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Restatement (Tables) | 12 Months Ended
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Jun. 30, 2013
Accounting Changes and Error Corrections [Abstract] |
Impact of Revisions To Prior issued Financial Statements | A summary of the impact of the restatement corrections and other immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) for fiscal 2012, 2011 and 2010 is presented below:
(In thousands) |  | Overstatement (Understatement) of Net Loss
|  | Year ended June 30,
Description |  | 2012 |  | 2011 |  | 2010
Restatement corrections: |  |  |  |  |  |
Correction of other postretirement benefit obligations—retiree medical plan |  | $ | 1,356 |  |  | $ | 105 |  |  | $ | — |
Correction of other postretirement benefit obligations—death benefit |  | (22 | ) |  | (1,022 | ) |  | 38 |
Tax effect of corrections of other postretirement benefit obligations |  | — |  |  | 4,230 |  |  | 1 |
Net impact of restatement corrections on net loss |  | 1,334 |  |  | 3,313 |  |  | 39 |
Immaterial adjustments: |  |  |  |  |  |
Correction of coffee brewing equipment expense |  | (233 | ) |  | 233 |  |  | (1,542 | )
Correction of accrued fringe benefits liability |  | 1,471 |  |  | (1,471 | ) |  | 487 |
Correction of inventory |  | 310 |  |  | 80 |  |  | (390 | )
Correction of net periodic pension costs |  | (129 | ) |  | 129 |  |  | — |
Total impact of immaterial adjustments on net loss |  | 1,419 |  |  | (1,029 | ) |  | (1,445 | )
Total impact of restatement corrections and immaterial adjustments on net loss |  | $ | 2,753 |  |  | $ | 2,284 |  |  | $ | (1,406 | )
(In thousands) |  | Overstatement (Understatement) of Total Comprehensive Loss (Income)
|  | Year ended June 30,
Description |  | 2012 |  | 2011 |  | 2010
Total impact of restatement corrections and immaterial adjustments on net loss |  | $ | 2,753 |  |  | $ | 2,284 |  |  | $ | (1,406 | )
Restatement corrections: |  |  |  |  |  |
Correction of postretirement benefit obligations—retiree medical plan |  | 8,120 |  |  | 11,074 |  |  | — |
Correction of postretirement benefit obligations—death benefit |  | (1,482 | ) |  | 152 |  |  | (1,151 | )
Tax effect of corrections of other postretirement benefit obligations |  | — |  |  | (4,230 | ) |  | — |
Net impact of restatement corrections on total comprehensive loss (income) |  | $ | 6,638 |  |  | $ | 6,996 |  |  | $ | (1,151 | )
Immaterial adjustments: |  |  |  |  |  |
Correction of net periodic pension costs |  | 129 |  |  | (129 | ) |  | — |
Total impact of immaterial adjustments on total comprehensive loss (income) |  | 129 |  |  | (129 | ) |  | — |
Total impact of restatement corrections and immaterial adjustments on total comprehensive loss (income) |  | $ | 9,520 |  |  | $ | 9,151 |  |  | $ | (2,557 | )
The following tables in the remainder of this Note 2 and in Note 19 present the impact of the restatement corrections and immaterial adjustments on the Company's previously issued financial statements for the periods indicated. CONSOLIDATED BALANCE SHEET
(In thousands, except share and per share data) | June 30, 2012
| Previously Reported |  | Adjustments(1) |  | As Restated
ASSETS |
Current assets: |  |  |  |  |
Cash and cash equivalents | $ | 3,906 |  |  | $ | — |  |  | $ | 3,906 |
Restricted cash | — |  |  | 1,612 |  |  | 1,612 |
Short-term investments | 21,021 |  |  | (1,285 | ) |  | 19,736 |
Accounts and notes receivable, net of allowance for doubtful accounts of $1,872 | 40,736 |  |  | — |  |  | 40,736 |
Inventories | 65,981 |  |  | — |  |  | 65,981 |
Income tax receivable | 762 |  |  | — |  |  | 762 |
Prepaid expenses | 3,445 |  |  | — |  |  | 3,445 |
Total current assets | 135,851 |  |  | 327 |  |  | 136,178 |
Property, plant and equipment, net | 108,135 |  |  | 2 |  |  | 108,137 |
Intangible assets, net | 7,615 |  |  | — |  |  | 7,615 |
Other assets | 2,904 |  |  | 2,221 |  |  | 5,125 |
Deferred income taxes | 854 |  |  | 7 |  |  | 861 |
Total assets | $ | 255,359 |  |  | $ | 2,557 |  |  | $ | 257,916 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |
Current liabilities: |  |  |  |  |
Accounts payable | $ | 27,676 |  |  | $ | (410 | ) |  | $ | 27,266 |
Accrued payroll expenses | 20,494 |  |  | (1,364 | ) |  | 19,130 |
Short-term borrowings under revolving credit facility | 29,126 |  |  | — |  |  | 29,126 |
Short-term obligations under capital leases | 3,737 |  |  | — |  |  | 3,737 |
Short-term derivative liability | — |  |  | 737 |  |  | 737 |
Deferred income taxes | 1,480 |  |  | (35 | ) |  | 1,445 |
Other current liabilities | 10,176 |  |  | (4,880 | ) |  | 5,296 |
Total current liabilities | 92,689 |  |  | (5,952 | ) |  | 86,737 |
Accrued postretirement benefits | 34,557 |  |  | (12,031 | ) |  | 22,526 |
Other long-term liabilities—capital leases | 12,130 |  |  | — |  |  | 12,130 |
Accrued pension liabilities | 42,513 |  |  | 5,678 |  |  | 48,191 |
Accrued workers’ compensation liabilities | 4,131 |  |  | — |  |  | 4,131 |
Deferred income taxes | 607 |  |  | 42 |  |  | 649 |
Total liabilities | $ | 186,627 |  |  | $ | (12,263 | ) |  | $ | 174,364 |
Commitments and contingencies |  |  |  |  |
Stockholders’ equity: |  |  |  |  |
Preferred stock, $1.00 par value, 500,000 shares authorized and none issued | $ | — |  |  | $ | — |  |  | $ | — |
Common stock, $1.00 par value, 25,000,000 shares authorized; 16,308,859 issued and outstanding | 16,309 |  |  | — |  |  | 16,309 |
Additional paid-in capital | 34,834 |  |  | — |  |  | 34,834 |
Retained earnings | 100,455 |  |  | 2,087 |  |  | 102,542 |
Unearned ESOP shares | (25,637 | ) |  | — |  |  | (25,637 | )
Less accumulated other comprehensive loss | (57,229 | ) |  | 12,733 |  |  | (44,496 | )
Total stockholders’ equity | $ | 68,732 |  |  | $ | 14,820 |  |  | $ | 83,552 |
Total liabilities and stockholders’ equity | $ | 255,359 |  |  | $ | 2,557 |  |  | $ | 257,916 |
_______________
(1) | For details see the introduction section included elsewhere in this Note 2.
CONSOLIDATED BALANCE SHEET
(In thousands, except share and per share data) | June 30, 2011
| Previously Reported |  | Adjustments (1) |  | As Restated
ASSETS |  |  |  |  |
Current assets: |  |  |  |  |
Cash and cash equivalents | $ | 6,081 |  |  | $ | — |  |  | $ | 6,081 |
Restricted cash | — |  |  | 460 |  |  | 460 |
Short-term investments | 24,874 |  |  | (460 | ) |  | 24,414 |
Accounts and notes receivable, net of allowance for doubtful accounts of $2,852 | 43,501 |  |  | — |  |  | 43,501 |
Inventories | 79,759 |  |  | (310 | ) |  | 79,449 |
Income tax receivable | 448 |  |  | — |  |  | 448 |
Prepaid expenses | 2,747 |  |  | — |  |  | 2,747 |
Total current assets | 157,410 |  |  | (310 | ) |  | 157,100 |
Property, plant and equipment, net | 114,107 |  |  | 233 |  |  | 114,340 |
Goodwill | 5,310 |  |  | — |  |  | 5,310 |
Intangible assets, net | 9,329 |  |  | — |  |  | 9,329 |
Other assets | 2,892 |  |  | 2,071 |  |  | 4,963 |
Deferred income taxes | 1,005 |  |  | 3 |  |  | 1,008 |
Total assets | $ | 290,053 |  |  | $ | 1,997 |  |  | $ | 292,050 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |
Current liabilities: |  |  |  |  |
Accounts payable | $ | 42,473 |  |  | $ | (51 | ) |  | $ | 42,422 |
Accrued payroll expenses | 15,675 |  |  | 1,283 |  |  | 16,958 |
Short-term borrowings under revolving credit facility | 31,362 |  |  | — |  |  | 31,362 |
Short-term obligations under capital leases | 1,570 |  |  | — |  |  | 1,570 |
Short-term derivative liabilities | — |  |  | 1,729 |  |  | 1,729 |
Deferred income taxes | 500 |  |  | (24 | ) |  | 476 |
Other current liabilities | 11,882 |  |  | (7,355 | ) |  | 4,527 |
Total current liabilities | 103,462 |  |  | (4,418 | ) |  | 99,044 |
Accrued postretirement benefits | 23,585 |  |  | (4,589 | ) |  | 18,996 |
Other long-term liabilities—capital leases | 7,066 |  |  | — |  |  | 7,066 |
Accrued pension liabilities | 22,371 |  |  | 5,677 |  |  | 28,048 |
Accrued workers’ compensation liabilities | 3,639 |  |  | — |  |  | 3,639 |
Deferred income taxes | 1,815 |  |  | 27 |  |  | 1,842 |
Total liabilities | $ | 161,938 |  |  | $ | (3,303 | ) |  | $ | 158,635 |
Commitments and contingencies |  |  |  |  |
Stockholders’ equity: |  |  |  |  |
Preferred stock, $1.00 par value, 500,000 shares authorized and none issued | $ | — |  |  | $ | — |  |  | $ | — |
Common stock, $1.00 par value, 25,000,000 shares authorized; 16,186,372 issued and outstanding | 16,186 |  |  | — |  |  | 16,186 |
Additional paid-in capital | 36,470 |  |  | — |  |  | 36,470 |
Retained earnings | 129,784 |  |  | (666 | ) |  | 129,118 |
Unearned ESOP shares | (30,437 | ) |  | — |  |  | (30,437 | )
Less accumulated other comprehensive loss | (23,888 | ) |  | 5,966 |  |  | (17,922 | )
Total stockholders’ equity | $ | 128,115 |  |  | $ | 5,300 |  |  | $ | 133,415 |
Total liabilities and stockholders’ equity | $ | 290,053 |  |  | $ | 1,997 |  |  | $ | 292,050 |
_______________
(1) | For details see the introduction section included elsewhere in this Note 2.
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except share and per share data) | Year ended June 30, 2012
| Previously Reported |  | Adjustments(1) |  | As Restated
Net sales | $ | 495,442 |  |  | $ | — |  |  | $ | 495,442 |
Cost of goods sold | 322,618 |  |  | (78 | ) |  | 322,540 |
Gross profit | 172,824 |  |  | 78 |  |  | 172,902 |
Selling expenses | 150,641 |  |  | — |  |  | 150,641 |
General and administrative expenses | 36,897 |  |  | (2,675 | ) |  | 34,222 |
Impairment losses on goodwill and intangible assets | 5,585 |  |  | — |  |  | 5,585 |
Pension withdrawal expense | 4,568 |  |  | — |  |  | 4,568 |
Operating expenses | 197,691 |  |  | (2,675 | ) |  | 195,016 |
(Loss) income from operations | (24,867 | ) |  | 2,753 |  |  | (22,114 | )
Other income (expense): |  |  |  |  |
Dividend income | 1,231 |  |  | — |  |  | 1,231 |
Interest income | 214 |  |  | — |  |  | 214 |
Interest expense | (2,137 | ) |  | — |  |  | (2,137 | )
Other, net | (4,117 | ) |  | — |  |  | (4,117 | )
Total other expense | (4,809 | ) |  | — |  |  | (4,809 | )
(Loss) income before taxes | (29,676 | ) |  | 2,753 |  |  | (26,923 | )
Income tax benefit | (347 | ) |  | — |  |  | (347 | )
Net (loss) income | $ | (29,329 | ) |  | $ | 2,753 |  |  | $ | (26,576 | )
Net (loss) income per common share—basic and diluted | $ | (1.89 | ) |  |  |  |  | $ | (1.72 | )
Weighted average common shares outstanding—basic and diluted | 15,492,314 |  |  |  |  |  | 15,492,314 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(In thousands) | Year Ended June 30, 2012
| Previously Reported |  | Adjustments(1) |  | As Restated
Net (loss) income | $ | (29,329 | ) |  | $ | 2,753 |  |  | $ | (26,576 | )
Other comprehensive (loss) income, net of tax: |  |  |  |  |
Change in the funded status of retiree benefit obligations | (33,341 | ) |  | 6,767 |  |  | (26,574 | )
Income tax benefit | — |  |  | — |  |  | — |
Total comprehensive (loss) income, net of tax | $ | (62,670 | ) |  | $ | 9,520 |  |  | $ | (53,150 | )
_______________ (1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except share and per share data) | Year ended June 30, 2011
| Previously Reported |  | Adjustments(1) |  | As Restated
Net sales | $ | 463,945 |  |  | $ | — |  |  | $ | 463,945 |
Cost of goods sold | 306,771 |  |  | (313 | ) |  | 306,458 |
Gross profit | 157,174 |  |  | 313 |  |  | 157,487 |
Selling expenses | 170,670 |  |  | — |  |  | 170,670 |
General and administrative expenses | 47,121 |  |  | 2,258 |  |  | 49,379 |
Impairment losses on intangible assets | 7,805 |  |  | — |  |  | 7,805 |
Operating expenses | 225,596 |  |  | 2,258 |  |  | 227,854 |
Loss from operations | (68,422 | ) |  | (1,945 | ) |  | (70,367 | )
Other income (expense): |  |  |  |  |
Dividend income | 2,534 |  |  | — |  |  | 2,534 |
Interest income | 178 |  |  | — |  |  | 178 |
Interest expense | (1,965 | ) |  | — |  |  | (1,965 | )
Other, net | 4,191 |  |  | — |  |  | 4,191 |
Total other income | 4,938 |  |  | — |  |  | 4,938 |
Loss before taxes | (63,484 | ) |  | (1,945 | ) |  | (65,429 | )
Income tax benefit | (9,167 | ) |  | (4,229 | ) |  | (13,396 | )
Net (loss) income | $ | (54,317 | ) |  | $ | 2,284 |  |  | $ | (52,033 | )
Net (loss) income per common share—basic and diluted | $ | (3.61 | ) |  |  |  | $ | (3.45 | )
Weighted average common shares outstanding—basic and diluted | 15,066,663 |  |  |  |  |  | 15,066,663 |
Cash dividends declared per common share | $ | 0.18 |  |  |  |  |  | $ | 0.18 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(In thousands) | Year Ended June 30, 2011
| Previously Reported |  | Adjustments(1) |  | As Restated
Net loss (income) | $ | (54,317 | ) |  | $ | 2,284 |  |  | $ | (52,033 | )
Other comprehensive (loss) income, net of tax: |  |  |  |  |
Change in the funded status of retiree benefit obligations | 25,634 |  |  | 11,097 |  |  | 36,731 |
Income tax expense | (9,823 | ) |  | (4,230 | ) |  | (14,053 | )
Total comprehensive (loss) income, net of tax | $ | (38,506 | ) |  | $ | 9,151 |  |  | $ | (29,355 | )
_______________ (1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except share and per share data) | Year ended June 30, 2010
| Previously Reported |  | Adjustments(1) |  | As Restated
Net sales | $ | 450,318 |  |  | $ | — |  |  | $ | 450,318 |
Cost of goods sold | 252,754 |  |  | 1,932 |  |  | 254,686 |
Gross profit | 197,564 |  |  | (1,932 | ) |  | 195,632 |
Selling expenses | 187,685 |  |  | (395 | ) |  | 187,290 |
General and administrative expenses | 49,071 |  |  | (130 | ) |  | 48,941 |
Operating expenses | 236,756 |  |  | (525 | ) |  | 236,231 |
Loss from operations | (39,192 | ) |  | (1,407 | ) |  | (40,599 | )
Other income (expense): |  |  |  |  |
Dividend income | 3,224 |  |  | — |  |  | 3,224 |
Interest income | 303 |  |  | — |  |  | 303 |
Interest expense | (986 | ) |  | — |  |  | (986 | )
Other, net | 10,169 |  |  | — |  |  | 10,169 |
Total other income | 12,710 |  |  | — |  |  | 12,710 |
Loss before taxes | (26,482 | ) |  | (1,407 | ) |  | (27,889 | )
Income tax benefit | (2,529 | ) |  | (1 | ) |  | (2,530 | )
Net loss | $ | (23,953 | ) |  | $ | (1,406 | ) |  | $ | (25,359 | )
Net loss per common share—basic and diluted | $ | (1.61 | ) |  |  |  | $ | (1.71 | )
Weighted average common shares outstanding—basic and diluted | 14,866,306 |  |  |  |  | 14,866,306 |
Cash dividends declared per common share | $ | 0.46 |  |  |  |  |  | $ | 0.46 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(In thousands) | Year Ended June 30, 2010
| Previously Reported |  | Adjustments(1) |  | As Restated
Net loss | $ | (23,953 | ) |  | $ | (1,406 | ) |  | (25,359 | )
Other comprehensive loss, net of tax: |  |  |  |  |
Change in the funded status of retiree benefit obligations | (4,787 | ) |  | (1,151 | ) |  | (5,938 | )
Income tax expense | — |  |  | — |  |  | — |
Total comprehensive loss, net of tax | $ | (28,740 | ) |  | $ | (2,557 | ) |  | $ | (31,297 | )
_______________ (1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included elsewhere in this Note 2. CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands) | Year Ended June 30, 2012
| Previously Reported |  | Adjustments(1) |  | As Restated
Cash flows from operating activities: |  |  |  |  |
Net (loss) income | $ | (29,329 | ) |  | $ | 2,753 |  |  | $ | (26,576 | )
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |  |  |  |  |
Depreciation and amortization | 32,113 |  |  | — |  |  | 32,113 |
Recovery of doubtful accounts | (980 | ) |  | — |  |  | (980 | )
Deferred income taxes | (78 | ) |  | — |  |  | (78 | )
Impairment losses on goodwill and intangible assets | 5,585 |  |  | — |  |  | 5,585 |
Net gains on sales of assets | (268 | ) |  | — |  |  | (268 | )
ESOP and share-based compensation expense | 3,287 |  |  | — |  |  | 3,287 |
Net losses on derivatives and investments | 6,175 |  |  | — |  |  | 6,175 |
Change in operating assets and liabilities: |  |  |  |  |
Restricted cash | — |  |  | (1,153 | ) |  | (1,153 | )
Short-term investments | (2,322 | ) |  | 825 |  |  | (1,497 | )
Accounts and notes receivable | 3,745 |  |  | — |  |  | 3,745 |
Inventories | 13,314 |  |  | (78 | ) |  | 13,236 |
Income tax receivable | (314 | ) |  | — |  |  | (314 | )
Prepaid expenses and other assets | (711 | ) |  | (149 | ) |  | (860 | )
Accounts payable | (13,083 | ) |  | (358 | ) |  | (13,441 | )
Accrued payroll expenses and other liabilities | 3,112 |  |  | (1,163 | ) |  | 1,949 |
Accrued postretirement benefits | 995 |  |  | 2,535 |  |  | 3,530 |
Other long-term liabilities | (3,108 | ) |  | (3,212 | ) |  | (6,320 | )
Net cash provided by operating activities | $ | 18,133 |  |  | $ | — |  |  | $ | 18,133 |
Cash flows from investing activities: |  |  |  |  |
Purchases of property, plant and equipment | (17,498 | ) |  | — |  |  | (17,498 | )
Proceeds from sales of property, plant and equipment | 3,037 |  |  | — |  |  | 3,037 |
Net cash used in investing activities | $ | (14,461 | ) |  | $ | — |  |  | $ | (14,461 | )
Cash flows from financing activities: |  |  |  |  |
Proceeds from revolving credit facility | 17,250 |  |  | — |  |  | 17,250 |
Repayments on revolving credit facility | (21,200 | ) |  | — |  |  | (21,200 | )
Payments of capital lease obligations | (1,897 | ) |  | — |  |  | (1,897 | )
Net cash used in financing activities | $ | (5,847 | ) |  | $ | — |  |  | $ | (5,847 | )
Net decrease in cash and cash equivalents | $ | (2,175 | ) |  | $ | — |  |  | $ | (2,175 | )
Cash and cash equivalents at beginning of year | 6,081 |  |  |  |  | 6,081 |
Cash and cash equivalents at end of year | $ | 3,906 |  |  | $ | — |  |  | $ | 3,906 |
Supplemental disclosure of cash flow information: |  |  |  |  |
Cash paid for interest | $ | 2,123 |  |  | $ | — |  |  | $ | 2,123 |
Cash paid for income taxes | $ | 317 |  |  | $ | — |  |  | $ | 317 |
Non-cash financing and investing activities: |  |  |  |  |
Equipment acquired under capital leases | $ | 9,508 |  |  | $ | — |  |  | $ | 9,508 |
_______________
(1) | See the introduction section included elsewhere in this Note 2.
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands) | Year Ended June 30, 2011
| Previously Reported |  | Adjustments (1) |  | As Restated
Cash flows from operating activities: |  |  |  |  |
Net (loss) income | $ | (54,317 | ) |  | $ | 2,284 |  |  | $ | (52,033 | )
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |  |  |  |  |
Depreciation and amortization | 31,758 |  |  | — |  |  | 31,758 |
Provision for doubtful accounts | 2,024 |  |  | — |  |  | 2,024 |
Deferred income taxes | 336 |  |  | 2 |  |  | 338 |
Impairment losses on goodwill and intangible assets | 7,805 |  |  | — |  |  | 7,805 |
Net losses on sales of assets | 358 |  |  | — |  |  | 358 |
ESOP and share-based compensation expense | 3,825 |  |  | — |  |  | 3,825 |
Net gains on derivatives and investments | (1,312 | ) |  | — |  |  | (1,312 | )
Change in operating assets and liabilities: |  |  |  |  |
Restricted cash | — |  |  | (460 | ) |  | (460 | )
Short-term investments | 27,381 |  |  | 913 |  |  | 28,294 |
Accounts and notes receivable | (2,929 | ) |  | — |  |  | (2,929 | )
Inventories | 3,952 |  |  | (312 | ) |  | 3,640 |
Income tax receivable | 5,392 |  |  | — |  |  | 5,392 |
Prepaid expenses and other assets | (434 | ) |  | 834 |  |  | 400 |
Accounts payable | 12,997 |  |  | (504 | ) |  | 12,493 |
Accrued payroll expenses and other liabilities | 2,112 |  |  | 44 |  |  | 2,156 |
Accrued postretirement benefits | 1,399 |  |  | (10,956 | ) |  | (9,557 | )
Other long-term liabilities | (6,410 | ) |  | 8,155 |  |  | 1,745 |
Net cash provided by operating activities | $ | 33,937 |  |  | $ | — |  |  | $ | 33,937 |
Cash flows from investing activities: |  |  |  |  |
Purchases of property, plant and equipment | (19,416 | ) |  | — |  |  | (19,416 | )
Proceeds from sales of property, plant and equipment | 2,021 |  |  | — |  |  | 2,021 |
Net cash used in investing activities | $ | (17,395 | ) |  | $ | — |  |  | $ | (17,395 | )
Cash flows from financing activities: |  |  |  |  |
Proceeds from revolving credit facility | 35,450 |  |  | — |  |  | 35,450 |
Repayments on revolving credit facility | (43,970 | ) |  | — |  |  | (43,970 | )
Payments of capital lease obligations | (1,433 | ) |  | — |  |  | (1,433 | )
Dividends paid | (4,657 | ) |  | — |  |  | (4,657 | )
Net cash used in financing activities | $ | (14,610 | ) |  | $ | — |  |  | $ | (14,610 | )
Net increase in cash and cash equivalents | $ | 1,932 |  |  | $ | — |  |  | $ | 1,932 |
Cash and cash equivalents at beginning of year | 4,149 |  |  | — |  |  | 4,149 |
Cash and cash equivalents at end of year | $ | 6,081 |  |  | $ | — |  |  | $ | 6,081 |
Supplemental disclosure of cash flow information: |  |  |  |  |
Cash paid for interest | $ | 1,945 |  |  | $ | — |  |  | $ | 1,945 |
Cash paid for income taxes | $ | 324 |  |  | $ | — |  |  | $ | 324 |
Non-cash financing and investing activities: |  |  |  |  |
Equipment acquired under capital leases | $ | 5,659 |  |  | $ | — |  |  | $ | 5,659 |
Dividends accrued, but not paid |  |  |  |  |
_______________
(1) | See the introduction section included elsewhere in this Note 2.
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands) | Year Ended June 30, 2010
| Previously Reported |  | Adjustments (1) |  | As Restated
Cash flows from operating activities: |  |  |  |  |
Net loss | $ | (23,953 | ) |  | $ | (1,406 | ) |  | $ | (25,359 | )
Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |  |
Depreciation and amortization | 26,778 |  |  | — |  |  | 26,778 |
Provision for doubtful accounts | 3,188 |  |  | — |  |  | 3,188 |
Deferred income taxes | 758 |  |  | 427 |  |  | 1,185 |
Net losses on sales of assets | 430 |  |  | — |  |  | 430 |
ESOP and share-based compensation expense | 4,785 |  |  | (1 | ) |  | 4,784 |
Net gain on derivatives and investments | (9,382 | ) |  | — |  |  | (9,382 | )
Change in operating assets and liabilities: |  |  |  |  |
Restricted cash | — |  |  | — |  |  | — |
Short-term investments | 1,365 |  |  | (453 | ) |  | 912 |
Accounts and notes receivable | (40 | ) |  | — |  |  | (40 | )
Inventories | (14,751 | ) |  | 1,932 |  |  | (12,819 | )
Income tax receivable | (1,677 | ) |  | — |  |  | (1,677 | )
Prepaid expenses and other assets | 178 |  |  | (187 | ) |  | (9 | )
Accounts payable | (738 | ) |  | 617 |  |  | (121 | )
Accrued payroll expenses and other liabilities | 2,904 |  |  | (542 | ) |  | 2,362 |
Accrued postretirement benefits | 3,926 |  |  | 1,302 |  |  | 5,228 |
Other long-term liabilities | 5,182 |  |  | (1,689 | ) |  | 3,493 |
Net cash provided by operating activities | $ | (1,047 | ) |  | $ | — |  |  | $ | (1,047 | )
Cash flows from investing activities: |  |  |  |  |
Purchases of property, plant and equipment | (28,484 | ) |  | — |  |  | (28,484 | )
Proceeds from sales of property, plant and equipment | 437 |  |  | — |  |  | 437 |
Net cash used in investing activities | $ | (28,047 | ) |  | $ | — |  |  | $ | (28,047 | )
Cash flows from financing activities: |  |  |  |  |
Proceeds from revolving credit facility | 33,737 |  |  | — |  |  | 33,737 |
Repayments on revolving credit facility | (12,756 | ) |  | — |  |  | (12,756 | )
Payments of capital lease obligations | (837 | ) |  | — |  |  | (837 | )
Dividends paid | (6,939 | ) |  | — |  |  | (6,939 | )
Net cash used in financing activities | $ | 13,205 |  |  | $ | — |  |  | $ | 13,205 |
Net decrease in cash and cash equivalents | $ | (15,889 | ) |  | $ | — |  |  | $ | (15,889 | )
Cash and cash equivalents at beginning of year | 20,038 |  |  | — |  |  | 20,038 |
Cash and cash equivalents at end of year | $ | 4,149 |  |  | $ | — |  |  | $ | 4,149 |
Supplemental disclosure of cash flow information: |  |  |  |  |
Cash paid for interest | $ | 890 |  |  | $ | — |  |  | $ | 890 |
Cash paid for income taxes | $ | 154 |  |  | $ | — |  |  | $ | 154 |
Non-cash financing and investing activities: |  |  |  |  |
Equipment acquired under capital leases | $ | 3,954 |  |  | $ | — |  |  | $ | 3,954 |
Dividends accrued, but not paid | $ | 1,849 |  |  | $ | — |  |  | $ | 1,849 |
_______________

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