Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 24, 2021 | Oct. 28, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000100378 | |
Entity Registrant Name | TWIN DISC INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 24, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-7635 | |
Entity Incorporation, State or Country Code | WI | |
Entity Tax Identification Number | 39-0667110 | |
Entity Address, Address Line One | 1328 Racine Street | |
Entity Address, City or Town | Racine | |
Entity Address, State or Province | WI | |
Entity Address, Postal Zip Code | 53403 | |
City Area Code | 262 | |
Local Phone Number | 638-4000 | |
Title of 12(b) Security | Common Stock (No Par Value) | |
Trading Symbol | TWIN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,599,013 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 24, 2021 | Jun. 30, 2021 |
Current assets: | ||
Cash | $ 22,092 | $ 12,340 |
Trade accounts receivable, net | 34,837 | 39,491 |
Inventories | 121,092 | 114,967 |
Assets held for sale | 3,321 | 9,539 |
Prepaid expenses | 6,165 | 5,704 |
Other | 7,334 | 9,926 |
Total current assets | 194,841 | 191,967 |
Property, plant and equipment, net | 44,339 | 45,463 |
Right-of-use assets operating leases | 14,216 | 14,736 |
Intangible assets, net | 16,468 | 17,480 |
Deferred income taxes | 2,615 | 2,511 |
Other assets | 3,768 | 3,256 |
Total assets | 276,247 | 275,413 |
Current liabilities: | ||
Current maturities of long-term debt | 2,000 | 2,000 |
Accounts payable | 29,363 | 31,011 |
Accrued liabilities | 49,138 | 45,549 |
Total current liabilities | 80,501 | 78,560 |
Long-term debt | 29,883 | 30,085 |
Lease obligations | 12,373 | 12,887 |
Accrued retirement benefits | 10,853 | 11,176 |
Deferred income taxes | 4,543 | 5,045 |
Other long-term liabilities | 6,470 | 7,000 |
Total liabilities | 144,623 | 144,753 |
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: 14,632,802; no par value | 41,165 | 40,972 |
Retained earnings | 128,856 | 126,936 |
Accumulated other comprehensive loss | (24,041) | (22,615) |
Equity before treasury stock | 145,980 | 145,293 |
Less treasury stock, at cost (974,978 and 985,686 shares, respectively) | 14,942 | 15,083 |
Total Twin Disc shareholders' equity | 131,038 | 130,210 |
Noncontrolling interest | 586 | 450 |
Total equity | 131,624 | 130,660 |
Total liabilities and equity | $ 276,247 | $ 275,413 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Sep. 24, 2021 | Jun. 30, 2021 |
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, shares issued (in shares) | 14,632,802 | 14,632,802 |
Common shares, no par value (in dollars per share) | $ 0 | $ 0 |
Treasury Stock, Shares (in shares) | 974,978 | 985,686 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 24, 2021 | Sep. 25, 2020 | |
Net Sales | $ 47,761 | $ 46,179 |
Cost of goods sold | 34,314 | 36,476 |
Gross profit | 13,447 | 9,703 |
Marketing, engineering and administrative expenses | 13,091 | 12,445 |
Restructuring expenses | 48 | 405 |
Other operating income | (2,939) | 0 |
Income (loss) from operations | 3,247 | (3,147) |
Interest expense | 530 | 573 |
Other expense (income), net | 355 | 1,148 |
Non-operating income (expense) | 885 | 1,721 |
Income (loss) before income taxes and noncontrolling interest | 2,362 | (4,868) |
Income tax expense (benefit) | 382 | (931) |
Net income (loss) | 1,980 | (3,937) |
Less: Net earnings attributable to noncontrolling interest, net of tax | (60) | (42) |
Net income (loss) attributable to Twin Disc | $ 1,920 | $ (3,979) |
Income (loss) per share data: | ||
Basic income (loss) per share attributable to Twin Disc common shareholders (in dollars per share) | $ 0.14 | $ (0.30) |
Diluted income (loss) per share attributable to Twin Disc common shareholders (in dollars per share) | $ 0.14 | $ (0.30) |
Weighted average shares outstanding data: | ||
Basic shares outstanding (in shares) | 13,283 | 13,197 |
Diluted shares outstanding (in shares) | 13,350 | 13,197 |
Comprehensive income | ||
Net income (loss) | $ 1,980 | $ (3,937) |
Benefit plan adjustments, net of income taxes of $117 and $177, respectively | 384 | 553 |
Foreign currency translation adjustment | (1,938) | 3,612 |
Unrealized gain on hedges, net of income taxes of $63 and $22, respectively | 204 | 75 |
Comprehensive income | 630 | 303 |
Less: Comprehensive income attributable to noncontrolling interest | (136) | (55) |
Comprehensive income attributable to Twin Disc | $ 494 | $ 248 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 24, 2021 | Sep. 25, 2020 | |
Benefit plan adjustments, income taxes | $ 117 | $ 177 |
Unrealized loss on cash flow hedge, income taxes | $ 63 | $ 22 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 24, 2021 | Sep. 25, 2020 | Sep. 24, 2020 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 1,980 | $ (3,937) | $ (3,937) |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | |||
Depreciation and amortization | 2,550 | 2,758 | |
Gain on sale of assets | (2,939) | 0 | |
Restructuring expenses | (125) | 0 | |
Provision for deferred income taxes | (814) | (4,908) | |
Stock compensation expense and other non-cash changes, net | 937 | 709 | |
Net change in operating assets and liabilities | 785 | 4,662 | |
Net cash provided (used) by operating activities | 2,374 | (716) | |
Cash flows from investing activities: | |||
Acquisitions of fixed assets | (846) | (1,419) | |
Proceeds from sale of fixed assets | 9,139 | 19 | |
Proceeds on note receivable | 500 | 300 | |
Other, net | (81) | (129) | |
Net cash used by investing activities | 8,712 | (1,229) | |
Cash flows from financing activities: | |||
Borrowings under revolving loan arrangement | 20,591 | 18,301 | |
Repayments of revolver loans | (20,591) | (18,674) | |
Repayments of other long term debt | (278) | (155) | |
Payments of withholding taxes on stock compensation | (292) | (224) | |
Net cash used by financing activities | (570) | (752) | |
Effect of exchange rate changes on cash | (764) | 1,322 | |
Net change in cash | 9,752 | (1,375) | |
Cash: | |||
Beginning of period | 12,340 | 10,688 | $ 10,688 |
End of period | $ 22,092 | $ 9,313 |
Note A - Basis of Presentation
Note A - Basis of Presentation | 3 Months Ended |
Sep. 24, 2021 | |
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 adjustments, consisting primarily 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 10 June 30, 2021. not Reclassification Certain prior year amounts primarily in cost of goods sold and marketing, engineering, and administrative expenses have been reclassified for consistency with current year presentation. Recently Adopted Accounting Standards In December 2019, 2019 12 July 1, 2021. not New Accounting Releases In June 2016, 2016 13 2018 19, 2019 04, 2019 05 2019 10 326 326 December 15, 2019, December 15, 2022 ( 2024 326 In March 2020 January 2021, 2020 04 2021 01, March 12, 2020, may December 31, 2022. Special Note Regarding Smaller Reporting Company Status Under SEC Release 33 10513; 34 83550, |
Note B - Inventories
Note B - Inventories | 3 Months Ended |
Sep. 24, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | B. Inventories The major classes of inventories were as follows: September 24, 2021 June 30, 2021 Inventories: Finished parts $ 62,735 $ 59,761 Work in process 19,785 17,908 Raw materials 38,572 37,298 $ 121,092 $ 114,967 |
Note C - Warranty
Note C - Warranty | 3 Months Ended |
Sep. 24, 2021 | |
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 quarters ended September 24, 2021 September 25, 2020: For the Quarter Ended September 24, 2021 September 25, 2020 Reserve balance, beginning of period $ 4,369 $ 4,460 Current period (benefit) expense (265 ) 1,034 Payments or credits to customers (532 ) (848 ) Translation (12 ) 36 Reserve balance, end of period $ 3,560 $ 4,682 The current portion of the warranty accrual ($2,947 and $3,863 as of September 24, 2021 September 25, 2020, September 24, 2021 September 25, 2020, |
Note D - Contingencies
Note D - Contingencies | 3 Months Ended |
Sep. 24, 2021 | |
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 not |
Note E - Business Segments
Note E - Business Segments | 3 Months Ended |
Sep. 24, 2021 | |
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, azimuth drives, 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's worldwide sales to both domestic and foreign customers are transacted through a direct sales force and a distributor network. The Company has two reportable segments: manufacturing and distribution. These segment structures reflect the way management makes operating decisions and manages the growth and profitability of the business. It also corresponds with management’s approach of allocating resources and assessing the performance of its segments. 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 income. Information about the Company’s segments is summarized as follows: For the Quarter Ended September 24, 2021 September 25, 2020 Net sales Manufacturing segment sales $ 41,594 $ 38,495 Distribution segment sales 20,534 22,506 Inter/Intra segment elimination – manufacturing (10,942 ) (10,738 ) Inter/Intra segment elimination – distribution (3,425 ) (4,084 ) $ 47,761 $ 46,179 Net income (loss) attributable to Twin Disc Manufacturing segment net income (loss) $ 4,832 $ (2,662 ) Distribution segment net income 483 1,155 Corporate and eliminations (3,395 ) (2,472 ) $ 1,920 $ (3,979 ) Assets September 24, 2021 June 30, 2021 Manufacturing segment assets $ 366,338 $ 364,379 Distribution segment assets 49,914 46,956 Corporate assets and elimination of intercompany assets (140,005 ) (135,922 ) $ 276,247 $ 275,413 Disaggregated revenue: The following table presents details deemed most relevant to the users of the financial statements for the quarters ended September 24, 2021 September 25, 2020. Net sales by product group for the quarter ended September 24, 2021 Elimination of Manufacturing Distribution Intercompany Sales Total Industrial $ 5,907 $ 1,118 $ (893 ) $ 6,132 Land-based transmissions 11,384 5,105 (4,247 ) 12,242 Marine and propulsion systems 24,285 11,562 (9,214 ) 26,633 Other 18 2,749 (13 ) 2,754 Total $ 41,594 $ 20,534 $ (14,367 ) $ 47,761 Net sales by product group for the quarter ended September 25, 2020 Elimination of Manufacturing Distribution Intercompany Sales Total Industrial $ 4,806 $ 1,370 $ (753 ) $ 5,423 Land-based transmissions 10,494 6,067 (4,302 ) 12,259 Marine and propulsion systems 23,179 12,759 (9,762 ) 26,176 Other 16 2,310 (5 ) 2,321 Total $ 38,495 $ 22,506 $ (14,822 ) $ 46,179 |
Note F - Stock-based Compensati
Note F - Stock-based Compensation | 3 Months Ended |
Sep. 24, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | F. Stock-Based Compensation Performance Stock Awards ( PSA ) During the first 2022 2021, 2022 three June 30, 2024. The fiscal 2021 three June 30, 2023. There were 477.4 and 433.1 unvested PSAs outstanding at September 24, 2021 September 25, 2020, September 24, 2021 September 25, 2020, September 24, 2021 September 24, 2021, 2022, 2021 2020 September 24, 2021 September 25, 2020 $0. Restricted Stock Awards ( RS ) The Company has unvested RS awards outstanding that will vest if certain service conditions are fulfilled. The fair value of the RS grants is recorded as compensation expense over the vesting period, which is generally 1 to 3 years. During the first 2022 2021, September 24, 2021 September 25, 2020, September 24, 2021 September 25, 2020, September 24, 2021 September 25, 2020, September 24, 2021 September 25, 2020 September 24, 2021, three Restricted Stock Unit Awards ( RSU ) Under the 2018 2021 three first 2022 2021, September 24, 2021 September 25, 2020, September 24, 2021 September 25, 2020, September 24, 2021 September 25, 2020 September 24, 2021 September 24, 2021, two |
Note G - Pension and Other Post
Note G - Pension and Other Postretirement Benefit Plans | 3 Months Ended |
Sep. 24, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [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 September 24, 2021 September 25, 2020 Pension Benefits: Service cost $ 139 $ 142 Prior service cost 10 16 Interest cost 666 668 Expected return on plan assets (1,259 ) (1,132 ) Amortization of transition obligation 9 9 Amortization of prior service cost (4 ) (4 ) Amortization of actuarial net loss 562 811 Net periodic benefit cost $ 123 $ 510 Postretirement Benefits: Service cost $ 4 $ 4 Interest cost 35 39 Amortization of prior service cost (69 ) (69 ) Net periodic benefit gain $ (30 ) $ (26 ) The service cost component is included in cost of goods sold and marketing, engineering and administrative expenses. All other components of net periodic benefit cost are included in other expense (income), net. The Company expects to contribute approximately $733 to its pension plans in fiscal 2022. September 24, 2021, The Company has reclassified $384 (net of $117 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended September 24, 2021, September 25, 2020. |
Note H - Income Taxes
Note H - Income Taxes | 3 Months Ended |
Sep. 24, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | H. Income Taxes 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 (“AETR”). 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. To calculate its AETR, an entity must estimate its ordinary income or loss and the related tax expense or benefit for its full fiscal year. As of September 24, 2021, first 740 740 may 48 For the quarters ended September 24, 2021 September 25, 2020 September 24, 2021, no 740 September 25, 2020 not not On January 30, 2020, 19 March 2020, 19 19 March 27, 2020, 2017. 2021 December 27, 2020. not March 11, 2021, 2021 December 31, 2026, five not 162 19 19 The Company maintains valuation allowances when it is more likely than not not no The Company has approximately $814 of unrecognized tax benefits, including related interest and penalties, as of September 24, 2021, no September 24, 2021. 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 in foreign jurisdictions are 2014 2021. 2019. 2016. 2022. |
Note I - Intangible Assets
Note I - Intangible Assets | 3 Months Ended |
Sep. 24, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | I. Intangible Assets As of September 24, 2021, Net Book Value Rollforward Net Book Value By Asset Type Gross Carrying Amount Accumulated Amortization / Impairment Net Book Value Customer Relationships Technology Know-how Trade Name Other Balance at June 30, 2021 $ 41,142 $ (23,662 ) $ 17,480 $ 10,321 $ 4,883 $ 1,282 $ 994 Amortization - (826 ) (826 ) (419 ) (304 ) (46 ) (57 ) Translation adjustment (186 ) - (186 ) (116 ) (54 ) (14 ) (2 ) Balance at September 24, 2021 $ 40,956 $ (24,488 ) $ 16,468 $ 9,786 $ 4,525 $ 1,222 $ 935 Other intangibles consist mainly of computer software. Amortization is recorded on the basis of straight-line or accelerated, as appropriate, over the estimated useful lives of the assets. The weighted average remaining useful life of the intangible assets included in the table above is approximately 7 years. Intangible amortization expense was $826 and $835 for the quarters ended September 24, 2021, September 25, 2020, 2022 five Fiscal Year 2022 $ 2,494 2023 3,110 2024 2,955 2025 2,789 2026 1,413 Thereafter 3,707 |
Note J - Long-term Debt
Note J - Long-term Debt | 3 Months Ended |
Sep. 24, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | J. Long-term Debt Long-term debt at September 24, 2021 June 30, 2021 September 24, 2021 June 30, 2021 Credit Agreement Debt Revolving loans (expire June 2023) $ 15,237 $ 15,415 Term loan (due March 2026) 16,500 16,500 Other 146 170 Subtotal 31,883 32,085 Less: current maturities (2,000 ) (2,000 ) Total long-term debt $ 29,883 $ 30,085 Credit Agreement Debt: June 29, 2018 ( On January 27, 2021, September 30, 2021. On September 30, 2021, February 28, 2022, 1.00. For the quarter ended September 24, 2021, not The Company remains in compliance with its liquidity and other covenants, and has agreed to provide additional financial reports to BMO. The Credit Agreement, including its amendments, is more fully described in the Company’s Annual Report filed on Form 10 June 30, 2021, 2 As of September 24, 2021, Other: three five During the quarters ended September 24, 2021, As of September 24, 2021, The Company’s borrowings described above approximate fair value at September 24, 2021 June 30, 2021. 2 The Company is party to an interest rate swap arrangement with Bank of Montreal, with an initial notional amount of $20,000 and a maturity date of March 4, 2026 September 24, 2021, 815, During the fourth 2021, |
Note K - Shareholders' Equity
Note K - Shareholders' Equity | 3 Months Ended |
Sep. 24, 2021 | |
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 315.0 shares as of September 24, 2021 not September 24, 2021 September 25, 2020. The following is a reconciliation of the Company’s equity balances for the first 2022 2021: Twin Disc, Inc. Shareholders’ Equity Accumulated Other Non- Common Retained Comprehensive Treasury Controlling Total Stock Earnings Income (Loss) Stock Interest Equity Balance, June 30, 2021 $ 40,972 $ 126,936 $ (22,615 ) $ (15,083 ) $ 450 $ 130,660 Net income 1,920 60 1,980 Translation adjustments (2,014 ) 76 (1,938 ) Benefit plan adjustments, net of tax 384 384 Unrealized gain on hedges, net of tax 204 204 Compensation expense 625 625 Shares (acquired) issued, net (432 ) 141 (291 ) Balance, September 24, 2021 $ 41,165 $ 128,856 $ (24,041 ) $ (14,942 ) $ 586 $ 131,624 Twin Disc, Inc. Shareholders’ Equity Accumulated Other Non- Common Retained Comprehensive Treasury Controlling Total Stock Earnings Income (Loss) Stock Interest Equity Balance, June 30, 2020 $ 42,756 $ 156,655 $ (41,226 ) $ (18,796 ) $ 569 $ 139,958 Net (loss) income (3,979 ) 42 (3,937 ) Translation adjustments 3,600 12 3,612 Benefit plan adjustments, net of tax 553 553 Unrealized gain on cash flow hedge, net of tax 75 75 Compensation expense 518 518 Shares (acquired) issued, net (2,460 ) 2,236 (224 ) Balance, September 25, 2020 $ 40,814 $ 152,676 $ (36,998 ) $ (16,560 ) $ 623 $ 140,555 Reconciliations for the changes in accumulated other comprehensive income (loss), net of tax, by component for the quarters ended September 24, 2021 September 25, 2020 Translation Benefit Plan Cash Flow Net Investment Adjustment Adjustment Hedges Hedges Balance at June 30, 2021 $ 9,192 $ (31,463 ) $ (678 ) $ 334 Translation adjustment during the quarter (2,014 ) - - - Amounts reclassified from accumulated other comprehensive income - 384 68 136 Net current period other comprehensive (loss) income (2,014 ) 384 68 136 Balance at September 24, 2021 $ 7,178 $ (31,079 ) $ (610 ) $ 470 Translation Benefit Plan Cash Flow Adjustment Adjustment Hedges Balance at June 30, 2020 $ 3,454 $ (43,576 ) $ (1,104 ) Translation adjustment during the quarter 3,600 - - Amounts reclassified from accumulated other comprehensive income - 553 75 Net current period other comprehensive income 3,600 553 75 Balance at September 25, 2020 $ 7,054 $ (43,023 ) $ (1,029 ) Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter ended September 24, 2021 Amount Reclassified Quarter Ended September 24, 2021 Changes in benefit plan items Actuarial losses $ 565 (a) Transition asset and prior service benefit (64 ) (a) Total amortization 501 Income taxes 117 Total reclassification net of tax $ 384 Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter ended September 25, 2020 Amount Reclassified Quarter Ended September 25, 2020 Changes in benefit plan items Actuarial losses $ 794 (a) Transition asset and prior service benefit (64 ) (a) Total amortization 730 Income taxes 177 Total reclassification net of tax $ 553 (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note G, "Pension and Other Postretirement Benefit Plans" for further details). |
Note L - Restructuring of Opera
Note L - Restructuring of Operations | 3 Months Ended |
Sep. 24, 2021 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | L. Restructuring of Operations Restructuring expenses The Company has implemented various restructuring programs in response to unfavorable macroeconomic trends in certain of the Company’s markets since the fourth 2015. fourth 2021, With regard to its Belgian operations, on June 30, 2021, December 2022. In October 2021, 2nd 2022. Total restructuring charges relating to streamlining operations totaled to $48 and $405 in the quarters ending September 24, 2021 September 25, 2020, June 2015 September 24, 2021 The following is a roll-forward of restructuring activity: Accrued restructuring liability, June 30, 2021 $ 2,352 Additions 48 Payments, adjustments and write-offs during the year (172 ) Accrued restructuring liability, September 24, 2021 $ 2,228 Assets held for sale To improve its fixed cost structure and monetize some of its under-utilized assets, the Company commenced the active marketing of three fourth 2021. first 2022, |
Note M - Earnings Per Share
Note M - Earnings Per Share | 3 Months Ended |
Sep. 24, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | M. Earnings Per Share The Company calculates basic earnings per share based upon the weighted average number of common shares outstanding during the period, while the calculation of diluted earnings per share includes the dilutive effect of potential common shares outstanding during the period. The calculation of diluted earnings per share excludes all potential common shares if their inclusion would have an anti-dilutive effect. Certain restricted stock award recipients have a non-forfeitable right to receive dividends declared by the Company, and are therefore included in computing earnings per share pursuant to the two The components of basic and diluted earnings per share were as follows: For the Quarter Ended September 24, 2021 September 25, 2020 Basic: Net income (loss) $ 1,980 $ (3,937 ) Less: Net earnings attributable to noncontrolling interest (60 ) (42 ) Less: Undistributed earnings attributable to unvested shares - - Net income (loss) available to Twin Disc shareholders 1,920 (3,979 ) Weighted average shares outstanding - basic 13,283 13,197 Basic Income (Loss) Per Share: Net income (loss) per share - basic $ 0.14 $ (0.30 ) Diluted: Net income (loss) $ 1,980 $ (3,937 ) Less: Net earnings attributable to noncontrolling interest (60 ) (42 ) Less: Undistributed earnings attributable to unvested shares - - Net income (loss) available to Twin Disc shareholders 1,920 (3,979 ) Weighted average shares outstanding - basic 13,283 13,197 Effect of dilutive stock awards 67 - Weighted average shares outstanding - diluted 13,350 13,197 Diluted Income (Loss) Per Share: Net income (loss) per share - diluted $ 0.14 $ (0.30 ) The following potential common shares were excluded from diluted EPS for the quarter ended September 24, 2021 The following potential common shares were excluded from diluted EPS for the quarter ended September 25, 2020 |
Note N - Lease Liabilities
Note N - Lease Liabilities | 3 Months Ended |
Sep. 24, 2021 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | N. Lease Liabilities The Company leases certain office and warehouse space, as well as production and office equipment. The Company determines if an arrangement is a lease at contract inception. The lease term begins upon lease commencement, which is when the Company takes possession of the asset, and may not The following table provides a summary of leases recorded on the condensed consolidated balance sheet. Balance Sheet Location September 24, 2021 June 30, 2021 Lease Assets Operating lease right-of-use assets Right-of-use assets operating leases $ 14,216 $ 14,736 Finance lease right-of-use assets Property, plant and equipment, net 5,201 5,244 Lease Liabilities Operating lease liabilities Accrued liabilities $ 1,864 $ 1,870 Operating lease liabilities Lease obligations 12,373 12,887 Finance lease liabilities Accrued liabilities 566 541 Finance lease liabilities Other long-term liabilities 4,790 4,836 The components of lease expense were as follows: For the Quarter Ended September 24, 2021 September 25, 2020 Finance lease cost: Amortization of right-of-use assets $ 163 $ 119 Interest on lease liabilities 72 17 Operating lease cost 693 762 Short-term lease cost 2 9 Variable lease cost 39 16 Total lease cost 969 923 Less: Sublease income (20 ) (56 ) Net lease cost $ 949 $ 867 Other information related to leases was as follows: For the Quarter Ended September 24, 2021 September 25, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 742 $ 762 Operating cash flows from finance leases 136 135 Financing cash flows from finance leases 72 17 Right-of-use-assets obtained in exchange for lease obligations: Operating leases 165 - Finance leases 174 4,616 Weighted average remaining lease term (years): Operating leases 9.6 10.7 Finance lease 11.7 12.8 Weighted average discount rate: Operating leases 7.2 % 7.4 % Finance leases 5.2 % 5.2 % Approximate future minimum rental commitments under non-cancellable leases as of September 24, 2021 Operating Leases Finance Leases 2022 $ 2,169 $ 621 2023 2,625 819 2024 2,283 776 2025 1,643 534 2026 1,551 465 Thereafter 9,855 3,895 Total future lease payments 20,126 7,110 Less: Amount representing interest (5,889 ) (1,754 ) Present value of future payments $ 14,237 $ 5,356 |
Note O - Derivative Financial I
Note O - Derivative Financial Instruments | 3 Months Ended |
Sep. 24, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | O. Derivative Financial Instruments From time to time, the Company enters into derivative instruments to manage volatility arising from risks relating to interest rates and foreign exchange. The Company does not no The Company reports all derivative instruments on its consolidated balance sheets at fair value and establishes criteria for designation and effectiveness of transactions entered into for hedging purposes. Interest Rate Swap Contracts The Company has one September 24, 2021, 815, The primary purpose of the Company’s cash flow hedging activities is to manage the potential changes in value associated with interest payments on the Company’s LIBOR-based indebtedness. The Company records gains and losses on interest rate swap contracts qualifying as cash flow hedges in accumulated other comprehensive loss to the extent that these hedges are effective and until the Company recognizes the underlying transactions in net earnings, at which time these gains and losses are recognized in interest expense on its consolidated statements of operations and comprehensive income. Cash flows from derivative financial instruments are classified as cash flows from financing activities on the consolidated statements of cash flows. These contracts generally have original maturities of greater than twelve Net unrealized after-tax losses related to cash flow hedging activities that were included in accumulated other comprehensive loss were $611 and $678 as of September 24, 2021 June 30, 2021, The Company estimates that $334 of net unrealized losses related to cash flow hedging activities included in accumulated other comprehensive loss will be reclassified into earnings within the next twelve Derivatives Designated as Net Investment Hedges The Company is exposed to foreign currency exchange risk related to its investment in net assets in foreign countries. As discussed in Note J, Long-term Debt, during the fourth 2021, €13,000, September 24, 2021 June 30, 2021, Fair Value of Derivative Instruments The fair value of derivative instruments included in the condensed consolidated balance sheets were as follows: Balance Sheet Location September 24, 2021 June 30, 2021 Derivative designated as hedge: Interest rate swap Accrued liabilities $ 314 $ 346 Interest rate swap Other long-term liabilities 486 542 The impact of the Company’s derivative instruments on the condensed consolidated statements of operations and comprehensive income for the quarters ended September 24, 2021 September 25, 2020, Statements of Operations and For the Quarter Ended Comprehensive Income Location September 24, 2021 September 25, 2020 Derivative designated as hedge: Interest rate swap Interest expense $ 90 $ 98 Interest rate swap Unrealized gain on hedges 68 75 Net investment hedge Unrealized gain on hedges 136 - Derivatives not designated as hedges: Foreign currency forward contracts Other income (expense), net $ - $ (13 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 24, 2021 | |
Accounting Policies [Abstract] | |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification Certain prior year amounts primarily in cost of goods sold and marketing, engineering, and administrative expenses have been reclassified for consistency with current year presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards In December 2019, 2019 12 July 1, 2021. not New Accounting Releases In June 2016, 2016 13 2018 19, 2019 04, 2019 05 2019 10 326 326 December 15, 2019, December 15, 2022 ( 2024 326 In March 2020 January 2021, 2020 04 2021 01, March 12, 2020, may December 31, 2022. |
Reporting Status [Policy Text Block] | Special Note Regarding Smaller Reporting Company Status Under SEC Release 33 10513; 34 83550, |
Note B - Inventories (Tables)
Note B - Inventories (Tables) | 3 Months Ended |
Sep. 24, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 24, 2021 June 30, 2021 Inventories: Finished parts $ 62,735 $ 59,761 Work in process 19,785 17,908 Raw materials 38,572 37,298 $ 121,092 $ 114,967 |
Note C - Warranty (Tables)
Note C - Warranty (Tables) | 3 Months Ended |
Sep. 24, 2021 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | For the Quarter Ended September 24, 2021 September 25, 2020 Reserve balance, beginning of period $ 4,369 $ 4,460 Current period (benefit) expense (265 ) 1,034 Payments or credits to customers (532 ) (848 ) Translation (12 ) 36 Reserve balance, end of period $ 3,560 $ 4,682 |
Note E - Business Segments (Tab
Note E - Business Segments (Tables) | 3 Months Ended |
Sep. 24, 2021 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the Quarter Ended September 24, 2021 September 25, 2020 Net sales Manufacturing segment sales $ 41,594 $ 38,495 Distribution segment sales 20,534 22,506 Inter/Intra segment elimination – manufacturing (10,942 ) (10,738 ) Inter/Intra segment elimination – distribution (3,425 ) (4,084 ) $ 47,761 $ 46,179 Net income (loss) attributable to Twin Disc Manufacturing segment net income (loss) $ 4,832 $ (2,662 ) Distribution segment net income 483 1,155 Corporate and eliminations (3,395 ) (2,472 ) $ 1,920 $ (3,979 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Assets September 24, 2021 June 30, 2021 Manufacturing segment assets $ 366,338 $ 364,379 Distribution segment assets 49,914 46,956 Corporate assets and elimination of intercompany assets (140,005 ) (135,922 ) $ 276,247 $ 275,413 |
Revenue from External Customers by Products and Services [Table Text Block] | Elimination of Manufacturing Distribution Intercompany Sales Total Industrial $ 5,907 $ 1,118 $ (893 ) $ 6,132 Land-based transmissions 11,384 5,105 (4,247 ) 12,242 Marine and propulsion systems 24,285 11,562 (9,214 ) 26,633 Other 18 2,749 (13 ) 2,754 Total $ 41,594 $ 20,534 $ (14,367 ) $ 47,761 Elimination of Manufacturing Distribution Intercompany Sales Total Industrial $ 4,806 $ 1,370 $ (753 ) $ 5,423 Land-based transmissions 10,494 6,067 (4,302 ) 12,259 Marine and propulsion systems 23,179 12,759 (9,762 ) 26,176 Other 16 2,310 (5 ) 2,321 Total $ 38,495 $ 22,506 $ (14,822 ) $ 46,179 |
Note G - Pension and Other Po_2
Note G - Pension and Other Postretirement Benefit Plans (Tables) | 3 Months Ended |
Sep. 24, 2021 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | For the Quarter Ended September 24, 2021 September 25, 2020 Pension Benefits: Service cost $ 139 $ 142 Prior service cost 10 16 Interest cost 666 668 Expected return on plan assets (1,259 ) (1,132 ) Amortization of transition obligation 9 9 Amortization of prior service cost (4 ) (4 ) Amortization of actuarial net loss 562 811 Net periodic benefit cost $ 123 $ 510 Postretirement Benefits: Service cost $ 4 $ 4 Interest cost 35 39 Amortization of prior service cost (69 ) (69 ) Net periodic benefit gain $ (30 ) $ (26 ) |
Note I - Intangible Assets (Tab
Note I - Intangible Assets (Tables) | 3 Months Ended |
Sep. 24, 2021 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Net Book Value Rollforward Net Book Value By Asset Type Gross Carrying Amount Accumulated Amortization / Impairment Net Book Value Customer Relationships Technology Know-how Trade Name Other Balance at June 30, 2021 $ 41,142 $ (23,662 ) $ 17,480 $ 10,321 $ 4,883 $ 1,282 $ 994 Amortization - (826 ) (826 ) (419 ) (304 ) (46 ) (57 ) Translation adjustment (186 ) - (186 ) (116 ) (54 ) (14 ) (2 ) Balance at September 24, 2021 $ 40,956 $ (24,488 ) $ 16,468 $ 9,786 $ 4,525 $ 1,222 $ 935 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Fiscal Year 2022 $ 2,494 2023 3,110 2024 2,955 2025 2,789 2026 1,413 Thereafter 3,707 |
Note J - Long-term Debt (Tables
Note J - Long-term Debt (Tables) | 3 Months Ended |
Sep. 24, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 24, 2021 June 30, 2021 Credit Agreement Debt Revolving loans (expire June 2023) $ 15,237 $ 15,415 Term loan (due March 2026) 16,500 16,500 Other 146 170 Subtotal 31,883 32,085 Less: current maturities (2,000 ) (2,000 ) Total long-term debt $ 29,883 $ 30,085 |
Note K - Shareholders' Equity (
Note K - Shareholders' Equity (Tables) | 3 Months Ended |
Sep. 24, 2021 | |
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, 2021 $ 40,972 $ 126,936 $ (22,615 ) $ (15,083 ) $ 450 $ 130,660 Net income 1,920 60 1,980 Translation adjustments (2,014 ) 76 (1,938 ) Benefit plan adjustments, net of tax 384 384 Unrealized gain on hedges, net of tax 204 204 Compensation expense 625 625 Shares (acquired) issued, net (432 ) 141 (291 ) Balance, September 24, 2021 $ 41,165 $ 128,856 $ (24,041 ) $ (14,942 ) $ 586 $ 131,624 Twin Disc, Inc. Shareholders’ Equity Accumulated Other Non- Common Retained Comprehensive Treasury Controlling Total Stock Earnings Income (Loss) Stock Interest Equity Balance, June 30, 2020 $ 42,756 $ 156,655 $ (41,226 ) $ (18,796 ) $ 569 $ 139,958 Net (loss) income (3,979 ) 42 (3,937 ) Translation adjustments 3,600 12 3,612 Benefit plan adjustments, net of tax 553 553 Unrealized gain on cash flow hedge, net of tax 75 75 Compensation expense 518 518 Shares (acquired) issued, net (2,460 ) 2,236 (224 ) Balance, September 25, 2020 $ 40,814 $ 152,676 $ (36,998 ) $ (16,560 ) $ 623 $ 140,555 |
Reconciliation For The Changes In Accumulated Other Comprehensive Income Loss Net Of Tax By Component [Table Text Block] | Translation Benefit Plan Cash Flow Net Investment Adjustment Adjustment Hedges Hedges Balance at June 30, 2021 $ 9,192 $ (31,463 ) $ (678 ) $ 334 Translation adjustment during the quarter (2,014 ) - - - Amounts reclassified from accumulated other comprehensive income - 384 68 136 Net current period other comprehensive (loss) income (2,014 ) 384 68 136 Balance at September 24, 2021 $ 7,178 $ (31,079 ) $ (610 ) $ 470 Translation Benefit Plan Cash Flow Adjustment Adjustment Hedges Balance at June 30, 2020 $ 3,454 $ (43,576 ) $ (1,104 ) Translation adjustment during the quarter 3,600 - - Amounts reclassified from accumulated other comprehensive income - 553 75 Net current period other comprehensive income 3,600 553 75 Balance at September 25, 2020 $ 7,054 $ (43,023 ) $ (1,029 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amount Reclassified Quarter Ended September 24, 2021 Changes in benefit plan items Actuarial losses $ 565 (a) Transition asset and prior service benefit (64 ) (a) Total amortization 501 Income taxes 117 Total reclassification net of tax $ 384 Amount Reclassified Quarter Ended September 25, 2020 Changes in benefit plan items Actuarial losses $ 794 (a) Transition asset and prior service benefit (64 ) (a) Total amortization 730 Income taxes 177 Total reclassification net of tax $ 553 |
Note L - Restructuring of Ope_2
Note L - Restructuring of Operations (Tables) | 3 Months Ended |
Sep. 24, 2021 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Accrued restructuring liability, June 30, 2021 $ 2,352 Additions 48 Payments, adjustments and write-offs during the year (172 ) Accrued restructuring liability, September 24, 2021 $ 2,228 |
Note M - Earnings Per Share (Ta
Note M - Earnings Per Share (Tables) | 3 Months Ended |
Sep. 24, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Quarter Ended September 24, 2021 September 25, 2020 Basic: Net income (loss) $ 1,980 $ (3,937 ) Less: Net earnings attributable to noncontrolling interest (60 ) (42 ) Less: Undistributed earnings attributable to unvested shares - - Net income (loss) available to Twin Disc shareholders 1,920 (3,979 ) Weighted average shares outstanding - basic 13,283 13,197 Basic Income (Loss) Per Share: Net income (loss) per share - basic $ 0.14 $ (0.30 ) Diluted: Net income (loss) $ 1,980 $ (3,937 ) Less: Net earnings attributable to noncontrolling interest (60 ) (42 ) Less: Undistributed earnings attributable to unvested shares - - Net income (loss) available to Twin Disc shareholders 1,920 (3,979 ) Weighted average shares outstanding - basic 13,283 13,197 Effect of dilutive stock awards 67 - Weighted average shares outstanding - diluted 13,350 13,197 Diluted Income (Loss) Per Share: Net income (loss) per share - diluted $ 0.14 $ (0.30 ) |
Note N - Lease Liabilities (Tab
Note N - Lease Liabilities (Tables) | 3 Months Ended |
Sep. 24, 2021 | |
Notes Tables | |
Assets and Liabilities, Lessee [Table Text Block] | Balance Sheet Location September 24, 2021 June 30, 2021 Lease Assets Operating lease right-of-use assets Right-of-use assets operating leases $ 14,216 $ 14,736 Finance lease right-of-use assets Property, plant and equipment, net 5,201 5,244 Lease Liabilities Operating lease liabilities Accrued liabilities $ 1,864 $ 1,870 Operating lease liabilities Lease obligations 12,373 12,887 Finance lease liabilities Accrued liabilities 566 541 Finance lease liabilities Other long-term liabilities 4,790 4,836 |
Lease, Cost [Table Text Block] | For the Quarter Ended September 24, 2021 September 25, 2020 Finance lease cost: Amortization of right-of-use assets $ 163 $ 119 Interest on lease liabilities 72 17 Operating lease cost 693 762 Short-term lease cost 2 9 Variable lease cost 39 16 Total lease cost 969 923 Less: Sublease income (20 ) (56 ) Net lease cost $ 949 $ 867 |
Operating and Finance Leases, Other Disclosures [Table Text Block] | For the Quarter Ended September 24, 2021 September 25, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 742 $ 762 Operating cash flows from finance leases 136 135 Financing cash flows from finance leases 72 17 Right-of-use-assets obtained in exchange for lease obligations: Operating leases 165 - Finance leases 174 4,616 Weighted average remaining lease term (years): Operating leases 9.6 10.7 Finance lease 11.7 12.8 Weighted average discount rate: Operating leases 7.2 % 7.4 % Finance leases 5.2 % 5.2 % |
Schedule of Future Minimum Rental Payments for Operating Leases and Finance Lease, Liability, Maturity [Table Text Block] | Operating Leases Finance Leases 2022 $ 2,169 $ 621 2023 2,625 819 2024 2,283 776 2025 1,643 534 2026 1,551 465 Thereafter 9,855 3,895 Total future lease payments 20,126 7,110 Less: Amount representing interest (5,889 ) (1,754 ) Present value of future payments $ 14,237 $ 5,356 |
Note O - Derivative Financial_2
Note O - Derivative Financial Instruments (Tables) | 3 Months Ended |
Sep. 24, 2021 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Balance Sheet Location September 24, 2021 June 30, 2021 Derivative designated as hedge: Interest rate swap Accrued liabilities $ 314 $ 346 Interest rate swap Other long-term liabilities 486 542 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | Statements of Operations and For the Quarter Ended Comprehensive Income Location September 24, 2021 September 25, 2020 Derivative designated as hedge: Interest rate swap Interest expense $ 90 $ 98 Interest rate swap Unrealized gain on hedges 68 75 Net investment hedge Unrealized gain on hedges 136 - Derivatives not designated as hedges: Foreign currency forward contracts Other income (expense), net $ - $ (13 ) |
Note B - Inventories - Inventor
Note B - Inventories - Inventories (Details) - USD ($) $ in Thousands | Sep. 24, 2021 | Jun. 30, 2021 |
Finished parts | $ 62,735 | $ 59,761 |
Work in process | 19,785 | 17,908 |
Raw materials | 38,572 | 37,298 |
Total inventories | $ 121,092 | $ 114,967 |
Note C - Warranty (Details Text
Note C - Warranty (Details Textual) - USD ($) $ in Thousands | Sep. 24, 2021 | Sep. 25, 2020 |
Product Warranty Accrual, Current | $ 2,947 | $ 3,863 |
Product Warranty Accrual, Noncurrent | $ 613 | $ 819 |
Note C - Warranty - Warranty (D
Note C - Warranty - Warranty (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 24, 2021 | Sep. 25, 2020 | |
Reserve balance, beginning of period | $ 4,369 | $ 4,460 |
Current period (benefit) expense | (265) | 1,034 |
Payments or credits to customers | (532) | (848) |
Translation | (12) | 36 |
Reserve balance, end of period | $ 3,560 | $ 4,682 |
Note E - Business Segments (Det
Note E - Business Segments (Details Textual) | 3 Months Ended |
Sep. 30, 2021 | |
Number of Reportable Segments | 2 |
Note E - Business Segments - Re
Note E - Business Segments - Revenues by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 24, 2021 | Sep. 25, 2020 | |
Net sales | $ 47,761 | $ 46,179 |
Net income (loss) | 1,920 | (3,979) |
Intersegment Eliminations [Member] | ||
Net sales | (14,367) | (14,822) |
Corporate, Non-Segment [Member] | ||
Net income (loss) | (3,395) | (2,472) |
Manufacturing Segment [Member] | Operating Segments [Member] | ||
Net sales | 41,594 | 38,495 |
Net income (loss) | 4,832 | (2,662) |
Manufacturing Segment [Member] | Intersegment Eliminations [Member] | ||
Net sales | (10,942) | (10,738) |
Distribution Segment [Member] | Operating Segments [Member] | ||
Net sales | 20,534 | 22,506 |
Net income (loss) | 483 | 1,155 |
Distribution Segment [Member] | Intersegment Eliminations [Member] | ||
Net sales | $ (3,425) | $ (4,084) |
Note E - Business Segments - As
Note E - Business Segments - Assets by Segment (Details) - USD ($) $ in Thousands | Sep. 24, 2021 | Jun. 30, 2021 |
Segment Assets | $ 276,247 | $ 275,413 |
Operating Segments [Member] | Manufacturing Segment [Member] | ||
Segment Assets | 366,338 | 364,379 |
Operating Segments [Member] | Distribution Segment [Member] | ||
Segment Assets | 49,914 | 46,956 |
Corporate, Non-Segment [Member] | ||
Segment Assets | $ (140,005) | $ (135,922) |
Note E - Business Segments - Ne
Note E - Business Segments - Net Sales by Product Group (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 24, 2021 | Sep. 25, 2020 | |
Net Sales | $ 47,761 | $ 46,179 |
Intersegment Eliminations [Member] | ||
Net Sales | (14,367) | (14,822) |
Manufacturing Segment [Member] | Operating Segments [Member] | ||
Net Sales | 41,594 | 38,495 |
Manufacturing Segment [Member] | Intersegment Eliminations [Member] | ||
Net Sales | (10,942) | (10,738) |
Distribution Segment [Member] | Operating Segments [Member] | ||
Net Sales | 20,534 | 22,506 |
Distribution Segment [Member] | Intersegment Eliminations [Member] | ||
Net Sales | (3,425) | (4,084) |
Industrial [Member] | ||
Net Sales | 6,132 | 5,423 |
Industrial [Member] | Intersegment Eliminations [Member] | ||
Net Sales | (893) | (753) |
Industrial [Member] | Manufacturing Segment [Member] | Operating Segments [Member] | ||
Net Sales | 5,907 | 4,806 |
Industrial [Member] | Distribution Segment [Member] | Operating Segments [Member] | ||
Net Sales | 1,118 | 1,370 |
Land Based Transmissions [Member] | ||
Net Sales | 12,242 | 12,259 |
Land Based Transmissions [Member] | Intersegment Eliminations [Member] | ||
Net Sales | (4,247) | (4,302) |
Land Based Transmissions [Member] | Manufacturing Segment [Member] | Operating Segments [Member] | ||
Net Sales | 11,384 | 10,494 |
Land Based Transmissions [Member] | Distribution Segment [Member] | Operating Segments [Member] | ||
Net Sales | 5,105 | 6,067 |
Marine and Propulsion Systems [Member] | ||
Net Sales | 26,633 | 26,176 |
Marine and Propulsion Systems [Member] | Intersegment Eliminations [Member] | ||
Net Sales | (9,214) | (9,762) |
Marine and Propulsion Systems [Member] | Manufacturing Segment [Member] | Operating Segments [Member] | ||
Net Sales | 24,285 | 23,179 |
Marine and Propulsion Systems [Member] | Distribution Segment [Member] | Operating Segments [Member] | ||
Net Sales | 11,562 | 12,759 |
Other [Member] | ||
Net Sales | 2,754 | 2,321 |
Other [Member] | Intersegment Eliminations [Member] | ||
Net Sales | (13) | (5) |
Other [Member] | Manufacturing Segment [Member] | Operating Segments [Member] | ||
Net Sales | 18 | 16 |
Other [Member] | Distribution Segment [Member] | Operating Segments [Member] | ||
Net Sales | $ 2,749 | $ 2,310 |
Note F - Stock-based Compensa_2
Note F - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 24, 2021 | Sep. 25, 2020 | Jun. 30, 2021 | |
Performance Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 103,600 | 265,300 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 155,400 | 382,300 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 477,400 | 433,100 | |
Share-based Payment Arrangement, Expense, Tax Benefit | $ (216) | $ (87) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 8.98 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,589 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 0 | $ 0 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 2,400 | 151,600 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 362,000 | 332,800 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 993 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 181 | $ 293 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 6,900 | 0 | |
Share-based Payment Arrangement, Expense | $ 335 | $ 339 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | ||
Restricted Stock [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||
Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 65,600 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 65,600 | 38,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 14.29 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 888 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 475 | $ 0 | |
Share-based Payment Arrangement, Expense | $ 74 | $ 82 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years |
Note G - Pension and Other Po_3
Note G - Pension and Other Postretirement Benefit Plans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 24, 2021 | Sep. 25, 2020 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax | $ 384 | $ 553 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax | 117 | $ 177 |
Pension Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | 733 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 196 |
Note G - Pension and Other Po_4
Note G - Pension and Other Postretirement Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 24, 2021 | Sep. 25, 2020 | |
Pension Plan [Member] | ||
Service cost | $ 139 | $ 142 |
Prior service cost | 10 | 16 |
Interest cost | 666 | 668 |
Expected return on plan assets | (1,259) | (1,132) |
Amortization of transition obligation | 9 | 9 |
Amortization of prior service cost | (4) | (4) |
Amortization of actuarial net loss | 562 | 811 |
Net periodic benefit cost (gain) | 123 | 510 |
Service cost | 139 | 142 |
Other Postretirement Benefits Plan [Member] | ||
Service cost | 4 | 4 |
Interest cost | 35 | 39 |
Amortization of prior service cost | (69) | (69) |
Net periodic benefit cost (gain) | (30) | (26) |
Service cost | $ 4 | $ 4 |
Note H - Income Taxes (Details
Note H - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 24, 2021 | Sep. 25, 2020 | |
Annual Effective Tax Rate ("AETR") Methodology, Percentage of Forecasted Consolidated Income Earned | 91.00% | |
Effective Income Tax Rate Reconciliation, Percent, Total | 16.20% | 19.10% |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 814 | |
Foreign Tax Authority [Member] | ||
Open Tax Year | 2014 2015 2016 2017 2018 2019 2020 2021 | |
Foreign Tax Authority [Member] | Tax and Customs Administration, Netherlands [Member] | ||
Open Tax Year | 2019 | |
Domestic Tax Authority [Member] | ||
Open Tax Year | 2016 2017 2018 2019 2020 2021 |
Note I - Intangible Assets (Det
Note I - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 24, 2021 | Sep. 25, 2020 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 7 years | |
Amortization of Intangible Assets, Total | $ 826 | $ 835 |
Note I - Intangible Assets - In
Note I - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 24, 2021 | Sep. 25, 2020 | |
Balance, Definite Intangible Assets Gross Carrying Amount | $ 41,142 | |
Balance, Definite Intangible Assets Accumulated Amortization/Impairment | (23,662) | |
Balance at June 30, Definite Intangible Assets Net Book Value | 17,480 | |
Amortization, Intangible Asset | (826) | $ (835) |
Translation adjustment, Definite Intangible Assets Gross Carrying Amount | (186) | |
Translation adjustment, Definite Intangible Assets Net Book Value | (186) | |
Balance, Definite Intangible Assets Gross Carrying Amount | 40,956 | |
Balance, Definite Intangible Assets Accumulated Amortization/Impairment | (24,488) | |
Balance at June 30, Definite Intangible Assets Net Book Value | 16,468 | |
Customer Relationships [Member] | ||
Balance at June 30, Definite Intangible Assets Net Book Value | 10,321 | |
Amortization, Intangible Asset | (419) | |
Translation adjustment, Definite Intangible Assets Net Book Value | (116) | |
Balance at June 30, Definite Intangible Assets Net Book Value | 9,786 | |
Technology-Based Intangible Assets [Member] | ||
Balance at June 30, Definite Intangible Assets Net Book Value | 4,883 | |
Amortization, Intangible Asset | (304) | |
Translation adjustment, Definite Intangible Assets Net Book Value | (54) | |
Balance at June 30, Definite Intangible Assets Net Book Value | 4,525 | |
Trade Names [Member] | ||
Balance at June 30, Definite Intangible Assets Net Book Value | 1,282 | |
Amortization, Intangible Asset | (46) | |
Translation adjustment, Definite Intangible Assets Net Book Value | (14) | |
Balance at June 30, Definite Intangible Assets Net Book Value | 1,222 | |
Other Intangible Assets [Member] | ||
Balance at June 30, Definite Intangible Assets Net Book Value | 994 | |
Amortization, Intangible Asset | (57) | |
Translation adjustment, Definite Intangible Assets Net Book Value | (2) | |
Balance at June 30, Definite Intangible Assets Net Book Value | $ 935 |
Note I - Intangible Assets - Es
Note I - Intangible Assets - Estimated Intangibles Amortization Expense (Details) $ in Thousands | Sep. 24, 2021USD ($) |
2022 | $ 2,494 |
2023 | 3,110 |
2024 | 2,955 |
2025 | 2,789 |
2026 | 1,413 |
Thereafter | $ 3,707 |
Note J - Long-term Debt (Detail
Note J - Long-term Debt (Details Textual) $ in Thousands | 3 Months Ended | |||
Sep. 24, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 04, 2019 | Jun. 29, 2018USD ($) | |
Long-term Debt, Current Maturities, Total | $ 2,000 | $ 2,000 | ||
Principal Paid on Sale Leaseback Liabilities | 23 | |||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Bank of Montreal [Member] | ||||
Derivative, Notional Amount | $ 15,500 | $ 20,000 | ||
Minimum [Member] | ||||
Sale Leaseback Transactions, Term (Year) | 3 years | |||
Sale Leaseback Transactions, Implied Interest Rate | 7.00% | |||
Maximum [Member] | ||||
Sale Leaseback Transactions, Term (Year) | 5 years | |||
Sale Leaseback Transactions, Implied Interest Rate | 25.00% | |||
BMO [Member] | The 2018 Credit Agreement [Member] | ||||
Long-term Debt, Current Maturities, Total | $ 2,000 | |||
BMO [Member] | The 2018 Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument, Interest Rate During Period | 4.25% | |||
Line of Credit Facility, Current Borrowing Capacity | $ 40,622 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 25,384 | |||
BMO [Member] | The 2018 Credit Agreement [Member] | Term Loan [Member] | ||||
Debt Instrument, Covenant, Funded Debt to EBITDA Ratio | 3 | |||
Debt Instrument, Interest Rate During Period | 3.96% |
Note J - Long-term Debt - Summa
Note J - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 24, 2021 | Jun. 30, 2021 |
Long-term debt | $ 31,883 | $ 32,085 |
Less: current maturities | (2,000) | (2,000) |
Total long-term debt | 29,883 | 30,085 |
Revolving Loan [Member] | ||
Long-term debt | 15,237 | 15,415 |
Term Loan [Member] | ||
Long-term debt | 16,500 | 16,500 |
Other Long-Term Debt [Member] | ||
Long-term debt | $ 146 | $ 170 |
Note K - Shareholders' Equity_2
Note K - Shareholders' Equity (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Sep. 24, 2021 | Sep. 25, 2020 | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | 315 | |
Treasury Stock, Shares, Acquired (in shares) | 0 | 0 |
Note K - Shareholders' Equity -
Note K - Shareholders' Equity - Shareholders' Equity Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 24, 2021 | Sep. 25, 2020 | Sep. 24, 2020 | |
Balance | $ 130,660 | $ 139,958 | $ 139,958 |
Net income (loss) | 1,980 | (3,937) | (3,937) |
Translation adjustments | (1,938) | 3,612 | 3,612 |
Benefit plan adjustments, net of tax | 384 | 553 | 553 |
Unrealized gain (loss) on hedges | 204 | 75 | 75 |
Compensation expense | 625 | 518 | |
Shares (acquired) issued, net | (291) | (224) | |
Balance | 131,624 | 140,555 | |
Common Stock [Member] | |||
Balance | 40,972 | 42,756 | 42,756 |
Net income (loss) | |||
Translation adjustments | |||
Benefit plan adjustments, net of tax | |||
Unrealized gain (loss) on hedges | |||
Compensation expense | 625 | 518 | |
Shares (acquired) issued, net | (432) | (2,460) | |
Balance | 41,165 | 40,814 | |
Retained Earnings [Member] | |||
Balance | 126,936 | 156,655 | 156,655 |
Net income (loss) | 1,920 | (3,979) | |
Translation adjustments | |||
Benefit plan adjustments, net of tax | |||
Unrealized gain (loss) on hedges | |||
Compensation expense | |||
Shares (acquired) issued, net | |||
Balance | 128,856 | 152,676 | |
AOCI Attributable to Parent [Member] | |||
Balance | (22,615) | (41,226) | (41,226) |
Net income (loss) | |||
Translation adjustments | (2,014) | 3,600 | |
Benefit plan adjustments, net of tax | 384 | 553 | |
Unrealized gain (loss) on hedges | 204 | 75 | |
Compensation expense | |||
Shares (acquired) issued, net | |||
Balance | (24,041) | (36,998) | |
Treasury Stock [Member] | |||
Balance | (15,083) | (18,796) | (18,796) |
Net income (loss) | |||
Translation adjustments | |||
Benefit plan adjustments, net of tax | |||
Unrealized gain (loss) on hedges | |||
Compensation expense | |||
Shares (acquired) issued, net | 141 | 2,236 | |
Balance | (14,942) | (16,560) | |
Noncontrolling Interest [Member] | |||
Balance | 450 | $ 569 | 569 |
Net income (loss) | 60 | 42 | |
Translation adjustments | 76 | 12 | |
Benefit plan adjustments, net of tax | |||
Unrealized gain (loss) on hedges | |||
Compensation expense | |||
Shares (acquired) issued, net | |||
Balance | $ 586 | $ 623 |
Note K - Shareholders' Equity_3
Note K - Shareholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 24, 2021 | Sep. 25, 2020 | Sep. 24, 2020 | |
Balance | $ 130,660 | $ 139,958 | $ 139,958 |
Translation adjustment during the quarter | (1,938) | 3,612 | 3,612 |
Balance | 131,624 | 140,555 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Balance | 9,192 | 3,454 | 3,454 |
Translation adjustment during the quarter | (2,014) | 3,600 | |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | |
Net current period other comprehensive (loss) income | (2,014) | 3,600 | |
Balance | 7,178 | 7,054 | |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||
Balance | (31,463) | (43,576) | (43,576) |
Translation adjustment during the quarter | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income | 384 | 553 | |
Net current period other comprehensive (loss) income | 384 | 553 | |
Balance | (31,079) | (43,023) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Balance | (678) | (1,104) | $ (1,104) |
Translation adjustment during the quarter | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income | 68 | 75 | |
Net current period other comprehensive (loss) income | 68 | 75 | |
Balance | (611) | $ (1,029) | |
Accumulated Gain (Loss), Net, Net Investment Hedge [Member] | |||
Balance | 334 | ||
Translation adjustment during the quarter | 0 | ||
Amounts reclassified from accumulated other comprehensive income | 136 | ||
Net current period other comprehensive (loss) income | 136 | ||
Balance | $ 470 |
Note K - Shareholders' Equity_4
Note K - Shareholders' Equity - Reconciliation for the Reclassifications Out of Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 24, 2021 | Sep. 25, 2020 | Sep. 24, 2020 | ||
Total amortization | $ 2,362 | $ (4,868) | ||
Income tax expense (benefit) | 382 | (931) | ||
Net income (loss) | 1,980 | (3,937) | $ (3,937) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Actuarial losses | [1] | 565 | 794 | |
Transition asset and prior service benefit | [1] | (64) | (64) | |
Total amortization | 501 | 730 | ||
Income tax expense (benefit) | 117 | 177 | ||
Net income (loss) | $ 384 | $ 553 | ||
[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 Ope_3
Note L - Restructuring of Operations (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 18 Months Ended | 76 Months Ended | |||
Oct. 31, 2021USD ($) | Dec. 24, 2021USD ($) | Sep. 24, 2021USD ($) | Sep. 25, 2020USD ($) | Dec. 31, 2022 | Sep. 24, 2021USD ($) | Jun. 30, 2021USD ($) | |
Restructuring and Related Cost, Number of Positions Eliminated | 257 | ||||||
Restructuring Reserve, Ending Balance | $ 2,228 | $ 2,228 | $ 2,352 | ||||
Restructuring and Related Cost, Expected Pre-tax Savings | 1,600 | ||||||
Restructuring Charges, Total | 48 | $ 405 | $ 15,563 | ||||
Proceeds from Sale of Property, Plant, and Equipment, Total | 9,139 | 19 | |||||
Gain (Loss) on Disposition of Assets, Total | 2,939 | 0 | |||||
Propeller Machining Plant and Office in Switzerland [Member] | |||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | 9,138 | ||||||
Propeller Machining Plant and Office in Switzerland [Member] | Other Operating Income (Expense) [Member] | |||||||
Gain (Loss) on Disposition of Assets, Total | 2,939 | ||||||
Concerns Brought by the Union Representing Certain Employees Affected by Restructuring of Belgian Operations [Member] | Settled Litigation [Member] | |||||||
Litigation Settlement, Amount Awarded to Other Party | $ 3,200 | ||||||
Employee Severance [Member] | |||||||
Restructuring Reserve, Ending Balance | $ 2,200 | ||||||
Restructuring Charges, Total | $ 48 | $ 405 | |||||
Forecast [Member] | |||||||
Restructuring and Related Cost, Number of Positions Eliminated | 23 | ||||||
Forecast [Member] | Employee Severance [Member] | |||||||
Restructuring Charges, Total | $ 1,000 |
Note L - Restructuring of Ope_4
Note L - Restructuring of Operations - Roll-forward of Restructuring Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 76 Months Ended | |
Sep. 24, 2021 | Sep. 25, 2020 | Sep. 24, 2021 | |
Accrued restructuring liability | $ 2,352 | ||
Additions | 48 | $ 405 | $ 15,563 |
Payments, adjustments and write-offs during the year | (172) | ||
Accrued restructuring liability | $ 2,228 | $ 2,228 |
Note M - Earnings Per Share (De
Note M - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Sep. 24, 2021 | Sep. 25, 2020 | |
Performance Shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 439,100 | 433,100 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 362,000 | 332,800 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 37,000 | 38,000 |
Note M - Earnings Per Share - C
Note M - Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Sep. 24, 2021 | Sep. 25, 2020 | Sep. 24, 2020 | |
Net income (loss) | $ 1,980 | $ (3,937) | $ (3,937) |
Less: Net earnings attributable to noncontrolling interest | (60) | (42) | |
Less: Undistributed earnings attributable to unvested shares | 0 | 0 | |
Net income (loss) available to Twin Disc shareholders | $ 1,920 | $ (3,979) | |
Weighted average shares outstanding - basic (in shares) | 13,283 | 13,197 | |
Basic income (loss) per share attributable to Twin Disc common shareholders (in dollars per share) | $ 0.14 | $ (0.30) | |
Net income (loss) available to Twin Disc shareholders | $ 1,920 | $ (3,979) | |
Effect of dilutive stock awards (in shares) | 67 | 0 | |
Weighted average shares outstanding - diluted (in shares) | 13,350 | 13,197 | |
Net income (loss) per share - diluted (in dollars per share) | $ 0.14 | $ (0.30) |
Note N - Lease Liabilities - Co
Note N - Lease Liabilities - Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 24, 2021 | Jun. 30, 2021 |
Operating lease right-of-use assets | $ 14,216 | $ 14,736 |
Operating lease liabilities | 12,373 | 12,887 |
Property, Plant and Equipment, Net [Member] | ||
Operating lease right-of-use assets | 14,216 | 14,736 |
Finance lease right-of-use assets | 5,201 | 5,244 |
Accrued Liabilities [Member] | ||
Operating lease liabilities | 1,864 | 1,870 |
Finance lease liabilities | 566 | 541 |
Lease Obligation [Member] | ||
Operating lease liabilities | 12,373 | 12,887 |
Finance lease liabilities | $ 4,790 | $ 4,836 |
Note N - Lease Liabilities - _2
Note N - Lease Liabilities - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 24, 2021 | Sep. 25, 2020 | |
Amortization of right-of-use assets | $ 163 | $ 119 |
Interest on lease liabilities | 72 | 17 |
Operating lease cost | 693 | 762 |
Short-term lease cost | 2 | 9 |
Variable lease cost | 39 | 16 |
Total lease cost | 969 | 923 |
Less: Sublease income | (20) | (56) |
Net lease cost | $ 949 | $ 867 |
Note N - Lease Liabilities - Ot
Note N - Lease Liabilities - Other Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 24, 2021 | Sep. 25, 2020 | |
Operating cash flows from operating leases | $ 742 | $ 762 |
Operating cash flows from finance leases | 136 | 135 |
Financing cash flows from finance leases | 72 | 17 |
Right-of-use-assets obtained in exchange for lease obligations: Operating leases | 165 | 0 |
Right-of-use-assets obtained in exchange for lease obligations: Finance leases | $ 174 | $ 4,616 |
Weighted average remaining lease term (years): Operating leases (Year) | 9 years 7 months 6 days | 10 years 8 months 12 days |
Weighted average remaining lease term (years): Finance lease (Year) | 11 years 8 months 12 days | 12 years 9 months 18 days |
Weighted average discount rate: Operating leases | 7.20% | 7.40% |
Weighted average discount rate: Finance leases | 5.20% | 5.20% |
Note N - Lease Liabilities - Fu
Note N - Lease Liabilities - Future Minimum Rental Commitments Under Noncancellable Leases (Details) $ in Thousands | Sep. 24, 2021USD ($) |
2022, Operating Leases | $ 2,169 |
2022 | 621 |
2023, Operating Leases | 2,625 |
2023 | 819 |
2024, Operating Leases | 2,283 |
2024 | 776 |
2025, Operating Leases | 1,643 |
2025 | 534 |
2026, Operating Leases | 1,551 |
2026 | 465 |
Thereafter | 9,855 |
Thereafter | 3,895 |
Total future lease payments, Operating Leases | 20,126 |
Total future lease payments, Finance Leases | 7,110 |
Less: Amount representing interest, Operating Leases | (5,889) |
Less: Amount representing interest, Finance Leases | (1,754) |
Present value of future payments, Operating Leases | 14,237 |
Present value of future payments, Finance Leases | $ 5,356 |
Note O - Derivative Financial_3
Note O - Derivative Financial Instruments (Details Textual) $ in Thousands, € in Millions | 3 Months Ended | 12 Months Ended | |||||
Sep. 24, 2021USD ($) | Jun. 30, 2021USD ($) | Sep. 24, 2021EUR (€) | Sep. 25, 2020USD ($) | Sep. 24, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 29, 2018USD ($) | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $ 131,624 | $ 130,660 | $ 140,555 | $ 139,958 | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 334 | ||||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $ (611) | (678) | $ (1,029) | $ (1,104) | |||
Interest Rate Swap [Member] | |||||||
Derivative, Number of Instruments Held, Total | 1 | 1 | |||||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Bank of Montreal [Member] | |||||||
Derivative, Notional Amount | $ 15,500 | $ 20,000 | |||||
Euro Denominated Revolving Loan [Member] | Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | |||||||
Derivative, Notional Amount | € | € 13 | ||||||
Derivative, Gain (Loss) on Derivative, Net, Total | $ 471 | $ 334 |
Note O - Derivative Financial_4
Note O - Derivative Financial Instruments - Fair Value of Derivative Instruments (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Sep. 24, 2021 | Jun. 30, 2021 |
Accounts Payable and Accrued Liabilities [Member] | ||
Derivative Liabilities, Current | $ 314 | $ 346 |
Other Noncurrent Liabilities [Member] | ||
Derivative Liabilities, Noncurrent | $ 486 | $ 542 |
Note O - Derivative Financial_5
Note O - Derivative Financial Instruments - Impact of the Company's Derivative Instruments on the Consolidated Statement of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 24, 2021 | Sep. 25, 2020 | Sep. 24, 2020 | |
Unrealized gain (loss) on hedges | $ 204 | $ 75 | $ 75 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Unrealized Gain (Loss) on Hedges [Member] | Cash Flow Hedging [Member] | |||
Unrealized gain (loss) on hedges | 68 | 75 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Interest Expense [Member] | |||
Gain (loss) on derivative instruments | 90 | 98 | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Other Nonoperating Income (Expense) [Member] | |||
Gain (loss) on derivative instruments | 0 | (13) | |
Euro Denominated Revolving Loan [Member] | Designated as Hedging Instrument [Member] | Unrealized Gain (Loss) on Hedges [Member] | Net Investment Hedging [Member] | |||
Unrealized gain (loss) on hedges | $ 136 | $ 0 |