Note 27 - Related Party Transactions

9 Months Ended

Mar. 25, 2012

Related Party Transactions Disclosure [Text Block]

27. Related Party Transactions

During fiscal year 2012, the Company has had sales to Cupron Medical, Inc. (“Cupron”).  Mr. William J. Armfield, IV, is a member of the Company’s Board and is a current shareholder of Cupron.

On December 19, 2011, the Company and Dillon entered into an amendment of an existing sales and service agreement.  The amendment provides for a one year term beginning in January 2012 and consideration of $106 paid quarterly.  Mr. Mitchel Weinberger is a member of the Company’s Board and the President and Chief Operating Officer of Dillon.  For a discussion of the nature of all other related party relationships see “Footnote 27. Related Party Transactions” included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 26, 2011.

Related party receivables and payables consist of the following:

	March 25, 2012		June 26, 2011
Related Party Receivables:
Dillon Yarn Corporation	$	2	$	6
Cupron Medical, Inc.		4		—
American Drawtech Company, Inc.		149		506
Total related party receivables (included within receivables, net)	$	155	$	512
Related Party Payables:
Dillon Yarn Corporation	$	125	$	276
American Drawtech Company, Inc.		22		11
Salem Leasing Corporation		256		280
Total related party payables (included within accounts payable)	$	403	$	567

Related party transactions were as follows:

		For the Three Months Ended
Affiliated Entity	Transaction Type	March 25, 2012		March 27, 2011
Dillon Yarn Corporation	Costs under Sales Service Agreement	$	131	$	356
Dillon Yarn Corporation	Sales		15		14
Dillon Yarn Corporation	Yarn Purchases		462		612
American Drawtech Company	Sales		391		1,390
American Drawtech Company	Yarn Purchases		63		37
Salem Leasing Corporation	Transportation Equipment Costs		756		825
Cupron Medical, Inc.	Sales		6		3

		For the Nine Months Ended
Affiliated Entity	Transaction Type	March 25, 2012		March 27, 2011
Dillon Yarn Corporation	Costs under Sales Service Agreement	$	700	$	1,122
Dillon Yarn Corporation	Sales		118		35
Dillon Yarn Corporation	Yarn Purchases		1,711		1,693
American Drawtech Company	Sales		2,436		2,631
American Drawtech Company	Yarn Purchases		105		106
Salem Leasing Corporation	Transportation Equipment Costs		2,287		2,588
Cupron Medical, Inc.	Sales		102		14

The terms of these transactions, in management’s opinion, are comparable to terms the Company would have been able to negotiate with an independent third party.