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v3.25.1

Revisions to Prior Period Consolidated Financial Statements (Tables) | 9 Months Ended
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Mar. 28, 2025
Accounting Changes and Error Corrections [Abstract] |
Schedule of Consolidated Statements of Operations, Comprehensive Income, Balance Sheets, Cash Flows, and Equity | 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 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-8 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-7 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9 + Details
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