Document and Entity Information
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3 Months Ended | |
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Mar. 27, 2015
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May 01, 2015
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Document And Entity Information [Abstract] | ||
Entity Registrant Name | Chefs' Warehouse, Inc. | |
Entity Central Index Key | 0001517175 | |
Current Fiscal Year End Date | --12-27 | |
Document Period End Date | Mar. 27, 2015 | |
Document Type | 10-Q | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Trading Symbol | chef | |
Amendment Flag | false | |
Entity Filer Category | Accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 | |
Entity Common Stock, Shares Outstanding | 26,275,491 |
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End date of current fiscal year in the format --MM-DD. No definition available.
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified |
Mar. 27, 2015
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Dec. 26, 2014
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Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 4,948 | $ 4,675 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 25,087,911 | 25,031,267 |
Common stock, shares outstanding | 25,087,911 | 25,031,267 |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | |
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Mar. 27, 2015
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Mar. 28, 2014
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Income Statement [Abstract] | ||
Net sales | $ 198,876 | $ 187,183 |
Cost of sales | 148,537 | 141,115 |
Gross profit | 50,339 | 46,068 |
Operating expenses | 47,199 | 42,317 |
Operating income | 3,140 | 3,751 |
Other expense (income): | ||
Interest expense | 1,836 | 2,059 |
Gain on sale of assets | (349) | |
Income before income taxes | 1,653 | 1,692 |
Provision for income taxes | 686 | 703 |
Net income | 967 | 989 |
Other comprehensive loss: | ||
Foreign currency translation adjustments | 161 | 306 |
Comprehensive income | $ 806 | $ 683 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.04 | $ 0.04 |
Diluted (in dollars per share) | $ 0.04 | $ 0.04 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 24,666,557 | 24,618,054 |
Diluted (in shares) | 24,722,275 | 24,839,563 |
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Operations and Basis of Presentation
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3 Months Ended |
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Mar. 27, 2015
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Operations and Basis of Presentation | Note 1Operations and Basis of Presentation
Description of Business and Basis of Presentation
The financial statements include the condensed consolidated accounts of The Chefs Warehouse, Inc. (the Company) and its direct and indirect wholly-owned subsidiaries. The Companys 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 Companys customer base consists primarily of menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, patisseries, bakeries, chocolatiers, cruise lines, casinos, culinary schools, specialty food stores and, in the case of the Companys Allen Brothers 1893, LLC (Allen Brothers) subsidiary, individual customers.
Consolidation
The condensed consolidated financial statements include all the accounts of the Company and its direct and indirect wholly-owned subsidiaries. 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 Companys audited consolidated financial statements and notes thereto for the fiscal year ended December 26, 2014 filed as part of the Companys Annual Report on Form 10-K, as filed with the SEC on March 11, 2015.
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 Companys Annual Report on Form 10-K, as filed with the SEC on March 11, 2015, and in the opinion of management include all normal recurring adjustments that are necessary for the fair statement of the Companys 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 weeks ended March 27, 2015 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 managements estimates.
New Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board (FASB) issued guidance to clarify the principles for recognizing revenue. This guidance includes the required steps to achieve the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is not permitted. We expect to adopt this guidance when effective and are still evaluating the impact this standard will have on our financial statements.
In April 2015, the FASB issued guidance to simplify the presentation of debt issuance costs. This guidance provides that debt issuance costs related to a recognized liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for fiscal years and interim periods beginning after December 15, 2015 and is required to be applied on a retrospective basis. Early adoption is permitted for financial statements that have not been previously issued. We expect to adopt this guidance when effective and adoption will not have a material impact on our financial statements. |
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Earnings Per Share
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Mar. 27, 2015
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Earnings Per Share | Note 2Earnings Per Share
The following table sets forth the computation of basic and diluted net income per share:
Reconciliation of net income per common share:
We had no unvested common shares that were considered anti-dilutive at March 27, 2015 and December 28, 2014, respectively. |
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Fair Value Measurements; Fair Value of Financial Instruments
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Fair Value Measurements; Fair Value of Financial Instruments | Note 3Fair Value Measurements; Fair Value of Financial Instruments
We account for certain assets and liabilities at fair value. We categorize each of our 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 1Inputs to the valuation methodology are unadjusted quoted prices in active markets for identical assets.
Level 2Observable 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 3Inputs 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 March 27, 2015, the Companys only assets or liabilities measured at fair value were the contingent earn-out liabilities for the Euro Gourmet Inc. (Euro Gourmet) and Allen Brothers acquisitions. These liabilities were estimated using Level 3 inputs and had fair values of $243 and $4,236 at March 27, 2015, respectively. These liabilities are reflected in accrued liabilities and other liabilities on the balance sheet. The fair value of contingent consideration was determined based on a probability-based approach which includes projected results, percentage probability of occurrence and discount rate to present value the payments. A significant change in projected results, discount rate, or probabilities of occurrence could result in a significantly higher or lower fair value measurement. As of December 26, 2014, the contingent earnout liabilities for the Euro Gourmet and Allen Brothers acquisitions were $243 and $5,696, respectively, and reflected in accrued and other liabilities on the balance sheet. An increase in the earn-out liability of $40 for Allen Brothers was reflected in operating expenses during the 13 weeks ended March 27, 2015.
The following table presents the changes in Level 3 contingent consideration liability:
During the thirteen weeks ended March 27, 2015, we paid $1,500 to the prior owners of Allen Brothers as they met the revenue component of their contingent earnout.
Fair Value of Financial Instruments
The carrying amounts reported in the Companys 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 revolving credit facilities and term loans approximated their book values as of March 27, 2015 and December 26, 2014, as these instruments had variable interest rates that reflected current market rates. The carrying amount of the Companys senior secured notes at March 27, 2015 and December 26, 2014 approximates fair value as the interest rate obtained by the Company approximates the prevailing interest rates for similar instruments.
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Inventory
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Mar. 27, 2015
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Inventory Disclosure [Abstract] | |
Inventory | Note 4Inventory
Inventory consists of finished product. Our different entities record inventory using a mixture of first-in, first-out and average cost, which we believe approximates first-in, first-out. Inventory is reflected net of reserves for shrinkage and obsolescence totaling $1,168 and $1,130 at March 27, 2015 and December 26, 2014, respectively. |
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Equipment and Leasehold Improvements | Note 5Equipment and Leasehold Improvements
As of the dates indicated, plant, equipment and leasehold improvements consisted of the following:
Construction-in-process at March 27, 2015 and December 26, 2014 related primarily to the build out of the Companys new distribution facilities in Bronx, NY and Las Vegas, NV, and the implementation of its JD Edwards ERP system.
At March 27, 2015 and December 26, 2014, the Company had $509 of equipment and vehicles financed by capital leases. The Company recorded depreciation of $24 and $52 on these assets during the 13 weeks ended March 27, 2015 and March 28, 2014, respectively.
Depreciation expense on equipment and leasehold improvements was $606 and $659 for the 13 weeks ended March 27, 2015 and March 28, 2014, respectively.
Gross capitalized software costs were $7,781 at March 27, 2015 and December 26, 2014. Capitalized software is recorded net of accumulated amortization of $2,680 and $2,423 at March 27, 2015 and December 26, 2014, respectively. Depreciation expense on software was $257 and $86 for the 13 weeks ended March 27, 2015 and March 28, 2014, respectively.
During the 13 weeks ended March 27, 2015 and March 28, 2014, the Company incurred interest expense of $1,837 and $2,059, respectively. The Company capitalized interest expense of $486 and $121, respectively, during the same periods. Capitalized interest related to the build outs of the new distribution facilities in Bronx, NY and Las Vegas, NV. |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Note 6Goodwill 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 four to twenty years, trademarks, which are amortized over a period ranging from one to forty years, and non-compete agreements, which are amortized over a period of two to six years. Other intangible assets were comprised of the following at March 27, 2015 and December 26, 2014:
Amortization expense for other intangibles was $1,345 and $1,468 for the 13 weeks ended March 27, 2015 and March 28, 2014, respectively.
Estimated amortization expense for other intangibles for the 12 months ended December 25, 2015 and each of the next four fiscal years and thereafter is as follows:
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Debt Obligations
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Obligations | Note 7Debt Obligations
Debt obligations as of March 27, 2015 and December 26, 2014 consisted of the following:
On April 25, 2012, Dairyland USA Corporation (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 Companys initial public offering.
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 Dairyland HP, LLC (DHP). Borrowings under the Credit Facilities bore interest at the Companys option of either (i) the alternate base rate (representing the greatest of (1) Chases 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 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, pursuant to which Commercial Lending II LLC (CLII), a community-development entity and a subsidiary of Chase provided to DHP an $11,000 construction loan (the NMTC Loan) to help fund DHPs expansion and build-out of the Companys 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 August 29, 2012, Michaels Finer Meats Holdings, LLC and Michaels Finer Meats, LLC each was added as a Guarantor under the Credit Agreement.
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 January 24, 2013, The Chefs Warehouse Midwest, LLC was added as a Guarantor under the Credit Agreement.
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 amended and restated the Term Loan Facility and the Revolving Credit Facility. The Amended and Restated Credit Agreement provided 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 sub-limits 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 Companys 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 continued 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 bore interest at the Companys option of either (i) the alternate base rate (representing the greatest of (1) Chases 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 Companys 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 Companys 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 included 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 Insurance Company of America and certain of its affiliates (collectively the Prudential Entities), through a private placement transaction pursuant to a Note Purchase and Guarantee Agreement among the Borrowers, the Notes Guarantors (as defined below) and the Prudential Entities (the Note Purchase and Guarantee Agreement). 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 initially had financial covenants that were substantially similar to the financial covenants included the Amended and Restated Credit Agreement and are guaranteed by the Guarantors including those of the Companys subsidiaries added as Guarantors following the issuance of the Notes (collectively, the Notes Guarantors).
On October 18, 2013, CW LV Real Estate LLC was added as a Guarantor under the Amended and Restated Credit Agreement. On January 10, 2014, Allen Brothers and The Great Steakhouse Steaks, LLC were added as Guarantors under the Amended and Restated Credit Agreement.
During fiscal 2014, the Company entered into various amendments to the Amended and Restated Credit Agreement to effect the following changes: (i) permit one of the Companys subsidiaries to incur up to $15,000 of permitted indebtedness and associated liens to obtain construction and permit mortgage financing for a new warehouse facility in Las Vegas, Nevada, (ii) increase the basket for additional indebtedness that is not otherwise permitted by the terms of the Amended and Restated Credit Agreement from $5,000 to $10,000, (iii) eliminate the Companys requirement to achieve a certain minimum Fixed Charge Coverage Ratio (as defined in the Amended and Restated Credit Agreement) as of September 30, 2014 and to amend the Fixed Charge Coverage Ratio definition (A) to account for the significant investments the Company has made, and expects to continue to make, in its business to support its growth and (B) to eliminate the deduction of the unfinanced portion of Capital Expenditures (as defined in the Amended and Restated Credit Agreement) from the calculation of EBITDA utilized to calculate the Fixed Charge Coverage Ratio, (iv) permit a sale-leaseback transaction involving the Companys Las Vegas distribution facility that is currently under construction, (v) increase the amount of assets that the loan parties may sell in any twelve month period in transactions not otherwise permitted from $1,000 to $5,000, (vi) adjust certain financial covenants and the periods during which the loan parties must comply with such covenants, and (vii) set a maximum permitted amount of Capital Expenditures that may be made or incurred by the loan parties in future fiscal years.
On January 11, 2015, the Company entered into an amendment to the Amended and Restated Credit Agreement, as previously amended, that became effective upon consummation of the Del Monte acquisition (as described in Note 10 below) to, among other things, (i) replace the definition of Leverage Ratio with definitions of Total Leverage Ratio and Senior Secured Leverage Ratio (each as defined in the Amended and Restated Credit Agreement) and establish limits on the amount of leverage and senior secured leverage that the loan parties may incur, which limits decrease through September 30, 2016, (ii) modify the applicable rate for borrowings under the Amended and Restated Credit Agreement to provide for an increased interest rate when the loan parties Total Leverage Ratio is equal to, or greater than, 4.25 to 1.00, (iii) permit the acquisition of Del Monte and the related issuance of the Companys common stock and up to $38,250 of subordinated debt pursuant thereto, and payment of the earn-out consideration in connection with the acquisition of Del Monte so long as the loan parties are not in default under the Amended and Restated Credit Agreement, and (iv) create an expansion option whereby Borrowers may increase the borrowings available under the Amended and Restated Credit Agreement in increments of at least $10,000, such that the aggregate increases do not exceed $60,000. The Company entered into a corresponding amendment to the Note Purchase and Guarantee Agreement that also became effective upon consummation of the Del Monte acquisition to effect similar changes to the Note Purchase and Guarantee Agreement, with the exception of providing for the possibility of increased borrowings.
Upon effectiveness of the January 2015 amendment described above, which occurred when the Company consummated its acquisition of Del Monte, borrowings under the Amended and Restated Credit Agreement bear interest at the Companys option of either (i) the alternate base rate (representing the greatest of (1) Chases 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 2.50%, based on the Total Leverage Ratio (as defined in the Amended and Restated Credit Agreement), 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 3.50%, based on the Total Leverage Ratio.
As of March 27, 2015, the Borrowers and Guarantors were in compliance with all debt covenants under the Amended and Restated Credit Agreement, the Notes and the related Note Purchase and Guarantee Agreement (in each case as amended by the subsequent amendments thereto), DHP was in compliance with all debt covenants under the NMTC Loan and the Company had reserved $4,845 of the Revolving Credit Facility for the issuance of letters of credit. As of March 27, 2015, funds totaling $132,555 were available for borrowing under the Revolving Credit Facility. In connection with the issuance of these notes, the Company entered into an amendment to its Amended and Restated Credit Agreement to permit the issuance of the notes.
See Note 10 for additional information regarding the Companys debt obligations. |
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Stockholders' Equity
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3 Months Ended |
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Mar. 27, 2015
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Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Note 8Stockholders Equity
During the first quarter of 2015, the Company granted 68,763 restricted stock awards (RSAs) to its employees at a weighted average grant date fair value of $20.91 each. Of these awards, 46,035 were performance-based grants. The Company recognized no expense on the performance-based grants during the first quarter as the Company does not expect the performance targets to be achieved. The remaining awards were time-based grants which will vest over four years. During the first quarter of 2015, the Company recognized expense totaling $10 on these time-based RSAs.
During the 13 weeks ended March 27, 2015, the Company recognized $314 of expense for RSAs issued in prior years.
At March 27, 2015, the Company had 415,894 of unvested RSAs outstanding. At March 27, 2015, the total unrecognized compensation cost for these unvested RSAs was $6,702, and the weighted-average remaining useful life was approximately 15 months. Of this total, $2,592 related to RSAs with time-based vesting provisions and $4,110 related to RSAs with performance-based vesting provisions. At March 27, 2015, the weighted-average remaining useful lives were approximately 17 months for time-based vesting RSAs and 13 months for the performance-based vesting RSAs. No compensation expense related to the Companys RSAs has been capitalized.
As of March 27, 2015, there were 1,011,748 shares available for grant under the Companys 2011 Omnibus Equity Incentive Plan. |
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Related Parties
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Mar. 27, 2015
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Related Party Transactions [Abstract] | |
Related Parties | Note 9Related Parties
The Company leases two warehouse facilities from related parties. These facilities are 100% owned by entities controlled by certain of the Companys current and former directors and officers and current stockholders and are deemed to be affiliates. Expenses related to these facilities totaled $412 during the 13 weeks ended March 27, 2015. One of the facilities is a distribution facility leased by Chefs Warehouse Mid-Atlantic, LLC for which the Company recently extended the lease expiration date to September 30, 2019. The other facility is a distribution facility which one of the Companys subsidiaries, Dairyland, subleases from TCW Leasing Co., LLC (TCW), an entity controlled by the Companys founders. TCW leases the distribution center from the New York City Industrial Development Agency. In connection with this sublease arrangement and TCWs obligations to its mortgage lender, Dairyland and two of the Companys other subsidiaries initially were required to act as guarantors of TCWs mortgage obligation on the distribution center. The mortgage payoff date is December 2029 and the potential obligation under this guarantee totaled $9,173 at March 27, 2015. By agreement dated July 1, 2005, the lender released all three of the Companys subsidiaries from their guaranty obligations, provided the sublease between Dairyland and TCW remains in full force and effect. The Company and its subsidiaries were in full compliance with that requirement. In addition, during the first half of 2015, TCW plans to refinance its mortgage with another lender, with the result that the Company and its subsidiaries will be unconditionally and fully released from any guaranty of TCWs mortgage loan.
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 $27 and $45, respectively, of products from the Company during the 13 weeks ended March 27, 2015 and March 28, 2014, respectively. Messrs. 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.
An entity owned by Messrs. C. Pappas, J. Couri and S. Hanson owns an interest in an aircraft that the Company uses for business purposes in the course of its operations. Each of Messrs. C. Pappas, J. Couri and S. Hanson paid for his respective ownership interests (25% for each individual) in the aircraft himself and bears his respective share of all operating, personnel and maintenance costs associated with the operation of the aircraft. During the thirteen weeks ended March 27, 2015, the Company made payments of $32 for the use of such aircraft, which was paid directly to an entity that manages the aircraft. |
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Subsequent Events
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Subsequent Events [Abstract] | ||||||||||
Subsequent Events | Note 10 Subsequent Events
On April 6, 2015, a subsidiary of the Company merged with the Del Monte Capitol Meat Co., with the Companys subsidiary surviving the merger, and a separate subsidiary acquired substantially all of the assets of two of Del Monte Capitol Meat Co.s affiliated companies, (collectively, Del Monte) for an initial purchase price of approximately $185,100, including the initial net working capital adjustment. Founded in 1926, Del Monte supplies high quality, USDA inspected beef, pork, lamb, veal, poultry and seafood products to Northern California.
The funding of the acquisition consisted of the following:
In addition, the Company has agreed to pay additional contingent consideration of up to $24,500 upon the successful achievement of Adjusted EBITDA targets for the Del Monte entities and improvements in certain operating metrics for the Company's protein business over the six years following the closing.
The initial accounting for the Del Monte acquisition was incomplete as of the date of issuance of the Companys financial statements as management had not completed its analysis of the opening balance sheet and first quarter results. As such the disclosures of (i) the preliminary allocation of assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, (ii) the level of goodwill and other intangible assets and their respective estimated useful lives and (iii) the pro forma consolidated income statement information for the Company after giving effect to the Del Monte acquisition for the thirteen weeks ended March 27, 2015 and March 28, 2014 are not disclosed herein.
Upon the completion of the Del Monte acquisition, the Company awarded transaction bonuses to certain of its key employees. These bonuses were payable in both cash ($1,350) and RSAs ($1,650) and were expensed in the second quarter of fiscal 2015. On April 6, 2015, the Company issued $25,000 principal amount of 5.80% Series B Guaranteed Senior Secured Notes due October 17, 2020. The notes, which rank pari passu with the Issuers and Guarantors obligations under the Companys Credit Facilities, were issued to The Prudential Insurance Company of America and certain of its affiliates (collectively, the Prudential Entities) pursuant to a Supplemental Note Purchase and Guarantee Agreement and Amendment Agreement dated as of April 6, 2015 among the Issuers, the Guarantors and the Prudential Entities, supplementing and amending that certain Note Purchase and Guarantee Agreement dated as of April 17, 2013 (as amended by the subsequent amendments thereto). |
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Earnings Per Share (Tables)
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Schedule of 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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Fair Value Measurements; Fair Value of Financial Instruments (Tables)
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Schedule of changes in Level 3 contingent consideration liability | The following table presents the changes in Level 3 contingent consideration liability:
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Schedule of 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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Schedule of Goodwill | The changes in the carrying amount of goodwill are presented as follows:
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Schedule of other intangible assets | Other intangible assets were comprised of the following at March 27, 2015 and December 26, 2014:
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Schedule of estimated future amortization expense | Estimated amortization expense for other intangibles for the 12 months ended December 25, 2015 and each of the next four fiscal years and thereafter is as follows:
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Debt Obligations (Tables)
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 27, 2015
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt Obligations | Debt obligations as of March 27, 2015 and December 26, 2014 consisted of the following:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Earnings Per Share (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 27, 2015
|
Mar. 28, 2014
|
|
Net income per share: | ||
Net income | $ 967 | $ 989 |
Net income per share: | ||
Basic | $ 0.04 | $ 0.04 |
Diluted | $ 0.04 | $ 0.04 |
Weighted average common shares: | ||
Basic | 24,666,557 | 24,618,054 |
Diluted | 24,722,275 | 24,839,563 |
Numerator: | ||
Net income | $ 967 | $ 989 |
Denominator: | ||
Weighted average basic common shares outstanding | 24,666,557 | 24,618,054 |
Dilutive effect of unvested common shares | 55,718 | 221,509 |
Weighted average diluted common shares outstanding | 24,722,275 | 24,839,563 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
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.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Fair Value Measurements (Details Narrative) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 27, 2015
|
Mar. 28, 2014
|
|
Change in fair value of earnouts | $ 40 | $ 195 |
Allen Brothers, Inc and Subsidiaries [Member] | Fair Value Inputs Level 3 [Member]
|
||
Contingent earn-out liabilities, fair value | 4,236 | |
Change in fair value of earnouts | 40 | |
Euro Gourmet [Member] | Fair Value Inputs Level 3 [Member]
|
||
Contingent earn-out liabilities, fair value | $ 243 |
X | ||||||||||
- Definition
Amount of change in fair value of earnout. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Fair Value Measurements (Details) (Fair Value Inputs Level 3 [Member], USD $)
In Thousands, unless otherwise specified |
3 Months Ended |
---|---|
Mar. 27, 2015
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance | $ 5,939 |
Payments | (1,500) |
Changes in fair value | 40 |
Balance | 4,479 |
Euro Gourmet [Member]
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance | 243 |
Changes in fair value | 0 |
Balance | 243 |
Allen Brothers, Inc and Subsidiaries [Member]
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance | 5,696 |
Payments | (1,500) |
Changes in fair value | 40 |
Balance | $ 4,236 |
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.
|
Inventory (Details Narrative) (USD $)
In Thousands, unless otherwise specified |
Mar. 27, 2015
|
Dec. 26, 2014
|
---|---|---|
Inventory Disclosure [Abstract] | ||
Reserves for shrinkage and obsolescence | $ 1,168 | $ 1,130 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Equipment and Leasehold Improvements (Details Narrative) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | ||
---|---|---|---|
Mar. 27, 2015
|
Mar. 28, 2014
|
Dec. 26, 2014
|
|
Depreciation | $ 606 | $ 659 | |
Accumulated amortization | 18,656 | 18,085 | |
Equipment and leasehold improvements, Gross | 73,848 | 66,023 | |
Equipment and leasehold improvements, net | 55,192 | 47,938 | |
Interest expense | 1,836 | 2,059 | |
Capitalized interest expense | 486 | 121 | |
Assets Held Under Capital Leases [Member]
|
|||
Assets financed by capital lease | 509 | 509 | |
Depreciation | 24 | 52 | |
Computer Software Intangible Asset [Member]
|
|||
Depreciation | 257 | 86 | |
Equipment and leasehold improvements, Gross | 7,781 | 7,781 | |
Equipment and leasehold improvements, net | $ 2,680 | $ 2,423 |
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.
|
Equipment and Leasehold Improvements (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 27, 2015
|
Dec. 26, 2014
|
|
Equipment and leasehold improvements, Gross | $ 73,848 | $ 66,023 |
Less: accumulated depreciation and amortization | (18,656) | (18,085) |
Equipment and leasehold improvements, net | 55,192 | 47,938 |
Land [Member]
|
||
Equipment and leasehold improvements, Gross | 1,171 | 1,464 |
Buildings [Member]
|
||
Useful Lives | 20 years | |
Equipment and leasehold improvements, Gross | 2,740 | 3,672 |
Machinery and equipment [Member]
|
||
Equipment and leasehold improvements, Gross | 7,275 | 7,220 |
Machinery and equipment [Member] | Lower Range [Member]
|
||
Useful Lives | 5 years | |
Machinery and equipment [Member] | Maximum [Member]
|
||
Useful Lives | 10 years | |
Computers, data processing and other equipment [Member]
|
||
Equipment and leasehold improvements, Gross | 6,795 | 6,424 |
Computers, data processing and other equipment [Member] | Lower Range [Member]
|
||
Useful Lives | 3 years | |
Computers, data processing and other equipment [Member] | Maximum [Member]
|
||
Useful Lives | 7 years | |
Leasehold improvements [Member]
|
||
Equipment and leasehold improvements, Gross | 9,144 | 9,057 |
Leasehold improvements [Member] | Lower Range [Member]
|
||
Useful Lives | 7 years | |
Leasehold improvements [Member] | Maximum [Member]
|
||
Useful Lives | 15 years | |
Furniture and fixtures [Member]
|
||
Useful Lives | 7 years | |
Equipment and leasehold improvements, Gross | 903 | 904 |
Vehicles [Member]
|
||
Useful Lives | 5 years | |
Equipment and leasehold improvements, Gross | 987 | 987 |
Other [Member]
|
||
Useful Lives | 7 years | |
Equipment and leasehold improvements, Gross | 95 | 95 |
Construction-in-process [Member]
|
||
Equipment and leasehold improvements, Gross | $ 44,738 | $ 36,200 |
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.
|
Goodwill and Other Intangible Assets (Details Narrative) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 27, 2015
|
Mar. 28, 2014
|
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of Intangible Assets | $ 1,345 | $ 1,468 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Goodwill and Other Intangible Assets (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 27, 2015
|
Dec. 26, 2014
|
|
Goodwill Roll Forward | ||
Beginning Balance | $ 78,508 | $ 78,026 |
Goodwill increases | 564 | |
Foreign currency translation | (59) | (82) |
Ending Balance | $ 78,449 | $ 78,508 |
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 (Details 1) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 27, 2015
|
Dec. 26, 2014
|
Mar. 27, 2015
Customer relationships [Member]
|
Dec. 26, 2014
Customer relationships [Member]
|
Mar. 27, 2015
Customer relationships [Member]
Lower Range [Member]
|
Mar. 27, 2015
Customer relationships [Member]
Maximum [Member]
|
Mar. 27, 2015
Noncompete Agreements [Member]
|
Dec. 26, 2014
Noncompete Agreements [Member]
|
Mar. 27, 2015
Noncompete Agreements [Member]
Lower Range [Member]
|
Mar. 27, 2015
Noncompete Agreements [Member]
Maximum [Member]
|
Mar. 27, 2015
Trademarks [Member]
|
Dec. 26, 2014
Trademarks [Member]
|
Mar. 27, 2015
Trademarks [Member]
Lower Range [Member]
|
Mar. 27, 2015
Trademarks [Member]
Maximum [Member]
|
|
Finite-Lived Intangible Assets [Line Items] | ||||||||||||||
Weighted-Average Remaining Amortization Period | 4 years | 20 years | 2 years | 6 years | 1 year | 40 years | ||||||||
Gross Carrying Amount | $ 62,514 | $ 63,013 | $ 31,972 | $ 32,261 | $ 7,166 | $ 7,166 | $ 23,376 | $ 23,586 | ||||||
Accumulated Amortization | (13,518) | (12,528) | (7,567) | (6,939) | (3,179) | (2,825) | (2,772) | (2,764) | ||||||
Net Amount | $ 48,996 | $ 50,485 | $ 24,405 | $ 25,322 | $ 3,987 | $ 4,341 | $ 20,604 | $ 20,822 |
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.
|
Goodwill and Other Intangible Assets (Details 2) (USD $)
In Thousands, unless otherwise specified |
Dec. 25, 2015
|
---|---|
Estimated amortization in fiscal year: | |
2015 | $ 5,211 |
2016 | 5,190 |
2017 | 5,154 |
2018 | 4,015 |
2019 | 3,738 |
Thereafter | 27,177 |
Total | $ 50,485 |
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.
|
Debt Obligations (Details Narrative) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 27, 2015
|
Jul. 23, 2014
Revolving Credit Facility [Member]
Subsidiary of the Company [Member]
|
Jul. 23, 2014
Maximum [Member]
Revolving Credit Facility [Member]
Subsidiary of the Company [Member]
|
Jul. 23, 2014
Lower Range [Member]
Revolving Credit Facility [Member]
Subsidiary of the Company [Member]
|
Apr. 17, 2023
Senior secured notes [Member]
|
Apr. 17, 2018
Senior secured notes [Member]
|
Apr. 17, 2013
Senior secured notes [Member]
|
Mar. 27, 2015
Credit Facilities [Member]
|
Apr. 17, 2013
Credit Facilities [Member]
Amended and Restated Credit Agreement [Member]
|
Mar. 27, 2015
Credit Facilities [Member]
Amended and Restated Credit Agreement [Member]
|
Sep. 28, 2012
Revolving Credit Facility [Member]
|
Apr. 25, 2012
Revolving Credit Facility [Member]
|
Mar. 27, 2015
Revolving Credit Facility [Member]
|
Mar. 27, 2015
Revolving Credit Facility [Member]
Letters of credit [Member]
|
Apr. 25, 2012
Revolving Credit Facility [Member]
Maximum [Member]
|
Apr. 25, 2012
Revolving Credit Facility [Member]
Lower Range [Member]
|
Apr. 17, 2013
Revolving Credit Facility [Member]
Amended and Restated Credit Agreement [Member]
|
Apr. 17, 2013
Revolving Credit Facility [Member]
Amended and Restated Credit Agreement [Member]
Maximum [Member]
|
Apr. 17, 2013
Revolving Credit Facility [Member]
Amended and Restated Credit Agreement [Member]
Lower Range [Member]
|
Apr. 25, 2012
Term Loan [Member]
|
Apr. 25, 2012
Term Loan [Member]
Lower Range [Member]
|
Apr. 17, 2013
Term Loan [Member]
Amended and Restated Credit Agreement [Member]
|
Apr. 26, 2012
New Markets Tax Credit Loan [Member]
|
Mar. 27, 2015
New Markets Tax Credit Loan [Member]
|
|
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Maximum aggregate amount | $ 100,000 | $ 140,000 | $ 100,000 | $ 140,000 | $ 40,000 | $ 36,000 | ||||||||||||||||||
Maximum increase aggregate amount | 40,000 | 40,000 | 10,000 | 10,000 | ||||||||||||||||||||
Maturity date | Sep. 30, 2029 | Apr. 25, 2017 | Apr. 25, 2017 | Apr. 25, 2017 | Apr. 26, 2017 | |||||||||||||||||||
Description of payment terms | 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 |
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. |
(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. |
|||||||||||||||||||||
Description of collateral | Secured by substantially all the assets of the Borrowers and the Guarantors with the exception of equity interests in and assets of DHP. |
|||||||||||||||||||||||
Description of interest | (i) the alternate base rate (representing the greatest of (1) Chases 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. |
(i) the alternate base rate (representing the greatest of (1) Chases 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 Companys 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 Companys leverage ratio. |
||||||||||||||||||||||
Interest rate | 5.90% | 1.00% | ||||||||||||||||||||||
Percentage of unutilized commitments fee | 0.45% | 0.35% | ||||||||||||||||||||||
Percentage of fronting fee | 0.25% | |||||||||||||||||||||||
Maturity year | 2023 | |||||||||||||||||||||||
Repayments of debt | 50,000 | 50,000 | ||||||||||||||||||||||
Unused capacity issuance | 4,845 | |||||||||||||||||||||||
Maximum debt borrowing capacity | 132,555 | |||||||||||||||||||||||
Description of amendments payment terms | (i) permit one of the Companys subsidiaries to incur up to $15,000 of permitted indebtedness and associated liens to obtain construction and permit mortgage financing for a new warehouse facility in Las Vegas, Nevada, (ii) increase the basket for additional indebtedness that is not otherwise permitted by the terms of the Amended and Restated Credit Agreement from $5,000 to $10,000, (iii) eliminate the Companys requirement to achieve a certain minimum Fixed Charge Coverage Ratio (as defined in the Amended and Restated Credit Agreement) as of September 30, 2014 and to amend the Fixed Charge Coverage Ratio definition (A) to account for the significant investments the Company has made, and expects to continue to make, in its business to support its growth and (B) to eliminate the deduction of the unfinanced portion of Capital Expenditures (as defined in the Amended and Restated Credit Agreement) from the calculation of EBITDA utilized to calculate the Fixed Charge Coverage Ratio, (iv) permit a sale-leaseback transaction involving the Companys Las Vegas distribution facility that is currently under construction, (v) increase the amount of assets that the loan parties may sell in any twelve month period in transactions not otherwise permitted from $1,000 to $5,000, (vi) adjust certain financial covenants and the periods during which the loan parties must comply with such covenants, and (vii) set a maximum permitted amount of Capital Expenditures that may be made or incurred by the loan parties in future fiscal years. The Note Purchase and Guarantee Agreement was similarly amended to modify the Note Purchase and Guarantee Agreement in the same manner as the Amended and Restated Credit Agreement. |
|||||||||||||||||||||||
Permitted indebtness | 15,000 | |||||||||||||||||||||||
Basket for additional indebtness | $ 10,000 | $ 5,000 |
X | ||||||||||
- Definition
The increase in amount of indebtness not otherwise permitted by the terms of debt agreement. No definition available.
|
X | ||||||||||
- Definition
Refers to debt instrument maturity year in CCYY format. No definition available.
|
X | ||||||||||
- Definition
Refers to during period of debt instrument payment revised terms. No definition available.
|
X | ||||||||||
- Definition
Refers to amount of percentage of fronting fee. 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
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 (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 27, 2015
|
Dec. 26, 2014
|
---|---|---|
Total debt obligations | $ 144,252 | $ 143,536 |
Less: current installments | (7,580) | (7,736) |
Total debt obligations excluding current installments | 136,672 | 135,800 |
Senior secured notes [Member]
|
||
Total debt obligations | 100,000 | 100,000 |
Term Loan [Member]
|
||
Total debt obligations | 25,600 | 27,000 |
New Markets Tax Credit Loan [Member]
|
||
Total debt obligations | 11,000 | 11,000 |
Capital leases and financed software [Member]
|
||
Total debt obligations | 5,152 | 5,536 |
Revolving Credit Facility [Member]
|
||
Total debt obligations | $ 2,600 |
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.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Related Parties (Details Narrative) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 27, 2015
Number
|
Mar. 28, 2014
|
|
Ownership interest in facilities owned by entities controlled by company's stockholders | 100.00% | |
Number of warehouses leased from related parties | 2 | |
Expenses related to warehouse facilities | $ 412 | |
Mortgage loan payoff date | Sep. 30, 2029 | |
Guarantor obligations, maximum undiscounted exposure | 1,973 | |
Revenue from Related Parties | 27 | 45 |
Aircraft rental expenses | $ 32 | |
Christopher Pappas [Member]
|
||
Equity interest in related parties | 8.33% | |
Christopher Pappas [Member] | Interest in Aircraft [Member]
|
||
Equity interest in related parties | 25.00% | |
John Pappas [Member]
|
||
Equity interest in related parties | 8.33% | |
Dean Facatselis [Member]
|
||
Equity interest in related parties | 8.33% |
X | ||||||||||
- Definition
Number Of Facilities Leased No definition available.
|
X | ||||||||||
- Definition
Refers to ownership percentage 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 | ||||||||||
- 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.
|
Subsequent Events (Details Narative) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 0 Months Ended | ||
---|---|---|---|---|
Mar. 27, 2015
|
Apr. 06, 2015
Subsequent Event [Member]
Del Monte Capitol Meat Co [Member]
|
Apr. 06, 2015
Subsequent Event [Member]
Del Monte Capitol Meat Co [Member]
Series B Guaranteed Senior Secured Notes (Prudential Entities) [Member]
|
Apr. 06, 2015
Subsequent Event [Member]
Del Monte Capitol Meat Co [Member]
Convertible Subordinated Notes [Member]
|
|
Subsequent Event [Line Items] | ||||
Initial purchase price | $ 185,100 | |||
Description of acquired entity | Founded in 1926, Del Monte supplies high quality, USDA inspected beef, pork, lamb, veal, poultry and seafood products to Northern California. |
|||
Cash | 123,900 | |||
Debt issuance amount | 25,000 | 36,750 | ||
Stated interest rate | 5.80% | 2.50% | ||
Maturity date | Sep. 30, 2029 | Oct. 17, 2020 | ||
Number of common shares issued | 1,100,000 | |||
Share price (in dollars per share) | $ 22 | |||
Description of maturity period | six-year maturity |
|||
Debt conversion price (in dollars per share) | $ 29.70 | |||
Additional contingent consideration paid | 24,500 | |||
Transaction bonuses paid in cash | 1,350 | |||
Transaction bonuses paid to RSA | $ 1,650 |
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Refers to transation bonuses paid in cash regards to business combinations. No definition available.
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Refers to amount of transaction bonuses paid to RSA regards to business combinations. No definition available.
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