Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2017 | Oct. 29, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | STANDEX INTERNATIONAL CORP/DE/ | |
Entity Central Index Key | 310,354 | |
Trading Symbol | sxi | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 12,788,078 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 75,270 | $ 88,566 |
Accounts receivable, net of reserve for doubtful accounts of $2,752 and $2,406 at September 30, 2017 and June 30, 2017 | 134,996 | 127,060 |
Inventories | 123,366 | 119,401 |
Prepaid expenses and other current assets | 9,321 | 8,397 |
Income taxes receivable | 1,798 | 2,469 |
Deferred tax asset | 14,991 | |
Total current assets | 344,751 | 360,884 |
Property, plant, and equipment, net | 143,021 | 133,160 |
Intangible assets, net | 104,401 | 102,503 |
Goodwill | 248,557 | 242,690 |
Deferred tax asset | 12,779 | 1,135 |
Other non-current assets | 26,431 | 27,304 |
Total non-current assets | 535,189 | 506,792 |
Total assets | 879,940 | 867,676 |
Current Liabilities: | ||
Accounts payable | 79,513 | 96,487 |
Accrued liabilities | 59,350 | 58,694 |
Income taxes payable | 5,081 | 4,783 |
Total current liabilities | 143,944 | 159,964 |
Long-term debt | 205,896 | 191,976 |
Accrued pension and other non-current liabilities | 103,676 | 107,072 |
Total non-current liabilities | 309,572 | 299,048 |
Stockholders' equity: | ||
Common stock, par value $1.50 per share, 60,000,000 shares authorized, 27,984,278 issued, 12,700,882 and 12,662,661 outstanding at September 30, 2017 and June 30, 2017 | 41,976 | 41,976 |
Additional paid-in capital | 57,974 | 56,783 |
Retained earnings | 728,553 | 716,605 |
Accumulated other comprehensive loss | (111,055) | (115,938) |
Treasury shares: 15,283,396 shares at September 30, 2017 and 15,321,617 shares at June 30, 2017 | (291,024) | (290,762) |
Total stockholders' equity | 426,424 | 408,664 |
Total liabilities and stockholders' equity | $ 879,940 | $ 867,676 |
Unaudited Condensed Consolidat3
Unaudited Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Reserve for doubtful accounts | $ 2,752 | $ 2,406 |
Common stock, par value (in dollars per share) | $ 1.50 | $ 1.50 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 27,984,278 | 27,984,278 |
Common stock, shares outstanding (in shares) | 12,700,882 | 12,662,661 |
Treasury shares, shares (in shares) | 15,283,396 | 15,321,617 |
Unaudited Condensed Consolidat4
Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net sales | $ 214,379 | $ 179,600 |
Cost of sales | 140,198 | 117,824 |
Gross profit | 74,181 | 61,776 |
Selling, general, and administrative expenses | 50,026 | 41,612 |
Restructuring costs | 3,004 | 394 |
Acquisition related expenses | 1,005 | |
Total operating expenses | 54,035 | 42,006 |
Income from operations | 20,146 | 19,770 |
Interest expense | (1,721) | (697) |
Other non-operating income (expense) | 604 | 434 |
Income from continuing operations before income taxes | 19,029 | 19,507 |
Provision for income taxes | 5,030 | 5,163 |
Income from continuing operations | 13,999 | 14,344 |
Income (loss) from discontinued operations, net of income taxes | (1) | (50) |
Net income (loss) | $ 13,998 | $ 14,294 |
Basic earnings (loss) per share: | ||
Continuing operations (in dollars per share) | $ 1.10 | $ 1.13 |
Discontinued operations (in dollars per share) | ||
Total (in dollars per share) | 1.10 | 1.13 |
Diluted earnings (loss) per share: | ||
Continuing operations (in dollars per share) | 1.10 | 1.12 |
Discontinued operations (in dollars per share) | ||
Total (in dollars per share) | 1.10 | 1.12 |
Cash dividends per share (in dollars per share) | $ 0.16 | $ 0.14 |
Unaudited Condensed Consolidat5
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net income | $ 13,998 | $ 14,294 |
Other comprehensive income (loss): | ||
Actuarial gains (losses) and other changes in unrecognized costs | (250) | 115 |
Amortization of unrecognized costs | 1,365 | 1,440 |
Change in unrealized gains and (losses) | 774 | 61 |
Foreign currency translation gains (losses) | 3,414 | (1,166) |
Other comprehensive income (loss) before tax | 5,454 | 671 |
Actuarial gains (losses) and other changes in unrecognized costs | 52 | 90 |
Amortization of unrecognized costs | (478) | (506) |
Change in unrealized gains and (losses) | (109) | (23) |
Income tax provision (benefit) to other comprehensive income (loss) | (571) | (523) |
Other comprehensive income (loss), net of tax | 4,883 | 148 |
Comprehensive income (loss) | 18,881 | 14,442 |
Interest Expense [Member] | ||
Other comprehensive income (loss): | ||
Amortization of unrealized gains and (losses) | 151 | 221 |
Amortization of unrealized gains and (losses) | $ (36) | $ (84) |
Unaudited Condensed Consolidat6
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities | ||
Net income | $ 13,998 | $ 14,294 |
(Income) loss from discontinued operations | 1 | 50 |
Income from continuing operations | 13,999 | 14,344 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 6,869 | 4,373 |
Stock-based compensation | 1,164 | 1,365 |
Non-cash portion of restructuring charge | 516 | (19) |
Contributions to defined benefit plans | (264) | (246) |
Net changes in operating assets and liabilities | (27,739) | (18,368) |
Net cash provided by (used in) operating activities - continuing operations | (5,455) | 1,449 |
Net cash provided by (used in) operating activities - discontinued operations | (39) | (82) |
Net cash provided by (used in) operating activities | (5,494) | 1,367 |
Cash flows from investing activities | ||
Expenditures for property, plant, and equipment | (8,856) | (7,121) |
Expenditures for acquisitions, net of cash acquired | (10,397) | |
Proceeds from life insurance policies | 2,217 | |
Other investing activity | (78) | 712 |
Net cash (used in) investing activities - continuing operations | (17,114) | (6,409) |
Net cash provided by investing activities - discontinued operations | ||
Net cash (used in) investing activities | (17,114) | (6,409) |
Cash flows from financing activities | ||
Borrowings on revolving credit facility | 63,000 | 29,500 |
Payments of revolving credit facility | (52,788) | (17,500) |
Activity under share-based payment plans | 1,042 | 366 |
Purchases of treasury stock | (1,277) | (5,678) |
Cash dividends paid | (2,026) | (1,774) |
Net cash provided by (used in) financing activities | 7,951 | 4,914 |
Effect of exchange rate changes on cash and cash equivalents | 1,361 | (607) |
Net change in cash and cash equivalents | (13,296) | (735) |
Cash and cash equivalents at beginning of year | 88,566 | 121,988 |
Cash and cash equivalents at end of period | 75,270 | 121,253 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest | 1,447 | 589 |
Income taxes, net of refunds | $ 5,264 | $ 3,832 |
Note 1 - Management Statement
Note 1 - Management Statement | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1 Management Statement In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly the results of operations for the three September 30, 2017 2016, three September 30, 2017 2016 September 30, 2017. not not not June 30, 2017. June 30, 2017 not 10 June 30, 2017. There have been no , results of operations, cash flows or to our critical accounting policies that were disclosed in our Annual Report on Form 10 June 30, 2017 The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. We evaluated subsequent events through the date and time our unaudited condensed consolidated financial statements were issued. During the fourth 2017, 2016 09 first 2017 $0.4 first 2017 Recently Issued Accounting Pronouncements In May 2014, 2014 09, Revenue from Contract with Customers 1 2 3 may 4 5 July 1, 2018, not In November 2015, 2015 17, Income Taxes (Topic 740 as part of its simplification initiatives. This update requires deferred tax liabilities and assets to be classified as non-current on the consolidated condensed balance sheet for fiscal years beginning after December 15, 2016, 2015 17 September 30, 2017, not June 30, 2017. no 2015 17. In February 2016, 2016 02, Leases (Topic 842 . ASU 2016 02 twelve not 2016 02 December 15, 2018. In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment two 2017 04 2017 04 December 15, 2019. 2017 04 In March 2017, 2017 07, Compensation-Retirement Benefits (Topic 715 December 15, 2017 ( 2019 2017 07 |
Note 2 - Acquisitions
Note 2 - Acquisitions | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. The Company ’s recent acquisitions are strategically significant to the future growth prospects of the Company. At the time of the acquisition and September 30, 2017, Piazza Rosa Group During the first 2018, Piazza Rosa Group. The Italy-based privately held company is a leading provider of mold and tool treatment and finishing services for the automotive and consumer products markets. We have included the results of the Piazza Rosa Group in our Engraving segment in our Condensed Consolidated Financial Statements. The Company paid $ 10.1 $2.8 not Intangible assets of $ 4.1 $2.3 eight $1.6 $0.2 $6.2 not The components of the fair value of the Piazza Rosa Group acquisition, including the preliminary allocation of the purchase price at September 30, 2017, Preliminary Allocation September 30, 2017 Fair value of business combination: Cash payments $ 12,889 Less: cash paid to satisfy acquired debt (2,833 ) Total $ 10,056 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 2,678 Inventories 637 Property, plant, and equipment 5,005 Identifiable intangible assets 4,087 Goodwill 6,218 Liabilities assumed (7,387 ) Deferred taxes (1,182 ) Total $ 10,056 OKI Sensor Device Corporation During the third 2017, ’s leading designer and supplier of magnetic reed switches. Now named Standex Electronics Japan Corporation (“Standex Electronics Japan”), the acquisition enhances the Company’s access to important Asian markets and enables the Company to offer a world class suite of reed switches and related magnetic solutions while continuing to serve Standex Electronics Japan’s diverse distribution channels. We have included the results of Standex Electronics Japan in our Electronics segment in our Condensed Consolidated Financial Statements. The Company paid $129.2 100% not no Intangible assets of $53.8 $50.1 10 20 $3.6 fifteen $0.1 2017. $1.6 $2.3 $0.2 $0.1 2017. $77.6 not The components of the fair value of the Standex Electronics Japan acquisition, including the preliminary allocation of the purchase price at September 30, 2017, Preliminary Allocation Adjusted Allocation March 31, 2017 Adjustments September 30, 2017 Fair value of business combination: Cash payments $ 137,676 $ - $ 137,676 Less: cash acquired (8,521 ) - (8,521 ) Total $ 129,155 $ - $ 129,155 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 12,497 $ (366 ) $ 12,131 Inventories 7,387 815 8,202 Property, plant, and equipment 12,703 5,750 18,453 Identifiable intangible assets 53,800 (2,400 ) 51,400 Goodwill 75,985 1,646 77,631 Liabilities assumed (10,811 ) (8,405 ) (19,216 ) Deferred taxes (22,406 ) 2,960 (19,446 ) Total $ 129,155 $ - $ 129,155 The initial allocation of the purchase price is based upon a preliminary valuation, and accordingly, our estimates and assumptions are subject to change as we obtain additional information during the measurement period. The Company anticipates finalizing the purchase price allocation during the current calendar year. The following table reflects the unaudited pro forma operating results of the Company for the quarters ended September 30, 2017 2016, not may not not (Unaudited Pro Forma) For quarters ended September 30, In thousands 2017 2016 Net Sales $ 214,379 $ 197,277 Net Income $ 14,185 $ 15,029 Earnings per share: Basic $ 1.12 $ 1.19 Diluted $ 1.11 $ 1.17 Pro forma earnings during the quarter ended September 30, 2017 $0.2 Pro forma earnings during the quarter ended September 30, 2016 $0.7 $0.3 $0.4 Horizon Scientific During the second 2017, ’s penetration of the refrigeration markets in the growing scientific sector. We have included the operating results of Horizon Scientific in our Food Service Equipment segment in our Condensed Consolidated Financial Statements. The Company paid $24.7 100% $0.3 was paid during the quarter along with deferred compensation of up to $8.4 Intangible assets of $ 16.2 $14.5 fifteen $1.4 $0.3 $6.7 not The components of the fair value of the Horizon Scientific acquisition, including the allocation of the purchase price at June 30, 2017, Final Fair value of business combination: Cash payments $ 26,457 Identified cash and net working capital adjustment 341 Less: cash acquired (1,797 ) Total $ 25,001 Identifiable assets acquired and liabilities assumed: Current assets $ 4,863 Inventories 4,470 Property, plant, and equipment 1,616 Identifiable intangible assets 16,150 Goodwill 6,660 Liabilities assumed (2,374 ) Deferred taxes (6,384 ) Total $ 25,001 The Company finalized the purchase price allocation during fiscal year 2017. June 30, 2017. Acquisition-Related Costs Acquisition-related costs include costs related to acquired businesses and other pending acquisitions. These costs consist of (i) deferred compensation and (ii) acquisition-related professional service fees and expenses, including financial advisory, legal, accounting, and other outside services incurred in connection with acquisition activities, and regulatory matters related to acquired entities. These costs do not Deferred compensation costs relate to payments due to the Horizon Scientific seller of $2.8 second $5.6 third three September 30, 2017, $0.7 Acquisition related expenses consist of miscellaneous professional service fees and expenses for our recent acquisitions. The components of acquisition-related costs are as follows (dollars in thousands): Three Months Ended September 30 , 2017 2016 Deferred compensation arrangements $ 703 $ - Acquisition-related costs 302 - Total $ 1,005 $ - |
Note 3 - Discontinued Operation
Note 3 - Discontinued Operations | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3 ) Discontinued Operations In pursuing our business strategy , we have divested certain businesses and recorded activities of these businesses as discontinued operations. Assets and liabilities related to our discontinued operations appear in the condensed consolidated balance sheets are as follows (in thousands): September 3 0 , 201 7 June 30, 201 7 Other non-current assets $ 14 $ 14 Accrued expenses 747 786 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4 ) Fair Value Measurements The financial instruments shown below are presented at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not may Assets and liabilities recorded at fair value in the consolidated balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities and the methodologies used in valuation are as follows: Level 1 – Quoted prices in active markets for identical assets and liabilities. The Company’s deferred compensation plan assets consist of shares in various mutual funds (for the deferred compensation plan, investments are participant-directed) which invest in a broad portfolio of debt and equity securities. These assets are valued based on publicly quoted market prices for the funds’ shares as of the balance sheet dates. Level 2 – Inputs, other than quoted prices in an active market, that are observable either directly or indirectly through correlation with market data. For foreign exchange forward contracts and interest rate swaps, the Company values the instruments based on the market price of instruments with similar terms, which are based on spot and forward rates as of the balance sheet dates. The Company has considered the creditworthiness of counterparties in valuing all assets and liabilities. Level 3 – Unobservable inputs based upon the Company’s best estimate of what market participants would use in pricing the asset or liability. T here were no September 30, 2017 June 30, 2017. Cash and cash equivalents, accounts receivable, and accounts payable are carried at cost, which approximates fair value. Items presented at fair value at September 30, 2017 June 30, 2017 September 3 0 , 201 7 Total Level 1 Level 2 Level 3 Assets Marketable securities - deferred compensation plan $ 2,212 $ 2,212 $ - $ - Foreign exchange contracts 1,436 - 1,436 - Interest rate swaps 3,686 - 3,686 - Liabilities Foreign exchange contracts $ 3,741 $ - $ 3,741 $ - Interest rate swaps 3,573 - 3,573 - Contingent acquisition payments (a) 2,810 - - 2,810 June 30, 201 7 Total Level 1 Level 2 Level 3 Assets Marketable securities - deferred compensation plan $ 2,397 $ 2,397 $ - $ - Foreign exchange contracts 399 - 399 - Interest rate swaps 3,777 - 3,777 - Liabilities Foreign exchange contracts $ 3,232 $ - $ 3,232 $ - Interest rate swaps 3,958 - 3,958 - Contingent acquisition payments (a) 2,108 - - 2,108 (a) The fair value of our contingent consideration arrangement is determined based on our evaluation as to the probability and amount of any deferred compensation that has been earned to date. Our financial liabilities based upon Level 3 second third Contingent acquisition payment liabilities are scheduled to be paid in periods through fiscal year 2020. September 30, 2017, $8.4 not 3 September 30, 2017, |
Note 5 - Inventories
Note 5 - Inventories | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5 ) Inventories Inventories are comprised of the following (in thousands): September 3 0 , 201 7 June 30, 201 7 Raw materials $ 54,043 $ 53,313 Work in process 31,759 28,110 Finished goods 37,564 37,978 Total $ 123,366 $ 119,401 Distribution costs associated with the sale of inventory , which are recorded as a component of selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations were $5.9 $5.0 three September 30, 2017 2016, |
Note 6 - Goodwill
Note 6 - Goodwill | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 6 ) Goodwill Changes to goodwill during the period ended September 30, 2017 June 30, 201 7 Acquisitions Translation Adjustment September 30, 2017 Food Service Equipment $ 63,464 $ - $ - $ 63,464 Engraving 20,000 6,218 238 26,456 Engineering Technologies 44,120 - 263 44,383 Electronics 112,047 (1,270 ) 418 111,195 Hydraulics 3,059 - - 3,059 Total $ 242,690 $ 4,948 $ 919 $ 248,557 |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 7 ) Intangible Assets Intangible assets consist of the following (in thousands): Tradenames Customer Relationships (Indefinite- lived) Developed Technology Other Total September 30, 2017 Cost $ 66,868 $ 20,413 $ 47,533 $ 4,855 $ 139,669 Accumulated amortization (30,083 ) - (1,855 ) (3,330 ) (35,268 ) Balance, September 30, 2017 $ 36,785 $ 20,413 $ 45,678 $ 1,525 $ 104,401 June 30, 201 7 Cost $ 64,247 $ 18,715 $ 47,586 $ 4,503 $ 135,051 Accumulated amortization (28,764 ) - (826 ) (2,958 ) (32,548 ) Balance, June 30, 201 7 $ 35,483 $ 18,715 $ 46,760 $ 1,545 $ 102,503 Amortization expense for the three months ended September 30, 2017 2016 $2.2 $0.9 September 30, 2017, $7.0 2018, $9.0 2019, $8.4 2020, $7.9 2021, $7.4 2022, $44.5 |
Note 8 - Warranties
Note 8 - Warranties | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 8 Warranties The expected cost associated with warranty obligations on our products is recorded as a component of cost of sales when the revenue is recognized. The Company’s estimate of warranty cost is based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Since warranty estimates are forecasts based on the best available information, claims costs may The changes in warranty reserve, which are recorded as a component of accrued liabilities, for the three September 30, 2017 June 30, 2017 September 3 0 , 201 7 June 30, 201 7 Balance at beginning of year $ 9,243 $ 9,085 Acquisitions and other 8 301 Warranty expense 1,570 9,203 Warranty claims (1,350 ) (9,346 ) Balance at end of period $ 9,471 $ 9,243 |
Note 9 - Debt
Note 9 - Debt | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9 ) Debt Long-term debt is comprised of the following (in thousands): September 3 0 , 201 7 June 30, 201 7 Bank credit agreements $ 205,500 $ 192,500 Other 832 6 Total funded debt 206,332 192,506 Issuance Cost (436 ) (530 ) Total long-term debt $ 205,896 $ 191,976 T he Company’s debt payments are due as follows (in thousands): Fiscal Year September 3 0 , 201 7 2018 $ 199 2019 109 2020 205,612 202 1 114 202 2 117 Thereafter 181 Total Debt 206,332 Issuance cost (436 ) Debt net of issuance cost $ 205,896 Bank Credit Agreements During fiscal year 2015, five December 2019 $400 $100 $10 $30 At September 30, 2017, $8.9 $176.9 September 30, 2017, Other The Company incurred additional debt related primarily to a Piazza Rosa construction project that was completed in October 2017. |
Note 10 - Derivative Financial
Note 10 - Derivative Financial Instruments | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 10 ) Derivative Financial Instruments Interest Rate Swaps From time to time as dictated by market opportunities, the Company enters into interest rate swap agreements designed to manage exposure to interest rates on the Company’s variable rate indebtedness. The Company recognizes all derivatives on its balance sheet at fair value. The Company has designated its interest rate swap agreements, including those that are forward-dated, as cash flow hedges, and changes in the fair value of the swaps are recognized in other comprehensive income until the hedged items are recognized in earnings. Hedge ineffectiveness, if any, associated with the swaps will be reported by the Company in interest expense. The Company ’s effective swap agreements convert the base borrowing rate on $100 1.60% September 30, 2017. Effective Date Notional Amount Fixed Interest Rate Maturity September 30, 2017 June 30, 201 7 December 19, 2014 20,000 1.18% December 19, 2017 $ 4 $ 8 December 19, 2014 5,000 1.20% December 19, 2017 (1 ) 1 December 18, 2015 15,000 1.46% December 19, 2018 5 (1 ) December 19, 2015 10,000 2.01% December 19, 2019 83 (106 ) May 24, 2017 25,000 1.88% April 24, 2022 35 (60 ) May 24, 2017 25,000 1.67% May 24, 2020 (13 ) (23 ) $ 113 $ (181 ) The Company reported no three September 30, 2017, may Foreign Exchange Contracts Forward foreign currency exchange contracts are used to limit the impact of currency fluctuations on certain anticipated foreign cash flows, such as collections from customers and loan payments between subsidiaries. The Company enters into such contracts for hedging purposes only. The Company has designated certain of these currency contracts as hedges, and changes in the fair value of these contracts are recognized in other comprehensive income until the hedged items are recognized in earnings. Hedge ineffectiveness, if any, associated with these contracts will be reported in net income. At September 30, 2017 June 30, 2017, 2.3 2.8 2018 2023, Currency September 3 0 , 201 7 June 30, 201 7 USD 69,000 73,000 Euro 21,323 21,335 Pound Sterling 6,750 6,962 Peso 54,000 54,000 Canadian 20,600 20,600 The table below presents the fair value of derivative financial instruments as well as their classification on the balance sheet (in thousands): Asset Derivatives September 3 0 , 201 7 June 30, 2 01 7 Balance Balance Derivative designated as hedging instruments Sheet Line Item Fair Value Sheet Line Item Fair Value Interest rate swaps Other Assets $ 113 Other Assets $ - Foreign exchange contracts Other Assets 1,436 Other Assets - $ 1,549 $ - Liability Derivatives September 3 0 , 201 7 June 30, 201 7 Balance Balance Derivative designated as hedging instruments Sheet Line Item Fair Value Sheet Line Item Fair Value Interest rate swaps Accrued Liabilities $ - Accrued Liabilities $ 181 Foreign exchange contracts Accrued Liabilities 3,729 Accrued Liabilities 2,833 $ 3,729 $ 3,014 The table below presents the amount of gain (loss) recognized in comprehensive income on our derivative financial instruments (effective portion) designated as hedging instruments and their classification within comprehensive income for the periods ended (in thousands): Three Months Ended September 30 , 201 7 201 7 Interest rate swaps $ 286 $ 163 Foreign exchange contracts 488 (102 ) $ 774 $ 61 The table below presents the amount reclassified from accumulated other comprehensive income (loss) to Net Income for the periods ended (in thousands): Details about Accumulated Three Months Ended Affected line item Other Comprehensive September 3 0 , in the Statements Income (Loss) Components 201 7 201 6 of Operations Interest rate swaps $ 151 $ 119 Interest expense Foreign exchange contracts - 102 Cost of Sales $ 151 $ 221 |
Note 11 - Retirement Benefits
Note 11 - Retirement Benefits | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 1 1 ) Retirement Benefits The Company has defined benefit pension plans covering certain current and former employees both inside and outside of the U.S. The Company ’s pension plan for U.S. employees is frozen for substantially all participants and has been replaced with a defined contribution benefit plan. Net Periodic Benefit Cost for the Company ’s U.S. and Foreign pension benefit plans for the three September 30 , 2017 2016 U.S. Plans Non-U.S. Plans Three Months Ended Three Months Ended September 3 0 , September 3 0 , 201 7 201 6 201 7 201 6 Service cost $ 1 $ 1 $ 9 $ 9 Interest cost 2,520 2,613 254 264 Expected return on plan assets (3,354 ) (3,440 ) (231 ) (297 ) Recognized net actuarial loss 1,145 1,190 229 262 Amortization of prior service cost - - (8 ) (12 ) Net periodic benefit cost $ 312 $ 364 $ 253 $ 226 The Company expects to pay $1.4 2018. $0.3 three September 30, 2017 $0.2 three September 30, 2016. $0.8 2018. $0.2 $0.3 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 2 ) Income Taxes The Company's effective tax rate from continuing operations for the first 2018 26.4% 26.5% and (ii) a benefit due to the mix of income earned in jurisdictions with beneficial tax rates. |
Note 13 - Earnings Per Share
Note 13 - Earnings Per Share | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 3 ) Earnings Per Share The following table sets forth a reconciliation of the number of shares (in thousands) used in the computation of basic and diluted earnings per share: Three Months Ended September 3 0 , 201 7 201 6 Basic - Average shares outstanding 12,676 12,674 Effect of dilutive securities: Unvested, restricted stock awards 92 120 Diluted - Average shares outstanding 12,768 12,794 Earnings available to common stockholders are the same for computing both basic and diluted earnings per share. No three months ended September 30, 2017 2016, Performance stock units of 54,893 29,607 three September 30, 2017 2016, not |
Note 14 - Comprehensive Income
Note 14 - Comprehensive Income (Loss) | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 1 4 ) Comprehensive Income (L oss) The components of the Company ’s accumulated other comprehensive income (loss) are as follows (in thousands): September 3 0 , 201 7 June 30, 201 7 Foreign currency translation adjustment $ (21,693 ) $ (25,107 ) Unrealized pension losses, net of tax (85,957 ) (86,646 ) Unrealized losses on derivative instruments, net of tax (3,405 ) (4,185 ) Total $ (111,055 ) $ (115,938 ) |
Note 15 - Contingencies
Note 15 - Contingencies | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 1 5 ) Contingencies From time to time, the Company is subject to various claims and legal proceedings, including claims related to environmental remediation, either asserted or unasserted, that arise in the ordinary course of business. While the outcome of these proceedings and claims cannot be predicted with certainty, the Company’s management does not |
Note 16 - Industry Segment Info
Note 16 - Industry Segment Information | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 6 ) Industry Segment Information The Company has determined that it has five • Food Service Equipment – an aggregation of eight • Engraving – provides mold texturizing, slush molding tools, project management and design services, roll engraving, hygiene product tooling, low observation vents for stealth aircraft, and process machinery for a number of industries; • Engineering Technologies – provides net and near net formed single-source customized solutions in the manufacture of engineered components for the aviation, aerospace, defense, energy, industrial, medical, marine, oil and gas, and manned and unmanned space markets. • Electronics – manufacturing and selling of electronic components for applications throughout the end-user market spectrum; and • Hydraulics – manufacturing and selling of single and double-acting telescopic and piston rod hydraulic cylinders. Net sales and income (loss) from continuing operations by segment for the three September 30, 2017 2016 Three Months Ended September 3 0 , Net Sales Income from Operations 201 7 201 6 201 7 201 6 Segment: Food Service Equipment $ 103,064 $ 92,651 $ 10,424 $ 9,488 Engraving 32,829 26,730 7,420 7,398 Engineering Technologies 20,267 18,721 1,167 1,496 Electronics 46,816 30,651 10,236 6,473 Hydraulics 11,403 10,847 1,851 2,129 Restructuring costs (3,004 ) (394 ) Corporate (6,943 ) (6,820 ) Acquisition-related costs (1,005 ) - Sub-total $ 214,379 $ 179,600 $ 20,146 $ 19,770 Interest expense (1,721 ) (697 ) Other non-operating income 604 434 Income from cont inuing operations before income taxes $ 19,029 $ 19,507 Net sales include only transactions with unaffiliated customers and include no Income (loss) from operations by segment excludes interest expense and other non-operating income (expense). The Company ’s identifiable assets at September 30, 2017 June 30, 2017 September 3 0 , 201 7 June 30, 201 7 Food Service Equipment $ 250,595 $ 243,414 Engraving 138,265 115,664 Engineering Technologies 146,715 150,805 Electronics 284,201 292,776 Hydraulics 22,761 21,405 Corporate & Other 37,403 43,612 Total $ 879,940 $ 867,676 |
Note 17 - Restructuring
Note 17 - Restructuring | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 1 7 ) Restructuring The Company has undertaken cost reduction and facility consolidation initiatives that have resulted in severance, restructuring, and related charges. A summary of charges by initiative is as follows (in thousands): Three Months Ended September 3 0 , 2017 Fiscal 201 8 Involuntary Employee Severance and Benefit Costs Other Total Restructuring initiatives $ 1,682 $ 547 $ 2,229 Prior year initiatives 42 733 775 $ 1,724 $ 1,280 $ 3,004 Three Months Ended September 3 0 , 201 6 Fiscal 201 7 Involuntary Employee Severance and Benefit Costs Other Total Restructuring initiatives $ 23 $ 283 $ 306 Prior year initiatives 6 82 88 $ 29 $ 365 $ 394 201 8 Restructuring Initiatives The Company continue s to focus on our efforts to reduce cost and improve productivity across our businesses, particularly through headcount reductions, facility closures, and consolidations. During the first 2018, 2018 three 1 2 3 Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30 , 2017 $ - $ - $ - Additions and adjustments 1,682 547 2,229 Payments (1,276 ) (547 ) (1,823 ) Restructuring liabilities at September 30, 2017 $ 406 $ - $ 406 Prior Year Initiatives The prior year initiatives yet to be completed are primarily the finalization of the manufacturing footprint consolidation within our Enginetics business in the Engineering Technology segment. Activity in the reserve related to the prior year restructuring initiatives is as follows (in thousands): Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2017 $ 506 $ 1,238 $ 1,744 Additions and adjustments 42 752 794 Payments (532 ) (1,662 ) (2,194 ) Restructuring liabilities at September 30, 2017 $ 16 $ 328 $ 344 The Company ’s total restructuring expenses by segment are as follows (in thousands): Three Months Ended Three Months Ended September 3 0 , 201 7 September 3 0 , 201 6 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Food Service Equipment $ 835 $ 427 $ 1,262 $ 12 $ 75 $ 87 Engraving 715 94 809 6 - 6 Engineering Technologies 42 724 766 - 185 185 Electronics P roducts 132 26 158 11 98 109 Hydraulics - - - - - - Corporate - 9 9 - 7 7 $ 1,724 $ 1,280 $ 3,004 $ 29 $ 365 $ 394 W e incurred severance and other costs of $3.0 $0.4 three September 30, 2017 2016 $5.0 $6.0 2018. |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | (Unaudited Pro Forma) For quarters ended September 30, In thousands 2017 2016 Net Sales $ 214,379 $ 197,277 Net Income $ 14,185 $ 15,029 Earnings per share: Basic $ 1.12 $ 1.19 Diluted $ 1.11 $ 1.17 |
Business Combination, Acquisition Related Costs [Table Text Block] | Three Months Ended September 30 , 2017 2016 Deferred compensation arrangements $ 703 $ - Acquisition-related costs 302 - Total $ 1,005 $ - |
Horizon Scientific Inc. [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Final Fair value of business combination: Cash payments $ 26,457 Identified cash and net working capital adjustment 341 Less: cash acquired (1,797 ) Total $ 25,001 Identifiable assets acquired and liabilities assumed: Current assets $ 4,863 Inventories 4,470 Property, plant, and equipment 1,616 Identifiable intangible assets 16,150 Goodwill 6,660 Liabilities assumed (2,374 ) Deferred taxes (6,384 ) Total $ 25,001 |
Standex Electronics Japan Corporation [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation Adjusted Allocation March 31, 2017 Adjustments September 30, 2017 Fair value of business combination: Cash payments $ 137,676 $ - $ 137,676 Less: cash acquired (8,521 ) - (8,521 ) Total $ 129,155 $ - $ 129,155 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 12,497 $ (366 ) $ 12,131 Inventories 7,387 815 8,202 Property, plant, and equipment 12,703 5,750 18,453 Identifiable intangible assets 53,800 (2,400 ) 51,400 Goodwill 75,985 1,646 77,631 Liabilities assumed (10,811 ) (8,405 ) (19,216 ) Deferred taxes (22,406 ) 2,960 (19,446 ) Total $ 129,155 $ - $ 129,155 |
Piazza Rosa Group [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation September 30, 2017 Fair value of business combination: Cash payments $ 12,889 Less: cash paid to satisfy acquired debt (2,833 ) Total $ 10,056 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 2,678 Inventories 637 Property, plant, and equipment 5,005 Identifiable intangible assets 4,087 Goodwill 6,218 Liabilities assumed (7,387 ) Deferred taxes (1,182 ) Total $ 10,056 |
Note 3 - Discontinued Operati25
Note 3 - Discontinued Operations (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule Of Disposal Groups Including Discontinued Operations Balance Sheet [Table Text Block] | September 3 0 , 201 7 June 30, 201 7 Other non-current assets $ 14 $ 14 Accrued expenses 747 786 |
Note 4 - Fair Value Measureme26
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 3 0 , 201 7 Total Level 1 Level 2 Level 3 Assets Marketable securities - deferred compensation plan $ 2,212 $ 2,212 $ - $ - Foreign exchange contracts 1,436 - 1,436 - Interest rate swaps 3,686 - 3,686 - Liabilities Foreign exchange contracts $ 3,741 $ - $ 3,741 $ - Interest rate swaps 3,573 - 3,573 - Contingent acquisition payments (a) 2,810 - - 2,810 June 30, 201 7 Total Level 1 Level 2 Level 3 Assets Marketable securities - deferred compensation plan $ 2,397 $ 2,397 $ - $ - Foreign exchange contracts 399 - 399 - Interest rate swaps 3,777 - 3,777 - Liabilities Foreign exchange contracts $ 3,232 $ - $ 3,232 $ - Interest rate swaps 3,958 - 3,958 - Contingent acquisition payments (a) 2,108 - - 2,108 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 3 0 , 201 7 June 30, 201 7 Raw materials $ 54,043 $ 53,313 Work in process 31,759 28,110 Finished goods 37,564 37,978 Total $ 123,366 $ 119,401 |
Note 6 - Goodwill (Tables)
Note 6 - Goodwill (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | June 30, 201 7 Acquisitions Translation Adjustment September 30, 2017 Food Service Equipment $ 63,464 $ - $ - $ 63,464 Engraving 20,000 6,218 238 26,456 Engineering Technologies 44,120 - 263 44,383 Electronics 112,047 (1,270 ) 418 111,195 Hydraulics 3,059 - - 3,059 Total $ 242,690 $ 4,948 $ 919 $ 248,557 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Intangible Assets, Excluding Goodwill [Table Text Block] | Tradenames Customer Relationships (Indefinite- lived) Developed Technology Other Total September 30, 2017 Cost $ 66,868 $ 20,413 $ 47,533 $ 4,855 $ 139,669 Accumulated amortization (30,083 ) - (1,855 ) (3,330 ) (35,268 ) Balance, September 30, 2017 $ 36,785 $ 20,413 $ 45,678 $ 1,525 $ 104,401 June 30, 201 7 Cost $ 64,247 $ 18,715 $ 47,586 $ 4,503 $ 135,051 Accumulated amortization (28,764 ) - (826 ) (2,958 ) (32,548 ) Balance, June 30, 201 7 $ 35,483 $ 18,715 $ 46,760 $ 1,545 $ 102,503 |
Note 8 - Warranties (Tables)
Note 8 - Warranties (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | September 3 0 , 201 7 June 30, 201 7 Balance at beginning of year $ 9,243 $ 9,085 Acquisitions and other 8 301 Warranty expense 1,570 9,203 Warranty claims (1,350 ) (9,346 ) Balance at end of period $ 9,471 $ 9,243 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 3 0 , 201 7 June 30, 201 7 Bank credit agreements $ 205,500 $ 192,500 Other 832 6 Total funded debt 206,332 192,506 Issuance Cost (436 ) (530 ) Total long-term debt $ 205,896 $ 191,976 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Fiscal Year September 3 0 , 201 7 2018 $ 199 2019 109 2020 205,612 202 1 114 202 2 117 Thereafter 181 Total Debt 206,332 Issuance cost (436 ) Debt net of issuance cost $ 205,896 |
Note 10 - Derivative Financia32
Note 10 - Derivative Financial Instruments (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | Effective Date Notional Amount Fixed Interest Rate Maturity September 30, 2017 June 30, 201 7 December 19, 2014 20,000 1.18% December 19, 2017 $ 4 $ 8 December 19, 2014 5,000 1.20% December 19, 2017 (1 ) 1 December 18, 2015 15,000 1.46% December 19, 2018 5 (1 ) December 19, 2015 10,000 2.01% December 19, 2019 83 (106 ) May 24, 2017 25,000 1.88% April 24, 2022 35 (60 ) May 24, 2017 25,000 1.67% May 24, 2020 (13 ) (23 ) $ 113 $ (181 ) |
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | Currency September 3 0 , 201 7 June 30, 201 7 USD 69,000 73,000 Euro 21,323 21,335 Pound Sterling 6,750 6,962 Peso 54,000 54,000 Canadian 20,600 20,600 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Asset Derivatives September 3 0 , 201 7 June 30, 2 01 7 Balance Balance Derivative designated as hedging instruments Sheet Line Item Fair Value Sheet Line Item Fair Value Interest rate swaps Other Assets $ 113 Other Assets $ - Foreign exchange contracts Other Assets 1,436 Other Assets - $ 1,549 $ - Liability Derivatives September 3 0 , 201 7 June 30, 201 7 Balance Balance Derivative designated as hedging instruments Sheet Line Item Fair Value Sheet Line Item Fair Value Interest rate swaps Accrued Liabilities $ - Accrued Liabilities $ 181 Foreign exchange contracts Accrued Liabilities 3,729 Accrued Liabilities 2,833 $ 3,729 $ 3,014 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three Months Ended September 30 , 201 7 201 7 Interest rate swaps $ 286 $ 163 Foreign exchange contracts 488 (102 ) $ 774 $ 61 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about Accumulated Three Months Ended Affected line item Other Comprehensive September 3 0 , in the Statements Income (Loss) Components 201 7 201 6 of Operations Interest rate swaps $ 151 $ 119 Interest expense Foreign exchange contracts - 102 Cost of Sales $ 151 $ 221 |
Note 11 - Retirement Benefits (
Note 11 - Retirement Benefits (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Pension Plan [Member] | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | U.S. Plans Non-U.S. Plans Three Months Ended Three Months Ended September 3 0 , September 3 0 , 201 7 201 6 201 7 201 6 Service cost $ 1 $ 1 $ 9 $ 9 Interest cost 2,520 2,613 254 264 Expected return on plan assets (3,354 ) (3,440 ) (231 ) (297 ) Recognized net actuarial loss 1,145 1,190 229 262 Amortization of prior service cost - - (8 ) (12 ) Net periodic benefit cost $ 312 $ 364 $ 253 $ 226 |
Note 13 - Earnings Per Share (T
Note 13 - Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 3 0 , 201 7 201 6 Basic - Average shares outstanding 12,676 12,674 Effect of dilutive securities: Unvested, restricted stock awards 92 120 Diluted - Average shares outstanding 12,768 12,794 |
Note 14 - Comprehensive Incom35
Note 14 - Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | September 3 0 , 201 7 June 30, 201 7 Foreign currency translation adjustment $ (21,693 ) $ (25,107 ) Unrealized pension losses, net of tax (85,957 ) (86,646 ) Unrealized losses on derivative instruments, net of tax (3,405 ) (4,185 ) Total $ (111,055 ) $ (115,938 ) |
Note 16 - Industry Segment In36
Note 16 - Industry Segment Information (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended September 3 0 , Net Sales Income from Operations 201 7 201 6 201 7 201 6 Segment: Food Service Equipment $ 103,064 $ 92,651 $ 10,424 $ 9,488 Engraving 32,829 26,730 7,420 7,398 Engineering Technologies 20,267 18,721 1,167 1,496 Electronics 46,816 30,651 10,236 6,473 Hydraulics 11,403 10,847 1,851 2,129 Restructuring costs (3,004 ) (394 ) Corporate (6,943 ) (6,820 ) Acquisition-related costs (1,005 ) - Sub-total $ 214,379 $ 179,600 $ 20,146 $ 19,770 Interest expense (1,721 ) (697 ) Other non-operating income 604 434 Income from cont inuing operations before income taxes $ 19,029 $ 19,507 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | September 3 0 , 201 7 June 30, 201 7 Food Service Equipment $ 250,595 $ 243,414 Engraving 138,265 115,664 Engineering Technologies 146,715 150,805 Electronics 284,201 292,776 Hydraulics 22,761 21,405 Corporate & Other 37,403 43,612 Total $ 879,940 $ 867,676 |
Note 17 - Restructuring (Tables
Note 17 - Restructuring (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended September 3 0 , 2017 Fiscal 201 8 Involuntary Employee Severance and Benefit Costs Other Total Restructuring initiatives $ 1,682 $ 547 $ 2,229 Prior year initiatives 42 733 775 $ 1,724 $ 1,280 $ 3,004 Three Months Ended September 3 0 , 201 6 Fiscal 201 7 Involuntary Employee Severance and Benefit Costs Other Total Restructuring initiatives $ 23 $ 283 $ 306 Prior year initiatives 6 82 88 $ 29 $ 365 $ 394 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30 , 2017 $ - $ - $ - Additions and adjustments 1,682 547 2,229 Payments (1,276 ) (547 ) (1,823 ) Restructuring liabilities at September 30, 2017 $ 406 $ - $ 406 Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2017 $ 506 $ 1,238 $ 1,744 Additions and adjustments 42 752 794 Payments (532 ) (1,662 ) (2,194 ) Restructuring liabilities at September 30, 2017 $ 16 $ 328 $ 344 |
Restructuring Expenses By Segment [Table Text Block] | Three Months Ended Three Months Ended September 3 0 , 201 7 September 3 0 , 201 6 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Food Service Equipment $ 835 $ 427 $ 1,262 $ 12 $ 75 $ 87 Engraving 715 94 809 6 - 6 Engineering Technologies 42 724 766 - 185 185 Electronics P roducts 132 26 158 11 98 109 Hydraulics - - - - - - Corporate - 9 9 - 7 7 $ 1,724 $ 1,280 $ 3,004 $ 29 $ 365 $ 394 |
Note 1 - Management Statement (
Note 1 - Management Statement (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | |
Income Tax Expense (Benefit) | $ 5,030 | $ 5,163 | |
Accounting Standards Update 2016-09 [Member] | |||
Income Tax Expense (Benefit) | $ 400 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2018 | |
Payments to Acquire Businesses, Net of Cash Acquired | $ 10,397 | |||||||||||
Goodwill | $ 248,557 | $ 242,690 | 248,557 | $ 242,690 | $ 248,557 | $ 242,690 | ||||||
Business Combination, Acquisition Related Costs | 302 | |||||||||||
Amortization of Intangible Assets | 2,200 | 900 | ||||||||||
Interest Expense | 1,721 | 697 | ||||||||||
Business Combination, Contingent Consideration, Liability | [1] | 2,810 | 2,108 | 2,810 | 2,108 | 2,810 | 2,108 | |||||
Business Combination, Deferred Compensation Arrangements | 703 | |||||||||||
Piazza Rosa Group [Member] | ||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 10,056 | 10,100 | ||||||||||
Other Payments to Acquire Businesses | 2,833 | 2,800 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 4,087 | 4,087 | 4,087 | |||||||||
Goodwill | 6,218 | 6,218 | 6,218 | |||||||||
Piazza Rosa Group [Member] | Trademarks (Indefinite-Lived) [Member] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,600 | 1,600 | 1,600 | |||||||||
Piazza Rosa Group [Member] | Customer Relationships [Member] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2,300 | $ 2,300 | 2,300 | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years | |||||||||||
Piazza Rosa Group [Member] | Other Intangible Assets [Member] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 200 | $ 200 | 200 | |||||||||
Standex Electronics Japan Corporation [Member] | ||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 129,155 | $ 129,200 | 129,155 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 51,400 | 53,800 | 51,400 | 53,800 | 51,400 | |||||||
Goodwill | $ 77,600 | 77,631 | $ 75,985 | 77,600 | 77,631 | $ 75,985 | 77,600 | 77,631 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | ||||||||||
Goodwill, Purchase Accounting Adjustments | 1,646 | $ 1,600 | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (2,400) | |||||||||||
Standex Electronics Japan Corporation [Member] | Acquisition-related Costs [Member] | ||||||||||||
Business Combination, Acquisition Related Costs | 200 | |||||||||||
Standex Electronics Japan Corporation [Member] | Fair Value Adjustment to Intangible Assets [Member] | ||||||||||||
Amortization of Intangible Assets | 700 | |||||||||||
Standex Electronics Japan Corporation [Member] | Fair Value Adjustment to Fixed Assets [Member] | ||||||||||||
Depreciation | 300 | |||||||||||
Standex Electronics Japan Corporation [Member] | Fair Value Adjustment to Credit Facility [Member] | ||||||||||||
Interest Expense | $ 400 | |||||||||||
Standex Electronics Japan Corporation [Member] | Customer Relationships [Member] | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3,600 | $ 3,600 | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (200) | |||||||||||
Standex Electronics Japan Corporation [Member] | Developed Technology Rights [Member] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 50,100 | $ 50,100 | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (2,300) | |||||||||||
Standex Electronics Japan Corporation [Member] | Developed Technology Rights [Member] | Minimum [Member] | ||||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||||||||
Standex Electronics Japan Corporation [Member] | Developed Technology Rights [Member] | Maximum [Member] | ||||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||||||||||
Standex Electronics Japan Corporation [Member] | Order or Production Backlog [Member] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 100 | $ 100 | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 100 | |||||||||||
Horizon Scientific Inc. [Member] | ||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 25,001 | $ 24,700 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 16,150 | 16,150 | $ 16,200 | 16,150 | ||||||||
Goodwill | $ 6,660 | $ 6,660 | $ 6,660 | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||
Business Combination, Contingent Consideration, Liability | $ 8,400 | |||||||||||
Business Combination, Deferred Compensation Due on Second Anniversary | 2,800 | |||||||||||
Business Combination, Deferred Compensation Due on Third Anniversary | 5,600 | |||||||||||
Business Combination, Deferred Compensation Arrangements | $ 700 | |||||||||||
Horizon Scientific Inc. [Member] | Scenario, Forecast [Member] | ||||||||||||
Payments for Previous Acquisition | $ 300 | |||||||||||
Horizon Scientific Inc. [Member] | Customer Relationships [Member] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 14,500 | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | |||||||||||
Horizon Scientific Inc. [Member] | Order or Production Backlog [Member] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 300 | |||||||||||
Horizon Scientific Inc. [Member] | Trademarks [Member] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 1,400 | |||||||||||
[1] | The fair value of our contingent consideration arrangement is determined based on our evaluation as to the probability and amount of any deferred compensation that has been earned to date. |
Note 2 - Acquisitions - Compone
Note 2 - Acquisitions - Components of Fair Value of Acquisitions and Allocation of Purchase Price For Acquisition of Piazza Rosa Group (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 |
Total | $ 10,397 | |||
Goodwill | $ 248,557 | 248,557 | $ 242,690 | |
Piazza Rosa Group [Member] | ||||
Cash payments | 12,889 | |||
Less: cash paid to satisfy acquired debt | (2,833) | (2,800) | ||
Total | 10,056 | 10,100 | ||
Other acquired assets | 2,678 | 2,678 | ||
Inventories | 637 | 637 | ||
Property, plant, and equipment | 5,005 | 5,005 | ||
Identifiable intangible assets | 4,087 | 4,087 | ||
Goodwill | 6,218 | 6,218 | ||
Liabilities assumed | (7,387) | (7,387) | ||
Deferred taxes | (1,182) | (1,182) | ||
Total | $ 10,056 | $ 10,056 |
Note 2 - Acquisitions - Compo41
Note 2 - Acquisitions - Components of Fair Value of Acquisitions and Allocation of Purchase Price For Acquisition of Standex Electronics Japan Corporation (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Jun. 30, 2017 |
Total | $ 10,397 | ||||||
Goodwill | 248,557 | $ 242,690 | $ 248,557 | $ 242,690 | |||
Standex Electronics Japan Corporation [Member] | |||||||
Cash payments | $ 137,676 | 137,676 | |||||
Less: cash acquired | (8,521) | (8,521) | |||||
Total | 129,155 | $ 129,200 | 129,155 | ||||
Other acquired assets | 12,497 | 12,131 | 12,497 | 12,131 | |||
Other acquired assets | (366) | ||||||
Inventories | 7,387 | 8,202 | 7,387 | 8,202 | |||
Inventories | 815 | ||||||
Property, plant, and equipment | 12,703 | 18,453 | 12,703 | 18,453 | |||
Property, plant, and equipment | 5,750 | ||||||
Identifiable intangible assets | 53,800 | 51,400 | 53,800 | 51,400 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (2,400) | ||||||
Goodwill | 75,985 | $ 77,600 | 77,631 | 75,985 | 77,600 | 77,631 | |
Goodwill, Purchase Accounting Adjustments | 1,646 | $ 1,600 | |||||
Liabilities assumed | (10,811) | (19,216) | (10,811) | (19,216) | |||
Liabilities assumed | (8,405) | ||||||
Deferred taxes | (22,406) | (19,446) | (22,406) | (19,446) | |||
Deferred taxes | 2,960 | ||||||
Total | $ 129,155 | $ 129,155 | $ 129,155 | $ 129,155 |
Note 2 - Acquisitions - Unaudit
Note 2 - Acquisitions - Unaudited Pro Forma Information (Details) - Standex Electronics Japan Corporation [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net Sales | $ 214,379 | $ 197,277 |
Net Income | $ 14,185 | $ 15,029 |
Basic (in dollars per share) | $ 1.12 | $ 1.19 |
Diluted (in dollars per share) | $ 1.11 | $ 1.17 |
Note 2 - Acquisitions - Compo43
Note 2 - Acquisitions - Components of Fair Value of Acquisitions and Allocation of Purchase Price For Acquisition of Horizon (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Total | $ 10,397 | |||
Goodwill | $ 242,690 | $ 248,557 | ||
Horizon Scientific Inc. [Member] | ||||
Cash payments | 26,457 | |||
Identified cash and net working capital adjustment | 341 | |||
Less: cash acquired | (1,797) | |||
Total | 25,001 | $ 24,700 | ||
Current assets | 4,863 | |||
Inventories | 4,470 | |||
Property, plant, and equipment | 1,616 | |||
Identifiable intangible assets | 16,150 | $ 16,200 | ||
Goodwill | 6,660 | |||
Liabilities assumed | (2,374) | |||
Deferred taxes | (6,384) | |||
Total | $ 25,001 |
Note 2 - Acquisitions - Compo44
Note 2 - Acquisitions - Components of Acquisition Related Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Deferred compensation arrangements | $ 703 | |
Acquisition-related costs | 302 | |
Total | $ 1,005 |
Note 3 - Discontinued Operati45
Note 3 - Discontinued Operations - Assets and Liabilities Related to Discontinued Operations (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Other non-current assets | $ 14 | $ 14 |
Accrued expenses | $ 747 | $ 786 |
Note 4 - Fair Value Measureme46
Note 4 - Fair Value Measurements (Details Textual) $ in Millions | Sep. 30, 2017USD ($) |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 8.4 |
Note 4 - Fair Value Measureme47
Note 4 - Fair Value Measurements - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | |
Foreign exchange contracts | $ 1,436 | $ 399 | |
Interest rate swaps | 3,686 | 3,777 | |
Foreign exchange contracts | 3,741 | 3,232 | |
Interest rate swaps | 3,573 | 3,958 | |
Business Combination, Contingent Consideration, Liability | [1] | 2,810 | 2,108 |
Fair Value, Inputs, Level 1 [Member] | |||
Foreign exchange contracts | |||
Interest rate swaps | |||
Foreign exchange contracts | |||
Interest rate swaps | |||
Business Combination, Contingent Consideration, Liability | [1] | ||
Fair Value, Inputs, Level 2 [Member] | |||
Foreign exchange contracts | 1,436 | 399 | |
Interest rate swaps | 3,686 | 3,777 | |
Foreign exchange contracts | 3,741 | 3,232 | |
Interest rate swaps | 3,573 | 3,958 | |
Business Combination, Contingent Consideration, Liability | [1] | ||
Fair Value, Inputs, Level 3 [Member] | |||
Foreign exchange contracts | |||
Interest rate swaps | |||
Foreign exchange contracts | |||
Interest rate swaps | |||
Business Combination, Contingent Consideration, Liability | [1] | 2,810 | 2,108 |
Deferred Compensation Plan [Member] | |||
Marketable securities - deferred compensation plan | 2,212 | 2,397 | |
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Marketable securities - deferred compensation plan | 2,212 | 2,397 | |
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Marketable securities - deferred compensation plan | |||
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Marketable securities - deferred compensation plan | |||
[1] | The fair value of our contingent consideration arrangement is determined based on our evaluation as to the probability and amount of any deferred compensation that has been earned to date. |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Selling Expense | $ 5.9 | $ 5 |
Note 5 - Inventories - Summary
Note 5 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Raw materials | $ 54,043 | $ 53,313 |
Work in process | 31,759 | 28,110 |
Finished goods | 37,564 | 37,978 |
Total | $ 123,366 | $ 119,401 |
Note 6 - Goodwill - Changes to
Note 6 - Goodwill - Changes to Goodwill (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2017USD ($) | |
Beginning balance, goodwill | $ 242,690 |
Acquisition | 4,948 |
Translation Adjustment | 919 |
Ending balance, goodwill | 248,557 |
Food Service Equipment Group [Member] | |
Beginning balance, goodwill | 63,464 |
Acquisition | |
Translation Adjustment | |
Ending balance, goodwill | 63,464 |
Engraving Group [Member] | |
Beginning balance, goodwill | 20,000 |
Acquisition | 6,218 |
Translation Adjustment | 238 |
Ending balance, goodwill | 26,456 |
Engineering Technologies Group [Member] | |
Beginning balance, goodwill | 44,120 |
Acquisition | |
Translation Adjustment | 263 |
Ending balance, goodwill | 44,383 |
Electronics Products Group [Member] | |
Beginning balance, goodwill | 112,047 |
Acquisition | (1,270) |
Translation Adjustment | 418 |
Ending balance, goodwill | 111,195 |
Hydraulics Products Group [Member] | |
Beginning balance, goodwill | 3,059 |
Acquisition | |
Translation Adjustment | |
Ending balance, goodwill | $ 3,059 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Amortization of Intangible Assets | $ 2.2 | $ 0.9 |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 7 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 9 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 8.4 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 7.9 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 7.4 | |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 44.5 |
Note 7 - Intangible Assets - Su
Note 7 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Cost | $ 139,669 | $ 135,051 |
Accumulated amortization | (35,268) | (32,548) |
Intangible assets, net | 104,401 | 102,503 |
Trademarks [Member] | ||
Cost | 20,413 | 18,715 |
Accumulated amortization | ||
Intangible assets, net | 20,413 | 18,715 |
Customer Relationships [Member] | ||
Cost | 66,868 | 64,247 |
Accumulated amortization | (30,083) | (28,764) |
Intangible assets, net | 36,785 | 35,483 |
Acquired Technology [Member] | ||
Cost | 47,533 | 47,586 |
Accumulated amortization | (1,855) | (826) |
Intangible assets, net | 45,678 | 46,760 |
Other Intangible Assets [Member] | ||
Cost | 4,855 | 4,503 |
Accumulated amortization | (3,330) | (2,958) |
Intangible assets, net | $ 1,525 | $ 1,545 |
Note 8 - Warranties - Changes i
Note 8 - Warranties - Changes in Warranty Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Jun. 30, 2017 | |
Balance at beginning of year | $ 9,243 | $ 9,085 |
Acquisitions and other | 8 | 301 |
Warranty expense | 1,570 | 9,203 |
Warranty claims | (1,350) | (9,346) |
Balance at end of period | $ 9,471 | $ 9,243 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2015 | Sep. 30, 2017 | |
Amended and Restated Credit Agreement [Member] | ||
Debt Instrument, Term | 5 years | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 400 | $ 176.9 |
Line Of Credit, Accordion Feature | 100 | |
Swing Line Loan [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 10 | |
Letter of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30 | |
Standby Letters of Credit [Member] | ||
Long-term Line of Credit | $ 8.9 |
Note 9 - Debt - Long-term Debt
Note 9 - Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Funded debt | $ 206,332 | $ 192,506 |
Issuance Cost | (436) | (530) |
Total long-term debt | 205,896 | 191,976 |
Line of Credit [Member] | ||
Funded debt | 205,500 | 192,500 |
Other Funded Debt [Member] | ||
Funded debt | $ 832 | $ 6 |
Note 9 - Debt - Maturities of L
Note 9 - Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
2,018 | $ 199 | |
2,019 | 109 | |
2,020 | 205,612 | |
2,021 | 114 | |
2,022 | 117 | |
Thereafter | 181 | |
Total Debt | 206,332 | $ 192,506 |
Issuance Cost | (436) | (530) |
Debt net of issuance cost | $ 205,896 | $ 191,976 |
Note 10 - Derivative Financia57
Note 10 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Jun. 30, 2017 | |
Derivative Instruments, Loss Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | $ 0 | |
Interest Rate Swap [Member] | ||
Derivative, Notional Amount | $ 100,000 | |
Derivative, Average Fixed Interest Rate | 1.60% | |
Foreign Exchange Contract [Member] | ||
Outstanding Forward Contracts, Net Unrealized Gain (Loss) | $ 2,300 | $ (2,800) |
Note 10 - Derivative Financia58
Note 10 - Derivative Financial Instruments - Fair Value of Swaps Recognized in Accrued Liabilities and in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Jun. 30, 2017 | |
Fair Value, Asset | $ 113 | |
Fair Value, Liability | $ (181) | |
Interest Rate Swap Effective December 19, 2014 Number One [Member] | ||
Notional Amount | $ 20,000 | |
Fixed Rate | 1.18% | |
Maturity | Dec. 19, 2017 | |
Fair Value, Asset | $ 4 | 8 |
Interest Rate Swap Effective December 19, 2014 Number Two [Member] | ||
Notional Amount | $ 5,000 | |
Fixed Rate | 1.20% | |
Maturity | Dec. 19, 2017 | |
Fair Value, Asset | $ (1) | 1 |
Interest Rate Swap Effective December 18, 2015 [Member] | ||
Notional Amount | $ 15,000 | |
Fixed Rate | 1.46% | |
Maturity | Dec. 19, 2018 | |
Fair Value, Liability | $ 5 | (1) |
Interest Rate Swap Effective December 19, 2015 [Member] | ||
Notional Amount | $ 10,000 | |
Fixed Rate | 2.01% | |
Maturity | Dec. 19, 2019 | |
Fair Value, Asset | $ 83 | |
Fair Value, Liability | (106) | |
Interest Rate Swap Effective May 24, 2017 Number One [Member] | ||
Notional Amount | $ 25,000 | |
Fixed Rate | 1.88% | |
Maturity | Apr. 24, 2022 | |
Fair Value, Asset | $ 35 | |
Fair Value, Liability | (60) | |
Interest Rate Swap Effective May 24, 2017 Number Two [Member] | ||
Notional Amount | $ 25,000 | |
Fixed Rate | 1.67% | |
Maturity | May 24, 2020 | |
Fair Value, Liability | $ (13) | $ (23) |
Note 10 - Derivative Financia59
Note 10 - Derivative Financial Instruments - Foreign Currency Exchange Contracts (Details) - Foreign Exchange Contract [Member] € in Thousands, £ in Thousands, MXN in Millions, CAD in Millions, $ in Millions | Sep. 30, 2017USD ($) | Sep. 30, 2017CAD | Sep. 30, 2017GBP (£) | Sep. 30, 2017EUR (€) | Sep. 30, 2017MXN | Jun. 30, 2017USD ($) | Jun. 30, 2017CAD | Jun. 30, 2017GBP (£) | Jun. 30, 2017EUR (€) | Jun. 30, 2017MXN |
United States of America, Dollars | ||||||||||
Derivative, Notional Amount | $ | $ 69 | $ 73 | ||||||||
Euro Member Countries, Euro | ||||||||||
Derivative, Notional Amount | € | € 21,323 | € 21,335 | ||||||||
United Kingdom, Pounds | ||||||||||
Derivative, Notional Amount | £ | £ 6,750 | £ 6,962 | ||||||||
Mexico, Pesos | ||||||||||
Derivative, Notional Amount | MXN | MXN 54 | MXN 54 | ||||||||
Canada, Dollars | ||||||||||
Derivative, Notional Amount | CAD | CAD 20.6 | CAD 20.6 |
Note 10 - Derivative Financia60
Note 10 - Derivative Financial Instruments - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Other Assets [Member] | ||
Unrealized gain (loss) | $ 1,549 | |
Other Assets [Member] | Interest Rate Swap [Member] | ||
Unrealized gain (loss) | 113 | |
Other Assets [Member] | Foreign Exchange Contract [Member] | ||
Unrealized gain (loss) | 1,436 | |
Other Liabilities [Member] | ||
Liability | 3,729 | 3,014 |
Other Liabilities [Member] | Interest Rate Swap [Member] | ||
Liability | 181 | |
Other Liabilities [Member] | Foreign Exchange Contract [Member] | ||
Liability | $ 3,729 | $ 2,833 |
Note 10 - Derivative Financia61
Note 10 - Derivative Financial Instruments - Gain (Loss) Recognized in Comprehensive Income on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Unrealized gain (loss) | $ 774 | $ 61 |
Interest Rate Swap [Member] | ||
Unrealized gain (loss) | 286 | 163 |
Foreign Exchange Contract [Member] | ||
Unrealized gain (loss) | $ 488 | $ (102) |
Note 10 - Derivative Financia62
Note 10 - Derivative Financial Instruments - Details About Accumulated Other Comprehensive Income (Loss) Components (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Accumulated other comprehensive income (loss) component | $ 151 | $ 221 |
Interest Rate Swap [Member] | Interest Expense [Member] | ||
Accumulated other comprehensive income (loss) component | 151 | 119 |
Foreign Exchange Contract [Member] | Cost of Sales [Member] | ||
Accumulated other comprehensive income (loss) component | $ 102 |
Note 11 - Retirement Benefits63
Note 11 - Retirement Benefits (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
UNITED KINGDOM | Foreign Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 0.8 | |
UNITED STATES | Domestic Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 0.2 | |
GERMANY | Foreign Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 0.3 | |
Pension Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 1.4 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0.3 | $ 0.2 |
Note 11 - Retirement Benefits -
Note 11 - Retirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Domestic Plan [Member] | ||
Service cost | $ 1 | $ 1 |
Interest cost | 2,520 | 2,613 |
Expected return on plan assets | (3,354) | (3,440) |
Recognized net actuarial loss | 1,145 | 1,190 |
Amortization of prior service cost | ||
Net periodic benefit cost | 312 | 364 |
Foreign Plan [Member] | ||
Service cost | 9 | 9 |
Interest cost | 254 | 264 |
Expected return on plan assets | (231) | (297) |
Recognized net actuarial loss | 229 | 262 |
Amortization of prior service cost | (8) | (12) |
Net periodic benefit cost | $ 253 | $ 226 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Effective Income Tax Rate Reconciliation, Percent | 26.40% | 26.50% |
Note 13 - Earnings Per Share (D
Note 13 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 |
Performance Shares [Member] | ||
Share-based Compensation Awards Excluded from Computation of Earnings Per Share Amount | 54,893 | 29,607 |
Note 13 - Earnings Per Share -
Note 13 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Basic - Average shares outstanding (in shares) | 12,676 | 12,674 |
Unvested, restricted stock awards (in shares) | 92 | 120 |
Diluted - Average shares outstanding (in shares) | 12,768 | 12,794 |
Note 14 - Comprehensive Incom68
Note 14 - Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Foreign currency translation adjustment | $ (21,693) | $ (25,107) |
Unrealized pension losses, net of tax | (85,957) | (86,646) |
Unrealized losses on derivative instruments, net of tax | (3,405) | (4,185) |
Total | $ (111,055) | $ (115,938) |
Note 16 - Industry Segment In69
Note 16 - Industry Segment Information (Details Textual) | 3 Months Ended |
Sep. 30, 2017 | |
Number of Reportable Segments | 5 |
Food Service Equipment Group [Member] | |
Number of Operating Segments | 8 |
Note 16 - Industry Segment In70
Note 16 - Industry Segment Information - Net Sales and Income (Loss) by Industry Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net sales | $ 214,379 | $ 179,600 |
Income from operations | 20,146 | 19,770 |
Restructuring costs | (3,004) | (394) |
Acquisition-related costs | (1,005) | |
Interest expense | (1,721) | (697) |
Other non-operating income | 604 | 434 |
Income from continuing operations before income taxes | 19,029 | 19,507 |
Food Service Equipment Group [Member] | ||
Net sales | 103,064 | 92,651 |
Income from operations | 10,424 | 9,488 |
Restructuring costs | (1,262) | (87) |
Engraving Group [Member] | ||
Net sales | 32,829 | 26,730 |
Income from operations | 7,420 | 7,398 |
Restructuring costs | (809) | (6) |
Engineering Technologies Group [Member] | ||
Net sales | 20,267 | 18,721 |
Income from operations | 1,167 | 1,496 |
Restructuring costs | (766) | (185) |
Electronics Products Group [Member] | ||
Net sales | 46,816 | 30,651 |
Income from operations | 10,236 | 6,473 |
Restructuring costs | (158) | (109) |
Hydraulics Products Group [Member] | ||
Net sales | 11,403 | 10,847 |
Income from operations | 1,851 | 2,129 |
Restructuring costs | ||
Corporate and Other [Member] | ||
Income from operations | (6,943) | (6,820) |
Restructuring costs | $ (9) | $ (7) |
Note 16 - Industry Segment In71
Note 16 - Industry Segment Information - Assets by Industry Segments (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Assets | $ 879,940 | $ 867,676 |
Food Service Equipment Group [Member] | ||
Assets | 250,595 | 243,414 |
Engraving Group [Member] | ||
Assets | 138,265 | 115,664 |
Engineering Technologies Group [Member] | ||
Assets | 146,715 | 150,805 |
Electronics Products Group [Member] | ||
Assets | 284,201 | 292,776 |
Hydraulics Products Group [Member] | ||
Assets | 22,761 | 21,405 |
Corporate and Other [Member] | ||
Assets | $ 37,403 | $ 43,612 |
Note 17 - Restructuring (Detail
Note 17 - Restructuring (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2018 | |
Restructuring Costs | $ 3,004 | $ 394 | |
Minimum [Member] | Scenario, Forecast [Member] | |||
Restructuring Costs | $ 5,000 | ||
Maximum [Member] | Scenario, Forecast [Member] | |||
Restructuring Costs | $ 6,000 | ||
Severance and Non-cash Lease Impairment Costs [Member] | |||
Restructuring Costs | $ 3,000 | $ 400 |
Note 17 - Restructuring - Summa
Note 17 - Restructuring - Summary of Severance, Restructuring, and Related Charges by Initiative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Restructuring charges | $ 3,004 | $ 394 |
Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring charges | 1,724 | 29 |
Other Restructuring [Member] | ||
Restructuring charges | 1,280 | 365 |
Current Year Restructuring Initiatives [Member] | ||
Restructuring charges | 2,229 | 306 |
Current Year Restructuring Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring charges | 1,682 | 23 |
Current Year Restructuring Initiatives [Member] | Other Restructuring [Member] | ||
Restructuring charges | 547 | 283 |
Prior Year Initiatives [Member] | ||
Restructuring charges | 775 | 88 |
Prior Year Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring charges | 42 | 6 |
Prior Year Initiatives [Member] | Other Restructuring [Member] | ||
Restructuring charges | $ 733 | $ 82 |
Note 17 - Restructuring - Sum74
Note 17 - Restructuring - Summary of Activity in Reserves Related to Restructuring Initiatives (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2017USD ($) | |
Current Year Restructuring Initiatives [Member] | |
Restructuring liabilities | |
Additions and adjustments | 2,229 |
Payments | (1,823) |
Restructuring liabilities | 406 |
Prior Year Initiatives [Member] | |
Restructuring liabilities | 1,744 |
Additions and adjustments | 794 |
Payments | (2,194) |
Restructuring liabilities | 344 |
Involuntary Employee Severance And Benefit Costs [Member] | Current Year Restructuring Initiatives [Member] | |
Restructuring liabilities | |
Additions and adjustments | 1,682 |
Payments | (1,276) |
Restructuring liabilities | 406 |
Involuntary Employee Severance And Benefit Costs [Member] | Prior Year Initiatives [Member] | |
Restructuring liabilities | 506 |
Additions and adjustments | 42 |
Payments | (532) |
Restructuring liabilities | 16 |
Other Restructuring [Member] | Current Year Restructuring Initiatives [Member] | |
Restructuring liabilities | |
Additions and adjustments | 547 |
Payments | (547) |
Restructuring liabilities | |
Other Restructuring [Member] | Prior Year Initiatives [Member] | |
Restructuring liabilities | 1,238 |
Additions and adjustments | 752 |
Payments | (1,662) |
Restructuring liabilities | $ 328 |
Note 17 - Restructuring - Sum75
Note 17 - Restructuring - Summary of Restructuring Expenses by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Restructuring charges | $ 3,004 | $ 394 |
Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring charges | 1,724 | 29 |
Other Restructuring [Member] | ||
Restructuring charges | 1,280 | 365 |
Food Service Equipment Group [Member] | ||
Restructuring charges | 1,262 | 87 |
Food Service Equipment Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring charges | 835 | 12 |
Food Service Equipment Group [Member] | Other Restructuring [Member] | ||
Restructuring charges | 427 | 75 |
Engraving Group [Member] | ||
Restructuring charges | 809 | 6 |
Engraving Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring charges | 715 | 6 |
Engraving Group [Member] | Other Restructuring [Member] | ||
Restructuring charges | 94 | |
Engineering Technologies Group [Member] | ||
Restructuring charges | 766 | 185 |
Engineering Technologies Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring charges | 42 | |
Engineering Technologies Group [Member] | Other Restructuring [Member] | ||
Restructuring charges | 724 | 185 |
Electronics Products Group [Member] | ||
Restructuring charges | 158 | 109 |
Electronics Products Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring charges | 132 | 11 |
Electronics Products Group [Member] | Other Restructuring [Member] | ||
Restructuring charges | 26 | 98 |
Hydraulics Products Group [Member] | ||
Restructuring charges | ||
Hydraulics Products Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring charges | ||
Hydraulics Products Group [Member] | Other Restructuring [Member] | ||
Restructuring charges | ||
Corporate and Other [Member] | ||
Restructuring charges | 9 | 7 |
Corporate and Other [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring charges | ||
Corporate and Other [Member] | Other Restructuring [Member] | ||
Restructuring charges | $ 9 | $ 7 |