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December 31, 2011 | July 2, 2011 | ||||||
Raw materials | $ | 21,861 | $ | 20,970 | |||
Work in process | 41,953 | 34,599 | |||||
Finished goods | 119,103 | 103,640 | |||||
$ | 182,917 | $ | 159,209 |
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Yarn | $ | 16,853 | |
Natural gas | 772 | ||
Finished fabric | 2,329 | ||
Finished products | 18,419 | ||
$ | 38,373 |
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Basics | Branded | Consolidated | |||||||||
Three months ended December 31, 2011: | |||||||||||
Net sales | $ | 57,555 | $ | 47,931 | $ | 105,486 | |||||
Segment operating loss | (18,692 | ) | (1,297 | ) | (19,989 | ) | |||||
Segment assets* | 171,336 | 146,992 | 318,328 | ||||||||
Three months ended January 1, 2011: | |||||||||||
Net sales | $ | 56,228 | $ | 48,494 | $ | 104,722 | |||||
Segment operating income | 1,370 | 1,255 | 2,625 | ||||||||
Segment assets* | 138,121 | 135,438 | 273,559 | ||||||||
* All goodwill and intangibles on our balance sheet are included in the branded segment. |
Basics | Branded | Consolidated | |||||||||
Six months ended December 31, 2011 | |||||||||||
Net sales | $ | 110,152 | $ | 118,857 | $ | 229,009 | |||||
Segment operating (loss) income | (17,108 | ) | 3,819 | (13,289 | ) | ||||||
Six months ended January 1, 2011 | |||||||||||
Net sales | $ | 105,769 | $ | 106,870 | $ | 212,639 | |||||
Segment operating income | 1,521 | 4,062 | 5,583 |
Three Months Ended | Six Months Ended | ||||||||||||||
December 31, 2011 | January 1, 2011 | December 31, 2011 | January 1, 2011 | ||||||||||||
Segment operating (loss) income | $ | (19,989 | ) | $ | 2,625 | $ | (13,289 | ) | $ | 5,583 | |||||
Unallocated interest expense | 992 | 601 | 1,885 | 1,202 | |||||||||||
Consolidated (loss) income before taxes | $ | (20,981 | ) | $ | 2,024 | $ | (15,174 | ) | $ | 4,381 |
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Effective Date | Notional Amount | Fixed LIBOR Rate | Maturity Date | |||||
Interest Rate Swap | September 1, 2011 | $10 million | 0.7650 | % | September 1, 2013 | |||
Interest Rate Swap | September 1, 2011 | $10 million | 0.9025 | % | March 1, 2014 | |||
Interest Rate Swap | September 1, 2011 | $10 million | 1.0700 | % | September 1, 2014 |
December 31, 2011 | July 2, 2011 | ||||||
Accrued expenses | $ | — | $ | 22 | |||
Deferred tax liabilities | (51 | ) | (8 | ) | |||
Other liabilities | 132 | — | |||||
Accumulated other comprehensive loss | $ | 81 | $ | 14 |
◦ | Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities. |
◦ | Level 2 – Inputs other than quoted prices that are observable for assets and liabilities, either directly or indirectly. These inputs include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are less active. |
◦ | Level 3 – Unobservable inputs that are supported by little or no market activity for assets or liabilities and includes certain pricing models, discounted cash flow methodologies and similar techniques. |
Fair Value Measurements Using | ||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
Period Ended | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Interest Rate Swaps | ||||||||||||||
December 31, 2011 | $ | 132 | — | $ | 132 | — | ||||||||
July 2, 2011 | $ | 22 | — | $ | 22 | — |
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Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans | Dollar Value of Shares that May Yet Be Purchased Under the Plans | |||||||
October 2 to November 5, 2011 | 19,838 | $ | 16.47 | 19,838 | $6.6 million | ||||||
November 6 to December 3, 2011 | 29,610 | $ | 16.68 | 29,610 | $6.1 million | ||||||
December 4 to December 31, 2011 | 500 | $ | 17.02 | 500 | $6.1 million | ||||||
Total | 49,948 | $ | 16.60 | 49,948 | $6.1 million |
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Fiscal Year | Amount | ||
2012 | $ | 1,068 | |
2013 | 2,110 | ||
2014 | 1,846 | ||
2015 | 1,529 | ||
2016 | 644 | ||
$ | 7,197 |
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December 31, 2011 | July 2, 2011 | ||||||||||||||||||||
Cost | Accumulated Amortization | Net Value | Cost | Accumulated Amortization | Net Value | Economic Life | |||||||||||||||
Goodwill | $ | 17,424 | $ | (612 | ) | $ | 16,812 | $ | 17,424 | $ | (612 | ) | $ | 16,812 | N/A | ||||||
Intangibles: | |||||||||||||||||||||
Tradename/trademarks | 1,530 | (488 | ) | 1,042 | 1,530 | (450 | ) | 1,080 | 20 yrs | ||||||||||||
Customer relationships | 7,220 | (2,305 | ) | 4,915 | 7,220 | (2,124 | ) | 5,096 | 20 yrs | ||||||||||||
Technology | 1,220 | (246 | ) | 974 | 1,220 | (185 | ) | 1,035 | 10 yrs | ||||||||||||
Non-compete agreements | 517 | (347 | ) | 170 | 517 | (323 | ) | 194 | 4 – 8.5 yrs | ||||||||||||
Total intangibles | 10,487 | (3,386 | ) | 7,101 | 10,487 | (3,082 | ) | 7,405 |