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INCOME TAXES (Tables)
12 Months Ended
Jun. 27, 2013
Income Tax Disclosure [Abstract]  
Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes for the last three fiscal years is as follows:

 

     June 27, 2013     June 28, 2012     June 30, 2011  

Current

   $ 14,483      $ 9,908      $ 2,972   

Deferred

     (947     (809     (3,021
  

 

 

   

 

 

   

 

 

 

Total income tax expense (benefit)

   $ 13,536      $ 9,099      $ (49
  

 

 

   

 

 

   

 

 

 
Reconciliations of Income Taxes at Statutory Federal Income Tax Rate

The reconciliations of income taxes at the statutory federal income tax rate to income taxes reported in the consolidated statements of comprehensive income for the last three fiscal years are as follows:

 

     June 27,
2013
    June 28,
2012
    June 30,
2011
 

Federal statutory income tax rate

     35.0     35.0     35.0

State income taxes, net of federal benefit

     4.5        3.5        (18.9

Research and development tax credit

     (0.2     (0.2     (5.7

Domestic manufacturing deduction

     (3.4     (3.2     (10.7

Change in valuation allowance

     2.0        —          —     

Other

     0.4        (0.4     (1.5
  

 

 

   

 

 

   

 

 

 

Effective tax rate

     38.3     34.7     (1.8 )% 
  

 

 

   

 

 

   

 

 

 
Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are comprised of the following:

 

     June 27, 2013     June 28, 2012  
     Asset     Liability     Asset      Liability  

Current

    

Accounts receivable

   $ 298      $ —        $ 298       $ —     

Employee compensation

     2,021        —          1,785         —     

Inventory

     376        —          466         —     

Workers’ compensation

     597        —          1,701         —     

Other

     620        —          573         —     
  

 

 

   

 

 

   

 

 

    

 

 

 

Total current

     3,912        —          4,823         —     

Valuation allowance

     (189     —          —           —     
  

 

 

   

 

 

   

 

 

    

 

 

 

Net current deferred tax assets

   $ 3,723      $ —        $ 4,823       $ —     
  

 

 

   

 

 

   

 

 

    

 

 

 

Long term

    

Depreciation

   $ —        $ (11,525   $ —         $ (11,801

Amortization

     —          (278     —           (145

Capitalized leases

     1,099        —          959         —     

Goodwill and intangible assets

     4,690        —          4,123         —     

Operating loss carry-forwards

     264        —          641         —     

Retirement plan

     5,046        —          5,334         —     

Workers compensation

     1,194        —          —           —     

Equity method investment

     615        —          —           —     

Other

     427        (79     429         —     
  

 

 

   

 

 

   

 

 

    

 

 

 

Total long-term

     13,335        (11,882     11,486         (11,946

Valuation allowance

     (626     —          —           —     
  

 

 

   

 

 

   

 

 

    

 

 

 

Net long-term deferred tax assets (liabilities)

     12,709        (11,882     11,486         (11,946
  

 

 

   

 

 

   

 

 

    

 

 

 

Total net deferred tax assets (liabilities)

   $ 16,432      $ (11,882   $ 16,309       $ (11,946
  

 

 

   

 

 

   

 

 

    

 

 

 
Unrecognized Tax Benefits

Unrecognized tax benefits, that if recognized, would affect the annual effective tax rate on income from continuing operations, are as follows:

 

     June 27, 2013      June 28, 2012      June 30, 2011  

Unrecognized tax benefits that would affect annual effective tax rate

   $ 127       $ 113       $ 65