Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2021 | Apr. 23, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000763532 | |
Entity Registrant Name | LSI INDUSTRIES INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-13375 | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 31-0888951 | |
Entity Address, Address Line One | 10000 Alliance Road | |
Entity Address, City or Town | Cincinnati | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 45242 | |
City Area Code | 513 | |
Local Phone Number | 793-3200 | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | LYTS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 26,498,775 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Net Sales | $ 72,204 | $ 71,010 | $ 218,597 | $ 242,088 |
Cost of products and services sold | 54,112 | 54,834 | 162,519 | 183,558 |
Severance costs | 0 | 11 | 5 | 11 |
Restructuring costs | 0 | 223 | 3 | 758 |
Gross profit | 18,092 | 15,942 | 56,070 | 57,761 |
Selling and administrative expenses | 15,996 | 17,032 | 49,070 | 55,045 |
Severance costs | 0 | 8 | 16 | 62 |
Restructuring gains | 0 | (3,729) | 0 | (8,576) |
Operating income | 2,096 | 2,631 | 6,984 | 11,230 |
Interest (income) | (2) | (1) | (4) | (3) |
Interest expense | 54 | 129 | 175 | 795 |
Other expense (income) | 43 | 642 | (197) | 633 |
Income before income taxes | 2,001 | 1,861 | 7,010 | 9,805 |
Income tax expense | 529 | 0 | 1,340 | 1,726 |
Net income | $ 1,472 | $ 1,861 | $ 5,670 | $ 8,079 |
Earnings per common share (see Note 4) | ||||
Basic (in dollars per share) | $ 0.05 | $ 0.07 | $ 0.21 | $ 0.31 |
Diluted (in dollars per share) | $ 0.05 | $ 0.07 | $ 0.21 | $ 0.31 |
Weighted average common shares outstanding | ||||
Basic (in shares) | 26,771 | 26,301 | 26,642 | 26,250 |
Diluted (in shares) | 27,727 | 26,623 | 27,352 | 26,423 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Net Income | $ 1,472 | $ 1,861 | $ 5,670 | $ 8,079 |
Foreign currency translation adjustment | (54) | (116) | 93 | (110) |
Comprehensive Income | $ 1,418 | $ 1,745 | $ 5,763 | $ 7,969 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Current assets | ||
Cash and cash equivalents | $ 23,528 | $ 3,517 |
Accounts receivable, less allowance for doubtful accounts of $241 and $273, respectively | 44,974 | 37,836 |
Inventories | 40,390 | 38,752 |
Refundable income tax | 3,233 | 2,776 |
Other current assets | 4,277 | 2,977 |
Total current assets | 116,402 | 85,858 |
Property, Plant and Equipment, at cost | ||
Land | 3,943 | 3,933 |
Buildings | 20,667 | 20,638 |
Machinery and equipment | 68,444 | 67,796 |
Buildings under finance leases | 2,033 | 2,033 |
Construction in progress | 778 | 440 |
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization | 95,865 | 94,840 |
Less accumulated depreciation | (71,713) | (68,305) |
Net property, plant and equipment | 24,152 | 26,535 |
Goodwill | 10,373 | 10,373 |
Other Intangible Assets, net | 27,948 | 29,960 |
Operating Lease, Right-of-Use Asset | 7,673 | 8,663 |
Other Long-Term Assets, net | 10,546 | 10,874 |
Total assets | 197,094 | 172,263 |
LIABILITIES & SHAREHOLDERS' EQUITY | ||
Accounts payable | 25,003 | 14,216 |
Accrued expenses | 30,302 | 20,433 |
Total current liabilities | 55,305 | 34,649 |
Long-Term Debt | 0 | 0 |
Finance Lease Liabilities | 1,568 | 1,755 |
Operating Lease Liabilities | 8,105 | 9,021 |
Other Long-Term Liabilities | 1,046 | 1,138 |
Commitments and Contingencies (Note 12) | 0 | 0 |
Shareholders' Equity | ||
Preferred shares, without par value; Authorized 1,000,000 shares, none issued | 0 | 0 |
Common shares, without par value; Authorized 40,000,000 shares; Outstanding 26,490,385 and 26,286,009 shares, respectively | 131,330 | 127,713 |
Treasury shares, without par value | (2,111) | (1,121) |
Deferred compensation plan | 2,111 | 1,121 |
Retained (loss) | (260) | (1,920) |
Accumulated other comprehensive income (loss) | 0 | (93) |
Total shareholders' equity | 131,070 | 125,700 |
Total liabilities & shareholders' equity | $ 197,094 | $ 172,263 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Allowance for doubtful accounts | $ 241 | $ 273 |
Preferred shares, par value (in dollars per share) | $ 0 | $ 0 |
Preferred shares, authorized shares (in shares) | 1,000,000 | 1,000,000 |
Preferred shares, issued (in shares) | 0 | 0 |
Common shares, par value (in dollars per share) | $ 0 | $ 0 |
Common shares, authorized shares (in shares) | 40,000,000 | 40,000,000 |
Common shares, outstanding (in shares) | 26,490,385 | 26,286,009 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock Including Additional Paid in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Treasury Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Key Executive Deferred Compensation [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock Including Additional Paid in Capital [Member] | Treasury Stock [Member] | Key Executive Deferred Compensation [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Jun. 30, 2019 | 26,176 | (209) | ||||||||||
Balance at Jun. 30, 2019 | $ 0 | $ 0 | $ 0 | $ 0 | $ (428) | $ (428) | $ 125,729 | $ (1,468) | $ 1,468 | $ 16 | $ (5,808) | $ 119,937 |
Net Income | 0 | 0 | 0 | 0 | 8,079 | 8,079 | ||||||
Other comprehensive income (loss) | $ 0 | $ 0 | 0 | (110) | 0 | (110) | ||||||
Stock compensation awards (in shares) | 48 | 0 | ||||||||||
Stock compensation awards | $ 225 | $ 0 | 0 | 0 | 0 | 225 | ||||||
Restricted stock units issued (in shares) | 21 | 0 | ||||||||||
Restricted stock units issued | $ 0 | $ 0 | 0 | 0 | 0 | 0 | ||||||
Shares issued for deferred compensation (in shares) | 54 | 0 | ||||||||||
Shares issued for deferred compensation | $ 296 | $ 0 | 0 | 0 | 0 | 296 | ||||||
Activity of treasury shares, net (in shares) | 0 | 42 | ||||||||||
Activity of treasury shares, net | $ 0 | $ 411 | 0 | 0 | 0 | 411 | ||||||
Deferred stock compensation | 0 | 0 | (413) | 0 | 0 | (413) | ||||||
Stock compensation expense | $ 494 | $ 0 | 0 | 0 | 0 | 494 | ||||||
Stock options exercised, net (in shares) | 29 | 0 | ||||||||||
Stock options exercised, net | $ 174 | $ 0 | 0 | 0 | 0 | 174 | ||||||
Dividends — $0.20 per share | $ 0 | $ 0 | 0 | 0 | (3,958) | (3,958) | ||||||
Balance (in shares) at Mar. 31, 2020 | 26,328 | (167) | ||||||||||
Balance at Mar. 31, 2020 | $ 126,918 | $ (1,057) | 1,055 | (94) | (2,115) | 124,707 | ||||||
Balance (in shares) at Jun. 30, 2020 | 26,466 | (180) | ||||||||||
Balance at Jun. 30, 2020 | $ 127,713 | $ (1,121) | 1,121 | (93) | (1,920) | 125,700 | ||||||
Net Income | 0 | 0 | 0 | 0 | 5,670 | 5,670 | ||||||
Other comprehensive income (loss) | $ 0 | $ 0 | 0 | 93 | 0 | 93 | ||||||
Stock compensation awards (in shares) | 35 | 0 | ||||||||||
Stock compensation awards | $ 242 | $ 0 | 0 | 0 | 0 | 242 | ||||||
Restricted stock units issued (in shares) | 28 | 0 | ||||||||||
Restricted stock units issued | $ 0 | $ 0 | 0 | 0 | 0 | 0 | ||||||
Shares issued for deferred compensation (in shares) | 141 | 0 | ||||||||||
Shares issued for deferred compensation | $ 1,096 | $ 0 | 0 | 0 | 0 | 1,096 | ||||||
Activity of treasury shares, net (in shares) | 0 | (128) | ||||||||||
Activity of treasury shares, net | $ 0 | $ (990) | 0 | 0 | 0 | (990) | ||||||
Deferred stock compensation | 0 | 0 | 990 | 0 | 0 | 990 | ||||||
Stock compensation expense | $ 1,317 | $ 0 | 0 | 0 | 0 | 1,317 | ||||||
Stock options exercised, net (in shares) | 128 | 0 | ||||||||||
Stock options exercised, net | $ 962 | $ 0 | 0 | 0 | 0 | 962 | ||||||
Dividends — $0.20 per share | $ 0 | $ 0 | 0 | 0 | (4,010) | (4,010) | ||||||
Balance (in shares) at Mar. 31, 2021 | 26,798 | (308) | ||||||||||
Balance at Mar. 31, 2021 | $ 131,330 | $ (2,111) | $ 2,111 | $ 0 | $ (260) | $ 131,070 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Dividend per share (in dollars per share) | $ 0.20 | $ 0.20 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows from Operating Activities | ||
Net Income | $ 5,670 | $ 8,079 |
Non-cash items included in net income | ||
Depreciation and amortization | 5,943 | 6,631 |
Deferred income taxes | 332 | 2,637 |
Deferred compensation plan | 1,096 | 296 |
Stock compensation expense | 1,317 | 494 |
Issuance of common shares as compensation | 242 | 225 |
Gain on disposition of fixed assets | 0 | (8,510) |
Allowance for doubtful accounts | (15) | (105) |
Inventory obsolescence reserve | 1,226 | 1,720 |
Changes in certain assets and liabilities | ||
Accounts receivable | (6,867) | 8,322 |
Inventories | (2,817) | (1,981) |
Refundable income taxes | (444) | (1,170) |
Accounts payable | 10,450 | 1,015 |
Accrued expenses and other | 1,269 | (258) |
Customer prepayments | 7,232 | (298) |
Net cash flows provided by operating activities | 24,634 | 17,097 |
Cash Flows from Investing Activities | ||
Purchases of property, plant and equipment | (1,517) | (1,538) |
Proceeds from the sale of fixed assets | 0 | 20,040 |
Net cash flows (used in) provided by investing activities | (1,517) | 18,502 |
Cash Flows from Financing Activities | ||
Payments of long-term debt | 0 | (169,671) |
Borrowings of long-term debt | 0 | 138,049 |
Cash dividends paid | (3,963) | (3,958) |
Shares withheld for employees' taxes | (28) | (124) |
Payments on financing lease obligations | (178) | 0 |
Proceeds from stock option exercises | 962 | 174 |
Net cash flows used in financing activities | (3,207) | (35,530) |
Change related to foreign currency | 101 | (215) |
Increase (Decrease) in cash and cash equivalents | 20,011 | (146) |
Cash and cash equivalents at beginning of period | 3,517 | 966 |
Cash and cash equivalents at end of period | $ 23,528 | $ 820 |
Note 1 - Interim Condensed Cons
Note 1 - Interim Condensed Consolidated Financial Statements | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | NOTE 1 - INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The interim condensed consolidated financial statements are unaudited and are prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, and rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the interim financial statements include all normal adjustments and disclosures necessary to present fairly the Company’s financial position as of March 31, 2021, three nine March 31, 2021 2020, nine March 31, 2021 2020. 2020 10 June 30, 2020 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation: A summary of the Company’s significant accounting policies is included in Note 1 2020 10 2016 02 2016 02” 842 842 first 2020 Revenue Recognition: The Company recognizes revenue when it satisfies the performance obligation in its customer contracts or purchase orders. Most of the Company’s products have a single performance obligation which is satisfied at a point in time when control is transferred to the customer. Control is generally transferred at time of shipment when title and risk of ownership passes to the customer. For customer contracts with multiple performance obligations, the Company allocates the transaction price and any discounts to each performance obligation based on relative standalone selling prices. Payment terms are typically within 30 90 not Installation is a separate performance obligation, except for the Company’s digital signage products. For digital signage products, installation is not not no A number of the Company's Graphics and select Lighting products are highly customized for specific customers. As a result, these customized products do not not no ● Customer specific print graphics branding ● Electrical components based on customer specifications ● Digital signage and related media content The Company also offers installation services for its Graphics and select Lighting products. Installation revenue is recognized over time as our customer simultaneously receives and consumes the benefits provided through the installation process. For these customized products and installation services, revenue is recognized using a cost-based input method: recognizing revenue and gross profit as work is performed based on the relationship between the actual cost incurred and the total estimated cost for the contract. Disaggregation of Revenue The Company disaggregates the revenue from contracts with customers by the timing of revenue recognition because the Company believes it best depicts the nature, amount, and timing of its revenue and cash flows. The table below presents a reconciliation of the disaggregation by reportable segments: Three Months Ended Nine Months Ended (In thousands) March 31, 2021 March 31, 2021 Lighting Segment Graphics Segment Lighting Segment Graphics Segment Timing of revenue recognition Products and services transferred at a point in time $ 39,497 $ 12,550 $ 119,478 $ 42,991 Products and services transferred over time 6,243 13,914 16,793 39,335 $ 45,740 $ 26,464 $ 136,271 $ 82,326 Three Months Ended Nine Months Ended March 31, 2021 March 31, 2021 Lighting Segment Graphics Segment Lighting Segment Graphics Segment Type of Product and Services LED lighting, digital signage solutions, electronic circuit boards $ 40,298 $ 8,595 $ 118,681 $ 20,546 Poles, printed graphics, non-LED lighting 5,071 11,809 16,299 41,526 Project management, installation services, shipping and handling 371 6,060 1,291 20,254 $ 45,740 $ 26,464 $ 136,271 $ 82,326 Practical Expedients and Exemptions ● The Company’s contracts with customers have an expected duration of one ● Shipping costs that are not ● The Company’s accounts receivable balance represents the Company’s unconditional right to receive payment from its customers with contracts. Payments are generally due within 30 90 not ● The Company collects sales tax and other taxes concurrent with revenue-producing activities which are excluded from revenue. Shipping and handling costs are treated as fulfillment activities and included in cost of products and services sold on the Consolidated Statements of Operations. New Accounting Pronouncements: On July 1, 2019, 2016 02 not not not The Company’s most significant leases are those related to certain manufacturing facilities along with a small office space. Besides these real estate leases, most other leases are insignificant and consist of leases related to a vehicle, forklifts and various office equipment. The adoption of the new lease standard resulted in the recognition of right-of-use assets (“ROU assets”) of $10.4 million, lease liabilities of $10.8 million which includes the impact of existing deferred rents and tenant improvement allowances and a $0.4 million adjustment to retained earnings on the consolidated balance sheets as of July 1, 2019 no On July 1, 2020, 2016 13, 326 326 2016 13 not In March 2020 January 2021, 2020 04, 2021 01, March 12, 2020, may December 31, 2022. may Subsequent Events: The Company has evaluated subsequent events for potential recognition and disclosure through the date the consolidated financial statements were filed. No |
Note 3 - Segment Reporting Info
Note 3 - Segment Reporting Information | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 3 The accounting guidance on Segment Reporting establishes standards for reporting information regarding operating segments in annual financial statements and requires selected information of those segments to be presented in financial statements. Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision maker (the Company’s Chief Executive Officer or “CODM”) in making decisions on how to allocate resources and assess performance. The Company’s two one The Lighting Segment includes outdoor and indoor lighting utilizing both traditional and LED light sources that have been fabricated and assembled for the Company’s markets, which primarily consist of petroleum/convenience stores, parking lot and garage markets, automotive dealerships, quick-service restaurants, grocery and pharmacy stores, and retail/national accounts. The Company serves these lighting product customers through the commercial, industrial, stock and flow, and renovation channels. The Lighting Segment also includes the design, engineering, and manufacturing of electronic circuit boards, assemblies and sub-assemblies which are sold directly to customers. The Graphics Segment designs, manufactures and installs exterior and interior visual image elements such as traditional graphics, interior branding, electrical and architectural signage, active digital signage along with the management of media content related to digital signage and menu board systems that are either digital or print by design. These products are used in visual image programs in several markets including the petroleum/convenience store market, quick-service restaurant market, the grocery store and pharmacy markets, as well as customers with multi-site retail operations. The Graphics Segment implements, installs and provides program management services related to products sold by the Graphics Segment and by the Lighting Segment. The Company’s corporate administration activities are reported in the Corporate and Eliminations line item. These activities primarily include intercompany profit in inventory eliminations, expense related to certain corporate officers and support staff, the Company’s internal audit expenses, expense related to the Company’s Board of Directors, equity compensation expense for various equity awards granted to corporate administration employees, certain consulting expenses, investor relations activities, and a portion of the Company’s legal, auditing and professional fee expenses. Corporate identifiable assets primarily consist of cash, invested cash (if any), refundable income taxes (if any), and deferred income taxes. There was no concentration of consolidated net sales in the three nine March 31, 2021 2020. March 31, 2021 June 30, 2020. Summarized financial information for the Company’s operating segments is provided for the indicated periods and as of March 31, 2021 March 31, 2020: Three Months Ended Nine Months Ended (In thousands) March 31 March 31 2021 2020 2021 2020 Net Sales: Lighting Segment $ 45,740 $ 49,013 $ 136,271 $ 165,640 Graphics Segment 26,464 21,997 82,326 76,448 $ 72,204 $ 71,010 $ 218,597 $ 242,088 Operating Income (Loss): Lighting Segment $ 3,797 $ 1,102 $ 9,519 $ 13,411 Graphics Segment 1,230 4,015 6,196 6,394 Corporate and Eliminations (2,931 ) (2,486 ) (8,731 ) (8,575 ) $ 2,096 $ 2,631 $ 6,984 $ 11,230 Capital Expenditures: Lighting Segment $ 605 $ 126 $ 1,249 $ 1,013 Graphics Segment 17 234 84 279 Corporate and Eliminations 15 59 184 246 $ 637 $ 419 $ 1,517 $ 1,538 Depreciation and Amortization: Lighting Segment $ 1,566 $ 1,650 $ 4,795 $ 5,089 Graphics Segment 278 347 940 1,107 Corporate and Eliminations 76 83 208 435 $ 1,920 $ 2,080 $ 5,943 $ 6,631 March 31, 2021 June 30, 2020 Identifiable Assets: Lighting Segment $ 121,245 $ 118,819 Graphics Segment 36,738 35,021 Corporate and Eliminations 39,111 18,423 $ 197,094 $ 172,263 The segment net sales reported above represent sales to external customers. Segment operating income, which is used in management’s evaluation of segment performance, represents net sales less all operating expenses. Identifiable assets are those assets used by each segment in its operations. The Company records a 10% mark-up on intersegment revenues. Any intersegment profit in inventory is eliminated in consolidation. Intersegment revenues were eliminated in consolidation as follows: Three Months Ended Nine Months Ended (In thousands) March 31 March 31 2021 2020 2021 2020 Lighting Segment inter-segment net sales $ 6,880 $ 744 $ 15,998 $ 2,415 Graphics Segment inter-segment net sales $ 46 $ 153 $ 159 $ 251 The Company’s operations are located solely within North America. As a result, the geographic distribution of the Company’s net sales and long-lived assets originate within North America. |
Note 4 - Earnings Per Common Sh
Note 4 - Earnings Per Common Share | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 4 EARNINGS PER COMMON SHARE The following table presents the amounts used to compute basic and diluted earnings per common share, as well as the effect of dilutive potential common shares on weighted average shares outstanding (in thousands, except per share data): Three Months Ended Nine Months Ended March 31 March 31 2021 2020 2021 2020 BASIC EARNINGS PER SHARE Net income $ 1,472 $ 1,861 $ 5,670 $ 8,079 Weighted average shares outstanding during the period, net of treasury shares 26,467 26,151 26,384 26,087 Weighted average vested restricted stock units outstanding 20 6 16 7 Weighted average shares outstanding in the Deferred Compensation Plan during the period 284 144 242 156 Weighted average shares outstanding 26,771 26,301 26,642 26,250 Basic income per share $ 0.05 $ 0.07 $ 0.21 $ 0.31 DILUTED EARNINGS PER SHARE Net income $ 1,472 $ 1,861 $ 5,670 $ 8,079 Weighted average shares outstanding: Basic 26,771 26,301 26,642 26,250 Effect of dilutive securities (a): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any 956 322 710 173 Weighted average shares outstanding 27,727 26,623 27,352 26,423 Diluted income per share $ 0.05 $ 0.07 $ 0.21 $ 0.31 Anti-dilutive securities (b) 654 1,875 1,017 2,038 (a) Calculated using the “Treasury Stock” method as if dilutive securities were exercised and the funds were used to purchase common shares at the average market price during the period. (b) Anti-dilutive securities were excluded from the computation of diluted net income per share for the three nine March 31, 2021 March 31, 2020 |
Note 5 - Inventories
Note 5 - Inventories | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 5 - INVENTORIES The following information is provided as of the dates indicated: March 31, June 30, (In thousands) 2021 2020 Inventories: Raw materials $ 28,915 $ 27,331 Work-in-progress 1,423 1,566 Finished goods 10,052 9,855 Total Inventories $ 40,390 $ 38,752 |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | NOTE 6 - ACCRUED EXPENSES The following information is provided as of the dates indicated: March 31, June 30, (In thousands) 2021 2020 Accrued Expenses: Customer prepayments $ 8,938 $ 1,698 Compensation and benefits 6,738 5,271 Accrued warranty 5,786 6,956 Accrued FICA 2,239 730 Accrued sales commissions 2,039 1,289 Operating lease liabilities 304 376 Finance lease liabilities 248 239 Other accrued expenses 4,010 3,874 Total Accrued Expenses $ 30,302 $ 20,433 |
Note 7 - Goodwill and Other Int
Note 7 - Goodwill and Other Intangible Assets | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 7 - GOODWILL AND OTHER INTANGIBLE ASSETS The carrying values of goodwill and other intangible assets with indefinite lives are reviewed at least annually for possible impairment. The Company may first not not no not not first not 3 820 may may The Company identified its reporting units in conjunction with its annual goodwill impairment testing. The Company has a total of two one one not As of March 1, 2021, two fourth 2021. not The following table presents information about the Company's goodwill on the dates or for the periods indicated: Goodwill (In thousands) Lighting Graphics Segment Segment Total Balance as of March 31, 2021 Goodwill $ 70,971 $ 28,690 $ 99,661 Accumulated impairment losses (61,763 ) (27,525 ) (89,288 ) Goodwill, net as of March 31, 2021 $ 9,208 $ 1,165 $ 10,373 Balance as of June 30, 2020 Goodwill $ 86,711 $ 28,690 $ 115,401 Accumulated impairment losses (77,503 ) (27,525 ) (105,028 ) Goodwill, net as of June 30, 2020 $ 9,208 $ 1,165 $ 10,373 In the second 2021, The Company performed its annual review of indefinite-lived intangible assets as of March 1, 2021 fourth 2021. not The following table presents the gross carrying amount and accumulated amortization by each major asset class: Other Intangible Assets March 31, 2021 (In thousands) Gross Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 30,163 $ 10,273 $ 19,890 Patents 268 230 38 LED technology firmware, software 16,066 13,215 2,851 Trade name 2,658 911 1,747 Total Amortized Intangible Assets 49,155 24,629 24,526 Indefinite-lived Intangible Assets Trademarks and trade names 3,422 - 3,422 Total indefinite-lived Intangible Assets 3,422 - 3,422 Total Other Intangible Assets $ 52,577 $ 24,629 $ 27,948 Other Intangible Assets June 30, 2020 (In thousands) Gross Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 35,563 $ 14,129 $ 21,434 Patents 338 277 61 LED technology firmware, software 16,066 12,852 3,214 Trade name 2,658 829 1,829 Total Amortized Intangible Assets 54,625 28,087 26,538 Indefinite-lived Intangible Assets Trademarks and trade names 3,422 - 3,422 Total indefinite-lived Intangible Assets 3,422 - 3,422 Total Other Intangible Assets $ 58,047 $ 28,087 $ 29,960 In the second 2021, Three Months Ended Nine Months Ended March 31 March 31 (In thousands) 2021 2020 2021 2020 Amortization Expense of Other Intangible Assets $ 671 $ 670 $ 2,012 $ 2,016 The Company expects to record annual amortization expense as follows: (In thousands) 2021 $ 2,682 2022 $ 2,461 2023 $ 2,412 2024 $ 2,412 2025 $ 2,412 After 2025 $ 14,159 |
Note 8 - Revolving Line of Cred
Note 8 - Revolving Line of Credit | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 8 - REVOLVING LINE OF CREDIT In March 2021, third 2026. not fourth 2021. March 31, 2021, The Company is in compliance with all of its loan covenants as of March 31, 2021. |
Note 9 - Cash Dividends
Note 9 - Cash Dividends | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 9 - CASH DIVIDENDS The Company paid cash dividends of $4.0 million in both the nine March 31, 2021 March 31, 2020. March 31, 2021 2020, April 2021, May 11, 2021 May 3, 2021. |
Note 10 - Equity Compensation
Note 10 - Equity Compensation | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 10 EQUITY COMPENSATION In November 2019, 2019 “2019 2019 may 2019 March 31, 2021. 2019 2019 In the nine March 31, 2021, three March 31, 2021 2020, nine March 31, 2021 2020, |
Note 11 - Supplemental Cash Flo
Note 11 - Supplemental Cash Flow Information | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 11 - SUPPLEMENTAL CASH FLOW INFORMATION Nine Months Ended (In thousands) March 31 2021 2020 Cash Payments: Interest $ 71 $ 889 Income taxes $ 1,473 $ 8 Non-cash investing and financing activities Issuance of common shares as compensation $ 242 $ 225 Issuance of common shares to fund deferred compensation plan $ 1,096 $ 296 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 12 The Company is party to various negotiations, customer bankruptcies, and legal proceedings arising in the normal course of business. The Company provides reserves for these matters when a loss is probable and reasonably estimable. The Company does not not The Company may third March 31, 2021, |
Note 13 - Severance Costs
Note 13 - Severance Costs | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 13 SEVERANCE COSTS The activity in the Company’s accrued severance liability is as follows for the periods indicated: Nine Months Nine Months Fiscal Year Ended Ended Ended March 31, March 31, June 30, (In thousands) 2021 2020 2020 Balance at beginning of period $ 639 $ 1,134 $ 1,134 Accrual of expense 21 73 344 Payments (555 ) (481 ) (839 ) Balance at end of period $ 105 $ 726 $ 639 The $0.1 million severance reserve reported as of March 31, 2021 twelve |
Note 14 - Restructuring Costs
Note 14 - Restructuring Costs | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 14 RESTRUCTURING COSTS In the first 2020, first 2020 Restructuring costs incurred in the second 2020 In the third 2020, third 2020 not The following table presents information about restructuring costs for the periods indicated: Three Months Ended Nine Months Ended March 31 March 31 (In thousands) 2021 2020 2021 2020 Exit costs $ - $ 235 $ 3 $ 419 Impairment of fixed assets and accelerated depreciation - - - 49 Gain on sale of facility - (3,741 ) - (8,562 ) Manufacturing realignment costs - - - 276 Total $ - $ (3,506 ) $ 3 $ (7,818 ) The following table presents a roll forward of the beginning and ending liability balances related to the restructuring costs: Balance as of Balance as of June 30, Restructuring March 31, (In thousands) 2020 Expense Payments Adjustments 2021 Severance and termination benefits $ 27 $ - $ - $ - $ 27 Other restructuring costs - 3 (3 ) - $ - Total $ 27 $ 3 $ (3 ) $ - $ 27 |
Note 15 - Leases
Note 15 - Leases | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 15 The Company leases certain manufacturing facilities along with a small office space, several forklifts, several small tooling items and various items of office equipment. All but one one seven not not The Company has periodically entered into short-term operating leases with an initial term of twelve not three nine March 31, 2021 2020, The Company has certain leases that contain lease and non-lease components and has elected to utilize the practical expedient to account for these components together as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. The Company used its incremental borrowing rate when determining the present value of lease payments. The adoption of the new lease standard resulted in the recognition of ROU assets of $10.4 million and lease liabilities of $10.8 million which includes the impact of existing deferred rents and tenant improvement allowances on the consolidated balance sheets as of July 1, 2019 no Three Months Ended Nine Months Ended March 31 March 31 (In thousands) 2021 2020 2021 2020 Operating lease cost $ 576 $ 574 $ 1,714 $ 1,736 Financing lease cost: Amortization of right of use assets 73 - 218 - Interest on lease liabilities 22 - 69 - Variable lease cost - - 2 - Total lease cost $ 671 $ 574 $ 2,003 $ 1,736 Supplemental Cash Flow Information: Nine Months Ended March 31 (In thousands) 2021 2020 Cash flows from operating leases Fixed payments - operating cash flows $ 1,707 $ 1,707 Liability reduction - operating cash flows $ 1,397 $ 1,334 Cash flows from finance leases Interest - operating cash flows $ 69 $ - Repayments of principal portion - financing cash flows $ 178 $ - Operating Leases: March 31, June 30, 2021 2020 Total operating right-of-use assets $ 7,673 $ 8,663 Accrued expenses (Current liabilities) $ 304 $ 376 Long-term operating lease liability 8,105 9,021 Total operating lease liabilities $ 8,409 $ 9,397 Weighted Average remaining Lease Term (in years) 3.99 4.59 Weighted Average Discount Rate 4.86 % 4.85 % Finance Leases: March 31, June 30, 2021 2020 Buildings under finance leases $ 2,033 $ 2,033 Accumulated depreciation (266 ) (48 ) Total finance lease assets, net $ 1,767 $ 1,985 Accrued expenses (Current liabilities) $ 248 $ 239 Long-term finance lease liability 1,568 1,755 Total finance lease liabilities $ 1,816 $ 1,994 Weighted Average remaining Lease Term (in years) 6.08 6.83 Weighted Average Discount Rate 4.86 % 4.86 % Maturities of Lease Liability: Operating Lease Liabilities Finance Lease Liabilities 2021 $ 914 $ 149 2022 2,362 329 2023 2,351 329 2024 2,037 335 2025 1,469 362 Thereafter 435 665 Total lease payments 9,568 2,169 Less: Interest (1,159 ) (353 ) Present Value of Lease Liabilities $ 8,409 $ 1,816 |
Note 16 - Income Taxes
Note 16 - Income Taxes | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 16 INCOME TAXES The Company's effective income tax rate is based on expected income, statutory rates and tax planning opportunities available in the various jurisdictions in which it operates. For interim financial reporting, the Company estimates the annual income tax rate based on projected taxable income for the full year and records a quarterly income tax provision or benefit in accordance with the anticipated annual rate. The Company refines the estimates of the year's taxable income as new information becomes available, including actual year-to-date financial results. This continual estimation process often results in a change to the expected effective income tax rate for the year. When this occurs, the Company adjusts the income tax provision during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected income tax rate. Significant judgment is required in determining the effective tax rate and in evaluating tax positions. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law in March 2020. third 2020 first 2021 third 2020 2020 Three Months Ended Nine Months Ended March 31 March 31 2021 2020 2021 2020 Reconciliation of effective tax rate: Provision for income taxes at the anticipated annual tax rate 23.8 % 10.8 % 24.3 % 16.7 % Uncertain tax positions 0.8 1.5 (1.3 ) (0.3 ) Tax rate changes - (16.7 ) (5.0 ) (2.5 ) Shared-based compensation 1.8 4.4 1.1 3.7 Effective tax rate 26.4 % - % 19.1 % 17.6 % |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation: A summary of the Company’s significant accounting policies is included in Note 1 2020 10 2016 02 2016 02” 842 842 first 2020 |
Revenue [Policy Text Block] | Revenue Recognition: The Company recognizes revenue when it satisfies the performance obligation in its customer contracts or purchase orders. Most of the Company’s products have a single performance obligation which is satisfied at a point in time when control is transferred to the customer. Control is generally transferred at time of shipment when title and risk of ownership passes to the customer. For customer contracts with multiple performance obligations, the Company allocates the transaction price and any discounts to each performance obligation based on relative standalone selling prices. Payment terms are typically within 30 90 not Installation is a separate performance obligation, except for the Company’s digital signage products. For digital signage products, installation is not not no A number of the Company's Graphics and select Lighting products are highly customized for specific customers. As a result, these customized products do not not no ● Customer specific print graphics branding ● Electrical components based on customer specifications ● Digital signage and related media content The Company also offers installation services for its Graphics and select Lighting products. Installation revenue is recognized over time as our customer simultaneously receives and consumes the benefits provided through the installation process. For these customized products and installation services, revenue is recognized using a cost-based input method: recognizing revenue and gross profit as work is performed based on the relationship between the actual cost incurred and the total estimated cost for the contract. Disaggregation of Revenue The Company disaggregates the revenue from contracts with customers by the timing of revenue recognition because the Company believes it best depicts the nature, amount, and timing of its revenue and cash flows. The table below presents a reconciliation of the disaggregation by reportable segments: Three Months Ended Nine Months Ended (In thousands) March 31, 2021 March 31, 2021 Lighting Segment Graphics Segment Lighting Segment Graphics Segment Timing of revenue recognition Products and services transferred at a point in time $ 39,497 $ 12,550 $ 119,478 $ 42,991 Products and services transferred over time 6,243 13,914 16,793 39,335 $ 45,740 $ 26,464 $ 136,271 $ 82,326 Three Months Ended Nine Months Ended March 31, 2021 March 31, 2021 Lighting Segment Graphics Segment Lighting Segment Graphics Segment Type of Product and Services LED lighting, digital signage solutions, electronic circuit boards $ 40,298 $ 8,595 $ 118,681 $ 20,546 Poles, printed graphics, non-LED lighting 5,071 11,809 16,299 41,526 Project management, installation services, shipping and handling 371 6,060 1,291 20,254 $ 45,740 $ 26,464 $ 136,271 $ 82,326 Practical Expedients and Exemptions ● The Company’s contracts with customers have an expected duration of one ● Shipping costs that are not ● The Company’s accounts receivable balance represents the Company’s unconditional right to receive payment from its customers with contracts. Payments are generally due within 30 90 not ● The Company collects sales tax and other taxes concurrent with revenue-producing activities which are excluded from revenue. Shipping and handling costs are treated as fulfillment activities and included in cost of products and services sold on the Consolidated Statements of Operations. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements: On July 1, 2019, 2016 02 not not not The Company’s most significant leases are those related to certain manufacturing facilities along with a small office space. Besides these real estate leases, most other leases are insignificant and consist of leases related to a vehicle, forklifts and various office equipment. The adoption of the new lease standard resulted in the recognition of right-of-use assets (“ROU assets”) of $10.4 million, lease liabilities of $10.8 million which includes the impact of existing deferred rents and tenant improvement allowances and a $0.4 million adjustment to retained earnings on the consolidated balance sheets as of July 1, 2019 no On July 1, 2020, 2016 13, 326 326 2016 13 not In March 2020 January 2021, 2020 04, 2021 01, March 12, 2020, may December 31, 2022. may |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events: The Company has evaluated subsequent events for potential recognition and disclosure through the date the consolidated financial statements were filed. No |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended (In thousands) March 31, 2021 March 31, 2021 Lighting Segment Graphics Segment Lighting Segment Graphics Segment Timing of revenue recognition Products and services transferred at a point in time $ 39,497 $ 12,550 $ 119,478 $ 42,991 Products and services transferred over time 6,243 13,914 16,793 39,335 $ 45,740 $ 26,464 $ 136,271 $ 82,326 Three Months Ended Nine Months Ended March 31, 2021 March 31, 2021 Lighting Segment Graphics Segment Lighting Segment Graphics Segment Type of Product and Services LED lighting, digital signage solutions, electronic circuit boards $ 40,298 $ 8,595 $ 118,681 $ 20,546 Poles, printed graphics, non-LED lighting 5,071 11,809 16,299 41,526 Project management, installation services, shipping and handling 371 6,060 1,291 20,254 $ 45,740 $ 26,464 $ 136,271 $ 82,326 |
Note 3 - Segment Reporting In_2
Note 3 - Segment Reporting Information (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended (In thousands) March 31 March 31 2021 2020 2021 2020 Net Sales: Lighting Segment $ 45,740 $ 49,013 $ 136,271 $ 165,640 Graphics Segment 26,464 21,997 82,326 76,448 $ 72,204 $ 71,010 $ 218,597 $ 242,088 Operating Income (Loss): Lighting Segment $ 3,797 $ 1,102 $ 9,519 $ 13,411 Graphics Segment 1,230 4,015 6,196 6,394 Corporate and Eliminations (2,931 ) (2,486 ) (8,731 ) (8,575 ) $ 2,096 $ 2,631 $ 6,984 $ 11,230 Capital Expenditures: Lighting Segment $ 605 $ 126 $ 1,249 $ 1,013 Graphics Segment 17 234 84 279 Corporate and Eliminations 15 59 184 246 $ 637 $ 419 $ 1,517 $ 1,538 Depreciation and Amortization: Lighting Segment $ 1,566 $ 1,650 $ 4,795 $ 5,089 Graphics Segment 278 347 940 1,107 Corporate and Eliminations 76 83 208 435 $ 1,920 $ 2,080 $ 5,943 $ 6,631 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, 2021 June 30, 2020 Identifiable Assets: Lighting Segment $ 121,245 $ 118,819 Graphics Segment 36,738 35,021 Corporate and Eliminations 39,111 18,423 $ 197,094 $ 172,263 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended Nine Months Ended (In thousands) March 31 March 31 2021 2020 2021 2020 Lighting Segment inter-segment net sales $ 6,880 $ 744 $ 15,998 $ 2,415 Graphics Segment inter-segment net sales $ 46 $ 153 $ 159 $ 251 |
Note 4 - Earnings Per Common _2
Note 4 - Earnings Per Common Share (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended March 31 March 31 2021 2020 2021 2020 BASIC EARNINGS PER SHARE Net income $ 1,472 $ 1,861 $ 5,670 $ 8,079 Weighted average shares outstanding during the period, net of treasury shares 26,467 26,151 26,384 26,087 Weighted average vested restricted stock units outstanding 20 6 16 7 Weighted average shares outstanding in the Deferred Compensation Plan during the period 284 144 242 156 Weighted average shares outstanding 26,771 26,301 26,642 26,250 Basic income per share $ 0.05 $ 0.07 $ 0.21 $ 0.31 DILUTED EARNINGS PER SHARE Net income $ 1,472 $ 1,861 $ 5,670 $ 8,079 Weighted average shares outstanding: Basic 26,771 26,301 26,642 26,250 Effect of dilutive securities (a): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any 956 322 710 173 Weighted average shares outstanding 27,727 26,623 27,352 26,423 Diluted income per share $ 0.05 $ 0.07 $ 0.21 $ 0.31 Anti-dilutive securities (b) 654 1,875 1,017 2,038 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, June 30, (In thousands) 2021 2020 Inventories: Raw materials $ 28,915 $ 27,331 Work-in-progress 1,423 1,566 Finished goods 10,052 9,855 Total Inventories $ 40,390 $ 38,752 |
Note 6 - Accrued Expenses (Tabl
Note 6 - Accrued Expenses (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, June 30, (In thousands) 2021 2020 Accrued Expenses: Customer prepayments $ 8,938 $ 1,698 Compensation and benefits 6,738 5,271 Accrued warranty 5,786 6,956 Accrued FICA 2,239 730 Accrued sales commissions 2,039 1,289 Operating lease liabilities 304 376 Finance lease liabilities 248 239 Other accrued expenses 4,010 3,874 Total Accrued Expenses $ 30,302 $ 20,433 |
Note 7 - Goodwill and Other I_2
Note 7 - Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Goodwill (In thousands) Lighting Graphics Segment Segment Total Balance as of March 31, 2021 Goodwill $ 70,971 $ 28,690 $ 99,661 Accumulated impairment losses (61,763 ) (27,525 ) (89,288 ) Goodwill, net as of March 31, 2021 $ 9,208 $ 1,165 $ 10,373 Balance as of June 30, 2020 Goodwill $ 86,711 $ 28,690 $ 115,401 Accumulated impairment losses (77,503 ) (27,525 ) (105,028 ) Goodwill, net as of June 30, 2020 $ 9,208 $ 1,165 $ 10,373 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Other Intangible Assets March 31, 2021 (In thousands) Gross Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 30,163 $ 10,273 $ 19,890 Patents 268 230 38 LED technology firmware, software 16,066 13,215 2,851 Trade name 2,658 911 1,747 Total Amortized Intangible Assets 49,155 24,629 24,526 Indefinite-lived Intangible Assets Trademarks and trade names 3,422 - 3,422 Total indefinite-lived Intangible Assets 3,422 - 3,422 Total Other Intangible Assets $ 52,577 $ 24,629 $ 27,948 Other Intangible Assets June 30, 2020 (In thousands) Gross Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 35,563 $ 14,129 $ 21,434 Patents 338 277 61 LED technology firmware, software 16,066 12,852 3,214 Trade name 2,658 829 1,829 Total Amortized Intangible Assets 54,625 28,087 26,538 Indefinite-lived Intangible Assets Trademarks and trade names 3,422 - 3,422 Total indefinite-lived Intangible Assets 3,422 - 3,422 Total Other Intangible Assets $ 58,047 $ 28,087 $ 29,960 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Three Months Ended Nine Months Ended March 31 March 31 (In thousands) 2021 2020 2021 2020 Amortization Expense of Other Intangible Assets $ 671 $ 670 $ 2,012 $ 2,016 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (In thousands) 2021 $ 2,682 2022 $ 2,461 2023 $ 2,412 2024 $ 2,412 2025 $ 2,412 After 2025 $ 14,159 |
Note 11 - Supplemental Cash F_2
Note 11 - Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Nine Months Ended (In thousands) March 31 2021 2020 Cash Payments: Interest $ 71 $ 889 Income taxes $ 1,473 $ 8 Non-cash investing and financing activities Issuance of common shares as compensation $ 242 $ 225 Issuance of common shares to fund deferred compensation plan $ 1,096 $ 296 |
Note 13 - Severance Costs (Tabl
Note 13 - Severance Costs (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Employee Severance [Member] | |
Notes Tables | |
Schedule of Accrued Severance Liability [Table Text Block] | Nine Months Nine Months Fiscal Year Ended Ended Ended March 31, March 31, June 30, (In thousands) 2021 2020 2020 Balance at beginning of period $ 639 $ 1,134 $ 1,134 Accrual of expense 21 73 344 Payments (555 ) (481 ) (839 ) Balance at end of period $ 105 $ 726 $ 639 |
Note 14 - Restructuring Costs (
Note 14 - Restructuring Costs (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended Nine Months Ended March 31 March 31 (In thousands) 2021 2020 2021 2020 Exit costs $ - $ 235 $ 3 $ 419 Impairment of fixed assets and accelerated depreciation - - - 49 Gain on sale of facility - (3,741 ) - (8,562 ) Manufacturing realignment costs - - - 276 Total $ - $ (3,506 ) $ 3 $ (7,818 ) |
Schedule of Liability Balances Related to Restructuring Costs [Table Text Block] | Balance as of Balance as of June 30, Restructuring March 31, (In thousands) 2020 Expense Payments Adjustments 2021 Severance and termination benefits $ 27 $ - $ - $ - $ 27 Other restructuring costs - 3 (3 ) - $ - Total $ 27 $ 3 $ (3 ) $ - $ 27 |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended March 31 March 31 (In thousands) 2021 2020 2021 2020 Operating lease cost $ 576 $ 574 $ 1,714 $ 1,736 Financing lease cost: Amortization of right of use assets 73 - 218 - Interest on lease liabilities 22 - 69 - Variable lease cost - - 2 - Total lease cost $ 671 $ 574 $ 2,003 $ 1,736 Supplemental Cash Flow Information: Nine Months Ended March 31 (In thousands) 2021 2020 Cash flows from operating leases Fixed payments - operating cash flows $ 1,707 $ 1,707 Liability reduction - operating cash flows $ 1,397 $ 1,334 Cash flows from finance leases Interest - operating cash flows $ 69 $ - Repayments of principal portion - financing cash flows $ 178 $ - March 31, June 30, 2021 2020 Total operating right-of-use assets $ 7,673 $ 8,663 Accrued expenses (Current liabilities) $ 304 $ 376 Long-term operating lease liability 8,105 9,021 Total operating lease liabilities $ 8,409 $ 9,397 Weighted Average remaining Lease Term (in years) 3.99 4.59 Weighted Average Discount Rate 4.86 % 4.85 % March 31, June 30, 2021 2020 Buildings under finance leases $ 2,033 $ 2,033 Accumulated depreciation (266 ) (48 ) Total finance lease assets, net $ 1,767 $ 1,985 Accrued expenses (Current liabilities) $ 248 $ 239 Long-term finance lease liability 1,568 1,755 Total finance lease liabilities $ 1,816 $ 1,994 Weighted Average remaining Lease Term (in years) 6.08 6.83 Weighted Average Discount Rate 4.86 % 4.86 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Lease Liabilities Finance Lease Liabilities 2021 $ 914 $ 149 2022 2,362 329 2023 2,351 329 2024 2,037 335 2025 1,469 362 Thereafter 435 665 Total lease payments 9,568 2,169 Less: Interest (1,159 ) (353 ) Present Value of Lease Liabilities $ 8,409 $ 1,816 |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended Nine Months Ended March 31 March 31 2021 2020 2021 2020 Reconciliation of effective tax rate: Provision for income taxes at the anticipated annual tax rate 23.8 % 10.8 % 24.3 % 16.7 % Uncertain tax positions 0.8 1.5 (1.3 ) (0.3 ) Tax rate changes - (16.7 ) (5.0 ) (2.5 ) Shared-based compensation 1.8 4.4 1.1 3.7 Effective tax rate 26.4 % - % 19.1 % 17.6 % |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 | Jul. 01, 2019 |
Operating Lease, Right-of-Use Asset | $ 7,673 | $ 8,663 | |
Operating Lease, Liability, Total | 8,409 | 9,397 | |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (260) | $ (1,920) | |
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 10,400 | ||
Operating Lease, Liability, Total | 10,800 | ||
Accounting Standards Update 2016-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 400 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue | $ 72,204 | $ 71,010 | $ 218,597 | $ 242,088 |
Lighting Segment [Member] | ||||
Revenue | 45,740 | 49,013 | 136,271 | 165,640 |
Lighting Segment [Member] | LED Lighting, Digital Signage, Electronic Circuit Boards [Member] | ||||
Revenue | 40,298 | 118,681 | ||
Lighting Segment [Member] | Legacy Products [Member] | ||||
Revenue | 5,071 | 16,299 | ||
Lighting Segment [Member] | Turnkey Services and Other [Member] | ||||
Revenue | 371 | 1,291 | ||
Graphics Segment [Member] | ||||
Revenue | 26,464 | $ 21,997 | 82,326 | $ 76,448 |
Graphics Segment [Member] | LED Lighting, Digital Signage, Electronic Circuit Boards [Member] | ||||
Revenue | 8,595 | 20,546 | ||
Graphics Segment [Member] | Legacy Products [Member] | ||||
Revenue | 11,809 | 41,526 | ||
Graphics Segment [Member] | Turnkey Services and Other [Member] | ||||
Revenue | 6,060 | 20,254 | ||
Transferred at Point in Time [Member] | Lighting Segment [Member] | ||||
Revenue | 39,497 | 119,478 | ||
Transferred at Point in Time [Member] | Graphics Segment [Member] | ||||
Revenue | 12,550 | 42,991 | ||
Transferred over Time [Member] | Lighting Segment [Member] | ||||
Revenue | 6,243 | 16,793 | ||
Transferred over Time [Member] | Graphics Segment [Member] | ||||
Revenue | $ 13,914 | $ 39,335 |
Note 3 - Segment Reporting In_3
Note 3 - Segment Reporting Information (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Intersegment Revenue Markup Percentage | 10.00% | ||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk, Percentage | 0.00% | 0.00% | 0.00% | 0.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk, Percentage | 0.00% | 0.00% |
Note 3 - Segment Reporting In_4
Note 3 - Segment Reporting Information - Summarized Financial Information by Reportable Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Net Sales | $ 72,204 | $ 71,010 | $ 218,597 | $ 242,088 |
Operating income (loss) | 2,096 | 2,631 | 6,984 | 11,230 |
Capital expenditures | 637 | 419 | 1,517 | 1,538 |
Depreciation and amortization | 1,920 | 2,080 | 5,943 | 6,631 |
Segment Reconciling Items [Member] | ||||
Operating income (loss) | (2,931) | (2,486) | (8,731) | (8,575) |
Capital expenditures | 15 | 59 | 184 | 246 |
Depreciation and amortization | 76 | 83 | 208 | 435 |
Lighting Segment [Member] | ||||
Net Sales | 45,740 | 49,013 | 136,271 | 165,640 |
Lighting Segment [Member] | Operating Segments [Member] | ||||
Operating income (loss) | 3,797 | 1,102 | 9,519 | 13,411 |
Capital expenditures | 605 | 126 | 1,249 | 1,013 |
Depreciation and amortization | 1,566 | 1,650 | 4,795 | 5,089 |
Graphics Segment [Member] | ||||
Net Sales | 26,464 | 21,997 | 82,326 | 76,448 |
Graphics Segment [Member] | Operating Segments [Member] | ||||
Operating income (loss) | 1,230 | 4,015 | 6,196 | 6,394 |
Capital expenditures | 17 | 234 | 84 | 279 |
Depreciation and amortization | $ 278 | $ 347 | $ 940 | $ 1,107 |
Note 3 - Segment Reporting In_5
Note 3 - Segment Reporting Information - Identifiable Assets by Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Identifiable assets | $ 197,094 | $ 172,263 |
Segment Reconciling Items [Member] | ||
Identifiable assets | 39,111 | 18,423 |
Lighting Segment [Member] | Operating Segments [Member] | ||
Identifiable assets | 121,245 | 118,819 |
Graphics Segment [Member] | Operating Segments [Member] | ||
Identifiable assets | $ 36,738 | $ 35,021 |
Note 3 - Segment Reporting In_6
Note 3 - Segment Reporting Information - Intersegment Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Inter-segment Revenues | $ 72,204 | $ 71,010 | $ 218,597 | $ 242,088 |
Lighting Segment [Member] | ||||
Inter-segment Revenues | 45,740 | 49,013 | 136,271 | 165,640 |
Graphics Segment [Member] | ||||
Inter-segment Revenues | 26,464 | 21,997 | 82,326 | 76,448 |
Intersegment Eliminations [Member] | Lighting Segment [Member] | ||||
Inter-segment Revenues | 6,880 | 744 | 15,998 | 2,415 |
Intersegment Eliminations [Member] | Graphics Segment [Member] | ||||
Inter-segment Revenues | $ 46 | $ 153 | $ 159 | $ 251 |
Note 4 - Earnings Per Common _3
Note 4 - Earnings Per Common Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | ||
Net Income | $ 1,472 | $ 1,861 | $ 5,670 | $ 8,079 | |
Weighted average shares outstanding during the period, net of treasury shares (in shares) | 26,467 | 26,151 | 26,384 | 26,087 | |
Weighted average vested restricted stock units outstanding (in shares) | 284 | 144 | 242 | 156 | |
Weighted average shares outstanding (in shares) | 26,771 | 26,301 | 26,642 | 26,250 | |
Basic income per share (in dollars per share) | $ 0.05 | $ 0.07 | $ 0.21 | $ 0.31 | |
Basic (in shares) | 26,771 | 26,301 | 26,642 | 26,250 | |
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any (in shares) | [1] | 956 | 322 | 710 | 173 |
Weighted average shares outstanding (in shares) | 27,727 | 26,623 | 27,352 | 26,423 | |
Diluted income per share (in dollars per share) | $ 0.05 | $ 0.07 | $ 0.21 | $ 0.31 | |
Anti-dilutive securities (b) (in shares) | [2] | 654 | 1,875 | 1,017 | 2,038 |
Restricted Stock Units (RSUs) [Member] | |||||
Weighted average vested restricted stock units outstanding (in shares) | 20 | 6 | 16 | 7 | |
[1] | Calculated using the "Treasury Stock" method as if dilutive securities were exercised and the funds were used to purchase common shares at the average market price during the period. | ||||
[2] | Anti-dilutive securities were excluded from the computation of diluted net income per share for the three and nine months ended March 31, 2021 and March 31, 2020 because the exercise price was greater than the average fair market price of the common shares or because the assumed proceeds from the award’s exercise or vesting was greater than the average fair market price of the common shares. |
Note 5 - Inventories - Inventor
Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Raw materials | $ 28,915 | $ 27,331 |
Work-in-progress | 1,423 | 1,566 |
Finished goods | 10,052 | 9,855 |
Total Inventories | $ 40,390 | $ 38,752 |
Note 6 - Accrued Expenses - Acc
Note 6 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Customer prepayments | $ 8,938 | $ 1,698 |
Compensation and benefits | 6,738 | 5,271 |
Accrued warranty | 5,786 | 6,956 |
Accrued FICA | 2,239 | 730 |
Accrued sales commissions | 2,039 | 1,289 |
Finance lease liabilities | 248 | 239 |
Other accrued expenses | 4,010 | 3,874 |
Total Accrued Expenses | 30,302 | 20,433 |
Accrued Expenses [Member] | ||
Operating lease liabilities | $ 304 | $ 376 |
Note 7 - Goodwill and Other I_3
Note 7 - Goodwill and Other Intangible Assets (Details Textual) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 01, 2021USD ($) | |
Number of Reporting Units | 2 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | |
Intangible Assets, Indefinite-lived, Amount of Fair Value in Excess of Carrying Amount | $ 15,700 | |
Intangible Assets, Indefinite-lived, Percentage of Fair Value in Excess of Carrying Amount | 358.00% | |
Lighting Segment [Member] | ||
Number of Reporting Units | 1 | |
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 28,200 | |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 26.00% | |
Graphics Segment [Member] | ||
Number of Reporting Units | 1 | |
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 11,400 | |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 2065.00% |
Note 7 - Goodwill and Other I_4
Note 7 - Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Goodwill | $ 99,661 | $ 115,401 |
Accumulated impairment losses | (89,288) | (105,028) |
Goodwill, net | 10,373 | 10,373 |
Lighting Segment [Member] | ||
Goodwill | 70,971 | 86,711 |
Accumulated impairment losses | (61,763) | (77,503) |
Goodwill, net | 9,208 | 9,208 |
Graphics Segment [Member] | ||
Goodwill | 28,690 | 28,690 |
Accumulated impairment losses | (27,525) | (27,525) |
Goodwill, net | $ 1,165 | $ 1,165 |
Note 7 - Goodwill and Other I_5
Note 7 - Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Amortized intangible assets, gross | $ 49,155 | $ 54,625 |
Accumulated amortization | 24,629 | 28,087 |
Amortized intangible assets, net | 24,526 | 26,538 |
Indefinite-lived intangible assets, gross | 3,422 | 3,422 |
Total other intangible assets, gross | 52,577 | 58,047 |
Total other intangible assets, net | 27,948 | 29,960 |
Trademarks and Trade Names [Member] | ||
Indefinite-lived intangible assets, gross | 3,422 | 3,422 |
Customer Relationships [Member] | ||
Amortized intangible assets, gross | 30,163 | 35,563 |
Accumulated amortization | 10,273 | 14,129 |
Amortized intangible assets, net | 19,890 | 21,434 |
Patents [Member] | ||
Amortized intangible assets, gross | 268 | 338 |
Accumulated amortization | 230 | 277 |
Amortized intangible assets, net | 38 | 61 |
Technology-Based Intangible Assets [Member] | ||
Amortized intangible assets, gross | 16,066 | |
Accumulated amortization | 13,215 | |
Amortized intangible assets, net | 2,851 | |
LED Technology Firmware Software [Member] | ||
Amortized intangible assets, gross | 16,066 | |
Accumulated amortization | 12,852 | |
Amortized intangible assets, net | 3,214 | |
Trade Names [Member] | ||
Amortized intangible assets, gross | 2,658 | 2,658 |
Accumulated amortization | 911 | 829 |
Amortized intangible assets, net | $ 1,747 | $ 1,829 |
Note 7 - Goodwill and Other I_6
Note 7 - Goodwill and Other Intangible Assets - Amortization Expense of Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Amortization Expense of Other Intangible Assets | $ 671 | $ 670 | $ 2,012 | $ 2,016 |
Note 7 - Goodwill and Other I_7
Note 7 - Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2021USD ($) |
2021 | $ 2,682 |
2022 | 2,461 |
2023 | 2,412 |
2024 | 2,412 |
2025 | 2,412 |
After 2025 | $ 14,159 |
Note 8 - Revolving Line of Cr_2
Note 8 - Revolving Line of Credit (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | $ 75,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 100,000 | ||
Long-term Line of Credit, Total | $ 0 | ||
Minimum [Member] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | ||
Maximum [Member] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.225% | ||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | Forecast [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
Base Rate [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | ||
Base Rate [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Note 9 - Cash Dividends (Detail
Note 9 - Cash Dividends (Details Textual) - USD ($) | May 11, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Payments of Dividends, Total | $ 4,000,000 | $ 4,000,000 | |
Dividends Accrued | $ 109,685 | $ 59,077 | |
Subsequent Event [Member] | |||
Quarterly Indicated Per Share Dividend Rate (in dollars per share) | $ 0.05 | ||
Annual Indicated per Share Dividend Rate (in dollars per share) | $ 0.20 | ||
Dividends Payable, Date to be Paid | May 11, 2021 | ||
Dividends Payable, Date of Record | May 3, 2021 |
Note 10 - Equity Compensation (
Note 10 - Equity Compensation (Details Textual) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021USD ($)$ / sharesshares | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($)$ / sharesshares | Mar. 31, 2020USD ($) | |
Share-based Payment Arrangement, Expense | $ | $ 0.4 | $ (0.1) | $ 1.3 | $ 0.5 |
The 2019 Omnibus Award Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 2,722,480 | 2,722,480 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fungible Share Ratio | 2.5 | |||
The 2019 Omnibus Award Plan [Member] | Non-qualified Serviced-based and Inducement Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 318,406 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 6.86 | $ 6.86 | ||
The 2019 Omnibus Award Plan [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 134,017 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 6.80 | |||
The 2019 Omnibus Award Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 133,126 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 6.81 |
Note 11 - Supplemental Cash F_3
Note 11 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest | $ 71 | $ 889 |
Income taxes | 1,473 | 8 |
Issuance of common shares as compensation | 242 | 225 |
Issuance of common shares to fund deferred compensation plan | $ 1,096 | $ 296 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) $ in Thousands | Mar. 31, 2021USD ($) |
Standby Letters of Credit [Member] | |
Letters of Credit Outstanding, Amount | $ 0 |
Note 13 - Severance Costs (Deta
Note 13 - Severance Costs (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 |
Supplemental Unemployment Benefits, Severance Benefits | $ 105 | $ 639 | $ 726 | $ 1,134 |
Note 13 - Severance Costs - Acc
Note 13 - Severance Costs - Accrued Severance Liability Activity (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Balance | $ 639 | $ 1,134 | $ 1,134 |
Accrual of expense | 21 | 73 | 344 |
Payments | (555) | (481) | (839) |
Balance | $ 105 | $ 726 | $ 639 |
Note 14 - Restructuring Costs_2
Note 14 - Restructuring Costs (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | |
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 0 | $ 20,040 | ||
Restructuring Charges, Total | $ 3 | |||
Sell Manufacturing Facility In New Windsor, New York [Member] | ||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 12,300 | |||
Gain (Loss) on Disposition of Property Plant Equipment, Total | 4,800 | |||
Sell Manufacturing Facility In New Windsor, New York [Member] | Facility Closing [Member] | ||||
Restructuring Charges, Total | $ 200 | |||
Sale of Manufacturing Facility in North Canton, Ohio [Member] | Facility Closing [Member] | ||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 7,700 | |||
Gain (Loss) on Disposition of Property Plant Equipment, Total | 3,700 | |||
Restructuring Charges, Total | $ 500 |
Note 14 - Restructuring Costs -
Note 14 - Restructuring Costs - Summary of Restructuring Costs for the Period (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Exit costs | $ 0 | $ 235 | $ 3 | $ 419 |
Impairment of fixed assets and accelerated depreciation | 0 | 0 | 0 | 49 |
Gain on sale of facility | 0 | (3,741) | 0 | (8,562) |
Manufacturing realignment costs | 0 | 0 | 0 | 276 |
Total | $ 0 | $ (3,506) | $ 3 | $ (7,818) |
Note 14 - Restructuring Costs_3
Note 14 - Restructuring Costs - Liability Balances Related to Restructuring Costs (Details) $ in Thousands | 9 Months Ended |
Mar. 31, 2021USD ($) | |
Balance, beginning | $ 27 |
Restructuring Expense | 3 |
Payments | (3) |
Adjustments | 0 |
Balance, ending | 27 |
Severance and Other Termination Benefits [Member] | |
Balance, beginning | 27 |
Restructuring Expense | 0 |
Payments | 0 |
Adjustments | 0 |
Balance, ending | 27 |
Other Restructuring [Member] | |
Balance, beginning | 0 |
Restructuring Expense | 3 |
Payments | (3) |
Adjustments | 0 |
Balance, ending | $ 0 |
Note 15 - Leases (Details Textu
Note 15 - Leases (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 | Jul. 01, 2019 |
Operating Lease, Right-of-Use Asset | $ 7,673 | $ 8,663 | |
Operating Lease, Liability, Total | $ 8,409 | $ 9,397 | |
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 10,400 | ||
Operating Lease, Liability, Total | $ 10,800 | ||
Minimum [Member] | |||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | ||
Maximum [Member] | |||
Lessee, Operating Lease, Remaining Lease Term (Year) | 7 years |
Note 15 - Leases - Operating Le
Note 15 - Leases - Operating Lease Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Operating lease cost | $ 576 | $ 574 | $ 1,714 | $ 1,736 | |
Amortization of right of use assets | 73 | 0 | 218 | 0 | |
Interest on lease liabilities | 22 | 0 | 69 | 0 | |
Variable lease cost | 0 | 0 | 2 | 0 | |
Total lease cost | 671 | $ 574 | 2,003 | 1,736 | |
Fixed payments - operating cash flows | 1,707 | 1,707 | |||
Liability reduction - operating cash flows | 1,397 | 1,334 | |||
Interest - operating cash flows | 69 | 0 | |||
Repayments of principal portion - financing cash flows | 178 | $ 0 | |||
Total operating right-of-use assets | 7,673 | 7,673 | $ 8,663 | ||
Long-term operating lease liability | 8,105 | 8,105 | 9,021 | ||
Total operating lease liabilities | $ 8,409 | $ 8,409 | $ 9,397 | ||
Weighted Average remaining Lease Term (in years) (Year) | 3 years 11 months 26 days | 3 years 11 months 26 days | 4 years 7 months 2 days | ||
Weighted Average Discount Rate | 4.86% | 4.86% | 4.85% | ||
Buildings under finance leases | $ 2,033 | $ 2,033 | $ 2,033 | ||
Accumulated depreciation | (266) | (266) | (48) | ||
Total finance lease assets, net | 1,767 | 1,767 | 1,985 | ||
Accrued expenses (Current liabilities) | 248 | 248 | 239 | ||
Long-term finance lease liability | 1,568 | 1,568 | 1,755 | ||
Total finance lease liabilities | $ 1,816 | $ 1,816 | $ 1,994 | ||
Weighted Average remaining Lease Term (in years) (Year) | 6 years 29 days | 6 years 29 days | 6 years 9 months 29 days | ||
Weighted Average Discount Rate | 4.86% | 4.86% | 4.86% | ||
Accrued Expenses [Member] | |||||
Operating lease liabilities | $ 304 | $ 304 | $ 376 |
Note 15 - Leases - Maturities o
Note 15 - Leases - Maturities of Lease Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
2021, operating lease liabilities | $ 914 | |
2021, finance lease liabilities | 149 | |
2022, operating lease liabilities | 2,362 | |
2022, finance lease liabilities | 329 | |
2023, operating lease liabilities | 2,351 | |
2023, finance lease liabilities | 329 | |
2024, operating lease liabilities | 2,037 | |
2024, finance lease liabilities | 335 | |
2025, operating lease liabilities | 1,469 | |
2025, finance lease liabilities | 362 | |
Thereafter, operating lease liabilities | 435 | |
Thereafter, finance lease liabilities | 665 | |
Total lease payments, operating lease liabilities | 9,568 | |
Total lease payments, finance lease liabilities | 2,169 | |
Less: Interest, operating lease liabilities | (1,159) | |
Less: Interest, finance lease liabilities | (353) | |
Present Value of Lease Liabilities, operating lease liabilities | 8,409 | $ 9,397 |
Present Value of Lease Liabilities, finance lease liabilities | $ 1,816 | $ 1,994 |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Benefit Cares Act | $ 0.4 | $ 0.3 |
Note 16 - Income Taxes - Reconc
Note 16 - Income Taxes - Reconciliation of Income Tax Rate (Details) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | |
Provision for income taxes at the anticipated annual tax rate | 23.80% | 10.80% | 24.30% | 16.70% |
Uncertain tax positions | 0.80% | 1.50% | (1.30%) | (0.30%) |
Tax rate changes | 0.00% | (16.70%) | (5.00%) | (2.50%) |
Shared-based compensation | 1.80% | 4.40% | 1.10% | 3.70% |
Effective tax rate | 26.40% | 0.00% | 19.10% | 17.60% |