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Note 15 - Subsequent Event
6 Months Ended
Mar. 28, 2020
Notes to Financial Statements  
Subsequent Events [Text Block]

Note 15 – Subsequent Event

 

Net Sales for the first 4 weeks of our third quarter ending June 27, 2020 were down approximately 45% from a year ago.  Although we cannot estimate whether  net sales will continue to be down at the same rate for the balance of the quarter, we estimate that we may have an operating loss in the quarter which would compare to operating income of $39 million in the year ago June quarter if sales continue to be down at the same rate. Approximately 2/3 of our sales are to venues and locations that have shut down or sharply curtailed their foodservice operations so we anticipate COVID-19 will continue to have a negative impact on our business. As we have $267 million of cash and marketable securities on our balance sheet, we do not expect to have any liquidity issues, nor do we anticipate a material amount of our assets would be impaired.