Note 11 - Income Taxes (Tables)

12 Months Ended

Jul. 02, 2017

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Years ended
	July 2, 2017			July 3, 2016			June 28, 2015
	(in thousands)
Current provision (benefit):
Federal	$	11,859		$	15,876		$	6,630
State		1,758			2,703			1,840
Foreign		-			-			(11	)
Current income tax expense		13,617			18,579			8,459
Deferred provision (benefit):
Federal		(1,563	)		(2,949	)		1,970
State		(90	)		(7	)		631
Foreign		4			(44	)		(130	)
Deferred income tax expense (benefit)		(1,649	)		(3,000	)		2,471
Income tax expense	$	11,968		$	15,579		$	10,930

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Years ended
	July 2, 2017			July 3, 2016			June 28, 2015
Tax at U.S. statutory rates		35.0	%		35.0	%		35.0	%
State income taxes, net of federal tax benefit		2.3			3.4			3.8
Valuation allowance change (*)		14.9			1.3			2.6
Foreign rate differences		0.1			(2.6	)		1.1
Deductible stock-based compensation		(1.6	)		(0.2	)		(1.3	)
Domestic production deduction		(2.1	)		(2.6	)		(2.2	)
Tax credits		(1.7	)		(4.2	)		(3.9	)
Tax effect of disposition (*)		(25.3	)		-			-
Other, net		(0.2	)		0.2			1.0
Effective tax rate		21.4	%		30.3	%		36.1	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	Years ended
	July 2, 2017			July 3, 2016
	(in thousands)
Deferred income tax assets:
Loss and credit carryforwards	$	12,717		$	6,901
Accrued expenses and reserves		4,626			7,267
Stock-based compensation		2,565			2,991
Deferred compensation		1,950			1,540
Gross deferred income tax assets		21,858			18,699
Less: Valuation allowance		(11,772	)		(4,936	)
Deferred tax assets, net		10,086			13,763
Deferred income tax liabilities:
Other intangibles		(20,537	)		(24,357	)
Tax in excess of book depreciation		(23,417	)		(24,923	)
Deferred tax liabilities		(43,954	)		(49,280	)
Net deferred income tax liabilities	$	(33,868	)	$	(35,517	)