John B. Sanfilippo & Son (JBSS) 10-Q 1 Feb 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 29, 2016	Jan. 23, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 29, 2016
Document Fiscal Year Focus	2,017
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	--06-28
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		8,668,038
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. 29, 2016	Dec. 24, 2015	Dec. 29, 2016	Dec. 24, 2015
Statement of Comprehensive Income [Abstract]
Net sales	$ 249,375	$ 279,002	$ 471,668	$ 504,779
Cost of sales	205,986	233,991	391,804	426,563
Gross profit	43,389	45,011	79,864	78,216
Operating expenses:
Selling expenses	15,370	16,374	26,641	27,756
Administrative expenses	8,277	8,945	16,925	17,023
Total operating expenses	23,647	25,319	43,566	44,779
Income from operations	19,742	19,692	36,298	33,437
Other expense:
Interest expense including $201, $271, $391 and $544 to related parties	608	804	1,230	1,719
Rental and miscellaneous expense, net	299	346	709	868
Total other expense, net	907	1,150	1,939	2,587
Income before income taxes	18,835	18,542	34,359	30,850
Income tax expense	5,950	6,492	11,294	10,810
Net income	12,885	12,050	23,065	20,040
Other comprehensive income:
Amortization of prior service cost and actuarial loss included in net periodic pension cost	331	253	661	504
Income tax expense related to pension adjustments	(126)	(99)	(251)	(197)
Other comprehensive income, net of tax	205	154	410	307
Comprehensive income	$ 13,090	$ 12,204	$ 23,475	$ 20,347
Net income per common share-basic	$ 1.14	$ 1.07	$ 2.04	$ 1.79
Net income per common share-diluted	1.13	1.07	2.03	1.77
Cash dividends declared per share	$ 2.50	$ 2	$ 5	$ 2

Consolidated Statements of Com3

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 29, 2016	Dec. 24, 2015	Dec. 29, 2016	Dec. 24, 2015
Statement of Comprehensive Income [Abstract]
Interest expense to related parties	$ 201	$ 271	$ 391	$ 544

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 29, 2016	Jun. 30, 2016	Dec. 24, 2015
CURRENT ASSETS:
Cash	$ 2,031	$ 2,220	$ 3,026
Accounts receivable, less allowances of $6,400, $4,290 and $7,199	66,007	78,088	72,065
Inventories	182,653	156,573	185,279
Prepaid expenses and other current assets	6,841	5,292	6,965
TOTAL CURRENT ASSETS	257,532	242,173	267,335
PROPERTY, PLANT AND EQUIPMENT:
Land	9,285	9,285	9,285
Buildings	106,566	106,505	106,538
Machinery and equipment	193,859	188,748	185,399
Furniture and leasehold improvements	4,803	4,349	4,363
Vehicles	453	453	431
Construction in progress	1,483	832	2,167
Property, plant and equipment gross	316,449	310,172	308,183
Less: Accumulated depreciation	206,751	200,416	195,565
Property, plant and equipment net	109,698	109,756	112,618
Rental investment property, less accumulated depreciation of $9,244, $8,847 and $8,451	19,650	20,047	20,443
TOTAL PROPERTY, PLANT AND EQUIPMENT	129,348	129,803	133,061
Cash surrender value of officers' life insurance and other assets	10,091	9,227	9,681
Deferred income taxes	8,109	8,590	6,211
Intangible assets, net of accumulated amortization of $23,478, $22,721 and $21,865	611	1,369	2,225
TOTAL ASSETS	405,691	391,162	418,513
CURRENT LIABILITIES:
Revolving credit facility borrowings	12,427	12,084	13,932
Current maturities of long-term debt, including related party debt of $457, $407 and $391 and net of unamortized debt issuance costs of $60, $65 and $70	3,397	3,342	3,321
Accounts payable, including related party payables of $32, $113 and $84	90,787	43,719	83,322
Bank overdraft	2,652	811	1,344
Accrued payroll and related benefits	10,609	16,045	12,228
Other accrued expenses	7,957	7,193	8,189
Income taxes payable	2,009	0	0
TOTAL CURRENT LIABILITIES	129,838	83,194	122,336
LONG-TERM LIABILITIES:
Long-term debt, less current maturities, including related party debt of $10,825, $11,133 and $11,341 and net of unamortized debt issuance costs of $150, $179 and $210	26,925	28,704	30,380
Retirement plan	22,532	22,137	18,226
Other	6,695	5,934	6,456
TOTAL LONG-TERM LIABILITIES	56,152	56,775	55,062
TOTAL LIABILITIES	185,990	139,969	177,398
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Capital in excess of par value	116,676	115,136	113,515
Retained earnings	110,130	143,573	133,218
Accumulated other comprehensive loss	(6,015)	(6,425)	(4,527)
Treasury stock, at cost; 117,900 shares of Common Stock	(1,204)	(1,204)	(1,204)
TOTAL STOCKHOLDERS' EQUITY	219,701	251,193	241,115
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	405,691	391,162	418,513
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	$ 88	$ 87	$ 87

Consolidated Balance Sheets (U5

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 29, 2016	Jun. 30, 2016	Dec. 24, 2015
Allowances for accounts receivable, current	$ 6,400	$ 4,290	$ 7,199
Accumulated depreciation of rental investment property	9,244	8,847	8,451
Intangible assets, net of accumulated amortization	23,478	22,721	21,865
Current maturities of long-term debt, related party debt	457	407	391
Unamortized debt issuance costs, current	60	65	70
Accounts payable, related party payables	32	113	84
Related party debt, Non-current	10,825	11,133	11,341
Unamortized debt issuance costs, noncurrent	$ 150	$ 179	$ 210
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	8,785,938	8,725,715	8,712,340

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 29, 2016	Dec. 24, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 23,065	$ 20,040
Depreciation and amortization	7,973	8,229
Loss on disposition of assets, net	53	258
Deferred income tax benefit	481	1,234
Stock-based compensation expense	1,428	1,292
Change in assets and liabilities:
Accounts receivable, net	12,067	3,587
Inventories	(26,080)	12,718
Prepaid expenses and other current assets	(2,468)	(1,321)
Accounts payable	46,925	38,293
Accrued expenses	(4,672)	(2,400)
Income taxes payable	2,928	(1,176)
Other long-term assets and liabilities	(115)	453
Other, net	845	664
Net cash provided by operating activities	62,430	81,871
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(6,672)	(10,387)
Proceeds from dispositions of assets	1	0
Other	47	(3)
Net cash used in investing activities	(6,624)	(10,390)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facility	166,816	148,125
Repayments of revolving credit borrowings	(166,473)	(195,346)
Principal payments on long-term debt	(1,758)	(1,685)
Increase in bank overdraft	1,841	307
Dividends paid	(56,464)	(22,486)
Issuance of Common Stock under equity award plans	43	31
Tax benefit of equity award exercises	0	653
Net cash used in financing activities	(55,995)	(70,401)
NET (DECREASE) INCREASE IN CASH	(189)	1,080
Cash, beginning of period	2,220	1,946
Cash, end of period	$ 2,031	$ 3,026

Basis of Presentation and Descr

Basis of Presentation and Description of Business	6 Months Ended
	Dec. 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 second quarter of fiscal 2017 and fiscal 2016 are to the quarters ended December 29, 2016 and December 24, 2015, respectively. • References herein to the first half or first twenty-six weeks of fiscal 2017 and fiscal 2016 are to the twenty-six weeks ended December 29, 2016 and December 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

Inventories

Inventories	6 Months Ended
	Dec. 29, 2016
Inventory Disclosure [Abstract]
Inventories	Note 2 – Inventories Inventories consist of the following: December 29, 2016 June 30, 2016 December 24, 2015 Raw material and supplies $ 107,735 $ 56,005 $ 80,549 Work-in-process and finished goods 74,918 100,568 104,730 Total $ 182,653 $ 156,573 $ 185,279

Credit Facility

Credit Facility	6 Months Ended
	Dec. 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 December 29, 2016, we had $101,398 of available credit under the Credit Facility which reflects borrowings of $12,427 and reduced availability as a result of $3,675 in outstanding letters of credit. As of December 29, 2016, we were in compliance with all covenants under the Credit Facility and Mortgage Facility.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 29, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Note 4 – Income Taxes Upon adoption of ASU 2016-09, as described in Note 12 – “Recent Accounting Pronouncements”, we now recognize excess tax benefits as a component of income tax expense. During the twenty-six weeks ended December 29, 2016 excess tax benefits of $726 were recorded as a component of income tax expense and favorably impacted the effective tax rate by approximately 2.1%.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Dec. 29, 2016
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 Ended December 29, 2016 December 24, 2015 December 29, 2016 December 24, 2015 Weighted average number of shares outstanding – basic 11,304,617 11,219,354 11,285,417 11,206,954 Effect of dilutive securities: Stock options and restricted stock units 69,200 91,031 91,539 104,428 Weighted average number of shares outstanding – diluted 11,373,817 11,310,385 11,376,956 11,311,382 There was an insignificant amount of anti-dilutive awards excluded from the computation of diluted earnings per share for the current quarter and twenty-six week periods presented.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	6 Months Ended
	Dec. 29, 2016
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 2017, there were 44,972 restricted stock units (“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 2017. The following is a summary of RSU activity for the first half of fiscal 2017: Restricted Stock Units Shares Weighted Outstanding at June 30, 2016 228,270 $ 32.33 Activity: Granted 44,972 61.37 Vested (55,223 ) 28.91 Forfeited (2,500 ) 25.32 Outstanding at December 29, 2016 215,519 $ 39.35 At December 29, 2016, there are 75,927 RSUs outstanding that are vested but deferred. 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 29, 2016 December 24, 2015 December 29, December 24, Stock-based compensation expense $ 878 $ 826 $ 1,428 $ 1,292 As of December 29, 2016, there was $4,104 of total unrecognized compensation expense related to non-vested RSUs granted under our stock-based compensation plans. We expect to recognize that cost over a weighted average period of 1.6 years.

Special Cash Dividends

Special Cash Dividends	6 Months Ended
	Dec. 29, 2016
Text Block [Abstract]
Special Cash Dividends	Note 7 – Special Cash Dividends On November 1, 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 “2017 Special Dividend”). The 2017 Special Dividend of approximately $28,314 was paid on December 13, 2016 to stockholders of record as of the close of business on November 30, 2016. 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	6 Months Ended
	Dec. 29, 2016
Compensation and Retirement Disclosure [Abstract]
Retirement Plan	Note 8 – 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 For the Twenty-six Weeks December 29, 2016 December 24, 2015 December 29, December 24, Service cost $ 158 $ 122 $ 316 $ 245 Interest cost 202 212 405 422 Amortization of prior service cost 240 240 479 479 Amortization of loss 91 13 182 25 Net periodic benefit cost $ 691 $ 587 $ 1,382 $ 1,171

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Dec. 29, 2016
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 29, 2016 and December 24, 2015. These changes are all related to our defined benefit pension plan. Changes to AOCL (a) For the Twenty-six Weeks December 29, December 24, Balance at beginning of period $ (6,425 ) $ (4,834 ) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive loss 661 504 Tax effect (251 ) (197 ) Net current-period other comprehensive income 410 307 Balance at end of period $ (6,015 ) $ (4,527 ) (a) Amounts in parenthesis indicate debits/expense. The reclassifications out of AOCL for the quarter and twenty-six weeks ended December 29, 2016 and December 24, 2015 were as follows: Reclassifications from AOCL to earnings (b) For the Quarter Ended For the Twenty-six Weeks Affected line item in the Consolidated December 29, December 24, December 29, December 24, Amortization of defined benefit pension items: Unrecognized prior service cost $ (240 ) $ (240 ) $ (479 ) $ (479 ) Administrative Unrecognized net loss (91 ) (13 ) (182 ) (25 ) Administrative Total before tax (331 ) (253 ) (661 ) (504 ) Tax effect 126 99 251 197 Income tax Amortization of defined pension items, net of tax $ (205 ) $ (154 ) $ (410 ) $ (307 ) (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. 29, 2016
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. 29, 2016
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 current and long-term debt, excluding unamortized debt issuance costs: December 29, June 30, 2016 December 24, 2015 Carrying value of long-term debt: $ 30,532 $ 32,290 $ 33,981 Fair value of long-term debt: 31,124 35,479 36,980 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. 29, 2016
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Note 12 – Recent Accounting Pronouncements The following recent accounting pronouncements have been adopted in the current fiscal year: 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” In August 2014, the FASB issued ASU No. 2014-15 “ Presentation of Financial Statements—Going Concern (Topic 205-40) The following recent accounting pronouncements have not yet been adopted: In October 2016, the FASB issued ASU No. 2016-17 “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”

Recent Accounting Pronounceme19

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Dec. 29, 2016
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	The following recent accounting pronouncements have been adopted in the current fiscal year: 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” In August 2014, the FASB issued ASU No. 2014-15 “ Presentation of Financial Statements—Going Concern (Topic 205-40) The following recent accounting pronouncements have not yet been adopted: In October 2016, the FASB issued ASU No. 2016-17 “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”

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Dec. 29, 2016
Inventory Disclosure [Abstract]
Components of Inventories	Inventories consist of the following: December 29, 2016 June 30, 2016 December 24, 2015 Raw material and supplies $ 107,735 $ 56,005 $ 80,549 Work-in-process and finished goods 74,918 100,568 104,730 Total $ 182,653 $ 156,573 $ 185,279

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Dec. 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 For the Twenty-six Weeks Ended December 29, 2016 December 24, 2015 December 29, 2016 December 24, 2015 Weighted average number of shares outstanding – basic 11,304,617 11,219,354 11,285,417 11,206,954 Effect of dilutive securities: Stock options and restricted stock units 69,200 91,031 91,539 104,428 Weighted average number of shares outstanding – diluted 11,373,817 11,310,385 11,376,956 11,311,382

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	6 Months Ended
	Dec. 29, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of RSU Activity	The following is a summary of RSU activity for the first half of fiscal 2017: Restricted Stock Units Shares Weighted Outstanding at June 30, 2016 228,270 $ 32.33 Activity: Granted 44,972 61.37 Vested (55,223 ) 28.91 Forfeited (2,500 ) 25.32 Outstanding at December 29, 2016 215,519 $ 39.35
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 29, 2016 December 24, 2015 December 29, December 24, Stock-based compensation expense $ 878 $ 826 $ 1,428 $ 1,292

Retirement Plan (Tables)

Retirement Plan (Tables)	6 Months Ended
	Dec. 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 For the Twenty-six Weeks December 29, 2016 December 24, 2015 December 29, December 24, Service cost $ 158 $ 122 $ 316 $ 245 Interest cost 202 212 405 422 Amortization of prior service cost 240 240 479 479 Amortization of loss 91 13 182 25 Net periodic benefit cost $ 691 $ 587 $ 1,382 $ 1,171

Accumulated Other Comprehensi24

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Dec. 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 twenty-six weeks ended December 29, 2016 and December 24, 2015. These changes are all related to our defined benefit pension plan. Changes to AOCL (a) For the Twenty-six Weeks December 29, December 24, Balance at beginning of period $ (6,425 ) $ (4,834 ) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive loss 661 504 Tax effect (251 ) (197 ) Net current-period other comprehensive income 410 307 Balance at end of period $ (6,015 ) $ (4,527 ) (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 29, 2016 and December 24, 2015 were as follows: Reclassifications from AOCL to earnings (b) For the Quarter Ended For the Twenty-six Weeks Affected line item in the Consolidated December 29, December 24, December 29, December 24, Amortization of defined benefit pension items: Unrecognized prior service cost $ (240 ) $ (240 ) $ (479 ) $ (479 ) Administrative Unrecognized net loss (91 ) (13 ) (182 ) (25 ) Administrative Total before tax (331 ) (253 ) (661 ) (504 ) Tax effect 126 99 251 197 Income tax Amortization of defined pension items, net of tax $ (205 ) $ (154 ) $ (410 ) $ (307 ) (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. 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: December 29, June 30, 2016 December 24, 2015 Carrying value of long-term debt: $ 30,532 $ 32,290 $ 33,981 Fair value of long-term debt: 31,124 35,479 36,980

Basis of Presentation and Des26

Basis of Presentation and Description of Business - Additional Information (Detail)	6 Months Ended
	Dec. 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	Dec. 29, 2016	Jun. 30, 2016	Dec. 24, 2015
Inventory Disclosure [Abstract]
Raw material and supplies	$ 107,735	$ 56,005	$ 80,549
Work-in-process and finished goods	74,918	100,568	104,730
Total	$ 182,653	$ 156,573	$ 185,279

Credit Facility - Additional In

Credit Facility - Additional Information (Detail)	Jul. 07, 2016USD ($)Dividends	Dec. 29, 2016USD ($)	Jun. 30, 2016USD ($)	Dec. 24, 2015USD ($)
Debt Instrument [Line Items]
Revolving credit facility borrowings		$ 12,427,000	$ 12,084,000	$ 13,932,000
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		101,398,000
Revolving credit facility borrowings		12,427,000
Outstanding letters of credit		$ 3,675,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) $ in Thousands	6 Months Ended
	Dec. 29, 2016USD ($)
Income Tax Disclosure [Abstract]
Excess tax benefits	$ 726
Effective tax rate	2.10%

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. 29, 2016	Dec. 24, 2015	Dec. 29, 2016	Dec. 24, 2015
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average number of shares outstanding - basic	11,304,617	11,219,354	11,285,417	11,206,954
Effect of dilutive securities:
Stock options and restricted stock units	69,200	91,031	91,539	104,428
Weighted average number of shares outstanding - diluted	11,373,817	11,310,385	11,376,956	11,311,382

Stock-Based Compensation Plan31

Stock-Based Compensation Plans - Additional Information (Detail) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 29, 2016USD ($)shares	Dec. 29, 2016USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock units awarded		44,972
Unrecognized compensation expense related to non-vested share-based compensation | $	$ 4,104	$ 4,104
Expected weighted average recognize period of unrecognized compensation cost related to non-vested share-based compensation		1 year 7 months 6 days
Restricted Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock units awarded	44,972
Restricted stock units vested		75,927
Restricted Stock Unit [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of restricted stock units granted	3 years
Restricted Stock Unit [Member] | Non Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of restricted stock units granted	1 year

Stock-Based Compensation Plan32

Stock-Based Compensation Plans - Summary of RSU Activity (Detail)	6 Months Ended
	Dec. 29, 2016$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding beginning balance, Shares | shares	228,270
Granted, Shares | shares	44,972
Vested, Shares | shares	(55,223)
Forfeited, Shares | shares	(2,500)
Outstanding ending balance, Shares | shares	215,519
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 32.33
Granted, Weighted-Average Grant-Date Fair Value | $ / shares	61.37
Vested, Weighted-Average Grant-Date Fair Value | $ / shares	28.91
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares	25.32
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 39.35

Stock-Based Compensation Plan33

Stock-Based Compensation Plans - Summary of Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 29, 2016	Dec. 24, 2015	Dec. 29, 2016	Dec. 24, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation expense	$ 878	$ 826	$ 1,428	$ 1,292

Special Cash Dividends - Additi

Special Cash Dividends - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Dec. 13, 2016	Nov. 01, 2016	Aug. 04, 2016	Jul. 07, 2016	Dec. 29, 2016	Dec. 24, 2015
Equity [Abstract]
Special dividend paid	$ 28,314		$ 28,150		$ 56,464	$ 22,486
Special cash dividend		$ 2.50		$ 2.50
Dividend payable date, declared day		Nov. 1, 2016		Jul. 7, 2016
Dividend payable date		Dec. 13, 2016		Aug. 4, 2016
Stockholders of record date		Nov. 30, 2016		Jul. 21, 2016

Retirement Plan - Schedule of N

Retirement Plan - Schedule of Net Periodic Benefit Costs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 29, 2016	Dec. 24, 2015	Dec. 29, 2016	Dec. 24, 2015
Compensation and Retirement Disclosure [Abstract]
Service cost	$ 158	$ 122	$ 316	$ 245
Interest cost	202	212	405	422
Amortization of prior service cost	240	240	479	479
Amortization of loss	91	13	182	25
Net periodic benefit cost	$ 691	$ 587	$ 1,382	$ 1,171

Accumulated Other Comprehensi36

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 29, 2016	Dec. 24, 2015	Dec. 29, 2016	Dec. 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	$ 331	$ 253	661	504
Tax effect			(251)	(197)
Net current-period other comprehensive income			410	307
Balance at end of period	$ (6,015)	$ (4,527)	$ (6,015)	$ (4,527)

Accumulated Other Comprehensi37

Accumulated Other Comprehensive Loss - Reclassifications Out of AOCL (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 29, 2016	Dec. 24, 2015	Dec. 29, 2016	Dec. 24, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of defined pension items, net of tax	$ (205)	$ (154)	$ (410)	$ (307)
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Administrative expenses	(240)	(240)	(479)	(479)
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)	(13)	(182)	(25)
Amortization of Defined Benefit Pension Items [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Administrative expenses	(331)	(253)	(661)	(504)
Income tax expense	126	99	251	197
Amortization of defined pension items, net of tax	$ (205)	$ (154)	$ (410)	$ (307)

Fair Value of Financial Instr38

Fair Value of Financial Instruments - Carrying Value and Fair Value Estimate of Current and Long Term Debt (Detail) - USD ($) $ in Thousands	Dec. 29, 2016	Jun. 30, 2016	Dec. 24, 2015
Fair Value Disclosures [Abstract]
Carrying value of long-term debt:	$ 30,532	$ 32,290	$ 33,981
Fair value of long-term debt:	$ 31,124	$ 35,479	$ 36,980

Recent Accounting Pronounceme39

Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 24, 2015
ASU No. 2015-03 [Member]
Debt Disclosure [Line Items]
Decrease in other assets	$ (244)	$ (280)