Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 29, 2016 | Oct. 25, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 29, 2016 | |
Document Fiscal Year Focus | 2,017 | |
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 | --06-29 | |
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 | 8,614,693 | |
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. 29, 2016 | Sep. 24, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net sales | $ 222,293 | $ 225,777 |
Cost of sales | 185,818 | 192,572 |
Gross profit | 36,475 | 33,205 |
Operating expenses: | ||
Selling expenses | 11,271 | 11,382 |
Administrative expenses | 8,648 | 8,078 |
Total operating expenses | 19,919 | 19,460 |
Income from operations | 16,556 | 13,745 |
Other expense: | ||
Interest expense including $190 and $273 to related parties | 622 | 915 |
Rental and miscellaneous expense, net | 410 | 522 |
Total other expense, net | 1,032 | 1,437 |
Income before income taxes | 15,524 | 12,308 |
Income tax expense | 5,344 | 4,318 |
Net income | 10,180 | 7,990 |
Other comprehensive income: | ||
Amortization of prior service cost and actuarial loss included in net periodic pension cost | 330 | 251 |
Income tax expense related to pension adjustments | (125) | (98) |
Net current-period other comprehensive income | 205 | 153 |
Comprehensive income | $ 10,385 | $ 8,143 |
Net income per common share-basic | $ 0.90 | $ 0.71 |
Net income per common share-diluted | 0.89 | $ 0.71 |
Cash dividends declared per share | $ 2.50 |
Consolidated Statements of Com3
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 29, 2016 | Sep. 24, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Interest expense to related parties | $ 190 | $ 273 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 29, 2016 | Jun. 30, 2016 | Sep. 24, 2015 |
CURRENT ASSETS: | |||
Cash | $ 1,362 | $ 2,220 | $ 1,613 |
Accounts receivable, less allowances of $5557, $4,290 and $4,145 | 75,741 | 78,088 | 77,758 |
Inventories | 147,196 | 156,573 | 187,921 |
Deferred income taxes | 4,264 | ||
Prepaid expenses and other current assets | 3,819 | 5,292 | 3,610 |
TOTAL CURRENT ASSETS | 228,118 | 242,173 | 275,166 |
PROPERTY, PLANT AND EQUIPMENT: | |||
Land | 9,285 | 9,285 | 9,285 |
Buildings | 106,566 | 106,505 | 105,674 |
Machinery and equipment | 190,383 | 188,748 | 183,282 |
Furniture and leasehold improvements | 4,733 | 4,349 | 4,363 |
Vehicles | 453 | 453 | 431 |
Construction in progress | 3,245 | 832 | 3,627 |
Property, plant and equipment gross | 314,665 | 310,172 | 306,662 |
Less: Accumulated depreciation | 203,782 | 200,416 | 192,489 |
Property, plant and equipment net | 110,883 | 109,756 | 114,173 |
Rental investment property, less accumulated depreciation of $9,045, $8,847 and $8,253 | 19,848 | 20,047 | 20,641 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 130,731 | 129,803 | 134,814 |
Cash surrender value of officers' life insurance and other assets | 10,001 | 9,227 | 9,881 |
Deferred income taxes | 9,055 | 8,590 | 3,657 |
Intangible assets, net of accumulated amortization of $23,100, $22,721 and $21,438 | 990 | 1,369 | 2,652 |
TOTAL ASSETS | 378,895 | 391,162 | 426,170 |
CURRENT LIABILITIES: | |||
Revolving credit facility borrowings | 1,255 | 12,084 | 27,972 |
Current maturities of long-term debt, including related party debt of $449, $407 and $384 and net of unamortized debt issuance costs of $63, $65 and $73 | 3,387 | 3,342 | 3,311 |
Accounts payable, including related party payables of $233, $113 and $220 | 60,432 | 43,719 | 68,272 |
Book overdraft | 1,896 | 811 | 1,379 |
Accrued payroll and related benefits | 9,287 | 16,045 | 7,610 |
Other accrued expenses | 7,219 | 7,193 | 7,789 |
Income taxes payable | 4,878 | 4,260 | |
TOTAL CURRENT LIABILITIES | 88,354 | 83,194 | 120,593 |
LONG-TERM LIABILITIES: | |||
Long-term debt, less current maturities, including related party debt of $10,943, $11,133 and $11,441 and net of unamortized debt issuance costs of $164, $179 and $226 | 27,779 | 28,704 | 31,215 |
Retirement plan | 22,334 | 22,137 | 18,056 |
Other | 6,393 | 5,934 | 6,393 |
TOTAL LONG-TERM LIABILITIES | 56,506 | 56,775 | 55,664 |
TOTAL LIABILITIES | 144,860 | 139,969 | 176,257 |
COMMITMENTS AND CONTINGENCIES | |||
STOCKHOLDERS' EQUITY: | |||
Capital in excess of par value | 115,787 | 115,136 | 112,032 |
Retained earnings | 125,559 | 143,573 | 143,654 |
Accumulated other comprehensive loss | (6,220) | (6,425) | (4,681) |
Treasury stock, at cost; 117,900 shares of Common Stock | (1,204) | (1,204) | (1,204) |
TOTAL STOCKHOLDERS' EQUITY | 234,035 | 251,193 | 249,913 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 378,895 | 391,162 | 426,170 |
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 | $ 87 | $ 86 |
Consolidated Balance Sheets (U5
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 29, 2016 | Jun. 30, 2016 | Sep. 24, 2015 |
Allowances for accounts receivable, current | $ 5,557 | $ 4,290 | $ 4,145 |
Accumulated depreciation of rental investment property | 9,045 | 8,847 | 8,253 |
Intangible assets, net of accumulated amortization | 23,100 | 22,721 | 21,438 |
Current maturities of long-term debt, related party debt | 449 | 407 | 384 |
Unamortized debt issuance costs, current | 63 | 65 | 73 |
Accounts payable, related party payables | 233 | 113 | 220 |
Related party debt, Non-current | 10,943 | 11,133 | 11,441 |
Unamortized debt issuance costs, noncurrent | $ 164 | $ 179 | $ 226 |
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 | 8,732,593 | 8,725,715 | 8,664,480 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 29, 2016 | Sep. 24, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 10,180 | $ 7,990 |
Depreciation and amortization | 4,025 | 4,067 |
Loss on disposition of assets, net | 36 | 231 |
Deferred income tax benefit | (465) | (476) |
Stock-based compensation expense | 550 | 466 |
Change in assets and liabilities: | ||
Accounts receivable, net | 2,346 | (2,123) |
Inventories | 9,377 | 10,076 |
Prepaid expenses and other current assets | 554 | 744 |
Accounts payable | 15,808 | 22,500 |
Accrued expenses | (6,732) | (7,418) |
Income taxes payable | 5,797 | 4,374 |
Other long-term assets and liabilities | (297) | 204 |
Other, net | 428 | 325 |
Net cash provided by operating activities | 41,607 | 40,960 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (3,705) | (7,602) |
Other | 1 | (37) |
Net cash used in investing activities | (3,704) | (7,639) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings under revolving credit facility | 75,282 | 59,615 |
Repayments of revolving credit borrowings | (86,111) | (92,796) |
Principal payments on long-term debt | (898) | (841) |
Increase in book overdraft | 1,085 | 342 |
Dividends paid | (28,150) | |
Issuance of Common Stock under equity award plans | 31 | 18 |
Tax benefit of equity award exercises | 8 | |
Net cash used in financing activities | (38,761) | (33,654) |
NET DECREASE IN CASH | (858) | (333) |
Cash, beginning of period | 2,220 | 1,946 |
Cash, end of period | $ 1,362 | $ 1,613 |
Basis of Presentation and Descr
Basis of Presentation and Description of Business | 3 Months Ended |
Sep. 29, 2016 | |
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 “we”, “us”, “our” or “Company” collectively refer to John B. Sanfilippo & Son, Inc. and our wholly-owned subsidiaries, 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 consisted 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 2017 and fiscal 2016 are to the fiscal year ending June 29, 2017 and the fiscal year ended June 30, 2016, respectively. • References herein to the first quarter of fiscal 2017 and fiscal 2016 are to the quarters ended September 29, 2016 and September 24, 2015, 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 30, 2016 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 2016 Annual Report on Form 10-K for the fiscal year ended June 30, 2016. |
Inventories
Inventories | 3 Months Ended |
Sep. 29, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 2 – Inventories Inventories consist of the following: September 29, 2016 June 30, 2016 September 24, 2015 Raw material and supplies $ 51,563 $ 56,005 $ 55,690 Work-in-process and finished goods 95,633 100,568 132,231 Total $ 147,196 $ 156,573 $ 187,921 |
Credit Facility
Credit Facility | 3 Months Ended |
Sep. 29, 2016 | |
Debt Disclosure [Abstract] | |
Credit Facility | Note 3 – Credit Facility On July 7, 2016, we entered into the Seventh Amendment to Credit Agreement (the “Seventh Amendment”) which extended the maturity date of the Credit Agreement from July 15, 2019 to July 7, 2021, and reduced by twenty-five basis points the interest rates charged for loan advances and letter of credit borrowings. The unused line fee was reduced to 0.25% per annum. The aggregate revolving loan commitment remained unchanged. In addition, the Seventh Amendment allows the Company to, without obtaining Bank Lender consent, (i) make up to one cash dividend or distribution on our stock per quarter, or (ii) purchase, acquire, redeem or retire stock in any fiscal quarter, in any case, in an amount not to exceed $60,000 in the aggregate per fiscal year, as long as no default or event of default exists and the excess availability under the Credit Agreement remains over $30,000 immediately before and after giving effect to any such dividend, distribution, purchase or redemption. The Seventh Amendment also permits an additional 5% of outstanding accounts receivable from a major customer to be included as eligible in the borrowing base calculation and reduced the amount available for letter of credit usage to $10,000. At September 29, 2016, we had $112,570 of available credit under the Credit Facility which reflects borrowings of $1,255 and reduced availability as a result of $3,675 in outstanding letters of credit. As of September 29, 2016, we were in compliance with all covenants under the Credit Facility and Mortgage Facility. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Sep. 29, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 4 – 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 29, 2016 September 24, 2015 Weighted average number of shares outstanding – basic 11,266,217 11,194,554 Effect of dilutive securities: Stock options and restricted stock units 113,878 117,824 Weighted average number of shares outstanding – diluted 11,380,095 11,312,378 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. 29, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | Note 5 – Stock-Based Compensation Plans During the quarter ended September 29, 2016 there was no significant stock option or restricted stock unit activity. Compensation expense attributable to stock-based compensation during the first quarter of fiscal 2017 and fiscal 2016 was $550 and $466, respectively. As of September 29, 2016, there was $2,221 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 0.9 years. See “Note 11- Recent Accounting Pronouncements” below for a description of new accounting guidance on share based payments adopted this quarter. |
Special Cash Dividend
Special Cash Dividend | 3 Months Ended |
Sep. 29, 2016 | |
Text Block [Abstract] | |
Special Cash Dividend | Note 6 – Special Cash Dividend On July 7, 2016, our Board of Directors, after considering the financial position of our Company and other factors, declared a special cash dividend of $2.50 per share on all issued and outstanding shares of Common Stock and Class A Common Stock of the Company (the “2016 Special Dividend”). The 2016 Special Dividend of approximately $28,150 was paid on August 4, 2016 to stockholders of record as of the close of business on July 21, 2016. |
Retirement Plan
Retirement Plan | 3 Months Ended |
Sep. 29, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plan | Note 7 –Retirement Plan The Supplemental Employee Retirement Plan 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 29, 2016 September 24, 2015 Service cost $ 158 $ 123 Interest cost 203 210 Amortization of prior service cost 239 239 Amortization of loss 91 12 Net periodic benefit cost $ 691 $ 584 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Sep. 29, 2016 | |
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 29, 2016 and September 24, 2015. These changes are all related to our defined benefit pension plan. For the Quarter Ended September 29, September 24, Changes to AOCL (a) Balance at beginning of period $ (6,425 ) $ (4,834 ) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive loss 330 251 Tax effect (125 ) (98 ) Net current-period other comprehensive income 205 153 Balance at end of period $ (6,220 ) $ (4,681 ) (a) Amounts in parenthesis indicate debits/expense. The reclassifications out of AOCL for the quarter ended September 29, 2016 and September 24, 2015 were as follows: For the Quarter Ended Affected line item in the September 29, September 24, Reclassifications from AOCL to earnings (b) Amortization of defined benefit pension items: Unrecognized prior service cost $ (239 ) $ (239 ) Administrative expenses Unrecognized net loss (91 ) (12 ) Administrative expenses Total before tax (330 ) (251 ) Tax effect 125 98 Income tax expense Amortization of defined pension items, net of tax $ (205 ) $ (153 ) (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. 29, 2016 | |
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. 29, 2016 | |
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 current and long term debt, excluding unamortized debt issuance costs: September 29, June 30, 2016 September 24, 2015 Carrying value of long-term debt: $ 31,393 $ 32,290 $ 34,825 Fair value of long-term debt: 32,657 35,479 38,285 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. 29, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 11 – Recent Accounting Pronouncements In March 2016, the FASB issued ASU No. 2016-09 “Compensation-Stock Compensation (Topic 718)”. In April 2015, the FASB issued ASU No. 2015-05 “Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement” In April 2015, the FASB issued ASU No. 2015-03 “Interest-Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs”. In February 2015, the FASB issued ASU No. 2015-02 “Consolidation (Topic 810): Amendments to the Consolidation Analysis” “Consolidation (Topic 810): Interests Held Through Related Parties That Are Under Common Control” In August 2016, the FASB issued ASU No. 2016-15 “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ” In February 2016, the FASB issued ASU No. 2016-02 “Leases (Topic 842)”. 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” In August 2014, the FASB issued ASU No. 2014-15 “ Presentation of Financial Statements—Going Concern (Topic 205-40) |
Subsequent Event
Subsequent Event | 3 Months Ended |
Sep. 29, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 12 – Subsequent Event On November 1, 2016, our Board of Directors, after considering the financial position of our Company, declared a special cash dividend of $2.50 per share on all issued and outstanding shares of Common Stock and Class A Common Stock of the Company (the “2017 Special Dividend”). The 2017 Special Dividend will be paid on December 13, 2016, to stockholders of record at the close of business on November 30, 2016. The ex-dividend date is the close of business on November 28, 2016. The total amount of cash expected to be paid to stockholders under the 2017 Special Dividend will be approximately $28,312. |
Recent Accounting Pronounceme19
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Sep. 29, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | In March 2016, the FASB issued ASU No. 2016-09 “Compensation-Stock Compensation (Topic 718)”. In April 2015, the FASB issued ASU No. 2015-05 “Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement” In April 2015, the FASB issued ASU No. 2015-03 “Interest-Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs”. In February 2015, the FASB issued ASU No. 2015-02 “Consolidation (Topic 810): Amendments to the Consolidation Analysis” “Consolidation (Topic 810): Interests Held Through Related Parties That Are Under Common Control” In August 2016, the FASB issued ASU No. 2016-15 “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ” In February 2016, the FASB issued ASU No. 2016-02 “Leases (Topic 842)”. 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” In August 2014, the FASB issued ASU No. 2014-15 “ Presentation of Financial Statements—Going Concern (Topic 205-40) |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Sep. 29, 2016 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consist of the following: September 29, 2016 June 30, 2016 September 24, 2015 Raw material and supplies $ 51,563 $ 56,005 $ 55,690 Work-in-process and finished goods 95,633 100,568 132,231 Total $ 147,196 $ 156,573 $ 187,921 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Sep. 29, 2016 | |
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 29, 2016 September 24, 2015 Weighted average number of shares outstanding – basic 11,266,217 11,194,554 Effect of dilutive securities: Stock options and restricted stock units 113,878 117,824 Weighted average number of shares outstanding – diluted 11,380,095 11,312,378 |
Retirement Plan (Tables)
Retirement Plan (Tables) | 3 Months Ended |
Sep. 29, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Periodic Benefit Costs | Administrative expenses include the following net periodic benefit costs: For the Quarter Ended September 29, 2016 September 24, 2015 Service cost $ 158 $ 123 Interest cost 203 210 Amortization of prior service cost 239 239 Amortization of loss 91 12 Net periodic benefit cost $ 691 $ 584 |
Accumulated Other Comprehensi23
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Sep. 29, 2016 | |
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 29, 2016 and September 24, 2015. These changes are all related to our defined benefit pension plan. For the Quarter Ended September 29, September 24, Changes to AOCL (a) Balance at beginning of period $ (6,425 ) $ (4,834 ) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive loss 330 251 Tax effect (125 ) (98 ) Net current-period other comprehensive income 205 153 Balance at end of period $ (6,220 ) $ (4,681 ) (a) Amounts in parenthesis indicate debits/expense. |
Reclassifications Out of AOCL | The reclassifications out of AOCL for the quarter ended September 29, 2016 and September 24, 2015 were as follows: For the Quarter Ended Affected line item in the September 29, September 24, Reclassifications from AOCL to earnings (b) Amortization of defined benefit pension items: Unrecognized prior service cost $ (239 ) $ (239 ) Administrative expenses Unrecognized net loss (91 ) (12 ) Administrative expenses Total before tax (330 ) (251 ) Tax effect 125 98 Income tax expense Amortization of defined pension items, net of tax $ (205 ) $ (153 ) (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. 29, 2016 | |
Fair Value Disclosures [Abstract] | |
Carrying Value and Fair Value Estimate of Current and Long Term Debt | The following table summarizes the carrying value and fair value estimate of our current and long term debt, excluding unamortized debt issuance costs: September 29, 2016 September 24, 2015 Carrying value of long-term debt: $ 31,393 $ 32,290 $ 34,825 Fair value of long-term debt: 32,657 35,479 38,285 |
Basis of Presentation and Des25
Basis of Presentation and Description of Business - Additional Information (Detail) | 3 Months Ended |
Sep. 29, 2016Channel | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of distribution channel | 3 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Sep. 29, 2016 | Jun. 30, 2016 | Sep. 24, 2015 |
Inventory Disclosure [Abstract] | |||
Raw material and supplies | $ 51,563 | $ 56,005 | $ 55,690 |
Work-in-process and finished goods | 95,633 | 100,568 | 132,231 |
Total | $ 147,196 | $ 156,573 | $ 187,921 |
Credit Facility - Additional In
Credit Facility - Additional Information (Detail) | Jul. 07, 2016USD ($)Dividends | Sep. 29, 2016USD ($) | Jun. 30, 2016USD ($) | Sep. 24, 2015USD ($) |
Debt Instrument [Line Items] | ||||
Revolving credit facility borrowings | $ 1,255,000 | $ 12,084,000 | $ 27,972,000 | |
Seventh Amendment To Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Extended maturity date on credit agreement | Jul. 7, 2021 | |||
Reduction in basis points of interest rates charged for loan advances and letter of credit borrowings | 0.25% | |||
Unused line fee rate charged per annum | 0.25% | |||
Excess availability required under the credit facility | $ 30,000 | |||
Additional percentage of outstanding accounts receivable to be included in the borrowing base calculation | 5.00% | |||
Seventh Amendment To Credit Agreement [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Stock authorized to be purchased, acquired, redeemed, or retired in any fiscal quarter without bank consent | $ 60,000 | |||
Amount available for letter of credit usage | $ 10,000 | |||
Number of cash or stock dividends that may be declared in each quarter without obtaining bank consent | Dividends | 1 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Available credit under the Credit Facility | $ 112,570,000 | |||
Revolving credit facility borrowings | 1,255,000 | |||
Outstanding letters of credit | $ 3,675,000 |
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. 29, 2016 | Sep. 24, 2015 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Weighted average number of shares outstanding - basic | 11,266,217 | 11,194,554 |
Effect of dilutive securities: | ||
Stock options and restricted stock units | 113,878 | 117,824 |
Weighted average number of shares outstanding - diluted | 11,380,095 | 11,312,378 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
Sep. 29, 2016 | Sep. 24, 2015 | |
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. 29, 2016 | Sep. 24, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Stock-based compensation expense | $ 550 | $ 466 |
Unrecognized compensation cost related to non-vested share-based compensation | $ 2,221 | |
Expected weighted average recognize period of unrecognized compensation cost related to non-vested share-based compensation | 10 months 24 days |
Special Cash Dividend - Additio
Special Cash Dividend - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Aug. 04, 2016 | Jul. 07, 2016 | Sep. 29, 2016 |
Equity [Abstract] | |||
Special dividend paid | $ 28,150 | $ 28,150 | |
Special cash dividend | $ 2.50 | ||
Dividend payable date, declared day | Jul. 7, 2016 | ||
Dividend payable date | Aug. 4, 2016 | ||
Stockholders of record date | Jul. 21, 2016 |
Retirement Plan - Schedule of N
Retirement Plan - Schedule of Net Periodic Benefit Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 29, 2016 | Sep. 24, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||
Service cost | $ 158 | $ 123 |
Interest cost | 203 | 210 |
Amortization of prior service cost | 239 | 239 |
Amortization of loss | 91 | 12 |
Net periodic benefit cost | $ 691 | $ 584 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 29, 2016 | Sep. 24, 2015 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance at beginning of period | $ (6,425) | $ (4,834) |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 330 | 251 |
Tax effect | (125) | (98) |
Net current-period other comprehensive income | 205 | 153 |
Balance at end of period | $ (6,220) | $ (4,681) |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Loss - Reclassifications Out of AOCL (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 29, 2016 | Sep. 24, 2015 | |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Administrative expenses | $ (239) | $ (239) |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Administrative expenses | (91) | (12) |
Amortization of Defined Benefit Pension Items [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Administrative expenses | (330) | (251) |
Income tax expense | 125 | 98 |
Amortization of defined pension items, net of tax | $ (205) | $ (153) |
Fair Value of Financial Instr35
Fair Value of Financial Instruments - Carrying Value and Fair Value Estimate of Current and Long Term Debt (Detail) - USD ($) $ in Thousands | Sep. 29, 2016 | Jun. 30, 2016 | Sep. 24, 2015 |
Fair Value Disclosures [Abstract] | |||
Carrying value of long-term debt: | $ 31,393 | $ 32,290 | $ 34,825 |
Fair value of long-term debt: | $ 32,657 | $ 35,479 | $ 38,285 |
Recent Accounting Pronounceme36
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 24, 2015 | Jun. 30, 2016 | |
Debt Instrument, Fair Value Disclosure [Abstract] | ||
Decrease in other assets | $ (299) | $ (244) |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Nov. 01, 2016 | Aug. 04, 2016 | Jul. 07, 2016 | Sep. 29, 2016 |
Subsequent Event [Line Items] | ||||
Special dividend paid | $ 28,150 | $ 28,150 | ||
Special cash dividend | $ 2.50 | |||
Dividend payable date, declared day | Jul. 7, 2016 | |||
Dividend payable date | Aug. 4, 2016 | |||
Stockholders of record date | Jul. 21, 2016 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Special dividend paid | $ 28,312 | |||
Special cash dividend | $ 2.50 | |||
Dividend payable date, declared day | Nov. 1, 2016 | |||
Dividend payable date | Dec. 13, 2016 | |||
Stockholders of record date | Nov. 30, 2016 |