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Selected Quarterly Financial Data
 12 Months Ended
Jun. 30, 2020
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data Selected Quarterly Financial Data (Unaudited)
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
Fiscal Year
2020
 
 
 
 
 
 
 
 
 
Net Sales
$
337,054

 
$
355,117

 
$
321,363

 
$
320,854

 
$
1,334,388

Gross Profit
$
92,108

 
$
99,889

 
$
76,962

 
$
89,077

 
$
358,036

Net Income (1) (2) (3)
$
40,745

 
$
43,424

 
$
22,429

 
$
30,385

 
$
136,983

Diluted Net Income Per Common Share (1) (2) (3) (4)
$
1.48

 
$
1.58

 
$
0.81

 
$
1.10

 
$
4.97

 
 
 
 
 
 
 
 
 
 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
Fiscal Year
2019
 
 
 
 
 
 
 
 
 
Net Sales
$
316,654

 
$
349,581

 
$
317,882

 
$
323,670

 
$
1,307,787

Gross Profit
$
81,199

 
$
91,392

 
$
75,397

 
$
78,210

 
$
326,198

Net Income (5) (6)
$
39,028

 
$
47,907

 
$
30,604

 
$
33,010

 
$
150,549

Diluted Net Income Per Common Share (4) (5) (6)
$
1.42

 
$
1.73

 
$
1.11

 
$
1.20

 
$
5.46


(1)
Included in net income were after-tax expenditures for Project Ascent of $2.1 million in the first quarter, or approximately $0.08 per diluted share; $3.7 million in the second quarter, or approximately $0.14 per diluted share; $3.7 million in the third quarter, or approximately $0.13 per diluted share; and $4.2 million in the fourth quarter, or approximately $0.15 per diluted share. The after-tax expense for the fiscal year was $13.7 million, or approximately $0.50 per diluted share.
(2)
Included in the third quarter and fourth quarter net income were after-tax expenses totaling $4.2 million and $3.5 million, respectively, or approximately $0.15 and $0.13 per diluted share, respectively, related to certain costs attributed to the impacts of COVID-19, including the temporary increase in pay for our front-line employees, the fourth quarter write-off of engineering costs for a canceled dressing plant expansion project and changes in the Foodservice inventory reserve. The after-tax expense for the fiscal year was $7.7 million, or approximately $0.28 per diluted share.
(3)
Included in the first quarter and fiscal year net income were after-tax restructuring and impairment charges of $0.7 million, or approximately $0.02 per diluted share.
(4)
Diluted net income per common share amounts are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly net income per common share amounts may not agree with the fiscal year.
(5)
Included in the second quarter and fourth quarter net income was an after-tax benefit of $7.4 million and $5.7 million, respectively, or approximately $0.27 and $0.21 per diluted share, respectively, related to the reduction in the fair value of Angelic’s contingent consideration liability. The after-tax benefit for the fiscal year was $13.1 million, or approximately $0.48 per diluted share.
(6)
Included in the fourth quarter and fiscal year net income were after-tax expenditures for Project Ascent of $1.4 million, or approximately $0.05 per diluted share, and after-tax restructuring and impairment charges of $1.3 million, or approximately $0.05 per diluted share.