Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Aug. 16, 2019 | Dec. 31, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | STARRETT L S CO | ||
Entity Central Index Key | 0000093676 | ||
Trading Symbol | scx | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Public Float | $ 32,186,095 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 685,971 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 6,209,482 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | |
Current assets: | |||
Cash | $ 15,582 | $ 14,827 | |
Accounts receivable (less allowance for doubtful accounts of $685 and $1,277, respectively) | 35,980 | 33,089 | |
Inventories | 61,790 | 58,039 | |
Prepaid expenses and other current assets | 6,623 | 7,273 | |
Total current assets | [1] | 119,975 | 113,228 |
Property, plant and equipment, net | 36,679 | 36,514 | |
Taxes receivable | 1,666 | 1,820 | |
Deferred tax assets, net | 18,639 | 16,739 | |
Intangible assets, net | 8,460 | 9,317 | |
Goodwill | 4,668 | 4,668 | |
Total assets | 190,087 | 182,286 | |
Current liabilities: | |||
Notes payable and current maturities of long-term debt | 4,065 | 3,655 | |
Accounts payable | 12,881 | 9,836 | |
Accrued expenses | 8,699 | 7,533 | |
Accrued compensation | 7,035 | 5,163 | |
Total current liabilities | 32,680 | 26,187 | |
Other tax obligations | 2,587 | 2,751 | |
Long-term debt, net of current portion | 17,541 | 17,307 | |
Postretirement benefit and pension obligations | 53,900 | 46,499 | |
Other non-current liabilities | 1,671 | ||
Total liabilities | 106,708 | 94,415 | |
Stockholders’ equity: | |||
Additional paid-in capital | 55,276 | 55,641 | |
Retained earnings | 80,487 | 74,368 | |
Accumulated other comprehensive loss | (59,281) | (49,160) | |
Total stockholders’ equity | 83,379 | 87,871 | |
Total liabilities and stockholders’ equity | 190,087 | 182,286 | |
Common Class A [Member] | |||
Stockholders’ equity: | |||
Common stock | 6,207 | 6,302 | |
Common Class B [Member] | |||
Stockholders’ equity: | |||
Common stock | $ 690 | $ 720 | |
[1] | Current assets primarily consist of accounts receivable, inventories and prepaid expenses. Assets not allocated to the segments include cash and cash equivalents. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Allowance for doubtful accounts | $ 685 | $ 1,277 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, outstanding (in shares) | 6,206,525 | 6,302,356 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, outstanding (in shares) | 689,577 | 720,447 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net sales | $ 228,022,000 | $ 216,328,000 | $ 207,023,000 |
Cost of goods sold | 153,081,000 | 146,771,000 | 144,424,000 |
Gross margin | $ 74,941,000 | $ 69,557,000 | $ 62,599,000 |
% of net sales | 32.90% | 32.20% | 30.20% |
Selling, general and administrative expenses | $ 63,720,000 | $ 64,039,000 | $ 61,758,000 |
Restructuring charges | 988,000 | ||
Operating income (loss) | 11,221,000 | 5,518,000 | (147,000) |
Other expense, net | (1,611,000) | (653,000) | (1,404,000) |
Gain on sale of building | 3,089,000 | ||
Earnings before income taxes | 9,610,000 | 4,865,000 | 1,538,000 |
Income tax expense | 3,531,000 | 8,498,000 | 547,000 |
Net earnings (loss) | $ 6,079,000 | $ (3,633,000) | $ 991,000 |
Basic and diluted earnings (loss) per share (in dollars per share) | $ 0.87 | $ (0.52) | $ 0.14 |
Average outstanding shares used in per share calculations: | |||
Basic (in shares) | 6,957 | 7,014 | 7,048 |
Diluted (in shares) | 7,026 | 7,014 | 7,081 |
Dividends (in dollars per share) | $ 0 | $ 0.20 | $ 0.40 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net earnings (loss) | $ 6,079 | $ (3,633) | $ 991 |
Other comprehensive (loss) income: | |||
Currency translation (loss), net of tax | (593) | (5,603) | (1,436) |
Pension and postretirement plans, net of tax of $(3,140), $1,908 and $1,896, respectively | (9,488) | 6,428 | 3,416 |
Other comprehensive (loss) income | (10,081) | 825 | 1,980 |
Total comprehensive (loss) income | $ (4,002) | $ (2,808) | $ 2,971 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Pension and postretirement plans, tax | $ (3,140) | $ 1,908 | $ 1,896 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Jun. 30, 2016 | $ 6,250 | $ 773 | $ 55,227 | $ 81,228 | $ (51,965) | $ 91,513 |
Total comprehensive income (loss) | 991 | 1,980 | 2,971 | |||
Dividends | (2,817) | (2,817) | ||||
Repurchase of shares | (35) | (8) | (343) | (386) | ||
Issuance of stock | 23 | 11 | 301 | 335 | ||
Stock-based compensation | 16 | 394 | 410 | |||
Conversion | 14 | (14) | ||||
Balance at Jun. 30, 2017 | 6,268 | 762 | 55,579 | 79,402 | (49,985) | 92,026 |
Total comprehensive income (loss) | (3,633) | 825 | (2,808) | |||
Dividends | (1,401) | (1,401) | ||||
Repurchase of shares | (58) | (8) | (497) | (563) | ||
Issuance of stock | 20 | 20 | 279 | 319 | ||
Stock-based compensation | 18 | 280 | 298 | |||
Conversion | 54 | (54) | ||||
Balance at Jun. 30, 2018 | 6,302 | 720 | 55,641 | 74,368 | (49,160) | 87,871 |
Total | (49,160) | |||||
Total comprehensive income (loss) | 6,079 | (10,081) | (4,002) | |||
Repurchase of shares | (154) | (5) | (791) | (950) | ||
Issuance of stock | 15 | 66 | 81 | |||
Stock-based compensation | 19 | 360 | 379 | |||
Conversion | 40 | (40) | ||||
Transfer of historical translation adjustment | 40 | (40) | ||||
Balance at Jun. 30, 2019 | 6,207 | 690 | 55,276 | 80,487 | (59,281) | 83,379 |
Currency translation loss, net of taxes | (49,558) | |||||
Pension and postretirement plans, net of taxes | (9,723) | |||||
Total | $ (59,281) | $ (59,281) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Dividends (in dollars per share) | $ 0 | $ 0.20 | $ 0.40 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | |||
Net earnings (loss) | $ 6,079 | $ (3,633) | $ 991 |
Non cash operating activities: | |||
Gain on sale of building | (3,089) | ||
Depreciation | 5,047 | 5,462 | 5,368 |
Amortization | 2,291 | 2,049 | 1,658 |
Stock-based compensation | 379 | 298 | 410 |
Net long-term tax obligations | (20) | 80 | (132) |
Deferred taxes | 1,202 | 7,228 | 498 |
Postretirement benefit and pension obligations | 1,000 | 876 | 2,387 |
Loss from equity method investment | 307 | ||
Working capital changes: | |||
Accounts receivable | (3,210) | (4,282) | 3,863 |
Inventories | (4,204) | (3,461) | (2,498) |
Other current assets | 610 | (822) | (1,192) |
Other current liabilities | 4,463 | 4,521 | (523) |
Prepaid pension expense | (5,766) | (4,761) | (5,481) |
Other | 526 | 500 | 321 |
Net cash provided by operating activities | 8,397 | 4,055 | 2,888 |
Cash flows from investing activities: | |||
Business acquisition, net of cash acquired | (1,324) | ||
Additions to property, plant and equipment | (5,765) | (4,345) | (4,574) |
Software development | (1,462) | (1,417) | (1,262) |
Proceeds from sale of building | 3,321 | ||
Net cash (used in) investing activities | (7,227) | (5,762) | (3,839) |
Cash flows from financing activities: | |||
Proceeds from borrowings | 4,300 | 6,797 | 500 |
Debt repayments | (3,656) | (3,444) | (1,543) |
Proceeds from common stock issued | 81 | 319 | 335 |
Repurchase of shares | (950) | (563) | (386) |
Dividends paid | (1,401) | (2,817) | |
Net cash (used in) provided by financing activities | (225) | 1,708 | (3,911) |
Effect of translation rate changes on cash | (190) | 219 | (325) |
Net increase (decrease) in cash | 755 | 220 | (5,187) |
Cash beginning of year | 14,827 | 14,607 | 19,794 |
Cash end of year | 15,582 | 14,827 | 14,607 |
Supplemental cash flow information: | |||
Interest paid | 884 | 667 | 635 |
Taxes paid, net | 2,262 | 122 | (136) |
Non-cash investing and financing activity: | |||
Liability for business acquisition | $ 1,555 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. The L. S. Starrett Company (the “Company”) is incorporated in the Commonwealth of Massachusetts and is in the business of manufacturing industrial, professional and consumer measuring and cutting tools and related products. The Company’s manufacturing operations are primarily in North America, Brazil, China and the United Kingdom. The largest consumer of these products is the metalworking industry, but others include automotive, aviation, marine, farm, do-it-yourselfers and tradesmen such as builders, carpenters, plumbers and electricians. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Principles of consolidation : The consolidated financial statements include the accounts of The L. S. Starrett Company and its subsidiaries, all of which are wholly-owned. All intercompany items have been eliminated in consolidation. Financial instruments and derivatives : The Company’s financial instruments include cash, accounts receivable and debt. The carrying value of cash and accounts receivable approximates fair value because of the short-term nature of these instruments. The carrying value of debt, which is at current market interest rates, also approximates its fair value. The Company’s U.K. subsidiary utilizes forward exchange contracts to reduce currency risk. The notional amounts of contracts outstanding as of both June 30, 2019 and June 30, 2018 were zero. Accounts receivable : Accounts receivable consist of trade receivables from customers. The expense (income) for bad debts amounted to $( 0.1 ), $0.5, and $0.3 million in fiscal 2019, 2018 and 2017, respectively. In establishing the allowance for doubtful accounts, management considers historical losses, the aging of receivables and existing economic conditions. Inventories : Inventories are stated at the lower of cost or market. “Market” is defined as “net realizable value,” or the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Substantially all United States inventories are valued using the last-in- first -out “LIFO” method. All non-U.S. subsidiaries use the first -in- first -out “FIFO” method or the average cost method. LIFO is not a permissible method of inventory costing for tax purposes outside the U.S. Property Plant and Equipment : The cost of buildings and equipment is depreciated using straight-line and accelerated methods over their estimated useful lives as follows: buildings and building improvements 10 to 50 years, machinery and equipment 3 to 12 years. Leases are capitalized under the criteria set forth in Accounting Standards Codification (ASC) 840, “Leases” which establishes the four criteria of a capital lease. At least one of the four following criteria must be met for a lease to be considered a capital lease: a transfer of ownership of the property to the lessee by the end of the lease term; a bargain purchase option; a lease term that is greater than or equal to 75 percent of the economic life of the leased property; present value of the future minimum lease payments equals or exceeds 90 percent of the fair market value of the leased property. If none of the aforementioned criteria are met, the lease will be treated as an operating lease. Property plant and equipment to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. A gain or loss is recorded, when individual fixed assets are retired or disposed. The construction in progress balances in buildings, building improvements and machinery and equipment at June 30, 2019 and June 30, 2018 were $1.9 million and $1.2 million, respectively. Repairs and maintenance of equipment are expensed as incurred. Intangible assets : Identifiable intangibles are recorded at cost and are amortized on a straight-line basis over a 5 - 20 year period. The estimated useful lives of the intangible assets subject to amortization are: 10 - 15 years for patents, 14 - 20 years for trademarks and trade names, 5 - 10 years for completed technology, 8 years for non-compete agreements, 8 - 16 years for customer relationships and 5 years for software development. Long-Lived Asset Impairment : Impairment losses are recorded when indicators of impairment, such as plant closures, are present and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount. The Company continually reviews for such impairment and believes that long-lived assets are being carried at their appropriate value. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of such an asset may not be recoverable. Recoverability of the net book value of long-lived assets is determined by comparison of the carrying amount to estimated future undiscounted net cash flows the asset group is expected to generate. Estimating these cash flows and terminal values requires management to make judgments about the growth in demand for our products, sustainability of gross margins, and our ability to achieve economies of scale. If assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the long-lived asset exceeds its fair value. No events or circumstances arose in fiscal 2019 and 2018 which required management to perform an impairment analysis. Goodwill : Goodwill represents costs in excess of fair values assigned to the underlying net assets of acquired businesses. Goodwill is not subject to amortization but is tested for impairment annually and at any time when events suggest impairment may have occurred. The Company annually tests the goodwill of two reporting units associated with the November 2011 acquisition of Bytewise and the February 2017 acquisition of a private software company. Bytewise is tested in October and the software reporting unit is tested in February. As of October 1, 2018, the Company performed a Step-Zero analysis of qualitative factors to determine whether the fair value of the Bytewise business is less than its carrying amount and as a basis for determining whether it was necessary to perform the two -step goodwill impairment test. Based on the Company's analysis of qualitative factors, the Company determined that the fair value of the Bytewise goodwill exceeded its carrying amount, and that no goodwill impairment was determined to exist. As of February 1, 2018, the Company performed an analysis of quantitative factors to determine whether it was more likely than not that the fair value of the acquired software business exceeded its carrying amount. Based on the Company's analysis of quantitative factors, the Company determined that no impairment existed. Revenue recognition : On July 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers, and all the related amendments (“ASC Topic 606” ), using the modified retrospective method. In addition, the Company elected to apply certain of the permitted practical expedients within the revenue recognition guidance and make certain accounting policy elections, including those related to significant financing components, sales taxes and shipping and handling activities. Most of the changes resulting from the adoption of ASC Topic 606 on July 1, 2018 were changes in presentation within the Consolidated Balance Sheet. Therefore, while the Company made adjustments to certain opening balances on its July 1, 2018 Consolidated Balance Sheet, the Company made no adjustment to opening Retained Earnings. The impact of the adoption of ASC Topic 606 has been immaterial to its net income on an ongoing basis; however, adoption did increase the level of disclosures concerning net sales. Results for reporting periods beginning July 1, 2018 are presented under the new guidance, while prior period amounts continue to be reported in accordance with previous guidance without revision. The core principle of ASC Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The application of the FASB’s guidance on revenue recognition requires the Company to recognize as revenue the amount of consideration that the Company expects to receive in exchange for goods and services transferred to our customers. To do this, the Company applies the five -step model prescribed by the FASB, which requires us to: ( 1 ) identify the contract with the customer; ( 2 ) identify the performance obligations in the contract; ( 3 ) determine the transaction price; ( 4 ) allocate the transaction price to the performance obligations in the contract; and ( 5 ) recognize revenue when, or as, the Company satisfies a performance obligation. The Company accounts for a contract or purchase order when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the product passes to the customer, which is upon shipment, unless otherwise specified within the customer contract or on the purchase order as delivery, and is recognized at the amount that reflects the consideration the Company expects to receive for the products sold, including various forms of discounts. When revenue is recorded, estimates of returns are made and recorded as a reduction of revenue. Contracts with customers are evaluated to determine if there are separate performance obligations related to timing of product shipment that will be satisfied in different accounting periods. When that is the case, revenue is deferred until each performance obligation is met. No performance obligation related amounts were deferred as of June 30, 2019. Purchase orders are of durations less than one year. As such, the Company applies the practical expedient in ASC paragraph 606 - 10 - 50 - 14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less, for which work has not yet been performed. Certain taxes assessed by governmental authorities on revenue producing transactions, such as value added taxes, are excluded from revenue and recorded on a net basis. Cooperative advertising payments made to customers are included as advertising expense in selling, general and administrative expense in the Consolidated Statements of Operations. Performance Obligations The Company’s primary source of revenue is derived from the manufacture and distribution of metrology tools and equipment and saw blades and related products sold to distributors. The Company recognizes revenue for sales to our customers when transfer of control of the related good or service has occurred. All of the Company’s revenue was recognized under the point in time approach for the year ended June 30, 2019. Contract terms with certain metrology equipment customers could result in products and services being transferred over time as a result of the customized nature of some of the Company’s products, together with contractual provisions in the customer contracts that provide the Company with an enforceable right to payment for performance completed to date; however, under typical terms, the Company does not have the right to consideration until the time of shipment from its manufacturing facilities or distribution centers, or until the time of delivery to its customers. If certain contracts in the future provide the Company with this enforceable right of payment, the timing of revenue recognition from products transferred to customers over time may be slightly accelerated compared to the Company’s right to consideration at the time of shipment or delivery. The Company’s typical payment terms vary based on the customer, geographic region, and the type of goods and services in the contract or purchase order. The period of time between invoicing and when payment is due is typically not significant. Amounts billed and due from the Company’s customers are classified as receivables on the Consolidated Balance Sheet. As the Company’s standard payment terms are usually less than one year, the Company has elected the practical expedient under ASC paragraph 606 - 10 - 32 - 18 to not assess whether a contract has a significant financing component. The Company’s customers take delivery of goods, and they are recognized as revenue at the time of transfer of control to the customer, which is usually at the time of shipment, unless otherwise specified in the customer contract or purchase order. This determination is based on applicable shipping terms, as well as the consideration of other indicators, including timing of when the Company has a present right to payment, when physical possession of products is transferred to customers, when the customer has the significant risks and rewards of ownership of the asset, and any provisions in contracts regarding customer acceptance. While unit prices are generally fixed, the Company provides variable consideration for certain of our customers, typically in the form of promotional incentives at the time of sale. The Company utilizes the most likely amount consistently to estimate the effect of uncertainty on the amount of variable consideration to which the Company would be entitled. The most likely amount method considers the single most likely amount from a range of possible consideration amounts. The most likely amounts are based upon the contractual terms of the incentives and historical experience with each customer. The Company records estimates for cash discounts, promotional rebates, and other promotional allowances in the period the related revenue is recognized (“Customer Credits”). The provision for Customer Credits is recorded as a reduction from gross sales and reserves for Customer Credits are presented within accrued sales incentives on the Consolidated Balance Sheet. Actual Customer Credits have not differed materially from estimated amounts for each period presented. Amounts billed to customers for shipping and handling are included in net sales and costs associated with shipping and handling are included in cost of sales. The Company has concluded that its estimates of variable consideration are not constrained according to the definition within the new standard. Additionally, the Company applies the practical expedient in ASC paragraph 606 - 10 - 25 - 18B and accounts for shipping and handling activities that occur after the customer has obtained control of a good as a fulfillment activity, rather than a separate performance obligation. With the adoption of ASC Topic 606, the Company reclassified certain amounts related to variable consideration. Under ASC Topic 606, the Company is required to present a refund liability and a return asset within the Consolidated Balance Sheet, whereas in periods prior to adoption, the Company presented the estimated margin impact of expected returns as a contra-asset within accounts receivable. The changes in the refund liability are reported in net sales, and the changes in the return asset are reported in cost of sales in the Consolidated Statements of Operations. As a result, the balance sheet presentation was adjusted beginning in Fiscal 2019. As of June 30, 2019, the balance of the return asset is $0.1 million and the balance of the refund liability is $0.2 million, and they are presented within prepaid expenses and other current assets and accrued expenses, respectively, on the Consolidated Balance Sheet. The Company, in general, warrants its products against certain defects in material and workmanship when used as designed, for a period of up to 1 year. The Company does not sell extended warranties. Contract Balances Contract assets primarily relate to the Company’s rights to consideration for work completed but not billed at the reporting date on contracts with customers. Contract assets are transferred to receivables when the rights become unconditional. Contract liabilities primarily relate to contracts where advance payments or deposits have been received, but performance obligations have not yet been met, and therefore, revenue has not been recognized. The Company had no contract asset balances, but had contract liability balances of $0.3 million at June 30, 2019. Allowance for doubtful accounts : The allowance for doubtful accounts of $0.7 million at the end of fiscal 2019 compared to $1.3 million at the end of fiscal 2018 is based on our assessment of the collectability of specific customer accounts and the aging of our accounts receivable. While the Company believes that the allowance for doubtful accounts is adequate, if there is a deterioration of a major customer’s credit worthiness, actual write-offs are higher than our previous experience, or actual future returns do not reflect historical trends, the estimates of the recoverability of the amounts due the Company could be adversely affected. Advertising costs : The Company’s policy is to generally expense advertising costs as incurred, except catalogs costs, which are deferred until mailed. Advertising costs were expensed as follows: $5.0 million in fiscal 2019, $5.1 million in fiscal 2018 and $5.2 million in fiscal 2017 and are included in selling, general and administrative expenses. Freight costs : The cost of outbound freight and the cost for inbound freight included in material purchase costs are both included in cost of sales. Warranty expense : The Company’s warranty obligation is generally one year from shipment to the end user and is affected by product failure rates, material usage, and service delivery costs incurred in correcting a product failure. Historically, the Company has not incurred significant warranty expense and consequently its warranty reserves are not material. Pension and Other Postretirement Benefits: The Company has two defined benefit pension plans, one for U.S. employees and another for U.K. employees. The Company also has defined contribution plans. The Company amended its Postretirement Medical Plan effective December 31, 2013, whereby the Company terminated eligibility for employees under the age of 65. On December 21, 2016, the Company amended the U.S. defined benefit pension plan to freeze benefit accruals effective December 31, 2016. Consequently, the Plan is closed to new participants and current participants no longer earn additional benefits after December 31, 2016. The Company sponsors funded U.S. and non-U.S. defined benefit pension plans covering the majority of our U.S. and U.K. employees. The Company also sponsors an unfunded postretirement benefit plan that provides health care benefits and life insurance coverage to eligible U.S. retirees. Under the Company’s current accounting method, both pension plans use fair value as the market-related value of plan assets and continue to recognize actuarial gains or losses within the corridor in other comprehensive income (loss) but instead of amortizing net actuarial gains or losses in excess of the corridor in future periods, such excess gains and losses, if any, are recognized in net periodic benefit cost as of the plan measurement date, which is the same as the fiscal year end of the Company. This mark-to-market (MTM adjustment) method is a permitted option which results in immediate recognition of excess net actuarial gains and losses in net periodic benefit cost instead of in other comprehensive income (loss). Such immediate recognition in net periodic benefit cost increases the volatility of net periodic benefit cost. The MTM adjustments to net periodic benefit cost for 2019, 2018 and 2017 were $0.3 million, $0.1 million, and $0.2 million, respectively. Income taxes : Deferred tax expense results from differences in the timing of certain transactions for financial reporting and tax purposes. Deferred taxes have not been recorded on approximately $67.9 million of undistributed earnings of foreign subsidiaries as of June 30, 2019 and the related unrealized translation adjustments because such amounts are considered permanently invested. In addition, it is possible that remittance taxes, if any, would be reduced by U.S. foreign tax credits to the extent available, after consideration of U.S. Tax Reform and the dividends received deduction. Valuation allowances are recognized if, based on the available evidence, it is more likely than not that some portion of the deferred tax assets will not be realized. Research and development : Research and development costs are expensed, primarily in selling, general and administrative expenses, and were as follows: $3.7 million in fiscal 2019, $3.6 million in fiscal 2018, and $3.5 million in fiscal 2017. Earnings per share (EPS) : Basic EPS is computed by dividing earnings (loss) available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution by securities that could share in the earnings. The Company had 68,378, 23,771, and 32,674, of potentially dilutive common shares in fiscal 2019, 2018 and 2017, respectively, resulting from shares issuable under its stock based compensation plans. These additional shares are not used in the diluted EPS calculation in loss years. Translation of foreign currencies : The financial statements of our foreign subsidiaries, where the local currency is the functional currency, are translated at exchange rates in effect on reporting dates, and income and expense items are translated at average rates or rates in effect on transaction dates as appropriate. The resulting foreign currency translation adjustments are charged or credited directly to the other comprehensive income (loss) as noted in the Consolidated Statements of Comprehensive Income (Loss). Net foreign currency gains (losses) are disclosed in Note 10 Other Income and Expense. Use of accounting estimates : The preparation of the financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. Judgments, assumptions and estimates are used for, but not limited to: the allowances for doubtful accounts receivable and returned goods; inventory allowances; income tax valuation allowances, goodwill, uncertain tax positions and pension obligations. Amounts ultimately realized could differ from those estimates. Recently Adopted Accounting Standards: The Company adopted ASU No. 2017 - 07, Compensation-Retirement Benefits (Topic 715 ) in FY19: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (NPBC). This update requires that an employer disaggregate the service cost component from the other components of NPBC. In addition, only the service cost component will be eligible for capitalization. The amendments in this update are required to be applied retrospectively for the presentation of the service cost component and the other components of NPBC in the Consolidated Statement of Operations and prospectively, on and after the adoption date, for the capitalization of the service cost component of NPBC in assets. As required by the transition provisions of this update, the following table shows the impact of the adoption on the respective line items in the Consolidated Statement of Operations for 2019 and the reclassifications to the 2018 and 2017 fiscal year Consolidated Statement of Operations to retroactively apply classification of the service cost component and the other components of NPBC: (Dollars in Thousands) Increase (Decrease) to Net Income FY 2019 FY 2018 FY 2017 Cost of goods sold $ 710 $ 582 $ 649 Selling, general and administrative expense 220 212 248 Other income (expense) net (930 ) (794 ) (897 ) $ - $ - $ - Recent ly Issued Accounting Standards not yet Adopted: In February 2016, the FASB issued ASU No. 2016 - 02, “Leases (Topic 842 )”. The Company will adopt the new standard effective July 1, 2019. ASU 2016 - 2 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease effectively finances a purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method (finance lease) or on a straight line basis over the term of the lease (operating lease). A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. The ASU will affect the presentation of lease related expenses on the Consolidated Statement of Operations and Consolidated Statement of Cash Flows and will increase the required disclosures related to leases. In July 2018, the FASB issued ASU No. 2018 - 10 and No. 2018 - 11, Leases (ASC 842 ). ASU 2018 - 10 provides narrow amendments that clarify how to apply certain aspects of the guidance in ASU 2016 - 02. ASU 2018 - 11 provides entities with an option of an additional transition method, by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company elected the available practical expedients on adoption. In preparation for adoption of the standard, the Company has implemented internal controls to enable the preparation of financial information. The standard will have a material impact on the Consolidated Balance Sheets, but will not have a material impact on the Consolidated Statements of Operations. The Company has evaluated the effect of the impact of the adoption of this standard and has determined the adoption will result in the recognition of additional right of use assets and lease liabilities of approximately $6.3 million for operating leases. The Company currently has no finance leases. In June 2016, the FASB issued ASU 2016 - 13, “Financial Instruments - Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments,” and subsequent amendment to the guidance, ASU 2018 - 19 in November 2018. The standard significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace today’s “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. The amendment will affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. ASU 2018 - 19 clarifies that receivables arising from operating leases are accounted for using lease guidance and not as financial instruments. The amendments should be applied on either a prospective transition or modified-retrospective approach depending on the subtopic. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods therein. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods therein. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017 - 04, "Intangibles-Goodwill and Other (Topic 350 ): Simplifying the Test for Goodwill Impairment." Under the new guidance, if a reporting unit's carrying value amount exceeds its fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. The standard eliminates the requirement to calculate goodwill impairment using Step 2, which calculates any impairment charge by comparing the implied fair value of goodwill with its carrying amount. The standard does not change the guidance on completing Step 1 of the goodwill impairment test. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2019 and should be applied prospectively for annual and any interim goodwill impairment tests. Early adoption is permitted for entities for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of the update on our consolidated financial statements. In February 2018, the FASB issued ASU No. 2018 - 02, “Income Statement – Reporting Comprehensive Income (Topic 220 ): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”. For deferred tax items recognized in Accumulated Other Comprehensive Income (AOCI), changes in tax rates can leave amounts “stranded” in AOCI. Under ASU 2018 - 02, FASB has given companies an option to reclassify the stranded tax effects resulting from the tax law and tax rate changes under the Tax Cuts and Jobs Act of 2017 from AOCI to retained earnings. This guidance is effective for fiscal years beginning after December 15, 2018 and requires companies to disclose whether they are or are not opting to reclassify the income tax effects from the new 2017 tax act. The adoption of this standard is not expected to have a material impact on the Company’s financial position and results of operations upon adoption. In August 2018, the FASB issued ASU No. 2018 - 13, "Fair Value Measurement ('Topic 820' ): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement." The ASU modifies the disclosure requirements in Topic 820, Fair Value Measurement, by removing certain disclosure requirements related to the fair value hierarchy, modifying existing disclosure requirements related to measurement uncertainty and adding new disclosure requirements, such as disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and disclosing the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. This ASU is effective for public companies for annual reporting periods and interim periods within those annual periods beginning after December 15, 2019. The Company is currently evaluating the effect, if any, that ASU 2018 - 13 will have on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018 - 14, "Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715 - 20 ): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans." ASU 2018 - 14 removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and added additional disclosures. This ASU is effective for public companies for annual reporting periods and interim periods within those annual periods beginning after December 15, 2020. The amendments in ASU 2018 - 14 must be applied on a retrospective basis. The Company is currently assessing the effect, if any, that ASU 2018 - 14 will have on its consolidated financial statements. |
Note 3 - Business Acquisition
Note 3 - Business Acquisition | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3 . BUSINESS ACQUISITION In fiscal 2010, $1.5 36% third 2017, $3.6 64% $1.8 $1.8 three $1.6 30% three The acquisition has been accounted for as a business combination and the financial results of the company have been included in our consolidated financial statements since the date of acquisition. Under the acquisition method of accounting, the purchase price was allocated to net tangible and intangible assets based upon their estimated fair values as of the acquisition date. The table below presents the allocation of the purchase price to the acquired net assets (in thousands): Cash $ 509 Accounts receivable 273 Inventories 243 Other current assets 18 Deferred software development costs 2,520 Intangible assets 1,220 Goodwill 1,634 Fixed assets 47 Deferred tax liability (1,090 ) Accounts payable and current liabilities (80 ) Purchase Price (1) $ 5,294 ( 1 $1,833 1,555 $1.8 5% $3,388 64% $5.294 Pro-forma financial information has not not |
Note 4 - Stock-based Compensati
Note 4 - Stock-based Compensation | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 4. Long-Term Incentive Plan During the quarter ended December 31, 2012, 2012 “2012 September 5, 2012 October 17, 2012. 2012 2012 500,000 Options granted vest in periods ranging from one three ten one three June 30, 2019, 20,000 197,002 230,033 2012 June 30, 2019. For stock option grants, the fair value of each grant is estimated at the date of grant using the Binomial Options pricing model. The Binomial Options pricing model utilizes assumptions related to stock volatility, the risk-free interest rate, the dividend yield and employee exercise behavior. Expected volatilities utilized in the model are based on the historic volatility of the Company’s stock price. The risk free interest rate is derived from the U.S. Treasury yield curve in effect at the time of the grant. The expected life is determined using the average of the vesting period and contractual term of the options (simplified method). There were no 2019, 2018 2017. The weighted average contractual term for stock options outstanding as of June 30, 2019 3.5 June 30, 2019 $0.1 20,000 June 30, 2019. 2012 no The Company accounts for RSU awards by recognizing the expense of the intrinsic value at the award date ratably over vesting periods generally ranging from one three June 30, 2019, 67,000 $6.34 no June 30, 2018, 62,000 $7.22 June 30, 2017, 45,000 $10.86 There were 10,800 14,400 2019 2018 June 30, 2019 $1.3 June 30, 2018 $0.9 2012 $232,000, $134,000 $223,000 2019, 2018 2017 June 30, 2019, $1.7 $1.4 not $0.3 1.5 Employee Stock Purchase Plan The Company’s Employee Stock Purchase Plans (ESPP) give eligible employees an opportunity to participate in the success of the Company. The Board of Directors renews each Employee Stock Purchase Plan every five 85% two not No 2017. No 2012 Shares on Options Weighted Average Exercise Price Shares Available for Grant Balance, June 30, 2016 63,915 389,844 Options granted 55,766 7.88 (55,766 ) Options exercised (10,893 ) 8.34 - Options canceled (31,503 ) 31,503 Balance, June 30, 2017 77,285 365,581 2012 Plan Expired - (365,581 ) 2017 Plan Authorized - 500,000 Options granted 63,607 6.35 (63,607 ) Options exercised (17,561 ) 6.69 - Options canceled (52,816 ) 13,614 Balance, June 30, 2018 70,515 450,007 Options granted 55,227 5.45 (55,227 ) Options exercised (11,981 ) 5.72 - Options canceled (26,628 ) 18,087 Balance, June 30, 2019 87,133 412,867 The following information relates to outstanding options as of June 30, 2019: Weighted average remaining life (years) 1.3 Weighted average fair value on grant date of options granted in: 2017 $ 2.76 2018 2.23 2019 2.28 The fair value of each option grant was estimated on the date of grant based on the Black-Scholes option pricing model with the following weighted average assumptions: expected stock volatility – 40.69% 46.85%, 2.18% 2.94%, 0% 1.73% 2 $0.1 $0.1 $0.2 2019, 2018 2017, Employee Stock Ownership Plan On February 5, 2013, 2013 “2013 4975 7 1986, December 31, 2012 no 2019, 2018 2017. |
Note 5 - Cash
Note 5 - Cash | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Short-term Investments [Text Block] | 5. Cash held by foreign subsidiaries amounted to $8.9 $6.5 June 30, 2019 June 30, 2018, June 30, 2019 $4.6 $2.6 The Company plans to permanently reinvest cash held in foreign subsidiaries. Cash held in foreign subsidiaries is not |
Note 6 - Inventories
Note 6 - Inventories | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6 . INVENTORIES Inventories consist of the following (in thousands): June 30, 201 9 June 30, 201 8 Raw materials and supplies $ 26,106 $ 23,764 Goods in process and finished parts 17,464 18,423 Finished goods 41,500 40,739 85,070 82,926 LIFO reserve (23,280 ) (24,887 ) $ 61,790 $ 58,039 LIFO inventories were $9.8 $8.4 June 30, 2019 June 30, 2018, $23.3 $24.9 $1.6 2019 $1.3 2018. |
Note 7 - Goodwill and Intangibl
Note 7 - Goodwill and Intangible Assets | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 7. The following table presents information about the Company’s goodwill and identifiable intangible assets on the dates indicated (in thousands): June 30, 201 9 June 30, 201 8 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Goodwill $ 4,668 $ - $ 4,668 $ 4,668 $ - $ 4,668 Identifiable intangible assets 19,885 (11,425 ) 8,460 18,533 (9,216 ) 9,317 Identifiable intangible assets consist of the following (in thousands): June 30, 201 9 June 30, 201 8 Non-compete agreements $ 600 $ 600 Trademarks and trade names 2,070 2,070 Completed technology 2,358 2,358 Customer relationships 5,580 5,580 Software development 8,952 7,600 Other intangible assets 325 325 Total 19,885 18,533 Accumulated amortization (11,425 ) (9,216 ) Total net balance $ 8,460 $ 9,317 Identifiable intangible assets are being amortized on a straight-line basis over the period of expected economic benefit. Amortization expense was $2.3 $2.0 $1.7 June 30, 2019, 2018 2017, The estimated aggregate amortization expense for each of the next five Fiscal Year 2020 $ 2,005 2021 1,602 2022 1,370 2023 1,016 2024 628 Thereafter 1,839 $ 8,460 Annually, or anytime when events suggest impairment may The Company performed a quantitative analysis for its February 1, 2019 2017 Under the quantitative analysis, the fair value assessment of the goodwill of this reporting unit exceeded the carrying amount as of February 1, 2019. no may The Company performed a qualitative analysis for its October 1, 2018 not not not October 1, 2018. no may |
Note 8 - Property, Plant and Eq
Note 8 - Property, Plant and Equity | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 8. Property, plant and equipment consists of the following as of June 30, 2019 2018 As of June 30, 201 9 Cost Accumulated Depreciation Net Land $ 1,210 $ - $ 1,210 Buildings and building improvements 44,772 (30,427 ) 14,345 Machinery and equipment 117,386 (96,262 ) 21,124 Total $ 163,368 $ (126,689 ) $ 36,679 As of June 30, 201 8 Cost Accumulated Depreciation Net Land $ 1,210 $ - $ 1,210 Buildings and building improvements 44,540 (29,774 ) 14,766 Machinery and equipment 117,573 (97,035 ) 20,538 Total $ 163,323 $ (126,809 ) $ 36,514 There are no June 30, 2019 June 30, 2018. $5.0 $5.5 $5.4 June 30, 2019, 2018 2017, Operating lease expense was $2.4 $2.3 $2.3 2019, 2018 2017, Fiscal Year 2020 $ 2,434 2021 2,328 2022 943 2023 762 2024 502 Thereafter 1,092 $ 8,061 |
Note 9 - Facility Closure
Note 9 - Facility Closure | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 9. FACILITY C LOSURE The Company decided in January 2018 no 24 $4.1 2016, June 30, 2019, $2.2 2018, one $0.1 In addition to the impairment loss recognized in fiscal 2016, $988,000 2017. |
Note 10 - Other Income and (Exp
Note 10 - Other Income and (Expense) | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 1 0 . OTHER INCOME AND ( EXPENSE ) Other income and expense consists of the following (in thousands): 201 9 201 8 201 7 Interest income $ 71 128 $ 399 Interest expense (976 ) (845 ) (674 ) Foreign currency gain (loss), net (426 ) (316 ) (86 ) (Loss) from equity investment - - (307 ) Brazil tax settlements 345 1,446 - Patent lawsuit settlement - (666 ) (100 ) Sale of scrap material 110 70 71 Pension net periodic benefit cost (NPBC) (930 ) (794 ) (897 ) Other income (expense), net 195 324 190 $ (1,611 ) (653 ) $ (1,404 ) The impact of the adoption of ASU 2017 07 2018 2017 2 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 1 . INCOME TAXES Components of earnings (loss) before income taxes are as follows (in thousands): 201 9 2018 2017 Domestic operations $ 1,507 $ 1,351 $ (1,547 ) Foreign operations 8,103 3,514 3,085 $ 9,610 $ 4,865 $ 1,538 The provision for (benefit from) income taxes consists of the following (in thousands): 2019 2018 2017 Current: Federal $ (106 ) $ (991 ) $ (989 ) Foreign 2,398 2,256 999 State 37 5 39 Deferred: Federal 1,139 6,772 597 Foreign (172 ) (396 ) (85 ) State 235 852 (14 ) $ 3,531 $ 8,498 $ 547 Reconciliations of expected tax expense at the U.S. statutory rate to actual tax expense (benefit) are as follows (in thousands): 2019 2018 2017 Expected tax expense $ 2,018 $ 1,365 $ 523 State taxes, net of federal effect (5 ) - 9 Foreign taxes, net of federal credits (1,055 ) (1,010 ) (210 ) Change in valuation allowance 1,744 2,074 (107 ) Tax reserve adjustments (66 ) (38 ) 272 Return to provision and other adjustments (57 ) (72 ) (17 ) Losses not benefited - - 123 Tax rate change applied to deferred tax balances (129 ) 6,324 315 Canada real estate gain deduction - - (337 ) Global intangible low taxed income 1,121 - - Other permanent items (40 ) (145 ) (24 ) Actual tax expense $ 3,531 $ 8,498 $ 547 On December 22, 2017, 35% 21%, one 740 No. 118 118” no one During the fiscal year ended June 30, 2018, $6.3 June 30, 2019, $1.8 nil The Company has incorporated the other impacts of tax reform that became effective for the Company in fiscal 2019 2019, 10.5% may The tax rate of 36.7% $9.6 June 30, 2019 2019, 34%. The tax rate of 174.7% $4.9 June 30, 2018 44.7% 2018 not The tax rate of 35.6% $1.5 June 30, 2017 one 20% 17% $0.3 $2.0 2017 Net deferred tax assets at June 30, 2019 $18.6 $22.4 $6.6 Key positive evidence considered include: a) cumulative domestic profitability in 2019 2018; 2017 In fiscal 2019, $1.7 one 2018, $2.1 Deferred income taxes at June 30, 2019 2018 201 9 201 8 Deferred tax assets (liabilities): Inventories $ 1,361 $ 1,214 Employee benefits (other than pension) 840 700 Book reserves 601 504 Federal NOL, various carryforward periods 66 551 State NOL, various carryforward periods 1,224 1,034 Foreign NOL, various carryforward periods 309 148 Foreign tax credit carryforward, expiring 2023 – 2028 7,329 5,563 Pension benefits 10,289 8,881 Retiree medical benefits 1,778 1,622 Depreciation (17 ) 113 Intangibles (630 ) (410 ) Federal research and development and AMT credit carryforward 786 638 Other 1,446 1,180 Total deferred tax assets 25,382 21,738 Valuation allowance (6,743 ) (4,999 ) Net deferred tax asset $ 18,639 $ 16,739 The Company is subject to U.S. federal income tax and various state, local and foreign income taxes in numerous jurisdictions. The Company’s domestic and international tax liabilities are subject to the allocation of revenues and expenses in different jurisdictions and the timing of recognizing revenues and expenses. Additionally, the amount of income taxes paid is subject to the Company’s interpretation of applicable tax laws in the jurisdictions in which it files. Reconciliations of the beginning and ending amount of unrecognized tax benefits are as follows (in thousands): Balance at June 30, 2016 $ (10,820 ) Increase for tax positions taken during the current period (813 ) Effect of exchange rate changes 38 Decrease relating to lapse of applicable statute of limitations 7 Balance at June 30, 2017 (11,588 ) Increase for tax positions taken during the current period (287 ) Increase for tax positions taken during the prior period (67 ) Effect of exchange rate changes 130 Decrease relating to lapse of applicable statute of limitations 930 Balance at June 30, 2018 (10,882 ) Increase for tax positions taken during the current period (215 ) Decrease for tax positions taken during the prior period 5 Effect of exchange rate changes 16 Decrease relating to lapse of applicable statute of limitations 137 Balance at June 30, 2019 $ (10,939 ) As of June 30, 2019, 2018 2017, $10.9 $10.9 $11.6 $5.6 $5.4 $7.3 The long-term tax obligations as of June 30, 2019, 2018 2017 $1.7 $1.8 June 30, 2019 2018, The Company has identified uncertain tax positions at June 30, 2019 twelve 2019 The Company’s U.S. federal tax returns for years prior to fiscal 2016 no June 30, 2019, may 2014 2018. The federal tax loss carryforward of $0.3 $1.2 2021. $0.4 2020 2034. $7.3 2023 2028. $0.8 2029 2039. $0.3 At June 30, 2019, $67.9 $2.0 2017 no no not |
Note 12 - Employee Benefit and
Note 12 - Employee Benefit and Retirement Plans | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 1 2 . EMPLOYEE BENEFIT AND RETIREMENT PLANS The Company has two one 2009. On December 21, 2016, December 31, 2016. no December 31, 2016. The amendment of the U.S. defined benefit pension plan triggered a pension curtailment which required a re-measurement of the Plan's benefit obligation as of December 31, 2016. $6.9 3.77% 4.31%, $4.2 The Company amended its Postretirement Medical Plan effective December 31, 2013 55 64. 65 $28.50 $23.00 The total cost of all such plans for fiscal 2019, 2018 2017 $2.8 $2.7 $3.9 $1.7 $1.8 $1.3 2019, 2018 2017, Under both U.S and U.K. defined benefit plans, benefits are based on years of service and final average earnings. Plan assets consist primarily of investment grade debt obligations, marketable equity securities and shares of the Company’s common stock. The asset allocation of the Company’s domestic pension plan is diversified, consisting primarily of investments in equity and debt securities. The Company seeks a long-term investment return that is reasonable given prevailing capital market expectations. Target allocations are 40% 70% 10% 20% 30% 60% In fiscal 2020, 5.0% 2.6% 2019 2018, 4.3% 3.9% 2.8% 2.7% third Other than the discount rate, pension valuation assumptions are generally long-term and not may not Based upon the actuarial valuations performed on the Company’s defined benefit plans as of June 30, 2019, $6.7 2020 $1.0 2020. The table below sets forth the actual asset allocation for the assets within the Company’s plans. 201 9 201 8 Asset category: Cash equivalents 2 % 1 % Fixed income 31 % 27 % Equities 35 % 34 % Mutual and pooled funds 32 % 38 % 100 % 100 % The Company determines its investments strategies based upon the composition of the beneficiaries in its defined benefit plans and the relative time horizons that those beneficiaries are projected to receive payouts from the plans. The Company engages an independent investment firm to manage the U.S. pension assets. Cash equivalents are held in money market funds. The Company’s fixed income portfolio includes mutual funds that hold a combination of short-term, investment-grade fixed income securities and a diversified selection of investment-grade, fixed income securities, including corporate securities and U.S. government securities. The Company invests in equity securities, which are diversified across a spectrum of value and growth in large, medium and small capitalization funds and companies, as appropriate to achieve the objective of a balanced portfolio, optimize the expected returns and minimize volatility in the various asset classes. Other assets include pooled investment funds whose underlying assets consist primarily of property holdings as well as financial instruments designed to offset the long-term impact of inflation and interest rate fluctuations. The Company has categorized its financial assets (including its pension plan assets), based on the priority of the inputs to the valuation technique, into a three Financial assets are categorized based on the inputs to the valuation techniques as follows: o Level 1 o Level 2 o Level 3 The tables below show the portfolio by valuation category as of June 30, 2019 June 30, 2018 ( June 30, 201 9 Asset Category Level 1 Level 2 Level 3 Total % Cash Equivalents $ 1,818 $ - $ - $ 1,818 2 % Fixed Income - 38,232 - 38,232 31 % Equities 41,629 1,482 - 43,111 35 % Mutual & Pooled Funds 2,362 36,510 - 38,872 32 % Total $ 45,809 $ 76,224 $ - $ 122,033 100 % June 30, 201 8 Asset Category Level 1 Level 2 Level 3 Total % Cash Equivalents $ 945 $ - $ - $ 945 1 % Fixed Income - 32,303 - 32,303 27 % Equities 38,988 1,521 - 40,509 34 % Mutual & Pooled Funds 8,880 36,056 - 44,936 38 % Total $ 48,813 $ 69,880 $ - $ 118,693 100 % Included in equity securities at June 30, 2019 2018 $4.6 $4.8 U.S. and U.K. Plans Combined: The status of these defined benefit plans is as follows (in thousands): 201 9 201 8 201 7 Change in benefit obligation Benefit obligation at beginning of year $ 159,213 $ 169,696 $ 175,233 Service cost - - 1,405 Interest cost 6,013 6,077 6,246 Plan curtailment - - (4,170 ) Exchange rate changes (1,697 ) 707 (909 ) Benefits paid (7,217 ) (6,489 ) (6,902 ) Actuarial (gain) loss 13,368 (10,778 ) (1,207 ) Benefit obligation at end of year $ 169,680 $ 159,213 $ 169,696 Change in plan assets Fair value of plan assets at beginning of year 118,693 117,778 115,015 Actual return on plan assets 6,589 2,545 5,302 Employer contributions 5,413 4,366 5,000 Benefits paid (7,217 ) (6,489 ) (6,902 ) Exchange rate changes (1,445 ) 493 (637 ) Fair value of plan assets at end of year 122,033 118,693 117,778 Funded status at end of year $ (47,647 ) $ (40,520 ) $ (51,918 ) Amounts recognized in balance sheet Current liability $ (324 ) $ (67 ) $ (63 ) Noncurrent liability (47,323 ) (40,453 ) (51,855 ) Net amount recognized in balance sheet $ (47,647 ) $ (40,520 ) $ (51,918 ) Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss Prior service cost $ - $ - $ - Accumulated loss (15,590 ) (4,038 ) (12,131 ) Amounts not yet recognized as a component of net periodic benefit cost (15,590 ) (4,038 ) (12,131 ) Accumulated net periodic benefit cost in excess of contributions (32,057 ) (36,482 ) (39,787 ) Net amount recognized $ (47,647 ) $ (40,520 ) $ (51,918 ) Components of net periodic benefit cost Service cost $ - $ - $ 1,405 Interest cost 6,013 6,077 6,246 Expected return on plan assets (5,129 ) (5,140 ) (5,173 ) Recognized actuarial loss 284 26 107 Net periodic benefit cost $ 1,168 $ 963 $ 2,585 Estimated amounts that will be amortized from accumulated other comprehensive loss over the next year Prior service cost $ - $ - $ - Net loss (38 ) (28 ) (26 ) Information for pension plans with accumulated benefits in excess of plan assets Projected benefit obligation $ 169,680 $ 159,213 $ 169,696 Accumulated benefit obligation $ 169,680 $ 159,213 $ 169,696 Fair value of assets $ 122,033 $ 118,693 $ 117,778 U.S. Plan: The status of the U.S. defined benefit plan is as follows (in thousands): 201 9 201 8 201 7 Change in benefit obligation Benefit obligation at beginning of year $ 116,277 $ 124,138 $ 130,863 Service cost - - 1,405 Interest cost 4,854 4,804 4,994 Plan curtailment - - (4,170 ) Benefits paid (5,565 ) (4,786 ) (5,106 ) Actuarial (gain) loss 10,814 (7,879 ) (3,848 ) Benefit obligation at end of year $ 126,380 $ 116,277 $ 124,138 Weighted average assumptions – benefit obligation Discount rate 3.56 % 4.27 % 3.92 % Rate of compensation increase n/a n/a Varies Change in plan assets Fair value of plan assets at beginning of year $ 82,140 $ 81,928 $ 81,910 Actual return on plan assets 4,132 1,645 1,079 Employer contributions 4,443 3,353 4,045 Benefits paid (5,565 ) (4,786 ) (5,106 ) Fair value of plan assets at end of year 85,150 82,140 81,928 Funded status at end of year $ (41,230 ) $ (34,137 ) $ (42,210 ) Amounts recognized in balance sheet Current liability $ (324 ) $ (67 ) $ (63 ) Noncurrent liability (40,906 ) (34,070 ) (42,147 ) Net amount recognized in balance sheet $ (41,230 ) $ (34,137 ) $ (42,210 ) Weighted average assumptions – net periodic benefit cost Discount rate 4.27 % 3.92 % 3.77 % Rate of compensation increase Varies Varies Varies Return on plan assets 5.00 % 5.00 % 5.00 % Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss Prior service cost $ - $ - $ - Accumulated loss (13,196 ) (2,731 ) (8,254 ) Amounts not yet recognized as a component of net periodic benefit cost (13,196 ) (2,731 ) (8,254 ) Accumulated contributions less than net periodic benefit cost (28,034 ) (31,406 ) (33,956 ) Net amount recognized $ (41,230 ) $ (34,137 ) $ (42,210 ) Components of net periodic benefit cost Service cost $ - $ - $ 1,405 Interest cost 4,854 4,804 4,994 Expected return on plan assets (4,067 ) (4,026 ) (4,046 ) Recognized actuarial loss 284 26 107 Net periodic benefit cost $ 1,071 $ 804 $ 2,460 Estimated amounts that will be amortized from accumulated other comprehensive loss over the next year Prior service cost $ - $ - $ - Net loss (38 ) (28 ) (26 ) Information for plan with accumulated benefits in excess of plan assets Projected benefit obligation $ 126,380 $ 116,277 $ 124,138 Accumulated benefit obligation $ 126,380 $ 116,277 $ 124,138 Fair value of assets $ 85,150 $ 82,140 $ 81,928 U.K. Plan: The status of the U.K. defined benefit plan is as follows (in thousands): 201 9 201 8 201 7 Change in benefit obligation Benefit obligation at beginning of year $ 42,936 $ 45,558 $ 44,370 Interest cost 1,159 1,273 1,252 Exchange rate changes (1,697 ) 707 (909 ) Benefits paid (1,652 ) (1,703 ) (1,796 ) Actuarial (gain) loss 2,554 (2,899 ) 2,641 Benefit obligation at end of year $ 43,300 $ 42,936 $ 45,558 Weighted average assumptions - benefit obligation Discount rate 2.39 % 2.80 % 2.73 % Rate of compensation increase n/a n/a n/a Change in plan assets Fair value of plan assets at beginning of year $ 36,553 $ 35,850 $ 33,105 Actual return on plan assets 2,457 900 4,223 Employer contributions 970 1,013 954 Benefits paid (1,652 ) (1,703 ) (1,796 ) Exchange rate changes (1,445 ) 493 (636 ) Fair value of plan assets at end of year 36,883 36,553 35,850 Funded status at end of year $ (6,417 ) $ (6,383 ) (9,708 ) Amounts recognized in balance sheet Current liability $ — $ — $ — Noncurrent liability (6,417 ) (6,383 ) (9,708 ) Net amount recognized in balance sheet $ (6,417 ) $ (6,383 ) $ (9,708 ) Weighted average assumptions – net periodic benefit cost Discount rate 2.80 % 2.73 % 3.00 % Rate of compensation increase n/a n/a n/a Return on plan assets 2.98 % 3.01 % 3.59 % Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss Prior service cost $ — $ — $ — Accumulated loss (2,394 ) (1,307 ) (3,877 ) Amounts not yet recognized as a component of net periodic benefit cost (2,394 ) (1,307 ) (3,877 ) Accumulated net periodic benefit cost in excess of contributions (4,023 ) (5,076 ) (5,831 ) Net amount recognized $ (6,417 ) $ (6,383 ) $ (9,708 ) Components of net periodic benefit cost Service cost $ — $ — $ — Interest cost 1,159 1,273 1,252 Expected return on plan assets (1,062 ) (1,114 ) (1,127 ) Amortization of net loss — — — Net periodic benefit cost $ 97 $ 159 $ 125 Estimated amounts that will be amortized from accumulated other comprehensive loss over the next year $ — $ — $ — Information for plan with accumulated benefits in excess of plan assets Projected benefit obligation $ 43,300 $ 42,936 $ 45,558 Accumulated benefit obligation $ 43,300 $ 42,936 $ 45,558 Fair value of assets $ 36,883 $ 36,553 $ 35,850 Postretirement Medical and Life Insurance Benefits: The status of the U.S. postretirement medical and life insurance benefit plan is as follows (in thousands): 201 9 201 8 201 7 Change in benefit obligation: Benefit obligation at beginning of year $ 6,385 $ 7,086 $ 7,381 Service cost 72 85 85 Interest cost 265 270 269 Benefits paid (346 ) (388 ) (483 ) Actuarial (gain) loss 554 (668 ) (166 ) Benefit obligation at end of year $ 6,930 $ 6,385 $ 7,086 Weighted average assumptions: benefit obligations Discount rate 3.56 % 4.27 % 3.92 % Rate of compensation increase 2.64 % 2.64 % 2.64 % Change in plan assets Fair value of plan assets at beginning of year $ — $ — $ — Employer contributions 346 388 483 Benefits paid, net of employee contributions (346 ) (388 ) (483 ) Fair value of plan assets at end of year — — — Amounts recognized in balance sheet Current postretirement benefit obligation $ (353 ) $ (339 ) $ (370 ) Non-current postretirement benefit obligation (6,577 ) (6,046 ) (6,716 ) Net amount recognized in balance sheet $ (6,930 ) $ (6,385 ) $ (7,086 ) Weighted average assumptions – net periodic benefit cost Discount rate 4.27 % 3.92 % 3.77 % Rate of compensation increase 2.64 % 2.64 % 2.64 % Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss Prior service credit $ 2,777 $ 3,314 $ 3,851 Accumulated gain (loss) (1,452 ) (928 ) (1,696 ) Amounts not yet recognized as a component of net periodic benefit cost 1,325 2,386 2,155 Net periodic benefit cost in excess of accumulated contributions (8,255 ) (8,771 ) (9,241 ) Net amount recognized $ (6,930 ) $ (6,385 ) $ (7,086 ) Components of net periodic benefit cost Service cost $ 72 $ 85 $ 85 Interest cost 265 270 269 Amortization of prior service credit (537 ) (537 ) (673 ) Amortization of accumulated loss 30 99 121 Net periodic benefit cost $ (170 ) $ (83 ) $ (198 ) Estimated amounts that will be amortized from accumulated other comprehensive loss over the next year Prior service credit $ 537 $ 537 $ 537 Net loss (83 ) (30 ) (99 ) $ 454 $ 507 $ 438 Healthcare cost trend rate assumed for next year 6.30 % 6.60 % 6.60 % Rate to which the cost trend rate gradually declines 4.50 % 4.50 % 4.50 % Year that the rate reaches the rate at which it is assumed to remain 2037 2037 2037 Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one 1% Increase 201 9 201 8 201 7 Effect on total of service and interest cost $ - $ - $ - Effect on postretirement benefit obligation 1 1 2 1% Decrease 201 9 201 8 201 7 Effect on total of service and interest cost $ - $ - $ - Effect on postretirement benefit obligation (1 ) (1 ) (2 ) Future pension and other benefit payments are as follows (in thousands): Fiscal Year Pension Other Benefits 2020 $ 8,006 $ 354 2021 8,011 354 2022 8,134 358 2023 8,978 363 2024 8,373 353 2025-2029 53,635 2,228 $ 95,137 $ 4,010 |
Note 13 - Debt
Note 13 - Debt | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 1 3 . DEBT Debt is comprised of the following (in thousands): June 30, 201 9 June 30, 201 8 Short-term and current maturities Loan and Security Agreement $ 1,765 $ 1,688 Other 2,300 1,967 Long-term debt Loan and Security Agreement, net of current portion 17,541 17,307 Total debt $ 21,606 $ 20,962 Future maturities of debt are as follows (in thousands): Fiscal Year 2020 4,065 2021 16,746 2022 795 2023 - 2024 - Thereafter - Total $ 21,606 The Company completed the negotiations for an amended Loan and Security Agreement, which includes a Line of Credit and a term loan, and executed the new agreement as of January 30, 2018 may not $23.0 April 30, 2021 1.5%. 2019 4.08%. The material financial covenants of the amended Loan and Security Agreement are: 1 2.25 1; 2 $15.0 3 1.25 1 4 not $10.0 June 30, 2019, On November 22, 2011, $15.5 ten 4.5% $160,640. June 30, 2019, $4.4 Availability under the Line of Credit is subject to a borrowing base comprised of accounts receivable and inventory. The Company believes that the borrowing base will consistently produce availability under the Line of Credit in excess of $23.0 June 30, 2019, $14.9 0.25% The Company has one $0.9 $23.0 $22.1 June 30, 2019, $7.2 The obligations under the Credit Facility are unsecured. In the event of certain triggering events, such obligations would become secured by the assets of the Company’s domestic subsidiaries. A triggering event occurs when the Company fails to achieve any of the financial covenants noted above in consecutive quarters. In December 2017, two $3.5 $1.5 180 4.19% $2.0 360 4.75%. 2018. March 2019, $1.3 $0.8 February 2020 5.3% $0.5 March 2020, 4.27%. April 2019 $1.0 April 2020 4.0%. June 30, 2019, $2.3 Brazil also has an unused line of credit of $0.5 June 30, 2019. |
Note 14 - Common Stock
Note 14 - Common Stock | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 1 4 . COMMON STOCK Class B common stock is identical to Class A except that it has 10 25% 75% |
Note 15 - Contingencies
Note 15 - Contingencies | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 5 . CONTINGENCIES The Company is involved in certain legal matters which arise in the normal course of business and are not |
Note 16 - Concentrations of Cre
Note 16 - Concentrations of Credit Risk | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 1 6 . CONCENTRATIONS OF CREDIT RISK The Company believes it has no June 30, 2019. none 10% |
Note 17 - Financial Information
Note 17 - Financial Information by Segment and Geographic Area | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 7 . FINANCIAL INFORMATION BY SEGMENT & GEOGRAPHIC AREA The Company offers its broad array of measuring and cutting products to the market through multiple channels of distribution throughout the world. The Company’s products include precision tools, electronic gages, gage blocks, optical vision and laser measuring equipment, custom engineered granite solutions, tape measures, levels, chalk products, squares, band saw blades, hole saws, hacksaw blades, jig saw blades, reciprocating saw blades, M1® The North American segment’s operations include all manufacturing and sales in the United States, Canada and Mexico. The International segment’s operations include all locations outside North America, primarily in Brazil, United Kingdom and China. The chief operating decision maker, who is the Company’s CEO, reviews operations on a geographical basis and decisions about where to invest the Company’s resources are made based on the current results and forecasts of operations in those geographies. Since the markets for the Company’s products are sufficiently different in North America than they are in the rest of the world and in view of the significant impact that currency fluctuation plays outside the United States on the revenue of the Company, the Company’s business review separates North America from operations outside North America. For this reason, the Company is reflecting two Segment income is measured for internal reporting purposes by excluding corporate expenses, other income and expense including interest income and interest expense and income taxes. Corporate expenses consist primarily of executive compensation, certain professional fees, and costs associated with the Company’s global headquarters. Financial results for each reportable segment are as follows (in thousands): Year Ended June 30, 201 9 North America International Unallocated Total Sales 1 $ 136,387 $ 91,635 $ - $ 228,022 Operating income 9,468 8,043 (6,290 ) 11,221 Capital expenditures and software development 3,617 3,610 - 7,227 Depreciation and amortization 5,022 2,316 - 7,338 Current assets 4 41,188 63,205 15,582 119,975 Long-lived assets 5 35,638 14,168 20,306 70,112 Year Ended June 30, 201 8 North America International Unallocated Total Sales 2 $ 128,442 $ 87,886 $ - $ 216,328 Operating income Capital expenditures and software development 3,426 2,336 - 5,762 Depreciation and amortization 4,923 2,588 - 7,511 Current assets 4 37,546 60,855 14,827 113,228 Long-lived assets 5 37,489 13,010 18,559 69,058 Year Ended June 30, 201 7 North America International Unallocated Total Sales 3 $ 124,606 $ 82,417 $ - $ 207,023 Restructuring charges (82 ) (906 ) - (988 ) Operating loss 6,910 393 (7,450 ) (147 ) Capital expenditures and software development 2,765 3,071 - 5,836 Depreciation and amortization 4,551 2,475 - 7,026 Current assets 4 33,555 61,961 14,607 110,123 Long-lived assets 5 39,199 14,684 28,659 82,542 1 $4,879 $16,187 2 $6,468 $14,239 3 $7,902 $11,677 4 not 5 Geographic information about the Company’s sales and long-lived assets are as follows (in thousands): Sales Year Ended June 30, 201 9 201 8 201 7 North America United States $ 127,359 $ 119,226 $ 115,562 Canada & Mexico 9,028 9,216 9,044 136,387 128,442 124,606 International Brazil 54,324 49,726 45,614 United Kingdom 24,042 25,099 24,954 China 7,370 7,323 6,873 Australia & New Zealand 5,899 5,738 4,976 91,635 87,886 82,417 Total Sales $ 228,022 $ 216,328 $ 207,023 Long-lived Assets Year Ended June 30, 201 9 201 8 201 7 North America United States $ 35,594 $ 37,437 $ 39,131 Canada & Mexico 44 52 68 35,638 37,489 39,199 International Brazil 10,067 8,662 10,111 United Kingdom 2,046 1,876 1,976 China 1,944 2,346 2,426 Australia & New Zealand 111 126 171 14,168 13,010 14,684 Total Long Lived Assets $ 49,806 $ 50,499 $ 53,883 |
Note 18 - Quarterly Financial D
Note 18 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 1 8 . QUAR TERLY FINANCIAL DATA (unaudited ) (in thousands except per share data) Quarter Ended Net Sales Gross Margin Earnings Before Income Taxes Net Earnings / (Loss) Basic and Diluted Earnings / (Loss) Per Share September 2017 $ 51,818 $ 16,685 $ 640 $ 426 $ 0.06 December 2017 52,124 16,076 1,097 (6,521 ) (0.93 ) March 2018 54,834 18,217 2,337 1,637 0.23 June 2018 57,552 18,579 791 825 0.12 $ 216,328 $ 69,557 $ 4,865 $ (3,633 ) $ (0.52 ) September 2018 $ 51,901 $ 16,659 $ 942 $ 584 $ 0.08 December 2018 56,532 18,548 2,991 1,926 0.27 March 2019 58,498 19,155 3,045 2,088 0.30 June 2019 61,091 20,579 2,632 1,481 0.22 $ 228,022 $ 74,941 $ 9,610 $ 6,079 $ 0.87 |
Note 19 - Related Party Transac
Note 19 - Related Party Transactions | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 19. In the fourth 2016, June 30, 2018. $3.8 $5.1 2018 2017, no June 30, 2018, $0.2 June 30, 2017. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS Schedule II Valuation and Qualifying Accounts Allowance for Doubtful Accounts Receivable (in 000) Balance at Beginning of Period Provisions Charges to Other Accounts Write-offs Balance at End of Period Year Ended June 30, 2019 $ 1,277 $ (91 ) $ (5 ) $ (496 ) $ 685 Year Ended June 30, 2018 946 539 (71 ) (137 ) 1,277 Year Ended June 30, 2017 887 284 (23 ) (202 ) 946 Valuation Allowance on Deferred Tax Asset (in 000) Balance at Beginning of Period Provisions Charges to Other Accounts Write-offs Balance at End of Period Year Ended June 30, 2019 $ 4,999 $ 1,744 $ - $ - $ 6,743 Year Ended June 30, 2018 2,922 2,077 - - 4,999 Year Ended June 30, 2017 5,246 117 1 (2,442 ) 2,922 All other financial statement schedules are omitted because they are inapplicable, not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation |
Financial Instruments and Derivatives [Policy Text Block] | Financial instruments and derivatives June 30, 2019 June 30, 2018 |
Receivable [Policy Text Block] | Accounts receivable 0.1 $0.5, $0.3 2019, 2018 2017, |
Inventory, Policy [Policy Text Block] | Inventories first first first not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property Plant and Equipment 10 50 3 12 840, four one four 75 90 none June 30, 2019 June 30, 2018 $1.9 $1.2 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible assets 5 20 10 15 14 20 5 10 8 8 16 5 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Asset Impairment may not Recoverability of the net book value of long-lived assets is determined by comparison of the carrying amount to estimated future undiscounted net cash flows the asset group is expected to generate. Estimating these cash flows and terminal values requires management to make judgments about the growth in demand for our products, sustainability of gross margins, and our ability to achieve economies of scale. If assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the long-lived asset exceeds its fair value. No 2019 2018 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill not may two November 2011 February 2017 October February. October 1, 2018, two no February 1, 2018, not no |
Revenue [Policy Text Block] | Revenue recognition July 1, 2018, 606, 606” 606 July 1, 2018 July 1, 2018 no 606 July 1, 2018 The core principle of ASC Topic 606 five 1 2 3 4 5 The Company accounts for a contract or purchase order when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the product passes to the customer, which is upon shipment, unless otherwise specified within the customer contract or on the purchase order as delivery, and is recognized at the amount that reflects the consideration the Company expects to receive for the products sold, including various forms of discounts. When revenue is recorded, estimates of returns are made and recorded as a reduction of revenue. Contracts with customers are evaluated to determine if there are separate performance obligations related to timing of product shipment that will be satisfied in different accounting periods. When that is the case, revenue is deferred until each performance obligation is met. No June 30, 2019. one 606 10 50 14 not one not Certain taxes assessed by governmental authorities on revenue producing transactions, such as value added taxes, are excluded from revenue and recorded on a net basis. Cooperative advertising payments made to customers are included as advertising expense in selling, general and administrative expense in the Consolidated Statements of Operations. Performance Obligations The Company’s primary source of revenue is derived from the manufacture and distribution of metrology tools and equipment and saw blades and related products sold to distributors. The Company recognizes revenue for sales to our customers when transfer of control of the related good or service has occurred. All of the Company’s revenue was recognized under the point in time approach for the year ended June 30, 2019. not may The Company’s typical payment terms vary based on the customer, geographic region, and the type of goods and services in the contract or purchase order. The period of time between invoicing and when payment is due is typically not one 606 10 32 18 not The Company’s customers take delivery of goods, and they are recognized as revenue at the time of transfer of control to the customer, which is usually at the time of shipment, unless otherwise specified in the customer contract or purchase order. This determination is based on applicable shipping terms, as well as the consideration of other indicators, including timing of when the Company has a present right to payment, when physical possession of products is transferred to customers, when the customer has the significant risks and rewards of ownership of the asset, and any provisions in contracts regarding customer acceptance. While unit prices are generally fixed, the Company provides variable consideration for certain of our customers, typically in the form of promotional incentives at the time of sale. The Company utilizes the most likely amount consistently to estimate the effect of uncertainty on the amount of variable consideration to which the Company would be entitled. The most likely amount method considers the single most likely amount from a range of possible consideration amounts. The most likely amounts are based upon the contractual terms of the incentives and historical experience with each customer. The Company records estimates for cash discounts, promotional rebates, and other promotional allowances in the period the related revenue is recognized (“Customer Credits”). The provision for Customer Credits is recorded as a reduction from gross sales and reserves for Customer Credits are presented within accrued sales incentives on the Consolidated Balance Sheet. Actual Customer Credits have not not 606 10 25 18B With the adoption of ASC Topic 606, 606, 2019. June 30, 2019, $0.1 $0.2 The Company, in general, warrants its products against certain defects in material and workmanship when used as designed, for a period of up to 1 not Contract Balances Contract assets primarily relate to the Company’s rights to consideration for work completed but not not not no $0.3 June 30, 2019. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for doubtful accounts $0.7 2019 $1.3 2018 not |
Advertising Cost [Policy Text Block] | Advertising costs $5.0 2019, $5.1 2018 $5.2 2017 |
Freight Cost, Policy [Policy Text Block] | Freight costs |
Standard Product Warranty, Policy [Policy Text Block] | Warranty expense one not not |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension and Other Postretirement Benefits: two one December 31, 2013, 65. On December 21, 2016, December 31, 2016. no December 31, 2016. The Company sponsors funded U.S. and non-U.S. defined benefit pension plans covering the majority of our U.S. and U.K. employees. The Company also sponsors an unfunded postretirement benefit plan that provides health care benefits and life insurance coverage to eligible U.S. retirees. Under the Company’s current accounting method, both pension plans use fair value as the market-related value of plan assets and continue to recognize actuarial gains or losses within the corridor in other comprehensive income (loss) but instead of amortizing net actuarial gains or losses in excess of the corridor in future periods, such excess gains and losses, if any, are recognized in net periodic benefit cost as of the plan measurement date, which is the same as the fiscal year end of the Company. This mark-to-market (MTM adjustment) method is a permitted option which results in immediate recognition of excess net actuarial gains and losses in net periodic benefit cost instead of in other comprehensive income (loss). Such immediate recognition in net periodic benefit cost increases the volatility of net periodic benefit cost. The MTM adjustments to net periodic benefit cost for 2019, 2018 2017 $0.3 $0.1 $0.2 |
Income Tax, Policy [Policy Text Block] | Income taxes not $67.9 June 30, 2019 not not |
Research and Development Expense, Policy [Policy Text Block] | Research and development $3.7 2019, $3.6 2018, $3.5 2017. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share (EPS) 68,378, 23,771, 32,674, 2019, 2018 2017, not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Translation of foreign currencies 10 |
Use of Estimates, Policy [Policy Text Block] | Use of accounting estimates not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards: The Company adopted ASU No. 2017 07, 715 FY19: 2019 2018 2017 (Dollars in Thousands) Increase (Decrease) to Net Income FY 2019 FY 2018 FY 2017 Cost of goods sold $ 710 $ 582 $ 649 Selling, general and administrative expense 220 212 248 Other income (expense) net (930 ) (794 ) (897 ) $ - $ - $ - Recent ly Issued Accounting Standards not Adopted: In February 2016, No. 2016 02, 842 July 1, 2019. 2016 2 not 12 12 July 2018, No. 2018 10 No. 2018 11, 842 2018 10 2016 02. 2018 11 The Company elected the available practical expedients on adoption. In preparation for adoption of the standard, the Company has implemented internal controls to enable the preparation of financial information. The standard will have a material impact on the Consolidated Balance Sheets, but will not $6.3 no In June 2016, 2016 13, 326 2018 19 November 2018. not not 2018 19 not December 15, 2019, December 15, 2018, In January 2017, No. 2017 04, 350 2, not 1 December 15, 2019 January 1, 2017. In February 2018, No. 2018 02, 220 2018 02, 2017 December 15, 2018 not 2017 not In August 2018, No. 2018 13, 820' 820, 3 3 December 15, 2019. 2018 13 In August 2018, No. 2018 14, 715 20 2018 14 not December 15, 2020. 2018 14 2018 14 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | (Dollars in Thousands) Increase (Decrease) to Net Income FY 2019 FY 2018 FY 2017 Cost of goods sold $ 710 $ 582 $ 649 Selling, general and administrative expense 220 212 248 Other income (expense) net (930 ) (794 ) (897 ) $ - $ - $ - |
Note 3 - Business Acquisition (
Note 3 - Business Acquisition (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 509 Accounts receivable 273 Inventories 243 Other current assets 18 Deferred software development costs 2,520 Intangible assets 1,220 Goodwill 1,634 Fixed assets 47 Deferred tax liability (1,090 ) Accounts payable and current liabilities (80 ) Purchase Price (1) $ 5,294 |
Note 4 - Stock-based Compensa_2
Note 4 - Stock-based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Shares on Options Weighted Average Exercise Price Shares Available for Grant Balance, June 30, 2016 63,915 389,844 Options granted 55,766 7.88 (55,766 ) Options exercised (10,893 ) 8.34 - Options canceled (31,503 ) 31,503 Balance, June 30, 2017 77,285 365,581 2012 Plan Expired - (365,581 ) 2017 Plan Authorized - 500,000 Options granted 63,607 6.35 (63,607 ) Options exercised (17,561 ) 6.69 - Options canceled (52,816 ) 13,614 Balance, June 30, 2018 70,515 450,007 Options granted 55,227 5.45 (55,227 ) Options exercised (11,981 ) 5.72 - Options canceled (26,628 ) 18,087 Balance, June 30, 2019 87,133 412,867 |
Share-based Payment Arrangement, Performance Shares, Outstanding Activity [Table Text Block] | Weighted average remaining life (years) 1.3 Weighted average fair value on grant date of options granted in: 2017 $ 2.76 2018 2.23 2019 2.28 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 201 9 June 30, 201 8 Raw materials and supplies $ 26,106 $ 23,764 Goods in process and finished parts 17,464 18,423 Finished goods 41,500 40,739 85,070 82,926 LIFO reserve (23,280 ) (24,887 ) $ 61,790 $ 58,039 |
Note 7 - Goodwill and Intangi_2
Note 7 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | June 30, 201 9 June 30, 201 8 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Goodwill $ 4,668 $ - $ 4,668 $ 4,668 $ - $ 4,668 Identifiable intangible assets 19,885 (11,425 ) 8,460 18,533 (9,216 ) 9,317 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | June 30, 201 9 June 30, 201 8 Non-compete agreements $ 600 $ 600 Trademarks and trade names 2,070 2,070 Completed technology 2,358 2,358 Customer relationships 5,580 5,580 Software development 8,952 7,600 Other intangible assets 325 325 Total 19,885 18,533 Accumulated amortization (11,425 ) (9,216 ) Total net balance $ 8,460 $ 9,317 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Fiscal Year 2020 $ 2,005 2021 1,602 2022 1,370 2023 1,016 2024 628 Thereafter 1,839 $ 8,460 |
Note 8 - Property, Plant and _2
Note 8 - Property, Plant and Equity (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of June 30, 201 9 Cost Accumulated Depreciation Net Land $ 1,210 $ - $ 1,210 Buildings and building improvements 44,772 (30,427 ) 14,345 Machinery and equipment 117,386 (96,262 ) 21,124 Total $ 163,368 $ (126,689 ) $ 36,679 As of June 30, 201 8 Cost Accumulated Depreciation Net Land $ 1,210 $ - $ 1,210 Buildings and building improvements 44,540 (29,774 ) 14,766 Machinery and equipment 117,573 (97,035 ) 20,538 Total $ 163,323 $ (126,809 ) $ 36,514 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Fiscal Year 2020 $ 2,434 2021 2,328 2022 943 2023 762 2024 502 Thereafter 1,092 $ 8,061 |
Note 10 - Other Income and (E_2
Note 10 - Other Income and (Expense) (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | 201 9 201 8 201 7 Interest income $ 71 128 $ 399 Interest expense (976 ) (845 ) (674 ) Foreign currency gain (loss), net (426 ) (316 ) (86 ) (Loss) from equity investment - - (307 ) Brazil tax settlements 345 1,446 - Patent lawsuit settlement - (666 ) (100 ) Sale of scrap material 110 70 71 Pension net periodic benefit cost (NPBC) (930 ) (794 ) (897 ) Other income (expense), net 195 324 190 $ (1,611 ) (653 ) $ (1,404 ) |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Components of Income Before Income Taxes [Table Text Block] | 201 9 2018 2017 Domestic operations $ 1,507 $ 1,351 $ (1,547 ) Foreign operations 8,103 3,514 3,085 $ 9,610 $ 4,865 $ 1,538 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2019 2018 2017 Current: Federal $ (106 ) $ (991 ) $ (989 ) Foreign 2,398 2,256 999 State 37 5 39 Deferred: Federal 1,139 6,772 597 Foreign (172 ) (396 ) (85 ) State 235 852 (14 ) $ 3,531 $ 8,498 $ 547 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2019 2018 2017 Expected tax expense $ 2,018 $ 1,365 $ 523 State taxes, net of federal effect (5 ) - 9 Foreign taxes, net of federal credits (1,055 ) (1,010 ) (210 ) Change in valuation allowance 1,744 2,074 (107 ) Tax reserve adjustments (66 ) (38 ) 272 Return to provision and other adjustments (57 ) (72 ) (17 ) Losses not benefited - - 123 Tax rate change applied to deferred tax balances (129 ) 6,324 315 Canada real estate gain deduction - - (337 ) Global intangible low taxed income 1,121 - - Other permanent items (40 ) (145 ) (24 ) Actual tax expense $ 3,531 $ 8,498 $ 547 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 201 9 201 8 Deferred tax assets (liabilities): Inventories $ 1,361 $ 1,214 Employee benefits (other than pension) 840 700 Book reserves 601 504 Federal NOL, various carryforward periods 66 551 State NOL, various carryforward periods 1,224 1,034 Foreign NOL, various carryforward periods 309 148 Foreign tax credit carryforward, expiring 2023 – 2028 7,329 5,563 Pension benefits 10,289 8,881 Retiree medical benefits 1,778 1,622 Depreciation (17 ) 113 Intangibles (630 ) (410 ) Federal research and development and AMT credit carryforward 786 638 Other 1,446 1,180 Total deferred tax assets 25,382 21,738 Valuation allowance (6,743 ) (4,999 ) Net deferred tax asset $ 18,639 $ 16,739 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Balance at June 30, 2016 $ (10,820 ) Increase for tax positions taken during the current period (813 ) Effect of exchange rate changes 38 Decrease relating to lapse of applicable statute of limitations 7 Balance at June 30, 2017 (11,588 ) Increase for tax positions taken during the current period (287 ) Increase for tax positions taken during the prior period (67 ) Effect of exchange rate changes 130 Decrease relating to lapse of applicable statute of limitations 930 Balance at June 30, 2018 (10,882 ) Increase for tax positions taken during the current period (215 ) Decrease for tax positions taken during the prior period 5 Effect of exchange rate changes 16 Decrease relating to lapse of applicable statute of limitations 137 Balance at June 30, 2019 $ (10,939 ) |
Note 12 - Employee Benefit an_2
Note 12 - Employee Benefit and Retirement Plans (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Allocation of Plan Assets [Table Text Block] | 201 9 201 8 Asset category: Cash equivalents 2 % 1 % Fixed income 31 % 27 % Equities 35 % 34 % Mutual and pooled funds 32 % 38 % 100 % 100 % |
Schedule of Portfolio By Valuation Category [Table Text Block] | June 30, 201 9 Asset Category Level 1 Level 2 Level 3 Total % Cash Equivalents $ 1,818 $ - $ - $ 1,818 2 % Fixed Income - 38,232 - 38,232 31 % Equities 41,629 1,482 - 43,111 35 % Mutual & Pooled Funds 2,362 36,510 - 38,872 32 % Total $ 45,809 $ 76,224 $ - $ 122,033 100 % June 30, 201 8 Asset Category Level 1 Level 2 Level 3 Total % Cash Equivalents $ 945 $ - $ - $ 945 1 % Fixed Income - 32,303 - 32,303 27 % Equities 38,988 1,521 - 40,509 34 % Mutual & Pooled Funds 8,880 36,056 - 44,936 38 % Total $ 48,813 $ 69,880 $ - $ 118,693 100 % |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | 201 9 201 8 201 7 Change in benefit obligation Benefit obligation at beginning of year $ 159,213 $ 169,696 $ 175,233 Service cost - - 1,405 Interest cost 6,013 6,077 6,246 Plan curtailment - - (4,170 ) Exchange rate changes (1,697 ) 707 (909 ) Benefits paid (7,217 ) (6,489 ) (6,902 ) Actuarial (gain) loss 13,368 (10,778 ) (1,207 ) Benefit obligation at end of year $ 169,680 $ 159,213 $ 169,696 Change in plan assets Fair value of plan assets at beginning of year 118,693 117,778 115,015 Actual return on plan assets 6,589 2,545 5,302 Employer contributions 5,413 4,366 5,000 Benefits paid (7,217 ) (6,489 ) (6,902 ) Exchange rate changes (1,445 ) 493 (637 ) Fair value of plan assets at end of year 122,033 118,693 117,778 Funded status at end of year $ (47,647 ) $ (40,520 ) $ (51,918 ) Amounts recognized in balance sheet Current liability $ (324 ) $ (67 ) $ (63 ) Noncurrent liability (47,323 ) (40,453 ) (51,855 ) Net amount recognized in balance sheet $ (47,647 ) $ (40,520 ) $ (51,918 ) Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss Prior service cost $ - $ - $ - Accumulated loss (15,590 ) (4,038 ) (12,131 ) Amounts not yet recognized as a component of net periodic benefit cost (15,590 ) (4,038 ) (12,131 ) Accumulated net periodic benefit cost in excess of contributions (32,057 ) (36,482 ) (39,787 ) Net amount recognized $ (47,647 ) $ (40,520 ) $ (51,918 ) Components of net periodic benefit cost Service cost $ - $ - $ 1,405 Interest cost 6,013 6,077 6,246 Expected return on plan assets (5,129 ) (5,140 ) (5,173 ) Recognized actuarial loss 284 26 107 Net periodic benefit cost $ 1,168 $ 963 $ 2,585 Estimated amounts that will be amortized from accumulated other comprehensive loss over the next year Prior service cost $ - $ - $ - Net loss (38 ) (28 ) (26 ) Information for pension plans with accumulated benefits in excess of plan assets Projected benefit obligation $ 169,680 $ 159,213 $ 169,696 Accumulated benefit obligation $ 169,680 $ 159,213 $ 169,696 Fair value of assets $ 122,033 $ 118,693 $ 117,778 201 9 201 8 201 7 Change in benefit obligation Benefit obligation at beginning of year $ 116,277 $ 124,138 $ 130,863 Service cost - - 1,405 Interest cost 4,854 4,804 4,994 Plan curtailment - - (4,170 ) Benefits paid (5,565 ) (4,786 ) (5,106 ) Actuarial (gain) loss 10,814 (7,879 ) (3,848 ) Benefit obligation at end of year $ 126,380 $ 116,277 $ 124,138 Weighted average assumptions – benefit obligation Discount rate 3.56 % 4.27 % 3.92 % Rate of compensation increase n/a n/a Varies Change in plan assets Fair value of plan assets at beginning of year $ 82,140 $ 81,928 $ 81,910 Actual return on plan assets 4,132 1,645 1,079 Employer contributions 4,443 3,353 4,045 Benefits paid (5,565 ) (4,786 ) (5,106 ) Fair value of plan assets at end of year 85,150 82,140 81,928 Funded status at end of year $ (41,230 ) $ (34,137 ) $ (42,210 ) Amounts recognized in balance sheet Current liability $ (324 ) $ (67 ) $ (63 ) Noncurrent liability (40,906 ) (34,070 ) (42,147 ) Net amount recognized in balance sheet $ (41,230 ) $ (34,137 ) $ (42,210 ) Weighted average assumptions – net periodic benefit cost Discount rate 4.27 % 3.92 % 3.77 % Rate of compensation increase Varies Varies Varies Return on plan assets 5.00 % 5.00 % 5.00 % Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss Prior service cost $ - $ - $ - Accumulated loss (13,196 ) (2,731 ) (8,254 ) Amounts not yet recognized as a component of net periodic benefit cost (13,196 ) (2,731 ) (8,254 ) Accumulated contributions less than net periodic benefit cost (28,034 ) (31,406 ) (33,956 ) Net amount recognized $ (41,230 ) $ (34,137 ) $ (42,210 ) Components of net periodic benefit cost Service cost $ - $ - $ 1,405 Interest cost 4,854 4,804 4,994 Expected return on plan assets (4,067 ) (4,026 ) (4,046 ) Recognized actuarial loss 284 26 107 Net periodic benefit cost $ 1,071 $ 804 $ 2,460 Estimated amounts that will be amortized from accumulated other comprehensive loss over the next year Prior service cost $ - $ - $ - Net loss (38 ) (28 ) (26 ) Information for plan with accumulated benefits in excess of plan assets Projected benefit obligation $ 126,380 $ 116,277 $ 124,138 Accumulated benefit obligation $ 126,380 $ 116,277 $ 124,138 Fair value of assets $ 85,150 $ 82,140 $ 81,928 201 9 201 8 201 7 Change in benefit obligation Benefit obligation at beginning of year $ 42,936 $ 45,558 $ 44,370 Interest cost 1,159 1,273 1,252 Exchange rate changes (1,697 ) 707 (909 ) Benefits paid (1,652 ) (1,703 ) (1,796 ) Actuarial (gain) loss 2,554 (2,899 ) 2,641 Benefit obligation at end of year $ 43,300 $ 42,936 $ 45,558 Weighted average assumptions - benefit obligation Discount rate 2.39 % 2.80 % 2.73 % Rate of compensation increase n/a n/a n/a Change in plan assets Fair value of plan assets at beginning of year $ 36,553 $ 35,850 $ 33,105 Actual return on plan assets 2,457 900 4,223 Employer contributions 970 1,013 954 Benefits paid (1,652 ) (1,703 ) (1,796 ) Exchange rate changes (1,445 ) 493 (636 ) Fair value of plan assets at end of year 36,883 36,553 35,850 Funded status at end of year $ (6,417 ) $ (6,383 ) (9,708 ) Amounts recognized in balance sheet Current liability $ — $ — $ — Noncurrent liability (6,417 ) (6,383 ) (9,708 ) Net amount recognized in balance sheet $ (6,417 ) $ (6,383 ) $ (9,708 ) Weighted average assumptions – net periodic benefit cost Discount rate 2.80 % 2.73 % 3.00 % Rate of compensation increase n/a n/a n/a Return on plan assets 2.98 % 3.01 % 3.59 % Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss Prior service cost $ — $ — $ — Accumulated loss (2,394 ) (1,307 ) (3,877 ) Amounts not yet recognized as a component of net periodic benefit cost (2,394 ) (1,307 ) (3,877 ) Accumulated net periodic benefit cost in excess of contributions (4,023 ) (5,076 ) (5,831 ) Net amount recognized $ (6,417 ) $ (6,383 ) $ (9,708 ) Components of net periodic benefit cost Service cost $ — $ — $ — Interest cost 1,159 1,273 1,252 Expected return on plan assets (1,062 ) (1,114 ) (1,127 ) Amortization of net loss — — — Net periodic benefit cost $ 97 $ 159 $ 125 Estimated amounts that will be amortized from accumulated other comprehensive loss over the next year $ — $ — $ — Information for plan with accumulated benefits in excess of plan assets Projected benefit obligation $ 43,300 $ 42,936 $ 45,558 Accumulated benefit obligation $ 43,300 $ 42,936 $ 45,558 Fair value of assets $ 36,883 $ 36,553 $ 35,850 |
Schedule of Medical and Life Insurance Benefits [Table Text Block] | 201 9 201 8 201 7 Change in benefit obligation: Benefit obligation at beginning of year $ 6,385 $ 7,086 $ 7,381 Service cost 72 85 85 Interest cost 265 270 269 Benefits paid (346 ) (388 ) (483 ) Actuarial (gain) loss 554 (668 ) (166 ) Benefit obligation at end of year $ 6,930 $ 6,385 $ 7,086 Weighted average assumptions: benefit obligations Discount rate 3.56 % 4.27 % 3.92 % Rate of compensation increase 2.64 % 2.64 % 2.64 % Change in plan assets Fair value of plan assets at beginning of year $ — $ — $ — Employer contributions 346 388 483 Benefits paid, net of employee contributions (346 ) (388 ) (483 ) Fair value of plan assets at end of year — — — Amounts recognized in balance sheet Current postretirement benefit obligation $ (353 ) $ (339 ) $ (370 ) Non-current postretirement benefit obligation (6,577 ) (6,046 ) (6,716 ) Net amount recognized in balance sheet $ (6,930 ) $ (6,385 ) $ (7,086 ) Weighted average assumptions – net periodic benefit cost Discount rate 4.27 % 3.92 % 3.77 % Rate of compensation increase 2.64 % 2.64 % 2.64 % Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss Prior service credit $ 2,777 $ 3,314 $ 3,851 Accumulated gain (loss) (1,452 ) (928 ) (1,696 ) Amounts not yet recognized as a component of net periodic benefit cost 1,325 2,386 2,155 Net periodic benefit cost in excess of accumulated contributions (8,255 ) (8,771 ) (9,241 ) Net amount recognized $ (6,930 ) $ (6,385 ) $ (7,086 ) Components of net periodic benefit cost Service cost $ 72 $ 85 $ 85 Interest cost 265 270 269 Amortization of prior service credit (537 ) (537 ) (673 ) Amortization of accumulated loss 30 99 121 Net periodic benefit cost $ (170 ) $ (83 ) $ (198 ) Estimated amounts that will be amortized from accumulated other comprehensive loss over the next year Prior service credit $ 537 $ 537 $ 537 Net loss (83 ) (30 ) (99 ) $ 454 $ 507 $ 438 Healthcare cost trend rate assumed for next year 6.30 % 6.60 % 6.60 % Rate to which the cost trend rate gradually declines 4.50 % 4.50 % 4.50 % Year that the rate reaches the rate at which it is assumed to remain 2037 2037 2037 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | 1% Increase 201 9 201 8 201 7 Effect on total of service and interest cost $ - $ - $ - Effect on postretirement benefit obligation 1 1 2 1% Decrease 201 9 201 8 201 7 Effect on total of service and interest cost $ - $ - $ - Effect on postretirement benefit obligation (1 ) (1 ) (2 ) |
Schedule of Expected Benefit Payments [Table Text Block] | Fiscal Year Pension Other Benefits 2020 $ 8,006 $ 354 2021 8,011 354 2022 8,134 358 2023 8,978 363 2024 8,373 353 2025-2029 53,635 2,228 $ 95,137 $ 4,010 |
Note 13 - Debt (Tables)
Note 13 - Debt (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30, 201 9 June 30, 201 8 Short-term and current maturities Loan and Security Agreement $ 1,765 $ 1,688 Other 2,300 1,967 Long-term debt Loan and Security Agreement, net of current portion 17,541 17,307 Total debt $ 21,606 $ 20,962 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Fiscal Year 2020 4,065 2021 16,746 2022 795 2023 - 2024 - Thereafter - Total $ 21,606 |
Note 17 - Financial Informati_2
Note 17 - Financial Information by Segment and Geographic Area (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended June 30, 201 9 North America International Unallocated Total Sales 1 $ 136,387 $ 91,635 $ - $ 228,022 Operating income 9,468 8,043 (6,290 ) 11,221 Capital expenditures and software development 3,617 3,610 - 7,227 Depreciation and amortization 5,022 2,316 - 7,338 Current assets 4 41,188 63,205 15,582 119,975 Long-lived assets 5 35,638 14,168 20,306 70,112 Year Ended June 30, 201 8 North America International Unallocated Total Sales 2 $ 128,442 $ 87,886 $ - $ 216,328 Operating income Capital expenditures and software development 3,426 2,336 - 5,762 Depreciation and amortization 4,923 2,588 - 7,511 Current assets 4 37,546 60,855 14,827 113,228 Long-lived assets 5 37,489 13,010 18,559 69,058 Year Ended June 30, 201 7 North America International Unallocated Total Sales 3 $ 124,606 $ 82,417 $ - $ 207,023 Restructuring charges (82 ) (906 ) - (988 ) Operating loss 6,910 393 (7,450 ) (147 ) Capital expenditures and software development 2,765 3,071 - 5,836 Depreciation and amortization 4,551 2,475 - 7,026 Current assets 4 33,555 61,961 14,607 110,123 Long-lived assets 5 39,199 14,684 28,659 82,542 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Sales Year Ended June 30, 201 9 201 8 201 7 North America United States $ 127,359 $ 119,226 $ 115,562 Canada & Mexico 9,028 9,216 9,044 136,387 128,442 124,606 International Brazil 54,324 49,726 45,614 United Kingdom 24,042 25,099 24,954 China 7,370 7,323 6,873 Australia & New Zealand 5,899 5,738 4,976 91,635 87,886 82,417 Total Sales $ 228,022 $ 216,328 $ 207,023 Long-lived Assets Year Ended June 30, 201 9 201 8 201 7 North America United States $ 35,594 $ 37,437 $ 39,131 Canada & Mexico 44 52 68 35,638 37,489 39,199 International Brazil 10,067 8,662 10,111 United Kingdom 2,046 1,876 1,976 China 1,944 2,346 2,426 Australia & New Zealand 111 126 171 14,168 13,010 14,684 Total Long Lived Assets $ 49,806 $ 50,499 $ 53,883 |
Note 18 - Quarterly Financial_2
Note 18 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter Ended Net Sales Gross Margin Earnings Before Income Taxes Net Earnings / (Loss) Basic and Diluted Earnings / (Loss) Per Share September 2017 $ 51,818 $ 16,685 $ 640 $ 426 $ 0.06 December 2017 52,124 16,076 1,097 (6,521 ) (0.93 ) March 2018 54,834 18,217 2,337 1,637 0.23 June 2018 57,552 18,579 791 825 0.12 $ 216,328 $ 69,557 $ 4,865 $ (3,633 ) $ (0.52 ) September 2018 $ 51,901 $ 16,659 $ 942 $ 584 $ 0.08 December 2018 56,532 18,548 2,991 1,926 0.27 March 2019 58,498 19,155 3,045 2,088 0.30 June 2019 61,091 20,579 2,632 1,481 0.22 $ 228,022 $ 74,941 $ 9,610 $ 6,079 $ 0.87 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (in 000) Balance at Beginning of Period Provisions Charges to Other Accounts Write-offs Balance at End of Period Year Ended June 30, 2019 $ 1,277 $ (91 ) $ (5 ) $ (496 ) $ 685 Year Ended June 30, 2018 946 539 (71 ) (137 ) 1,277 Year Ended June 30, 2017 887 284 (23 ) (202 ) 946 (in 000) Balance at Beginning of Period Provisions Charges to Other Accounts Write-offs Balance at End of Period Year Ended June 30, 2019 $ 4,999 $ 1,744 $ - $ - $ 6,743 Year Ended June 30, 2018 2,922 2,077 - - 4,999 Year Ended June 30, 2017 5,246 117 1 (2,442 ) 2,922 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jul. 01, 2019 | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ (100) | $ 500 | $ 300 | |
Construction in Progress, Gross | 1,900 | 1,200 | ||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 0 | |||
Contract with Customer, Liability, Total | 300 | |||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 700 | 1,300 | ||
Advertising Expense | 5,000 | 5,100 | 5,200 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax, Total | 300 | 100 | 200 | |
Undistributed Earnings of Foreign Subsidiaries | 67,900 | |||
Research and Development Expense, Total | $ 3,700 | $ 3,600 | $ 3,500 | |
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total | 68,378 | 23,771 | 32,674 | |
Derivative Asset, Total | $ 0 | $ 0 | ||
Subsequent Event [Member] | Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 6,300 | |||
Operating Lease, Liability, Total | $ 4,300 | |||
Prepaid Expenses and Other Current Assets [Member] | ||||
Contract with Customer, Right to Recover Product, Total | 100 | |||
Accrued Expenses [Member] | ||||
Contract with Customer, Refund Liability, Total | $ 200 | |||
Noncompete Agreements [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 8 years | |||
Software Developement [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Minimum [Member] | Patents [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||
Minimum [Member] | Trademarks and Trade Names [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 14 years | |||
Minimum [Member] | Completed Technology [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Minimum [Member] | Customer Relationships [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 8 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||
Maximum [Member] | Patents [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||
Maximum [Member] | Trademarks and Trade Names [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||
Maximum [Member] | Completed Technology [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||
Maximum [Member] | Customer Relationships [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 16 years | |||
Building and Building Improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Building and Building Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 50 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 | 12 years |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Classification of the Service Cost Compensation and Other Component of NPBC (Details) - Accounting Standards Update 2017-07 [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Cost of Sales [Member] | |||
Net Periodic Pension Cost | $ 710 | $ 582 | $ 649 |
Pension net periodic benefit cost (NPBC) | (710) | (582) | (649) |
Selling, General and Administrative Expenses [Member] | |||
Net Periodic Pension Cost | 220 | 212 | 248 |
Pension net periodic benefit cost (NPBC) | (220) | (212) | (248) |
Other Nonoperating Income (Expense) [Member] | |||
Net Periodic Pension Cost | 930 | 794 | 897 |
Pension net periodic benefit cost (NPBC) | $ (930) | $ (794) | $ (897) |
Note 3 - Business Acquisition_2
Note 3 - Business Acquisition (Details Textual) - Private Software Company [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Jun. 30, 2010 | ||
Business Combination, Consideration Transferred, Total | $ 3,600 | $ 1,500 | |
Business Acquisition, Percentage of Voting Interests Acquired | 64.00% | 36.00% | |
Payments to Acquire Businesses, Gross | $ 1,800 | ||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1,800 | ||
Business Combination, Consideration Transferred, Subsequent Period | 3 years | ||
Business Combination, Consideration Transferred, Liabilities Incurred, Discounted | $ 1,600 | ||
Business Combination, Operating Profits, Percentage | 30.00% | ||
Business Combination, Operating Profits, Term | 3 years | ||
Business Combination, Consideration Transferred, Cash Considerations | $ 1,833 | ||
Business Combination, Consideration Transferred, Cash Considerations at Discounted Rate | $ 1,555 | ||
Business Combination, Consideration Transferred, Discounted Rate | 5.00% | ||
Business Combination, Consideration Transferred, Total Cash Considerations Before Noncontrolling Interest Rate | $ 3,388 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net, Total | [1] | $ 5,294 | |
[1] | $1,833 + 1,555 ($1.8 million discounted at 5%) = $3,388 purchase price divided by 64% = $5.294 million. |
Note 3 - Business Acquisition -
Note 3 - Business Acquisition - Allocation of the Purchase Price to the Acquired Net Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2017 | |
Goodwill | $ 4,668 | $ 4,668 | ||
Private Software Company [Member] | ||||
Cash | $ 509 | |||
Accounts receivable | 273 | |||
Inventories | 243 | |||
Other current assets | 18 | |||
Deferred software development costs | 2,520 | |||
Intangible assets | 1,220 | |||
Goodwill | 1,634 | |||
Fixed assets | 47 | |||
Deferred tax liability | (1,090) | |||
Accounts payable and current liabilities | (80) | |||
Purchase Price (1) | [1] | $ 5,294 | ||
[1] | $1,833 + 1,555 ($1.8 million discounted at 5%) = $3,388 purchase price divided by 64% = $5.294 million. |
Note 4 - Stock-based Compensa_3
Note 4 - Stock-based Compensation (Details Textual) - USD ($) | 12 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Sep. 05, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | ||||
The 2012 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 230,033 | ||||
Share-based Payment Arrangement, Expense | $ 232,000 | $ 134,000 | $ 223,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 300,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 182 days | ||||
The 2012 Stock Incentive Plan [Member] | Total Unrecognized Compensation Including Portion Relating to Grants Not Expected to Be Awarded [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,700,000 | ||||
The 2012 Stock Incentive Plan [Member] | Portion Relating to RSU Grants Not Expected to be Awarded [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,400,000 | ||||
Employee Stock Purchase Plan ESPP [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 87,133 | 70,515 | 77,285 | 63,915 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 55,227 | 63,607 | 55,766 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 26,628 | 52,816 | 31,503 | ||
Share-based Payment Arrangement, Expense | $ 100,000 | $ 100,000 | $ 200,000 | ||
The 2013 ESOP [Member] | |||||
Share-based Payment Arrangement, Expense | $ 0 | $ 0 | $ 0 | ||
Share-based Payment Arrangement, Option [Member] | The 2012 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 20,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 182 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 100,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 20,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | ||||
Share-based Payment Arrangement, Option [Member] | Employee Stock Purchase Plan ESPP [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 40.69% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 46.85% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 2.18% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 2.94% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years | ||||
Restricted Stock Units (RSUs) [Member] | The 2012 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 197,002 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 67,000 | 62,000 | 45,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.34 | $ 7.22 | $ 10.86 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 10,800 | 14,400 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 1,300,000 | $ 900,000 | |||
Minimum [Member] | Share-based Payment Arrangement, Option [Member] | The 2012 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Minimum [Member] | Share-based Payment Arrangement, Option [Member] | Employee Stock Purchase Plan ESPP [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | The 2012 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Maximum [Member] | Share-based Payment Arrangement, Option [Member] | The 2012 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Maximum [Member] | Share-based Payment Arrangement, Option [Member] | Employee Stock Purchase Plan ESPP [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.73% | ||||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | The 2012 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Note 4 - Stock-based Compensa_4
Note 4 - Stock-based Compensation - Summary of Stock Option Activity (Details) - Employee Stock Purchase Plan ESPP [Member] - $ / shares | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Balance (in shares) | 70,515 | 77,285 | 63,915 |
Balance, Weighted Average Exercise Price (in dollars per share) | |||
Options granted (in shares) | 55,227 | 63,607 | 55,766 |
Options granted, Weighted Average Exercise Price (in dollars per share) | $ 5.45 | $ 6.35 | $ 7.88 |
Shares Available for Grant, Options Granted (in shares) | (55,227) | (63,607) | (55,766) |
Options exercised (in shares) | (11,981) | (17,561) | (10,893) |
Options exercised, Weighted Average Exercise Price (in dollars per share) | $ 5.72 | $ 6.69 | $ 8.34 |
Options canceled (in shares) | (26,628) | (52,816) | (31,503) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 26,628 | 52,816 | 31,503 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 55,227 | 63,607 | 55,766 |
Balance (in shares) | 87,133 | 70,515 | 77,285 |
Balance , Weighted Average Exercise Price (in dollars per share) | |||
Shares Available For Grant [Member] | |||
Shares Available for Grant (in shares) | 450,007 | 365,581 | 389,844 |
Options granted (in shares) | 55,227 | 63,607 | 55,766 |
Shares Available for Grant, Options Granted (in shares) | (55,227) | (63,607) | (55,766) |
Options canceled (in shares) | (18,087) | (13,614) | (31,503) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 18,087 | 13,614 | 31,503 |
Shares Available for Grant, Plan Expired (in shares) | (365,581) | ||
Shares Available for Grant, Plan Authorized (in shares) | 500,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 55,227 | 63,607 | 55,766 |
Shares Available for Grant (in shares) | 412,867 | 450,007 | 365,581 |
Note 4 - Stock-based Compensa_5
Note 4 - Stock-based Compensation - Stock Options Outstanding Weighted Average Fair Value (Details) - Employee Stock Purchase Plan ESPP [Member] - $ / shares | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2017 | |
Weighted average remaining life (years) (Year) | 1 year 109 days | ||
2017 (in dollars per share) | $ 2.23 | $ 2.28 | $ 2.76 |
Note 5 - Cash (Details Textual)
Note 5 - Cash (Details Textual) £ in Millions, R$ in Millions, $ in Millions | Jun. 30, 2019USD ($) | Jun. 30, 2019GBP (£) | Jun. 30, 2018USD ($) | Jun. 30, 2018BRL (R$) |
Cash, Cash Equivalents, and Short-term Investments, Total | $ 8.9 | £ 4.6 | $ 6.5 | R$ 2.6 |
Note 6 - Inventories (Details T
Note 6 - Inventories (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
LIFO Inventory Amount | $ 9.8 | $ 8.4 |
Inventory Difference Using FIFO Basis | 23.3 | 24.9 |
Cost of Sales [Member] | ||
Inventory, LIFO Reserve, Effect on Income, Net, Total | $ (1.6) | $ (1.3) |
Note 6 - Inventories - Componen
Note 6 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Raw materials and supplies | $ 26,106 | $ 23,764 |
Goods in process and finished parts | 17,464 | 18,423 |
Finished goods | 41,500 | 40,739 |
Total, before LIFO Reserve | 85,070 | 82,926 |
LIFO reserve | (23,280) | (24,887) |
Total | $ 61,790 | $ 58,039 |
Note 7 - Goodwill and Intangi_3
Note 7 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Amortization of Intangible Assets, Total | $ 2,300 | $ 2,000 | $ 1,700 |
Goodwill, Impairment Loss | $ 0 |
Note 7 - Goodwill and Intangi_4
Note 7 - Goodwill and Intangibles - Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Goodwill | $ 4,668 | $ 4,668 |
Goodwill | 4,668 | 4,668 |
Identifiable intangible assets | 19,885 | 18,533 |
Accumulated Amortization | (11,425) | (9,216) |
Identifiable intangible assets | $ 8,460 | $ 9,317 |
Note 7 - Goodwill and Intangi_5
Note 7 - Goodwill and Intangible Assets - Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Intangible assets, gross | $ 19,885 | $ 18,533 |
Accumulated amortization | (11,425) | (9,216) |
Total net balance | 8,460 | 9,317 |
Noncompete Agreements [Member] | ||
Intangible assets, gross | 600 | 600 |
Trademarks and Trade Names [Member] | ||
Intangible assets, gross | 2,070 | 2,070 |
Completed Technology [Member] | ||
Intangible assets, gross | 2,358 | 2,358 |
Customer Relationships [Member] | ||
Intangible assets, gross | 5,580 | 5,580 |
Software Developement [Member] | ||
Intangible assets, gross | 8,952 | 7,600 |
Other Intangible Assets [Member] | ||
Intangible assets, gross | $ 325 | $ 325 |
Note 7 - Goodwill and Intangi_6
Note 7 - Goodwill and Intangible Assets - Estimated Aggregate Amortization Expense (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2020 | $ 2,005 |
2021 | 1,602 |
2022 | 1,370 |
2023 | 1,016 |
2024 | 628 |
Thereafter | 1,839 |
$ 8,460 |
Note 8 - Property, Plant and _3
Note 8 - Property, Plant and Equity (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Capital Leased Assets, Gross, Total | $ 0 | $ 0 | |
Depreciation, Total | 5,047 | 5,462 | $ 5,368 |
Operating Leases, Rent Expense, Net, Total | $ 2,400 | $ 2,300 | $ 2,300 |
Note 8 - Property, Plant and _4
Note 8 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Cost | $ 163,368 | $ 163,323 |
Accumulated Depreciation | (126,689) | (126,809) |
Property, Plant and Equipment, Net, Ending Balance | 36,679 | 36,514 |
Land [Member] | ||
Cost | 1,210 | 1,210 |
Accumulated Depreciation | ||
Property, Plant and Equipment, Net, Ending Balance | 1,210 | 1,210 |
Building and Building Improvements [Member] | ||
Cost | 44,772 | 44,540 |
Accumulated Depreciation | (30,427) | (29,774) |
Property, Plant and Equipment, Net, Ending Balance | 14,345 | 14,766 |
Machinery and Equipment [Member] | ||
Cost | 117,386 | 117,573 |
Accumulated Depreciation | (96,262) | (97,035) |
Property, Plant and Equipment, Net, Ending Balance | $ 21,124 | $ 20,538 |
Note 8 - Property, Plant and _5
Note 8 - Property, Plant and Equipment - Future Commitments Under Operating Leases (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2020 | $ 2,434 |
2021 | 2,328 |
2022 | 943 |
2023 | 762 |
2024 | 502 |
Thereafter | 1,092 |
$ 8,061 |
Note 9 - Facility Closure (Deta
Note 9 - Facility Closure (Details Textual) - USD ($) | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Property, Plant and Equipment, Net, Ending Balance | $ 36,679,000 | $ 36,514,000 | ||
Restructuring Charges, Total | $ 988,000 | |||
Vacated Facility at Mt. Airy, North Carolina [Member] | ||||
Impairment of Long-Lived Assets to be Disposed of | $ 4,100,000 | |||
Property, Plant and Equipment, Net, Ending Balance | $ 2,200,000 | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 100,000 |
Note 10 - Other Income and (E_3
Note 10 - Other Income and (Expense) - Summary of Other Income and Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest income | $ 71 | $ 128 | $ 399 |
Interest expense | (976) | (845) | (674) |
Foreign currency gain (loss), net | (426) | (316) | (86) |
(Loss) from equity investment | (307) | ||
Brazil tax settlements | 345 | 1,446 | |
Patent lawsuit settlement | (666) | (100) | |
Sale of scrap material | 110 | 70 | 71 |
Other income (expense), net | 195 | 324 | 190 |
(1,611) | (653) | (1,404) | |
Pension [Member] | |||
Pension net periodic benefit cost (NPBC) | $ (930) | $ (794) | $ (897) |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | ||||||||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 6,300 | |||||||||||
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Income Tax Credit | $ (1,800) | |||||||||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | $ 0 | |||||||||||
Additional Tax Rate On Foreign Income | 10.50% | |||||||||||
Effective Income Tax Rate Reconciliation, Percent, Total | 36.70% | 174.70% | 35.60% | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | $ 2,632 | $ 3,045 | $ 2,991 | $ 942 | $ 791 | $ 2,337 | $ 1,097 | $ 640 | $ 9,610 | $ 4,865 | $ 1,538 | |
Effective Income Tax Rate Reconciliation, Before Tax Cuts and Jobs Act, Percent | 44.70% | |||||||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | (129) | $ 6,324 | 315 | |||||||||
Proceeds from Equity Method Investment, Distribution | 2,000 | |||||||||||
Deferred Tax Assets, Gross, Total | 18,600 | 18,600 | ||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Total | 22,400 | 22,400 | ||||||||||
Deferred Tax Assets, Valuation Allowance, Total | 6,743 | 4,999 | 6,743 | 4,999 | ||||||||
Unrecognized Tax Benefits, Ending Balance | 10,939 | 10,882 | 10,939 | 10,882 | 11,588 | $ 10,820 | ||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 5,600 | 5,400 | 5,600 | 5,400 | 7,300 | |||||||
Income Taxes Receivable, Noncurrent | 1,666 | $ 1,820 | 1,666 | 1,820 | ||||||||
Undistributed Earnings of Foreign Subsidiaries | 67,900 | 67,900 | ||||||||||
Foreign Earnings Repatriated | $ 2,000 | |||||||||||
Research Tax Credit Carryforward [Member] | ||||||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 800 | 800 | ||||||||||
Foreign Tax Authority [Member] | ||||||||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 1,700 | $ 2,100 | ||||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 300 | 300 | ||||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 7,300 | 7,300 | ||||||||||
Domestic Tax Authority [Member] | ||||||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 300 | 300 | ||||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,200 | 1,200 | ||||||||||
State and Local Jurisdiction [Member] | ||||||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 400 | $ 400 | ||||||||||
Her Majesty's Revenue and Customs (HMRC) [Member] | ||||||||||||
Effective Income Tax Rate Reconciliation, Percent, Total | 17.00% | 20.00% |
Note 11 - Income Taxes - Compon
Note 11 - Income Taxes - Components of Earnings (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | $ 2,632 | $ 3,045 | $ 2,991 | $ 942 | $ 791 | $ 2,337 | $ 1,097 | $ 640 | $ 9,610 | $ 4,865 | $ 1,538 |
Domestic Operations [Member] | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 1,507 | 1,351 | (1,547) | ||||||||
Foreign Operations [Member] | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | $ 8,103 | $ 3,514 | $ 3,085 |
Note 11 - Income Taxes - Provis
Note 11 - Income Taxes - Provision (Benefit) For Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Current: | |||
Federal | $ (106) | $ (991) | $ (989) |
Foreign | 2,398 | 2,256 | 999 |
State | 37 | 5 | 39 |
Deferred: | |||
Federal | 1,139 | 6,772 | 597 |
Foreign | (172) | (396) | (85) |
State | 235 | 852 | (14) |
$ 3,531 | $ 8,498 | $ 547 |
Note 11 - Income Taxes - Reconc
Note 11 - Income Taxes - Reconciliation of Expected Tax Expense (Benefit) to Actual Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Expected tax expense | $ 2,018 | $ 1,365 | $ 523 |
State taxes, net of federal effect | (5) | 9 | |
Foreign taxes, net of federal credits | (1,055) | (1,010) | (210) |
Change in valuation allowance | 1,744 | 2,074 | (107) |
Tax reserve adjustments | (66) | (38) | 272 |
Return to provision and other adjustments | (57) | (72) | (17) |
Losses not benefited | 123 | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | (129) | 6,324 | 315 |
Canada real estate gain deduction | (337) | ||
Global intangible low taxed income | 1,121 | ||
Other permanent items | (40) | (145) | (24) |
Actual tax expense | $ 3,531 | $ 8,498 | $ 547 |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Income Taxes (Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Deferred tax assets (liabilities): | ||
Inventories | $ 1,361 | $ 1,214 |
Employee benefits (other than pension) | 840 | 700 |
Book reserves | 601 | 504 |
Federal NOL, various carryforward periods | 66 | 551 |
State NOL, various carryforward periods | 1,224 | 1,034 |
Foreign NOL, various carryforward periods | 309 | 148 |
Foreign tax credit carryforward, expiring 2023 – 2028 | 7,329 | 5,563 |
Pension benefits | 10,289 | 8,881 |
Retiree medical benefits | 1,778 | 1,622 |
Depreciation | (17) | (113) |
Depreciation | 17 | 113 |
Intangibles | (630) | (410) |
Federal research and development and AMT credit carryforward | 786 | 638 |
Other | 1,446 | 1,180 |
Total deferred tax assets | 25,382 | 21,738 |
Valuation allowance | (6,743) | (4,999) |
Net deferred tax asset | $ 18,639 | $ 16,739 |
Note 11 - Income Taxes - Reco_2
Note 11 - Income Taxes - Reconciliations of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Balance at June 30 | $ (10,882) | $ (11,588) | $ (10,820) |
Increase for tax positions taken during the current period | (215) | (287) | (813) |
Effect of exchange rate changes | 16 | 130 | 38 |
Decrease relating to lapse of applicable statute of limitations | 137 | 930 | 7 |
Increase for tax positions taken during the prior period | (67) | ||
Decrease for tax positions taken during the prior period | 5 | ||
Balance at June 30 | $ (10,939) | $ (10,882) | $ (11,588) |
Note 12 - Employee Benefit an_3
Note 12 - Employee Benefit and Retirement Plans (Details Textual) - USD ($) | Dec. 31, 2016 | Dec. 31, 2013 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jan. 01, 2017 |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | $ (6,900,000) | ||||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.77% | 4.31% | |||||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | $ 4,200,000 | ||||||
Pension Cost (Reversal of Cost) | $ 2,800,000 | $ 2,700,000 | 3,900,000 | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 1,700,000 | 1,800,000 | $ 1,300,000 | ||||
Fair Value of the Company's Common Stock | $ 4,600,000 | $ 4,800,000 | |||||
US Domestic Plan [Member] | |||||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.56% | 4.27% | 3.92% | ||||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | $ 4,170,000 | ||||||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Expected Long Term Return on Assets | 5.00% | 5.00% | 5.00% | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 6,700,000 | ||||||
US Domestic Plan [Member] | Forecast [Member] | |||||||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Expected Long Term Return on Assets | 5.00% | ||||||
UK Plan [Member] | |||||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.39% | 2.70% | 2.73% | ||||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Expected Long Term Return on Assets | 2.98% | 3.01% | 3.59% | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 1,000,000 | ||||||
UK Plan [Member] | Forecast [Member] | |||||||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Expected Long Term Return on Assets | 2.60% | ||||||
Maximum [Member] | |||||||
Fixed Contribution Toward Medical Premium for Retirees 65 and Older | $ 28.50 | ||||||
Maximum [Member] | Equity Securities [Member] | |||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 70.00% | ||||||
Maximum [Member] | Company Stock [Member] | |||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% | ||||||
Maximum [Member] | Cash and Debt Securities [Member] | |||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% | ||||||
Minimum [Member] | |||||||
Fixed Contribution Toward Medical Premium for Retirees 65 and Older | $ 23 | ||||||
Minimum [Member] | Equity Securities [Member] | |||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% | ||||||
Minimum [Member] | Company Stock [Member] | |||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% | ||||||
Minimum [Member] | Cash and Debt Securities [Member] | |||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30.00% |
Note 12 - Employee Benefit an_4
Note 12 - Employee Benefit and Retirement Plans - Actual Asset Allocation For The Assets Within The Company's Plans (Details) | Jun. 30, 2019 | Jun. 30, 2018 |
Asset allocation | 100.00% | 100.00% |
Cash and Cash Equivalents [Member] | ||
Asset allocation | 2.00% | 1.00% |
Fixed Income Securities [Member] | ||
Asset allocation | 31.00% | 27.00% |
Equity Securities [Member] | ||
Asset allocation | 35.00% | 34.00% |
Mutual and Pooled Funds [Member] | ||
Asset allocation | 32.00% | 38.00% |
Note 12 - Employee Benefit an_5
Note 12 - Employee Benefit and Retirement Plans - Portfolio by Valuation Category (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Fair Value | $ 122,033 | $ 118,693 |
Asset Allocation | 100.00% | 100.00% |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | $ 45,809 | $ 48,813 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 76,224 | 69,880 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | ||
Cash Equivalents [Member] | ||
Fair Value | $ 1,818 | $ 945 |
Asset Allocation | 2.00% | 1.00% |
Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | $ 1,818 | $ 945 |
Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | ||
Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | ||
Fixed Income Securities [Member] | ||
Fair Value | $ 38,232 | $ 32,303 |
Asset Allocation | 31.00% | 27.00% |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | ||
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 38,232 | 32,303 |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | ||
Equity Securities [Member] | ||
Fair Value | $ 43,111 | $ 40,509 |
Asset Allocation | 35.00% | 34.00% |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | $ 41,629 | $ 38,988 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 1,482 | 1,521 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | ||
Mutual and Pooled Funds [Member] | ||
Fair Value | $ 38,872 | $ 44,936 |
Asset Allocation | 32.00% | 38.00% |
Mutual and Pooled Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | $ 2,362 | $ 8,880 |
Mutual and Pooled Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 36,510 | 36,056 |
Mutual and Pooled Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value |
Note 12 - Employee Benefit an_6
Note 12 - Employee Benefit and Retirement Plans - Status of Defined Benefit Plans (Details) - USD ($) | Dec. 31, 2016 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jan. 01, 2017 |
Plan curtailment | $ (4,200,000) | |||||||
Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss | ||||||||
Plan curtailment | $ (4,200,000) | |||||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.77% | 4.31% | ||||||
US and UK Plans Combined [Member] | ||||||||
Benefit obligation at beginning of year | $ 159,213,000 | $ 169,696,000 | $ 175,233,000 | |||||
Service cost | 1,405,000 | |||||||
Interest cost | 6,013,000 | 6,077,000 | 6,246,000 | |||||
Plan curtailment | (4,170,000) | |||||||
Exchange rate changes | (1,697,000) | 707,000 | (909,000) | |||||
Benefits paid | (7,217,000) | (6,489,000) | (6,902,000) | |||||
Actuarial (gain) loss | 13,368,000 | (10,778,000) | (1,207,000) | |||||
Benefit obligation at end of year | 169,680,000 | 159,213,000 | 169,696,000 | |||||
Actual return on plan assets | 6,589,000 | 2,545,000 | 5,302,000 | |||||
Employer contributions | 5,413,000 | 4,366,000 | 5,000,000 | |||||
Benefits paid | (7,217,000) | (6,489,000) | (6,902,000) | |||||
Exchange rate changes | (1,445,000) | 493,000 | (637,000) | |||||
Funded status at end of year | $ (47,647,000) | $ (40,520,000) | $ (51,918,000) | |||||
Amounts recognized in balance sheet | ||||||||
Current liability | (324,000) | (67,000) | (63,000) | |||||
Noncurrent liability | (47,323,000) | (40,453,000) | (51,855,000) | |||||
Net amount recognized in balance sheet | (47,647,000) | (40,520,000) | (51,918,000) | |||||
Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss | ||||||||
Prior service cost | ||||||||
Accumulated loss | (15,590,000) | (4,038,000) | (12,131,000) | |||||
Amounts not yet recognized as a component of net periodic benefit cost | (15,590,000) | (4,038,000) | (12,131,000) | |||||
Accumulated net periodic benefit cost in excess of contributions | (32,057,000) | (36,482,000) | (39,787,000) | |||||
Net amount recognized in balance sheet | (47,647,000) | (40,520,000) | (51,918,000) | |||||
Service cost | 1,405,000 | |||||||
Interest cost | 6,013,000 | 6,077,000 | 6,246,000 | |||||
Expected return on plan assets | (5,129,000) | (5,140,000) | (5,173,000) | |||||
Recognized actuarial loss | 284,000 | 26,000 | 107,000 | |||||
Net periodic benefit cost | 1,168,000 | 963,000 | 2,585,000 | |||||
Prior service cost | ||||||||
Net loss | (38,000) | (28,000) | (26,000) | |||||
Projected benefit obligation | 169,680,000 | 159,213,000 | 169,696,000 | |||||
Accumulated benefit obligation | 169,680,000 | 159,213,000 | 169,696,000 | |||||
Fair value of assets | 122,033,000 | 118,693,000 | 117,778,000 | |||||
Benefit obligation at beginning of year | 159,213,000 | 169,696,000 | 175,233,000 | |||||
Plan curtailment | (4,170,000) | |||||||
Benefits paid | (7,217,000) | (6,489,000) | (6,902,000) | |||||
Actuarial (gain) loss | 13,368,000 | (10,778,000) | (1,207,000) | |||||
Benefit obligation at end of year | 169,680,000 | 159,213,000 | 169,696,000 | |||||
Actual return on plan assets | 6,589,000 | 2,545,000 | 5,302,000 | |||||
Employer contributions | 5,413,000 | 4,366,000 | 5,000,000 | |||||
Benefits paid | (7,217,000) | (6,489,000) | (6,902,000) | |||||
Funded status at end of year | (47,647,000) | (40,520,000) | (51,918,000) | |||||
Current liability | (324,000) | (67,000) | (63,000) | |||||
Noncurrent liability | (47,323,000) | (40,453,000) | (51,855,000) | |||||
Exchange rate changes | (1,697,000) | 707,000 | (909,000) | |||||
Benefits paid | (7,217,000) | (6,489,000) | (6,902,000) | |||||
Exchange rate changes | (1,445,000) | 493,000 | (637,000) | |||||
US and UK Plans Combined [Member] | Change in Plan Assets [Member] | ||||||||
Fair value of plan assets at beginning of year | 118,693,000 | 117,778,000 | 115,015,000 | |||||
Fair value of plan assets at end of year | 122,033,000 | 118,693,000 | 117,778,000 | |||||
Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss | ||||||||
Fair value of plan assets at beginning of year | 118,693,000 | 117,778,000 | 115,015,000 | |||||
Fair value of plan assets at end of year | 118,693,000 | 118,693,000 | 117,778,000 | 122,033,000 | 118,693,000 | 117,778,000 | ||
Fair value of plan assets at end of year | 122,033,000 | 118,693,000 | 117,778,000 | |||||
US Domestic Plan [Member] | ||||||||
Benefit obligation at beginning of year | 116,277,000 | 124,138,000 | 130,863,000 | |||||
Service cost | 1,405,000 | |||||||
Interest cost | 4,854,000 | 4,804,000 | 4,994,000 | |||||
Plan curtailment | (4,170,000) | |||||||
Benefits paid | (5,565,000) | (4,786,000) | (5,106,000) | |||||
Actuarial (gain) loss | 10,814,000 | (7,879,000) | (3,848,000) | |||||
Benefit obligation at end of year | 126,380,000 | 116,277,000 | 124,138,000 | |||||
Actual return on plan assets | 4,132,000 | 1,645,000 | 1,079,000 | |||||
Employer contributions | 4,443,000 | 3,353,000 | 4,045,000 | |||||
Benefits paid | (5,565,000) | (4,786,000) | (5,106,000) | |||||
Funded status at end of year | (41,230,000) | (34,137,000) | (42,210,000) | |||||
Amounts recognized in balance sheet | ||||||||
Current liability | (324,000) | (67,000) | (63,000) | |||||
Noncurrent liability | (40,906,000) | (34,070,000) | (42,147,000) | |||||
Net amount recognized in balance sheet | (41,230,000) | (34,137,000) | (42,210,000) | |||||
Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss | ||||||||
Prior service cost | ||||||||
Accumulated loss | (13,196,000) | (2,731,000) | (8,254,000) | |||||
Amounts not yet recognized as a component of net periodic benefit cost | (13,196,000) | (2,731,000) | (8,254,000) | |||||
Accumulated net periodic benefit cost in excess of contributions | (28,034,000) | (31,406,000) | (33,956,000) | |||||
Net amount recognized in balance sheet | (41,230,000) | (34,137,000) | (42,210,000) | |||||
Service cost | 1,405,000 | |||||||
Interest cost | 4,854,000 | 4,804,000 | 4,994,000 | |||||
Expected return on plan assets | (4,067,000) | (4,026,000) | (4,046,000) | |||||
Recognized actuarial loss | 284,000 | 26,000 | 107,000 | |||||
Net periodic benefit cost | 1,071,000 | 804,000 | 2,460,000 | |||||
Prior service cost | ||||||||
Net loss | (38,000) | (28,000) | (26,000) | |||||
Projected benefit obligation | 126,380,000 | 116,277,000 | 124,138,000 | |||||
Fair value of assets | $ 85,150,000 | $ 82,140,000 | $ 81,928,000 | |||||
Benefit obligation at beginning of year | 116,277,000 | 124,138,000 | 130,863,000 | |||||
Plan curtailment | (4,170,000) | |||||||
Benefits paid | (5,565,000) | (4,786,000) | (5,106,000) | |||||
Actuarial (gain) loss | 10,814,000 | (7,879,000) | (3,848,000) | |||||
Benefit obligation at end of year | 126,380,000 | 116,277,000 | 124,138,000 | |||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.56% | 4.27% | 3.92% | |||||
Actual return on plan assets | 4,132,000 | 1,645,000 | 1,079,000 | |||||
Employer contributions | 4,443,000 | 3,353,000 | 4,045,000 | |||||
Benefits paid | $ (5,565,000) | $ (4,786,000) | $ (5,106,000) | |||||
Funded status at end of year | $ (41,230,000) | $ (34,137,000) | $ (42,210,000) | |||||
Current liability | (324,000) | (67,000) | (63,000) | |||||
Noncurrent liability | (40,906,000) | (34,070,000) | (42,147,000) | |||||
Discount rate | 4.27% | 3.92% | 3.77% | |||||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Expected Long Term Return on Assets | 5.00% | 5.00% | 5.00% | |||||
Accumulated benefit obligation | 126,380,000 | 116,277,000 | 124,138,000 | |||||
Benefits paid | $ (5,565,000) | $ (4,786,000) | $ (5,106,000) | |||||
US Domestic Plan [Member] | Change in Plan Assets [Member] | ||||||||
Fair value of plan assets at beginning of year | 82,140,000 | 81,928,000 | 81,910,000 | |||||
Fair value of plan assets at end of year | 85,150,000 | 82,140,000 | 81,928,000 | |||||
Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss | ||||||||
Fair value of plan assets at beginning of year | 82,140,000 | 81,928,000 | 81,910,000 | |||||
Fair value of plan assets at end of year | 82,140,000 | 82,140,000 | 81,928,000 | 85,150,000 | 82,140,000 | 81,928,000 | ||
Fair value of plan assets at end of year | 85,150,000 | 82,140,000 | 81,928,000 | |||||
UK Plan [Member] | ||||||||
Benefit obligation at beginning of year | 42,936,000 | 45,558,000 | 44,370,000 | |||||
Service cost | ||||||||
Interest cost | 1,159,000 | 1,273,000 | 1,252,000 | |||||
Exchange rate changes | (1,697,000) | 707,000 | (909,000) | |||||
Benefits paid | (1,652,000) | (1,703,000) | (1,796,000) | |||||
Actuarial (gain) loss | 2,554,000 | (2,899,000) | 2,641,000 | |||||
Benefit obligation at end of year | 43,300,000 | 42,936,000 | 45,558,000 | |||||
Actual return on plan assets | 2,457,000 | 900,000 | 4,223,000 | |||||
Employer contributions | 970,000 | 1,013,000 | 954,000 | |||||
Benefits paid | (1,652,000) | (1,703,000) | (1,796,000) | |||||
Exchange rate changes | (1,445,000) | 493,000 | (636,000) | |||||
Funded status at end of year | (6,417,000) | (6,383,000) | (9,708,000) | |||||
Amounts recognized in balance sheet | ||||||||
Noncurrent liability | (6,417,000) | (6,383,000) | (9,708,000) | |||||
Net amount recognized in balance sheet | (6,417,000) | (6,383,000) | (9,708,000) | |||||
Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss | ||||||||
Accumulated loss | (2,394,000) | (1,307,000) | (3,877,000) | |||||
Amounts not yet recognized as a component of net periodic benefit cost | (2,394,000) | (1,307,000) | (3,877,000) | |||||
Net amount recognized in balance sheet | (6,417,000) | (6,383,000) | (9,708,000) | |||||
Service cost | ||||||||
Interest cost | 1,159,000 | 1,273,000 | 1,252,000 | |||||
Expected return on plan assets | (1,062,000) | (1,114,000) | (1,127,000) | |||||
Net periodic benefit cost | 97,000 | 159,000 | 125,000 | |||||
Projected benefit obligation | 43,300,000 | 42,936,000 | 45,558,000 | |||||
Fair value of assets | $ 36,883,000 | $ 36,553,000 | $ 35,850,000 | |||||
Benefit obligation at beginning of year | 42,936,000 | 45,558,000 | 44,370,000 | |||||
Benefits paid | (1,652,000) | (1,703,000) | (1,796,000) | |||||
Actuarial (gain) loss | 2,554,000 | (2,899,000) | 2,641,000 | |||||
Benefit obligation at end of year | 43,300,000 | 42,936,000 | 45,558,000 | |||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.39% | 2.70% | 2.73% | |||||
Actual return on plan assets | 2,457,000 | 900,000 | 4,223,000 | |||||
Employer contributions | 970,000 | 1,013,000 | 954,000 | |||||
Benefits paid | $ (1,652,000) | $ (1,703,000) | $ (1,796,000) | |||||
Funded status at end of year | $ (6,417,000) | $ (6,383,000) | $ (9,708,000) | |||||
Noncurrent liability | (6,417,000) | (6,383,000) | (9,708,000) | |||||
Discount rate | 2.80% | 2.73% | 3.00% | |||||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Expected Long Term Return on Assets | 2.98% | 3.01% | 3.59% | |||||
Accumulated benefit obligation | 43,300,000 | 42,936,000 | 45,558,000 | |||||
Exchange rate changes | $ (1,697,000) | $ 707,000 | $ (909,000) | |||||
Benefits paid | (1,652,000) | (1,703,000) | (1,796,000) | |||||
Exchange rate changes | (1,445,000) | 493,000 | (636,000) | |||||
Prior service cost | ||||||||
Accumulated net periodic benefit cost in excess of contributions | (4,023,000) | (5,076,000) | (5,831,000) | |||||
Amortization of net loss | ||||||||
UK Plan [Member] | Change in Plan Assets [Member] | ||||||||
Fair value of plan assets at beginning of year | 36,553,000 | 35,850,000 | ||||||
Fair value of plan assets at end of year | 36,883,000 | 36,553,000 | 35,850,000 | |||||
Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss | ||||||||
Fair value of plan assets at beginning of year | 36,553,000 | 35,850,000 | ||||||
Fair value of plan assets at end of year | 36,883,000 | 36,553,000 | 35,850,000 | $ 36,883,000 | 36,553,000 | 35,850,000 | ||
Fair value of plan assets at end of year | 36,883,000 | 36,553,000 | 35,850,000 | |||||
UK Plan [Member] | Debt Security, Corporate, US [Member] | ||||||||
Fair value of plan assets at beginning of year | 36,553,000 | 35,850,000 | 33,105,000 | |||||
Fair value of plan assets at end of year | 36,553,000 | 35,850,000 | ||||||
Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss | ||||||||
Fair value of plan assets at beginning of year | 36,553,000 | 35,850,000 | 33,105,000 | |||||
Fair value of plan assets at end of year | $ 36,553,000 | 36,553,000 | 35,850,000 | $ 36,553,000 | $ 35,850,000 | |||
Fair value of plan assets at end of year | $ 36,553,000 | $ 35,850,000 |
Note 12 - Employee Benefit an_7
Note 12 - Employee Benefit and Retirement Plans - Status of the Postretirement Medical and Life Insurance Benefit Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jan. 01, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.31% | 3.77% | |||
Fair value of plan assets at beginning of year | $ 118,693 | ||||
Fair value of plan assets at end of year | 122,033 | $ 118,693 | |||
U.S. Post Retirement Medical and Life Insurance Plan [Member] | |||||
Benefit obligation at beginning of year | 6,385 | 7,086 | $ 7,381 | ||
Service cost | 72 | 85 | 85 | ||
Interest cost | 265 | 270 | 269 | ||
Benefits paid | (346) | (388) | (483) | ||
Actuarial (gain) loss | 554 | (668) | (166) | ||
Benefit obligation at end of year | $ 6,930 | $ 6,385 | $ 7,086 | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.56% | 4.27% | 3.92% | ||
Rate of compensation increase | 2.64% | 2.64% | 2.64% | ||
Fair value of plan assets at beginning of year | |||||
Employer contributions | 346 | 388 | 483 | ||
Benefits paid | (346) | (388) | (483) | ||
Fair value of plan assets at end of year | |||||
Current liability | (353) | (339) | (370) | ||
Noncurrent liability | (6,577) | (6,046) | (6,716) | ||
Net amount recognized in balance sheet | $ (6,930) | $ (6,385) | $ (7,086) | ||
Discount rate | 4.27% | 3.92% | 3.77% | ||
Rate of compensation increase | 2.64% | 2.64% | 2.64% | ||
Prior service cost | $ 2,777 | $ 3,314 | $ 3,851 | ||
Accumulated loss | (1,452) | (928) | (1,696) | ||
Amounts not yet recognized as a component of net periodic benefit cost | 1,325 | 2,386 | 2,155 | ||
Accumulated net periodic benefit cost in excess of contributions | (8,255) | (8,771) | (9,241) | ||
Prior service cost | (537) | (537) | (673) | ||
Amortization of accumulated loss | 30 | 99 | 121 | ||
Net periodic benefit cost | (170) | (83) | (198) | ||
Prior service cost | 537 | 537 | 537 | ||
Net loss | (83) | (30) | (99) | ||
$ 454 | $ 507 | $ 438 | |||
Healthcare cost trend rate assumed for next year | 6.30% | 6.60% | 6.60% | ||
Rate to which the cost trend rate gradually declines | 4.50% | 4.50% | 4.50% | ||
Year that the rate reaches the rate at which it is assumed to remain | 2037 | 2037 | 2037 |
Note 12 - Employee Benefits and
Note 12 - Employee Benefits and Retirement Plans - Effect of 1% Change in Assumed Health Care Cost Trend Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Effect on total of service and interest cost | |||
Effect on postretirement benefit obligation | 1 | 1 | 2 |
Effect on total of service and interest cost | |||
Effect on postretirement benefit obligation | $ (1) | $ (1) | $ (2) |
Note 12 - Employee Benefit an_8
Note 12 - Employee Benefit and Retirement Plans - Future Pension and Other Benefits Payments (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Pension Plan [Member] | |
2020 | $ 8,006 |
2021 | 8,011 |
2022 | 8,134 |
2023 | 8,978 |
2024 | 8,373 |
2025-2029 | 53,635 |
95,137 | |
Other Benefits [Member] | |
2020 | 354 |
2021 | 354 |
2022 | 358 |
2023 | 363 |
2024 | 353 |
2025-2029 | 2,228 |
$ 4,010 |
Note 13 - Debt (Details Textual
Note 13 - Debt (Details Textual) | Jan. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Nov. 22, 2011USD ($) | Apr. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2019USD ($) |
Line of Credit Facility, Maximum Borrowing Capacity | $ 23,000,000 | |||||
Line of Credit Facility, Interest Rate During Period | 4.08% | |||||
Minimum Consolidated Cash and Liquid Investments Pursuant to New Loan and Security Agreement | $ 10,000,000 | |||||
Long-term Line of Credit, Total | $ 14,900,000 | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 22,100,000 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 7,200,000 | |||||
Notes Payable to Banks [Member] | Santander Bank and Bradesco Bank [Member] | ||||||
Debt Instrument, Face Amount | $ 3,500,000 | |||||
Short-term Debt, Total | 2,300,000 | |||||
Notes Payable to Banks [Member] | Santander Bank [Member] | ||||||
Debt Instrument, Face Amount | $ 1,500,000 | |||||
Debt Instrument, Term | 180 days | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.19% | 5.30% | ||||
Short-term Debt, Total | $ 800,000 | |||||
Notes Payable to Banks [Member] | Bradesco Bank [Member] | ||||||
Debt Instrument, Face Amount | $ 2,000,000 | |||||
Debt Instrument, Term | 360 years | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | 4.00% | 4.27% | |||
Short-term Debt, Refinanced, Amount | $ 1,000,000 | $ 1,300,000 | ||||
Short-term Debt, Total | $ 500,000 | |||||
Standby Letters of Credit [Member] | ||||||
Long-term Line of Credit, Total | 900,000 | |||||
Line of Credit [Member] | ||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 500,000 | |||||
Term Loan [Member] | ||||||
Debt Instrument, Face Amount | $ 15,500,000 | |||||
Debt Instrument, Term | 10 years | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||||
Debt Instrument, Periodic Payment, Total | $ 160,640 | |||||
Long-term Line of Credit, Total | $ 4,400,000 | |||||
Maximum [Member] | ||||||
Current Funded Debt to EBITDA Ratio | 2.25 | |||||
Annual Capital Expenditures | $ 15,000,000 | |||||
Minimum [Member] | ||||||
Debt Service Coverage Rate | 1.25 | |||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Note 13 - Debt - Debt Schedule
Note 13 - Debt - Debt Schedule (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Loan and Security Agreement | $ 1,765 | $ 1,688 |
Other | 2,300 | 1,967 |
Loan and Security Agreement, net of current portion | 17,541 | 17,307 |
Total debt | $ 21,606 | $ 20,962 |
Note 13 - Debt - Future Maturit
Note 13 - Debt - Future Maturities of Debt (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2020 | $ 4,065 |
2021 | 16,746 |
2022 | 795 |
2023 | |
2024 | |
Thereafter | |
Total | $ 21,606 |
Note 17 - Financial Informati_3
Note 17 - Financial Information by Segment and Geographic Area (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | ||||
Number of Reportable Segments | 2 | |||||||||||||
Revenues, Total | $ 61,091 | $ 58,498 | $ 56,532 | $ 51,901 | $ 57,552 | $ 54,834 | $ 52,124 | $ 51,818 | $ 228,022 | [1] | $ 216,328 | [2] | $ 207,023 | [3] |
North American Segment [Member] | ||||||||||||||
Revenues, Total | 136,387 | [1] | 128,442 | [2] | 124,606 | [3] | ||||||||
North American Segment [Member] | Intersegment Eliminations [Member] | ||||||||||||||
Revenues, Total | (4,879) | (6,468) | (7,902) | |||||||||||
International Segment [Member] | ||||||||||||||
Revenues, Total | 91,635 | [1] | 87,886 | [2] | 82,417 | [3] | ||||||||
International Segment [Member] | Intersegment Eliminations [Member] | ||||||||||||||
Revenues, Total | $ (16,187) | $ (14,239) | $ (11,677) | |||||||||||
[1] | Excludes $4,879 of North American segment intercompany sales to the International segment and $16,187 intercompany sales of the International segment to the North American segment. | |||||||||||||
[2] | Excludes $6,468 of North American segment intercompany sales to the International segment and $14,239 intercompany sales of the International segment to the North American segment. | |||||||||||||
[3] | Excludes $7,902 of North American segment intercompany sales to the International segment and $11,677 intercompany sales of the International segment to the North American segment. |
Note 17 - Financial Informati_4
Note 17 - Financial Information by Segment and Geographic Area - Summary of Financial Results for Reportable Segments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |||||
Revenues, Total | $ 61,091,000 | $ 58,498,000 | $ 56,532,000 | $ 51,901,000 | $ 57,552,000 | $ 54,834,000 | $ 52,124,000 | $ 51,818,000 | $ 228,022,000 | [1] | $ 216,328,000 | [2] | $ 207,023,000 | [3] | |
Operating income | 11,221,000 | 5,518,000 | (147,000) | ||||||||||||
Capital expenditures and software development | 7,227,000 | 5,762,000 | 5,836,000 | ||||||||||||
Depreciation and amortization | 7,338,000 | 7,511,000 | 7,026,000 | ||||||||||||
Current assets | [4] | 119,975,000 | 113,228,000 | 119,975,000 | 113,228,000 | 110,123,000 | |||||||||
Long-lived assets | [5] | 70,112,000 | 69,058,000 | 70,112,000 | 69,058,000 | 82,542,000 | |||||||||
Restructuring charges | (988,000) | ||||||||||||||
North American Segment [Member] | |||||||||||||||
Revenues, Total | 136,387,000 | [1] | 128,442,000 | [2] | 124,606,000 | [3] | |||||||||
Operating income | 9,468,000 | 6,910,000 | |||||||||||||
Capital expenditures and software development | 3,617,000 | 3,426,000 | 2,765,000 | ||||||||||||
Depreciation and amortization | 5,022,000 | 4,923,000 | 4,551,000 | ||||||||||||
Current assets | [4] | 41,188,000 | 37,546,000 | 41,188,000 | 37,546,000 | 33,555,000 | |||||||||
Long-lived assets | [5] | 35,638,000 | 37,489,000 | 35,638,000 | 37,489,000 | 39,199,000 | |||||||||
Restructuring charges | (82,000) | ||||||||||||||
International Segment [Member] | |||||||||||||||
Revenues, Total | 91,635,000 | [1] | 87,886,000 | [2] | 82,417,000 | [3] | |||||||||
Operating income | 8,043,000 | 393,000 | |||||||||||||
Capital expenditures and software development | 3,610,000 | 2,336,000 | 3,071,000 | ||||||||||||
Depreciation and amortization | 2,316,000 | 2,588,000 | 2,475,000 | ||||||||||||
Current assets | [4] | 63,205,000 | 60,855,000 | 63,205,000 | 60,855,000 | 61,961,000 | |||||||||
Long-lived assets | [5] | 14,168,000 | 13,010,000 | 14,168,000 | 13,010,000 | 14,684,000 | |||||||||
Restructuring charges | (906,000) | ||||||||||||||
Unallocated [Member] | |||||||||||||||
Revenues, Total | [1] | [2] | [3] | ||||||||||||
Operating income | (6,290,000) | (7,450,000) | |||||||||||||
Capital expenditures and software development | |||||||||||||||
Depreciation and amortization | |||||||||||||||
Current assets | [4] | 15,582,000 | 14,827,000 | 15,582,000 | 14,827,000 | 14,607,000 | |||||||||
Long-lived assets | [5] | $ 20,306,000 | $ 18,559,000 | $ 20,306,000 | $ 18,559,000 | 28,659,000 | |||||||||
Restructuring charges | |||||||||||||||
[1] | Excludes $4,879 of North American segment intercompany sales to the International segment and $16,187 intercompany sales of the International segment to the North American segment. | ||||||||||||||
[2] | Excludes $6,468 of North American segment intercompany sales to the International segment and $14,239 intercompany sales of the International segment to the North American segment. | ||||||||||||||
[3] | Excludes $7,902 of North American segment intercompany sales to the International segment and $11,677 intercompany sales of the International segment to the North American segment. | ||||||||||||||
[4] | Current assets primarily consist of accounts receivable, inventories and prepaid expenses. Assets not allocated to the segments include cash and cash equivalents. | ||||||||||||||
[5] | Long lived assets consist of property, plant and equipment, net taxes receivable, deferred tax assets, net intangible assets and goodwill. |
Note 17 - Financial Informati_5
Note 17 - Financial Information by Segment and Geographic Area - Geographic Sales and Long-Lived Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | ||||
Revenues, Total | $ 61,091 | $ 58,498 | $ 56,532 | $ 51,901 | $ 57,552 | $ 54,834 | $ 52,124 | $ 51,818 | $ 228,022 | [1] | $ 216,328 | [2] | $ 207,023 | [3] |
Long-lived assets | 49,806 | 50,499 | 49,806 | 50,499 | 53,883 | |||||||||
UNITED STATES | ||||||||||||||
Revenues, Total | 127,359 | 119,226 | 115,562 | |||||||||||
Long-lived assets | 35,594 | 37,437 | 35,594 | 37,437 | 39,131 | |||||||||
North America Other than US [Member] | ||||||||||||||
Revenues, Total | 9,028 | 9,216 | 9,044 | |||||||||||
Long-lived assets | 44 | 52 | 44 | 52 | 68 | |||||||||
North America [Member] | ||||||||||||||
Revenues, Total | 136,387 | 128,442 | 124,606 | |||||||||||
Long-lived assets | 35,638 | 37,489 | 35,638 | 37,489 | 39,199 | |||||||||
BRAZIL | ||||||||||||||
Revenues, Total | 54,324 | 49,726 | 45,614 | |||||||||||
Long-lived assets | 10,067 | 8,662 | 10,067 | 8,662 | 10,111 | |||||||||
UNITED KINGDOM | ||||||||||||||
Revenues, Total | 24,042 | 25,099 | 24,954 | |||||||||||
Long-lived assets | 2,046 | 1,876 | 2,046 | 1,876 | 1,976 | |||||||||
CHINA | ||||||||||||||
Revenues, Total | 7,370 | 7,323 | 6,873 | |||||||||||
Long-lived assets | 1,944 | 2,346 | 1,944 | 2,346 | 2,426 | |||||||||
Australia and New Zealand [Member] | ||||||||||||||
Revenues, Total | 5,899 | 5,738 | 4,976 | |||||||||||
Long-lived assets | 111 | 126 | 111 | 126 | 171 | |||||||||
International [Member] | ||||||||||||||
Revenues, Total | 91,635 | 87,886 | 82,417 | |||||||||||
Long-lived assets | $ 14,168 | $ 13,010 | $ 14,168 | $ 13,010 | $ 14,684 | |||||||||
[1] | Excludes $4,879 of North American segment intercompany sales to the International segment and $16,187 intercompany sales of the International segment to the North American segment. | |||||||||||||
[2] | Excludes $6,468 of North American segment intercompany sales to the International segment and $14,239 intercompany sales of the International segment to the North American segment. | |||||||||||||
[3] | Excludes $7,902 of North American segment intercompany sales to the International segment and $11,677 intercompany sales of the International segment to the North American segment. |
Note 18 - Quarterly Financial_3
Note 18 - Quarterly Financial Data (Unaudited) - Summary of Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | ||||
Net Sales | $ 61,091 | $ 58,498 | $ 56,532 | $ 51,901 | $ 57,552 | $ 54,834 | $ 52,124 | $ 51,818 | $ 228,022 | [1] | $ 216,328 | [2] | $ 207,023 | [3] |
Gross Margin | 20,579 | 19,155 | 18,548 | 16,659 | 18,579 | 18,217 | 16,076 | 16,685 | 74,941 | 69,557 | 62,599 | |||
Earnings Before Income Taxes | 2,632 | 3,045 | 2,991 | 942 | 791 | 2,337 | 1,097 | 640 | 9,610 | 4,865 | 1,538 | |||
Net Earnings / (Loss) | $ 1,481 | $ 2,088 | $ 1,926 | $ 584 | $ 825 | $ 1,637 | $ (6,521) | $ 426 | $ 6,079 | $ (3,633) | $ 991 | |||
Basic and Diluted Earnings / (Loss) Per Share (in dollars per share) | $ 0.22 | $ 0.30 | $ 0.27 | $ 0.08 | $ 0.12 | $ 0.23 | $ (0.93) | $ 0.06 | $ 0.87 | $ (0.52) | ||||
[1] | Excludes $4,879 of North American segment intercompany sales to the International segment and $16,187 intercompany sales of the International segment to the North American segment. | |||||||||||||
[2] | Excludes $6,468 of North American segment intercompany sales to the International segment and $14,239 intercompany sales of the International segment to the North American segment. | |||||||||||||
[3] | Excludes $7,902 of North American segment intercompany sales to the International segment and $11,677 intercompany sales of the International segment to the North American segment. |
Note 19 - Related Party Trans_2
Note 19 - Related Party Transactions (Details Textual) - Armco do Brasil S.A. [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Related Party Transaction, Purchases from Related Party | $ 3,800 | $ 5,100 |
Accounts Payable, Related Parties | $ 0 | $ 200 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Balance at Beginning of Period | $ 1,277 | $ 946 | $ 887 |
Provisions | (91) | 539 | 284 |
Charges to Other Accounts | (5) | (71) | (23) |
Write-offs | (496) | (137) | (202) |
Balance at End of Period | 685 | 1,277 | 946 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
Balance at Beginning of Period | 4,999 | 2,922 | 5,246 |
Provisions | 1,744 | 2,077 | 117 |
Charges to Other Accounts | 1 | ||
Write-offs | (2,442) | ||
Balance at End of Period | $ 6,743 | $ 4,999 | $ 2,922 |