Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jul. 31, 2017 | Dec. 31, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | ETHAN ALLEN INTERIORS INC | ||
Entity Central Index Key | 896,156 | ||
Trading Symbol | eth | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 27,447,215 | ||
Entity Public Float | $ 703,752 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 57,701 | $ 52,659 |
Accounts receivable, less allowance for doubtful accounts of $1,667 at June 30, 2017 and $1,639 at June 30, 2016 | 12,293 | 9,467 |
Inventories | 149,483 | 162,323 |
Prepaid expenses and other current assets | 23,621 | 23,755 |
Total current assets | 243,098 | 248,204 |
Property, plant and equipment, net | 270,198 | 273,615 |
Goodwill and other intangible assets | 45,128 | 45,128 |
Restricted cash and investments | 7,330 | 7,820 |
Other assets | 2,468 | 2,642 |
Total assets | 568,222 | 577,409 |
Current liabilities: | ||
Current maturities of long-term debt | 2,731 | 3,001 |
Customer Deposits | 62,960 | 60,958 |
Accounts payable | 16,961 | 15,437 |
Accrued compensation and benefits | 20,352 | 22,067 |
Accrued expenses and other current liabilities | 23,441 | 21,884 |
Total current liabilities | 126,445 | 123,347 |
Long-term debt | 11,608 | 38,837 |
Other long-term liabilities | 29,273 | 23,023 |
Total liabilities | 167,326 | 185,207 |
Shareholders' equity: | ||
Common stock, par value $0.01; 150,000,000 shares authorized; 48,979,994 shares issued at June 30, 2017 and 48,921,544 shares issued at June 30, 2016 | 490 | 489 |
Preferred stock, par value $0.01; 1,055,000 shares authorized; none issued | ||
Additional paid-in-capital | 377,550 | 374,972 |
Less: Treasury stock (at cost), 21,532,779 shares at June 30, 2017 and 21,175,416 shares at June 30, 2016 | (635,179) | (624,932) |
Retained earnings | 661,976 | 646,315 |
Accumulated other comprehensive income | (4,131) | (4,846) |
Total Ethan Allen Interiors Inc. shareholders' equity | 400,706 | 391,998 |
Noncontrolling interests | 190 | 204 |
Total shareholders' equity | 400,896 | 392,202 |
Total liabilities and shareholders' equity | $ 568,222 | $ 577,409 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Accounts receivable, allowance for doubtful accounts | $ 1,667 | $ 1,639 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 48,979,994 | 48,921,544 |
Preferred stock, par value (in dollars per share) | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 1,055,000 | |
Preferred stock, shares issued (in shares) | 0 | 0 |
Treasury stock, shares (in shares) | 21,532,779 | 21,175,416 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net sales | $ 763,385 | $ 794,202 | $ 754,600 |
Cost of sales | 343,662 | 351,966 | 343,437 |
Gross profit | 419,723 | 442,236 | 411,163 |
Selling, general and administrative expenses | 361,773 | 353,057 | 345,229 |
Operating income | 57,950 | 89,179 | 65,934 |
Interest and other income (expense) | 268 | 395 | (3,333) |
Interest and other related financing costs | 1,223 | 1,618 | 5,918 |
Income before income taxes | 56,995 | 87,956 | 56,683 |
Income tax expense | 20,801 | 31,319 | 19,541 |
Net income | $ 36,194 | $ 56,637 | $ 37,142 |
Per share data: | |||
Net income per basic share (in dollars per share) | $ 1.31 | $ 2.02 | $ 1.29 |
Basic weighted average common shares (in shares) | 27,679 | 28,072 | 28,874 |
Net income per diluted share (in dollars per share) | $ 1.29 | $ 2 | $ 1.27 |
Diluted weighted average common shares (in shares) | 27,958 | 28,324 | 29,182 |
Dividends declared per common share (in dollars per share) | $ 0.74 | $ 0.62 | $ 0.50 |
Comprehensive income: | |||
Net income | $ 36,194 | $ 56,637 | $ 37,142 |
Other comprehensive income | |||
Curency translation adjustment | 715 | (2,208) | (3,308) |
Other | (14) | 27 | 78 |
Other comprehensive income (loss) net of tax | 701 | (2,181) | (3,230) |
Comprehensive income | $ 36,895 | $ 54,456 | $ 33,912 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Operating activities: | |||
Net income | $ 36,194 | $ 56,637 | $ 37,142 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 20,115 | 19,353 | 19,142 |
Compensation expense related to share-based payment awards | 1,259 | 2,356 | 1,236 |
Provision for deferred income taxes | 3,507 | 671 | 3,923 |
Restructuring and impairment charge | 784 | ||
Loss (gain) on disposal of property, plant and equipment | 1,033 | (2,267) | 4,180 |
Other | (6) | (1,295) | 3,606 |
Change in operating assets and liabilities, net of effects of acquired businesses: | |||
Accounts receivable | (2,826) | 2,926 | (559) |
Inventories | 13,507 | (9,982) | (5,036) |
Prepaid and other current assets | 1,010 | 5,113 | (9,628) |
Customer Deposits | 1,883 | (7,275) | 7,517 |
Accounts payable | 1,524 | (3,509) | (5,349) |
Accrued expenses and other current liabilities | (547) | (6,550) | (2,113) |
Other assets and liabilities | 1,980 | 2,191 | 261 |
Net cash provided by operating activities | 78,633 | 58,369 | 55,106 |
Investing activities: | |||
Proceeds from the disposal of property, plant & equipment | 1,273 | 8,073 | 9,103 |
Change in restricted cash and investments | 490 | 190 | 497 |
Capital expenditures | (17,645) | (22,967) | (19,787) |
Acquisitions | (676) | (165) | (1,991) |
Sales of marketable securities | 2,150 | 15,430 | |
Other investing activities | 175 | 193 | 176 |
Net cash provided by (used in) investing activities | (16,383) | (12,526) | 3,428 |
Financing activities: | |||
Borrowings from revolving credit and term loan facilities | 75,000 | ||
Payments on long-term debt and capital lease obligations | (28,401) | (34,840) | (133,710) |
Purchases and retirements of company stock | (10,246) | (19,346) | (17,552) |
Payment of cash dividends | (20,031) | (16,646) | (13,348) |
Other financing activities | 1,335 | 1,718 | (1,353) |
Net cash used in financing activities | (57,343) | (69,114) | (90,963) |
Effect of exchange rate changes on cash | 135 | (252) | (565) |
Net increase (decrease) in cash & cash equivalents | 5,042 | (23,523) | (32,994) |
Cash & cash equivalents - beginning of year | 52,659 | 76,182 | 109,176 |
Cash & cash equivalents - end of year | 57,701 | 52,659 | 76,182 |
Supplemental cash flow information: | |||
Income taxes paid | 15,074 | 29,003 | 18,250 |
Interest paid | 936 | 1,352 | 7,181 |
Non-cash capital lease obligations incurred | $ 613 | $ 1,700 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance at Jun. 30, 2014 | $ 486 | $ 365,733 | $ (584,041) | $ 642 | $ 584,395 | $ 252 | $ 367,467 |
Stock issued on share-based awards | 3 | 4,117 | 4,120 | ||||
Compensation expense associated with share-based awards | 1,236 | 1,236 | |||||
Tax benefit associated with exercise of share based awards | (172) | (172) | |||||
Purchase/retirement of company stock | (21,545) | (21,545) | |||||
Dividends declared on common stock | (14,458) | (14,458) | |||||
Capital distribution | (25) | (25) | |||||
Comprehensive income (loss) | (3,280) | 37,142 | 50 | 33,912 | |||
Balance at Jun. 30, 2015 | 489 | 370,914 | (605,586) | (2,638) | 607,079 | 277 | 370,535 |
Stock issued on share-based awards | 734 | 734 | |||||
Compensation expense associated with share-based awards | 2,356 | 2,356 | |||||
Tax benefit associated with exercise of share based awards | 968 | 968 | |||||
Purchase/retirement of company stock | (19,346) | (19,346) | |||||
Dividends declared on common stock | (17,401) | (17,401) | |||||
Capital distribution | (100) | (100) | |||||
Comprehensive income (loss) | (2,208) | 56,637 | 27 | 54,456 | |||
Balance at Jun. 30, 2016 | 489 | 374,972 | (624,932) | (4,846) | 646,315 | 204 | 392,202 |
Stock issued on share-based awards | 1 | 1,199 | 1,200 | ||||
Compensation expense associated with share-based awards | 1,259 | 1,259 | |||||
Tax benefit associated with exercise of share based awards | 120 | 120 | |||||
Purchase/retirement of company stock | (10,247) | (10,247) | |||||
Dividends declared on common stock | (20,533) | (20,533) | |||||
Capital distribution | 0 | ||||||
Comprehensive income (loss) | 715 | 36,194 | (14) | 36,895 | |||
Balance at Jun. 30, 2017 | $ 490 | $ 377,550 | $ (635,179) | $ (4,131) | $ 661,976 | $ 190 | $ 400,896 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 1 Summary of Significant Accounting Policies Basis of Presentation The following is a summary of significant accounting policies of Ethan Allen Interiors Inc., and its wholly-owned subsidiaries (collectively "We," "Us," "Our," "Ethan Allen" or the "Company"). All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Our consolidated financial statements also include the accounts of an entity in which we are a majority shareholder with the power to direct the activites that most significantly impact the entity’s performance. Noncontrolling interest amounts in the entity are immaterial and included in the Consolidated Statement of Comprehensive Income within interest and other income, net. Nature of Operations We are a leading manufacturer and retailer of quality home furnishings and accents, offering complimentary interior design service to our clients and sell a full range of furniture products and decorative accents. We sell our products through one June 30, 2017 303 148 155 nine six one one one Use of Estimates We prepare our consolidated financial statements in conformity with accounting principles generally accepted in the United States, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Because of the inherent uncertainty involved in making those estimates, actual results could differ from those estimates. Areas in which significant estimates have been made include, but are not Reclassifications C ertain reclassifications have been made to prior years’ financial statements to conform to the current year’s presentation. These changes were made for disclosure purposes only and did not Cash Equivalents Cash and short-term, highly liquid investments with original maturities of three Inventories Inventories are stated at the lower of cost ( first first Property, Plant and Equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation of plant and equipment is provided over the estimated useful lives of the respective assets on a straight-line basis. Estimated useful lives of the respective assets typically range from twenty forty three twenty Operating Leases We record expense for operating leases by recognizing the minimum lease payments on a straight-line basis, beginning on the date that the lessee takes possession or control of the property. Several our operating lease agreements contain provisions for tenant improvement allowances, rent holidays, rent concessions, and/or rent escalations. Incentive payments received from landlords are recorded as deferred lease incentives and are amortized over the underlying lease term on a straight-line basis as a reduction of rent expense. When the terms of an operating lease provide for periods of free rent, rent concessions, and/or rent escalations, we establish a deferred rent liability for the difference between the scheduled rent payment and the straight-line rent expense recognized. This deferred rent liability is also amortized over the underlying lease term on a straight-line basis as a reduction of rent expense. Retail Design Center Acquisitions We account for the acquisition of retail design centers and related assets with the purchase method. Accounting for these transactions as purchase business combinations requires the allocation of purchase price paid to the assets acquired and liabilities assumed based on their fair values as of the date of the acquisition. The amount paid in excess of the fair value of net assets acquired is accounted for as goodwill. Goodwill and Other Intangible Assets Our intangible assets are comprised primarily of goodwill, which represents the excess of cost over the fair value of net assets acquired, and trademarks. We determined these assets have indefinite useful lives, and are therefore not Impairment of Long-Lived Assets and Goodwill Goodwill and other indefinite-lived intangible assets are evaluated for impairment on an annual basis during the fourth may may not 50 may The recoverability of long-lived assets is evaluated for impairment whenever events or changes in circumstances indicate that we may not To evaluate goodwill using a quantitative assessment, the Company determines the current fair value of the reporting units using a combination of “Market” and “Income” approaches. In the Market approach, the “Guideline Company” method is used, which focuses on comparing the Company’s risk profile and growth prospects to reasonably similar publicly traded companies. Key assumptions used for the Guideline Company method are total invested capital (“TIC”) multiples for revenues and operating cash flows, as well as consideration of control premiums. The TIC multiples are determined based on public furniture companies within our peer group, and if appropriate, recent comparable transactions are considered. Control premiums are determined using recent comparable transactions in the open market. Under the Income approach, a discounted cash flow method is used, which includes a terminal value, and is based on external analyst financial projection estimates, as well as internal financial projection estimates prepared by management. The long-term terminal growth rate assumptions reflect our current long-term view of the market in which we compete. Discount rates use the weighted average cost of capital for companies within our peer group, adjusted for specific company risk premium factors. The fair value of our trade name, which is the Company’s only indefinite-lived intangible asset other than goodwill, is valued using the relief-from-royalty method. Significant factors used in trade name valuation are rates for royalties, future growth, and a discount factor. Royalty rates are determined using an average of recent comparable values. Future growth rates are based on the Company’s perception of the long-term values in the market in which we compete, and the discount rate is determined using the weighted average cost of capital for companies within our peer group, adjusted for specific company risk premium factors. Financial Instruments Because of their short-term nature, the carrying value of our cash and cash equivalents, receivables and payables, short-term debt and customer deposit liabilities approximates fair value. Substantially all our long-term debt at both June 30, 2017 2016 Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance must be established for deferred tax assets when it is more likely than not not We recognize the tax benefit from an uncertain tax position only if it is more likely than not The liability associated with an unrecognized tax benefit is classified as a long-term liability except for the amount for which a cash payment is expected to be made or tax positions settled within one Revenue Recognition Revenue is recognized when all the following have occurred: persuasive evidence of a sales arrangement exists (e.g. a wholesale purchase order or retail sales invoice); the sales arrangement specifies a fixed or determinable sales price; title and risk of ownership has passed to the customer; no Shipping and Handling Costs Our practice has been to sell our products at the same delivered cost to all retailers nationwide, regardless of shipping point. Costs incurred by the Company to deliver finished goods are expensed and recorded in selling, general and administrative expenses. Shipping and handling costs amounted to $71.3 2017, $71.7 2016 $67.3 2015. Advertising Costs Advertising costs are expensed when first $39.7 2017, $34.1 2016 $31.8 2015. 2016 2015 June 30, 2017 $1.5 $2.0 June 30, 2016. Earnings Per Share We compute basic earnings per share by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated similarly, except that the weighted average outstanding shares are adjusted to include the effects of converting all potentially dilutive share-based awards issued under our employee stock plans (see Notes 9 10 two Share-Based Compensation We estimate, as of the date of grant, the fair value of stock options awarded using the Black-Scholes option pricing model. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs, including anticipated changes in the underlying stock price (i.e. expected volatility) and option exercise activity (i.e. expected life). Expected volatility is based on the historical volatility of our stock and other contributing factors. The expected life of options granted, which represents the period of time that the options are expected to be outstanding, is based, primarily, on historical data. We estimate, as of the date of grant, the fair value of restricted stock units awarded using a discounted cash flow model which requires management to make certain assumptions with respect to model inputs including anticipated future dividends not one Share-based compensation expense is included in the Consolidated Statements of Operations within selling, general and administrative expenses. Tax benefits associated with our share-based compensation arrangements are included in the Consolidated Statements of Operations within income tax expense. All shares of our common stock received in connection with the exercise of share-based awards have been recorded as treasury stock and result in a reduction in shareholders’ equity. Foreign Currency Translation The functional currency of each Company operated foreign location is the respective local currency. Assets and liabilities are translated into United States dollars using the current period-end exchange rate and income and expense amounts are translated using the average exchange rate for the period in which the transaction occurred. Resulting translation adjustments are reported as a component of accumulated other comprehensive income within shareholders’ equity. Recently Adopted Accounting Pronouncements There were no June 30, 2017 2016 |
Note 2 - Business Acquisitions
Note 2 - Business Acquisitions | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 2 Business Acquisitions From time to time the Company acquires design centers from its independent retailers in arms length transactions. There were no three June 30, 2017, 2016 2015 |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 3 Inventories Inventories at June 30 2017 2016 Finished goods $ 117,388 $ 129,627 Work in process 10,638 9,497 Raw materials 26,269 27,554 Valuation allowance (4,812 ) (4,355 ) Inventories $ 149,483 $ 162,323 |
Note 4 - Property, Plant and Eq
Note 4 - Property, Plant and Equipment | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 4 Property, Plant and Equipment Property, plant and equipment at June 30 2017 2016 Land and improvements $ 79,200 $ 80,002 Building and improvements 400,246 392,196 Machinery and equipment 125,773 126,066 Property, plant and equipment, gross 605,219 598,264 Less: accumulated depreciation and amortization (335,021 ) (324,649 ) Property, plant and equipment, net $ 270,198 $ 273,615 |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | ( 5 Goodwill and Other Intangible Assets At both June 30, 2017 2016, $25.4 $19.7 In the fourth 2017, 2016, 2015, fair value of the wholesale reporting unit and concluded it is more likely than not 2011 2017, 2016 2015. To calculate fair value of these assets, management relies on estimates and assumptions which by their nature have varying degrees of uncertainty. Management therefore looks for third may |
Note 6 - Borrowings
Note 6 - Borrowings | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 6 Borrowings Total debt obligations at June 30 June 30, June 30, 2017 2016 Revolving Credit Facility due 10/21/2019 $ - $ 25,000 Term Loan due 10/21/2019 13,833 16,167 Capital leases 1,085 1,560 Total debt obligations 14,918 42,727 Unamortized debt issuance costs (579 ) (889 ) Total debt 14,339 41,838 Less current maturities 2,731 3,001 Total long-term $ 11,608 $ 38,837 The Company entered into a five $150 October 21, 2014, October 21, 2019, $35 $115 $1.5 At the Company’s option, revolving loans under the Facility bear interest, based on the average availability, at an annual rate of either (a) the London Interbank Offered rate (“LIBOR”) plus 1.5% 1.75%, 0.50%, 1.0% 0.5% 0.75%. June 30, 2017 2.5625%. At the Company’s option, term loans under the Facility bear interest, based on the Company’s rent adjusted leverage ratio, at an annual rate of either (a) LIBOR plus 1.75% 2.25%, 0.50%, 1.0% 0.75% 1.25%. June 30, 2017 3.0%. The Company pays a commitment fee of 0.15% 0.25% 1.5% 1.75% 20% Quarterly installments of principal on the term loan are payable based on a straight line 15 2017 $25.0 not The Facility is secured by all property owned, leased or operated by the Company in the United States and includes certain real property owned by the Company and contains customary covenants which may The Facility includes a covenant that requires the Company to maintain a minimum fixed charge coverage ratio of 1.1 1.0 $17.5 1.25 1.0, 15% The Company intends to use the Facility for working capital and general corporate purposes, including dividend payments and share repurchases. At June 30, 2017 June 30, 2016, $0.1 $0.2 $114.9 June 30, 2017 $89.8 June 30, 2016. At both June 30, 2017 June 30, 2016, The weighted-average interest rate applicable under our outstanding debt obligations for each of the last three Fiscal Year Ended June 30, 2017 2016 2015 Weighted-average interest rate 2.4 % 2.0 % 4.8 % Aggregate scheduled maturities of our debt obligations for each of the five June 30, 2017, Fiscal Year Ended June 30 2018 2,999 2019 2,518 2020 9,294 2021 66 2022 41 Subsequent to 2022 - Total scheduled debt payments $ 14,918 |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | ( 7 Leases We lease real property and equipment under various operating lease agreements expiring at various times through 2039. may five June 30, 2017, Minimum Minimum Future Future Lease Sublease Fiscal Year Ended June 30, Payments Rentals 2018 $ 34,901 $ 2,012 2019 31,157 $ 1,469 2020 26,610 965 2021 24,118 776 2022 20,526 657 Subsequent to 2022 59,804 152 Total $ 197,116 $ 6,031 Total rent expense for each of the past three June 30 2017 2016 2015 Basic rentals under operating leases $ 33,033 $ 31,692 $ 31,220 Contingent rentals under operating leases 142 180 160 Basic and contingent rentals 33,175 31,872 31,380 Less: sublease rent (1,824 ) (1,964 ) (3,062 ) Total rent expense $ 31,351 $ 29,908 $ 28,318 Deferred rent credits and deferred lease incentives are reflected in the Consolidated Balance Sheets and are amortized over the respective underlying lease terms on a straight-line basis as a reduction of rent expense. The amounts for the past two 2017 2016 Deferred rent credits $ 13,876 $ 13,003 Deferred lease incentives $ 5,238 $ 4,538 |
Note 8 - Shareholders' Equity
Note 8 - Shareholders' Equity | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 8 Shareholders' Equity Our authorized capital stock consists of 150,000,000 $.01 1,055,000 $.01 may one no may June 30, 2017 2016, no Share Repurchase Program On November 21, 2002, 2,000,000 April 13, 2015 3,000,000 no As of June 30, 2017 1.4 During the past three 2017 2016 2015 Common shares repurchased 357,363 697,799 645,831 Cost to repurchase common shares $ 10,246,302 $ 19,346,104 $ 16,469,725 Average price per share $ 28.67 $ 27.72 $ 25.50 For the fiscal years presented above, we funded our purchases of treasury stock with existing cash on hand and cash generated through current period operations. All our common stock repurchases are recorded as treasury stock and result in a reduction of shareholders’ equity. |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 9 Earnings per Share The following table sets forth the calculation of weighted average shares for the fiscal years ended June 30 ( 2017 2016 2015 Weighted average shares of common stock outstanding for basic calculation 27,679 28,072 28,874 Effect of dilutive stock options and other share-based awards 279 252 308 Weighted average shares of common stock outstanding adjusted for dilution calculation 27,958 28,324 29,182 Certain restricted stock awards and the potential exercise of certain stock options were excluded from the respective diluted earnings per share calculation because their impact is anti-dilutive. In 2017, 2016 2015, 379,350, 460,155 591,058, |
Note 10 - Share-based Compensat
Note 10 - Share-based Compensation | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ( 10 Share-Based Compensation For the twelve June 30, 2017, 2016, 2015, $1.3 $2.4 $1.2 twelve June 30, 2017, 2016, 2015, $0.5 $0.8 $0.5 At June 30, 2017, 1,263,530 1992 6,487,867 422 no 10 one January 31, 2014, 3 Stock Option Awards We estimate, as of the date of grant, the fair value of stock options awarded using the Black-Scholes option pricing model. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs, including anticipated changes in the underlying stock price (i.e. expected volatility) and option exercise activity (i.e. expected life). Expected volatility is based on the historical volatility of our stock. The risk-free rate of return is based on the U.S. Treasury bill rate extrapolated to the term matching the expected life of the grant. The dividend yield is based on the annualized dividend rate at the grant date relative to the grant date stock price. The expected life of options granted, which represents the period of time that the options are expected to be outstanding, is based, primarily, on historical data. The weighted average assumptions used for fiscal years ended June 30 2017 2016 2015 Volatility 36.8 % 48.1 % 52.9 % Risk-free rate of return 1.03 % 1.93 % 2.03 % Dividend yield 1.96 % 1.95 % 2.09 % Expected average life (years) 5.0 6.3 6.7 Options granted to employees beginning January 1, 2014 three 5% three not 5% three three 3 5 June 30, 2017, 196,000 three four five 130,000 not June 30 2017, 2018. 10 June 30, 2017 Weighted Weighted Average Average Remaining Exercise Contractual Aggregate Options Shares Price Term (yrs) Intrinsic Value Outstanding - June 30, 2016 907,073 $ 24.08 Granted 20,153 34.73 Exercised (58,450 ) 20.51 Canceled (forfeited/expired) (32,756 ) 28.77 Outstanding - June 30, 2017 836,020 24.41 4.2 $ 6,900,417 Exercisable - June 30, 2017 550,736 $ 23.33 2.4 $ 5,201,916 The weighted average grant-date fair value of options granted during fiscal 2017, 2016 2015 $8.30, $11.53 $11.30 2017, 2016 2015 $0.8 $0.3 $4.5 June 30, 2017, $0.7 1.8 June 30, 2017 Weighted Average Options Shares Grant Date Fair Value Nonvested June 30, 2016 353,702 $ 11.28 Granted 20,153 8.30 Vested (71,904 ) 10.67 Canceled (forfeited/expired) (16,667 ) 11.25 Nonvested at June 30, 2017 285,284 $ 11.18 Stock Unit Awards We account for stock unit awards as equity-based awards because upon vesting, they will be settled in common shares. These awards, which contain time and other vesting conditions, may not one June 30 No December 1, 2015. 2017 2016 Volatility 30.8 % 33.3 % Risk-free rate of return 0.92 % 0.77 % Dividend yield 1.97 % 1.99 % Expected average life (years) 2.04 1.75 For each grant of Performance Units, the amount of the grant that will be earned and paid will be determined by reference to the achievement of certain performance goals for each of two three Equity-based compensation expenses related to performance-based shares recognized in our consolidated statements of comprehensive income are presented in the following table for the fiscal years ended June 30 ( Granted within fiscal years ending June 30, 2017 2016 2016 $ 794 $ 733 2017 12 - Total expense $ 806 $ 733 A summary of stock unit activity occurring during the fiscal year ended June 30, 2017 Weighted Average Grant Date Units Fair Value Non-vested units at June 30, 2016 218,050 $ 24.53 Granted 90,280 29.28 Vested - - Canceled (forfeited/expired) - - Non-vested units at June 30, 2017 308,330 25.92 As of June 30, 2017, $0.3 2.3 Restricted Stock Awards No 2017 no |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 11 Income Taxes Income tax expense attributable to income from operations consists of the following for the fiscal years ended June 30 ( 2017 2016 2015 Current: Federal $ 15,265 $ 27,660 $ 15,064 State 1,585 2,898 489 Foreign 445 88 55 Total current 17,295 30,646 15,608 Deferred: Federal 3,413 (237 ) 2,979 State 85 207 759 Foreign 8 703 195 Total deferred 3,506 673 3,933 Income Tax Expense (Benefit) $ 20,801 $ 31,319 $ 19,541 The following is a reconciliation of expected income tax expense (benefit) (computed by applying the federal statutory income tax rate to income before taxes) to actual income tax expense (benefit) (in thousands): 2017 2016 2015 Expected Income Tax Expense $ 19,947 35.0 % $ 30,785 35.0 % $ 19,839 35.0 % State income taxes, net of federal income tax 1,403 2.5 % 2,514 2.9 % 1,597 2.8 % Valuation allowance 329 0.6 % 339 0.4 % 409 0.7 % Section 199 Qualified Production Activities deduction (999 ) -1.8 % (1,513 ) -1.7 % (998 ) -1.8 % Unrecognized tax expense (benefit) (48 ) -0.1 % (479 ) -0.5 % (641 ) -1.1 % Other, net 169 0.3 % (327 ) -0.4 % (665 ) -1.2 % Actual income tax expense (benefit) $ 20,801 36.5 % $ 31,319 35.6 % $ 19,541 34.5 % The deferred income tax asset and liability balances at June 30 ( 2017 2016 Deferred tax assets: Employee compensation accruals 4,395 4,343 Stock based compensation 2,878 2,665 Deferred rent credits 7,290 6,705 Net operating loss carryforwards 3,687 3,375 Inventories 1,254 155 Goodwill 953 1,729 Other, net 2,396 2,504 Total deferred tax assets 22,853 21,476 Less: Valuation allowance (2,485 ) (2,155 ) Net deferred tax assets $ 20,368 $ 19,321 2017 2016 Deferred tax liabilities: Property, plant and equipment 5,360 654 Intangible assets other than goodwill 14,166 14,260 Commissions 3,420 3,478 Other, net - - Total deferred tax liability 22,946 18,392 Total net deferred tax asset (liability) $ (2,578 ) $ 929 The deferred tax balances are classified in the Consolidated Balance Sheets as follows at June 30 ( 2017 2016 Current assets $ 3,916 $ 3,174 Non-current assets 1,167 835 Current liabilities - - Non-current liabilities 7,661 3,080 Total net deferred tax asset (liability) $ (2,578 ) $ 929 Current deferred tax assets and liabilities and non-current deferred tax assets and liabilities have been presented net in the Consolidated Balance Sheets. We evaluate our deferred taxes to determine if the “more likely than not” not 50% June 30 2017 2016, June 30, 2017 $2.5 The Company’s deferred income tax assets at June 30, 2017 Deferred Net Operating Income Loss Tax Assets Carryforwards United States (State), expiring between 2018 and 2032 $ 1,110 $ 23,760 Foreign, Expiring in 2034 2,577 7,622 Deferred U.S. federal income taxes are not Uncertain Tax Positions We recognize interest and penalties related to income tax matters as a component of income tax expense. If the $2.1 June 30, 2017 $1.4 June 30, 2017 2016 2017 2016 Beginning balance $ 2,170 $ 3,117 Additions for tax positions taken 646 776 Reductions for tax positions taken in prior years (694 ) (1,530 ) Settlements (16 ) (193 ) Ending balance $ 2,106 $ 2,170 It is reasonably possible that various issues relating to approximately $0.2 June 30, 2017 twelve $0.1 The Company conducts business globally and, as a result, the Company or one June 30, 2017, 2014 2016 may twelve not |
Note 12 - Employee Retirement P
Note 12 - Employee Retirement Programs | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ( 12 Employee Retirement Programs The Ethan Allen Retirement Savings Plan The Ethan Allen Retirement Savings Plan (the "Savings Plan") is a defined contribution plan, which is offered to substantially all our employees who have completed three may, 401 401 $3.5 2017, $3.4 2016, $3.3 2015. Other Retirement Plans and Benefits Ethan Allen provides additional benefits to selected members of senior and middle management in the form of previously entered deferred compensation arrangements and a management cash bonus and other incentive programs. The total cost of these benefits was $1.0 $3.6 $3.7 2017, 2016 2015, |
Note 13 - Litigation
Note 13 - Litigation | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | ( 13 Litigation We are routinely party to various legal proceedings, including investigations or as a defendant in litigation, in the ordinary course of business. We are also subject to various federal, state and local environmental protection laws and regulations and are involved, from time to time, in investigations and proceedings regarding environmental matters. Such investigations and proceedings typically concern air emissions, water discharges, and/or management of solid and hazardous wastes. Under these laws, we and/or our subsidiaries are, or may Regulations issued under the Clean Air Act Amendments of 1990 not On a quarterly basis, we review our litigation activities and determine if an unfavorable outcome to us is considered “remote”, “reasonably possible” or “probable” as defined by U.S. GAAP. Where we determine an unfavorable outcome is probable and is reasonably estimable, we accrue for potential litigation losses. The liability we may may not not not Although the outcome of the various claims and proceedings against us cannot be predicted with certainty, management believes that the likelihood is remote that any existing claims or proceedings, individually or in the aggregate, will have a material adverse effect on our financial position, results of operations or cash flows. |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Income | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | ( 14 Accumulated Other Comprehensive Income The following table sets forth the activity in accumulated other comprehensive income for the fiscal years ended June 30 ( Years ended June 30, 2017 2016 Beginning balance $ (4,846 ) $ (2,638 ) Changes before reclassifications 715 (2,208 ) Amounts reclassified from accumulated other comprehensive income - - Current period other comprehensive income 715 (2,208 ) Ending balance $ (4,131 ) $ (4,846 ) Foreign currency translation adjustments are the result of changes in foreign currency exchange rates related to our operations in Canada, Belgium, Honduras and Mexico, and exclude income taxes given that the earnings of non-U.S. subsidiaries are deemed to be reinvested for an indefinite period. |
Note 15 - Segment Information
Note 15 - Segment Information | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 15 Segment Information Our wholesale and retail operating segments represent strategic business areas of our vertically integrated enterprise that operate separately and provide their own distinctive services. This vertical structure enables us to offer our complete line of home furnishings and accents more effectively while controlling quality and cost. We evaluate performance of the respective segments based upon revenues and operating income. Inter-segment transactions result, primarily, from the wholesale sale of inventory to the retail segment, including the related profit margin. As of June 30, 2017, 148 155 79% 2017. 21%, 11.9% 2017 ten 101 three June 30 2017 2016 2015 Net sales: Wholesale segment $ 453,326 $ 491,467 $ 469,384 Retail segment 603,677 626,511 579,713 Elimination of inter-company sales (293,618 ) (323,776 ) (294,497 ) Consolidated Total $ 763,385 $ 794,202 $ 754,600 Operating income (loss): Wholesale segment $ 53,505 $ 74,412 $ 66,988 Retail segment 1,198 16,450 1,726 Adjustment of inter-company profit (1) 3,247 (1,683 ) (2,780 ) Consolidated Total $ 57,950 $ 89,179 $ 65,934 Depreciation & Amortization: Wholesale segment $ 7,550 $ 7,587 $ 8,044 Retail segment 12,565 11,766 11,098 Consolidated Total $ 20,115 $ 19,353 $ 19,142 Capital expenditures: Wholesale segment $ 8,589 $ 12,446 $ 9,427 Retail segment 9,056 10,521 10,360 Acquisitions 676 165 1,991 Consolidated Total $ 18,321 $ 23,132 $ 21,778 June 30, June 30, June 30, 2017 2016 2015 Total Assets: Wholesale segment $ 279,364 $ 271,116 $ 295,949 Retail segment 319,341 339,942 341,886 Inventory profit elimination (2) (30,483 ) (33,649 ) (31,858 ) Consolidated Total $ 568,222 $ 577,409 $ 605,977 ( 1 Represents the change in wholesale profit contained in Ethan Allen design center inventory at the end of the period. ( 2 The wholesale profit contained in the retail segment inventory that has not Our international net sales are comprised of our wholesale segment sales to independent retailers and our retail segment sales to consumers through the Company operated design centers. The number of international design centers, and the related net sales as a percent of our consolidated net sales is shown in the following table. Fiscal Year Ended June 30, 2017 2016 2015 Independent design centers 107 103 97 Company operated design centers 6 6 7 Total international design centers 113 109 104 Percentage of consolidated net sales 10.0 % 9.2 % 11.6 % |
Note 16 - Selected Quarterly Fi
Note 16 - Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | ( 16 Selected Quarterly Financial Data (Unaudited) Tabulated below is selected financial data for each quarter of the fiscal years ended June 30, 2017, 2016, 2015 Quarter Ended September 30 December 31 March 31 June 30 Fiscal 2017: Net Sales $ 193,287 $ 194,672 $ 180,501 $ 194,925 Gross profit 108,467 108,124 94,735 108,397 Net income 11,529 10,700 2,282 11,683 Earnings per basic share 0.42 0.39 0.08 0.42 Earnings per diluted share 0.41 0.38 0.08 0.42 Dividends declared per common share 0.17 0.19 0.19 0.19 Fiscal 2016: Net Sales $ 190,391 $ 207,535 $ 190,583 $ 205,693 Gross profit 104,673 116,058 105,717 115,788 Net income 13,147 16,534 10,178 16,778 Earnings per basic share 0.46 0.58 0.37 0.60 Earnings per diluted share 0.46 0.58 0.36 0.60 Dividends declared per common share 0.14 0.14 0.17 0.17 Fiscal 2015: Net Sales $ 190,706 $ 197,067 $ 173,259 $ 193,568 Gross profit 104,803 106,074 94,110 106,176 Net income 11,879 10,038 2,536 12,689 Earnings per basic share 0.41 0.35 0.09 0.44 Earnings per diluted share 0.41 0.34 0.09 0.44 Dividends declared per common share 0.12 0.12 0.12 0.14 |
Note 17 - Financial Instruments
Note 17 - Financial Instruments | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 17 Financial Instruments We determine fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not one three 1 2 not 3 The following section describes the valuation methodologies we use to measure different financial assets and liabilities at fair value. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents our assets and liabilities measured at fair value on a recurring basis at June 30, 2017 June 30, 2016 (in thousands): June 30, 2017 June 30, 2016 Level 1 Level 2 Balance Level 1 Level 2 Balance Cash equivalents $ 65,031 $ - $ 65,031 $ 60,479 $ - $ 60,479 Available-for-sale securities - - - - - - Total $ 65,031 $ - $ 65,031 $ 60,479 $ - $ 60,479 Cash equivalents consist of money market accounts, and mutual funds in U.S. government and agency fixed income securities. We use quoted prices in active markets for identical assets or liabilities to determine fair value. There were no 1 2 2017 2016. June 30, 2017 2016, $7.3 $7.8 We did not June 30, 2017 2016 no June 30, 2017 June 30, 2016. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis We measure certain assets, including our cost and equity method investments, at fair value on a nonrecurring basis. These assets are recognized at fair value when they are deemed to be other-than-temporarily impaired. During the year ended June 30, 2015, $0.8 |
Note 18 - Restricted Cash and I
Note 18 - Restricted Cash and Investments | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | ( 18 Restricted Cash and Investments At June 30, 2017 2016 $7.3 $7.8 two not one 17, |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 19 Subsequent Events None. |
Note 20 - Valuation and Qualify
Note 20 - Valuation and Qualifying Accounts | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ( 20 Valuation and Qualifying Accounts The following table provides information regarding the Company’s sales discounts, sales returns and allowance for doubtful accounts (in thousands): Additions Balance at (Reductions) Adjustments Balance at Beginning Charged to and/or End of of Period Income Deductions Period Accounts Receivable: Sales discounts, sales returns and allowance for doubtful accounts: June 30, 2017 $ 1,639 $ 28 $ - $ 1,667 June 30, 2016 1,386 253 - 1,639 June 30, 2015 $ 1,442 $ (56 ) $ - $ 1,386 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The following is a summary of significant accounting policies of Ethan Allen Interiors Inc., and its wholly-owned subsidiaries (collectively "We," "Us," "Our," "Ethan Allen" or the "Company"). All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Our consolidated financial statements also include the accounts of an entity in which we are a majority shareholder with the power to direct the activites that most significantly impact the entity’s performance. Noncontrolling interest amounts in the entity are immaterial and included in the Consolidated Statement of Comprehensive Income within interest and other income, net. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates We prepare our consolidated financial statements in conformity with accounting principles generally accepted in the United States, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Because of the inherent uncertainty involved in making those estimates, actual results could differ from those estimates. Areas in which significant estimates have been made include, but are not |
Reclassification, Policy [Policy Text Block] | Reclassifications C ertain reclassifications have been made to prior years’ financial statements to conform to the current year’s presentation. These changes were made for disclosure purposes only and did not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents Cash and short-term, highly liquid investments with original maturities of three |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost ( first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation of plant and equipment is provided over the estimated useful lives of the respective assets on a straight-line basis. Estimated useful lives of the respective assets typically range from twenty forty three twenty |
Lessee, Leases [Policy Text Block] | Operating Leases We record expense for operating leases by recognizing the minimum lease payments on a straight-line basis, beginning on the date that the lessee takes possession or control of the property. Several our operating lease agreements contain provisions for tenant improvement allowances, rent holidays, rent concessions, and/or rent escalations. Incentive payments received from landlords are recorded as deferred lease incentives and are amortized over the underlying lease term on a straight-line basis as a reduction of rent expense. When the terms of an operating lease provide for periods of free rent, rent concessions, and/or rent escalations, we establish a deferred rent liability for the difference between the scheduled rent payment and the straight-line rent expense recognized. This deferred rent liability is also amortized over the underlying lease term on a straight-line basis as a reduction of rent expense. |
Business Combinations Policy [Policy Text Block] | Retail Design Center Acquisitions We account for the acquisition of retail design centers and related assets with the purchase method. Accounting for these transactions as purchase business combinations requires the allocation of purchase price paid to the assets acquired and liabilities assumed based on their fair values as of the date of the acquisition. The amount paid in excess of the fair value of net assets acquired is accounted for as goodwill. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets Our intangible assets are comprised primarily of goodwill, which represents the excess of cost over the fair value of net assets acquired, and trademarks. We determined these assets have indefinite useful lives, and are therefore not |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets and Goodwill Goodwill and other indefinite-lived intangible assets are evaluated for impairment on an annual basis during the fourth may may not 50 may The recoverability of long-lived assets is evaluated for impairment whenever events or changes in circumstances indicate that we may not To evaluate goodwill using a quantitative assessment, the Company determines the current fair value of the reporting units using a combination of “Market” and “Income” approaches. In the Market approach, the “Guideline Company” method is used, which focuses on comparing the Company’s risk profile and growth prospects to reasonably similar publicly traded companies. Key assumptions used for the Guideline Company method are total invested capital (“TIC”) multiples for revenues and operating cash flows, as well as consideration of control premiums. The TIC multiples are determined based on public furniture companies within our peer group, and if appropriate, recent comparable transactions are considered. Control premiums are determined using recent comparable transactions in the open market. Under the Income approach, a discounted cash flow method is used, which includes a terminal value, and is based on external analyst financial projection estimates, as well as internal financial projection estimates prepared by management. The long-term terminal growth rate assumptions reflect our current long-term view of the market in which we compete. Discount rates use the weighted average cost of capital for companies within our peer group, adjusted for specific company risk premium factors. The fair value of our trade name, which is the Company’s only indefinite-lived intangible asset other than goodwill, is valued using the relief-from-royalty method. Significant factors used in trade name valuation are rates for royalties, future growth, and a discount factor. Royalty rates are determined using an average of recent comparable values. Future growth rates are based on the Company’s perception of the long-term values in the market in which we compete, and the discount rate is determined using the weighted average cost of capital for companies within our peer group, adjusted for specific company risk premium factors. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments Because of their short-term nature, the carrying value of our cash and cash equivalents, receivables and payables, short-term debt and customer deposit liabilities approximates fair value. Substantially all our long-term debt at both June 30, 2017 2016 |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance must be established for deferred tax assets when it is more likely than not not We recognize the tax benefit from an uncertain tax position only if it is more likely than not The liability associated with an unrecognized tax benefit is classified as a long-term liability except for the amount for which a cash payment is expected to be made or tax positions settled within one |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Revenue is recognized when all the following have occurred: persuasive evidence of a sales arrangement exists (e.g. a wholesale purchase order or retail sales invoice); the sales arrangement specifies a fixed or determinable sales price; title and risk of ownership has passed to the customer; no |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs Our practice has been to sell our products at the same delivered cost to all retailers nationwide, regardless of shipping point. Costs incurred by the Company to deliver finished goods are expensed and recorded in selling, general and administrative expenses. Shipping and handling costs amounted to $71.3 2017, $71.7 2016 $67.3 2015. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs Advertising costs are expensed when first $39.7 2017, $34.1 2016 $31.8 2015. 2016 2015 June 30, 2017 $1.5 $2.0 June 30, 2016. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share We compute basic earnings per share by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated similarly, except that the weighted average outstanding shares are adjusted to include the effects of converting all potentially dilutive share-based awards issued under our employee stock plans (see Notes 9 10 two |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation We estimate, as of the date of grant, the fair value of stock options awarded using the Black-Scholes option pricing model. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs, including anticipated changes in the underlying stock price (i.e. expected volatility) and option exercise activity (i.e. expected life). Expected volatility is based on the historical volatility of our stock and other contributing factors. The expected life of options granted, which represents the period of time that the options are expected to be outstanding, is based, primarily, on historical data. We estimate, as of the date of grant, the fair value of restricted stock units awarded using a discounted cash flow model which requires management to make certain assumptions with respect to model inputs including anticipated future dividends not one Share-based compensation expense is included in the Consolidated Statements of Operations within selling, general and administrative expenses. Tax benefits associated with our share-based compensation arrangements are included in the Consolidated Statements of Operations within income tax expense. All shares of our common stock received in connection with the exercise of share-based awards have been recorded as treasury stock and result in a reduction in shareholders’ equity. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The functional currency of each Company operated foreign location is the respective local currency. Assets and liabilities are translated into United States dollars using the current period-end exchange rate and income and expense amounts are translated using the average exchange rate for the period in which the transaction occurred. Resulting translation adjustments are reported as a component of accumulated other comprehensive income within shareholders’ equity. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements There were no June 30, 2017 2016 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2017 2016 Finished goods $ 117,388 $ 129,627 Work in process 10,638 9,497 Raw materials 26,269 27,554 Valuation allowance (4,812 ) (4,355 ) Inventories $ 149,483 $ 162,323 |
Note 4 - Property, Plant and 29
Note 4 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2017 2016 Land and improvements $ 79,200 $ 80,002 Building and improvements 400,246 392,196 Machinery and equipment 125,773 126,066 Property, plant and equipment, gross 605,219 598,264 Less: accumulated depreciation and amortization (335,021 ) (324,649 ) Property, plant and equipment, net $ 270,198 $ 273,615 |
Note 6 - Borrowings (Tables)
Note 6 - Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30, June 30, 2017 2016 Revolving Credit Facility due 10/21/2019 $ - $ 25,000 Term Loan due 10/21/2019 13,833 16,167 Capital leases 1,085 1,560 Total debt obligations 14,918 42,727 Unamortized debt issuance costs (579 ) (889 ) Total debt 14,339 41,838 Less current maturities 2,731 3,001 Total long-term $ 11,608 $ 38,837 |
Schedule of Long-term Debt Instruments [Table Text Block] | Fiscal Year Ended June 30, 2017 2016 2015 Weighted-average interest rate 2.4 % 2.0 % 4.8 % |
Schedule of Maturities of Long-term Debt [Table Text Block] | Fiscal Year Ended June 30 2018 2,999 2019 2,518 2020 9,294 2021 66 2022 41 Subsequent to 2022 - Total scheduled debt payments $ 14,918 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Minimum Minimum Future Future Lease Sublease Fiscal Year Ended June 30, Payments Rentals 2018 $ 34,901 $ 2,012 2019 31,157 $ 1,469 2020 26,610 965 2021 24,118 776 2022 20,526 657 Subsequent to 2022 59,804 152 Total $ 197,116 $ 6,031 |
Schedule of Rent Expense [Table Text Block] | 2017 2016 2015 Basic rentals under operating leases $ 33,033 $ 31,692 $ 31,220 Contingent rentals under operating leases 142 180 160 Basic and contingent rentals 33,175 31,872 31,380 Less: sublease rent (1,824 ) (1,964 ) (3,062 ) Total rent expense $ 31,351 $ 29,908 $ 28,318 |
Schedule of Deferred Rent Credits and Deferred Lease Incentives [ Table Text Block] | 2017 2016 Deferred rent credits $ 13,876 $ 13,003 Deferred lease incentives $ 5,238 $ 4,538 |
Note 8 - Shareholders' Equity (
Note 8 - Shareholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | 2017 2016 2015 Common shares repurchased 357,363 697,799 645,831 Cost to repurchase common shares $ 10,246,302 $ 19,346,104 $ 16,469,725 Average price per share $ 28.67 $ 27.72 $ 25.50 |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2017 2016 2015 Weighted average shares of common stock outstanding for basic calculation 27,679 28,072 28,874 Effect of dilutive stock options and other share-based awards 279 252 308 Weighted average shares of common stock outstanding adjusted for dilution calculation 27,958 28,324 29,182 |
Note 10 - Share-based Compens34
Note 10 - Share-based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2017 2016 2015 Volatility 36.8 % 48.1 % 52.9 % Risk-free rate of return 1.03 % 1.93 % 2.03 % Dividend yield 1.96 % 1.95 % 2.09 % Expected average life (years) 5.0 6.3 6.7 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Weighted Average Average Remaining Exercise Contractual Aggregate Options Shares Price Term (yrs) Intrinsic Value Outstanding - June 30, 2016 907,073 $ 24.08 Granted 20,153 34.73 Exercised (58,450 ) 20.51 Canceled (forfeited/expired) (32,756 ) 28.77 Outstanding - June 30, 2017 836,020 24.41 4.2 $ 6,900,417 Exercisable - June 30, 2017 550,736 $ 23.33 2.4 $ 5,201,916 |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted Average Options Shares Grant Date Fair Value Nonvested June 30, 2016 353,702 $ 11.28 Granted 20,153 8.30 Vested (71,904 ) 10.67 Canceled (forfeited/expired) (16,667 ) 11.25 Nonvested at June 30, 2017 285,284 $ 11.18 |
Schedule of Share-based Payment Award, Restricted Stock Units, Valuation Assumptions [Table Text Block] | 2017 2016 Volatility 30.8 % 33.3 % Risk-free rate of return 0.92 % 0.77 % Dividend yield 1.97 % 1.99 % Expected average life (years) 2.04 1.75 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Weighted Average Grant Date Units Fair Value Non-vested units at June 30, 2016 218,050 $ 24.53 Granted 90,280 29.28 Vested - - Canceled (forfeited/expired) - - Non-vested units at June 30, 2017 308,330 25.92 |
Restricted Stock Units (RSUs) [Member] | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Granted within fiscal years ending June 30, 2017 2016 2016 $ 794 $ 733 2017 12 - Total expense $ 806 $ 733 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2017 2016 2015 Current: Federal $ 15,265 $ 27,660 $ 15,064 State 1,585 2,898 489 Foreign 445 88 55 Total current 17,295 30,646 15,608 Deferred: Federal 3,413 (237 ) 2,979 State 85 207 759 Foreign 8 703 195 Total deferred 3,506 673 3,933 Income Tax Expense (Benefit) $ 20,801 $ 31,319 $ 19,541 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2017 2016 2015 Expected Income Tax Expense $ 19,947 35.0 % $ 30,785 35.0 % $ 19,839 35.0 % State income taxes, net of federal income tax 1,403 2.5 % 2,514 2.9 % 1,597 2.8 % Valuation allowance 329 0.6 % 339 0.4 % 409 0.7 % Section 199 Qualified Production Activities deduction (999 ) -1.8 % (1,513 ) -1.7 % (998 ) -1.8 % Unrecognized tax expense (benefit) (48 ) -0.1 % (479 ) -0.5 % (641 ) -1.1 % Other, net 169 0.3 % (327 ) -0.4 % (665 ) -1.2 % Actual income tax expense (benefit) $ 20,801 36.5 % $ 31,319 35.6 % $ 19,541 34.5 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2017 2016 Deferred tax assets: Employee compensation accruals 4,395 4,343 Stock based compensation 2,878 2,665 Deferred rent credits 7,290 6,705 Net operating loss carryforwards 3,687 3,375 Inventories 1,254 155 Goodwill 953 1,729 Other, net 2,396 2,504 Total deferred tax assets 22,853 21,476 Less: Valuation allowance (2,485 ) (2,155 ) Net deferred tax assets $ 20,368 $ 19,321 2017 2016 Deferred tax liabilities: Property, plant and equipment 5,360 654 Intangible assets other than goodwill 14,166 14,260 Commissions 3,420 3,478 Other, net - - Total deferred tax liability 22,946 18,392 Total net deferred tax asset (liability) $ (2,578 ) $ 929 |
Schedule of Deferred Tax Assets Expiration with Respect to Net Operating Losses [Table Text Block] | Deferred Net Operating Income Loss Tax Assets Carryforwards United States (State), expiring between 2018 and 2032 $ 1,110 $ 23,760 Foreign, Expiring in 2034 2,577 7,622 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2017 2016 Beginning balance $ 2,170 $ 3,117 Additions for tax positions taken 646 776 Reductions for tax positions taken in prior years (694 ) (1,530 ) Settlements (16 ) (193 ) Ending balance $ 2,106 $ 2,170 |
Other Assets [Member] | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2017 2016 Current assets $ 3,916 $ 3,174 Non-current assets 1,167 835 Current liabilities - - Non-current liabilities 7,661 3,080 Total net deferred tax asset (liability) $ (2,578 ) $ 929 |
Note 14 - Accumulated Other C36
Note 14 - Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Years ended June 30, 2017 2016 Beginning balance $ (4,846 ) $ (2,638 ) Changes before reclassifications 715 (2,208 ) Amounts reclassified from accumulated other comprehensive income - - Current period other comprehensive income 715 (2,208 ) Ending balance $ (4,131 ) $ (4,846 ) |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Income Statement Section One [Member] | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2017 2016 2015 Net sales: Wholesale segment $ 453,326 $ 491,467 $ 469,384 Retail segment 603,677 626,511 579,713 Elimination of inter-company sales (293,618 ) (323,776 ) (294,497 ) Consolidated Total $ 763,385 $ 794,202 $ 754,600 Operating income (loss): Wholesale segment $ 53,505 $ 74,412 $ 66,988 Retail segment 1,198 16,450 1,726 Adjustment of inter-company profit (1) 3,247 (1,683 ) (2,780 ) Consolidated Total $ 57,950 $ 89,179 $ 65,934 Depreciation & Amortization: Wholesale segment $ 7,550 $ 7,587 $ 8,044 Retail segment 12,565 11,766 11,098 Consolidated Total $ 20,115 $ 19,353 $ 19,142 Capital expenditures: Wholesale segment $ 8,589 $ 12,446 $ 9,427 Retail segment 9,056 10,521 10,360 Acquisitions 676 165 1,991 Consolidated Total $ 18,321 $ 23,132 $ 21,778 |
Total Assets [Member] | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | June 30, June 30, June 30, 2017 2016 2015 Total Assets: Wholesale segment $ 279,364 $ 271,116 $ 295,949 Retail segment 319,341 339,942 341,886 Inventory profit elimination (2) (30,483 ) (33,649 ) (31,858 ) Consolidated Total $ 568,222 $ 577,409 $ 605,977 |
International Design Centers [Member] | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fiscal Year Ended June 30, 2017 2016 2015 Independent design centers 107 103 97 Company operated design centers 6 6 7 Total international design centers 113 109 104 Percentage of consolidated net sales 10.0 % 9.2 % 11.6 % |
Note 16 - Selected Quarterly 38
Note 16 - Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter Ended September 30 December 31 March 31 June 30 Fiscal 2017: Net Sales $ 193,287 $ 194,672 $ 180,501 $ 194,925 Gross profit 108,467 108,124 94,735 108,397 Net income 11,529 10,700 2,282 11,683 Earnings per basic share 0.42 0.39 0.08 0.42 Earnings per diluted share 0.41 0.38 0.08 0.42 Dividends declared per common share 0.17 0.19 0.19 0.19 Fiscal 2016: Net Sales $ 190,391 $ 207,535 $ 190,583 $ 205,693 Gross profit 104,673 116,058 105,717 115,788 Net income 13,147 16,534 10,178 16,778 Earnings per basic share 0.46 0.58 0.37 0.60 Earnings per diluted share 0.46 0.58 0.36 0.60 Dividends declared per common share 0.14 0.14 0.17 0.17 Fiscal 2015: Net Sales $ 190,706 $ 197,067 $ 173,259 $ 193,568 Gross profit 104,803 106,074 94,110 106,176 Net income 11,879 10,038 2,536 12,689 Earnings per basic share 0.41 0.35 0.09 0.44 Earnings per diluted share 0.41 0.34 0.09 0.44 Dividends declared per common share 0.12 0.12 0.12 0.14 |
Note 17 - Financial Instrumen39
Note 17 - Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | June 30, 2017 June 30, 2016 Level 1 Level 2 Balance Level 1 Level 2 Balance Cash equivalents $ 65,031 $ - $ 65,031 $ 60,479 $ - $ 60,479 Available-for-sale securities - - - - - - Total $ 65,031 $ - $ 65,031 $ 60,479 $ - $ 60,479 |
Note 20 - Valuation and Quali40
Note 20 - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Valuation Allowance for Impairment of Recognized Servicing Assets [Table Text Block] | Additions Balance at (Reductions) Adjustments Balance at Beginning Charged to and/or End of of Period Income Deductions Period Accounts Receivable: Sales discounts, sales returns and allowance for doubtful accounts: June 30, 2017 $ 1,639 $ 28 $ - $ 1,667 June 30, 2016 1,386 253 - 1,639 June 30, 2015 $ 1,442 $ (56 ) $ - $ 1,386 |
Note 1 - Summary of Significa41
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Millions | 12 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Number of Stores | 303 | ||
Number of Manufacturing Facilities | 9 | ||
Shipping, Handling and Transportation Costs | $ 71.3 | $ 71.7 | $ 67.3 |
Advertising Expense | 39.7 | 34.1 | $ 31.8 |
Prepaid Advertising | $ 1.5 | $ 2 | |
Manufacturing Plants [Member] | UNITED STATES | |||
Number of Manufacturing Facilities | 6 | ||
Manufacturing Plants [Member] | MEXICO | |||
Number of Manufacturing Facilities | 1 | ||
Manufacturing Plants [Member] | HONDURAS | |||
Number of Manufacturing Facilities | 1 | ||
Sawmills [Member] | UNITED STATES | |||
Number of Manufacturing Facilities | 1 | ||
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Wholly Owned Properties [Member] | |||
Number of Stores | 148 | ||
Independently Operated Member] | |||
Number of Stores | 155 |
Note 3 - Inventories - Schedule
Note 3 - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Finished goods | $ 117,388 | $ 129,627 |
Work in process | 10,638 | 9,497 |
Raw materials | 26,269 | 27,554 |
Valuation allowance | (4,812) | (4,355) |
Inventories | $ 149,483 | $ 162,323 |
Note 4 - Property, Plant and 43
Note 4 - Property, Plant and Equipment Summary (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Land and improvements | $ 79,200 | $ 80,002 |
Building and improvements | 400,246 | 392,196 |
Machinery and equipment | 125,773 | 126,066 |
Property, plant and equipment, gross | 605,219 | 598,264 |
Less: accumulated depreciation and amortization | (335,021) | (324,649) |
Property, plant and equipment, net | $ 270,198 | $ 273,615 |
Note 5 - Goodwill and Other I44
Note 5 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions | Jun. 30, 2017 | Jun. 30, 2016 |
Other Indefinite-lived Intangible Assets | $ 19.7 | $ 19.7 |
Goodwill | $ 25.4 | $ 25.4 |
Note 6 - Borrowings (Details Te
Note 6 - Borrowings (Details Textual) $ in Thousands | Oct. 21, 2014USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) |
Debt Instrument, Term | 5 years | ||
Debt Agreement, Maximum Borrowing Capacity | $ 150,000 | ||
Debt Issuance Costs, Net | 1,500 | $ 579 | $ 889 |
Letters of Credit Outstanding, Amount | 100 | 200 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 114,900 | $ 89,800 | |
Term Loan [Member] | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.00% | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 115,000 | ||
Line of Credit Facility, Interest Rate at Period End | 2.5625% | ||
Debt Instrument, Covenant, Percentage of Total Revolving Credit | 20.00% | ||
Repayments of Lines of Credit | $ 25,000 | ||
Revolving Credit Facility [Member] | Minimum [Member] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | ||
Revolving Credit Facility [Member] | Maximum [Member] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
Revolving Credit Facility [Member] | Additional Margin on Variable Rate Option [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
Revolving Credit Facility [Member] | Additional Margin on Variable Rate Option [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||
Letter of Credit [Member] | Minimum [Member] | |||
Line of Credit Facility, Interest Rate During Period | 1.50% | ||
Letter of Credit [Member] | Maximum [Member] | |||
Line of Credit Facility, Interest Rate During Period | 1.75% | ||
Term Loan [Member] | |||
Long-term Debt | $ 35,000 | ||
Debt Instrument, Amortization Period | 15 years | ||
Debt Instrument, Covenant, Minimum Fixed Charge Coverage Ratio | 1.1 | ||
Debt Covenant, Fixed Charge Coverage Ratio, Maximum Outstanding Term Loans | $ 17,500 | ||
Debt Instrument, Covenant, Minimum Fixed Charge Coverage Ratio for Covenant to Cease to Apply | 1.25 | ||
Debt Instrument, Covenant, Minimum Percentage of Total Revolving Credit to Avoid Triggering Fixed Charge Coverage Ratio Covenant | 15.00% | ||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||
Term Loan [Member] | Federal Funds Effective Swap Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
Term Loan [Member] | Additional Margin on Variable Rate Option [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||
Term Loan [Member] | Additional Margin on Variable Rate Option [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% |
Note 6 - Borrowings - Total Deb
Note 6 - Borrowings - Total Debt Obligations (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Oct. 21, 2014 |
Long-term debt | $ 14,918 | ||
Capital leases | 1,085 | $ 1,560 | |
Total debt obligations | 14,918 | 42,727 | |
Unamortized debt issuance costs | (579) | (889) | $ (1,500) |
Total debt | 14,339 | 41,838 | |
Less current maturities | 2,731 | 3,001 | |
Total long-term | 11,608 | 38,837 | |
Term Loan [Member] | |||
Long-term debt | 13,833 | 16,167 | |
Revolving Credit Facility [Member] | |||
Long-term debt | $ 25,000 |
Note 6 - Borrowings - Weighted-
Note 6 - Borrowings - Weighted-average Interest Rate (Details) | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Weighted-average interest rate | 2.40% | 2.00% | 4.80% |
Note 6 - Borrowings - Aggregate
Note 6 - Borrowings - Aggregate Scheduled Maturities of Debt (Details) $ in Thousands | Jun. 30, 2017USD ($) |
2,018 | $ 2,999 |
2,019 | 2,518 |
2,020 | 9,294 |
2,021 | 66 |
2,022 | 41 |
Subsequent to 2022 | |
Total scheduled debt payments | $ 14,918 |
Note 7 - Leases - Future Minimu
Note 7 - Leases - Future Minimum Lease Payments Under Non-Cancelable Operating Leases (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Minimum Future Lease Payments, 2018 | $ 34,901 |
Minimum Future Sublease Rentals, 2018 | 2,012 |
Minimum Future Lease Payments, 2019 | 31,157 |
Minimum Future Sublease Rentals, 2019 | 1,469 |
Minimum Future Lease Payments, 2020 | 26,610 |
Minimum Future Sublease Rentals, 2020 | 965 |
Minimum Future Lease Payments, 2021 | 24,118 |
Minimum Future Sublease Rentals, 2021 | 776 |
Minimum Future Lease Payments, 2022 | 20,526 |
Minimum Future Sublease Rentals, 2022 | 657 |
Minimum Future Lease Payments, Subsequent to 2022 | 59,804 |
Minimum Future Sublease Rentals, Subsequent to 2022 | 152 |
Minimum Future Lease Payments, Total | 197,116 |
Minimum Future Sublease Rentals, Total | $ 6,031 |
Note 7 - Leases - Summary of Re
Note 7 - Leases - Summary of Rent Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Basic rentals under operating leases | $ 33,033 | $ 31,692 | $ 31,220 |
Contingent rentals under operating leases | 142 | 180 | 160 |
Basic and contingent rentals | 33,175 | 31,872 | 31,380 |
Less: sublease rent | (1,824) | (1,964) | (3,062) |
Total rent expense | $ 31,351 | $ 29,908 | $ 28,318 |
Note 7 - Leases - Deferred Rent
Note 7 - Leases - Deferred Rent Credits and Deferred Lease Incentives (Details) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Deferred rent credits | $ 13,876 | $ 13,003 |
Deferred lease incentives | $ 5,238 | $ 4,538 |
Note 8 - Shareholders' Equity52
Note 8 - Shareholders' Equity (Details Textual) - $ / shares | Jun. 30, 2017 | Jun. 30, 2016 | Apr. 13, 2015 | Nov. 21, 2002 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||
Preferred Stock, Shares Authorized | 1,055,000 | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 3,000,000 | 2,000,000 | ||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 1,400,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |||
Preferred Stock, Shares Issued | 0 | 0 | ||
Preferred Stock, Shares Outstanding | 0 | 0 | ||
Common Class A [Member] | ||||
Common Stock, Shares Authorized | 150,000,000 | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 |
Note 8 - Shareholders' Equity -
Note 8 - Shareholders' Equity - Stock Retired and Repurchased (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Common shares repurchased (in shares) | 357,363 | 697,799 | 645,831 |
Cost to repurchase common shares | $ 10,246,302 | $ 19,346,104 | $ 16,469,725 |
Average price per share (in dollars per share) | $ 28.67 | $ 27.72 | $ 25.50 |
Note 9 - Earnings Per Share (De
Note 9 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 379,350 | 460,155 | 591,058 |
Note 9 - Earnings Per Share - C
Note 9 - Earnings Per Share - Calculation of Weighted Average Shares (Details) - shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Weighted average shares of common stock outstanding for basic calculation (in shares) | 27,679 | 28,072 | 28,874 |
Effect of dilutive stock options and other share-based awards (in shares) | 279 | 252 | 308 |
Weighted average shares of common stock outstanding adjusted for dilution calculation (in shares) | 27,958 | 28,324 | 29,182 |
Note 10 - Share-based Compens56
Note 10 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 146 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 836,020 | 907,073 | |
Allocated Share-based Compensation Expense | $ 1,300 | $ 2,400 | $ 1,200 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 500 | $ 800 | $ 500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 20,153 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Contractual Term | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.30 | $ 11.53 | $ 11.30 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 800 | $ 300 | $ 4,500 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 292 days | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 700 | ||
Independent Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years | ||
Certain Executives Not Including Chief Executive Officer [Member] | |||
Vesting Condition, Cumulative Compound Growth Rate | 5.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 196,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 130,000 | ||
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||
Restricted Stock Units (RSUs) [Member] | |||
Allocated Share-based Compensation Expense | $ 806 | $ 733 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 109 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 90,280 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 300 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | |||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years | ||
Stock Option Plan 1992 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,263,530 | ||
Stock Option Plan 1992 [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 6,487,867 |
Note 10 - Share-based Compens57
Note 10 - Share-based Compensation - Stock Options, Valuation Assumptions (Details) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Volatility | 36.80% | 48.10% | 52.90% |
Risk-free rate of return | 1.03% | 1.93% | 2.03% |
Dividend yield | 1.96% | 1.95% | 2.09% |
Expected average life (years) (Year) | 5 years | 6 years 109 days | 6 years 255 days |
Note 10 - Share-based Compens58
Note 10 - Share-based Compensation - Stock Options, Activity (Details) | 12 Months Ended |
Jun. 30, 2017USD ($)$ / sharesshares | |
Outstanding (in shares) | shares | 907,073 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 24.08 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 146 days |
Exercisable, aggregate intrinsic value | $ | $ 5,201,916 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 20,153 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 34.73 |
Exercised (in shares) | shares | (58,450) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 20.51 |
Canceled (forfeited/expired) (in shares) | shares | (32,756) |
Canceled (forfeited/expired), weighted average exercise price (in dollars per share) | $ / shares | $ 28.77 |
Outstanding (in shares) | shares | 836,020 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 24.41 |
Outstanding, weighted average remaining contractual term (Year) | 4 years 73 days |
Outstanding, aggregate intrinsic value | $ | $ 6,900,417 |
Exercisable (in shares) | shares | 550,736 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 23.33 |
Note 10 - Share-based Compens59
Note 10 - Share-based Compensation - Nonvested Share Activity (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Granted (in shares) | 20,153 | ||
Granted (in dollars per share) | $ 8.30 | $ 11.53 | $ 11.30 |
Canceled (forfeited/expired) (in shares) | (32,756) | ||
Non-Vested [Member] | |||
Nonvested June 30, 2016 (in shares) | 353,702 | ||
Nonvested June 30, 2016 (in dollars per share) | $ 11.28 | ||
Nonvested at June 30, 2017 (in dollars per share) | $ 11.18 | $ 11.28 | |
Granted (in shares) | 20,153 | ||
Granted (in dollars per share) | $ 8.30 | ||
Vested (in shares) | (71,904) | ||
Vested (in dollars per share) | $ 10.67 | ||
Canceled (forfeited/expired) (in shares) | (16,667) | ||
Canceled (forfeited/expired) (in dollars per share) | $ 11.25 | ||
Nonvested at June 30, 2017 (in shares) | 285,284 | 353,702 |
Note 10 - Share-based Compens60
Note 10 - Share-based Compensation - Restricted Stock Unit Awards, Valuation Assumptions (Details) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Volatility | 36.80% | 48.10% | 52.90% |
Risk-free rate of return | 1.03% | 1.93% | 2.03% |
Dividend yield | 1.96% | 1.95% | 2.09% |
Expected average life (years) (Year) | 5 years | 6 years 109 days | 6 years 255 days |
Restricted Stock Units (RSUs) [Member] | |||
Volatility | 30.80% | 33.30% | |
Risk-free rate of return | 0.92% | 0.77% | |
Dividend yield | 1.97% | 1.99% | |
Expected average life (years) (Year) | 2 years 14 days | 1 year 273 days |
Note 10 - Share-based Compens61
Note 10 - Share-based Compensation - Equity-based Compensation Expenses Related to Performance-based Shares (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Total expense | $ 1,300 | $ 2,400 | $ 1,200 |
Restricted Stock Units (RSUs) [Member] | |||
Total expense | 806 | 733 | |
Granted Within the Fiscal Year Ended June 30, 2016 [Member] | Restricted Stock Units (RSUs) [Member] | |||
Total expense | 794 | 733 | |
Granted Within the Fiscal Year Ended June 30, 2017 [Member] | Restricted Stock Units (RSUs) [Member] | |||
Total expense | $ 12 |
Note 10 - Share-based Compens62
Note 10 - Share-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Non-vested units (in shares) | shares | 218,050 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 24.53 |
Granted (in shares) | shares | 90,280 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 29.28 |
Vested (in shares) | shares | |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | |
Non-vested units, weighted average grant date fair value (in dollars per share) | $ / shares | $ 25.92 |
Canceled (forfeited/expired) (in shares) | shares | |
Canceled (forfeited/expired), weighted average grant date fair value (in dollars per share) | $ / shares | |
Non-vested units (in shares) | shares | 308,330 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Deferred Tax Assets, Valuation Allowance | $ 2,485 | $ 2,155 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 2,100 | |
Other Tax Expense (Benefit) | (1,400) | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 200 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 100 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | ||
Income Tax Examination, Year under Examination | 2,014 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | ||
Income Tax Examination, Year under Examination | 2,016 |
Note 11 - Income Taxes - Compon
Note 11 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Current: | |||
Federal | $ 15,265 | $ 27,660 | $ 15,064 |
State | 1,585 | 2,898 | 489 |
Foreign | 445 | 88 | 55 |
Total current | 17,295 | 30,646 | 15,608 |
Deferred: | |||
Federal | 3,413 | (237) | 2,979 |
State | 85 | 207 | 759 |
Foreign | 8 | 703 | 195 |
Total deferred | 3,506 | 673 | 3,933 |
Income Tax Expense (Benefit) | $ 20,801 | $ 31,319 | $ 19,541 |
Note 11 - Income Taxes - Effect
Note 11 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Expected Income Tax Expense | $ 19,947 | $ 30,785 | $ 19,839 |
Expected Income Tax Expense, percentage | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal income tax | $ 1,403 | $ 2,514 | $ 1,597 |
State income taxes, net of federal income tax, percentage | 2.50% | 2.90% | 2.80% |
Valuation allowance | $ 329 | $ 339 | $ 409 |
Valuation allowance, percentage | 0.60% | 0.40% | 0.70% |
Section 199 Qualified Production Activities deduction | $ (999) | $ (1,513) | $ (998) |
Section 199 Qualified Production Activities deduction, percentage | (1.80%) | (1.70%) | (1.80%) |
Unrecognized tax expense (benefit), percentage | (0.10%) | (0.50%) | (1.10%) |
Unrecognized tax expense (benefit) | $ (48) | $ (479) | $ (641) |
Other, net, percentage | 0.30% | (0.40%) | (1.20%) |
Other, net | $ 169 | $ (327) | $ (665) |
Income Tax Expense (Benefit) | $ 20,801 | $ 31,319 | $ 19,541 |
Actual income tax expense (benefit), percentage | 36.50% | 35.60% | 34.50% |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Deferred tax assets: | ||
Employee compensation accruals | $ 4,395 | $ 4,343 |
Stock based compensation | 2,878 | 2,665 |
Deferred rent credits | 7,290 | 6,705 |
Net operating loss carryforwards | 3,687 | 3,375 |
Inventories | 1,254 | 155 |
Goodwill | 953 | 1,729 |
Other, net | 2,396 | 2,504 |
Total deferred tax assets | 22,853 | 21,476 |
Less: Valuation allowance | (2,485) | (2,155) |
Net deferred tax assets | 20,368 | 19,321 |
Deferred tax liabilities: | ||
Property, plant and equipment | 5,360 | 654 |
Intangible assets other than goodwill | 14,166 | 14,260 |
Commissions | 3,420 | 3,478 |
Other, net | ||
Total deferred tax liability | 22,946 | 18,392 |
Total net deferred tax liability | $ (2,578) | |
Total net deferred tax asset | $ 929 |
Note 11 - Income Taxes - Defe67
Note 11 - Income Taxes - Deferred Tax Assets and Liabilities, Balance Sheets Classification (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Current assets | $ 3,916 | $ 3,174 |
Non-current assets | 1,167 | 835 |
Current liabilities | ||
Non-current liabilities | 7,661 | 3,080 |
Total net deferred tax liability | $ (2,578) | |
Total net deferred tax asset | $ 929 |
Note 11 - Income Taxes - Defe68
Note 11 - Income Taxes - Deferred Tax Assets Expiration With Respect to Net Operating Losses (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2017USD ($) | |
Domestic Tax Authority [Member] | |
Net Operating Loss Carryforwards | $ 23,760 |
Deferred Income Tax Assets | 1,110 |
Foreign Tax Authority [Member] | |
Net Operating Loss Carryforwards | 7,622 |
Deferred Income Tax Assets | $ 2,577 |
Note 11 - Income Taxes - Unreco
Note 11 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Beginning balance | $ 2,170 | $ 3,117 |
Additions for tax positions taken | 646 | 776 |
Reductions for tax positions taken in prior years | (694) | (1,530) |
Settlements | (16) | (193) |
Ending balance | $ 2,106 | $ 2,170 |
Note 12 - Employee Retirement70
Note 12 - Employee Retirement Programs (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 3.5 | $ 3.4 | $ 3.3 |
Other Postretirement Benefits Cost (Reversal of Cost) | $ 1 | $ 3.6 | $ 3.7 |
Note 14 - Accumulated Other C71
Note 14 - Accumulated Other Comprehensive Income - Activity in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Beginning balance | $ (4,846) | |
Ending balance | (4,131) | $ (4,846) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Beginning balance | (4,846) | (2,638) |
Changes before reclassifications | 715 | (2,208) |
Amounts reclassified from accumulated other comprehensive income | 0 | |
Current period other comprehensive income | 715 | (2,208) |
Ending balance | $ (4,131) | $ (4,846) |
Note 15 - Segment Information72
Note 15 - Segment Information (Details Textual) | 12 Months Ended |
Jun. 30, 2017 | |
Number of Company Operated Design Centers | 148 |
Number of Independently Operated Design Centers | 155 |
Ten Largest Independent Retailers [Member] | |
Number of Independently Operated Design Centers | 101 |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Ten Largest Independent Retailers [Member] | |
Concentration Risk, Percentage | 11.90% |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Retail Segment [Member] | |
Concentration Risk, Percentage | 79.00% |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Wholesale Segment [Member] | |
Concentration Risk, Percentage | 21.00% |
Note 15 - Segment Information -
Note 15 - Segment Information - Income by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Net sales | $ 194,925 | $ 180,501 | $ 194,672 | $ 193,287 | $ 205,693 | $ 190,583 | $ 207,535 | $ 190,391 | $ 193,568 | $ 173,259 | $ 197,067 | $ 190,706 | $ 763,385 | $ 794,202 | $ 754,600 | |
Operating Income | 57,950 | 89,179 | 65,934 | |||||||||||||
Depreciation and amortization | 20,115 | 19,353 | 19,142 | |||||||||||||
Capital Expenditures | 18,321 | 23,132 | 21,778 | |||||||||||||
Intersegment Eliminations [Member] | ||||||||||||||||
Net sales | (293,618) | (323,776) | (294,497) | |||||||||||||
Operating Income | [1] | 3,247 | (1,683) | (2,780) | ||||||||||||
Wholesale Segment [Member] | ||||||||||||||||
Depreciation and amortization | 7,550 | 7,587 | 8,044 | |||||||||||||
Capital Expenditures | 8,589 | 12,446 | 9,427 | |||||||||||||
Wholesale Segment [Member] | Operating Segments [Member] | ||||||||||||||||
Net sales | 453,326 | 491,467 | 469,384 | |||||||||||||
Operating Income | 53,505 | 74,412 | 66,988 | |||||||||||||
Retail Segment [Member] | ||||||||||||||||
Depreciation and amortization | 12,565 | 11,766 | 11,098 | |||||||||||||
Capital Expenditures | 9,056 | 10,521 | 10,360 | |||||||||||||
Retail Segment [Member] | Operating Segments [Member] | ||||||||||||||||
Net sales | 603,677 | 626,511 | 579,713 | |||||||||||||
Operating Income | 1,198 | 16,450 | 1,726 | |||||||||||||
Acquisitions [Member] | ||||||||||||||||
Capital Expenditures | $ 676 | $ 165 | $ 1,991 | |||||||||||||
[1] | Represents the change in wholesale profit contained in Ethan Allen design center inventory at the end of the period. |
Note 15 - Segment Information74
Note 15 - Segment Information - Assets by Segment (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Assets | $ 568,222 | $ 577,409 | $ 605,977 | |
Wholesale Segment [Member] | ||||
Assets | 279,364 | 271,116 | 295,949 | |
Retail Segment [Member] | ||||
Assets | 319,341 | 339,942 | 341,886 | |
Inventory Profit Elimination [Member] | ||||
Assets | [1] | $ (30,483) | $ (33,649) | $ (31,858) |
[1] | The wholesale profit contained in the retail segment inventory that has not yet been realized. These profits are realized when the related inventory is sold. |
Note 15 - Segment Information75
Note 15 - Segment Information - International Design Centers (Details) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Number of stores | 303 | ||
International Design Centers [Member] | |||
Number of stores | 113 | 109 | 104 |
International Design Centers [Member] | Sales Revenue, Net [Member] | |||
Percentage of consolidated net sales | 10.00% | 9.20% | 11.60% |
Independently Operated Member] | |||
Number of stores | 155 | ||
Independently Operated Member] | International Design Centers [Member] | |||
Number of stores | 107 | 103 | 97 |
International Design Centers [Member] | Company Operated Design Centers [Member] | |||
Number of stores | 6 | 6 | 7 |
Note 16 - Selected Quarterly 76
Note 16 - Selected Quarterly Financial Data (Unaudited) - Selected Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net income per diluted share (in dollars per share) | $ 0.42 | $ 0.08 | $ 0.38 | $ 0.41 | $ 0.60 | $ 0.36 | $ 0.58 | $ 0.46 | $ 0.44 | $ 0.09 | $ 0.34 | $ 0.41 | $ 1.29 | $ 2 | $ 1.27 |
Dividends declared per common share (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.74 | $ 0.62 | $ 0.50 |
Net sales | $ 194,925 | $ 180,501 | $ 194,672 | $ 193,287 | $ 205,693 | $ 190,583 | $ 207,535 | $ 190,391 | $ 193,568 | $ 173,259 | $ 197,067 | $ 190,706 | $ 763,385 | $ 794,202 | $ 754,600 |
Gross profit | 108,397 | 94,735 | 108,124 | 108,467 | 115,788 | 105,717 | 116,058 | 104,673 | 106,176 | 94,110 | 106,074 | 104,803 | 419,723 | 442,236 | 411,163 |
Net income | $ 11,683 | $ 2,282 | $ 10,700 | $ 11,529 | $ 16,778 | $ 10,178 | $ 16,534 | $ 13,147 | $ 12,689 | $ 2,536 | $ 10,038 | $ 11,879 | $ 36,194 | $ 56,637 | $ 37,142 |
Net income per basic share (in dollars per share) | $ 0.42 | $ 0.08 | $ 0.39 | $ 0.42 | $ 0.60 | $ 0.37 | $ 0.58 | $ 0.46 | $ 0.44 | $ 0.09 | $ 0.35 | $ 0.41 | $ 1.31 | $ 2.02 | $ 1.29 |
Note 17 - Financial Instrumen77
Note 17 - Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | |
Restricted Cash and Investments, Noncurrent | $ 7,300 | $ 7,800 | |
Available-for-sale Securities | 0 | ||
Impairment of Long-Lived Assets to be Disposed of | $ 800 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | $ 0 | $ 0 |
Note 17 - Financial Instrumen78
Note 17 - Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Cash equivalents | $ 65,031 | $ 60,479 |
Available-for-sale Securities | 0 | |
Total | 65,031 | 60,479 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 65,031 | 60,479 |
Available-for-sale Securities | ||
Total | 65,031 | 60,479 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | ||
Available-for-sale Securities | ||
Total |
Note 18 - Restricted Cash and79
Note 18 - Restricted Cash and Investments (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Restricted Cash and Investments, Noncurrent | $ 7,300 | $ 7,800 |
Note 20 - Valuation and Quali80
Note 20 - Valuation and Qualifying Accounts - Valuation Allowance (Details) - Allowance for Promotions [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Balance | $ 1,639 | $ 1,386 | $ 1,442 |
Additions Charged to Income | 28 | 253 | (56) |
Adjustments and/or Deductions | |||
Balance | $ 1,667 | $ 1,639 | $ 1,386 |