☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 36-2419677 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||
Common Stock, $.01 par value per share | JBSS | The NASDAQ Stock Market LLC (NASDAQ Global Select Market) |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||
Emerging growth company | ☐ |
Location | Square Footage | Type of Interest | Description of Principal Use | Date Company Constructed, Acquired or First Occupied | ||||||
Bainbridge, Georgia | | 300,000 | Owned and Leased | Peanut shelling, purchasing, processing, packaging, warehousing and distribution | 1987 | |||||
Garysburg, North Carolina | 160,000 | Owned | Peanut shelling, purchasing, warehousing and distribution | 1994 | ||||||
Selma, Texas (1) | 300,000 | Leased | Pecan shelling, processing, bulk packaging, warehousing and distribution | 1992 | ||||||
Gustine, California | 215,000 | Owned | Walnut shelling, processing, packaging, warehousing and distribution | 1993 | ||||||
Elgin, Illinois (2) (Elgin Office Building) | 400,000 | Owned | Rental property | 2005 | ||||||
Elgin, Illinois (Elgin Warehouse Building) | 1,001,000 | Owned | Processing, packaging, warehousing, distribution and corporate offices | 2005 |
Location | Square Footage | Type of Interest | Description of Principal Use | Date Company Constructed, Acquired or First Occupied | ||||||||
Bainbridge, Georgia | 300,000 | Owned and Leased | Peanut shelling, purchasing, processing, packaging, warehousing and distribution | 1987 | ||||||||
Garysburg, North Carolina (1) | 160,000 | Owned | Formerly used for peanut shelling, purchasing, warehousing and distribution | 1994 | ||||||||
Selma, Texas (2) | 300,000 | Leased | Pecan shelling, processing, bulk packaging, warehousing and distribution | 1992 | ||||||||
Gustine, California | 215,000 | Owned | Walnut shelling, processing, packaging, warehousing and distribution | 1993 | ||||||||
Elgin, Illinois (3) (Elgin Office Building) | 400,000 | Owned | Rental property | 2005 | ||||||||
Elgin, Illinois (Elgin Warehouse Building) | 1,001,000 | Owned | Processing, packaging, warehousing, distribution and corporate offices | 2005 |
(1) | After the fire that occurred at our Garysburg facility during fiscal 2020, the Company considered strategic alternatives for the facility and decided to cease all operations permanently at the end of fiscal 2021. As of June 24, 2021, the facility and its related assets have been reclassified as held for sale on the Consolidated Balance Sheets. See Note 19 — “Garysburg, North Carolina Facility” to the Consolidated Financial Statements. |
(2) | The sale and lease back of the Selma properties to related party partnerships was consummated in fiscal 2007. See Note 7 —“Long-Term Debt” to the Consolidated Financial Statements. |
The Elgin Office Building (part of the Elgin Site) was acquired in April 2005. Approximately built-out. The vacant portion of the office building may be leased to third parties; however, there can be no assurance that we will be able to lease the unoccupied space. Further capital expenditures will likely be necessary to fully lease the remaining space. |
* | $100 invested on |
Plan Category | (a) Number of securities to be issued upon exercise of options, warrants and rights | (b) Weighted average exercise price of outstanding options, warrants and rights | (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in Column (a)) | |||||||||
Equity compensation plans approved by stockholders — stock options | — | — | 719,269 | |||||||||
Equity compensation plans approved by stockholders — restricted stock units | 166,879 | — | 719,269 | |||||||||
Equity compensation plans not approved by stockholders | — | — | — |
Plan Category | (a) Number of securities to be issued upon exercise of options, warrants and rights | (b) Weighted average exercise price of outstanding options, warrants and rights | (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in Column (a)) | |||||||||
Equity compensation plans approved by stockholders — stock options | — | — | 645,841 | |||||||||
Equity compensation plans approved by stockholders — restricted stock units | 159,846 | — | 645,841 | |||||||||
Equity compensation plans not approved by stockholders | — | — | — |
Year Ended | ||||||||||||||||||||
June 25, 2020 | June 27, 2019 | June 28, 2018 | June 29, 2017 | June 30, 2016 | ||||||||||||||||
Net sales | $ | 880,092 | $ | 876,201 | $ | 888,931 | $ | 846,635 | $ | 952,059 | ||||||||||
Cost of sales | 704,317 | 717,931 | 750,032 | 704,712 | 814,591 | |||||||||||||||
Gross profit | 175,775 | 158,270 | 138,899 | 141,923 | 137,468 | |||||||||||||||
Selling and administrative expenses | 97,228 | 99,746 | 82,710 | 81,446 | 84,306 | |||||||||||||||
Income from operations | 78,547 | 58,524 | 56,189 | 60,477 | 53,162 | |||||||||||||||
Interest expense | 2,005 | 3,060 | 3,463 | 2,910 | 3,492 | |||||||||||||||
Rental and miscellaneous expense, net | 1,565 | 1,089 | 1,406 | 1,296 | 1,358 | |||||||||||||||
Other expense | 2,266 | 1,947 | 1,970 | 2,133 | 1,850 | |||||||||||||||
Income before income taxes | 72,711 | 52,428 | 49,350 | 54,138 | 46,462 | |||||||||||||||
Income tax expense | 18,601 | 12,962 | 16,850 | 18,013 | 16,067 | |||||||||||||||
Net income | $ | 54,110 | $ | 39,466 | $ | 32,500 | $ | 36,125 | $ | 30,395 | ||||||||||
Basic earnings per common share | $ | 4.72 | $ | 3.45 | $ | 2.86 | $ | 3.19 | $ | 2.71 | ||||||||||
Diluted earnings per common share | $ | 4.69 | $ | 3.43 | $ | 2.84 | $ | 3.17 | $ | 2.68 | ||||||||||
Cash dividends declared per share | $ | 6.00 | $ | 2.55 | $ | 2.50 | $ | 5.00 | $ | 2.00 |
Year Ended | ||||||||||||||||||||
June 24, 2021 | June 25, 2020 | June 27, 2019 | June 28, 2018 | June 29, 2017 | ||||||||||||||||
Net sales | $ | 858,482 | $ | 880,092 | $ | 876,201 | $ | 888,931 | $ | 846,635 | ||||||||||
Cost of sales | 673,495 | 704,317 | 717,931 | 750,032 | 704,712 | |||||||||||||||
Gross profit | 184,987 | 175,775 | 158,270 | 138,899 | 141,923 | |||||||||||||||
Selling and administrative expenses | 99,809 | 97,228 | 99,746 | 82,710 | 81,446 | |||||||||||||||
Income from operations | 85,178 | 78,547 | 58,524 | 56,189 | 60,477 | |||||||||||||||
Interest expense | 1,441 | 2,005 | 3,060 | 3,463 | 2,910 | |||||||||||||||
Rental and miscellaneous expense, net | 1,399 | 1,565 | 1,089 | 1,406 | 1,296 | |||||||||||||||
Other expense | 2,519 | 2,266 | 1,947 | 1,970 | 2,133 | |||||||||||||||
Income before income taxes | 79,819 | 72,711 | 52,428 | 49,350 | 54,138 | |||||||||||||||
Income tax expense | 20,078 | 18,601 | 12,962 | 16,850 | 18,013 | |||||||||||||||
Net income | $ | 59,741 | $ | 54,110 | $ | 39,466 | $ | 32,500 | $ | 36,125 | ||||||||||
Basic earnings per common share | $ | 5.19 | $ | 4.72 | $ | 3.45 | $ | 2.86 | $ | 3.19 | ||||||||||
Diluted earnings per common share | $ | 5.17 | $ | 4.69 | $ | 3.43 | $ | 2.84 | $ | 3.17 | ||||||||||
Cash dividends declared per share | $ | 5.00 | $ | 6.00 | $ | 2.55 | $ | 2.50 | $ | 5.00 |
June 25, 2020 | June 27, 2019 | June 28, 2018 | June 29, 2017 | June 30, 2016 | ||||||||||||||||
Working capital | $ | 126,703 | $ | 141,434 | $ | 130,689 | $ | 143,504 | $ | 158,979 | ||||||||||
Total assets | 407,457 | 391,304 | 415,853 | 398,059 | 391,162 | |||||||||||||||
Long-term debt, less current maturities | 14,730 | 20,381 | 27,356 | 25,211 | 28,704 | |||||||||||||||
Total debt | 47,023 | 27,719 | 65,803 | 58,085 | 44,130 | |||||||||||||||
Stockholders’ equity | 238,238 | 254,555 | 243,002 | 235,468 | 251,193 |
June 24, 2021 | June 25, 2020 | June 27, 2019 | June 28, 2018 | June 29, 2017 | ||||||||||||||||
Working capital | $ | 124,963 | $ | 126,703 | $ | 141,434 | $ | 130,689 | $ | 143,504 | ||||||||||
Total assets | 398,455 | 407,457 | 391,304 | 415,853 | 398,059 | |||||||||||||||
Long-term debt, less current maturities | 10,855 | 14,730 | 20,381 | 27,356 | 25,211 | |||||||||||||||
Total debt | 23,383 | 47,023 | 27,719 | 65,803 | 58,085 | |||||||||||||||
Stockholders’ equity | 242,494 | 238,238 | 254,555 | 243,002 | 235,468 |
Percentage of Net Sales | Percentage Change | |||||||||||||||||||
Fiscal 2020 | Fiscal 2019 | Fiscal 2018 | Fiscal 2020 vs. 2019 | Fiscal 2019 vs. 2018 | ||||||||||||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 0.4 | % | (1.4 | )% | ||||||||||
Gross profit | 20.0 | 18.1 | 15.6 | 11.1 | 13.9 | |||||||||||||||
Selling expenses | 6.7 | 7.1 | 6.0 | (4.0 | ) | 16.7 | ||||||||||||||
Administrative expenses | 4.3 | 4.3 | 3.3 | (0.2 | ) | 27.5 |
Percentage of Net Sales | Percentage Change | |||||||||||||||||||
Fiscal 2021 | Fiscal 2020 | Fiscal 2019 | Fiscal 2021 vs. 2020 | Fiscal 2020 vs. 2019 | ||||||||||||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | (2.5 | )% | 0.4 | % | ||||||||||
Gross profit | 21.5 | 20.0 | 18.1 | 5.2 | 11.1 | |||||||||||||||
Selling expenses | 7.3 | 6.7 | 7.1 | 6.3 | (4.0 | ) | ||||||||||||||
Administrative expenses | 4.3 | 4.3 | 4.3 | (3.0 | ) | (0.2 | ) |
Product Type | Fiscal 2020 | Fiscal 2019 | ||||||
Peanuts | 18.2 | % | 18.0 | % | ||||
Pecans | 10.3 | 12.9 | ||||||
Cashews & Mixed Nuts | 23.2 | 23.0 | ||||||
Walnuts | 7.2 | 8.9 | ||||||
Almonds | 14.7 | 14.4 | ||||||
Trail & Snack Mixes | 21.1 | 17.3 | ||||||
Other | 5.3 | 5.5 | ||||||
Total | 100.0 | % | 100.0 | % | ||||
Product Type | Fiscal 2021 | Fiscal 2020 | ||||||
Peanuts | 19.3 | % | 18.2 | % | ||||
Pecans | 10.0 | 10.3 | ||||||
Cashews & Mixed Nuts | 23.3 | 23.2 | ||||||
Walnuts | 6.2 | 7.2 | ||||||
Almonds | 10.8 | 14.7 | ||||||
Trail & Snack Mixes | 24.7 | 21.1 | ||||||
Other | 5.7 | 5.3 | ||||||
Total | 100.0 | % | 100.0 | % | ||||
Distribution Channel | Fiscal 2020 | Fiscal 2020 Percent of Total | Fiscal 2019 | Fiscal 2019 Percent of Total | $ Change | Fiscal 2020 to Fiscal 2019 Percent Change | ||||||||||||||||||
Consumer (1) | $ | 673,989 | 76.6 | % | $ | 624,585 | 71.3 | % | $ | 49,404 | 7.9 | % | ||||||||||||
Commercial Ingredients | 118,464 | 13.5 | 141,099 | 16.1 | (22,635 | ) | (16.0 | ) | ||||||||||||||||
Contract Packaging | 87,639 | 9.9 | 110,517 | 12.6 | (22,878 | ) | (20.7 | ) | ||||||||||||||||
Total | $ | 880,092 | 100.0 | % | $ | 876,201 | 100.0 | % | $ | 3,891 | 0.4 | % | ||||||||||||
Distribution Channel | Fiscal 2021 | Fiscal 2021 Percent of Total | Fiscal 2020 | Fiscal 2020 Percent of Total | $ Change | Fiscal 2021 to Fiscal 2020 Percent Change | ||||||||||||||||||
Consumer (1 ) | $ | 686,049 | 79.9 | % | $ | 673,989 | 76.6 | % | $ | 12,060 | 1.8 | % | ||||||||||||
Commercial Ingredients | 92,911 | 10.8 | 118,464 | 13.5 | (25,553 | ) | (21.6 | ) | ||||||||||||||||
Contract Packaging | 79,522 | 9.3 | 87,639 | 9.9 | (8,117 | ) | (9.3 | ) | ||||||||||||||||
Total | $ | 858,482 | 100.0 | % | $ | 880,092 | 100.0 | % | $ | (21,610 | ) | (2.5 | )% | |||||||||||
(1) | Sales of branded products were approximately Fisher Orchard Valley Harvest |
June 25, 2020 | June 27, 2019 | 2020 to 2019 $ Change | ||||||||||
Operating activities | $ | 63,613 | $ | 83,459 | $ | (19,846 | ) | |||||
Investing activities | (14,049 | ) | (14,614 | ) | 565 | |||||||
Financing activities | (49,620 | ) | (68,703 | ) | 19,083 | |||||||
Total change in cash | $ | (56 | ) | $ | 142 | $ | (198 | ) | ||||
June 24, 2021 | June 25, 2020 | 2021 to 2020 $ Change | ||||||||||
Operating activities | $ | 104,697 | $ | 63,613 | $ | 41,084 | ||||||
Investing activities | (22,950 | ) | (14,049 | ) | (8,901 | ) | ||||||
Financing activities | (82,610 | ) | (49,620 | ) | (32,990 | ) | ||||||
Total change in cash | $ | (863 | ) | $ | (56 | ) | $ | (807 | ) | |||
Total | Less Than 1 Year | 1-3 Years | 3-5 Years | More Than 5 Years | ||||||||||||||||
Long-term debt obligations (1) | $ | 24,882 | $ | 6,304 | $ | 8,508 | $ | 2,477 | $ | 7,593 | ||||||||||
Minimum operating lease commitments | 4,688 | 1,534 | 2,493 | 659 | 2 | |||||||||||||||
Revolving credit facility borrowings | 27,008 | 27,008 | — | — | — | |||||||||||||||
Purchase obligations (2) | 216,334 | 216,334 | — | — | — | |||||||||||||||
Retirement plans (3) | 32,383 | 729 | 1,543 | 1,907 | 28,204 | |||||||||||||||
Other | 188 | 91 | 92 | 5 | — | |||||||||||||||
Total contractual cash obligations | $ | 305,483 | $ | 252,000 | $ | 12,636 | $ | 5,048 | $ | 35,799 | ||||||||||
Total | Less Than 1 Year | 1-3 Years | 3-5 Years | More Than 5 Years | ||||||||||||||||
Long-term debt obligations (1) | $ | 19,831 | $ | 4,793 | $ | 5,312 | $ | 2,727 | $ | 6,999 | ||||||||||
Minimum operating lease commitments | 3,739 | 1,545 | 1,865 | 325 | 4 | |||||||||||||||
Revolving credit facility borrowings | 8,653 | 8,653 | — | — | — | |||||||||||||||
Purchase obligations (2) | 240,492 | 240,492 | — | — | — | |||||||||||||||
Retirement plans (3) | 35,628 | 709 | 1,465 | 2,775 | 30,679 | |||||||||||||||
Other | 284 | 94 | 98 | 52 | 40 | |||||||||||||||
Total contractual cash obligations | $ | 308,627 | $ | 256,286 | $ | 8,740 | $ | 5,879 | $ | 37,722 | ||||||||||
(1) | See Note 7 — “Long-Term Debt” of the Notes to Consolidated Financial Statements for further detail on the Company’s long-term debt obligations. |
(2) | The purchase obligations primarily represent inventory purchase commitments; however, these amounts exclude purchase commitments under walnut purchase agreements due to the uncertainty of pricing and quantity. |
(3) | Represents projected retirement obligations. See Note 13 — “Employee Benefit Plans” and Note 14 — “Retirement Plan” of the Notes to Consolidated Financial Statements for further details. |
/s/ PricewaterhouseCoopers LLP |
June 25, 2020 | June 27, 2019 | June 24, 2021 | June 25, 2020 | |||||||||||||
ASSETS | ||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||
Cash | $ | 1,535 | $ | 1,591 | $ | 672 | $ | 1,535 | ||||||||
Accounts receivable, less allowance for doubtful accounts of $391 and $350, respectively | 56,953 | 60,971 | ||||||||||||||
Accounts receivable, less allowance for doubtful accounts of $291 and $391, respectively | 66,334 | 56,953 | ||||||||||||||
Inventories | 172,068 | 157,024 | 147,998 | 172,068 | ||||||||||||
Prepaid expenses and other current assets | 8,315 | 5,754 | 8,568 | 8,315 | ||||||||||||
Assets held for sale | 1,595 | — | ||||||||||||||
TOTAL CURRENT ASSETS | 238,871 | 225,340 | 225,167 | 238,871 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT: | ||||||||||||||||
Land | 9,285 | 9,285 | 9,150 | 9,285 | ||||||||||||
Buildings | 110,294 | 109,955 | 102,666 | 110,294 | ||||||||||||
Machinery and equipment | 218,021 | 210,962 | 225,529 | 218,021 | ||||||||||||
Furniture and leasehold improvements | 5,179 | 5,128 | 5,287 | 5,179 | ||||||||||||
Vehicles | 682 | 673 | 614 | 682 | ||||||||||||
Construction in progress | 2,244 | 1,127 | 12,301 | 2,244 | ||||||||||||
345,705 | 337,130 | 355,547 | 345,705 | |||||||||||||
Less: Accumulated depreciation | 239,013 | 228,778 | 238,471 | 239,013 | ||||||||||||
106,692 | 108,352 | 117,076 | 106,692 | |||||||||||||
Rental investment property, less accumulated depreciation of $12,018 and $11,212, respectively | 17,105 | 17,831 | ||||||||||||||
Rental investment property, less accumulated depreciation of $12,825 and $12,018, respectively | 16,298 | 17,105 | ||||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 123,797 | 126,183 | 133,374 | 123,797 | ||||||||||||
OTHER LONG TERM ASSETS: | ||||||||||||||||
Intangible assets, net | 12,125 | 14,626 | 9,961 | 12,125 | ||||||||||||
Cash surrender value of officers’ life insurance and other assets | 11,875 | 9,782 | 10,732 | 11,875 | ||||||||||||
Deferred income taxes | 6,788 | 5,723 | 6,087 | 6,788 | ||||||||||||
Goodwill | 9,650 | 9,650 | 9,650 | 9,650 | ||||||||||||
Operating lease right-of-use | 4,351 | — | 3,484 | 4,351 | ||||||||||||
TOTAL ASSETS | $ | 407,457 | $ | 391,304 | $ | 398,455 | $ | 407,457 | ||||||||
June 25, 2020 | June 27, 2019 | |||||||
LIABILITIES & STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Revolving credit facility borrowings | $ | 27,008 | $ | — | ||||
Current maturities of long-term debt, including related party debt of $585 and $4,375, respectively and net of unamortized debt issuance costs of $25 and $35, respectively | 5,285 | 7,338 | ||||||
Accounts payable | 36,323 | 42,552 | ||||||
Bank overdraft | 2,041 | 901 | ||||||
Accrued payroll and related benefits | 25,641 | 22,101 | ||||||
Other accrued expenses | 15,870 | 11,014 | ||||||
TOTAL CURRENT LIABILITIES | 112,168 | 83,906 | ||||||
LONG-TERM LIABILITIES: | ||||||||
Long-term debt, less current maturities, including related party debt of $8,947 and $11,495, respectively and net of unamortized debt issuance costs of $19 and $44, respectively | 14,730 | 20,381 | ||||||
Retirement plan | 31,573 | 24,737 | ||||||
Long-term operating lease liabilities, net of current portion | 2,990 | — | ||||||
Other | 7,758 | 7,725 | ||||||
TOTAL LONG-TERM LIABILITIES | 57,051 | 52,843 | ||||||
TOTAL LIABILITIES | 169,219 | 136,749 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
STOCKHOLDERS’ EQUITY: | ||||||||
Class A Common Stock, convertible to Common Stock on a per share basis, cumulative voting rights of ten votes per share, $.01 par value; 10,000,000 shares authorized, 2,597,426 shares issued and outstanding | 26 | 26 | ||||||
Common Stock, non-cumulative voting rights of one vote per share, $.01 par value; 17,000,000 shares authorized, 8,939,890 and 8,909,406 shares issued, respectively | 89 | 89 | ||||||
Capital in excess of par value | 123,899 | 122,257 | ||||||
Retained earnings | 124,058 | 137,712 | ||||||
Accumulated other comprehensive loss | (8,630 | ) | (4,325 | ) | ||||
Treasury stock, at cost; 117,900 shares of Common Stock | (1,204 | ) | (1,204 | ) | ||||
TOTAL STOCKHOLDERS’ EQUITY | 238,238 | 254,555 | ||||||
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY | $ | 407,457 | $ | 391,304 | ||||
June 24, 2021 | June 25, 2020 | |||||||
LIABILITIES & STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Revolving credit facility borrowings | $ | 8,653 | $ | 27,008 | ||||
Current maturities of long-term debt, including related party debt of $627 and $585, respectively and net of unamortized debt issuance costs of $15 and $25, respectively | 3,875 | 5,285 | ||||||
Accounts payable | 48,861 | 36,323 | ||||||
Bank overdraft | 1,093 | 2,041 | ||||||
Accrued payroll and related benefits | 24,109 | 25,641 | ||||||
Other accrued expenses | 13,613 | 15,870 | ||||||
TOTAL CURRENT LIABILITIES | 100,204 | 112,168 | ||||||
LONG-TERM LIABILITIES: | ||||||||
Long-term debt, less current maturities, including related party debt of $8,320 and $8,947, respectively and net of unamortized debt issuance costs of $4 and $19, respectively | 10,855 | 14,730 | ||||||
Retirement plan | 34,919 | 31,573 | ||||||
Long-term operating lease liabilities, net of current portion | 2,103 | 2,990 | ||||||
Other | 7,880 | 7,758 | ||||||
TOTAL LONG-TERM LIABILITIES | 55,757 | 57,051 | ||||||
TOTAL LIABILITIES | 155,961 | 169,219 | ||||||
COMMITMENTS AND CONTINGENCIES | 0 | 0 | ||||||
STOCKHOLDERS’ EQUITY: | ||||||||
Class A Common Stock, convertible to Common Stock on a per share basis, cumulative voting rights of ten votes per share, $ .01 p ar value;10,000,000 2,597,426 | 26 | 26 | ||||||
Common Stock, non-cumulative voting rights of one vote per share, $.01 par value; 17,000,000 shares authorized,8,988,812 and8,939,890 shares issued, respectively | 90 | 89 | ||||||
Capital in excess of par value | 126,271 | 123,899 | ||||||
Retained earnings | 126,336 | 124,058 | ||||||
Accumulated other comprehensive loss | (9,025 | ) | (8,630 | ) | ||||
Treasury stock, at cost; 117,900 shares of Common Stock | (1,204 | ) | (1,204 | ) | ||||
TOTAL STOCKHOLDERS’ EQUITY | 242,494 | 238,238 | ||||||
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY | $ | 398,455 | $ | 407,457 | ||||
Year Ended June 25, 2020 | Year Ended June 27, 2019 | Year Ended June 28, 2018 | ||||||||||
Net sales | $ | 880,092 | $ | 876,201 | $ | 888,931 | ||||||
Cost of sales | 704,317 | 717,931 | 750,032 | |||||||||
Gross profit | 175,775 | 158,270 | 138,899 | |||||||||
Operating expenses: | ||||||||||||
Selling expenses | 59,312 | 61,756 | 52,922 | |||||||||
Administrative expenses | 37,916 | 37,990 | 29,788 | |||||||||
Total operating expenses | 97,228 | 99,746 | 82,710 | |||||||||
Income from operations | 78,547 | 58,524 | 56,189 | |||||||||
Other expense: | ||||||||||||
Interest expense including $821, $1,143 and $1,103 to related parties, respectively | 2,005 | 3,060 | 3,463 | |||||||||
Rental and miscellaneous expense, net | 1,565 | 1,089 | 1,406 | |||||||||
Other expense | 2,266 | 1,947 | 1,970 | |||||||||
Total other expense, net | 5,836 | 6,096 | 6,839 | |||||||||
Income before income taxes | 72,711 | 52,428 | 49,350 | |||||||||
Income tax expense | 18,601 | 12,962 | 16,850 | |||||||||
Net income | 54,110 | 39,466 | 32,500 | |||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||
Amortization of prior service cost and actuarial loss included in net periodic pension cost | 1,016 | 778 | 839 | |||||||||
Net actuarial (loss) gain arising during the period | (4,345 | ) | (1,922 | ) | 384 | |||||||
Other comprehensive (loss) income, net of tax | (3,329 | ) | (1,144 | ) | 1,223 | |||||||
Comprehensive income | $ | 50,781 | $ | 38,322 | $ | 33,723 | ||||||
Net income per common share | $ | 4.72 | $ | 3.45 | $ | 2.86 | ||||||
Net income per common share — diluted | $ | 4.69 | $ | 3.43 | $ | 2.84 | ||||||
Cash dividends declared per share | $ | 6.00 | $ | 2.55 | $ | 2.50 | ||||||
Weighted average shares outstanding — basic | 11,463,968 | 11,430,174 | 11,383,080 | |||||||||
Weighted average shares outstanding — diluted | 11,536,791 | 11,501,412 | 11,449,386 | |||||||||
Year Ended June 24, 2021 | Year Ended June 25, 2020 | Year Ended June 27, 2019 | ||||||||||
Net sales | $ | 858,482 | $ | 880,092 | $ | 876,201 | ||||||
Cost of sales | 673,495 | 704,317 | 717,931 | |||||||||
Gross profit | 184,987 | 175,775 | 158,270 | |||||||||
Operating expenses: | �� | |||||||||||
Selling expenses | 63,020 | 59,312 | 61,756 | |||||||||
Administrative expenses | 36,789 | 37,916 | 37,990 | |||||||||
Total operating expenses | 99,809 | 97,228 | 99,746 | |||||||||
Income from operations | 85,178 | 78,547 | 58,524 | |||||||||
Other expense: | ||||||||||||
Interest expense including $653, $821 and $1,143 to related parties, respectively | 1,441 | 2,005 | 3,060 | |||||||||
Rental and miscellaneous expense, net | 1,399 | 1,565 | 1,089 | |||||||||
Other expense | 2,519 | 2,266 | 1,947 | |||||||||
Total other expense, net | 5,359 | 5,836 | 6,096 | |||||||||
Income before income taxes | 79,819 | 72,711 | 52,428 | |||||||||
Income tax expense | 20,078 | 18,601 | 12,962 | |||||||||
Net income | 59,741 | 54,110 | 39,466 | |||||||||
Other comprehensive loss, net of tax: | ||||||||||||
Amortization of prior service cost and actuarial loss included in net periodic pension cost | 1,229 | 1,016 | 778 | |||||||||
Net actuarial loss arising during the period | (1,624 | ) | (4,345 | ) | (1,922 | ) | ||||||
Other comprehensive loss, net of tax | (395 | ) | (3,329 | ) | (1,144 | ) | ||||||
Comprehensive income | $ | 59,346 | $ | 50,781 | $ | 38,322 | ||||||
Net income per common share — basic | $ | 5.19 | $ | 4.72 | $ | 3.45 | ||||||
Net income per common share — diluted | $ | 5.17 | $ | 4.69 | $ | 3.43 | ||||||
Cash dividends declared per share | $ | 5.00 | $ | 6.00 | $ | 2.55 | ||||||
Weighted average shares outstanding — basic | 11,500,494 | 11,463,968 | 11,430,174 | |||||||||
Weighted average shares outstanding — diluted | 11,559,280 | 11,536,791 | 11,501,412 | |||||||||
Class A Common Stock | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Total | ||||||||||||||||||||||||||||||||
Balance, June 29, 2017 | 2,597,426 | $ | 26 | 8,801,641 | $ | 88 | $ | 117,772 | $ | 123,190 | $ | (4,404 | ) | $ | (1,204 | ) | $ | 235,468 | ||||||||||||||||||
Net income | 32,500 | 32,500 | ||||||||||||||||||||||||||||||||||
Cash dividends ($2.50 per common share) | (28,370 | ) | (28,370 | ) | ||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $280 | 839 | 839 | ||||||||||||||||||||||||||||||||||
Pension liability adjustment, net of income tax expense of $127 | 384 | 384 | ||||||||||||||||||||||||||||||||||
Equity award exercises, net of shares withheld for employee taxes | 63,834 | 1 | (616 | ) | (615 | ) | ||||||||||||||||||||||||||||||
Stock-based compensation expense | 2,796 | 2,796 | ||||||||||||||||||||||||||||||||||
Balance, June 28, 2018 | 2,597,426 | $ | 26 | 8,865,475 | $ | 89 | $ | 119,952 | $ | 127,320 | $ | (3,181 | ) | $ | (1,204 | ) | $ | 243,002 | ||||||||||||||||||
Net income | 39,466 | 39,466 | ||||||||||||||||||||||||||||||||||
Cash dividends ($2.55 per common share) | (29,074 | ) | (29,074 | ) | ||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $274 | 778 | 778 | ||||||||||||||||||||||||||||||||||
Pension liability adjustment, net of income tax benefit of $675 | (1,922 | ) | (1,922 | ) | ||||||||||||||||||||||||||||||||
Equity award exercises, net of shares withheld for employee taxes | 43,931 | — | (339 | ) | (339 | ) | ||||||||||||||||||||||||||||||
Stock-based compensation expense | 2,644 | 2,644 | ||||||||||||||||||||||||||||||||||
Balance, June 27, 2019 | 2,597,426 | $ | 26 | 8,909,406 | $ | 89 | $ | 122,257 | $ | 137,712 | $ | (4,325 | ) | $ | (1,204 | ) | $ | 254,555 | ||||||||||||||||||
Net income | 54,110 | 54,110 | ||||||||||||||||||||||||||||||||||
Cash dividends ($6.00 per common share) | (68,740 | ) | (68,740 | ) | ||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $358 | 1,016 | 1,016 | ||||||||||||||||||||||||||||||||||
Pension liability adjustment, net of income tax benefit of $1,527 | (4,345 | ) | (4,345 | ) | ||||||||||||||||||||||||||||||||
Equity award exercises, net of shares withheld for employee taxes | 30,484 | — | (830 | ) | (830 | ) | ||||||||||||||||||||||||||||||
Impact of adopting ASU 2018-02 (a) | 976 | (976 | ) | — | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 2,472 | 2,472 | ||||||||||||||||||||||||||||||||||
Balance, June 25, 2020 | 2,597,426 | $ | 26 | 8,939,890 | $ | 89 | $ | 123,899 | $ | 124,058 | $ | (8,630 | ) | $ | (1,204 | ) | $ | 238,238 | ||||||||||||||||||
Class A Common Stock | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Total | ||||||||||||||||||||||||||||||||
Balance, June 28, 2018 | 2,597,426 | $ | 26 | 8,865,475 | $ | 89 | $ | 119,952 | $ | 127,320 | $ | (3,181 | ) | $ | (1,204 | ) | $ | 243,002 | ||||||||||||||||||
Net income | 39,466 | 39,466 | ||||||||||||||||||||||||||||||||||
Cash dividends ($2.55 per common share) | (29,074 | ) | (29,074 | ) | ||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $274 | 778 | 778 | ||||||||||||||||||||||||||||||||||
Pension liability adjustment, net of income tax benefit of $675 | (1,922 | ) | (1,922 | ) | ||||||||||||||||||||||||||||||||
Equity award exercises, net of shares withheld for employee taxes | 43,931 | — | (339 | ) | (339 | ) | ||||||||||||||||||||||||||||||
Stock-based compensation expense | 2,644 | 2,644 | ||||||||||||||||||||||||||||||||||
Balance, June 27, 2019 | 2,597,426 | $ | 26 | 8,909,406 | $ | 89 | $ | 122,257 | $ | 137,712 | $ | (4,325 | ) | $ | (1,204 | ) | $ | 254,555 | ||||||||||||||||||
Net income | 54,110 | 54,110 | ||||||||||||||||||||||||||||||||||
Cash dividends ($6.00 per common share) | (68,740 | ) | (68,740 | ) | ||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $358 | 1,016 | 1,016 | ||||||||||||||||||||||||||||||||||
Pension liability adjustment, net of income tax benefit of $1,527 | (4,345 | ) | (4,345 | ) | ||||||||||||||||||||||||||||||||
Equity award exercises, net of shares withheld for employee taxes | 30,484 | — | (830 | ) | (830 | ) | ||||||||||||||||||||||||||||||
Impact of adopting ASU 2018-02 | 976 | (976 | ) | 0 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 2,472 | 2,472 | ||||||||||||||||||||||||||||||||||
Balance, June 25, 2020 | 2,597,426 | $ | 26 | 8,939,890 | $ | 89 | $ | 123,899 | $ | 124,058 | $ | (8,630 | ) | $ | (1,204 | ) | $ | 238,238 | ||||||||||||||||||
Net income | 59,741 | 59,741 | ||||||||||||||||||||||||||||||||||
Cash dividends ($5.00 per common share) | (57,463 | ) | (57,463 | ) | ||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $432 | 1,229 | 1,229 | ||||||||||||||||||||||||||||||||||
Pension liability adjustment, net of income tax benefit of $571 | (1,624 | ) | (1,624 | ) | ||||||||||||||||||||||||||||||||
Equity award exercises, net of shares withheld for employee taxes | 48,922 | 1 | (536 | ) | (535 | ) | ||||||||||||||||||||||||||||||
Stock-based compensation expense | 2,908 | 2,908 | ||||||||||||||||||||||||||||||||||
Balance, June 24, 2021 | 2,597,426 | $ | 26 | 8,988,812 | $ | 90 | $ | 126,271 | $ | 126,336 | $ | (9,025 | ) | $ | (1,204 | ) | $ | 242,494 | ||||||||||||||||||
Year Ended June 25, 2020 | Year Ended June 27, 2019 | Year Ended June 28, 2018 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income | $ | 54,110 | $ | 39,466 | $ | 32,500 | ||||||
Depreciation and amortization | 17,934 | 17,045 | 15,430 | |||||||||
(Gain) loss on disposition of properties, net | (844 | ) | (164 | ) | 480 | |||||||
Deferred income tax expense (benefit) | 104 | (298 | ) | 3,664 | ||||||||
Stock-based compensation expense | 2,472 | 2,644 | 2,796 | |||||||||
Change in assets and liabilities, net of Acquisition: | ||||||||||||
Accounts receivable, net | 4,015 | 4,447 | 1,751 | |||||||||
Inventories | (15,044 | ) | 17,338 | 10,015 | ||||||||
Prepaid expenses and other current assets | (2,668 | ) | (470 | ) | (1,074 | ) | ||||||
Accounts payable | (6,721 | ) | (16,958 | ) | 8,876 | |||||||
Accrued expenses | 2,898 | 15,784 | (8,598 | ) | ||||||||
Income taxes receivable/payable | 4,154 | 2,348 | (2,659 | ) | ||||||||
Other long-term liabilities | (887 | ) | 711 | 501 | ||||||||
Other long-term assets | 1,749 | (404 | ) | 375 | ||||||||
Other, net | 2,341 | 1,970 | 2,097 | |||||||||
Net cash provided by operating activities | 63,613 | 83,459 | 66,154 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Purchases of property, plant and equipment | (15,022 | ) | (15,075 | ) | (13,229 | ) | ||||||
Acquisition of Squirrel Brand L.P. | — | — | (21,727 | ) | ||||||||
Proceeds from insurance recoveries | 1,109 | 429 | — | |||||||||
Other, net | (136 | ) | 32 | (12 | ) | |||||||
Net cash used in investing activities | (14,049 | ) | (14,614 | ) | (34,968 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Net short-term borrowings (repayments) | 27,008 | (31,278 | ) | 1,822 | ||||||||
Debt issue costs | (459 | ) | — | — | ||||||||
Principal payments on long-term debt | (7,739 | ) | (6,851 | ) | (5,659 | ) | ||||||
Increase (decrease) in bank overdraft | 1,140 | (1,161 | ) | 1,130 | ||||||||
Dividends paid | (68,740 | ) | (29,074 | ) | (28,370 | ) | ||||||
Proceeds from the exercise of stock options | 4 | — | 16 | |||||||||
Taxes paid related to net share settlement of equity awards | (834 | ) | (339 | ) | (631 | ) | ||||||
Net cash used in financing activities | (49,620 | ) | (68,703 | ) | (31,692 | ) | ||||||
NET (DECREASE) INCREASE IN CASH | (56 | ) | 142 | (506 | ) | |||||||
Cash, beginning of period | 1,591 | 1,449 | 1,955 | |||||||||
Cash, end of period | $ | 1,535 | $ | 1,591 | $ | 1,449 | ||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Interest paid | $ | 1,954 | $ | 2,872 | $ | 3,357 | ||||||
Income taxes paid, excluding refunds of $18, $16, and $40, respectively | 14,415 | 10,883 | 15,846 | |||||||||
Supplemental disclosure of non-cash activities: | ||||||||||||
Acquisition of Squirrel Brand L.P. through note payable, see Note 7 | $ | — | $ | — | $ | 11,500 | ||||||
Right-of-use No. 2016-02 transition, see Note 3 | 5,361 | — | — |
Year Ended June 24, 2021 | Year Ended June 25, 2020 | Year Ended June 29, 2019 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income | $ | 59,741 | $ | 54,110 | $ | 39,466 | ||||||
Depreciation and amortization | 18,308 | 17,934 | 17,045 | |||||||||
Gain on disposition of properties, net | (2,717 | ) | (844 | ) | (164 | ) | ||||||
Deferred income tax expense (benefit) | 840 | 104 | (298 | ) | ||||||||
Stock-based compensation expense | 2,908 | 2,472 | 2,644 | |||||||||
Change in assets and liabilities: | ||||||||||||
Accounts receivable, net | (9,391 | ) | 4,015 | 4,447 | ||||||||
Inventories | 24,070 | (15,044 | ) | 17,338 | ||||||||
Prepaid expenses and other current assets | (253 | ) | (2,668 | ) | (470 | ) | ||||||
Accounts payable | 11,442 | (6,721 | ) | (16,958 | ) | |||||||
Accrued expenses | (1,487 | ) | 2,898 | 15,784 | ||||||||
Income taxes receivable/payable | (2,302 | ) | 4,154 | 2,348 | ||||||||
Other long-term liabilities | (765 | ) | (887 | ) | 711 | |||||||
Other long-term assets | 1,481 | 1,749 | (404 | ) | ||||||||
Other, net | 2,822 | 2,341 | 1,970 | |||||||||
Net cash provided by operating activities | 104,697 | 63,613 | 83,459 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Purchases of property, plant and equipment | (25,176 | ) | (15,022 | ) | (15,075 | ) | ||||||
Proceeds from insurance recoveries | 2,506 | 1,109 | 429 | |||||||||
Other, net | (280 | ) | (136 | ) | 32 | |||||||
Net cash used in investing activities | (22,950 | ) | (14,049 | ) | (14,614 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Net short-term (repayments) borrowings | (18,355 | ) | 27,008 | (31,278 | ) | |||||||
Debt issue costs | — | (459 | ) | — | ||||||||
Principal payments on long-term debt | (5,309 | ) | (7,739 | ) | (6,851 | ) | ||||||
(Decrease) increase in bank overdraft | (948 | ) | 1,140 | (1,161 | ) | |||||||
Dividends paid | (57,463 | ) | (68,740 | ) | (29,074 | ) | ||||||
Proceeds from the exercise of stock options | — | 4 | — | |||||||||
Taxes paid related to net share settlement of equity awards | (535 | ) | (834 | ) | (339 | ) | ||||||
Net cash used in financing activities | (82,610 | ) | (49,620 | ) | (68,703 | ) | ||||||
NET (DECREASE) INCREASE IN CASH | (863 | ) | (56 | ) | 142 | |||||||
Cash, beginning of period | 1,535 | 1,591 | 1,449 | |||||||||
Cash, end of period | $ | 672 | $ | 1,535 | $ | 1,591 | ||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Interest paid | $ | 1,319 | $ | 1,954 | $ | 2,872 | ||||||
Income taxes paid, excluding refunds of $545, $18, and $16, respectively | 21,967 | 14,415 | 10,883 | |||||||||
Supplemental disclosure of non-cash activities: | ||||||||||||
Right-of-use No. 2016-02 transition | — | 5,361 | — |
Year Ended June 25, 2020 | Year Ended June 27, 2019 | Year Ended June 28, 2018 | ||||||||||
Depreciation expense | $ | 15,433 | $ | 14,017 | $ | 13,414 | ||||||
Year Ended June 24, 2021 | Year Ended June 25, 2020 | Year Ended June 27, 2019 | ||||||||||
Depreciation expense | $ | 16,144 | $ | 15,433 | $ | 14,017 | ||||||
Classification | Estimated Useful Lives | |||
Buildings | 10to 40years | |||
Machinery and equipment | 5to 10years | |||
Furniture and leasehold improvements | 5to 10years | |||
Vehicles | 3to 5years | |||
Computers and software | 3to 10years |
Level 1- |
Level 2- | quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. |
Level 3- |
June 25, 2020 | June 27, 2019 | |||||||
Carrying value of long-term debt: | $ | 20,059 | $ | 27,798 | ||||
Fair value of long-term debt: | 20,186 | 27,720 |
June 24, 2021 | June 25, 2020 | |||||||
Carrying value of long-term debt: | $ | 14,749 | $ | 20,059 | ||||
Fair value of long-term debt: | 16,210 | 20,186 |
Year ended June 25, 2020 | Year ended June 27, 2019 | Year ended June 28, 2018 | ||||||||||
Marketing and advertising expense | $ | 8,997 | $ | 11,936 | $ | 11,290 | ||||||
Year ended June 24, 2021 | Year ended June 25, 2020 | Year ended June 27, 2019 | ||||||||||
Marketing and advertising expense | $ | 9,172 | $ | 8,997 | $ | 11,936 | ||||||
Year ended June 25, 2020 | Year ended June 27, 2019 | Year ended June 28, 2018 | ||||||||||
Shipping and handling costs | $ | 21,613 | $ | 23,086 | $ | 20,418 | ||||||
Year ended June 24, 2021 | Year ended June 25, 2020 | Year ended June 27, 2019 | ||||||||||
Shipping and handling costs | $ | 26,456 | $ | 21,613 | $ | 23,086 | ||||||
Year ended June 25, 2020 | Year ended June 27, 2019 | Year ended June 28, 2018 | ||||||||||
Research and development expense | $ | 999 | $ | 892 | $ | 701 | ||||||
Year ended June 24, 2021 | Year ended June 25, 2020 | Year ended June 27, 2019 | ||||||||||
Research and development expense | $ | 2,000 | $ | 999 | $ | 892 | ||||||
Year ended June 25, 2020 | Year ended June 27, 2019 | Year ended June 28, 2018 | ||||||||||
Weighted average number of shares outstanding — basic | 11,463,968 | 11,430,174 | 11,383,080 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options and restricted stock units | 72,823 | 71,238 | 66,306 | |||||||||
Weighted average number of shares outstanding — diluted | 11,536,791 | 11,501,412 | 11,449,386 | |||||||||
Year ended June 24, 2021 | Year ended June 25, 2020 | Year ended June 27, 2019 | ||||||||||
Weighted average number of shares outstanding — basic | 11,500,494 | 11,463,968 | 11,430,174 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options and restricted stock units | 58,786 | 72,823 | 71,238 | |||||||||
Weighted average number of shares outstanding — diluted | 11,559,280 | 11,536,791 | 11,501,412 | |||||||||
Year ended June 25, 2020 | Year ended June 27, 2019 | Year ended June 28, 2018 | ||||||||||
Weighted average number of anti-dilutive shares: | 7,010 | — | — | |||||||||
Weighted average exercise price per share: | $ | 90.26 | $ | — | $ | — |
Year ended June 24, 2021 | Year ended June 25, 2020 | Year ended June 27, 2019 | ||||||||||
Weighted average number of anti-dilutive shares: | 0 | 7,010 | 0 | |||||||||
Weighted average exercise price per share: | $ | 0 | $ | 90.26 | $ | 0 |
branded products under our own proprietary brands to retailers on a national basis; |
For the Year Ended | ||||||||
Distribution Channel | June 25, 2020 | June 27, 2019 | ||||||
Consumer | $ | 673,989 | $ | 624,585 | ||||
Commercial Ingredients | 118,464 | 141,099 | ||||||
Contract Packaging | 87,639 | 110,517 | ||||||
Total | $ | 880,092 | $ | 876,201 | ||||
For the Year Ended | ||||||||
Distribution Channel | June 24, 2021 | June 25, 2020 | ||||||
Consumer | $ | 686,049 | $ | 673,989 | ||||
Commercial Ingredients | 92,911 | 118,464 | ||||||
Contract Packaging | 79,522 | 87,639 | ||||||
Total | $ | 858,482 | $ | 880,092 | ||||
June 25, 2020 | Affected Line Item in Consolidated Balance Sheet | June 24, 2021 | June 25, 2020 | Affected Line Item in Consolidated Balance Sheet | ||||||||||||
Assets | ||||||||||||||||
Operating lease right-of-use | $ | 4,351 | Operating lease right-of-use | $ | 3,484 | $ | 4,351 | Operating lease right-of-use | ||||||||
Total lease right-of-use | $ | 4,351 | $ | 3,484 | $ | 4,351 | ||||||||||
Liabilities | ||||||||||||||||
Current: | ||||||||||||||||
Operating leases | $ | 1,376 | Other accrued expenses | $ | 1,430 | $ | 1,376 | Other accrued expenses | ||||||||
Noncurrent: | ||||||||||||||||
Operating leases | 2,990 | Long-term operating lease liabilities | 2,103 | 2,990 | Long-term operating lease liabilities | |||||||||||
Total lease liabilities | $ | 4,366 | $ | 3,533 | $ | 4,366 | ||||||||||
For the Year Ended June 25, 2020 | ||||
Operating lease costs (a) | $ | 1,701 | ||
Variable lease costs (b) | 63 | |||
Total Lease Cost | $ | 1,764 | ||
For the Year Ended June 24, 2021 | For the Year Ended June 25, 2020 | |||||||
Operating lease costs (a) | $ | 1,841 | $ | 1,701 | ||||
Variable lease costs (b) | 71 | 63 | ||||||
Total Lease Cost | $ | 1,912 | $ | 1,764 | ||||
(a) | Includes short-term leases which are immaterial. |
(b) | Variable lease costs consist of sales tax. |
For the Year Ended June 25, 2020 | ||||
Operating cash flows information: | ||||
Cash paid for amounts included in measurements for lease liabilities | $ | 1,545 | ||
Non-cash activity: | ||||
Right-of-use | $ | 393 |
For the Year Ended June 24, 2021 | For the Year Ended June 25, 2020 | |||||||
Operating cash flows information: | ||||||||
Cash paid for amounts included in measurements for lease liabilities | $ | 1,562 | $ | 1,545 | ||||
Non-cash activity: | ||||||||
Right-of-use | $ | 574 | $ | 393 |
June 24, 2021 | June 25, 2020 | |||||||
Weighted Average Remaining Lease Term (in years) | 2.8 | 3.4 | ||||||
Weighted Average Discount Rate | 4.3 | % | 4.4 | % |
Fiscal year ending | ||||
June 24, 2021 | $ | 1,534 | ||
June 30, 2022 | 1,373 | |||
June 29, 2023 | 1,120 | |||
June 27, 2024 | 507 | |||
June 26, 2025 | 152 | |||
Thereafter | 2 | |||
Total lease payments | 4,688 | |||
Less imputed interest | (322 | ) | ||
Present value of operating lease liabilities | $ | 4,366 | ||
Fiscal year ending | ||||
June 25, 2020 | $ | 1,715 | ||
June 24, 2021 | 1,540 | |||
June 30, 2022 | 1,392 | |||
June 29, 2023 | 1,109 | |||
June 27, 2024 | 464 | |||
Thereafter | 133 | |||
$ | 6,353 | |||
Fiscal year ending | ||||
June 30, 2022 | $ | 1,545 | ||
June 29, 2023 | 1,254 | |||
June 27, 2024 | 611 | |||
June 26, 2025 | 248 | |||
June 25, 2026 | 77 | |||
Thereafter | 4 | |||
Total lease payments | 3,739 | |||
Less imputed interest | (206 | ) | ||
Present value of operating lease liabilities | $ | 3,533 | ||
For the Year Ended June 25, 2020 | ||||
Lease income related to lease payments | $ | 1,967 |
For the Year Ended June 24, 2021 | For the Year Ended June 25, 2020 | |||||||
Lease income related to lease payments | $ | 1,827 | $ | 1,967 |
Fiscal year ending | ||||
June 24, 2021 | $ | 1,948 | ||
June 30, 2022 | 1,707 | |||
June 29, 2023 | 1,737 | |||
June 27, 2024 | 1,766 | |||
June 26, 2025 | 1,228 | |||
Thereafter | 1,284 | |||
$ | 9,670 | |||
Fiscal year ending | ||||
June 30, 2022 | $ | 1,750 | ||
June 29, 2023 | 1,794 | |||
June 27, 2024 | 1,818 | |||
June 26, 2025 | 1,228 | |||
June 25, 2026 | 670 | |||
Thereafter | 614 | |||
$ | 7,874 | |||
June 25, 2020 | June 27, 2019 | |||||||
Raw material and supplies | $ | 69,276 | $ | 58,927 | ||||
Work-in-process | 102,792 | 98,097 | ||||||
$ | 172,068 | $ | 157,024 | |||||
June 24, 2021 | June 25, 2020 | |||||||
Raw material and supplies | $ | 64,219 | $ | 69,276 | ||||
Work-in-process | 83,779 | 102,792 | ||||||
$ | 147,998 | $ | 172,068 | |||||
June 25, 2020 | June 27, 2019 | |||||||
Customer relationships | $ | 21,100 | $ | 21,100 | ||||
Non-compete agreements | 270 | 270 | ||||||
Brand names | 16,990 | 16,990 | ||||||
Total intangible assets, gross | 38,360 | 38,360 | ||||||
Less accumulated amortization: | ||||||||
Customer relationships | (16,223 | ) | (14,466 | ) | ||||
Non-compete agreements | (139 | ) | (86 | ) | ||||
Brand names | (9,873 | ) | (9,182 | ) | ||||
Total accumulated amortization | (26,235 | ) | (23,734 | ) | ||||
Net intangible assets | $ | 12,125 | $ | 14,626 | ||||
June 24, 2021 | June 25, 2020 | |||||||
Customer relationships | $ | 21,100 | $ | 21,100 | ||||
Non-compete agreements | 270 | 270 | ||||||
Brand names | 16,990 | 16,990 | ||||||
Total intangible assets, gross | 38,360 | 38,360 | ||||||
Less accumulated amortization: | ||||||||
Customer relationships | (17,643 | ) | (16,223 | ) | ||||
Non-compete agreements | (194 | ) | (139 | ) | ||||
Brand names | (10,562 | ) | (9,873 | ) | ||||
Total accumulated amortization | (28,399 | ) | (26,235 | ) | ||||
Net intangible assets | $ | 9,961 | $ | 12,125 | ||||
Year ended June 25, 2020 | Year ended June 27, 2019 | Year ended June 28, 2018 | ||||||||||
Amortization of intangible assets | $ | 2,501 | $ | 3,028 | $ | 2,016 | ||||||
Year ended June 24, 2021 | Year ended June 25, 2020 | Year ended June 27, 2019 | ||||||||||
Amortization of intangible assets | $ | 2,164 | $ | 2,501 | $ | 3,028 | ||||||
Fiscal year ending | ||||
June 30, 2022 | 1,896 | |||
June 29, 2023 | 1,657 | |||
June 27, 2024 | 1,414 | |||
June 26, 2025 | 1,156 | |||
June 25, 2026 | 861 |
Gross goodwill balance at June 29, 2018 | $ | 18,416 | ||
Accumulated impairment losses | (8,766 | ) | ||
Net balance at June 29, 2018 | 9,650 | |||
Fiscal 2019 and 2020 activity | — | |||
Balance at June 25, 2020 | $ | 9,650 | ||
Gross goodwill balance at June 28, 2019 | $ | 18,416 | ||
Accumulated impairment losses | (8,766 | ) | ||
Net balance at June 28, 2019 | 9,650 | |||
Fiscal 2020 and 2021 activity | 0 | |||
Balance at June 24, 2021 | $ | 9,650 | ||
�� |
June 25, 2020 | June 27, 2019 | |||||||
Mortgage Facility (“Tranche A”), collateralized by real property, due in monthly installments of $230 including interest at 4.25% per annum with a final payment due March 1, 2023 | $ | 7,144 | $ | 9,542 | ||||
Mortgage Facility (“Tranche B”), collateralized by real property, due in monthly installments of $57 including interest at 4.25% per annum with a final payment due March 1, 2023 | 1,786 | 2,386 | ||||||
Squirrel Brand Seller-Financed Note | 1,597 | 5,750 | ||||||
Selma, Texas facility financing obligation to related parties, due in monthly installments of $103 through September 1, 2026 | 9,532 | 10,120 | ||||||
Unamortized debt issuance costs | (44 | ) | (79 | ) | ||||
20,015 | 27,719 | |||||||
Less: Current maturities, net of unamortized debt issuance costs | (5,285 | ) | (7,338 | ) | ||||
Total long-term debt, net of unamortized debt issuance costs | $ | 14,730 | $ | 20,381 | ||||
June 24, 2021 | June 25, 2020 | |||||||
Mortgage Facility (“Tranche A”), collateralized by real property, due in monthly installments of $230 including interest at 4.25% per annum with a final payment due March 1, 2023 | $ | 4,642 | $ | 7,144 | ||||
Mortgage Facility (“Tranche B”), collateralized by real property, due in monthly installments of $57 including interest at 4.25% per annum with a final payment due March 1, 2023 | 1,160 | 1,786 | ||||||
Squirrel Brand Seller-Financed Note (“Promissory Note”), unsecured, due in monthly principal installments of $319 plus interest at 5.5% per annum beginning in January 2018 through November 30, 2020 | 0 | 1,597 | ||||||
Selma, Texas facility financing obligation to related parties, due in monthly installments of $103 through September 1, 2021 and $114 through September 1, 2026 | 8,947 | 9,532 | ||||||
Unamortized debt issuance costs | (19 | ) | (44 | ) | ||||
14,730 | 20,015 | |||||||
Less: Current maturities, net of unamortized debt issuance costs | (3,875 | ) | (5,285 | ) | ||||
Total long-term debt, net of unamortized debt issuance costs | $ | 10,855 | $ | 14,730 | ||||
June 24, 2021 | 5,309 | |||
June 30, 2022 | 3,890 | |||
June 29, 2023 | 3,213 | |||
June 27, 2024 | 722 | |||
June 26, 2025 | 775 | |||
Thereafter | 6,150 | |||
$ | 20,059 | |||
June 30, 2022 | 3,890 | |||
June 29, 2023 | 3,213 | |||
June 27, 2024 | 722 | |||
June 26, 2025 | 775 | |||
June 25, 2026 | 831 | |||
Thereafter | 5,318 | |||
$ | 14,749 | |||
For the Year Ended: | ||||||||||||
June 25, 2020 | June 27, 2019 | June 28, 2018 | ||||||||||
Current: | ||||||||||||
Federal | $ | 14,588 | $ | 10,309 | $ | 10,722 | ||||||
State | 3,909 | 2,951 | 2,464 | |||||||||
Total current expense | 18,497 | 13,260 | 13,186 | |||||||||
Deferred: | ||||||||||||
Deferred federal | 137 | 395 | 3,902 | |||||||||
Deferred state | (33 | ) | (693 | ) | (238 | ) | ||||||
Total deferred expense (benefit) | 104 | (298 | ) | 3,664 | ||||||||
Total income tax expense | $ | 18,601 | $ | 12,962 | $ | 16,850 | ||||||
For the Year Ended: | ||||||||||||
June 24, 2021 | June 25, 2020 | June 27, 2019 | ||||||||||
Current: | ||||||||||||
Federal | $ | 15,228 | $ | 14,588 | $ | 10,309 | ||||||
State | 4,010 | 3,909 | 2,951 | |||||||||
Total current expense | 19,238 | 18,497 | 13,260 | |||||||||
Deferred: | ||||||||||||
Deferred federal | 891 | 137 | 395 | |||||||||
Deferred state | (51 | ) | (33 | ) | (693 | ) | ||||||
Total deferred expense (benefit) | 840 | 104 | (298 | ) | ||||||||
Total income tax expense | $ | 20,078 | $ | 18,601 | $ | 12,962 | ||||||
June 25, 2020 | June 27, 2019 | June 28, 2018 | ||||||||||
Federal statutory income tax rate | 21.0 | % | 21.0 | % | 28.1 | % | ||||||
State income taxes, net of federal benefit | 4.2 | 3.1 | 3.1 | |||||||||
Impact of Tax Reform | — | — | 6.3 | |||||||||
Section 162(m) Limitation | 1.2 | 1.1 | — | |||||||||
Research and development tax credit | (0.3 | ) | (0.3 | ) | (0.2 | ) | ||||||
Domestic manufacturing deduction | — | — | (2.2 | ) | ||||||||
Windfall tax benefits | (0.4 | ) | (0.2 | ) | (1.0 | ) | ||||||
Uncertain tax positions | — | 0.1 | 0.1 | |||||||||
Other | (0.1 | ) | (0.1 | ) | (0.1 | ) | ||||||
Effective tax rate | 25.6 | % | 24.7 | % | 34.1 | % | ||||||
June 24, 2021 | June 25, 2020 | June 27, 2019 | ||||||||||
Federal statutory income tax rate | 21.0 | % | 21.0 | % | 21.0 | % | ||||||
State income taxes, net of federal benefit | 3.9 | 4.2 | 3.1 | |||||||||
Section 162(m) limitation | 1.1 | 1.2 | 1.1 | |||||||||
Research and development tax credit | (0.5 | ) | (0.3 | ) | (0.3 | ) | ||||||
Windfall tax benefits | (0.4 | ) | (0.4 | ) | (0.2 | ) | ||||||
Uncertain tax positions | 0.1 | 0 | 0.1 | |||||||||
Other | 0 | (0.1 | ) | (0.1 | ) | |||||||
Effective tax rate | 25.2 | % | 25.6 | % | 24.7 | % | ||||||
June 25, 2020 | June 27, 2019 | |||||||
Deferred tax assets (liabilities): | ||||||||
Accounts receivable | $ | 355 | $ | 332 | ||||
Employee compensation | 1,534 | 1,673 | ||||||
Inventory | 189 | 309 | ||||||
Depreciation and amortization | (11,260 | ) | (10,847 | ) | ||||
Capitalized leases | 1,145 | 1,117 | ||||||
Goodwill and intangible assets | 2,885 | 3,182 | ||||||
Retirement plan | 8,373 | 6,599 | ||||||
Workers’ compensation | 1,932 | 1,862 | ||||||
Share based compensation | 1,344 | 1,305 | ||||||
Other | 291 | 191 | ||||||
Net deferred tax asset — long term | 6,788 | 5,723 | ||||||
June 24, 2021 | June 25, 2020 | |||||||
Deferred tax assets (liabilities): | ||||||||
Accounts receivable | $ | 349 | $ | 355 | ||||
Employee compensation | 1,338 | 1,534 | ||||||
Inventory | 198 | 189 | ||||||
Depreciation and amortization | (12,456 | ) | (11,260 | ) | ||||
Capitalized leases | 1,159 | 1,145 | ||||||
Goodwill and intangible assets | 2,500 | 2,885 | ||||||
Retirement plan | 9,242 | 8,373 | ||||||
Workers’ compensation | 1,991 | 1,932 | ||||||
Share based compensation | 1,397 | 1,344 | ||||||
Other | 369 | 291 | ||||||
Net deferred tax asset | 6,087 | 6,788 | ||||||
June 25, 2020 | June 27, 2019 | June 28, 2018 | ||||||||||
Beginning balance | $ | 240 | $ | 207 | $ | 174 | ||||||
Gross increases — tax positions in prior year | 16 | — | 6 | |||||||||
Gross decreases — tax positions in prior year | (24 | ) | (6 | ) | — | |||||||
Settlements | — | — | — | |||||||||
Gross increases — tax positions in current year | 60 | 39 | 27 | |||||||||
Lapse of statute of limitations | (89 | ) | — | — | ||||||||
Ending balance | $ | 203 | $ | 240 | $ | 207 | ||||||
June 24, 2021 | June 25, 2020 | June 27, 2019 | ||||||||||
Beginning balance | $ | 203 | $ | 240 | $ | 207 | ||||||
Gross increases — tax positions in prior year | 49 | 16 | — | |||||||||
Gross decreases — tax positions in prior year | — | (24 | ) | (6 | ) | |||||||
Settlements | — | — | — | |||||||||
Gross increases — tax positions in current year | 110 | 60 | 39 | |||||||||
Lapse of statute of limitations | (36 | ) | (89 | ) | — | |||||||
Ending balance | $ | 326 | $ | 203 | $ | 240 | ||||||
June 25, 2020 | June 27, 2019 | June 28, 2018 | ||||||||||
Unrecognized tax benefits that would affect annual effective tax rate | $ | 196 | $ | 217 | $ | 177 |
June 24, 2021 | June 25, 2020 | June 27, 2019 | ||||||||||
Unrecognized tax benefits that would affect annual effective tax rate | $ | 311 | $ | 196 | $ | 217 |
Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term in Years | Aggregate Intrinsic Value | |||||||||||||
Outstanding at June 27, 2019 | 500 | $ | 8.71 | |||||||||||||
Granted | — | — | ||||||||||||||
Exercised | (500 | ) | 8.71 | |||||||||||||
Forfeited | — | — | ||||||||||||||
Outstanding and exercisable at June 25, 2020 | — | $ | — | — | $ | — | ||||||||||
Year ended June 25, 2020 | Year ended June 27, 2019 | Year ended June 28, 2018 | ||||||||||
Total intrinsic value of options exercised | $ | 38 | $ | — | $ | 79 | ||||||
Total cash received from exercise of options | $ | 4 | $ | — | $ | 16 |
Restricted Stock Units | Shares | Weighted- Average Grant- Date Fair Value | ||||||
Outstanding at June 27, 2019 | 188,992 | $ | 46.79 | |||||
Granted | 38,572 | 91.47 | ||||||
Vested (a) | (38,333 | ) | 60.55 | |||||
Forfeited | (22,352 | ) | 64.28 | |||||
Outstanding at June 25, 2020 | 166,879 | $ | 51.62 | |||||
Restricted Stock Units | Shares | Weighted- Average Grant-Date Fair Value | ||||||
Outstanding at June 25, 2020 | 166,879 | $ | 51.62 | |||||
Granted | 55,404 | 69.12 | ||||||
Vested (a) | (55,826 | ) | 48.46 | |||||
Forfeited | (6,611 | ) | 69.35 | |||||
Outstanding at June 24, 2021 | 159,846 | $ | 58.05 | |||||
(a) | The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy statutory tax withholding requirements. |
Year ended June 25, 2020 | Year ended June 27, 2019 | Year ended June 28, 2018 | ||||||||||
Compensation cost charged to earnings | $ | 2,472 | $ | 2,644 | $ | 2,796 | ||||||
Income tax benefit recognized | 618 | 661 | 895 |
Year ended June 24, 2021 | Year ended June 25, 2020 | Year ended June 27, 2019 | ||||||||||
Compensation cost charged to earnings | $ | 2,908 | $ | 2,472 | $ | 2,644 | ||||||
Income tax benefit recognized | 727 | 618 | 661 |
Declaration Date | Record Date | Dividend Per Share | Total Amount | Payment Date | Record Date | Dividend Per Share (a) | Total Amount | Payment Date | |||||||||||||||
January 27, 2021 | February 26, 2021 | $ | 2.50 | $ | 28,778 | March 16, 2021 | |||||||||||||||||
July 9, 2020 | August 7, 2020 | $ | 2.50 | $ | 28,685 | August 21, 2020 | |||||||||||||||||
April 29, 2020 | May 27, 2020 | $ | 1.00 | $ | June 17, 2020 | May 27, 2020 | $ | 1.00 | $ | 11,472 | June 17, 2020 | ||||||||||||
October 29, 2019 | November 26, 2019 | $ | 2.00 | $ | December 10, 2019 | November 26, 2019 | $ | 2.00 | $ | 22,947 | December 10, 2019 | ||||||||||||
July 10, 2019 | August 6, 2019 | $ | 3.00 | $ | August 20, 2019 | August 6, 2019 | $ | 3.00 | $ | 34,321 | August 20, 2019 | ||||||||||||
July 10, 2018 | August 3, 2018 | $ | 2.55 | $ | August 17, 2018 |
(a) | The dividends declared on July 10, 2019 and July 9, 2020 include both the annual and special dividend declared on such date. |
Year ended June 25, 2020 | Year ended June 27, 2019 | Year ended June 28, 2018 | ||||||||||
401(k) plan expense | $ | 2,116 | $ | 2,040 | $ | 1,741 |
June 25, 2020 | June 27, 2019 | |||||||
Route pension liability | $ | 168 | $ | 251 |
Year ended June 24, 2021 | Year ended June 25, 2020 | Year ended June 27, 2019 | ||||||||||
401(k) plan expense | $ | 2,119 | $ | 2,116 | $ | 2,040 |
June 25, 2020 | June 27, 2019 | |||||||
Change in projected benefit obligation | ||||||||
Projected benefit obligation at beginning of year | $ | 25,382 | $ | 21,934 | ||||
Service cost | 712 | 610 | ||||||
Interest cost | 892 | 895 | ||||||
Actuarial loss | 5,872 | 2,597 | ||||||
Benefits paid | (654 | ) | (654 | ) | ||||
Projected benefit obligation at end of year | $ | 32,204 | $ | 25,382 | ||||
June 24, 2021 | June 25, 2020 | |||||||
Change in projected benefit obligation | ||||||||
Projected benefit obligation at beginning of year | $ | 32,204 | $ | 25,382 | ||||
Service cost | 944 | 712 | ||||||
Interest cost | 858 | 892 | ||||||
Actuarial loss | 2,195 | 5,872 | ||||||
Benefits paid | (654 | ) | (654 | ) | ||||
Projected benefit obligation at end of year | $ | 35,547 | $ | 32,204 | ||||
June 25, 2020 | June 27, 2019 | June 28, 2018 | ||||||||||
Actuarial Loss (Gain) | ||||||||||||
Change in assumed pay increases | $ | 2,352 | $ | 293 | $ | (56 | ) | |||||
Change in discount rate | 4,285 | 2,174 | (523 | ) | ||||||||
Change in mortality assumptions | (1,083 | ) | (69 | ) | (117 | ) | ||||||
Other | 318 | 199 | 185 | |||||||||
Actuarial loss (gain) | $ | 5,872 | $ | 2,597 | $ | (511 | ) | |||||
June 24, 2021 | June 25, 2020 | June 27, 2019 | ||||||||||
Actuarial Loss | ||||||||||||
Change in assumed pay increases | $ | 3,319 | $ | 2,352 | $ | 293 | ||||||
Change in discount rate | (1,134 | ) | 4,285 | 2,174 | ||||||||
Change in mortality assumptions | (329 | ) | (1,083 | ) | (69 | ) | ||||||
Other | 339 | 318 | 199 | |||||||||
Actuarial loss | $ | 2,195 | $ | 5,872 | $ | 2,597 | ||||||
June 25, 2020 | June 27, 2019 | June 28, 2018 | ||||||||||
Service cost | $ | 712 | $ | 610 | $ | 607 | ||||||
Interest cost | 892 | 895 | 851 | |||||||||
Recognized loss amortization | 417 | 95 | 162 | |||||||||
Prior service cost amortization | 957 | 957 | 957 | |||||||||
Net periodic pension cost | $ | 2,978 | $ | 2,557 | $ | 2,577 | ||||||
June 24, 2021 | June 25, 2020 | June 27, 2019 | ||||||||||
Service cost | $ | 944 | $ | 712 | $ | 610 | ||||||
Interest cost | 858 | 892 | 895 | |||||||||
Recognized loss amortization | 1,183 | 417 | 95 | |||||||||
Prior service cost amortization | 478 | 957 | 957 | |||||||||
Net periodic pension cost | $ | 3,463 | $ | 2,978 | $ | 2,557 | ||||||
June 25, 2020 | June 27, 2019 | |||||
Discount rate | 2.69% | 3.56% | ||||
Average rate of compensation increases | 3.38% | 4.13% | ||||
Bonus payment | 60% - 95% of base, paid 4 of 5 years | | 60% - 85% of base, paid 4 of 5 years |
June 24, 2021 | June 25, 2020 | |||
Discount rate | 2.89% | 2.69% | ||
Average rate of compensation increases | 3.38% | 3.38% | ||
Bonus payment | 45% - 110% of base, paid 4 of 5 years | 60% - 95% of base, paid 4 of 5 years |
June 25, 2020 | June 27, 2019 | June 28, 2018 | |||||||
Discount rate | 3.56% | 4.14% | 3.99% | ||||||
Rate of compensation increases | 4.13% | 3.38% | 4.50% | ||||||
Mortality | RP-2014 white collar with MP- 2018 scale | RP-2014 white collar with MP- 2017 scale | RP-2014 white collar with MP- 2016 scale | ||||||
Bonus payment | 60% - 85% of base, paid 4 of 5 years | 60% - 85% of base, paid 4 of 5 years | 60% - 85% of base, paid 4 of 5 years |
June 24, 2021 | June 25, 2020 | June 27, 2019 | ||||
Discount rate | 2.69% | 3.56% | 4.14% | |||
Rate of compensation increases | 3.38% | 4.13% | 3.38% | |||
Mortality | Pri-2012 white collar with MP- 2019 scale | RP-2014 white collar with MP- 2018 scale | RP-2014 white collar with MP- 2017 scale | |||
Bonus payment | 60% - 95% of base, paid 4 of 5 years | 60% - 85% of base, paid 4 of 5 years | 60% - 85% of base, paid 4 of 5 years |
Fiscal year | ||||
2021 | $ | 631 | ||
2022 | 758 | |||
2023 | 704 | |||
2024 | 650 | |||
2025 | 1,257 | |||
2026 — 2030 | 6,999 |
Fiscal year | ||||
2022 | $ | 628 | ||
2023 | 762 | |||
2024 | 703 | |||
2025 | 1,420 | |||
2026 | 1,355 | |||
2027 — 2031 | 8,404 |
June 25, 2020 | June 27, 2019 | |||||||
Unrecognized net loss | $ | (10,909 | ) | $ | (5,453 | ) | ||
Unrecognized prior service cost | (478 | ) | (1,435 | ) | ||||
Tax effect | 2,757 | 2,563 | ||||||
Net amount unrecognized | $ | (8,630 | ) | $ | (4,325 | ) | ||
June 24, 2021 | June 25, 2020 | |||||||
Unrecognized net loss | $ | (11,921 | ) | $ | (10,909 | ) | ||
Unrecognized prior service cost | — | (478 | ) | |||||
Tax effect | 2,896 | 2,757 | ||||||
Net amount unrecognized | $ | (9,025 | ) | $ | (8,630 | ) | ||
Changes to AOCL (a) | Year Ended June 25, 2020 | Year Ended June 27, 2019 | ||||||
Balance at beginning of period | $ | (4,325 | ) | $ | (3,181 | ) | ||
Other comprehensive loss before reclassifications | (5,872 | ) | (2,597 | ) | ||||
Amounts reclassified from accumulated other comprehensive loss | 1,374 | 1,052 | ||||||
Tax effect | 1,169 | 401 | ||||||
Net current-period other comprehensive loss | (3,329 | ) | (1,144 | ) | ||||
Impact of adopting ASU 2018-02 (b) | (976 | ) | — | |||||
Balance at end of period | $ | (8,630 | ) | $ | (4,325 | ) | ||
Changes to AOCL (a) | Year Ended June 24, 2021 | Year Ended June 25, 2020 | ||||||
Balance at beginning of period | $ | (8,630 | ) | $ | (4,325 | ) | ||
Other comprehensive loss before reclassifications | (2,195 | ) | (5,872 | ) | ||||
Amounts reclassified from accumulated other comprehensive loss | 1,661 | 1,374 | ||||||
Tax effect | 139 | 1,169 | ||||||
Net current-period other comprehensive loss | (395 | ) | (3,329 | ) | ||||
Impact of adopting ASU 2018-02 | — | (976 | ) | |||||
Balance at end of period | $ | (9,025 | ) | $ | (8,630 | ) | ||
Amounts in parenthesis indicate debits/expense. |
Reclassifications from AOCL to earnings (c) | Year Ended June 25, 2020 | Year Ended June 27, 2019 | Affected line item in the Consolidated Statements of Comprehensive Income | ||||||||
Amortization of defined benefit pension items: | |||||||||||
Unrecognized prior service cost | $ | (957 | ) | $ | (957 | ) | Other expense | ||||
Unrecognized net loss | (417 | ) | (95 | ) | Other expense | ||||||
Total before tax | (1,374 | ) | (1,052 | ) | |||||||
Tax effect | 358 | 274 | Income tax expense | ||||||||
Amortization of defined pension items, net of tax | $ | (1,016 | ) | $ | (778 | ) | |||||
Reclassifications from AOCL to earnings (b) | Year Ended June 24, 2021 | Year Ended June 25, 2020 | Affected line item in the Consolidated Statements of Comprehensive Income | |||||||||
Amortization of defined benefit pension items: | ||||||||||||
Unrecognized prior service cost | $ | (478 | ) | $ | (957 | ) | Other expense | |||||
Unrecognized net loss | (1,183 | ) | (417 | ) | Other expense | |||||||
Total before tax | (1,661 | ) | (1,374 | ) | ||||||||
Tax effect | 432 | 358 | Income tax expense | |||||||||
Amortization of defined pension items, net of tax | $ | (1,229 | ) | $ | (1,016 | ) | ||||||
Amounts in parenthesis indicate debits to expense. See Note 14 — “Retirement Plan” above for additional details. |
Year ended June 25, 2020 | Year ended June 27, 2019 | Year ended June 28, 2018 | ||||||||||
Purchases from related party | $ | — | $ | — | $ | 360 | ||||||
Product Type | June 25, 2020 | June 27, 2019 | June 28, 2018 | |||||||||
Peanuts | 18.2 | % | 18.0 | % | 15.7 | % | ||||||
Pecans | 10.3 | 12.9 | 14.0 | |||||||||
Cashews & Mixed Nuts | 23.2 | 23.0 | 24.6 | |||||||||
Walnuts | 7.2 | 8.9 | 9.0 | |||||||||
Almonds | 14.7 | 14.4 | 15.5 | |||||||||
Trail & Snack Mixes | 21.1 | 17.3 | 15.5 | |||||||||
Other | 5.3 | 5.5 | 5.7 | |||||||||
100.0 | % | 100.0 | % | 100.0 | % | |||||||
Product Type | June 24, 2021 | June 25, 2020 | June 27, 2019 | |||||||||
Peanuts | 19.3 | % | 18.2 | % | 18.0 | % | ||||||
Pecans | 10.0 | 10.3 | 12.9 | |||||||||
Cashews & Mixed Nuts | 23.3 | 23.2 | 23.0 | |||||||||
Walnuts | 6.2 | 7.2 | 8.9 | |||||||||
Almonds | 10.8 | 14.7 | 14.4 | |||||||||
Trail & Snack Mixes | 24.7 | 21.1 | 17.3 | |||||||||
Other | 5.7 | 5.3 | 5.5 | |||||||||
100.0 | % | 100.0 | % | 100.0 | % | |||||||
Description | Balance at Beginning of Period | Additions | Deductions | Balance at End of Period | ||||||||||||
June 25, 2020 | ||||||||||||||||
Allowance for doubtful accounts | $ | 350 | $ | 209 | $ | (168) | $ | 391 | ||||||||
Reserve for cash discounts | 925 | 15,650 | (15,600 | ) | 975 | |||||||||||
Reserve for customer deductions | 4,757 | 27,036 | (26,316 | ) | 5,477 | |||||||||||
Total | $ | 6,032 | $ | 42,895 | $ | (42,084) | $ | 6,843 | ||||||||
June 27, 2019 | ||||||||||||||||
Allowance for doubtful accounts | $ | 270 | $ | 150 | $ | (70) | $ | 350 | ||||||||
Reserve for cash discounts | 950 | 14,721 | (14,746 | ) | 925 | |||||||||||
Reserve for customer deductions | 5,038 | 24,581 | (24,862 | ) | 4,757 | |||||||||||
Deferred tax asset valuation allowance | 112 | — | (112 | ) | — | |||||||||||
Total | $ | 6,370 | $ | 39,452 | $ | (39,790) | $ | 6,032 | ||||||||
June 28, 2018 | ||||||||||||||||
Allowance for doubtful accounts | $ | 263 | $ | 52 | $ | (45) | $ | 270 | ||||||||
Reserve for cash discounts | 850 | 13,889 | (13,789 | ) | 950 | |||||||||||
Reserve for customer deductions | 2,979 | 22,420 | (20,361 | ) | 5,038 | |||||||||||
Deferred tax asset valuation allowance | 171 | — | (59 | ) | 112 | |||||||||||
Total | $ | 4,263 | $ | 36,361 | $ | (34,254) | $ | 6,370 | ||||||||
Description | Balance at Beginning of Period | Additions | Deductions | Balance at End of Period | ||||||||||||
June 24, 2021 | ||||||||||||||||
Allowance for doubtful accounts | $ | 391 | $ | 203 | $ | (303 | ) | $ | 291 | |||||||
Reserve for cash discounts | 975 | 15,548 | (15,473 | ) | 1,050 | |||||||||||
Reserve for customer deductions | 5,477 | 28,516 | (27,376 | ) | 6,617 | |||||||||||
Total | $ | 6,843 | $ | 44,267 | $ | (43,152 | ) | $ | 7,958 | |||||||
June 25, 2020 | ||||||||||||||||
Allowance for doubtful accounts | $ | 350 | $ | 209 | $ | (168 | ) | $ | 391 | |||||||
Reserve for cash discounts | 925 | 15,650 | (15,600 | ) | 975 | |||||||||||
Reserve for customer deductions | 4,757 | 27,036 | (26,316 | ) | 5,477 | |||||||||||
Total | $ | 6,032 | $ | 42,895 | $ | (42,084 | ) | $ | 6,843 | |||||||
June 27, 2019 | ||||||||||||||||
Allowance for doubtful accounts | $ | 270 | $ | 150 | $ | (70 | ) | $ | 350 | |||||||
Reserve for cash discounts | 950 | 14,721 | (14,746 | ) | 925 | |||||||||||
Reserve for customer deductions | 5,038 | 24,581 | (24,862 | ) | 4,757 | |||||||||||
Deferred tax asset valuation allowance | 112 | — | (112 | ) | — | |||||||||||
Total | $ | 6,370 | $ | 39,452 | $ | (39,790 | ) | $ | 6,032 | |||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||||||||
Year Ended June 25, 2020: | ||||||||||||||||||||||||||||||||
Year Ended June 24, 2021: | ||||||||||||||||||||||||||||||||
Net sales | $ | 217,846 | $ | 246,423 | $ | 211,624 | $ | 204,199 | * | $ | 210,273 | $ | 233,575 | $ | 207,892 | $ | 206,742 | |||||||||||||||
Gross profit | 42,248 | 49,980 | 42,805 | 40,742 | 39,332 | 52,795 | 46,046 | 46,814 | ||||||||||||||||||||||||
Income from operations | 19,062 | 24,466 | 19,397 | 15,622 | 18,873 | 27,796 | 21,097 | 17,412 | ||||||||||||||||||||||||
Net income | 12,926 | 17,461 | 13,466 | 10,257 | 12,812 | 19,885 | 14,701 | 12,343 | ||||||||||||||||||||||||
Basic earnings per common share | $ | 1.13 | $ | 1.52 | $ | 1.17 | $ | 0.89 | $ | 1.12 | $ | 1.73 | $ | 1.28 | $ | 1.07 | ||||||||||||||||
Diluted earnings per common share | $ | 1.12 | $ | 1.52 | $ | 1.17 | $ | 0.89 | $ | 1.11 | $ | 1.72 | $ | 1.27 | $ | 1.07 | ||||||||||||||||
Cash dividends declared per common share | $ | 3.00 | $ | 2.00 | $ | — | $ | 1.00 | $ | 2.50 | $ | 0 | $ | 2.50 | $ | 0 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Year Ended June 25, 2020: | ||||||||||||||||
Net sales | $ | 217,846 | $ | 246,423 | $ | 211,624 | $ | 204,199 | * | |||||||
Gross profit | 42,248 | 49,980 | 42,805 | 40,742 | ||||||||||||
Income from operations | 19,062 | 24,466 | 19,397 | 15,622 | ||||||||||||
Net income | 12,926 | 17,461 | 13,466 | 10,257 | ||||||||||||
Basic earnings per common share | $ | 1.13 | $ | 1.52 | $ | 1.17 | $ | 0.89 | ||||||||
Diluted earnings per common share | $ | 1.12 | $ | 1.52 | $ | 1.17 | $ | 0.89 | ||||||||
Cash dividends declared per common share | $ | 3.00 | $ | 2.00 | $ | 0 | $ | 1.00 |
* | The decrease in net sales was primarily attributable to a 3.3% decrease in weighted average selling price per pound, combined with a decrease in sales volume for foodservice customers in our commercial ingredients distribution channel as a result of the COVID-19 pandemic. |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Year Ended June 27, 2019: | ||||||||||||||||
Net sales | $ | 204,288 | $ | 253,317 | $ | 201,834 | $ | 216,762 | ||||||||
Gross profit | 32,954 | 42,883 | 38,815 | 43,618 | ||||||||||||
Income from operations | 10,052 | 16,640 | 15,408 | 16,424 | ||||||||||||
Net income | 6,606 | 11,264 | 10,331 | 11,265 | ||||||||||||
Basic earnings per common share | $ | 0.58 | $ | 0.99 | $ | 0.90 | $ | 0.98 | ||||||||
Diluted earnings per common share | $ | 0.57 | $ | 0.98 | $ | 0.90 | $ | 0.98 | ||||||||
Cash dividends declared per common share | $ | 2.55 | $ | — | $ | — | $ | — |
* | Indicates a management contract or compensatory plan or arrangement. |
JOHN B. SANFILIPPO & SON, INC. | ||||||
Date: August | By: | /s/ Jeffrey T. Sanfilippo | ||||
Jeffrey T. Sanfilippo | ||||||
Chief Executive Officer |
Name | Title | Date | ||
/s/ Jeffrey T. Sanfilippo Jeffrey T. Sanfilippo | Chief Executive Officer and Director (Principal Executive Officer) | August | ||
/s/ Michael J. Valentine Michael J. Valentine | Chief Financial Officer, Group President, Secretary and Director (Principal Financial Officer) | August | ||
/s/ Frank S. Pellegrino Frank S. Pellegrino | (Principal Accounting Officer) | August | ||
/s/ Mathias A. Valentine Mathias A. Valentine | Director | August | ||
/s/ Jim R. Edgar Jim R. Edgar | Director | August | ||
/s/ | Director | August | ||
/s/ Jasper B. Sanfilippo, Jr. Jasper B. Sanfilippo, Jr. | Director | August | ||
/s/ Ellen C. Taaffe Ellen C. Taaffe | Director | August | ||
/s/ James J. Sanfilippo James J. Sanfilippo | Director | August | ||
/s/ John E. Sanfilippo John E. Sanfilippo | Director | August 18, 2021 | ||
/s/ Lisa A. Sanfilippo Lisa A. Sanfilippo | Director | August 18, 2021 |