☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
24, 2020
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(I.R.S. EmployerIdentification No.)
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||
Emerging growth company | ☐ |
Emerging growth company ☐
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For the Quarter Ended | ||||||||
September 26, 2019 | September 27, 2018 | |||||||
Net sales | $ | 217,846 | $ | 204,288 | ||||
Cost of sales | 175,598 | 171,334 | ||||||
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Gross profit | 42,248 | 32,954 | ||||||
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Operating expenses: | ||||||||
Selling expenses | 14,112 | 14,071 | ||||||
Administrative expenses | 9,074 | 8,831 | ||||||
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Total operating expenses | 23,186 | 22,902 | ||||||
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Income from operations | 19,062 | 10,052 | ||||||
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Other expense: | ||||||||
Interest expense including $247 and $309 to related parties | 521 | 879 | ||||||
Rental and miscellaneous expense, net | 404 | 289 | ||||||
Other expense | 566 | 487 | ||||||
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Total other expense, net | 1,491 | 1,655 | ||||||
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Income before income taxes | 17,571 | 8,397 | ||||||
Income tax expense | 4,645 | 1,791 | ||||||
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Net income | $ | 12,926 | $ | 6,606 | ||||
Other comprehensive income: | ||||||||
Amortization of prior service cost and actuarial loss included in Other expense | 343 | 263 | ||||||
Income tax expense related to pension adjustments | (86 | ) | (66 | ) | ||||
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Other comprehensive income, net of tax: | 257 | 197 | ||||||
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Comprehensive income | $ | 13,183 | $ | 6,803 | ||||
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Net income per common share-basic | $ | 1.13 | $ | 0.58 | ||||
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Net income per common share-diluted | $ | 1.12 | $ | 0.57 | ||||
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For the Quarter Ended | ||||||||
September 24, 2020 | September 26, 2019 | |||||||
Net sales | $ | 210,273 | $ | 217,846 | ||||
Cost of sales | 170,941 | 175,598 | ||||||
Gross profit | 39,332 | 42,248 | ||||||
Operating expenses: | ||||||||
Selling expenses | 12,084 | 14,112 | ||||||
Administrative expenses | 8,375 | 9,074 | ||||||
Total operating expenses | 20,459 | 23,186 | ||||||
Income from operations | 18,873 | 19,062 | ||||||
Other expense: | ||||||||
Interest expense including $167 and $247 to related parties | 450 | 521 | ||||||
Rental and miscellaneous expense, net | 432 | 404 | ||||||
Other expense | 630 | 566 | ||||||
Total other expense, net | 1,512 | 1,491 | ||||||
Income before income taxes | 17,361 | 17,571 | ||||||
Income tax expense | 4,549 | 4,645 | ||||||
Net income | $ | 12,812 | $ | 12,926 | ||||
Other comprehensive income: | ||||||||
Amortization of prior service cost and actuarial loss included in Other expense | 416 | 343 | ||||||
Income tax expense related to pension adjustments | (104 | ) | (86 | ) | ||||
Other comprehensive income, net of tax: | 312 | 257 | ||||||
Comprehensive income | $ | 13,124 | $ | 13,183 | ||||
Net income per common share-basic | $ | 1.12 | $ | 1.13 | ||||
Net income per common share-diluted | $ | 1.11 | $ | 1.12 | ||||
September 26, 2019 | June 27, 2019 | September 27, 2018 | ||||||||||
ASSETS | ||||||||||||
CURRENT ASSETS: | ||||||||||||
Cash | $ | 887 | $ | 1,591 | $ | 1,215 | ||||||
Accounts receivable, less allowance for doubtful accounts of $386, $350 and $263 | 60,474 | 60,971 | 58,887 | |||||||||
Inventories | 156,453 | 157,024 | 181,031 | |||||||||
Prepaid expenses and other current assets | 5,291 | 5,754 | 4,190 | |||||||||
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TOTAL CURRENT ASSETS | 223,105 | 225,340 | 245,323 | |||||||||
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PROPERTY, PLANT AND EQUIPMENT: | ||||||||||||
Land | 9,285 | 9,285 | 9,285 | |||||||||
Buildings | 110,440 | 109,955 | 109,110 | |||||||||
Machinery and equipment | 212,403 | 210,962 | 199,871 | |||||||||
Furniture and leasehold improvements | 5,130 | 5,128 | 5,015 | |||||||||
Vehicles | 639 | 673 | 526 | |||||||||
Construction in progress | 2,454 | 1,127 | 7,201 | |||||||||
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340,351 | 337,130 | 331,008 | ||||||||||
Less: Accumulated depreciation | 231,944 | 228,778 | 220,376 | |||||||||
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108,407 | 108,352 | 110,632 | ||||||||||
Rental investment property, less accumulated depreciation of $11,413, $11,212 and $10,629 | 17,630 | 17,831 | 18,264 | |||||||||
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TOTAL PROPERTY, PLANT AND EQUIPMENT | 126,037 | 126,183 | 128,896 | |||||||||
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Intangible assets, net | 13,954 | 14,626 | 16,812 | |||||||||
Cash surrender value of officers’ life insurance and other assets | 9,334 | 9,782 | 9,102 | |||||||||
Deferred income taxes | 5,972 | 5,723 | 5,644 | |||||||||
Goodwill | 9,650 | 9,650 | 9,650 | |||||||||
Operating leaseright-of-use assets | 5,170 | — | — | |||||||||
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TOTAL ASSETS | $ | 393,222 | $ | 391,304 | $ | 415,427 | ||||||
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September 24, 2020 | June 25, 2020 | September 26, 2019 | ||||||||||
ASSETS | ||||||||||||
CURRENT ASSETS: | ||||||||||||
Cash | $ | 743 | $ | 1,535 | $ | 887 | ||||||
Accounts receivable, less allowance for doubtful accounts of $371, $391 and 386 | 69,881 | 56,953 | 60,474 | |||||||||
Inventories | 150,371 | 172,068 | 156,453 | |||||||||
Prepaid expenses and other current assets | 6,353 | 8,315 | 5,291 | |||||||||
TOTAL CURRENT ASSETS | 227,348 | 238,871 | 223,105 | |||||||||
PROPERTY, PLANT AND EQUIPMENT: | ||||||||||||
Land | 9,277 | 9,285 | 9,285 | |||||||||
Buildings | 110,397 | 110,294 | 110,440 | |||||||||
Machinery and equipment | 221,545 | 218,021 | 212,403 | |||||||||
Furniture and leasehold improvements | 5,186 | 5,179 | 5,130 | |||||||||
Vehicles | 637 | 682 | 639 | |||||||||
Construction in progress | 4,370 | 2,244 | 2,454 | |||||||||
351,412 | 345,705 | 340,351 | ||||||||||
Less: Accumulated depreciation | 241,987 | 239,013 | 231,944 | |||||||||
109,425 | 106,692 | 108,407 | ||||||||||
Rental investment property, less accumulated depreciation of $12,220, $12,018 and 11,413 | 16,903 | 17,105 | 17,630 | |||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 126,328 | 123,797 | 126,037 | |||||||||
Intangible assets, net | 11,547 | 12,125 | 13,954 | |||||||||
Cash surrender value of officers’ life insurance and other assets | 10,697 | 11,875 | 9,334 | |||||||||
Deferred income taxes | 6,987 | 6,788 | 5,972 | |||||||||
Goodwill | 9,650 | 9,650 | 9,650 | |||||||||
Operating lease right-of-use | 4,201 | 4,351 | 5,170 | |||||||||
TOTAL ASSETS | $ | 396,758 | $ | 407,457 | $ | 393,222 | ||||||
September 26, 2019 | June 27, 2019 | September 27, 2018 | ||||||||||
LIABILITIES & STOCKHOLDERS’ EQUITY | ||||||||||||
CURRENT LIABILITIES: | ||||||||||||
Revolving credit facility borrowings | $ | 16,042 | $ | — | $ | 51,941 | ||||||
Current maturities of long-term debt, including related party debt of $4,388, $4,375 and $4,350 and net of unamortized debt issuance costs of $32, $35 and $42 | 7,385 | 7,338 | 7,212 | |||||||||
Accounts payable | 52,365 | 42,552 | 59,848 | |||||||||
Bank overdraft | 1,302 | 901 | 1,121 | |||||||||
Accrued payroll and related benefits | 11,546 | 22,101 | 10,149 | |||||||||
Other accrued expenses | 15,767 | 11,014 | 9,731 | |||||||||
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TOTAL CURRENT LIABILITIES | 104,407 | 83,906 | 140,002 | |||||||||
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LONG-TERM LIABILITIES: | ||||||||||||
Long-term debt, less current maturities, including related party debt of $10,028, $11,495 and $14,416 and net of unamortized debt issuance costs of $37, $44 and $69 | 18,152 | 20,381 | 25,537 | |||||||||
Retirement plan | 24,974 | 24,737 | 21,501 | |||||||||
Long-term operating lease liabilities, net of current portion | 3,774 | — | — | |||||||||
Other | 7,865 | 7,725 | 7,040 | |||||||||
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TOTAL LONG-TERM LIABILITIES | 54,765 | 52,843 | 54,078 | |||||||||
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TOTAL LIABILITIES | 159,172 | 136,749 | 194,080 | |||||||||
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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 | 26 | |||||||||
Common Stock,non-cumulative voting rights of one vote per share, $.01 par value; 17,000,000 shares authorized 8,909,406, 8,909,406 and 8,865,475 shares issued | 89 | 89 | 89 | |||||||||
Capital in excess of par value | 122,890 | 122,257 | 120,568 | |||||||||
Retained earnings | 117,293 | 137,712 | 104,852 | |||||||||
Accumulated other comprehensive loss | (5,044 | ) | (4,325 | ) | (2,984 | ) | ||||||
Treasury stock, at cost; 117,900 shares of Common Stock | (1,204 | ) | (1,204 | ) | (1,204 | ) | ||||||
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TOTAL STOCKHOLDERS’ EQUITY | 234,050 | 254,555 | 221,347 | |||||||||
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TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY | $ | 393,222 | $ | 391,304 | $ | 415,427 | ||||||
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September 24, 2020 | June 25, 2020 | September 26, 2019 | ||||||||||
LIABILITIES & STOCKHOLDERS’ EQUITY | ||||||||||||
CURRENT LIABILITIES: | ||||||||||||
Revolving credit facility borrowings | $ | 44,168 | $ | 27,008 | $ | 16,042 | ||||||
Current maturities of long-term debt, including related party debt of $595, $585 and $4,388 and net of unamortized debt issuance costs of $22, $25 and $32 | 4,372 | 5,285 | 7,385 | |||||||||
Accounts payable | 41,441 | 36,323 | 52,365 | |||||||||
Bank overdraft | 85 | 2,041 | 1,302 | |||||||||
Accrued payroll and related benefits | 11,511 | 25,641 | 11,546 | |||||||||
Other accrued expenses | 16,058 | 15,870 | 15,767 | |||||||||
TOTAL CURRENT LIABILITIES | 117,635 | 112,168 | 104,407 | |||||||||
LONG-TERM LIABILITIES: | ||||||||||||
Long-term debt, less current maturities, including related party debt of $8,794, $8,947 and $10,028 and net of unamortized debt issuance costs of $15, $19 and $37 | 13,780 | 14,730 | 18,152 | |||||||||
Retirement plan | 31,860 | 31,573 | 24,974 | |||||||||
Long-term operating lease liabilities, net of current portion | 2,807 | 2,990 | 3,774 | |||||||||
Other | 7,377 | 7,758 | 7,865 | |||||||||
TOTAL LONG-TERM LIABILITIES | 55,824 | 57,051 | 54,765 | |||||||||
TOTAL LIABILITIES | 173,459 | 169,219 | 159,172 | |||||||||
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 | 26 | |||||||||
Common Stock, non-cumulative voting rights of one vote per share, $.01 par value; 17,000,000 shares authorized 8,940,111, 8,939,890 and 8,909,406 shares issued | 89 | 89 | 89 | |||||||||
Capital in excess of par value | 124,521 | 123,899 | 122,890 | |||||||||
Retained earnings | 108,185 | 124,058 | 117,293 | |||||||||
Accumulated other comprehensive loss | (8,318 | ) | (8,630 | ) | (5,044 | ) | ||||||
Treasury stock, at cost; 117,900 shares of Common Stock | (1,204 | ) | (1,204 | ) | (1,204 | ) | ||||||
TOTAL STOCKHOLDERS’ EQUITY | 223,299 | 238,238 | 234,050 | |||||||||
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY | $ | 396,758 | $ | 407,457 | $ | 393,222 | ||||||
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 27, 2019 | 2,597,426 | $ | 26 | 8,909,406 | $ | 89 | $ | 122,257 | $ | 137,712 | $ | (4,325 | ) | $ | (1,204 | ) | $ | 254,555 | ||||||||||||||||||
Net income | 12,926 | 12,926 | ||||||||||||||||||||||||||||||||||
Cash dividends ($3.00 per share) | (34,321 | ) | (34,321 | ) | ||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $86 | 257 | 257 | ||||||||||||||||||||||||||||||||||
Impact of adopting ASU2018-02(a) | 976 | (976 | ) | — | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 633 | 633 | ||||||||||||||||||||||||||||||||||
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Balance, September 26, 2019 | 2,597,426 | $ | 26 | 8,909,406 | $ | 89 | $ | 122,890 | $ | 117,293 | $ | (5,044 | ) | $ | (1,204 | ) | $ | 234,050 |
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 | 6,606 | 6,606 | ||||||||||||||||||||||||||||||||||
Cash dividends ($2.55 per share) | (29,074 | ) | (29,074 | ) | ||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $66 | 197 | 197 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 616 | 616 | ||||||||||||||||||||||||||||||||||
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Balance, September 27, 2018 | 2,597,426 | $ | 26 | 8,865,475 | $ | 89 | $ | 120,568 | $ | 104,852 | $ | (2,984 | ) | $ | (1,204 | ) | $ | 221,347 |
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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 25, 2020 | 2,597,426 | $ | 26 | 8,939,890 | $ | 89 | $ | 123,899 | $ | 124,058 | $ | (8,630 | ) | $ | (1,204 | ) | $ | 238,238 | ||||||||||||||||||
Net income | 12,812 | 12,812 | ||||||||||||||||||||||||||||||||||
Cash dividends ($2.50 per share) | (28,685 | ) | (28,685 | ) | ||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $104 | 312 | 312 | ||||||||||||||||||||||||||||||||||
Equity award exercises | 221 | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 622 | 622 | ||||||||||||||||||||||||||||||||||
Balance, September 24, 2020 | 2,597,426 | $ | 26 | 8,940,111 | $ | 89 | $ | 124,521 | $ | 108,185 | $ | (8,318 | ) | $ | (1,204 | ) | $ | 223,299 | ||||||||||||||||||
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 27, 2019 | 2,597,426 | $ | 26 | 8,909,406 | $ | 89 | $ | 122,257 | $ | 137,712 | $ | (4,325 | ) | $ | (1,204 | ) | $ | 254,555 | ||||||||||||||||||
Net income | 12,926 | 12,926 | ||||||||||||||||||||||||||||||||||
Cash dividends ($3.00 per share) | (34,321 | ) | (34,321 | ) | ||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $86 | 257 | 257 | ||||||||||||||||||||||||||||||||||
Impact of adopting ASU 2018-02 | 976 | (976 | ) | — | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 633 | 633 | ||||||||||||||||||||||||||||||||||
Balance, September 26, 2019 | 2,597,426 | $ | 26 | 8,909,406 | $ | 89 | $ | 122,890 | $ | 117,293 | $ | (5,044 | ) | $ | (1,204 | ) | $ | 234,050 |
For the Quarter Ended | ||||||||
September 26, 2019 | September 27, 2018 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 12,926 | $ | 6,606 | ||||
Depreciation and amortization | 4,412 | 4,168 | ||||||
Loss on disposition of assets, net | 3 | 23 | ||||||
Deferred income tax benefit | (249 | ) | (620 | ) | ||||
Stock-based compensation expense | 633 | 616 | ||||||
Change in assets and liabilities: | ||||||||
Accounts receivable, net | 497 | 6,536 | ||||||
Inventories | 571 | (6,669 | ) | |||||
Prepaid expenses and other current assets | 356 | 1,094 | ||||||
Accounts payable | 9,655 | (1,256 | ) | |||||
Accrued expenses | (10,969 | ) | 2,451 | |||||
Income taxes payable | 3,839 | 2,446 | ||||||
Other long-term assets and liabilities | 300 | (132 | ) | |||||
Other, net | 494 | 412 | ||||||
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Net cash provided by operating activities | 22,468 | 15,675 | ||||||
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CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchases of property, plant and equipment | (3,118 | ) | (4,754 | ) | ||||
Other | 16 | (14 | ) | |||||
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Net cash used in investing activities | (3,102 | ) | (4,768 | ) | ||||
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CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Net short-term borrowings | 16,042 | 20,663 | ||||||
Principal payments on long-term debt | (2,192 | ) | (1,789 | ) | ||||
Increase (Decrease) in bank overdraft | 401 | (941 | ) | |||||
Dividends paid | (34,321 | ) | (29,074 | ) | ||||
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Net cash used in financing activities | (20,070 | ) | (11,141 | ) | ||||
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NET DECREASE IN CASH | (704 | ) | (234 | ) | ||||
Cash, beginning of period | 1,591 | 1,449 | ||||||
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Cash, end of period | $ | 887 | $ | 1,215 | ||||
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Supplemental disclosure ofnon-cash investing activities: | ||||||||
Right-of-use assets recognized at ASUNo. 2016-02 transition, see Note 3 | $ | 5,361 | $ | — |
For the Quarter Ended | ||||||||
September 24, 2020 | September 26, 2019 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 12,812 | $ | 12,926 | ||||
Depreciation and amortization | 4,368 | 4,412 | ||||||
(Gain) loss on disposition of assets, net | (241 | ) | 3 | |||||
Deferred income tax benefit | (199 | ) | (249 | ) | ||||
Stock-based compensation expense | 622 | 633 | ||||||
Change in assets and liabilities: | ||||||||
Accounts receivable, net | (12,928 | ) | 497 | |||||
Inventories | 21,697 | 571 | ||||||
Prepaid expenses and other current assets | 1,962 | 356 | ||||||
Accounts payable | 5,661 | 9,655 | ||||||
Accrued expenses | (13,970 | ) | (10,969 | ) | ||||
Income taxes payable | 28 | 3,839 | ||||||
Other long-term assets and liabilities | 166 | 300 | ||||||
Other, net | 599 | 494 | ||||||
Net cash provided by operating activities | 20,577 | 22,468 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchases of property, plant and equipment | (6,298 | ) | (3,118 | ) | ||||
Other | 280 | 16 | ||||||
Net cash used in investing activities | (6,018 | ) | (3,102 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Net short-term borrowings | 17,160 | 16,042 | ||||||
Principal payments on long-term debt | (1,870 | ) | (2,192 | ) | ||||
(Decrease) increase in bank overdraft | (1,956 | ) | 401 | |||||
Dividends paid | (28,685 | ) | (34,321 | ) | ||||
Net cash used in financing activities | (15,351 | ) | (20,070 | ) | ||||
NET DECREASE IN CASH | (792 | ) | (704 | ) | ||||
Cash, beginning of period | 1,535 | 1,591 | ||||||
Cash, end of period | $ | 743 | $ | 887 | ||||
Supplemental disclosure of non-cash activities: | ||||||||
Right-of-use No. 2016-02 transition | $ | — | $ | 5,361 |
For the Quarter Ended | ||||||||
Distribution Channel | September 26, 2019 | September 27, 2018 | ||||||
Consumer | $ | 157,146 | $ | 139,444 | ||||
Commercial Ingredients | 36,888 | 37,202 | ||||||
Contract Packaging | 23,812 | 27,642 | ||||||
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Total | $ | 217,846 | $ | 204,288 | ||||
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For the Quarter Ended | ||||||||
Distribution Channel | September 24, 2020 | September 26, 2019 | ||||||
Consumer | $ | 166,757 | $ | 157,146 | ||||
Commercial Ingredients | 22,811 | 36,888 | ||||||
Contract Packaging | 20,705 | 23,812 | ||||||
Total | $ | 210,273 | $ | 217,846 | ||||
On June 28, 2019 we adopted ASUNo. 2016-02,Leases (“Topic 842”)using the alternative transition method under ASUNo. 2018-11, which permits application of the new guidance at the beginning of the period of adoption, with comparative periods continuing to be reported under Topic 840. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification. We did not elect the practical expedients regarding hindsight or land easements. See Note 143 – “Recent Accounting Pronouncements” for additional information.
9
Upon adoption of the new standard, we recognized operating leaseright-of-use assets and liabilities on our Consolidated Balance Sheet of $5,361 and $5,320 respectively. We utilized a portfolio approach to establish discount rates for leases that are similar. Discount rates ranging from 4.2% to 5.8% were used when determining the present value of future lease payments. All of our existing lessee arrangements currently classified as operating leases will continue to be classified as operating leases, and the pattern of lease expense recognition will be unchanged. The adoption of Topic 842 did not materially impact our consolidated net earnings and had no impact on cash flows.
ASUNo. 2016-02 allows for the election as an
September 26, 2019 | Affected Line Item in Condensed Consolidated Balance Sheet | |||||
Assets | ||||||
Operating leaseright-of-use assets | $ | 5,170 | Operating leaseright-of-use assets | |||
|
| |||||
Total leaseright-of-use assets | $ | 5,170 | ||||
|
| |||||
Liabilities | ||||||
Current: | ||||||
Operating leases | $ | 1,390 | Other accrued expenses | |||
Noncurrent: | ||||||
Operating leases | 3,774 | Long-term operating lease liabilities | ||||
|
| |||||
Total lease liabilities | $ | 5,164 | ||||
|
|
10
li
September 24, 2020 | June 25, 2020 | September 26, 2019 | Affected Line Item in Consolidated Balance Sheet | ||||||||||||
Assets | |||||||||||||||
Operating lease right-of-use | $ | 4,201 | $ | 4,351 | $ | 5,170 | Operating lease right-of-use assets | ||||||||
Total lease right-of-use | $ | 4,201 | $ | 4,351 | $ | 5,170 | |||||||||
Liabilities | |||||||||||||||
Current: | |||||||||||||||
Operating leases | $ | 1,405 | $ | 1,376 | $ | 1,390 | Other accrued expenses | ||||||||
Noncurrent: | |||||||||||||||
Operating leases | 2,807 | 2,990 | 3,774 | Long-term operating lease liabilities | |||||||||||
Total lease liabilities | $ | 4,212 | $ | 4,366 | $ | 5,164 | |||||||||
For the Quarter ended September 26, 2019 | ||||
Operating lease costs(a) | $ | 374 | ||
Variable lease costs(b) | 16 | |||
|
| |||
Total Lease Cost | $ | 390 | ||
|
|
For the Quarter ended September 24, 2020 | For the Quarter ended September 26, 2019 | |||||||
Operating lease costs (a) | $ | 473 | $ | 374 | ||||
Variable lease costs (b) | 20 | 16 | ||||||
Total Lease Cost | $ | 493 | $ | 390 | ||||
(a) | Includes short-term leases which are immaterial. |
(b) | Variable lease costs consist of sales tax. |
For the Quarter ended September 26, 2019 | ||||
Operating cash flows information: | ||||
Cash paid for amounts included in measurements for lease liabilities | $ | 365 | ||
Non-cash activity: | ||||
Right-of-use assets obtained in exchange for new operating lease obligations | $ | 152 |
| ||||
|
For the Quarter ended September 24, 2020 | For the Quarter ended September 26, 2019 | |||||||
Operating cash flows information: | ||||||||
Cash paid for amounts included in measurements for lease liabilities | $ | 406 | $ | 365 | ||||
Non-cash activity: | ||||||||
Right-of-use | $ | 206 | $ | 152 |
September 24, 2020 | June 25, 2020 | September 26, 2019 | ||||||||||
Weighted Average Remaining Lease Term (in years) | 3.2 | 3.4 | 4.0 | |||||||||
Weighted Average Discount Rate | 4.3 | % | 4.4 | % | 4.5 | % |
Fiscal year ending | ||||
June 25, 2020 (excluding the quarter ended September 26, 2019) | $ | 1,206 | ||
June 24, 2021 | 1,439 | |||
June 30, 2022 | 1,312 | |||
June 29, 2023 | 1,064 | |||
June 27, 2024 | 469 | |||
Thereafter | 132 | |||
|
| |||
Total lease payment | 5,622 | |||
Less imputed interest | (458 | ) | ||
|
| |||
Present value of operating lease liabilities | $ | 5,164 | ||
|
|
Disclosures related to periods prior to adoption
As
Fiscal year ending | ||||
June 24, 2021 (excluding the quarter ended September 24, 2020) | $ | 1,183 | ||
June 30, 2022 | 1,426 | |||
June 29, 2023 | 1,173 | |||
June 27, 2024 | 535 | |||
June 26, 2025 | 177 | |||
Thereafter | 5 | |||
Total lease payment | 4,499 | |||
Less imputed interest | (287 | ) | ||
Present value of operating lease liabilities | $ | 4,212 | ||
| ||||
| ||||
| ||||
| ||||
| ||||
| ||||
| ||||
11
For the Quarter Ended September 26, 2019 | ||||
Gross leasing revenue from operating leases | $ | 543 |
For the Quarter Ended September 24, 2020 | For the Quarter Ended September 26, 2019 | |||||||
Lease income related to lease payments | $ | 451 | $ | 543 |
| ||||
| ||||
| ||||
| ||||
| ||||
| ||||
| ||||
below.
Fiscal year ending | ||||
June 24, 2021 (excluding the quarter ended September 24, 2020) | $ | 1,472 | ||
June 30, 2022 | 1,708 | |||
June 29, 2023 | 1,737 | |||
June 27, 2024 | 1,766 | |||
June 26, 2025 | 1,228 | |||
Thereafter | 1,284 | |||
Total | $ | 9,195 |
September 26, 2019 | June 27, 2019 | September 27, 2018 | ||||||||||
Raw material and supplies | $ | 48,989 | $ | 58,927 | $ | 55,681 | ||||||
Work-in-process and finished goods | 107,464 | 98,097 | 125,350 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 156,453 | $ | 157,024 | $ | 181,031 | ||||||
|
|
|
|
|
|
12
September 24, 2020 | June 25, 2020 | September 26, 2019 | ||||||||||
Raw material and supplies | $ | 46,518 | $ | 69,276 | $ | 48,989 | ||||||
Work-in-process | 103,853 | 102,792 | 107,464 | |||||||||
Total | $ | 150,371 | $ | 172,068 | $ | 156,453 | ||||||
September 26, 2019 | June 27, 2019 | September 27, 2018 | ||||||||||
Customer relationships | $ | 21,100 | $ | 21,100 | $ | 21,100 | ||||||
Brand names | 16,990 | 16,990 | 16,990 | |||||||||
Non-compete agreement | 270 | 270 | 270 | |||||||||
|
|
|
|
|
| |||||||
38,360 | 38,360 | 38,360 | ||||||||||
Less accumulated amortization: | ||||||||||||
Customer relationships | (14,952 | ) | (14,466 | ) | (12,838 | ) | ||||||
Brand names | (9,355 | ) | (9,182 | ) | (8,665 | ) | ||||||
Non-compete agreement | (99 | ) | (86 | ) | (45 | ) | ||||||
|
|
|
|
|
| |||||||
(24,406 | ) | (23,734 | ) | (21,548 | ) | |||||||
|
|
|
|
|
| |||||||
Net intangible assets | $ | 13,954 | $ | 14,626 | $ | 16,812 | ||||||
|
|
|
|
|
|
September 24, 2020 | June 25, 2020 | September 26, 2019 | ||||||||||
Customer relationships | $ | 21,100 | $ | 21,100 | $ | 21,100 | ||||||
Brand names | 16,990 | 16,990 | 16,990 | |||||||||
Non-compete agreement | 270 | 270 | 270 | |||||||||
38,360 | 38,360 | 38,360 | ||||||||||
Less accumulated amortization: | ||||||||||||
Customer relationships | (16,615 | ) | (16,223 | ) | (14,952 | ) | ||||||
Brand names | (10,045 | ) | (9,873 | ) | (9,355 | ) | ||||||
Non-compete agreement | (153 | ) | (139 | ) | (99 | ) | ||||||
(26,813 | ) | (26,235 | ) | (24,406 | ) | |||||||
Net intangible assets | $ | 11,547 | $ | 12,125 | $ | 13,954 | ||||||
Fiscal year ending | ||||
June 24, 2021 | $ | 2,165 | ||
June 30, 2022 | 1,896 | |||
June 29, 2023 | 1,657 | |||
June 27, 2024 | 1,414 | |||
June 26, 2025 | 1,156 |
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 |
24, 2020.
On February 7, 2008, we entered into a
13
For the Quarter Ended | ||||||||
September 26, 2019 | September 27, 2018 | |||||||
Weighted average number of shares outstanding – basic | 11,444,560 | 11,406,009 | ||||||
Effect of dilutive securities: | ||||||||
Stock options and restricted stock units | 94,416 | 85,922 | ||||||
|
|
|
| |||||
Weighted average number of shares outstanding – diluted | 11,538,976 | 11,491,931 | ||||||
|
|
|
|
For the Quarter Ended | ||||||||
September 24, 2020 | September 26, 2019 | |||||||
Weighted average number of shares outstanding – basic | 11,477,287 | 11,444,560 | ||||||
Effect of dilutive securities: | ||||||||
Stock options and restricted stock units | 73,300 | 94,416 | ||||||
Weighted average number of shares outstanding – diluted | 11,550,587 | 11,538,976 | ||||||
Compensation expense attributable to stock-based compensation during the first quarter of fiscal 20202021 and fiscal 20192020 was $633$622 and $616,$633, respectively. As of September 26, 2019,24, 2020, there was $3,011$2,685 of total unrecognized compensation cost related to1.2 years.
1.0 year.
For the Quarter Ended | ||||||||
September 26, 2019 | September 27, 2018 | |||||||
Service cost | $ | 178 | $ | 152 | ||||
Interest cost | 223 | 224 | ||||||
Amortization of prior service cost | 239 | 239 | ||||||
Amortization of loss | 104 | 24 | ||||||
|
|
|
| |||||
Net periodic benefit cost | $ | 744 | $ | 639 | ||||
|
|
|
|
For the Quarter Ended | ||||||||
September 24, 2020 | September 26, 2019 | |||||||
Service cost | $ | 236 | $ | 178 | ||||
Interest cost | 214 | 223 | ||||||
Amortization of prior service cost | 120 | 239 | ||||||
Amortization of loss | 296 | 104 | ||||||
Net periodic benefit cost | $ | 866 | $ | 744 | ||||
14
Changes to AOCL(a) | For the Quarter Ended | |||||||
September 26, 2019 | September 27, 2018 | |||||||
Balance at beginning of period | $ | (4,325 | ) | $ | (3,181 | ) | ||
Other comprehensive income before reclassifications | — | — | ||||||
Amounts reclassified from accumulated other comprehensive loss | 343 | 263 | ||||||
Tax effect | (86 | ) | (66 | ) | ||||
|
|
|
| |||||
Net current-period other comprehensive income | 257 | 197 | ||||||
Impact of adopting ASU2018-02(b) | (976 | ) | — | |||||
|
|
|
| |||||
Balance at end of period | $ | (5,044 | ) | $ | (2,984 | ) | ||
|
|
|
|
Changes to AOCL (a) | For the Quarter Ended | |||||||
September 24, 2020 | September 26, 2019 | |||||||
Balance at beginning of period | $ | (8,630 | ) | $ | (4,325 | ) | ||
Other comprehensive income before reclassifications | 0 | — | ||||||
Amounts reclassified from accumulated other comprehensive loss | 416 | 343 | ||||||
Tax effect | (104 | ) | (86 | ) | ||||
Net current-period other comprehensive income | 312 | 257 | ||||||
Impact of adopting ASU 2018-02 | — | (976 | ) | |||||
Balance at end of period | $ | (8,318 | ) | $ | (5,044 | ) | ||
(a) | Amounts in parenthesis indicate debits/expense. |
|
Reclassifications from AOCL to earnings(c) | For the Quarter Ended | Affected line item in the Consolidated Statements of Comprehensive Income | ||||||||||
September 26, 2019 | September 27, 2018 | |||||||||||
Amortization of defined benefit pension items: | ||||||||||||
Unrecognized prior service cost | $ | (239 | ) | $ | (239 | ) | Other expense | |||||
Unrecognized net loss | (104 | ) | (24 | ) | Other expense | |||||||
|
|
|
| |||||||||
Total before tax | (343 | ) | (263 | ) | ||||||||
Tax effect | 86 | 66 | Income tax expense | |||||||||
|
|
|
| |||||||||
Amortization of defined pension items, net of tax | $ | (257 | ) | $ | (197 | ) | ||||||
|
|
|
|
Reclassifications from AOCL to earnings (b) | For the Quarter Ended | Affected line item in the Consolidated Comprehensive Income | ||||||||||
September 24, 2020 | September 26, 2019 | |||||||||||
Amortization of defined benefit pension items: | ||||||||||||
Unrecognized prior service cost | $ | (120 | ) | $ | (239 | ) | Other expense | |||||
Unrecognized net loss | (296 | ) | (104 | ) | Other expense | |||||||
Total before tax | (416 | ) | (343 | ) | ||||||||
Tax effect | 104 | 86 | Income tax expense | |||||||||
Amortization of defined pension items, net of tax | $ | (312 | ) | $ | (257 | ) | ||||||
(b) | Amounts in parenthesis indicate debits to expense. See Note 9 – “Retirement Plan” above for additional details. |
Liabilitie
15
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. |
September 26, 2019 | June 27, 2019 | September 27, 2018 | ||||||||||
Carrying value of long-term debt: | $ | 25,606 | $ | 27,798 | $ | 32,860 | ||||||
Fair value of long-term debt: | 25,710 | 27,720 | 31,600 |
September 24, 2020 | June 25, 2020 | September 26, 2019 | ||||||||||
Carrying value of long-term debt: | $ | 18,189 | $ | 20,059 | $ | 25,606 | ||||||
Fair value of long-term debt: | 18,489 | 20,186 | 25,710 |
16
from lessees, certain lessor costs, and recognition of variable payments for contracts with lease andnon-lease components. In March 2019, the FASB issued ASUNo. 2019-01 “Leases (Topic 842) – Codification Improvements” which clarifies transition disclosure requirements for annual and interim periods after the date of adoption of ASUNo. 2016-02.
We have implemented processes and information technology tools to assist in our ongoing lease data analysis. We have also updated our accounting policies and internal controls that are impacted by the new guidance. We adopted ASUNo. 2016-02 utilizing the modified retrospective transition method and did not recast comparative periods in transition to the new standard. In addition, the new standard provides a number of optional practical expedients in transition. We elected the ‘package of practical expedients’, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We did not elect theuse-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to us. The adoption of this standard resulted in the recognition of operating leaseright-of-use assets and liabilities on our Consolidated Balance Sheet of $5,361 and $5,320 respectively. The new standard also provides practical expedients for an entity’s initial and ongoing accounting. We elected the short-term lease recognition exemption for all leases that qualify. We also elected the practical expedient to not separate lease andnon-lease components for all of our leases. Refer to Note 3 – Leases for additional information regarding the Company’s leases.
In February 2018, the FASB issued ASUNo. 2018-02“Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”. The amendments in this Update allowalign the requirements for capitalizing implementation costs incurred in a reclassification from accumulated other comprehensive income (loss) (“AOCL”)hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to retained earnings for stranded tax effects resulting fromdevelop or obtain
calculate the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination, commonly referred to as “Step 2”. Under this amendment, an entity will perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying value exceeds the reporting unit’s fair value. ASU
Note 15 – Subsequent Events
On October 7, 2019 we experienced a fire at our peanut processing facility located in Garysburg, North Carolina. No personnel were injured, and there was no damage to our peanut shelling and inventory storage areas. The fire occurred in our roasting room where all of the roasting equipment was destroyed. The fire also damaged some equipment in our packaging room and a portion of the roof. Due to order lead times for roasting equipment, we do not expect to have roasting capability for inshell peanuts for approximately one year. We have already secured supply of inshell roasted peanuts to meet our near term production requirements, and we will package those peanuts in our other facilities. We are currently evaluating our options with regard to our peanut production operations, which include (among other things) complete restoration of these damaged equipment or outsourcing our roasted inshell peanut requirements. We have adequate property damage and business interruption insurance (subject to applicable deductibles) and do not expect this event to have a material effect on our financial performance for the 2020 fiscal year.
On October 29, 2019, our Board of Directors declared a special cash dividend of $2.00 per share on all issued and outstanding shares of Common Stock and Class A Stock of the Company (the “October 2019 Dividend”). The October 2019 Dividend will be paid on December 10, 2019 to stockholders of record as of the close of business on November 26, 2019.
17
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
people and facilities in order to research, develop, market and sell new product offerings in fiscal 2021.
breaks, installed partitions on production lines and office space where social distancing could not be consistently maintained and installed thermal scanners to measure temperature for all employees upon arrival. We update and enhance these measures as new guidance is provided. In addition, we have extended personal time off for those who are in self quarantine or ill.
2020.
2020.
2020.
2020.
2020.
For the Quarter Ended | ||||||||
Product Type | September 26, 2019 | September 27, 2018 | ||||||
Peanuts | 18.0 | % | 19.2 | % | ||||
Pecans | 9.4 | 11.6 | ||||||
Cashews & Mixed Nuts | 22.7 | 22.6 | ||||||
Walnuts | 7.0 | 10.1 | ||||||
Almonds | 16.6 | 14.1 | ||||||
Trail & Snack Mixes | 20.5 | 17.1 | ||||||
Other | 5.8 | 5.3 | ||||||
|
|
|
| |||||
Total | 100.0 | % | 100.0 | % | ||||
|
|
|
|
For the Quarter Ended | ||||||||
Product Type | September 24, 2020 | September 26, 2019 | ||||||
Peanuts | 19.5 | % | 18.0 | % | ||||
Pecans | 8.6 | 9.4 | ||||||
Cashews & Mixed Nuts | 23.7 | 22.7 | ||||||
Walnuts | 6.6 | 7.0 | ||||||
Almonds | 12.7 | 16.6 | ||||||
Trail & Snack Mixes | 22.8 | 20.5 | ||||||
Other | 6.1 | 5.8 | ||||||
Total | 100.0 | % | 100.0 | % | ||||
For the Quarter Ended | ||||||||||||||||
Distribution Channel | September 26, 2019 | September 27, 2018 | Change | Percent Change | ||||||||||||
Consumer(1) | $ | 157,146 | $ | 139,444 | $ | 17,702 | 12.7 | % | ||||||||
Commercial Ingredients | 36,888 | 37,202 | (314 | ) | (0.8 | ) | ||||||||||
Contract Packaging | 23,812 | 27,642 | (3,830 | ) | (13.9 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 217,846 | $ | 204,288 | $ | 13,558 | 6.6 | % | ||||||||
|
|
|
|
|
|
|
|
For the Quarter Ended | ||||||||||||||||||||||||
Distribution Channel | September 24, 2020 | Percentage of Total | September 26, 2019 | Percentage of Total | $ Change | Percent Change | ||||||||||||||||||
Consumer (1) | $ | 166,757 | 79.3 | % | $ | 157,146 | 72.2 | % | $ | 9,611 | 6.1 | % | ||||||||||||
Commercial Ingredients | 22,811 | 10.9 | 36,888 | 16.9 | (14,077 | ) | (38.2 | ) | ||||||||||||||||
Contract Packaging | 20,705 | 9.8 | 23,812 | 10.9 | (3,107 | ) | (13.0 | ) | ||||||||||||||||
Total | $ | 210,273 | 100.0 | % | $ | 217,846 | 100.0 | % | $ | (7,573 | ) | (3.5 | )% | |||||||||||
(1) | Sales of branded products were approximately Fisher |
customers and increased sales with Internet retailers.
20
Net sales in the contract packaging distribution channel decreased by 13.9%13.0% in dollars and 13.0%12.2% in sales volume in the first quarter of fiscal 20202021 compared to the first quarter of fiscal 2019.2020. The decline in sales volume mainly came fromwas primarily attributable to the reduction in unit ounce weights implemented byunfavorable impact of lower convenience store foot traffic on one customer’s business as a contract packagingresult of
due to the temporary peanut supply shortage cited above.
above.
reductions in advertising, compensation and consulting expenses.
compensation related expenses and a $0.5 million decrease in freight expense due to a reduction in sales pounds shipped.
compensation.
2020.
2020.
2020.
21
Net Income
Net income was2021, compared to $12.9 million, or $1.13 per common share basic and $1.12 per share diluted, for the first quarter of fiscal 2020, compared to $6.6 million, or $0.58 per common share basic and $0.57 per share diluted, for the first quarter of fiscal 2019.
2020.
September 26, 2019 | September 27, 2018 | $ Change | ||||||||||
Operating activities | $ | 22,468 | $ | 15,675 | $ | 6,793 | ||||||
Investing activities | (3,102 | ) | (4,768 | ) | 1,666 | |||||||
Financing activities | (20,070 | ) | (11,141 | ) | (8,929 | ) | ||||||
|
|
|
|
|
| |||||||
Net decrease in cash | $ | (704 | ) | $ | (234 | ) | $ | (470 | ) | |||
|
|
|
|
|
|
September 24, 2020 | September 26, 2019 | $ Change | ||||||||||
Operating activities | $ | 20,577 | $ | 22,468 | $ | (1,891 | ) | |||||
Investing activities | (6,018 | ) | (3,102 | ) | (2,916 | ) | ||||||
Financing activities | (15,351 | ) | (20,070 | ) | 4,719 | |||||||
Net decrease in cash | $ | (792 | ) | $ | (704 | ) | $ | (88 | ) | |||
accounts receivable at September 24, 2020 compared to June 25, 2020.
total inventory value.
22
most other major nut types.26, 2019. The weighted average cost per pound of raw nut and dried fruit input stocks on hand at the end of the first quarter of fiscal 2020 decreased 25.9%2021 increased 7.8% compared to the end of the first quarter of fiscal 20192020 due to lower acquisition costs for pecans, cashews and walnuts and a shift in product mix from lower priced farmer stock peanuts to peanuts.
higher priced inshell pecans.
2020.
The Credit Facility as most recently amended in November 2017, is secured by substantially all of our assets other than machinery and equipment, real property, and fixtures and matures on July 7, 2021.March 5, 2025. The Mortgage Facility is secured by mortgages on essentially all of our owned real property located in Elgin, Illinois, Gustine, California and Garysburg, North Carolina (the “Encumbered Properties”).
23
specified fixed charge coverage ratio, tested on a monthly basis, until loan availability equals or exceeds $25.0 million for three consecutive months. All cash received from customers is required to be applied against the Credit Facility. The Bank Lenders have the option to accelerate and demand immediate repayment of our obligations under the Credit Facility in the event of default on the payments required under the Credit Facility, a change in control in the ownership of the Company,26, 2019,24, 2020, we were in compliance with all covenants under the Credit Facility and we currently expect to be in compliance with the financial covenant in the Credit Facility for the foreseeable future. At September 26, 2019,24, 2020, we had $97.5$70.0 million of available credit under the Credit Facility. If this entire amount were borrowed at September 26, 2019,24, 2020, we would still be in compliance with all restrictive covenants under the Credit Facility.
Facility and a total principal amount of $8.2 million was outstanding.
25, 2020.27, 2019.
competitors; and (xviii) the ability of the Company to respond to or manage the outbreak of
2021.
28
29
30
31
Exhibit No. | Description | |
31.2 | Certification of Michael J. Valentine pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended | |
32.1 | Certification of Jeffrey T. Sanfilippo pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended | |
32.2 | Certification of Michael J. Valentine pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* | Indicates a management contract or compensatory plan or arrangement. |
JOHN B. SANFILIPPO & SON, INC. | ||
By | ||
/s/ MICHAEL J. VALENTINE | ||
Michael J. Valentine | ||
Chief Financial Officer, Group President and Secretary |
32