Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2019 | Apr. 27, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | STANDEX INTERNATIONAL CORP/DE/ | |
Entity Central Index Key | 0000310354 | |
Trading Symbol | sxi | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 12,651,101 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Jun. 30, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 96,041 | $ 109,602 |
Accounts receivable, net of reserve for doubtful accounts of $1,777 and $2,184 at March 31, 2019 and June 30, 2018 | 115,782 | 119,783 |
Inventories | 103,383 | 127,223 |
Prepaid expenses and other current assets | 27,115 | 10,255 |
Income taxes receivable | 3,320 | 2,348 |
Current assets- Discontinued Operations | 106,863 | 37,671 |
Total current assets | 452,504 | 383,959 |
Property, plant, and equipment, net | 139,432 | 136,934 |
Intangible assets, net | 111,505 | 84,938 |
Goodwill | 260,443 | 211,751 |
Deferred tax asset | 9,645 | 7,447 |
Other non-current assets | 29,812 | 29,749 |
Long-term assets-Discontinued Operations | 62,159 | |
Total non-current assets | 550,837 | 532,978 |
Total assets | 1,003,341 | 916,937 |
Current Liabilities: | ||
Accounts payable | 61,358 | 78,947 |
Accrued liabilities | 61,147 | 57,679 |
Income taxes payable | 4,762 | 6,050 |
Current liabilities-Discontinued Operations | 2,561 | 18,665 |
Total current liabilities | 129,828 | 161,341 |
Long-term debt | 291,725 | 193,772 |
Accrued pension and other non-current liabilities | 102,171 | 110,979 |
Non-current liabilities-Discontinued Operations | 50 | |
Total non-current liabilities | 393,896 | 304,801 |
Stockholders' equity: | ||
Common stock, par value $1.50 per share, 60,000,000 shares authorized, 27,984,278 issued, 12,531,735 and 12,705,562 outstanding at March 31, 2019 and June 30, 2018 | 41,976 | 41,976 |
Additional paid-in capital | 63,774 | 61,328 |
Retained earnings | 808,417 | 761,430 |
Accumulated other comprehensive loss | (124,417) | (121,859) |
Treasury shares: 15,452,543 shares at March 31, 2019 and 15,278,716 shares at June 30, 2018 | (310,133) | (292,080) |
Total stockholders' equity | 479,617 | 450,795 |
Total liabilities and stockholders' equity | $ 1,003,341 | $ 916,937 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2019 | Jun. 30, 2018 |
Reserve for doubtful accounts | $ 1,777 | $ 2,184 |
Common stock, par value (in dollars per share) | $ 1.50 | $ 1.50 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 27,984,278 | 27,984,278 |
Common stock, shares outstanding (in shares) | 12,531,735 | 12,705,562 |
Treasury shares, share (in shares) | 15,452,543 | 15,278,716 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Net sales | $ 193,771 | $ 192,147 | $ 582,380 | $ 566,982 |
Cost of sales | 131,981 | 126,035 | 384,402 | 371,882 |
Gross profit | 61,790 | 66,112 | 197,978 | 195,100 |
Selling, general, and administrative expenses | 45,390 | 44,979 | 136,555 | 131,830 |
Acquisition related costs | 805 | 1,254 | 2,352 | 2,962 |
Restructuring costs | 549 | 1,060 | 1,173 | 5,792 |
Total operating expenses | 46,744 | 47,293 | 140,080 | 140,584 |
Income from operations | 15,046 | 18,819 | 57,898 | 54,516 |
Interest expense | (3,230) | (2,286) | (8,598) | (5,800) |
Other non-operating expense, net | (679) | (1,014) | (1,694) | (1,350) |
Income from continuing operations before income taxes | 11,137 | 15,519 | 47,606 | 47,366 |
Provision for income taxes | 3,833 | 3,696 | 13,535 | 27,312 |
Net income from continuing operations | 7,304 | 11,823 | 34,071 | 20,054 |
Income (loss) from discontinued operations, net of income taxes | 18,965 | 977 | 21,450 | 3,940 |
Net income | $ 26,269 | $ 12,800 | $ 55,521 | $ 23,994 |
Basic earnings per share: | ||||
Basic earnings (loss) per share continuing operations (in dollars per share) | $ 0.58 | $ 0.93 | $ 2.70 | $ 1.58 |
Basic earnings (loss) per share, discontinued operations (in dollars per share) | 1.51 | 0.08 | 1.70 | 0.31 |
Basic earnings (loss) per share, total (in dollars per share) | 2.09 | 1.01 | 4.40 | 1.89 |
Diluted earnings per share: | ||||
Diluted earnings (loss) per share, continuing operations (in dollars per share) | 0.58 | 0.92 | 2.69 | 1.57 |
Diluted earnings (loss) per share, discontinued operations (in dollars per share) | 1.51 | 0.08 | 1.69 | 0.31 |
Diluted earnings (loss) per share, total (in dollars per share) | 2.09 | 1 | 4.38 | 1.88 |
Cash dividends per share (in dollars per share) | $ 0.20 | $ 0.18 | $ 0.58 | $ 0.52 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Net income | $ 26,269 | $ 12,800 | $ 55,521 | $ 23,994 |
Other comprehensive income (loss): | ||||
Actuarial gains (losses) and other changes in unrecognized costs | (30) | (285) | 250 | (623) |
Amortization of unrecognized costs | 1,116 | 1,378 | 3,347 | 4,114 |
Change in unrealized gains (losses) | 1,449 | (316) | (2,226) | (1,893) |
Foreign currency translation gains (losses) | 410 | 11,694 | (5,252) | 14,148 |
Other comprehensive income (loss) before tax | 2,439 | 14,834 | (2,114) | 19,173 |
Actuarial gains (losses) and other changes in unrecognized costs | 1 | (348) | (25) | 129 |
Amortization of unrecognized costs | (273) | (329) | (818) | (1,134) |
Change in unrealized gains and (losses) | 172 | (127) | 338 | (231) |
Income tax provision (benefit) to other comprehensive income (loss) | (79) | (811) | (444) | (1,287) |
Other comprehensive gain (loss), net of tax | 2,360 | 14,023 | (2,558) | 17,886 |
Comprehensive income | 28,629 | 26,823 | 52,963 | 41,880 |
Interest Expense [Member] | ||||
Other comprehensive income (loss): | ||||
Amortization of unrealized gains and (losses) | (506) | 2,363 | 1,767 | 3,427 |
Amortization of unrealized gains and (losses) | $ 21 | $ (7) | $ 61 | $ (51) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance at Jun. 30, 2017 | $ 41,976 | $ 56,783 | $ 716,605 | $ (115,938) | $ (290,762) | $ 408,664 |
Balance (in shares) at Jun. 30, 2017 | 15,322 | |||||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other | (533) | $ 1,301 | 768 | |||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other (in shares) | (69) | |||||
Stock-based compensation | 3,781 | 3,781 | ||||
Treasury stock acquired (in shares) | 21 | |||||
Treasury stock acquired | $ (2,008) | (2,008) | ||||
Net Loss | 23,994 | 23,994 | ||||
Foreign currency translation gains (losses) | 14,148 | 14,148 | ||||
Pension and OPEB adjustments, net of tax | 2,486 | 2,486 | ||||
Change in fair value of derivatives, net of tax | 1,252 | 1,252 | ||||
Dividends declared | (6,678) | (6,678) | ||||
Adoption of ASU 2018-02 | 17,215 | (17,215) | ||||
Balance at Mar. 31, 2018 | 41,976 | 60,031 | 751,136 | (115,267) | $ (291,469) | 446,407 |
Balance (in shares) at Mar. 31, 2018 | 15,274 | |||||
Balance at Dec. 31, 2017 | 41,976 | 59,016 | 723,435 | (112,075) | $ (291,420) | 420,932 |
Balance (in shares) at Dec. 31, 2017 | 15,275 | |||||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other | 116 | $ 34 | 150 | |||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other (in shares) | (2) | |||||
Stock-based compensation | 899 | 899 | ||||
Treasury stock acquired (in shares) | 1 | |||||
Treasury stock acquired | $ (83) | (83) | ||||
Net Loss | 12,800 | 12,800 | ||||
Foreign currency translation gains (losses) | 11,694 | 11,694 | ||||
Pension and OPEB adjustments, net of tax | 416 | 416 | ||||
Change in fair value of derivatives, net of tax | 1,913 | 1,913 | ||||
Dividends declared | (2,314) | (2,314) | ||||
Adoption of ASU 2018-02 | 17,215 | (17,215) | ||||
Balance at Mar. 31, 2018 | 41,976 | 60,031 | 751,136 | (115,267) | $ (291,469) | 446,407 |
Balance (in shares) at Mar. 31, 2018 | 15,274 | |||||
Balance at Jun. 30, 2018 | 41,976 | 61,328 | 761,430 | (121,859) | $ (292,080) | 450,795 |
Balance (in shares) at Jun. 30, 2018 | 15,279 | |||||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other | (234) | $ 1,186 | 952 | |||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other (in shares) | (62) | |||||
Stock-based compensation | 2,680 | 2,680 | ||||
Treasury stock acquired (in shares) | 236 | |||||
Treasury stock acquired | $ (19,239) | (19,239) | ||||
Adoption of ASC 606 | (1,106) | (1,106) | ||||
Net Loss | 55,521 | 55,521 | ||||
Foreign currency translation gains (losses) | (5,252) | (5,252) | ||||
Pension and OPEB adjustments, net of tax | 2,754 | 2,754 | ||||
Change in fair value of derivatives, net of tax | (60) | (60) | ||||
Dividends declared | (7,428) | (7,428) | ||||
Balance at Mar. 31, 2019 | 41,976 | 63,774 | 808,417 | (124,417) | $ (310,133) | 479,617 |
Balance (in shares) at Mar. 31, 2019 | 15,453 | |||||
Balance at Dec. 31, 2018 | 41,976 | 63,024 | 784,687 | (126,777) | $ (310,084) | 452,826 |
Balance (in shares) at Dec. 31, 2018 | 15,454 | |||||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other | 99 | $ 55 | 154 | |||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other (in shares) | (2) | |||||
Stock-based compensation | 651 | 651 | ||||
Treasury stock acquired (in shares) | 1 | |||||
Treasury stock acquired | $ (104) | (104) | ||||
Net Loss | 26,269 | 26,269 | ||||
Foreign currency translation gains (losses) | 410 | 410 | ||||
Pension and OPEB adjustments, net of tax | 813 | 813 | ||||
Change in fair value of derivatives, net of tax | 1,137 | 1,137 | ||||
Dividends declared | (2,539) | (2,539) | ||||
Balance at Mar. 31, 2019 | $ 41,976 | $ 63,774 | $ 808,417 | $ (124,417) | $ (310,133) | $ 479,617 |
Balance (in shares) at Mar. 31, 2019 | 15,453 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
AOCI Attributable to Parent [Member] | ||||
Pension and OPEB adjustments, tax | $ 0.3 | $ 0.8 | ||
Change in fair value of derivatives, tax | $ 0.2 | $ 0.4 | ||
Retained Earnings [Member] | ||||
Dividends declared, per share (in dollars per share) | $ 0.20 | $ 0.18 | $ 0.58 | $ 0.52 |
Pension and OPEB adjustments, tax | $ 0.3 | $ 0.9 | ||
Change in fair value of derivatives, tax | $ 0.2 | $ 0.3 | ||
Dividends declared, per share (in dollars per share) | $ 0.20 | $ 0.18 | $ 0.58 | $ 0.52 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities | ||
Net income | $ 55,521 | $ 23,994 |
Income from discontinued operations | 21,450 | 3,940 |
Income from continuing operations | 34,071 | 20,054 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 22,794 | 19,632 |
Stock-based compensation | 2,680 | 3,775 |
Non-cash portion of restructuring charge | (81) | (1,187) |
Deferred repatriation tax | 11,465 | |
Disposal of real estate and equipment | (433) | |
Contributions to defined benefit plans | (751) | (808) |
Net changes in operating assets and liabilities | (33,753) | (25,608) |
Net cash provided by operating activities - continuing operations | 24,960 | 26,890 |
Net cash (used in) operating activities - discontinued operations | 617 | 1,829 |
Net cash provided by operating activities | 25,577 | 28,719 |
Cash flows from investing activities | ||
Expenditures for property, plant, and equipment | (17,844) | (20,207) |
Expenditures for acquisitions, net of cash acquired | (96,768) | (10,397) |
Proceeds from life insurance policies | 2,217 | |
Proceeds from sales of real estate and equipment | 2,898 | 1,949 |
Other investing activity | (377) | (397) |
Net cash provided by (used in) investing activities- continuing operations | (112,091) | (26,835) |
Net cash provided by (used in) investing activities- discontinued operations | 2,925 | (1,184) |
Net cash provided by (used in) investing activities | (109,166) | (28,019) |
Cash flows from financing activities | ||
Borrowings on revolving credit facility | 206,650 | 134,500 |
Payments of revolving credit facility | (107,650) | (124,788) |
Contingent consideration payment | (910) | |
Activity under share-based payment plans | 952 | 774 |
Purchases of treasury stock | (19,239) | (2,007) |
Cash dividends paid | (7,331) | (6,600) |
Net cash provided by financing activities | 72,472 | 1,879 |
Effect of exchange rate changes on cash and cash equivalents | (2,444) | 5,179 |
Net change in cash and cash equivalents | (13,561) | 7,758 |
Cash and cash equivalents at beginning of year | 109,602 | 88,566 |
Cash and cash equivalents at end of period | 96,041 | 96,324 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest | 7,574 | 4,518 |
Income taxes, net of refunds | $ 8,027 | $ 17,720 |
Note 1 - Management Statement
Note 1 - Management Statement | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1 In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly the results of operations and changes in stockholder’s equity for the three nine March 31, 2019 2018, nine March 31, 2019 2018 March 31, 2019. not not not June 30, 2018. June 30, 2018 not 10 June 30, 2018. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. We evaluated subsequent events through the date and time our unaudited condensed consolidated financial statements were issued. Recently Issued Accounting Pronouncements In February 2016, 2016 02, Leases (Topic 842 2016 02 July 2018, 2018 11, 842 no July 1, 2019 In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment two 2017 04 2017 04 December 15, 2019. 2017 04 In August 2017, 2017 12, Derivatives and Hedging (Topic 815 , Targeting Improvements to Accounting for Hedging Activities December 15, 2018 ( 2020 second 2019. |
Note 2 - Acquisitions
Note 2 - Acquisitions | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2 Acquisitions The Company’s recent acquisitions are strategically significant to the future growth prospects of the Company. At the time of the acquisition and March 31, 2019, Agile Magnetics On the last business day of the first 2019, The Company paid $39.2 Intangible assets of $18.2 $14.3 $3.8 $0.1 $15.6 March 31, 2019 The components of the fair value of the Agile acquisition, including the preliminary allocation of the purchase price at March 31, 2019, Preliminary Allocation September 30, 2018 Adjustments Adjusted Allocation March 31, 2019 Fair value of business combination: Cash payments $ 39,194 - 39,194 Less, cash acquired (1 ) - (1 ) Total $ 39,193 - 39,193 Preliminary Allocation September 30, 2018 Adjustments Adjusted Allocation March 31, 2019 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 1,928 (35 ) 1,893 Inventories 2,506 268 2,774 Customer Backlog - 220 220 Property, plant, & equipment 1,318 (348 ) 970 Identifiable intangible assets 13,718 4,432 18,150 Goodwill 20,142 (4,528 ) 15,614 Liabilities assumed (419 ) (9 ) (428 ) Total $ 39,193 - 39,193 Tenibac-Graphion Inc. During August 2019, The Company paid $57.3 Intangible assets of $16.9 $11.3 nine $4.2 $1.4 March 31, 2019 338 10 $33.8 The components of the fair value of the Tenibac acquisition, including the preliminary allocation of the purchase price at March 31, 2019, Preliminary Allocation September 30, 2018 Adjustments Adjusted Allocation March 31, 2019 Fair value of business combination: Cash payments $ 57,284 - 57,284 Less cash acquired (558 ) - (558 ) Total $ 56,726 - 56,726 Preliminary Allocation September 30, 2018 Adjustments Adjusted Allocation March 31, 2019 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 5,023 (1,245 ) 3,778 Inventories 324 - 324 Customer backlog 1,000 (800 ) 200 Property, plant, & equipment 2,490 510 3,000 Identifiable intangible assets 15,960 944 16,904 Goodwill 32,949 830 33,779 Liabilities assumed (1,020 ) (239 ) (1,259 ) Total $ 56,726 - 56,726 Piazza Rosa Group During the first 2018, The Company paid $10.1 $2.8 $2.6 three first $0.9 first 2019 first The purchase price was allocated to the net tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values on the closing date. Goodwill recorded from this transaction is attributable to potential revenue increases from the combined competencies with Standex Engraving’s worldwide presence and Piazza Rosa Group’s texturizing capabilities. The combined companies create a global tool finishing service leader and open additional opportunities in the broader surface engineering market. Intangible assets of $4.1 $2.3 eight $1.6 $0.2 first 2019 $0.6 $7.1 not The components of the fair value of the Piazza Rosa Group acquisition, including the final allocation of the purchase price are as follows (in thousands): Preliminary Allocation September 30, 2017 Adjustments Final Allocation Fair value of business combination: Total cash consideration $ 10,056 $ - $ 10,056 Fair value of contingent consideration - 2,617 2,617 Total $ 10,056 $ 2,617 $ 12,673 Preliminary Allocation September 30, 2017 Adjustments Final Allocation Identifiable assets acquired and liabilities assumed: Other acquired assets $ 2,678 $ 1,664 $ 4,342 Inventories 637 (2 ) 635 Property, plant, and equipment 5,005 558 5,563 Identifiable intangible assets 4,087 (615 ) 3,472 Goodwill 6,218 858 7,076 Liabilities assumed (7,387 ) - (7,387 ) Deferred taxes (1,182 ) 154 (1,028 ) Total $ 10,056 $ 2,617 $ 12,673 Acquisition-Related Costs Acquisition-related costs include costs related to acquired businesses and other pending acquisitions. These costs consist of (i) deferred compensation and (ii) acquisition-related professional service fees and expenses, including financial advisory, legal, accounting, and other outside services incurred in connection with acquisition activities, and regulatory matters related to acquired entities. These costs do not Deferred compensation costs relate to payments due to the Horizon Scientific seller of $3.0 second $5.6 third three nine March 31, 2019 $0.7 $2.1 2018. Acquisition related costs consist of miscellaneous professional service fees and expenses for our recent acquisitions. The components of acquisition-related costs are as follows (in thousands): Three Months Ended Nine Months Ended March 31, March 31, 2019 2018 2019 2018 Deferred compensation arrangements $ 703 $ 702 $ 2,107 $ 2,108 Other acquisition-related costs 102 552 245 854 Total $ 805 $ 1,254 $ 2,352 $ 2,962 |
Note 3 - Revenue From Contracts
Note 3 - Revenue From Contracts With Customers | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3 Effective July 1, 2018, No. 2014 09, 606 not June 30, 2018. not 605. 606 Under the Company’s historical accounting policies, non-developmental long-term contracts were recognized when the goods were transferred to the customer. Upon adoption, contracts for highly customized customer products that have no 606. 606, Upon adoption, we recognized a reduction to retained earnings of $1.0 $0.7 $0.6 $1.5 June 30, 2018 June 30, 2018, 606 2018 Cumulative (in thousands) Effect Net sales $ (799 ) Cost of Sales (574 ) Income tax expense 340 Net Loss (1,033 ) Effective Date Reported June 30, 2018 ASC 606 Adjustments As Adjusted July 1, 2018 Inventories $ 127,223 $ (574 ) $ 126,649 Accounts receivable 134,228 703 134,931 Accrued liabilities 65,575 1,502 67,077 Deferred income taxes 26,816 (340 ) 26,476 Retained earnings 761,430 (1,033 ) 760,397 Note that above amounts as of June 30 The following tables reconcile the balances as presented as of and for the three nine March 31, 2019 Three Months Ended March 31, 2019 As Presented Impact of ASC 606 Balances Without adoption of ASC 606 Net sales $ 193,771 $ (3,324 ) $ 190,447 Cost of sales 131,981 (2,460 ) 129,521 Gross profit 61,790 (864 ) 60,926 Provision for income taxes 3,833 (250 ) 3,583 Income from continuing operations 7,304 (614 ) 6,690 Income (loss) from discontinued operations, net of income taxes 18,965 - 18,965 Net income (loss) $ 26,269 $ (614 ) $ 25,655 Nine Months Ended March 31, 2019 As Presented Impact of ASC 606 Balances Without adoption of ASC 606 Net sales $ 582,380 $ (9,179 ) $ 573,201 Cost of sales 384,402 (7,742 ) 376,660 Gross profit 197,978 (1,437 ) 196,541 Provision for income taxes 13,535 (416 ) 13,119 Income from continuing operations 34,071 (1,021 ) 33,050 Income (loss) from discontinued operations, net of income taxes 21,450 195 21,645 Net income (loss) $ 55,521 $ (826 ) $ 54,695 As of March 31, 2019 As Presented Impact o f ASC 606 Balances Without adoption of ASC 606 ASSETS Prepaid Expenses $ 27,115 $ (10,407 ) $ 16,708 Inventories 103,383 7,742 111,125 LIABILITIES Income taxes payable 4,762 84 4,846 Retained earnings 808,417 402 808,819 Disaggregation of Revenue from Contracts with Customers The following table presents revenue disaggregated by product line and segment (in thousands): Three Months Ended Revenue by Product Line March 31, 2019 March 31, 2018 Refrigeration $ 46,883 $ 52,245 Merchandising & Display 7,662 8,814 Pumps 9,321 9,822 Total Food Service Equipment 63,866 70,881 Engraving Services 34,505 30,375 Engraving Products 2,630 3,374 Total Engraving 37,135 33,749 Engineering Technologies Components 27,467 23,426 Electronics 50,197 51,213 Hydraulics Cylinders and System 15,106 12,878 Total Revenue by Product Line $ 193,771 $ 192,147 The following table presents revenue disaggregated by product line and segment (in thousands): Nine Months Ended Revenue by Product Line March 31, 2019 March 31, 2018 Refrigeration $ 153,955 168,562 Merchandising & Display 25,638 25,720 Pumps 25,262 27,571 Total Food Service Equipment 204,855 221,853 Engraving Services 104,159 90,499 Engraving Products 7,443 9,958 Total Engraving 111,602 100,457 Engineering Technologies Components 71,818 65,621 Electronics 154,347 144,082 Hydraulics Cylinders and System 39,758 34,969 Total Revenue by Product Line $ 582,380 566,982 The following table presents revenue from continuing operations disaggregated by geography based on company’s locations (in thousands): Three Months Ended Nine Months Ended Net sales March 31, 2019 March 31, 2019 United States $ 126,910 381,615 Asia Pacific 25,608 81,649 EMEA (1) 37,271 105,775 Other Americas 3,982 13,341 Total $ 193,771 582,380 ( 1 The following table presents revenue from continuing operations disaggregated by timing of recognition (in thousands): Three Months Ended Timing of Revenue Recognition March 31, 2019 March 31, 2018 Products and services transferred at a point in time $ 184,950 $ 187,970 Products transferred over time 8,821 4,177 Net Sales $ 193,771 $ 192,147 Nine Months Ended Timing of Revenue Recognition March 31, 2019 March 31, 2018 Products and services transferred at a point in time $ 360,948 $ 555,923 Products transferred over time 21,432 11,059 Net Sales $ 582,380 $ 566,982 Contract Balances Contract assets represent sales recognized in excess of billings related to work completed but not Contract liabilities are customer deposits for which revenue has not The following table provides information about contract assets and liability balances as of March 31, 2019 ( Balance at Beginning of Period Additions Deductions Balance at End of Period Nine months ended March 31, 2019 Contract assets: Accounts receivable $ 5,655 $ 23,500 $ 24,844 $ 4,311 Unbilled services 5,904 13,708 8,938 10,674 Contract liabilities: Customer deposits 2,552 4,612 1,881 5,283 During the three nine March 31, 2019, March 31, 2019 Revenue recognized in the period from: Three months ended Nine months ended Amounts included in the contract liability balance at the beginning of the period $ 1,378 $ 1,881 The timing of revenue recognition, invoicing and cash collections results in billed receivables, contract assets and contract liabilities on the consolidated balance sheets. When consideration is received from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue after control of the goods and services are transferred to the customer and all revenue recognition criteria have been met. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4 Measurements The financial instruments shown below are presented at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not may Assets and liabilities recorded at fair value in the consolidated balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities and the methodologies used in valuation are as follows: Level 1 Level 2 Level 3 There were no March 31, 2019 June 30, 2018. Cash and cash equivalents, accounts receivable, and accounts payable are carried at cost, which approximates fair value. Items presented at fair value at March 31, 2019 June 30, 2018 March 31, 2019 Total Level 1 Level 2 Level 3 Assets Marketable securities - deferred compensation plan $ 2,485 $ 2,485 $ - $ - Interest rate swaps 455 - 455 - Net investment hedge 2,170 - 2,170 - Liabilities Foreign exchange contracts $ 3,732 $ - $ 3,732 $ - Interest rate swaps 721 - 721 - Contingent acquisition payments (a) 5,730 - - 5,730 Net investment hedge 2,264 - 2,264 - June 30, 2018 Total Level 1 Level 2 Level 3 Assets Marketable securities - deferred compensation plan $ 2,362 $ 2,362 $ - $ - Foreign exchange contracts 1,357 - 1,357 - Interest rate swaps 1,325 - 1,325 - Liabilities Foreign exchange contracts $ 4,204 $ - $ 4,204 $ - Contingent acquisition payments (a) 7,535 - - 7,535 (a) Our financial liabilities based upon Level 3 second third first three first first 2019. second second 2019. March 31, 2019, |
Note 5 - Discontinued Operation
Note 5 - Discontinued Operations | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 5 In pursuing our business strategy, the Company continues to divest certain businesses and record activities of these businesses as discontinued operations. During the first 2019, three second 2019, third 2019, three $105 The transaction closed on March 31, 2019 $20.5 $4.4 not $106.9 March 31, 2019. Results of the Cooking Solutions Group in current and prior periods have been classified as discontinued operations in the Condensed Consolidated Financial Statements and excluded from the results from continuing operations. Activity related to the Cooking Solutions Group and other discontinued operations for the three nine March 31, 2019 2018 Three Months Ended Nine Months Ended March 31, March 31, 2019 2018 2019 2018 Net Sales $ 23,024 $ 24,596 $ 71,451 $ 73,891 Gain on Sale of Business $ 20,539 $ - $ 20,539 $ - Transaction Fees (4,397 ) - (4,397 ) - Income from Operations $ 16,214 $ 1,089 $ 19,824 $ 4,847 Profit Before Taxes $ 16,447 $ 1,214 $ 19,459 $ 5,227 Benefit (Provision) for Taxes 2,518 (237 ) 1,991 (1,287 ) Net income from Discontinued Operations $ 18,965 $ 977 $ 21,450 $ 3,940 Assets and liabilities related to our discontinued operations appear in the condensed consolidated balance sheets are as follows (in thousands): March 31, 2019 June 30, 2018 Accounts receivable $ - $ 14,445 Inventories - 22,923 Prepaid Expenses - 303 Due from Buyer 106,863 - Total current assets 106,863 37,671 Property, plant, equipment, net - 7,637 Intangible assets, net - 13,137 Goodwill - 40,011 Other non-current assets - 1,374 Total non-current assets - 62,159 Total Assets 106,863 99,830 Accounts Payable - 10,759 Accrued Liabilities 2,561 7,897 Income Tax Payable - 9 Total current liabilities 2,561 18,665 Non-current Liabilities - 50 Total Liabilities 2,561 18,715 Net Assets $ 104,302 $ 81,115 |
Note 6 - Inventories
Note 6 - Inventories | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6 ) Inventories Inventories are comprised of the following (in thousands): March 31, 201 9 June 30, 201 8 Raw materials $ 47,216 $ 46,833 Work in process 31,235 30,526 Finished goods 24,932 26,941 Total $ 103,383 $ 104,300 Distribution costs associated with the sale of inventory, which are recorded as a component of selling, general and administrative expenses in the accompanying Unaudited Condensed Consolidated Statements of Operations, were $4.7 $13.6 three nine March 31, 2019, $5.4 $14.1 three nine March 31, 2018, |
Note 7 - Goodwill
Note 7 - Goodwill | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 7 Goodwill Changes to goodwill during the period ended March 31, 2019 June 30, 2018 Discontinued Operations Continuing Ops - June 30, 2018 Acquisitions Translation Adjustment March 31, 2019 Food Service Equipment $ 63,464 $ (40,011 ) $ 23,453 $ - $ - $ 23,453 Engraving 27,194 - 27,194 34,281 (376 ) 61,099 Engineering Technologies 44,247 - 44,247 - (119 ) 44,128 Electronics 113,798 - 113,798 15,614 (708 ) 128,704 Hydraulics 3,059 - 3,059 - - 3,059 Total $ 251,762 $ (40,011 ) $ 211,751 $ 49,895 $ (1,203 ) $ 260,443 |
Note 8 - Intangible Assets
Note 8 - Intangible Assets | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 8 Intangible assets consist of the following (in thousands): Tradenames Customer Relationshi p s (Indefinite- lived) Developed Technology Other Total March 31, 2019 Cost $ 72,559 $ 18,850 $ 48,228 $ 5,486 $ 145,123 Accumulated amortization (22,712 ) - (7,527 ) (3,379 ) (33,618 ) Balance, March 31, 2019 $ 49,847 $ 18,850 $ 40,701 $ 2,107 $ 111,505 June 30, 2018 Cost $ 48,285 $ 11,102 $ 48,281 $ 4,025 $ 111,693 Accumulated amortization (19,134 ) - (4,709 ) (2,912 ) (26,755 ) Balance, June 30, 2018 $ 29,151 $ 11,102 $ 43,572 $ 1,113 $ 84,938 Amortization expense from continuing operations for the three March 31, 2019 2018 $2.8 $1.9 nine March 31, 2019 2018 $7.6 $6.0 March 31, 2019, $2.9 2019, $11.0 2020, $10.3 2021, $9.7 2022, $8.9 2023 $50.3 |
Note 9 - Warranties
Note 9 - Warranties | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 9 The expected cost associated with warranty obligations on our products is recorded as a component of cost of sales when the revenue is recognized. The Company’s estimate of warranty cost is based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Since warranty estimates are forecasts based on the best available information, claims costs may The changes in warranty reserve from continuing operations, which are recorded as a component of accrued liabilities, as of March 31, 2019 June 30, 2018 March 31, 2019 June 30, 2018 Balance at beginning of year $ 4,966 $ 4,667 Acquisitions and other (139 ) (138 ) Warranty expense 3,773 6,248 Warranty claims (3,577 ) (5,811 ) Balance at end of period $ 5,023 $ 4,966 |
Note 10 - Debt
Note 10 - Debt | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10 ) Debt Long-term debt is comprised of the following (in thousands): March 31, 2019 June 30, 2018 Bank credit agreements $ 293,000 $ 194,000 Total funded debt 293,000 194,000 Issuance Cost (1,275 ) (228 ) Total long-term debt $ 291,725 $ 193,772 The Company’s debt payments are due as follows (in thousands): Fiscal Year March 31, 2019 2019 $ - 2020 - 2021 - 2022 - 2023 - Thereafter 293,000 Total Debt 293,000 Issuance cost (1,275 ) Debt net of issuance cost $ 291,725 Bank Credit Agreements During the second 2019, five $500 $100 $400 $250 $10 $35 At March 31, 2019, $7.4 $175.9 March 31, 2019, |
Note 11 - Derivative Financial
Note 11 - Derivative Financial Instruments | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 11 Derivative Financial Instruments In August 2017, 2017 12, Derivatives and Hedging (Topic 815 second 2019, December 1, 2018. no not no no Interest Rate Swaps From time to time as dictated by market opportunities, the Company enters into interest rate swap agreements designed to manage exposure to interest rates on the Company’s variable rate indebtedness. The Company recognizes all derivatives on its balance sheet at fair value. The Company has designated its interest rate swap agreements, including those that are forward-dated, as cash flow hedges, and changes in the fair value of the swaps are recognized in other comprehensive income until the hedged items are recognized in earnings. Hedge ineffectiveness, if any, associated with the swaps will be reported by the Company in interest expense. The Company’s effective swap agreements convert the base borrowing rate on $85 2.11% March 31, 2019. Effective Date Notional Amount Fixed Interest Rate Maturity March 31, 201 9 June 30, 2018 December 18, 2015 15,000 1.46 % December 19, 2018 - 55 December 19, 2015 10,000 2.01 % December 19, 2019 32 74 May 24, 2017 25,000 1.88 % April 24, 2022 220 764 May 24, 2017 25,000 1.67 % May 24, 2020 203 432 August 6, 2018 25,000 2.83 % August 6, 2023 (721 ) - $ (266 ) $ 1,325 The Company reported no three nine March 31, 2019, may Foreign Exchange Contracts Forward foreign currency exchange contracts are used to limit the impact of currency fluctuations on certain anticipated foreign cash flows, such as collections from customers and loan payments between subsidiaries. The Company enters into such contracts for hedging purposes only. The Company has designated certain of these currency contracts as hedges, and changes in the fair value of these contracts are recognized in other comprehensive income until the hedged items are recognized in earnings. Hedge ineffectiveness, if any, associated with these contracts will be reported in net income. At March 31, 2019 June 30, 2018, 3.7 2.9 2019 2023, Net Investment Hedges During the third 2019, For the derivative instruments that are designated and qualify as net investment hedges, gains and losses are reported in other comprehensive loss where they offset gains and losses recorded on the Company’s net investments in its non-U.S. subsidiaries. These hedges are determined to be effective. During the three nine March 31, 2019, $0.4 $120.0 March 31, 2019. The notional amounts of the Company’s forward contracts, by currency, are as follows: Currency March 31, 201 9 June 30, 2018 USD 175,015 64,558 Euro 12,250 21,300 Pound Sterling - 6,826 Peso - 54,000 Canadian 20,600 20,600 The table below presents the fair value of derivative financial instruments as well as their classification on the balance sheet (in thousands): Asset Derivatives March 31, 2019 June 30, 2018 Derivative designated Balance Balance as hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Other Assets $ 455 Other Assets $ 1,325 Foreign exchange contracts Other Assets - Other Assets 1,357 Net investment hedge Other Assets 2,170 - $ 2,625 $ 2,682 Liability Derivatives March 31, 2019 June 30, 2018 Derivative designated Balance Balance as hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Accrued Liabilities 721 Accrued Liabilities - Foreign exchange contracts Accrued Liabilities 3,732 Accrued Liabilities 4,204 Net investment hedge Other non-current liabilities 2,264 - $ 6,717 $ 4,204 The table below presents the amount of gain (loss) recognized in comprehensive income on our derivative financial instruments (effective portion) designated as hedging instruments and their classification within comprehensive income for the periods ended (in thousands): Three Months Ended Nine Months Ended March 31, March 31, 201 9 201 8 201 9 201 8 Interest rate swaps $ (693 ) $ 513 $ (1,365 ) $ 930 Foreign exchange contracts 2,142 (829 ) (861 ) (2,823 ) $ 1,449 $ (316 ) $ (2,226 ) $ (1,893 ) The table below presents the amount reclassified from accumulated other comprehensive income (loss) to Net Income for the periods ended (in thousands): Details about Accumulated Affected line item Other Comprehensive Three Months Ended Nine Months Ended in the Unaudited Income (Loss) Components March 31, March 31, Condensed Statements 201 9 201 8 201 9 201 8 of Operations Interest rate swaps $ (84 ) $ 2,363 $ (246 ) $ 3,427 Interest expense Foreign exchange contracts (422 ) - 2,012 - Interest expense Net investment hedge (435 ) - (435 ) - Non-operating income $ (941 ) $ 2,363 $ 1,331 $ 3,427 |
Note 12 - Retirement Benefits
Note 12 - Retirement Benefits | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 1 2 ) Retirement Benefits The Company has defined benefit pension plans covering certain current and former employees both inside and outside of the U.S. The Company’s pension plan for U.S. employees is frozen for substantially all participants and has been replaced with a defined contribution benefit plan. Net Periodic Benefit Cost for the Company’s U.S. and Foreign pension benefit plans for the three nine March 31, 2019 2018 U.S. Plans Non-U.S. Plans Three Months Ended Three Months Ended March 31, March 31 , 201 9 201 8 201 9 201 8 Service cost $ 1 $ 1 $ 9 $ 9 Interest cost 2,586 2,520 254 269 Expected return on plan assets (3,385 ) (3,354 ) (229 ) (244 ) Recognized net actuarial loss 1,030 1,145 86 242 Amortization of prior service cost - - - (9 ) Net periodic benefit cost $ 232 $ 312 $ 120 $ 267 U.S. Plans Non-U.S. Plans Nine Months Ended Nine Months Ended March 31, March 31, 201 9 201 8 201 9 201 8 Service cost $ 3 $ 3 $ 26 $ 27 Interest cost 7,757 7,560 757 783 Expected return on plan assets (10,156 ) (10,061 ) (682 ) (710 ) Recognized net actuarial loss 3,091 3,435 256 705 Amortization of prior service cost - - - (26 ) Net periodic benefit cost $ 695 $ 937 $ 357 $ 779 The contributions made to defined benefit plans for the three nine March 31, 2019 2018 2019 Contributions to defined benefit plans Three Months Ended March 31, Nine Months Ended March 31, Remaining Contributions to be made in Fiscal 2019 2019 2018 2019 2018 United States, unfunded plan $ 56 $ 67 $ 169 $ 194 $ 56 United Kingdom 196 210 582 614 184 Germany, unfunded plan - - - - 274 Ireland - - - - 65 $ 252 $ 277 $ 751 $ 808 $ 579 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 3 ) Income Taxes The Company's effective tax rate from continuing operations for the third 2019 34.4% 23.8% 2019 $0.5 not not The Company's effective tax rate from continuing operations for the nine March 31, 2019 28.4% 57.7% 965 FY18 Q2 not The Company increased its uncertain tax position during the quarter due to technical positions taken on the FY18 |
Note 14 - Earnings Per Share
Note 14 - Earnings Per Share | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 4 ) Earnings Per Share The following table sets forth a reconciliation of the number of shares (in thousands) used in the computation of basic and diluted earnings per share: Three Months Ended Nine Months Ended March 31, March 31, 201 9 201 8 201 9 201 8 Basic - Average shares outstanding 12,530 12,709 12,626 12,695 Dilutive effect of unvested, restricted stock awards 44 88 61 89 Diluted - Average shares outstanding 12,574 12,797 12,687 12,784 Earnings available to common stockholders are the same for computing both basic and diluted earnings per share. There were not three nine March 31, 2019 2018, Performance stock units of 68,933 51,270 nine March 31, 2019 2018, not |
Note 15 - Comprehensive Income
Note 15 - Comprehensive Income (Loss) | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 1 5 ) Comprehensive Income (L oss) The components of the Company’s accumulated other comprehensive income (loss) are as follows (in thousands): March 31, 2019 June 30, 2018 Foreign currency translation adjustment $ (30,266 ) $ (25,013 ) Unrealized pension losses, net of tax (92,357 ) (95,112 ) Unrealized losses on derivative instruments, net of tax (1,794 ) (1,734 ) Total $ (124,417 ) $ (121,859 ) |
Note 16 - Contingencies
Note 16 - Contingencies | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 1 6 ) Contingencies From time to time, the Company is subject to various claims and legal proceedings, including claims related to environmental remediation, either asserted or unasserted, that arise in the ordinary course of business. While the outcome of these proceedings and claims cannot be predicted with certainty, the Company’s management does not |
Note 17 - Industry Segment Info
Note 17 - Industry Segment Information | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 7 ) Industry Segment Information The Company has determined that it has five • Food Service Equipment – a manufacturer of commercial food service equipment; • Engraving – provides mold texturizing, slush molding tools, tool finishing, project management and design services, hygiene product tooling, low observation vents for stealth aircraft, and process machinery for a number of industries; • Engineering Technologies – provides net and near net formed single-source customized solutions in the manufacture of engineered components for the aviation, aerospace, defense, energy, industrial, medical, marine, oil and gas, and manned and unmanned space markets. • Electronics – manufacturing of electronic components for applications throughout the end-user market spectrum; and • Hydraulics – manufacturing of single and double-acting telescopic and piston rod hydraulic cylinders Net sales and income (loss) from continuing operations by segment for the three nine March 31, 2019 2018 Three Months Ended March 31, Net Sales Income from Operations 2019 2018 2019 2018 Segment: Engraving $ 37,135 $ 33,749 $ 4,485 $ 7,195 Electronics 50,197 51,213 9,418 11,221 Engineering Technologies 27,467 23,426 2,800 1,155 Hydraulics 15,106 12,878 2,242 1,749 Food Service Equipment 63,866 70,881 3,559 5,546 Restructuring costs (549 ) (1,060 ) Corporate (6,104 ) (5,733 ) Acquisition-related costs (805 ) (1,254 ) Sub-total $ 193,771 $ 192,147 $ 15,046 $ 18,819 Interest expense (3,230 ) (2,286 ) Other non-operating income (679 ) (1,014 ) Income from continuing operations before income taxes $ 11,137 $ 15,519 Nine Months Ended March 31, Net Sales Income from Operations 2019 2018 2019 2018 Segment: Engraving 111,602 100,457 18,883 21,735 Electronics 154,347 144,082 32,581 31,774 Engineering Technologies 71,818 65,621 6,636 3,879 Hydraulics 39,758 34,969 5,753 5,138 Food Service Equipment $ 204,855 $ 221,853 $ 15,417 $ 19,834 Restructuring costs (1,173 ) (5,792 ) Corporate (17,847 ) (19,090 ) Acquisition-related costs (2,352 ) (2,962 ) Sub-total $ 582,380 $ 566,982 $ 57,898 $ 54,516 Interest expense (8,598 ) (5,800 ) Other non-operating income (1,694 ) (1,350 ) Income from continuing operations before income taxes $ 47,606 $ 47,366 Net sales include only transactions with unaffiliated customers and include no The Company’s identifiable assets at March 31, 2019 June 30, 2018 March 31, 2019 June 30, 2018 Engraving 202,989 149,973 Electronics 336,494 318,564 Engineering Technologies 147,754 150,150 Hydraulics 32,655 25,646 Food Service Equipment $ 152,062 $ 149,743 Corporate & Other 24,524 23,031 Discontinued Operations 106,863 99,830 Total $ 1,003,341 $ 916,937 |
Note 18 - Restructuring
Note 18 - Restructuring | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 18 The Company has undertaken cost reduction and facility consolidation initiatives that have resulted in severance, restructuring, and related charges. 2019 The Company continues to focus our efforts to reduce cost and improve productivity across our businesses, particularly through headcount reductions, facility closures, and consolidations. During fiscal year 2019, third Prior Year Restructuring Initiatives During the fiscal year 2018, three 1 2 3 A summary of charges by initiative is as follows (in thousands): Three Months Ended Nine Months Ended March 31, 2019 March 31, 2019 Fiscal 2019 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Restructuring initiatives $ 497 $ 5 $ 502 $ 794 $ 75 $ 869 Prior year initiatives 47 - 47 172 132 304 $ 544 $ 5 $ 549 $ 966 $ 207 $ 1,173 Three Months Ended Nine Months Ended March 31, 2018 March 31, 2018 Fiscal 2018 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Restructuring initiatives $ 265 $ 755 $ 1,020 $ 2,043 $ 2,649 $ 4,692 Prior year initiatives 7 33 40 161 939 1,100 $ 272 $ 788 $ 1,060 $ 2,204 $ 3,588 $ 5,792 Activity in the reserve related to the initiatives is as follows (in thousands): Current Year Initiatives Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2018 $ - $ - $ - Additions and adjustments 794 75 869 Payments (484 ) (75 ) (559 ) Restructuring liabilities at March 31, 2019 $ 310 $ - $ 310 Prior Year Initiatives Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2018 $ 456 $ 25 $ 481 Additions and adjustments 172 132 304 Payments (545 ) (151 ) (696 ) Restructuring liabilities at March 31, 2019 $ 83 $ 6 $ 89 The Company’s total restructuring expenses by segment are as follows (in thousands): Three Months Ended Nine Months Ended March 31, 2019 March 31, 2019 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Food Service Equipment $ - $ - $ - $ 276 $ 91 $ 367 Engraving 173 - 173 239 - 239 Engineering Technologies - - - 17 99 116 Electronics 296 5 301 297 17 314 Corporate 75 - 75 137 - 137 $ 544 $ 5 $ 549 $ 966 $ 207 $ 1,173 Three Months Ended Nine Months Ended March 31, 2018 March 31, 2018 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Food Service Equipment $ 1 $ 747 $ 748 $ 618 $ 2,201 $ 2,819 Engraving 186 2 188 925 345 1,270 Engineering Technologies 8 18 26 161 900 1,061 Electronics 77 7 84 209 90 299 Corporate - 14 14 291 52 343 $ 272 $ 788 $ 1,060 $ 2,204 $ 3,588 $ 5,792 Restructuring expense is expected to be approximately $0.8 2019. |
Note 19 - Subsequent Event
Note 19 - Subsequent Event | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 19 On April 17, 2019, $30 |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Business Combination, Acquisition Related Costs [Table Text Block] | Three Months Ended Nine Months Ended March 31, March 31, 2019 2018 2019 2018 Deferred compensation arrangements $ 703 $ 702 $ 2,107 $ 2,108 Other acquisition-related costs 102 552 245 854 Total $ 805 $ 1,254 $ 2,352 $ 2,962 |
Piazza Rosa Group [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation September 30, 2017 Adjustments Final Allocation Fair value of business combination: Total cash consideration $ 10,056 $ - $ 10,056 Fair value of contingent consideration - 2,617 2,617 Total $ 10,056 $ 2,617 $ 12,673 Preliminary Allocation September 30, 2017 Adjustments Final Allocation Identifiable assets acquired and liabilities assumed: Other acquired assets $ 2,678 $ 1,664 $ 4,342 Inventories 637 (2 ) 635 Property, plant, and equipment 5,005 558 5,563 Identifiable intangible assets 4,087 (615 ) 3,472 Goodwill 6,218 858 7,076 Liabilities assumed (7,387 ) - (7,387 ) Deferred taxes (1,182 ) 154 (1,028 ) Total $ 10,056 $ 2,617 $ 12,673 |
Tenibac-Graphion, Inc. [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation September 30, 2018 Adjustments Adjusted Allocation March 31, 2019 Fair value of business combination: Cash payments $ 57,284 - 57,284 Less cash acquired (558 ) - (558 ) Total $ 56,726 - 56,726 Preliminary Allocation September 30, 2018 Adjustments Adjusted Allocation March 31, 2019 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 5,023 (1,245 ) 3,778 Inventories 324 - 324 Customer backlog 1,000 (800 ) 200 Property, plant, & equipment 2,490 510 3,000 Identifiable intangible assets 15,960 944 16,904 Goodwill 32,949 830 33,779 Liabilities assumed (1,020 ) (239 ) (1,259 ) Total $ 56,726 - 56,726 |
Agile Magnetics [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation September 30, 2018 Adjustments Adjusted Allocation March 31, 2019 Fair value of business combination: Cash payments $ 39,194 - 39,194 Less, cash acquired (1 ) - (1 ) Total $ 39,193 - 39,193 Preliminary Allocation September 30, 2018 Adjustments Adjusted Allocation March 31, 2019 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 1,928 (35 ) 1,893 Inventories 2,506 268 2,774 Customer Backlog - 220 220 Property, plant, & equipment 1,318 (348 ) 970 Identifiable intangible assets 13,718 4,432 18,150 Goodwill 20,142 (4,528 ) 15,614 Liabilities assumed (419 ) (9 ) (428 ) Total $ 39,193 - 39,193 |
Note 3 - Revenue From Contrac_2
Note 3 - Revenue From Contracts With Customers (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Cumulative (in thousands) Effect Net sales $ (799 ) Cost of Sales (574 ) Income tax expense 340 Net Loss (1,033 ) Effective Date Reported June 30, 2018 ASC 606 Adjustments As Adjusted July 1, 2018 Inventories $ 127,223 $ (574 ) $ 126,649 Accounts receivable 134,228 703 134,931 Accrued liabilities 65,575 1,502 67,077 Deferred income taxes 26,816 (340 ) 26,476 Retained earnings 761,430 (1,033 ) 760,397 Three Months Ended March 31, 2019 As Presented Impact of ASC 606 Balances Without adoption of ASC 606 Net sales $ 193,771 $ (3,324 ) $ 190,447 Cost of sales 131,981 (2,460 ) 129,521 Gross profit 61,790 (864 ) 60,926 Provision for income taxes 3,833 (250 ) 3,583 Income from continuing operations 7,304 (614 ) 6,690 Income (loss) from discontinued operations, net of income taxes 18,965 - 18,965 Net income (loss) $ 26,269 $ (614 ) $ 25,655 Nine Months Ended March 31, 2019 As Presented Impact of ASC 606 Balances Without adoption of ASC 606 Net sales $ 582,380 $ (9,179 ) $ 573,201 Cost of sales 384,402 (7,742 ) 376,660 Gross profit 197,978 (1,437 ) 196,541 Provision for income taxes 13,535 (416 ) 13,119 Income from continuing operations 34,071 (1,021 ) 33,050 Income (loss) from discontinued operations, net of income taxes 21,450 195 21,645 Net income (loss) $ 55,521 $ (826 ) $ 54,695 As of March 31, 2019 As Presented Impact o f ASC 606 Balances Without adoption of ASC 606 ASSETS Prepaid Expenses $ 27,115 $ (10,407 ) $ 16,708 Inventories 103,383 7,742 111,125 LIABILITIES Income taxes payable 4,762 84 4,846 Retained earnings 808,417 402 808,819 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Revenue by Product Line March 31, 2019 March 31, 2018 Refrigeration $ 46,883 $ 52,245 Merchandising & Display 7,662 8,814 Pumps 9,321 9,822 Total Food Service Equipment 63,866 70,881 Engraving Services 34,505 30,375 Engraving Products 2,630 3,374 Total Engraving 37,135 33,749 Engineering Technologies Components 27,467 23,426 Electronics 50,197 51,213 Hydraulics Cylinders and System 15,106 12,878 Total Revenue by Product Line $ 193,771 $ 192,147 Nine Months Ended Revenue by Product Line March 31, 2019 March 31, 2018 Refrigeration $ 153,955 168,562 Merchandising & Display 25,638 25,720 Pumps 25,262 27,571 Total Food Service Equipment 204,855 221,853 Engraving Services 104,159 90,499 Engraving Products 7,443 9,958 Total Engraving 111,602 100,457 Engineering Technologies Components 71,818 65,621 Electronics 154,347 144,082 Hydraulics Cylinders and System 39,758 34,969 Total Revenue by Product Line $ 582,380 566,982 Three Months Ended Nine Months Ended Net sales March 31, 2019 March 31, 2019 United States $ 126,910 381,615 Asia Pacific 25,608 81,649 EMEA (1) 37,271 105,775 Other Americas 3,982 13,341 Total $ 193,771 582,380 Three Months Ended Timing of Revenue Recognition March 31, 2019 March 31, 2018 Products and services transferred at a point in time $ 184,950 $ 187,970 Products transferred over time 8,821 4,177 Net Sales $ 193,771 $ 192,147 Nine Months Ended Timing of Revenue Recognition March 31, 2019 March 31, 2018 Products and services transferred at a point in time $ 360,948 $ 555,923 Products transferred over time 21,432 11,059 Net Sales $ 582,380 $ 566,982 |
Contract with Customer, Asset and Liability [Table Text Block] | Balance at Beginning of Period Additions Deductions Balance at End of Period Nine months ended March 31, 2019 Contract assets: Accounts receivable $ 5,655 $ 23,500 $ 24,844 $ 4,311 Unbilled services 5,904 13,708 8,938 10,674 Contract liabilities: Customer deposits 2,552 4,612 1,881 5,283 March 31, 2019 Revenue recognized in the period from: Three months ended Nine months ended Amounts included in the contract liability balance at the beginning of the period $ 1,378 $ 1,881 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2019 Total Level 1 Level 2 Level 3 Assets Marketable securities - deferred compensation plan $ 2,485 $ 2,485 $ - $ - Interest rate swaps 455 - 455 - Net investment hedge 2,170 - 2,170 - Liabilities Foreign exchange contracts $ 3,732 $ - $ 3,732 $ - Interest rate swaps 721 - 721 - Contingent acquisition payments (a) 5,730 - - 5,730 Net investment hedge 2,264 - 2,264 - June 30, 2018 Total Level 1 Level 2 Level 3 Assets Marketable securities - deferred compensation plan $ 2,362 $ 2,362 $ - $ - Foreign exchange contracts 1,357 - 1,357 - Interest rate swaps 1,325 - 1,325 - Liabilities Foreign exchange contracts $ 4,204 $ - $ 4,204 $ - Contingent acquisition payments (a) 7,535 - - 7,535 |
Note 5 - Discontinued Operati_2
Note 5 - Discontinued Operations (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Ended Nine Months Ended March 31, March 31, 2019 2018 2019 2018 Net Sales $ 23,024 $ 24,596 $ 71,451 $ 73,891 Gain on Sale of Business $ 20,539 $ - $ 20,539 $ - Transaction Fees (4,397 ) - (4,397 ) - Income from Operations $ 16,214 $ 1,089 $ 19,824 $ 4,847 Profit Before Taxes $ 16,447 $ 1,214 $ 19,459 $ 5,227 Benefit (Provision) for Taxes 2,518 (237 ) 1,991 (1,287 ) Net income from Discontinued Operations $ 18,965 $ 977 $ 21,450 $ 3,940 March 31, 2019 June 30, 2018 Accounts receivable $ - $ 14,445 Inventories - 22,923 Prepaid Expenses - 303 Due from Buyer 106,863 - Total current assets 106,863 37,671 Property, plant, equipment, net - 7,637 Intangible assets, net - 13,137 Goodwill - 40,011 Other non-current assets - 1,374 Total non-current assets - 62,159 Total Assets 106,863 99,830 Accounts Payable - 10,759 Accrued Liabilities 2,561 7,897 Income Tax Payable - 9 Total current liabilities 2,561 18,665 Non-current Liabilities - 50 Total Liabilities 2,561 18,715 Net Assets $ 104,302 $ 81,115 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 201 9 June 30, 201 8 Raw materials $ 47,216 $ 46,833 Work in process 31,235 30,526 Finished goods 24,932 26,941 Total $ 103,383 $ 104,300 |
Note 7 - Goodwill (Tables)
Note 7 - Goodwill (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | June 30, 2018 Discontinued Operations Continuing Ops - June 30, 2018 Acquisitions Translation Adjustment March 31, 2019 Food Service Equipment $ 63,464 $ (40,011 ) $ 23,453 $ - $ - $ 23,453 Engraving 27,194 - 27,194 34,281 (376 ) 61,099 Engineering Technologies 44,247 - 44,247 - (119 ) 44,128 Electronics 113,798 - 113,798 15,614 (708 ) 128,704 Hydraulics 3,059 - 3,059 - - 3,059 Total $ 251,762 $ (40,011 ) $ 211,751 $ 49,895 $ (1,203 ) $ 260,443 |
Note 8 - Intangible Assets (Tab
Note 8 - Intangible Assets (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Intangible Assets, Excluding Goodwill [Table Text Block] | Tradenames Customer Relationshi p s (Indefinite- lived) Developed Technology Other Total March 31, 2019 Cost $ 72,559 $ 18,850 $ 48,228 $ 5,486 $ 145,123 Accumulated amortization (22,712 ) - (7,527 ) (3,379 ) (33,618 ) Balance, March 31, 2019 $ 49,847 $ 18,850 $ 40,701 $ 2,107 $ 111,505 June 30, 2018 Cost $ 48,285 $ 11,102 $ 48,281 $ 4,025 $ 111,693 Accumulated amortization (19,134 ) - (4,709 ) (2,912 ) (26,755 ) Balance, June 30, 2018 $ 29,151 $ 11,102 $ 43,572 $ 1,113 $ 84,938 |
Note 9 - Warranties (Tables)
Note 9 - Warranties (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | March 31, 2019 June 30, 2018 Balance at beginning of year $ 4,966 $ 4,667 Acquisitions and other (139 ) (138 ) Warranty expense 3,773 6,248 Warranty claims (3,577 ) (5,811 ) Balance at end of period $ 5,023 $ 4,966 |
Note 10 - Debt (Tables)
Note 10 - Debt (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, 2019 June 30, 2018 Bank credit agreements $ 293,000 $ 194,000 Total funded debt 293,000 194,000 Issuance Cost (1,275 ) (228 ) Total long-term debt $ 291,725 $ 193,772 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Fiscal Year March 31, 2019 2019 $ - 2020 - 2021 - 2022 - 2023 - Thereafter 293,000 Total Debt 293,000 Issuance cost (1,275 ) Debt net of issuance cost $ 291,725 |
Note 11 - Derivative Financia_2
Note 11 - Derivative Financial Instruments (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | Effective Date Notional Amount Fixed Interest Rate Maturity March 31, 201 9 June 30, 2018 December 18, 2015 15,000 1.46 % December 19, 2018 - 55 December 19, 2015 10,000 2.01 % December 19, 2019 32 74 May 24, 2017 25,000 1.88 % April 24, 2022 220 764 May 24, 2017 25,000 1.67 % May 24, 2020 203 432 August 6, 2018 25,000 2.83 % August 6, 2023 (721 ) - $ (266 ) $ 1,325 |
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | Currency March 31, 201 9 June 30, 2018 USD 175,015 64,558 Euro 12,250 21,300 Pound Sterling - 6,826 Peso - 54,000 Canadian 20,600 20,600 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Asset Derivatives March 31, 2019 June 30, 2018 Derivative designated Balance Balance as hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Other Assets $ 455 Other Assets $ 1,325 Foreign exchange contracts Other Assets - Other Assets 1,357 Net investment hedge Other Assets 2,170 - $ 2,625 $ 2,682 Liability Derivatives March 31, 2019 June 30, 2018 Derivative designated Balance Balance as hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Accrued Liabilities 721 Accrued Liabilities - Foreign exchange contracts Accrued Liabilities 3,732 Accrued Liabilities 4,204 Net investment hedge Other non-current liabilities 2,264 - $ 6,717 $ 4,204 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three Months Ended Nine Months Ended March 31, March 31, 201 9 201 8 201 9 201 8 Interest rate swaps $ (693 ) $ 513 $ (1,365 ) $ 930 Foreign exchange contracts 2,142 (829 ) (861 ) (2,823 ) $ 1,449 $ (316 ) $ (2,226 ) $ (1,893 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about Accumulated Affected line item Other Comprehensive Three Months Ended Nine Months Ended in the Unaudited Income (Loss) Components March 31, March 31, Condensed Statements 201 9 201 8 201 9 201 8 of Operations Interest rate swaps $ (84 ) $ 2,363 $ (246 ) $ 3,427 Interest expense Foreign exchange contracts (422 ) - 2,012 - Interest expense Net investment hedge (435 ) - (435 ) - Non-operating income $ (941 ) $ 2,363 $ 1,331 $ 3,427 |
Note 12 - Retirement Benefits (
Note 12 - Retirement Benefits (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Defined Benefit Plan Contributions [Table Text Block] | Contributions to defined benefit plans Three Months Ended March 31, Nine Months Ended March 31, Remaining Contributions to be made in Fiscal 2019 2019 2018 2019 2018 United States, unfunded plan $ 56 $ 67 $ 169 $ 194 $ 56 United Kingdom 196 210 582 614 184 Germany, unfunded plan - - - - 274 Ireland - - - - 65 $ 252 $ 277 $ 751 $ 808 $ 579 |
Pension Plan [Member] | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | U.S. Plans Non-U.S. Plans Three Months Ended Three Months Ended March 31, March 31 , 201 9 201 8 201 9 201 8 Service cost $ 1 $ 1 $ 9 $ 9 Interest cost 2,586 2,520 254 269 Expected return on plan assets (3,385 ) (3,354 ) (229 ) (244 ) Recognized net actuarial loss 1,030 1,145 86 242 Amortization of prior service cost - - - (9 ) Net periodic benefit cost $ 232 $ 312 $ 120 $ 267 U.S. Plans Non-U.S. Plans Nine Months Ended Nine Months Ended March 31, March 31, 201 9 201 8 201 9 201 8 Service cost $ 3 $ 3 $ 26 $ 27 Interest cost 7,757 7,560 757 783 Expected return on plan assets (10,156 ) (10,061 ) (682 ) (710 ) Recognized net actuarial loss 3,091 3,435 256 705 Amortization of prior service cost - - - (26 ) Net periodic benefit cost $ 695 $ 937 $ 357 $ 779 |
Note 14 - Earnings Per Share (T
Note 14 - Earnings Per Share (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended March 31, March 31, 201 9 201 8 201 9 201 8 Basic - Average shares outstanding 12,530 12,709 12,626 12,695 Dilutive effect of unvested, restricted stock awards 44 88 61 89 Diluted - Average shares outstanding 12,574 12,797 12,687 12,784 |
Note 15 - Comprehensive Incom_2
Note 15 - Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | March 31, 2019 June 30, 2018 Foreign currency translation adjustment $ (30,266 ) $ (25,013 ) Unrealized pension losses, net of tax (92,357 ) (95,112 ) Unrealized losses on derivative instruments, net of tax (1,794 ) (1,734 ) Total $ (124,417 ) $ (121,859 ) |
Note 17 - Industry Segment In_2
Note 17 - Industry Segment Information (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, Net Sales Income from Operations 2019 2018 2019 2018 Segment: Engraving $ 37,135 $ 33,749 $ 4,485 $ 7,195 Electronics 50,197 51,213 9,418 11,221 Engineering Technologies 27,467 23,426 2,800 1,155 Hydraulics 15,106 12,878 2,242 1,749 Food Service Equipment 63,866 70,881 3,559 5,546 Restructuring costs (549 ) (1,060 ) Corporate (6,104 ) (5,733 ) Acquisition-related costs (805 ) (1,254 ) Sub-total $ 193,771 $ 192,147 $ 15,046 $ 18,819 Interest expense (3,230 ) (2,286 ) Other non-operating income (679 ) (1,014 ) Income from continuing operations before income taxes $ 11,137 $ 15,519 Nine Months Ended March 31, Net Sales Income from Operations 2019 2018 2019 2018 Segment: Engraving 111,602 100,457 18,883 21,735 Electronics 154,347 144,082 32,581 31,774 Engineering Technologies 71,818 65,621 6,636 3,879 Hydraulics 39,758 34,969 5,753 5,138 Food Service Equipment $ 204,855 $ 221,853 $ 15,417 $ 19,834 Restructuring costs (1,173 ) (5,792 ) Corporate (17,847 ) (19,090 ) Acquisition-related costs (2,352 ) (2,962 ) Sub-total $ 582,380 $ 566,982 $ 57,898 $ 54,516 Interest expense (8,598 ) (5,800 ) Other non-operating income (1,694 ) (1,350 ) Income from continuing operations before income taxes $ 47,606 $ 47,366 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, 2019 June 30, 2018 Engraving 202,989 149,973 Electronics 336,494 318,564 Engineering Technologies 147,754 150,150 Hydraulics 32,655 25,646 Food Service Equipment $ 152,062 $ 149,743 Corporate & Other 24,524 23,031 Discontinued Operations 106,863 99,830 Total $ 1,003,341 $ 916,937 |
Note 18 - Restructuring (Tables
Note 18 - Restructuring (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended Nine Months Ended March 31, 2019 March 31, 2019 Fiscal 2019 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Restructuring initiatives $ 497 $ 5 $ 502 $ 794 $ 75 $ 869 Prior year initiatives 47 - 47 172 132 304 $ 544 $ 5 $ 549 $ 966 $ 207 $ 1,173 Three Months Ended Nine Months Ended March 31, 2018 March 31, 2018 Fiscal 2018 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Restructuring initiatives $ 265 $ 755 $ 1,020 $ 2,043 $ 2,649 $ 4,692 Prior year initiatives 7 33 40 161 939 1,100 $ 272 $ 788 $ 1,060 $ 2,204 $ 3,588 $ 5,792 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Current Year Initiatives Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2018 $ - $ - $ - Additions and adjustments 794 75 869 Payments (484 ) (75 ) (559 ) Restructuring liabilities at March 31, 2019 $ 310 $ - $ 310 Prior Year Initiatives Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2018 $ 456 $ 25 $ 481 Additions and adjustments 172 132 304 Payments (545 ) (151 ) (696 ) Restructuring liabilities at March 31, 2019 $ 83 $ 6 $ 89 |
Restructuring Expenses By Segment [Table Text Block] | Three Months Ended Nine Months Ended March 31, 2019 March 31, 2019 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Food Service Equipment $ - $ - $ - $ 276 $ 91 $ 367 Engraving 173 - 173 239 - 239 Engineering Technologies - - - 17 99 116 Electronics 296 5 301 297 17 314 Corporate 75 - 75 137 - 137 $ 544 $ 5 $ 549 $ 966 $ 207 $ 1,173 Three Months Ended Nine Months Ended March 31, 2018 March 31, 2018 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Food Service Equipment $ 1 $ 747 $ 748 $ 618 $ 2,201 $ 2,819 Engraving 186 2 188 925 345 1,270 Engineering Technologies 8 18 26 161 900 1,061 Electronics 77 7 84 209 90 299 Corporate - 14 14 291 52 343 $ 272 $ 788 $ 1,060 $ 2,204 $ 3,588 $ 5,792 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 | Aug. 31, 2018 | Mar. 31, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2019 | Jun. 30, 2018 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 96,768 | $ 10,397 | |||||||||||
Goodwill, Ending Balance | $ 260,443 | $ 260,443 | $ 260,443 | 260,443 | $ 260,443 | $ 211,751 | |||||||
Agile Magnetics [Member] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 39,193 | 39,193 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 13,718 | 18,150 | $ 13,718 | 18,150 | 18,150 | 18,150 | $ 13,718 | 18,150 | |||||
Goodwill, Ending Balance | 20,142 | 15,614 | 20,142 | 15,614 | 15,614 | 15,614 | 20,142 | 15,614 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 4,432 | ||||||||||||
Agile Magnetics [Member] | Customer Relationships [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 14,300 | 14,300 | 14,300 | 14,300 | 14,300 | ||||||||
Agile Magnetics [Member] | Trademarks [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 3,800 | 3,800 | 3,800 | 3,800 | 3,800 | ||||||||
Agile Magnetics [Member] | Noncompete Agreements [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 100 | 100 | 100 | 100 | 100 | ||||||||
Tenibac-Graphion, Inc. [Member] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 56,726 | $ 57,300 | 56,726 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 15,960 | 16,904 | 15,960 | 16,904 | 16,904 | 16,904 | 15,960 | 16,904 | |||||
Goodwill, Ending Balance | 32,949 | 33,779 | 32,949 | 33,779 | 33,779 | 33,779 | 32,949 | 33,779 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 944 | ||||||||||||
Tenibac-Graphion, Inc. [Member] | Customer Relationships [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 11,300 | 11,300 | $ 11,300 | 11,300 | 11,300 | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years | ||||||||||||
Tenibac-Graphion, Inc. [Member] | Trademarks [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 4,200 | 4,200 | $ 4,200 | 4,200 | 4,200 | ||||||||
Tenibac-Graphion, Inc. [Member] | Other Intangible Assets [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 1,400 | 1,400 | 1,400 | 1,400 | 1,400 | ||||||||
Piazza Rosa Group [Member] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 10,056 | 900 | $ 10,100 | 12,673 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 4,087 | 3,472 | 4,087 | 3,472 | 3,472 | 3,472 | 3,472 | ||||||
Goodwill, Ending Balance | $ 7,100 | 6,218 | 7,076 | $ 7,100 | 6,218 | $ 7,076 | $ 7,076 | 7,076 | 7,100 | 7,076 | |||
Other Payments to Acquire Businesses | 2,800 | $ 2,600 | 2,617 | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (600) | $ (615) | |||||||||||
Piazza Rosa Group [Member] | Trademarks (Indefinite-Lived) [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 1,600 | 1,600 | |||||||||||
Piazza Rosa Group [Member] | Customer Relationships [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 2,300 | $ 2,300 | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years | ||||||||||||
Piazza Rosa Group [Member] | Other Intangible Assets [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 200 | $ 200 | |||||||||||
Horizon Scientific Inc. [Member] | |||||||||||||
Business Combination, Deferred Compensation Due on Second Anniversary | 3,000 | 3,000 | |||||||||||
Business Combination, Deferred Compensation Due on Third Anniversary | $ 5,600 | $ 5,600 | |||||||||||
Business Combination, Deferred Compensation Arrangements | $ 700 | $ 2,100 |
Note 2 - Acquisitions - Compone
Note 2 - Acquisitions - Components of Fair Value of Acquisitions and Allocation of Purchase Price For Acquisition of Agile Magnetics (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2018 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 96,768 | $ 10,397 | |||
Goodwill, Ending Balance | $ 260,443 | 260,443 | $ 211,751 | ||
Agile Magnetics [Member] | |||||
Cash payments | $ 39,194 | 39,194 | |||
Less, cash acquired | (1) | (1) | |||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 39,193 | 39,193 | |||
Other acquired assets | 1,928 | 1,893 | 1,893 | ||
Other acquired assets | (35) | ||||
Inventories | 2,506 | 2,774 | 2,774 | ||
Inventories | 268 | ||||
Customer Backlog | 220 | 220 | |||
Customer Backlog | 220 | ||||
Property, plant, & equipment | 1,318 | 970 | 970 | ||
Property, plant, & equipment | (348) | ||||
Identifiable intangible assets | 13,718 | 18,150 | 18,150 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 4,432 | ||||
Goodwill, Ending Balance | 20,142 | 15,614 | 15,614 | ||
Goodwill | (4,528) | ||||
Liabilities assumed | $ (419) | (428) | $ (428) | ||
Liabilities assumed | $ (9) |
Note 2 - Acquisitions - Compo_2
Note 2 - Acquisitions - Components of Fair Value of Acquisitions and Allocation of Purchase Price For Acquisition of Tennibac-Graphion Inc. (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Aug. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2018 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 96,768 | $ 10,397 | ||||
Goodwill, Ending Balance | $ 260,443 | 260,443 | $ 211,751 | |||
Tenibac-Graphion, Inc. [Member] | ||||||
Cash payments | $ 57,284 | 57,284 | ||||
Less, cash acquired | (558) | (558) | ||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 56,726 | $ 57,300 | 56,726 | |||
Other acquired assets | 5,023 | 3,778 | 3,778 | |||
Other acquired assets | (1,245) | |||||
Inventories | 324 | 324 | 324 | |||
Inventories | ||||||
Customer Backlog | 1,000 | 200 | 200 | |||
Customer Backlog | (800) | |||||
Property, plant, & equipment | 2,490 | 3,000 | 3,000 | |||
Property, plant, & equipment | 510 | |||||
Identifiable intangible assets | 15,960 | 16,904 | 16,904 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 944 | |||||
Goodwill, Ending Balance | 32,949 | 33,779 | 33,779 | |||
Goodwill | 830 | |||||
Liabilities assumed | $ (1,020) | (1,259) | $ (1,259) | |||
Liabilities assumed | $ (239) |
Note 2 - Acquisitions - Compo_3
Note 2 - Acquisitions - Components of Fair Value of Acquisitions and Allocation of Purchase Price For Acquisition of Piazza Rosa Group (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2019 | Jun. 30, 2018 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 96,768 | $ 10,397 | ||||||
Goodwill, Ending Balance | 260,443 | $ 260,443 | $ 211,751 | |||||
Piazza Rosa Group [Member] | ||||||||
Total cash consideration | $ 10,056 | 10,056 | ||||||
Fair value of contingent consideration | $ 2,800 | $ 2,600 | 2,617 | |||||
Fair value of contingent consideration | 2,617 | |||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 10,056 | $ 900 | 10,100 | 12,673 | ||||
Total | 2,617 | |||||||
Other acquired assets | 2,678 | 2,678 | 4,342 | 4,342 | ||||
Other acquired assets | 1,664 | |||||||
Inventories | 637 | 637 | 635 | 635 | ||||
Inventories | (2) | |||||||
Property, plant, & equipment | 5,005 | 5,005 | 5,563 | 5,563 | ||||
Property, plant, & equipment | 558 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 4,087 | 4,087 | 3,472 | 3,472 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (600) | (615) | ||||||
Goodwill, Ending Balance | 6,218 | $ 7,100 | 6,218 | 7,076 | $ 7,100 | 7,076 | ||
Goodwill | 858 | |||||||
Liabilities assumed | (7,387) | (7,387) | (7,387) | (7,387) | ||||
Liabilities assumed | ||||||||
Deferred taxes | $ (1,182) | $ (1,182) | $ (1,028) | (1,028) | ||||
Deferred taxes | $ 154 |
Note 2 - Acquisitions - Compo_4
Note 2 - Acquisitions - Components of Acquisition Related Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Acquisition related costs | $ 805 | $ 1,254 | $ 2,352 | $ 2,962 |
Deferred Compensation Arrangements [Member] | ||||
Acquisition related costs | 703 | 702 | 2,107 | 2,108 |
Acquisition-related Costs [Member] | ||||
Acquisition related costs | $ 102 | $ 552 | $ 245 | $ 854 |
Note 3 - Revenue From Contrac_3
Note 3 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Thousands | Jul. 01, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2018 |
Retained Earnings (Accumulated Deficit), Ending Balance | $ 760,397 | $ 808,417 | $ 808,417 | $ 761,430 | ||
Revenue from Contract with Customer, Including Assessed Tax | 193,771 | $ 192,147 | 582,380 | $ 566,982 | ||
Cost of Goods and Services Sold, Total | 131,981 | 126,035 | 384,402 | 371,882 | ||
Accrued Liabilities, Current, Total | 67,077 | 61,147 | 61,147 | $ 57,679 | ||
Engineering Technologies Group [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 27,467 | 23,426 | 71,818 | 65,621 | ||
Food Service Equipment Group [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 63,866 | $ 70,881 | $ 204,855 | $ 221,853 | ||
Accounting Standards Update 2014-09 [Member] | ||||||
Retained Earnings (Accumulated Deficit), Ending Balance | (1,033) | |||||
Revenue from Contract with Customer, Including Assessed Tax | (799) | |||||
Cost of Goods and Services Sold, Total | (574) | |||||
Accrued Liabilities, Current, Total | 1,502 | |||||
Accounting Standards Update 2014-09 [Member] | Engineering Technologies Group [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 700 | |||||
Cost of Goods and Services Sold, Total | 600 | |||||
Accounting Standards Update 2014-09 [Member] | Food Service Equipment Group [Member] | ||||||
Accrued Liabilities, Current, Total | $ (1,500) |
Note 3 - Revenue From Contrac_4
Note 3 - Revenue From Contracts With Customers - Effects on Financial Statements (Details) - USD ($) $ in Thousands | Jul. 01, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2018 |
Net sales | $ 193,771 | $ 192,147 | $ 582,380 | $ 566,982 | ||
Cost of Sales | 131,981 | 126,035 | 384,402 | 371,882 | ||
Income tax expense | 3,833 | 3,696 | 13,535 | 27,312 | ||
Net Loss | 26,269 | 12,800 | 55,521 | 23,994 | ||
Inventories | $ 126,649 | 103,383 | 103,383 | $ 127,223 | ||
Accounts receivable | 134,931 | 115,782 | 115,782 | 119,783 | ||
Accrued liabilities | 67,077 | 61,147 | 61,147 | 57,679 | ||
Deferred income taxes | 26,476 | 26,816 | ||||
Retained earnings | 760,397 | 808,417 | 808,417 | 761,430 | ||
Gross profit | 61,790 | 66,112 | 197,978 | 195,100 | ||
Income from continuing operations | 7,304 | 11,823 | 34,071 | 20,054 | ||
Income (loss) from discontinued operations, net of income taxes | 18,965 | $ 977 | 21,450 | $ 3,940 | ||
Prepaid Expenses | 27,115 | 27,115 | 10,255 | |||
Income taxes payable | 4,762 | 4,762 | $ 6,050 | |||
Accounting Standards Update 2014-09 [Member] | ||||||
Net sales | (799) | |||||
Cost of Sales | (574) | |||||
Income tax expense | 340 | |||||
Net Loss | (1,033) | |||||
Inventories | (574) | |||||
Accounts receivable | 703 | |||||
Accrued liabilities | 1,502 | |||||
Deferred income taxes | (340) | |||||
Retained earnings | $ (1,033) | |||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
Net sales | (3,324) | (9,179) | ||||
Cost of Sales | (2,460) | (7,742) | ||||
Income tax expense | (250) | (416) | ||||
Net Loss | (614) | (826) | ||||
Inventories | 7,742 | 7,742 | ||||
Retained earnings | 402 | 402 | ||||
Gross profit | (864) | (1,437) | ||||
Income from continuing operations | (614) | (1,021) | ||||
Income (loss) from discontinued operations, net of income taxes | 195 | |||||
Prepaid Expenses | (10,407) | (10,407) | ||||
Income taxes payable | 84 | 84 | ||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||
Net sales | 190,447 | 573,201 | ||||
Cost of Sales | 129,521 | 376,660 | ||||
Income tax expense | 3,583 | 13,119 | ||||
Net Loss | 25,655 | 54,695 | ||||
Inventories | 111,125 | 111,125 | ||||
Retained earnings | 808,819 | 808,819 | ||||
Gross profit | 60,926 | 196,541 | ||||
Income from continuing operations | 6,690 | 33,050 | ||||
Income (loss) from discontinued operations, net of income taxes | 18,965 | 21,645 | ||||
Prepaid Expenses | 16,708 | 16,708 | ||||
Income taxes payable | $ 4,846 | $ 4,846 |
Note 3 - Revenue From Contrac_5
Note 3 - Revenue From Contracts With Customers - Revenue Disaggregated (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Net sales | $ 193,771 | $ 192,147 | $ 582,380 | $ 566,982 | |
Transferred at Point in Time [Member] | |||||
Net sales | 184,950 | 187,970 | 360,948 | 555,923 | |
Transferred over Time [Member] | |||||
Net sales | 8,821 | 4,177 | 21,432 | 11,059 | |
UNITED STATES | |||||
Net sales | 126,910 | 381,615 | |||
Asia Pacific [Member] | |||||
Net sales | 25,608 | 81,649 | |||
EMEA [Member] | |||||
Net sales | [1] | 37,271 | 105,775 | ||
Other Americas [Member] | |||||
Net sales | 3,982 | 13,341 | |||
Food Service Equipment Group [Member] | |||||
Net sales | 63,866 | 70,881 | 204,855 | 221,853 | |
Food Service Equipment Group [Member] | Refrigeration [Member] | |||||
Net sales | 46,883 | 52,245 | 153,955 | 168,562 | |
Food Service Equipment Group [Member] | Merchandising & Display [Member] | |||||
Net sales | 7,662 | 8,814 | 25,638 | 25,720 | |
Food Service Equipment Group [Member] | Pumps [Member] | |||||
Net sales | 9,321 | 9,822 | 25,262 | 27,571 | |
Engraving Group [Member] | |||||
Net sales | 37,135 | 33,749 | 111,602 | 100,457 | |
Engraving Group [Member] | Engraving Services [Member] | |||||
Net sales | 34,505 | 30,375 | 104,159 | 90,499 | |
Engraving Group [Member] | Engraving Products [Member] | |||||
Net sales | 2,630 | 3,374 | 7,443 | 9,958 | |
Engineering Technologies Group [Member] | |||||
Net sales | 27,467 | 23,426 | 71,818 | 65,621 | |
Engineering Technologies Group [Member] | Engineering Technologies Components [Member] | |||||
Net sales | 27,467 | 23,426 | 71,818 | 65,621 | |
Electronics Products Group [Member] | |||||
Net sales | 50,197 | 51,213 | 154,347 | 144,082 | |
Hydraulics Group [Member] | Hydraulics Cylinders and System [Member] | |||||
Net sales | $ 15,106 | $ 12,878 | $ 39,758 | $ 34,969 | |
[1] | EMEA consists primarily of Europe, Middle East and S. Africa. |
Note 3 - Revenue From Contrac_6
Note 3 - Revenue From Contracts With Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Mar. 31, 2019 | Mar. 31, 2019 | |
Accounts receivable, balance | $ 5,655 | |
Accounts receivable, additions | 23,500 | |
Accounts receivable, deductions | 24,844 | |
Accounts receivable, balance | $ 4,311 | 4,311 |
Unbilled services, balance | 5,904 | |
Unbilled services, additions | 13,708 | |
Unbilled services, deductions | 8,938 | |
Unbilled services, balance | 10,674 | 10,674 |
Balance | 2,552 | |
Customer deposits, additions | 4,612 | |
Customer deposits, deductions | 1,881 | |
Balance | 5,283 | 5,283 |
Amounts included in the contract liability balance at the beginning of the period | $ 1,378 | $ 1,881 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jun. 30, 2018 | |
Interest rate swaps | $ 455 | $ 1,325 | |
Net investment hedge | 2,170 | ||
Foreign exchange contracts | 3,732 | 1,357 | |
Interest rate swaps | 721 | ||
Contingent acquisition payments (a) | [1] | 5,730 | 7,535 |
Net investment hedge | 2,264 | ||
Foreign exchange contracts | 4,204 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Interest rate swaps | |||
Net investment hedge | |||
Foreign exchange contracts | |||
Interest rate swaps | |||
Contingent acquisition payments (a) | [1] | ||
Net investment hedge | |||
Foreign exchange contracts | |||
Fair Value, Inputs, Level 2 [Member] | |||
Interest rate swaps | 455 | 1,325 | |
Net investment hedge | 2,170 | ||
Foreign exchange contracts | 3,732 | 1,357 | |
Interest rate swaps | 721 | ||
Contingent acquisition payments (a) | [1] | ||
Net investment hedge | 2,264 | ||
Foreign exchange contracts | 4,204 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Interest rate swaps | |||
Net investment hedge | |||
Foreign exchange contracts | |||
Interest rate swaps | |||
Contingent acquisition payments (a) | [1] | 5,730 | 7,535 |
Net investment hedge | |||
Foreign exchange contracts | |||
Deferred Compensation Plan [Member] | |||
Marketable securities - deferred compensation plan | 2,485 | 2,362 | |
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Marketable securities - deferred compensation plan | 2,485 | 2,362 | |
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Marketable securities - deferred compensation plan | |||
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Marketable securities - deferred compensation plan | |||
[1] | The fair value of our contingent consideration arrangement is determined based on our evaluation as to the probability and amount of any deferred compensation that has been earned to date. |
Note 5 - Discontinued Operati_3
Note 5 - Discontinued Operations (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2019USD ($) | Sep. 30, 2018 | Mar. 31, 2018USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2018USD ($) | |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | $ 20,539 | $ 20,539 | ||||
Discontinued Operation, Disposal of Discontinued Operation, Transaction Expense | 4,397 | 4,397 | ||||
Disposal Group, Including Discontinued Operation, Consideration | 106,863 | 106,863 | ||||
Cooking Solutions Group [Member] | Discontinued Operations [Member] | ||||||
Number of Operating Segments | 3 | |||||
Cooking Solutions Group [Member] | Discontinued Operations [Member] | Middleby Corporation [Member] | ||||||
Disposal Group, Including Discontinued Operation, Cash Purchase Price | 105,000 | |||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | 20,500 | |||||
Discontinued Operation, Disposal of Discontinued Operation, Transaction Expense | 4,400 | |||||
Disposal Group, Including Discontinued Operation, Consideration | $ 106,900 | $ 106,900 |
Note 5 - Discontinued Operati_4
Note 5 - Discontinued Operations - Earnings (Losses) and Assets and Liabilities From Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2018 | |
Net Sales | $ 23,024 | $ 24,596 | $ 71,451 | $ 73,891 | |
Gain on Sale of Business | 20,539 | 20,539 | |||
Transaction Fees | (4,397) | (4,397) | |||
Income from Operations | 16,214 | 1,089 | 19,824 | 4,847 | |
Profit Before Taxes | 16,447 | 1,214 | 19,459 | 5,227 | |
Benefit (Provision) for Taxes | 2,518 | (237) | 1,991 | (1,287) | |
Net income from Discontinued Operations | 18,965 | $ 977 | 21,450 | $ 3,940 | |
Accounts receivable | $ 14,445 | ||||
Inventories | 22,923 | ||||
Prepaid Expenses | 303 | ||||
Due from Buyer | 106,863 | 106,863 | |||
Total current assets | 106,863 | 106,863 | 37,671 | ||
Property, plant, equipment, net | 7,637 | ||||
Intangible assets, net | 13,137 | ||||
Goodwill | 40,011 | ||||
Other non-current assets | 1,374 | ||||
Total non-current assets | 62,159 | ||||
Total Assets | 106,863 | 106,863 | 99,830 | ||
Accounts Payable | 10,759 | ||||
Accrued Liabilities | 2,561 | 2,561 | 7,897 | ||
Income Tax Payable | 9 | ||||
Total current liabilities | 2,561 | 2,561 | 18,665 | ||
Non-current Liabilities | 50 | ||||
Total Liabilities | 2,561 | 2,561 | 18,715 | ||
Net Assets | $ 104,302 | $ 104,302 | $ 81,115 |
Note 6 - Inventories (Details T
Note 6 - Inventories (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Selling Expense | $ 4.7 | $ 5.4 | $ 13.6 | $ 14.1 |
Note 6 - Inventories - Summary
Note 6 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jul. 01, 2018 | Jun. 30, 2018 |
Raw materials | $ 47,216 | $ 46,833 | |
Work in process | 31,235 | 30,526 | |
Finished goods | 24,932 | 26,941 | |
Total | $ 103,383 | $ 126,649 | $ 127,223 |
Note 7 - Goodwill - Changes to
Note 7 - Goodwill - Changes to Goodwill (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2019 | Jun. 30, 2018 | |
Goodwill | $ 260,443 | $ 211,751 |
Acquisition | 49,895 | |
Translation adjustment | (1,203) | |
Previously Reported [Member] | ||
Goodwill | 251,762 | |
Restatement Adjustment [Member] | ||
Goodwill | (40,011) | |
Food Service Equipment Group [Member] | ||
Goodwill | 23,453 | 23,453 |
Acquisition | ||
Translation adjustment | ||
Food Service Equipment Group [Member] | Previously Reported [Member] | ||
Goodwill | 63,464 | |
Food Service Equipment Group [Member] | Restatement Adjustment [Member] | ||
Goodwill | (40,011) | |
Engraving Group [Member] | ||
Goodwill | 61,099 | 27,194 |
Acquisition | 34,281 | |
Translation adjustment | (376) | |
Engraving Group [Member] | Previously Reported [Member] | ||
Goodwill | 27,194 | |
Engraving Group [Member] | Restatement Adjustment [Member] | ||
Goodwill | ||
Engineering Technologies Group [Member] | ||
Goodwill | 44,128 | 44,247 |
Acquisition | ||
Translation adjustment | (119) | |
Engineering Technologies Group [Member] | Previously Reported [Member] | ||
Goodwill | 44,247 | |
Engineering Technologies Group [Member] | Restatement Adjustment [Member] | ||
Goodwill | ||
Electronics Products Group [Member] | ||
Goodwill | 128,704 | 113,798 |
Acquisition | 15,614 | |
Translation adjustment | (708) | |
Electronics Products Group [Member] | Previously Reported [Member] | ||
Goodwill | 113,798 | |
Electronics Products Group [Member] | Restatement Adjustment [Member] | ||
Goodwill | ||
Hydraulics Products Group [Member] | ||
Goodwill | 3,059 | 3,059 |
Acquisition | ||
Translation adjustment | ||
Hydraulics Products Group [Member] | Previously Reported [Member] | ||
Goodwill | 3,059 | |
Hydraulics Products Group [Member] | Restatement Adjustment [Member] | ||
Goodwill |
Note 8 - Intangible Assets (Det
Note 8 - Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Amortization of Intangible Assets, Total | $ 2.8 | $ 1.9 | $ 7.6 | $ 6 |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 2.9 | 2.9 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 11 | 11 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 10.3 | 10.3 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 9.7 | 9.7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 8.9 | 8.9 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 50.3 | $ 50.3 |
Note 8 - Intangible Assets - Su
Note 8 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jun. 30, 2018 |
Cost | $ 145,123 | $ 111,693 |
Accumulated amortization | (33,618) | (26,755) |
Intangible assets, net | 111,505 | 84,938 |
Trademarks [Member] | ||
Cost | 18,850 | 11,102 |
Accumulated amortization | ||
Intangible assets, net | 18,850 | 11,102 |
Customer Relationships [Member] | ||
Cost | 72,559 | 48,285 |
Accumulated amortization | (22,712) | (19,134) |
Intangible assets, net | 49,847 | 29,151 |
Acquired Technology [Member] | ||
Cost | 48,228 | 48,281 |
Accumulated amortization | (7,527) | (4,709) |
Intangible assets, net | 40,701 | 43,572 |
Other Intangible Assets [Member] | ||
Cost | 5,486 | 4,025 |
Accumulated amortization | (3,379) | (2,912) |
Intangible assets, net | $ 2,107 | $ 1,113 |
Note 9 - Warranties - Changes i
Note 9 - Warranties - Changes in Warranty Reserve (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Jun. 30, 2018 | |
Balance at beginning of year | $ 4,966 | $ 4,667 |
Acquisitions and other | (139) | (138) |
Warranty expense | 3,773 | 6,248 |
Warranty claims | (3,577) | (5,811) |
Balance at end of period | $ 5,023 | $ 4,966 |
Note 10 - Debt (Details Textual
Note 10 - Debt (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Mar. 31, 2019 | Sep. 30, 2018 | |
Amended and Restated Credit Agreement [Member] | ||
Debt Instrument, Term | 5 years | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | $ 400 |
Line of Credit Facility, Maximum Borrowing Capacity, Increase (Decrease) | 100 | |
Line Of Credit, Accordion Feature | 250 | |
Swing Line Loan [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 10 | |
Letter of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 35 | |
Standby Letters of Credit [Member] | ||
Long-term Line of Credit, Total | 7.4 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 175.9 |
Note 10 - Debt - Long-term Debt
Note 10 - Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jun. 30, 2018 |
Funded debt | $ 293,000 | $ 194,000 |
Issuance Cost | (1,275) | (228) |
Total long-term debt | 291,725 | 193,772 |
Line of Credit [Member] | ||
Funded debt | $ 293,000 | $ 194,000 |
Note 10 - Debt - Maturities of
Note 10 - Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jun. 30, 2018 |
2019 | ||
2020 | ||
2021 | ||
2022 | ||
2023 | ||
Thereafter | 293,000 | |
Total Debt | 293,000 | $ 194,000 |
Issuance Cost | (1,275) | (228) |
Debt net of issuance cost | $ 291,725 | $ 193,772 |
Note 11 - Derivative Financia_3
Note 11 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Loss Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | $ 0 | $ 0 | |
Interest Rate Swap [Member] | |||
Derivative, Notional Amount | $ 85,000 | $ 85,000 | |
Derivative, Average Fixed Interest Rate | 2.11% | 2.11% | |
Foreign Exchange Contract [Member] | |||
Outstanding Forward Contracts, Net Unrealized Gain (Loss) | $ (3,700) | $ (3,700) | $ (2,900) |
Foreign Exchange Forward [Member] | |||
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | 400 | 400 | |
Derivative Instruments in Hedges, at Fair Value, Net, Total | $ 120,000 | $ 120,000 |
Note 11 - Derivative Financia_4
Note 11 - Derivative Financial Instruments - Fair Value of Swaps Recognized in Accrued Liabilities and in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2019 | Jun. 30, 2018 | |
Fair Value, Asset | $ 1,325 | |
Fair Value, Liability | $ (266) | |
Interest Rate Swap Effective December 18, 2015 [Member] | ||
Notional Amount | $ 15,000 | |
Fixed Rate | 1.46% | |
Maturity | Dec. 19, 2018 | |
Fair Value, Asset | 55 | |
Interest Rate Swap Effective December 19, 2015 [Member] | ||
Notional Amount | $ 10,000 | |
Fixed Rate | 2.01% | |
Maturity | Dec. 19, 2019 | |
Fair Value, Asset | $ 32 | 74 |
Interest Rate Swap Effective May 24, 2017 Number One [Member] | ||
Notional Amount | $ 25,000 | |
Fixed Rate | 1.88% | |
Maturity | Apr. 24, 2022 | |
Fair Value, Asset | $ 220 | 764 |
Interest Rate Swap Effective May 24, 2017 Number Two [Member] | ||
Notional Amount | $ 25,000 | |
Fixed Rate | 1.67% | |
Maturity | May 24, 2020 | |
Fair Value, Asset | $ 203 | 432 |
Interest Rate Swap Effective August 6, 2018 [Member] | ||
Notional Amount | $ 25,000 | |
Fixed Rate | 2.83% | |
Maturity | Aug. 6, 2023 | |
Fair Value, Asset | ||
Fair Value, Liability | $ (721) |
Note 11 - Derivative Financia_5
Note 11 - Derivative Financial Instruments - Foreign Currency Exchange Contracts (Details) - Foreign Exchange Contract [Member] € in Thousands, £ in Thousands, $ in Thousands, $ in Millions, $ in Millions | Mar. 31, 2019USD ($) | Mar. 31, 2019CAD ($) | Mar. 31, 2019GBP (£) | Mar. 31, 2019EUR (€) | Mar. 31, 2019MXN ($) | Jun. 30, 2018USD ($) | Jun. 30, 2018CAD ($) | Jun. 30, 2018GBP (£) | Jun. 30, 2018EUR (€) | Jun. 30, 2018MXN ($) |
United States of America, Dollars | ||||||||||
Derivative, Notional Amount | $ 175,015 | $ 64,558 | ||||||||
Euro Member Countries, Euro | ||||||||||
Derivative, Notional Amount | € | € 12,250 | € 21,300 | ||||||||
United Kingdom, Pounds | ||||||||||
Derivative, Notional Amount | £ | £ 6,826 | |||||||||
Mexico, Pesos | ||||||||||
Derivative, Notional Amount | $ 54 | |||||||||
Canada, Dollars | ||||||||||
Derivative, Notional Amount | $ 20.6 | $ 20.6 |
Note 11 - Derivative Financia_6
Note 11 - Derivative Financial Instruments - Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) to Net Income (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jun. 30, 2018 |
Liability | $ 266 | |
Other Assets [Member] | Designated as Hedging Instrument [Member] | ||
Net investment hedge, asset | 2,170 | |
Net assets | 2,625 | 2,682 |
Other Assets [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Asset | 455 | 1,325 |
Other Assets [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||
Asset | 1,357 | |
Other Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Net investment hedge, liability | 2,264 | |
Net liability | 6,717 | 4,204 |
Other Liabilities [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Liability | 721 | |
Other Liabilities [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||
Liability | $ 3,732 | $ 4,204 |
Note 11 - Derivative Financia_7
Note 11 - Derivative Financial Instruments - Gain (Loss) Recognized in Comprehensive Income on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Change in unrealized gains (losses) | $ 1,449 | $ (316) | $ (2,226) | $ (1,893) |
Interest Rate Swap [Member] | ||||
Change in unrealized gains (losses) | (693) | 513 | (1,365) | 930 |
Foreign Exchange Contract [Member] | ||||
Change in unrealized gains (losses) | $ 2,142 | $ (829) | $ (861) | $ (2,823) |
Note 11 - Derivative Financia_8
Note 11 - Derivative Financial Instruments - Details About Accumulated Other Comprehensive Income (Loss) Components (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated other comprehensive income (loss) component | $ (941) | $ 2,363 | $ 1,331 | $ 3,427 |
Interest Rate Swap [Member] | Interest Expense [Member] | ||||
Accumulated other comprehensive income (loss) component | (84) | 2,363 | (246) | 3,427 |
Foreign Exchange Contract [Member] | Cost of Sales [Member] | ||||
Accumulated other comprehensive income (loss) component | (422) | 2,012 | ||
Foreign Exchange Forward [Member] | Nonoperating Income (Expense) [Member] | ||||
Accumulated other comprehensive income (loss) component | $ (435) | $ (435) |
Note 12 - Retirement Benefits_2
Note 12 - Retirement Benefits (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 252 | $ 277 | $ 751 | $ 808 |
Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 2,018,000 |
Note 12 - Retirement Benefits -
Note 12 - Retirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
UNITED STATES | ||||
Service cost | $ 1 | $ 1 | $ 3 | $ 3 |
Interest cost | 2,586 | 2,520 | 7,757 | 7,560 |
Expected return on plan assets | (3,385) | (3,354) | (10,156) | (10,061) |
Recognized net actuarial loss | 1,030 | 1,145 | 3,091 | 3,435 |
Amortization of prior service cost | ||||
Net periodic benefit cost | 232 | 312 | 695 | 937 |
Foreign Plan [Member] | ||||
Service cost | 9 | 9 | 26 | 27 |
Interest cost | 254 | 269 | 757 | 783 |
Expected return on plan assets | (229) | (244) | (682) | (710) |
Recognized net actuarial loss | 86 | 242 | 256 | 705 |
Amortization of prior service cost | (9) | (26) | ||
Net periodic benefit cost | $ 120 | $ 267 | $ 357 | $ 779 |
Note 12 - Retirement Benefits_3
Note 12 - Retirement Benefits - Contributions to Defined Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Contributions to defined benefit plans | $ 252 | $ 277 | $ 751 | $ 808 |
Remaining contributions to be made | 579 | 579 | ||
UNITED STATES | ||||
Contributions to defined benefit plans | 56 | 67 | 169 | 194 |
Remaining contributions to be made | 56 | 56 | ||
UNITED KINGDOM | ||||
Contributions to defined benefit plans | 196 | 210 | 582 | 614 |
Remaining contributions to be made | 184 | 184 | ||
GERMANY | ||||
Contributions to defined benefit plans | ||||
Remaining contributions to be made | 274 | 274 | ||
IRELAND | ||||
Contributions to defined benefit plans | ||||
Remaining contributions to be made | $ 65 | $ 65 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 34.40% | 23.80% | 28.40% | 57.70% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 0.5 |
Note 14 - Earnings Per Share (D
Note 14 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Performance Shares [Member] | ||||
Share-based Compensation Awards Excluded from Computation of Earnings Per Share Amount | 68,933 | 51,270 |
Note 14 - Earnings Per Share -
Note 14 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Basic - Average shares outstanding (in shares) | 12,530 | 12,709 | 12,626 | 12,695 |
Dilutive effect of unvested, restricted stock awards (in shares) | 44 | 88 | 61 | 89 |
Diluted - Average shares outstanding (in shares) | 12,574 | 12,797 | 12,687 | 12,784 |
Note 15 - Comprehensive Incom_3
Note 15 - Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jun. 30, 2018 |
Foreign currency translation adjustment | $ (30,266) | $ (25,013) |
Unrealized pension losses, net of tax | (92,357) | (95,112) |
Unrealized losses on derivative instruments, net of tax | (1,794) | (1,734) |
Total | $ (124,417) | $ (121,859) |
Note 17 - Industry Segment In_3
Note 17 - Industry Segment Information (Details Textual) | 9 Months Ended |
Mar. 31, 2019 | |
Number of Reportable Segments | 5 |
Note 17 - Industry Segment In_4
Note 17 - Industry Segment Information - Net Sales and Income (Loss) by Industry Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 193,771 | $ 192,147 | $ 582,380 | $ 566,982 |
Income from operations | 15,046 | 18,819 | 57,898 | 54,516 |
Restructuring costs | (549) | (1,060) | (1,173) | (5,792) |
Acquisition-related costs | (805) | (1,254) | (2,352) | (2,962) |
Interest expense | (3,230) | (2,286) | (8,598) | (5,800) |
Other non-operating income | (679) | (1,014) | (1,694) | (1,350) |
Income from continuing operations before income taxes | 11,137 | 15,519 | 47,606 | 47,366 |
Engraving Group [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 37,135 | 33,749 | 111,602 | 100,457 |
Income from operations | 4,485 | 7,195 | 18,883 | 21,735 |
Restructuring costs | (173) | (188) | (239) | (1,270) |
Electronics Products Group [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 50,197 | 51,213 | 154,347 | 144,082 |
Income from operations | 9,418 | 11,221 | 32,581 | 31,774 |
Restructuring costs | (301) | (84) | (314) | (299) |
Engineering Technologies Group [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 27,467 | 23,426 | 71,818 | 65,621 |
Income from operations | 2,800 | 1,155 | 6,636 | 3,879 |
Restructuring costs | (26) | (116) | (1,061) | |
Hydraulics Products Group [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 15,106 | 12,878 | 39,758 | 34,969 |
Income from operations | 2,242 | 1,749 | 5,753 | 5,138 |
Food Service Equipment Group [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 63,866 | 70,881 | 204,855 | 221,853 |
Income from operations | 3,559 | 5,546 | 15,417 | 19,834 |
Restructuring costs | (748) | (367) | (2,819) | |
Corporate and Other [Member] | ||||
Income from operations | (6,104) | (5,733) | (17,847) | (19,090) |
Restructuring costs | $ (75) | $ (14) | $ (137) | $ (343) |
Note 17 - Industry Segment In_5
Note 17 - Industry Segment Information - Assets by Industry Segments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jun. 30, 2018 |
Assets | $ 1,003,341 | $ 916,937 |
Discontinued Operations [Member] | ||
Assets | 106,863 | 99,830 |
Engraving Group [Member] | Continuing Operations [Member] | ||
Assets | 202,989 | 149,973 |
Electronics Products Group [Member] | Continuing Operations [Member] | ||
Assets | 336,494 | 318,564 |
Engineering Technologies Group [Member] | Continuing Operations [Member] | ||
Assets | 147,754 | 150,150 |
Hydraulics Products Group [Member] | Continuing Operations [Member] | ||
Assets | 32,655 | 25,646 |
Food Service Equipment Group [Member] | Continuing Operations [Member] | ||
Assets | 152,062 | 149,743 |
Corporate and Other [Member] | Continuing Operations [Member] | ||
Assets | $ 24,524 | $ 23,031 |
Note 18 - Restructuring (Detail
Note 18 - Restructuring (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring Costs, Total | $ 549 | $ 1,060 | $ 1,173 | $ 5,792 | |
Forecast [Member] | |||||
Restructuring Costs, Total | $ 800 |
Note 18 - Restructuring - Summa
Note 18 - Restructuring - Summary of Severance, Restructuring, and Related Charges by Initiative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring charges | $ 549 | $ 1,060 | $ 1,173 | $ 5,792 |
Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 544 | 272 | 966 | 2,204 |
Other Restructuring [Member] | ||||
Restructuring charges | 5 | 788 | 207 | 3,588 |
Current Year Restructuring Initiatives [Member] | ||||
Restructuring charges | 502 | 1,020 | 869 | 4,692 |
Current Year Restructuring Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 497 | 265 | 794 | 2,043 |
Current Year Restructuring Initiatives [Member] | Other Restructuring [Member] | ||||
Restructuring charges | 5 | 755 | 75 | 2,649 |
Prior Year Initiatives [Member] | ||||
Restructuring charges | 47 | 40 | 304 | 1,100 |
Prior Year Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 47 | 7 | 172 | 161 |
Prior Year Initiatives [Member] | Other Restructuring [Member] | ||||
Restructuring charges | $ 33 | $ 132 | $ 939 |
Note 18 - Restructuring - Sum_2
Note 18 - Restructuring - Summary of Activity in Reserves Related to Restructuring Initiatives (Details) $ in Thousands | 9 Months Ended |
Mar. 31, 2019USD ($) | |
Current Year Restructuring Initiatives [Member] | |
Restructuring liabilities | |
Additions and adjustments | 869 |
Payments | (559) |
Restructuring liabilities | 310 |
Current Year Restructuring Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |
Restructuring liabilities | |
Additions and adjustments | 794 |
Payments | (484) |
Restructuring liabilities | 310 |
Current Year Restructuring Initiatives [Member] | Other Restructuring [Member] | |
Restructuring liabilities | |
Additions and adjustments | 75 |
Payments | (75) |
Restructuring liabilities | |
2017 Restructuring Initiatives [Member] | |
Restructuring liabilities | 481 |
Additions and adjustments | 304 |
Payments | (696) |
Restructuring liabilities | 89 |
2017 Restructuring Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |
Restructuring liabilities | 456 |
Additions and adjustments | 172 |
Payments | (545) |
Restructuring liabilities | 83 |
2017 Restructuring Initiatives [Member] | Other Restructuring [Member] | |
Restructuring liabilities | 25 |
Additions and adjustments | 132 |
Payments | (151) |
Restructuring liabilities | $ 6 |
Note 18 - Restructuring - Sum_3
Note 18 - Restructuring - Summary of Restructuring Expenses by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring charges | $ 549 | $ 1,060 | $ 1,173 | $ 5,792 |
Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 544 | 272 | 966 | 2,204 |
Other Restructuring [Member] | ||||
Restructuring charges | 5 | 788 | 207 | 3,588 |
Food Service Equipment Group [Member] | ||||
Restructuring charges | 748 | 367 | 2,819 | |
Food Service Equipment Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 1 | 276 | 618 | |
Food Service Equipment Group [Member] | Other Restructuring [Member] | ||||
Restructuring charges | 747 | 91 | 2,201 | |
Engraving Group [Member] | ||||
Restructuring charges | 173 | 188 | 239 | 1,270 |
Engraving Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 173 | 186 | 239 | 925 |
Engraving Group [Member] | Other Restructuring [Member] | ||||
Restructuring charges | 2 | 345 | ||
Engineering Technologies Group [Member] | ||||
Restructuring charges | 26 | 116 | 1,061 | |
Engineering Technologies Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 8 | 17 | 161 | |
Engineering Technologies Group [Member] | Other Restructuring [Member] | ||||
Restructuring charges | 18 | 99 | 900 | |
Electronics Products Group [Member] | ||||
Restructuring charges | 301 | 84 | 314 | 299 |
Electronics Products Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 296 | 77 | 297 | 209 |
Electronics Products Group [Member] | Other Restructuring [Member] | ||||
Restructuring charges | 5 | 7 | 17 | 90 |
Corporate and Other [Member] | ||||
Restructuring charges | 75 | 14 | 137 | 343 |
Corporate and Other [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 75 | 137 | 291 | |
Corporate and Other [Member] | Other Restructuring [Member] | ||||
Restructuring charges | $ 14 | $ 52 |
Note 19 - Subsequent Event (Det
Note 19 - Subsequent Event (Details Textual) | Apr. 17, 2019USD ($) |
Genius Solutions Engineering Company [Member] | Subsequent Event [Member] | |
Business Combination, Consideration Transferred, Total | $ 30 |