Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2018 | Apr. 17, 2018 | |
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) | 27,190,407 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 44,977 | $ 57,701 |
Accounts receivable, less allowance for doubtful accounts of $1,710 at March 31, 2018 and $1,667 at June 30, 2017 | 15,933 | 12,293 |
Inventories | 163,748 | 149,483 |
Prepaid expenses and other current assets | 19,356 | 23,621 |
Total current assets | 244,014 | 243,098 |
Property, plant and equipment, net | 265,122 | 270,198 |
Goodwill and other intangible assets | 45,128 | 45,128 |
Restricted cash and investments | 7,086 | 7,330 |
Other assets | 3,207 | 2,468 |
Total assets | 564,557 | 568,222 |
Current liabilities: | ||
Current maturities of long-term debt | 586 | 2,731 |
Customer Deposits | 67,626 | 62,960 |
Accounts payable | 24,680 | 16,961 |
Accrued compensation and benefits | 22,089 | 20,352 |
Accrued expenses and other current liabilities | 22,228 | 23,441 |
Total current liabilities | 137,209 | 126,445 |
Long-term debt | 1,119 | 11,608 |
Other long-term liabilities | 24,830 | 29,273 |
Total liabilities | 163,158 | 167,326 |
Shareholders' equity: | ||
Common stock | 490 | 490 |
Additional paid-in-capital | 376,911 | 377,550 |
Less: Treasury stock (at cost) | (634,532) | (635,179) |
Retained earnings | 662,581 | 661,976 |
Accumulated other comprehensive income (loss) | (4,202) | (4,131) |
Total Ethan Allen Interiors Inc. shareholders' equity | 401,248 | 400,706 |
Noncontrolling interests | 151 | 190 |
Total shareholders' equity | 401,399 | 400,896 |
Total liabilities and shareholders' equity | $ 564,557 | $ 568,222 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Accounts receivable, allowance for doubtful accounts | $ 1,710 | $ 1,667 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Net sales | $ 181,419 | $ 180,501 | $ 561,202 | $ 568,460 |
Cost of sales | 84,711 | 85,766 | 256,380 | 257,134 |
Gross profit | 96,708 | 94,735 | 304,822 | 311,326 |
Selling, general and administrative expenses | 92,835 | 90,815 | 271,862 | 271,975 |
Operating income | 3,873 | 3,920 | 32,960 | 39,351 |
Interest and other income (expense) | (16) | (77) | 223 | 248 |
Interest and other related financing costs | 54 | 302 | 272 | 949 |
Income before income taxes | 3,803 | 3,541 | 32,911 | 38,650 |
Income tax expense | 1,187 | 1,259 | 8,018 | 14,139 |
Net income | $ 2,616 | $ 2,282 | $ 24,893 | $ 24,511 |
Basic earnings per common share: | ||||
Net income per basic share (in dollars per share) | $ 0.10 | $ 0.08 | $ 0.91 | $ 0.89 |
Basic weighted average common shares (in shares) | 27,476 | 27,691 | 27,469 | 27,694 |
Diluted earnings per common share: | ||||
Net income per diluted share (in dollars per share) | $ 0.09 | $ 0.08 | $ 0.90 | $ 0.88 |
Diluted weighted average common shares (in shares) | 27,692 | 27,953 | 27,725 | 27,970 |
Comprehensive income: | ||||
Net income | $ 2,616 | $ 2,282 | $ 24,893 | $ 24,511 |
Other comprehensive income | ||||
Currency translation adjustment | 1,451 | 1,998 | (71) | (213) |
Other | (7) | 3 | (39) | (20) |
Current period other comprehensive income (loss) | 1,444 | 2,001 | (110) | (233) |
Comprehensive income | $ 4,060 | $ 4,283 | $ 24,783 | $ 24,278 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net income | $ 24,893 | $ 24,511 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 14,955 | 15,023 |
Compensation expense related to share-based payment awards | 967 | 2,161 |
Provision (benefit) for deferred income taxes | (342) | 4,373 |
(Gain) loss on disposal of property, plant and equipment | 191 | 915 |
Other | (11) | (73) |
Change in operating assets and liabilities, net of effects of acquired businesses: | ||
Accounts receivable | (3,640) | (977) |
Inventories | (14,265) | 8,098 |
Prepaid and other current assets | 278 | (1,158) |
Customer Deposits | 4,666 | (431) |
Accounts payable | 7,719 | 180 |
Accrued expenses and other current liabilities | 519 | (718) |
Other assets and liabilities | (840) | 1,865 |
Net cash provided by operating activities | 35,090 | 53,769 |
Investing activities: | ||
Proceeds from the disposal of property, plant & equipment | 327 | 1,261 |
Change in restricted cash and investments | 244 | 503 |
Capital expenditures | (9,121) | (15,112) |
Other investing activities | 154 | 121 |
Net cash provided by (used in) investing activities | (8,396) | (13,227) |
Financing activities: | ||
Payments on long-term debt and capital lease obligations | (14,306) | (12,602) |
Purchases and retirements of company stock | (1,100) | (3,368) |
Payment of cash dividends | (24,283) | (14,745) |
Other financing activities | 141 | 1,180 |
Net cash provided by (used in) financing activities | (39,548) | (29,535) |
Effect of exchange rate changes on cash | 130 | 11 |
Net increase (decrease) in cash & cash equivalents | (12,724) | 11,018 |
Cash & cash equivalents at beginning of period | 57,701 | 52,659 |
Cash & cash equivalents at end of period | $ 44,977 | $ 63,677 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - 9 months ended Mar. 31, 2018 - 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 June 30, 2017 at Jun. 30, 2017 | $ 490 | $ 377,550 | $ (635,179) | $ (4,131) | $ 661,976 | $ 190 | $ 400,896 |
Stock issued on share-based awards | 141 | 141 | |||||
Compensation expense associated with share-based awards | 967 | 967 | |||||
Purchase/retirement of company stock | (1,747) | 647 | (1,100) | ||||
Dividends declared on common stock | (24,288) | (24,288) | |||||
Comprehensive income | (71) | 24,893 | (39) | 24,783 | |||
Balance March 31, 2018 at Mar. 31, 2018 | $ 490 | $ 376,911 | $ (634,532) | $ (4,202) | $ 662,581 | $ 151 | $ 401,399 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | ( 1 Basis of Presentation Ethan Allen Interiors Inc. ("Interiors") is a Delaware corporation incorporated on May 25, 1989. 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. Due to 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 |
Note 2 - Interim Financial Pres
Note 2 - Interim Financial Presentation | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ( 2 Interim Financial Presentation In our opinion, all adjustments, consisting only of normal recurring adjustments necessary for fair presentation, have been included in the consolidated financial statements. The results of operations for the three nine March 31, 2018 not may 10 June 30, 2017. |
Note 3 - Income Taxes
Note 3 - Income Taxes | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 3 Income Taxes The Company reviews its expected annual effective income tax rates and makes changes on a quarterly basis as necessary based on certain factors such as changes in forecasted annual operating income; changes to actual or forecasted permanent book to tax differences; impacts from future tax audits with state, federal or foreign tax authorities; impacts from tax law changes; or change in judgment as to the realizability of deferred tax assets. The Company identifies items which are non-recurring in nature and treats these as discrete events. The tax effect of such items is recorded in the quarter in which the related events occur. Due to the volatility of these factors, the Company's consolidated effective income tax rate can change significantly quarter over quarter. The Company conducts business globally and, as a result, the Company and its subsidiaries files income tax returns in the U.S. and in various state and foreign jurisdictions. In the normal course of business, the Company is subject to periodic examination in such domestic and foreign jurisdictions by tax authorities. The Company and certain subsidiaries are currently under audit in the U.S. from 2013 2016. may twelve not may twelve twelve The Company’s consolidated effective tax rate was 31.2% 24.4% three nine March 31, 2018 35.6% 36.6% three nine March 31, 2017. Effective July 1, 2017 2015 17, not not On December 22, 2017 1, 35% 21% January 1, 2018, June 30, 2018 28%. 21% June 30, 2019 The 28% 2018 first 35% 28% In December 2017, No. 118, 118” not one As of March 31, 2018, $2.6 December 31, 2017 $2.4 March 31, 2018 $200K 5.4% 7.2%. 118, June 30, 2018. Three months ended March 31, 2018 Nine months ended March 31, 2018 Income before income taxes $ 3.8 $ 32.9 Expected income tax expense $ 1.1 28.0 % $ 9.2 28.0 % Provisional remeasurement of deferred taxes 0.2 5.4 % (2.4 ) -7.2 % State income taxes, net of federal income tax 0.0 0.9 % 0.8 2.4 % Stock Compensation - Cancelations & exercises 0.0 0.3 % 0.6 1.8 % Section 199 Qualified Production Activities deduction (0.2 ) -4.5 % (0.5 ) -1.4 % Other, net 0.0 1.2 % 0.3 0.8 % Total $ 1.2 31.2 % $ 8.0 24.4 % We are still in the process of evaluating the income tax effect of the Tax Act on the executive compensation limitations that will be effective for our fiscal year 2019. |
Note 4 - Restricted Cash and In
Note 4 - Restricted Cash and Investments | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | ( 4 Restricted Cash and Investments At March 31, 2018 June 30, 2017, $7.1 $7.3 not one 11, |
Note 5 - Inventories
Note 5 - Inventories | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 5 Inventories Inventories at March 31, 2018 June 30, 2017 March 31, June 30, 2018 2017 Finished goods $ 123,856 $ 117,388 Work in process 12,819 10,638 Raw materials 28,829 26,269 Valuation allowance (1,756 ) (4,812 ) Inventories $ 163,748 $ 149,483 |
Note 6 - Borrowings
Note 6 - Borrowings | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 6 Borrowings Total debt obligations at March 31, 2018 June 30, 2017 March 31, June 30, 2018 2017 Term Loan due 2019 $ - $ 13,833 Capital leases 1,705 1,085 Total debt obligations 1,705 14,918 Unamortized debt issuance costs - (579 ) Total debt 1,705 14,339 Less current maturities 586 2,731 Total long-term $ 1,119 $ 11,608 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%. The Company pays a commitment fee of 0.15% 0.25% 1.5% 1.75% 20% 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 March 31, 2018 June 30, 2017, $0.2 $0.1 $114.8 March 31, 2018 $114.9 June 30, 2017. At both March 31, 2018 June 30, 2017, The following table summarizes, as of March 31, 2018, three 2018, five June 30, 2018, Periods ending June 30, 2018 $ 140 2019 571 2020 533 2021 420 2022 41 2023 and thereafter - Total scheduled debt payments $ 1,705 |
Note 7 - Litigation
Note 7 - Litigation | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | ( 7 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 8 - Share-based Compensati
Note 8 - Share-based Compensation | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ( 8 Share-Based Compensation All options are issued at the closing stock price on each grant date, and have a contractual term of 10 nine March 31, 2018 Shares Outstanding as of June 30, 2017 836,020 Granted 19,482 Exercised (5,416 ) Canceled (forfeited/expired) (275,675 ) Outstanding as of March 31, 2018 574,411 Exercisable as of March 31, 2018 444,810 A summary of stock unit activity occurring during the nine March 31, 2018 Weighted Average Grant Date Units Fair Value Non-vested units at June 30, 2017 308,330 $ 25.92 Granted 81,250 25.42 Vested (59,211 ) 23.96 Canceled (forfeited/expired) - - Non-vested units at March 31, 2018 330,369 $ 26.15 A summary of restricted stock activity occurring during the nine March 31, 2018 Weighted Average Grant Date Units Fair Value Non-vested shares at June 30, 2017 - $ - Granted 16,234 25.62 Vested - - Canceled (forfeited/expired) (16,234 ) 25.62 Non-vested units at March 31, 2018 - $ - At March 31, 2018, 1,438,473 ETHAN ALLEN INTERIORS INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 9 Earnings Per Share Basic and diluted earnings per share are calculated using the following weighted average share data (in thousands): Three months ended Nine months ended March 31, March 31, 2018 2017 2018 2017 Weighted average shares of common stock outstanding for basic calculation 27,476 27,691 27,469 27,694 Effect of dilutive stock options and other share-based awards 216 262 256 276 Weighted average shares of common stock outstanding adjusted for dilution calculation 27,692 27,953 27,725 27,970 As of March 31, 2018 2017, 302,655 467,305 |
Note 10 - Accumulated Other Com
Note 10 - Accumulated Other Comprehensive Income | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | ( 10 Accumulated other comprehensive income consists of foreign currency translation adjustments which 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 time. The table following sets forth the activity in accumulated other comprehensive income (loss) for the fiscal year-to-date period ended March 31, 2018 ( Balance June 30, 2017 $ (4,131 ) Changes before reclassifications $ (71 ) Amounts reclassified from accumulated other comprehensive income $ - Current period other comprehensive income (loss) $ (71 ) Balance March 31, 2018 $ (4,202 ) |
Note 11 - Financial Instruments
Note 11 - Financial Instruments | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 11 inancial Instruments At March 31, 2018 June 30, 2017, $7.1 $7.3 not March 31, 2018 June 30, 2017. 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 nine March 31, 2018, not |
Note 12 - Segment Information
Note 12 - Segment Information | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 12 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 March 31, 2018, 147 160 third 77% nine March 31, 2018. 23%. three nine March 31, 2018 2017 Three months ended Nine months ended March 31, March 31, 2018 2017 2018 2017 Case Goods 34 % 32 % 32 % 32 % Upholstered Products 49 % 53 % 51 % 52 % Home Accents and Other 17 % 15 % 17 % 16 % 100 % 100 % 100 % 100 % The proportion of retail segment sales by these product lines for the three nine March 31, 2018 2017 Three months ended Nine months ended March 31, March 31, 2018 2017 2018 2017 Case Goods 31 % 30 % 31 % 30 % Upholstered Products 47 % 48 % 47 % 48 % Home Accents and Other 22 % 22 % 22 % 22 % 100 % 100 % 100 % 100 % Segment information for the three nine March 31, 2018 2017 Three months ended Nine months ended March 31, March 31, 2018 2017 2018 2017 Net sales: Wholesale segment $ 118,921 $ 110,819 $ 348,473 $ 339,076 Retail segment 136,903 141,948 431,469 450,495 Elimination of inter-company sales (74,405 ) (72,266 ) (218,740 ) (221,111 ) Consolidated Total $ 181,419 $ 180,501 $ 561,202 $ 568,460 Operating income: Wholesale segment $ 7,927 $ 9,729 $ 36,957 $ 40,399 Retail segment (2,896 ) (7,319 ) (6,304 ) (4,149 ) Adjustment of inter-company profit (1) (1,158 ) 1,510 2,307 3,101 Consolidated Total $ 3,873 $ 3,920 $ 32,960 $ 39,351 Depreciation & Amortization: Wholesale segment $ 2,002 $ 1,832 $ 5,827 $ 5,611 Retail segment 2,913 3,192 9,128 9,412 Consolidated Total $ 4,915 $ 5,024 $ 14,955 $ 15,023 Capital expenditures: Wholesale segment $ 1,561 $ 2,193 $ 3,076 $ 7,776 Retail segment 2,579 1,665 6,045 7,336 Acquisitions - - - - Consolidated Total $ 4,140 $ 3,858 $ 9,121 $ 15,112 March 31, June 30, 2018 2017 Total Assets: Wholesale segment $ 276,884 $ 279,364 Retail segment 316,175 319,341 Inventory profit elimination (2) (28,502 ) (30,483 ) Consolidated Total $ 564,557 $ 568,222 ( 1 Represents the change in wholesale profit contained in the retail segment inventory at the end of the period. ( 2 Represents the wholesale profit contained in the retail segment inventory that has not |
Note 13 - Recently Adopted Acco
Note 13 - Recently Adopted Accounting Pronouncements | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | ( 13 Adopted Accounting Pronouncements In July 2015, 2015 11, 330 2015 11 July 1, 2017, not In November 2015, 2015 17, 2015 17 July 1, 2017. June 30, 2017, $3.9 In March 2016, 2016 09, 718, 2016 09 July 1, 2017. June 30, 2017, $0.1 not 2017. |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 14 Subsequent to March 31, 2018, April 24, 2018 500,000 April 24, 2018, 2,000,000 April 24, 2018, 3,000,000 may may |
Note 3 - Income Taxes (Tables)
Note 3 - Income Taxes (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three months ended March 31, 2018 Nine months ended March 31, 2018 Income before income taxes $ 3.8 $ 32.9 Expected income tax expense $ 1.1 28.0 % $ 9.2 28.0 % Provisional remeasurement of deferred taxes 0.2 5.4 % (2.4 ) -7.2 % State income taxes, net of federal income tax 0.0 0.9 % 0.8 2.4 % Stock Compensation - Cancelations & exercises 0.0 0.3 % 0.6 1.8 % Section 199 Qualified Production Activities deduction (0.2 ) -4.5 % (0.5 ) -1.4 % Other, net 0.0 1.2 % 0.3 0.8 % Total $ 1.2 31.2 % $ 8.0 24.4 % |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, June 30, 2018 2017 Finished goods $ 123,856 $ 117,388 Work in process 12,819 10,638 Raw materials 28,829 26,269 Valuation allowance (1,756 ) (4,812 ) Inventories $ 163,748 $ 149,483 |
Note 6 - Borrowings (Tables)
Note 6 - Borrowings (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, June 30, 2018 2017 Term Loan due 2019 $ - $ 13,833 Capital leases 1,705 1,085 Total debt obligations 1,705 14,918 Unamortized debt issuance costs - (579 ) Total debt 1,705 14,339 Less current maturities 586 2,731 Total long-term $ 1,119 $ 11,608 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Periods ending June 30, 2018 $ 140 2019 571 2020 533 2021 420 2022 41 2023 and thereafter - Total scheduled debt payments $ 1,705 |
Note 8 - Share-based Compensa24
Note 8 - Share-based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Outstanding as of June 30, 2017 836,020 Granted 19,482 Exercised (5,416 ) Canceled (forfeited/expired) (275,675 ) Outstanding as of March 31, 2018 574,411 Exercisable as of March 31, 2018 444,810 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Weighted Average Grant Date Units Fair Value Non-vested units at June 30, 2017 308,330 $ 25.92 Granted 81,250 25.42 Vested (59,211 ) 23.96 Canceled (forfeited/expired) - - Non-vested units at March 31, 2018 330,369 $ 26.15 Weighted Average Grant Date Units Fair Value Non-vested shares at June 30, 2017 - $ - Granted 16,234 25.62 Vested - - Canceled (forfeited/expired) (16,234 ) 25.62 Non-vested units at March 31, 2018 - $ - |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended Nine months ended March 31, March 31, 2018 2017 2018 2017 Weighted average shares of common stock outstanding for basic calculation 27,476 27,691 27,469 27,694 Effect of dilutive stock options and other share-based awards 216 262 256 276 Weighted average shares of common stock outstanding adjusted for dilution calculation 27,692 27,953 27,725 27,970 |
Note 10 - Accumulated Other C26
Note 10 - Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Balance June 30, 2017 $ (4,131 ) Changes before reclassifications $ (71 ) Amounts reclassified from accumulated other comprehensive income $ - Current period other comprehensive income (loss) $ (71 ) Balance March 31, 2018 $ (4,202 ) |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Retail Segment [Member] | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three months ended Nine months ended March 31, March 31, 2018 2017 2018 2017 Case Goods 31 % 30 % 31 % 30 % Upholstered Products 47 % 48 % 47 % 48 % Home Accents and Other 22 % 22 % 22 % 22 % 100 % 100 % 100 % 100 % |
Wholesale Segment [Member] | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three months ended Nine months ended March 31, March 31, 2018 2017 2018 2017 Case Goods 34 % 32 % 32 % 32 % Upholstered Products 49 % 53 % 51 % 52 % Home Accents and Other 17 % 15 % 17 % 16 % 100 % 100 % 100 % 100 % |
Income Statement Section One [Member] | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended Nine months ended March 31, March 31, 2018 2017 2018 2017 Net sales: Wholesale segment $ 118,921 $ 110,819 $ 348,473 $ 339,076 Retail segment 136,903 141,948 431,469 450,495 Elimination of inter-company sales (74,405 ) (72,266 ) (218,740 ) (221,111 ) Consolidated Total $ 181,419 $ 180,501 $ 561,202 $ 568,460 Operating income: Wholesale segment $ 7,927 $ 9,729 $ 36,957 $ 40,399 Retail segment (2,896 ) (7,319 ) (6,304 ) (4,149 ) Adjustment of inter-company profit (1) (1,158 ) 1,510 2,307 3,101 Consolidated Total $ 3,873 $ 3,920 $ 32,960 $ 39,351 Depreciation & Amortization: Wholesale segment $ 2,002 $ 1,832 $ 5,827 $ 5,611 Retail segment 2,913 3,192 9,128 9,412 Consolidated Total $ 4,915 $ 5,024 $ 14,955 $ 15,023 Capital expenditures: Wholesale segment $ 1,561 $ 2,193 $ 3,076 $ 7,776 Retail segment 2,579 1,665 6,045 7,336 Acquisitions - - - - Consolidated Total $ 4,140 $ 3,858 $ 9,121 $ 15,112 |
Total Assets [Member] | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | March 31, June 30, 2018 2017 Total Assets: Wholesale segment $ 276,884 $ 279,364 Retail segment 316,175 319,341 Inventory profit elimination (2) (28,502 ) (30,483 ) Consolidated Total $ 564,557 $ 568,222 |
Note 3 - Income Taxes (Details
Note 3 - Income Taxes (Details Textual) - USD ($) $ in Millions | Dec. 22, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 |
Effective Income Tax Rate Reconciliation, Percent, Total | 31.20% | 35.60% | 24.40% | 36.60% | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 28.00% | 28.00% | |||||
Effective Income Tax Rate Reconciliation, Remeasurement of Deferred Tax Assets and Liabilities, Amount | $ 0.2 | $ 2.6 | $ (2.4) | |||||
Effective Income Tax Rate Reconciliation, Remeasurement of Deferred Tax Assets and Liabilities, Percent | 5.40% | (7.20%) | ||||||
Scenario, Forecast [Member] | ||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 28.00% | ||||||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | ||||||||
Income Tax Examination, Year under Examination | 2,013 | |||||||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | ||||||||
Income Tax Examination, Year under Examination | 2,016 |
Note 3 - Income Taxes - Effecti
Note 3 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) | Dec. 22, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 |
Income before income taxes | $ 3,803,000 | $ 3,541,000 | $ 32,911,000 | $ 38,650,000 | ||
Expected income tax expense | $ 1,100,000 | $ 9,200,000 | ||||
Expected income tax expense, percent | 35.00% | 28.00% | 28.00% | |||
Provisional remeasurement of deferred taxes | $ 200,000 | $ 2,600,000 | $ (2,400,000) | |||
Provisional remeasurement of deferred taxes, percent | 5.40% | (7.20%) | ||||
State income taxes, net of federal income tax | $ 0 | $ 800,000 | ||||
State income taxes, net of federal income tax, percent | 0.90% | 2.40% | ||||
Stock Compensation - Cancelations & exercises | $ 0 | $ 600,000 | ||||
Stock Compensation - Cancelations & exercises, percent | 0.30% | 1.80% | ||||
Section 199 Qualified Production Activities deduction | $ (200,000) | $ (500,000) | ||||
Section 199 Qualified Production Activities deduction, percent | (4.50%) | (1.40%) | ||||
Other, net | $ 0 | $ 300,000 | ||||
Other, net, percent | 1.20% | 0.80% | ||||
Total | $ 1,187,000 | $ 1,259,000 | $ 8,018,000 | $ 14,139,000 | ||
Total, percent | 31.20% | 35.60% | 24.40% | 36.60% |
Note 4 - Restricted Cash and 30
Note 4 - Restricted Cash and Investments (Details Textual) - USD ($) $ in Millions | Mar. 31, 2018 | Jun. 30, 2017 |
Restricted Cash and Investments, Noncurrent, Total | $ 7.1 | $ 7.3 |
Note 5 - Inventories - Schedule
Note 5 - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Finished goods | $ 123,856 | $ 117,388 |
Work in process | 12,819 | 10,638 |
Raw materials | 28,829 | 26,269 |
Valuation allowance | (1,756) | (4,812) |
Inventories | $ 163,748 | $ 149,483 |
Note 6 - Borrowings (Details Te
Note 6 - Borrowings (Details Textual) $ in Thousands | Oct. 21, 2014USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2017USD ($) |
Debt Instrument, Term | 5 years | ||
Debt Agreement, Maximum Borrowing Capacity | $ 150,000 | ||
Debt Issuance Costs, Net, Total | 1,500 | $ 579 | |
Letters of Credit Outstanding, Amount | 200 | 100 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 114,800 | $ 114,900 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 115,000 | ||
Debt Instrument, Covenant, Percentage of Total Revolving Credit | 20.00% | ||
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, Total | $ 35,000 | ||
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% |
Note 6 - Borrowings - Total Deb
Note 6 - Borrowings - Total Debt Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 | Oct. 21, 2014 |
Long-term debt | $ 1,705 | ||
Capital leases | 1,705 | $ 1,085 | |
Total debt obligations | 1,705 | 14,918 | |
Unamortized debt issuance costs | (579) | $ (1,500) | |
Total debt | 1,705 | 14,339 | |
Less current maturities | 586 | 2,731 | |
Total long-term | 1,119 | 11,608 | |
Term Loan [Member] | |||
Long-term debt | $ 13,833 |
Note 6 - Borrowings - Aggregate
Note 6 - Borrowings - Aggregate Scheduled Maturities of Debt (Details) $ in Thousands | Mar. 31, 2018USD ($) |
2,018 | $ 140 |
2,019 | 571 |
2,020 | 533 |
2,021 | 420 |
2,022 | 41 |
2023 and thereafter | |
Total scheduled debt payments | $ 1,705 |
Note 8 - Share-based Compensa35
Note 8 - Share-based Compensation (Details Textual) | 9 Months Ended |
Mar. 31, 2018shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Contractual Term | 10 years |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,438,473 |
Note 8 - Share-based Compensa36
Note 8 - Share-based Compensation - Stock Options, Activity (Details) | 9 Months Ended |
Mar. 31, 2018shares | |
Outstanding (in shares) | 836,020 |
Granted (in shares) | 19,482 |
Exercised (in shares) | (5,416) |
Canceled (forfeited/expired) (in shares) | (275,675) |
Outstanding (in shares) | 574,411 |
Exercisable as of March 31, 2018 (in shares) | 444,810 |
Note 8 - Share-based Compensa37
Note 8 - Share-based Compensation - Restricted Stock and Restricted Stock Units Activity (Details) | 9 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Restricted Stock Units (RSUs) [Member] | |
Non-vested (in shares) | 308,330 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 25.92 |
Granted (in shares) | 81,250 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 25.42 |
Vested (in shares) | (59,211) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 23.96 |
Canceled (forfeited/expired) (in shares) | |
Canceled (forfeited/expired), weighted average grant date fair value (in dollars per share) | $ / shares | |
Non-vested (in shares) | 330,369 |
Non-vested units, weighted average grant date fair value (in dollars per share) | $ / shares | $ 26.15 |
Granted (in shares) | 81,250 |
Restricted Stock [Member] | |
Non-vested (in shares) | |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | |
Granted (in shares) | 16,234 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 25.62 |
Vested (in shares) | |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | |
Canceled (forfeited/expired) (in shares) | (16,234) |
Canceled (forfeited/expired), weighted average grant date fair value (in dollars per share) | $ / shares | $ 25.62 |
Non-vested (in shares) | |
Non-vested units, weighted average grant date fair value (in dollars per share) | $ / shares | |
Granted (in shares) | 16,234 |
Note 9 - Earnings Per Share (De
Note 9 - Earnings Per Share (Details Textual) - shares | 9 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 302,655 | 467,305 |
Note 9 - Earnings Per Share - C
Note 9 - Earnings Per Share - Calculation of Weighted Average Shares (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Weighted average shares of common stock outstanding for basic calculation (in shares) | 27,476 | 27,691 | 27,469 | 27,694 |
Effect of dilutive stock options and other share-based awards (in shares) | 216 | 262 | 256 | 276 |
Weighted average shares of common stock outstanding adjusted for dilution calculation (in shares) | 27,692 | 27,953 | 27,725 | 27,970 |
Note 10 - Accumulated Other C40
Note 10 - Accumulated Other Comprehensive Income - Activity in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Balance June 30, 2017 | $ 400,896 | |||
Current period other comprehensive income (loss) | $ 1,444 | $ 2,001 | (110) | $ (233) |
Balance March 31, 2018 | 401,399 | 401,399 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Balance June 30, 2017 | (4,131) | |||
Changes before reclassifications | (71) | |||
Amounts reclassified from accumulated other comprehensive income | 0 | |||
Current period other comprehensive income (loss) | (71) | |||
Balance March 31, 2018 | $ (4,202) | $ (4,202) |
Note 11 - Financial Instrumen41
Note 11 - Financial Instruments (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2018 | Jun. 30, 2017 | |
Restricted Cash and Investments, Noncurrent, Total | $ 7,100 | $ 7,300 |
Available-for-sale Securities, Total | 0 | $ 0 |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total | $ 0 |
Note 12 - Segment Information42
Note 12 - Segment Information (Details Textual) | 9 Months Ended |
Mar. 31, 2018 | |
Number of Company Operated Design Centers | 147 |
Number of Independently Operated Design Centers | 160 |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Retail Segment [Member] | |
Concentration Risk, Percentage | 77.00% |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Wholesale Segment [Member] | |
Concentration Risk, Percentage | 23.00% |
Note 12 - Segment Information -
Note 12 - Segment Information - Wholesale Sales by Product Line (Details) - Wholesale Segment [Member] | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Wholesale sales, percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Case Goods [Member] | ||||
Wholesale sales, percentage | 34.00% | 32.00% | 32.00% | 32.00% |
Upholstered Products [Member] | ||||
Wholesale sales, percentage | 49.00% | 53.00% | 51.00% | 52.00% |
Home Accents and Other [Member] | ||||
Wholesale sales, percentage | 17.00% | 15.00% | 17.00% | 16.00% |
Note 12 - Segment Information44
Note 12 - Segment Information - Retail Sales by Product Line (Details) - Retail Segment [Member] | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Retail Sales, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Case Goods [Member] | ||||
Retail Sales, Percentage | 31.00% | 30.00% | 31.00% | 30.00% |
Upholstered Products [Member] | ||||
Retail Sales, Percentage | 47.00% | 48.00% | 47.00% | 48.00% |
Home Accents and Other [Member] | ||||
Retail Sales, Percentage | 22.00% | 22.00% | 22.00% | 22.00% |
Note 12 - Segment Information45
Note 12 - Segment Information - Income by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | ||
Net sales | $ 181,419 | $ 180,501 | $ 561,202 | $ 568,460 | |
Operating Income | 3,873 | 3,920 | 32,960 | 39,351 | |
Depreciation and amortization | 4,915 | 5,024 | 14,955 | 15,023 | |
Capital Expenditures | 4,140 | 3,858 | 9,121 | 15,112 | |
Intersegment Eliminations [Member] | |||||
Net sales | (74,405) | (72,266) | (218,740) | (221,111) | |
Operating Income | [1] | (1,158) | 1,510 | 2,307 | 3,101 |
Wholesale Segment [Member] | |||||
Depreciation and amortization | 2,002 | 1,832 | 5,827 | 5,611 | |
Capital Expenditures | 1,561 | 2,193 | 3,076 | 7,776 | |
Wholesale Segment [Member] | Operating Segments [Member] | |||||
Net sales | 118,921 | 110,819 | 348,473 | 339,076 | |
Operating Income | 7,927 | 9,729 | 36,957 | 40,399 | |
Retail Segment [Member] | |||||
Depreciation and amortization | 2,913 | 3,192 | 9,128 | 9,412 | |
Capital Expenditures | 2,579 | 1,665 | 6,045 | 7,336 | |
Retail Segment [Member] | Operating Segments [Member] | |||||
Net sales | 136,903 | 141,948 | 431,469 | 450,495 | |
Operating Income | (2,896) | (7,319) | (6,304) | (4,149) | |
Acquisitions [Member] | |||||
Capital Expenditures | |||||
[1] | Represents the change in wholesale profit contained in the retail segment inventory at the end of the period. |
Note 12 - Segment Information46
Note 12 - Segment Information - Assets by Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 | |
Assets | $ 564,557 | $ 568,222 | |
Wholesale Segment [Member] | |||
Assets | 276,884 | 279,364 | |
Retail Segment [Member] | |||
Assets | 316,175 | 319,341 | |
Inventory Profit Elimination [Member] | |||
Assets | [1] | $ (28,502) | $ (30,483) |
[1] | Represents 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 13 - Recently Adopted Ac47
Note 13 - Recently Adopted Accounting Pronouncements (Details Textual) $ in Millions | 12 Months Ended |
Jun. 30, 2017USD ($) | |
Deferred Tax Assets, Net of Valuation Allowance, Current, Ending Balance | $ 3.9 |
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net, Total | $ 0.1 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - Subsequent Event [Member] | 1 Months Ended |
Apr. 24, 2018USD ($)shares | |
Treasury Stock, Shares, Acquired | shares | 500,000 |
Stock Repurchase Program, Authorized Amount | $ 2,000,000 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 3,000,000 |