Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Jun. 30, 2012
Jul. 02, 2011
Jul. 03, 2010
Operating activities:      
Net (loss) income $ (2,447,000) $ 17,327,000 $ 12,187,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 6,884,000 6,644,000 6,203,000
Amortization of intangibles 608,000 613,000 585,000
Amortization of deferred financing fees 361,000 313,000 279,000
Excess tax benefits from exercise of stock options (529,000) (84,000) 0
(Benefit from) provision for deferred income taxes (1,107,000) 1,282,000 916,000
(Benefit from) provision for allowances on accounts receivable, net 530,000 (354,000) (903,000)
Non-cash stock compensation 1,730,000 1,056,000 948,000
Change in the fair value of contingent consideration 0 (1,530,000) 0
Goodwill impairment charge 0 612,000 0
Loss (gain) on disposal of property and equipment 73,000 111,000 170,000
Inventory write down 16,195,000 0 0
Changes in operating assets and liabilities, net of effect of acquisitions:      
Accounts receivable 2,435,000 (11,673,000) (2,198,000)
Inventories (18,619,000) (36,441,000) 9,324,000
Prepaid expenses and other current assets 289,000 (411,000) (88,000)
Other non-current assets (19,000) 125,000 (17,000)
Accounts payable (9,234,000) 20,897,000 251,000
Accrued expenses (7,099,000) 4,109,000 1,684,000
Income taxes (9,236,000) 341,000 2,467,000
Other liabilities 84,000 (47,000) 461,000
Net cash provided by operating activities (19,101,000) 2,890,000 32,269,000
Investing activities:      
Purchases of property and equipment, net (6,626,000) (7,966,000) (6,955,000)
Cash paid for business, net of cash acquired 0 (9,884,000) (1,700,000)
Net cash used in investing activities (6,626,000) (17,850,000) (8,655,000)
Financing activities:      
Proceeds from long-term debt 544,295,000 511,358,000 409,680,000
Repayment of long-term debt (516,590,000) (492,658,000) (433,261,000)
Payment of financing fees 0 (1,450,000) 0
Repurchase of common stock (2,642,000) (2,507,000) 0
Proceeds from stock options 18,000 263,000 0
Payment of withholding taxes on exercise of stock options (72,000) (161,000) 0
Excess tax benefits from exercise of stock options 529,000 84,000 0
Net cash provided by (used in) financing activities 25,538,000 14,929,000 (23,581,000)
Net (decrease) increase in cash and cash equivalents (189,000) (31,000) 33,000
Cash and cash equivalents at beginning of year 656,000 687,000 654,000
Cash and cash equivalents at end of year 467,000 656,000 687,000
Supplemental cash flow information:      
Cash paid during the year for interest 3,532,000 2,229,000 3,643,000
Cash paid during the year for income taxes, net of refunds received 2,370,000 3,922,000 1,375,000
Non-cash financing activity—issuance of common stock $ 0 $ 98,000 $ 118,000