John B. Sanfilippo & Son (JBSS) 10-Q 3 Nov 22 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Sep. 29, 2022	Oct. 28, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 29, 2022
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Trading Symbol	JBSS
Entity Registrant Name	SANFILIPPO JOHN B & SON INC
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Central Index Key	0000880117
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock
Entity Address, State or Province	IL
Entity File Number	0-19681
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2419677
Entity Address, Address Line One	1703 North Randall Road
Entity Address, City or Town	Elgin
Entity Address, Postal Zip Code	60123-7820
City Area Code	847
Local Phone Number	289-1800
Document Quarterly Report	true
Document Transition Report	false
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,929,459
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 - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2022	Sep. 23, 2021
Statement of Comprehensive Income [Abstract]
Net sales	$ 252,601	$ 226,329
Cost of sales	201,958	174,526
Gross profit	50,643	51,803
Operating expenses:
Selling expenses	17,982	17,745
Administrative expenses	10,247	9,069
Gain on sale of facility, net	0	(2,349)
Total operating expenses	28,229	24,465
Income from operations	22,414	27,338
Other expense:
Interest expense including $193 and $189 to related parties	661	371
Rental and miscellaneous expense, net	402	348
Pension expense (excluding service costs)	349	618
Total other expense, net	1,412	1,337
Income before income taxes	21,002	26,001
Income tax expense	5,457	6,752
Net income	15,545	19,249
Other comprehensive income:
Amortization of actuarial loss included in net periodic cost	7	364
Income tax expense related to pension adjustments	(1)	(95)
Other comprehensive income , net of tax	6	269
Comprehensive income	$ 15,551	$ 19,518
Net income per common share — basic	$ 1.35	$ 1.67
Net income per common share — diluted	$ 1.34	$ 1.66

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2022	Sep. 23, 2021
Statement of Comprehensive Income [Abstract]
Interest expense to related parties	$ 193	$ 189

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 29, 2022	Jun. 30, 2022	Sep. 23, 2021
CURRENT ASSETS:
Cash	$ 298	$ 415	$ 539
Accounts receivable, less allowance for doubtful accounts of $305, $267 and $311	76,401	69,611	71,890
Inventories	192,098	204,855	152,603
Prepaid expenses and other current assets	6,746	8,283	10,407
TOTAL CURRENT ASSETS	275,543	283,164	235,439
PROPERTY, PLANT AND EQUIPMENT:
Land	9,150	9,150	9,150
Buildings	102,837	102,810	102,661
Machinery and equipment	251,998	245,111	226,618
Furniture and leasehold improvements	5,296	5,296	5,295
Vehicles	614	614	614
Construction in progress	6,926	6,471	16,593
Property, plant and equipment gross	376,821	369,452	360,931
Less: Accumulated depreciation	255,948	252,371	242,422
Property, plant and equipment net	120,873	117,081	118,509
Rental investment property, less accumulated depreciation of $13,834, $13,632 and $13,027	15,289	15,491	16,096
TOTAL PROPERTY, PLANT AND EQUIPMENT	136,162	132,572	134,605
OTHER LONG TERM ASSETS:
Intangible assets, net	7,621	8,065	9,457
Life insurance and other assets	6,134	8,272	9,542
Deferred income taxes	3,231	3,236	5,297
Goodwill	9,650	9,650	9,650
Operating lease right-of-use assets	2,430	2,303	3,171
TOTAL ASSETS	440,771	447,262	407,161
CURRENT LIABILITIES:
Revolving credit facility borrowings	42,624	40,439	45,264
Current maturities of long-term debt, net, including related party debt of $628, $614 and $572	2,046	3,149	3,858
Accounts payable	51,222	47,720	46,103
Bank overdraft	488	214	171
Accrued payroll and related benefits	12,166	18,888	11,410
Other accrued expenses	17,624	12,352	17,028
TOTAL CURRENT LIABILITIES	126,170	122,762	123,834
LONG-TERM LIABILITIES:
Long-term debt, less current maturities, net, including related party debt of $7,612, $7,774 and $8,240	7,612	7,774	9,939
Retirement plan	28,753	28,886	35,257
Long-term operating lease liabilities, net of current portion	1,242	1,076	1,804
Other	7,831	7,943	8,162
TOTAL LONG-TERM LIABILITIES	45,438	45,679	55,162
TOTAL LIABILITIES	171,608	168,441	178,996
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Capital in excess of par value	129,572	128,800	126,958
Retained earnings	143,153	153,589	111,051
Accumulated other comprehensive loss	(2,474)	(2,480)	(8,756)
Treasury stock, at cost; 117,900 shares of Common Stock	(1,204)	(1,204)	(1,204)
TOTAL STOCKHOLDERS' EQUITY	269,163	278,821	228,165
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	440,771	447,262	407,161
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	$ 90	$ 90	$ 90

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 29, 2022	Jun. 30, 2022	Sep. 23, 2021
Allowance for doubtful accounts for accounts receivable, current	$ 305	$ 267	$ 311
Accumulated depreciation of rental investment property	13,834	13,632	13,027
Current maturities of long-term debt, related party debt	628	614	572
Related party debt, Non-current	$ 7,612	$ 7,774	$ 8,240
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	9,047,359	9,047,359	8,989,980

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock [Member]	Class A Common Stock [Member]	Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member]
Balance at Jun. 24, 2021	$ 242,494	$ 126,271	$ 126,336	$ (9,025)	$ (1,204)	$ 26	$ 90
Balance, Shares at Jun. 24, 2021						2,597,426	8,988,812
Net income	19,249		19,249
Cash dividends	(34,534)		(34,534)
Pension liability amortization, net of income tax expense	269			269
Equity award exercises, net of shares withheld for employee taxes	(16)	(16)					$ 0
Equity award exercises, net of shares withheld for employee taxes, shares							1,168
Stock-based compensation expense	703	703
Balance at Sep. 23, 2021	228,165	126,958	111,051	(8,756)	(1,204)	$ 26	$ 90
Balance, Shares at Sep. 23, 2021						2,597,426	8,989,980
Balance at Jun. 30, 2022	278,821	128,800	153,589	(2,480)	(1,204)	$ 26	$ 90
Balance, Shares at Jun. 30, 2022						2,597,426	9,047,359
Net income	15,545		15,545
Cash dividends	(25,981)		(25,981)
Pension liability amortization, net of income tax expense	6			6
Stock-based compensation expense	772	772
Balance at Sep. 29, 2022	$ 269,163	$ 129,572	$ 143,153	$ (2,474)	$ (1,204)	$ 26	$ 90
Balance, Shares at Sep. 29, 2022						2,597,426	9,047,359

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2022	Sep. 23, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends per common share	$ 2.25	$ 3
Pension liability amortization income tax expense	$ 1	$ 95

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2022	Sep. 23, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 15,545	$ 19,249
Depreciation and amortization	4,961	4,596
Loss (gain) on disposition of assets, net	5	(2,299)
Deferred income tax expense	5	790
Stock-based compensation expense	772	703
Change in assets and liabilities:
Accounts receivable, net	(6,790)	(5,556)
Inventories	12,757	(4,605)
Prepaid expenses and other current assets	1,537	(1,839)
Accounts payable	3,216	(1,631)
Accrued expenses	(5,265)	(12,089)
Income taxes payable	3,815	2,805
Other long-term assets and liabilities	215	172
Other, net	(127)	607
Net cash provided by operating activities	30,646	903
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(5,918)	(5,110)
Proceeds from dispositions of assets, net	0	3,945
Other, net	(56)	(72)
Net cash used in investing activities	(5,974)	(1,237)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net short-term borrowings	2,185	36,611
Principal payments on long-term debt	(1,267)	(938)
Increase (decrease) in bank overdraft	274	(922)
Dividends paid	(25,981)	(34,534)
Taxes paid related to net share settlement of equity awards	0	(16)
Net cash (used in) provided by financing activities	(24,789)	201
NET DECREASE IN CASH	(117)	(133)
Cash, beginning of period	415	672
Cash, end of period	$ 298	$ 539

Basis of Presentation and Descr

Basis of Presentation and Description of Business	3 Months Ended
	Sep. 29, 2022
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 subsidiary, JBSS Ventures, LLC. Our fiscal year ends on the final Thursday of June each year, and typically consists of fifty-two • References herein to fiscal 2023 and fiscal 2022 are to the 52 week fiscal year ending June 29, 2023 and the 53 week fiscal year ended June 30, 2022, respectively. • References herein to the first quarter of fiscal 2023 and fiscal 2022 are to the quarters ended September 29, 2022 and September 23, 2021, 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 our Fisher, Orchard Valley Harvest, Squirrel Brand Southern Style Nuts The accompanying unaudited financial statements fairly present the consolidated statements of comprehensive income, consolidated balance sheets, consolidated statements of stockholders’ equity 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, 2022 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 2022 Annual Report on Form 10-K

Revenue Recognition

Revenue Recognition	3 Months Ended
	Sep. 29, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Note 2 – Revenue Recognition We recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. For each customer contract, a five-step process is followed in which we identify the contract, identify performance obligations, determine the transaction price, allocate the contract transaction price to the performance obligations, and recognize the revenue when (or as) the performance obligation is transferred to the customer. When Performance Obligations Are Satisfied A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s performance obligations are primarily for the delivery of raw and processed recipe and snack nuts, nut butters and trail mixes. Our customer contracts do not include more than one performance obligation. If a contract were to contain more than one performance obligation, we are required to allocate the contract’s transaction price to each performance obligation based on its relative standalone selling price. The standalone selling price for each distinct good is generally determined by directly observable data. Revenue recognition is generally completed at a point in time when product control is transferred to the customer. For virtually all of our revenues, control transfers to the customer when the product is shipped or delivered to the customer based upon applicable shipping terms, as the customer can then direct the use and obtain substantially all of the remaining benefits from the asset at that point in time. Therefore, the timing of our revenue recognition requires little judgment. Variable Consideration Some of our products are sold through specific incentive programs consisting of promotional allowances, volume and customer rebates, in-store Trade promotions, consisting primarily of customer pricing allowances, merchandising funds and consumer coupons, are also offered through various programs to customers and consumers. A provision for estimated trade promotions is recorded as a reduction of revenue (and a reduction in the transaction price) in the same period when the sale is recognized. Revenues are also recorded net of expected customer deductions which are provided for based upon past experiences. Evaluating these estimates requires management judgment. We generally use the most likely amount method to determine the variable consideration. We believe there will not be significant changes to our estimates of variable consideration when any related uncertainties are resolved with our customers. The Company reviews and updates its estimates and related accruals of variable consideration and trade promotions at least quarterly based on the terms of the agreements and historical experience. Any uncertainties in the ultimate resolution of variable consideration due to factors outside of the Company’s influence are typically resolved within a short timeframe, therefore, no additional constraint on the variable consideration is required. Contract Balances Contract assets or liabilities result from transactions with revenue recorded over time. If the measure of remaining rights exceeds the measure of the remaining performance obligations the Company records a contract asset. Conversely, if the measure of the remaining performance obligations exceeds the measure of the remaining rights, the Company records a contract liability. Contract asset balances at September 29, 2022 and September 23, 2021 were $562 and $58, respectively, and are recorded in the caption “Prepaid expenses and other current assets” on the Consolidated Balance Sheets. There was no contract asset balance at June 30, 2022. The Company generally does not have material deferred revenue or contract liability balances arising from transactions with customers. Disaggregation of Revenue Revenue disaggregated by sales channel is as follows: For the Quarter Ended Distribution Channel September 29, 2022 September 23, 2021 Consumer $ 196,547 $ 179,761 Commercial Ingredients 31,507 28,156 Contract Packaging 24,547 18,412 Total $ 252,601 $ 226,329

Leases

Leases	3 Months Ended
	Sep. 29, 2022
Leases [Abstract]
Leases	Note 3 - Leases Description of Leases We lease equipment used in the transportation of goods in our warehouses, as well as a limited number of automobiles and a small warehouse near our Bainbridge, Georgia facility. Our leases generally do not contain non-lease Through a review of our contracts, we determine if an arrangement is a lease at inception and analyze the lease to determine if it is operating or finance. Operating lease right-of-use right-of-use It is our accounting policy to not apply lease recognition requirements to short-term leases, defined as leases with an initial term of 12 months or less. As such, leases with an initial term of 12 months or less are not recorded in the Consolidated Balance Sheet. We have also made the policy election to not separate lease and non-lease The following table provides supplemental information related to operating lease right-of-use September 29, 2022 June 30, 2022 September 23, 2021 Affected Line Item in Consolidated Balance Sheet Assets Operating lease right-of-use $ 2,430 $ 2,303 $ 3,171 Operating lease right-of-use Total lease right-of-use $ 2,430 $ 2,303 $ 3,171 Liabilities Current: Operating leases $ 1,215 $ 1,258 $ 1,412 Other accrued expenses Noncurrent: Operating leases 1,242 1,076 1,804 Long-term operating lease liabilities Total lease liabilities $ 2,457 $ 2,334 $ 3,216 The following tables summarize the Company’s total lease costs and other information arising from operating lease transactions: For the Quarter Ended September 29, 2022 September 23, 2021 Operating lease costs (a) $ 474 $ 444 Variable lease costs (b) 57 17 Total lease cost $ 531 $ 461 (a) Includes short-term leases which are immaterial. (b) Variable lease costs consist of sales tax and lease overtime charges. Supplemental cash flow and other information related to leases was as follows: For the Quarter Ended September 29, 2022 September 23, 2021 Operating cash flows information: Cash paid for amounts included in measurements for lease liabilities $ 402 $ 397 Non-cash Right-of-use $ 496 $ 45 September 29, June 30, 2022 September 23, Weighted average remaining lease term (in years) 2.5 2.3 2.6 Weighted average discount rate 4.6 % 4.3 % 4.2 % Maturities of operating lease liabilities as of September 29, 2022 are as follows: Fiscal Year Ending June 29, 2023 (excluding the quarter ended September 29, 2022) $ 1,055 June 27, 2024 808 June 26, 2025 432 June 25, 2026 244 June 24, 2027 65 June 29, 2028 3 Thereafter — Total lease payments 2,607 Less imputed interest (150 ) Present value of operating lease liabilities $ 2,457 At September 29, 2022, the Company has additional operating leases of approximately $505 that have not yet commenced and therefore are not reflected in the Consolidated Balance Sheet and tables above. The leases are scheduled to commence in the second and third quarters of fiscal 2023 with initial lease terms ranging from 3 to 5 years. Lessor Accounting We lease office space in our four-story office building located in Elgin, Illinois. As a lessor, we retain substantially all of the risks and benefits of ownership of the investment property and under Topic 842: Leases straight-line non-lease Leasing revenue is as follows: For the Quarter Ended September 29, September 23, Lease income related to lease payments $ 402 $ 410 The future minimum, undiscounted fixed cash flows under non-cancelable Fiscal Year Ending June 29, 2023 (excluding the quarter ended September 29, 2022) $ 1,348 June 27, 2024 1,818 June 26, 2025 1,228 June 25, 2026 670 June 24, 2027 614 June 29, 2028 — Total $ 5,678

Inventories

Inventories	3 Months Ended
	Sep. 29, 2022
Inventory Disclosure [Abstract]
Inventories	Note 4 – Inventories Inventories consist of the following: September 29, 2022 June 30, 2022 September 23, 2021 Raw material and supplies $ 60,657 $ 77,558 $ 55,159 Work-in-process 131,441 127,297 97,444 Total $ 192,098 $ 204,855 $ 152,603

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Sep. 29, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Note 5 – Goodwill and Intangible Assets Identifiable intangible assets that are subject to amortization consist of the following: September 29, June 30, September 23, Customer relationships $ 21,100 $ 21,100 $ 21,100 Brand names 16,990 16,990 16,990 Non-compete 270 270 270 38,360 38,360 38,360 Less accumulated amortization: Customer relationships (19,053 ) (18,795 ) (17,961 ) Brand names (11,425 ) (11,252 ) (10,735 ) Non-compete (261 ) (248 ) (207 ) (30,739 ) (30,295 ) (28,903 ) Net intangible assets $ 7,621 $ 8,065 $ 9,457 Customer relationships are being amortized on an accelerated basis. The brand names remaining to be amortized consist of the Squirrel Brand Southern Style Nuts Total amortization expense related to intangible assets, which is classified in administrative expense in the Consolidated Statement of Comprehensive Income, was $444 for the quarter ended September 29, 2022. Amortization expense for the remainder of fiscal 2023 is expected to be approximately $1,213, and expected amortization expense for the next five fiscal years is as follows: Fiscal Year Ending June 27, 2024 1,414 June 26, 2025 1,156 June 25, 2026 861 June 24, 2027 690 June 29, 2028 521 Our net goodwill of $9,650 relates entirely to the Squirrel Brand acquisition completed in the second quarter of fiscal 2018. There was no change in the carrying amount of goodwill during the quarter ended September 29, 2022.

Credit Facility

Credit Facility	3 Months Ended
	Sep. 29, 2022
Debt Disclosure [Abstract]
Credit Facility	Note 6 – Credit Facility Our Amended and Restated Credit Agreement dated March 5, 2020 provides for a $117,500 senior secured revolving credit facility (the “Credit Facility”). The Credit Facility is secured by substantially all our assets other than machinery and equipment, real property and fixtures. At September 29, 2022, we had $70,686 of available credit under the Credit Facility which reflects borrowings of $42,624 and reduced availability as a result of $4,190 in outstanding letters of credit. As of September 29, 2022, we were in compliance with all financial covenants under the Credit Facility and Mortgage Facility.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Sep. 29, 2022
Earnings Per Share [Abstract]
Earnings Per Common Share	Note 7 – 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, 2022 September 23, 2021 Weighted average number of shares outstanding – basic 11,553,432 11,519,472 Effect of dilutive securities: Restricted 63,681 69,012 Weighted average number of shares outstanding – diluted 11,617,113 11,588,484 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, 2022
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	Note 8 – Stock-Based Compensation Plans During the quarter ended September 29, 2022 there was no significant restricted stock unit (“RSU”) activity. Compensation expense attributable to stock-based compensation during the first quarter of fiscal 2023 and fiscal 2022 was $772 and $703, respectively. As of September 29, 2022, there was $3,359 of total unrecognized compensation expense related to non-vested

Retirement Plan

Retirement Plan	3 Months Ended
	Sep. 29, 2022
Retirement Benefits [Abstract]
Retirement Plan	Note 9 – Retirement Plan The Supplemental Employee Retirement Plan is an unfunded, non-qualified For the Quarter Ended September 29, 2022 September 23, 2021 Service cost $ 200 $ 248 Interest cost 342 254 Amortization of loss 7 364 Net periodic benefit cost $ 549 $ 866 The components of net periodic benefit cost other than the service cost component are included in the line item “Pension expense (excluding service costs)” in the Consolidated Statements of Comprehensive Income.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Sep. 29, 2022
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Note 10 – Accumulated Other Comprehensive Loss The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the quarter ended September 29, 2022 and September 23, 2021. Changes to AOCL (a) For the Quarter Ended September 29, September 23, Balance at beginning of period $ (2,480 ) $ (9,025 ) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive loss 7 364 Tax effect (1 ) (95 ) Net current-period other comprehensive income 6 269 Balance at end of period $ (2,474 ) $ (8,756 ) (a) Amounts in parenthesis indicate debits/expense. The reclassifications out of AOCL for the quarter ended September 29, 2022 and September 23, 2021 were as follows: For the Quarter Ended Affected Line Item in the Reclassifications from AOCL to Earnings (b) September 29, September 23, Amortization of defined benefit pension items: Unrecognized net loss (7 ) (364 ) Pension expense (excluding service costs) Tax effect 1 95 Income tax expense Amortization of defined pension items, $ (6 ) $ (269 ) (b) Amounts in parenthesis indicate debits to expense. See Note 9 – “Retirement Plan” above for additional details.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	3 Months Ended
	Sep. 29, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Note 11 – 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, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 12 – 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) and because of 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, 2022 September 23, Carrying value of current and long-term debt: $ 9,660 $ 10,927 $ 13,812 Fair value of current and long-term debt: 9,583 11,179 15,360 The estimated fair value of our current and 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.

Garysburg, North Carolina Facil

Garysburg, North Carolina Facility	3 Months Ended
	Sep. 29, 2022
Sale of Facility [Abstract]
Garysburg, North Carolina Facility	Note 13 – Garysburg, North Carolina Facility During the first quarter of fiscal 2022 we sold the Garysburg property and remaining equipment located at the property to a third party for $4,000, subject to customary adjustments to reflect closing costs, which resulted in a $2,349 gain.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Sep. 29, 2022
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Note 14 – Recent Accounting Pronouncements There were no recent accounting pronouncements adopted in the current fiscal year. There are no recent accounting pronouncements that have been issued and not yet adopted that are expected to have a material impact on our Consolidated Financial Statements.

Subsequent Event

Subsequent Event	3 Months Ended
	Sep. 29, 2022
Subsequent Events [Abstract]
Subsequent Event	Note 15 – Subsequent Event On November 3, 2022, our Board of Directors declared a special cash dividend of $1.00 per share on all issued and of

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Sep. 29, 2022
Revenue from Contract with Customer [Abstract]
Summary of Revenue Disaggregated by Sales Channel	Revenue disaggregated by sales channel is as follows: For the Quarter Ended Distribution Channel September 29, 2022 September 23, 2021 Consumer $ 196,547 $ 179,761 Commercial Ingredients 31,507 28,156 Contract Packaging 24,547 18,412 Total $ 252,601 $ 226,329

Leases (Tables)

Leases (Tables)	3 Months Ended
	Sep. 29, 2022
Leases [Abstract]
Supplemental information related to operating lease right-of-use assets and liabilities	The following table provides supplemental information related to operating lease right-of-use September 29, 2022 June 30, 2022 September 23, 2021 Affected Line Item in Consolidated Balance Sheet Assets Operating lease right-of-use $ 2,430 $ 2,303 $ 3,171 Operating lease right-of-use Total lease right-of-use $ 2,430 $ 2,303 $ 3,171 Liabilities Current: Operating leases $ 1,215 $ 1,258 $ 1,412 Other accrued expenses Noncurrent: Operating leases 1,242 1,076 1,804 Long-term operating lease liabilities Total lease liabilities $ 2,457 $ 2,334 $ 3,216
Summary of company's total lease costs and other information arising from operating lease transactions	The following tables summarize the Company’s total lease costs and other information arising from operating lease transactions: For the Quarter Ended September 29, 2022 September 23, 2021 Operating lease costs (a) $ 474 $ 444 Variable lease costs (b) 57 17 Total lease cost $ 531 $ 461 (a) Includes short-term leases which are immaterial. (b) Variable lease costs consist of sales tax and lease overtime charges.
Summary of Supplemental cash flow and other information related to leases	Supplemental cash flow and other information related to leases was as follows: For the Quarter Ended September 29, 2022 September 23, 2021 Operating cash flows information: Cash paid for amounts included in measurements for lease liabilities $ 402 $ 397 Non-cash Right-of-use $ 496 $ 45
Summary of other information	September 29, June 30, 2022 September 23, Weighted average remaining lease term (in years) 2.5 2.3 2.6 Weighted average discount rate 4.6 % 4.3 % 4.2 %
Summary of maturities of operating lease liabilities	Maturities of operating lease liabilities as of September 29, 2022 are as follows: Fiscal Year Ending June 29, 2023 (excluding the quarter ended September 29, 2022) $ 1,055 June 27, 2024 808 June 26, 2025 432 June 25, 2026 244 June 24, 2027 65 June 29, 2028 3 Thereafter — Total lease payments 2,607 Less imputed interest (150 ) Present value of operating lease liabilities $ 2,457
Summary of operating lease revenue	Leasing revenue is as follows: For the Quarter Ended September 29, September 23, Lease income related to lease payments $ 402 $ 410
Undiscounted fixed lease consideration under non-cancelable tenant operating leases	The future minimum, undiscounted fixed cash flows under non-cancelable Fiscal Year Ending June 29, 2023 (excluding the quarter ended September 29, 2022) $ 1,348 June 27, 2024 1,818 June 26, 2025 1,228 June 25, 2026 670 June 24, 2027 614 June 29, 2028 — Total $ 5,678

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Sep. 29, 2022
Inventory Disclosure [Abstract]
Components of Inventories	Inventories consist of the following: September 29, 2022 June 30, 2022 September 23, 2021 Raw material and supplies $ 60,657 $ 77,558 $ 55,159 Work-in-process 131,441 127,297 97,444 Total $ 192,098 $ 204,855 $ 152,603

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Sep. 29, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Components of Identifiable Intangible Assets	Identifiable intangible assets that are subject to amortization consist of the following: September 29, June 30, September 23, Customer relationships $ 21,100 $ 21,100 $ 21,100 Brand names 16,990 16,990 16,990 Non-compete 270 270 270 38,360 38,360 38,360 Less accumulated amortization: Customer relationships (19,053 ) (18,795 ) (17,961 ) Brand names (11,425 ) (11,252 ) (10,735 ) Non-compete (261 ) (248 ) (207 ) (30,739 ) (30,295 ) (28,903 ) Net intangible assets $ 7,621 $ 8,065 $ 9,457
Summary of Expected Amortization Expense	expected amortization expense for the next five fiscal years is as follows: Fiscal Year Ending June 27, 2024 1,414 June 26, 2025 1,156 June 25, 2026 861 June 24, 2027 690 June 29, 2028 521

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Sep. 29, 2022
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, 2022 September 23, 2021 Weighted average number of shares outstanding – basic 11,553,432 11,519,472 Effect of dilutive securities: Restricted 63,681 69,012 Weighted average number of shares outstanding – diluted 11,617,113 11,588,484

Retirement Plan (Tables)

Retirement Plan (Tables)	3 Months Ended
	Sep. 29, 2022
Retirement Benefits [Abstract]
Schedule of Net Periodic Pension Cost	The components of net periodic benefit cost are as follows: For the Quarter Ended September 29, 2022 September 23, 2021 Service cost $ 200 $ 248 Interest cost 342 254 Amortization of loss 7 364 Net periodic benefit cost $ 549 $ 866

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Sep. 29, 2022
Equity [Abstract]
Summary of 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, 2022 and September 23, 2021. Changes to AOCL (a) For the Quarter Ended September 29, September 23, Balance at beginning of period $ (2,480 ) $ (9,025 ) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive loss 7 364 Tax effect (1 ) (95 ) Net current-period other comprehensive income 6 269 Balance at end of period $ (2,474 ) $ (8,756 ) (a) Amounts in parenthesis indicate debits/expense.
Summary of Reclassifications Out of AOCL	The reclassifications out of AOCL for the quarter ended September 29, 2022 and September 23, 2021 were as follows: For the Quarter Ended Affected Line Item in the Reclassifications from AOCL to Earnings (b) September 29, September 23, Amortization of defined benefit pension items: Unrecognized net loss (7 ) (364 ) Pension expense (excluding service costs) Tax effect 1 95 Income tax expense Amortization of defined pension items, $ (6 ) $ (269 ) (b) Amounts in parenthesis indicate debits to expense. See Note 9 – “Retirement Plan” above for additional details.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Sep. 29, 2022
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, June 30, 2022 September 23, Carrying value of current and long-term debt: $ 9,660 $ 10,927 $ 13,812 Fair value of current and long-term debt: 9,583 11,179 15,360

Basis of Presentation and Des_2

Basis of Presentation and Description of Business - Additional Information (Detail)	3 Months Ended
	Sep. 29, 2022 Channel
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of distribution channels	3

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 29, 2022	Jun. 30, 2022	Sep. 23, 2021
Disaggregation of Revenue [Line Items]
Contract assets	$ 562	$ 0	$ 58

Revenue Recognition - Summary o

Revenue Recognition - Summary of Revenue Disaggregated by Sales Channel (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2022	Sep. 23, 2021
Disaggregation of Revenue [Line Items]
Total	$ 252,601	$ 226,329
Consumer [Member]
Disaggregation of Revenue [Line Items]
Total	196,547	179,761
Commercial Ingredients [Member]
Disaggregation of Revenue [Line Items]
Total	31,507	28,156
Contract Packaging [Member]
Disaggregation of Revenue [Line Items]
Total	$ 24,547	$ 18,412

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands	Sep. 29, 2022 USD ($)
Operating Lease Yet To Commence [Member]
Operating Leased Assets [Line Items]
Operating leases not yet commenced	$ 505
Minimum [Member]
Operating Leased Assets [Line Items]
Lessee operating lease lease not yet commenced term	3 years
Maximum [Member]
Operating Leased Assets [Line Items]
Remaining lease term	4 years 9 months 18 days
Lessee operating lease lease not yet commenced term	5 years

Leases - Operating Lease Assets

Leases - Operating Lease Assets And Liabilities (Detail) - USD ($) $ in Thousands	Sep. 29, 2022	Jun. 30, 2022	Sep. 23, 2021
Assets
Operating lease right-of-use assets	$ 2,430	$ 2,303	$ 3,171
Current
Operating Lease, Liability, Current	1,215	1,258	1,412
Noncurrent
Operating Lease, Liability, Noncurrent	1,242	1,076	1,804
Total lease liabilities	$ 2,457	$ 2,334	$ 3,216

Leases - LeaseCost (Detail)

Leases - LeaseCost (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2022	Sep. 23, 2021
Leases [Abstract]
Operating lease costs	$ 474	$ 444
Variable lease costs	57	17
Total lease cost	$ 531	$ 461

Leases - Operating Leases Cash

Leases - Operating Leases Cash Flow Related Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2022	Sep. 23, 2021
Operating cash flows information:
Cash paid for amounts included in measurements for lease liabilities	$ 402	$ 397
Non-cash activity:
Right-of-use assets obtained in exchange for new operating lease obligations	$ 496	$ 45

Leases - Other Information Rela

Leases - Other Information Related to Operating Lease (Detail)	Sep. 29, 2022	Jun. 30, 2022	Sep. 23, 2021
Leases [Abstract]
Weighted average remaining lease term (in years)	2 years 6 months	2 years 3 months 18 days	2 years 7 months 6 days
Weighted average discount rate	4.60%	4.30%	4.20%

Leases - Lessee Operating Lease

Leases - Lessee Operating Lease Liability Maturity (Detail) - USD ($) $ in Thousands	Sep. 29, 2022	Jun. 30, 2022	Sep. 23, 2021
Leases [Abstract]
June 29, 2023 (excluding the quarter ended September 29, 2022)	$ 1,055
June 27, 2024	808
June 26, 2025	432
June 25, 2026	244
June 24, 2027	65
June 29, 2028	3
Thereafter	0
Total lease payment	2,607
Less imputed interest	(150)
Present value of operating lease liabilities	$ 2,457	$ 2,334	$ 3,216

Leases - Operating Lease Revenu

Leases - Operating Lease Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2022	Sep. 23, 2021
Leases [Abstract]
Lease income related to lease payments	$ 402	$ 410

Leases - Lessor Operating Lease

Leases - Lessor Operating Lease Payments To Be Received Maturity (Detail) $ in Thousands	Sep. 29, 2022 USD ($)
Leases [Abstract]
June 29, 2023 (excluding the quarter ended September 29, 2022)	$ 1,348
June 27, 2024	1,818
June 26, 2025	1,228
June 25, 2026	670
June 24, 2027	614
June 29, 2028	0
Total	$ 5,678

Inventories - Components of Inv

Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands	Sep. 29, 2022	Jun. 30, 2022	Sep. 23, 2021
Inventory Disclosure [Abstract]
Raw material and supplies	$ 60,657	$ 77,558	$ 55,159
Work-in-process and finished goods	131,441	127,297	97,444
Total	$ 192,098	$ 204,855	$ 152,603

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2022	Jun. 30, 2022	Sep. 23, 2021
Goodwill and Intangible Assets [Line Items]
Amortization expense for remainder of fiscal 2023	$ 1,213
Goodwill related to acquisition of Squirrel Brand	9,650	$ 9,650	$ 9,650
Administrative Expenses [Member]
Goodwill and Intangible Assets [Line Items]
Amortization of intangible assets	444
Squirrel Brand [Member]
Goodwill and Intangible Assets [Line Items]
Goodwill related to acquisition of Squirrel Brand	$ 9,650

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Components of Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 29, 2022	Jun. 30, 2022	Sep. 23, 2021
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 38,360	$ 38,360	$ 38,360
Less accumulated amortization:
Total accumulated amortization	(30,739)	(30,295)	(28,903)
Net intangible assets	7,621	8,065	9,457
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, gross	21,100	21,100	21,100
Less accumulated amortization:
Total accumulated amortization	(19,053)	(18,795)	(17,961)
Brand Names [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, gross	16,990	16,990	16,990
Less accumulated amortization:
Total accumulated amortization	(11,425)	(11,252)	(10,735)
Non-compete Agreement [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, gross	270	270	270
Less accumulated amortization:
Total accumulated amortization	$ (261)	$ (248)	$ (207)

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Summary of Expected Amortization Expense (Detail) $ in Thousands	Sep. 29, 2022 USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
June 27, 2024	$ 1,414
June 26, 2025	1,156
June 25, 2026	861
June 24, 2027	690
June 29, 2028	$ 521

Credit Facility - Additional In

Credit Facility - Additional Information (Detail) - Senior Secured Revolving Credit Facility [Member] - USD ($) $ in Thousands	Sep. 29, 2022	Mar. 05, 2020
Debt Instrument [Line Items]
Revolving loan commitment and letter of credit sub facility		$ 117,500
Available credit under the Credit Facility	$ 70,686
Outstanding letters of credit	4,190
Revolving credit facility borrowings	$ 42,624

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, 2022	Sep. 23, 2021
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average number of shares outstanding – basic	11,553,432	11,519,472
Effect of dilutive securities:
Restricted stock units	63,681	69,012
Weighted average number of shares outstanding – diluted	11,617,113	11,588,484

Earnings Per Common Share - Add

Earnings Per Common Share - Additional Information (Detail) - shares	3 Months Ended
	Sep. 29, 2022	Sep. 23, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share amount	0	0

Stock-Based Compensation Plans

Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2022	Sep. 23, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected weighted average recognize period of unrecognized compensation cost related to non-vested share-based compensation	1 year 2 months 12 days
Stock-based compensation expense	$ 772	$ 703
Unrecognized compensation expense related to non-vested share-based compensation	$ 3,359

Retirement Plan - Schedule of N

Retirement Plan - Schedule of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2022	Sep. 23, 2021
Retirement Benefits [Abstract]
Service cost	$ 200	$ 248
Interest cost	342	254
Amortization of loss	7	364
Net periodic benefit cost	$ 549	$ 866

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands		3 Months Ended
		Sep. 29, 2022	Sep. 23, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period		$ (2,480)
Net current-period other comprehensive income		6	$ 269
Balance at end of period		(2,474)	(8,756)
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	[1]	(2,480)	(9,025)
Other comprehensive income before reclassifications	[1]	0	0
Amounts reclassified from accumulated other comprehensive loss	[1]	7	364
Tax effect	[1]	(1)	(95)
Net current-period other comprehensive income	[1]	6	269
Balance at end of period	[1]	$ (2,474)	$ (8,756)
[1]Amounts in parenthesis indicate debits/expense.

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Reclassifications Out of AOCL (Detail) - USD ($) $ in Thousands		3 Months Ended
		Sep. 29, 2022	Sep. 23, 2021
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrecognized net loss	[1]	$ (7)	$ (364)
Amortization of Defined Benefit Pension Items [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax effect	[1]	1	95
Amortization of defined pension items, net of tax	[1]	$ (6)	$ (269)
[1]Amounts in parenthesis indicate debits to expense. See Note 9 – “Retirement Plan” above for additional details.

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Carrying Value and Fair Value Estimate of Current and Long-Term Debt (Detail) - USD ($) $ in Thousands	Sep. 29, 2022	Jun. 30, 2022	Sep. 23, 2021
Fair Value Disclosures [Abstract]
Carrying value of current and long-term debt:	$ 9,660	$ 10,927	$ 13,812
Fair value of current and long-term debt:	$ 9,583	$ 11,179	$ 15,360

Garysburg, North Carolina Fac_2

Garysburg, North Carolina Facility - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2022	Sep. 23, 2021
Fire Note [Line Items]
Gain (Loss) on Disposition of Property Plant Equipment	$ 0	$ 2,349
Property, Plant and Equipment [Member]
Fire Note [Line Items]
Proceeds from Sale of Property, Plant, and Equipment	4,000
Gain (Loss) on Disposition of Property Plant Equipment	$ 2,349

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - Subsequent Event [Member]	Nov. 03, 2022 $ / shares
Subsequent Event [Line Items]
Special cash dividend	$ 1
Dividend payable date, declared day	Nov. 03, 2022
Dividend payable date	Dec. 21, 2022
Stockholders of record date	Dec. 02, 2022