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

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