Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Oct. 01, 2016 | Oct. 27, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document period end date | Oct. 1, 2016 | |
Amendment flag | false | |
Document Period Focus | Q2 | |
Document Fiscal Year Focus | 2,017 | |
Current fiscal year end date | --03-31 | |
Entity central index key | 88,948 | |
Entity current reporting status | Yes | |
Entity filer category | Accelerated Filer | |
Entity registrant name | SENECA FOODS CORP /NY/ | |
Entity voluntary filers | No | |
Entity well known seasoned issuer | No | |
Common Class A [Member] | ||
Class Of Stock [Line Items] | ||
Entity common stock shares outstanding | 7,884,911 | |
Trading Symbol | SENEA | |
Common Class B [Member] | ||
Class Of Stock [Line Items] | ||
Entity common stock shares outstanding | 1,894,221 | |
Trading Symbol | SENEB |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Oct. 01, 2016 | Mar. 31, 2016 | Sep. 26, 2015 |
Current Assets: | |||
Cash and Cash Equivalents | $ 10,124,000 | $ 8,602,000 | $ 9,397,000 |
Accounts Receivable, Net | 102,727,000 | 76,788,000 | 83,296,000 |
Inventories: | |||
Finished Goods | 639,603,000 | 366,911,000 | 631,467,000 |
Work in Process | 18,098,000 | 17,122,000 | 7,107,000 |
Raw Materials and Supplies | 114,295,000 | 183,674,000 | 123,129,000 |
Total Inventories | 771,996,000 | 567,707,000 | 761,703,000 |
Deferred Income Tax Asset, Net | 0 | 6,674,000 | |
Other Current Assets | 15,157,000 | 15,765,000 | 13,251,000 |
Assets Held For Sale | 5,025,000 | 5,025,000 | |
Assets Current | 905,029,000 | 673,887,000 | 874,321,000 |
Deferred Tax Assets, Net, Noncurrent | 15,364,000 | 12,897,000 | 17,335,000 |
Property, Plant and Equipment, Net | 207,474,000 | 188,837,000 | 178,370,000 |
Other Assets | 20,847,000 | 19,706,000 | 17,583,000 |
Total Assets | 1,148,714,000 | 895,327,000 | 1,087,609,000 |
Current Liabilities: | |||
Notes Payable | 402,000 | ||
Accounts Payable | 237,008,000 | 67,410,000 | 265,578,000 |
Accrued Vacation | 11,936,000 | 11,792,000 | 11,499,000 |
Accrued Payroll | 10,120,000 | 9,438,000 | 13,440,000 |
Other Accrued Expenses | 39,243,000 | 27,627,000 | 25,732,000 |
Income Taxes Payable | 4,172,000 | 2,974,000 | 3,886,000 |
Current Portion of Long-Term Debt | 9,987,000 | 279,815,000 | 307,080,000 |
Liabilities Current | 312,466,000 | 399,458,000 | 627,215,000 |
Pension | 41,119,000 | 37,798,000 | 60,245,000 |
Long-Term Debt, Less Current Portion | 354,905,000 | 35,967,000 | 37,322,000 |
Capital Lease Obligations Noncurrent | 18,425,000 | 4,988,000 | |
Other Long-Term Liabilities | 11,559,000 | 11,942,000 | 3,222,000 |
Total Liabilities | 738,474,000 | 490,153,000 | 728,004,000 |
Stockholders' Equity: | |||
Preferred Stock | 1,338,000 | 1,344,000 | 1,344,000 |
Common Stock $.25 Par Value Per Share | 3,024,000 | 3,023,000 | 3,023,000 |
Additional Paid-in Capital | 97,395,000 | 97,373,000 | 97,373,000 |
Treasury Stock, at cost | (66,730,000) | (65,709,000) | (62,913,000) |
Accumulated Other Comprehensive Loss | (28,396,000) | (28,396,000) | (31,804,000) |
Retained Earnings | 403,609,000 | 397,539,000 | 352,582,000 |
Total Stockholders' Equity | 410,240,000 | 405,174,000 | 359,605,000 |
Total Liabilities and Stockholders Equity | $ 1,148,714,000 | $ 895,327,000 | $ 1,087,609,000 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) | Oct. 01, 2016$ / shares |
Statement Of Financial Position [Abstract] | |
Common Stock Par Or Stated Value Per Share | $ 0.25 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Income Statement [Abstract] | ||||
Net Sales | $ 357,247,000 | $ 313,202,000 | $ 609,861,000 | $ 539,460,000 |
Costs and Expenses: | ||||
Cost of Product Sold | 327,035,000 | 284,129,000 | 559,674,000 | 489,488,000 |
Selling and Administrative | 18,702,000 | 17,394,000 | 35,907,000 | 32,450,000 |
Plant Restructuring | 277,000 | 15,000 | 1,462,000 | (66,000) |
Other Operating (Income) Loss | 31,000 | (67,000) | 19,000 | (403,000) |
Total Costs and Expenses | 346,045,000 | 301,471,000 | 597,062,000 | 521,469,000 |
Operating Income (Loss) | 11,202,000 | 11,731,000 | 12,799,000 | 17,991,000 |
Interest Expense, Net | 2,151,000 | 1,889,000 | 4,295,000 | 3,581,000 |
Earnings From Equity Investment | 270,000 | 86,000 | (167,000) | 86,000 |
Earnings (Loss) Before Income Taxes | 8,781,000 | 9,756,000 | 8,671,000 | 14,324,000 |
Income Taxes Expense (Benefit) | 2,637,000 | 3,234,000 | 2,589,000 | 4,834,000 |
Net Earnings (Loss) | 6,144,000 | 6,522,000 | 6,082,000 | 9,490,000 |
Earnings (Loss) Attributable to Common Stock | $ 6,082,000 | $ 6,456,000 | $ 6,014,000 | $ 9,376,000 |
Basic Earnings (Loss) per Common Share | $ 0.62 | $ 0.65 | $ 0.61 | $ 0.95 |
Diluted Earnings (Loss) per Common Share | $ 0.62 | $ 0.65 | $ 0.61 | $ 0.94 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Statement of Income and Comprehensive Income [Abstract] | ||||
Net Earnings (Loss) | $ 6,144,000 | $ 6,522,000 | $ 6,082,000 | $ 9,490,000 |
Change in pension and post retirement benefits adjustment (net of tax) | 0 | 0 | 0 | 0 |
Comprehensive Income (Loss), net of Tax | $ 6,144,000 | $ 6,522,000 | $ 6,082,000 | $ 9,490,000 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Oct. 01, 2016 | Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | |
Cash Flows from Operating Activities: | ||||
Net Earnings (Loss) | $ 6,144,000 | $ 6,082,000 | $ 9,490,000 | $ 51,050,000 |
Adjustments to Reconcile Net (Loss) Earnings to Net Cash Used in Operations: | ||||
Depreciation & Amortization | 12,018,000 | 10,487,000 | ||
Gain on the Sale of Assets | 48,000 | (143,000) | ||
Deferred Income Tax Expense (Benefit) | (2,467,000) | (2,183,000) | ||
Impairment Provision | 1,462,000 | (66,000) | ||
Earnings From Equity Investment | 270,000 | (167,000) | 86,000 | |
Changes in Operating Assets and Liabilities (Net of Acquisition): | ||||
Accounts Receivable | (25,939,000) | (13,459,000) | ||
Inventories | (204,289,000) | (289,291,000) | ||
Other Current Assets | 608,000 | 14,448,000 | ||
Income Taxes | 1,198,000 | 2,099,000 | ||
Accounts Payable, Accrued Expenses and Other Liabilities | 183,025,000 | 211,664,000 | ||
Net Cash Used in Operations | (28,421,000) | (56,868,000) | ||
Cash Flows from Investing Activities: | ||||
Additions to Property, Plant and Equipment | (14,518,000) | (3,111,000) | ||
Proceeds from the Sale of Assets | 13,000 | 155,000 | ||
Purchase Equity Method Investment | 0 | |||
Net Cash Used in Investing Activities | (14,505,000) | (2,956,000) | ||
Cash Flow from Financing Activities: | ||||
Long-Term Borrowing | 183,744,000 | 154,763,000 | ||
Payments on Long-Term Debt | (136,613,000) | (84,525,000) | ||
Payments on Notes Payable | (402,000) | (9,903,000) | ||
Other | (1,248,000) | (74,000) | ||
Purchase of Treasury Stock | (1,021,000) | (1,636,000) | ||
Dividends | (12,000) | (12,000) | ||
Net Cash Provided by Financing Activities | 44,448,000 | 58,613,000 | ||
Net Increase in Cash and Cash Equivalents | 1,522,000 | (1,211,000) | ||
Cash and Cash Equivalents, Beginning of the Period | 8,602,000 | 10,608,000 | 9,397,000 | |
Cash and Cash Equivalents, End of the Period | 10,124,000 | 10,124,000 | $ 9,397,000 | 10,124,000 |
Noncash Transactions [Abstract] | ||||
Property, Plant and Equipment Issued Under Capital Lease | $ 15,416,000 | $ 15,416,000 | $ 15,416,000 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid In Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] |
Balance at Sep. 26, 2015 | $ 359,605,000 | ||||||
Net Earnings (Loss) | 51,050,000 | ||||||
Balance at Oct. 01, 2016 | 410,240,000 | $ 1,338,000 | $ 3,024,000 | $ 97,395,000 | $ (66,730,000) | $ (28,396,000) | $ 403,609,000 |
Balance at Mar. 31, 2016 | 405,174,000 | 1,344,000 | 3,023,000 | 97,373,000 | (65,709,000) | (28,396,000) | 397,539,000 |
Net Earnings (Loss) | 6,082,000 | 6,082,000 | |||||
Cash dividends paid on preferred stock | (12,000) | ||||||
Equity incentive program | 17,000 | ||||||
Purchase Treasury Stock | (1,021,000) | ||||||
Stock conversion | (6,000) | 1,000 | 5,000 | ||||
Change in pension and post retirement benefits adjustment (net of tax) | 0 | ||||||
Balance at Oct. 01, 2016 | $ 410,240,000 | $ 1,338,000 | $ 3,024,000 | $ 97,395,000 | $ (66,730,000) | $ (28,396,000) | $ 403,609,000 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Preferred Stock Common Stock) - USD ($) $ in Thousands | Total | Cumulative Preferred Stock [Member] | Nonredeemable Convertible Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Common Class A [Member] | Common Class B [Member] |
Preferred Stock | $ 1,344 | ||||||
Common Stock $.25 Par Value Per Share | $ 3,023 | ||||||
Preferred Stock Dividend Rate Percentage | 6.00% | 10.00% | |||||
Preferred Stock Par Or Stated Value Per Share | $ 0.25 | $ 0.025 | $ 0.025 | $ 0.025 | |||
Common Stock Par Or Stated Value Per Share | $ 0.25 | $ 0.25 | $ 0.25 | ||||
Preferred Stock Shares Authorized | 200,000 | 1,400,000 | 90,351 | 500 | |||
Common Stock Shares Authorized | 20,000,000 | 10,000,000 | |||||
Preferred Stock Shares Outstanding | 200,000 | 807,240 | 90,351 | 500 | |||
Common Stock Shares Outstanding | 7,885,485 | 1,894,321 | |||||
Preferred Stock | $ 1,338 | ||||||
Common Stock $.25 Par Value Per Share | $ 3,024 |
Basis Of Presentation Policies
Basis Of Presentation Policies | 6 Months Ended |
Oct. 01, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | 1. Unaudited Condensed Consolidated Financial Statements In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of Seneca Foods Corporation (the “Company”) as of October 1, 2016 and results of its operations and its cash flows for the interim periods presented. All significant intercompany transactions and accounts have been eliminated in cons olidation. The March 31, 2016 balance sheet was derived from the audited consolidated financial statements. The results of operations for the three and six month periods ended October 1, 2016 are not necessarily indicative of the results to be expected for the full year. During the six months ended October 1, 2016 , the Company sold $ 54,146 ,000 of Green Giant finished goods inventory to B&G Foods, Inc. for cash, on a bill and hold basis, as compared to $ 32,765 ,000 for the six months ended September 26, 2015 . Under the terms of the bill and hold agr eement, title to the specified inventory transferred to B&G . The Company believes it has met the criteria required for bill and hold treatment. The accounting policies followed by the Company are set forth in Note 1 to the Company's Consolidated Financ ial Statements in the Company’s 2016 Annual Report on Form 10-K. Other footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and note s included in the Company's 2016 Annual Report on Form 10-K. All references to years are fiscal years ended or ending March 31 unless otherwise indicated. Certain percentage tables may not foot due to rounding. Reclassifications—Certain previously reported amounts have been reclassified to conform to the current period classification. |
Acquisition
Acquisition | 6 Months Ended |
Oct. 01, 2016 | |
Business Acquisition, Cost of Acquired Entity, Purchase Price [Abstract] | |
Business Combination Disclosure Text Block | 2. Acquisitions On Octo ber 30, 2015, the Company completed the acquisition of 100 % of the stock of Gray & Company. The business, based in Hart, Michigan, is a processor of maraschino cherries and a provider of glace or candied fruit products . This acquisition includes a plant in Dayton, Oregon. The purchase price was approximately $ 23,784,000 (net of cash acquired) plus the assumption of certain liabilities. In conjunction with the closing, the Company paid off $ 12,034,000 of liabilities acquired. The rationale for the acquis ition was twofold: (1) the business is a complementary fit with our existing business and (2) it provides an extension of our product offerings. This acquisition was financed with proceeds from the Company's revolving credit facility. The purchase price to acquire Gray & Company was allocated based on the internally developed fair value of the assets acquired and liabilities assumed and the independent valuation of inventory, intangibles, and property, plant, and equipm ent. The purchase price of $23,784, 000 has been a llocated as follows (in thousands ): Purchase Price (net of cash received) $ 23,784 Allocated as follows: Current assets $ 36,647 Other long-term assets 1,395 Property, plant and equipment 13,654 Deferred taxes (7,710) Other long-term liabilities (4,120) Current liabilities (16,082) Total $ 23,784 In February 2016 , the Company completed the acquisition of 100 % of the stock of Diana Fruit Co., Inc. The business, based in Santa Clara, California , is a processor of maraschino cherries and cherries for fruit cocktail. The purchase price was approximately $ 15 ,011,000 (net of cash acquired) plus the assumption of certain liabilities. In conjunction with the closing, the Company paid off $ 1 ,441,000 of liabilities acquired. The rationale for the acquisition was the business is a complementary f it with the recent acquisition of Gray & Company. This acquisition was financed with proceeds from the Company's revolving credit facility. The purchase price to acquire Diana was allocated based on the i nternally developed fair value of the assets acquired and liabili ties assumed and the independent valuation of inventory, intangibles, and property, plant, and equipment. The purchase price of $15,011,000 has been allocated as follows (in thousands): Purchase Price (net of cash received) $ 15,011 Allocated as follows: Current assets $ 16,834 Other long-term assets 509 Property, plant and equipment 872 Deferred taxes 428 Current liabilities (3,632) Total $ 15,011 |
Inventories
Inventories | 6 Months Ended |
Oct. 01, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 3. Inventories First-In, First-Out (“FIFO”) based inventory costs exceeded LIFO based inventory costs by $ 143 ,650, 000 as of the end of the second quarter of fiscal 2017 as compared to $ 162,480,000 as of the end of the second quarter of fiscal 2016. The change in the LIFO Reserve for the three months ended October 1, 2016 was an increase of $ 2,476 ,000 as compared to an increase of $ 50,000 for the three months ended September 26, 2015. The LIFO Reserve increased by $ 4,375 ,000 in the first six months of fisca l 2017 compared to a decrease of $ 1,587,000 in the firs t six months of fiscal 2016. This reflects the projected impact of an overall cost increase expected in fiscal 2017 versus fiscal 2016. |
Debt Instruments
Debt Instruments | 6 Months Ended |
Oct. 01, 2016 | |
Debt Instruments [Abstract] | |
Debt Disclosure Text Block | 4. Revolving Credit Facility The Company completed the closing of a new five-year revolving credit facility (“Revolver”) on July 5, 2016. Maximum borrowings under the Revolver total $ 40 0,000,000 from April through July and $ 50 0,00 0,000 from August through March . The Revolver balance as of October 1, 2016 was $342,935,000 and is included in Long-Term Debt in the accompanying Condensed Consolidated Balance Sheet since the Revolver matures on July 5, 2021. The Company utilizes its Revolv er for general corporate purposes, including seasonal working capital needs, to pay debt principal and interest obligations, and to fund capital expenditures and acquisitions. Seasonal working capital needs are affected by the growing cycles of the vegeta bles and fruits the Company processes. The majority of vegetable and fruit inventories are produced during the months of June through November and are then sold over the following year. Payment terms for vegetable and fruit produce are generally three mo nths but can vary from a few days to seven months. Accordingly, the Company’s need to draw on the Revolver may fluctuate significantly throughout the year. The increase in average amount of Revolver borrowings during the first six months of fiscal 2017 compared to the first six months of fiscal 2016 was attributable to the acquisitions of $ 38,795,000 made during the last year ended March 2016, the pay off of $ 22,596,000 of Industrial Revenue Bonds, Accounts Receivables which are $ 19,431,000 higher t han the same period last year and total Inventories which are $ 10,2 93,000 higher than the same period last year, partially offset by operating res ults in the last year ended October 1 , 2016 of $ 51,050 ,000 . General terms of the Revolver include payment of interest at LIBOR plus a defined spread. The following table documents the quantitative data for Revolver borrowings during the second quarter and year-to-date periods of fiscal 2017 and fiscal 2016 : Second Quarter Year-to-Date 2017 2016 2017 2016 (In thousands) (In thousands) Reported end of period: Outstanding borrowings $ 342,935 $ 304,468 $ 342,935 $ 304,468 Weighted average interest rate 1.88 % 1.99 % 1.88 % 1.99 % Reported during the period: Maximum amount of borrowings $ 361,800 $ 304,468 $ 361,800 $ 304,468 Average outstanding borrowings $ 314,102 $ 242,255 $ 284,287 $ 225,112 Weighted average interest rate 1.78 % 1.96 % 1.93 % 1.95 % |
Stockholders Equity Note
Stockholders Equity Note | 6 Months Ended |
Oct. 01, 2016 | |
Stockholders Equity Note [Abstract] | |
Stockholders Equity Note Disclosure Text Block | 5. Stockholders’ Equity During the six-month period ended October 1, 2016, the Company repurchased 31,500 shares or $ 955,000 of its Class A Common Stock as Treasury Stock and 1,837 shares or $ 66,000 of its Class B Common Stock also as Treasury Stock. As of October 1, 2016, there are 2,314,887 shares or $ 66,730,000 of repurchased stock. These shares are not considered outstanding. |
General Discussion Of Pension A
General Discussion Of Pension And Other PostretirementBenefits | 6 Months Ended |
Oct. 01, 2016 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Pension And Other Postretirement Benefits Disclosure Text Block | 6. Retirement Plans The net periodic benefit cost for the Company’s pension plan consisted of: Three Months Ended Six Months Ended October 1, September 26, October 1, September 26, 2016 2015 2016 2015 (In thousands) Service Cost $ 2,164 $ 2,519 $ 4,328 $ 5,039 Interest Cost 1,919 2,177 3,838 4,355 Expected Return on Plan Assets (2,978) (2,625) (5,958) (5,252) Amortization of Actuarial Loss 679 844 1,358 1,687 Amortization of Transition Asset 27 27 55 55 Net Periodic Benefit Cost $ 1,811 $ 2,942 $ 3,621 $ 5,884 There was a contribution of $ 300 ,000 to the pension plan in the six month period ended October 1, 2016. There was a contribution of $ 600,000 made in the six month period ended September 26, 2015. |
Restructuring And Related Activ
Restructuring And Related Activities | 6 Months Ended |
Oct. 01, 2016 | |
Restructuring And Related Activities [Abstract] | |
Restructuring And Related Activities Disclosure Text Block | 7. Plant Restruc turing The following table summarizes the restructuring charges and related asset impairment charges record ed and the accruals established : Long-Lived Severance Asset Charges Other Costs Total (In thousands) Balance March 31, 2016 $ - $ 4,975 $ 3,897 $ 8,872 First quarter charge (credit) 127 (6) 1,064 1,185 Second quarter charge (credit) 112 (286) 451 277 Cash payments/write offs (123) 240 (3,242) (3,125) Balance October 1, 2016 $ 116 $ 4,923 $ 2,170 $ 7,209 Balance March 31, 2015 $ 715 $ 264 $ 270 $ 1,249 First quarter credit (81) - - (81) Second quarter charge 15 - - 15 Cash payments/write offs (649) - (240) (889) Balance September 26, 2015 $ - $ 264 $ 30 $ 294 During 2016, the Company recorded a restructuring charge of $ 10,302,000 related to the closing of a plant in the Northwest of which $ 162,000 was related to severance cost, $ 5,065,000 was related to asset impairments (contra fixed assets), and $ 5,075 ,000 was related to other costs (mostly operating lease costs). During the quarter ended October 1 , 2016, the Company recorded an additiona l restructuring charge of $ 277 ,000 related to the previous closing of a plan t in the Northwest of which $ 112 ,000 was rela t ed to severance cost, $ 402 ,000 was related to equipment relocation costs, and a $ 237 ,000 credit which related to other costs , mostly a fixed assets impairment adjustment . During the quarter ended July 2, 2016, the Company recorded an additional restructu ring charge of $ 1,185,000 related to the previous closing of a plant in the Northwest of which $ 127,000 was related to severance cost, $ 1,025,000 was related to equipment relocation costs, and $ 33,000 was related to other costs. |
Gains and Losses on the Sale of
Gains and Losses on the Sale of Property, Plant and Equipment | 6 Months Ended |
Oct. 01, 2016 | |
Property Plant And Equipment [Abstract] | |
Property Plant And Equipment Disclosure Text Block | 8. Other Operating Income and Expense During the six months ended October 1, 2016, the Company sold unused fixed assets which resulted in a loss of $ 48,000 as compared to a gain of $ 143,000 during the six months ended September 26, 2015. During the quarter ended June 27, 2015, the Company reversed a provision for the Prop 65 litigation of $ 200,000 and reduced an environmental accrual by $ 60,000 . These items are included in other operating income in the Unaudited Conden sed Consolidated Statements of N et E arnings . |
Recently Issued Accounting Pron
Recently Issued Accounting Pronoucements | 6 Months Ended |
Oct. 01, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies Text Block | 9. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board ( FASB ) issued Accounting Standards Update ( ASU ) 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on April 1, 2018 (beginning of fiscal 2019). Early adoption is permitted. The standard permits the use of either the retrospect ive or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the eff ect of the standard on its ongoing financial reporting. In February 2016, the FASB is sued ASU No. 2016-02, Leases. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effecti ve for fiscal years beginning after December 15, 2018 (beginning fiscal 2020), including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entere d into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. While we are still evaluating the impact of our pending adoption of the new standard on our consolidated fin ancial statements, we expect that upon adoption we will recognize ROU assets and lease liabilities and that the amounts could be material. There were no other recently issued accounting pronouncements that impacted the Company’s condensed consolidated fin ancial statements. In addition, the Company did not adopt any new accounting pronouncemen ts during the quarter ended October 1, 2016 . |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Oct. 01, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Text Block | 10. Earnings per Common Share E arnings per share for the q uarters e nded October 1, 2016 and September 26, 2015 are as follows: Q U A R T E R YEAR TO DATE Fiscal Fiscal Fiscal Fiscal 2017 2016 2017 2016 (In thousands, except per share amounts) Basic Net earnings $ 6,144 $ 6,522 $ 6,082 $ 9,490 Deduct preferred stock dividends paid 6 6 12 12 Undistributed earnings 6,138 6,516 6,070 9,478 Earnings attributable to participating preferred 56 60 56 102 Earnings attributable to common shareholders $ 6,082 $ 6,456 $ 6,014 $ 9,376 Weighted average common shares outstanding 9,792 9,901 9,800 9,895 Basic earnings per common share $ 0.62 $ 0.65 $ 0.61 $ 0.95 Diluted Earnings attributable to common shareholders $ 6,082 $ 6,456 $ 6,014 $ 9,376 Add dividends on convertible preferred stock 5 5 10 10 Earnings attributable to common stock on a diluted basis $ 6,087 $ 6,461 $ 6,024 $ 9,386 Weighted average common shares outstanding-basic 9,792 9,901 9,800 9,895 Additional shares issuable related to the equity compensation plan 3 2 3 2 Additional shares to be issued under full conversion of preferred stock 67 67 67 67 Total shares for diluted 9,862 9,970 9,870 9,964 Diluted earnings per common share $ 0.62 $ 0.65 $ 0.61 $ 0.94 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Oct. 01, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures Text Block | 11. Fair Value of Financial Instruments As required by Accounting Standards Codification ("ASC") 825, “Financial Instruments,” the Company estimates the fair values of financial instruments on a quarterly basis. The estimated fair value for long-term debt (classified as Level 2 in the fair value hierarchy) is determined by the quoted market prices for similar debt (comparable to the Company’s financial strength) or current rates offered to the Company for debt with the same maturities . Long-term debt , including current portion had a carrying amount of $ 362,625 ,000 and an estimated fair value of $ 363,153 ,000 as of October 1, 2016 . As of March 31, 2016, the carrying amount was $ 315,539,000 and the estimated fair value was $ 315,478,000 . Capital lease obligatio ns, including current portion had a carrying amount of $ 20,692,000 and an estimated fair value of $ 20,318,000 as of October 1, 2016 . As of March 31, 2016, the carrying amount was $ 5,231,000 and the estimated fair value was $ 5,076,000 . The fair values of all the other financial instruments approximate their carrying value due to their short-term nature. |
Income Tax Disclosure
Income Tax Disclosure | 6 Months Ended |
Oct. 01, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure Text Block | 12. Income Taxes The Company tried to use the Annual Effective Tax Rate (“ETR”) approach of ASC 740-270 -25-2 (formerl y FIN 18) to calculate its second quarter 2017 interim tax provision , but since the expected annual Pre-Tax Earnings is close to breakeven, the effective rate was very high (about 195%), and thus there was a significant variation in the customary relationship between Pre-Tax Earnings and Income Tax Provision during an interim period. As allowed under FASB Interpretation (FIN) 18, P aragraph 82, now ASC 740-270-25-3, when calculating the ETR, it may be more appropriate to calculate the rate based on the year-to-date Pre-Tax Earnings which is what was done. The prior year calculation followed the Annual Effective Tax Rate approach. Th e effective tax rate was 29.9 % and 33 . 7 % for the six month periods ended October 1, 2016 and September 26, 2015, respectively. The 3.8 percentage point decrease in the effective tax rate represents a decrease in tax expense as a percentage of book income when compared to the same period last year. The major contributor to this decrease is with the federal credits for R & D, WOTC and fuel plus state credits. These credits are largely fixed and with the relatively low pre-tax earnings for the six months ended October 1, 2016 , these credits add to the credit provision and are a larger percentage of pre-tax earnings in comparison to the six months ended September 26, 2015. This accounts for 2.9 percent of the decrease. |
Interim Lease Funding
Interim Lease Funding | 6 Months Ended |
Oct. 01, 2016 | |
Operating Leases Income Statement [Abstract] | |
Operating Leases Of Lessor Disclosure Text Block | 13 . Interim Notes During fiscal 2016 and 2015 , the Company entered into some interim lease notes which financed down payments for various equipment orders a t market rates. As of October 1, 2016 and September 26, 2015 , all of these interim notes have been con verted into operating leases. |
Accounting policies (policy)
Accounting policies (policy) | 6 Months Ended |
Oct. 01, 2016 | |
Accounting Policies [Abstract] | |
Revenue Recognition, Bill and Hold Arrangements [Policy Text Block] | During the six months ended October 1, 2016 , the Company sold $ 54,146 ,000 of Green Giant finished goods inventory to B&G Foods, Inc. for cash, on a bill and hold basis, as compared to $ 32,765 ,000 for the six months ended September 26, 2015 . Under the terms of the bill and hold agr eement, title to the specified inventory transferred to B&G . The Company believes it has met the criteria required for bill and hold treatment. |
Reclassifications [PolicyText Block] | Reclassifications—Certain previously reported amounts have been reclassified to conform to the current period classification. |
Acquisition (table)
Acquisition (table) | 6 Months Ended |
Oct. 01, 2016 | |
Business Acquisition, Cost of Acquired Entity, Purchase Price [Abstract] | |
ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock | Purchase Price (net of cash received) $ 23,784 Allocated as follows: Current assets $ 36,647 Other long-term assets 1,395 Property, plant and equipment 13,654 Deferred taxes (7,710) Other long-term liabilities (4,120) Current liabilities (16,082) Total $ 23,784 Purchase Price (net of cash received) $ 15,011 Allocated as follows: Current assets $ 16,834 Other long-term assets 509 Property, plant and equipment 872 Deferred taxes 428 Current liabilities (3,632) Total $ 15,011 |
Debt Instruments (table)
Debt Instruments (table) | 6 Months Ended |
Oct. 01, 2016 | |
Line of Credit Facility [Abstract] | |
Schedule of Line of Credit Facilities [Table Text Block] | Second Quarter Year-to-Date 2017 2016 2017 2016 (In thousands) (In thousands) Reported end of period: Outstanding borrowings $ 342,935 $ 304,468 $ 342,935 $ 304,468 Weighted average interest rate 1.88 % 1.99 % 1.88 % 1.99 % Reported during the period: Maximum amount of borrowings $ 361,800 $ 304,468 $ 361,800 $ 304,468 Average outstanding borrowings $ 314,102 $ 242,255 $ 284,287 $ 225,112 Weighted average interest rate 1.78 % 1.96 % 1.93 % 1.95 % |
General Discussion Of Pension25
General Discussion Of Pension And Other Post Retirement Benefits (table) | 6 Months Ended |
Oct. 01, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Three Months Ended Six Months Ended October 1, September 26, October 1, September 26, 2016 2015 2016 2015 (In thousands) Service Cost $ 2,164 $ 2,519 $ 4,328 $ 5,039 Interest Cost 1,919 2,177 3,838 4,355 Expected Return on Plan Assets (2,978) (2,625) (5,958) (5,252) Amortization of Actuarial Loss 679 844 1,358 1,687 Amortization of Transition Asset 27 27 55 55 Net Periodic Benefit Cost $ 1,811 $ 2,942 $ 3,621 $ 5,884 |
Restructuring And Related Act26
Restructuring And Related Activities (table) | 6 Months Ended |
Oct. 01, 2016 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs [Table Text Block] | Long-Lived Severance Asset Charges Other Costs Total (In thousands) Balance March 31, 2016 $ - $ 4,975 $ 3,897 $ 8,872 First quarter charge (credit) 127 (6) 1,064 1,185 Second quarter charge (credit) 112 (286) 451 277 Cash payments/write offs (123) 240 (3,242) (3,125) Balance October 1, 2016 $ 116 $ 4,923 $ 2,170 $ 7,209 Balance March 31, 2015 $ 715 $ 264 $ 270 $ 1,249 First quarter credit (81) - - (81) Second quarter charge 15 - - 15 Cash payments/write offs (649) - (240) (889) Balance September 26, 2015 $ - $ 264 $ 30 $ 294 |
Earnings Per Share (table)
Earnings Per Share (table) | 6 Months Ended |
Oct. 01, 2016 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Text Block] | Q U A R T E R YEAR TO DATE Fiscal Fiscal Fiscal Fiscal 2017 2016 2017 2016 (In thousands, except per share amounts) Basic Net earnings $ 6,144 $ 6,522 $ 6,082 $ 9,490 Deduct preferred stock dividends paid 6 6 12 12 Undistributed earnings 6,138 6,516 6,070 9,478 Earnings attributable to participating preferred 56 60 56 102 Earnings attributable to common shareholders $ 6,082 $ 6,456 $ 6,014 $ 9,376 Weighted average common shares outstanding 9,792 9,901 9,800 9,895 Basic earnings per common share $ 0.62 $ 0.65 $ 0.61 $ 0.95 Diluted Earnings attributable to common shareholders $ 6,082 $ 6,456 $ 6,014 $ 9,376 Add dividends on convertible preferred stock 5 5 10 10 Earnings attributable to common stock on a diluted basis $ 6,087 $ 6,461 $ 6,024 $ 9,386 Weighted average common shares outstanding-basic 9,792 9,901 9,800 9,895 Additional shares issuable related to the equity compensation plan 3 2 3 2 Additional shares to be issued under full conversion of preferred stock 67 67 67 67 Total shares for diluted 9,862 9,970 9,870 9,964 Diluted earnings per common share $ 0.62 $ 0.65 $ 0.61 $ 0.94 |
Basis of Presentation (detail)
Basis of Presentation (detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Sales Revenue [Line Items] | ||||
Net Sales | $ 357,247,000 | $ 313,202,000 | $ 609,861,000 | $ 539,460,000 |
B&G Foods, Inc [Member] | ||||
Sales Revenue [Line Items] | ||||
Net Sales | $ 54,146,000 | $ 32,765,000 |
Aquisition (narrative) (detail)
Aquisition (narrative) (detail) - USD ($) | Oct. 01, 2016 | Feb. 17, 2016 | Oct. 30, 2015 |
Business Acquisition [Line Items] | |||
Purchase Price | $ 38,795,000 | ||
DianaFruitCoInc [Member] | |||
Business Acquisition [Line Items] | |||
Purchase Price | 15,011,000 | $ 15,011,000 | |
Ownership percentage | 100.00% | ||
Paid off Liabilites | $ 1,441,000 | ||
Gray&Company [Member] | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 23,784,000 | $ 23,784,000 | |
Ownership percentage | 100.00% | ||
Paid off Liabilites | $ 12,034,000 |
Acquisition (table) (detail)
Acquisition (table) (detail) - USD ($) | Oct. 01, 2016 | Feb. 17, 2016 | Oct. 30, 2015 |
Business Acquisition [Line Items] | |||
Purchase Price | $ 38,795,000 | ||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities [Abstract] | |||
Total | 38,795,000 | ||
DianaFruitCoInc [Member] | |||
Business Acquisition [Line Items] | |||
Purchase Price | 15,011,000 | $ 15,011,000 | |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities [Abstract] | |||
Current assets | 16,834,000 | ||
Other long term assets | 509,000 | ||
Property, plant and equipment | 872,000 | ||
Deferred tax asset | 428,000 | ||
Current liabilities | (3,632,000) | ||
Total | 15,011,000 | $ 15,011,000 | |
Gray&Company [Member] | |||
Business Acquisition [Line Items] | |||
Purchase Price | 23,784,000 | $ 23,784,000 | |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities [Abstract] | |||
Current assets | 36,647,000 | ||
Other long term assets | 1,395,000 | ||
Property, plant and equipment | 13,654,000 | ||
Other long term liabilities | (4,120,000) | ||
Deferred tax liabilitie | (7,710,000) | ||
Current liabilities | (16,082,000) | ||
Total | $ 23,784,000 | $ 23,784,000 |
Inventory (detail)
Inventory (detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Inventory Disclosure [Abstract] | ||||
Inventory, LIFO Reserve | $ 143,650,000 | $ 162,480,000 | $ 143,650,000 | $ 162,480,000 |
Inventory, LIFO Reserve, Period Charge | $ 2,476,000 | $ 50,000 | $ 4,375,000 | $ 1,587,000 |
Debt Intruments (narrative) (de
Debt Intruments (narrative) (detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | |
Debt Instruments [Abstract] | |||||
Line of Credit Facility, Amount Outstanding | $ 342,935,000 | $ 304,468,000 | $ 342,935,000 | $ 304,468,000 | $ 342,935,000 |
Line of Credit Facility [Line Items] | |||||
Repayment of Notes Payable | 22,596,000 | ||||
Inventory Change | 10,293,000 | 10,293,000 | 10,293,000 | ||
Defined Benefit Plan, Contributions by Employer | 300,000 | 600,000 | |||
Purchase Price | 38,795,000 | 38,795,000 | 38,795,000 | ||
Net Earnings (Loss) | 6,144,000 | $ 6,522,000 | 6,082,000 | $ 9,490,000 | 51,050,000 |
Accounts Receivable Change | 19,431,000 | 19,431,000 | 19,431,000 | ||
Production Period [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | 500,000,000 | 500,000,000 | 500,000,000 | ||
Nonproduction Period [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 |
Debt Intruments (table) (detail
Debt Intruments (table) (detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Debt Instruments [Abstract] | ||||
Line of Credit Facility, Amount Outstanding | $ 342,935 | $ 304,468 | $ 342,935 | $ 304,468 |
Line of Credit, Weighted Average Interest Rate | 1.88% | 1.99% | 1.88% | 1.99% |
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 361,800 | $ 304,468 | $ 361,800 | $ 304,468 |
Line of Credit Facility, Average Outstanding Amount | $ 314,102 | $ 242,255 | $ 284,287 | $ 225,112 |
Line of Credit, Interest Rate During Period | 1.78% | 1.96% | 1.93% | 1.95% |
Stockholders Equity (detail)
Stockholders Equity (detail) - USD ($) | 6 Months Ended | ||
Oct. 01, 2016 | Mar. 31, 2016 | Sep. 26, 2015 | |
Treasury Stock, at cost | $ 66,730,000 | $ 65,709,000 | $ 62,913,000 |
Class B Common Stock Converted To Class Aa Common [Member] | |||
Treasury Stock, Value, Acquired, Cost Method | $ 66,000 | ||
Stock Repurchased During Period, Shares | 1,837 | ||
Treasury Stock [Member] | |||
Treasury Stock, at cost | $ 66,730,000 | ||
Shares, Issued | 2,314,887 | ||
Common Stock [Member] | |||
Treasury Stock, Value, Acquired, Cost Method | $ 955,000 | ||
Stock Repurchased During Period, Shares | 31,500 |
Pension (detail)
Pension (detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | ||||
Defined Benefit Plan, Service Cost | $ 2,164,000 | $ 2,519,000 | $ 4,328,000 | $ 5,039,000 |
Defined Benefit Plan, Interest Cost | 1,919,000 | 2,177,000 | 3,838,000 | 4,355,000 |
Defined Benefit Plan, Expected Return on Plan Assets | (2,978,000) | (2,625,000) | (5,958,000) | (5,252,000) |
Defined Benefit Plan, Actuarial Net (Gains) Losses | 679,000 | 844,000 | 1,358,000 | 1,687,000 |
Defined Benefit Plan, Amortization of Transition Obligations (Assets) | 27,000 | 27,000 | 55,000 | 55,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 1,811,000 | $ 2,942,000 | 3,621,000 | 5,884,000 |
Defined Benefit Plan, Contributions by Employer | $ 300,000 | $ 600,000 |
Restructuring (narrative) (deta
Restructuring (narrative) (detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Oct. 01, 2016 | Jul. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Plant Restructuring | $ 277,000 | $ 1,185,000 | $ 15,000 | $ (81,000) | $ 1,462,000 | $ (66,000) |
NorthwestPlant2 [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Plant Restructuring | 277,000 | 1,185,000 | 10,302,000 | |||
Employee Severance [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Plant Restructuring | 112,000 | 127,000 | 15,000 | (81,000) | ||
Employee Severance [Member] | NorthwestPlant2 [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Plant Restructuring | 112,000 | 127,000 | 162,000 | |||
Other Restructuring [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Plant Restructuring | 451,000 | 1,064,000 | 0 | 0 | ||
Other Restructuring [Member] | NorthwestPlant2 [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Plant Restructuring | 237,000 | 33,000 | 5,075,000 | |||
Long Lived Asset Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Plant Restructuring | (286,000) | (6,000) | $ 0 | $ 0 | ||
Long Lived Asset Charges [Member] | NorthwestPlant2 [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Plant Restructuring | $ 402,000 | $ 1,025,000 | $ 5,065,000 |
Restructuring (table) (detail)
Restructuring (table) (detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Oct. 01, 2016 | Jul. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Balance | $ 8,872 | $ 1,249 | $ 8,872 | $ 1,249 | ||
Plant Restructuring | $ 277 | 1,185 | $ 15 | (81) | 1,462 | (66) |
Cash payments/write offs | (3,125) | (889) | ||||
Balance | 7,209 | 294 | 7,209 | 294 | ||
Employee Severance [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Balance | 0 | 715 | 0 | 715 | ||
Plant Restructuring | 112 | 127 | 15 | (81) | ||
Cash payments/write offs | (123) | (649) | ||||
Balance | 116 | 0 | 116 | 0 | ||
Other Restructuring [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Balance | 3,897 | 270 | 3,897 | 270 | ||
Plant Restructuring | 451 | 1,064 | 0 | 0 | ||
Cash payments/write offs | (3,242) | |||||
Balance | 2,170 | 30 | 2,170 | 30 | ||
Long Lived Asset Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Balance | 4,975 | 264 | 4,975 | 264 | ||
Plant Restructuring | (286) | $ (6) | 0 | $ 0 | ||
Cash payments/write offs | (240) | |||||
Balance | $ 4,923 | $ 264 | $ 4,923 | $ 264 |
Gains and Losses on the Sale 38
Gains and Losses on the Sale of Property, Plant and Equipment (detail) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 27, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Property Plant And Equipment [Abstract] | |||
Gain (Loss) on Disposition of Assets | $ 48,000 | $ 143,000 | |
Environmental Remediation Expense | $ 60,000 | ||
Restructuring Cost and Reserve [Line Items] | |||
Prop 65 Litigation | $ 200,000 |
Earning Per Share-Basic (detail
Earning Per Share-Basic (detail) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | |
Basic | |||||
Net Earnings (Loss) | $ 6,144,000 | $ 6,522,000 | $ 6,082,000 | $ 9,490,000 | $ 51,050,000 |
Deduct preferred stock dividends | 6,000 | 6,000 | 12,000 | 12,000 | |
Undistributed Earnings, Basic | 6,138,000 | 6,516,000 | 6,070,000 | 9,478,000 | |
Undistributed Earnings Allocated to Participating Securities | 56,000 | 60,000 | 56,000 | 102,000 | |
Earnings (Loss) Attributable to Common Stock | $ 6,082,000 | $ 6,456,000 | $ 6,014,000 | $ 9,376,000 | |
Weighted Average Number of Shares Outstanding, Basic | 9,792 | 9,901 | 9,800 | 9,895 | |
Basic earnings (loss) per common share | $ 0.62 | $ 0.65 | $ 0.61 | $ 0.95 |
Earning Per Share-Diluted (deta
Earning Per Share-Diluted (detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Diluted | ||||
Earnings (Loss) Attributable to Common Stock | $ 6,082 | $ 6,456 | $ 6,014 | $ 9,376 |
Dividends Convertible Preferred Stock Cash | 5 | 5 | 10 | 10 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 6,087 | $ 6,461 | $ 6,024 | $ 9,386 |
Weighted Average Number of Shares Outstanding, Basic | 9,792 | 9,901 | 9,800 | 9,895 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 3 | 2 | 3 | 2 |
Incremental Common Shares Attributable to Conversion of Preferred Stock | 67 | 67 | 67 | 67 |
Weighted Average Number of Shares Outstanding, Diluted | 9,862 | 9,970 | 9,870 | 9,964 |
Diluted Earnings (Loss) per Common Share | $ 0.62 | $ 0.65 | $ 0.61 | $ 0.94 |
Fair Value Measurements (detail
Fair Value Measurements (detail) - USD ($) | Oct. 01, 2016 | Mar. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Long-term Debt, Gross | $ 362,625,000 | $ 315,539,000 |
Long-term Debt, Fair Value | 363,153,000 | 315,478,000 |
Capital Lease Obligations, Gross | 20,692,000 | 5,231,000 |
Capital Lease Obligations, Fair Value | $ 20,318,000 | $ 5,076,000 |
Income Tax (detail)
Income Tax (detail) | 6 Months Ended | |
Oct. 01, 2016 | Sep. 26, 2015 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Continuing Operations | 29.90% | 33.70% |
Effective Income Tax Rate Continuing Operations Change | 3.80% | |
Effective Income Tax Rate Credits | 2.90% |
Interim Lease Funding (detail)
Interim Lease Funding (detail) $ in Thousands | Mar. 31, 2016USD ($) |
Operating Leases Income Statement [Abstract] | |
Notes Payable | $ 402 |