Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2022 | Jan. 27, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-13375 | |
Entity Registrant Name | LSI Industries Inc. | |
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 (in shares) | 28,166,965 | |
Entity Central Index Key | 0000763532 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Sales | $ 128,804 | $ 111,143 | $ 255,873 | $ 217,540 |
Cost of products and services sold | 94,646 | 85,695 | 186,964 | 167,582 |
Severence Costs | 18 | 0 | 31 | 0 |
Gross profit | 34,140 | 25,448 | 68,878 | 49,958 |
Selling and administrative expenses | 25,102 | 21,026 | 49,819 | 41,092 |
Operating income | 9,038 | 4,422 | 19,059 | 8,866 |
Interest expense | 1,258 | 529 | 2,046 | 763 |
Other expense (income) | (55) | 9 | 158 | 88 |
Income before income taxes | 7,835 | 3,884 | 16,855 | 8,015 |
Income tax expense | 1,418 | 779 | 4,177 | 1,777 |
Net income | $ 6,417 | $ 3,105 | $ 12,678 | $ 6,238 |
Earnings per common share (see Note 4) | ||||
Basic (in dollars per share) | $ 0.23 | $ 0.11 | $ 0.45 | $ 0.23 |
Diluted (in dollars per share) | $ 0.22 | $ 0.11 | $ 0.44 | $ 0.22 |
Weighted average common shares outstanding | ||||
Basic (in shares) | 28,078 | 27,292 | 27,874 | 27,144 |
Diluted (in shares) | 29,204 | 28,067 | 28,766 | 27,895 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Income | $ 6,417 | $ 3,105 | $ 12,678 | $ 6,238 |
Foreign currency translation adjustment | 68 | 9 | 75 | (35) |
Comprehensive Income | $ 6,485 | $ 3,114 | $ 12,753 | $ 6,203 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 |
Current assets | ||
Cash and cash equivalents | $ 2,765 | $ 2,462 |
Accounts receivable, less allowance for credit losses of $392 and $499, respectively | 67,352 | 77,750 |
Inventories | 73,205 | 74,421 |
Refundable income taxes | 1,325 | 1,041 |
Other current assets | 4,378 | 3,243 |
Total current assets | 149,025 | 158,917 |
Property, Plant and Equipment, at cost | ||
Land | 4,010 | 4,010 |
Buildings | 24,485 | 24,495 |
Machinery and equipment | 67,322 | 66,762 |
Buildings under finance leases | 2,033 | 2,033 |
Construction in progress | 893 | 618 |
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization | 98,743 | 97,918 |
Less accumulated depreciation | (72,957) | (70,760) |
Net property, plant and equipment | 25,786 | 27,158 |
Goodwill | 45,030 | 45,030 |
Other intangible assets, net | 65,584 | 67,964 |
Operating lease right-of-use assets | 7,548 | 8,664 |
Other long-term assets, net | 3,310 | 3,347 |
Total assets | 296,283 | 311,080 |
LIABILITIES & SHAREHOLDERS' EQUITY | ||
Current maturities of long-term debt | 3,571 | 3,571 |
Accounts payable | 27,293 | 34,783 |
Accrued expenses | 33,270 | 36,264 |
Total current liabilities | 64,134 | 74,618 |
Long-term debt | 59,250 | 76,025 |
Finance lease liabilities | 1,105 | 1,246 |
Operating lease liabilities | 6,957 | 8,240 |
Other long-term liabilities | 3,521 | 3,182 |
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 50,000,000 shares; Outstanding 28,120,755 and 27,484,514 shares, respectively | 142,988 | 139,500 |
Treasury shares, without par value | (6,988) | (5,927) |
Deferred compensation plan | 6,988 | 5,927 |
Retained earnings | 18,208 | 8,224 |
Accumulated other comprehensive income | 120 | 45 |
Total shareholders' equity | 161,316 | 147,769 |
Total liabilities & shareholders' equity | $ 296,283 | $ 311,080 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 392 | $ 499 |
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) | 50,000,000 | 50,000,000 |
Common shares, authorized shares (in shares) | 50,000,000 | 50,000,000 |
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 28,120,755 | 27,484,514 |
Condensed Consolidated Balanc_3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 2022 | Jun. 30, 2022 |
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) | 50,000,000 | 50,000,000 |
Common shares, authorized shares (in shares) | 50,000,000 | 50,000,000 |
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 28,120,755 | 27,484,514 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | 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, 2021 | 26,863 | (346) | ||||
Balance at Jun. 30, 2021 | $ 132,526 | $ (2,450) | $ 2,450 | $ 49 | $ (1,405) | $ 131,170 |
Net Income | 0 | 0 | 0 | 0 | 6,238 | 6,238 |
Other comprehensive loss | $ 0 | $ 0 | 0 | (35) | 0 | (35) |
Stock compensation awards (in shares) | 19 | 0 | ||||
Stock compensation awards | $ 150 | $ 0 | 0 | 0 | 0 | 150 |
Restricted stock units issued, net of shares withheld for tax withholdings (in shares) | 80 | 0 | ||||
Restricted stock units issued, net of shares withheld for tax withholdings | $ (250) | $ 0 | 0 | 0 | 0 | (250) |
Shares issued for deferred compensation (in shares) | 334 | 0 | ||||
Shares issued for deferred compensation | $ 2,569 | $ 0 | 0 | 0 | 0 | 2,569 |
Activity of treasury shares, net (in shares) | 0 | 324 | ||||
Activity of treasury shares, net | $ 0 | $ 2,491 | 0 | 0 | 0 | 2,491 |
Deferred stock compensation | 0 | 0 | 2,491 | 0 | 0 | 2,491 |
Stock compensation expense | $ 1,686 | $ 0 | 0 | 0 | 0 | 1,686 |
Stock options exercised, net (in shares) | 5 | 0 | ||||
Stock options exercised, net | $ 26 | $ 0 | 0 | 0 | 0 | 26 |
Dividends — $0.20 per share | $ 0 | $ 0 | 0 | 0 | (2,668) | (2,668) |
Balance (in shares) at Jun. 30, 2022 | 27,484 | (822) | ||||
Balance at Jun. 30, 2022 | $ 139,500 | $ (5,927) | 5,927 | 45 | 8,224 | 147,769 |
Net Income | 0 | 0 | 0 | 0 | 12,678 | 12,678 |
Other comprehensive loss | $ 0 | $ 0 | 0 | 75 | 0 | 75 |
Stock compensation awards (in shares) | 35 | 0 | ||||
Stock compensation awards | $ 173 | $ 0 | 0 | 0 | 0 | 173 |
Restricted stock units issued, net of shares withheld for tax withholdings (in shares) | 272 | 0 | ||||
Restricted stock units issued, net of shares withheld for tax withholdings | $ (465) | $ 0 | 0 | 0 | 0 | (465) |
Shares issued for deferred compensation (in shares) | 137 | 0 | ||||
Shares issued for deferred compensation | $ 1,087 | $ 0 | 0 | 0 | 0 | 1,087 |
Activity of treasury shares, net (in shares) | 0 | (135) | ||||
Activity of treasury shares, net | $ 0 | $ (1,061) | 0 | 0 | 0 | (1,061) |
Deferred stock compensation | 0 | 0 | 1,061 | 0 | 0 | 1,061 |
Stock compensation expense | $ 1,415 | $ 0 | 0 | 0 | 0 | 1,415 |
Stock options exercised, net (in shares) | 192 | 0 | ||||
Stock options exercised, net | $ 1,278 | $ 0 | 0 | 0 | 0 | 1,278 |
Dividends — $0.20 per share | $ 0 | $ 0 | $ 0 | $ 0 | $ (2,694) | $ (2,694) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Dividend per share (in dollars per share) | $ 0.20 | $ 0.20 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (2) - USD ($) $ in Thousands | 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, 2021 | 26,863 | (346) | ||||
Balance at Jun. 30, 2021 | $ 132,526 | $ (2,450) | $ 2,450 | $ 49 | $ (1,405) | $ 131,170 |
Net Income | 0 | 0 | 0 | 0 | 6,238 | 6,238 |
Other comprehensive loss | $ 0 | $ 0 | 0 | (35) | 0 | (35) |
Stock compensation awards (in shares) | 19 | 0 | ||||
Stock compensation awards | $ 150 | $ 0 | 0 | 0 | 0 | 150 |
Restricted stock units issued, net of shares withheld for tax withholdings (in shares) | 80 | 0 | ||||
Restricted stock units issued, net of shares withheld for tax withholdings | $ (250) | $ 0 | 0 | 0 | 0 | (250) |
Shares issued for deferred compensation (in shares) | 334 | 0 | ||||
Shares issued for deferred compensation | $ 2,569 | $ 0 | 0 | 0 | 0 | 2,569 |
Activity of treasury shares, net (in shares) | 0 | 324 | ||||
Activity of treasury shares, net | $ 0 | $ 2,491 | 0 | 0 | 0 | 2,491 |
Deferred stock compensation | 0 | 0 | 2,491 | 0 | 0 | 2,491 |
Stock compensation expense | $ 1,686 | $ 0 | 0 | 0 | 0 | 1,686 |
Stock options exercised, net (in shares) | 5 | 0 | ||||
Stock options exercised, net | $ 26 | $ 0 | 0 | 0 | 0 | 26 |
Dividends — $0.20 per share | $ 0 | $ 0 | 0 | 0 | (2,668) | (2,668) |
Balance (in shares) at Dec. 31, 2021 | 27,301 | (670) | ||||
Balance at Dec. 31, 2021 | $ 136,707 | $ (4,941) | 4,941 | 14 | 2,165 | 138,886 |
Balance (in shares) at Jun. 30, 2022 | 27,484 | (822) | ||||
Balance at Jun. 30, 2022 | $ 139,500 | $ (5,927) | 5,927 | 45 | 8,224 | 147,769 |
Net Income | 0 | 0 | 0 | 0 | 12,678 | 12,678 |
Other comprehensive loss | $ 0 | $ 0 | 0 | 75 | 0 | 75 |
Stock compensation awards (in shares) | 35 | 0 | ||||
Stock compensation awards | $ 173 | $ 0 | 0 | 0 | 0 | 173 |
Restricted stock units issued, net of shares withheld for tax withholdings (in shares) | 272 | 0 | ||||
Restricted stock units issued, net of shares withheld for tax withholdings | $ (465) | $ 0 | 0 | 0 | 0 | (465) |
Shares issued for deferred compensation (in shares) | 137 | 0 | ||||
Shares issued for deferred compensation | $ 1,087 | $ 0 | 0 | 0 | 0 | 1,087 |
Activity of treasury shares, net (in shares) | 0 | (135) | ||||
Activity of treasury shares, net | $ 0 | $ (1,061) | 0 | 0 | 0 | (1,061) |
Deferred stock compensation | 0 | 0 | 1,061 | 0 | 0 | 1,061 |
Stock compensation expense | $ 1,415 | $ 0 | 0 | 0 | 0 | 1,415 |
Stock options exercised, net (in shares) | 192 | 0 | ||||
Stock options exercised, net | $ 1,278 | $ 0 | 0 | 0 | 0 | 1,278 |
Dividends — $0.20 per share | $ 0 | $ 0 | 0 | 0 | (2,694) | (2,694) |
Balance (in shares) at Dec. 31, 2022 | 28,120 | (957) | ||||
Balance at Dec. 31, 2022 | $ 142,988 | $ (6,988) | $ 6,988 | $ 120 | $ 18,208 | $ 161,316 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (2) (Parentheticals) - $ / shares | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Dividend per share (in dollars per share) | $ 0.20 | $ 0.20 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities | ||
Net Income | $ 12,678 | $ 6,238 |
Non-cash items included in net income | ||
Depreciation and amortization | 4,840 | 5,101 |
Deferred income taxes | 49 | (256) |
Deferred compensation plan | 1,087 | 2,569 |
Stock compensation expense | 1,415 | 1,686 |
Issuance of common shares as compensation | 173 | 150 |
Loss on disposition of fixed assets | 37 | 22 |
Allowance for doubtful accounts | (108) | 148 |
Inventory obsolescence reserve | 300 | 955 |
Changes in certain assets and liabilities | ||
Accounts receivable | 10,506 | (11,608) |
Inventories | 916 | (13,995) |
Refundable income taxes | (284) | 77 |
Accounts payable | (7,490) | 3,747 |
Accrued expenses and other | (1,581) | (6,360) |
Customer prepayments | (2,476) | (5,017) |
Net cash flows provided by (used in) operating activities | 20,062 | (16,543) |
Cash Flows from Investing Activities | ||
Purchases of property, plant and equipment | (995) | (745) |
Adjustment to JSI acquisition purchase price | 0 | 500 |
Proceeds from the sale of fixed assets | 1 | 0 |
Net cash flows used in investing activities | (994) | (245) |
Cash Flows from Financing Activities | ||
Payments of long-term debt | (102,152) | (77,737) |
Borrowings of long-term debt | 85,377 | 96,192 |
Cash dividends paid | (2,694) | (2,657) |
Shares withheld for employees' taxes | (465) | (250) |
Payments on financing lease obligations | (123) | (129) |
Proceeds from stock option exercises | 1,278 | 26 |
Net cash flows (used in) provided by financing activities | (18,779) | 15,445 |
Change related to foreign currency | 14 | (25) |
Increase (decrease) in cash and cash equivalents | 303 | (1,368) |
Cash and cash equivalents at beginning of period | 2,462 | 2,282 |
Cash and cash equivalents at end of period | $ 2,765 | $ 914 |
Note 1 - Interim Condensed Cons
Note 1 - Interim Condensed Consolidated Financial Statements | 6 Months Ended |
Dec. 31, 2022 | |
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 December 31, 2022, the results of its operations for the three and six-month periods ended December 31, 2022, and 2021, and its cash flows for the six-month periods ended December 31, 2022, and 2021. These statements should be read in conjunction with the financial statements and footnotes included in the fiscal 2022 Annual Report on Form 10-K. Financial information as of June 30, 2022, has been derived from the Company’s audited consolidated financial statements. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2022 | |
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 to the audited consolidated financial statements of the Company’s fiscal 2022 Annual Report on Form 10-K. 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 to 90 days from the shipping date, depending on the terms with the customer. The Company offers standard warranties that do not represent separate performance obligations. Installation is a separate performance obligation, except for the Company’s digital signage products. For digital signage products, installation is not a separate performance obligation as the product and installation is the combined item promised in digital signage contracts. The Company is not always responsible for installation of products it sells and has no post-installation responsibilities other than standard warranties. A number of the Company's display solutions and select lighting products are customized for specific customers. As a result, these customized products do not have an alternative use. For these products, the Company has a legal right to payment for performance to date and generally does not accept returns on these items. The measurement of performance is based upon cost plus a reasonable profit margin for work completed. Because there is no alternative use and there is a legal right to payment, the Company transfers control of the item as the item is being produced and therefore, recognizes revenue over time. The customized product types are as follows: ● Customer specific branded print graphics ● Electrical components based on customer specifications ● Digital signage and related media content The Company also offers installation services for its display solutions elements and select lighting products. Installation revenue is recognized over time as the 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 performance obligation. On occasion, the Company enters into bill-and-hold arrangements on a limited basis. Each bill-and-hold arrangement is reviewed and revenue is recognized only when certain criteria have been met: (1) the customer has requested delayed delivery and storage of the products by the Company because the customer wants to secure a supply of the products but lacks storage space; (ii) the risk of ownership has passed to the customer; (iii) the products are segregated from the Company’s other inventory items held for sale; (iv) the products are ready for shipment to the customer; and (v) the Company does not have the ability to use the products or direct them to another customer. 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 (In thousands) December 31, 2022 December 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Timing of revenue recognition Products and services transferred at a point in time $ 58,591 $ 47,027 $ 50,141 $ 35,437 Products and services transferred over time 8,242 14,944 7,135 18,430 $ 66,833 $ 61,971 $ 57,276 $ 53,867 Six Months Ended (In thousands) December 31, 2022 December 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Timing of revenue recognition Products and services transferred at a point in time $ 116,668 $ 94,516 $ 94,723 $ 72,868 Products and services transferred over time 17,698 26,991 13,813 36,136 $ 134,366 $ 121,507 $ 108,536 $ 109,004 Three Months Ended (In thousands) December 31, 2022 December 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Type of Product and Services LED lighting, digital signage solutions, electronic circuit boards $ 54,410 $ 5,801 $ 47,626 $ 12,551 Poles, printed graphics, display fixtures 11,632 41,683 9,079 31,127 Project management, installation services, shipping and handling 791 14,487 571 10,189 $ 66,833 $ 61,971 $ 57,276 $ 53,867 Six Months Ended (In thousands) December 31, 2022 December 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Type of Product and Services LED lighting, digital signage solutions, electronic circuit boards $ 109,945 $ 12,976 $ 89,505 $ 24,979 Poles, printed graphics, display fixtures 22,761 83,154 18,045 64,429 Project management, installation services, shipping and handling 1,660 25,377 986 19,596 $ 134,366 $ 121,507 $ 108,536 $ 109,004 Practical Expedients and Exemptions ● The Company’s contracts with customers have an expected duration of one year or less, as such, the Company applies the practical expedient to expense sales commissions as incurred and has omitted disclosures on the amount of remaining performance obligations. ● Shipping costs that are not material in context of the delivery of products are expensed as incurred. ● 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 to 90 days of completion of the performance obligation and invoicing; therefore, payments do not contain significant financing components. ● 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: In October 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” creating an exception to the recognition and measurement principles in ASC 805. The amendment requires that entities apply ASC 606, “Revenue from Contracts with Customers,” rather than using fair value, to recognize and measure contracts assets and contract liabilities from contracts with customers acquired in a business combination. The ASU is effective for fiscal years beginning after December 15, 2022, and interim periods therein. Early adoption is permitted, including adoption in an interim period, regardless of whether a business combination occurs in that period. The guidance should be applied prospectively; however, an entity that elects to early adopt in an interim period should apply the amendments to all business combinations that occurred during the fiscal year that includes that interim period. The Company is evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. In December 2019, the Financial Accounting Standards Board ("FASB") issued ASU 2019-12, "Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740)." This guidance removes certain exceptions to the general principles in ASC 740 such as recognizing deferred taxes for equity investments, the incremental approach to performing intra-period tax allocation and calculating income taxes in interim periods. The standard also simplifies accounting for income taxes under U.S. GAAP by clarifying and amending existing guidance, including the recognition of deferred taxes for goodwill, the allocation of taxes to members of a consolidated group and requiring that an entity reflect the effect of enacted changes in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Company adopted ASC 2019-12 effective July 1, 2021, which did not have a material impact on its consolidated financial statements or disclosures. |
Note 3 - Segment Reporting Info
Note 3 - Segment Reporting Information | 6 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 3 - SEGMENT REPORTING INFORMATION 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 The Lighting Segment includes non-residential outdoor and indoor lighting fixtures utilizing LED light sources that have been fabricated and assembled for the Company’s markets, primarily the refueling and convenience store markets, parking lot and garage markets, quick-service restaurant market, retail and grocery store markets, the automotive market, the warehouse market, and the sports court and field market. The Company also offers a variety of lighting controls to complement its lighting fixtures which include sensors, photocontrols, dimmers, motion detection and Bluetooth systems. The Company also services lighting product customers through the commercial and industrial project, 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 Display Solutions Segment manufactures, sells and installs exterior and interior visual image and display elements, including printed graphics, structural graphics, digital signage, menu board systems, display fixtures, refrigerated displays, and custom display elements. These products are used in visual image programs in several markets including the refueling and convenience store markets, parking lot and garage markets, quick-service restaurant market, retail and grocery store markets, the automotive market, the warehouse market, and the sports court and field market. The Display Solutions Segment also provides a variety of project management services to complement our display elements, such as installation management, site surveys, permitting, and content management which are offered to our customers to support our digital signage. 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 staff, 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 were no One no One Summarized financial information for the Company’s operating segments is provided for the indicated periods and as of December 31, 2022 and December 31, 2021: Three Months Ended Six Months Ended (In thousands) December 31 December 31 2022 2021 2022 2021 Net Sales: Lighting Segment $ 66,833 $ 57,276 $ 134,366 $ 108,536 Display Solutions Segment 61,971 53,867 121,507 109,004 $ 128,804 $ 111,143 $ 255,873 $ 217,540 Operating Income (Loss): Lighting Segment $ 6,754 $ 4,623 $ 15,912 $ 8,962 Display Solutions Segment 7,762 3,837 14,258 7,586 Corporate and Eliminations (5,478 ) (4,038 ) (11,111 ) (7,682 ) $ 9,038 $ 4,422 $ 19,059 $ 8,866 Capital Expenditures: Lighting Segment $ 74 $ 172 $ 323 $ 352 Display Solutions Segment 539 254 700 475 Corporate and Eliminations (52 ) 22 (28 ) (82 ) $ 561 $ 448 $ 995 $ 745 Depreciation and Amortization: Lighting Segment $ 1,382 $ 1,450 $ 2,769 $ 2,911 Display Solutions Segment 975 1,016 1,949 2,047 Corporate and Eliminations 62 72 122 143 $ 2,419 $ 2,538 $ 4,840 $ 5,101 December 31, 2022 June 30, 2022 Identifiable Assets: Lighting Segment $ 143,741 $ 152,431 Display Solutions Segment 145,722 152,302 Corporate and Eliminations 6,820 6,347 $ 296,283 $ 311,080 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: Inter-segment sales Three Months Ended Six Months Ended (In thousands) December 31 December 31 2022 2021 2022 2021 Lighting Segment inter-segment net sales $ 5,067 $ 11,266 $ 11,210 $ 21,723 Display Solutions Segment inter-segment net sales $ 30 $ 72 $ 36 $ 235 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 | 6 Months Ended |
Dec. 31, 2022 | |
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 Six Months Ended December 31 December 31 2022 2021 2022 2021 BASIC EARNINGS PER SHARE Net income $ 6,417 $ 3,105 $ 12,678 $ 6,238 Weighted average shares outstanding during the period, net of treasury shares 27,005 26,625 26,890 26,589 Weighted average vested restricted stock units outstanding 117 30 81 24 Weighted average shares outstanding in the Deferred Compensation Plan during the period 956 637 903 531 Weighted average shares outstanding 28,078 27,292 27,874 27,144 Basic income per share $ 0.23 $ 0.11 $ 0.45 $ 0.23 DILUTED EARNINGS PER SHARE Net income $ 6,417 $ 3,105 $ 12,678 $ 6,238 Weighted average shares outstanding: Basic 28,078 27,292 27,874 27,144 Effect of dilutive securities (a): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any 1,126 775 892 751 Weighted average shares outstanding 29,204 28,067 28,766 27,895 Diluted income per share $ 0.22 $ 0.11 $ 0.44 $ 0.22 Anti-dilutive securities (b) 85 981 452 984 (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 months ended December 31, 2022, and December 31, 2021, 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, Net
Note 5 - Inventories, Net | 6 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 5 INVENTORIES, NET The following information is provided as of the dates indicated: December 31, June 30, (In thousands) 2022 2022 Inventories: Raw materials $ 51,532 $ 51,637 Work-in-progress 6,844 3,029 Finished goods 14,829 19,755 Total Inventories $ 73,205 $ 74,421 |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 6 Months Ended |
Dec. 31, 2022 | |
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: December 31, June 30, (In thousands) 2022 2022 Accrued Expenses: Customer prepayments $ 3,940 $ 6,416 Compensation and benefits 9,865 9,611 Accrued warranty 4,516 4,491 Operating lease liabilities 1,347 1,274 Accrued sales commissions 3,528 4,783 Accrued Freight 3,348 3,680 Accrued FICA 396 1,122 Finance lease liabilities 281 275 Accrued income tax - 109 Other accrued expenses 6,049 4,503 Total Accrued Expenses $ 33,270 $ 36,264 |
Note 7 - Goodwill and Other Int
Note 7 - Goodwill and Other Intangible Assets | 6 Months Ended |
Dec. 31, 2022 | |
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 assess qualitative factors in order to determine if goodwill and indefinite-lived intangible assets are impaired. If through the qualitative assessment it is determined that it is more likely than not that goodwill and indefinite-lived assets are not impaired, no further testing is required. If it is determined more likely than not that goodwill and indefinite-lived assets are impaired, or if the Company elects not to first assess qualitative factors, the Company’s impairment testing continues with the estimation of the fair value of the reporting unit using a combination of a market approach and an income (discounted cash flow) approach, at the reporting unit level. The estimation of the fair value of reporting unit requires significant management judgment with respect to revenue and expense growth rates, changes in working capital and the selection and use of an appropriate discount rate. The estimates of the fair value of reporting units are based on the best information available as of the date of the assessment. The use of different assumptions would increase or decrease estimated discounted future operating cash flows and could increase or decrease an impairment charge. Company management uses its judgment in assessing whether assets may have become impaired between annual impairment tests. Indicators such as adverse business conditions, economic factors and technological change or competitive activities may signal that an asset has become impaired. The Company identified its reporting units in conjunction with its annual goodwill impairment testing. The Company has a total of three One two The following table presents information about the Company's goodwill on the dates or for the periods indicated: Goodwill (In thousands) Display Lighting Solutions Segment Segment Total Balance as of December 31, 2022 Goodwill $ 70,971 $ 63,347 $ 134,318 Accumulated impairment losses (61,763 ) (27,525 ) (89,288 ) Goodwill, net as of December 31, 2022 $ 9,208 $ 35,822 $ 45,030 Balance as of June 30, 2022 Goodwill $ 70,971 $ 63,347 $ 134,318 Accumulated impairment losses (61,763 ) (27,525 ) (89,288 ) Goodwill, net as of June 30, 2022 $ 9,208 $ 35,822 $ 45,030 The gross carrying amount and accumulated amortization by each major intangible asset class is as follows: Other Intangible Assets December 31, 2022 (In thousands) Gross Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 62,083 $ 16,108 $ 45,975 Patents 268 268 - LED technology firmware, software 20,966 15,191 5,775 Trade name 2,658 1,102 1,556 Non-compete 260 84 176 Total Amortized Intangible Assets 86,235 32,753 53,482 Indefinite-lived Intangible Assets Trademarks and trade names 12,102 - 12,102 Total indefinite-lived Intangible Assets 12,102 - 12,102 Total Other Intangible Assets $ 98,337 $ 32,753 $ 65,584 Other Intangible Assets June 30, 2022 (In thousands) Gross Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 62,083 $ 14,400 $ 47,683 Patents 268 268 - LED technology firmware, software 20,966 14,598 6,368 Trade name 2,658 1,049 1,609 Non-compete 260 58 202 Total Amortized Intangible Assets 86,235 30,373 55,862 Indefinite-lived Intangible Assets Trademarks and trade names 12,102 - 12,102 Total indefinite-lived Intangible Assets 12,102 - 12,102 Total Other Intangible Assets $ 98,337 $ 30,373 $ 67,964 Three Months Ended Six Months Ended December 31 December 31 (In thousands) 2022 2021 2022 2021 Amortization Expense of Other Intangible Assets $ 1,190 $ 1,198 $ 2,380 $ 2,413 The Company expects to record annual amortization expense as follows: (In thousands) 2023 $ 4,808 2024 4,760 2025 4,760 2026 4,760 2027 4,754 After 2027 32,020 |
Note 8 - Debt
Note 8 - Debt | 6 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 8 - DEBT The Company’s long-term debt as of September 30, 2022, and June 30, 2022, consisted of the following: December 31, June 30, (In thousands) 2022 2022 Secured line of credit $ 42,310 $ 57,275 Term loan, net of debt issuance costs of $26 and $30, respectively 20,511 22,321 Total debt 62,821 79,596 Less: amounts due within one year 3,571 3,571 Total amounts due after one tear, net $ 59,250 $ 76,025 In September 2021, the Company amended its existing $100 million secured line of credit, to a $25 million term loan and $75 million remaining as a secured revolving line of credit. Both facilities expire in the third quarter of fiscal 2026. The principal of the term loan is repaid annually in the amount of $3.6 million over a five-year The Company is in compliance with all of its loan covenants as of December 31, 2022. |
Note 9 - Cash Dividends
Note 9 - Cash Dividends | 6 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 9 - CASH DIVIDENDS The Company paid cash dividends of $2.7 million in both the six months ended December 31, 2022, and December 31, 2021. In January 2023, the Board of Directors declared a regular quarterly cash dividend of $0.05 per share payable February 14, 6, |
Note 10 - Equity Compensation
Note 10 - Equity Compensation | 6 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 10 EQUITY COMPENSATION In November 2022, the Company’s shareholders approved the amendment and restatement of the 2019 Omnibus Award Plan (“2019 Omnibus Plan”) which increased the number of shares authorized for issuance under the plan by 2,350,000 and removed the Plan’s fungible share counting feature. The purpose of the 2019 Omnibus Plan is to provide a means to attract and retain key personnel and to align the interests of the directors, officers, and employees with the Company’s shareholders. The plan also provides a vehicle whereby directors and officers may acquire shares in order to meet the ownership requirements under the Company’s Stock Ownership Policy. Except for Restricted Stock Unit (“RSU”) grants which are time-based, participants in the Company’s Long-Term Equity Compensation Plans are awarded the opportunity to acquire shares over a three-year performance measurement period tied to specific company performance metrics. The number of shares that remain reserved for issuance under the 2019 Omnibus Plan equates to 2,637,095 as of December 31, 2022. The 2019 Omnibus Plan allows for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units RSUs, performance stock units (“PSUs”) and other awards. In the first quarter of fiscal 2023, the Company granted 164,348 PSU’s and 197,915 RSU’s, both with a weighted average market value of $6.90. Stock compensation expense was $0.8 million and $1.1 million for the three months ended December 31, 2022, and 2021, respectively, and $1.4 million and $1.7 million in the six months ended December 31, 2022, and 2021, respectively. |
Note 11 - Supplemental Cash Flo
Note 11 - Supplemental Cash Flow Information | 6 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 11 - SUPPLEMENTAL CASH FLOW INFORMATION Six Months Ended (In thousands) December 31 2022 2021 Cash Payments: Interest $ 1,689 $ 627 Income taxes $ 4,299 $ 2,820 Non-cash investing and financing activities Issuance of common shares as compensation $ 173 $ 150 Issuance of common shares to fund deferred compensation plan $ 1,087 $ 2,569 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 12 - COMMITMENTS AND CONTINGENCIES 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 disclose a range of potential loss because the likelihood of such a loss is remote. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position, results of operations, cash flows or liquidity. The Company may occasionally issue a standby letter of credit in favor of third parties. As of December 31, 2022, there were no such standby letters of credit issued. |
Note 13 - Leases
Note 13 - Leases | 6 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | NOTE 13 - LEASES The Company leases certain manufacturing facilities along with a small office space, several forklifts, several small tooling items, and various items of office equipment. The Company also acquired buildings, machinery, and forklift leases with the acquisition of JSI, as well as one sublease. All but two of the Company’s leases are operating leases. Leases have a remaining term of one seven The Company has periodically entered into short-term operating leases with an initial term of twelve months or less. The Company elected not to record these leases on the balance sheet. For the three and six months ended December 31, 2022, and 2021, the rent expense for these leases is immaterial. 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. Three Months Ended Six Months Ended December 31 December 31 (In thousands) 2022 2021 2022 2021 Operating lease cost $ 885 $ 870 $ 1,776 $ 1,749 Financing lease cost: Amortization of right of use assets 74 74 148 148 Interest on lease liabilities 17 20 35 41 Variable lease cost 22 22 44 44 Sublease income (116 ) (94 ) (232 ) (188 ) Total lease cost $ 882 $ 892 $ 1,771 $ 1,794 Three Months Ended December 31, (In thousands) 2022 2021 Cash flows from operating leases Fixed payments - operating cash flows $ 1,832 $ 1,778 Liability reduction - operating cash flows $ 1,618 $ 1,502 Cash flows from finance leases Interest - operating cash flows $ 35 $ 42 Repayments of principal portion - financing cash flows $ 123 $ 129 Operating Leases: December 31, June 30, 2022 2022 Total operating right-of-use assets $ 7,548 $ 8,664 Accrued expenses (Current liabilities) $ 1,347 $ 1,274 Long-term operating lease liability 6,957 8,240 Total operating lease liabilities $ 8,304 $ 9,514 Weighted Average remaining Lease Term (in years) 2.72 3.05 Weighted Average Discount Rate 4.82 % 4.81 % Finance Leases: December 31, June 30, 2022 2022 Buildings under finance leases $ 2,033 $ 2,033 Equipment under finance leases 30 11 Accumulated depreciation (793 ) (634 ) Total finance lease assets, net $ 1,270 $ 1,410 Accrued expenses (Current liabilities) $ 281 $ 275 Long-term finance lease liability 1,105 1,246 Total finance lease liabilities $ 1,386 $ 1,521 Weighted Average remaining Lease Term (in years) 4.30 4.80 Weighted Average Discount Rate 4.86 % 4.86 % Maturities of Lease Liability: Operating Lease Liabilities Finance Lease Liabilities Operating Subleases Net Lease Commitments 2023 $ 2,134 $ 207 $ (189 ) $ 2,152 2024 3,399 337 (377 ) 3,359 2025 2,253 362 (31 ) 2,584 2026 952 362 - 1,314 2027 323 303 - 626 Thereafter 4 - - 4 Total lease payments $ 9,065 $ 1,571 $ (597 ) $ 10,039 Less: Interest (761 ) (185 ) (946 ) Present Value of Lease Liabilities $ 8,304 $ 1,386 $ 9,093 |
Note 14 - Income Taxes
Note 14 - Income Taxes | 6 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 14 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. Three Months Ended Six Months Ended December 31 December 31 2022 2021 2022 2021 Reconciliation of effective tax rate: Provision for income taxes at the anticipated annual tax rate 21.5 % 23.8 % 24.0 % 24.0 % Uncertain tax positions (1.2 ) (3.9 ) - (1.5 ) Tax rate changes (1.9 ) - - - Share-based compensation (0.3 ) 0.1 0.8 (0.3 ) Effective tax rate 18.1 % 20.0 % 24.8 % 22.2 % |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation: |
Revenue [Policy Text Block] | Revenue Recognition: ● Customer specific branded print graphics ● Electrical components based on customer specifications ● Digital signage and related media content Disaggregation of Revenue Three Months Ended (In thousands) December 31, 2022 December 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Timing of revenue recognition Products and services transferred at a point in time $ 58,591 $ 47,027 $ 50,141 $ 35,437 Products and services transferred over time 8,242 14,944 7,135 18,430 $ 66,833 $ 61,971 $ 57,276 $ 53,867 Six Months Ended (In thousands) December 31, 2022 December 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Timing of revenue recognition Products and services transferred at a point in time $ 116,668 $ 94,516 $ 94,723 $ 72,868 Products and services transferred over time 17,698 26,991 13,813 36,136 $ 134,366 $ 121,507 $ 108,536 $ 109,004 Three Months Ended (In thousands) December 31, 2022 December 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Type of Product and Services LED lighting, digital signage solutions, electronic circuit boards $ 54,410 $ 5,801 $ 47,626 $ 12,551 Poles, printed graphics, display fixtures 11,632 41,683 9,079 31,127 Project management, installation services, shipping and handling 791 14,487 571 10,189 $ 66,833 $ 61,971 $ 57,276 $ 53,867 Six Months Ended (In thousands) December 31, 2022 December 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Type of Product and Services LED lighting, digital signage solutions, electronic circuit boards $ 109,945 $ 12,976 $ 89,505 $ 24,979 Poles, printed graphics, display fixtures 22,761 83,154 18,045 64,429 Project management, installation services, shipping and handling 1,660 25,377 986 19,596 $ 134,366 $ 121,507 $ 108,536 $ 109,004 Practical Expedients and Exemptions ● The Company’s contracts with customers have an expected duration of one year or less, as such, the Company applies the practical expedient to expense sales commissions as incurred and has omitted disclosures on the amount of remaining performance obligations. ● Shipping costs that are not material in context of the delivery of products are expensed as incurred. ● 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 to 90 days of completion of the performance obligation and invoicing; therefore, payments do not contain significant financing components. ● 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: |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended (In thousands) December 31, 2022 December 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Timing of revenue recognition Products and services transferred at a point in time $ 58,591 $ 47,027 $ 50,141 $ 35,437 Products and services transferred over time 8,242 14,944 7,135 18,430 $ 66,833 $ 61,971 $ 57,276 $ 53,867 Six Months Ended (In thousands) December 31, 2022 December 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Timing of revenue recognition Products and services transferred at a point in time $ 116,668 $ 94,516 $ 94,723 $ 72,868 Products and services transferred over time 17,698 26,991 13,813 36,136 $ 134,366 $ 121,507 $ 108,536 $ 109,004 Three Months Ended (In thousands) December 31, 2022 December 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Type of Product and Services LED lighting, digital signage solutions, electronic circuit boards $ 54,410 $ 5,801 $ 47,626 $ 12,551 Poles, printed graphics, display fixtures 11,632 41,683 9,079 31,127 Project management, installation services, shipping and handling 791 14,487 571 10,189 $ 66,833 $ 61,971 $ 57,276 $ 53,867 Six Months Ended (In thousands) December 31, 2022 December 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Type of Product and Services LED lighting, digital signage solutions, electronic circuit boards $ 109,945 $ 12,976 $ 89,505 $ 24,979 Poles, printed graphics, display fixtures 22,761 83,154 18,045 64,429 Project management, installation services, shipping and handling 1,660 25,377 986 19,596 $ 134,366 $ 121,507 $ 108,536 $ 109,004 |
Note 3 - Segment Reporting In_2
Note 3 - Segment Reporting Information (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Six Months Ended (In thousands) December 31 December 31 2022 2021 2022 2021 Net Sales: Lighting Segment $ 66,833 $ 57,276 $ 134,366 $ 108,536 Display Solutions Segment 61,971 53,867 121,507 109,004 $ 128,804 $ 111,143 $ 255,873 $ 217,540 Operating Income (Loss): Lighting Segment $ 6,754 $ 4,623 $ 15,912 $ 8,962 Display Solutions Segment 7,762 3,837 14,258 7,586 Corporate and Eliminations (5,478 ) (4,038 ) (11,111 ) (7,682 ) $ 9,038 $ 4,422 $ 19,059 $ 8,866 Capital Expenditures: Lighting Segment $ 74 $ 172 $ 323 $ 352 Display Solutions Segment 539 254 700 475 Corporate and Eliminations (52 ) 22 (28 ) (82 ) $ 561 $ 448 $ 995 $ 745 Depreciation and Amortization: Lighting Segment $ 1,382 $ 1,450 $ 2,769 $ 2,911 Display Solutions Segment 975 1,016 1,949 2,047 Corporate and Eliminations 62 72 122 143 $ 2,419 $ 2,538 $ 4,840 $ 5,101 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, 2022 June 30, 2022 Identifiable Assets: Lighting Segment $ 143,741 $ 152,431 Display Solutions Segment 145,722 152,302 Corporate and Eliminations 6,820 6,347 $ 296,283 $ 311,080 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Inter-segment sales Three Months Ended Six Months Ended (In thousands) December 31 December 31 2022 2021 2022 2021 Lighting Segment inter-segment net sales $ 5,067 $ 11,266 $ 11,210 $ 21,723 Display Solutions Segment inter-segment net sales $ 30 $ 72 $ 36 $ 235 |
Note 4 - Earnings Per Common _2
Note 4 - Earnings Per Common Share (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended December 31 December 31 2022 2021 2022 2021 BASIC EARNINGS PER SHARE Net income $ 6,417 $ 3,105 $ 12,678 $ 6,238 Weighted average shares outstanding during the period, net of treasury shares 27,005 26,625 26,890 26,589 Weighted average vested restricted stock units outstanding 117 30 81 24 Weighted average shares outstanding in the Deferred Compensation Plan during the period 956 637 903 531 Weighted average shares outstanding 28,078 27,292 27,874 27,144 Basic income per share $ 0.23 $ 0.11 $ 0.45 $ 0.23 DILUTED EARNINGS PER SHARE Net income $ 6,417 $ 3,105 $ 12,678 $ 6,238 Weighted average shares outstanding: Basic 28,078 27,292 27,874 27,144 Effect of dilutive securities (a): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any 1,126 775 892 751 Weighted average shares outstanding 29,204 28,067 28,766 27,895 Diluted income per share $ 0.22 $ 0.11 $ 0.44 $ 0.22 Anti-dilutive securities (b) 85 981 452 984 |
Note 5 - Inventories, Net (Tabl
Note 5 - Inventories, Net (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, June 30, (In thousands) 2022 2022 Inventories: Raw materials $ 51,532 $ 51,637 Work-in-progress 6,844 3,029 Finished goods 14,829 19,755 Total Inventories $ 73,205 $ 74,421 |
Note 6 - Accrued Expenses (Tabl
Note 6 - Accrued Expenses (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, June 30, (In thousands) 2022 2022 Accrued Expenses: Customer prepayments $ 3,940 $ 6,416 Compensation and benefits 9,865 9,611 Accrued warranty 4,516 4,491 Operating lease liabilities 1,347 1,274 Accrued sales commissions 3,528 4,783 Accrued Freight 3,348 3,680 Accrued FICA 396 1,122 Finance lease liabilities 281 275 Accrued income tax - 109 Other accrued expenses 6,049 4,503 Total Accrued Expenses $ 33,270 $ 36,264 |
Note 7 - Goodwill and Other I_2
Note 7 - Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Goodwill (In thousands) Display Lighting Solutions Segment Segment Total Balance as of December 31, 2022 Goodwill $ 70,971 $ 63,347 $ 134,318 Accumulated impairment losses (61,763 ) (27,525 ) (89,288 ) Goodwill, net as of December 31, 2022 $ 9,208 $ 35,822 $ 45,030 Balance as of June 30, 2022 Goodwill $ 70,971 $ 63,347 $ 134,318 Accumulated impairment losses (61,763 ) (27,525 ) (89,288 ) Goodwill, net as of June 30, 2022 $ 9,208 $ 35,822 $ 45,030 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Other Intangible Assets December 31, 2022 (In thousands) Gross Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 62,083 $ 16,108 $ 45,975 Patents 268 268 - LED technology firmware, software 20,966 15,191 5,775 Trade name 2,658 1,102 1,556 Non-compete 260 84 176 Total Amortized Intangible Assets 86,235 32,753 53,482 Indefinite-lived Intangible Assets Trademarks and trade names 12,102 - 12,102 Total indefinite-lived Intangible Assets 12,102 - 12,102 Total Other Intangible Assets $ 98,337 $ 32,753 $ 65,584 Other Intangible Assets June 30, 2022 (In thousands) Gross Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 62,083 $ 14,400 $ 47,683 Patents 268 268 - LED technology firmware, software 20,966 14,598 6,368 Trade name 2,658 1,049 1,609 Non-compete 260 58 202 Total Amortized Intangible Assets 86,235 30,373 55,862 Indefinite-lived Intangible Assets Trademarks and trade names 12,102 - 12,102 Total indefinite-lived Intangible Assets 12,102 - 12,102 Total Other Intangible Assets $ 98,337 $ 30,373 $ 67,964 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | Three Months Ended Six Months Ended December 31 December 31 (In thousands) 2022 2021 2022 2021 Amortization Expense of Other Intangible Assets $ 1,190 $ 1,198 $ 2,380 $ 2,413 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (In thousands) 2023 $ 4,808 2024 4,760 2025 4,760 2026 4,760 2027 4,754 After 2027 32,020 |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, June 30, (In thousands) 2022 2022 Secured line of credit $ 42,310 $ 57,275 Term loan, net of debt issuance costs of $26 and $30, respectively 20,511 22,321 Total debt 62,821 79,596 Less: amounts due within one year 3,571 3,571 Total amounts due after one tear, net $ 59,250 $ 76,025 |
Note 11 - Supplemental Cash F_2
Note 11 - Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Six Months Ended (In thousands) December 31 2022 2021 Cash Payments: Interest $ 1,689 $ 627 Income taxes $ 4,299 $ 2,820 Non-cash investing and financing activities Issuance of common shares as compensation $ 173 $ 150 Issuance of common shares to fund deferred compensation plan $ 1,087 $ 2,569 |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Six Months Ended December 31 December 31 (In thousands) 2022 2021 2022 2021 Operating lease cost $ 885 $ 870 $ 1,776 $ 1,749 Financing lease cost: Amortization of right of use assets 74 74 148 148 Interest on lease liabilities 17 20 35 41 Variable lease cost 22 22 44 44 Sublease income (116 ) (94 ) (232 ) (188 ) Total lease cost $ 882 $ 892 $ 1,771 $ 1,794 Three Months Ended December 31, (In thousands) 2022 2021 Cash flows from operating leases Fixed payments - operating cash flows $ 1,832 $ 1,778 Liability reduction - operating cash flows $ 1,618 $ 1,502 Cash flows from finance leases Interest - operating cash flows $ 35 $ 42 Repayments of principal portion - financing cash flows $ 123 $ 129 Operating Leases: December 31, June 30, 2022 2022 Total operating right-of-use assets $ 7,548 $ 8,664 Accrued expenses (Current liabilities) $ 1,347 $ 1,274 Long-term operating lease liability 6,957 8,240 Total operating lease liabilities $ 8,304 $ 9,514 Weighted Average remaining Lease Term (in years) 2.72 3.05 Weighted Average Discount Rate 4.82 % 4.81 % Finance Leases: December 31, June 30, 2022 2022 Buildings under finance leases $ 2,033 $ 2,033 Equipment under finance leases 30 11 Accumulated depreciation (793 ) (634 ) Total finance lease assets, net $ 1,270 $ 1,410 Accrued expenses (Current liabilities) $ 281 $ 275 Long-term finance lease liability 1,105 1,246 Total finance lease liabilities $ 1,386 $ 1,521 Weighted Average remaining Lease Term (in years) 4.30 4.80 Weighted Average Discount Rate 4.86 % 4.86 % |
Lessee, Leases, Liability, Maturity [Table Text Block] | Maturities of Lease Liability: Operating Lease Liabilities Finance Lease Liabilities Operating Subleases Net Lease Commitments 2023 $ 2,134 $ 207 $ (189 ) $ 2,152 2024 3,399 337 (377 ) 3,359 2025 2,253 362 (31 ) 2,584 2026 952 362 - 1,314 2027 323 303 - 626 Thereafter 4 - - 4 Total lease payments $ 9,065 $ 1,571 $ (597 ) $ 10,039 Less: Interest (761 ) (185 ) (946 ) Present Value of Lease Liabilities $ 8,304 $ 1,386 $ 9,093 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended Six Months Ended December 31 December 31 2022 2021 2022 2021 Reconciliation of effective tax rate: Provision for income taxes at the anticipated annual tax rate 21.5 % 23.8 % 24.0 % 24.0 % Uncertain tax positions (1.2 ) (3.9 ) - (1.5 ) Tax rate changes (1.9 ) - - - Share-based compensation (0.3 ) 0.1 0.8 (0.3 ) Effective tax rate 18.1 % 20.0 % 24.8 % 22.2 % |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | $ 128,804 | $ 111,143 | $ 255,873 | $ 217,540 |
Lighting Segment [Member] | ||||
Revenue | 66,833 | 57,276 | 134,366 | 108,536 |
Lighting Segment [Member] | LED Lighting, Digital Signage, Electronic Circuit Boards [Member] | ||||
Revenue | 54,410 | 47,626 | 109,945 | 89,505 |
Lighting Segment [Member] | Legacy Products [Member] | ||||
Revenue | 11,632 | 9,079 | 22,761 | 18,045 |
Lighting Segment [Member] | Turnkey Services and Other [Member] | ||||
Revenue | 791 | 571 | 1,660 | 986 |
Lighting Segment [Member] | Transferred at Point in Time [Member] | ||||
Revenue | 58,591 | 50,141 | 116,668 | 94,723 |
Lighting Segment [Member] | Transferred over Time [Member] | ||||
Revenue | 8,242 | 7,135 | 17,698 | 13,813 |
Display Solutions Segment [Member] | ||||
Revenue | 61,971 | 53,867 | 121,507 | 109,004 |
Display Solutions Segment [Member] | LED Lighting, Digital Signage, Electronic Circuit Boards [Member] | ||||
Revenue | 5,801 | 12,551 | 12,976 | 24,979 |
Display Solutions Segment [Member] | Legacy Products [Member] | ||||
Revenue | 41,683 | 31,127 | 83,154 | 64,429 |
Display Solutions Segment [Member] | Turnkey Services and Other [Member] | ||||
Revenue | 14,487 | 10,189 | 25,377 | 19,596 |
Display Solutions Segment [Member] | Transferred at Point in Time [Member] | ||||
Revenue | 47,027 | 35,437 | 94,516 | 72,868 |
Display Solutions Segment [Member] | Transferred over Time [Member] | ||||
Revenue | $ 14,944 | $ 18,430 | $ 26,991 | $ 36,136 |
Note 3 - Segment Reporting In_3
Note 3 - Segment Reporting Information (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | |
Number of Operating Segments | 2 | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 128,804 | $ 111,143 | $ 255,873 | $ 217,540 | |
Intersegment Revenue Markup Percentage | 10% | ||||
Display Solutions Segment [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 61,971 | $ 53,867 | $ 121,507 | $ 109,004 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Number of Major Customers | 0 | 0 | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Display Solutions Segment [Member] | One Customer [Member] | |||||
Number of Major Customers | 1 | ||||
Concentration Risk, Percentage | 10.90% | ||||
Revenue Benchmark [Member] | Revenue from Rights Concentration Risk [Member] | Display Solutions Segment [Member] | One Customer [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 23,700 | ||||
Revenue, Segment Benchmark [Member] | Customer Concentration Risk [Member] | Display Solutions Segment [Member] | One Customer [Member] | |||||
Number of Major Customers | 1 | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 11,400 | ||||
Concentration Risk, Percentage | 10.30% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Number of Major Customers | 0 | 0 | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Display Solutions Segment [Member] | One Customer [Member] | |||||
Number of Major Customers | 1 | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 8,500 | ||||
Concentration Risk, Percentage | 10.90% |
Note 3 - Segment Reporting In_4
Note 3 - Segment Reporting Information - Summarized Financial Information by Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Sales | $ 128,804 | $ 111,143 | $ 255,873 | $ 217,540 |
Operating income (loss) | 9,038 | 4,422 | 19,059 | 8,866 |
Capital expenditures | 561 | 448 | 995 | 745 |
Depreciation and amortization | 2,419 | 2,538 | 4,840 | 5,101 |
Corporate and Eliminations [Member] | ||||
Operating income (loss) | (5,478) | (4,038) | (11,111) | (7,682) |
Capital expenditures | (52) | 22 | (28) | (82) |
Depreciation and amortization | 62 | 72 | 122 | 143 |
Lighting Segment [Member] | ||||
Net Sales | 66,833 | 57,276 | 134,366 | 108,536 |
Lighting Segment [Member] | Operating Segments [Member] | ||||
Operating income (loss) | 6,754 | 4,623 | 15,912 | 8,962 |
Capital expenditures | 74 | 172 | 323 | 352 |
Depreciation and amortization | 1,382 | 1,450 | 2,769 | 2,911 |
Display Solutions Segment [Member] | ||||
Net Sales | 61,971 | 53,867 | 121,507 | 109,004 |
Display Solutions Segment [Member] | Operating Segments [Member] | ||||
Operating income (loss) | 7,762 | 3,837 | 14,258 | 7,586 |
Capital expenditures | 539 | 254 | 700 | 475 |
Depreciation and amortization | $ 975 | $ 1,016 | $ 1,949 | $ 2,047 |
Note 3 - Segment Reporting In_5
Note 3 - Segment Reporting Information - Identifiable Assets by Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 |
Identifiable assets | $ 296,283 | $ 311,080 |
Corporate and Eliminations [Member] | ||
Identifiable assets | 6,820 | 6,347 |
Lighting Segment [Member] | Operating Segments [Member] | ||
Identifiable assets | 143,741 | 152,431 |
Display Solutions Segment [Member] | Operating Segments [Member] | ||
Identifiable assets | $ 145,722 | $ 152,302 |
Note 3 - Segment Reporting In_6
Note 3 - Segment Reporting Information - Intersegment Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 128,804 | $ 111,143 | $ 255,873 | $ 217,540 |
Lighting Segment [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 66,833 | 57,276 | 134,366 | 108,536 |
Display Solutions Segment [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 61,971 | 53,867 | 121,507 | 109,004 |
Intersegment Eliminations [Member] | Lighting Segment [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 5,067 | 11,266 | 11,210 | 21,723 |
Intersegment Eliminations [Member] | Display Solutions Segment [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 30 | $ 72 | $ 36 | $ 235 |
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 | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Income | $ 6,417 | $ 3,105 | $ 12,678 | $ 6,238 |
Weighted average shares outstanding during the period, net of treasury shares (in shares) | 27,005 | 26,625 | 26,890 | 26,589 |
Weighted average vested restricted stock units outstanding (in shares) | 956 | 637 | 903 | 531 |
Weighted average shares outstanding (in shares) | 28,078 | 27,292 | 27,874 | 27,144 |
Basic income per share (in dollars per share) | $ 0.23 | $ 0.11 | $ 0.45 | $ 0.23 |
Basic (in shares) | 28,078 | 27,292 | 27,874 | 27,144 |
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any (in shares) | 1,126 | 775 | 892 | 751 |
Weighted average shares outstanding (in shares) | 29,204 | 28,067 | 28,766 | 27,895 |
Diluted income per share (in dollars per share) | $ 0.22 | $ 0.11 | $ 0.44 | $ 0.22 |
Anti-dilutive securities (b) (in shares) | 85 | 981 | 452 | 984 |
Restricted Stock Units (RSUs) [Member] | ||||
Weighted average vested restricted stock units outstanding (in shares) | 117 | 30 | 81 | 24 |
Note 5 - Inventories, Net - Inv
Note 5 - Inventories, Net - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 |
Raw materials | $ 51,532 | $ 51,637 |
Work-in-progress | 6,844 | 3,029 |
Finished goods | 14,829 | 19,755 |
Total Inventories | $ 73,205 | $ 74,421 |
Note 6 - Accrued Expenses - Acc
Note 6 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 |
Customer prepayments | $ 3,940 | $ 6,416 |
Compensation and benefits | 9,865 | 9,611 |
Accrued warranty | 4,516 | 4,491 |
Accrued sales commissions | 3,528 | 4,783 |
Accrued Freight | 3,348 | 3,680 |
Accrued FICA | 396 | 1,122 |
Finance lease liabilities | 281 | 275 |
Accrued income tax | 0 | 109 |
Other accrued expenses | 6,049 | 4,503 |
Total Accrued Expenses | 33,270 | 36,264 |
Accrued Expenses [Member] | ||
Operating lease liabilities | $ 1,347 | $ 1,274 |
Note 7 - Goodwill and Other I_3
Note 7 - Goodwill and Other Intangible Assets (Details Textual) | 6 Months Ended |
Dec. 31, 2022 | |
Number of Reporting Units | 3 |
Lighting Segment [Member] | |
Number of Reporting Units | 1 |
Display Solutions Segment [Member] | |
Number of Reporting Units | 2 |
Note 7 - Goodwill and Other I_4
Note 7 - Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 |
Goodwill | $ 134,318 | $ 134,318 |
Accumulated impairment losses | (89,288) | (89,288) |
Goodwill, net as of December 31, 2022 | 45,030 | 45,030 |
Lighting Segment [Member] | ||
Goodwill | 70,971 | 70,971 |
Accumulated impairment losses | (61,763) | (61,763) |
Goodwill, net as of December 31, 2022 | 9,208 | 9,208 |
Display Solutions Segment [Member] | ||
Goodwill | 63,347 | 63,347 |
Accumulated impairment losses | (27,525) | (27,525) |
Goodwill, net as of December 31, 2022 | $ 35,822 | $ 35,822 |
Note 7 - Goodwill and Other I_5
Note 7 - Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 |
Amortized intangible assets, gross | $ 86,235,000 | $ 86,235,000 | |
Accumulated amortization | 32,753,000 | 30,373,000 | $ 30,373,000 |
Amortized intangible assets, net | 53,482,000 | 55,862,000 | |
Indefinite-lived intangible assets, gross | 12,102,000 | 12,102,000 | |
Total other intangible assets, gross | 98,337,000 | 98,337 | |
Other intangible assets, net | 65,584,000 | 67,964,000 | $ 67,964,000 |
Trademarks and Trade Names [Member] | |||
Indefinite-lived intangible assets, gross | 12,102,000 | 12,102,000 | |
Customer Relationships [Member] | |||
Amortized intangible assets, gross | 62,083,000 | 62,083,000 | |
Accumulated amortization | 16,108,000 | 14,400,000 | |
Amortized intangible assets, net | 45,975,000 | 47,683,000 | |
Patents [Member] | |||
Amortized intangible assets, gross | 268,000 | 268,000 | |
Accumulated amortization | 268,000 | 268,000 | |
Amortized intangible assets, net | 0 | 0 | |
LED Technology Firmware Software [Member] | |||
Amortized intangible assets, gross | 20,966,000 | ||
Accumulated amortization | 14,598,000 | ||
Amortized intangible assets, net | 6,368,000 | ||
Trade Names [Member] | |||
Amortized intangible assets, gross | 2,658,000 | 2,658,000 | |
Accumulated amortization | 1,102,000 | 1,049,000 | |
Amortized intangible assets, net | 1,556,000 | 1,609,000 | |
Noncompete Agreements [Member] | |||
Amortized intangible assets, gross | 260,000 | 260,000 | |
Accumulated amortization | 84,000 | 58,000 | |
Amortized intangible assets, net | 176,000 | $ 202,000 | |
Technology-Based Intangible Assets [Member] | |||
Amortized intangible assets, gross | 20,966,000 | ||
Accumulated amortization | 15,191,000 | ||
Amortized intangible assets, net | $ 5,775,000 |
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 | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amortization Expense of Other Intangible Assets | $ 1,190 | $ 1,198 | $ 2,380 | $ 2,413 |
Note 7 - Goodwill and Other I_7
Note 7 - Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 4,808 |
2024 | 4,760 |
2025 | 4,760 |
2026 | 4,760 |
2027 | 4,754 |
After 2027 | $ 32,020 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 6 Months Ended | |
Sep. 30, 2021 | Mar. 03, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | |||
Minimum [Member] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | |||
Maximum [Member] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||
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% | |||
London Interbank Offered Rate (LIBOR) [Member] | Forecast [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
Base Rate [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0% | |||
Base Rate [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75 | $ 75 | ||
Debt Instrument, Interest Rate, Effective Percentage | 6.10% | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 32.7 | |||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||
Term Loan [Member] | ||||
Debt Instrument, Face Amount | 25 | |||
Debt Instrument, Annual Principal Payment | $ 3.6 | |||
Debt Instrument, Term | 5 years |
Note 8 - Debt - Debt (Details)
Note 8 - Debt - Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 |
Secured line of credit | $ 42,310 | $ 57,275 | ||
Term loan, net of debt issuance costs of $30 and $0, respectively | 62,821 | 79,596 | ||
Less: amounts due within one year | $ 3,571 | $ 3,571 | 3,571 | 3,571 |
Total amounts due after one year, net | $ 59,250 | $ 76,025 | 59,250 | 76,025 |
Term Loan [Member] | ||||
Term loan, net of debt issuance costs of $30 and $0, respectively | $ 20,511 | $ 22,321 |
Note 8 - Debt - Debt (Details)
Note 8 - Debt - Debt (Details) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 |
Debt Issuance Costs, Net, Total | $ 26 | |
Term Loan [Member] | ||
Debt Issuance Costs, Net, Total | $ 30 |
Note 9 - Cash Dividends (Detail
Note 9 - Cash Dividends (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | |
Jan. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Payments of Dividends, Total | $ 2.7 | $ 2.7 | |
Annual Indicated per Share Dividend Rate | $ 0.20 | ||
Subsequent Event [Member] | |||
Quarterly Indicated Per Share Dividend Rate | $ 0.05 | ||
Dividends Payable, Date to be Paid | May 17, 2022 | ||
Dividends Payable, Date of Record | May 09, 2022 |
Note 10 - Equity Compensation (
Note 10 - Equity Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Nov. 30, 2022 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Expense | $ 0.8 | $ 1.1 | $ 1.4 | $ 1.7 | ||
The 2019 Omnibus Award Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 2,350,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 2,637,095 | 2,637,095 | ||||
The 2019 Omnibus Award Plan [Member] | Performance Shares [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 164,348 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.90 | |||||
The 2019 Omnibus Award Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 197,915 |
Note 11 - Supplemental Cash F_3
Note 11 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Interest | $ 1,689 | $ 627 |
Income taxes | 4,299 | 2,820 |
Issuance of common shares as compensation | 173 | 150 |
Issuance of common shares to fund deferred compensation plan | $ 1,087 | $ 2,569 |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) | 6 Months Ended |
Dec. 31, 2022 | |
Minimum [Member] | |
Lessee, Leases, Remaining Term | 1 year |
Maximum [Member] | |
Lessee, Leases, Remaining Term | 7 years |
Note 13 - Leases - Operating Le
Note 13 - Leases - Operating Lease Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | |
Operating lease cost | $ 885 | $ 870 | $ 1,776 | $ 1,749 | |
Fixed payments - operating cash flows | 1,832 | 1,778 | |||
Total operating right-of-use assets | 7,548 | 7,548 | $ 8,664 | ||
Finance leases, right of use assets | 2,033 | 2,033 | 2,033 | ||
Liability reduction - operating cash flows | 1,618 | 1,502 | |||
Interest - operating cash flows | 35 | 42 | |||
Long-term operating lease liability | 6,957 | 6,957 | 8,240 | ||
Accumulated depreciation | (793) | (793) | (634) | ||
Amortization of right of use assets | 74 | 74 | 148 | 148 | |
Repayments of principal portion - financing cash flows | 123 | 129 | |||
Total operating lease liabilities | 8,304 | 8,304 | 9,514 | ||
Total finance lease assets, net | $ 1,270 | $ 1,270 | $ 1,410 | ||
Weighted Average remaining Lease Term (in years) (Year) | 2 years 8 months 19 days | 2 years 8 months 19 days | 3 years 18 days | ||
Accrued expenses (Current liabilities) | $ 281 | $ 281 | $ 275 | ||
Interest on lease liabilities | $ 17 | 20 | $ 35 | 41 | |
Weighted Average Discount Rate | 4.82% | 4.82% | 4.81% | ||
Long-term finance lease liability | $ 1,105 | $ 1,105 | $ 1,246 | ||
Total finance lease liabilities | 1,386 | 1,386 | $ 1,521 | ||
Variable lease cost | $ 22 | 22 | $ 44 | 44 | |
Weighted Average remaining Lease Term (in years) (Year) | 4 years 3 months 18 days | 4 years 3 months 18 days | 4 years 9 months 18 days | ||
Weighted Average Discount Rate | 4.86% | 4.86% | 4.86% | ||
Sublease income | $ (116) | (94) | $ (232) | (188) | |
Total lease cost | 882 | $ 892 | 1,771 | $ 1,794 | |
Accrued Expenses [Member] | |||||
Operating lease liabilities | 1,347 | 1,347 | $ 1,274 | ||
Buildings Under Finance Leases [Member] | |||||
Finance leases, right of use assets | 2,033 | 2,033 | 2,033 | ||
Equipment Under Finance Leases [Member] | |||||
Finance leases, right of use assets | $ 30 | $ 30 | $ 11 |
Note 13 - Leases - Maturities o
Note 13 - Leases - Maturities of Lease Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 |
2023 operating lease liabilities | $ 2,134 | |
2023, finance lease liabilities | 207 | |
2023, operating subleases | (189) | |
2023 | 2,152 | |
2024, operating lease liabilities | 3,399 | |
2024, finance lease liabilities | 337 | |
2024, operating subleases | (377) | |
2024, net lease commitments | 3,359 | |
2025, operating lease liabilities | 2,253 | |
2025, finance lease liabilities | 362 | |
2025, operating subleases | (31) | |
2025, net lease commitments | 2,584 | |
2026, operating lease liabilities | 952 | |
2026, finance lease liabilities | 362 | |
2026, operating subleases | 0 | |
2026, net lease commitments | 1,314 | |
2027, operating lease liabilities | 323 | |
2027, finance lease liabilities | 303 | |
2027, operating subleases | 0 | |
2027, net lease commitments | 626 | |
Thereafter, operating lease liabilities | 4 | |
Thereafter, finance lease liabilities | 0 | |
Thereafter, operating subleases | 0 | |
Thereafter, net lease commitments | 4 | |
Total lease payments, operating lease liabilities | 9,065 | |
Total lease payments, finance lease liabilities | 1,571 | |
Total lease payments, operating subleases | (597) | |
Total lease payments, net lease commitments | 10,039 | |
Less: Interest, operating lease liabilities | (761) | |
Less: Interest, finance lease liabilities | (185) | |
Less: Interest, net lease commitments | (946) | |
Present Value of Lease Liabilities, operating lease liabilities | 8,304 | $ 9,514 |
Present Value of Lease Liabilities, finance lease liabilities | 1,386 | $ 1,521 |
Present Value of Lease Liabilities, net lease commitments | $ 9,093 |
Note 14 - Income Taxes - Reconc
Note 14 - Income Taxes - Reconciliation of Income Tax Rate (Details) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Provision for income taxes at the anticipated annual tax rate | 21.50% | 23.80% | 24% | 24% |
Uncertain tax positions | (1.20%) | (3.90%) | 0% | (1.50%) |
Tax rate changes | (1.90%) | 0% | 0% | 0% |
Share-based compensation | 0.30% | (0.10%) | (0.80%) | 0.30% |
Effective tax rate | 18.10% | 20% | 24.80% | 22.20% |