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The Company also has an uncommitted letter of credit facility (the "LC Facility") to a maximum amount of $10 million and an uncommitted demand overdraft facility in the amount of $0.5 million to be used exclusively for issuance of letters of credit for the purchase of inventory. Any amounts outstanding under the overdraft facility will bear interest at the bank's prime rate. The LC Facility is secured by the Company's personal property from time to time financed with the proceeds drawn thereunder.
8. Payables and Accruals:
December 29, 2012 December 24 2011 June 30, 2012 ---------------------------------------------------------Trade payables $ 2,176 $ 3,199 $ 1,482Accruals 9,090 6,344 5,787RSU/DSU liability 2,471 1,950 2,374Commodity and capital taxes 4,800 4,517 489Derivative financial instruments 147 - -Other current liabilities - - 29 --------------------------------------------------------- $ 18,684 $ 16,010 $ 10,161 --------------------------------------------------------- ---------------------------------------------------------
9. Sales Return Provision:
The provision for sales returns primarily relates to customer returns of unworn and undamaged purchases for a full refund within the time period provided by Danier's return policy, which is generally 14 days after the purchase date. Since the time period of the provision is of relatively short duration, all of the provision is classified as current. The following transactions occurred during the 13 week and 26 week periods ended December 29, 2012 and December 24, 2011 with respect to the sales return provision:
13 Weeks Ended 26 Weeks Ended -------------------------------------------------------- December 29, December 24, December 29, December 24, 2012 2011 2012 2011 --------------------------------------------------------Beginning of period $ 129 $ 126 $ 124 $ 47Amount provided during the period 1,716 1,451 1,845 1,577Released during the period (129) (126) (253) (173) --------------------------------------------------------End of period $ 1,716 $ 1,451 $ 1,716 $ 1,451 -------------------------------------------------------- --------------------------------------------------------
10. Share Capital:
(a) Authorized
1,224,329 Multiple Voting SharesUnlimited Subordinate Voting SharesUnlimited Class A and B Preference Shares
(b) Issued
Multiple Voting Shares------------------------------ Number Consideration ----------------------------------------------Balance June 25, 2011 1,224,329 NominalBalance December 24, 2011 1,224,329 NominalBalance June 30, 2012 1,224,329 NominalBalance December 29, 2012 1,224,329 NominalSubordinate Voting Shares------------------------------ Number Consideration ----------------------------------------------Balance June 30, 2012 3,422,573 $ 15,040 Shares repurchased (787,401) (3,460) Shares issued upon exercising of stock options - - ----------------------------------------------Balance December 29, 2012 2,635,172 $ 11,580 ---------------------------------------------- ----------------------------------------------Balance June 25, 2011 3,453,806 $ 15,160 Shares repurchased (50,000) (219) Shares issued upon exercising of stock options 3,700 18 ----------------------------------------------Balance December 24, 2011 3,407,506 $ 14,959 ---------------------------------------------- ----------------------------------------------
