Flexsteel Industries (FLXS) 10-Q10 Feb 142014 Q2 Quarterly reportFinancial data

Company Profile

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
Document And Entity Information	Dec. 31, 2013
Document And Entity Information [Abstract]	'
Document Type	'10-Q
Amendment Flag	'false
Document Period End Date	31-Dec-13
Document Fiscal Year Focus	'2014
Document Fiscal Period Focus	'Q2
Entity Registrant Name	'FLEXSTEEL INDUSTRIES INC
Entity Central Index Key	'0000037472
Current Fiscal Year End Date	'--06-30
Entity Filer Category	'Accelerated Filer
Entity Common Stock, Shares Outstanding	7,223,201
Entity Well-known Seasoned Issuer	'No
Entity Current Reporting Status	'Yes
Entity Voluntary Filers	'No

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified	Dec. 31, 2013	Jun. 30, 2013
ASSETS	'	'
Cash	$8,876	$10,934
Trade receivables - less allowance for doubtful accounts: 2012, $0; 2011, $2,000	41,506	36,075
Inventories	98,853	92,417
Deferred income taxes	7,120	4,970
Other	5,557	4,805
Total current assets	161,912	149,201
NONCURRENT ASSETS:	'	'
Property, plant and equipment, net	31,617	32,145
Deferred income taxes	1,980	1,190
Other assets	11,043	10,003
TOTAL	206,552	192,539
LIABILITIES AND SHAREHOLDERS' EQUITY	'	'
Accounts payable - trade	15,416	13,927
Litigation settlement payable	6,250	'
Accrued liabilities:	'	'
Payroll and related items	6,456	7,836
Insurance	4,934	4,667
Other	10,446	9,072
Total current liabilities	43,502	35,502
LONG-TERM LIABILITIES:	'	'
Deferred compensation	3,462	2,414
Other liabilities	3,747	3,386
Total liabilities	50,711	41,302
SHAREHOLDERS' EQUITY:	'	'
Cumulative preferred stock - $50 par value; authorized 60,000 shares; outstanding - none	'	'
Undesignated (subordinated) stock - $1 par value; authorized 700,000 shares; outstanding - none	'	'
Common stock - $1 par value; authorized 15,000,000 shares; outstanding 2012, 0,000,000 shares; 2011, 6,710,612 shares	7,223	7,107
Additional paid-in capital	12,511	10,615
Retained earnings	137,384	134,606
Accumulated other comprehensive loss	-1,277	-1,091
Total shareholders' equity	155,841	151,237
TOTAL	$206,552	$192,539

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2013	Jun. 30, 2013
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Jun. 30, 2013
Consolidated Balance Sheets [Abstract]	'	'
Trade receivables, allowance for doubtful accounts	$1,530	$1,560
Cumulative Preferred stock, par value	$50	$50
Cumulative Preferred stock, authorized	60,000	60,000
Cumulative Preferred stock, outstanding	0	0
Undesignated (subordinated) stock, par value	$1	$1
Undesignated (subordinated) stock, authorized	700,000	700,000
Undesignated (subordinated) stock, outstanding	0	0
Common stock, par value	$1	$1
Common stock, authorized	15,000,000	15,000,000
Common stock, outstanding	7,223,201	7,106,723

Consolidated_Statements_Of_Ope

Consolidated Statements Of Operations (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Consolidated Statements Of Operations [Abstract]	'	'	'	'
NET SALES	$112,534	$94,590	$216,882	$185,827
COST OF GOODS SOLD	-86,475	-71,843	-167,178	-141,979
GROSS MARGIN	26,059	22,747	49,704	43,848
SELLING, GENERAL AND ADMINISTRATIVE	-18,351	-18,150	-36,560	-34,860
LITIGATION SETTLEMENT COSTS	-6,250	'	-6,250	'
OPERATING INCOME (LOSS)	1,458	4,597	6,894	8,988
OTHER INCOME (EXPENSE):	'	'	'	'
Interest and other income	422	65	924	225
INCOME (LOSS) BEFORE INCOME TAXES	1,880	4,662	7,818	9,213
INCOME TAX (PROVISION) BENEFIT	-710	-1,740	-2,880	-3,420
NET INCOME (LOSS)	$1,170	$2,922	$4,938	$5,793
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:	'	'	'	'
Basic	7,205	7,030	7,165	6,984
Diluted	7,537	7,275	7,477	7,245
EARNINGS (LOSS) PER SHARE OF COMMON STOCK:	'	'	'	'
Basic	$0.16	$0.42	$0.69	$0.83
Diluted	$0.16	$0.40	$0.66	$0.80
CASH DIVIDENDS DECLARED PER COMMON SHARE	$0.15	$0.15	$0.30	$0.30

Consolidated_Statements_Of_Com

Consolidated Statements Of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Comprehensive Income (Loss) [Abstract]	'	'	'	'
Net income	$1,170	$2,922	$4,938	$5,793
Unrealized (losses) gains on securities in supplemental retirement plans	368	-89	507	113
Reclassification of Realized gain on supplemental retirement plans to other income	-363	-5	-807	-92
Other Comprehensive Income(Loss) Before Taxes	5	-94	-300	21
Income tax benefit (expense) related to securities in supplemental retirement plans gains (losses)	-2	36	114	-8
Other comprehensive (loss) income, net of tax	3	-58	-186	13
Comprehensive income	$1,173	$2,864	$4,752	$5,806

Consolidated_Statements_Of_Cas

Consolidated Statements Of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
OPERATING ACTIVITIES:	'	'
Net income (loss)	$4,938	$5,793
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:	'	'
Depreciation	2,030	1,772
Deferred income taxes	-2,826	-353
Stock-based compensation expense	884	860
Excess tax benefit from stock-based payment arrangements	-161	'
Provision for losses on accounts receivable	45	88
Gain on disposition of capital assets	-23	-3
Changes in operating assets and liabilities:	'	'
Trade receivables	-5,476	-572
Inventories	-6,436	-5,042
Other current assets	-1,292	-552
Other assets	17	-101
Accounts payable - trade	1,461	1,242
Litigation Settlement Payable	6,250	'
Accrued liabilities	568	-1,306
Other long-term liabilities	362	-200
Supplemental retirement plans	885	439
Net cash provided by operating activities	1,226	2,065
INVESTING ACTIVITIES:	'	'
Purchases of investments	-4,007	-737
Proceeds from sales of investments	3,189	114
Proceeds from sale of capital assets	30	3
Capital expenditures	-1,481	-4,918
Net cash (used in) provided by investing activities	-2,269	-5,538
FINANCING ACTIVITIES:	'	'
Dividends paid	-2,143	-3,148
Proceeds from issuance of common stock	967	800
Excess tax benefit from stock-based payment arrangements	161	'
Net cash used in financing activities	-1,015	-2,348
Increase (decrease) in cash and cash equivalents	-2,058	-5,821
Cash and cash equivalents at beginning of year	10,934	13,970
Cash and cash equivalents at end of year	8,876	8,149
SUPPLEMENTAL INFORMATION CASH PAID DURING THE PERIOD FOR:	'	'
Income taxes paid (refunded)	4,522	3,560
Capital Expenditures Incurred but Not yet Paid	$289	'

Summary_Of_Significant_Account

Summary Of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2013
Summary Of Significant Accounting Policies [Abstract]	'
Summary Of Significant Accounting Policies	'

		1	The consolidated financial statements included herein have been prepared by Flexsteel Industries, Inc. and Subsidiaries (the “Company” or “Flexsteel”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The information furnished in the consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of such consolidated financial statements. Operating results for the three and six month periods ended December 31, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2014. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Except to the extent updated or described below, the significant accounting policies set forth in Note 1 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended June 30, 2013, appropriately represent, in all material respects, the current status of accounting policies and are incorporated by reference.

	ACCOUNTING DEVELOPMENTS – In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2013-02, which requires additional disclosures on the effect of significant reclassifications out of accumulated other comprehensive income. The ASU requires a company that reports other comprehensive income to present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference to other required disclosures that provide additional details about those amounts. This ASU is effective for fiscal years beginning after December 15, 2012, and was adopted by the Company on July 1, 2013. The Company’s adoption of this ASU resulted in additional disclosure within the Company’s consolidated statements of comprehensive income.

	DESCRIPTION OF BUSINESS – Flexsteel Industries, Inc. and subsidiaries (the “Company”) was incorporated in 1929 and is one of the oldest and largest manufacturer, importer and marketer of residential and commercial upholstered and wood furniture products in the United States. Product offerings include a wide variety of upholstered and wood furniture such as sofas, loveseats, chairs, reclining and rocker-reclining chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs and bedroom furniture. The Company’s products are intended for use in home, office, hotel, healthcare and other commercial applications. A featured component in most of the upholstered furniture is a unique steel drop-in seat spring from which our name “Flexsteel” is derived. The Company distributes its products throughout the United States through the Company’s sales force and various independent representatives.

Inventories

Inventories	6 Months Ended
Inventories	Dec. 31, 2013
Inventories [Abstract]	'
Inventories	'
	2. INVENTORIES

	The Company values inventory at the lower of cost or net realizable value. Raw steel is valued on the last-in, first-out (“LIFO”) method. Other inventories are valued on the first-in, first-out (“FIFO”) method. Inventories valued on the LIFO method would have been approximately $1.6 million and $1.7 million higher at December 31, 2013 and June 30, 2013, respectively, if they had been valued on the FIFO method. At December 31, 2013 and June 30, 2013 the total value of LIFO inventory was $2.8 million and $2.6 million, respectively. A comparison of inventories is as follows:


	(in thousands)	December 31,		June 30,
		2013		2013
	Raw materials	$	12,228	$	10,684
	Work in process and finished parts		5,763		5,410
	Finished goods		80,862		76,323
	Total	$	98,853	$	92,417

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Dec. 31, 2013
Fair Value Measurements [Abstract]	'
Fair Value Disclosures [Text Block]	'
	3. FAIR VALUE MEASUREMENTS

	The Company’s cash, accounts receivable, other current assets, accounts payable and certain accrued liabilities are carried at amounts which reasonably approximate their fair value due to their short-term nature. Generally accepted accounting principles on fair value measurement for certain financial assets and liabilities require that each asset and liability carried at fair value be classified into one of the following categories: Level 1: Quoted market prices in active markets for identical assets and liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; or Level 3: Unobservable inputs that are not corroborated by market data. The Company has not changed its valuation techniques in measuring the fair value of any financial assets and liabilities during the period.

	The Company maintains supplemental retirement plans, collectively referred to as the Supplemental Plan, which provides for additional annual defined contributions toward retirement benefits to certain of the Company’s executive officers. Funds of the Supplemental Plan are held in a Rabbi Trust. The assets held in the Rabbi Trust are not available for general corporate purposes. The Rabbi Trust is subject to creditor claims in the event of insolvency, but otherwise must be used only for purposes of providing benefits under the plans. As of December 31, 2013, the Company’s Supplemental Plan assets, held in the Rabbi Trust, were invested in stock and bond funds and are recorded in the Consolidated Balance Sheets at fair market value. As of December 31, 2013, the Supplemental Plan Assets were $6.0 million, with $2.8 million of the Supplemental Plan assets classified as “Other Current Assets” and $3.2 million as “Other Assets” in the Consolidated Balance Sheets. As of June 30, 2013, the Supplemental Plan assets were $5.8 million, with $3.3 million classified as “Other Current Assets” and $2.5 million classified as “Other Assets” in the Consolidated Balance Sheets. These assets are classified as Level 2 in accordance with fair value accounting as described above.

Credit_Arrangements

Credit Arrangements	6 Months Ended
Credit Arrangements	Dec. 31, 2013
Credit Arrangements [Abstract]	'
Credit Arrangements	'
	4. CREDIT ARRANGEMENTS

	The Company maintains a credit agreement which provides short-term working capital financing up to $10.0 million with interest of LIBOR plus 1%, including up to $4.0 million of letters of credit. Letters of credit outstanding at December 31, 2013 totaled $2.7 million, leaving borrowing availability of $7.3 million. The Company did not utilize any borrowing availability under the credit facility during the period other than the aforementioned letters of credit. The credit agreement expires on June 30, 2014. At December 31, 2013, the Company was in compliance with all of the financial covenants contained in the credit agreement.

	The Company maintains an unsecured $8.0 million line of credit, with interest at prime minus 1%, and where its routine banking transactions are processed. The Company did not utilize any borrowing availability during the period and no amount was outstanding on the line of credit at December 31, 2013.

StockBased_Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Dec. 31, 2013
Stock-Based Compensation [Abstract]	'
Stock-Based Compensation	'
		5		STOCK-BASED COMPENSATION

	The Company has two stock-based compensation methods available when determining employee compensation.

		1		Long-Term Incentive Compensation Plans

	Long-Term Incentive Compensation Plan

	The long-term incentive compensation plan provides for shares of common stock to be awarded to officers and key employees based on performance targets set by the Nominating and Compensation Committee of the Board of Directors (the “Committee”). In December 2013, the Company’s shareholders approved 700,000 shares to be issued under the plan. As of December 31, 2013, no shares have been issued. The Committee selected fully-diluted earnings per share as the performance goal for the three-year performance period July 1, 2013 – June 30, 2016. Awards will be paid to participants as soon as practicable following the end of the performance periods subject to Committee approval and verification of results. The compensation cost related to the number of shares to be granted under each performance period is fixed on the grant date, which is the date the performance period begins.

	The Company recorded expense of $0.1 million for the quarter ended December 31, 2013. For the six month period ended December 31, 2013 the Company has recorded expense of $0.2 million. If the target performance goals would be achieved, the total amount of compensation cost recognized over the requisite service periods (2014-2016) would be $1.1 million.

	2007 Long-Term Management Incentive Plan (2007 Plan)

	The plan provides for shares of common stock and cash to be awarded to officers and key employees based on performance targets set by the Nominating and Compensation Committee of the Board of Directors (the “Committee”). The Company’s shareholders approved 500,000 shares to be issued under the plan. No additional shares can be awarded under the 2007 Plan. As of December 31, 2013, 187,633 shares have been issued. The Committee selected consolidated operating results for organic net sales growth and fully-diluted earnings per share as the performance goal for the three-year performance periods beginning July 1, 2011 and ending on June 30, 2014 and beginning July 1, 2012 and ending on June 30, 2015. The Committee has also specified that payouts, if any, for awards earned in these performance periods will be 60% stock and 40% cash. Awards will be paid to participants as soon as practicable following the end of the performance periods subject to Committee approval and verification of results. The compensation cost related to the number of shares to be granted under each performance period is fixed on the grant date, which is the date the performance period begins. The compensation cost related to the cash portion of the award is re-measured based on the equity award’s estimated fair value at the end of each reporting period. The accrual is based on the probable outcomes of the performance conditions. The short-term portion of the recorded cash award payable is classified within current liabilities, payroll and related items, and the long-term portion of the recorded cash award payable is classified within other long-term liabilities in the Consolidated Balance Sheets. As of December 31, 2013 and June 30, 2013, the Company has recorded cash awards payable of $0.5 million and $0.6 million within current liabilities and $0.3 million and $0.4 million within long-term liabilities, respectively. During the quarters ended December 31, 2013 and 2012, the Company recorded expense of $0.4 million and $0.3 million, respectively. For the six month periods ended December 31, 2013 and 2012, the Company recorded expense of $0.6 million and $0.7 million, respectively.

	If the target performance goals would be achieved, the total amount of compensation cost recognized over the requisite service periods would be $0.8 million (2012-2014) and $0.9 million (2013-2015) based on the estimated fair values at December 31, 2013.

		2		Stock Plans

	Omnibus Stock Plan

	The Omnibus Stock Plan is for key employees, officers and directors and provides for the granting of incentive and nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights and performance units. In December 2013, the Company’s shareholders approved 700,000 shares to be issued under the plan. The options are exercisable up to 10 years from the date of grant. It is the Company’s policy to issue new shares upon exercise of stock options. The Company accepts shares of the Company’s common stock as payment for the exercise price of options. These shares received as payment are retired upon receipt.

	At December 31, 2013, 641,550 shares were available for future grants. During the quarter and six months ended December 31, 2013, the Company recorded expense of $0.4 million.

	2006 and 2009 Stock Option Plans

	The stock option plans were for key employees, officers and directors and provided for granting incentive and nonqualified stock options. Under the plans, options were granted at an exercise price equal to the fair market value of the underlying common stock at the date of grant, and exercisable for up to 10 years. All options were exercisable when granted. No additional options can be granted under the 2006 and 2009 stock option plans.

	There were no options granted and no expense was recorded under these Plans during the three and six months ended December 31, 2013. During the quarter ended December 31, 2012, the Company recorded expense of $0.3 million. For the six month period ended December 31, 2012, the Company recorded expense of $0.4 million.

	A summary of the status of the Company’s stock plans as of December 31, 2013, June 30, 2013 and 2012 and the changes during the periods then ended is presented below:



								Aggregate
			Shares			Weighted Average		Intrinsic Value
			(in thousands)			Exercise Price		(in thousands)
	Outstanding and exercisable at June 30, 2012		818		$	13.94	$	4,783
	Granted		89			20.31
	Exercised		-109			13.38
	Canceled		-11			16.09
	Outstanding and exercisable at June 30, 2013		787			14.71		7,609
	Granted		57			27.49
	Exercised		-112			17.13
	Canceled		-29			19.35
	Outstanding and exercisable at December 31, 2013		703		$	15.18	$	10,939


	The following table summarizes information for options outstanding and exercisable at December 31, 2013:




						Weighted Average
		Range of		Options		Remaining		Exercise
		Prices		Outstanding and Exercisable		Life (Years)		Price
				(in thousands)
	$	6.81 - 8.55		116		5.5	$	7.66
		12.35-13.90		205		4.6		12.87
		14.40 - 17.23		239		3.1		16.01
		19.72-27.57		143		9.3		23.19
$	6.81-27.57		703		5.2		15.18

Earnings_Per_Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Dec. 31, 2013
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	6. EARNINGS PER SHARE

	Basic earnings per share (EPS) of common stock is based on the weighted-average number of common shares outstanding during each period. Diluted earnings per share of common stock includes the dilutive effect of potential common shares outstanding. The Company’s potential common shares outstanding are stock options and shares associated with the long-term management incentive compensation plan. The Company calculates the dilutive effect of outstanding options using the treasury stock method. Anti-dilutive shares are not included in the computation of diluted EPS when their exercise price was greater than the average closing market price of the common shares. The Company calculates the dilutive effect of shares related to the long-term management incentive compensation plan based on the number of shares, if any, that would be issuable if the end of the fiscal period were the end of the contingency period.

	In computing EPS for the quarters and six months ended December 31, 2013 and 2012, net income as reported for each respective period is divided by the fully diluted weighted average number of shares outstanding:



		Three Months Ended		Six Months Ended
		December 31,		December 31,
	(in thousands)	2013	2012	2013	2012

	Basic shares	7,205	7,030	7,165	6,984

	Potential common shares:
	Stock options	311	219	291	233
	Long-term incentive plan	14	26	14	28
	Non-vested shares	7	-	7	-
		332	245	312	261

	Diluted shares	7,537	7,275	7,477	7,245

	Anti-dilutive shares	57	38	57	-

Litigation

Litigation	6 Months Ended
Litigation	Dec. 31, 2013
Litigation [Abstract]	'
Litigation	'
	7. LITIGATION

	Indiana Civil Litigation – In December 2013, the Company made a business decision to settle and entered into a confidential settlement agreement in regard to the Indiana Civil Litigation described below to eliminate the ongoing costs and distractions of the litigation. The Company agreed to pay $6.3 million to Plaintiffs to settle the matter without admission of wrongdoing. The Company continues to believe that it did not cause or contribute to the contamination. This settlement is recorded as Litigation Settlement Payable in the Consolidated Balance Sheet and Litigation Settlement Cost in the Consolidated Statements of Income.

	During the three months ended December 31, 2013 and 2012, the Company recorded $0.8 million and $0.4 million, respectively, in legal and other related expenses that were incurred responding to the lawsuits and pursuing insurance coverage. During the six months ended December 31, 2013 and 2012, the Company recorded $1.8 million and $1.0 million, respectively, in legal and other related expenses. These expenses are included in Selling, General and Administrative (SG&A) expense in the Consolidated Statements of Income.

	During the six months ended December 31, 2013, the Company received approximately $1.7 million from various insurance carriers to reimburse the Company for certain legal defense costs. These reimbursement amounts are recorded in SG&A as a reduction of legal expenses. The Company will continue to pursue the recovery of additional defense and settlement costs from insurance carriers. Based on policy language and jurisdiction, insurance coverage is in question. The Company has filed an appeal to the Iowa Supreme Court regarding two adverse opinions of an Iowa District Court regarding coverage issues.

	Other Proceedings – From time to time, the Company is subject to various other legal proceedings, including lawsuits, which arise out of, and are incidental to, the conduct of the Company’s business. The Company does not consider any of such other proceedings that are currently pending, individually or in the aggregate, to be material to its business or likely to result in a material effect on its consolidated operating results, financial condition, or cash flows.

Accounting_Developments

Accounting Developments	6 Months Ended
Accounting Developments	Dec. 31, 2013
Accounting Developments [Abstract]	'
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	'
	ACCOUNTING DEVELOPMENTS – In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2013-02, which requires additional disclosures on the effect of significant reclassifications out of accumulated other comprehensive income. The ASU requires a company that reports other comprehensive income to present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference to other required disclosures that provide additional details about those amounts. This ASU is effective for fiscal years beginning after December 15, 2012, and was adopted by the Company on July 1, 2013. The Company’s adoption of this ASU resulted in additional disclosure within the Company’s consolidated statements of comprehensive income.

Summary_Of_Significant_Account1

Summary Of Significant Accounting Policies (Policies)	6 Months Ended
Summary Of Significant Accounting Policies (Policies)	Dec. 31, 2013
Summary Of Significant Accounting Policies [Abstract]	'
Accounting Developments	'
	ACCOUNTING DEVELOPMENTS – In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2013-02, which requires additional disclosures on the effect of significant reclassifications out of accumulated other comprehensive income. The ASU requires a company that reports other comprehensive income to present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference to other required disclosures that provide additional details about those amounts. This ASU is effective for fiscal years beginning after December 15, 2012, and was adopted by the Company on July 1, 2013. The Company’s adoption of this ASU resulted in additional disclosure within the Company’s consolidated statements of comprehensive income.

Inventories_Tables

Inventories (Tables)	6 Months Ended
Inventories (Tables)	Dec. 31, 2013
Inventories [Abstract]	'
Comparison Of Inventories	'


	(in thousands)	December 31,		June 30,
		2013		2013
	Raw materials	$	12,228	$	10,684
	Work in process and finished parts		5,763		5,410
	Finished goods		80,862		76,323
	Total	$	98,853	$	92,417

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	6 Months Ended
Stock-Based Compensation (Tables)	Dec. 31, 2013
Stock-Based Compensation [Abstract]	'
Schedule Of Stock Option Plans	'


								Aggregate
			Shares			Weighted Average		Intrinsic Value
			(in thousands)			Exercise Price		(in thousands)
	Outstanding and exercisable at June 30, 2012		818		$	13.94	$	4,783
	Granted		89			20.31
	Exercised		-109			13.38
	Canceled		-11			16.09
	Outstanding and exercisable at June 30, 2013		787			14.71		7,609
	Granted		57			27.49
	Exercised		-112			17.13
	Canceled		-29			19.35
	Outstanding and exercisable at December 31, 2013		703		$	15.18	$	10,939


Schedule Of Options Outstanding And Exercisable	'


						Weighted Average
		Range of		Options		Remaining		Exercise
		Prices		Outstanding and Exercisable		Life (Years)		Price
				(in thousands)
	$	6.81 - 8.55		116		5.5	$	7.66
		12.35-13.90		205		4.6		12.87
		14.40 - 17.23		239		3.1		16.01
		19.72-27.57		143		9.3		23.19
	$	6.81-27.57		703		5.2		15.18

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Dec. 31, 2013
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'


		Three Months Ended		Six Months Ended
		December 31,		December 31,
	(in thousands)	2013	2012	2013	2012

	Basic shares	7,205	7,030	7,165	6,984

	Potential common shares:
	Stock options	311	219	291	233
	Long-term incentive plan	14	26	14	28
	Non-vested shares	7	-	7	-
		332	245	312	261

	Diluted shares	7,537	7,275	7,477	7,245

	Anti-dilutive shares	57	38	57	-

Inventories_Details

Inventories (Details) (USD $)	Dec. 31, 2013	Jun. 30, 2013
Inventories [Abstract]	'	'
Raw materials	$12,228,000	$10,684,000
Work in process and finished parts	5,763,000	5,410,000
Finished goods	80,862,000	76,323,000
Total inventories	98,853,000	92,417,000
Inventories valued on the FIFO method	1,600,000	1,700,000
Inventories valued on the LIFO method	$2,800,000	$2,600,000

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Dec. 31, 2013	Jun. 30, 2013
In Millions, unless otherwise specified	Dec. 31, 2013	Jun. 30, 2013
Deferred compensation plan assets	$6	$5.80
Other Current Assets [Member]	'	'
Deferred compensation plan assets	2.8	3.3
Other Assets [Member]	'	'
Deferred compensation plan assets	$3.20	$2.50

Credit_Arrangements_Details

Credit Arrangements (Details) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013
Credit agreement capacity	$10
Interest rate over LIBOR	1.00%
Interest rate under prime rate	1.00%
Letters Of Credit [Member]	'
Credit agreement capacity	4
Line of Credit Facility, Amount Outstanding	2.7
Line of Credit Facility, Remaining Borrowing Capacity	7.3
Unsecured [Member]	'
Credit agreement capacity	$8

StockBased_Compensation_Narrat

Stock-Based Compensation (Narrative) (Details) (USD $)

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

In Millions, except Share data, unless otherwise specified

Dec. 31, 2013

Jun. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Long-Term Management Incentive Compensation Plan [Member]

Stock Option Plans [Member]

New Long-Term Management Incentive Compensation Plan [Member]

New Omnibus Stock Plan [Member]

2012-2014 [Member]

2013-2015 [Member]

2014-2016 [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares approved to be issued under plan

500,000

700,000

Shares issued

187,633

Period for performance awards, years

'3 years

Performance awards earned, percentage payable as stock

60.00%

Performance awards earned, percentage payable as cash

40.00%

Cash awards payable within current liabilities

$0.50

$0.60

Cash awards payable within long-term liabilities

0.3

0.4

Compensation cost

$0.40

$0.30

$0.60

$0.70

$0.80

$0.90

$0.30

$0.40

$0.10

$0.20

$1.10

$0.40

Period options are excercisable

'10 years

Shares available for future grants

641,550

StockBased_Compensation_Schedu

Stock-Based Compensation (Schedule Of Stock Option Plans) (Details) (USD $)	6 Months Ended	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Jun. 30, 2013	Jun. 30, 2012
Stock-Based Compensation [Abstract]	'	'	'
Shares, Outstanding and exercisable	787	818	'
Shares, Granted	57	89	'
Shares, Exercised	-112	-109	'
Shares, Canceled	-29	-11	'
Shares, Outstanding and exercisable	703	787	'
Weighted Average Exercise Price, Oustanding and exercisable	$14.71	$13.94	'
Weighted Average Exercise Price, Granted	$27.49	$20.31	'
Weighted Average Exercise Price, Exercised	$17.13	$13.38	'
Weighted Average Exercise Price, Canceled	$19.35	$16.09	'
Weighted Average Exercise Price, Oustanding and exercisable	$15.18	$14.71	'
Aggregate Intrinsic Value	$10,939	$7,609	$4,783

StockBased_Compensation_Schedu1

Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details) (USD $)	6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013
6.81 - 8.55 [Member]	'
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]	'
Range of Price Lower	$6.81
Range of Price Upper	$8.55
Options Outstanding	116
Weighted Average Remaining Life, Years	'5 years 6 months
Weighted Average Exercise Price	$7.66
12.35 - 13.90 [Member]	'
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]	'
Range of Price Lower	$12.35
Range of Price Upper	$13.90
Options Outstanding	205
Weighted Average Remaining Life, Years	'4 years 7 months 6 days
Weighted Average Exercise Price	$12.87
14.40 - 17.23 [Member]	'
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]	'
Range of Price Lower	$14.40
Range of Price Upper	$17.23
Options Outstanding	239
Weighted Average Remaining Life, Years	'3 years 1 month 6 days
Weighted Average Exercise Price	$16.01
19.72 - 27.57 [Member]	'
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]	'
Range of Price Lower	$19.72
Range of Price Upper	$27.57
Options Outstanding	143
Weighted Average Remaining Life, Years	'9 years 3 months 18 days
Weighted Average Exercise Price	$23.19
6.81 - 27.57 [Member]	'
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]	'
Range of Price Lower	$6.81
Range of Price Upper	$27.57
Options Outstanding	703
Weighted Average Remaining Life, Years	'5 years 2 months 12 days
Weighted Average Exercise Price	$15.18

Earnings_Per_Share_Details

Earnings Per Share (Details)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Earnings Per Share [Abstract]	'	'	'	'
Basic	7,205	7,030	7,165	6,984
Stock options	311	219	291	233
Long-term incentive plan	14	26	14	28
Restricted shares	7	'	7	'
Potential common shares, total	332	245	312	261
Diluted	7,537	7,275	7,477	7,245
Anti-dilutive shares	57	38	57	'

Litigation_Details

Litigation (Details) (USD $)	3 Months Ended		6 Months Ended
Litigation (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Litigation [Abstract]	'	'	'	'
Litigation Settlement, Expense	$6,250,000	'	$6,250,000	'
Legal and other related expenses	800,000	400,000	1,800,000	1,000,000
Insurance reimbursements	'	'	$1,700,000	'