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Fiscal Year Ended | ||||
October 1, 2016 | ||||
Excess manufacturing costs related to the shutdown and start-up operations | $ | 1,096 | ||
Total expenses included in cost of goods sold | 1,096 | |||
Employee termination costs | 597 | |||
Fixed asset impairment | 607 | |||
Inventory and supply part impairment | 144 | |||
Other costs to exit facility | 393 | |||
Total restructuring costs | 1,741 | |||
Total manufacturing realignment expenses | $ | 2,837 |
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July 1, 2017 | October 1, 2016 | ||||||
Raw materials | $ | 8,623 | $ | 11,442 | |||
Work in process | 18,969 | 18,158 | |||||
Finished goods | 148,281 | 134,647 | |||||
$ | 175,873 | $ | 164,247 |
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July 1, 2017 | |||
Revolving credit facility established March, 2011, interest at 8.0% due March, 2019 | $ | 4,750 | |
Term loan established March, 2011, interest at 7.0%, payable monthly with a seven-year term | $ | 730 | |
Term loan established November, 2014, interest at 7.5%, payable monthly with a six-year term | $ | 2,150 | |
Term loan established June, 2016, interest at 8.0%, payable monthly with a six-year term | $ | 1,431 | |
Term loan established June, 2016, interest at 8.0%, payable monthly with a six-year term | $ | 4,083 |
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Yarn | $ | 19,158 | |
Finished fabric | 2,829 | ||
Finished products | 17,146 | ||
$ | 39,133 |
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Three Months Ended | |||||||
July 1, 2017 | July 2, 2016 | ||||||
Segment net sales: | |||||||
Basics | $ | 79,009 | $ | 72,097 | |||
Branded | 25,272 | 39,455 | |||||
Total net sales | 104,281 | 111,552 | |||||
Segment operating income: | |||||||
Basics | 7,497 | 5,193 | |||||
Branded | 2,146 | 2,661 | |||||
Total segment operating income | 9,643 | 7,854 |
Nine Months Ended | |||||||
July 1, 2017 | July 2, 2016 | ||||||
Segment net sales: | |||||||
Basics | $ | 210,657 | $ | 203,453 | |||
Branded | 83,098 | 107,430 | |||||
Total net sales | 293,755 | 310,883 | |||||
Segment operating income: | |||||||
Basics | 19,745 | 17,653 | |||||
Branded | 3,923 | 4,481 | |||||
Total segment operating income | 23,668 | 22,134 |
Three Months Ended | Nine Months Ended | ||||||||||||||
July 1, 2017 | July 2, 2016 | July 1, 2017 | July 2, 2016 | ||||||||||||
Segment operating income | $ | 9,643 | $ | 7,854 | $ | 23,668 | $ | 22,134 | |||||||
Unallocated corporate expenses | 3,792 | 3,627 | 9,825 | 9,748 | |||||||||||
Unallocated interest expense | 1,256 | 1,338 | 3,868 | 4,009 | |||||||||||
Consolidated income before provision for income taxes | $ | 4,595 | $ | 2,889 | $ | 9,975 | $ | 8,377 |
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Effective Date | Notational Amount | Fixed LIBOR Rate | Maturity Date | |||||
Interest Rate Swap | September 9, 2013 | $15 million | 1.6480 | % | September 11, 2017 | |||
Interest Rate Swap | September 19, 2013 | $15 million | 1.4490 | % | September 19, 2017 |
◦ | Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities. |
◦ | Level 2 – Inputs other than quoted prices that are observable for assets and liabilities, either directly or indirectly. These inputs include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are less active. |
◦ | Level 3 – Unobservable inputs that are supported by little or no market activity for assets or liabilities and includes certain pricing models, discounted cash flow methodologies and similar techniques. |
Fair Value Measurements Using | |||||||||||||||
Period Ended | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Interest Rate Swaps | |||||||||||||||
July 1, 2017 | $ | (19 | ) | — | $ | (19 | ) | — | |||||||
October 1, 2016 | $ | (182 | ) | — | $ | (182 | ) | — | |||||||
Cotton Options | |||||||||||||||
July 1, 2017 | $ | (291 | ) | $ | (291 | ) | — | — | |||||||
October 1, 2016 | $ | — | $ | — | — | — | |||||||||
Contingent Consideration | |||||||||||||||
July 1, 2017 | $ | (1,900 | ) | — | — | $ | (1,900 | ) | |||||||
October 1, 2016 | $ | (2,500 | ) | — | — | $ | (2,500 | ) |
July 1, 2017 | October 1, 2016 | ||||||
Deferred tax assets | 7 | 70 | |||||
Accrued expenses | (19 | ) | (182 | ) | |||
Accumulated other comprehensive loss | $ | (12 | ) | $ | (112 | ) |
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Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans | Dollar Value of Shares that May Yet Be Purchased Under the Plans | ||||||||
April 2, 2017 to May 6, 2017 | 21,000 | $18.12 | 21,000 | $7.1 | million | |||||||
May 7, 2017 to June 3, 2017 | 67,903 | $19.26 | 67,903 | $5.8 | million | |||||||
June 4, 2017 to July 1, 2017 | 33,362 | $20.12 | 33,362 | $5.1 | million | |||||||
Total | 122,265 | $19.30 | 122,265 | $5.1 | million |
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Fiscal Year | Amount | ||
2017 | $ | 51 | |
2018 | 60 | ||
$ | 111 |
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July 1, 2017 | October 1, 2016 | ||||||||||||||||||||
Cost | Accumulated Amortization | Net Value | Cost | Accumulated Amortization | Net Value | Economic Life | |||||||||||||||
Goodwill | $ | 19,917 | $ | — | $ | 19,917 | $ | 36,729 | $ | — | $ | 36,729 | N/A | ||||||||
Intangibles: | |||||||||||||||||||||
Tradename/trademarks | $ | 16,090 | $ | (2,059 | ) | $ | 14,031 | $ | 17,620 | $ | (2,514 | ) | $ | 15,106 | 20 – 30 yrs | ||||||
Customer relationships | — | — | — | 7,220 | (4,016 | ) | 3,204 | 20 yrs | |||||||||||||
Technology | 1,220 | (916 | ) | 304 | 1,220 | (826 | ) | 394 | 10 yrs | ||||||||||||
License agreements | 2,100 | (398 | ) | 1,702 | 2,100 | (320 | ) | 1,780 | 15 – 30 yrs | ||||||||||||
Non-compete agreements | 1,037 | (698 | ) | 339 | 1,287 | (849 | ) | 438 | 4 – 8.5 yrs | ||||||||||||
Total intangibles | $ | 20,447 | $ | (4,071 | ) | $ | 16,376 | $ | 29,447 | $ | (8,525 | ) | $ | 20,922 |
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Fiscal Year Ended | ||||
October 1, 2016 | ||||
Excess manufacturing costs related to the shutdown and start-up operations | $ | 1,096 | ||
Total expenses included in cost of goods sold | 1,096 | |||
Employee termination costs | 597 | |||
Fixed asset impairment | 607 | |||
Inventory and supply part impairment | 144 | |||
Other costs to exit facility | 393 | |||
Total restructuring costs | 1,741 | |||
Total manufacturing realignment expenses | $ | 2,837 |
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July 1, 2017 | October 1, 2016 | ||||||
Raw materials | $ | 8,623 | $ | 11,442 | |||
Work in process | 18,969 | 18,158 | |||||
Finished goods | 148,281 | 134,647 | |||||
$ | 175,873 | $ | 164,247 |
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July 1, 2017 | |||
Revolving credit facility established March, 2011, interest at 8.0% due March, 2019 | $ | 4,750 | |
Term loan established March, 2011, interest at 7.0%, payable monthly with a seven-year term | $ | 730 | |
Term loan established November, 2014, interest at 7.5%, payable monthly with a six-year term | $ | 2,150 | |
Term loan established June, 2016, interest at 8.0%, payable monthly with a six-year term | $ | 1,431 | |
Term loan established June, 2016, interest at 8.0%, payable monthly with a six-year term | $ | 4,083 |
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Yarn | $ | 19,158 | |
Finished fabric | 2,829 | ||
Finished products | 17,146 | ||
$ | 39,133 |
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Three Months Ended | |||||||
July 1, 2017 | July 2, 2016 | ||||||
Segment net sales: | |||||||
Basics | $ | 79,009 | $ | 72,097 | |||
Branded | 25,272 | 39,455 | |||||
Total net sales | 104,281 | 111,552 | |||||
Segment operating income: | |||||||
Basics | 7,497 | 5,193 | |||||
Branded | 2,146 | 2,661 | |||||
Total segment operating income | 9,643 | 7,854 |
Nine Months Ended | |||||||
July 1, 2017 | July 2, 2016 | ||||||
Segment net sales: | |||||||
Basics | $ | 210,657 | $ | 203,453 | |||
Branded | 83,098 | 107,430 | |||||
Total net sales | 293,755 | 310,883 | |||||
Segment operating income: | |||||||
Basics | 19,745 | 17,653 | |||||
Branded | 3,923 | 4,481 | |||||
Total segment operating income | 23,668 | 22,134 |
Three Months Ended | Nine Months Ended | ||||||||||||||
July 1, 2017 | July 2, 2016 | July 1, 2017 | July 2, 2016 | ||||||||||||
Segment operating income | $ | 9,643 | $ | 7,854 | $ | 23,668 | $ | 22,134 | |||||||
Unallocated corporate expenses | 3,792 | 3,627 | 9,825 | 9,748 | |||||||||||
Unallocated interest expense | 1,256 | 1,338 | 3,868 | 4,009 | |||||||||||
Consolidated income before provision for income taxes | $ | 4,595 | $ | 2,889 | $ | 9,975 | $ | 8,377 |
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Effective Date | Notational Amount | Fixed LIBOR Rate | Maturity Date | |||||
Interest Rate Swap | September 9, 2013 | $15 million | 1.6480 | % | September 11, 2017 | |||
Interest Rate Swap | September 19, 2013 | $15 million | 1.4490 | % | September 19, 2017 |
Fair Value Measurements Using | |||||||||||||||
Period Ended | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Interest Rate Swaps | |||||||||||||||
July 1, 2017 | $ | (19 | ) | — | $ | (19 | ) | — | |||||||
October 1, 2016 | $ | (182 | ) | — | $ | (182 | ) | — | |||||||
Cotton Options | |||||||||||||||
July 1, 2017 | $ | (291 | ) | $ | (291 | ) | — | — | |||||||
October 1, 2016 | $ | — | $ | — | — | — | |||||||||
Contingent Consideration | |||||||||||||||
July 1, 2017 | $ | (1,900 | ) | — | — | $ | (1,900 | ) | |||||||
October 1, 2016 | $ | (2,500 | ) | — | — | $ | (2,500 | ) |
July 1, 2017 | October 1, 2016 | ||||||
Deferred tax assets | 7 | 70 | |||||
Accrued expenses | (19 | ) | (182 | ) | |||
Accumulated other comprehensive loss | $ | (12 | ) | $ | (112 | ) |
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Fiscal Year | Amount | ||
2017 | $ | 51 | |
2018 | 60 | ||
$ | 111 |
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July 1, 2017 | October 1, 2016 | ||||||||||||||||||||
Cost | Accumulated Amortization | Net Value | Cost | Accumulated Amortization | Net Value | Economic Life | |||||||||||||||
Goodwill | $ | 19,917 | $ | — | $ | 19,917 | $ | 36,729 | $ | — | $ | 36,729 | N/A | ||||||||
Intangibles: | |||||||||||||||||||||
Tradename/trademarks | $ | 16,090 | $ | (2,059 | ) | $ | 14,031 | $ | 17,620 | $ | (2,514 | ) | $ | 15,106 | 20 – 30 yrs | ||||||
Customer relationships | — | — | — | 7,220 | (4,016 | ) | 3,204 | 20 yrs | |||||||||||||
Technology | 1,220 | (916 | ) | 304 | 1,220 | (826 | ) | 394 | 10 yrs | ||||||||||||
License agreements | 2,100 | (398 | ) | 1,702 | 2,100 | (320 | ) | 1,780 | 15 – 30 yrs | ||||||||||||
Non-compete agreements | 1,037 | (698 | ) | 339 | 1,287 | (849 | ) | 438 | 4 – 8.5 yrs | ||||||||||||
Total intangibles | $ | 20,447 | $ | (4,071 | ) | $ | 16,376 | $ | 29,447 | $ | (8,525 | ) | $ | 20,922 |
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