BARRY R G CORP /OH/

CIK:0000749872|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Mar. 29, 2014	Mar. 30, 2013	Mar. 29, 2014	Mar. 30, 2013
Income Statement [Abstract]
Net sales	$ 26,133	$ 25,803	$ 116,041	$ 121,540
Cost of sales	14,597	13,951	64,550	68,217
Gross profit	11,536	11,852	51,491	53,323
Selling, general and administrative expenses	11,362	9,573	34,043	32,493
Operating profit	174	2,279	17,448	20,830
Other income	2,703	357	3,429	821
Interest income	32	35	63	79
Interest expense	(132)	(166)	(438)	(562)
Earnings before income taxes	2,777	2,505	20,502	21,168
Income tax expense	216	964	7,064	8,193
Net earnings	$ 2,561	$ 1,541	$ 13,438	$ 12,975
Net earnings per common share
Basic (usd per share)	$ 0.22	$ 0.14	$ 1.17	$ 1.14
Diluted (usd per share)	$ 0.22	$ 0.13	$ 1.16	$ 1.13
Weighted average number of common shares outstanding (usd per share)
Basic (shares)	11,450	11,377	11,443	11,344
Diluted (shares)	11,554	11,532	11,561	11,510
Common shares outstanding at end of period (shares)	11,176	11,291	11,176	11,291
Cash dividends declared per common share (usd per share)	$ 0.1	$ 0	$ 0.28	$ 0.25

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Operating activities:
Net earnings	$ 13,438	$ 12,975
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	2,133	2,090
Deferred income tax expense	309	398
Gross excess tax benefit from exercise of stock options and vesting of restricted stock units	(407)	(286)
Stock-based compensation expense on equity awards	1,076	1,075
Gain from life insurance policies	(2,358)	0
Change in customer return and program accruals	696	3,827
Changes in:
Accounts receivable, gross	(2,051)	(6,018)
Inventory	669	4,515
Prepaid expenses and other assets	114	(341)
Accounts payable	(3,509)	(6,890)
Accrued expenses	(810)	(110)
Accrued retirement costs and other	(455)	109
Net cash provided by operating activities	8,845	11,344
Investing activities:
Proceeds from the sale of short-term investments	14,369	26,188
Purchases of short-term investments	(12,227)	(13,896)
Proceeds from life insurance policies	5,533	0
Purchases of property, plant and equipment	(814)	(828)
Net cash provided by investing activities	6,861	11,464
Financing activities:
Repayment of short-term notes payable	0	(1,750)
Principal repayment of long-term debt	(3,214)	(3,214)
Proceeds from stock options exercised	63	25
Gross excess tax benefit from exercise of stock options and vesting of restricted stock units	407	286
Repurchase of common shares	(4,000)	0
Dividends paid	(3,190)	(2,821)
Net cash used in financing activities	(9,934)	(7,474)
Net increase in cash and cash equivalents	5,772	15,334
Cash and cash equivalents at the beginning of the period	21,806	16,112
Cash and cash equivalents at the end of the period	$ 27,578	$ 31,446

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 29, 2014	Jun. 29, 2013
ASSETS
Cash and cash equivalents	$ 27,578	$ 21,806
Short-term investments	15,551	17,694
Accounts receivable:
Accounts receivable (less allowances of $3,262 and $2,567, respectively)	18,110	16,755
Inventory	23,571	24,239
Deferred tax assets – current	2,559	2,559
Prepaid expenses	816	1,111
Total current assets	88,185	84,164
Property, plant and equipment, at cost	13,968	13,316
Less accumulated depreciation and amortization	9,831	9,138
Net property, plant and equipment	4,137	4,178
Deferred tax assets – noncurrent	224	1,896
Goodwill	15,622	15,622
Trade names	9,200	9,200
Other intangible assets (net of accumulated amortization of $5,947 and $4,563, respectively)	10,735	12,112
Other assets	113	3,081
Total assets	128,216	130,253
LIABILITIES AND SHAREHOLDERS' EQUITY
Current installments of long-term debt	4,286	4,286
Accounts payable	7,072	10,655
Accrued expenses	4,378	4,899
Total current liabilities	15,736	19,840
Long-term debt, excluding current installments	12,857	16,071
Accrued retirement costs and other	3,217	7,165
Total liabilities	31,810	43,076
Shareholders' equity:
Preferred shares, $1 par value per share: Authorized 3,775 Class A Shares, 225 Series II Junior Participating Class A Shares, and 1,000 Class B Shares; none issued	0	0
Common shares, $1 par value per share: Authorized 22,500 shares; issued and outstanding 11,176 and 11,291 shares, respectively (excluding treasury shares of 1,349 and 1,085, respectively)	11,176	11,291
Additional capital in excess of par value	20,270	23,282
Accumulated other comprehensive loss	(7,277)	(9,410)
Retained earnings	72,237	62,014
Total shareholders’ equity	96,406	87,177
Total liabilities and shareholders’ equity	$ 128,216	$ 130,253