Note 11 - Income Taxes (Tables)

12 Months Ended

Jul. 01, 2018

Notes Tables

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

	Years ended
	July 1, 2018			July 2, 2017			July 3, 2016
	(in thousands)
Current provision:
Federal	$	3,385		$	11,859		$	15,876
State		1,514			1,758			2,703
Foreign		-			-			-
Current income tax expense		4,899			13,617			18,579
Deferred provision (benefit):
Federal		(9,331	)		(1,563	)		(2,949	)
State		1,648			(90	)		(7	)
Foreign		15			4			(44	)
Deferred income tax (benefit)		(7,668	)		(1,649	)		(3,000	)
Income tax expense (benefit)	$	(2,769	)	$	11,968		$	15,579

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

	Years ended
	July 1, 2018			July 2, 2017			July 3, 2016
Tax at U.S. statutory rates		28.0	%		35.0	%		35.0	%
State income taxes, net of federal tax benefit		5.7			2.3			3.4
Valuation allowance change		2.6			14.9			1.3
Foreign rate differences		-			0.1			(2.6	)
Deductible stock-based compensation		(1.6	)		(1.6	)		(0.2	)
Domestic production deduction		(2.0	)		(2.1	)		(2.6	)
Tax credits		(2.5	)		(1.7	)		(4.2	)
Tax Act impact on deferred tax balance (1)		(32.0	)		-			-
Return to provision		(5.8	)		-			(0.3	)
Tax effect of Fannie May disposition		-			(25.3	)		-
Other, net		0.3			(0.2	)		0.5
Effective tax rate		(7.3	)%		21.4	%		30.3	%

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

	Years ended
	July 1, 2018			July 2, 2017
	(in thousands)
Deferred income tax assets:
Loss and credit carryforwards	$	11,286		$	12,717
Accrued expenses and reserves		3,871			4,626
Stock-based compensation		1,344			2,565
Deferred compensation		1,711			1,950
Gross deferred income tax assets		18,212			21,858
Less: Valuation allowance		(9,972	)		(11,772	)
Deferred tax assets, net		8,240			10,086
Deferred income tax liabilities:
Other intangibles		(14,983	)		(20,537	)
Tax in excess of book depreciation		(19,457	)		(23,417	)
Deferred tax liabilities		(34,440	)		(43,954	)
Net deferred income tax liabilities	$	(26,200	)	$	(33,868	)