Income Taxes

9 Months Ended

Mar. 30, 2012

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company has reassessed the valuation allowance on its net deferred tax assets during the current quarter and concluded that it remains more likely than not that these assets will not be realized, and therefore a full valuation allowance remains.

The Company recorded a tax benefit of $571 and $4,075 for the three and nine months ended March 30, 2012, respectively. The tax benefit of $4,075 is comprised of a benefit of $4,227 primarily related to the remeasurement of uncertain tax positions and a benefit of $998 related to the release of valuation allowance due to the acquisition of Payne, net of federal Alternative Minimum Tax and state income tax expense, of $1,150.

As of March 30, 2012, the recorded liability for uncertain tax positions under the measurement criteria of ASC Topic 740, Income Taxes, was $109. The Company does not expect the amount of unrecognized tax benefits to materially change within the next twelve months.