Twin Disc (TWIN) 10-Q 10 May 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2017	May 01, 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	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Current assets:
Cash	$ 14,940	$ 18,273
Trade accounts receivable, net	26,915	25,363
Inventories	66,856	66,569
Prepaid expenses	7,987	7,353
Other	8,123	7,477
Total current assets	124,821	125,035
Property, plant and equipment, net	47,679	51,665
Deferred income taxes	28,446	25,870
Goodwill, net	2,442	5,120
Intangible assets, net	1,963	2,164
Other assets	4,385	4,068
Total assets	209,736	213,922
Current liabilities:
Accounts payable	19,747	14,716
Accrued liabilities	20,785	21,415
Total current liabilities	40,532	36,131
Long-term debt	8,977	8,501
Accrued retirement benefits	47,393	48,705
Deferred income taxes	765	827
Other long-term liabilities	1,903	2,705
Total liabilities	99,570	96,869
Commitments and contingencies (Note D)
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	10,040	11,761
Retained earnings	168,206	175,662
Accumulated other comprehensive loss	(44,478)	(44,143)
Equity before treasury stock	133,768	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	109,563	116,490
Noncontrolling interest	603	563
Total equity	110,166	117,053
Total liabilities and equity	$ 209,736	$ 213,922

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	Mar. 31, 2017	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 ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 25, 2016	Mar. 31, 2017	Mar. 25, 2016
Net sales	$ 45,084	$ 41,434	$ 114,591	$ 123,635
Cost of goods sold	31,790	31,816	83,175	94,222
Gross profit	13,294	9,618	31,416	29,413
Marketing, engineering and administrative expenses	13,737	14,072	38,772	43,905
Restructuring expenses	293	272	1,367	787
Impairment charge	2,637		2,637
Other operating (income)				(445)
Loss from operations	(3,373)	(4,726)	(11,360)	(14,834)
Interest expense	61	156	236	356
Other (income) expense, net	(67)	187	(414)	260
Non-operating income (expense)	(6)	343	(178)	616
Loss before income taxes and noncontrolling interest	(3,367)	(5,069)	(11,182)	(15,450)
Income tax benefit	(1,639)	(4,138)	(3,892)	(7,955)
Net loss	(1,728)	(931)	(7,290)	(7,495)
Less: Net earnings attributable to noncontrolling interest, net of tax	(121)	(32)	(166)	(91)
Net loss attributable to Twin Disc	$ (1,849)	$ (963)	$ (7,456)	$ (7,586)
Dividends per share (in dollars per share)				$ 0.18
Loss per share data:
Basic loss per share attributable to Twin Disc common shareholders (in dollars per share)	(0.16)	(0.09)	(0.66)	(0.68)
Diluted loss per share attributable to Twin Disc common shareholders (in dollars per share)	$ (0.16)	$ (0.09)	$ (0.66)	$ (0.68)
Weighted average shares outstanding data:
Basic shares outstanding (in shares)	11,250	11,207	11,236	11,201
Dilutive stock awards (in shares)
Diluted shares outstanding (in shares)	11,250	11,207	11,236	11,201
Comprehensive income (loss):
Net loss	$ (1,728)	$ (931)	$ (7,290)	$ (7,495)
Benefit plan adjustments, net of income taxes of $398, $243, $1,196 and $1,134, respectively	682	671	2,104	2,215
Foreign currency translation adjustment	1,059	1,941	(2,456)	(2,189)
Comprehensive income (loss)	13	1,681	(7,642)	(7,469)
Less: Comprehensive income attributable to noncontrolling interest	(38)	(33)	(149)	(81)
Comprehensive (loss) income attributable to Twin Disc	$ (25)	$ 1,648	$ (7,791)	$ (7,550)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 25, 2016	Mar. 31, 2017	Mar. 25, 2016
Benefit plan adjustments, tax	$ 398	$ 243	$ 1,196	$ 1,134

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2017	Mar. 25, 2016
Cash flows from operating activities:
Net loss	$ (7,290)	$ (7,495)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation and amortization	5,368	6,636
Restructuring expenses	129	276
Impairment charge	2,637
Provision for deferred income taxes	(3,640)	(9,180)
Stock compensation expense and other non-cash changes, net	1,163	1,049
Net change in operating assets and liabilities	791	3,379
Net cash used by operating activities	(842)	(5,335)
Cash flows from investing activities:
Proceeds from sale of business		3,500
Proceeds from life insurance policy		2,002
Acquisitions of fixed assets	(1,869)	(3,554)
Proceeds from sale of fixed assets	11	93
Other, net	(129)	(270)
Net cash (used) provided by investing activities	(1,987)	1,771
Cash flows from financing activities:
Borrowings under revolving loan agreement	38,793	60,187
Repayments under revolving loan agreement	(38,316)	(62,191)
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		(267)
Payments of withholding taxes on stock compensation	(140)	(190)
Net cash provided (used) by financing activities	228	(4,682)
Effect of exchange rate changes on cash	(732)	(1,290)
Net change in cash	(3,333)	(9,536)
Cash:
Beginning of period	18,273	22,936
End of period	$ 14,940	$ 13,400

Note A - Basis of Presentation

Note A - Basis of Presentation	9 Months Ended
	Mar. 31, 2017
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 March 2017, 2017 07) December 15, 2017, 2019), In January 2017, 2017 04) 2 December 15, 2019 2021), third 2017 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) first 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	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	B. Inventor ies The major classes of inventories were as follows: March 31, 2017 June 30, 2016 Inventories: Finished parts $ 45,854 $ 45,622 Work in process 9,339 8,020 Raw materials 11,663 12,927 $ 66,856 $ 66,569

Note C - Warranty

Note C - Warranty	9 Months Ended
	Mar. 31, 2017
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 three March 31, 2017 March 25, 2016: For the Quarter Ended For the Three Quarters Ended March 31, 2017 March 25, 2016 March 31, 2017 March 25, 2016 Reserve balance, beginning of period $ 2,542 $ 4,049 $ 3,607 $ 5,245 Current period expense and adjustments (189 ) 153 54 252 Payments or credits to customers (456 ) (386 ) (1,724 ) (1,648 ) Translation 5 26 (35 ) (7 ) Reserve balance, end of period $ 1,902 $ 3,842 $ 1,902 $ 3,842 The current portion of the warranty accrual ($1,507 $2,754 March 31, 2017 March 25, 2016, ($395 $1,088 March 31, 2017 March 25, 2016,

Note D - Contingencies

Note D - Contingencies	9 Months Ended
	Mar. 31, 2017
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	9 Months Ended
	Mar. 31, 2017
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 Three Quarters Ended March 31, 2017 March 25, 2016 March 31, 2017 March 25, 2016 Net sales Manufacturing segment sales $ 39,793 $ 35,860 $ 99,764 $ 103,435 Distribution segment sales 17,596 18,572 47,282 56,840 Inter/Intra segment elimination – manufacturing (9,427 ) (10,155 ) (25,782 ) (28,034 ) Inter/Intra segment elimination – distribution (2,878 ) (2,843 ) (6,673 ) (8,606 ) $ 45,084 $ 41,434 $ 114,591 $ 123,635 Net loss attributable to Twin Disc Manufacturing segment net loss $ (213 ) $ (758 ) $ (3,092 ) $ (4,922 ) Distribution segment net earnings 679 (329 ) 1,446 319 Corporate and eliminations (2,315 ) 124 (5,810 ) (2,983 ) $ (1,849 ) $ (963 ) $ (7,456 ) $ (7,586 ) Assets March 31, 2017 June 30, 2016 Manufacturing segment assets $ 217,379 $ 221,590 Distribution segment assets 51,022 52,719 Corporate assets and elimination of intercompany assets (58,665 ) (60,387 ) $ 209,736 $ 213,922

Note F - Stock-based Compensati

Note F - Stock-based Compensation	9 Months Ended
	Mar. 31, 2017
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 nine 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 March 31, 2017 March 25, 2016, $15 March 31, 2017, $45 three March 31, 2017, $40 one three March 25, 2016, March 31, 2017 $13.44. March 31, 2017, $2,345 2017, 2016 2015 March 31, 2017 March 25, 2016 $0 Performance Stock Unit Awards (“PSU”) There were no grants of PSUs during the first nine 2017 2016. There were 11.4 29.9 March 31, 2017 March 25, 2016, March 31, 2017 $30.16. March 31, 2017 March 25, 2016, no three March 31, 2017 March 25, 2016, March 31, 2017, $226 2015 March 31, 2017 March 25, 2016 $0 March 31, 2017 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 nine 2017 2016, 181.8 95.7 269.6 143.0 March 31, 2017 March 25, 2016, $430 $299 March 31, 2017 March 25, 2016, $1,126 $942 three March 31, 2017 March 25, 2016, March 31, 2017 March 25, 2016 $587 $681, March 31, 2017, $1,999 three

Note G - Pension and Other Post

Note G - Pension and Other Postretirement Benefit Plans	9 Months Ended
	Mar. 31, 2017
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 Three Quarters Ended March 31, 2017 March 25, 2016 March 31, 2017 March 25, 2016 Pension Benefits: Service cost $ 238 $ 128 $ 718 $ 386 Interest cost 1,130 1,225 3,373 3,675 Expected return on plan assets (1,537 ) (1,691 ) (4,436 ) (5,074 ) Amortization of transition obligation 8 8 26 25 Amortization of prior service cost 1 - 3 - Amortization of actuarial net loss 900 897 2,698 2,703 Net periodic benefit cost $ 740 $ 567 $ 2,382 $ 1,715 Postretirement Benefits: Service cost $ 6 $ 7 $ 19 $ 21 Interest cost 123 151 367 453 Amortization of actuarial net loss 181 182 545 546 Net periodic benefit cost $ 310 $ 340 $ 931 $ 1,020 The Company expects to contribute approximately $1,467 2017. March 31, 2017, $1,165 The Company has reclassified $682 $398 March 31, 2017, $671 $243 March 25, 2016. $2,104 $1,196 three March 31, 2017, $2,215 $1,134 three March 25, 2016.

Note H - Income Taxes

Note H - Income Taxes	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	H. Income Taxes For the three March 31, 2017 March 25, 2016, 34.8% 51.5%, 2016 $2,400 12.7%. 2016, 2016 2017 3.4%. 2017, 2.5%. 2017 $100 1.3%. 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 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. However, it is reasonably possible that this entity may may 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. 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 $987 March 31, 2017, March 31, 2017. 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 2012 2016. 2017.

Note I - Goodwill and Other Int

Note I - Goodwill and Other Intangibles	9 Months Ended
	Mar. 31, 2017
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 Goodwill was reviewed for the following reporting units: European Industrial US Industrial 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 March 31, 2017, March 31, 2017. March 31, 2017. In accordance with ASC 350 2017 05, 13.1%, $2,550 As of March 31, 2017, $2,442 June 30, 2017. The changes in the carrying amount of goodwill, all of which is allocated to the manufacturing segment, for the three March 31, 2017 Gross Carrying Amount Accumulate d Impairment Net Book Value Balance at June 30, 2016 $ 16,392 $ (11,272 ) $ 5,120 Impairment - (2,550 ) (2,550 ) Translation adjustment (128 ) - (128 ) Balance at March 31, 2017 $ 16,264 $ (13,822 ) $ 2,442 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 March 31, 2017 June 30, 2016 March 31, 2017 Gross Carrying Amount Accumulated Amortization Accumulated Impairment Net Book Value Licensing agreements $ 3,015 $ (2,610 ) $ - $ 405 Non-compete agreements 2,128 (2,045 ) (83 ) - Trade name 1,601 (336 ) - 1,265 Other 6,610 (5,322 ) (1,194 ) 94 $ 13,354 $ (10,313 ) $ (1,277 ) $ 1,764 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 13 Intangible amortization expense was $41 $40 March 31, 2017, March 25, 2016, $126 $114 three March 31, 2017, March 25, 2016, 2017 five Fiscal Year 2017 $ 51 2018 173 2019 162 2020 149 2021 145 2022 138 The gross carrying amount of the Company’s intangible assets that have indefinite lives and are not subject to amortization as of March 31, 2017 June 30, 2016 $199 $201,

Note J - Long-term Debt

Note J - Long-term Debt	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	J. Long-term Debt Long-term debt at March 31, 2017 June 30, 2016 March 31, 2017 June 30, 2016 Revolving loan $ 8,955 $ 8,478 Other 22 23 Subtotal 8,977 8,501 Less: current maturities and short-term borrowings - - Total long-term debt $ 8,977 $ 8,501 The revolving loan agreement as of March 31, 2017 April 22, 2016 March 31, 2017, $25,635, $15,738 March 31, 2017, 2.53%. The Company’s revolving loan agreement approximates fair value at March 31, 2017 June 30, 2016. 2

Note K - Shareholders' Equity

Note K - Shareholders' Equity	9 Months Ended
	Mar. 31, 2017
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 March 31, 2017 not three March 31, 2017 March 25, 2016. The following is a reconciliation of the Company’s equity balances for the first three 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 (7,456 ) 166 (7,290 ) Translation adjustments (2,439 ) (17 ) (2,456 ) Benefit plan adjustments, net of tax 2,104 2,104 Cash dividends (109 ) (109 ) Compensation expense and tax shortfall 1,004 1,004 Shares (acquired) issued, net (2,725 ) 2,585 (140 ) Balance, March 31, 2017 $ 10,040 $ 168,206 $ (44,478 ) $ (24,205 ) $ 603 $ 110,166 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 (7,586 ) 91 (7,495 ) Translation adjustments (2,179 ) (10 ) (2,189 ) Benefit plan adjustments, net of tax 2,215 2,215 Cash dividends (2,041 ) (192 ) (2,233 ) Compensation expense and tax shortfall 715 715 Shares (acquired) issued, net (1,444 ) 1,267 (177 ) Balance, March 25, 2016 $ 11,530 $ 181,180 $ (35,445 ) $ (26,790 ) $ 528 $ 131,003 Reconciliations for the changes in accumulated other comprehensive income (loss), net of tax, by component for the quarters ended September 30, 2016, December 30, 2016, March 31, 2017, September 25, 2015, December 25, 2015, March 25, 2016 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 adjustment during the quarter 1,142 - Amounts reclassified from accumulated other comprehensive income - 682 Net current period other comprehensive income 1,142 682 Balance at March 31, 2017 $ 2,719 $ (47,197 ) 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 ) Translation adjustment during the quarter 1,939 - Amounts reclassified from accumulated other comprehensive income - 671 Net current period other comprehensive income 1,939 671 Balance at March 25, 2016 $ 4,561 $ (40,006 ) Reconciliation for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the quarter and three March 31, 2017 Amount Reclassified Amount Reclassified Quarter Ended Three Quarters Ended March 31, 2017 March 31, 2017 Amortization of benefit plan items Actuarial losses $ 1,071 (a) $ 3,271 (a) Transition asset and prior service benefit 9 (a) 29 (a) Total before tax benefit 1,080 3,300 Tax benefit 398 1,196 Total reclassification net of tax $ 682 $ 2,104 (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 three March 25, 2016 Amount Reclassified Amount Reclassified Quarter Ended Three Quarters Ended March 25, 2016 March 25, 2016 Amortization of benefit plan items Actuarial losses $ 906 (a) $ 3,324 (a) Transition asset and prior service benefit 8 (a) 25 (a) Total before tax benefit 914 3,349 Tax benefit 243 1,134 Total reclassification net of tax $ 671 $ 2,215 (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	9 Months Ended
	Mar. 31, 2017
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, In March 2017, $87 During the quarter, restructuring activities initiated in prior quarters continued. Such activities primarily involved the reduction of its workforce in its U.S., Belgian, and Italian manufacturing operations under a combination of voluntary and involuntary separation programs. These actions resulted in the elimination of 156 June 2015. The restructuring expense for the quarter and for the three March 31, 2017 $293 $1,367, three March 25, 2016 $272 $787, $5,451. 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 1,367 Payments and adjustments (1,629 ) Accrued restructuring liability, March 31, 2017 $ 539 Other operating income included in the fiscal 2016 one

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Releases In March 2017, 2017 07) December 15, 2017, 2019), In January 2017, 2017 04) 2 December 15, 2019 2021), third 2017 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) first 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)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, 2017 June 30, 2016 Inventories: Finished parts $ 45,854 $ 45,622 Work in process 9,339 8,020 Raw materials 11,663 12,927 $ 66,856 $ 66,569

Note C - Warranty (Tables)

Note C - Warranty (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	For the Quarter Ended For the Three Quarters Ended March 31, 2017 March 25, 2016 March 31, 2017 March 25, 2016 Reserve balance, beginning of period $ 2,542 $ 4,049 $ 3,607 $ 5,245 Current period expense and adjustments (189 ) 153 54 252 Payments or credits to customers (456 ) (386 ) (1,724 ) (1,648 ) Translation 5 26 (35 ) (7 ) Reserve balance, end of period $ 1,902 $ 3,842 $ 1,902 $ 3,842

Note E - Business Segments (Tab

Note E - Business Segments (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	For the Quarter Ended For the Three Quarters Ended March 31, 2017 March 25, 2016 March 31, 2017 March 25, 2016 Net sales Manufacturing segment sales $ 39,793 $ 35,860 $ 99,764 $ 103,435 Distribution segment sales 17,596 18,572 47,282 56,840 Inter/Intra segment elimination – manufacturing (9,427 ) (10,155 ) (25,782 ) (28,034 ) Inter/Intra segment elimination – distribution (2,878 ) (2,843 ) (6,673 ) (8,606 ) $ 45,084 $ 41,434 $ 114,591 $ 123,635 Net loss attributable to Twin Disc Manufacturing segment net loss $ (213 ) $ (758 ) $ (3,092 ) $ (4,922 ) Distribution segment net earnings 679 (329 ) 1,446 319 Corporate and eliminations (2,315 ) 124 (5,810 ) (2,983 ) $ (1,849 ) $ (963 ) $ (7,456 ) $ (7,586 )
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	Assets March 31, 2017 June 30, 2016 Manufacturing segment assets $ 217,379 $ 221,590 Distribution segment assets 51,022 52,719 Corporate assets and elimination of intercompany assets (58,665 ) (60,387 ) $ 209,736 $ 213,922

Note G - Pension and Other Po23

Note G - Pension and Other Postretirement Benefit Plans (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	For the Quarter Ended For the Three Quarters Ended March 31, 2017 March 25, 2016 March 31, 2017 March 25, 2016 Pension Benefits: Service cost $ 238 $ 128 $ 718 $ 386 Interest cost 1,130 1,225 3,373 3,675 Expected return on plan assets (1,537 ) (1,691 ) (4,436 ) (5,074 ) Amortization of transition obligation 8 8 26 25 Amortization of prior service cost 1 - 3 - Amortization of actuarial net loss 900 897 2,698 2,703 Net periodic benefit cost $ 740 $ 567 $ 2,382 $ 1,715 Postretirement Benefits: Service cost $ 6 $ 7 $ 19 $ 21 Interest cost 123 151 367 453 Amortization of actuarial net loss 181 182 545 546 Net periodic benefit cost $ 310 $ 340 $ 931 $ 1,020

Note I - Goodwill and Other I24

Note I - Goodwill and Other Intangibles (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Goodwill [Table Text Block]	Gross Carrying Amount Accumulate d Impairment Net Book Value Balance at June 30, 2016 $ 16,392 $ (11,272 ) $ 5,120 Impairment - (2,550 ) (2,550 ) Translation adjustment (128 ) - (128 ) Balance at March 31, 2017 $ 16,264 $ (13,822 ) $ 2,442
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]	March 31, 2017 Gross Carrying Amount Accumulated Amortization Accumulated Impairment Net Book Value Licensing agreements $ 3,015 $ (2,610 ) $ - $ 405 Non-compete agreements 2,128 (2,045 ) (83 ) - Trade name 1,601 (336 ) - 1,265 Other 6,610 (5,322 ) (1,194 ) 94 $ 13,354 $ (10,313 ) $ (1,277 ) $ 1,764 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 $ 51 2018 173 2019 162 2020 149 2021 145 2022 138

Note J - Long-term Debt (Tables

Note J - Long-term Debt (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Debt [Table Text Block]	March 31, 2017 June 30, 2016 Revolving loan $ 8,955 $ 8,478 Other 22 23 Subtotal 8,977 8,501 Less: current maturities and short-term borrowings - - Total long-term debt $ 8,977 $ 8,501

Note K - Shareholders' Equity (

Note K - Shareholders' Equity (Tables)	9 Months Ended
	Mar. 31, 2017
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 (7,456 ) 166 (7,290 ) Translation adjustments (2,439 ) (17 ) (2,456 ) Benefit plan adjustments, net of tax 2,104 2,104 Cash dividends (109 ) (109 ) Compensation expense and tax shortfall 1,004 1,004 Shares (acquired) issued, net (2,725 ) 2,585 (140 ) Balance, March 31, 2017 $ 10,040 $ 168,206 $ (44,478 ) $ (24,205 ) $ 603 $ 110,166 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 (7,586 ) 91 (7,495 ) Translation adjustments (2,179 ) (10 ) (2,189 ) Benefit plan adjustments, net of tax 2,215 2,215 Cash dividends (2,041 ) (192 ) (2,233 ) Compensation expense and tax shortfall 715 715 Shares (acquired) issued, net (1,444 ) 1,267 (177 ) Balance, March 25, 2016 $ 11,530 $ 181,180 $ (35,445 ) $ (26,790 ) $ 528 $ 131,003
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 adjustment during the quarter 1,142 - Amounts reclassified from accumulated other comprehensive income - 682 Net current period other comprehensive income 1,142 682 Balance at March 31, 2017 $ 2,719 $ (47,197 ) 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 ) Translation adjustment during the quarter 1,939 - Amounts reclassified from accumulated other comprehensive income - 671 Net current period other comprehensive income 1,939 671 Balance at March 25, 2016 $ 4,561 $ (40,006 )
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Amount Reclassified Amount Reclassified Quarter Ended Three Quarters Ended March 31, 2017 March 31, 2017 Amortization of benefit plan items Actuarial losses $ 1,071 (a) $ 3,271 (a) Transition asset and prior service benefit 9 (a) 29 (a) Total before tax benefit 1,080 3,300 Tax benefit 398 1,196 Total reclassification net of tax $ 682 $ 2,104 Amount Reclassified Amount Reclassified Quarter Ended Three Quarters Ended March 25, 2016 March 25, 2016 Amortization of benefit plan items Actuarial losses $ 906 (a) $ 3,324 (a) Transition asset and prior service benefit 8 (a) 25 (a) Total before tax benefit 914 3,349 Tax benefit 243 1,134 Total reclassification net of tax $ 671 $ 2,215

Note L - Restructuring of Ope27

Note L - Restructuring of Operations (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Restructuring and Related Costs [Table Text Block]	Accrued restructuring liability, June 30, 2016 $ 801 Additions during the year 1,367 Payments and adjustments (1,629 ) Accrued restructuring liability, March 31, 2017 $ 539

Note B - Inventories - Inventor

Note B - Inventories - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Inventories:
Finished parts	$ 45,854	$ 45,622
Work in process	9,339	8,020
Raw materials	11,663	12,927
Total inventories	$ 66,856	$ 66,569

Note C - Warranty (Details Text

Note C - Warranty (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 25, 2016
Product Warranty Accrual, Current	$ 1,507	$ 2,754
Product Warranty Accrual, Noncurrent	$ 395	$ 1,088

Note C - Warranty - Warranty (D

Note C - Warranty - Warranty (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 25, 2016	Mar. 31, 2017	Mar. 25, 2016
Reserve balance	$ 2,542	$ 4,049	$ 3,607	$ 5,245
Current period expense and adjustments	(189)	153	54	252
Payments or credits to customers	(456)	(386)	(1,724)	(1,648)
Translation	5	26	(35)	(7)
Reserve balance	$ 1,902	$ 3,842	$ 1,902	$ 3,842

Note E - Business Segments (Det

Note E - Business Segments (Details Textual)	9 Months Ended
	Mar. 31, 2017
Number of Reportable Segments	2

Note E - Business Segments - Re

Note E - Business Segments - Revenues by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 25, 2016	Mar. 31, 2017	Mar. 25, 2016
Net sales	$ 45,084	$ 41,434	$ 114,591	$ 123,635
Net loss	(1,849)	(963)	(7,456)	(7,586)
Corporate, Non-Segment [Member]
Net loss	(2,315)	124	(5,810)	(2,983)
Manufacturing Segment [Member] | Operating Segments [Member]
Net sales	39,793	35,860	99,764	103,435
Net loss	(213)	(758)	(3,092)	(4,922)
Manufacturing Segment [Member] | Intersegment Eliminations [Member]
Net sales	(9,427)	(10,155)	(25,782)	(28,034)
Distribution Segment [Member] | Operating Segments [Member]
Net sales	17,596	18,572	47,282	56,840
Net loss	679	(329)	1,446	319
Distribution Segment [Member] | Intersegment Eliminations [Member]
Net sales	$ (2,878)	$ (2,843)	$ (6,673)	$ (8,606)

Note E - Business Segments - As

Note E - Business Segments - Assets by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Segment Assets	$ 209,736	$ 213,922
Corporate, Non-Segment [Member]
Segment Assets	(58,665)	(60,387)
Manufacturing Segment [Member] | Operating Segments [Member]
Segment Assets	217,379	221,590
Distribution Segment [Member] | Operating Segments [Member]
Segment Assets	$ 51,022	$ 52,719

Note F - Stock-based Compensa34

Note F - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 25, 2016	Mar. 31, 2017	Mar. 25, 2016	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	$ 40,000	$ 45,000	$ 40,000
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	$ 2,345,000		$ 2,345,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value			$ 0	$ 0
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	$ 226,000		$ 226,000
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 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	$ 430,000	$ 299,000	$ 1,126,000	$ 942,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 1,999,000		1,999,000
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		9 Months Ended
	Mar. 31, 2017	Mar. 25, 2016	Mar. 31, 2017	Mar. 25, 2016
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax	$ 682	$ 671	$ 2,104	$ 2,215
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax	398	$ 243	1,196	$ 1,134
Pension Plan [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 1,467		1,467
Defined Benefit Plan, Plan Assets, Contributions by Employer			$ 1,165

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		9 Months Ended
	Mar. 31, 2017	Mar. 25, 2016	Mar. 31, 2017	Mar. 25, 2016
Pension Plan [Member]
Service cost	$ 238	$ 128	$ 718	$ 386
Interest cost	1,130	1,225	3,373	3,675
Expected return on plan assets	(1,537)	(1,691)	(4,436)	(5,074)
Amortization of transition obligation	8	8	26	25
Amortization of prior service cost	1		3
Amortization of actuarial net loss	900	897	2,698	2,703
Net periodic benefit cost	740	567	2,382	1,715
Other Postretirement Benefits Plan [Member]
Service cost	6	7	19	21
Interest cost	123	151	367	453
Amortization of actuarial net loss	181	182	545	546
Net periodic benefit cost	$ 310	$ 340	$ 931	$ 1,020

Note H - Income Taxes (Details

Note H - Income Taxes (Details Textual) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 25, 2016	Jun. 30, 2016
Effective Income Tax Rate Reconciliation, Percent	34.80%	51.50%
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount			$ (2,400)
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent			12.70%
Income Tax Reconciliation Reduction In Effective Tax Rate	3.40%
Effective Income Tax Rate Reconciliation, Goodwill Impairment, Percent	2.50%
Effective Income Tax Rate Reconciliation, Mix of Earnings by Jurisdiction, Amount	$ 100
Effective Income Tax Rate Reconciliation, Mix of Earnings by Jurisdiction, Percent	1.30%
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 987
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		9 Months Ended
	Mar. 31, 2017	Mar. 25, 2016	Mar. 31, 2017	Mar. 25, 2016	Jun. 30, 2016
Goodwill, Impairment Loss	$ 2,550		$ 2,550
Goodwill	2,442		$ 2,442		$ 5,120
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			13 years
Amortization of Intangible Assets	41	$ 40	$ 126	$ 114
Indefinite-Lived Intangible Assets (Excluding Goodwill)	199		199		$ 201
European Industrial [Member]
Goodwill	$ 2,442		$ 2,442
Goodwill [Member]
Fair Value Inputs, Discount Rate	13.10%

Note I - Goodwill and Other I39

Note I - Goodwill and Other Intangibles - Goodwill Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2017
Balance, Gross carrying Amount		$ 16,392
Balance, Accumulated Impairment		(11,272)
Balance, Net Book Value		5,120
Impairment	$ (2,550)	(2,550)
Translation Adjustment, Gross carrying Amount		(128)
Translation adjustment, Net Book Value		(128)
Balance, Gross carrying Amount	16,264	16,264
Balance, Accumulated Impairment	(13,822)	(13,822)
Balance, Net Book Value	$ 2,442	$ 2,442

Note I - Goodwill and Other I40

Note I - Goodwill and Other Intangibles - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Gross carrying amount	$ 13,354	$ 13,426
Accumulated amortization	(10,313)	(10,186)
Accumulated impairment	(1,277)	(1,277)
Net book value	1,764	1,963
Licensing Agreements [Member]
Gross carrying amount	3,015	3,015
Accumulated amortization	(2,610)	(2,565)
Accumulated impairment
Net book value	405	450
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	1,601	1,668
Accumulated amortization	(336)	(275)
Accumulated impairment
Net book value	1,265	1,393
Other Intangible Assets [Member]
Gross carrying amount	6,610	6,615
Accumulated amortization	(5,322)	(5,301)
Accumulated impairment	(1,194)	(1,194)
Net book value	$ 94	$ 120

Note I - Goodwill and Other I41

Note I - Goodwill and Other Intangibles - Estimated Intangibles (Details) $ in Thousands	Mar. 31, 2017USD ($)
2,017	$ 51
2,018	173
2,019	162
2,020	149
2,021	145
2,022	$ 138

Note J - Long-term Debt (Detail

Note J - Long-term Debt (Details Textual) - Revolving Loan [Member] - Bank of Montreal [Member] $ in Thousands	Mar. 31, 2017USD ($)
Line of Credit Facility, Current Borrowing Capacity	$ 25,635
Line of Credit Facility, Remaining Borrowing Capacity	$ 15,738
Line of Credit Facility, Interest Rate at Period End	2.53%

Note J - Long-term Debt - Long-

Note J - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Long-term debt	$ 8,977	$ 8,501
Less: current maturities and short-term borrowings
Total long-term debt	8,977	8,501
Revolving Loan [Member]
Long-term debt	8,955	8,478
Other Long-Term Debt [Member]
Long-term debt	$ 22	$ 23

Note K - Shareholders' Equity44

Note K - Shareholders' Equity (Details Textual) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 25, 2016	Mar. 31, 2017	Mar. 25, 2016
Treasury Stock, Shares, Acquired	0	0	0	0
Common Stock [Member]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	315		315

Note K - Shareholders' Equity -

Note K - Shareholders' Equity - Shareholders' Equity Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 25, 2016	Mar. 31, 2017	Mar. 25, 2016
Balance			$ 117,053	$ 140,167
Net loss	$ (1,728)	$ (931)	(7,290)	(7,495)
Foreign currency translation adjustment	1,059	1,941	(2,456)	(2,189)
Benefit plan adjustments, net of tax	682	671	2,104	2,215
Cash dividends			(109)	(2,233)
Compensation expense and windfall tax benefits			1,004	715
Shares (acquired) issued, net			(140)	(177)
Balance	110,166	131,003	110,166	131,003
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			1,004	715
Shares (acquired) issued, net			(2,725)	(1,444)
Balance	10,040	11,530	10,040	11,530
Retained Earnings [Member]
Balance			175,662	190,807
Net loss			(7,456)	(7,586)
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	168,206	181,180	168,206	181,180
AOCI Attributable to Parent [Member]
Balance			(44,143)	(35,481)
Net loss
Foreign currency translation adjustment			(2,439)	(2,179)
Benefit plan adjustments, net of tax			2,104	2,215
Cash dividends
Compensation expense and windfall tax benefits
Shares (acquired) issued, net
Balance	(44,478)	(35,445)	(44,478)	(35,445)
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			166	91
Foreign currency translation adjustment			(17)	(10)
Benefit plan adjustments, net of tax
Cash dividends			(109)	(192)
Compensation expense and windfall tax benefits
Shares (acquired) issued, net
Balance	$ 603	$ 528	$ 603	$ 528

Note K - Stockholders' Equity -

Note K - Stockholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 30, 2016	Sep. 30, 2016	Mar. 25, 2016	Dec. 25, 2015	Sep. 25, 2015
Balance			$ 117,053			$ 140,167
Balance	$ 110,166			$ 131,003
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	1,577	$ 5,785	5,158	2,622	$ 4,953	6,740
Translation adjustment during the quarter	1,142	(4,208)	627	1,939	(2,331)	(1,787)
Amounts reclassified from accumulated other comprehensive income
Net current period other comprehensive income	1,142	(4,208)	627	1,939	(2,331)	(1,787)
Balance	2,719	1,577	5,785	4,561	2,622	4,953
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(47,879)	(48,629)	(49,301)	(40,677)	(41,482)	(42,221)
Translation adjustment during the quarter
Amounts reclassified from accumulated other comprehensive income	682	750	672	671	805	739
Net current period other comprehensive income	682	750	672	671	805	739
Balance	$ (47,197)	$ (47,879)	$ (48,629)	$ (40,006)	$ (40,677)	$ (41,482)

Note K - Stockholders' Equity47

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		9 Months Ended
		Mar. 31, 2017	Mar. 25, 2016	Mar. 31, 2017	Mar. 25, 2016
Tax benefit		$ (1,639)	$ (4,138)	$ (3,892)	$ (7,955)
Net loss		(1,728)	(931)	(7,290)	(7,495)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Actuarial losses	[1]	1,071	906	3,271	3,324
Transition asset and prior service benefit	[1]	9	8	29	25
Total before tax benefit		1,080	914	3,300	3,349
Tax benefit		398	243	1,196	1,134
Net loss		$ 682	$ 671	$ 2,104	$ 2,215
[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 Ope48

Note L - Restructuring of Operations (Details Textual) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		22 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2017USD ($)	Mar. 25, 2016USD ($)	Mar. 31, 2017USD ($)	Mar. 25, 2016USD ($)	Mar. 31, 2017USD ($)
Restructuring and Related Cost, Number of Positions Eliminated						156
Restructuring Charges		$ 293	$ 272	$ 1,367	$ 787	$ 5,451
India Factory [Member]
Impairment of Long-Lived Assets to be Disposed of	$ 87

Note L - Restructuring of Ope49

Note L - Restructuring of Operations - Roll-forward of Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		22 Months Ended
	Mar. 31, 2017	Mar. 25, 2016	Mar. 31, 2017	Mar. 25, 2016	Mar. 31, 2017
Accrued restructuring liability, June 30, 2016			$ 801
Additions during the year	$ 293	$ 272	1,367	$ 787	$ 5,451
Payments and adjustments			(1,629)
Accrued restructuring liability, March 31, 2017	$ 539		$ 539		$ 539