Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Schedule of Impact of Reclassification Adjustments

The accompanying consolidated statements of operations and consolidated statements of cash flows for the fiscal years ended June 30, 2013 and 2012 have been corrected for the errors described above. The following tables present the impact of these corrections:

Consolidated Statement of Operations Data	Year Ended June 30, 2013
(In thousands)	As Previously Reported			Adjustments			As Corrected
Net sales	$	509,964		$	3,905		$	513,869
Cost of goods sold	318,825			9,868			328,693
Gross profit	191,139			(5,963		)	185,176
Selling expenses	158,079			(1,046		)	157,033
General and administrative expenses	37,063			(4,917		)	32,146
Net gains from sales of assets	—			(4,467		)	(4,467		)
Impairment losses on intangible assets	92			—			92
Operating expenses	195,234			(10,430		)	184,804
(Loss) income from operations	(4,095		)	4,467			372
Other income (expense):
Dividend income	1,103			—			1,103
Interest income	452			—			452
Interest expense	(1,782		)	—			(1,782		)
Other, net	(4,965		)	(4,467		)	(9,432		)
Total other expense	(5,192		)	(4,467		)	(9,659		)
Loss before taxes	(9,287		)	—			(9,287		)
Income tax benefit	(825		)	—			(825		)
Net loss	$	(8,462	)	$	—		$	(8,462	)

Consolidated Statement of Operations Data	Year Ended June 30, 2012
(In thousands)	As Previously Reported			Adjustments			As Corrected
Net sales	$	495,442		$	3,259		$	498,701
Cost of goods sold	322,540			9,769			332,309
Gross profit	172,902			(6,510		)	166,392
Selling expenses	150,641			(1,432		)	149,209
General and administrative expenses	34,222			(5,078		)	29,144
Net gains from sales of assets	—			(268		)	(268		)
Impairment losses on goodwill and intangible assets	5,585			—			5,585
Pension withdrawal expense	4,568			—			4,568
Operating expenses	195,016			(6,778		)	188,238
(Loss) income from operations	(22,114		)	268			(21,846		)
Other income (expense):
Dividend income	1,231			—			1,231
Interest income	214			—			214
Interest expense	(2,137		)	—			(2,137		)
Other, net	(4,117		)	(268		)	(4,385		)
Total other expense	(4,809		)	(268		)	(5,077		)
Loss before taxes	(26,923		)	—			(26,923		)
Income tax benefit	(347		)	—			(347		)
Net loss	$	(26,576	)	$	—		$	(26,576	)

Cash Flows From Operating Activities	Year Ended June 30, 2013
(In thousands)	As Previously Reported			Adjustments			As Corrected
Cash flows from operating activities:
Net loss	$	(8,462	)	$	—		$	(8,462	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	32,542			—			32,542
Recovery of doubtful accounts	(757		)	—			(757		)
Deferred income taxes	74			—			74
Impairment losses on intangible assets	92			—			92
Net gains from sales of assets	(4,467		)	—			(4,467		)
ESOP and share-based compensation expense	3,563			—			3,563
Net losses on derivative instruments and investments	11,132			—			11,132
Change in operating assets and liabilities:
Restricted cash	(6,472		)	—			(6,472		)
Purchases of trading securities held for investment	—			(9,049		)	(9,049		)
Proceeds from sales of trading securities held for             investment	—			7,633			7,633
Short-term investments	(11,942		)	11,942			—
Accounts and notes receivable	(2,429		)	—			(2,429		)
Inventories	5,115			—			5,115
Income tax receivable	353			—			353
Prepaid expenses and other assets	(156		)	—			(156		)
Accounts payable	1,773			—			1,773
Accrued payroll expenses and other current liabilities	1,741			(10,526		)	(8,785		)
Accrued postretirement benefits	(6,451		)	—			(6,451		)
Other long-term liabilities	6,678			—			6,678
Net cash provided by operating activities	$	21,927		$	—		$	21,927

Cash Flows From Operating Activities	Year Ended June 30, 2012
(In thousands)	As Previously Reported			Adjustments			As Corrected
Cash flows from operating activities:
Net loss	$	(26,576	)	$	—		$	(26,576	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	32,113			—			32,113
Recovery of doubtful accounts	(980		)	—			(980		)
Deferred income taxes	(78		)	—			(78		)
Impairment losses on goodwill and intangible assets	5,585			—			5,585
Net gains from sales of assets	(268		)	—			(268		)
ESOP and share-based compensation expense	3,287			—			3,287
Net losses on derivative instruments and investments	6,175			—			6,175
Change in operating assets and liabilities:
Restricted cash	(1,153		)	—			(1,153		)
Purchases of trading securities held for investment	—			(13,576		)	(13,576		)
Proceeds from sales of trading securities held for              investment	—			18,267			18,267
Short-term investments	(1,497		)	1,497			—
Accounts and notes receivable	3,745			—			3,745
Inventories	13,236			—			13,236
Income tax receivable	(314		)	—			(314		)
Prepaid expenses and other assets	(860		)	—			(860		)
Accounts payable	(13,441		)	—			(13,441		)
Accrued payroll expenses and other current liabilities	1,949			(6,188		)	(4,239		)
Accrued postretirement benefits	3,530			—			3,530
Other long-term liabilities	(6,320		)	—			(6,320		)
Net cash provided by operating activities	$	18,133		$	—		$	18,133

Property, Plant and Equipment

The following useful lives are used:

Buildings and facilities	10 to 30 years
Machinery and equipment	3 to 5 years
Equipment under capital leases	Term of lease
Office furniture and equipment	5 years
Capitalized software	3 years

	June 30,
(In thousands)	2014			2013
Buildings and facilities	$	77,926		$	77,807
Machinery and equipment	162,030			138,470
Equipment under capital leases	19,458			18,806
Capitalized software	18,878			17,993
Office furniture and equipment	15,049			15,610
	$	293,341		$	268,686
Accumulated depreciation	(206,819		)	(185,718		)
Land	9,119			9,191
Property, plant and equipment, net(1)	$	95,641		$	92,159

______________

(1) Includes in the years ended June 30, 2014 and 2013, expenditures for items that have not been placed in service in the amounts of $2.8 million and $3.1 million, respectively,