John B. Sanfilippo & Son (JBSS) 10-Q 28 Jan 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 24, 2015	Jan. 21, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 24, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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		8,594,440
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		6 Months Ended
	Dec. 24, 2015	Dec. 25, 2014	Dec. 24, 2015	Dec. 25, 2014
Statement of Comprehensive Income [Abstract]
Net sales	$ 279,002	$ 251,373	$ 504,779	$ 456,410
Cost of sales	233,991	214,130	426,563	388,483
Gross profit	45,011	37,243	78,216	67,927
Operating expenses:
Selling expenses	16,374	15,671	27,756	26,743
Administrative expenses	8,945	6,894	17,023	14,493
Total operating expenses	25,319	22,565	44,779	41,236
Income from operations	19,692	14,678	33,437	26,691
Other expense:
Interest expense including $271, $278, $544 and $558 to related parties	804	877	1,719	1,867
Rental and miscellaneous expense, net	346	548	868	2,458
Total other expense, net	1,150	1,425	2,587	4,325
Income before income taxes	18,542	13,253	30,850	22,366
Income tax expense	6,492	4,850	10,810	8,048
Net income	12,050	8,403	20,040	14,318
Other comprehensive income:
Amortization of prior service cost and actuarial loss included in net periodic pension cost	253	240	504	479
Income tax expense related to pension adjustments	(99)	(96)	(197)	(192)
Other comprehensive income, net of tax	154	144	307	287
Comprehensive income	$ 12,204	$ 8,547	$ 20,347	$ 14,605
Net income per common share-basic	$ 1.07	$ 0.75	$ 1.79	$ 1.29
Net income per common share-diluted	1.07	0.75	1.77	1.28
Cash dividends declared per share	$ 2	$ 1.50	$ 2	$ 1.50

Consolidated Statements of Com3

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 24, 2015	Dec. 25, 2014	Dec. 24, 2015	Dec. 25, 2014
Statement of Comprehensive Income [Abstract]
Interest expense to related parties	$ 271	$ 278	$ 544	$ 558

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 24, 2015	Jun. 25, 2015	Dec. 25, 2014
CURRENT ASSETS:
Cash	$ 3,026	$ 1,946	$ 4,359
Accounts receivable, less allowances of $7,199, $2,966 and $6,264	72,065	75,635	64,834
Inventories	185,279	197,997	221,938
Deferred income taxes	0	4,264	3,442
Prepaid expenses and other current assets	6,965	4,468	6,319
TOTAL CURRENT ASSETS	267,335	284,310	300,892
PROPERTY, PLANT AND EQUIPMENT:
Land	9,285	9,285	9,285
Buildings	106,538	104,016	103,048
Machinery and equipment	185,399	178,936	173,291
Furniture and leasehold improvements	4,363	4,363	4,363
Vehicles	431	397	397
Construction in progress	2,167	2,868	6,615
Property, plant and equipment gross	308,183	299,865	296,999
Less: Accumulated depreciation	195,565	189,671	186,201
Property, plant and equipment net	112,618	110,194	110,798
Rental investment property, less accumulated depreciation of $8,451, $8,055 and $7,659	20,443	20,839	21,235
TOTAL PROPERTY, PLANT AND EQUIPMENT	133,061	131,033	132,033
Cash surrender value of officers' life insurance and other assets	9,961	10,332	8,816
Deferred income taxes	6,211	3,181	1,390
Intangible assets, net of accumulated amortization of $21,865, $21,011 and $19,929	2,225	3,079	4,161
TOTAL ASSETS	418,793	431,935	447,292
CURRENT LIABILITIES:
Revolving credit facility borrowings	13,932	61,153	29,470
Current maturities of long-term debt, including related party debt of $391, $376 and $362	3,391	3,376	3,362
Accounts payable, including related party payables of $84, $241 and $141	83,322	45,722	112,705
Book overdraft	1,344	1,037	3,809
Accrued payroll and related benefits	12,228	14,847	8,707
Other accrued expenses	8,189	7,970	8,401
TOTAL CURRENT LIABILITIES	122,406	134,105	166,454
LONG-TERM LIABILITIES:
Long-term debt, less current maturities, including related party debt of $11,341, $11,540 and $11,732	30,590	32,290	33,982
Retirement plan	18,226	17,885	14,561
Other	6,456	6,377	5,799
TOTAL LONG-TERM LIABILITIES	55,272	56,552	54,342
TOTAL LIABILITIES	$ 177,678	$ 190,657	$ 220,796
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Capital in excess of par value	$ 113,515	$ 111,540	$ 110,127
Retained earnings	133,218	135,664	120,677
Accumulated other comprehensive loss	(4,527)	(4,834)	(3,216)
Treasury stock, at cost; 117,900 shares of Common Stock	(1,204)	(1,204)	(1,204)
TOTAL STOCKHOLDERS' EQUITY	241,115	241,278	226,496
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	418,793	431,935	447,292
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	$ 87	$ 86	$ 86

Consolidated Balance Sheets (U5

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 24, 2015	Jun. 25, 2015	Dec. 25, 2014
Allowances for accounts receivable, current	$ 7,199	$ 2,966	$ 6,264
Accumulated depreciation of rental investment property	8,451	8,055	7,659
Intangible assets, net of accumulated amortization	21,865	21,011	19,929
Current maturities of long-term debt, related party debt	391	376	362
Accounts payable, related party payables	84	241	141
Related party debt, Non-current	$ 11,341	$ 11,540	$ 11,732
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	8,712,340	8,663,480	8,646,480

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 24, 2015	Dec. 25, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 20,040	$ 14,318
Depreciation and amortization	8,229	7,948
Loss on disposition of properties, net	258	70
Deferred income tax expense (benefit)	1,234	(622)
Stock-based compensation expense	1,292	879
Change in assets and liabilities:
Accounts receivable, net	3,587	(9,031)
Inventories	12,718	(39,108)
Prepaid expenses and other current assets	(1,321)	(3,552)
Accounts payable	38,293	67,617
Accrued expenses	(2,400)	(3,911)
Income taxes payable	(1,176)	2,609
Other long-term assets and liabilities	453	244
Other, net	664	491
Net cash provided by operating activities	81,871	37,952
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(10,387)	(8,379)
Proceeds from dispositions of assets	0	30
Other	(3)	35
Net cash used in investing activities	(10,390)	(8,314)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facility	148,125	162,970
Repayments of revolving credit borrowings	(195,346)	(174,042)
Principal payments on long-term debt	(1,685)	(1,671)
Increase in book overdraft	307	1,395
Dividends paid	(22,486)	(16,759)
Issuance of Common Stock under equity award plans	31	386
Tax benefit of equity award exercises	653	558
Net cash used in financing activities	(70,401)	(27,163)
NET INCREASE IN CASH	1,080	2,475
Cash, beginning of period	1,946	1,884
Cash, end of period	$ 3,026	$ 4,359

Basis of Presentation and Descr

Basis of Presentation and Description of Business	6 Months Ended
	Dec. 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 second quarter of fiscal 2016 and fiscal 2015 are to the quarters ended December 24, 2015 and December 25, 2014, respectively. • References herein to the first half or first twenty-six weeks of fiscal 2016 and fiscal 2015 are to the twenty-six weeks ended December 24, 2015 and December 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	6 Months Ended
	Dec. 24, 2015
Inventory Disclosure [Abstract]
Inventories	Note 2 – Inventories Inventories consist of the following: December 24, 2015 June 25, 2015 December 25, 2014 Raw material and supplies $ 80,549 $ 58,704 $ 111,150 Work-in-process and finished goods 104,730 139,293 110,788 Total $ 185,279 $ 197,997 $ 221,938

Credit Facility

Credit Facility	6 Months Ended
	Dec. 24, 2015
Debt Disclosure [Abstract]
Credit Facility	Note 3 – Credit Facility At December 24, 2015, we had $98,968 of available credit under the Credit Facility which reflects borrowings of $13,932 and reduced availability as a result of $4,600 in outstanding letters of credit. As of December 24, 2015, we were in compliance with all covenants under the Credit Facility and Mortgage Facility.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 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 2014, and both of these 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. See Note 12 – “Recent Accounting Pronouncements” for the description of a new income tax related accounting standard update that was adopted this quarter.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Dec. 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 For the Twenty-six Weeks December 24, 2015 December 25, 2014 December 24, 2015 December 25, 2014 Weighted average number of shares outstanding – basic 11,219,354 11,136,143 11,206,954 11,114,137 Effect of dilutive securities: Stock options and restricted stock units 91,031 81,779 104,428 95,629 Weighted average number of shares outstanding – diluted 11,310,385 11,217,922 11,311,382 11,209,766 There were no anti-dilutive awards excluded from the computation of diluted earnings per share for any periods presented.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	6 Months Ended
	Dec. 24, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	Note 6 – Stock-Based Compensation Plans During the second quarter of fiscal 2016, there were 57,893 RSUs awarded to employees and non-employee members of the Board of Directors. The vesting period is generally three years for awards to employees and one year for awards to non-employee directors. Stock option activity was insignificant during the first half of fiscal 2016. The following is a summary of restricted stock unit activity for the first half of fiscal 2016: Restricted Stock Units Shares Weighted Outstanding at June 25, 2015 228,668 $ 23.96 Activity: Granted 57,893 55.49 Vested (47,110 ) 19.69 Forfeited — — Outstanding at December 24, 2015 239,451 $ 32.42 At December 24, 2015 there are 55,183 RSUs outstanding that are vested but deferred. The non-vested RSUs will vest over a weighted average period of 1.5 years. The following table summarizes compensation expense charged to earnings for all equity compensation plans for the periods presented: For the Quarter Ended For the Twenty-six Weeks December 24, 2015 December 25, 2014 December 24, December 25, Stock-based compensation expense $ 826 $ 608 $ 1,292 $ 879 As of December 24, 2015, there was $4,349 of total unrecognized compensation expense 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 1.5 years.

Special Cash Dividend

Special Cash Dividend	6 Months Ended
	Dec. 24, 2015
Text Block [Abstract]
Special Cash Dividend	Note 7 – Special Cash Dividend 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 was paid on December 11, 2015, to stockholders of record at the close of business on December 2, 2015. The total amount of cash paid to stockholders under the Special Dividend was $22,486.

Retirement Plan

Retirement Plan	6 Months Ended
	Dec. 24, 2015
Compensation and Retirement Disclosure [Abstract]
Retirement Plan	Note 8 – 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 For the Twenty-six Weeks December 24, 2015 December 25, 2014 December 24, December 25, Service cost $ 122 $ 97 $ 245 $ 193 Interest cost 212 160 422 321 Amortization of prior service cost 240 240 479 479 Amortization of loss 13 — 25 — Net periodic benefit cost $ 587 $ 497 $ 1,171 $ 993

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Dec. 24, 2015
Equity [Abstract]
Accumulated Other Comprehensive Loss	Note 9 – Accumulated Other Comprehensive Loss The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the twenty-six weeks ended December 24, 2015 and December 25, 2014. These changes are all related to our defined benefit pension plan. Changes to AOCL (a) For the Twenty-six Weeks Ended December 24, December 25, Balance at beginning of period $ (4,834 ) $ (3,503 ) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive loss 504 479 Tax effect (197 ) (192 ) Net current-period other comprehensive income 307 287 Balance at end of period $ (4,527 ) $ (3,216 ) (a) Amounts in parenthesis indicate debits/expense. The reclassifications out of AOCL for the quarter and twenty-six weeks ended December 24, 2015 and December 25, 2014 were as follows: Affected line item in the Consolidated Reclassifications from AOCL to earnings (b) For the Quarter Ended For the Twenty-six Weeks December 24, December 25, December 24, December 25, Amortization of defined benefit pension items: Unrecognized prior service cost $ (240 ) $ (240 ) $ (479 ) $ (479 ) Administrative Unrecognized net loss (13 ) — (25 ) — Administrative Total before tax (253 ) (240 ) (504 ) (479 ) Tax effect 99 96 197 192 Income tax Amortization of defined pension items, net of tax $ (154 ) $ (144 ) $ (307 ) $ (287 ) (b) Amounts in parenthesis indicate debits to expense. See Note 8 – “Retirement Plan” above for additional details.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	Dec. 24, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Note 10 – 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	6 Months Ended
	Dec. 24, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 11 – 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: December 24, June 25, 2015 December 25, 2014 Carrying value of long-term debt: $ 33,981 $ 35,666 $ 37,344 Fair value of long-term debt: 36,980 39,377 41,251 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	6 Months Ended
	Dec. 24, 2015
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Note 12 – Recent Accounting Pronouncements In November 2015, the FASB issued ASU No. 2015-17 “ Income Taxes (Topic 740) - Balance Sheet Classification of Deferred Taxes.” In the second quarter of fiscal 2016 the Company elected to early adopt this new accounting principle on a prospective basis. Approximately $4,264 of net current deferred tax assets were reclassified to non-current on the balance sheet. Adoption of this amendment did not have an effect on the Company’s financial position or results of operations, and prior periods were not retrospectively adjusted. 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”

Recent Accounting Pronounceme19

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Dec. 24, 2015
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	In November 2015, the FASB issued ASU No. 2015-17 “ Income Taxes (Topic 740) - Balance Sheet Classification of Deferred Taxes.” In the second quarter of fiscal 2016 the Company elected to early adopt this new accounting principle on a prospective basis. Approximately $4,264 of net current deferred tax assets were reclassified to non-current on the balance sheet. Adoption of this amendment did not have an effect on the Company’s financial position or results of operations, and prior periods were not retrospectively adjusted. 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)	6 Months Ended
	Dec. 24, 2015
Inventory Disclosure [Abstract]
Components of Inventories	Inventories consist of the following: December 24, 2015 June 25, 2015 December 25, 2014 Raw material and supplies $ 80,549 $ 58,704 $ 111,150 Work-in-process and finished goods 104,730 139,293 110,788 Total $ 185,279 $ 197,997 $ 221,938

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Dec. 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 For the Twenty-six Weeks December 24, 2015 December 25, 2014 December 24, 2015 December 25, 2014 Weighted average number of shares outstanding – basic 11,219,354 11,136,143 11,206,954 11,114,137 Effect of dilutive securities: Stock options and restricted stock units 91,031 81,779 104,428 95,629 Weighted average number of shares outstanding – diluted 11,310,385 11,217,922 11,311,382 11,209,766

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	6 Months Ended
	Dec. 24, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Stock Unit Activity	The following is a summary of restricted stock unit activity for the first half of fiscal 2016: Restricted Stock Units Shares Weighted Outstanding at June 25, 2015 228,668 $ 23.96 Activity: Granted 57,893 55.49 Vested (47,110 ) 19.69 Forfeited — — Outstanding at December 24, 2015 239,451 $ 32.42
Summary of Compensation Expense	The following table summarizes compensation expense charged to earnings for all equity compensation plans for the periods presented: For the Quarter Ended For the Twenty-six Weeks December 24, 2015 December 25, 2014 December 24, December 25, Stock-based compensation expense $ 826 $ 608 $ 1,292 $ 879

Retirement Plan (Tables)

Retirement Plan (Tables)	6 Months Ended
	Dec. 24, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of Net Periodic Benefit Costs	Administrative expenses include the following net periodic benefit costs: For the Quarter Ended For the Twenty-six Weeks December 24, 2015 December 25, 2014 December 24, December 25, Service cost $ 122 $ 97 $ 245 $ 193 Interest cost 212 160 422 321 Amortization of prior service cost 240 240 479 479 Amortization of loss 13 — 25 — Net periodic benefit cost $ 587 $ 497 $ 1,171 $ 993

Accumulated Other Comprehensi24

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Dec. 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 twenty-six weeks ended December 24, 2015 and December 25, 2014. These changes are all related to our defined benefit pension plan. Changes to AOCL (a) For the Twenty-six Weeks Ended December 24, December 25, Balance at beginning of period $ (4,834 ) $ (3,503 ) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive loss 504 479 Tax effect (197 ) (192 ) Net current-period other comprehensive income 307 287 Balance at end of period $ (4,527 ) $ (3,216 ) (a) Amounts in parenthesis indicate debits/expense.
Reclassifications Out of AOCL	The reclassifications out of AOCL for the quarter and twenty-six weeks ended December 24, 2015 and December 25, 2014 were as follows: Affected line item in the Consolidated Reclassifications from AOCL to earnings (b) For the Quarter Ended For the Twenty-six Weeks December 24, December 25, December 24, December 25, Amortization of defined benefit pension items: Unrecognized prior service cost $ (240 ) $ (240 ) $ (479 ) $ (479 ) Administrative Unrecognized net loss (13 ) — (25 ) — Administrative Total before tax (253 ) (240 ) (504 ) (479 ) Tax effect 99 96 197 192 Income tax Amortization of defined pension items, net of tax $ (154 ) $ (144 ) $ (307 ) $ (287 ) (b) Amounts in parenthesis indicate debits to expense. See Note 8 – “Retirement Plan” above for additional details.

Fair Value of Financial Instr25

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Dec. 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: December 24, June 25, 2015 December 25, 2014 Carrying value of long-term debt: $ 33,981 $ 35,666 $ 37,344 Fair value of long-term debt: 36,980 39,377 41,251

Inventories - Components of Inv

Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands	Dec. 24, 2015	Jun. 25, 2015	Dec. 25, 2014
Inventory Disclosure [Abstract]
Raw material and supplies	$ 80,549	$ 58,704	$ 111,150
Work-in-process and finished goods	104,730	139,293	110,788
Total	$ 185,279	$ 197,997	$ 221,938

Credit Facility - Additional In

Credit Facility - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 24, 2015	Jun. 25, 2015	Dec. 25, 2014
Debt Instrument [Line Items]
Revolving credit facility borrowings	$ 13,932	$ 61,153	$ 29,470
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Available credit under the Credit Facility	98,968
Revolving credit facility borrowings	13,932
Outstanding letters of credit	$ 4,600

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	6 Months Ended
	Dec. 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		6 Months Ended
	Dec. 24, 2015	Dec. 25, 2014	Dec. 24, 2015	Dec. 25, 2014
Weighted Average Shares Outstanding [Abstract]
Weighted average number of shares outstanding - basic	11,219,354	11,136,143	11,206,954	11,114,137
Effect of dilutive securities:
Stock options and restricted stock units	91,031	81,779	104,428	95,629
Weighted average number of shares outstanding - diluted	11,310,385	11,217,922	11,311,382	11,209,766

Earnings Per Common Share - Add

Earnings Per Common Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Dec. 24, 2015	Dec. 25, 2014	Dec. 24, 2015	Dec. 25, 2014
Anti Dilutive Shares [Abstract]
Anti-dilutive awards excluded from computation of diluted earnings per share	0	0	0	0

Stock-Based Compensation Plan31

Stock-Based Compensation Plans - Additional Information (Detail) $ in Thousands	6 Months Ended
	Dec. 24, 2015USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock units awarded	57,893
Unrecognized compensation expense related to non-vested share-based compensation | $	$ 4,349
Expected weighted average recognize period of unrecognized compensation cost related to non-vested share-based compensation	1 year 6 months
Restricted Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of restricted stock units granted	1 year 6 months
Restricted stock units vested	55,183
Second Quarter of Fiscal 2016 [Member] | Restricted Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock units awarded	57,893
Second Quarter of Fiscal 2016 [Member] | 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
Second Quarter of Fiscal 2016 [Member] | 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

Stock-Based Compensation Plan32

Stock-Based Compensation Plans - Summary of Restricted Stock Unit Activity (Detail)	6 Months Ended
	Dec. 24, 2015$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding beginning balance, Shares | shares	228,668
Granted, Shares | shares	57,893
Vested, Shares | shares	(47,110)
Forfeited, Shares | shares	0
Outstanding ending balance, Shares | shares	239,451
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 23.96
Granted, Weighted-Average Grant-Date Fair Value | $ / shares	55.49
Vested, Weighted-Average Grant-Date Fair Value | $ / shares	19.69
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares	0
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 32.42

Stock-Based Compensation Plan33

Stock-Based Compensation Plans - Summary of Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 24, 2015	Dec. 25, 2014	Dec. 24, 2015	Dec. 25, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation expense	$ 826	$ 608	$ 1,292	$ 879

Special Cash Dividend - Additio

Special Cash Dividend - Additional Information (Detail) $ / shares in Units, $ in Thousands	6 Months Ended
	Dec. 24, 2015USD ($)$ / shares
Equity [Abstract]
Special cash dividend | $ / shares	$ 2
Special dividend paid | $	$ 22,486
Dividend payable date, declared day	Oct. 27, 2015
Dividend payable date	Dec. 11, 2015
Stockholders of record date	Dec. 2, 2015

Retirement Plan - Schedule of N

Retirement Plan - Schedule of Net Periodic Benefit Costs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 24, 2015	Dec. 25, 2014	Dec. 24, 2015	Dec. 25, 2014
Compensation and Retirement Disclosure [Abstract]
Service cost	$ 122	$ 97	$ 245	$ 193
Interest cost	212	160	422	321
Amortization of prior service cost	240	240	479	479
Amortization of loss	13		25
Net periodic benefit cost	$ 587	$ 497	$ 1,171	$ 993

Accumulated Other Comprehensi36

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 24, 2015	Dec. 25, 2014	Dec. 24, 2015	Dec. 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	$ 253	$ 240	504	479
Tax effect	(99)	(96)	(197)	(192)
Other comprehensive income, net of tax	154	144	307	287
Balance at end of period	$ (4,527)	$ (3,216)	$ (4,527)	$ (3,216)

Accumulated Other Comprehensi37

Accumulated Other Comprehensive Loss - Reclassifications Out of AOCL (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 24, 2015	Dec. 25, 2014	Dec. 24, 2015	Dec. 25, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	$ (253)	$ (240)	$ (504)	$ (479)
Tax effect	99	96	197	192
Other comprehensive income, net of tax	(154)	(144)	(307)	(287)
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	(253)	(240)	(504)	(479)
Tax effect	99	96	197	192
Other comprehensive income, net of tax	(154)	(144)	(307)	(287)
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	(240)	$ (240)	(479)	$ (479)
Unrecognized net loss	$ (13)		$ (25)

Fair Value of Financial Instr38

Fair Value of Financial Instruments - Carrying Value and Fair Value Estimate of Long-Term Debt (Detail) - USD ($) $ in Thousands	Dec. 24, 2015	Jun. 25, 2015	Dec. 25, 2014
Fair Value Disclosures [Abstract]
Carrying value of long-term debt:	$ 33,981	$ 35,666	$ 37,344
Fair value of long-term debt:	$ 36,980	$ 39,377	$ 41,251

Recent Accounting Pronounceme39

Recent Accounting Pronouncements - Additional Information (Detail) $ in Thousands	Dec. 24, 2015USD ($)
Second Quarter of Fiscal 2016 [Member]
Deferred Income Taxes Assets And Liabilities Net [Line Items]
Net current deferred tax assets reclassified to non-current	$ 4,264