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Shareholders' Equity
6 Months Ended
Dec. 30, 2018
Stockholders Equity Note [Abstract]  
Shareholders' Equity

13.  Shareholders’ Equity

 

For the three-months ended December 30, 2018:

 

 

Shares

 

 

Common Stock

 

 

Capital in Excess of Par Value

 

 

Retained Earnings

 

 

Accumulated Other Comprehensive Loss

 

 

Total Shareholders’ Equity

 

Balance at September 30, 2018

 

 

18,380

 

 

$

1,838

 

 

$

57,706

 

 

$

374,024

 

 

$

(43,455

)

 

$

390,113

 

Conversion of restricted stock units

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

1,913

 

 

 

 

 

 

 

 

 

1,913

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

730

 

 

 

730

 

Net income

 

 

 

 

 

 

 

 

 

 

 

1,171

 

 

 

 

 

 

1,171

 

Balance at December 30, 2018

 

 

18,383

 

 

$

1,838

 

 

$

59,619

 

 

$

375,195

 

 

$

(42,725

)

 

$

393,927

 

 

 

For the six-months ended December 30, 2018:

 

 

Shares

 

 

Common Stock

 

 

Capital in Excess of Par Value

 

 

Retained Earnings

 

 

Accumulated Other Comprehensive Loss

 

 

Total Shareholders’ Equity

 

Balance at June 24, 2018

 

 

18,353

 

 

$

1,835

 

 

$

56,726

 

 

$

371,753

 

 

$

(40,533

)

 

$

389,781

 

Options exercised

 

 

16

 

 

 

2

 

 

 

242

 

 

 

 

 

 

 

 

 

244

 

Conversion of restricted stock units

 

 

17

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

1

 

 

 

 

 

 

2,785

 

 

 

 

 

 

 

 

 

2,785

 

Common stock withheld in satisfaction of

  tax withholding obligations under net share

  settle transactions

 

 

(4

)

 

 

 

 

 

(133

)

 

 

 

 

 

 

 

 

(133

)

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,192

)

 

 

(2,192

)

Adoption of the New Revenue Recognition Guidance

 

 

 

 

 

 

 

 

 

 

 

459

 

 

 

 

 

 

459

 

Net income

 

 

 

 

 

 

 

 

 

 

 

2,983

 

 

 

 

 

 

2,983

 

Balance at December 30, 2018

 

 

18,383

 

 

$

1,838

 

 

$

59,619

 

 

$

375,195

 

 

$

(42,725

)

 

$

393,927

 

 

For the three-months ended December 24, 2017:

 

 

 

Shares

 

 

Common Stock

 

 

Capital in Excess of Par Value

 

 

Retained Earnings

 

 

Accumulated Other Comprehensive Loss

 

 

Total Shareholders’ Equity

 

Balance at September 24, 2017

 

 

18,261

 

 

$

1,826

 

 

$

53,104

 

 

$

348,900

 

 

$

(29,706

)

 

$

374,124

 

Options exercised

 

 

23

 

 

 

3

 

 

 

(3

)

 

 

 

 

 

 

 

 

 

Conversion of restricted stock units

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

4

 

 

 

 

 

 

2,114

 

 

 

 

 

 

 

 

 

2,114

 

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,751

)

 

 

(1,751

)

Net income

 

 

 

 

 

 

 

 

 

 

 

11,802

 

 

 

 

 

 

11,802

 

Balance at December 24, 2017

 

 

18,291

 

 

$

1,829

 

 

$

55,215

 

 

$

360,702

 

 

$

(31,457

)

 

$

386,289

 

 

 

For the six-months ended December 24, 2017:

 

 

Shares

 

 

Common Stock

 

 

Capital in Excess of Par Value

 

 

Retained Earnings

 

 

Accumulated Other Comprehensive Loss

 

 

Total Shareholders’ Equity

 

Balance at June 25, 2017

 

 

18,230

 

 

$

1,823

 

 

$

51,923

 

 

$

339,940

 

 

$

(32,880

)

 

$

360,806

 

Options exercised

 

 

54

 

 

 

6

 

 

 

213

 

 

 

 

 

 

 

 

 

219

 

Conversion of restricted stock units

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

4

 

 

 

 

 

 

3,079

 

 

 

 

 

 

 

 

 

3,079

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,423

 

 

 

1,423

 

Net income

 

 

 

 

 

 

 

 

 

 

 

20,762

 

 

 

 

 

 

20,762

 

Balance at December 24, 2017

 

 

18,291

 

 

$

1,829

 

 

$

55,215

 

 

$

360,702

 

 

$

(31,457

)

 

$

386,289

 

 

No dividends were paid during the six months ended December 30, 2018 or in the two most recently completed fiscal years.

Stock Repurchase Program

On April 23, 2014, UNIFI announced that its Board of Directors (the “Board”) had approved a stock repurchase program (the “2014 SRP”) under which UNIFI was authorized to acquire up to $50,000 of its common stock.  UNIFI made no repurchases of its shares of common stock during the six months ended December 30, 2018. Through October 31, 2018 (the date the 2014 SRP was terminated, as discussed below), UNIFI had repurchased a total of 806 shares, at an average price of $27.79 (for a total of $22,409, inclusive of commission costs) pursuant to the 2014 SRP.  

 

On October 31, 2018, UNIFI announced that the Board had terminated the 2014 SRP and approved a new stock repurchase program (the “2018 SRP”) under which UNIFI is authorized to acquire up to $50,000 of its common stock. Under the 2018 SRP, purchases will be made from time to time in the open market at prevailing market prices, through private transactions or block trades. The timing and amount of repurchases will depend on market conditions, share price, applicable legal requirements and other factors. The share repurchase authorization is discretionary and has no expiration date.

 

As of December 30, 2018, $50,000 remained available for repurchase under the 2018 SRP.