Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 24, 2015 | Oct. 19, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 24, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | JBSS | |
Entity Registrant Name | SANFILIPPO JOHN B & SON INC | |
Entity Central Index Key | 880,117 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,546,580 | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,597,426 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 24, 2015 | Sep. 25, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Net sales | $ 225,777 | $ 205,037 |
Cost of sales | 192,572 | 174,353 |
Gross profit | 33,205 | 30,684 |
Operating expenses: | ||
Selling expenses | 11,382 | 11,072 |
Administrative expenses | 8,078 | 7,599 |
Total operating expenses | 19,460 | 18,671 |
Income from operations | 13,745 | 12,013 |
Other expense: | ||
Interest expense including $273 and $280 to related parties | 915 | 990 |
Rental and miscellaneous expense, net | 522 | 1,910 |
Total other expense, net | 1,437 | 2,900 |
Income before income taxes | 12,308 | 9,113 |
Income tax expense | 4,318 | 3,198 |
Net income | 7,990 | 5,915 |
Other comprehensive income: | ||
Amortization of prior service cost and actuarial loss included in net periodic pension cost | 251 | 239 |
Income tax expense related to pension adjustments | (98) | (96) |
Other comprehensive income, net of tax: | 153 | 143 |
Comprehensive income | $ 8,143 | $ 6,058 |
Net income per common share-basic | $ 0.71 | $ 0.53 |
Net income per common share-diluted | $ 0.71 | $ 0.53 |
Consolidated Statements of Com3
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 24, 2015 | Sep. 25, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Interest expense to related parties | $ 273 | $ 280 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 24, 2015 | Jun. 25, 2015 | Sep. 25, 2014 |
CURRENT ASSETS: | |||
Cash | $ 1,613 | $ 1,946 | $ 1,705 |
Accounts receivable, less allowances of $4,145, $2,966 and $3,282 | 77,758 | 75,635 | 62,804 |
Inventories | 187,921 | 197,997 | 171,439 |
Deferred income taxes | 4,264 | 4,264 | 3,486 |
Prepaid expenses and other current assets | 3,610 | 4,468 | 2,500 |
TOTAL CURRENT ASSETS | 275,166 | 284,310 | 241,934 |
PROPERTY, PLANT AND EQUIPMENT: | |||
Land | 9,285 | 9,285 | 9,285 |
Buildings | 105,674 | 104,016 | 102,923 |
Machinery and equipment | 183,282 | 178,936 | 172,419 |
Furniture and leasehold improvements | 4,363 | 4,363 | 4,363 |
Vehicles | 431 | 397 | 468 |
Construction in progress | 3,627 | 2,868 | 5,838 |
Property, plant and equipment gross | 306,662 | 299,865 | 295,296 |
Less: Accumulated depreciation | 192,489 | 189,671 | 184,278 |
Property, plant and equipment net | 114,173 | 110,194 | 111,018 |
Rental investment property, less accumulated depreciation of $8,253, $8,055 and $7,460 | 20,641 | 20,839 | 21,433 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 134,814 | 131,033 | 132,451 |
Cash surrender value of officers' life insurance and other assets | 10,180 | 10,332 | 8,713 |
Deferred income taxes | 3,657 | 3,181 | 1,136 |
Intangible assets, net of accumulated amortization of $21,438, $21,011 and $19,386 | 2,652 | 3,079 | 4,704 |
TOTAL ASSETS | 426,469 | 431,935 | 388,938 |
CURRENT LIABILITIES: | |||
Revolving credit facility borrowings | 27,972 | 61,153 | 19,796 |
Current maturities of long-term debt, including related party debt of $384, $376 and $355 | 3,384 | 3,376 | 3,355 |
Accounts payable, including related party payables of $220, $241 and $348 | 68,272 | 45,722 | 59,916 |
Book overdraft | 1,379 | 1,037 | 802 |
Accrued payroll and related benefits | 7,610 | 14,847 | 7,138 |
Other accrued expenses | 7,789 | 7,970 | 8,753 |
Income taxes payable | 4,260 | 0 | 827 |
TOTAL CURRENT LIABILITIES | 120,666 | 134,105 | 100,587 |
LONG-TERM LIABILITIES: | |||
Long-term debt, less current maturities, including related party debt of $11,441, $11,540 and $11,825 | 31,441 | 32,290 | 34,825 |
Retirement plan | 18,056 | 17,885 | 14,466 |
Other | 6,393 | 6,377 | 5,581 |
TOTAL LONG-TERM LIABILITIES | 55,890 | 56,552 | 54,872 |
TOTAL LIABILITIES | $ 176,556 | $ 190,657 | $ 155,459 |
COMMITMENTS AND CONTINGENCIES | |||
STOCKHOLDERS' EQUITY: | |||
Capital in excess of par value | $ 112,032 | $ 111,540 | $ 108,899 |
Retained earnings | 143,654 | 135,664 | 129,033 |
Accumulated other comprehensive loss | (4,681) | (4,834) | (3,360) |
Treasury stock, at cost; 117,900 shares of Common Stock | (1,204) | (1,204) | (1,204) |
TOTAL STOCKHOLDERS' EQUITY | 249,913 | 241,278 | 233,479 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 426,469 | 431,935 | 388,938 |
Class A Common Stock [Member] | |||
STOCKHOLDERS' EQUITY: | |||
Common Stock | 26 | 26 | 26 |
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] | |||
STOCKHOLDERS' EQUITY: | |||
Common Stock | $ 86 | $ 86 | $ 85 |
Consolidated Balance Sheets (U5
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 24, 2015 | Jun. 25, 2015 | Sep. 25, 2014 |
Allowances for accounts receivable, current | $ 4,145 | $ 2,966 | $ 3,282 |
Accumulated depreciation of rental investment property | 8,253 | 8,055 | 7,460 |
Intangible assets, net of accumulated amortization | 21,438 | 21,011 | 19,386 |
Current maturities of long-term debt, related party debt | 384 | 376 | 355 |
Accounts payable, related party payables | 220 | 241 | 348 |
Related party debt, Non-current | $ 11,441 | $ 11,540 | $ 11,825 |
Treasury stock, shares | 117,900 | 117,900 | 117,900 |
Class A Common Stock [Member] | |||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Common stock, shares issued | 2,597,426 | 2,597,426 | 2,597,426 |
Common stock, shares outstanding | 2,597,426 | 2,597,426 | 2,597,426 |
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] | |||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 17,000,000 | 17,000,000 | 17,000,000 |
Common stock, shares issued | 8,664,480 | 8,663,480 | 8,586,605 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 24, 2015 | Sep. 25, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 7,990 | $ 5,915 |
Depreciation and amortization | 4,067 | 3,948 |
Loss on disposition of properties, net | 231 | 5 |
Deferred income tax expense | (476) | (412) |
Stock-based compensation expense | 466 | 271 |
Change in assets and liabilities: | ||
Accounts receivable, net | (2,123) | (6,956) |
Inventories | 10,076 | 11,391 |
Prepaid expenses and other current assets | 744 | 267 |
Accounts payable | 22,500 | 14,770 |
Accrued expenses | (7,418) | (5,128) |
Income taxes payable | 4,374 | 3,436 |
Other long-term assets and liabilities | 204 | 114 |
Other, net | 325 | 236 |
Net cash provided by operating activities | 40,960 | 27,857 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (7,602) | (5,217) |
Other | (37) | 50 |
Net cash used in investing activities | (7,639) | (5,167) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings under revolving credit facility | 59,615 | 71,620 |
Repayments of revolving credit borrowings | (92,796) | (92,366) |
Principal payments on long-term debt | (841) | (835) |
Increase (decrease) in book overdraft | 342 | (1,612) |
Issuance of Common Stock under equity award plans | 18 | 314 |
Tax benefit of equity award exercises | 8 | 10 |
Net cash used in financing activities | (33,654) | (22,869) |
NET DECREASE IN CASH | (333) | (179) |
Cash, beginning of period | 1,946 | 1,884 |
Cash, end of period | $ 1,613 | $ 1,705 |
Basis of Presentation and Descr
Basis of Presentation and Description of Business | 3 Months Ended |
Sep. 24, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Description of Business | Note 1 – Basis of Presentation and Description of Business As used herein, unless the context otherwise indicates, the terms “Company”, “we”, “us”, “our” or “our Company” collectively refer to John B. Sanfilippo & Son, Inc. and our wholly-owned subsidiaries, JBSS Real Estate, LLC, JBSS Ventures, LLC and Sanfilippo (Shanghai) Trading Co. Ltd. Our fiscal year ends on the final Thursday of June each year, and typically consists of fifty-two weeks (four thirteen-week quarters). Fiscal 2016 will consist of fifty-three weeks, with our fourth quarter containing fourteen weeks. Additional information on the comparability of the periods presented is as follows: • References herein to fiscal 2016 and fiscal 2015 are to the fiscal year ending June 30, 2016 and the fiscal year ended June 25, 2015, respectively. • References herein to the first quarters of fiscal 2016 and fiscal 2015 are to the quarters ended September 24, 2015 and September 25, 2014, respectively. 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 The accompanying unaudited financial statements fairly present the consolidated statements of comprehensive income, consolidated balance sheets and consolidated statements of cash flows, and reflect all adjustments, consisting only of normal recurring adjustments which are necessary for the fair statement of the results of the interim periods. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The interim results of operations are not necessarily indicative of the results to be expected for a full year. The balance sheet data as of June 25, 2015 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). Accordingly, these unaudited financial statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2015 Annual Report on Form 10-K for the fiscal year ended June 25, 2015. |
Inventories
Inventories | 3 Months Ended |
Sep. 24, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 2 – Inventories Inventories consist of the following: September 24, June 25, September 25, Raw material and supplies $ 55,690 $ 58,704 $ 53,819 Work-in-process and finished goods 132,231 139,293 117,620 Total $ 187,921 $ 197,997 $ 171,439 |
Credit Facility
Credit Facility | 3 Months Ended |
Sep. 24, 2015 | |
Debt Disclosure [Abstract] | |
Credit Facility | Note 3 – Credit Facility At September 24, 2015, we had $84,928 of available credit under the Credit Facility which reflects borrowings of $27,972 and reduced availability as a result of $4,600 in outstanding letters of credit. As of September 24, 2015, we were in compliance with all covenants under the Credit Facility and Mortgage Facility. We would still be in compliance with all restrictive covenants under the Credit Facility if the entire available amount were borrowed. |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 24, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 4 – Income Taxes 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 2013 and 2014 returns are currently under audit. Our Illinois tax returns are open for audit for fiscal 2013 and later and our fiscal 2013 and 2014 returns are currently under audit. Our California tax returns are open for audit for fiscal 2011 and later. No other tax jurisdictions are material to us. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Sep. 24, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 5 – Earnings Per Common Share The following table presents the reconciliation of the weighted average shares outstanding used in computing basic and diluted earnings per share: For the Quarter Ended September 24, September 25, Weighted average number of shares outstanding – basic 11,194,554 11,092,130 Effect of dilutive securities: Stock options and restricted stock units 117,824 109,479 Weighted average number of shares outstanding – diluted 11,312,378 11,201,609 There were no anti-dilutive awards excluded from the computation of diluted earnings per share for either period presented. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Sep. 24, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | Note 6 – Stock-Based Compensation Plans During the quarter ended September 24, 2015 there was no significant stock option or restricted stock unit activity. Compensation expense attributable to stock-based compensation during the first quarter of fiscal 2016 and fiscal 2015 was $466 and $271, respectively. As of September 24, 2015, there was $2,005 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 1.1 years. |
Retirement Plan
Retirement Plan | 3 Months Ended |
Sep. 24, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plan | Note 7 – Retirement Plan The Supplemental Employee Retirement Plan (the “SERP”) is an unfunded, non-qualified deferred compensation plan that will provide eligible participants with monthly benefits upon retirement, disability or death, subject to certain conditions. The monthly benefit is based upon each participant’s earnings and his or her number of years of service. Administrative expenses include the following net periodic benefit costs: For the Quarter Ended September 24, September 25, Service cost $ 123 $ 96 Interest cost 210 161 Amortization of prior service cost 239 239 Amortization of loss 12 — Net periodic benefit cost $ 584 $ 496 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Sep. 24, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 8 – Accumulated Other Comprehensive Loss The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the quarter ended September 24, 2015 and September 25, 2014. These changes are all related to our defined benefit pension plan. For the Quarter Ended Changes to AOCL (a) September 24, September 25, Balance at beginning of period $ (4,834 ) $ (3,503 ) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive loss 251 239 Tax effect (98 ) (96 ) Net current-period other comprehensive income 153 143 Balance at end of period $ (4,681 ) $ (3,360 ) (a) Amounts in parenthesis indicate debits/expense. The reclassifications out of AOCL for the quarter ended September 24, 2015 and September 25, 2014 were as follows: For the Quarter Ended Affected line item in the Reclassifications from AOCL to earnings (b) September 24, September 25, Amortization of defined benefit pension items: Unrecognized prior service cost $ (239 ) $ (239 ) Administrative expenses Unrecognized net loss (12 ) — Administrative expenses Total before tax (251 ) (239 ) Tax effect 98 96 Income tax expense Amortization of defined pension items, net of tax $ (153 ) $ (143 ) (b) Amounts in parenthesis indicate debits to expense. See Note 7 – “Retirement Plan” above for additional details. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Sep. 24, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 9 – Commitments and Contingent Liabilities We are currently a party to various legal proceedings in the ordinary course of business. While management presently believes that the ultimate outcomes of these proceedings, individually and in the aggregate, will not materially affect our Company’s financial position, results of operations or cash flows, legal proceedings are subject to inherent uncertainties, and unfavorable outcomes could occur. Unfavorable outcomes could include substantial monetary damages in excess of any appropriate accruals which management has established. Were such unfavorable final outcomes to occur, there exists the possibility of a material adverse effect on our financial position, results of operations and cash flows. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Sep. 24, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 10 – Fair Value of Financial Instruments Authoritative guidance issued by the Financial Accounting Standards Board (“FASB”) defines fair value as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels: Level 1 – Quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities. Level 2 – Observable inputs other than quoted prices in active markets. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. Level 3 – Unobservable inputs for which there is little or no market data available. The carrying values of cash, trade accounts receivable and accounts payable approximate their fair values at each balance sheet date because of the short-term maturities and nature of these balances. The carrying value of our revolving credit facility borrowings approximates fair value at each balance sheet date because interest rates on this instrument approximate current market rates (Level 2 criteria), the short-term maturity and nature of this balance. In addition, there has been no significant change in our inherent credit risk. The following table summarizes the carrying value and fair value estimate of our long term debt, including current maturities: September 24, June 25, 2015 September 25, 2014 Carrying value of long-term debt: $ 34,825 $ 35,666 $ 38,180 Fair value of long-term debt: 38,285 39,377 42,051 The estimated fair value of our long-term debt was determined using a market approach based upon Level 2 observable inputs, which estimates fair value based on interest rates currently offered on loans with similar terms to borrowers of similar credit quality or broker quotes. In addition, there have been no significant changes in the underlying assets securing our long-term debt. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Sep. 24, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 11 – Recent Accounting Pronouncements 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” |
Subsequent Event
Subsequent Event | 3 Months Ended |
Sep. 24, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 12 – Subsequent Event On October 27, 2015 our Board of Directors, after considering the financial position of our Company, declared a special cash dividend of $2.00 per share on all issued and outstanding shares of Common Stock and Class A Common Stock of the Company (the “Special Dividend”). The Special Dividend will be paid on December 11, 2015, to stockholders of record at the close of business on December 2, 2015. The ex-dividend date is the close of business on November 30, 2015. The total amount of cash expected to be paid to stockholders under the Special Dividend will be approximately $22,485. |
Recent Accounting Pronounceme19
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Sep. 24, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 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 (Tables)
Inventories (Tables) | 3 Months Ended |
Sep. 24, 2015 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consist of the following: September 24, June 25, September 25, Raw material and supplies $ 55,690 $ 58,704 $ 53,819 Work-in-process and finished goods 132,231 139,293 117,620 Total $ 187,921 $ 197,997 $ 171,439 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Sep. 24, 2015 | |
Earnings Per Share [Abstract] | |
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: For the Quarter Ended September 24, September 25, Weighted average number of shares outstanding – basic 11,194,554 11,092,130 Effect of dilutive securities: Stock options and restricted stock units 117,824 109,479 Weighted average number of shares outstanding – diluted 11,312,378 11,201,609 |
Retirement Plan (Tables)
Retirement Plan (Tables) | 3 Months Ended |
Sep. 24, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs | Administrative expenses include the following net periodic benefit costs: For the Quarter Ended September 24, September 25, Service cost $ 123 $ 96 Interest cost 210 161 Amortization of prior service cost 239 239 Amortization of loss 12 — Net periodic benefit cost $ 584 $ 496 |
Accumulated Other Comprehensi23
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Sep. 24, 2015 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the quarter ended September 24, 2015 and September 25, 2014. These changes are all related to our defined benefit pension plan. For the Quarter Ended Changes to AOCL (a) September 24, September 25, Balance at beginning of period $ (4,834 ) $ (3,503 ) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive loss 251 239 Tax effect (98 ) (96 ) Net current-period other comprehensive income 153 143 Balance at end of period $ (4,681 ) $ (3,360 ) (a) Amounts in parenthesis indicate debits/expense. |
Reclassifications Out of AOCL | The reclassifications out of AOCL for the quarter ended September 24, 2015 and September 25, 2014 were as follows: For the Quarter Ended Affected line item in the Reclassifications from AOCL to earnings (b) September 24, September 25, Amortization of defined benefit pension items: Unrecognized prior service cost $ (239 ) $ (239 ) Administrative expenses Unrecognized net loss (12 ) — Administrative expenses Total before tax (251 ) (239 ) Tax effect 98 96 Income tax expense Amortization of defined pension items, net of tax $ (153 ) $ (143 ) (b) Amounts in parenthesis indicate debits to expense. See Note 7 – “Retirement Plan” above for additional details. |
Fair Value of Financial Instr24
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Sep. 24, 2015 | |
Fair Value Disclosures [Abstract] | |
Carrying Value and Fair Value Estimate of Long Term Debt | The following table summarizes the carrying value and fair value estimate of our long term debt, including current maturities: September 24, June 25, 2015 September 25, 2014 Carrying value of long-term debt: $ 34,825 $ 35,666 $ 38,180 Fair value of long-term debt: 38,285 39,377 42,051 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Sep. 24, 2015 | Jun. 25, 2015 | Sep. 25, 2014 |
Inventory Disclosure [Abstract] | |||
Raw material and supplies | $ 55,690 | $ 58,704 | $ 53,819 |
Work-in-process and finished goods | 132,231 | 139,293 | 117,620 |
Total | $ 187,921 | $ 197,997 | $ 171,439 |
Credit Facility - Additional In
Credit Facility - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 24, 2015 | Jun. 25, 2015 | Sep. 25, 2014 |
Debt Instrument [Line Items] | |||
Revolving credit facility borrowings | $ 27,972 | $ 61,153 | $ 19,796 |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Available credit under the Credit Facility | 84,928 | ||
Revolving credit facility borrowings | 27,972 | ||
Outstanding letters of credit | $ 4,600 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended |
Sep. 24, 2015 | |
United States [Member] | Earliest Tax Year [Member] | |
Income Tax Disclosure [Line Items] | |
Year of tax returns audit | 2,012 |
United States [Member] | Tax Year 2013 [Member] | |
Income Tax Disclosure [Line Items] | |
Year of tax returns currently under audit | 2,013 |
United States [Member] | Tax Year 2014 [Member] | |
Income Tax Disclosure [Line Items] | |
Year of tax returns currently under audit | 2,014 |
Illinois [Member] | Earliest Tax Year [Member] | |
Income Tax Disclosure [Line Items] | |
Year of tax returns audit | 2,013 |
Illinois [Member] | Tax Year 2013 [Member] | |
Income Tax Disclosure [Line Items] | |
Year of tax returns currently under audit | 2,013 |
Illinois [Member] | Tax Year 2014 [Member] | |
Income Tax Disclosure [Line Items] | |
Year of tax returns currently under audit | 2,014 |
California [Member] | Earliest Tax Year [Member] | |
Income Tax Disclosure [Line Items] | |
Year of tax returns audit | 2,011 |
Earnings Per Common Share - Wei
Earnings Per Common Share - Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share (Detail) - shares | 3 Months Ended | |
Sep. 24, 2015 | Sep. 25, 2014 | |
Weighted Average Shares Outstanding [Abstract] | ||
Weighted average number of shares outstanding - basic | 11,194,554 | 11,092,130 |
Effect of dilutive securities: | ||
Stock options and restricted stock units | 117,824 | 109,479 |
Weighted average number of shares outstanding - diluted | 11,312,378 | 11,201,609 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
Sep. 24, 2015 | Sep. 25, 2014 | |
Anti Dilutive Shares [Abstract] | ||
Anti-dilutive awards excluded from computation of diluted earnings per share | 0 | 0 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 24, 2015 | Sep. 25, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Stock-based compensation expense | $ 466 | $ 271 |
Unrecognized compensation cost related to non-vested share-based compensation | $ 2,005 | |
Expected weighted average recognize period of unrecognized compensation cost related to non-vested share-based compensation | 1 year 1 month 6 days |
Retirement Plan - Schedule of N
Retirement Plan - Schedule of Net Benefit Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 24, 2015 | Sep. 25, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||
Service cost | $ 123 | $ 96 |
Interest cost | 210 | 161 |
Amortization of prior service cost | 239 | 239 |
Amortization of loss | 12 | 0 |
Net periodic benefit cost | $ 584 | $ 496 |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 24, 2015 | Sep. 25, 2014 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance at beginning of period | $ (4,834) | $ (3,503) |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 251 | 239 |
Tax effect | (98) | (96) |
Other comprehensive income, net of tax: | 153 | 143 |
Balance at end of period | $ (4,681) | $ (3,360) |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Loss - Reclassifications Out of AOCL (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 24, 2015 | Sep. 25, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | $ (251) | $ (239) |
Tax effect | 98 | 96 |
Other comprehensive income, net of tax | (153) | (143) |
Amortization of Defined Benefit Pension Items [Member] | Amount Reclassified from AOCL [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | (251) | (239) |
Tax effect | 98 | 96 |
Other comprehensive income, net of tax | (153) | (143) |
Amortization of Defined Benefit Pension Items [Member] | Amount Reclassified from AOCL [Member] | Administrative Expenses [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Unrecognized prior service cost | (239) | (239) |
Unrecognized net loss | $ (12) | $ 0 |
Fair Value of Financial Instr34
Fair Value of Financial Instruments - Carrying Value and Fair Value Estimate of Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 24, 2015 | Jun. 25, 2015 | Sep. 25, 2014 |
Fair Value Disclosures [Abstract] | |||
Carrying value of long-term debt: | $ 34,825 | $ 35,666 | $ 38,180 |
Fair value of long-term debt: | $ 38,285 | $ 39,377 | $ 42,051 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Oct. 27, 2015 | Sep. 24, 2015 |
Subsequent Event [Line Items] | ||
Dividend payable date, declared day | Oct. 27, 2015 | |
Dividend payable date | Dec. 11, 2015 | |
Stockholders of record date | Dec. 2, 2015 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Special cash dividend | $ 2 | |
Special dividend payout expected | $ 22,485 |