XML 26 R10.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Restatement (Notes) | 12 Months Ended
--- | ---
Jun. 30, 2013
Accounting Changes and Error Corrections [Abstract] |
Restatement | Restatement The Company has restated its previously issued consolidated financial statements for the fiscal years ended June 30, 2012, 2011 and 2010, and its unaudited quarterly financial information (i) for each of the quarters in the fiscal year ended June 30, 2012 and (ii) for the first three quarters in the fiscal year ended June 30, 2013, to correct certain errors as described below: Postretirement benefit obligations related to retiree medical plan In fiscal 2011, the Company amended its retiree medical plan to increase the minimum annual premium contribution required by participants. The increased participant contributions and a resulting reduction in the number of participants electing to maintain this benefit coverage were not appropriately considered in the Company's actuarial estimate of its postretirement benefit liability recorded in its consolidated financial statements for the fiscal years ended June 30, 2012 and 2011. This resulted in an overstatement of the amount of accrued postretirement benefits in the Company's consolidated financial statements as of June 30, 2012 and 2011 by $20.7 million and $11.2 million, respectively, and an understatement of other comprehensive income in the amounts of $19.2 million and $11.1 million, respectively. The Company re-measured its postretirement benefit obligations as of June 30, 2012 and 2011, using the appropriate census data and premium information. In accordance with Accounting Standards Codification ("ASC") 715-60, "Compensation-Retirement Benefits-Defined Benefit Plans-Other Postretirement" ("ASC 715-60"), the substantial changes to the retiree medical plan resulted in a negative plan amendment and, therefore, the reduction in related obligations is not immediately recognized as a reduction of current period costs but is included in accumulated other comprehensive income. Postretirement benefit obligations related to death benefit and related cash surrender value ("CSV") In connection with a postretirement death benefit provided to certain of its employees and retirees, the Company did not timely adopt the accounting guidance in Emerging Issues Task Force No. 06-4, “Accounting for Deferred Compensation and Postretirement Benefit Aspects of Endorsement Split-Dollar Life Insurance Arrangements,” as of the applicable effective date, July 1, 2008. As a result, the Company failed to record a liability equal to the present value of the postretirement death benefit, which resulted in an understatement of accrued postretirement benefits in the Company's consolidated financial statements as of June 30, 2012 and 2011 by $8.1 million and $6.4 million, respectively. In addition, the Company failed to properly record the CSV of the life insurance policies that it purchased to fund the postretirement death benefit, resulting in an understatement of the Company's total assets in its consolidated financial statements as of June 30, 2012 and 2011 by $2.2 million and $2.1 million, respectively. The aggregate impact of failure to adopt EITF 06-4 and failure to properly record the CSV resulted in an overstatement of other comprehensive income in fiscal 2012 and 2011 by $2.2 million and $0.8 million, respectively. In connection with the restatement, the Company also recorded certain other immaterial adjustments primarily related to inventory, property, plant and equipment, and net and accrued payroll expenses. In addition, the Company appropriately reclassified: (a) cash held on deposit in margin accounts for coffee-related derivative instruments from "Short-term investments" to "Restricted cash"; and (b) "Short-term derivative liability" from "Accounts payable" and "Other current liabilities," to conform to current period presentation. The Company also corrected the classification of pension liabilities from "Other current liabilities" to "Accrued pension liabilities." Aggregate impact of restatement corrections, adjustments and reclassifications: The aggregate impact of the restatement corrections and adjustments:
• | increased total assets as of June 30, 2012 and 2011; and
• | decreased total liabilities in fiscal 2012 and 2011 from the decrease in postretirement liability related to the amendment of the retiree medical plan, net of the increase in liability related to the postretirement death benefit.
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 restatement corrections and immaterial adjustments had no effect on the Company's reported net sales, cash flows from operating activities, or reported cash position in fiscal 2012, 2011 and 2010. The restated consolidated financial information as of June 30, 2012 and 2011, as of the end of the quarters within fiscal 2012 and the first three quarters within fiscal 2013, included in this Form 10‑K has been labeled as "As Restated." 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 |
_______________
(1) | See the introduction section included elsewhere in this Note 2.

X
- Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22595-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22499-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=6369664&loc=d3e30840-122693 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 154 -Paragraph 17, 22, 25, 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration