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Jun. 28, 2013
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Aug. 01, 2013
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Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 28, 2013 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CHEF | |
Entity Registrant Name | Chefs' Warehouse, Inc. | |
Entity Central Index Key | 0001517175 | |
Current Fiscal Year End Date | --12-28 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 21,234,243 |
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Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified |
Jun. 28, 2013
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Dec. 28, 2012
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Allowance for accounts receivable | $ 3,705 | $ 3,440 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 21,234,243 | 20,988,073 |
Common stock, shares outstanding | 21,234,243 | 20,988,073 |
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Condensed Consolidated Statements Of Operations And Comprehensive Income (USD $)
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3 Months Ended | 6 Months Ended | ||
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Jun. 28, 2013
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Jun. 29, 2012
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Jun. 28, 2013
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Jun. 29, 2012
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Net sales | $ 170,157 | $ 114,825 | $ 309,576 | $ 212,894 |
Cost of sales | 126,115 | 84,354 | 230,380 | 156,374 |
Gross profit | 44,042 | 30,471 | 79,196 | 56,520 |
Operating expenses | 32,987 | 21,954 | 62,243 | 42,945 |
Operating income | 11,055 | 8,517 | 16,953 | 13,575 |
Interest expense | 1,903 | 895 | 3,270 | 1,444 |
Loss on asset disposal | 4 | 4 | ||
Income before income taxes | 9,148 | 7,622 | 13,679 | 12,131 |
Provision for income tax expense | 3,803 | 3,163 | 5,686 | 5,039 |
Net income available to common stockholders | 5,345 | 4,459 | 7,993 | 7,092 |
Other comprehensive income: | ||||
Foreign currency translation adjustments | (337) | (337) | ||
Comprehensive income | $ 5,008 | $ 4,459 | $ 7,656 | $ 7,092 |
Net income per share available to common stockholders: | ||||
Basic | $ 0.26 | $ 0.22 | $ 0.38 | $ 0.35 |
Diluted | $ 0.25 | $ 0.21 | $ 0.38 | $ 0.34 |
Weighted average common shares outstanding: | ||||
Basic | 20,781,745 | 20,541,234 | 20,764,739 | 20,526,293 |
Diluted | 21,018,602 | 20,884,977 | 21,006,260 | 20,876,995 |
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Operations and Basis of Presentation
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Operations and Basis of Presentation | Note 1 – Operations and Basis of Presentation Description of Business and Basis of Presentation The financial statements include the consolidated accounts of The Chefs’ Warehouse, Inc. (the “Company”) and its direct and indirect wholly-owned subsidiaries. The Company’s quarterly periods end on the thirteenth Friday of each quarter. Every six to seven years the Company will add a fourteenth week to its fourth quarter to more closely align its year end to the calendar year. The Company operates in one segment, food product distribution. The Company’s customer base consists primarily of menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools and specialty food stores. Consolidation The Company’s direct and indirect wholly-owned operating companies include the following: Dairyland USA Corporation (“Dairyland”), a New York corporation engaged in business as a distributor of dairy, meat, and specialty foods; Bel Canto Foods, LLC, a New York limited liability company engaged in the business of importing primarily Mediterranean style food products; Dairyland HP LLC (“DHP”), a Delaware limited liability company engaged in the business of renting real estate; The Chefs’ Warehouse Mid-Atlantic, LLC, a Delaware limited liability company engaged in a business similar to Dairyland, primarily in Maryland and the District of Columbia; The Chefs’ Warehouse West Coast, LLC, a Delaware limited liability company engaged in a business similar to Dairyland, primarily in California, Nevada, Oregon and Washington; Michael’s Finer Meats, LLC, a Delaware limited liability company engaged in the distribution of meat, seafood and other center-of-the-plate products, primarily in Ohio, Indiana, Illinois, Tennessee, Michigan, Kentucky, West Virginia and western Pennsylvania; The Chefs’ Warehouse Midwest, LLC, a Delaware limited liability company engaged in a business similar to Dairyland, primarily in Ohio, Kentucky and Indiana; The Chefs’ Warehouse Pastry Division, Inc., a Delaware corporation engaged in the distribution of gourmet chocolate, dessert and pastry products; The Chefs’ Warehouse Pastry Division Canada ULC, a British Columbia unlimited liability company engaged in a business similar to The Chefs’ Warehouse Pastry Division, Inc.; QZ Acquisition (USA), Inc., a Delaware corporation engaged in a business similar to The Chefs’ Warehouse Pastry Division, Inc.; Qzina Specialty Foods, North America (USA), Inc., a Delaware corporation engaged in a business similar to The Chefs’ Warehouse Pastry Division, Inc.; Qzina Specialty Foods, Inc., a Florida corporation engaged in a business similar to The Chefs’ Warehouse Pastry Division, Inc.; Qzina Specialty Foods, Inc., a Washington corporation engaged in a business similar to The Chefs’ Warehouse Pastry Division, Inc.; Qzina Specialty Foods (Ambassador), Inc., a California corporation engaged in a business similar to The Chefs’ Warehouse Pastry Division, Inc.; and The Chefs’ Warehouse of Florida, LLC, a Delaware limited liability company engaged in a business similar to Dairyland, primarily in southern Florida. In addition to these operating companies, the Company also owns 100% of Chefs’ Warehouse Parent, LLC, a Delaware limited liability company which owns 100% of The Chefs’ Warehouse Mid-Atlantic, LLC, The Chefs’ Warehouse West Coast, LLC, The Chefs’ Warehouse of Florida, LLC, The Chefs’ Warehouse Midwest, LLC, Michael’s Finer Meats Holdings, LLC, a Delaware limited liability company, QZ Acquisition (USA), Inc, and The Chefs’ Warehouse Pastry Division, Inc. Dairyland owns 100% of Bel Canto Foods, LLC and Dairyland HP LLC. Michael’s Finer Meats Holdings, LLC owns 100% of Michael’s Finer Meats, LLC. QZ Acquisition (USA), Inc. owns 100% of Qzina Specialty Foods North America (USA), Inc. Qzina Specialty Foods North America (USA), Inc. owns 100% of Qzina Specialty Foods, Inc. (FL), Qzina Specialty Foods, Inc. (WA) and Qzina Specialty Foods (Ambassador), Inc. The Chefs’ Warehouse Pastry Division, Inc. owns 100% of The Chefs’ Warehouse Pastry Division Canada ULC. All significant intercompany accounts and transactions have been eliminated. Unaudited Interim Financial Statements The accompanying unaudited condensed consolidated financial statements and the related interim information contained within the notes to such condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules of the Securities and Exchange Commission (“SEC”) for interim information and quarterly reports on Form 10-Q. Accordingly, they do not include all the information and disclosures required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended December 28, 2012 filed as part of the Company’s Annual Report on Form 10-K, as filed with the SEC on March 13, 2013.
The unaudited condensed consolidated financial statements appearing in this Form 10-Q have been prepared on the same basis as the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K, as filed with the SEC on March 13, 2013, and in the opinion of management include all normal recurring adjustments that are necessary for the fair statement of the Company’s interim period results. The year-end condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by GAAP. Due to seasonal fluctuations and other factors, the results of operations for the 13 and 26 weeks ended June 28, 2013 are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from management’s estimates. |
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Earnings Per Share
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Earnings Per Share | Note 2 – Earnings Per Share The following table sets forth the computation of basic and diluted net income per share:
Reconciliation of net income per common share:
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Derivatives | Note 3 – Derivatives Derivatives are carried as assets or liabilities at their fair values in accordance with Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements”. During 2012 the Company entered into a derivative contract which did not qualify for hedge accounting. In February 2012 the Company purchased an out of the money Brent Crude Option as a hedge against potential geo-political disruptions in the Middle East. This option expired on June 11, 2012. Financial Statement Presentation The effect of the Company’s derivative instruments on its condensed consolidated statements of operations for the 13 weeks and 26 weeks ended June 28, 2013 and June 29, 2012 was as follows:
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Fair Value Measurements; Fair Value of Financial Instruments | Note 4 – Fair Value Measurements; Fair Value of Financial Instruments The Company accounts for certain assets and liabilities at fair value. The Company categorizes each of its fair value measurements in one of the following three levels based on the lowest level input that is significant to the fair value measurement in its entirety: Level 1—Inputs to the valuation methodology are unadjusted quoted prices in active markets for identical assets. Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities include the following:
If the asset has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset. Level 3—Inputs to the valuation methodology are unobservable (i.e., supported by little or no market activity) and significant to the fair value measure.
Assets and Liabilities Measured at Fair Value As of June 28, 2013, the Company’s only asset or liability measured at fair value was the contingent earn-out liability for the Queensgate acquisition. This liability has an estimated fair value of $2,148 and was estimated using Level 3 inputs. During the 13 and 26 weeks ended June 28, 2013, the fair value of this liability increased $30 and was reflected in operating expenses. The Company had no assets or liabilities reflected at fair value as of December 28, 2012. Fair Value of Financial Instruments The carrying amounts reported in the Company’s condensed consolidated balance sheets for accounts receivable and accounts payable approximate fair value due to the immediate to short-term maturity of these financial instruments. The fair values of the current and former revolving credit facilities and term loans approximated their book values as of June 28, 2013 and December 28, 2012, as these instruments had variable interest rates that reflected current market rates. The carrying amount of the Company’s senior secured notes at June 28, 2013 approximates fair value as this transaction was consummated during the quarter ended June 28, 2013. |
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Acquisitions | Note 5 – Acquisitions The Company accounts for acquisitions in accordance with ASC 805 “Business Combinations”. Assets acquired and liabilities assumed are recorded in the accompanying consolidated balance sheet at their estimated fair values as of the acquisition date. Results of operations are included in the Company’s financial statements from the date of acquisition. For the acquisitions noted below, the Company used the income approach to determine the fair value of the customer relationships, the relief from royalty method to determine the fair value of trademarks and the comparison of economic income using the with/without approach to determine the fair value of non-compete agreements. The Company used Level 3 inputs to determine the fair value of all these intangible assets. On May 1, 2013, the Company acquired 100% of the equity interests of Qzina Specialty Foods North America Inc. (“Qzina”), a British Columbia, Canada corporation based in Pompano Beach, Florida. Founded in 1982, Qzina is a leading supplier of gourmet chocolate, dessert and pastry products dedicated to the pastry professional. At the time of its acquisition, Qzina supplied more than 3,000 products to some of the finest restaurants, bakeries, patisseries, chocolatiers, hotels and cruise lines throughout the U.S. and Canada. The total purchase price for Qzina was approximately $32,144 at closing, net of $578 of cash (subject to customary post-closing working capital adjustments) and was funded with borrowings under the revolving credit facility portion of the Company’s senior secured credit facilities. The Company expensed $149 of legal fees in operating expenses related to the acquisition in the 13 week period ended June 28, 2013. Pro forma financial information with respect to the acquisition of Qzina is not required to be included in these financial statements since the effects of the acquisition are not material to the Company’s consolidated financial statements. The Company is in the process of performing a valuation of the tangible and intangible assets of Qzina. These assets will be valued at fair value using Level 3 inputs. Other intangible assets are expected to be amortized over 10 years. Goodwill for the Qzina acquisition will not be deductible for tax purposes. On December 31, 2012, the Company purchased substantially all the assets of Queensgate Foodservice (“Queensgate”), a foodservice distributor based in Cincinnati, Ohio. The purchase price for Queensgate was approximately $21,900 (subject to customary post-closing working capital adjustments), which the Company financed with borrowings under the revolving credit facility portion of the Company’s senior secured credit facilities. Additionally, the purchase price may be increased by up to $2,400 based upon the achievement of certain EBITDA milestones over a two-year period following the closing. At December 31, 2012, the Company estimated the fair value of this contingent consideration to be $2,118 based upon the most likely expected payout. This contingent liability will be adjusted to fair value on a quarterly basis and is estimated to be $2,148 at June 28, 2013. The Company expensed $69 of legal fees in operating expenses related to the acquisition in the 13 week period ended March 29, 2013. Pro forma financial information with respect to the acquisition of Queensgate is not required to be included in these financial statements since the effects of the acquisition are not material to the Company’s consolidated financial statements. The Company has completed a preliminary valuation of the tangible and intangible assets of Queensgate. These assets were valued at fair value using Level 3 inputs. Other intangible assets consist of customer relationships, which will be amortized over 7 years, and covenants not to compete, which will be amortized over 5 years. Goodwill for the Queensgate acquisition will be amortized for tax purposes over 15 years.
On August 10, 2012, the Company acquired 100% of the outstanding equity interests of Michael’s Finer Meats, LLC, an Ohio corporation (“Michael’s”), for approximately $52,973, net of $536 of cash. Michael’s distributes an extensive portfolio of custom cut beef, seafood and other center-of-the-plate products to many of the leading restaurants, country clubs, hotels and casinos in Ohio, Indiana, Illinois, Tennessee, Michigan, Kentucky, West Virginia and western Pennsylvania. The Company financed the purchase price with borrowings under the revolving credit facility portion of the Company’s senior secured credit facilities. During the third quarter of fiscal 2012 the Company expensed $85 of legal fees in operating expenses related to the acquisition. The Company has completed a formal valuation of the intangible and certain tangible assets of Michael’s. The financial statements reflect the results of the valuation of the goodwill, intangible assets and fixed assets the Company acquired in the transaction. These assets were valued at fair value using Level 3 inputs. Other intangible assets consist of customer relationships, which will be amortized over 10 years, two trademarks, which will be amortized over 12-20 years, and covenants not to compete, which will be amortized over 5 years. Goodwill for the Michael’s acquisition will be amortized for tax purposes over a period of 15 years. Michael’s contributed revenue of $23,008 and $44,155 and income before provision for taxes of $1,719 and $2,890 for the 13 and 26 weeks ended June 28, 2013, respectively. On April 27, 2012, the Company acquired 100% of the outstanding common stock of Praml International, Ltd., a Nevada corporation (“Praml”), for approximately $19,548 in cash. Praml is a leading specialty foodservice company that has serviced the Las Vegas and Reno markets for over 20 years. The Company financed the purchase price with borrowings under the revolving credit facility portion of the Company’s senior secured credit facilities. During the second quarter of fiscal 2012 the Company expensed $23 of legal fees in operating expenses related to the acquisition. Pro forma financial information with respect to the acquisition of Praml is not required to be included in these financial statements since the effects of the acquisition are not material to the Company’s consolidated financial statements. The Company has completed a valuation of the tangible and intangible assets of Praml. These assets were valued at fair value using Level 3 inputs. Other intangible assets consist of customer relationships, which will be amortized over 11 years, covenants not to compete, which will be amortized over 6 years, and two trademarks, which will be amortized over 1-20 years. Goodwill for the Praml acquisition is not deductible for tax purposes. The table below details the assets and liabilities acquired as part of the acquisitions of Qzina as of May 1, 2013, Queensgate as of December 31, 2012, Michael’s as of August 10, 2012 and Praml as of April 27, 2012, and the allocation of the purchase price paid in connection with these acquisitions.
The table below presents unaudited pro forma consolidated income statement information for the Company as if Michael’s had been included in the Company’s consolidated results for the entire period reflected. The pro forma information has been prepared using the purchase method of accounting, giving effect to the Michael’s acquisition as if the acquisition had been completed on December 31, 2011. The pro forma information is not necessarily indicative of the Company’s results of operations had the acquisition of Michael’s been completed on that date, nor is it necessarily indicative of the Company’s future results. The pro forma information does not reflect any cost savings from operating efficiencies or synergies that could result from the acquisition, and also does not reflect additional revenue opportunities following the acquisition. The pro forma information includes adjustments to record the assets and liabilities of Michael’s at their respective fair values based on the Company’s final valuation and to give effect to the financing for the acquisition and related transactions.
Pro forma net sales reflect the combined revenues of the Company and Michael’s. Pro forma income before provision for income taxes reflects the combined Company’s and Michael’s income before provision for income taxes with the following pro forma adjustments: 1) depreciation of equipment was adjusted for the fair market adjustment of the equipment acquired in the Michael’s acquisition, 2) interest expense was adjusted to reflect interest on the borrowings under the Company’s senior secured credit facilities, which were used to finance the acquisition of Michael’s, 3) the intangible assets acquired in the Michael’s acquisition were amortized over their estimated useful lives, 4) the private equity management fees of Michael’s that were charged by certain of Michael’s prior owners were eliminated, 5) the closing costs of the Company and Michael’s were eliminated and 6) the transaction bonuses paid by Michael’s were eliminated. |
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Jun. 28, 2013
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Inventory | Note 6 – Inventory Inventory consists of finished product and is recorded on a first-in, first-out basis. Inventory is reflected net of reserves for shrinkage and obsolescence totaling $970 and $650 at June 28, 2013 and December 28, 2012, respectively. |
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Restricted Cash
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Jun. 28, 2013
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Restricted Cash | Note 7 – Restricted Cash On April 26, 2012, DHP entered into a financing arrangement under the New Markets Tax Credit (“NMTC”) program under the Internal Revenue Code of 1986, as amended (the “Code”), pursuant to which Commercial Lending II LLC (“CLII”), a community development entity and a subsidiary of JPMorgan Chase Bank, N.A., provided to DHP an $11,000 construction loan (the “NMTC Loan”) to help fund DHP’s expansion and build-out of the Company’s new Bronx, NY distribution facility. The proceeds from the NMTC Loan, net of construction payments, are reflected as restricted cash on the balance sheet. For more information on the NMTC Loan see Note 10. |
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Equipment and Leasehold Improvements
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Equipment and Leasehold Improvements | Note 8 – Equipment and Leasehold Improvements As of the dates indicated, plant, equipment and leasehold improvements consisted of the following:
Construction-in-process at June 28, 2013 and December 28, 2012 relates primarily to the build out of the Company’s new distribution facility in Bronx, NY. The Company expects to spend approximately $21,000 to complete the build out and move into this facility during fiscal 2014. As of each of June 28, 2013 and December 28, 2012, the Company had $342 of computer equipment and $337 of vehicles financed by capital leases. The Company recorded depreciation of $40 and $28 on these assets during the 13 weeks ended June 28, 2013 and June 29, 2012, respectively, and $80 and $56 on these assets during the 26 weeks ended June 28, 2013 and June 29, 2012, respectively. Depreciation expense on equipment and leasehold improvements was $515 and $418 for the 13 weeks ended June 28, 2013 and June 29, 2012, respectively, and $1,077 and $777 for the 26 weeks ended June 28, 2013 and June 29, 2012, respectively. Gross capitalized software costs were $1,613 at each of June 28, 2013 and December 28, 2012. Capitalized software is recorded net of accumulated amortization of $1,399 and $1,285 at June 28, 2013 and December 28, 2012, respectively. Depreciation expense on software was $55 and $53 for the 13 weeks ended June 28, 2013 and June 29, 2012, respectively, and $114 and $100 for the 26 weeks ended June 28, 2013 and June 29, 2012, respectively. During the 13 and 26 weeks ended June 28, 2013 the Company incurred interest expense of $1,903 and $3,270 respectively. The Company capitalized interest expense of $17 and $28, respectively, during the same periods. Capitalized interest related to the build out of its new Bronx, NY distribution facility. No interest was capitalized during the corresponding periods of 2012. |
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Goodwill and Other Intangible Assets
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Goodwill and Other Intangible Assets | Note 9 – Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill are presented as follows:
Other intangible assets consist of customer relationships, which are amortized over a period ranging from 6 to 13 years, trademarks, which are amortized over a period ranging from 1 to 20 years, and non-compete agreements, which are amortized over a period of 5 to 6 years. Other intangible assets were comprised of the following at June 28, 2013 and December 28, 2012:
Amortization expense for other intangibles was $1,224 and $277 for the 13 weeks ended June 28, 2013 and June 29, 2012, respectively, and $2,302 and $449 for the 26 weeks ended June 28, 2013 and June 29, 2012, respectively. Estimated amortization expense for other intangibles for the 12 months ended December 27, 2013 and each of the next four fiscal years and thereafter is as follows:
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Debt Obligations
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Debt Obligations | Note 10 – Debt Obligations Debt obligations as of June 28, 2013 and December 28, 2012 consisted of the following:
On April 25, 2012, Dairyland, The Chefs’ Warehouse Mid-Atlantic, LLC, Bel Canto Foods, LLC, The Chefs’ Warehouse West Coast, LLC, The Chefs’ Warehouse of Florida, LLC (each, a “Borrower” and collectively, the “Borrowers”), the Company and Chefs’ Warehouse Parent, LLC (together with the Company, the “Guarantors”) entered into a senior secured credit facility (the “Credit Agreement”) with the lenders from time to time party thereto, JPMorgan Chase Bank, N.A. (“Chase”), as Administrative Agent, and the other parties thereto. The Credit Agreement replaced the credit agreement that the Borrowers and the Guarantors entered into in connection with the Company’s initial public offering. On August 29, 2012, Michael’s Finer Meats Holdings, LLC and Michael’s each were added as a Guarantor under the Credit Agreement. On January 24, 2013, The Chefs’ Warehouse Midwest, LLC was added as a Guarantor under the Credit Agreement. The Credit Agreement provided for a senior secured term loan facility (the “Term Loan Facility”) in the aggregate amount of up to $40,000 (the loans thereunder, the “Term Loans”) and a senior secured revolving loan facility (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Credit Facilities”) of up to an aggregate amount of $100,000 (the loans thereunder, the “Revolving Credit Loans”). The Credit Agreement also provided that the Borrowers could, at their option, increase the aggregate amount of borrowings under either the Revolving Credit Facility or the Term Loan Facility in an aggregate amount up to $40,000 (but in not less than $10,000 increments) (the “Accordion”) without the consent of any lenders not participating in such increase, subject to certain customary conditions and lenders committing to provide the increase in funding. The final maturity of the Term Loans and Revolving Credit Facility was April 25, 2017. Subject to adjustment for prepayments, the Company was required to make quarterly principal payments on the Term Loans on June 30, September 30, December 31 and March 31, with the first four quarterly payments equal to $1,000 per quarter and the last sixteen quarterly payments equal to $1,500 per quarter, with the remaining balance due upon maturity. The Credit Facilities were secured by substantially all the assets of the Borrowers and the Guarantors with the exception of equity interests in and assets of DHP. Borrowings under the Credit Facilities bore interest at the Company’s option of either (i) the alternate base rate (representing the greatest of (1) Chase’s prime rate, (2) the federal funds effective rate for overnight borrowings plus 1/2 of 1% and (3) the Adjusted LIBO Rate for one month plus 2.50%) plus in each case the applicable margin of 0.50% for Revolving Credit Loans or Term Loans or (ii), in the case of Eurodollar Borrowings (as defined in the Credit Agreement), the Adjusted LIBO Rate plus the applicable margin of 3.0% for Revolving Credit Loans or Term Loans. The Credit Agreement also included financial covenants that required the Company to meet targeted leverage and fixed charge ratios. On September 28, 2012, the Borrowers exercised the Accordion under the Credit Agreement in full to increase the aggregate commitments under the Revolving Credit Facility by $40,000. As a result of the Borrowers’ exercise of the Accordion, borrowing capacity under the Revolving Credit Loans increased from $100,000 to $140,000. All other terms of the Credit Agreement were unchanged. On April 26, 2012, DHP entered into a financing arrangement under the NMTC program under the Code, pursuant to which CLII provided to DHP the NMTC Loan to help fund DHP’s expansion and build-out of its new Bronx, NY facility, which construction is required under the lease agreement related to such facility. The NMTC Loan is evidenced by a Mortgage Note, dated as of April 26, 2012 (the “Mortgage Note”), between DHP, as maker, and CLII, as payee. Under the Mortgage Note DHP is obligated to pay CLII (i) monthly interest payments on the principal balance then outstanding and (ii) the entire unpaid principal balance then due and owing on April 26, 2017. Interest accrues under the Mortgage Note at 1.00% per annum for as long as DHP is not in default thereunder, which interest shall be calculated on the basis of the actual number of days elapsed over a year of 360 days.
On April 17, 2013, the Borrowers, the Guarantors and the lenders a party thereto entered into an Amendment and Restatement Agreement to amend and restate the Credit Agreement (the “Amended and Restated Credit Agreement”). On May 31, 2013 Qzina Specialty Foods North America (USA), Inc., QZ Acquisition (USA), Inc., The Chefs’ Warehouse Pastry Division, Inc., Qzina Specialty Foods (Ambassador), Inc., Qzina Specialty Foods, Inc. (WA), and Qzina Specialty Foods, Inc. (FL) were added as Guarantors under the Amended and Restated Credit Agreement. The Amended and Restated Credit Agreement amends and restates the Term Loan Facility and the Revolving Credit Facility. The Amended and Restated Credit Agreement provides for $36,000 in principal amount of Term Loans under the Term Loan Facility and up to an aggregate amount of $140,000 of Revolving Credit Loans under the Revolving Credit Facility. The sublimits for letters of credit and swingline loans under the Credit Facilities were unchanged. Unutilized commitments under the revolving credit facility portion of the Amended and Restated Credit Agreement are subject to a per annum fee of from 0.35% to 0.45%, based on the Company’s leverage ratio. A fronting fee of 0.25% per annum is payable on the face amount of each letter of credit issued under the Credit Facilities. The final maturity of the Credit Facilities remains April 25, 2017. Subject to adjustment for prepayments, the Company is required to make quarterly principal payments on the Term Loans on June 30, September 30, December 31 and March 31 of each year, with each quarterly payment equal to $1,500, with the remaining balance due upon maturity. After giving effect to the amendment and restatement thereof, borrowings under the Credit Facilities continue to be secured by all the assets of the Borrowers and Guarantors, with the exception of the equity interests in and assets of DHP, and borrowings thereunder will bear interest at the Company’s option of either (i) the alternate base rate (representing the greatest of (1) Chase’s prime rate, (2) the federal funds effective rate for overnight borrowings plus 1/2 of 1.00% and (3) the adjusted LIBO rate for one month plus 2.50%) plus in each case an applicable margin of from 1.75% to 2.25%, based on the Company’s leverage ratio, or (ii) in the case of Eurodollar Borrowings (as defined in the Amended and Restated Credit Agreement), the adjusted LIBO rate plus an applicable margin of from 2.75% to 3.25%, based on the Company’s leverage ratio. The LIBO rate is the rate for eurodollar deposits for a period equal to one, three or six months (as selected by the applicable Borrower) appearing on Reuters Screen LIBOR01 Page (or any successor or substitute page on such screen), at approximately 11:00 a.m. London time, two business days prior to the commencement of the applicable interest period. The Amended and Restated Credit Agreement also includes financial covenants that require the Company to meet targeted leverage and fixed charge ratios. On April 17, 2013, the Company issued $100,000 in guaranteed senior secured notes (the “Notes”) to Prudential Capital Group, an institutional investment division of Prudential Financial, Inc., through a private placement transaction. The Notes bear an annual interest rate of 5.9% and mature in 2023. The Notes must be repaid in two equal installments of $50,000. The first payment is due on April 17, 2018. The second payment is due at maturity on April 17, 2023. The proceeds from the private placement of the Notes were used to repay borrowings under the Revolving Credit Facility. The Notes have financial covenants that are substantially similar to the financial covenants for the Amended and Restated Credit Agreement. As of June 28, 2013, the Borrowers and Guarantors were in compliance with all debt covenants under the Credit Agreement, the Notes and the related note purchase agreement, DHP was in compliance with all debt covenants under the NMTC Loan and the Company had reserved $1,820 of the Revolving Credit Facility for the issuance of letters of credit. As of June 28, 2013, funds totaling $123,180 were available for borrowing under the Revolving Credit Facility. |
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Stockholders' Equity
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6 Months Ended |
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Jun. 28, 2013
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Stockholders' Equity | Note 11 – Stockholders’ Equity During the 26 weeks ended June 28, 2013, the Company granted 249,760 restricted stock awards (“RSAs”) to its employees and independent outside directors at a weighted average grant date fair value of $16.30 each. Of these awards, 183,700 were performance-based grants. The Company recognized no expense on the performance-based grants during the 26 weeks ended June 28, 2013 as the Company is not on track to achieve the performance targets. The remaining awards were time-based grants which will vest between one and four years. During the 13 and 26 weeks ended June 28, 2013, the Company recognized expense totaling $81 and $131, respectively, on these time-based RSAs.
During the 13 and 26 weeks ended June 28, 2013, the Company recognized $219 and $458, respectively, of expense for RSAs issued in prior years. At June 28, 2013, the Company had 447,982 of unvested RSAs outstanding. At June 28, 2013, the total unrecognized compensation cost for these unvested RSAs was $6,907, and the weighted-average remaining useful life was approximately 19 months. Of this total, $3,595 related to RSAs with time-based vesting provisions and $3,312 related to RSAs with performance-based vesting provisions. At June 28, 2013, the weighted-average remaining useful lives were approximately 21 months for time-based vesting RSAs and 17 months for the performance-based vesting RSAs. No compensation expense related to the Company’s RSAs has been capitalized. As of June 28, 2013, there were 1,108,107 shares available for grant in the Company’s 2011 Omnibus Equity Incentive Plan. |
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Related Parties
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6 Months Ended |
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Jun. 28, 2013
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Related Parties | Note 12 – Related Parties The Company leases two warehouse facilities from related parties. These facilities are 100% owned by entities controlled by certain of the Company’s stockholders who are deemed to be affiliates. Expenses related to these facilities totaled $384 and $768, respectively, during the 13 and 26 weeks ended June 28, 2013. One of the facilities is a distribution facility leased by Dairyland from The Chefs’ Warehouse Leasing Co., LLC. The Chefs’ Warehouse Leasing Co., LLC leases the distribution center from the New York City Industrial Development Agency. In connection with this sublease arrangement, Dairyland and two of the Company’s other subsidiaries are required to act as conditional guarantors of The Chefs’ Warehouse Leasing Co., LLC’s mortgage obligation on the distribution center. The mortgage payoff date is December 2029 and the potential obligation under this guarantee totaled $10,261 at June 28, 2013. On July 1, 2005, the Company entered into a consent and release agreement with the mortgagee in which the entity guarantors were conditionally released from their respective obligations. The Company and the entity guarantors continue to be in compliance with the specified conditions. The Chefs’ Warehouse Leasing Co., LLC has the ability to opt out of its lease agreement with the New York City Industrial Development Agency by giving 60 days’ notice. This action would cause the concurrent reduction in the term of the sublease with Dairyland to December 2014. One of the Company’s non-employee directors, Stephen Hanson, is the President and a 50% owner of a New York City-based multi-concept restaurant operator holding company. Certain subsidiaries of this holding company are customers of the Company and its subsidiaries that purchased approximately $874 and $795, respectively, of products during the 13 weeks ended June 28, 2013 and June 29, 2012 and approximately $1,698 and $1,468, respectively, of products during the 26 weeks ended June 28, 2013 and June 29, 2012. Terms provided to these customers were determined in the ordinary course of business, at arm’s length and materially consistent with those of other customers with similar volumes and purchasing patterns. Each of Christopher Pappas, John Pappas and Dean Facatselis owns 8.33% of a New York City-based restaurant customer of the Company and its subsidiaries that purchased approximately $54 and $54, respectively, of products during the 13 weeks ended June 28, 2013 and June 29, 2012 and approximately $102 and $108, respectively, of products during the 26 weeks ended June 28, 2013 and June 29, 2012. Messrs. C. Pappas, J. Pappas and Facatselis have no other interest in the restaurant other than these equity interests and are not involved in the day-to-day operation or management of this restaurant. Terms provided to this customer were determined in the ordinary course of business, at arm’s length and materially consistent with those of other customers with similar volumes and purchasing patterns. |
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Operations and Basis of Presentation (Policies)
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Jun. 28, 2013
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Description of Business and Basis of Presentation | Description of Business and Basis of Presentation The financial statements include the consolidated accounts of The Chefs’ Warehouse, Inc. (the “Company”) and its direct and indirect wholly-owned subsidiaries. The Company’s quarterly periods end on the thirteenth Friday of each quarter. Every six to seven years the Company will add a fourteenth week to its fourth quarter to more closely align its year end to the calendar year. The Company operates in one segment, food product distribution. The Company’s customer base consists primarily of menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools and specialty food stores. |
Consolidation | Consolidation The Company’s direct and indirect wholly-owned operating companies include the following: Dairyland USA Corporation (“Dairyland”), a New York corporation engaged in business as a distributor of dairy, meat, and specialty foods; Bel Canto Foods, LLC, a New York limited liability company engaged in the business of importing primarily Mediterranean style food products; Dairyland HP LLC (“DHP”), a Delaware limited liability company engaged in the business of renting real estate; The Chefs’ Warehouse Mid-Atlantic, LLC, a Delaware limited liability company engaged in a business similar to Dairyland, primarily in Maryland and the District of Columbia; The Chefs’ Warehouse West Coast, LLC, a Delaware limited liability company engaged in a business similar to Dairyland, primarily in California, Nevada, Oregon and Washington; Michael’s Finer Meats, LLC, a Delaware limited liability company engaged in the distribution of meat, seafood and other center-of-the-plate products, primarily in Ohio, Indiana, Illinois, Tennessee, Michigan, Kentucky, West Virginia and western Pennsylvania; The Chefs’ Warehouse Midwest, LLC, a Delaware limited liability company engaged in a business similar to Dairyland, primarily in Ohio, Kentucky and Indiana; The Chefs’ Warehouse Pastry Division, Inc., a Delaware corporation engaged in the distribution of gourmet chocolate, dessert and pastry products; The Chefs’ Warehouse Pastry Division Canada ULC, a British Columbia unlimited liability company engaged in a business similar to The Chefs’ Warehouse Pastry Division, Inc.; QZ Acquisition (USA), Inc., a Delaware corporation engaged in a business similar to The Chefs’ Warehouse Pastry Division, Inc.; Qzina Specialty Foods, North America (USA), Inc., a Delaware corporation engaged in a business similar to The Chefs’ Warehouse Pastry Division, Inc.; Qzina Specialty Foods, Inc., a Florida corporation engaged in a business similar to The Chefs’ Warehouse Pastry Division, Inc.; Qzina Specialty Foods, Inc., a Washington corporation engaged in a business similar to The Chefs’ Warehouse Pastry Division, Inc.; Qzina Specialty Foods (Ambassador), Inc., a California corporation engaged in a business similar to The Chefs’ Warehouse Pastry Division, Inc.; and The Chefs’ Warehouse of Florida, LLC, a Delaware limited liability company engaged in a business similar to Dairyland, primarily in southern Florida. In addition to these operating companies, the Company also owns 100% of Chefs’ Warehouse Parent, LLC, a Delaware limited liability company which owns 100% of The Chefs’ Warehouse Mid-Atlantic, LLC, The Chefs’ Warehouse West Coast, LLC, The Chefs’ Warehouse of Florida, LLC, The Chefs’ Warehouse Midwest, LLC, Michael’s Finer Meats Holdings, LLC, a Delaware limited liability company, QZ Acquisition (USA), Inc, and The Chefs’ Warehouse Pastry Division, Inc. Dairyland owns 100% of Bel Canto Foods, LLC and Dairyland HP LLC. Michael’s Finer Meats Holdings, LLC owns 100% of Michael’s Finer Meats, LLC. QZ Acquisition (USA), Inc. owns 100% of Qzina Specialty Foods North America (USA), Inc. Qzina Specialty Foods North America (USA), Inc. owns 100% of Qzina Specialty Foods, Inc. (FL), Qzina Specialty Foods, Inc. (WA) and Qzina Specialty Foods (Ambassador), Inc. The Chefs’ Warehouse Pastry Division, Inc. owns 100% of The Chefs’ Warehouse Pastry Division Canada ULC. All significant intercompany accounts and transactions have been eliminated. |
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- Definition
Description of business and basis of presentation. No definition available.
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- Definition
No authoritative reference available. No definition available.
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Earnings Per Share (Tables)
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Jun. 28, 2013
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Computation and Reconciliation of Net Income Per Share | The following table sets forth the computation of basic and diluted net income per share:
Reconciliation of net income per common share:
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Derivatives (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 28, 2013
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Effect of Derivative Instruments on Consolidated Statements of Operations | The effect of the Company’s derivative instruments on its condensed consolidated statements of operations for the 13 weeks and 26 weeks ended June 28, 2013 and June 29, 2012 was as follows:
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No authoritative reference available. No definition available.
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Acquisitions (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 28, 2013
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Details of Assets and Liabilities Acquired | The table below details the assets and liabilities acquired as part of the acquisitions of Qzina as of May 1, 2013, Queensgate as of December 31, 2012, Michael’s as of August 10, 2012 and Praml as of April 27, 2012, and the allocation of the purchase price paid in connection with these acquisitions.
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Pro Forma Consolidated Income Statement Information | The pro forma information includes adjustments to record the assets and liabilities of Michael’s at their respective fair values based on the Company’s final valuation and to give effect to the financing for the acquisition and related transactions.
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Equipment and Leasehold Improvements (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 28, 2013
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Plant, Equipment and Leasehold Improvements | As of the dates indicated, plant, equipment and leasehold improvements consisted of the following:
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Goodwill and Other Intangible Assets (Tables)
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Jun. 28, 2013
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Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill are presented as follows:
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Other Intangible Assets | Other intangible assets were comprised of the following at June 28, 2013 and December 28, 2012:
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Estimated Amortization Expense for Other Intangibles | Estimated amortization expense for other intangibles for the 12 months ended December 27, 2013 and each of the next four fiscal years and thereafter is as follows:
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Debt Obligations (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 28, 2013
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Debt Obligations | Debt obligations as of June 28, 2013 and December 28, 2012 consisted of the following:
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No authoritative reference available. No definition available.
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- Details
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- Definition
Ownership interest in other operating companies. No definition available.
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Computation of Basic and Diluted Net Income Per Share (Detail) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 28, 2013
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Jun. 29, 2012
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Jun. 28, 2013
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Jun. 29, 2012
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Computation Of Earnings Per Share Line Items | ||||
Net income | $ 5,345 | $ 4,459 | $ 7,993 | $ 7,092 |
Net income per share: | ||||
Basic | $ 0.26 | $ 0.22 | $ 0.38 | $ 0.35 |
Diluted | $ 0.25 | $ 0.21 | $ 0.38 | $ 0.34 |
Weighted average common shares: | ||||
Basic | 20,781,745 | 20,541,234 | 20,764,739 | 20,526,293 |
Diluted | 21,018,602 | 20,884,977 | 21,006,260 | 20,876,995 |
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- Definition
Diluted Earnings Per Share No definition available.
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- Details
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Details
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- Definition
No authoritative reference available. No definition available.
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Reconciliation of Net Income Per Common Share (Detail) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 28, 2013
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Jun. 29, 2012
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Jun. 28, 2013
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Jun. 29, 2012
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Numerator: | ||||
Net income | $ 5,345 | $ 4,459 | $ 7,993 | $ 7,092 |
Denominator: | ||||
Weighted average basic common shares outstanding | 20,781,745 | 20,541,234 | 20,764,739 | 20,526,293 |
Dilutive effect of unvested common shares | 236,857 | 343,743 | 241,521 | 350,702 |
Weighted average diluted common shares outstanding | 21,018,602 | 20,884,977 | 21,006,260 | 20,876,995 |
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- Definition
No authoritative reference available. No definition available.
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No authoritative reference available. No definition available.
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No authoritative reference available. No definition available.
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- Details
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- Definition
No authoritative reference available. No definition available.
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Effect of Derivative Instruments on Consolidated Statements of Operations (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 28, 2013
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Jun. 29, 2012
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Jun. 28, 2013
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Jun. 29, 2012
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Derivative Instruments, Gain (Loss) [Line Items] | ||||
Operating expenses | $ (32,987) | $ (21,954) | $ (62,243) | $ (42,945) |
Commodity | Derivatives not designated as hedging instruments
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Derivative Instruments, Gain (Loss) [Line Items] | ||||
Operating expenses | $ (18) | $ (17) |
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- Definition
No authoritative reference available. No definition available.
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Fair Value Measurements; Fair Value of Financial Instruments - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 28, 2013
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Jun. 28, 2013
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Dec. 28, 2012
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Fair Value Measurements [Line Items] | |||
Increase in contingent earn-out liability | $ 30 | ||
Fair Value, Inputs, Level 3
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Fair Value Measurements [Line Items] | |||
Liabilities measured at fair value | 2,148 | 2,148 | |
Assets measured at fair value | 0 | ||
Increase in contingent earn-out liability | $ 30 | $ 30 |
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- Definition
Change In Fair Value Of Earn Out Liability No definition available.
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- Details
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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Acquisitions - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 28, 2013
|
Jun. 29, 2012
|
Jun. 28, 2013
|
Jun. 29, 2012
|
May 01, 2013
Qzina Specialty Foods North America Inc
Product
|
Jun. 28, 2013
Qzina Specialty Foods North America Inc
|
Mar. 29, 2013
Queensgate Foodservice
|
Dec. 31, 2012
Queensgate Foodservice
|
Jun. 28, 2013
Queensgate Foodservice
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Dec. 31, 2012
Queensgate Foodservice
Maximum
|
Aug. 10, 2012
Michaels Finer Meats LLC
|
Jun. 28, 2013
Michaels Finer Meats LLC
|
Sep. 28, 2012
Michaels Finer Meats LLC
|
Jun. 28, 2013
Michaels Finer Meats LLC
|
Aug. 10, 2012
Michaels Finer Meats LLC
Minimum
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Aug. 10, 2012
Michaels Finer Meats LLC
Maximum
|
Apr. 30, 2012
Praml International, Ltd.
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Jun. 29, 2012
Praml International, Ltd.
|
Apr. 27, 2012
Praml International, Ltd.
|
Apr. 30, 2012
Praml International, Ltd.
Minimum
|
Apr. 30, 2012
Praml International, Ltd.
Maximum
|
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Business Acquisition [Line Items] | |||||||||||||||||||||
Company acquired outstanding equity interests | 100.00% | 100.00% | |||||||||||||||||||
Number of products | 3,000 | ||||||||||||||||||||
Cash payments for acquisition | $ 32,144 | $ 52,973 | $ 19,548 | ||||||||||||||||||
Cash acquired | 578 | 536 | |||||||||||||||||||
Legal fees | 149 | 69 | 85 | 23 | |||||||||||||||||
Customer relationships amortized | 10 years | 7 years | 10 years | 11 years | |||||||||||||||||
Initial purchase price | 21,900 | ||||||||||||||||||||
Expected additional acquisition price | 2,400 | ||||||||||||||||||||
Achievement of certain performance milestones period | 2 years | ||||||||||||||||||||
Fair value of contingent consideration | 2,118 | 2,148 | |||||||||||||||||||
Covenants amortized | 5 years | 5 years | 6 years | ||||||||||||||||||
Goodwill amortization period | 15 years | 15 years | |||||||||||||||||||
Trademarks amortized | 12 years | 20 years | 1 year | 20 years | |||||||||||||||||
Net sales | 170,157 | 114,825 | 309,576 | 212,894 | 23,008 | 44,155 | |||||||||||||||
Income before provision for taxes | $ 9,148 | $ 7,622 | $ 13,679 | $ 12,131 | $ 1,719 | $ 2,890 | |||||||||||||||
Company acquired outstanding common stock | 100.00% |
X | ||||||||||
- Definition
Achievement of Certain Performance Milestones Period No definition available.
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X | ||||||||||
- Definition
Business Acquisition Contingent Consideration Fair Value No definition available.
|
X | ||||||||||
- Definition
Business Acquisition Contingent Consideration Recorded As Additional Purchase Price No definition available.
|
X | ||||||||||
- Definition
Covenants amortized. No definition available.
|
X | ||||||||||
- Definition
Customer Relationships Amortized. No definition available.
|
X | ||||||||||
- Definition
Goodwill Amortization Period. No definition available.
|
X | ||||||||||
- Definition
Minimum Number Of Products No definition available.
|
X | ||||||||||
- Definition
Trademarks Amortized. No definition available.
|
X | ||||||||||
- Details
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Assets and Liabilities Acquired as Part of Acquisitions (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 28, 2013
|
Dec. 28, 2012
|
Dec. 30, 2011
|
Jun. 28, 2013
Qzina Specialty Foods North America Inc
|
Dec. 31, 2012
Queensgate Foodservice
|
Aug. 10, 2012
Michaels Finer Meats LLC
|
Apr. 27, 2012
Praml International, Ltd.
|
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Business Acquisition [Line Items] | |||||||||||
Current assets | $ 22,945 | [1] | $ 4,140 | [1] | $ 16,161 | $ 3,315 | |||||
Customer relationships | 2,000 | [1] | 12,431 | 4,187 | |||||||
Trademarks | 12,724 | 1,369 | |||||||||
Goodwill | 69,073 | 45,359 | 20,590 | 9,227 | [1] | 14,622 | [1] | 11,845 | 12,866 | ||
Non-compete agreement | 2,920 | [1] | 477 | 1,254 | |||||||
Other amortizable intangibles | 7,363 | [1] | |||||||||
Fixed assets | 1,146 | [1] | 1,909 | [1] | 2,871 | ||||||
Deferred tax assets | 86 | ||||||||||
Deferred tax liability | (2,431) | [1] | (771) | [1] | (2,676) | ||||||
Capital leases | (137) | [1] | (343) | ||||||||
Earn-out liability | (2,118) | [1] | |||||||||
Current liabilities | (5,391) | [1] | (817) | [1] | (2,743) | (767) | |||||
Purchase price | $ 32,722 | [1] | $ 21,885 | [1] | $ 53,509 | $ 19,548 | |||||
|
X | ||||||||||
- Definition
Business Acquisition Purchase Price Allocation Customer Relationships. No definition available.
|
X | ||||||||||
- Definition
Business acquisition purchase price allocation non compete agreement. No definition available.
|
X | ||||||||||
- Definition
Business Acquisition Purchase Price Allocation Trademarks. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Pro Forma Consolidated Income Statement Information (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 29, 2012
|
Jun. 29, 2012
|
|
Business Acquisition [Line Items] | ||
Net sales | $ 137,105 | $ 255,477 |
Income before provision for income taxes | $ 8,746 | $ 13,501 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Inventory - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 28, 2013
|
Dec. 28, 2012
|
---|---|---|
Inventory [Line Items] | ||
Inventory net of reserves for shrinkage and obsolescence | $ 970 | $ 650 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Restricted Cash - Additional Information (Detail) (USD $)
|
Apr. 26, 2012
|
---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | |
Construction loan | $ 11,000 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Equipment and Leasehold Improvements - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 28, 2013
|
Jun. 29, 2012
|
Jun. 28, 2013
|
Jun. 29, 2012
|
Dec. 28, 2012
|
Jun. 28, 2013
Capitalized Software
|
Dec. 28, 2012
Capitalized Software
|
Jun. 28, 2013
Software
|
Jun. 29, 2012
Software
|
Jun. 28, 2013
Software
|
Jun. 29, 2012
Software
|
Jun. 28, 2013
Computers, data processing and other equipment
|
Dec. 28, 2012
Computers, data processing and other equipment
|
Jun. 28, 2013
Vehicles
|
Dec. 28, 2012
Vehicles
|
Jun. 28, 2013
Assets Held under Capital Leases
|
Jun. 29, 2012
Assets Held under Capital Leases
|
Jun. 28, 2013
Assets Held under Capital Leases
|
Jun. 29, 2012
Assets Held under Capital Leases
|
|
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Expected finishing cost of construction | $ 21,000 | ||||||||||||||||||
Assets financed by capital lease | 342 | 342 | 337 | 337 | |||||||||||||||
Depreciation | 515 | 418 | 1,077 | 777 | 55 | 53 | 114 | 100 | 40 | 28 | 80 | 56 | |||||||
Capitalized software costs, gross | 1,613 | 1,613 | 1,613 | ||||||||||||||||
Accumulated amortization | 1,399 | 1,285 | |||||||||||||||||
Interest expense | 1,903 | 3,270 | |||||||||||||||||
Interest costs capitalized | $ 17 | $ 28 |
X | ||||||||||
- Definition
Accumulated Amortization On Leased Assets No definition available.
|
X | ||||||||||
- Definition
Expected Construction Costs No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Changes in Carrying Amount of Goodwill (Detail) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 28, 2013
|
Dec. 28, 2012
|
|
Goodwill [Line Items] | ||
Beginning Balance | $ 45,359 | $ 20,590 |
Goodwill acquired during the year | 23,792 | 24,769 |
Foreign currency translation | (78) | |
Ending Balance | $ 69,073 | $ 45,359 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 28, 2013
|
Jun. 29, 2012
|
Jun. 28, 2013
|
Jun. 29, 2012
|
|
Goodwill And Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 1,224 | $ 277 | $ 2,302 | $ 449 |
Remaining amortization period | Minimum
|
||||
Goodwill And Intangible Assets [Line Items] | ||||
Customer relationships amortized | 6 years | |||
Trademarks amortized | 1 year | |||
Non - compete agreements | 5 years | |||
Remaining amortization period | Maximum
|
||||
Goodwill And Intangible Assets [Line Items] | ||||
Customer relationships amortized | 13 years | |||
Trademarks amortized | 20 years | |||
Non - compete agreements | 6 years |
X | ||||||||||
- Definition
Covenants amortized. No definition available.
|
X | ||||||||||
- Definition
Customer Relationships Amortized. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Trademarks Amortized. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Component of Other Intangible Assets (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 28, 2013
|
Dec. 28, 2012
|
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 50,174 | $ 37,973 |
Accumulated Amortization | (4,573) | (2,265) |
Net Amount | 45,601 | 35,708 |
Customer Relationships
|
||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 23,852 | 21,849 |
Accumulated Amortization | (2,866) | (1,601) |
Net Amount | 20,986 | 20,248 |
Noncompete Agreements
|
||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,651 | 1,731 |
Accumulated Amortization | (619) | (175) |
Net Amount | 4,032 | 1,556 |
Other Intangible Assets
|
||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 7,278 | |
Accumulated Amortization | (150) | |
Net Amount | 7,128 | |
Trademarks
|
||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 14,393 | 14,393 |
Accumulated Amortization | (938) | (489) |
Net Amount | $ 13,455 | $ 13,904 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Estimated Amortization Expense for Other Intangible Assets (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 28, 2013
|
---|---|
Finite Lived Intangible Assets Future Amortization Expense [Line Items] | |
2013 | $ 4,718 |
2014 | 4,877 |
2015 | 4,874 |
2016 | 4,869 |
2017 | 4,833 |
Thereafter | 23,733 |
Total | $ 47,904 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The aggregate sum of gross carrying value of all other finite-lived intangible assets, less accumulated amortization and any impairment charges. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Debt Obligations (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 28, 2013
|
Dec. 28, 2012
|
---|---|---|
Debt Instrument [Line Items] | ||
Total debt obligations | $ 162,012 | $ 124,527 |
Less: current installments | (7,091) | (5,175) |
Total debt obligations excluding current installments | 154,921 | 119,352 |
Senior Secured Note
|
||
Debt Instrument [Line Items] | ||
Total debt obligations | 100,000 | |
Revolving credit facility
|
||
Debt Instrument [Line Items] | ||
Total debt obligations | 15,000 | 75,000 |
Term loan
|
||
Debt Instrument [Line Items] | ||
Total debt obligations | 34,500 | 38,000 |
New Markets Tax Credit loan
|
||
Debt Instrument [Line Items] | ||
Total debt obligations | 11,000 | 11,000 |
Capital leases
|
||
Debt Instrument [Line Items] | ||
Total debt obligations | $ 1,512 | $ 527 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Debt Obligations - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 28, 2013
|
Jun. 29, 2012
|
Apr. 17, 2013
Senior Secured Note
Installment
|
Apr. 17, 2013
Senior Secured Note
First Payment
|
Apr. 17, 2013
Senior Secured Note
Second Payment
|
Apr. 17, 2013
Amended And Restated Credit Facility
|
Sep. 28, 2012
Minimum
|
Apr. 17, 2013
Minimum
Amended And Restated Credit Facility
|
Sep. 28, 2012
Maximum
|
Apr. 17, 2013
Maximum
Amended And Restated Credit Facility
|
Apr. 17, 2013
Term Loan
Amended And Restated Credit Facility
|
Dec. 28, 2012
Revolving credit facility
|
Apr. 17, 2013
Revolving credit facility
Amended And Restated Credit Facility
|
Apr. 17, 2013
Revolving credit facility
Minimum
Amended And Restated Credit Facility
|
Apr. 17, 2013
Revolving credit facility
Maximum
Amended And Restated Credit Facility
|
Jun. 28, 2013
Mortgage Note
|
Apr. 26, 2012
Mortgage Note
|
Apr. 25, 2012
Senior Secured Credit Facility
|
Dec. 28, 2012
Senior Secured Credit Facility
|
Apr. 25, 2012
Senior Secured Credit Facility
Minimum
|
Apr. 25, 2012
Senior Secured Credit Facility
Maximum
|
Apr. 17, 2013
Federal Funds Purchased
Amended And Restated Credit Facility
|
Dec. 28, 2012
Federal Funds Purchased
Revolving credit facility
|
Dec. 28, 2012
Federal Funds Purchased
Revolving credit facility
Maximum
|
|
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Senior secured loan, aggregate amount | $ 140,000 | $ 100,000 | ||||||||||||||||||||||
Additional borrowings | 57,200 | 160,758 | 10,000 | 40,000 | ||||||||||||||||||||
Debt instrument maturity date | Apr. 25, 2017 | Apr. 25, 2017 | ||||||||||||||||||||||
First four quarterly principal payments on term loans | 1,000 | |||||||||||||||||||||||
Principal payments on the term loans | 1,500 | 1,500 | ||||||||||||||||||||||
Federal funds effective rate for overnight borrowings plus | 0.50% | 0.50% | 1.00% | |||||||||||||||||||||
Adjusted LIBO Rate for one month plus, the percentage interest | 2.50% | 2.50% | ||||||||||||||||||||||
Adjusted LIBO Rate for one month plus, the applicable margin in each case | 1.75% | 2.25% | 0.50% | |||||||||||||||||||||
Adjusted LIBO Rate plus the applicable margin | 3.00% | |||||||||||||||||||||||
Borrowing capacity under new revolving credit loans | 123,180 | 100,000 | 140,000 | |||||||||||||||||||||
Borrowings under term facility of new credit agreement | 1,820 | 40,000 | ||||||||||||||||||||||
Debt instrument, interest rate | 5.90% | 1.00% | ||||||||||||||||||||||
Mortgage note, maturity date | Apr. 26, 2017 | |||||||||||||||||||||||
Senior secured notes issued | 100,000 | 36,000 | ||||||||||||||||||||||
Commitment fee percentage | 0.35% | 0.45% | ||||||||||||||||||||||
Percentage of fronting fee | 0.25% | |||||||||||||||||||||||
Adjusted LIBO rate plus the applicable margin | 2.75% | 3.25% | ||||||||||||||||||||||
Senior secured note maturity year | 2023 | |||||||||||||||||||||||
Number of installments | 2 | |||||||||||||||||||||||
Installment amount | $ 50,000 | |||||||||||||||||||||||
Installment payment date | 2018-04-17 | 2023-04-17 |
X | ||||||||||
- Definition
Applicable Margin Rate On Eurodollar Rate No definition available.
|
X | ||||||||||
- Definition
Debt instrument basis rate applicable margin. No definition available.
|
X | ||||||||||
- Definition
Debt instrument basis rate applicable maximum margin. No definition available.
|
X | ||||||||||
- Definition
Debt instrument basis rate percentage points added. No definition available.
|
X | ||||||||||
- Definition
Debt Instrument Installments Payment No definition available.
|
X | ||||||||||
- Definition
Debt Instrument, Payment Date No definition available.
|
X | ||||||||||
- Definition
Line Of Credit Facility Fronting Fee Percentage No definition available.
|
X | ||||||||||
- Definition
Notes Maturity Year No definition available.
|
X | ||||||||||
- Definition
Number of Installments No definition available.
|
X | ||||||||||
- Definition
Quarterly Principal Payments On Term Loan No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
Share Based Compensation Arrangements By Share Based Payment Award Other Than Options Grants In Period Weighted Average Grant Date Fair Value No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
Days notice to opt out of lease agreement. No definition available.
|
X | ||||||||||
- Definition
Mortgage Loans On Real Estate Initial Maturity Date No definition available.
|
X | ||||||||||
- Definition
Ownership interest in facilities owned by entities controlled by company's stockholders. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|