John B. Sanfilippo & Son (JBSS) 10-Q 3 May 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Mar. 30, 2017	Apr. 27, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		8,683,741
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		9 Months Ended
	Mar. 30, 2017	Mar. 24, 2016	Mar. 30, 2017	Mar. 24, 2016
Statement of Comprehensive Income [Abstract]
Net sales	$ 173,376	$ 215,742	$ 645,044	$ 720,521
Cost of sales	144,950	190,154	536,754	616,717
Gross profit	28,426	25,588	108,290	103,804
Operating expenses:
Selling expenses	10,299	11,358	36,940	39,114
Administrative expenses	7,697	8,761	24,622	25,784
Total operating expenses	17,996	20,119	61,562	64,898
Income from operations	10,430	5,469	46,728	38,906
Other expense:
Interest expense including $198, $269, $589 and $814 to related parties	864	897	2,094	2,616
Rental and miscellaneous expense, net	367	313	1,076	1,181
Total other expense, net	1,231	1,210	3,170	3,797
Income before income taxes	9,199	4,259	43,558	35,109
Income tax expense	2,863	1,181	14,157	11,991
Net income	6,336	3,078	29,401	23,118
Other comprehensive income:
Amortization of prior service cost and actuarial loss included in net periodic pension cost	331	251	992	755
Income tax expense related to pension adjustments	(126)	(98)	(377)	(295)
Other comprehensive income, net of tax	205	153	615	460
Comprehensive income	$ 6,541	$ 3,231	$ 30,016	$ 23,578
Net income per common share-basic	$ 0.56	$ 0.27	$ 2.60	$ 2.06
Net income per common share-diluted	$ 0.55	$ 0.27	2.58	2.04
Cash dividends declared per share			$ 5	$ 2

Consolidated Statements of Com3

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 30, 2017	Mar. 24, 2016	Mar. 30, 2017	Mar. 24, 2016
Statement of Comprehensive Income [Abstract]
Interest expense to related parties	$ 198	$ 269	$ 589	$ 814

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 30, 2017	Jun. 30, 2016	Mar. 24, 2016
CURRENT ASSETS:
Cash	$ 1,848	$ 2,220	$ 2,923
Accounts receivable, less allowances of $6,035, $4,290 and $5,699	59,402	78,088	71,500
Inventories	201,398	156,573	207,319
Prepaid expenses and other current assets	4,625	5,292	11,310
TOTAL CURRENT ASSETS	267,273	242,173	293,052
PROPERTY, PLANT AND EQUIPMENT:
Land	9,285	9,285	9,285
Buildings	106,566	106,505	106,488
Machinery and equipment	195,293	188,748	187,482
Furniture and leasehold improvements	4,807	4,349	4,355
Vehicles	453	453	431
Construction in progress	1,241	832	2,221
Property, plant and equipment gross	317,645	310,172	310,262
Less: Accumulated depreciation	209,864	200,416	198,747
Property, plant and equipment net	107,781	109,756	111,515
Rental investment property, less accumulated depreciation of $9,441, $8,847 and $8,649	19,453	20,047	20,245
TOTAL PROPERTY, PLANT AND EQUIPMENT	127,234	129,803	131,760
Cash surrender value of officers' life insurance and other assets	9,683	9,227	9,448
Deferred income taxes	7,894	8,590	6,161
Intangible assets, net of accumulated amortization of $23,857, $22,721 and $22,292	233	1,369	1,798
TOTAL ASSETS	412,317	391,162	442,219
CURRENT LIABILITIES:
Revolving credit facility borrowings	61,337	12,084	55,133
Current maturities of long-term debt, including related party debt of $465, $407 and $399 and net of unamortized debt issuance costs of $58, $65 and $68	3,408	3,342	3,331
Accounts payable, including related party payables of $186, $113 and $194	40,173	43,719	59,299
Bank overdraft	2,979	811	3,561
Accrued payroll and related benefits	13,387	16,045	13,423
Other accrued expenses	8,270	7,193	8,301
Income taxes payable	640	0	0
TOTAL CURRENT LIABILITIES	130,194	83,194	143,048
LONG-TERM LIABILITIES:
Long-term debt, less current maturities, including related party debt of $10,706, $11,133 and $11,238 and net of unamortized debt issuance costs of $136, $179 and $194	26,069	28,704	29,544
Retirement plan	22,729	22,137	18,395
Other	6,527	5,934	6,013
TOTAL LONG-TERM LIABILITIES	55,325	56,775	53,952
TOTAL LIABILITIES	185,519	139,969	197,000
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Capital in excess of par value	117,232	115,136	114,388
Retained earnings	116,466	143,573	136,296
Accumulated other comprehensive loss	(5,810)	(6,425)	(4,374)
Treasury stock, at cost; 117,900 shares of Common Stock	(1,204)	(1,204)	(1,204)
TOTAL STOCKHOLDERS' EQUITY	226,798	251,193	245,219
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	412,317	391,162	442,219
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	Mar. 30, 2017	Jun. 30, 2016	Mar. 24, 2016
Allowances for accounts receivable, current	$ 6,035	$ 4,290	$ 5,699
Accumulated depreciation of rental investment property	9,441	8,847	8,649
Intangible assets, net of accumulated amortization	23,857	22,721	22,292
Current maturities of long-term debt, related party debt	465	407	399
Unamortized debt issuance costs, current	58	65	68
Accounts payable, related party payables	186	113	194
Related party debt, Non-current	10,706	11,133	11,238
Unamortized debt issuance costs, noncurrent	$ 136	$ 179	$ 194
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	8,801,641	8,725,715	8,725,715

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 30, 2017	Mar. 24, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 29,401	$ 23,118
Depreciation and amortization	11,909	12,362
Loss on disposition of assets, net	57	362
Deferred income tax expense	696	1,284
Stock-based compensation expense	1,964	1,810
Change in assets and liabilities:
Accounts receivable, net	18,671	4,152
Inventories	(44,825)	(9,322)
Prepaid expenses and other current assets	(252)	(1,045)
Accounts payable	(3,580)	13,968
Accrued expenses	(1,581)	(1,093)
Income taxes payable	1,559	(5,797)
Other long-term assets and liabilities	89	216
Other, net	1,247	988
Net cash provided by operating activities	15,355	41,003
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(8,228)	(12,595)
Proceeds from dispositions of assets	1	0
Other	99	41
Net cash used in investing activities	(8,128)	(12,554)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facility	278,310	262,171
Repayments of revolving credit borrowings	(229,057)	(268,191)
Principal payments on long-term debt	(2,619)	(2,529)
Increase in bank overdraft	2,168	2,524
Dividends paid	(56,464)	(22,486)
Issuance of Common Stock under equity award plans	63	156
Tax benefit of equity award exercises	0	883
Net cash used in financing activities	(7,599)	(27,472)
NET (DECREASE) INCREASE IN CASH	(372)	977
Cash, beginning of period	2,220	1,946
Cash, end of period	$ 1,848	$ 2,923

Basis of Presentation and Descr

Basis of Presentation and Description of Business	9 Months Ended
	Mar. 30, 2017
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 third quarter of fiscal 2017 and fiscal 2016 are to the quarters ended March 30, 2017 and March 24, 2016, respectively. • References herein to the first three quarters or first thirty-nine weeks of fiscal 2017 and fiscal 2016 are to the thirty-nine weeks ended March 30, 2017 and March 24, 2016, 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, 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	9 Months Ended
	Mar. 30, 2017
Inventory Disclosure [Abstract]
Inventories	Note 2 – Inventories Inventories consist of the following: March 30, 2017 June 30, 2016 March 24, 2016 Raw material and supplies $ 112,978 $ 56,005 $ 109,973 Work-in-process 88,420 100,568 97,346 Total $ 201,398 $ 156,573 $ 207,319

Credit Facility

Credit Facility	9 Months Ended
	Mar. 30, 2017
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 March 30, 2017, we had $52,488 of available credit under the Credit Facility which reflects borrowings of $61,337 and reduced availability as a result of $3,675 in outstanding letters of credit. As of March 30, 2017, we were in compliance with all covenants under the Credit Facility and Mortgage Facility (as defined below).

Income Taxes

Income Taxes	9 Months Ended
	Mar. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Note 4 – Income Taxes Upon adoption of ASU 2016-09 “Compensation-Stock Compensation (Topic 718)”

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Mar. 30, 2017
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 Thirty-Nine Weeks March 30, 2017 March 24, 2016 March 30, 2017 March 24, 2016 Weighted average number of shares outstanding – basic 11,347,920 11,255,894 11,306,251 11,223,268 Effect of dilutive securities: Stock options and restricted stock units 76,878 88,731 86,652 99,195 Weighted average number of shares outstanding – diluted 11,424,798 11,344,625 11,392,903 11,322,463 Anti-dilutive awards excluded from the computation of diluted earnings per share were insignificant for all periods presented.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	9 Months Ended
	Mar. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	Note 6 – Stock-Based Compensation Plans The following is a summary of restricted stock unit (“RSU”) activity for the first thirty-nine weeks of fiscal 2017: Restricted Stock Units Shares Weighted Outstanding at June 30, 2016 228,270 $ 32.33 Activity: Granted 45,213 61.33 Vested (68,426 ) 27.91 Forfeited (3,199 ) 30.23 Outstanding at March 30, 2017 201,858 $ 40.36 At March 30, 2017, there are 68,673 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 Thirty-Nine Weeks March 30, 2017 March 24, 2016 March 30, March 24, Stock-based compensation expense $ 536 $ 518 $ 1,964 $ 1,810 As of March 30, 2017, there was $3,548 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 1.5 years. During the thirty-nine weeks ended March 30, 2017, 7,500 stock options were exercised at a weighted-average exercise price of $8.40 and an intrinsic value of $374. There are 2,000 stock options exercisable at March 30, 2017 with a weighted-average exercise price of $10.24, and an aggregate intrinsic value of $125.

Special Cash Dividends

Special Cash Dividends	9 Months Ended
	Mar. 30, 2017
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 “ November 2016 Special Dividend”). The November 2016 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 “July 2016 Special Dividend”). The July 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	9 Months Ended
	Mar. 30, 2017
Compensation and Retirement Disclosure [Abstract]
Retirement Plan	Note 8 – Retirement Plan The Supplemental Employee Retirement Plan is an unfunded, non-qualified For the Quarter Ended For the Thirty-Nine Weeks March 30, 2017 March 24, 2016 March 30, March 24, Service cost $ 157 $ 123 $ 473 $ 368 Interest cost 203 211 608 633 Amortization of prior service cost 239 239 718 718 Amortization of loss 92 12 274 37 Net periodic benefit cost $ 691 $ 585 $ 2,073 $ 1,756 As described in Note 12 – “Recent Accounting Pronouncements”, upon our adoption of ASU 2017-07

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Mar. 30, 2017
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 thirty-nine weeks ended March 30, 2017 and March 24, 2016. These changes are all related to our defined benefit pension plan. For the Thirty-Nine Weeks Ended Changes to AOCL (a) March 30, 2017 March 24, 2016 Balance at beginning of period $ (6,425 ) $ (4,834 ) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive loss 992 755 Tax effect (377 ) (295 ) Net current-period other comprehensive income 615 460 Balance at end of period $ (5,810 ) $ (4,374 ) (a) Amounts in parenthesis indicate debits/expense. The reclassifications out of AOCL for the quarter and thirty-nine weeks ended March 30, 2017 and March 24, 2016 were as follows: Affected line item in the Consolidated For the Quarter Ended For the Thirty-Nine Weeks Reclassifications from AOCL to earnings (b) March 30, 2017 March 24, March 30, March 24, Amortization of defined benefit pension items: Unrecognized prior service cost $ (239 ) $ (239 ) $ (718 ) $ (718 ) Administrative Unrecognized net loss (92 ) (12 ) (274 ) (37 ) Administrative Total before tax (331 ) (251 ) (992 ) (755 ) Tax effect 126 98 377 295 Income tax Amortization of defined pension items, net of tax $ (205 ) $ (153 ) $ (615 ) $ (460 ) (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	9 Months Ended
	Mar. 30, 2017
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	9 Months Ended
	Mar. 30, 2017
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: March 30, June 30, 2016 March 24, 2016 Carrying value of long-term debt: $ 29,671 $ 32,290 $ 33,137 Fair value of long-term debt: 30,186 35,479 35,948 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	9 Months Ended
	Mar. 30, 2017
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 March 2017, the FASB issued ASU No. 2017-07 “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”. 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)	9 Months Ended
	Mar. 30, 2017
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 350-40): 2015-05 In April 2015, the FASB issued ASU No. 2015-03 “Interest-Imputation of Interest (Subtopic 835-30) 2015-03 2015-03 In February 2015, the FASB issued ASU No. 2015-02 “Consolidation (Topic 810): Amendments to the Consolidation Analysis” 2015-02 2015-02 In August 2014, the FASB issued ASU No. 2014-15 Presentation of Financial Statements—Going Concern (Topic 205-40) 2014-15 The following recent accounting pronouncements have not yet been adopted: In March 2017, the FASB issued ASU No. 2017-07 “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”. In October 2016, the FASB issued ASU No. 2016-17 “Consolidation (Topic 810): Interests Held Through Related Parties That Are Under Common Control” 2015-02 2016-17 2016-17 In August 2016, the FASB issued ASU No. 2016-15 “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ” 2016-15 In February 2016, the FASB issued ASU No. 2016-02 “Leases (Topic 842)”. 2016-02 In May 2014, the FASB issued ASU No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” Revenue from Contracts with Customers 340-40, Other Assets and Deferred Costs — Contracts with Customers Revenue Recognition No. 2015-14 “Revenue from Contracts with Customers, Deferral of the Effective Date” 2014-09

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Mar. 30, 2017
Inventory Disclosure [Abstract]
Components of Inventories	Inventories consist of the following: March 30, 2017 June 30, 2016 March 24, 2016 Raw material and supplies $ 112,978 $ 56,005 $ 109,973 Work-in-process 88,420 100,568 97,346 Total $ 201,398 $ 156,573 $ 207,319

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Mar. 30, 2017
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 Thirty-Nine Weeks March 30, 2017 March 24, 2016 March 30, 2017 March 24, 2016 Weighted average number of shares outstanding – basic 11,347,920 11,255,894 11,306,251 11,223,268 Effect of dilutive securities: Stock options and restricted stock units 76,878 88,731 86,652 99,195 Weighted average number of shares outstanding – diluted 11,424,798 11,344,625 11,392,903 11,322,463

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	9 Months Ended
	Mar. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Stock Unit ("RSU") Activity	The following is a summary of restricted stock unit (“RSU”) activity for the first thirty-nine weeks of fiscal 2017: Restricted Stock Units Shares Weighted Outstanding at June 30, 2016 228,270 $ 32.33 Activity: Granted 45,213 61.33 Vested (68,426 ) 27.91 Forfeited (3,199 ) 30.23 Outstanding at March 30, 2017 201,858 $ 40.36
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 Thirty-Nine Weeks March 30, 2017 March 24, 2016 March 30, March 24, Stock-based compensation expense $ 536 $ 518 $ 1,964 $ 1,810

Retirement Plan (Tables)

Retirement Plan (Tables)	9 Months Ended
	Mar. 30, 2017
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 Thirty-Nine Weeks March 30, 2017 March 24, 2016 March 30, March 24, Service cost $ 157 $ 123 $ 473 $ 368 Interest cost 203 211 608 633 Amortization of prior service cost 239 239 718 718 Amortization of loss 92 12 274 37 Net periodic benefit cost $ 691 $ 585 $ 2,073 $ 1,756

Accumulated Other Comprehensi24

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Mar. 30, 2017
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss	The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the thirty-nine weeks ended March 30, 2017 and March 24, 2016. These changes are all related to our defined benefit pension plan. For the Thirty-Nine Weeks Ended Changes to AOCL (a) March 30, 2017 March 24, 2016 Balance at beginning of period $ (6,425 ) $ (4,834 ) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive loss 992 755 Tax effect (377 ) (295 ) Net current-period other comprehensive income 615 460 Balance at end of period $ (5,810 ) $ (4,374 ) (a) Amounts in parenthesis indicate debits/expense.
Reclassifications Out of AOCL	The reclassifications out of AOCL for the quarter and thirty-nine weeks ended March 30, 2017 and March 24, 2016 were as follows: Affected line item in the Consolidated For the Quarter Ended For the Thirty-Nine Weeks Reclassifications from AOCL to earnings (b) March 30, 2017 March 24, March 30, March 24, Amortization of defined benefit pension items: Unrecognized prior service cost $ (239 ) $ (239 ) $ (718 ) $ (718 ) Administrative Unrecognized net loss (92 ) (12 ) (274 ) (37 ) Administrative Total before tax (331 ) (251 ) (992 ) (755 ) Tax effect 126 98 377 295 Income tax Amortization of defined pension items, net of tax $ (205 ) $ (153 ) $ (615 ) $ (460 ) (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)	9 Months Ended
	Mar. 30, 2017
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: March 30, June 30, 2016 March 24, 2016 Carrying value of long-term debt: $ 29,671 $ 32,290 $ 33,137 Fair value of long-term debt: 30,186 35,479 35,948

Basis of Presentation and Des26

Basis of Presentation and Description of Business - Additional Information (Detail)	9 Months Ended
	Mar. 30, 2017Channel
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	Mar. 30, 2017	Jun. 30, 2016	Mar. 24, 2016
Inventory Disclosure [Abstract]
Raw material and supplies	$ 112,978	$ 56,005	$ 109,973
Work-in-process and finished goods	88,420	100,568	97,346
Total	$ 201,398	$ 156,573	$ 207,319

Credit Facility - Additional In

Credit Facility - Additional Information (Detail)	Jul. 07, 2016USD ($)Dividends	Mar. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Mar. 24, 2016USD ($)
Debt Instrument [Line Items]
Revolving credit facility borrowings		$ 61,337,000	$ 12,084,000	$ 55,133,000
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		52,488,000
Revolving credit facility borrowings		61,337,000
Outstanding letters of credit		$ 3,675,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) $ in Thousands	9 Months Ended
	Mar. 30, 2017USD ($)
Income Tax Disclosure [Abstract]
Excess tax benefits	$ 950
Effective tax rate	2.20%

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		9 Months Ended
	Mar. 30, 2017	Mar. 24, 2016	Mar. 30, 2017	Mar. 24, 2016
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average number of shares outstanding - basic	11,347,920	11,255,894	11,306,251	11,223,268
Effect of dilutive securities:
Stock options and restricted stock units	76,878	88,731	86,652	99,195
Weighted average number of shares outstanding - diluted	11,424,798	11,344,625	11,392,903	11,322,463

Stock-Based Compensation Plan31

Stock-Based Compensation Plans - Summary of Restricted Stock Unit ("RSU") Activity (Detail)	9 Months Ended
	Mar. 30, 2017$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding beginning balance, Shares | shares	228,270
Granted, Shares | shares	45,213
Vested, Shares | shares	(68,426)
Forfeited, Shares | shares	(3,199)
Outstanding ending balance, Shares | shares	201,858
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 32.33
Granted, Weighted-Average Grant-Date Fair Value | $ / shares	61.33
Vested, Weighted-Average Grant-Date Fair Value | $ / shares	27.91
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares	30.23
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 40.36

Stock-Based Compensation Plan32

Stock-Based Compensation Plans - Additional Information (Detail) $ / shares in Units, $ in Thousands	9 Months Ended
	Mar. 30, 2017USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to non-vested share-based compensation | $	$ 3,548
Expected weighted average recognize period of unrecognized compensation cost related to non-vested share-based compensation	1 year 6 months
Number of stock options exercised | shares	7,500
Stock options exercised, weighted-average exercise price | $ / shares	$ 8.40
Stock options exercised, intrinsic value | $	$ 374
Number of stock options exercisable | shares	2,000
Stock options exercisable, weighted-average exercise price | $ / shares	$ 10.24
Stock options exercisable, aggregate intrinsic value | $	$ 125
Restricted Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units vested | shares	68,673

Stock-Based Compensation Plan33

Stock-Based Compensation Plans - Summary of Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 30, 2017	Mar. 24, 2016	Mar. 30, 2017	Mar. 24, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation expense	$ 536	$ 518	$ 1,964	$ 1,810

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	Mar. 30, 2017	Mar. 24, 2016
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		9 Months Ended
	Mar. 30, 2017	Mar. 24, 2016	Mar. 30, 2017	Mar. 24, 2016
Compensation and Retirement Disclosure [Abstract]
Service cost	$ 157	$ 123	$ 473	$ 368
Interest cost	203	211	608	633
Amortization of prior service cost	239	239	718	718
Amortization of loss	92	12	274	37
Net periodic benefit cost	$ 691	$ 585	$ 2,073	$ 1,756

Accumulated Other Comprehensi36

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 30, 2017	Mar. 24, 2016	Mar. 30, 2017	Mar. 24, 2016
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	$ 251	992	755
Tax effect			(377)	(295)
Net current-period other comprehensive income			615	460
Balance at end of period	$ (5,810)	$ (4,374)	$ (5,810)	$ (4,374)

Accumulated Other Comprehensi37

Accumulated Other Comprehensive Loss - Reclassifications Out of AOCL (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 30, 2017	Mar. 24, 2016	Mar. 30, 2017	Mar. 24, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of defined pension items, net of tax	$ (205)	$ (153)	$ (615)	$ (460)
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)	(718)	(718)
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Administrative expenses	(92)	(12)	(274)	(37)
Amortization of Defined Benefit Pension Items [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Administrative expenses	(331)	(251)	(992)	(755)
Income tax expense	126	98	377	295
Amortization of defined pension items, net of tax	$ (205)	$ (153)	$ (615)	$ (460)

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	Mar. 30, 2017	Jun. 30, 2016	Mar. 24, 2016
Fair Value Disclosures [Abstract]
Carrying value of long-term debt:	$ 29,671	$ 32,290	$ 33,137
Fair value of long-term debt:	$ 30,186	$ 35,479	$ 35,948

Recent Accounting Pronounceme39

Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 24, 2016
ASU No. 2015-03 [Member]
Debt Disclosure [Line Items]
Decrease in other assets	$ (244)	$ (262)