Note 6 - Other Current Assets

3 Months Ended

Sep. 27, 2015

Disclosure Text Block Supplement [Abstract]

Other Current Assets [Text Block]

6. Other Current Assets

Other current assets consists of the following:

	September 27, 2015		June 28, 2015
Prepaid expenses	$	1,931	$	1,647
Vendor deposits		1,040		1,743
Funds held by qualified intermediary		—		1,390
Value added taxes receivable		613		1,220
Other		13		22
Total other current assets	$	3,597	$	6,022

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 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”). Such funds were utilized during August 2015 to complete an exchange and purchase certain land and building assets for use in the Polyester Segment from an unrelated third party.