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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | 12 Months Ended
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Jun. 29, 2024
Accounting Changes and Error Corrections [Abstract] |
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS In connection with the preparation of the Company's consolidated financial statements as of and for the year ended June 29, 2024, the Company concluded that cost recovery of material price variances was not being consistently recorded across its facilities. Material price variance occurs when the price the Company pays for materials exceeds the price quoted to customers, and the Company typically recovers the excess cost from customers through a sales price adjustment. Per Company policy, this cost recovery should be recorded as net sales when inventory enters the production process, however, certain of the Company’s facilities were recording the cost recovery as a reduction to cost of sales. These errors resulted in an understatement of both net sales and cost of sales for the years ended July 1, 2023 and July 2, 2022 (the "impacted annual periods"). As a result, the Company has restated its consolidated statements of operations for the impacted annual periods presented herein. 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 |
All referenced amounts for prior periods in these financial statements and the notes herein reflect the balances and amounts on a restated basis.

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- 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
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