Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 25, 2015 | Aug. 12, 2015 | Dec. 25, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 25, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | JBSS | ||
Entity Registrant Name | SANFILIPPO JOHN B & SON INC | ||
Entity Central Index Key | 880,117 | ||
Current Fiscal Year End Date | --06-25 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 396,481,170 | ||
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 8,545,580 | ||
Class A Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,597,426 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 25, 2015 | Jun. 26, 2014 |
CURRENT ASSETS: | ||
Cash | $ 1,946 | $ 1,884 |
Accounts receivable, less allowances of $2,966 and $3,210, respectively | 75,635 | 55,800 |
Inventories | 197,997 | 182,830 |
Deferred income taxes | 4,264 | 3,484 |
Prepaid expenses and other current assets | 4,468 | 5,376 |
TOTAL CURRENT ASSETS | 284,310 | 249,374 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land | 9,285 | 9,285 |
Buildings | 104,016 | 102,796 |
Machinery and equipment | 178,936 | 170,694 |
Furniture and leasehold improvements | 4,363 | 4,363 |
Vehicles | 397 | 468 |
Construction in progress | 2,868 | 2,901 |
Property, plant and equipment gross | 299,865 | 290,507 |
Less: Accumulated depreciation | 189,671 | 181,684 |
Property, plant and equipment net | 110,194 | 108,823 |
Rental investment property, less accumulated depreciation of $8,055 and $7,262, respectively | 20,839 | 21,631 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 131,033 | 130,454 |
OTHER LONG TERM ASSETS: | ||
Cash surrender value of officers' life insurance and other assets | 10,332 | 8,811 |
Deferred income taxes | 3,181 | 726 |
Intangible assets, net | 3,079 | 5,246 |
TOTAL ASSETS | 431,935 | 394,611 |
CURRENT LIABILITIES: | ||
Revolving credit facility borrowings | 61,153 | 40,542 |
Current maturities of long-term debt, including related party debt of $376 and $348, respectively | 3,376 | 3,349 |
Accounts payable, including related party payables of $241 and $232, respectively | 45,722 | 44,907 |
Book overdraft | 1,037 | 2,414 |
Accrued payroll and related benefits | 14,847 | 13,099 |
Other accrued expenses | 7,970 | 7,920 |
TOTAL CURRENT LIABILITIES | 134,105 | 112,231 |
LONG-TERM LIABILITIES: | ||
Long-term debt, less current maturities, including related party debt of $11,540 and $11,916, respectively | 32,290 | 35,666 |
Retirement plan | 17,885 | 14,372 |
Other | 6,377 | 5,515 |
TOTAL LONG-TERM LIABILITIES | 56,552 | 55,553 |
TOTAL LIABILITIES | $ 190,657 | $ 167,784 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Capital in excess of par value | $ 111,540 | $ 108,305 |
Retained earnings | 135,664 | 123,118 |
Accumulated other comprehensive loss | (4,834) | (3,503) |
Treasury stock, at cost; 117,900 shares of Common Stock | (1,204) | (1,204) |
TOTAL STOCKHOLDERS' EQUITY | 241,278 | 226,827 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 431,935 | 394,611 |
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 | 86 | 85 |
TOTAL STOCKHOLDERS' EQUITY | $ 86 | $ 85 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 25, 2015 | Jun. 26, 2014 |
Allowances for accounts receivable, current | $ 2,966 | $ 3,210 |
Accumulated depreciation of rental investment property | 8,055 | 7,262 |
Current maturities of long-term debt, related party debt | 376 | 348 |
Accounts payable, related party payables | 241 | 232 |
Related party debt, Non-current | $ 11,540 | $ 11,916 |
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 | 8,663,480 | 8,569,105 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net sales | $ 887,245 | $ 778,622 | $ 734,334 |
Cost of sales | 755,189 | 655,757 | 614,372 |
Gross profit | 132,056 | 122,865 | 119,962 |
Operating expenses: | |||
Selling expenses | 49,646 | 48,258 | 47,112 |
Administrative expenses | 30,531 | 29,252 | 31,231 |
Gain on sale of assets held for sale, net | 0 | (1,641) | 0 |
Total operating expenses | 80,177 | 75,869 | 78,343 |
Income from operations | 51,879 | 46,996 | 41,619 |
Other expense: | |||
Interest expense including $1,110, $1,136 and $1,161 to related parties, respectively | 3,966 | 4,354 | 4,754 |
Rental and miscellaneous expense, net | 3,049 | 2,810 | 1,569 |
Total other expense, net | 7,015 | 7,164 | 6,323 |
Income before income taxes | 44,864 | 39,832 | 35,296 |
Income tax expense | 15,559 | 13,545 | 13,536 |
Net income | 29,305 | 26,287 | 21,760 |
Other comprehensive (loss) income, net of tax: | |||
Amortization of prior service cost and actuarial gain included in net periodic pension cost | 584 | 534 | 574 |
Net actuarial (loss) gain arising during the period | (1,915) | (873) | 589 |
Other comprehensive (loss) income, net of tax | (1,331) | (339) | 1,163 |
Comprehensive income | $ 27,974 | $ 25,948 | $ 22,923 |
Net income per common share - basic | $ 2.63 | $ 2.38 | $ 2 |
Net income per common share - diluted | 2.61 | 2.36 | 1.98 |
Cash dividends declared per share | $ 1.50 | $ 1.50 | $ 1 |
Weighted average shares outstanding - basic | 11,150,658 | 11,033,310 | 10,863,064 |
Weighted average shares outstanding - diluted | 11,248,259 | 11,132,347 | 10,992,997 |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Interest expense to related parties | $ 1,110 | $ 1,136 | $ 1,161 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | 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] |
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 | |||||
Net income | 29,305 | 29,305 | |||||
Cash dividends | (16,759) | (16,759) | |||||
Pension liability amortization, net of income tax (expense) | 584 | 584 | |||||
Pension liability adjustment, net of income tax benefit (expense) | (1,915) | (1,915) | |||||
Equity award exercises | 1,284 | $ 1 | 1,283 | ||||
Equity award exercises, shares | 94,375 | ||||||
Stock-based compensation expense | 1,952 | 1,952 | |||||
Balance at Jun. 25, 2015 | $ 241,278 | $ 26 | $ 86 | $ 111,540 | $ 135,664 | $ (4,834) | $ (1,204) |
Balance, Shares at Jun. 25, 2015 | 2,597,426 | 8,663,480 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends per common share | $ 1.50 | $ 1.50 | $ 1 |
Pension liability amortization income tax expense | $ 373 | $ 355 | $ 383 |
Pension liability adjustment income tax expense (benefit) | $ (1,224) | $ (581) | $ 390 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 29,305 | $ 26,287 | $ 21,760 |
Depreciation and amortization | 16,284 | 16,278 | 16,717 |
Loss (gain) on disposition of properties, net | 100 | (1,526) | (575) |
Deferred income tax (benefit) expense | (2,384) | 567 | (947) |
Stock-based compensation expense | 1,952 | 1,105 | 905 |
Change in assets and liabilities, net of business acquired: | |||
Accounts receivable, net | (19,862) | (6,231) | 358 |
Inventories | (15,167) | (24,124) | (12,322) |
Prepaid expenses and other current assets | (1,587) | 1,136 | (805) |
Accounts payable | 307 | 616 | 10,527 |
Accrued expenses | 1,798 | (2,434) | (2,696) |
Income taxes receivable/payable | 2,495 | (1,669) | (754) |
Other long-term liabilities | 862 | 1,153 | 3,356 |
Other long-term assets | (1,541) | (400) | (1,106) |
Other, net | 1,371 | 1,192 | 1,335 |
Net cash provided by operating activities | 13,933 | 11,950 | 35,753 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | (14,392) | (9,928) | (7,207) |
Proceeds from disposition of assets | 90 | 7,879 | 993 |
Other | 21 | (7) | (165) |
Net cash used in investing activities | (14,281) | (2,056) | (6,379) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings under revolving credit facilities | 339,684 | 304,910 | 313,059 |
Repayments of revolving credit borrowings | (319,073) | (296,235) | (327,040) |
Principal payments on long-term debt | (3,349) | (3,340) | (6,575) |
(Decrease) increase in book overdraft | (1,377) | 1,362 | (895) |
Dividends paid | (16,759) | (16,599) | (10,889) |
Proceeds from the exercise of stock options | 643 | 616 | 1,219 |
Tax benefit of equity award exercises | 641 | 442 | 122 |
Net cash provided by (used in) financing activities | 410 | (8,844) | (30,999) |
NET INCREASE (DECREASE) IN CASH | 62 | 1,050 | (1,625) |
Cash, beginning of period | 1,884 | 834 | 2,459 |
Cash, end of period | 1,946 | 1,884 | 834 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 3,760 | 4,046 | 4,131 |
Income taxes paid, excluding refunds of $548, $292, and $14, respectively | $ 15,288 | $ 14,366 | $ 15,135 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Statement of Cash Flows [Abstract] | |||
Income taxes paid, refunds | $ 548 | $ 292 | $ 14 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Jun. 25, 2015 | |
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). Fiscal 2016 will consist of fifty-three weeks. 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, pecans, cashews, walnuts, almonds and other nuts in the United States. These nuts are sold under a variety of private brands and under the Fisher, Orchard Valley Harvest, Fisher Nut Exactly Sunshine Country 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 of bulk inventories, the evaluation of recoverability of long-lived assets, the assumptions used in estimating the retirement plan liability and pension expense, and the realizability of deferred tax assets. Actual results could differ from those estimates. Cash and Cash Equivalents We consider temporary cash investments with an original maturity of three months or less to be cash equivalents. 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 Depreciation expense $ 14,117 $ 13,649 $ 13,648 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 requiring such capitalization. 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 Amortization of deferred financing costs $ 227 $ 329 $ 442 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 71% 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 Gross rental income $ 1,792 $ 1,697 $ 1,671 Rental (expense), net (3,062 ) (2,798 ) (1,495 ) Expected future gross rental income under operating leases within the office building is as follows for the fiscal years ending: June 30, 2016 $ 1,898 June 29, 2017 1,913 June 28, 2018 1,583 June 27, 2019 1,470 June 25, 2020 1,389 Thereafter 5,816 $ 14,069 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”). 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 25, 2015 and June 26, 2014 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 25, 2015 and June 26, 2014 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 25, 2015 June 26, 2014 Carrying value of long-term debt: $ 35,666 $ 39,015 Fair value of long-term debt: 39,377 43,091 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 and 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 two customers each exceeded 10% of net sales during fiscal 2015. In fiscal 2014 and 2013, three customers each exceeded 10% of net sales. Sales to these customers represented approximately 39%, 46% and 48% of our net sales in fiscal 2015, fiscal 2014 and fiscal 2013, respectively. Net accounts receivable from these customers were 33% and 55% of net accounts receivable at June 25, 2015 and June 26, 2014, 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 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 Marketing and advertising expense $ 11,069 $ 10,330 $ 10,928 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 Shipping and handling costs $ 17,699 $ 17,895 $ 15,801 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 Research and development expense $ 979 $ 882 $ 1,233 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. We estimate the fair value of each stock option on the date of the grant using the Black-Scholes option pricing model (using the risk-free interest rate, expected term, expected volatility, and dividend yield variables) discounted by an estimated forfeiture rate. The grant date fair value of RSUs is generally 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 25, 2015, we believe that our deferred tax assets are fully realizable, except for $175 of net 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 Weighted average number of shares outstanding — basic 11,150,658 11,033,310 10,863,064 Effect of dilutive securities: Stock options and restricted stock units 97,601 99,037 129,933 Weighted average number of shares outstanding — diluted 11,248,259 11,132,347 10,992,997 The following table presents a summary of anti-dilutive stock options and restricted stock units excluded from the computation of diluted earnings per share: Year ended Year ended Year ended Weighted average number of anti-dilutive shares: — 15,153 41,375 Weighted average exercise price: $ — $ 25.36 $ 18.46 Comprehensive Income We account for comprehensive income in accordance with ASC Topic 220, Comprehensive Income Recent Accounting Pronouncements In July 2015, the FASB issued ASU No. 2015-11 “ Inventory (Topic 330) Simplifying the Measurement of Inventory In April 2015, the FASB issued ASU No. 2015-03 “Interest-Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs”. “Interest-Imputation of Interest (Subtopic 835-30) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements ” . In January 2015, the FASB issued ASU No. 2015-01 “Income Statement — Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items”. In August 2014, the FASB issued ASU No. 2014-15 “ Presentation of Financial Statements — Going Concern (Topic 205-40) In May 2014, the FASB issued ASU No. 2014-09 “ Revenue from Contracts with Customers (Topic 606)” Revenue from Contracts with Customers Other Assets and Deferred Costs — Contracts with Customers Revenue Recognition Revenue from Contracts with Customers, Deferral of the Effective Date” |
Inventories
Inventories | 12 Months Ended |
Jun. 25, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 2 — INVENTORIES Inventories consist of the following: June 25, 2015 June 26, 2014 Raw material and supplies $ 58,704 $ 68,196 Work-in-process and finished goods 139,293 114,634 $ 197,997 $ 182,830 The previously reported balance of raw material and supplies at June 26, 2014 incorrectly included $21,221 of certain nut meats that should have been classified as work-in-process and finished goods. The current presentation reflects this correction and there is no impact on our consolidated financial statements. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Jun. 25, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 3 — INTANGIBLE ASSETS Intangible assets subject to amortization consist of the following: June 25, 2015 June 26, 2014 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 (7,717 ) (6,203 ) Non-compete agreement (5,204 ) (4,582 ) Brand names (8,090 ) (8,059 ) Total accumulated amortization (21,011 ) (18,844 ) Net intangible assets $ 3,079 $ 5,246 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 Fisher 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 Amortization of intangible assets $ 2,167 $ 2,629 $ 3,069 Expected amortization expense for the next five fiscal years is as follows: Fiscal year ending June 30, 2016 $ 1,710 June 29, 2017 1,369 June 28, 2018 — June 27, 2019 — June 25, 2020 — |
Revolving Credit Facility
Revolving Credit Facility | 12 Months Ended |
Jun. 25, 2015 | |
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”). On September 30, 2014, we entered into the Sixth Amendment to Credit Facility (the “Sixth Amendment”) which extended the maturity date of the Credit Facility from July 15, 2016 to July 15, 2019 and reduced the interest rates charged for ordinary course and letter of credit borrowings. The revolving loan commitment amount did not change. In addition, the Sixth Amendment allows the Company to, without obtaining Bank Lender consent, (i) make up to two cash dividends or distributions on our stock each fiscal year, or (ii) purchase, acquire, redeem or retire stock in any fiscal year, in any case, in an amount not to exceed $25,000, individually or in the aggregate, as long as the excess availability under the Credit Facility remains over $30,000 after giving effect to any such dividend, distribution, purchase or redemption. The Sixth Amendment also increased the amount of permitted acquisitions from $50,000 to $100,000 and removed the annual limit on capital expenditures. The Credit Facility 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”). At June 25, 2015 and June 26, 2014, the weighted average interest rate for the Credit Facility was 2.00% and 2.13%, respectively. The terms of the Credit Facility contain covenants that require us to restrict investments, indebtedness, 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 covenant or upon the occurrence of certain other defaults by us under the Credit Facility (including a default under the Mortgage Facility). As of June 25, 2015, 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 25, 2015, we had $51,747 of available credit under the Credit Facility which reflects borrowings of $61,153 and reduced availability as a result of $4,600 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. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Jun. 25, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 5 — LONG-TERM DEBT Long-term debt consists of the following: June 25, June 26, 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 $ 19,000 $ 21,400 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 4,750 5,350 Selma, Texas facility financing obligation to related parties, due in monthly installments of $121 through September 1, 2031 11,916 12,264 Other — 1 35,666 39,015 Less: Current maturities (3,376 ) (3,349 ) Total long-term debt $ 32,290 $ 35,666 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 25, 2015, 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 $16,600 of Tranche A and $4,150 of Tranche B have been classified as long-term debt which represent scheduled principal payments that are due twelve months beyond June 25, 2015. 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 25, 2015 was $11,916. Aggregate maturities of long-term debt are as follows for the fiscal years ending: June 30, 2016 $ 3,376 June 29, 2017 3,407 June 28, 2018 3,441 June 27, 2019 3,477 June 25, 2020 3,516 Thereafter 18,449 $ 35,666 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 25, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 6 — INCOME TAXES The provision for income taxes is based entirely on income before income taxes earned in the United States, and is as follows for the last three fiscal years: For the Year Ended: June 25, June 26, June 27, Current: Federal $ 15,916 $ 11,274 $ 12,405 State 2,027 1,704 2,078 Total current 17,943 12,978 14,483 Deferred: Deferred federal (2,589 ) 375 (1,205 ) Deferred state 205 192 258 Total deferred (2,384 ) 567 (947 ) Total income tax expense $ 15,559 $ 13,545 $ 13,536 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 25, June 26, June 27, Federal statutory income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefit 3.4 3.3 4.5 Research and development tax credit (0.1 ) (0.1 ) (0.2 ) Domestic manufacturing deduction (3.4 ) (2.7 ) (3.4 ) Change in valuation allowance — (1.4 ) 2.0 Other (0.2 ) (0.1 ) 0.4 Effective tax rate 34.7 % 34.0 % 38.3 % The effective tax rate of fiscal 2013 was impacted by 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 25, 2015 June 26, 2014 Current tax assets: Accounts receivable $ 404 $ 343 Employee compensation 2,072 1,785 Inventory 424 424 Workers’ compensation 699 673 Other 703 296 Less valuation allowance (38 ) (37 ) Net deferred tax asset — current $ 4,264 $ 3,484 Non-current tax assets (liabilities): Depreciation and amortization $ (12,435 ) $ (13,464 ) Capitalized leases 1,354 1,249 Goodwill and intangible assets 5,156 5,081 Operating loss carryforwards — 205 Retirement plan 6,975 5,749 Workers’ compensation 1,399 1,347 Capital loss carryforward 175 175 Other 694 522 Less valuation allowance (137 ) (138 ) Net deferred tax asset — long term 3,181 726 Net deferred tax assets — total $ 7,445 $ 4,210 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. During fiscal 2015 there was no change to the total valuation allowance and in fiscal 2014 the net change was a $640 decrease. 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. For the years ending June 25, 2015 and June 26, 2014, unrecognized tax benefits and accrued interest and penalties were $333 and $263. 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 $248 and $247 at June 25, 2015 and June 26, 2014, respectively. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: June 25, June 26, Beginning balance $ 247 $ 139 Gross increases — tax positions in prior year 27 248 Gross decreases — tax positions in prior year (91 ) (107 ) Settlements (18 ) — Gross increases — tax positions in current year 21 7 Lapse of statute of limitations 62 (40 ) Ending balance $ 248 $ 247 Unrecognized tax benefits, that if recognized, would affect the annual effective tax rate on income from continuing operations, are as follows: June 25, 2015 June 26, 2014 June 27, 2013 Unrecognized tax benefits that would affect annual effective tax rate $ 261 $ 233 $ 127 We believe that it is reasonably possible that approximately $122 of unrecognized tax benefits related to federal and state exposures, each of which are individually insignificant, may be recognized by the end of fiscal 2016 as a result of a lapse of the statute of limitations. 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 2012 and later and our fiscal 2014 return is currently under audit. Our Illinois tax return is open for audit for fiscal 2013 and later. Our California tax returns are open for audit for fiscal 2011 and later. No other tax jurisdictions are material to us. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 25, 2015 | |
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 Rent expense related to operating leases $ 1,545 $ 1,572 $ 1,414 Aggregate non-cancelable lease commitments under these operating leases with initial or remaining terms greater than one year are as follows: Fiscal year ending June 30, 2016 $ 1,516 June 29, 2017 1,323 June 28, 2018 792 June 27, 2019 357 June 25, 2020 213 Thereafter 16 $ 4,217 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. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jun. 25, 2015 | |
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. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Jun. 25, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | NOTE 9 — STOCK-BASED COMPENSATION PLANS At our annual meeting of stockholders on October 29, 2014, our stockholders approved a new equity incentive plan (the “2014 Omnibus Plan”) under which awards of options and other stock-based awards may be made to employees, officers or non- employee directors of our Company. A total of 1,000,000 shares of Common Stock are authorized for grants of awards thereunder, which may be in the form of options, restricted stock, restricted stock units (“RSUs”), stock appreciation rights (“SARs”), performance shares, performance units, Common Stock or dividends and dividend equivalents. As of June 25, 2015, there were 916,765 shares of Common Stock that remained authorized for future grants of awards, subject to the limitations set below. The total number of shares of Common Stock with respect to which options or SARs may be granted in any calendar year to any participant may not exceed 500,000 shares (this limit applies separately with respect to each type of award). Additionally, for awards of restricted stock, RSUs, performance shares or other stock-based awards that are intended to qualify as performance-based compensation: (i) the total number of shares of Common Stock that may be granted in any calendar year to any participant may not exceed 250,000 shares (this limit applies separately to each type of award) and (ii) the maximum amount that may be paid to any participant for awards that are payable in cash or property other than Common Stock in any calendar year is $5,000. Except as set forth in the 2014 Omnibus Plan, RSUs 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 RSUs 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 is determined as set forth in the 2014 Omnibus Plan by the Compensation Committee of our Board of Directors, and has to be at least the fair market value of the Common Stock on the date of grant. Except as set forth in the 2014 Omnibus Plan, stock options expire upon termination of employment or directorship, as applicable. Stock options granted under the 2014 Omnibus Plan are exercisable 25% annually commencing on the first anniversary date of grant and became fully exercisable on the fourth anniversary date of grant. Options generally will expire no later than ten years after the date on which they were granted. We issue new shares of Common Stock upon exercise of stock options. The 2014 Omnibus Plan replaced a stock option plan approved at our annual meeting of stockholders on October 30, 2008 (the “2008 Equity Incentive Plan”) pursuant to which awards of options and stock-based awards could 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 were authorized for grants of awards under the 2008 Equity Incentive Plan, which could be in the form of options, restricted stock, RSUs, SARs, Common Stock or dividends and dividend equivalents. A maximum of 500,000 of the 1,000,000 shares of Common Stock authorized under the 2008 Equity Incentive Plan could be used for grants of Common Stock, restricted stock and RSUs. Additionally, awards of options or SARs were limited to 100,000 shares annually to any single individual, and awards of Common Stock, restricted stock or RSUs were limited to 50,000 shares annually to any single individual. All RSUs granted under the 2008 Equity Incentive Plan had 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 RSUs had 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 had to 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 expired upon termination of employment or directorship, as applicable. The options granted under the 2008 Equity Incentive Plan were exercisable 25% annually commencing on the first anniversary date of grant and became fully exercisable on the fourth anniversary date of grant. Options generally will expire no later than ten years after the date on which they were granted. We determine the fair value of stock option awards using the Black-Scholes option-pricing model. There were no options granted in fiscal 2015 or fiscal 2014. The following weighted-average assumptions were used to determine the fair value of options granted during fiscal 2013: June 27, 2013 Risk-free interest rate 0.9 % Expected dividend yield 0.0 % Expected volatility 42.3 % Expected life (years) 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 25, 2015: Shares Weighted- Weighted- Aggregate Outstanding at June 26, 2014 63,500 $ 13.98 Granted — — Exercised (38,500 ) 16.70 Forfeited — — Outstanding at June 25, 2015 25,000 $ 9.80 2.36 $ 1,115 Exercisable at June 25, 2015 24,125 $ 9.60 2.18 $ 1,081 The number of stock options vested, and expected to vest in the future, as of June 25, 2015, is not significantly different from the number of stock options outstanding at June 25, 2015, as stated above. All options granted during fiscal 2013 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 Weighted-average grant date fair value of options granted $ — $ — $ 5.77 Total intrinsic value of options exercised $ 781 $ 602 $ 535 Total cash received from exercise of options $ 643 $ 616 $ 1,219 There was an immaterial change in non-vested stock options during fiscal 2015. Exercise prices for options outstanding as of June 25, 2015 ranged from $7.95 to $18.03 and may be separated into two ranges, as shown below: Option Price Per Share Range $7.95 $8.71 - $18.03 Number of options 12,000 13,000 Weighted-average exercise price $ 7.95 $ 11.52 Weighted-average remaining life in years 2.4 2.3 Number of options exercisable 12,000 12,125 Weighted-average exercise price for exercisable options $ 7.95 $ 11.23 RSUs granted to employees and outside directors generally vest over a three-year and one-year period, respectively. The fair value of restricted stock awards is generally 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 25, 2015: Restricted Stock Units Shares Weighted- Grant-Date Outstanding at June 26, 2014 201,308 $ 16.23 Granted 83,505 33.95 Vested (55,875 ) 11.00 Forfeited (270 ) 32.52 Outstanding at June 25, 2015 228,668 $ 23.96 At June 25, 2015 there were 51,439 RSUs outstanding that were vested but deferred. At June 26, 2014 there were 40,098 RSUs outstanding that were vested but deferred. The non-vested RSUs at June 25, 2015 will vest over a weighted-average period of 1.3 years. 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 Compensation cost charged to earnings $ 1,952 $ 1,105 $ 905 Income tax benefit recognized 814 512 202 At June 25, 2015, there was $2,471 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 1.3 years. |
Special Cash Dividends
Special Cash Dividends | 12 Months Ended |
Jun. 25, 2015 | |
Text Block [Abstract] | |
Special Cash Dividends | NOTE 10 — SPECIAL CASH DIVIDENDS On October 28, 2014 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 Common Stock of the Company (the “2015 Special Dividend”). The 2015 Special Dividend of $16,759 was paid on December 12, 2014, to stockholders of record at the close of business on December 3, 2014. The ex-dividend date was the close of business on December 1, 2014. 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. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jun. 25, 2015 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | NOTE 11 — 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 401(k) plan expense $ 1,550 $ 1,356 $ 1,171 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 25, June 26, Route pension liability $ 530 $ 590 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. 25, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plan | NOTE 12 — RETIREMENT PLAN The Supplemental Employee Retirement Plan (“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 in ASC Topic 715, Compensation — Retirement Benefits The following table presents the changes in the projected benefit obligation for the fiscal years ended: June 25, June 26, Change in projected benefit obligation Projected benefit obligation at beginning of year $ 15,025 $ 13,268 Service cost 386 323 Interest cost 642 634 Actuarial loss 3,139 1,454 Benefits paid (654 ) (654 ) Projected benefit obligation at end of year $ 18,538 $ 15,025 The accumulated benefit obligation, which represents benefits earned up to the measurement date, was $14,177 and $12,163 at June 25, 2015 and June 26, 2014, respectively. Components of the actuarial loss (gain) portion of the change in projected benefit obligation are presented below for the fiscal years ended: June 25, June 26, June 27, Actuarial Loss (Gain) Change in assumed pay increases $ 342 $ (85 ) $ 423 Change in discount rate (801 ) 1,084 (1,555 ) Change in mortality assumptions 2,150 — — Change in bonus assumption 1,191 474 — Other 257 (19 ) 153 Actuarial loss (gain) $ 3,139 $ 1,454 $ (979 ) The components of the net periodic pension cost are as follows for the fiscal years ended: June 25, June 26, June 27, Service cost $ 386 $ 323 $ 343 Interest cost 642 634 570 Recognized gain amortization — (68 ) — Prior service cost amortization 957 957 957 Net periodic pension cost $ 1,985 $ 1,846 $ 1,870 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 25, 2015 June 26, 2014 Discount rate 4.63% 4.37% Rate of compensation increases 4.50% 4.50% Bonus payment 60% - 85% of 60% - 85% of We used the following assumptions to calculate the net periodic costs of our SERP as follows for the fiscal years ended: June 25, 2015 June 26, 2014 June 27, 2013 Discount rate 4.37% 4.90% 4.17% Rate of compensation increases 4.50% 4.50% 4.50% Bonus payment 60% - 85% of 60% - 70% of 60% - 70% of 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 2016 $ 653 2017 652 2018 646 2019 638 2020 626 2021 — 2025 4,031 At June 25, 2015 and June 26, 2014 the current portion of the SERP liability is $653 and recorded in Accrued payroll and related benefits on the Consolidated Balance Sheets. The following table presents the components of AOCL that have not yet been recognized in net pension expense: June 25, 2015 June 26, 2014 Unrecognized net (loss) gain $ (2,404 ) $ 735 Unrecognized prior service cost (5,263 ) (6,220 ) Tax effect 2,833 1,982 Net amount unrecognized $ (4,834 ) $ (3,503 ) We expect to recognize $957 of the prior service cost and $50 of net loss into net periodic pension expense during the fiscal year ending June 30, 2016. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Jun. 25, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | NOTE 13 — ACCUMULATED OTHER COMPREHENSIVE LOSS The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the last two fiscal years. These changes are all related to our defined benefit pension plan. Changes to AOCL (a) Year Ended June 25, 2015 Year Ended June 26, 2014 Balance at beginning of period $ (3,503 ) $ (3,164 ) Other comprehensive loss before reclassifications (3,139 ) (1,454 ) Amounts reclassified from accumulated other comprehensive loss 957 889 Tax effect 851 226 Net current-period other comprehensive loss (1,331 ) (339 ) Balance at end of period $ (4,834 ) $ (3,503 ) (a) Amounts in parenthesis indicate debits/expense. The reclassifications out of accumulated other comprehensive loss for the years ended June 25, 2015 and June 26, 2014 were as follows: Reclassifications from AOCL to earnings (b) Year Ended Year Ended Affected line item in the Consolidated Statements of Amortization of defined benefit pension items: Unrecognized prior service cost $ (957 ) $ (957 ) Administrative expenses Unrecognized net gain — 68 Administrative expenses Total before tax (957 ) (889 ) Tax effect 373 355 Income tax expense Amortization of defined pension items, net of tax $ (584 ) $ (534 ) (b) Amounts in parenthesis indicate debits to expense. See Note 12 above for additional details. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Jun. 25, 2015 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | NOTE 14 — 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 Purchases from related party $ 10,969 $ 11,077 $ 10,723 Accounts payable to this related entity aggregated to the following for the fiscal years ending: June 25, 2015 $ 241 June 26, 2014 232 |
Distribution Channel and Produc
Distribution Channel and Product Type Sales Mix | 12 Months Ended |
Jun. 25, 2015 | |
Text Block [Abstract] | |
Distribution Channel and Product Type Sales Mix | NOTE 15 — 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 25, June 26, June 27, Consumer (1) $ 529,076 $ 453,339 $ 436,228 Commercial Ingredients 207,370 193,180 177,774 Contract Packaging 114,799 98,125 85,940 Export (2) 36,000 33,978 34,392 $ 887,245 $ 778,622 $ 734,334 (1) Sales of branded products, primarily all Fisher (2) Export sales consist primarily of bulk products and consumer branded and private brand products. Consumer branded and private brand products accounted for approximately 65%, 60% and 58% of total sales in the export channel during fiscal 2015, 2014 and 2013, respectively. The following summarizes sales by product type as a percentage of total gross sales. The information is based upon gross sales, rather than net sales, because certain adjustments, such as promotional discounts, are not allocable to product types, for the fiscal year ended: Product Type June 25, June 26, June 27, Peanuts 13.7 % 15.1 % 18.2 % Pecans 12.7 13.6 15.9 Cashews & Mixed Nuts 22.0 18.7 19.4 Walnuts 11.0 11.7 12.0 Almonds 23.4 22.3 16.5 Trail & Snack Mixes 12.0 11.4 11.0 Other 5.2 7.2 7.0 100.0 % 100.0 % 100.0 % |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Jun. 25, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts and Reserves | NOTE 16 — 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 June 25, 2015 Allowance for doubtful accounts $ 209 $ 36 $ (10 ) $ 235 Reserve for cash discounts 650 12,341 (12,191 ) 800 Reserve for customer deductions 2,351 9,541 (9,961 ) 1,931 Deferred tax asset valuation allowance 175 — — 175 Total $ 3,385 $ 21,918 $ (22,162 ) $ 3,141 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 |
Supplementary Quarterly Data (U
Supplementary Quarterly Data (Unaudited) | 12 Months Ended |
Jun. 25, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplementary Quarterly Data (Unaudited) | NOTE 17 — SUPPLEMENTARY QUARTERLY DATA (Unaudited) The following unaudited quarterly consolidated financial data are presented for fiscal 2015 and fiscal 2014. Quarterly financial results necessarily rely on estimates and caution is required in drawing specific conclusions from quarterly consolidated results. First Second Third Fourth Year Ended June 25, 2015: Net sales $ 205,037 $ 251,373 $ 209,396 $ 221,439 Gross profit 30,684 37,243 29,784 34,345 Income from operations 12,013 14,678 11,497 13,691 Net income 5,915 8,403 6,518 8,469 Basic earnings per common share $ 0.53 $ 0.75 $ 0.58 $ 0.76 Diluted earnings per common share $ 0.53 $ 0.75 $ 0.58 $ 0.75 Cash dividends declared per common share $ — $ 1.50 $ — $ — First Second Third Fourth (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 $ 0.60 Diluted earnings per common share $ 0.61 $ 0.83 $ 0.33 $ 0.59 Cash dividends declared per common share $ — $ 1.50 $ — $ — (1) The fourth quarter of fiscal 2014 contained a $400 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 Polici27
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 25, 2015 | |
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). Fiscal 2016 will consist of fifty-three weeks. 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, pecans, cashews, walnuts, almonds and other nuts in the United States. These nuts are sold under a variety of private brands and under the Fisher, Orchard Valley Harvest, Fisher Nut Exactly Sunshine Country |
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 of bulk inventories, the evaluation of recoverability of long-lived assets, the assumptions used in estimating the retirement plan liability and pension expense, and the realizability of deferred tax assets. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider temporary cash investments with an original maturity of three months or less to be cash equivalents. |
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 Depreciation expense $ 14,117 $ 13,649 $ 13,648 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 requiring such capitalization. |
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 Amortization of deferred financing costs $ 227 $ 329 $ 442 |
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 71% 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 Gross rental income $ 1,792 $ 1,697 $ 1,671 Rental (expense), net (3,062 ) (2,798 ) (1,495 ) Expected future gross rental income under operating leases within the office building is as follows for the fiscal years ending: June 30, 2016 $ 1,898 June 29, 2017 1,913 June 28, 2018 1,583 June 27, 2019 1,470 June 25, 2020 1,389 Thereafter 5,816 $ 14,069 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”). 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 25, 2015 and June 26, 2014 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 25, 2015 and June 26, 2014 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 25, 2015 June 26, 2014 Carrying value of long-term debt: $ 35,666 $ 39,015 Fair value of long-term debt: 39,377 43,091 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 and 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 two customers each exceeded 10% of net sales during fiscal 2015. In fiscal 2014 and 2013, three customers each exceeded 10% of net sales. Sales to these customers represented approximately 39%, 46% and 48% of our net sales in fiscal 2015, fiscal 2014 and fiscal 2013, respectively. Net accounts receivable from these customers were 33% and 55% of net accounts receivable at June 25, 2015 and June 26, 2014, 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 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 Marketing and advertising expense $ 11,069 $ 10,330 $ 10,928 |
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 Shipping and handling costs $ 17,699 $ 17,895 $ 15,801 |
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 Research and development expense $ 979 $ 882 $ 1,233 |
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. We estimate the fair value of each stock option on the date of the grant using the Black-Scholes option pricing model (using the risk-free interest rate, expected term, expected volatility, and dividend yield variables) discounted by an estimated forfeiture rate. The grant date fair value of RSUs is generally 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 25, 2015, we believe that our deferred tax assets are fully realizable, except for $175 of net 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 Weighted average number of shares outstanding — basic 11,150,658 11,033,310 10,863,064 Effect of dilutive securities: Stock options and restricted stock units 97,601 99,037 129,933 Weighted average number of shares outstanding — diluted 11,248,259 11,132,347 10,992,997 The following table presents a summary of anti-dilutive stock options and restricted stock units excluded from the computation of diluted earnings per share: Year ended Year ended Year ended Weighted average number of anti-dilutive shares: — 15,153 41,375 Weighted average exercise price: $ — $ 25.36 $ 18.46 |
Comprehensive Income | Comprehensive Income We account for comprehensive income in accordance with ASC Topic 220, Comprehensive Income |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In July 2015, the FASB issued ASU No. 2015-11 “ Inventory (Topic 330) Simplifying the Measurement of Inventory In April 2015, the FASB issued ASU No. 2015-03 “Interest-Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs”. “Interest-Imputation of Interest (Subtopic 835-30) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements ” . In January 2015, the FASB issued ASU No. 2015-01 “Income Statement — Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items”. In August 2014, the FASB issued ASU No. 2014-15 “ Presentation of Financial Statements — Going Concern (Topic 205-40) In May 2014, the FASB issued ASU No. 2014-09 “ Revenue from Contracts with Customers (Topic 606)” Revenue from Contracts with Customers Other Assets and Deferred Costs — Contracts with Customers Revenue Recognition Revenue from Contracts with Customers, Deferral of the Effective Date” |
Significant Accounting Polici28
Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 25, 2015 | |
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 Depreciation expense $ 14,117 $ 13,649 $ 13,648 |
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 Amortization of deferred financing costs $ 227 $ 329 $ 442 |
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 Gross rental income $ 1,792 $ 1,697 $ 1,671 Rental (expense), net (3,062 ) (2,798 ) (1,495 ) |
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 30, 2016 $ 1,898 June 29, 2017 1,913 June 28, 2018 1,583 June 27, 2019 1,470 June 25, 2020 1,389 Thereafter 5,816 $ 14,069 |
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 25, 2015 June 26, 2014 Carrying value of long-term debt: $ 35,666 $ 39,015 Fair value of long-term debt: 39,377 43,091 |
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 Marketing and advertising expense $ 11,069 $ 10,330 $ 10,928 |
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 Shipping and handling costs $ 17,699 $ 17,895 $ 15,801 |
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 Research and development expense $ 979 $ 882 $ 1,233 |
Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings 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 Weighted average number of shares outstanding — basic 11,150,658 11,033,310 10,863,064 Effect of dilutive securities: Stock options and restricted stock units 97,601 99,037 129,933 Weighted average number of shares outstanding — diluted 11,248,259 11,132,347 10,992,997 |
Summary of Anti-dilutive Stock Options and Restricted Stock Units Excluded from Computation of Diluted Earnings Per Share | The following table presents a summary of anti-dilutive stock options and restricted stock units excluded from the computation of diluted earnings per share: Year ended Year ended Year ended Weighted average number of anti-dilutive shares: — 15,153 41,375 Weighted average exercise price: $ — $ 25.36 $ 18.46 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jun. 25, 2015 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consist of the following: June 25, 2015 June 26, 2014 Raw material and supplies $ 58,704 $ 68,196 Work-in-process and finished goods 139,293 114,634 $ 197,997 $ 182,830 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Jun. 25, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Intangible Assets | Intangible assets subject to amortization consist of the following: June 25, 2015 June 26, 2014 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 (7,717 ) (6,203 ) Non-compete agreement (5,204 ) (4,582 ) Brand names (8,090 ) (8,059 ) Total accumulated amortization (21,011 ) (18,844 ) Net intangible assets $ 3,079 $ 5,246 |
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 Amortization of intangible assets $ 2,167 $ 2,629 $ 3,069 |
Expected Amortization Expense | Expected amortization expense for the next five fiscal years is as follows: Fiscal year ending June 30, 2016 $ 1,710 June 29, 2017 1,369 June 28, 2018 — June 27, 2019 — June 25, 2020 — |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Jun. 25, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term debt consists of the following: June 25, June 26, 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 $ 19,000 $ 21,400 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 4,750 5,350 Selma, Texas facility financing obligation to related parties, due in monthly installments of $121 through September 1, 2031 11,916 12,264 Other — 1 35,666 39,015 Less: Current maturities (3,376 ) (3,349 ) Total long-term debt $ 32,290 $ 35,666 |
Aggregate Maturities of Long-term Debt | Aggregate maturities of long-term debt are as follows for the fiscal years ending: June 30, 2016 $ 3,376 June 29, 2017 3,407 June 28, 2018 3,441 June 27, 2019 3,477 June 25, 2020 3,516 Thereafter 18,449 $ 35,666 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 25, 2015 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | The provision for income taxes is based entirely on income before income taxes earned in the United States, and is as follows for the last three fiscal years: For the Year Ended: June 25, June 26, June 27, Current: Federal $ 15,916 $ 11,274 $ 12,405 State 2,027 1,704 2,078 Total current 17,943 12,978 14,483 Deferred: Deferred federal (2,589 ) 375 (1,205 ) Deferred state 205 192 258 Total deferred (2,384 ) 567 (947 ) Total income tax expense $ 15,559 $ 13,545 $ 13,536 |
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 25, June 26, June 27, Federal statutory income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefit 3.4 3.3 4.5 Research and development tax credit (0.1 ) (0.1 ) (0.2 ) Domestic manufacturing deduction (3.4 ) (2.7 ) (3.4 ) Change in valuation allowance — (1.4 ) 2.0 Other (0.2 ) (0.1 ) 0.4 Effective tax rate 34.7 % 34.0 % 38.3 % |
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities are comprised of the following: June 25, 2015 June 26, 2014 Current tax assets: Accounts receivable $ 404 $ 343 Employee compensation 2,072 1,785 Inventory 424 424 Workers’ compensation 699 673 Other 703 296 Less valuation allowance (38 ) (37 ) Net deferred tax asset — current $ 4,264 $ 3,484 Non-current tax assets (liabilities): Depreciation and amortization $ (12,435 ) $ (13,464 ) Capitalized leases 1,354 1,249 Goodwill and intangible assets 5,156 5,081 Operating loss carryforwards — 205 Retirement plan 6,975 5,749 Workers’ compensation 1,399 1,347 Capital loss carryforward 175 175 Other 694 522 Less valuation allowance (137 ) (138 ) Net deferred tax asset — long term 3,181 726 Net deferred tax assets — total $ 7,445 $ 4,210 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: June 25, June 26, Beginning balance $ 247 $ 139 Gross increases — tax positions in prior year 27 248 Gross decreases — tax positions in prior year (91 ) (107 ) Settlements (18 ) — Gross increases — tax positions in current year 21 7 Lapse of statute of limitations 62 (40 ) Ending balance $ 248 $ 247 |
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 25, 2015 June 26, 2014 June 27, 2013 Unrecognized tax benefits that would affect annual effective tax rate $ 261 $ 233 $ 127 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 25, 2015 | |
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 Rent expense related to operating leases $ 1,545 $ 1,572 $ 1,414 |
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 June 30, 2016 $ 1,516 June 29, 2017 1,323 June 28, 2018 792 June 27, 2019 357 June 25, 2020 213 Thereafter 16 $ 4,217 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Jun. 25, 2015 | |
Disclosure of Compensation Related Costs, Share-based 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: June 27, 2013 Risk-free interest rate 0.9 % Expected dividend yield 0.0 % Expected volatility 42.3 % Expected life (years) 6.3 |
Summary of Stock Option Activity | The following is a summary of stock option activity for the year ended June 25, 2015: Shares Weighted- Weighted- Aggregate Outstanding at June 26, 2014 63,500 $ 13.98 Granted — — Exercised (38,500 ) 16.70 Forfeited — — Outstanding at June 25, 2015 25,000 $ 9.80 2.36 $ 1,115 Exercisable at June 25, 2015 24,125 $ 9.60 2.18 $ 1,081 |
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 Weighted-average grant date fair value of options granted $ — $ — $ 5.77 Total intrinsic value of options exercised $ 781 $ 602 $ 535 Total cash received from exercise of options $ 643 $ 616 $ 1,219 |
Options Outstanding | Exercise prices for options outstanding as of June 25, 2015 ranged from $7.95 to $18.03 and may be separated into two ranges, as shown below: Option Price Per Share Range $7.95 $8.71 - $18.03 Number of options 12,000 13,000 Weighted-average exercise price $ 7.95 $ 11.52 Weighted-average remaining life in years 2.4 2.3 Number of options exercisable 12,000 12,125 Weighted-average exercise price for exercisable options $ 7.95 $ 11.23 |
Summary of Restricted Stock Unit Activity | The following is a summary of restricted stock unit activity for the year ended June 25, 2015: Restricted Stock Units Shares Weighted- Grant-Date Outstanding at June 26, 2014 201,308 $ 16.23 Granted 83,505 33.95 Vested (55,875 ) 11.00 Forfeited (270 ) 32.52 Outstanding at June 25, 2015 228,668 $ 23.96 |
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 Compensation cost charged to earnings $ 1,952 $ 1,105 $ 905 Income tax benefit recognized 814 512 202 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Jun. 25, 2015 | |
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 401(k) plan expense $ 1,550 $ 1,356 $ 1,171 |
Total Route Pension Liability | The total Route pension liability was as follows for the last two fiscal years: June 25, June 26, Route pension liability $ 530 $ 590 |
Retirement Plan (Tables)
Retirement Plan (Tables) | 12 Months Ended |
Jun. 25, 2015 | |
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 25, June 26, Change in projected benefit obligation Projected benefit obligation at beginning of year $ 15,025 $ 13,268 Service cost 386 323 Interest cost 642 634 Actuarial loss 3,139 1,454 Benefits paid (654 ) (654 ) Projected benefit obligation at end of year $ 18,538 $ 15,025 |
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 25, June 26, June 27, Actuarial Loss (Gain) Change in assumed pay increases $ 342 $ (85 ) $ 423 Change in discount rate (801 ) 1,084 (1,555 ) Change in mortality assumptions 2,150 — — Change in bonus assumption 1,191 474 — Other 257 (19 ) 153 Actuarial loss (gain) $ 3,139 $ 1,454 $ (979 ) |
Schedule of Net Benefit Costs | The components of the net periodic pension cost are as follows for the fiscal years ended: June 25, June 26, June 27, Service cost $ 386 $ 323 $ 343 Interest cost 642 634 570 Recognized gain amortization — (68 ) — Prior service cost amortization 957 957 957 Net periodic pension cost $ 1,985 $ 1,846 $ 1,870 |
Assumptions to Calculate Benefit Obligations and Net Periodic Costs of SERP | We used the following assumptions to calculate the benefit obligations of our SERP as of the following dates: June 25, 2015 June 26, 2014 Discount rate 4.63% 4.37% Rate of compensation increases 4.50% 4.50% Bonus payment 60% - 85% of 60% - 85% of We used the following assumptions to calculate the net periodic costs of our SERP as follows for the fiscal years ended: June 25, 2015 June 26, 2014 June 27, 2013 Discount rate 4.37% 4.90% 4.17% Rate of compensation increases 4.50% 4.50% 4.50% Bonus payment 60% - 85% of 60% - 70% of 60% - 70% of |
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 2016 $ 653 2017 652 2018 646 2019 638 2020 626 2021 — 2025 4,031 |
Components of AOCL | The following table presents the components of AOCL that have not yet been recognized in net pension expense: June 25, 2015 June 26, 2014 Unrecognized net (loss) gain $ (2,404 ) $ 735 Unrecognized prior service cost (5,263 ) (6,220 ) Tax effect 2,833 1,982 Net amount unrecognized $ (4,834 ) $ (3,503 ) |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Jun. 25, 2015 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the last two fiscal years. These changes are all related to our defined benefit pension plan. Changes to AOCL (a) Year Ended June 25, 2015 Year Ended June 26, 2014 Balance at beginning of period $ (3,503 ) $ (3,164 ) Other comprehensive loss before reclassifications (3,139 ) (1,454 ) Amounts reclassified from accumulated other comprehensive loss 957 889 Tax effect 851 226 Net current-period other comprehensive loss (1,331 ) (339 ) Balance at end of period $ (4,834 ) $ (3,503 ) (a) Amounts in parenthesis indicate debits/expense. |
Reclassifications Out of Accumulated Other Comprehensive Loss | The reclassifications out of accumulated other comprehensive loss for the years ended June 25, 2015 and June 26, 2014 were as follows: Reclassifications from AOCL to earnings (b) Year Ended Year Ended Affected line item in the Consolidated Statements of Amortization of defined benefit pension items: Unrecognized prior service cost $ (957 ) $ (957 ) Administrative expenses Unrecognized net gain — 68 Administrative expenses Total before tax (957 ) (889 ) Tax effect 373 355 Income tax expense Amortization of defined pension items, net of tax $ (584 ) $ (534 ) (b) Amounts in parenthesis indicate debits to expense. See Note 12 above for additional details. |
Transactions with Related Par38
Transactions with Related Parties (Tables) | 12 Months Ended |
Jun. 25, 2015 | |
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 Purchases from related party $ 10,969 $ 11,077 $ 10,723 |
Summary of Accounts Payable to Related Parties | Accounts payable to this related entity aggregated to the following for the fiscal years ending: June 25, 2015 $ 241 June 26, 2014 232 |
Distribution Channel and Prod39
Distribution Channel and Product Type Sales Mix (Tables) | 12 Months Ended |
Jun. 25, 2015 | |
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 25, June 26, June 27, Consumer (1) $ 529,076 $ 453,339 $ 436,228 Commercial Ingredients 207,370 193,180 177,774 Contract Packaging 114,799 98,125 85,940 Export (2) 36,000 33,978 34,392 $ 887,245 $ 778,622 $ 734,334 (1) Sales of branded products, primarily all Fisher (2) Export sales consist primarily of bulk products and consumer branded and private brand products. Consumer branded and private brand products accounted for approximately 65%, 60% and 58% of total sales in the export channel during fiscal 2015, 2014 and 2013, respectively. |
Schedule of Sales by Product Type as Percentage of Gross Sales | The following summarizes sales by product type as a percentage of total gross sales. The information is based upon gross sales, rather than net sales, because certain adjustments, such as promotional discounts, are not allocable to product types, for the fiscal year ended: Product Type June 25, June 26, June 27, Peanuts 13.7 % 15.1 % 18.2 % Pecans 12.7 13.6 15.9 Cashews & Mixed Nuts 22.0 18.7 19.4 Walnuts 11.0 11.7 12.0 Almonds 23.4 22.3 16.5 Trail & Snack Mixes 12.0 11.4 11.0 Other 5.2 7.2 7.0 100.0 % 100.0 % 100.0 % |
Valuation and Qualifying Acco40
Valuation and Qualifying Accounts and Reserves (Tables) | 12 Months Ended |
Jun. 25, 2015 | |
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 June 25, 2015 Allowance for doubtful accounts $ 209 $ 36 $ (10 ) $ 235 Reserve for cash discounts 650 12,341 (12,191 ) 800 Reserve for customer deductions 2,351 9,541 (9,961 ) 1,931 Deferred tax asset valuation allowance 175 — — 175 Total $ 3,385 $ 21,918 $ (22,162 ) $ 3,141 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 |
Supplementary Quarterly Data 41
Supplementary Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Jun. 25, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Consolidated Financial Data | The following unaudited quarterly consolidated financial data are presented for fiscal 2015 and fiscal 2014. Quarterly financial results necessarily rely on estimates and caution is required in drawing specific conclusions from quarterly consolidated results. First Second Third Fourth Year Ended June 25, 2015: Net sales $ 205,037 $ 251,373 $ 209,396 $ 221,439 Gross profit 30,684 37,243 29,784 34,345 Income from operations 12,013 14,678 11,497 13,691 Net income 5,915 8,403 6,518 8,469 Basic earnings per common share $ 0.53 $ 0.75 $ 0.58 $ 0.76 Diluted earnings per common share $ 0.53 $ 0.75 $ 0.58 $ 0.75 Cash dividends declared per common share $ — $ 1.50 $ — $ — First Second Third Fourth (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 $ 0.60 Diluted earnings per common share $ 0.61 $ 0.83 $ 0.33 $ 0.59 Cash dividends declared per common share $ — $ 1.50 $ — $ — (1) The fourth quarter of fiscal 2014 contained a $400 increase in cost of sales due to a change in the estimate of on-hand quantities of bulk-stored inshell pecan and walnut inventories. |
Significant Accounting Polici42
Significant Accounting Policies - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2005Buildings | Jun. 25, 2015USD ($)CustomerSegment | Jun. 26, 2014USD ($)Customer | Jun. 27, 2013USD ($)Customer | |
Accounting Policies [Line Items] | ||||
Period to shell bulk stored nut inventories | ||||
Interest costs capitalized | $ 0 | $ 0 | $ 0 | |
Recorded impairments of long - lived assets | 0 | 0 | 0 | |
Proceeds from sale of land and building | 8,000,000 | |||
Gain on sale of land and building | 0 | 1,641,000 | 0 | |
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 | $ (100,000) | $ 1,526,000 | $ 575,000 | |
Number of reportable operating segment | 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 | Customer | 2 | 3 | 3 | |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | ||||
Accounting Policies [Line Items] | ||||
Percentage of concentration risk | 33.00% | 55.00% | ||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Accounting Policies [Line Items] | ||||
Percentage of concentration risk | 39.00% | 46.00% | 48.00% | |
Sales Revenue, Net [Member] | Minimum [Member] | ||||
Accounting Policies [Line Items] | ||||
Concentration Risk Benchmark Percentage | 10.00% | 10.00% | 10.00% | |
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 | 71.00% | |||
Number of buildings located on site | Buildings | 2 |
Significant Accounting Polici43
Significant Accounting Policies - Depreciation Expense for Last Three Fiscal Years (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Depreciation Expense [Abstract] | |||
Depreciation expense | $ 14,117 | $ 13,649 | $ 13,648 |
Significant Accounting Polici44
Significant Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Detail) | 12 Months Ended |
Jun. 25, 2015 | |
Minimum [Member] | Buildings [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment estimated useful life | 10 years |
Minimum [Member] | Machinery and equipment [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment estimated useful life | 5 years |
Minimum [Member] | Furniture and leasehold improvements [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment estimated useful life | 5 years |
Minimum [Member] | Vehicles [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment estimated useful life | 3 years |
Minimum [Member] | Computers and software [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment estimated useful life | 3 years |
Maximum [Member] | Buildings [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment estimated useful life | 40 years |
Maximum [Member] | Machinery and equipment [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment estimated useful life | 10 years |
Maximum [Member] | Furniture and leasehold improvements [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment estimated useful life | 10 years |
Maximum [Member] | Vehicles [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment estimated useful life | 5 years |
Maximum [Member] | Computers and software [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment estimated useful life | 5 years |
Significant Accounting Polici45
Significant Accounting Policies - Amortization of Deferred Financing Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Deferred Financing Costs [Abstract] | |||
Amortization of deferred financing costs | $ 227 | $ 329 | $ 442 |
Significant Accounting Polici46
Significant Accounting Policies - Schedule of Gross Rental Income and Rental (Expense) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Gross Rental Income and (Expense) [Abstract] | |||
Gross rental income | $ 1,792 | $ 1,697 | $ 1,671 |
Rental (expense), net | $ (3,062) | $ (2,798) | $ (1,495) |
Significant Accounting Polici47
Significant Accounting Policies - Expected Future Gross Rental Income under Operating Leases within Office Building (Detail) $ in Thousands | Jun. 25, 2015USD ($) |
Expected Future Gross Rental Income Under Operating Leases [Abstract] | |
June 30, 2016 | $ 1,898 |
June 29, 2017 | 1,913 |
June 28, 2018 | 1,583 |
June 27, 2019 | 1,470 |
June 25, 2020 | 1,389 |
Thereafter | 5,816 |
Total | $ 14,069 |
Significant Accounting Polici48
Significant Accounting Policies - Carrying Value and Fair Value Estimate of Long Term Debt (Detail) - USD ($) $ in Thousands | Jun. 25, 2015 | Jun. 26, 2014 |
Fair Value Disclosures [Abstract] | ||
Carrying value of long-term debt: | $ 35,666 | $ 39,015 |
Fair value of long-term debt: | $ 39,377 | $ 43,091 |
Significant Accounting Polici49
Significant Accounting Policies - Marketing and Advertising Expenses Recorded in Selling Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Marketing and Advertising Expense [Abstract] | |||
Marketing and advertising expense | $ 11,069 | $ 10,330 | $ 10,928 |
Significant Accounting Polici50
Significant Accounting Policies - Shipping and Handling Cost for Last Three Fiscal Years (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Shipping And Handling Costs [Abstract] | |||
Shipping and handling costs | $ 17,699 | $ 17,895 | $ 15,801 |
Significant Accounting Polici51
Significant Accounting Policies - Research and Development Expenses for Last Three Fiscal Years (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Research and Development [Abstract] | |||
Research and development expense | $ 979 | $ 882 | $ 1,233 |
Significant Accounting Polici52
Significant Accounting Policies - Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share (Detail) - shares | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Weighted Average Shares Outstanding [Abstract] | |||
Weighted average number of shares outstanding - basic | 11,150,658 | 11,033,310 | 10,863,064 |
Effect of dilutive securities: | |||
Stock options and restricted stock units | 97,601 | 99,037 | 129,933 |
Weighted average number of shares outstanding - diluted | 11,248,259 | 11,132,347 | 10,992,997 |
Significant Accounting Polici53
Significant Accounting Policies - Summary of Anti-dilutive Stock Options and Restricted Stock Units Excluded from Computation of Diluted Earnings Per Share (Detail) - $ / shares | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Anti Dilutive Shares [Abstract] | |||
Weighted average number of anti-dilutive shares: | 0 | 15,153 | 41,375 |
Weighted average exercise price: | $ 0 | $ 25.36 | $ 18.46 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Jun. 25, 2015 | Jun. 26, 2014 |
Inventory Disclosure [Abstract] | ||
Raw material and supplies | $ 58,704 | $ 68,196 |
Work-in-process and finished goods | 139,293 | 114,634 |
Total | $ 197,997 | $ 182,830 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) $ in Thousands | Jun. 26, 2014USD ($) |
Restatement Adjustment [Member] | |
Inventory [Line Items] | |
Raw material adjustment | $ 21,221 |
Intangible Assets - Components
Intangible Assets - Components of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 25, 2015 | Jun. 26, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | $ 24,090 | $ 24,090 |
Less accumulated amortization: | ||
Total accumulated amortization | (21,011) | (18,844) |
Net intangible assets | 3,079 | 5,246 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | 10,600 | 10,600 |
Less accumulated amortization: | ||
Total accumulated amortization | (7,717) | (6,203) |
Non-compete Agreement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | 5,400 | 5,400 |
Less accumulated amortization: | ||
Total accumulated amortization | (5,204) | (4,582) |
Brand Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | 8,090 | 8,090 |
Less accumulated amortization: | ||
Total accumulated amortization | $ (8,090) | $ (8,059) |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) | 12 Months Ended |
Jun. 25, 2015 | |
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 |
Intangible Assets - Amortizatio
Intangible Assets - Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Administrative Expenses [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 2,167 | $ 2,629 | $ 3,069 |
Intangible Assets - Expected Am
Intangible Assets - Expected Amortization Expense (Detail) $ in Thousands | Jun. 25, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
June 30, 2016 | $ 1,710 |
June 29, 2017 | 1,369 |
June 28, 2018 | 0 |
June 27, 2019 | 0 |
June 25, 2020 | $ 0 |
Revolving Credit Facility - Add
Revolving Credit Facility - Additional Information (Detail) | Sep. 30, 2014USD ($)Dividends | Jun. 25, 2015USD ($) | Jun. 26, 2014USD ($) | Feb. 07, 2008USD ($) |
Debt Instrument [Line Items] | ||||
Borrowings | $ 61,153,000 | $ 40,542,000 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving loan commitment and letter of credit sub facility | $ 117,500,000 | |||
Weighted average interest rate for the Credit Facility | 2.00% | 2.13% | ||
Minimum loan availability required before fixed charge coverage ratio covenant is applicable | $ 25,000,000 | |||
Available credit under the Credit Facility | 51,747,000 | |||
Borrowings | 61,153,000 | |||
Outstanding letters of credit | 4,600,000 | |||
Prior to the Sixth Amendment [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility maturity date | Jul. 15, 2016 | |||
Permitted acquisitions amount | $ 50,000,000 | |||
Sixth Amended to Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility maturity date | Jul. 15, 2019 | |||
Number of cash or stock dividends that may be declared in each fiscal year without obtaining bank consent | Dividends | 2 | |||
Aggregate amount of dividends that can be declared without bank consent | $ 25,000,000 | |||
Excess availability required under the credit facility | 30,000,000 | |||
Maximum [Member] | Sixth Amended to Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Permitted acquisitions amount | $ 100,000,000 | |||
Mortgage Facility Tranche A [Member] | ||||
Debt Instrument [Line Items] | ||||
Amounts of term loans | 19,000,000 | $ 21,400,000 | 36,000,000 | |
Mortgage Facility Tranche B [Member] | ||||
Debt Instrument [Line Items] | ||||
Amounts of term loans | $ 4,750,000 | $ 5,350,000 | 9,000,000 | |
Mortgage Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Amounts of term loans | $ 45,000,000 |
Long-term Debt - Long-term Debt
Long-term Debt - Long-term Debt (Detail) - USD ($) | Jun. 25, 2015 | Jun. 26, 2014 | Feb. 07, 2008 |
Debt Instrument [Line Items] | |||
Other | $ 0 | $ 1,000 | |
Total Debt | 35,666,000 | 39,015,000 | |
Less: Current maturities | (3,376,000) | (3,349,000) | |
Total long-term debt | 32,290,000 | 35,666,000 | |
Mortgage Facility Tranche A [Member] | |||
Debt Instrument [Line Items] | |||
Amounts of term loans | 19,000,000 | 21,400,000 | $ 36,000,000 |
Mortgage Facility Tranche B [Member] | |||
Debt Instrument [Line Items] | |||
Amounts of term loans | 4,750,000 | 5,350,000 | $ 9,000,000 |
Selma, Texas properties [Member] | |||
Debt Instrument [Line Items] | |||
Amounts of term loans | $ 11,916,000 | $ 12,264,000 |
Long-term Debt - Long-term De62
Long-term Debt - Long-term Debt (Parenthetical) (Detail) - Jun. 25, 2015 - USD ($) $ in Thousands | Total |
Mortgage Facility Tranche A [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 7.63% |
Monthly principal installment | $ 200 |
Final principal payment | $ 600 |
Mortgage Facility maturity date | Mar. 1, 2023 |
Mortgage Facility Tranche B [Member] | |
Debt Instrument [Line Items] | |
Monthly principal installment | $ 50 |
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% |
Final principal payment | $ 150 |
Mortgage Facility maturity date | Mar. 1, 2023 |
Selma, Texas properties [Member] | |
Debt Instrument [Line Items] | |
Monthly principal installment | $ 121 |
Mortgage Facility maturity date | Sep. 1, 2031 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2006 | Jun. 25, 2015 | Jun. 26, 2014 | Feb. 07, 2008 | |
Mortgage Facility Tranche A [Member] | ||||
Debt Disclosure [Line Items] | ||||
Interest rate reset date | Mar. 1, 2018 | |||
Mortgage Facility maturity date | Mar. 1, 2023 | |||
Interest rate | 7.63% | |||
Amounts classified as long-term debt | $ 16,600,000 | |||
Debt obligation outstanding | $ 19,000,000 | $ 21,400,000 | $ 36,000,000 | |
Mortgage Facility Tranche B [Member] | ||||
Debt Disclosure [Line Items] | ||||
Interest rate reset date | Mar. 1, 2016 | |||
Mortgage Facility maturity date | Mar. 1, 2023 | |||
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 | $ 4,150,000 | |||
Debt obligation outstanding | $ 4,750,000 | 5,350,000 | 9,000,000 | |
Mortgage Facility [Member] | ||||
Debt Disclosure [Line Items] | ||||
Mortgage Facility maturity date | Mar. 1, 2023 | |||
Mortgage Facility contain covenants to maintain specified net worth | $ 110,000,000 | |||
Debt obligation outstanding | $ 45,000,000 | |||
Selma, Texas properties [Member] | ||||
Debt Disclosure [Line Items] | ||||
Mortgage Facility maturity date | Sep. 1, 2031 | |||
Capital lease recorded as debt obligation | $ 14,300,000 | |||
Selling price of Texas properties sold to related party partnerships | $ 14,300,000 | |||
Renewal options of Texas properties | ||||
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 | $ 11,916,000 | $ 12,264,000 | ||
Minimum amount accepted for repurchase | $ 14,300,000 |
Long-term Debt - Aggregate Matu
Long-term Debt - Aggregate Maturities of Long-term Debt (Detail) - USD ($) $ in Thousands | Jun. 25, 2015 | Jun. 26, 2014 |
Debt Disclosure [Abstract] | ||
June 30, 2016 | $ 3,376 | $ 3,349 |
June 29, 2017 | 3,407 | |
June 28, 2018 | 3,441 | |
June 27, 2019 | 3,477 | |
June 25, 2020 | 3,516 | |
Thereafter | 18,449 | |
Total Debt | $ 35,666 | $ 39,015 |
Income taxes - Provision for In
Income taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Current: | |||
Federal | $ 15,916 | $ 11,274 | $ 12,405 |
State | 2,027 | 1,704 | 2,078 |
Total current | 17,943 | 12,978 | 14,483 |
Deferred: | |||
Deferred federal | (2,589) | 375 | (1,205) |
Deferred state | 205 | 192 | 258 |
Total deferred | (2,384) | 567 | (947) |
Total income tax expense | $ 15,559 | $ 13,545 | $ 13,536 |
Income Taxes - Reconciliations
Income Taxes - Reconciliations of Income Taxes at Statutory Federal Income Tax Rate (Detail) | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 3.40% | 3.30% | 4.50% |
Research and development tax credit | (0.10%) | (0.10%) | (0.20%) |
Domestic manufacturing deduction | (3.40%) | (2.70%) | (3.40%) |
Change in valuation allowance | 0.00% | (1.40%) | 2.00% |
Other | (0.20%) | (0.10%) | 0.40% |
Effective tax rate | 34.70% | 34.00% | 38.30% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Income Tax Disclosure [Line Items] | |||
Net change in the total valuation allowance | $ 0 | $ (640) | $ 815 |
Total gross amounts of unrecognized tax benefits | 248 | 247 | $ 139 |
Unrecognized tax benefits and accrued interest and penalties long-term | $ 333 | $ 263 | |
Federal [Member] | |||
Income Tax Disclosure [Line Items] | |||
Year of tax return currently under audit | 2,014 | ||
Federal and State [Member] | Scenario, Forecast [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total gross amounts of unrecognized tax benefits | $ 122 | ||
United States [Member] | Earliest Tax Year [Member] | |||
Income Tax Disclosure [Line Items] | |||
Year of tax return audit | 2,012 | ||
Illinois [Member] | Earliest Tax Year [Member] | |||
Income Tax Disclosure [Line Items] | |||
Year of tax return audit | 2,013 | ||
California [Member] | Earliest Tax Year [Member] | |||
Income Tax Disclosure [Line Items] | |||
Year of tax return audit | 2,011 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 25, 2015 | Jun. 26, 2014 |
Current tax assets: | ||
Accounts receivable | $ 404 | $ 343 |
Employee compensation | 2,072 | 1,785 |
Inventory | 424 | 424 |
Workers' compensation | 699 | 673 |
Other | 703 | 296 |
Less valuation allowance | (38) | (37) |
Net deferred tax asset - current | 4,264 | 3,484 |
Non-current tax assets (liabilities): | ||
Depreciation and amortization | (12,435) | (13,464) |
Capitalized leases | 1,354 | 1,249 |
Goodwill and intangible assets | 5,156 | 5,081 |
Operating loss carryforwards | 0 | 205 |
Retirement plan | 6,975 | 5,749 |
Workers' compensation | 1,399 | 1,347 |
Capital loss carryforward | 175 | 175 |
Other | 694 | 522 |
Less valuation allowance | (137) | (138) |
Net deferred tax asset - long term | 3,181 | 726 |
Net deferred tax assets - total | $ 7,445 | $ 4,210 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 25, 2015 | Jun. 26, 2014 | |
Income Tax Disclosure [Abstract] | ||
Beginning balance | $ 247 | $ 139 |
Gross increases - tax positions in prior year | 27 | 248 |
Gross decreases - tax positions in prior year | (91) | (107) |
Settlements | (18) | 0 |
Gross increases - tax positions in current year | 21 | 7 |
Increase of unrecognized tax benefits due to lapse of statute of limitations | 62 | |
Decrease of unrecognized tax benefits due to lapse of statute of limitations | (40) | |
Ending balance | $ 248 | $ 247 |
Income Taxes - Unrecognised Tax
Income Taxes - Unrecognised Tax Benefits (Detail) - USD ($) $ in Thousands | Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits that would affect annual effective tax rate | $ 261 | $ 233 | $ 127 |
Commitments and Contingencies -
Commitments and Contingencies - Rent Expense Related to Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense related to operating leases | $ 1,545 | $ 1,572 | $ 1,414 |
Commitments and Contingencies72
Commitments and Contingencies - Aggregate Non-Cancelable Lease Commitments under Operating Leases (Detail) $ in Thousands | Jun. 25, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
June 30, 2016 | $ 1,516 |
June 29, 2017 | 1,323 |
June 28, 2018 | 792 |
June 27, 2019 | 357 |
June 25, 2020 | 213 |
Thereafter | 16 |
Total | $ 4,217 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | 12 Months Ended | |
Jun. 25, 2015Vote$ / sharesshares | Jun. 26, 2014Vote$ / sharesshares | |
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] | ||
Stockholders Equity [Line Items] | ||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 |
Percentage of members comprising the Board of Directors elected by the holders of Common Stock | 25.00% | 25.00% |
Noncumulative voting rights per share | 1 | 1 |
Class A Common Stock [Member] | ||
Stockholders Equity [Line Items] | ||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 |
Number of votes per share | 10 | 10 |
Number of shares of Common Stock converted from each share of Class A Stock | shares | 1 | 1 |
Stock-Based Compensation Plan74
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) | Oct. 29, 2014 | Oct. 30, 2008 | Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted | 0 | 0 | |||
Period of historical volatility used to determine expected stock volatility | 6 years 3 months | ||||
Unrecognized compensation cost related to non-vested share-based compensation | $ 2,471,000 | ||||
Expected weighted average recognize period of unrecognized compensation cost related to non-vested share-based compensation | 1 year 3 months 18 days | ||||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Option price per share, lower limit | $ 7.95 | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Option price per share, upper limit | $ 18.03 | ||||
Restricted Stock Unit [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of restricted stock units granted | 1 year 3 months 18 days | ||||
Restricted stock units vested | 51,439 | 40,098 | |||
Restricted Stock Unit [Member] | Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of restricted stock units granted | 3 years | ||||
Restricted Stock Unit [Member] | Non Employee Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of restricted stock units granted | 1 year | ||||
2014 Omnibus Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock authorized for grants of awards under equity incentive plan | 1,000,000 | ||||
Common Stock authorized for future grants of award | 916,765 | ||||
Maximum number of stock options or stock appreciation rights awarded to an individual | 500,000 | ||||
Amount that may be paid to any participant for awards payable in cash or property other than Common Stock | $ 5,000,000 | ||||
Percentage of options granted under Equity Incentive Plan exercisable annually | 25.00% | ||||
Expiration time period | 10 years | ||||
2014 Omnibus Plan [Member] | Restricted Stock Unit [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of shares awarded to an individual in one calendar year | 250,000 | ||||
2014 Omnibus Plan [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of shares awarded to an individual in one calendar year | 250,000 | ||||
2014 Omnibus Plan [Member] | Other Stock-Based Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of shares awarded to an individual in one calendar year | 250,000 | ||||
2014 Omnibus Plan [Member] | Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of shares awarded to an individual in one calendar year | 250,000 | ||||
2008 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock authorized for grants of awards under equity incentive plan | 1,000,000 | ||||
Percentage of options granted under Equity Incentive Plan exercisable annually | 25.00% | ||||
Expiration time period | 10 years | ||||
2008 Equity Incentive Plan [Member] | Stock Options and Stock Appreciation Rights (SARs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards of stock options annually to any single individual | 100,000 | ||||
2008 Equity Incentive Plan [Member] | Common Stock, Restricted Stock and Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards of stock options annually to any single individual | 50,000 | ||||
Maximum amount of shares may grant in the form of common stock, restricted stock and RSU's | 500,000 |
Stock-Based Compensation Plan75
Stock-Based Compensation Plans - Weighted-Average Assumptions to Determine Fair Value of Options Granted (Detail) - 12 months ended Jun. 27, 2013 | Total |
Compensation Related Costs Disclosure [Line Items] | |
Expected life (years) | 6 years 3 months |
Fair Value of Options Granted [Member] | |
Compensation Related Costs Disclosure [Line Items] | |
Risk-free interest rate | 0.90% |
Expected dividend yield | 0.00% |
Expected volatility | 42.30% |
Expected life (years) | 6 years 3 months 18 days |
Stock-Based Compensation Plan76
Stock-Based Compensation Plans - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 25, 2015 | Jun. 26, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Outstanding beginning balance, Shares | 63,500 | |
Granted, Shares | 0 | 0 |
Exercised, Shares | (38,500) | |
Forfeited, Shares | 0 | |
Outstanding ending balance, Shares | 25,000 | 63,500 |
Exercisable, Shares | 24,125 | |
Outstanding beginning Balance, Weighted-Average Exercise Price | $ 13.98 | |
Granted, Weighted-Average Exercise Price | 0 | |
Exercised, Weighted-Average Exercise Price | 16.70 | |
Forfeited, Weighted-Average Exercise Price | 0 | |
Outstanding Ending Balance, Weighted-Average Exercise Price | 9.80 | $ 13.98 |
Exercisable Balance, Weighted-Average Exercise Price | $ 9.60 | |
Outstanding, Weighted-Average Remaining Contractual Term | 2 years 4 months 10 days | |
Exercisable, Weighted-Average Remaining Contractual Term | 2 years 2 months 5 days | |
Outstanding, Aggregate Intrinsic Value | $ 1,115 | |
Exercisable, Aggregate Intrinsic Value | $ 1,081 |
Stock-Based Compensation Plan77
Stock-Based Compensation Plans - Summary of Weighted-Average Grant-Date Fair Value of Options (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Weighted-average grant date fair value of options granted | $ 0 | $ 0 | $ 5.77 |
Total intrinsic value of options exercised | $ 781 | $ 602 | $ 535 |
Total cash received from exercise of options | $ 643 | $ 616 | $ 1,219 |
Stock-Based Compensation Plan78
Stock-Based Compensation Plans - Options Outstanding (Detail) - Jun. 25, 2015 - $ / shares | Total |
Minimum [Member] | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |
Option price per share, lower range limit | $ 7.95 |
Maximum [Member] | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |
Option price per share, upper range limit | $ 18.03 |
Range 1 [Member] | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |
Number of options | 12,000 |
Weighted-average exercise price | $ 7.95 |
Weighted-average remaining life in years | 2 years 4 months 24 days |
Number of options exercisable | 12,000 |
Weighted-average exercise price for exercisable options | $ 7.95 |
Range 1 [Member] | Minimum [Member] | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |
Option price per share, lower range limit | 7.95 |
Range 1 [Member] | Maximum [Member] | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |
Option price per share, upper range limit | $ 7.95 |
Range 2 [Member] | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |
Number of options | 13,000 |
Weighted-average exercise price | $ 11.52 |
Weighted-average remaining life in years | 2 years 3 months 18 days |
Number of options exercisable | 12,125 |
Weighted-average exercise price for exercisable options | $ 11.23 |
Range 2 [Member] | Minimum [Member] | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |
Option price per share, lower range limit | 8.71 |
Range 2 [Member] | Maximum [Member] | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |
Option price per share, upper range limit | $ 18.03 |
Stock-Based Compensation Plan79
Stock-Based Compensation Plans - Summary of Restricted Stock Unit Activity (Detail) - 12 months ended Jun. 25, 2015 - $ / shares | Total |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding beginning balance, Shares | 201,308 |
Granted, Shares | 83,505 |
Vested, Shares | (55,875) |
Forfeited, Shares | (270) |
Outstanding ending balance, Shares | 228,668 |
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ 16.23 |
Granted, Weighted-Average Grant-Date Fair Value | 33.95 |
Vested, Weighted-Average Grant-Date Fair Value | 11 |
Forfeited, Weighted-Average Grant-Date Fair Value | 32.52 |
Weighted-Average Grant-Date Fair Value, Ending Balance | $ 23.96 |
Stock-Based Compensation Plan80
Stock-Based Compensation Plans - Summary of Compensation Cost and Income Tax Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Compensation cost charged to earnings | $ 1,952 | $ 1,105 | $ 905 |
Income tax benefit recognized | $ 814 | $ 512 | $ 202 |
Special Cash Dividends - Additi
Special Cash Dividends - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 25, 2015 | Mar. 26, 2015 | Dec. 25, 2014 | Sep. 25, 2014 | Jun. 26, 2014 | Mar. 27, 2014 | Dec. 26, 2013 | Sep. 26, 2013 | Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Class of Stock [Line Items] | |||||||||||
Special cash dividend | $ 0 | $ 0 | $ 1.50 | $ 0 | $ 0 | $ 0 | $ 1.50 | $ 0 | $ 1.50 | $ 1.50 | $ 1 |
Payment of special dividend | $ 16,759 | $ 16,599 | $ 10,889 | ||||||||
Dividend Activity Two [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Special cash dividend | $ 1.50 | ||||||||||
Payment of special dividend | $ 16,759 | ||||||||||
Dividends payable date, declared day | Oct. 28, 2014 | ||||||||||
Dividend payable date | Dec. 12, 2014 | ||||||||||
Dividends payable, date of record | Dec. 3, 2014 | ||||||||||
Dividend Activity One [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Special cash dividend | $ 1.50 | ||||||||||
Payment of special dividend | $ 16,599 | ||||||||||
Dividends payable date, declared day | Oct. 29, 2013 | ||||||||||
Dividend payable date | Dec. 5, 2013 | ||||||||||
Dividends payable, date of record | Nov. 21, 2013 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 25, 2015 | Sep. 25, 2008 | |
Defined Benefit Plan And Defined Contribution Plan Disclosure [Line Items] | ||
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 First Three Percent [Member] | ||
Defined Benefit Plan And Defined Contribution Plan Disclosure [Line Items] | ||
Matching percentage by employer for 401(k) plan contributions | 100.00% | |
Percent of employee contribution under contributory plan | 3.00% | |
Employee Contribution Next Two Percent [Member] | ||
Defined Benefit Plan And Defined Contribution Plan Disclosure [Line Items] | ||
Matching percentage by employer for 401(k) plan contributions | 50.00% | |
Percent of employee contribution under contributory plan | 2.00% |
Employee Benefit Plans - Expens
Employee Benefit Plans - Expense for 401(k) Plan (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
401(k) [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
401(k) plan expense | $ 1,550 | $ 1,356 | $ 1,171 |
Employee Benefit Plans - Total
Employee Benefit Plans - Total Route Pension Liability (Detail) - USD ($) $ in Thousands | Jun. 25, 2015 | Jun. 26, 2014 |
Route Pension Liability [Abstract] | ||
Route pension liability | $ 530 | $ 590 |
Retirement Plan - Changes in Pr
Retirement Plan - Changes in Projected Benefit Obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | $ 15,025 | $ 13,268 | |
Service cost | 386 | 323 | $ 343 |
Interest cost | 642 | 634 | 570 |
Actuarial loss | 3,139 | 1,454 | (979) |
Benefits paid | (654) | (654) | |
Projected benefit obligation at end of year | $ 18,538 | $ 15,025 | $ 13,268 |
Retirement Plan - Additional In
Retirement Plan - Additional Information (Detail) - SERP [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 25, 2015 | Jun. 26, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated benefit obligation | $ 14,177 | $ 12,163 |
Current portion of the SERP liability | 653 | $ 653 |
Prior service cost to be recognized in the next fiscal year as net pension expense | 957 | |
Net loss to be recognized in the next fiscal year as net pension expense | $ 50 |
Retirement Plan - Components of
Retirement Plan - Components of Actuarial Loss (Gain) Portion of Change in Projected Benefit Obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Schedule Of Actuarial Gain Loss In Projected Benefit Obligation [Abstract] | |||
Change in assumed pay increases | $ 342 | $ (85) | $ 423 |
Change in discount rate | (801) | 1,084 | (1,555) |
Change in mortality assumptions | 2,150 | 0 | 0 |
Change in bonus assumption | 1,191 | 474 | |
Other | 257 | (19) | 153 |
Actuarial loss (gain) | $ 3,139 | $ 1,454 | $ (979) |
Retirement Plan - Schedule of N
Retirement Plan - Schedule of Net Benefit Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Service cost | $ 386 | $ 323 | $ 343 |
Interest cost | 642 | 634 | 570 |
Recognized gain amortization | 0 | (68) | 0 |
Prior service cost amortization | 957 | 957 | 957 |
Net periodic pension cost | $ 1,985 | $ 1,846 | $ 1,870 |
Retirement Plan - Assumptions t
Retirement Plan - Assumptions to Calculate Benefit Obligations and Net Periodic Costs of SERP (Detail) - SERP [Member] | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.63% | 4.37% | |
Rate of compensation increases | 4.50% | 4.50% | |
Bonus payment | 60% - 85% of base, paid 4 of 5 years | 60% - 85% of base, paid 3 of 5 years | |
Discount rate | 4.37% | 4.90% | 4.17% |
Rate of compensation increases | 4.50% | 4.50% | 4.50% |
Bonus payment | 60% - 85% 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 Expe
Retirement Plan - Benefits Expected to be Paid in Next Ten Fiscal Years (Detail) $ in Thousands | Jun. 25, 2015USD ($) |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2,016 | $ 653 |
2,017 | 652 |
2,018 | 646 |
2,019 | 638 |
2,020 | 626 |
2021 - 2025 | $ 4,031 |
Retirement Plan - Components 91
Retirement Plan - Components of AOCL (Detail) - USD ($) $ in Thousands | Jun. 25, 2015 | Jun. 26, 2014 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ||
Unrecognized net (loss) gain | $ (2,404) | $ 735 |
Unrecognized prior service cost | (5,263) | (6,220) |
Tax effect | 2,833 | 1,982 |
Net amount unrecognized | $ (4,834) | $ (3,503) |
Accumulated Other Comprehensi92
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 25, 2015 | Jun. 26, 2014 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance at beginning of period | $ (3,503) | $ (3,164) |
Other comprehensive loss before reclassifications | (3,139) | (1,454) |
Amounts reclassified from accumulated other comprehensive loss | 957 | 889 |
Tax effect | 851 | 226 |
Net current-period other comprehensive loss | (1,331) | (339) |
Balance at end of period | $ (4,834) | $ (3,503) |
Accumulated Other Comprehensi93
Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total before tax | $ (957) | $ (889) | |
Tax effect | 373 | 355 | $ 383 |
Other comprehensive income, net of tax | (584) | (534) | $ (574) |
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 | (957) | (889) | |
Tax effect | 373 | 355 | |
Other comprehensive income, net of tax | (584) | (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) | (957) | |
Unrecognized net gain | $ 0 | $ 68 |
Transactions with Related Par94
Transactions with Related Parties - Additional Information (Detail) | 12 Months Ended |
Jun. 25, 2015 | |
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. |
Transactions with Related Par95
Transactions with Related Parties - Summary of Transactions with Related Party (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Related Party Transactions [Abstract] | |||
Purchases from related party | $ 10,969 | $ 11,077 | $ 10,723 |
Transactions with Related Par96
Transactions with Related Parties - Summary of Accounts Payable to Related Parties (Detail) - USD ($) $ in Thousands | Jun. 25, 2015 | Jun. 26, 2014 |
Related Party Transactions [Abstract] | ||
Accounts payable, related party payables | $ 241 | $ 232 |
Distribution Channel and Prod97
Distribution Channel and Product Type Sales Mix - Schedule of Revenue by Distribution Channel (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 25, 2015 | Mar. 26, 2015 | Dec. 25, 2014 | Sep. 25, 2014 | Jun. 26, 2014 | Mar. 27, 2014 | Dec. 26, 2013 | Sep. 26, 2013 | Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Distribution Channel Reporting Information [Line Items] | |||||||||||
Net sales | $ 221,439 | $ 209,396 | $ 251,373 | $ 205,037 | $ 202,520 | $ 174,291 | $ 225,114 | $ 176,697 | $ 887,245 | $ 778,622 | $ 734,334 |
Consumer [Member] | |||||||||||
Distribution Channel Reporting Information [Line Items] | |||||||||||
Net sales | 529,076 | 453,339 | 436,228 | ||||||||
Commercial Ingredients [Member] | |||||||||||
Distribution Channel Reporting Information [Line Items] | |||||||||||
Net sales | 207,370 | 193,180 | 177,774 | ||||||||
Contract Packaging [Member] | |||||||||||
Distribution Channel Reporting Information [Line Items] | |||||||||||
Net sales | 114,799 | 98,125 | 85,940 | ||||||||
Export [Member] | |||||||||||
Distribution Channel Reporting Information [Line Items] | |||||||||||
Net sales | $ 36,000 | $ 33,978 | $ 34,392 |
Distribution Channel and Prod98
Distribution Channel and Product Type Sales Mix - Schedule of Revenue by Distribution Channel (Parenthetical) (Detail) - Sales Revenue, Net [Member] | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Consumer [Member] | Branded Products [Member] | |||
Distribution Channel Reporting Information [Line Items] | |||
Percentage of concentration risk | 32.00% | 31.00% | 30.00% |
Export [Member] | Consumer Branded and Private Brand Products [Member] | |||
Distribution Channel Reporting Information [Line Items] | |||
Percentage of concentration risk | 65.00% | 60.00% | 58.00% |
Distribution Channel and Prod99
Distribution Channel and Product Type Sales Mix - Schedule of Sales by Product Type as Percentage of Gross Sales (Detail) | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Product Type Reporting Information [Line Items] | |||
Total | 100.00% | 100.00% | 100.00% |
Peanuts [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 13.70% | 15.10% | 18.20% |
Pecans [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 12.70% | 13.60% | 15.90% |
Cashews & Mixed Nuts [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 22.00% | 18.70% | 19.40% |
Walnuts [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 11.00% | 11.70% | 12.00% |
Almonds [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 23.40% | 22.30% | 16.50% |
Trail & Snack Mixes [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 12.00% | 11.40% | 11.00% |
Other [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 5.20% | 7.20% | 7.00% |
Valuation and Qualifying Acc100
Valuation and Qualifying Accounts and Reserves - Activity in Various Allowance and Reserve Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 3,385 | $ 3,443 | $ 2,867 |
Additions | 21,918 | 15,951 | 14,970 |
Deductions | (22,162) | (16,009) | (14,394) |
Balance at End of Period | 3,141 | 3,385 | 3,443 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 209 | 194 | 195 |
Additions | 36 | 31 | 0 |
Deductions | (10) | (16) | (1) |
Balance at End of Period | 235 | 209 | 194 |
Reserve for Cash Discounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 650 | 550 | 550 |
Additions | 12,341 | 10,539 | 9,899 |
Deductions | (12,191) | (10,439) | (9,899) |
Balance at End of Period | 800 | 650 | 550 |
Reserve for Customer Deductions [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 2,351 | 1,884 | 2,122 |
Additions | 9,541 | 5,381 | 4,256 |
Deductions | (9,961) | (4,914) | (4,494) |
Balance at End of Period | 1,931 | 2,351 | 1,884 |
Deferred Tax Asset Valuation Allowance [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 175 | 815 | 0 |
Additions | 0 | 0 | 815 |
Deductions | 0 | (640) | 0 |
Balance at End of Period | $ 175 | $ 175 | $ 815 |
Supplementary Quarterly Data101
Supplementary Quarterly Data (Unaudited) - Unaudited Quarterly Consolidated Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 25, 2015 | Mar. 26, 2015 | Dec. 25, 2014 | Sep. 25, 2014 | Jun. 26, 2014 | Mar. 27, 2014 | Dec. 26, 2013 | Sep. 26, 2013 | Jun. 25, 2015 | Jun. 26, 2014 | Jun. 27, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 221,439 | $ 209,396 | $ 251,373 | $ 205,037 | $ 202,520 | $ 174,291 | $ 225,114 | $ 176,697 | $ 887,245 | $ 778,622 | $ 734,334 |
Gross profit | 34,345 | 29,784 | 37,243 | 30,684 | 33,749 | 22,799 | 36,948 | 29,369 | 132,056 | 122,865 | 119,962 |
Income from operations | 13,691 | 11,497 | 14,678 | 12,013 | 12,136 | 6,138 | 16,394 | 12,328 | 51,879 | 46,996 | 41,619 |
Net income | $ 8,469 | $ 6,518 | $ 8,403 | $ 5,915 | $ 6,607 | $ 3,681 | $ 9,224 | $ 6,775 | $ 29,305 | $ 26,287 | $ 21,760 |
Basic earnings per common share | $ 0.76 | $ 0.58 | $ 0.75 | $ 0.53 | $ 0.60 | $ 0.33 | $ 0.84 | $ 0.62 | $ 2.63 | $ 2.38 | $ 2 |
Diluted earnings per common share | 0.75 | 0.58 | 0.75 | 0.53 | 0.59 | 0.33 | 0.83 | 0.61 | 2.61 | 2.36 | 1.98 |
Cash dividends declared per common share | $ 0 | $ 0 | $ 1.50 | $ 0 | $ 0 | $ 0 | $ 1.50 | $ 0 | $ 1.50 | $ 1.50 | $ 1 |
Supplementary Quarterly Data102
Supplementary Quarterly Data (Unaudited) - Unaudited Quarterly Consolidated Financial Data (Parenthetical) (Detail) $ in Thousands | 3 Months Ended |
Jun. 26, 2014USD ($) | |
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 |