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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Jun. 29, 2024
Accounting Changes and Error Corrections [Abstract] |
Schedule of Corrected Consolidated Statement Of Operations | The nature of the restatement adjustments shown below and their impact on the previously issued consolidated statements of operations is to increase net sales and increase cost of sales to appropriately reflect these transactions as sales price adjustments.
| Fiscal Year Ended 7/1/2023
CORRECTED CONSOLIDATED STATEMENT OF OPERATIONS (in thousands, except per share information) | As previously reported |  | Adjustments |  | As restated
Net sales | $ | 588,135 |  |  | $ | 17,180 |  |  | $ | 605,315 |
Cost of sales | 540,663 |  |  | 17,180 |  |  | 557,843 |
Gross profit | 47,472 |  |  | — |  |  | 47,472 |
Research, development and engineering expenses | 9,735 |  |  | — |  |  | 9,735 |
Selling, general and administrative expenses | 25,715 |  |  | — |  |  | 25,715 |
Gain on insurance proceeds, net of losses | (4,301) |  |  | — |  |  | (4,301) |
Total operating expenses | 31,149 |  |  | — |  |  | 31,149 |
Operating income | 16,323 |  |  | — |  |  | 16,323 |
Interest expense, net | 10,023 |  |  | — |  |  | 10,023 |
Income before income taxes | 6,300 |  |  | — |  |  | 6,300 |
Income tax provision | 1,143 |  |  | — |  |  | 1,143 |
Net income | $ | 5,157 |  |  | $ | — |  |  | $ | 5,157 |
Net income per share — Basic | $ | 0.48 |  |  | $ | — |  |  | $ | 0.48 |
Weighted average shares outstanding — Basic | 10,762 |  |  | — |  |  | 10,762 |
Net income per share — Diluted | $ | 0.47 |  |  | $ | — |  |  | $ | 0.47 |
Weighted average shares outstanding — Diluted | 10,938 |  |  | — |  |  | 10,938 |
| Fiscal Year Ended 7/2/2022
CORRECTED CONSOLIDATED STATEMENT OF OPERATIONS (in thousands, except per share information) | As previously reported |  | Adjustments |  | As restated
Net sales | $ | 531,815 |  |  | $ | 12,362 |  |  | $ | 544,177 |
Cost of sales | 488,601 |  |  | 12,362 |  |  | 500,963 |
Gross profit | 43,214 |  |  | — |  |  | 43,214 |
Research, development and engineering expenses | 9,821 |  |  | — |  |  | 9,821 |
Selling, general and administrative expenses | 24,598 |  |  | — |  |  | 24,598 |
Gain on insurance proceeds, net of losses | — |  |  | — |  |  | — |
Total operating expenses | 34,419 |  |  | — |  |  | 34,419 |
Operating income | 8,795 |  |  | — |  |  | 8,795 |
Interest expense, net | 5,104 |  |  | — |  |  | 5,104 |
Income before income taxes | 3,691 |  |  | — |  |  | 3,691 |
Income tax provision | 314 |  |  | — |  |  | 314 |
Net income | $ | 3,377 |  |  | $ | — |  |  | $ | 3,377 |
Net income per share — Basic | $ | 0.31 |  |  | $ | — |  |  | $ | 0.31 |
Weighted average shares outstanding — Basic | 10,762 |  |  | — |  |  | 10,762 |
Net income per share — Diluted | $ | 0.31 |  |  | $ | — |  |  | $ | 0.31 |
Weighted average shares outstanding — Diluted | 11,063 |  |  | — |  |  | 11,063 |

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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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