Note 7 - Other Current Assets

12 Months Ended

Jun. 30, 2013

Other Current Assets Disclosure [Abstract]

Other Current Assets Disclosure [Text Block]

7. Other Current Assets

Other current assets consist of the following:

	June 30, 2013		June 24, 2012
Vendor deposits	$	2,633	$	2,076
Value added taxes receivable		1,729		2,495
Prepaid expenses		1,376		1,778
Other investments		166		—
Assets held for sale		—		341
Other		9		32
Total other current assets	$	5,913	$	6,722

Vendor deposits primarily relate to down payments made toward the purchase of raw materials by the Company’s U.S., Brazilian and Chinese operations from Asian vendors. Value added taxes receivable are recoverable taxes associated with the sales and purchase activities of the Company’s foreign operations. Prepaid expenses consist of advance payments for insurance, professional fees, membership dues, subscriptions, non-income related tax payments and information technology services. Assets held for sale as of June 24, 2012 relate to a certain nylon warehouse, land and other improvements located in Fort Payne, Alabama. During fiscal year 2013, the Company recorded an impairment charge of $42 in Other operating expense, net based upon the negotiated sales price of these assets. The sale was subsequently completed on June 18, 2013. Other includes miscellaneous employee advances and unrealized foreign currency gains.

Other investments relate to cash held by the Company’s Colombian subsidiary within an investment fund of a financial institution located in Colombia that is currently being liquidated. The Company was notified of this liquidation in December 2012 and the Company no longer has immediate access to these funds. The total amounts transferred to Other investments at the time of the notification were $1,743. Since December 2012, the fund administrator, in accordance with Colombian regulations, has issued two notifications of reductions in the portfolio value resulting in the Company recording asset write-downs of $143 in Other operating expense, net. In addition, the Company estimated an additional $75 reduction at June 30, 2013. To date, the Company has received payments in accordance with the court mandated schedule of $694 plus interest. The total net carrying value of the Company’s investment was $840 at June 30, 2013 of which $166 is expected to be received within the next twelve months.