XML 32 R22.htm IDEA: XBRL DOCUMENT
v3.25.1

Revisions to Prior Period Consolidated Financial Statements | 9 Months Ended
--- | ---
Mar. 28, 2025
Accounting Changes and Error Corrections [Abstract] |
Revisions to Prior Period Consolidated Financial Statements | Revisions to Prior Period Consolidated Financial Statements As described in Note 1. The Company and Basis of Presentation, subsequent to the third quarter of fiscal 2024, the Company identified certain errors in the quarterly financial statements for fiscal 2024 related to estimated total contract costs and progress to completion for an over-time arrangement. The Company identified additional errors impacting the quarterly financial statements for fiscal 2024 related to the recognition of revenue prior to performance obligations being met and related to journal entries recorded in error. In accordance with ASC 250, Accounting Changes and Error Corrections and SAB No. 99, Materiality and No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company evaluated the materiality of the errors and determined that the impacts were not material, individually or in the aggregate, to the Company’s previously issued consolidated financial statements. The Company has revised the prior period financial statements and related disclosures for the third quarter of fiscal 2024 to correct the errors. A summary of the corrections to the impacted financial statement line items in the Company’s previously issued Consolidated Statements of Operations, Comprehensive Income, Equity and Cash Flows for the three and nine months ended March 29, 2024 is provided below. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
| Three Months Ended March 29, 2024 |  | Nine Months Ended March 29, 2024
(In thousands, except per share amounts) | As Previously Reported |  | Adjustments |  | As Revised |  | As Previously Reported |  | Adjustments |  | As Revised
Revenues: |  |  |  |  |  |  |  |  |  |  |
Product sales | $ | 70,857 |  |  | $ | (13) |  |  | $ | 70,844 |  |  | $ | 196,794 |  |  | $ | (1,384) |  |  | $ | 195,410 |
Services | 40,756 |  |  | (778) |  |  | 39,978 |  |  | 97,421 |  |  | (1,408) |  |  | 96,013 |
Total revenues | 111,613 |  |  | (791) |  |  | 110,822 |  |  | 294,215 |  |  | (2,792) |  |  | 291,423 |
Cost of revenues: |  |  |  |  |  |  |  |  |  |  |
Product sales | 47,791 |  |  | (8) |  |  | 47,783 |  |  | 121,775 |  |  | (786) |  |  | 120,989 |
Services | 27,288 |  |  | (320) |  |  | 26,968 |  |  | 67,224 |  |  | (383) |  |  | 66,841 |
Total cost of revenues | 75,079 |  |  | (328) |  |  | 74,751 |  |  | 188,999 |  |  | (1,169) |  |  | 187,830 |
Gross margin | 36,534 |  |  | (463) |  |  | 36,071 |  |  | 105,216 |  |  | (1,623) |  |  | 103,593 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |
Selling and administrative | 21,300 |  |  | (1,102) |  |  | 20,198 |  |  | 61,979 |  |  | — |  |  | 61,979 |
Operating income | 5,028 |  |  | 639 |  |  | 5,667 |  |  | 15,569 |  |  | (1,623) |  |  | 13,946 |
Income before income taxes | 4,037 |  |  | 639 |  |  | 4,676 |  |  | 13,920 |  |  | (1,623) |  |  | 12,297 |
Provision for income taxes | 619 |  |  | 187 |  |  | 806 |  |  | 3,607 |  |  | (521) |  |  | 3,086 |
Net income | $ | 3,418 |  |  | $ | 452 |  |  | $ | 3,870 |  |  | $ | 10,313 |  |  | $ | (1,102) |  |  | $ | 9,211 |
Net income per share of common stock outstanding: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.27 |  |  | $ | 0.04 |  |  | $ | 0.31 |  |  | $ | 0.86 |  |  | $ | (0.10) |  |  | $ | 0.76 |
Diluted | $ | 0.27 |  |  | $ | 0.03 |  |  | $ | 0.30 |  |  | $ | 0.84 |  |  | $ | (0.09) |  |  | $ | 0.75 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
| Three Months Ended March 29, 2024 |  | Nine Months Ended March 29, 2024
(In thousands) | As Previously Reported |  | Adjustments |  | As Revised |  | As Previously Reported |  | Adjustments |  | As Revised
Net income | $ | 3,418 |  |  | $ | 452 |  |  | $ | 3,870 |  |  | $ | 10,313 |  |  | $ | (1,102) |  |  | $ | 9,211 |
Comprehensive income | $ | 3,077 |  |  | $ | 452 |  |  | $ | 3,529 |  |  | $ | 10,550 |  |  | $ | (1,102) |  |  | $ | 9,448 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
| Nine Months Ended March 29, 2024
(In thousands) | As Previously Reported |  | Adjustments |  | As Revised
Operating Activities |  |  |  |  |
Net income | $ | 10,313 |  |  | $ | (1,102) |  |  | $ | 9,211 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Deferred taxes | 2,180 |  |  | (521) |  |  | 1,659 |
Changes in operating assets and liabilities: |  |  |  |  |
Accounts receivable | 14,312 |  |  | 1,103 |  |  | 15,415 |
Unbilled receivables | (17,039) |  |  | 1,689 |  |  | (15,350) |
Inventories | 7,037 |  |  | (1,061) |  |  | 5,976 |
Accrued expenses | 11,449 |  |  | (108) |  |  | 11,341 |
Net cash provided by operating activities | $ | 22,229 |  |  | $ | — |  |  | $ | 22,229 |
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (unaudited)
|  |  |  |  |  |  |  |  |  | Three Months Ended March 29, 2024
|  |  |  |  |  | Accumulated Deficit |  |  |  | Total Equity
(In thousands) |  |  |  |  |  |  |  |  |  |  |
As Previously Reported |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of December 29, 2023 |  |  |  |  |  |  |  |  |  |  | $ | (581,019) |  |  |  |  | $ | 253,936 |
Net income |  |  |  |  |  |  |  |  |  |  | 3,418 |  |  |  |  | 3,418 |
Balance as of March 29, 2024 |  |  |  |  |  |  |  |  |  |  | $ | (577,601) |  |  |  |  | $ | 258,507 |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of December 29, 2023 |  |  |  |  |  |  |  |  |  |  | $ | (2,913) |  |  |  |  | $ | (2,913) |
Net income |  |  |  |  |  |  |  |  |  |  | 452 |  |  |  |  | 452 |
Balance as of March 29, 2024 |  |  |  |  |  |  |  |  |  |  | $ | (2,461) |  |  |  |  | $ | (2,461) |
As Revised |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of December 29, 2023 |  |  |  |  |  |  |  |  |  |  | $ | (583,932) |  |  |  |  | $ | 251,023 |
Net income |  |  |  |  |  |  |  |  |  |  | 3,870 |  |  |  |  | 3,870 |
Balance as of March 29, 2024 |  |  |  |  |  |  |  |  |  |  | $ | (580,062) |  |  |  |  | $ | 256,046 |
|  |  |  |  |  |  |  |  |  | Nine Months Ended March 29, 2024
|  |  |  |  |  | Accumulated Deficit |  |  |  | Total Equity
(In thousands) |  |  |  |  |  |  |  |  |  |  |
As Previously Reported |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of June 30, 2023 |  |  |  |  |  |  |  |  |  |  | $ | (587,914) |  |  |  |  | $ | 220,098 |
Net income |  |  |  |  |  |  |  |  |  |  | 10,313 |  |  |  |  | 10,313 |
Balance as of March 29, 2024 |  |  |  |  |  |  |  |  |  |  | $ | (577,601) |  |  |  |  | $ | 258,507 |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of June 30, 2023 |  |  |  |  |  |  |  |  |  |  | $ | (1,359) |  |  |  |  | $ | (1,359) |
Net income |  |  |  |  |  |  |  |  |  |  | (1,102) |  |  |  |  | (1,102) |
Balance as of March 29, 2024 |  |  |  |  |  |  |  |  |  |  | $ | (2,461) |  |  |  |  | $ | (2,461) |
As Revised |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of June 30, 2023 |  |  |  |  |  |  |  |  |  |  | $ | (589,273) |  |  |  |  | $ | 218,739 |
Net income |  |  |  |  |  |  |  |  |  |  | 9,211 |  |  |  |  | 9,211 |
Balance as of March 29, 2024 |  |  |  |  |  |  |  |  |  |  | $ | (580,062) |  |  |  |  | $ | 256,046 |

X
- References No definition available. + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting error correction. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-7 + Details
Name: | us-gaap_ErrorCorrectionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration