | 'One month LIBOR plus 3.75% per annum or 4.50% | ' | ' | ' | ' | ' | ' | ' |
Mortgage Facility interest rate LIBOR | ' | ' | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' |
Debt instrument fixed rate | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' |
Amounts classified as long-term debt | $19,000 | ' | ' | $4,750 | ' | ' | ' | ' | ' | ' | ' |
Mortgage Facility contain covenants to maintain specified net worth | ' | ' | ' | ' | ' | ' | 110,000 | ' | ' | ' | ' |
Capital lease recorded as debt obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,300 | ' |
Selling price of Texas properties sold to related party partnerships | ' | ' | ' | ' | ' | ' | ' | ' | 14,300 | ' | ' |
Renewal options of Texas properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Three five-year terms | ' |
Lease term of Texas properties | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Option percentage of fair value to purchase the properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' |
Option percentage of fair value to purchase the properties in certain circumstances | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Option to purchase the properties from the partnerships | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' |
Debt obligation outstanding | $21,400 | $23,800 | $36,000 | $5,350 | $5,950 | $9,000 | ' | $45,000 | ' | $12,264 | $12,585 |
Longterm_Debt_Aggregate_Maturi
Long-term Debt - Aggregate Maturities of Long-term Debt (Detail) (USD $) | Jun. 26, 2014 | Jun. 27, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
25-Jun-15 | $3,349 | $8,690 |
30-Jun-16 | 3,376 | ' |
29-Jun-17 | 3,407 | ' |
28-Jun-18 | 3,441 | ' |
27-Jun-19 | 3,477 | ' |
Thereafter | 21,965 | ' |
Total Longterm Debt Maturities | $39,015 | $42,355 |
Income_taxes_Provision_for_Inc
Income taxes - Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Current: | ' | ' | ' |
Federal | $11,274 | $12,405 | $8,420 |
State | 1,704 | 2,078 | 1,488 |
Total current | 12,978 | 14,483 | 9,908 |
Deferred: | ' | ' | ' |
Deferred federal | 375 | -1,205 | -750 |
Deferred state | 192 | 258 | -59 |
Total deferred | 567 | -947 | -809 |
Total income tax expense | $13,545 | $13,536 | $9,099 |
Income_Taxes_Reconciliations_o
Income Taxes - Reconciliations of Income Taxes at Statutory Federal Income Tax Rate (Detail) | 12 Months Ended | ||
Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 3.30% | 4.50% | 3.50% |
Research and development tax credit | -0.10% | -0.20% | -0.20% |
Domestic manufacturing deduction | -2.70% | -3.40% | -3.20% |
Change in valuation allowance | -1.40% | 2.00% | ' |
Other | -0.10% | 0.40% | -0.40% |
Effective tax rate | 34.00% | 38.30% | 34.70% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Detail) (USD $) | Jun. 26, 2014 | Jun. 27, 2013 |
In Thousands, unless otherwise specified | ||
Current tax assets: | ' | ' |
Accounts receivable | $343 | $298 |
Employee compensation | 1,785 | 2,021 |
Inventory | 424 | 376 |
Workers' compensation | 673 | 597 |
Other | 296 | 620 |
Less valuation allowance | -37 | -189 |
Net deferred tax asset - current | 3,484 | 3,723 |
Non-current tax assets (liabilities): | ' | ' |
Depreciation | -13,384 | -11,525 |
Amortization | -80 | -278 |
Capitalized leases | 1,249 | 1,099 |
Goodwill and intangible assets | 5,081 | 4,690 |
Operating loss carryforwards | 205 | 264 |
Retirement plan | 5,749 | 5,046 |
Workers' compensation | 1,347 | 1,194 |
Capital loss carryforward | 175 | ' |
Equity method investment | ' | 615 |
Other | 522 | 348 |
Less valuation allowance | -138 | -626 |
Net deferred tax asset - long term | 726 | 827 |
Net deferred tax assets - total | $4,210 | $4,550 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 | Jun. 26, 2014 | Jun. 26, 2014 | Jun. 26, 2014 | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
State and Local Jurisdiction [Member] | United States [Member] | Illinois [Member] | Illinois [Member] | Illinois [Member] | California [Member] | ||||
Earliest Tax Year [Member] | Earliest Tax Year [Member] | Earliest Tax Year [Member] | Earliest Tax Year [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net change in the total valuation allowance | $640 | $815 | ' | ' | ' | ' | ' | ' | ' |
Gross state tax credits | ' | ' | ' | 3,649 | ' | ' | ' | ' | ' |
Gross state tax net operating losses expiration dates | '2024 | ' | ' | ' | ' | ' | ' | ' | ' |
Total gross amounts of unrecognized tax benefits | 247 | 139 | 133 | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits and accrued interest and penalties current | ' | 131 | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits and accrued interest and penalties long-term | $263 | ' | ' | ' | ' | ' | ' | ' | ' |
Year of tax return audit | ' | ' | ' | ' | '2011 | ' | ' | '2013 | '2009 |
Year of tax return currently under audit | ' | ' | ' | ' | ' | '2012 | '2011 | ' | ' |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Beginning balance | $139 | $133 |
Gross increases - tax positions in prior year | 248 | 5 |
Gross decreases - tax positions in prior year | -107 | -12 |
Settlements | ' | ' |
Gross increases - tax positions in current year | 7 | 23 |
Lapse of statute of limitations | -40 | -10 |
Ending balance | $247 | $139 |
Income_Taxes_Unrecognised_Tax_
Income Taxes - Unrecognised Tax Benefits (Detail) (USD $) | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
In Thousands, unless otherwise specified | |||
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrecognized tax benefits that would affect annual effective tax rate | $233 | $127 | $113 |
Recovered_Sheet6
Commitments and Contingencies - Rent Expense Related to Operating Leases (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Rent expense related to operating leases | $1,572 | $1,414 | $1,459 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Aggregate Non-Cancelable Lease Commitments under Operating Leases (Detail) (USD $) | Jun. 26, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
25-Jun-15 | $1,320 |
30-Jun-16 | 1,187 |
29-Jun-17 | 1,038 |
28-Jun-18 | 543 |
27-Jun-19 | 141 |
Thereafter | 17 |
Total | $4,246 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2012 | Sep. 29, 2011 | Jun. 30, 2011 |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Amount of settlement agreement | ' | ' | $2,600 |
Accrual for the class action wage and hour lawsuit | ' | ' | 1,950 |
Payment to the claims administrator | ' | 2,600 | ' |
Reverter payment for unclaimed settlement funds | $665 | ' | ' |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | |
Jun. 26, 2014 | Jun. 27, 2013 | |
Vote | ||
Stockholders Equity [Line Items] | ' | ' |
Common stock, par value | $0.01 | ' |
Percentage of members comprising the Board of Directors elected by the holders of Common Stock | 25.00% | ' |
Noncumulative voting rights per share | 1 | ' |
Class A Common Stock [Member] | ' | ' |
Stockholders Equity [Line Items] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Number of votes per share | 10 | ' |
Number of shares of Common Stock converted from each share of Class A Stock | 1 | ' |
Recovered_Sheet7
Stock-Based Compensation Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Sep. 26, 2013 | Sep. 23, 2010 | Jun. 26, 2014 | Jun. 26, 2014 | Jun. 26, 2014 | Mar. 28, 2013 | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 26, 2014 | Jun. 26, 2014 |
Certain key employees and outside directors [Member] | Marketing Consultant [Member] | Marketing Consultant [Member] | Minimum [Member] | Maximum [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Restricted Stock Units R S U [Member] | Restricted Stock Units R S U [Member] | Restricted Stock Units R S U [Member] | Restricted Stock Units R S U [Member] | ||
Marketing Consultant [Member] | Employees [Member] | Non Employee Outside Directors [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock authorized for grants of awards under the 2008 Equity Incentive Plan | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock authorized for future grants of award | 599,705 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period of restricted stock units granted | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 4 months 24 days | ' | '3 years | '1 year |
Awards of stock options annually to any single individual | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' |
Maximum amount of shares may grant in the form of common stock, restricted stock and RSU's | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' |
Expected life (years) | '10 years | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock authorized for issuance to employees | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of options granted under the 2008 Equity Incentive Plan exercisable annually | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
1998 Equity Incentive Plan terminated | 'September 1, 2008 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of historical volatility used to determine expected stock volatility | '6 years 3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option price per share | ' | ' | ' | ' | $7.95 | ' | ' | ' | ' | ' | ' | ' |
Option price per share | ' | ' | ' | ' | ' | $18.46 | ' | ' | ' | ' | ' | ' |
Restricted stock units vested | ' | ' | ' | ' | ' | ' | ' | ' | 40,098 | 37,500 | ' | ' |
SARs granted to marketing consultant | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Term of SARs granted to marketing consultant | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' |
SARs exercised by marketing consultant | ' | ' | ' | ' | ' | ' | ' | 7,500 | ' | ' | ' | ' |
Shares vested | 79,196 | ' | 2,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to non-vested share-based compensation | $1,551 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected weighted average recognize period of unrecognized compensation cost related to non-vested share-based compensation | '1 year 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans - Weighted Average Assumptions to Determine Fair Value of Options Granted (Detail) | 12 Months Ended | ||
Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 | |
Fair value of options granted [Member] | Fair value of options granted [Member] | ||
Compensation Related Costs Disclosure [Line Items] | ' | ' | ' |
Risk-free interest rate | ' | 0.90% | 1.10% |
Expected dividend yield | ' | 0.00% | 0.00% |
Expected volatility | ' | 42.30% | 38.10% |
Expected life (years) | '10 years | '6 years 3 months 18 days | '6 years 3 months 18 days |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 26, 2014 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Outstanding beginning balance, Shares | 115,250 |
Granted, Shares | 0 |
Exercised, Shares | -49,500 |
Forfeited, Shares | -2,250 |
Outstanding ending balance, Shares | 63,500 |
Exercisable, Shares | 61,875 |
Outstanding beginning Balance, Weighted Average Exercise Price | $13.68 |
Granted, Weighted Average Exercise Price | ' |
Exercised, Weighted Average Exercise Price | $12.44 |
Forfeited, Weighted Average Exercise Price | $32.30 |
Outstanding Ending Balance, Weighted Average Exercise Price | $13.98 |
Exercisable Balance, Weighted Average Exercise Price | $13.95 |
Outstanding, Weighted Average Remaining Contractual Term | '2 years 4 days |
Exercisable, Weighted Average Remaining Contractual Term | '1 year 10 months 10 days |
Granted, Aggregate Intrinsic Value | ' |
Exercised, Aggregate Intrinsic Value | ' |
Forfeited, Aggregate Intrinsic Value | ' |
Outstanding, Aggregate Intrinsic Value | 786 |
Exercisable, Aggregate Intrinsic Value | $768 |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans - Summary of Weighted Average Grant Date Fair Value of Options (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Weighted-average grant date fair value of options granted | ' | $5.77 | $3.39 |
Total intrinsic value of options exercised | $602 | $535 | $394 |
Total cash received from exercise of options | $616 | $1,219 | $452 |
StockBased_Compensation_Plans_4
Stock-Based Compensation Plans - Summary of Non Vested Stock Options (Detail) (USD $) | 12 Months Ended | ||
Jun. 27, 2013 | Jun. 28, 2012 | Jun. 26, 2014 | |
Non Vested Stock Options [Member] | |||
Schedule Of Nonvested Stock Option Activity [Line Items] | ' | ' | ' |
Beginning balance, shares | ' | ' | 2,625 |
Granted, shares | ' | ' | ' |
Vested, shares | ' | ' | -1,000 |
Forfeited, shares | ' | ' | ' |
Ending balance, shares | ' | ' | 1,625 |
Weighted Average Grant Date Fair Value, Beginning Balance | ' | ' | $6.45 |
Granted, Weighted Average Grant Date Fair Value | $5.77 | $3.39 | ' |
Vested, Weighted Average Grant Date Fair Value | ' | ' | $6.56 |
Forfeited, Weighted Average Grant Date Fair Value | ' | ' | ' |
Weighted Average Grant Date Fair Value, Ending Balance | ' | ' | $6.40 |
StockBased_Compensation_Plans_5
Stock-Based Compensation Plans - Options Outstanding (Detail) (USD $) | 12 Months Ended |
Jun. 26, 2014 | |
Minimum [Member] | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' |
Option Price Per Share Range | $7.95 |
Maximum [Member] | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' |
Option Price Per Share Range | $18.46 |
Range 1 [Member] | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' |
Number of options | 28,000 |
Weighted-average exercise price | $8.91 |
Weighted-average remaining life in years | '3 years |
Number of options exercisable | 27,750 |
Weighted-average exercise price for exercisable options | $8.92 |
Range 1 [Member] | Minimum [Member] | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' |
Option Price Per Share Range | $7.95 |
Range 1 [Member] | Maximum [Member] | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' |
Option Price Per Share Range | $11.30 |
Range 2 [Member] | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' |
Number of options | 35,500 |
Weighted-average exercise price | $17.98 |
Weighted-average remaining life in years | '1 year 2 months 12 days |
Number of options exercisable | 34,125 |
Weighted-average exercise price for exercisable options | $18.05 |
Range 2 [Member] | Minimum [Member] | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' |
Option Price Per Share Range | $14.73 |
Range 2 [Member] | Maximum [Member] | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' |
Option Price Per Share Range | $18.46 |
StockBased_Compensation_Plans_6
Stock-Based Compensation Plans - Summary of Restricted Stock Unit Activity (Detail) (USD $) | 12 Months Ended |
Jun. 26, 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_7
Stock-Based Compensation Plans - Summary of Compensation Cost and Income Tax Benefit (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Compensation cost charged to earnings | $1,105 | $905 | $820 |
Income tax benefit recognized | $512 | $202 | $95 |
Special_Cash_Dividends_Additio
Special Cash Dividends - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Special cash dividend | $1.50 | $1 | $1.50 | $1 | ' |
Special dividend payout expected | ' | ' | $16,599 | $10,889 | ' |
Dividend Activity Two [Member] | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Special cash dividend | ' | ' | $1.50 | ' | ' |
Special dividend payout expected | ' | ' | 16,599 | ' | ' |
Dividends payable date, declared day | ' | ' | 29-Oct-13 | ' | ' |
Dividend Payable Date | ' | ' | 5-Dec-13 | ' | ' |
Dividend Activity One [Member] | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Special cash dividend | ' | ' | ' | $1 | ' |
Special dividend payout expected | ' | ' | ' | $10,889 | ' |
Dividends payable date, declared day | ' | ' | ' | 10-Dec-12 | ' |
Dividend Payable Date | ' | ' | ' | 28-Dec-12 | ' |
Investment_in_ARMA_Energy_Inc_
Investment in ARMA Energy . Inc - Additional Information (Detail) (Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member], Arma Energy, Inc. [Member], USD $) | 0 Months Ended | 0 Months Ended | |||
Jun. 27, 2013 | Jun. 26, 2014 | Feb. 01, 2013 | Feb. 01, 2013 | Feb. 01, 2013 | |
Promissory Note [Member] | Promissory Note [Member] | ||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' |
Preferred stock received | ' | ' | 71.00% | ' | ' |
Promissory note, Principal amount | ' | ' | ' | ' | $500,000 |
Promissory note, Maturity period | ' | ' | ' | '5 years | ' |
Ownership stock sale percentage | 58.00% | ' | ' | ' | ' |
Equity method investments | ' | $0 | ' | ' | ' |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 26, 2014 |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' |
Matching maximum percentage by employer for 401(k) plan contributions (first 3% of employee contributions) | 100.00% |
Matching percentage by employer for 401(k) plan contributions (next 2% of employee contributions) | 50.00% |
Percent of employee contribution under contributory plan | 3.00% |
Long-term liability recorded for withdrawal from multi-employer plan | $868 |
Monthly payment including interest based on terms of settlement with labor union | $8 |
Employee Contribution Next Two Percent [Member] | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' |
Percent of employee contribution under contributory plan | 2.00% |
Employee_Benefit_Plans_Expense
Employee Benefit Plans - Expense for 401(k) Plan (Detail) (401(k) [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
401(k) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
401(k) plan expense | $1,356 | $1,171 | $922 |
Employee_Benefit_Plans_Total_R
Employee Benefit Plans - Total Route Pension Liability (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 |
Route Pension Liability [Abstract] | ' | ' |
Route pension liability | $590 | $646 |
Retirement_Plan_Changes_in_Pro
Retirement Plan - Changes in Projected Benefit Obligation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Defined Benefit Plan Change In Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | $13,268 | $13,989 | ' |
Service cost | 323 | 343 | 243 |
Interest cost | 634 | 570 | 600 |
Actuarial loss (gain) | 1,454 | -979 | 2,579 |
Benefits paid | -654 | -655 | ' |
Projected benefit obligation at end of year | $15,025 | $13,268 | $13,989 |
Retirement_Plan_Components_of_
Retirement Plan - Components of Actuarial Loss (Gain) Portion of Change in Projected Benefit Obligation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Schedule Of Actuarial Gain Loss In Projected Benefit Obligation [Abstract] | ' | ' | ' |
Change in assumed pay increases | ($85) | $423 | ($35) |
Change in discount rate | 1,084 | -1,555 | 2,494 |
Change in bonus assumption | 474 | ' | ' |
Other | -19 | 153 | 120 |
Actuarial loss (gain) | $1,454 | ($979) | $2,579 |
Retirement_Plan_Schedule_of_Ne
Retirement Plan - Schedule of Net Benefit Costs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Service cost | $323 | $343 | $243 |
Interest cost | 634 | 570 | 600 |
Recognized gain amortization | -68 | ' | -185 |
Prior service cost amortization | 957 | 957 | 957 |
Net periodic pension cost | $1,846 | $1,870 | $1,615 |
Retirement_Plan_Assumptions_to
Retirement Plan - Assumptions to Calculate Benefit Obligations of SERP (Detail) (Benefit Obligation [Member]) | 12 Months Ended | |
Jun. 26, 2014 | Jun. 27, 2013 | |
Benefit Obligation [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Discount rate | 4.37% | 4.90% |
Rate of compensation increases | 4.50% | 4.50% |
Bonus payment | '60% - 85% of base, paid 3 of 5 years | '60% - 70% of base, paid 3 of 5 years |
Retirement_Plan_Assumptions_to1
Retirement Plan - Assumptions to Calculate Net Periodic Costs of SERP (Detail) (SERP [Member]) | 12 Months Ended | ||
Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 | |
SERP [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount rate | 4.90% | 4.17% | 5.51% |
Rate of compensation increases | 4.50% | 4.50% | 4.50% |
Bonus payment | '60% - 70% of base, paid 3 of 5 years | '60% - 70% of base, paid 3 of 5 years | '60% - 70% of base, paid 3 of 5 years |
Retirement_Plan_Benefits_Expec
Retirement Plan - Benefits Expected to be Paid in Next Ten Fiscal Years (Detail) (USD $) | Jun. 26, 2014 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | ' |
2015 | $653 |
2016 | 650 |
2017 | 642 |
2018 | 629 |
2019 | 611 |
2020 - 2024 | $3,073 |
Retirement_Plan_Components_of_1
Retirement Plan - Components of AOCL (Detail) (USD $) | Jun. 26, 2014 | Jun. 27, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Amounts Recognized In Other Comprehensive Income [Abstract] | ' | ' |
Unrecognized net gain | $735 | $2,257 |
Unrecognized prior service cost | -6,220 | -7,177 |
Tax effect | 1,982 | 1,756 |
Net amount unrecognized | ($3,503) | ($3,164) |
Retirement_Plan_Additional_Inf
Retirement Plan - Additional Information (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 26, 2014 |
Compensation And Retirement Disclosure [Abstract] | ' |
Prior service cost to be recognized in the next fiscal year as net pension expense | $957 |
Recovered_Sheet8
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 26, 2014 |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax [Abstract] | ' |
Beginning balance | ($3,164) |
Other comprehensive loss before reclassifications | -1,454 |
Amounts reclassified from accumulated other comprehensive loss | 889 |
Tax effect | 226 |
Net current-period other comprehensive loss | -339 |
Ending balance | ($3,503) |
Recovered_Sheet9
Accumulated Other Comprehensive Loss - Reclassification Out of Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other comprehensive (loss) income, net of tax | ($339) | $1,163 | ($1,085) |
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 | -889 | ' | ' |
Tax effect | 355 | ' | ' |
Other comprehensive (loss) income, net of tax | -534 | ' | ' |
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 | -957 | ' | ' |
Unrecognized net gain | $68 | ' | ' |
Recovered_Sheet10
Transactions with Related Parties - Additional Information (Detail) | 12 Months Ended |
Jun. 26, 2014 | |
Related Party Transaction Due From To Related Party [Abstract] | ' |
Ownership in related party entity | 'We purchase materials from a company that is effectively owned by three members of our Board of Directors, two of whom are also executive officers, and individuals directly related to them. |
Recovered_Sheet11
Transactions with Related Parties - Summary of Transactions with Related Party (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Related Party Transactions [Abstract] | ' | ' | ' |
Purchases from related party | $11,077 | $10,723 | $11,474 |
Transactions_with_Related_Part2
Transactions with Related Parties - Summary of Accounts Payable to Related Parties (Detail) (USD $) | Jun. 26, 2014 | Jun. 27, 2013 |
In Thousands, unless otherwise specified | ||
Related Party Transactions [Abstract] | ' | ' |
Accounts payable, related party payables | $232 | $290 |
Recovered_Sheet12
Distribution Channel and Product Type Sales Mix - Schedule of Revenue by Distribution Channel (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Mar. 27, 2014 | Dec. 26, 2013 | Sep. 26, 2013 | Jun. 27, 2013 | Mar. 28, 2013 | Dec. 27, 2012 | Sep. 27, 2012 | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Distribution Channel Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $202,520 | $174,291 | $225,114 | $176,697 | $177,393 | $163,815 | $215,619 | $177,507 | $778,622 | $734,334 | $700,575 |
Consumer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution Channel Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 453,339 | 436,228 | 418,699 |
Commercial Ingredients [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution Channel Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 193,180 | 177,774 | 176,611 |
Contract Packaging [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution Channel Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 98,125 | 85,940 | 70,388 |
Export [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution Channel Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $33,978 | $34,392 | $34,877 |
Recovered_Sheet13
Distribution Channel and Product Type Sales Mix - Schedule of Revenue by Distribution Channel (Parenthetical) (Detail) (Sales Revenue, Net [Member]) | 12 Months Ended | ||
Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 | |
Distribution Channel Reporting Information [Line Items] | ' | ' | ' |
Percentage of total consumer channel sales comprised of sale of branded products | 46.00% | 48.00% | 36.00% |
Branded products [Member] | ' | ' | ' |
Distribution Channel Reporting Information [Line Items] | ' | ' | ' |
Percentage of total consumer channel sales comprised of sale of branded products | 31.00% | 30.00% | 29.00% |
Distribution_Channel_and_Produ2
Distribution Channel and Product Type Sales Mix - Schedule of Sales by Product Type as Percentage of Gross Sales (Detail) | 12 Months Ended | ||
Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 | |
Product Type Reporting Information [Line Items] | ' | ' | ' |
Total | 100.00% | 100.00% | 100.00% |
Peanuts [Member] | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' |
Total | 15.10% | 18.20% | 17.60% |
Pecans [Member] | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' |
Total | 13.60% | 15.90% | 17.90% |
Cashews & Mixed Nuts [Member] | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' |
Total | 18.70% | 19.40% | 20.30% |
Walnuts [Member] | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' |
Total | 11.70% | 12.00% | 12.20% |
Almonds [Member] | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' |
Total | 22.30% | 16.50% | 14.70% |
Other [Member] | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' |
Total | 18.60% | 18.00% | 17.30% |
Recovered_Sheet14
Valuation and Qualifying Accounts And Reserves - Activity in Various Allowance and Reserve Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | $3,443 | $2,867 | $2,873 |
Additions | 15,951 | 14,970 | 12,130 |
Deductions | -16,009 | -14,394 | -12,136 |
Balance at End of Period | 3,385 | 3,443 | 2,867 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | 194 | 195 | 224 |
Additions | 31 | ' | 45 |
Deductions | -16 | -1 | -74 |
Balance at End of Period | 209 | 194 | 195 |
Reserve for Cash Discounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | 550 | 550 | 470 |
Additions | 10,539 | 9,899 | 8,447 |
Deductions | -10,439 | -9,899 | -8,367 |
Balance at End of Period | 650 | 550 | 550 |
Reserve for Customer Deductions [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | 1,884 | 2,122 | 2,179 |
Additions | 5,381 | 4,256 | 3,638 |
Deductions | -4,914 | -4,494 | -3,695 |
Balance at End of Period | 2,351 | 1,884 | 2,122 |
Deferred Tax Asset Valuation Allowance [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | 815 | ' | ' |
Additions | ' | 815 | ' |
Deductions | -640 | ' | ' |
Balance at End of Period | $175 | $815 | ' |
Recovered_Sheet15
Supplementary Quarterly Data (Unaudited) - Unaudited Quarterly Consolidated Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 26, 2014 | Mar. 27, 2014 | Dec. 26, 2013 | Sep. 26, 2013 | Jun. 27, 2013 | Mar. 28, 2013 | Dec. 27, 2012 | Sep. 27, 2012 | Jun. 26, 2014 | Jun. 27, 2013 | Jun. 28, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $202,520 | $174,291 | $225,114 | $176,697 | $177,393 | $163,815 | $215,619 | $177,507 | $778,622 | $734,334 | $700,575 |
Gross profit | 33,749 | 22,799 | 36,948 | 29,369 | 29,834 | 22,879 | 36,676 | 30,573 | 122,865 | 119,962 | 107,054 |
Income from operations | 12,136 | 6,138 | 16,394 | 12,328 | 10,000 | 3,324 | 14,426 | 13,869 | 46,996 | 41,619 | 32,973 |
Net income | $6,607 | $3,681 | $9,224 | $6,775 | $5,583 | $342 | $8,301 | $7,534 | $26,287 | $21,760 | $17,122 |
Basic earnings per common share | $0.60 | $0.33 | $0.84 | $0.62 | $0.51 | $0.03 | $0.77 | $0.70 | $2.38 | $2 | $1.60 |
Diluted earnings per common share | $0.59 | $0.33 | $0.83 | $0.61 | $0.51 | $0.03 | $0.76 | $0.69 | $2.36 | $1.98 | $1.58 |
Cash dividends declared per common share | ' | ' | $1.50 | ' | ' | ' | $1 | ' | $1.50 | $1 | ' |
Recovered_Sheet16
Supplementary Quarterly Data (Unaudited) - Unaudited Quarterly Consolidated Financial Data (Parenthetical) (Detail) (USD $) | 3 Months Ended |
Jun. 26, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | ' |
Increase in cost of sales due to a change in the estimate of on-hand quantities of bulk-stored inshell pecan and walnut inventories | $400 |