Note 7 - Other Current Assets

12 Months Ended

Jun. 28, 2015

Disclosure Text Block Supplement [Abstract]

Other Current Assets [Text Block]

7. Other Current Assets

Other current assets consists of the following:

	June 28, 2015		June 29, 2014
Vendor deposits	$	1,743	$	2,369
Prepaid expenses		1,647		1,876
Funds held by qualified intermediary		1,390		—
Value added taxes receivable		1,220		1,197
Other		22		610
Total other current assets	$	6,022	$	6,052

Vendor deposits primarily relate to down payments made toward the purchase of raw materials by the Company’s U.S., Brazilian and Chinese operations. 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, marketing and information technology services.

During June 2015, the Company sold certain land and building assets historically utilized for warehousing in the Polyester Segment to an unrelated third party. Net proceeds from the sale of $1,390 were remitted directly to a qualified intermediary in anticipation of an exchange under section 1031 of the Internal Revenue Code of 1986, as amended (“Internal Revenue Code”).