|
Income Taxes (Tables)
|
12 Months Ended |
|
Jun. 29, 2013
|
| Income Tax Disclosure [Abstract] |
|
| Provision for income taxes |
The provision for income taxes consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended |
|
June 29,
2013 |
|
June 30,
2012 |
|
July 2,
2011 |
Current: |
|
|
|
|
|
Federal |
$ |
40 |
|
|
$ |
(6,795 |
) |
|
$ |
3,936 |
|
State |
35 |
|
|
— |
|
|
315 |
|
Foreign |
145 |
|
|
157 |
|
|
167 |
|
Total current |
$ |
220 |
|
|
$ |
(6,638 |
) |
|
$ |
4,418 |
|
Deferred: |
|
|
|
|
|
Federal |
$ |
499 |
|
|
$ |
(284 |
) |
|
$ |
562 |
|
State |
3 |
|
|
(985 |
) |
|
373 |
|
Total deferred |
502 |
|
|
(1,269 |
) |
|
935 |
|
Provision for (benefit from) income taxes |
$ |
722 |
|
|
$ |
(7,907 |
) |
|
$ |
5,353 |
|
|
| Schedule of income before income tax, domestic and foreign |
For financial reporting purposes, income (loss) before provision for (benefit from) income taxes includes the following components (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended |
|
June 29,
2013 |
|
June 30,
2012 |
|
July 2,
2011 |
United States |
$ |
1,468 |
|
|
$ |
(21,660 |
) |
|
$ |
12,814 |
|
Foreign |
8,438 |
|
|
11,306 |
|
|
9,866 |
|
|
$ |
9,906 |
|
|
$ |
(10,354 |
) |
|
$ |
22,680 |
|
|
| Reconciliation between actual provision for incomes taxes and federal statutory income tax rate |
A reconciliation between actual provision for (benefit from) income taxes and the provision for income taxes computed using the federal statutory income tax rate of 34.0% is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended |
|
June 29,
2013 |
|
June 30,
2012 |
|
July 2,
2011 |
Income tax expense at the statutory rate |
$ |
3,371 |
|
|
$ |
(3,520 |
) |
|
$ |
7,712 |
|
State income tax expense, net of federal income tax effect |
(11 |
) |
|
(975 |
) |
|
561 |
|
Rate difference and nondeductible items in foreign jurisdictions |
(16 |
) |
|
(47 |
) |
|
(20 |
) |
Impact of foreign earnings in tax-free zone |
(2,754 |
) |
|
(3,683 |
) |
|
(3,223 |
) |
Valuation allowance adjustments |
75 |
|
|
14 |
|
|
— |
|
Nondeductible compensation |
— |
|
|
193 |
|
|
157 |
|
Nondeductible amortization and other permanent differences |
100 |
|
|
91 |
|
|
86 |
|
Other |
(43 |
) |
|
20 |
|
|
80 |
|
Provision for (benefit from) income taxes |
$ |
722 |
|
|
$ |
(7,907 |
) |
|
$ |
5,353 |
|
|
| Significant components of deferred tax assets and liabilities |
Significant components of our deferred tax assets and liabilities are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
June 29,
2013 |
|
June 30,
2012 |
Deferred tax assets: |
|
|
|
State net operating loss carryforwards |
$ |
1,416 |
|
|
$ |
1,406 |
|
Charitable donation carryforward |
50 |
|
|
373 |
|
Derivative — interest rate contracts |
51 |
|
|
81 |
|
Alternative minimum tax credit carryforward |
49 |
|
|
— |
|
Currently nondeductible accruals |
6,665 |
|
|
5,555 |
|
Gross deferred tax assets |
8,231 |
|
|
7,415 |
|
Less valuation allowance — state net operating loss |
(197 |
) |
|
(122 |
) |
Net deferred tax assets |
8,034 |
|
|
7,293 |
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
Depreciation |
(3,164 |
) |
|
(2,704 |
) |
Goodwill and intangibles |
(3,762 |
) |
|
(3,319 |
) |
Other |
(123 |
) |
|
(109 |
) |
Gross deferred tax liabilities |
(7,049 |
) |
|
(6,132 |
) |
Net deferred tax asset |
985 |
|
|
1,161 |
|
Less non-current net deferred tax liabilities |
3,571 |
|
|
3,803 |
|
Current deferred tax asset |
$ |
4,556 |
|
|
$ |
4,964 |
|
|