Twin Disc (TWIN) 10-Q 4 Nov 15 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Sep. 25, 2015	Oct. 26, 2015
Entity Registrant Name	TWIN DISC INC
Entity Central Index Key	100,378
Trading Symbol	twin
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		11,351,924
Document Type	10-Q
Document Period End Date	Sep. 25, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 25, 2015	Jun. 30, 2015
Current assets:
Cash	$ 23,036,000	$ 22,936,000
Trade accounts receivable, net	31,290,000	43,883,000
Inventories	77,047,000	80,241,000
Deferred income taxes	3,776,000	4,863,000
Other	13,261,000	17,907,000
Total current assets	148,410,000	169,830,000
Property, plant and equipment, net	55,366,000	56,427,000
Goodwill, net	12,779,000	12,789,000
Deferred income taxes	12,931,000	4,878,000
Intangible assets, net	2,169,000	2,186,000
Other assets	4,137,000	3,752,000
Total assets	235,792,000	249,862,000
Current liabilities:
Short-term borrowings and current maturities of long-term debt	3,571,000	3,571,000
Accounts payable	18,418,000	20,729,000
Accrued liabilities	28,946,000	32,754,000
Total current liabilities	50,935,000	57,054,000
Long-term debt	10,696,000	10,231,000
Accrued retirement benefits	37,157,000	38,362,000
Deferred income taxes	1,052,000	1,093,000
Other long-term liabilities	2,222,000	2,955,000
Total liabilities	$ 102,062,000	$ 109,695,000
Commitments and contingencies (Note D)
Twin Disc shareholders' equity:
Preferred shares authorized: 200,000; issued: none; no par value	$ 0	$ 0
Common shares authorized: 30,000,000; issued: 13,099,468; no par value	11,517,000	12,259,000
Retained earnings	185,465,000	190,807,000
Accumulated other comprehensive loss	(36,529,000)	(35,481,000)
Equity before treasury stock	160,453,000	167,585,000
Less treasury stock, at cost (1,776,074 and 1,832,121 shares, respectively)	27,200,000	28,057,000
Total Twin Disc shareholders' equity	133,253,000	139,528,000
Noncontrolling interest	477,000	639,000
Total equity	133,730,000	140,167,000
Total liabilities and equity	$ 235,792,000	$ 249,862,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Sep. 25, 2015	Jun. 30, 2015
Preferred Shares, Authorized (in shares)	200,000	200,000
Preferred Shares, Issued (in shares)	0	0
Preferred Shares, No Par Value (in dollars per share)	$ 0	$ 0
Common Shares, Authorized (in shares)	30,000,000	30,000,000
Common Shares, Issued (in shares)	13,099,468	13,099,468
Common Shares, No Par Value (in dollars per share)	$ 0	$ 0
Treasury Stock, Shares (in shares)	1,776,074	1,832,121

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands	3 Months Ended
	Sep. 25, 2015	Sep. 26, 2014
Net sales	$ 37,373,000	$ 64,824,000
Cost of goods sold	29,183,000	42,435,000
Gross profit	8,190,000	22,389,000
Marketing, engineering and administrative expenses	15,240,000	$ 15,910,000
Other operating income	(500,000)
(Loss) earnings from operations	(6,550,000)	$ 6,479,000
Interest expense	91,000	164,000
Other (income) expense, net	(158,000)	(340,000)
Non-operating income (expense)	(67,000)	(176,000)
(Loss) earnings before income taxes and noncontrolling interest	(6,483,000)	6,655,000
Income taxes	(2,208,000)	2,593,000
Net (loss) earnings	(4,275,000)	4,062,000
Less: Net earnings attributable to noncontrolling interest, net of tax	(48,000)	(19,000)
Net (loss) earnings attributable to Twin Disc	$ (4,323,000)	$ 4,043,000
Dividends per share (in dollars per share)	$ 0.09	$ 0.09
(Loss) earnings per share data:
Basic (loss) earnings per share attributable to Twin Disc common shareholders (in dollars per share)	(0.39)	0.36
Diluted (loss) earnings per share attributable to Twin Disc common shareholders (in dollars per share)	$ (0.39)	$ 0.36
Weighted average shares outstanding data:
Basic shares outstanding (in shares)	11,313	11,270
Dilutive stock awards (in shares)		6
Diluted shares outstanding (in shares)	11,313	11,276
Comprehensive income:
Net (loss) earnings	$ (4,275,000)	$ 4,062,000
Benefit plan adjustments, net of income taxes of $423 and $290, respectively	739,000	488,000
Foreign currency translation adjustment	(1,805,000)	(4,328,000)
Comprehensive (loss) income	(5,341,000)	222,000
Less: Comprehensive income attributable to noncontrolling interest	(29,000)	(28,000)
Comprehensive (loss) income attributable to Twin Disc	$ (5,370,000)	$ 194,000

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Sep. 25, 2015	Sep. 26, 2014
Benefit plan adjustments, Tax	$ 423	$ 290

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Sep. 25, 2015	Sep. 26, 2014
Cash flows from operating activities:
Net (loss) earnings	$ (4,275,000)	$ 4,062,000
Adjustments to reconcile net (loss) earnings to net cash (used) provided by operating activities:
Depreciation and amortization	2,221,000	2,564,000
Other non-cash changes, net	(6,628,000)	962,000
Net change in operating assets and liabilities	6,310,000	(7,209,000)
Net cash (used) provided by operating activities	(2,372,000)	$ 379,000
Cash flows from investing activities:
Proceeds from sale of business (see Note L)	3,500,000
Proceeds from life insurance policy	1,907,000
Acquisitions of fixed assets	(1,403,000)	$ (2,175,000)
Proceeds from sale of fixed assets	79,000	89,000
Other, net	(185,000)	(166,000)
Net cash provided (used) by investing activities	3,898,000	(2,252,000)
Cash flows from financing activities:
Payments of notes payable	0	(29,000)
Borrowings under revolving loan agreement	22,780,000	21,750,000
Repayments under revolving loan agreement	(22,315,000)	(16,550,000)
Proceeds from exercise of stock options	0	15,000
Dividends paid to shareholders	(1,019,000)	(1,015,000)
Dividends paid to noncontrolling interest	(192,000)	(219,000)
Excess tax benefits (shortfall) from stock compensation	52,000	(31,000)
Payments of withholding taxes on stock compensation	(190,000)	(314,000)
Net cash (used) provided by financing activities	(884,000)	3,607,000
Effect of exchange rate changes on cash	(542,000)	(791,000)
Net change in cash	100,000	943,000
Cash:
Beginning of period	22,936,000	24,757,000
End of period	$ 23,036,000	$ 25,700,000

Note A - Basis of Presentation

Note A - Basis of Presentation	3 Months Ended
	Sep. 25, 2015
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	A. Basis of Presentation The unaudited condensed consolidated financial statements have been prepared by Twin Disc, Incorporated (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of the Company, include all adjustments, consisting only of normal recurring items, necessary for a fair presentation of results for each period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such SEC rules and regulations. The Company believes that the disclosures made are adequate to make the information presented not misleading. It is suggested that these financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report filed on Form 10-K for June 30, 2015. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. New Accounting Releases In April 2015, the Financial Accounting Standards Board (“FASB”) issued guidance intended to amend current presentation guidance by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. The amendments in this guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 (the Company’s fiscal 2017). The adoption of this guidance is not expected to have a material impact on the Company’s financial statements and disclosures. In August 2014, the FASB issued updated guidance intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern. The amendments in this guidance are effective for fiscal years ending after December 15, 2016 (the Company’s fiscal 2017), and interim periods within fiscal years beginning after December 15, 2016. The adoption of this guidance is not expected to have a material impact on the Company’s financial disclosures. In June 2014, the FASB issued stock compensation guidance requiring that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The amendments in this guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 (the Company’s fiscal 2017). The adoption of this guidance is not expected to have a material impact on the Company’s financial statements and disclosures. In May 2014, the FASB issued updated guidance on revenue from contracts with customers. This revenue recognition guidance supersedes existing U.S. GAAP guidance, including most industry-specific guidance. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance identifies steps to apply in achieving this principle. This updated guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 (the Company’s fiscal 2020). The Company is currently evaluating the potential impact of this guidance on the Company’s financial statements and disclosures. In July 2015, the FASB issued guidance intended to simplify the measurement of inventory and to closely align with International Financial Reporting Standards. Current guidance requires inventories to be measured at the lower of cost or market. Under this new guidance, inventories other than those measured under LIFO are to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This guidance is to be applied prospectively, and is effective for fiscal years beginning after December 15, 2016 (the Company’s fiscal 2018). The adoption of this guidance is not expected to have a material impact on the Company’s financial statements and disclosures. In July 2015, the FASB issued guidance to reduce complexity in employee benefit plan accounting, which is consistent with its Simplification Initiative of improving areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. This guidance update consists of several parts that affect the reporting of defined benefit pension plans, defined contribution pension plans, and their fair value measurements, among others. This guidance is effective for fiscal years beginning after December 15, 2015 (the Company’s fiscal 2017). The adoption of this guidance is not expected to have a material impact on the Company’s financial disclosures.

Note B - Inventory

Note B - Inventory	3 Months Ended
	Sep. 25, 2015
Notes to Financial Statements
Inventory Disclosure [Text Block]	B. Inventory The major classes of inventories were as follows (in thousands): Sept. 25, June 30, 2015 2015 Inventories: Finished parts $ 50,917 $ 56,982 Work in process 9,346 8,292 Raw materials 16,784 14,967 $ 77,047 $ 80,241

Note C - Warranty

Note C - Warranty	3 Months Ended
	Sep. 25, 2015
Notes to Financial Statements
Product Warranty Disclosure [Text Block]	C. Warranty The Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its suppliers. However, its warranty obligation is affected by product failure rates, the number of units affected by the failure and the expense involved in satisfactorily addressing the situation. The warranty reserve is established based on our best estimate of the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. When evaluating the adequacy of the reserve for warranty costs, management takes into consideration the term of the warranty coverage, historical claim rates and costs of repair, knowledge of the type and volume of new products and economic trends. While we believe the warranty reserve is adequate and that the judgment applied is appropriate, such amounts estimated to be due and payable in the future could differ materially from what actually transpires. The following is a listing of the activity in the warranty reserve during the quarter ended September 25, 2015 and September 26, 2014 (in thousands): Sept. 25, Sept. 26, 2015 2014 Reserve balance, beginning of period $ 5,245 $ 5,968 Current period (income) expense (303 ) 546 Payments or credits to customers (721 ) (541 ) Translation (1 ) (138 ) Reserve balance, end of period $ 4,220 $ 5,835 The current portion of the warranty accrual ($2,986,000 and $3,681,000 for fiscal 2016 and 2015, respectively) is reflected in accrued liabilities, while the long-term portion ($1,234,000 and $2,154,000 for fiscal 2016 and 2015, respectively) is included in other long-term liabilities on the consolidated balance sheets.

Note D - Contingencies

Note D - Contingencies	3 Months Ended
	Sep. 25, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	D. Contingencies The Company is involved in litigation of which the ultimate outcome and liability to the Company, if any, is not presently determinable. Management believes that final disposition of such litigation will not have a material impact on the Company’s results of operations, financial position or cash flows.

Note E - Business Segments

Note E - Business Segments	3 Months Ended
	Sep. 25, 2015
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	E. Business Segments The Company and its subsidiaries are engaged in the manufacture and sale of marine and heavy-duty off-highway power transmission equipment. Principal products include marine transmissions, surface drives, propellers and boat management systems, as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches and controls systems. The Company sells to both domestic and foreign customers in a variety of market areas, principally pleasure craft, commercial and military marine markets, as well as in the energy and natural resources, government and industrial markets. The Company has two reportable segments: manufacturing and distribution. These segments are managed separately because each provides different services and requires different technology and marketing strategies. The accounting practices of the segments are the same as those described in the summary of significant accounting policies. Transfers among segments are at established inter-company selling prices. Management evaluates the performance of its segments based on net earnings. Information about the Company’s segments is summarized as follows (in thousands): For the Quarter Ended Sept. 25, Sept. 26, 2015 2014 Net sales Manufacturing segment sales $ 29,580 $ 60,274 Distribution segment sales 20,201 24,011 Inter/Intra segment elimination - manufacturing (8,477 ) (17,394 ) Inter/Intra segment elimination – distribution (3,931 ) (2,067 ) $ 37,373 $ 64,824 Net (loss) earnings attributable to Twin Disc Manufacturing segment net (loss) earnings $ (2,769 ) $ 5,171 Distribution segment net earnings 475 1,178 Corporate and eliminations (2,029 ) (2,306 ) $ (4,323 ) $ 4,043 Sept. 25, June 30, 2015 2015 Assets Manufacturing segment assets $ 238,017 $ 254,749 Distribution segment assets 52,805 53,759 Corporate assets and elimination of inter‑company assets (55,030 ) (58,646 ) $ 235,792 $ 249,862

Note F - Stock-based Compensati

Note F - Stock-based Compensation	3 Months Ended
	Sep. 25, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	F. Stock-Based Compensation Performance Stock Awards (“PSA”) During the first quarter of fiscal 2016 and 2015, the Company granted a target number of 60,466 and 15,561 PSAs, respectively, to various employees of the Company, including executive officers. The fiscal 2016 PSAs will vest if the Company achieves (a) performance-based target objectives relating to average annual sales and consolidated economic profit, and (b) relative Total Shareholder Return (“TSR”) (as defined in the PSA Grant Agreement), in the cumulative three fiscal year period ending June 30, 2018. These PSAs are subject to adjustment if the Company’s net sales, economic profit and relative TSR for the period falls below or exceeds the specified target objective, and the maximum number of performance shares that can be awarded if the target objective is exceeded is 90,699. Based upon actual results to date and the low probability of achieving the threshold performance levels, the Company is currently not accruing as compensation expense for the portion of the PSAs relating to the performance-based measure. Compensation expense relating to the relative TSR portion is recognized based on the grant date fair value over the vesting period. The fiscal 2015 PSAs will vest if the Company achieves a specified target objective relating to consolidated economic profit (as defined in the PSA Grant Agreement) in the cumulative three fiscal year period ending June 30, 2017. These PSAs are subject to adjustment if the Company’s economic profit for the period falls below or exceeds the specified target objective, and the maximum number of performance shares that can be awarded if the target objective is exceeded is 14,101. Based upon actual results to date and the low probability of achieving the threshold performance levels, the Company is currently not accruing compensation expense for these PSAs. There were 86,415 and 54,863 unvested PSAs outstanding at September 25, 2015 and September 26, 2014, respectively. The fair value of the PSAs (on the date of grant) is expensed over the performance period for the shares that are expected to ultimately vest. There was no compensation expense for the quarters ended September 25, 2015 and September 26, 2014, related to PSAs. The weighted average grant date fair value of the unvested awards at September 25, 2015 was $19.31. At September 25, 2015, the Company had $1,669,000 of unrecognized compensation expense related to the unvested shares that would vest if the specified target objective was achieved for the fiscal 2016, 2015 and 2014 awards. The total fair value of PSAs vested as of September 25, 2015 and September 26, 2014 were $0. Performance Stock Unit Awards (“PSU”) During the first quarter of fiscal 2015, the Company granted a target number of 15,561 PSUs to various employees of the Company, including executive officers. There were no grants of PSUs during the first quarter of fiscal 2016. The fiscal 2015 PSUs will vest if the Company achieves a specified target objective relating to consolidated economic profit (as defined in the PSU Grant Agreement) in the cumulative three fiscal year period ending June 30, 2017. These PSUs are subject to adjustment if the Company’s economic profit for the period falls below or exceeds the specified target objective, and the maximum number of PSUs that can be awarded if the target objective is exceeded is 13,621. Based upon actual results to date and the low probability of achieving the threshold performance levels, the Company is currently not accruing compensation expense for the fiscal 2015 PSUs. There were 29,855 and 52,041 unvested PSUs outstanding at September 25, 2015 and September 26, 2014, respectively. The weighted average grant date fair value of the unvested awards at September 25, 2015 was $27.24. PSUs are remeasured at fair-value based upon the Company’s stock price at the end of each reporting period. The fair-value of the PSUs is expensed over the performance period for the shares that are expected to ultimately vest. There was no compensation expense for the quarters ended September 25, 2015 and September 26, 2014, related to PSUs. At September 25, 2015, the Company had $359,000 of unrecognized compensation expense related to the unvested shares that would vest if the specified target objective was achieved for the fiscal 2015 and 2014 awards. The total fair value of PSU awards vested as of September 25, 2015 and September 26, 2014 were $0. The PSU awards are cash based, and would therefore be recorded as a liability on the Company’s consolidated balance sheets. As of September 25, 2015 and June 30, 2015, there were no awards included in liabilities in our consolidated balance sheets due to actual results to date and the low probability of achieving any of the threshold performance levels. Restricted Stock Awards (“RS”) The Company has unvested RS awards outstanding that will vest if certain service conditions are fulfilled. The fair value of the RS grants is recorded as compensation expense over the vesting period, which is generally 1 to 3 years. During the first quarter of fiscal 2016 and 2015, the Company granted 68,408 and 31,122 service based restricted shares, respectively, to employees in each year. There were 133,379 and 105,642 unvested shares outstanding at September 25, 2015 and September 26, 2014, respectively. Compensation expense of $355,000 and $108,000 was recognized for the quarters ended September 25, 2015 and September 26, 2014, respectively. The total fair value of restricted stock grants vested as of September 25, 2015 and September 26, 2014 was $461,000 and $654,000, respectively. As of September 25, 2015, the Company had $1,658,000 of unrecognized compensation expense related to restricted stock which will be recognized over the next three years.

Note G - Pension and Other Post

Note G - Pension and Other Postretirement Benefit Plans	3 Months Ended
	Sep. 25, 2015
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	G. Pension and Other Postretirement Benefit Plans The Company has non-contributory, qualified defined benefit plans covering substantially all domestic employees hired prior to October 1, 2003 and certain foreign employees. Additionally, the Company provides health care and life insurance benefits for certain domestic retirees. Components of net periodic benefit cost for the defined benefit pension plans and the other postretirement benefit plan are as follows (in thousands): For the Quarter Ended Sept. 25, Sept. 26, 2015 2014 Pension Benefits: Service cost $ 130 $ 119 Interest cost 1,225 1,222 Expected return on plan assets (1,692 ) (1,681 ) Amortization of transition obligation 9 9 Amortization of net loss 908 609 Net periodic benefit cost $ 580 $ 278 Postretirement Benefits: Service cost $ 7 $ 8 Interest cost 151 145 Amortization of net actuarial loss 182 159 Net periodic benefit cost $ 340 $ 312 The Company expects to contribute approximately $2,240,000 to its pension plans in fiscal 2016. As of September 25, 2015, $869,000 in contributions have been made. The Company has reclassified $739,000 (net of $423,000 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended September 25, 2015. The Company has reclassified $488,000 (net of $290,000 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended September 26, 2014. These reclassifications are included in the computation of net periodic benefit cost.

Note H - Income Taxes

Note H - Income Taxes	3 Months Ended
	Sep. 25, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	H. Income Taxes For the quarters ended September 25, 2015 and September 26, 2014, the Company’s effective income tax rate was 34.1% and 39.0% respectively. Expected foreign earnings are lower compared to prior year by $7,300,000. This resulted in lower foreign income inclusions and foreign tax credits, reducing the effective tax rate by 3.2%. Overall non-deductible expenses decreased by $550,000, reducing the effective tax rate by an additional 1.1%. The first quarter of fiscal 2016 rate reflects the impact of an expected domestic loss this year. The Company maintains valuation allowances when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Changes in valuation allowances from period to period are included in the tax provision in the period of change. In determining whether a valuation allowance is required, the Company takes into account such factors as prior earnings history, expected future earnings, carry-back and carry-forward periods, and tax strategies that could potentially enhance the likelihood of realization of a deferred tax asset. Due to recent operating losses in a foreign jurisdiction, the Company has evaluated the realizability of the net deferred tax assets related to that jurisdiction. This evaluation concluded that, based primarily upon recent losses in this jurisdiction and failure to achieve targeted levels of improvement, a full valuation allowance continues to be necessary. The Company has not provided for additional U.S. income taxes on cumulative earnings of consolidated foreign subsidiaries that are considered to be reinvested indefinitely. The Company reaffirms its position that these earnings remain permanently invested, and has no plans to repatriate funds to the U.S. for the foreseeable future. Such earnings could become taxable upon the sale or liquidation of these foreign subsidiaries or upon dividend repatriation. Accounting policies for interim reporting require the Company to adjust its effective tax rate each quarter to be consistent with the estimated annual effective tax rate. Under this effective tax rate methodology, the Company applies an estimated annual income tax rate to its year-to-date ordinary earnings to derive its income tax provision each quarter. The impact of the Company’s operations in certain foreign locations is removed from the overall effective tax rate methodology and recorded directly based upon year-to-date results as these operations anticipate net operating losses for the year for which no tax benefit can be recognized. The Company has approximately $895,000 of unrecognized tax benefits, including related interest and penalties, as of September 25, 2015, which, if recognized, would favorably impact the effective tax rate. There was no significant change in the total unrecognized tax benefits due to the settlement of audits, the expiration of statutes of limitations or for other items during the quarter ended September 25, 2015. It appears possible that the amount of unrecognized tax benefits could change in the next twelve months due to on-going audit activity. Annually, the Company files income tax returns in various taxing jurisdictions inside and outside the United States. In general, the tax years that remain subject to examination are 2011 through 2015 for the major operations in Italy, Canada, Belgium, and Japan. The tax years open to examination in the U.S. are for years subsequent to fiscal 2011. The state of Wisconsin income tax audit remains ongoing for the fiscal years 2010 through 2015. In the upcoming quarter the Company will commence an income tax audit by the state of Minnesota covering the period fiscal 2011 through fiscal 2013. During this quarter, the Company was notified and began an audit in Belgium. It is reasonably possible that at least one of these audit cycles will be completed during fiscal 2016.

Note I - Goodwill and Other Int

Note I - Goodwill and Other Intangibles	3 Months Ended
	Sep. 25, 2015
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	I. Goodwill and Other Intangibles The changes in the carrying amount of goodwill, all of which is allocated to the manufacturing segment, for the quarter ended September 25, 2015 were as follows (in thousands): Gross Carrying Amount Accumulated Impairment Net Book Value Balance at June 30, 2015 $ 16,459 $ (3,670 ) $ 12,789 Sale of business (25 ) - (25 ) Translation adjustment 15 - 15 Balance at September 25, 2015 $ 16,449 $ (3,670 ) $ 12,779 The gross carrying amount and accumulated amortization of the Company’s intangible assets that have defined useful lives and are subject to amortization as of September 25, 2015 and June 30, 2015 were as follows (in thousands): September 25, 2015 Gross Carrying A Accumulated Amortization Accumulated Impairment Net Book Value Licensing agreements $ 3,015 $ (2,520 ) $ - $ 495 Non-compete agreements 2,128 (2,045 ) (83 ) - Trade name 1,678 (215 ) - 1,463 Other 6,476 (5,279 ) (1,194 ) 3 $ 13,297 $ (10,059 ) $ (1,277 ) $ 1,961 June 30, 2015 Gross Carrying Amount Accumulated Amortization Accumulated Impairment Net Book Value Licensing agreements $ 3,015 $ (2,505 ) $ - $ 510 Non-compete agreements 2,128 (2,045 ) (83 ) - Trade name 1,653 (194 ) - 1,459 Other 6,476 (5,278 ) (1,194 ) 4 $ 13,272 $ (10,022 ) $ (1,277 ) $ 1,973 The weighted average remaining useful life of the intangible assets included in the table above is approximately 15 years. Intangible amortization expense was $37,000 for the quarter ended September 25, 2015, and $62,000 for the quarter ended September 26, 2014, respectively. Estimated intangible amortization expense for the remainder of fiscal 2016 and each of the next five fiscal years is as follows (in thousands): Fiscal Year 2016 $ 110 2017 142 2018 142 2019 142 2020 142 2021 142 The gross carrying amount of the Company’s intangible assets that have indefinite lives and are not subject to amortization as of September 25, 2015 and June 30, 2015 are $208,000 and $213,000, respectively. These assets are comprised of acquired trade names.

Note J - Long-term Debt

Note J - Long-term Debt	3 Months Ended
	Sep. 25, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	J. Long-term Debt Long-term debt at September 25, 2015 and June 30, 2015 consisted of the following (in thousands): September 25, June 30, 2015 2015 Revolving loan $ 10,672 $ 10,208 10-year unsecured senior notes 3,571 3,571 Other 24 23 Subtotal 14,267 13,802 Less: current maturities and short-term borrowings (3,571 ) (3,571 ) Total long-term debt $ 10,696 $ 10,231 The revolving loan and unsecured senior notes listed above are subject to certain covenants, including restrictions on investments, acquisitions and indebtedness. Financial covenants, as defined, include a minimum consolidated net worth, a minimum EBITDA for the most recent four fiscal quarters, and a maximum total funded debt to EBITDA ratio. As of September 25, 2015, the Company was in compliance with these covenants. The fair value of long-term debt is estimated by discounting the future cash flows at rates offered to the Company for similar debt instruments of comparable maturities. This rate was represented by the US Treasury Three-Year Yield Curve Rate (1.00% and 1.01% for September 25, 2015 and June 30, 2015, respectively), plus the current add-on related to the revolving loan agreement (1.00% for September 25, 2015 and June 30, 2015) resulting in a total rate of 2.00% and 2.01% for September 26, 2015 and June 30, 2015, respectively. The fair value of the Company’s 10-year unsecured senior notes due April 10, 2016 was approximately $3,691,000 and $3,726,000 at September 26, 2015 and June 30, 2015, respectively. The Company’s revolving loan agreement approximates fair value at September 25, 2015 and June 30, 2015. If measured at fair value in the financial statements, long-term debt (including the current portion) would be classified as Level 2 in the fair value hierarchy.

Note K - Stockholders' Equity

Note K - Stockholders' Equity	3 Months Ended
	Sep. 25, 2015
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	K. Shareholders’ Equity The Company from time to time makes open market purchases of its common stock under authorizations given to it by the Board of Directors, of which 315,000 shares as of the September 25, 2015 remain authorized for purchase. The Company did not make any open market purchases of its shares during the current quarter. The following is a reconciliation of the Company’s equity balances for the first fiscal quarter of 2015 and 2016 (in thousands): Twin Disc, Inc. Shareholders’ Equity Accumulated Other Non- Common Retained Comprehensive Treasury Controlling Total Stock Earnings Income (Loss) Stock Interest Equity Balance, June 30, 2014 $ 11,973 $ 183,695 $ (15,943 ) $ (28,141 ) $ 727 $ 152,311 Net income 4,043 19 4,062 Translation adjustments (4,337 ) 9 (4,328 ) Benefit plan adjustments, net of tax 488 488 Cash dividends (1,015 ) (219 ) (1,234 ) Compensation expense and windfall tax benefits 77 77 Shares (acquired) issued, net (342 ) 44 (298 ) Balance, September 26, 2014 $ 11,708 $ 186,723 $ (19,792 ) $ (28,097 ) $ 536 $ 151,078 Twin Disc, Inc. Shareholders’ Equity Accumulated Other Non- Common Retained Comprehensive Treasury Controlling Total Stock Earnings Income (Loss) Stock Interest Equity Balance, June 30, 2015 $ 12,259 $ 190,807 $ (35,481 ) $ (28,057 ) $ 639 $ 140,167 Net (loss) income (4,323 ) 48 (4,275 ) Translation adjustments (1,787 ) (18 ) (1,805 ) Benefit plan adjustments, net of tax 739 739 Cash dividends (1,019 ) (192 ) (1,211 ) Compensation expense and windfall tax benefits 303 303 Shares (acquired) issued, net (1,045 ) 857 (188 ) Balance, September 25, 2015 $ 11,517 $ 185,465 $ (36,529 ) $ (27,200 ) $ 477 $ 133,730 Reconciliations for the changes in accumulated other comprehensive income (loss), net of tax, by component for the quarter ended September 26, 2014, and September 25, 2015, are as follows: Translation Adjustment Benefit Plan Adjustment Balance at June 30, 2014 $ 20,779 $ (36,722 ) Other comprehensive loss before reclassifications (4,337 ) - Amounts reclassified from accumulated other comprehensive income - 488 Net current period other comprehensive (loss) income (4,337 ) 488 Balance at September 26, 2014 $ 16,442 $ (36,234 ) Translation Adjustment Benefit Plan Adjustment Balance at June 30, 2015 $ 6,740 $ (42,221 ) Other comprehensive loss before reclassifications (1,787 ) 51 Amounts reclassified from accumulated other comprehensive income - 688 Net current period other comprehensive (loss) income (1,787 ) 739 Balance at September 25, 2015 $ 4,953 $ (41,482 ) Reconciliations for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the quarter ended September 26, 2014 are as follows: Amount Reclassified Quarter Ended September 26, 2014 Amortization of benefit plan items Actuarial losses $ 768 (a) Transition asset and prior service benefit 9 (a) Total before tax benefit 777 Tax benefit 289 Total reclassification net of tax $ 488 (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note G "Pension and Other Postretirement Benefit Plans" for further details). Reconciliations for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the quarter ended September 25, 2015 are as follows: Amount Reclassified Quarter Ended September 25, 2015 Amortization of benefit plan items Actuarial losses $ 1,090 (a) Transition asset and prior service benefit 9 (a) Total before tax benefit 1,099 Tax benefit 411 Total reclassification net of tax $ 688 (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note G "Pension and Other Postretirement Benefit Plans" for further details).

Note L - Restructuring of Opera

Note L - Restructuring of Operations	3 Months Ended
	Sep. 25, 2015
Notes to Financial Statements
Restructuring, Impairment, and Other Activities Disclosure [Text Block]	L. Restructuring of Operations On September 25, 2015, the Company, as part of its initiative to focus resources on core manufacturing and product development activities aimed at improving profitability, entered into an asset purchase agreement with one of its major distributor customers. Under this agreement, the Company sold distribution rights to its southeastern U.S. territories and certain assets, consisting primarily of inventories, for $4,100,000. The proceeds from the sale of distribution rights of $600,000 are deferred and will be amortized into revenue through June 2016, the initial term of the distribution agreement. The gain on sale of $500,000 is recorded as other operating income in the statement of operations in fiscal 2016. This gain is subject to purchase price adjustment, under the terms of the agreement. Any adjustments to this amount will be recorded in the quarter in which it is determined. During the fourth quarter of fiscal 2015, the Company committed to a restructuring plan to reduce costs and improve efficiencies at its North American manufacturing operations. This restructuring resulted in a reduction of 79 people through a combination of early retirement and reduction in force. The restructuring was meant to be a proactive measure to offset the impact low oil and gas prices had on the demand from its customers. The Company recorded a pre-tax restructuring charge of $3,282,000 in the fourth quarter of fiscal 2015, upon announcement of the intended restructuring action. During fiscal 2015, the Company made no cash payments, resulting in an accrual balance of $3,282,000 at June 30, 2015. The Company made payments of $2,089,000 and recorded $71,000 additional expense in the first quarter of fiscal 2016, resulting in a September 25, 2015 balance of $1,264,000. During the first quarter of fiscal 2014, the Company recorded a pre-tax restructuring charge of $1,094,000 representing the incremental cost above the minimum legal indemnity for a targeted workforce reduction at its Belgian operation, following finalization of negotiations with the local labor union. The minimum legal indemnity of $548,000 was recorded in the fourth quarter of fiscal 2013, upon announcement of the intended restructuring action. During fiscal 2014 and fiscal 2015, the Company made cash payments of $857,000 and $156,000, respectively, resulting in a June 30, 2015 balance of $494,000 after a favorable foreign exchange impact of $135,000. The Company made additional payments of $23,000 in the first quarter of fiscal 2016, resulting in a September 25, 2015 balance of $473,000 after an unfavorable foreign exchange impact of $2,000. This remaining obligation relates to increased pension benefits agreed to as part of the restructuring and is expected to be paid out over the next several years.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 25, 2015
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Releases In April 2015, the Financial Accounting Standards Board (“FASB”) issued guidance intended to amend current presentation guidance by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. The amendments in this guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 (the Company’s fiscal 2017). The adoption of this guidance is not expected to have a material impact on the Company’s financial statements and disclosures. In August 2014, the FASB issued updated guidance intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern. The amendments in this guidance are effective for fiscal years ending after December 15, 2016 (the Company’s fiscal 2017), and interim periods within fiscal years beginning after December 15, 2016. The adoption of this guidance is not expected to have a material impact on the Company’s financial disclosures. In June 2014, the FASB issued stock compensation guidance requiring that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The amendments in this guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 (the Company’s fiscal 2017). The adoption of this guidance is not expected to have a material impact on the Company’s financial statements and disclosures. In May 2014, the FASB issued updated guidance on revenue from contracts with customers. This revenue recognition guidance supersedes existing U.S. GAAP guidance, including most industry-specific guidance. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance identifies steps to apply in achieving this principle. This updated guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 (the Company’s fiscal 2020). The Company is currently evaluating the potential impact of this guidance on the Company’s financial statements and disclosures. In July 2015, the FASB issued guidance intended to simplify the measurement of inventory and to closely align with International Financial Reporting Standards. Current guidance requires inventories to be measured at the lower of cost or market. Under this new guidance, inventories other than those measured under LIFO are to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This guidance is to be applied prospectively, and is effective for fiscal years beginning after December 15, 2016 (the Company’s fiscal 2018). The adoption of this guidance is not expected to have a material impact on the Company’s financial statements and disclosures. In July 2015, the FASB issued guidance to reduce complexity in employee benefit plan accounting, which is consistent with its Simplification Initiative of improving areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. This guidance update consists of several parts that affect the reporting of defined benefit pension plans, defined contribution pension plans, and their fair value measurements, among others. This guidance is effective for fiscal years beginning after December 15, 2015 (the Company’s fiscal 2017). The adoption of this guidance is not expected to have a material impact on the Company’s financial disclosures.

Note B - Inventory (Tables)

Note B - Inventory (Tables)	3 Months Ended
	Sep. 25, 2015
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Sept. 25, June 30, 2015 2015 Inventories: Finished parts $ 50,917 $ 56,982 Work in process 9,346 8,292 Raw materials 16,784 14,967 $ 77,047 $ 80,241

Note C - Warranty (Tables)

Note C - Warranty (Tables)	3 Months Ended
	Sep. 25, 2015
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Sept. 25, Sept. 26, 2015 2014 Reserve balance, beginning of period $ 5,245 $ 5,968 Current period (income) expense (303 ) 546 Payments or credits to customers (721 ) (541 ) Translation (1 ) (138 ) Reserve balance, end of period $ 4,220 $ 5,835

Note E - Business Segments (Tab

Note E - Business Segments (Tables)	3 Months Ended
	Sep. 25, 2015
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	For the Quarter Ended Sept. 25, Sept. 26, 2015 2014 Net sales Manufacturing segment sales $ 29,580 $ 60,274 Distribution segment sales 20,201 24,011 Inter/Intra segment elimination - manufacturing (8,477 ) (17,394 ) Inter/Intra segment elimination – distribution (3,931 ) (2,067 ) $ 37,373 $ 64,824 Net (loss) earnings attributable to Twin Disc Manufacturing segment net (loss) earnings $ (2,769 ) $ 5,171 Distribution segment net earnings 475 1,178 Corporate and eliminations (2,029 ) (2,306 ) $ (4,323 ) $ 4,043
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	Sept. 25, June 30, 2015 2015 Assets Manufacturing segment assets $ 238,017 $ 254,749 Distribution segment assets 52,805 53,759 Corporate assets and elimination of inter‑company assets (55,030 ) (58,646 ) $ 235,792 $ 249,862

Note G - Pension and Other Po23

Note G - Pension and Other Postretirement Benefit Plans (Tables)	3 Months Ended
	Sep. 25, 2015
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	For the Quarter Ended Sept. 25, Sept. 26, 2015 2014 Pension Benefits: Service cost $ 130 $ 119 Interest cost 1,225 1,222 Expected return on plan assets (1,692 ) (1,681 ) Amortization of transition obligation 9 9 Amortization of net loss 908 609 Net periodic benefit cost $ 580 $ 278 Postretirement Benefits: Service cost $ 7 $ 8 Interest cost 151 145 Amortization of net actuarial loss 182 159 Net periodic benefit cost $ 340 $ 312

Note I - Goodwill and Other I24

Note I - Goodwill and Other Intangibles (Tables)	3 Months Ended
	Sep. 25, 2015
Notes Tables
Schedule of Goodwill [Table Text Block]	Gross Carrying Amount Accumulated Impairment Net Book Value Balance at June 30, 2015 $ 16,459 $ (3,670 ) $ 12,789 Sale of business (25 ) - (25 ) Translation adjustment 15 - 15 Balance at September 25, 2015 $ 16,449 $ (3,670 ) $ 12,779
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]	September 25, 2015 Gross Carrying A Accumulated Amortization Accumulated Impairment Net Book Value Licensing agreements $ 3,015 $ (2,520 ) $ - $ 495 Non-compete agreements 2,128 (2,045 ) (83 ) - Trade name 1,678 (215 ) - 1,463 Other 6,476 (5,279 ) (1,194 ) 3 $ 13,297 $ (10,059 ) $ (1,277 ) $ 1,961 June 30, 2015 Gross Carrying Amount Accumulated Amortization Accumulated Impairment Net Book Value Licensing agreements $ 3,015 $ (2,505 ) $ - $ 510 Non-compete agreements 2,128 (2,045 ) (83 ) - Trade name 1,653 (194 ) - 1,459 Other 6,476 (5,278 ) (1,194 ) 4 $ 13,272 $ (10,022 ) $ (1,277 ) $ 1,973
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Fiscal Year 2016 $ 110 2017 142 2018 142 2019 142 2020 142 2021 142

Note J - Long-term Debt (Tables

Note J - Long-term Debt (Tables)	3 Months Ended
	Sep. 25, 2015
Notes Tables
Schedule of Debt [Table Text Block]	September 25, June 30, 2015 2015 Revolving loan $ 10,672 $ 10,208 10-year unsecured senior notes 3,571 3,571 Other 24 23 Subtotal 14,267 13,802 Less: current maturities and short-term borrowings (3,571 ) (3,571 ) Total long-term debt $ 10,696 $ 10,231

Note K - Stockholders' Equity (

Note K - Stockholders' Equity (Tables)	3 Months Ended
	Sep. 25, 2015
Notes Tables
Schedule of Stockholders Equity [Table Text Block]	Twin Disc, Inc. Shareholders’ Equity Accumulated Other Non- Common Retained Comprehensive Treasury Controlling Total Stock Earnings Income (Loss) Stock Interest Equity Balance, June 30, 2014 $ 11,973 $ 183,695 $ (15,943 ) $ (28,141 ) $ 727 $ 152,311 Net income 4,043 19 4,062 Translation adjustments (4,337 ) 9 (4,328 ) Benefit plan adjustments, net of tax 488 488 Cash dividends (1,015 ) (219 ) (1,234 ) Compensation expense and windfall tax benefits 77 77 Shares (acquired) issued, net (342 ) 44 (298 ) Balance, September 26, 2014 $ 11,708 $ 186,723 $ (19,792 ) $ (28,097 ) $ 536 $ 151,078 Twin Disc, Inc. Shareholders’ Equity Accumulated Other Non- Common Retained Comprehensive Treasury Controlling Total Stock Earnings Income (Loss) Stock Interest Equity Balance, June 30, 2015 $ 12,259 $ 190,807 $ (35,481 ) $ (28,057 ) $ 639 $ 140,167 Net (loss) income (4,323 ) 48 (4,275 ) Translation adjustments (1,787 ) (18 ) (1,805 ) Benefit plan adjustments, net of tax 739 739 Cash dividends (1,019 ) (192 ) (1,211 ) Compensation expense and windfall tax benefits 303 303 Shares (acquired) issued, net (1,045 ) 857 (188 ) Balance, September 25, 2015 $ 11,517 $ 185,465 $ (36,529 ) $ (27,200 ) $ 477 $ 133,730
Reconciliation For The Changes In Accumulated Other Comprehensive Income Loss Net Of Tax By Component [TableTextBlock]	Translation Adjustment Benefit Plan Adjustment Balance at June 30, 2014 $ 20,779 $ (36,722 ) Other comprehensive loss before reclassifications (4,337 ) - Amounts reclassified from accumulated other comprehensive income - 488 Net current period other comprehensive (loss) income (4,337 ) 488 Balance at September 26, 2014 $ 16,442 $ (36,234 ) Translation Adjustment Benefit Plan Adjustment Balance at June 30, 2015 $ 6,740 $ (42,221 ) Other comprehensive loss before reclassifications (1,787 ) 51 Amounts reclassified from accumulated other comprehensive income - 688 Net current period other comprehensive (loss) income (1,787 ) 739 Balance at September 25, 2015 $ 4,953 $ (41,482 )
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Amount Reclassified Quarter Ended September 26, 2014 Amortization of benefit plan items Actuarial losses $ 768 (a) Transition asset and prior service benefit 9 (a) Total before tax benefit 777 Tax benefit 289 Total reclassification net of tax $ 488 Amount Reclassified Quarter Ended September 25, 2015 Amortization of benefit plan items Actuarial losses $ 1,090 (a) Transition asset and prior service benefit 9 (a) Total before tax benefit 1,099 Tax benefit 411 Total reclassification net of tax $ 688

Note B - Inventory (Details)

Note B - Inventory (Details) - USD ($) $ in Thousands	Sep. 25, 2015	Jun. 30, 2015
Inventories:
Finished parts	$ 50,917	$ 56,982
Work in process	9,346	8,292
Raw materials	16,784	14,967
Total inventories	$ 77,047	$ 80,241

Note C - Warranty (Details Text

Note C - Warranty (Details Textual) - USD ($)	Sep. 25, 2015	Jun. 30, 2015
Product Warranty Accrual, Current	$ (2,986,000)	$ (3,681,000)
Product Warranty Accrual, Noncurrent	$ (1,234,000)	$ (2,154,000)

Note C - Warranty (Details)

Note C - Warranty (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 25, 2015	Sep. 26, 2014
Reserve balance, beginning of period	$ 5,245	$ 5,968
Current period (income) expense	(303)	546
Payments or credits to customers	(721)	(541)
Translation	(1)	(138)
Reserve balance, end of period	$ 4,220	$ 5,835

Note E - Business Segments (Det

Note E - Business Segments (Details Textual)	3 Months Ended
	Sep. 25, 2015
Number of Reportable Segments	2

Note E - Revenues by Segment (D

Note E - Revenues by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 25, 2015	Sep. 26, 2014
Manufacturing Segment [Member] | Operating Segments [Member]
Sales	$ 29,580	$ 60,274
Earnings	(2,769)	5,171
Manufacturing Segment [Member] | Inter/Intra Segment Elimination [Member]
Sales	(8,477)	(17,394)
Distribution Segment [Member] | Operating Segments [Member]
Sales	20,201	24,011
Earnings	475	1,178
Distribution Segment [Member] | Inter/Intra Segment Elimination [Member]
Sales	(3,931)	(2,067)
Corporate, Non-Segment [Member]
Earnings	(2,029)	(2,306)
Sales	37,373	64,824
Earnings	$ (4,323)	$ 4,043

Note E - Assets by Segment (Det

Note E - Assets by Segment (Details) - USD ($)	Sep. 25, 2015	Jun. 30, 2015
Manufacturing Segment [Member] | Operating Segments [Member]
Assets	$ 238,017,000	$ 254,749,000
Distribution Segment [Member] | Operating Segments [Member]
Assets	52,805,000	53,759,000
Corporate, Non-Segment [Member]
Assets	(55,030,000)	(58,646,000)
Assets	$ 235,792,000	$ 249,862,000

Note F - Stock-based Compensa33

Note F - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 25, 2015	Sep. 26, 2014	Jun. 30, 2015
Performance Stock Unit Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0	15,561
Allocated Share-based Compensation Expense	$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	0	$ 0
Deferred Compensation Share-based Arrangements, Liability, Current	$ 0		$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			13,621
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	29,855	52,041
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 27.24
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 359,000
Performance Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	60,466	15,561
Allocated Share-based Compensation Expense	$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years		3 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	90,699		14,101
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	86,415	54,863
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 19.31
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 1,669,000
Restricted Stock [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Restricted Stock [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	68,408	31,122
Allocated Share-based Compensation Expense	$ 355,000	$ 108,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 461,000	$ 654,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	133,379	105,642
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 1,658,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years

Note G - Pension and Other Po34

Note G - Pension and Other Postretirement Benefit Plans (Details Textual) - USD ($)	3 Months Ended
	Sep. 25, 2015	Sep. 26, 2014
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year	$ 2,240,000
Defined Benefit Plan, Contributions by Employer	869,000
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Net of Tax	739,000	$ 488,000
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Tax	$ 423,000	$ 290,000

Note G - Pension and Other Po35

Note G - Pension and Other Postretirement Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 25, 2015	Sep. 26, 2014
Pension Benefits [Member]
Pension Benefits:
Service cost	$ 130	$ 119
Interest cost	1,225	1,222
Expected return on plan assets	(1,692)	(1,681)
Amortization of transition obligation	9	9
Amortization of net loss	908	609
Net periodic benefit cost	580	278
Postretirement Benefits [Member]
Pension Benefits:
Service cost	7	8
Interest cost	151	145
Amortization of net loss	182	159
Net periodic benefit cost	$ 340	$ 312

Note H - Income Taxes (Details

Note H - Income Taxes (Details Textual) - USD ($)	3 Months Ended
	Sep. 25, 2015	Sep. 26, 2014
Italy, Canada, Belgium, and Japan [Member]
Open Tax Years	2011 through 2015
U.S. [Member]
Open Tax Years	subsequent to fiscal 2011
Wisconsin [Member]
Open Tax Years	2010 through 2015
Minnesota [Member] | Scenario, Forecast [Member]
Open Tax Years	2011 through fiscal 2013
Effective Income Tax Rate Reconciliation, Percent	34.10%	39.00%
Income Tax Reconciliation, Difference Between Expected Foreign Earnings and Prior Year's Foreign Earnings	$ 7,300,000
IncomeTaxReconciliationDifferenceBetweenExpectedForeignEarningsAndPriorYearsForeignEarningsPercentage	3.20%
Income Tax Reconciliation Reduction In Non-Deductible Expenses	$ 550,000
Income Tax Reconciliation Reduction In Effective Tax Rate	1.10%
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 895,000

Note I - Goodwill and Other I37

Note I - Goodwill and Other Intangibles (Details Textual) - USD ($)	3 Months Ended
	Sep. 25, 2015	Sep. 26, 2014	Jun. 30, 2015
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years
Amortization of Intangible Assets	$ 37,000	$ 62,000
Indefinite-Lived Intangible Assets (Excluding Goodwill)	$ 208,000		$ 213,000

Note I - Goodwill Rollforward (

Note I - Goodwill Rollforward (Details) $ in Thousands	3 Months Ended
	Sep. 25, 2015USD ($)
Beginning Balance	$ 16,459
Beginning Balance	(3,670)
Beginning Balance	12,789
Sale of business	(25)
Translation adjustment	15
Ending Balance	16,449
Ending Balance	(3,670)
Ending Balance	$ 12,779

Note I - Intangible Assets (Det

Note I - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 25, 2015	Jun. 30, 2015
Licensing Agreements [Member]
Gross Carrying Amount	$ 3,015	$ 3,015
Accumulated Amortization	$ (2,520)	$ (2,505)
Accumulated Impairment
Net Book Value	$ 495	$ 510
Noncompete Agreements [Member]
Gross Carrying Amount	2,128	2,128
Accumulated Amortization	(2,045)	(2,045)
Accumulated Impairment	$ (83)	$ (83)
Net Book Value
Trade Names [Member]
Gross Carrying Amount	$ 1,678	$ 1,653
Accumulated Amortization	$ (215)	$ (194)
Accumulated Impairment
Net Book Value	$ 1,463	$ 1,459
Other Intangible Assets [Member]
Gross Carrying Amount	6,476	6,476
Accumulated Amortization	(5,279)	(5,278)
Accumulated Impairment	(1,194)	(1,194)
Net Book Value	3	4
Gross Carrying Amount	13,297	13,272
Accumulated Amortization	(10,059)	(10,022)
Accumulated Impairment	(1,277)	(1,277)
Net Book Value	$ 1,961	$ 1,973

Note I - Estimated Intangibles

Note I - Estimated Intangibles (Details) $ in Thousands	Sep. 25, 2015USD ($)
Fiscal Year
2,016	$ 110
2,017	142
2,018	142
2,019	142
2,020	142
2,021	$ 142

Note J - Long-term Debt (Detail

Note J - Long-term Debt (Details Textual)	3 Months Ended	12 Months Ended
	Sep. 25, 2015USD ($)	Jun. 30, 2015USD ($)
Ten Year Unsecured Senior Notes [Member]
Debt Instrument, Maturity Date	Apr. 10, 2016
Debt Instrument, Term	10 years
Long-term Debt, Fair Value	$ 3,691,000	$ 3,726,000
Debt Instrument, Basis Spread on Variable Rate	1.00%	1.00%
Number Of Recent Quarters Considered For Minimum Effective Interest Rate	4
Fair Value Assumptions, Risk Free Interest Rate	1.00%	1.01%
Debt Instrument, Interest Rate, Effective Percentage	2.00%	2.01%

Note J - Long-term Debt (Deta42

Note J - Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 25, 2015	Jun. 30, 2015
Revolving Loan [Member]
Long-term debt	$ 10,672	$ 10,208
Ten Year Unsecured Senior Notes [Member]
Long-term debt	3,571	3,571
Other [Member]
Long-term debt	24	23
Long-term debt	14,267	13,802
Less: current maturities and short-term borrowings	(3,571)	(3,571)
Total long-term debt	$ 10,696	$ 10,231

Note K - Stockholders' Equity43

Note K - Stockholders' Equity (Details Textual)	Sep. 25, 2015shares
Common Stock [Member]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	315,000

Note K - Shareholders' Equity R

Note K - Shareholders' Equity Reconciliation (Details) - USD ($)	3 Months Ended
	Sep. 25, 2015	Sep. 26, 2014
Common Stock [Member]
Beginning Balance	$ 12,259,000	$ 11,973,000
Net (loss) earnings
Foreign currency translation adjustment
Benefit plan adjustments, net of income taxes of $423 and $290, respectively
Cash dividends
Compensation expense and windfall tax benefits	$ 303,000	$ 77,000
Shares (acquired) issued, net	(1,045,000)	(342,000)
Ending Balance	11,517,000	11,708,000
Retained Earnings [Member]
Beginning Balance	190,807,000	183,695,000
Net (loss) earnings	$ (4,323,000)	$ 4,043,000
Foreign currency translation adjustment
Benefit plan adjustments, net of income taxes of $423 and $290, respectively
Cash dividends	$ (1,019,000)	$ (1,015,000)
Compensation expense and windfall tax benefits
Shares (acquired) issued, net
Ending Balance	$ 185,465,000	$ 186,723,000
AOCI Attributable to Parent [Member]
Beginning Balance	$ (35,481,000)	$ (15,943,000)
Net (loss) earnings
Foreign currency translation adjustment	$ (1,787,000)	$ (4,337,000)
Benefit plan adjustments, net of income taxes of $423 and $290, respectively	$ 739,000	$ 488,000
Cash dividends
Compensation expense and windfall tax benefits
Shares (acquired) issued, net
Ending Balance	$ (36,529,000)	$ (19,792,000)
Treasury Stock [Member]
Beginning Balance	$ (28,057,000)	$ (28,141,000)
Net (loss) earnings
Foreign currency translation adjustment
Benefit plan adjustments, net of income taxes of $423 and $290, respectively
Cash dividends
Compensation expense and windfall tax benefits
Shares (acquired) issued, net	$ 857,000	$ 44,000
Ending Balance	(27,200,000)	(28,097,000)
Noncontrolling Interest [Member]
Beginning Balance	639,000	727,000
Net (loss) earnings	48,000	19,000
Foreign currency translation adjustment	$ (18,000)	$ 9,000
Benefit plan adjustments, net of income taxes of $423 and $290, respectively
Cash dividends	$ (192,000)	$ (219,000)
Compensation expense and windfall tax benefits
Shares (acquired) issued, net
Ending Balance	$ 477,000	$ 536,000
Beginning Balance	140,167,000	152,311,000
Net (loss) earnings	(4,275,000)	4,062,000
Foreign currency translation adjustment	(1,805,000)	(4,328,000)
Benefit plan adjustments, net of income taxes of $423 and $290, respectively	739,000	488,000
Cash dividends	(1,211,000)	(1,234,000)
Compensation expense and windfall tax benefits	303,000	77,000
Shares (acquired) issued, net	(188,000)	(298,000)
Ending Balance	$ 133,730,000	$ 151,078,000

Note K - Accumulated Other Comp

Note K - Accumulated Other Comprehensive income (Loss), Net of Tax (Details) - USD ($)	3 Months Ended
	Sep. 25, 2015	Sep. 26, 2014
Translation Adjustment [Member]
Balance at June 30, 2014	$ 6,740,000	$ 20,779,000
Other comprehensive loss before reclassifications	$ (1,787,000)	$ (4,337,000)
Amounts reclassified from accumulated other comprehensive income
Net current period other comprehensive (loss) income	$ (1,787,000)	$ (4,337,000)
Balance at September 26, 2014	4,953,000	16,442,000
Benefit Plan Adjustment [Member]
Balance at June 30, 2014	(42,221,000)	$ (36,722,000)
Other comprehensive loss before reclassifications	51,000
Amounts reclassified from accumulated other comprehensive income	688,000	$ 488,000
Net current period other comprehensive (loss) income	739,000	488,000
Balance at September 26, 2014	(41,482,000)	$ (36,234,000)
Balance at June 30, 2014	(35,481,000)
Balance at September 26, 2014	$ (36,529,000)

Note K - Reclassifications of A

Note K - Reclassifications of Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($)		3 Months Ended
		Sep. 26, 2015	Sep. 26, 2014
Reclassification out of Accumulated Other Comprehensive Income [Member] | Benefit Plan Adjustment [Member]
Actuarial losses	[1]	$ 1,090,000	$ 768,000
Transition asset and prior service benefit	[1]	9,000	9,000
Total before tax benefit		1,099,000	777,000
Income taxes		411,000	289,000
Net (loss) earnings		$ 688,000	488,000
Income taxes			2,593,000
Net (loss) earnings			$ 4,062,000
[1]	These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note G "Pension and Other Postretirement Benefit Plans" for further details).

Note L - Restructuring of Ope47

Note L - Restructuring of Operations (Details Textual)	Sep. 25, 2015USD ($)	Sep. 25, 2015USD ($)	Jun. 30, 2015USD ($)	Sep. 27, 2013USD ($)	Jun. 30, 2013USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
North American Manufacturing Operations [Member]
Payments for Restructuring		$ 2,089,000				$ 0
Restructuring and Related Cost, Number of Positions Eliminated			79
Restructuring Charges		71,000	$ 3,282,000			3,282,000
Restructuring Reserve	$ 1,264,000	1,264,000
Belgian Operations [Member] | Additional Payment [Member]
Payments for Restructuring		23,000
Belgian Operations [Member]
Payments for Restructuring						156,000	$ 857,000
Restructuring Charges				$ 1,094,000	$ 548,000
Restructuring Reserve	473,000	473,000	$ 494,000			494,000
Restructuring Reserve, Translation Adjustment		$ (2,000)				$ 135,000
Disposal Group, Distribution Rights and Certain Assets [Member] | Proceeds from the Sale of Distribution Rights to Be Amortized into Revenue [Member]
Proceeds from Sale of Intangible Assets	600,000
Disposal Group, Distribution Rights and Certain Assets [Member]
Proceeds from Sale of Other Productive Assets	4,100,000
Gain (Loss) on Disposition of Assets	$ 500,000