Twin Disc (TWIN) 10-Q 7 Feb 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Dec. 30, 2016	Jan. 30, 2017
Document Information [Line Items]
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)		11,519,133
Document Type	10-Q
Document Period End Date	Dec. 30, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 30, 2016	Jun. 30, 2016
Current assets:
Cash	$ 12,991	$ 18,273
Trade accounts receivable, net	22,727	25,363
Inventories	64,529	66,569
Prepaid expenses	7,182	7,353
Other	7,272	7,477
Total current assets	114,701	125,035
Property, plant and equipment, net	48,590	51,665
Deferred income taxes	28,003	25,870
Goodwill, net	4,999	5,120
Intangible assets, net	2,006	2,164
Other assets	4,123	4,068
Total assets	202,422	213,922
Current liabilities:
Accounts payable	13,865	14,716
Accrued liabilities	20,353	21,415
Total current liabilities	34,218	36,131
Long-term debt	7,782	8,501
Accrued retirement benefits	47,888	48,705
Deferred income taxes	784	827
Other long-term liabilities	2,029	2,705
Total liabilities	92,701	96,869
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	9,609	11,761
Retained earnings	170,054	175,662
Accumulated other comprehensive loss	(46,302)	(44,143)
Equity before treasury stock	133,361	143,280
Less treasury stock, at cost (1,580,335 and 1,749,294 shares, respectively)	24,205	26,790
Total Twin Disc shareholders' equity	109,156	116,490
Noncontrolling interest	565	563
Total equity	109,721	117,053
Total liabilities and equity	$ 202,422	$ 213,922

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	Dec. 30, 2016	Jun. 30, 2016
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)	1,580,335	1,749,294

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 30, 2016	Dec. 25, 2015	Dec. 30, 2016	Dec. 25, 2015
Net sales	$ 33,672	$ 44,829	$ 69,507	$ 82,201
Cost of goods sold	24,723	33,223	51,385	62,406
Gross profit	8,949	11,606	18,122	19,795
Marketing, engineering and administrative expenses	12,560	14,592	25,035	29,833
Restructuring expenses	816	515	1,074	515
Other operating expense (income)		56		(445)
Loss from operations	(4,427)	(3,557)	(7,987)	(10,108)
Interest expense	122	109	175	200
Other expense (income), net	(456)	231	(346)	73
Non-operating income (expense)	(334)	340	(171)	273
Loss before income taxes and noncontrolling interest	(4,093)	(3,897)	(7,816)	(10,381)
Income tax benefit	(1,201)	(1,608)	(2,253)	(3,817)
Net loss	(2,892)	(2,289)	(5,563)	(6,564)
Less: Net earnings attributable to noncontrolling interest, net of tax	(20)	(12)	(45)	(60)
Net loss attributable to Twin Disc	$ (2,912)	$ (2,301)	$ (5,608)	$ (6,624)
Dividends per share (in dollars per share)		$ 0.09		$ 0.18
Loss per share data:
Basic loss per share attributable to Twin Disc common shareholders (in dollars per share)	(0.26)	(0.21)	(0.50)	(0.59)
Diluted loss per share attributable to Twin Disc common shareholders (in dollars per share)	$ (0.26)	$ (0.21)	$ (0.50)	$ (0.59)
Weighted average shares outstanding data:
Basic shares outstanding (in shares)	11,242	11,197	11,231	11,196
Dilutive stock awards (in shares)
Diluted shares outstanding (in shares)	11,242	11,197	11,231	11,196
Comprehensive loss:
Net loss	$ (2,892)	$ (2,289)	$ (5,563)	$ (6,564)
Benefit plan adjustments, net of income taxes of $399, $465, $798 and $891, respectively	750	805	1,422	1,544
Foreign currency translation adjustment	(4,198)	(2,316)	(3,515)	(4,128)
Comprehensive loss	(6,340)	(3,800)	(7,656)	(9,148)
Less: Comprehensive income attributable to noncontrolling interest	(31)	(19)	(112)	(48)
Comprehensive loss attributable to Twin Disc	$ (6,371)	$ (3,819)	$ (7,768)	$ (9,196)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 30, 2016	Dec. 25, 2015	Dec. 30, 2016	Dec. 25, 2015
Benefit plan adjustments, tax	$ 399	$ 465	$ 798	$ 891

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 30, 2016	Dec. 25, 2015
Cash flows from operating activities:
Net loss	$ (5,563)	$ (6,564)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation and amortization	3,680	4,423
Restructuring expenses	174	442
Provision for deferred income taxes	(2,580)	(3,866)
Stock compensation expense and other non-cash changes, net	720	720
Net change in operating assets and liabilities	1,130	396
Net cash used by operating activities	(2,439)	(4,449)
Cash flows from investing activities:
Proceeds from sale of business (see Note L)		3,500
Proceeds from life insurance policy		1,907
Acquisitions of fixed assets	(1,094)	(2,876)
Proceeds from sale of fixed assets	9	80
Other, net	(129)	(271)
Net cash (used) provided by investing activities	(1,214)	2,340
Cash flows from financing activities:
Borrowings under revolving loan agreement	26,948	42,012
Repayments under revolving loan agreement	(27,666)	(38,455)
Proceeds from exercise of stock options		12
Dividends paid to shareholders		(2,041)
Dividends paid to noncontrolling interest	(109)	(192)
Tax shortfall from stock compensation	(153)	(267)
Payments of withholding taxes on stock compensation	(140)	(190)
Net cash (used) provided by financing activities	(1,120)	879
Effect of exchange rate changes on cash	(509)	(1,075)
Net change in cash	(5,282)	(2,305)
Cash:
Beginning of period	18,273	22,936
End of period	$ 12,991	$ 20,631

Note A - Basis of Presenation

Note A - Basis of Presenation	6 Months Ended
	Dec. 30, 2016
Notes to Financial Statements
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 statement 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 June 30, 2016. New Accounting Releases In January 2017, 2017 04) 2 December 15, 2019 2021), In October 2016, 2016 16) December 15, 2017 2019), In August 2016, 2016 15) eight December 15, 2017 2019), In March 2016, 2016 09), December 15, 2016 2018), In February 2016, 2016 02) 12 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, 2015 11) December 15, 2016 2018). In August 2014, 2014 15) December 15, 2016 2017), In May 2014, 2014 09) December 15, 2017 2019).

Note B - Inventories

Note B - Inventories	6 Months Ended
	Dec. 30, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	B. Inventor ies The major classes of inventories were as follows: December 30, 2016 June 30, 2016 Inventories: Finished parts $ 44,398 $ 45,622 Work in process 7,944 8,020 Raw materials 12,187 12,927 $ 64,529 $ 66,569

Note C - Warranty

Note C - Warranty	6 Months Ended
	Dec. 30, 2016
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 for the quarter and two December 30, 2016 December 25, 2015: For the Quarter Ended For the Two Quarters Ended December 30, 2016 December 25, 2015 December 30, 2016 December 25, 2015 Reserve balance, beginning of period $ 3,036 $ 4,220 $ 3,607 $ 5,245 Current period expense 61 402 243 99 Payments or credits to customers (506 ) (540 ) (1,268 ) (1,261 ) Translation (49 ) (33 ) (40 ) (34 ) Reserve balance, end of period $ 2,542 $ 4,049 $ 2,542 $ 4,049 The current portion of the warranty accrual ($2,063 $2,888 December 30, 2016 December 25, 2015, ($479 $1,161 December 30, 2016 December 25, 2015,

Note D - Contingencies

Note D - Contingencies	6 Months Ended
	Dec. 30, 2016
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	6 Months Ended
	Dec. 30, 2016
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 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: For the Quarter Ended For the Two Quarters Ended December 30, 2016 December 25, 2015 December 30, 2016 December 25, 2015 Net sales Manufacturing segment sales $ 29,472 $ 38,518 $ 59,971 $ 67,575 Distribution segment sales 14,291 17,544 29,686 38,268 Inter/Intra segment elimination - manufacturing (8,229 ) (9,401 ) (16,355 ) (17,879 ) Inter/Intra segment elimination – distribution (1,862 ) (1,832 ) (3,795 ) (5,763 ) $ 33,672 $ 44,829 $ 69,507 $ 82,201 Net loss attributable to Twin Disc Manufacturing segment net loss $ (1,459 ) $ (1,317 ) $ (2,879 ) $ (4,164 ) Distribution segment net earnings 496 95 767 648 Corporate and eliminations (1,949 ) (1,079 ) (3,496 ) (3,108 ) $ (2,912 ) $ (2,301 ) $ (5,608 ) $ (6,624 ) December 30, 2016 June 30, 2016 Assets Manufacturing segment assets $ 211,930 $ 221,590 Distribution segment assets 47,613 52,719 Corporate assets and elimination of intercompany assets (57,121 ) (60,387 ) $ 202,422 $ 213,922

Note F - Stock-based Compensati

Note F - Stock-based Compensation	6 Months Ended
	Dec. 30, 2016
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 2017 2016, 109.6 60.5 2017 three June 30, 2019. 164.4. The fiscal 2016 three June 30, 2018. 90.7. There were 181.8 86.4 December 30, 2016 December 25, 2015, $15 December 30, 2016, $30 two December 30, 2016, one two December 25, 2015, December 30, 2016 $13.44. December 30, 2016, $2,360 2017, 2016 2015 December 30, 2016 December 25, 2015 $0. Performance Stock Unit Awards (“PSU”) There were no grants of PSUs during the first 2017 2016. There were 11.4 29.9 December 30, 2016 December 25, 2015, December 30, 2016 $30.16. no December 30, 2016 December 25, 2015, no two December 30, 2016 December 25, 2015, December 30, 2016, $166 2015 December 30, 2016 December 25, 2015 $0. December 30, 2016 June 30, 2016, no 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 3 first 2017 2016, 181.8 95.7 269.6 143.0 December 30, 2016 December 25, 2015, $370 $288 December 30, 2016 December 25, 2015, $696 $643 two December 30, 2016 December 25, 2015, December 30, 2016 December 25, 2015 $587 $681, December 30, 2016, $2,428 three

Note G - Pension and Other Post

Note G - Pension and Other Postretirement Benefit Plans	6 Months Ended
	Dec. 30, 2016
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 For the Quarter Ended For the Two Quarters Ended December 30, 2016 December 25, 2015 December 30, 2016 December 25, 2015 Pension Benefits: Service cost $ 259 $ 128 $ 480 $ 258 Interest cost 1,118 1,225 2,243 2,450 Expected return on plan assets (1,457 ) (1,691 ) (2,899 ) (3,383 ) Amortization of transition obligation 9 8 18 17 Amortization of prior service cost 1 - 2 - Amortization of actuarial net loss 899 898 1,798 1,806 Net periodic benefit cost $ 829 $ 568 $ 1,642 $ 1,148 Postretirement Benefits: Service cost $ 6 $ 7 $ 12 $ 14 Interest cost 122 151 244 302 Amortization of actuarial net loss 182 182 364 364 Net periodic benefit cost $ 310 $ 340 $ 620 $ 680 The Company expects to contribute approximately $1,467 2017. December 30, 2016, $352 The Company has reclassified $750 $399 December 30, 2016. $805 $465 December 25, 2015. $1,422 $798 two December 30, 2016. $1,544 $891 two December 25, 2015.

Note H - Income Taxes

Note H - Income Taxes	6 Months Ended
	Dec. 30, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	H. Income Taxes For the two December 30, 2016 2015, 28.8% 36.8%, $490 4.8%. 2017 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 income in a certain foreign jurisdiction with a history of generating operating losses, the Company has evaluated the realizability of the net deferred tax assets related to this 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 certain consolidated foreign subsidiaries that are considered to be reinvested indefinitely. The Company reaffirms its position that these earnings remain permanently invested. 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 Company has approximately $963 December 30, 2016, December 30, 2016. twelve 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 2016 2012. 2010 2015. 2015. 2017.

Note I - Goodwill and Other Int

Note I - Goodwill and Other Intangibles	6 Months Ended
	Dec. 30, 2016
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	I. Goodwill and Other Intangibles The Company reviews goodwill for impairment on a reporting unit basis annually as of the end of the fiscal year, and whenever events or circumstances (“triggering events”) indicate that the carrying value of goodwill may The fair value of reporting units is primarily driven by projected growth rates and operating results under the income approach using a discounted cash flow model, which applies an appropriate market-participant discount rate, and consideration of other market approach data from guideline public companies. If declining actual operating results or future operating results become indicative that the fair value of the Company’s reporting units has declined below their carrying values, an interim goodwill impairment test may may may may For the quarter ended December 30, 2016, December 30, 2016. As of December 30, 2016, Reporting Unit US Industrial $ 2,449 European Industrial 2,550 Total $ 4,999 The changes in the carrying amount of goodwill, all of which is allocated to the manufacturing segment, for the quarters ended December 30, 2016 Gross Carrying Amount Accumulated Impairment Net Book Value Balance at June 30, 2016 $ 16,392 $ (11,272 ) $ 5,120 Translation adjustment (121 ) - (121 ) Balance at December 30, 2016 $ 16,271 $ (11,272 ) $ 4,999 The gross carrying amount and accumulated amortization of the Company’s intangible assets that have definite useful lives and are subject to amortization as of December 30, 2016 June 30, 2016 December 30, 2016 Gross Carrying Amount Accumulated Amortization Accumulated Impairment Net Book Value Licensing agreements $ 3,015 $ (2,595 ) $ - $ 420 Non-compete agreements 2,128 (2,045 ) (83 ) - Trade name 1,604 (316 ) - 1,288 Other 6,610 (5,315 ) (1,194 ) 101 $ 13,357 $ (10,271 ) $ (1,277 ) $ 1,809 June 30, 2016 Gross Carrying Amount Accumulated Amortization Accumulated Impairment Net Book Value Licensing agreements $ 3,015 $ (2,565 ) $ - $ 450 Non-compete agreements 2,128 (2,045 ) (83 ) - Trade name 1,668 (275 ) - 1,393 Other 6,615 (5,301 ) (1,194 ) 120 $ 13,426 $ (10,186 ) $ (1,277 ) $ 1,963 The weighted average remaining useful life of the intangible assets included in the table above is approximately 14 Intangible amortization expense was $42 $37 December 30, 2016, December 25, 2015, $85 $74 two December 30, 2016, December 25, 2015, 2017 five Fiscal Year 2017 $ 92 2018 173 2019 162 2020 149 2021 145 2022 139 The gross carrying amount of the Company’s intangible assets that have indefinite lives and are not subject to amortization as of December 30, 2016 June 30, 2016 $197 $201,

Note J - Long-term Debt

Note J - Long-term Debt	6 Months Ended
	Dec. 30, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	J. Long-term Debt Long-term debt at December 30, 2016 June 30, 2016 December 30, 2016 June 30, 2016 Revolving loan $ 7,760 $ 8,478 Other 22 23 Subtotal 7,782 8,501 Less: current maturities and short-term borrowings - - Total long-term debt $ 7,782 $ 8,501 The revolving loan agreement as of December 30, 2016 April 22, 2016 December 30, 2016, $24,833, $16,101 December 30, 2016, 2.37%. The Company’s revolving loan agreement approximates fair value at December 30, 2016 June 30, 2016. 2

Note K - Shareholders' Equity

Note K - Shareholders' Equity	6 Months Ended
	Dec. 30, 2016
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 December 30, 2016 two December 30, 2016 December 25, 2015. The following is a reconciliation of the Company’s equity balances for the first two 2017 2016: Twin Disc, Inc. Shareholders’ Equity Accumulated Other Non- Common Retained Comprehensive Treasury Controlling Total Stock Earnings Income (Loss) Stock Interest Equity Balance, June 30, 2016 $ 11,761 $ 175,662 $ (44,143 ) $ (26,790 ) $ 563 $ 117,053 Net (loss) income (5,608 ) 45 (5,563 ) Translation adjustments (3,581 ) 66 (3,515 ) Benefit plan adjustments, net of tax 1,422 1,422 Cash dividends (109 ) (109 ) Compensation expense and tax shortfall 573 573 Shares (acquired) issued, net (2,725 ) 2,585 (140 ) Balance, December 30, 2016 $ 9,609 $ 170,054 $ (46,302 ) $ (24,205 ) $ 565 $ 109,721 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 (6,624 ) 60 (6,564 ) Translation adjustments (4,118 ) (10 ) (4,128 ) Benefit plan adjustments, net of tax 1,544 1,544 Cash dividends (2,041 ) (192 ) (2,233 ) Compensation expense and tax shortfall 376 376 Shares (acquired) issued, net (1,444 ) 1,267 (177 ) Balance, December 25, 2015 $ 11,191 $ 182,142 $ (38,055 ) $ (26,790 ) $ 497 $ 128,985 Reconciliations for the changes in accumulated other comprehensive income (loss), net of tax, by component for the quarters ended September 30, December 30, 2016, September 25, December 25, 2015 Translation Benefit Plan Adjustment Adjustment Balance at June 30, 2016 $ 5,158 $ (49,301 ) Translation adjustment during the quarter 627 - Amounts reclassified from accumulated other comprehensive income - 672 Net current period other comprehensive income 627 672 Balance at September 30, 2016 $ 5,785 $ (48,629 ) Translation adjustment during the quarter (4,208 ) - Amounts reclassified from accumulated other comprehensive income - 750 Net current period other comprehensive (loss) income (4,208 ) 750 Balance at December 30, 2016 $ 1,577 $ (47,879 ) Translation Benefit Plan Adjustment Adjustment Balance at June 30, 2015 $ 6,740 $ (42,221 ) Translation adjustment during the quarter (1,787 ) - Amounts reclassified from accumulated other comprehensive income - 739 Net current period other comprehensive (loss) income (1,787 ) 739 Balance at September 25, 2015 $ 4,953 $ (41,482 ) Translation adjustment during the quarter (2,331 ) - Amounts reclassified from accumulated other comprehensive income - 805 Net current period other comprehensive (loss) income (2,331 ) 805 Balance at December 25, 2015 $ 2,622 $ (40,677 ) Reconciliation for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the quarter and two December 30, 2016 Amount Reclassified Amount Reclassified Quarter Ended Two Quarters Ended December 30, 2016 December 30, 2016 Amortization of benefit plan items Actuarial losses $ 1,139 (a) $ 2,200 (a) Transition asset and prior service benefit 10 (a) 20 (a) Total before tax benefit 1,149 2,220 Tax benefit 399 798 Total reclassification net of tax $ 750 $ 1,422 (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). Reconciliation for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the quarter and two December 25, 2015 Amount Reclassified Amount Reclassified Quarter Ended Two Quarters Ended December 25, 2015 December 25, 2015 Amortization of benefit plan items Actuarial losses $ 1,262 (a) $ 2,418 (a) Transition asset and prior service benefit 8 (a) 17 (a) Total before tax benefit 1,270 2,435 Tax benefit 465 891 Total reclassification net of tax $ 805 $ 1,544 (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	6 Months Ended
	Dec. 30, 2016
Notes to Financial Statements
Restructuring, Impairment, and Other Activities Disclosure [Text Block]	L. Restructuring of Operations In response to challenging global market conditions within the Company’s oil and gas, global pleasure craft and commercial marine markets, the Company undertook a series of restructuring actions starting in late fiscal 2015, 141 June 2015. The restructuring expense for the quarter and for the two December 30, 2016 $816 $1,074, two December 25, 2015 $ 515 $5,156. The Company continues to evaluate restructuring actions as part of its cost reduction efforts and additional charges are expected to be incurred through the end of December 2017. The following is a roll-forward of restructuring activity: Accrued restructuring liability, June 30, 2016 $ 801 Additions during the year 1,074 Payments and adjustments (1,290 ) Accrued restructuring liability, December 30, 2016 $ 585 Other operating expense (income) included in the fiscal 2016 one first $56 second $445.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 30, 2016
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Releases In January 2017, 2017 04) 2 December 15, 2019 2021), In October 2016, 2016 16) December 15, 2017 2019), In August 2016, 2016 15) eight December 15, 2017 2019), In March 2016, 2016 09), December 15, 2016 2018), In February 2016, 2016 02) 12 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, 2015 11) December 15, 2016 2018). In August 2014, 2014 15) December 15, 2016 2017), In May 2014, 2014 09) December 15, 2017 2019).

Note B - Inventories (Tables)

Note B - Inventories (Tables)	6 Months Ended
	Dec. 30, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	December 30, 2016 June 30, 2016 Inventories: Finished parts $ 44,398 $ 45,622 Work in process 7,944 8,020 Raw materials 12,187 12,927 $ 64,529 $ 66,569

Note C - Warranty (Tables)

Note C - Warranty (Tables)	6 Months Ended
	Dec. 30, 2016
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	For the Quarter Ended For the Two Quarters Ended December 30, 2016 December 25, 2015 December 30, 2016 December 25, 2015 Reserve balance, beginning of period $ 3,036 $ 4,220 $ 3,607 $ 5,245 Current period expense 61 402 243 99 Payments or credits to customers (506 ) (540 ) (1,268 ) (1,261 ) Translation (49 ) (33 ) (40 ) (34 ) Reserve balance, end of period $ 2,542 $ 4,049 $ 2,542 $ 4,049

Note E - Business Segments (Tab

Note E - Business Segments (Tables)	6 Months Ended
	Dec. 30, 2016
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	For the Quarter Ended For the Two Quarters Ended December 30, 2016 December 25, 2015 December 30, 2016 December 25, 2015 Net sales Manufacturing segment sales $ 29,472 $ 38,518 $ 59,971 $ 67,575 Distribution segment sales 14,291 17,544 29,686 38,268 Inter/Intra segment elimination - manufacturing (8,229 ) (9,401 ) (16,355 ) (17,879 ) Inter/Intra segment elimination – distribution (1,862 ) (1,832 ) (3,795 ) (5,763 ) $ 33,672 $ 44,829 $ 69,507 $ 82,201 Net loss attributable to Twin Disc Manufacturing segment net loss $ (1,459 ) $ (1,317 ) $ (2,879 ) $ (4,164 ) Distribution segment net earnings 496 95 767 648 Corporate and eliminations (1,949 ) (1,079 ) (3,496 ) (3,108 ) $ (2,912 ) $ (2,301 ) $ (5,608 ) $ (6,624 )
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	December 30, 2016 June 30, 2016 Assets Manufacturing segment assets $ 211,930 $ 221,590 Distribution segment assets 47,613 52,719 Corporate assets and elimination of intercompany assets (57,121 ) (60,387 ) $ 202,422 $ 213,922

Note G - Pension and Other Po23

Note G - Pension and Other Postretirement Benefit Plans (Tables)	6 Months Ended
	Dec. 30, 2016
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	For the Quarter Ended For the Two Quarters Ended December 30, 2016 December 25, 2015 December 30, 2016 December 25, 2015 Pension Benefits: Service cost $ 259 $ 128 $ 480 $ 258 Interest cost 1,118 1,225 2,243 2,450 Expected return on plan assets (1,457 ) (1,691 ) (2,899 ) (3,383 ) Amortization of transition obligation 9 8 18 17 Amortization of prior service cost 1 - 2 - Amortization of actuarial net loss 899 898 1,798 1,806 Net periodic benefit cost $ 829 $ 568 $ 1,642 $ 1,148 Postretirement Benefits: Service cost $ 6 $ 7 $ 12 $ 14 Interest cost 122 151 244 302 Amortization of actuarial net loss 182 182 364 364 Net periodic benefit cost $ 310 $ 340 $ 620 $ 680

Note I - Goodwill and Other I24

Note I - Goodwill and Other Intangibles (Tables)	6 Months Ended
	Dec. 30, 2016
Notes Tables
Schedule of Goodwill Carried in Reporting Units [Table Text Block]	Reporting Unit US Industrial $ 2,449 European Industrial 2,550 Total $ 4,999
Schedule of Goodwill [Table Text Block]	Gross Carrying Amount Accumulated Impairment Net Book Value Balance at June 30, 2016 $ 16,392 $ (11,272 ) $ 5,120 Translation adjustment (121 ) - (121 ) Balance at December 30, 2016 $ 16,271 $ (11,272 ) $ 4,999
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]	December 30, 2016 Gross Carrying Amount Accumulated Amortization Accumulated Impairment Net Book Value Licensing agreements $ 3,015 $ (2,595 ) $ - $ 420 Non-compete agreements 2,128 (2,045 ) (83 ) - Trade name 1,604 (316 ) - 1,288 Other 6,610 (5,315 ) (1,194 ) 101 $ 13,357 $ (10,271 ) $ (1,277 ) $ 1,809 June 30, 2016 Gross Carrying Amount Accumulated Amortization Accumulated Impairment Net Book Value Licensing agreements $ 3,015 $ (2,565 ) $ - $ 450 Non-compete agreements 2,128 (2,045 ) (83 ) - Trade name 1,668 (275 ) - 1,393 Other 6,615 (5,301 ) (1,194 ) 120 $ 13,426 $ (10,186 ) $ (1,277 ) $ 1,963
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Fiscal Year 2017 $ 92 2018 173 2019 162 2020 149 2021 145 2022 139

Note J - Long-term Debt (Tables

Note J - Long-term Debt (Tables)	6 Months Ended
	Dec. 30, 2016
Notes Tables
Schedule of Debt [Table Text Block]	December 30, 2016 June 30, 2016 Revolving loan $ 7,760 $ 8,478 Other 22 23 Subtotal 7,782 8,501 Less: current maturities and short-term borrowings - - Total long-term debt $ 7,782 $ 8,501

Note K - Shareholders' Equity (

Note K - Shareholders' Equity (Tables)	6 Months Ended
	Dec. 30, 2016
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, 2016 $ 11,761 $ 175,662 $ (44,143 ) $ (26,790 ) $ 563 $ 117,053 Net (loss) income (5,608 ) 45 (5,563 ) Translation adjustments (3,581 ) 66 (3,515 ) Benefit plan adjustments, net of tax 1,422 1,422 Cash dividends (109 ) (109 ) Compensation expense and tax shortfall 573 573 Shares (acquired) issued, net (2,725 ) 2,585 (140 ) Balance, December 30, 2016 $ 9,609 $ 170,054 $ (46,302 ) $ (24,205 ) $ 565 $ 109,721 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 (6,624 ) 60 (6,564 ) Translation adjustments (4,118 ) (10 ) (4,128 ) Benefit plan adjustments, net of tax 1,544 1,544 Cash dividends (2,041 ) (192 ) (2,233 ) Compensation expense and tax shortfall 376 376 Shares (acquired) issued, net (1,444 ) 1,267 (177 ) Balance, December 25, 2015 $ 11,191 $ 182,142 $ (38,055 ) $ (26,790 ) $ 497 $ 128,985
Reconciliation For The Changes In Accumulated Other Comprehensive Income Loss Net Of Tax By Component [Table Text Block]	Translation Benefit Plan Adjustment Adjustment Balance at June 30, 2016 $ 5,158 $ (49,301 ) Translation adjustment during the quarter 627 - Amounts reclassified from accumulated other comprehensive income - 672 Net current period other comprehensive income 627 672 Balance at September 30, 2016 $ 5,785 $ (48,629 ) Translation adjustment during the quarter (4,208 ) - Amounts reclassified from accumulated other comprehensive income - 750 Net current period other comprehensive (loss) income (4,208 ) 750 Balance at December 30, 2016 $ 1,577 $ (47,879 ) Translation Benefit Plan Adjustment Adjustment Balance at June 30, 2015 $ 6,740 $ (42,221 ) Translation adjustment during the quarter (1,787 ) - Amounts reclassified from accumulated other comprehensive income - 739 Net current period other comprehensive (loss) income (1,787 ) 739 Balance at September 25, 2015 $ 4,953 $ (41,482 ) Translation adjustment during the quarter (2,331 ) - Amounts reclassified from accumulated other comprehensive income - 805 Net current period other comprehensive (loss) income (2,331 ) 805 Balance at December 25, 2015 $ 2,622 $ (40,677 )
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Amount Reclassified Amount Reclassified Quarter Ended Two Quarters Ended December 30, 2016 December 30, 2016 Amortization of benefit plan items Actuarial losses $ 1,139 (a) $ 2,200 (a) Transition asset and prior service benefit 10 (a) 20 (a) Total before tax benefit 1,149 2,220 Tax benefit 399 798 Total reclassification net of tax $ 750 $ 1,422 Amount Reclassified Amount Reclassified Quarter Ended Two Quarters Ended December 25, 2015 December 25, 2015 Amortization of benefit plan items Actuarial losses $ 1,262 (a) $ 2,418 (a) Transition asset and prior service benefit 8 (a) 17 (a) Total before tax benefit 1,270 2,435 Tax benefit 465 891 Total reclassification net of tax $ 805 $ 1,544

Note L - Restructuring of Ope27

Note L - Restructuring of Operations (Tables)	6 Months Ended
	Dec. 30, 2016
Notes Tables
Restructuring and Related Costs [Table Text Block]	Accrued restructuring liability, June 30, 2016 $ 801 Additions during the year 1,074 Payments and adjustments (1,290 ) Accrued restructuring liability, December 30, 2016 $ 585

Note B - Inventories - Inventor

Note B - Inventories - Inventories (Details) - USD ($) $ in Thousands	Dec. 30, 2016	Jun. 30, 2016
Inventories:
Finished parts	$ 44,398	$ 45,622
Work in process	7,944	8,020
Raw materials	12,187	12,927
Total inventories	$ 64,529	$ 66,569

Note C - Warranty (Details Text

Note C - Warranty (Details Textual) - USD ($) $ in Thousands	Dec. 30, 2016	Dec. 25, 2015
Product Warranty Accrual, Current	$ 2,063	$ 2,888
Product Warranty Accrual, Noncurrent	$ 479	$ 1,161

Note C - Warranty - Warranty (D

Note C - Warranty - Warranty (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 30, 2016	Dec. 25, 2015	Dec. 30, 2016	Dec. 25, 2015
Reserve balance	$ 3,036	$ 4,220	$ 3,607	$ 5,245
Current period expense	61	402	243	99
Payments or credits to customers	(506)	(540)	(1,268)	(1,261)
Translation	(49)	(33)	(40)	(34)
Reserve balance	$ 2,542	$ 4,049	$ 2,542	$ 4,049

Note E - Business Segments (Det

Note E - Business Segments (Details Textual)	6 Months Ended
	Dec. 30, 2016
Number of Reportable Segments	2

Note E - Business Segments - Re

Note E - Business Segments - Revenues by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 30, 2016	Dec. 25, 2015	Dec. 30, 2016	Dec. 25, 2015
Net sales	$ 33,672	$ 44,829	$ 69,507	$ 82,201
Net loss	(2,912)	(2,301)	(5,608)	(6,624)
Corporate, Non-Segment [Member]
Net loss	(1,949)	(1,079)	(3,496)	(3,108)
Manufacturing Segment [Member] | Operating Segments [Member]
Net sales	29,472	38,518	59,971	67,575
Net loss	(1,459)	(1,317)	(2,879)	(4,164)
Manufacturing Segment [Member] | Intersegment Eliminations [Member]
Net sales	(8,229)	(9,401)	(16,355)	(17,879)
Distribution Segment [Member] | Operating Segments [Member]
Net sales	14,291	17,544	29,686	38,268
Net loss	496	95	767	648
Distribution Segment [Member] | Intersegment Eliminations [Member]
Net sales	$ (1,862)	$ (1,832)	$ (3,795)	$ (5,763)

Note E - Business Segments - As

Note E - Business Segments - Assets by Segment (Details) - USD ($) $ in Thousands	Dec. 30, 2016	Jun. 30, 2016
Segment Assets	$ 202,422	$ 213,922
Corporate, Non-Segment [Member]
Segment Assets	(57,121)	(60,387)
Manufacturing Segment [Member] | Operating Segments [Member]
Segment Assets	211,930	221,590
Distribution Segment [Member] | Operating Segments [Member]
Segment Assets	$ 47,613	$ 52,719

Note F - Stock-based Compensa34

Note F - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 30, 2016	Dec. 25, 2015	Dec. 30, 2016	Dec. 25, 2015	Jun. 30, 2016
Performance Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			109,600	60,500
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	164,400		164,400		90,700
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	181,800	86,400	181,800	86,400
Allocated Share-based Compensation Expense	$ 15,000		$ 30,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 13.44		$ 13.44
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 2,360,000		$ 2,360,000
Performance Stock Unit Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	11,400	29,900	11,400	29,900
Allocated Share-based Compensation Expense	$ 0	$ 0	$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 30.16		$ 30.16
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 166,000		$ 166,000
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent	$ 0		$ 0		$ 0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			181,800	95,700
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	269,600	143,000	269,600	143,000
Allocated Share-based Compensation Expense	$ 370,000	$ 288,000	$ 696,000	$ 643,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 2,428,000		2,428,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value			$ 587,000	$ 681,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			3 years
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

Note G - Pension and Other Po35

Note G - Pension and Other Postretirement Benefit Plans (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 30, 2016	Dec. 25, 2015	Dec. 30, 2016	Dec. 25, 2015
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Net of Tax	$ 750	$ 805	$ 1,422	$ 1,544
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Tax	$ 399	$ 465	798	$ 891
Pension Plan [Member]
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year			1,467
Defined Benefit Plan, Contributions by Employer			$ 352

Note G - Pension and Other Po36

Note G - Pension and Other Postretirement Benefit Plans - Pension and Other Postretirement Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 30, 2016	Dec. 25, 2015	Dec. 30, 2016	Dec. 25, 2015
Pension Plan [Member]
Service cost	$ 259	$ 128	$ 480	$ 258
Interest cost	1,118	1,225	2,243	2,450
Expected return on plan assets	(1,457)	(1,691)	(2,899)	(3,383)
Amortization of transition obligation	9	8	18	17
Amortization of prior service cost	1		2
Amortization of actuarial net loss	899	898	1,798	1,806
Net periodic benefit cost	829	568	1,642	1,148
Other Postretirement Benefit Plan [Member]
Service cost	6	7	12	14
Interest cost	122	151	244	302
Amortization of actuarial net loss	182	182	364	364
Net periodic benefit cost	$ 310	$ 340	$ 620	$ 680

Note H - Income Taxes (Details

Note H - Income Taxes (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Dec. 30, 2016	Dec. 25, 2015
Effective Income Tax Rate Reconciliation, Percent	28.80%	36.80%
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount	$ 490
Income Tax Reconciliation Reduction In Effective Tax Rate	4.80%
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 963
Foreign Tax Authority [Member] | Earliest Tax Year [Member]
Open Tax Year	2,011
Foreign Tax Authority [Member] | Latest Tax Year [Member]
Open Tax Year	2,016
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | Wisconsin Department of Revenue [Member]
Open Tax Year	2,010
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | Wisconsin Department of Revenue [Member]
Open Tax Year	2,015

Note I - Goodwill and Other I38

Note I - Goodwill and Other Intangibles (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 30, 2016	Dec. 25, 2015	Dec. 30, 2016	Dec. 25, 2015	Jun. 30, 2016
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			14 years
Amortization of Intangible Assets	$ 42	$ 37	$ 85	$ 74
Indefinite-Lived Intangible Assets (Excluding Goodwill)	$ 197		$ 197		$ 201

Note I - Goodwill and Other I39

Note I - Goodwill and Other Intangibles - Goodwill by Reporting Units (Details) - USD ($) $ in Thousands	Dec. 30, 2016	Jun. 30, 2016
Goodwill	$ 4,999	$ 5,120
Industrial [Member] | UNITED STATES
Goodwill	2,449
Marine and Propulsion Systems [Member] | Europe [Member]
Goodwill	$ 2,550

Note I - Goodwill and Other I40

Note I - Goodwill and Other Intangibles - Goodwill Rollforward (Details) $ in Thousands	6 Months Ended
	Dec. 30, 2016USD ($)
Balance, Gross carrying Amount	$ 16,392
Balance, Accumulated Impairment	(11,272)
Balance, Net Book Value	5,120
Translation Adjustment, Gross carrying Amount	(121)
Balance, Gross carrying Amount	16,271
Balance, Accumulated Impairment	(11,272)
Balance, Net Book Value	$ 4,999

Note I - Goodwill and Other I41

Note I - Goodwill and Other Intangibles - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 30, 2016	Jun. 30, 2016
Gross carrying amount	$ 13,357	$ 13,426
Accumulated amortization	(10,271)	(10,186)
Net book value	1,809	1,963
Accumulated impairment	(1,277)	(1,277)
Licensing Agreements [Member]
Gross carrying amount	3,015	3,015
Accumulated amortization	(2,595)	(2,565)
Net book value	420	450
Noncompete Agreements [Member]
Gross carrying amount	2,128	2,128
Accumulated amortization	(2,045)	(2,045)
Accumulated impairment	(83)	(83)
Trade Names [Member]
Gross carrying amount	1,604	1,668
Accumulated amortization	(316)	(275)
Net book value	1,288	1,393
Other Intangible Assets [Member]
Gross carrying amount	6,610	6,615
Accumulated amortization	(5,315)	(5,301)
Net book value	101	120
Accumulated impairment	$ (1,194)	$ (1,194)

Note I - Goodwill and Other I42

Note I - Goodwill and Other Intangibles - Estimated Intangibles (Details) $ in Thousands	Dec. 30, 2016USD ($)
2,017	$ 92
2,018	173
2,019	162
2,020	149
2,021	145
2,022	$ 139

Note J - Long-term Debt (Detail

Note J - Long-term Debt (Details Textual) - Revolving Loan [Member] - Bank of Montreal [Member] $ in Thousands	Dec. 30, 2016USD ($)
Line of Credit Facility, Current Borrowing Capacity	$ 24,833
Line of Credit Facility, Remaining Borrowing Capacity	$ 16,101
Line of Credit Facility, Interest Rate at Period End	2.37%

Note J - Long-term Debt - Long-

Note J - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 30, 2016	Jun. 30, 2016
Long-term debt	$ 7,782	$ 8,501
Less: current maturities and short-term borrowings
Total long-term debt	7,782	8,501
Revolving Loan [Member]
Long-term debt	7,760	8,478
Other Long-Term Debt [Member]
Long-term debt	$ 22	$ 23

Note K - Shareholders' Equity45

Note K - Shareholders' Equity (Details Textual) shares in Thousands	Dec. 30, 2016shares
Common Stock [Member]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	315

Note K - Stockholders' Equity -

Note K - Stockholders' Equity - Shareholders' Equity Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 30, 2016	Dec. 25, 2015	Dec. 30, 2016	Dec. 25, 2015
Balance			$ 117,053	$ 140,167
Net loss	$ (2,892)	$ (2,289)	(5,563)	(6,564)
Foreign currency translation adjustment	(4,198)	(2,316)	(3,515)	(4,128)
Benefit plan adjustments, net of tax	750	805	1,422	1,544
Cash dividends			(109)	(2,233)
Compensation expense and windfall tax benefits			573	376
Shares (acquired) issued, net			(140)	(177)
Balance	109,721	128,985	109,721	128,985
Common Stock [Member]
Balance			11,761	12,259
Net loss
Foreign currency translation adjustment
Benefit plan adjustments, net of tax
Cash dividends
Compensation expense and windfall tax benefits			573	376
Shares (acquired) issued, net			(2,725)	(1,444)
Balance	9,609	11,191	9,609	11,191
Retained Earnings [Member]
Balance			175,662	190,807
Net loss			(5,608)	(6,624)
Foreign currency translation adjustment
Benefit plan adjustments, net of tax
Cash dividends				(2,041)
Compensation expense and windfall tax benefits
Shares (acquired) issued, net
Balance	170,054	182,142	170,054	182,142
AOCI Attributable to Parent [Member]
Balance			(44,143)	(35,481)
Net loss
Foreign currency translation adjustment			(3,581)	(4,118)
Benefit plan adjustments, net of tax			1,422	1,544
Cash dividends
Compensation expense and windfall tax benefits
Shares (acquired) issued, net
Balance	(46,302)	(38,055)	(46,302)	(38,055)
Treasury Stock [Member]
Balance			(26,790)	(28,057)
Net loss
Foreign currency translation adjustment
Benefit plan adjustments, net of tax
Cash dividends
Compensation expense and windfall tax benefits
Shares (acquired) issued, net			2,585	1,267
Balance	(24,205)	(26,790)	(24,205)	(26,790)
Noncontrolling Interest [Member]
Balance			563	639
Net loss			45	60
Foreign currency translation adjustment			66	(10)
Benefit plan adjustments, net of tax
Cash dividends			(109)	(192)
Compensation expense and windfall tax benefits
Shares (acquired) issued, net
Balance	$ 565	$ 497	$ 565	$ 497

Note K - Stockholders' Equity47

Note K - Stockholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2016	Sep. 30, 2016	Dec. 25, 2015	Sep. 25, 2015
Balance		$ (44,143)
Balance	$ (46,302)
Translation Adjustment [Member]
Balance	5,785	5,158	$ 4,953	$ 6,740
Translation adjustment during the quarter	(4,208)	627	(2,331)	(1,787)
Amounts reclassified from accumulated other comprehensive income
Net current period other comprehensive income	(4,208)	627	(2,331)	(1,787)
Balance	1,577	5,785	2,622	4,953
Benefit Plan Adjustment [Member]
Balance	(48,629)	(49,301)	(41,482)	(42,221)
Translation adjustment during the quarter
Amounts reclassified from accumulated other comprehensive income	750	672	805	739
Net current period other comprehensive income	750	672	805	739
Balance	$ (47,879)	$ (48,629)	$ (40,677)	$ (41,482)

Note K - Stockholders' Equity48

Note K - Stockholders' Equity - Reconciliation for the Reclassifications Out of Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Dec. 30, 2016	Dec. 25, 2015	Dec. 30, 2016	Dec. 25, 2015
Tax benefit		$ (1,201)	$ (1,608)	$ (2,253)	$ (3,817)
Net loss		(2,892)	(2,289)	(5,563)	(6,564)
Benefit Plan Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Actuarial losses	[1]	1,139	1,262	2,200	2,418
Transition asset and prior service benefit	[1]	10	8	20	17
Total before tax benefit		1,149	1,270	2,220	2,435
Tax benefit		399	465	798	891
Net loss		$ 750	$ 805	$ 1,422	$ 1,544
[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 Ope49

Note L - Restructuring of Operations (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended		18 Months Ended
	Dec. 30, 2016USD ($)	Dec. 25, 2015USD ($)	Dec. 30, 2016USD ($)	Dec. 25, 2015USD ($)	Dec. 30, 2016USD ($)
Restructuring and Related Cost, Number of Positions Eliminated					141
Restructuring Charges	$ 816	$ 515	$ 1,074	$ 515	$ 5,156
Other Operating Income (Expense), Net		$ (56)		$ 445

Note L - Restructuring of Ope50

Note L - Restructuring of Operations - Roll-forward of Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		18 Months Ended
	Dec. 30, 2016	Dec. 25, 2015	Dec. 30, 2016	Dec. 25, 2015	Dec. 30, 2016
Accrued restructuring liability, June 30, 2016			$ 801
Additions during the year	$ 816	$ 515	1,074	$ 515	$ 5,156
Payments and adjustments			(1,290)
Accrued restructuring liability, December 30, 2016	$ 585		$ 585		$ 585