Stock Repurchase Program

9 Months Ended

Mar. 30, 2013

Stock Repurchase Program and Equity and Comprehensive Income [Abstract]

STOCK REPURCHASE PROGRAM

8. STOCK REPURCHASE PROGRAM

On April 29, 2008, the Company’s Board of Directors authorized the repurchase of $30 million worth of common stock, and on April 26, 2012, the Board authorized an additional share repurchase program for $25 million of common stock. The Company may repurchase the shares from time to time in open market or private transactions, at the discretion of the Company’s management.

During the nine month period ended March 30, 2013, the Company repurchased 847,470 shares for an aggregate cost of approximately $6.1 million. During the nine month period ended March 31, 2012, the Company repurchased 1,184,229 shares for an aggregate cost of approximately $9.2 million. Current cash balances and the proceeds from stock option exercises and purchases in the stock purchase plan have funded stock repurchases in the past, and the Company expects to fund future stock repurchases from these same sources. As of March 30, 2013, the Company had approximately $19.6 million of repurchase authority remaining under the 2012 authority.