Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Aug. 13, 2015 | Dec. 31, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | FLEXSTEEL INDUSTRIES INC | ||
Entity Central Index Key | 37,472 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 175,522,947 | ||
Entity Common Stock, Shares Outstanding | 7,491,150 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
ASSETS | ||
Cash | $ 1,282 | $ 22,176 |
Trade receivables - less allowances: June 30, 2015, $1,363; June 30, 2014, $1,370 | 45,101 | 38,536 |
Inventories | 113,842 | 97,940 |
Deferred income taxes | 4,220 | 4,230 |
Other | 6,777 | 2,528 |
Total current assets | 171,222 | 165,410 |
NONCURRENT ASSETS: | ||
Property, plant and equipment, net | 64,770 | 31,900 |
Deferred income taxes | 1,870 | 2,170 |
Other assets | 6,757 | 10,733 |
TOTAL | 244,619 | 210,213 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Accounts payable - trade | 18,329 | 15,818 |
Notes payable short term | 11,904 | |
Accrued liabilities: | ||
Payroll and related items | 7,931 | 8,452 |
Insurance | 4,308 | 4,602 |
Other | 8,848 | 7,894 |
Total current liabilities | 51,320 | 36,766 |
LONG-TERM LIABILITIES: | ||
Deferred compensation | 2,915 | 3,396 |
Other liabilities | 3,637 | 3,316 |
Total liabilities | $ 57,872 | $ 43,478 |
COMMITMENTS AND CONTINGENCIES (Note 12) | ||
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 June 30, 2015, 7,370,735 shares | $ 7,480 | $ 7,371 |
Additional paid-in capital | 18,827 | 15,386 |
Retained earnings | 162,176 | 145,234 |
Accumulated other comprehensive loss | (1,736) | (1,256) |
Total shareholders' equity | 186,747 | 166,735 |
TOTAL | $ 244,619 | $ 210,213 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Trade receivables, allowance for doubtful accounts | $ 1,400 | $ 1,370 |
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 | 7,480,367 | 7,370,735 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Consolidated Statements Of Operations [Abstract] | |||
NET SALES | $ 466,904 | $ 438,543 | $ 386,189 |
COST OF GOODS SOLD | (357,044) | (338,280) | (295,720) |
GROSS MARGIN | 109,860 | 100,263 | 90,469 |
SELLING, GENERAL AND ADMINISTRATIVE | (75,688) | (71,727) | (70,198) |
LITIGATION SETTLEMENT COSTS | 250 | (6,250) | |
OPERATING INCOME (LOSS) | 34,422 | 22,286 | 20,271 |
Interest and other income | 1,267 | 1,514 | 610 |
Interest expense | (130) | ||
INCOME BEFORE INCOME TAXES | 35,559 | 23,800 | 20,881 |
INCOME TAX PROVISION | (13,260) | (8,810) | (7,730) |
NET INCOME (LOSS) | $ 22,299 | $ 14,990 | $ 13,151 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||
Basic | 7,423 | 7,231 | 7,041 |
Diluted | 7,708 | 7,511 | 7,326 |
EARNINGS (LOSS) PER SHARE OF COMMON STOCK: | |||
Basic | $ 3 | $ 2.07 | $ 1.87 |
Diluted | 2.89 | 2 | 1.80 |
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ 0.72 | $ 0.60 | $ 0.60 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Net income | $ 22,299 | $ 14,990 | $ 13,151 |
Unrealized (losses) gains on securities in supplemental retirement plans | 162 | 674 | 452 |
Reclassification of Realized gain on supplemental retirement plans to other income | (400) | (1,316) | (356) |
Other Comprehensive Income(Loss) Before Taxes | (238) | (642) | 96 |
Income tax benefit (expense) related to securities in supplemental retirement plans gains (losses) | 91 | 244 | (36) |
Net unrealized (losses) gains on securities in supplemental retirement plans gains(losses) | (147) | (398) | 60 |
Minimum pension liability | (537) | 376 | 787 |
Income tax benefit (expense) related to minimum pension liability | 204 | (143) | (299) |
Net minimum pension liability | (333) | 233 | 488 |
Other comprehensive (loss) income, net of tax | (480) | (165) | 548 |
Comprehensive income | 21,819 | 14,825 | 13,699 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | $ 204 | $ (143) | $ (299) |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands | Total Par Value Of Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Jun. 30, 2012 | $ 6,906 | $ 8,476 | $ 125,699 | $ (1,639) | $ 139,442 |
Issuance of common stock: | |||||
Stock options exercised, net | 92 | 1,197 | 1,289 | ||
Unrealized gain on available for sale investments, net of tax | 60 | 60 | |||
Long-term incentive compensation | 109 | 442 | 551 | ||
Stock-based compensation | 500 | 500 | |||
Minimum pension liability adjustment, net of tax | 488 | 488 | |||
Cash dividends declared | (4,244) | (4,244) | |||
Net income | 13,151 | 13,151 | |||
Balance at Jun. 30, 2013 | 7,107 | 10,615 | 134,606 | (1,091) | 151,237 |
Issuance of common stock: | |||||
Stock options exercised, net | 223 | 2,165 | 2,388 | ||
Unrealized gain on available for sale investments, net of tax | (398) | (398) | |||
Long-term incentive compensation | 41 | 724 | 765 | ||
Stock-based compensation | 525 | 525 | |||
Excess tax benefit from stock-based payment arrangements | (1,357) | (1,357) | |||
Minimum pension liability adjustment, net of tax | 233 | 233 | |||
Cash dividends declared | (4,362) | (4,362) | |||
Net income | 14,990 | 14,990 | |||
Balance at Jun. 30, 2014 | 7,371 | 15,386 | $ 145,234 | $ (1,256) | 166,735 |
Issuance of common stock: | |||||
Stock options exercised, net | $ 83 | $ 707 | 790 | ||
Unrealized gain on available for sale investments, net of tax | $ (147) | (147) | |||
Long-term incentive compensation | $ 26 | $ 1,310 | 1,336 | ||
Stock-based compensation | 607 | 607 | |||
Excess tax benefit from stock-based payment arrangements | $ 817 | 817 | |||
Minimum pension liability adjustment, net of tax | $ (333) | (333) | |||
Cash dividends declared | $ (5,357) | (5,357) | |||
Net income | 22,299 | 22,299 | |||
Balance at Jun. 30, 2015 | $ 7,480 | $ 18,827 | $ 162,176 | $ (1,736) | $ 186,747 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
OPERATING ACTIVITIES: | |||
Net income (loss) | $ 22,299 | $ 14,990 | $ 13,151 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation | 4,945 | 4,197 | 3,803 |
Deferred income taxes | 605 | (138) | 414 |
Stock-based compensation expense | 1,943 | 1,290 | 1,051 |
Excess tax benefit from stock-based payment arrangements | (817) | (1,357) | (182) |
Provision for losses on accounts receivable | 30 | 6 | (215) |
Other non-cash, net | (28) | 42 | 69 |
Gain on disposition of capital assets | (119) | (90) | (18) |
Gain on life insurance policies | (745) | ||
Proceeds from Life Insurance Policies | 5,053 | ||
Changes in operating assets and liabilities: | |||
Trade receivables | (6,596) | (2,467) | (2,260) |
Inventories | (15,902) | (5,523) | (9,728) |
Other current assets | (3,882) | (278) | 58 |
Other assets | (1,024) | (163) | (307) |
Accounts payable - trade | 2,083 | 2,117 | 1,082 |
Accrued liabilities | 201 | 2,986 | (138) |
Other long-term liabilities | (187) | 265 | (665) |
Supplemental retirement plans | 463 | 360 | (210) |
Net cash provided by operating activities | 3,269 | 16,237 | 5,905 |
INVESTING ACTIVITIES: | |||
Purchases of investments | (1,955) | (5,537) | (1,086) |
Proceeds from sales of investments | 1,611 | 5,209 | 1,273 |
Proceeds from sale of capital assets | 155 | 98 | 21 |
Capital expenditures | (37,423) | (4,187) | (6,225) |
Net cash (used in) provided by investing activities | (32,559) | (4,417) | (6,017) |
FINANCING ACTIVITIES: | |||
Proceeds from short-term borrowings, net | 11,904 | ||
Dividends paid | (5,115) | (4,323) | (4,213) |
Proceeds from issuance of common stock | 790 | 2,388 | 1,107 |
Excess tax benefit from stock-based payment arrangements | 817 | 1,357 | 182 |
Net cash used in financing activities | 8,396 | (578) | (2,924) |
Increase (decrease) in cash and cash equivalents | (20,894) | 11,242 | (3,036) |
Cash and cash equivalents at beginning of year | 22,176 | 10,934 | 13,970 |
Cash and cash equivalents at end of year | 1,282 | 22,176 | 10,934 |
SUPPLEMENTAL INFORMATION CASH PAID DURING THE PERIOD FOR: | |||
Income taxes paid (refunded) | 13,920 | 6,880 | 7,250 |
Capital Expenditures Incurred but Not yet Paid | $ 130 | $ 35 | $ 261 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DESCRIPTION OF BUSINESS – Flexsteel Industries, Inc. and subsidiaries (the “Company”) is one of the oldest and largest manufacturer, importer and marketer of residential and commercial upholstered and wooden furniture products in the United States. The Company’s furniture products include a broad line of quality upholstered and wooden furniture for residential and commercial use. 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, bedroom furniture and home and commercial office furniture. PRINCIPLES OF CONSOLIDATION – the consolidated financial statements include the accounts of Flexsteel Industries, Inc. and its wholly owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. USE OF ESTIMATES – the preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Ultimate results could differ from those estimates. FAIR VALUE – 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. ACCOUNTS RECEIVABLE ALLOWANCES – the Company establishes accounts receivable allowances to reduce trade accounts receivable to an amount that reasonably approximates their net realizable value. The Company’s accounts receivable allowances consist of an allowance for doubtful accounts which is established through review of open accounts, historical collection, and historical write-off amounts and an allowance for estimated returns on sales of the Company’s products which is based on historical product returns, as well as existing product return authorizations. The Company records a provision against revenue for estimated returns on sales of our products in the same period that the related revenues are recognized. The amount ultimately realized from trade accounts receivable may differ from the amount estimated in the consolidated financial statements. INVENTORIES – are stated at the lower of cost or net realizable value. Steel products are valued on the last ‑in, first ‑out (“LIFO”) method. All other inventories are valued on the first ‑in, first ‑out (“FIFO”) method. PROPERTY, PLANT AND EQUIPMENT – is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. These costs are amortized using the straight-line method over the useful lives. VALUATION OF LONG–LIVED ASSETS – the Company periodically reviews the carrying value of long-lived assets and estimated depreciable or amortizable lives for continued appropriateness. This review is based upon projections of anticipated future cash flows and is performed whenever events or changes in circumstances indicate that asset carrying values may not be recoverable or that the estimated depreciable or amortizable lives may have changed. No impairments of long-lived assets or changes in depreciable or amortizable lives were incurred during fiscal 2015, 2014 and 2013. WARRANTY – the Company estimates the amount of warranty claims on sold product that may be incurred based on current and historical data. The actual warranty expense could differ from the estimates made by the Company based on product performance. REVENUE RECOGNITION – is when both product ownership and the risk of loss have transferred to the customer, collectability is reasonably assured, and the Company has no remaining obligations. The Company’s ordering process creates persuasive evidence of the sale arrangement and the sales price is determined. The delivery of the goods to the customer completes the earnings process. Net sales consist of product sales and related delivery charge revenue, net of adjustments for returns and allowances. Shipping and handling costs are included in cost of goods sold. ADVERTISING COSTS – are charged to selling, general and administrative expense in the periods incurred. The Company conducts no direct-response advertising programs and there are no assets related to advertising recorded on the consolidated balance sheets. Advertising expenditures, primarily shared customer advertising in which an identifiable benefit is received and national trade-advertising programs, were approximately $6.9 million, $6.1 million and $5.6 million in fiscal 2015 , 2014 and 2013 , respectively. DESIGN, RESEARCH AND DEVELOPMENT COSTS – are charged to selling, general and administrative expense in the periods incurred. Expenditures for design, research and development costs were approximately $4.1 million, $2.8 million and $2.5 million in fiscal 2015 , 2014 and 2013 , respectively. INSURANCE – the Company is self-insured for health care and most workers’ compensation up to predetermined amounts above which third party insurance applies. The Company purchases specific stop-loss insurance for individual health care claims in excess of $ 150,000 per plan year. For workers’ compensation the Company retains the first $ 450,000 per claim and purchases excess coverage up to the statutory limits for amounts in excess of the retention limit. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using certain actuarial assumptions followed in the insurance industry and based on Company experience. The Company records these insurance accruals within the accrued liabilities - insurance account on the consolidated balance sheets. INCOME TAXES – the Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company recognizes in its financial statements the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. EARNINGS PER SHARE (EPS) – basic earnings per share of common stock is based on the weighted-average number of common shares outstanding during each fiscal year. 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 year were the end of the contingency period. In computing EPS for the fiscal years ended 2015, 2014 and 2013, net income as reported for each respective period is divided by the fully diluted weighted average number of shares outstanding: June 30, (in thousands) 2015 2014 2013 Basic shares 7,423 7,231 7,041 Potential common shares: Stock options 255 254 253 Long-term incentive plan 30 26 32 285 280 285 Diluted shares 7,708 7,511 7,326 Anti-dilutive shares - - 10 STOCK–BASED COMPENSATION – the Company recognizes compensation expense related to the cost of employee services received in exchange for Company equity interests based on the award’s fair value at the date of grant. See Note 8 Stock-Based Compensation. ACCOUNTING DEVELOPMENTS – In May 2014, the Financial Accounting Standards Board issued Revenue from Contracts with Customers, Topic 606 (Accounting Standards Update (ASU) No. 2014-09) , which provides a framework for the recognition of revenue, with the objective that recognized revenues properly reflect amounts an entity is entitled to receive in exchange for goods and services. This guidance, which includes additional disclosure requirements regarding revenue, cash flows and obligations related to contracts with customers, was originally to be effective for the Company beginning in fiscal year 2018. In July 2015, the FASB confirmed a one year deferral of the effective date of the new revenue standard which also allows early adoption as of the original effective date. The updated guidance will be effective for the Company’s first quarter of 2019. The Company is currently evaluating the impact of adopting ASU 2014-09 on its consolidated financial statements, but believes there will be no material impact, if any. |
Inventories
Inventories | 12 Months Ended |
Jun. 30, 2015 | |
Inventories [Abstract] | |
Inventories | 2. INVENTORIES Inventories valued on a LIFO basis (steel) would have been approximately $ 1.6 million and $1.4 million higher at June 30, 2015 and 2014 , respectively, if they had been valued on a FIFO basis. At June 30, 2015 and 2014 the total value of LIFO inventory was $ 2.6 million and $ 2.7 million, respectively. There was no material liquidation of LIFO inventory in 201 5 , 201 4 , or 201 3 . A comparison of inventories is as follows: (in thousands) June 30, 2015 2014 Raw materials $ $ Work in process and finished parts Finished goods Total $ $ |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant And Equipment | 3. PROPERTY, PLANT AND EQUIPMENT (in thousands) Estimated June 30, Life (Years) 2015 2014 Land $ $ Buildings and improvements 5-39 Machinery and equipment 3-7 Delivery equipment 3-5 Furniture and fixtures 3-7 Total Less accumulated depreciation Net $ $ |
Other Noncurrent Assets
Other Noncurrent Assets | 12 Months Ended |
Jun. 30, 2015 | |
Other Noncurrent Assets [Abstract] | |
Other Noncurrent Assets | 4. OTHER NONCURRENT ASSETS (in thousands) June 30, 2015 2014 Cash value of life insurance $ $ Rabbi Trust assets (see Note 9) Other Total $ $ |
Accrued Liabilities - Other
Accrued Liabilities - Other | 12 Months Ended |
Jun. 30, 2015 | |
Accrued Liabilities - Other [Abstract] | |
Accrued Liabilities - Other | 5. ACCRUED LIABILITIES – OTHER (in thousands) June 30, 2015 2014 Dividends $ $ Income taxes - Advertising Warranty Supplemental retirement plans - current Other Total $ $ |
Credit Arrangements
Credit Arrangements | 12 Months Ended |
Jun. 30, 2015 | |
Credit Arrangements [Abstract] | |
Credit Arrangements | 6. CRED I T ARRANGEMENTS The Company maintains a credit agreement which was amended on June 29, 2015, and provides short-term working capital financing up to $ 30.0 million with interest of LIBOR plus 1 % (1.19% at June 30, 2015) , including up to $ 4.0 million of letters of credit. The amendment decreased borrowing availability from $65.0 to $30.0 million. Letters of cre dit outstanding at June 30, 2015 totaled $2.9 million. As of June 30, 2015, the Company utilized $10.6 million of borrowing availability under the credit facility, other than the aforementioned letters of credit, leaving borrowing availability of $16.5 million. The credit agreement expires December 31 , 2016. At June 30, 201 5 , the Company was in compliance with all of the financial covenants contained in the credit agreement. An officer of the Company is a director at a bank where the Company maintains an unsecured $10.0 million line of credit, with interest at prime minus 2% (1.25% at June 30, 2015) , and where its routine banking transactions are processed. As of June 30, 2015, t he Company utilize d borrowing availability during the year and $1.3 million was outstanding on the line of credit at June 30, 201 5 . In addition, the supplemental retirement plan assets, held in a Rabbi Trust, of $3.5 million are administered by this bank's trust department. The Company receives no special services or pricing on the services performed by the bank due to the directorship of this officer. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 7. INCOME TAXES In determining the provision for income taxes, the Company uses an estimated annual effective tax rate that is based on the annual income, statutory tax rates and permanent differences between book and tax. This includes recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns to the extent pervasive evidence exists that they will be realized in future periods. The deferred tax balances are adjusted to reflect tax rates by tax jurisdiction, based on currently enacted tax laws, which are expected to be in effect in the years in which the temporary differences are expected to reverse. In accordance with the Company’s income tax policy, significant or unusual items are separately recognized when they occur. The components of the gross liabilities related to unrecognized tax benefits and the related deferred tax assets are as follows: (in thousands) June 30, 2015 2014 Gross unrecognized tax benefits $ $ Accrued interest and penalties Gross liabilities related to unrecognized tax benefits $ $ Deferred tax assets $ $ A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (in thousands) 2015 2014 Balance at July 1 $ $ $ Additions based on tax positions related to the current year Additions for tax positions of prior years - - Reductions for tax positions of prior years Balance at June 30 $ $ $ The Company records interest and penalties related to income taxes as income tax expense in the consolidated statements of income. The Company does not expect that there will be any positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months. The income tax provision is as follows for the years ended June 30: (in thousands) 2015 2014 2013 Federal- current $ $ $ State - current Deferred Total $ $ $ A reconciliation between the U.S. federal statutory tax rate and the effective tax rate is as follows for the years ended June 30: 2015 2014 2013 Federal statutory tax rate % % % State taxes, net of federal effect Other Effective tax rate % % % The effecti ve tax rate for the fiscal year ended June 30, 2015 was 37.3 % and 37.0 % for fiscal year s ended June 30, 2014 and 2013 . The primary components of deferred tax assets and (liabilities) are as follows: (in thousands) June 30, 2015 June 30, 2014 Current Long-term Current Long-term Accounts receivable $ $ - $ $ - Inventory - - Self-insurance - - Compensation and benefits Accrued expenses - - Property, plant and equipment - - Supplemental retirement plans Other - - Total $ $ $ $ The Company is subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. Generally, tax years 201 1–2014 remain open to examination by the Internal Revenue Service or other taxing jurisdictions to which we are subject. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jun. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 8. 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 June 30, 201 5 , no shares have been issued. The Committee selected fully-diluted earnings per share as the performance goal for the three-year performance period s July 1, 2013 – June 30, 2016 (2014-2016) and July 1, 2014 – June 30, 2017 (2015-2017) . Stock awards will be issued 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 plan expense s of $1.1 million and $0.5 million for fiscal year s ended June 30, 2015 and 2014 respectively . If the target performance goals for 2014-2016 and 2015-2017 would be achieved, the total amount of compensation cost recognized over the requisite service periods would be $1.1 million and $1.0 million, respectively . The aggregate number of shares that could be awarded to key executives if the minimum, target or maximum performance goals are met is as follows: (in thousands) Performance Period Minimum Target Maximum Fiscal Year 2014 - 2016 Fiscal Year 2015 – 2017 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. Due to the adoption of the Long-Term Incentive Compensation Plan in December 2013, no additional shares can be awarded under th e 2007 Plan. As of June 30, 2015 , 215,082 shares have been issued. The Committee selected consolidated operating results for organic net sales growth and fully-diluted earnings per share for the three -year performanc e periods beginning July 1, 2012 and ending on June 30, 2015 (2013-2015) . 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 June 30, 2015 , the Company has recorded the cash-portion of awards payable of $ 0.7 million within current liabilities . For fiscal year ended June 30, 2014 , the Company recorded the cash-portion of awards payable of $0.6 million within current liabilities and $0.4 million within long-term liabilities. For the fiscal years ended June 30, 2015, 2014 and 2013, the Company recorded expense of $0.6 million, $0.9 million and $1.2 million, respectively. For the fiscal year 2013-2015 awards, based on the Company’s performance during the period, $ 1. 2 million of compensation expense has been recognized ove r the requisite service periods . The aggregate number of shares and cash that could be awarded to key executives if the minimum, target or maximum performance goals are met is as follows: (in thousands) Minimum Target Maximum Performance Period Shares Cash Shares Cash Shares Cash Fiscal Year 2013 - 2015 $ $ $ (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. For fiscal year s 2015 and 2014, the Company issued options for 48,600 and 57,450 common shares at a weighted average exercise price of $31.48 and $27.49 (the fair market value on the date of grant) , respectively . The options were immediately available for exercise. For fiscal year s ended June 30, 2015 and 2014, the Company recorded expense of $0.4 million and $0.4 million, respectively . The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants in fiscal year 2015 and 2014 , respectively, under this plan; dividend yield of 2.0% and 2.2%; expected volatility of 29.9% and 32.6%; risk-free interest rate of 1.6% and 1.5%; and an expected life of 5 years. The expected volatility and expected life are determined based on historical data. The weighted-average grant date fair value of stock options granted during fiscal year s 2015 and 2014 were $7.33 and $6.63 , respectively . The cash proceeds from stock options exercised were $0.1 million for fiscal years ended 201 5 and 201 4. At June 30, 2014, 595,400 shares were available for future grants. 2002, 2006 and 2009 Stock Option Plans The stock option plans were for key employees, officers and directors and provide 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. Due to the adoption of the Omnibus Stock Plan in December 2013, no additional options can be granted under the 2002, 2006 and 2009 stock option plans. There were no options granted and no expense was recorded under these Plans during the fiscal year ended June 30, 201 5 and June 30, 201 4. For fiscal year ended June 30, 2013 the Company issued options for 89,300 common shares at weighted average exercise price of $ 20.31 (the fair marke t value on the date of grant) . The options were immediately available for exercise. The Company recorded compensation expense of $ 0.5 million during fiscal year ended 2013. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants in fiscal 2013 ; dividend yield of 2.5 %; expected volatility of 35.4 %; risk-free interest rate of 0.8 %; and an expected life of 5 years, respectively. The expected volatility and expected life are determined based on historical data. The weighted-average grant date fair value of stock options granted during fiscal year 2013 was $5.06 . The cash proceeds from stock options exercised were $ 1.6 million, $ 2.3 million and $ 1.1 million, respectively, for fiscal years ended 201 5 , 201 4 and 201 3 . The income tax benefit related to the exercise of stock options was $ 0.4 million, $ 0.4 million and $ 0.2 million for fiscal years ended 201 5 , 201 4 and 201 3 , respectively. A summary of the status of the Company’s stock option plans as of June 30, 201 5 , 201 4 and 201 3 and the changes during the years then ended is presented below: Aggregate Shares Weighted Average Intrinsic Value (in thousands) Exercise Price (in thousands) Outstanding and exercisable at June 30, 2013 $ Granted Exercised Canceled Outstanding and exercisable at June 30, 2014 $ Granted Exercised Canceled Outstanding and exercisable at June 30, 2015 $ $ The following table summarizes information for options outstanding and exercisable at June 30, 201 5 : Weighted Average Range of Options Remaining Exercise Prices Outstanding Life (Years) Price (in thousands) $ 6.81 - 8.55 $ 12.35 - 14.40 17.23 - 22.82 27.38 - 32.13 $ 6.81 - 32.13 $ |
Benefit And Retirement Plans
Benefit And Retirement Plans | 12 Months Ended |
Jun. 30, 2015 | |
Benefit And Retirement Plans [Abstract] | |
Benefit And Retirement Plans | 9. BENEFIT AND RETIREMENT PLANS Defined Contribution and Retirement Plans The Company sponsors various defined contribution retirement plans, which cover substantially all employees, other than employees covered by multi-employer pension plans under collective bargaining agreements. Total pension and retirement plan expense was $ 2.0 million, $ 1.9 million and $ 1.8 million in fiscal years 2015 , 2014 and 2013 . The amounts include $ 0.5 million in fiscal year s 2015 , 2014 and 2013 , for the Company’s matching contribution to retirement savings plans. Multi-employer Pension Plans The Company contributes to three multi-employer defined benefit pension plans under the terms of collective-bargaining agreements that cover its union-represented employees. The risks of participating in these multi-employer plans are different from single-employer plans in the following aspects: · Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. · If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be shared by the remaining participating employers. · If a participating employer chooses to stop participating in some of its multi-employer plans, the employer may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The Company’s participation in these plans for the a nnual period ended June 30, 2015 , is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 201 5 and 201 4 is for the plan’s year-end at December 31, 201 4 and 201 3 , respectively. The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less that 65 percent funded, plans in the yellow zone are between 65 percent and 80 percent funded, and plans in the green zone are at least 80 percent funded. Pension Protection Expiration Date Number of Act Zone Status Company Contributions of Collective Company EIN/Pension June 30, Rehabilitation (in thousands) Surcharge Bargaining Employees Pension Fund Plan Number 2015 2014 Plan Status 2015 2014 2013 Imposed Agreement in Plan Central States Southeast and 36-6044243 Red Red Implemented $ $ $ No 03/31/2018 15 Southwest Areas Pension Fund Steelworkers Pension Trust 23-6648508 Green Green No No 10/31/2015 197 Central Pension Fund 36-6052390 Green Green No No 05/31/2017 3 $ $ $ The cumulative cost to exit the Company’s multi-employer plans was approximately $ 9.2 million on June 30, 2015 Supplemental Retirement Plans The Company has unfunded supplemental retirement plans with executive officers. The plans require various annual contributions for the participants based upon compensation levels and age. All participants are fully vested. At June 30, 2015 and 2014 , the supplemental retirement plan liability was $ 4.1 million, of which $ 1.2 million and $ 0.7 million were recorded in other current liabilities and $2.9 million and $3.4 million were recorded in other long-term liabilities, respectively. 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. For fiscal years 2015 , 2014 and 2013 , the benefit obligation was increased by interest expense of $ 0.5 million, $ 1.4 million and $ 0.5 million, deposits of $ 0.3 million, $ 0.3 million and $ 0.5 million, and decreased by payments of $ 0.9 million, $ 3.1 million and $ 1.3 million, respectively. Funds of the deferred compensation plans 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 June 30, 2015 , the Company’s deferred compensation 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 June 30, 2015 and 2014 , the fair market value of the assets held in the Rabbi Trust were $3.5 million and $3.8 million, respectively, $1.1 million and $0.7 million, respectively, of the assets are classified as other current assets and $2. 4 million and $3. 1 million, respectively, are classified as other assets in the consolidated balance sheets. These assets are classified as Level 2 in accordance with fair value accounting as discussed in Note 1. Defined Benefit Plan The Company’s defined benefit pension plan is frozen. There are a total of 403 participants in the plan. Retirement benefits are based on years of credited service multiplied by a dollar amount negotiated under collective bargaining agreements. The Company’s policy is to fund normal costs and amortization of prior service costs at a level that is equal to or greater than the minimum required under the Employee Retirement Income Security Act of 1974 (ERISA). As of June 30, 2015 and 2014 , the Company recorded an accrued benefit liability related to the funded status of the defined benefit pension plan recognized on the Company’s consolidated balance sheets in other long-term liabilities of $ 0.9 million and $ 0.7 million, respectively. The accumulated benefit obligation was $ 8.0 million and $ 7.8 million at fiscal years ended June 30, 2015 and 2014 , respectively. The Company recorded expense of $ 0.1 million, $ 0.1 million and $ 0.1 million during fiscal years 2015 , 2014 and 2013 , respectively, related to the plan . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 10. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The components of accumulated other comprehensive loss, net of income taxes, are as follows: June 30, (in thousands) 2015 2014 2013 Available-for-sale securities $ $ $ Pension and other post-retirement benefit adjustments Total accumulated other comprehensive loss $ $ $ (1) The tax effect on the available-for-sale securities is a tax (benefit) expense of $(0.1) million, $(0.0) million and $0.2 million at June 30, 201 5 , 201 4 and 201 3 , respectively. (2) The tax effect on the pension and other post-retirement benefit adjustments is a tax benefit of $1.0 million, $0.8 million and $0.9 million at June 30, 201 5 , 201 4 and 201 3 , respectively. |
Litigation
Litigation | 12 Months Ended |
Jun. 30, 2015 | |
Litigation [Abstract] | |
Litigation | 11. LITIGATION Indiana Civil Litigation – In December 2013, the Company entered into a confidential agreement to settle the Indiana Civil Litigation. The Company paid $6.25 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 costs in the consolidated statements of income. During the fiscal years ended June 30, 2015 , 201 4 and 201 3 , the Company recorded $0.6 mill ion, $ 2.1 million and $ 2.3 million, respectively, in legal and other related expenses that were incurred responding to the lawsuits and pursuing insurance coverage. These expenses are included in SG&A expense in the consolidated statements of income. During the fiscal year ended June 30, 2015 and 2014, the Company received approximately $0.2 and $2.8 million from 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 did not receive reimbursements for certain legal defense costs during fiscal year 2013. 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 Iowa District Court dismissed litigation filed by the Company’s insurance carriers in Iowa after the Iowa Court of Appeals found that Indiana law applied to the insurance policies in question and the Iowa Supreme Court denied further review. The dismissal has been appealed by the insurance carriers to the Iowa Supreme Court. Concurrently, coverage litigation is proceeding against the insurance carriers in Indiana. 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. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 12. COMMITMENTS AND CONTINGENCIES FACILITY LEASES – the Company leases certain facilities and equipment under various operating leases. These leases require the Company to pay the lease cost, operating costs, including property taxes, insurance, and maintenance. Total lease expense related to the various operating leases was approximately $ 3.8 million, $ 2.8 million and $ 2.5 million in fiscal 2015 , 2014 and 2013 , respectively. Expected future minimum commitments under operating leases as of June 30, 201 5 were as follows: Fiscal Year Ended June 30, 2016 $ 2017 2018 2019 2020 Thereafter $ |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jun. 30, 2013 | |
Segment Reporting [Abstract] | |
Segment Reporting | 13. SEGMENT REPORTING The Company operates in one reportable segment, furniture products. Our operations involve the distribution of manufactured and imported furniture for residential and commercial markets. The Company’s furniture products are sold primarily throughout the United States by the Company’s internal sales force and various independent representatives. The Company makes minimal export sales. No single customer accounted for more than 10% of net sales. Set forth below is information for the past three fiscal years showing the Company’s net sales attributable to each of the areas of application: (in thousands) FOR THE YEARS ENDED JUNE 30, 2015 2014 2013 Residential $ $ $ Commercial $ $ $ |
Supplementary Quarterly Financi
Supplementary Quarterly Financial Information | 12 Months Ended |
Jun. 30, 2015 | |
Supplementary Quarterly Financial Information [Abstract] | |
Supplementary Quarterly Financial Information | 14 . SUPPLEMENTARY QUARTERLY FINANCIAL INFORMATION – UNAUDITED (in thousands, except per share amounts) FOR THE QUARTER ENDED September 30 December 31 March 31 June 30 Fiscal 2015: Net sales $ $ $ $ Gross margin Litigation settlement reimbursements - - - Net income Earnings per share: Basic $ $ $ $ Diluted $ $ $ $ FOR THE QUARTER ENDED September 30 December 31 March 31 June 30 Fiscal 2014: Net sales $ $ $ $ Gross margin Litigation settlement costs - - - Net income Earnings per share: Basic $ $ $ $ Diluted $ $ $ $ |
Schedule II_ Valuation And Qual
Schedule II: Valuation And Qualifying Accounts | 12 Months Ended |
Jun. 30, 2015 | |
Schedule II: Valuation And Qualifying Accounts [Abstract] | |
Schedule II: Valuation And Qualifying Accounts | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS For the Years Ended June 30, 2015, 2014 and 2013 (in thousands) Description Balance at Beginning of Year (Additions) Reductions to Income Additions to (Deductions from) Reserves Balance at End of Year Accounts Receivable Allowances: 2015…………………. $ $ $ $ 2014.............................. 2013.............................. $ $ $ $ |
Summary Of Significant Accoun23
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Principles Of Consolidation | PRINCIPLES OF CONSOLIDATION – the consolidated financial statements include the accounts of Flexsteel Industries, Inc. and its wholly owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. |
Use Of Estimates | USE OF ESTIMATES – the preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Ultimate results could differ from those estimates. |
Fair Value | FAIR VALUE – 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. |
Allowance For Doubtful Accounts | ACCOUNTS RECEIVABLE ALLOWANCES – the Company establishes accounts receivable allowances to reduce trade accounts receivable to an amount that reasonably approximates their net realizable value. The Company’s accounts receivable allowances consist of an allowance for doubtful accounts which is established through review of open accounts, historical collection, and historical write-off amounts and an allowance for estimated returns on sales of the Company’s products which is based on historical product returns, as well as existing product return authorizations. The Company records a provision against revenue for estimated returns on sales of our products in the same period that the related revenues are recognized. The amount ultimately realized from trade accounts receivable may differ from the amount estimated in the consolidated financial statements. |
Inventories | INVENTORIES – are stated at the lower of cost or net realizable value. Steel products are valued on the last ‑in, first ‑out (“LIFO”) method. All other inventories are valued on the first ‑in, first ‑out (“FIFO”) method. |
Property, Plant And Equipment | PROPERTY, PLANT AND EQUIPMENT – is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. These costs are amortized using the straight-line method over the useful lives. |
Valuation Of Long-Lived Assets | VALUATION OF LONG–LIVED ASSETS – the Company periodically reviews the carrying value of long-lived assets and estimated depreciable or amortizable lives for continued appropriateness. This review is based upon projections of anticipated future cash flows and is performed whenever events or changes in circumstances indicate that asset carrying values may not be recoverable or that the estimated depreciable or amortizable lives may have changed. No impairments of long-lived assets or changes in depreciable or amortizable lives were incurred during fiscal 2015, 2014 and 2013. |
Warranty | WARRANTY – the Company estimates the amount of warranty claims on sold product that may be incurred based on current and historical data. The actual warranty expense could differ from the estimates made by the Company based on product performance. |
Revenue Recognition | REVENUE RECOGNITION – is when both product ownership and the risk of loss have transferred to the customer, collectability is reasonably assured, and the Company has no remaining obligations. The Company’s ordering process creates persuasive evidence of the sale arrangement and the sales price is determined. The delivery of the goods to the customer completes the earnings process. Net sales consist of product sales and related delivery charge revenue, net of adjustments for returns and allowances. Shipping and handling costs are included in cost of goods sold. |
Advertising Costs | ADVERTISING COSTS – are charged to selling, general and administrative expense in the periods incurred. The Company conducts no direct-response advertising programs and there are no assets related to advertising recorded on the consolidated balance sheets. Advertising expenditures, primarily shared customer advertising in which an identifiable benefit is received and national trade-advertising programs, were approximately $6.9 million, $6.1 million and $5.6 million in fiscal 2015 , 2014 and 2013 , respectively. |
Design, Research And Development Costs | DESIGN, RESEARCH AND DEVELOPMENT COSTS – are charged to selling, general and administrative expense in the periods incurred. Expenditures for design, research and development costs were approximately $4.1 million, $2.8 million and $2.5 million in fiscal 2015 , 2014 and 2013 , respectively. |
Insurance | INSURANCE – the Company is self-insured for health care and most workers’ compensation up to predetermined amounts above which third party insurance applies. The Company purchases specific stop-loss insurance for individual health care claims in excess of $ 150,000 per plan year. For workers’ compensation the Company retains the first $ 450,000 per claim and purchases excess coverage up to the statutory limits for amounts in excess of the retention limit. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using certain actuarial assumptions followed in the insurance industry and based on Company experience. The Company records these insurance accruals within the accrued liabilities - insurance account on the consolidated balance sheets. |
Income Taxes | INCOME TAXES – the Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company recognizes in its financial statements the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. |
Earnings (Loss) Per Share | EARNINGS PER SHARE (EPS) – basic earnings per share of common stock is based on the weighted-average number of common shares outstanding during each fiscal year. 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 year were the end of the contingency period. In computing EPS for the fiscal years ended 2015, 2014 and 2013, net income as reported for each respective period is divided by the fully diluted weighted average number of shares outstanding: June 30, (in thousands) 2015 2014 2013 Basic shares 7,423 7,231 7,041 Potential common shares: Stock options 255 254 253 Long-term incentive plan 30 26 32 285 280 285 Diluted shares 7,708 7,511 7,326 Anti-dilutive shares - - 10 |
Stock-Based Compensation | STOCK–BASED COMPENSATION – the Company recognizes compensation expense related to the cost of employee services received in exchange for Company equity interests based on the award’s fair value at the date of grant. See Note 8 Stock-Based Compensation. |
Accounting Developments | ACCOUNTING DEVELOPMENTS – In May 2014, the Financial Accounting Standards Board issued Revenue from Contracts with Customers, Topic 606 (Accounting Standards Update (ASU) No. 2014-09) , which provides a framework for the recognition of revenue, with the objective that recognized revenues properly reflect amounts an entity is entitled to receive in exchange for goods and services. This guidance, which includes additional disclosure requirements regarding revenue, cash flows and obligations related to contracts with customers, was originally to be effective for the Company beginning in fiscal year 2018. In July 2015, the FASB confirmed a one year deferral of the effective date of the new revenue standard which also allows early adoption as of the original effective date. The updated guidance will be effective for the Company’s first quarter of 2019. The Company is currently evaluating the impact of adopting ASU 2014-09 on its consolidated financial statements, but believes there will be no material impact, if any. |
Summary Of Significant Accoun24
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | June 30, (in thousands) 2015 2014 2013 Basic shares 7,423 7,231 7,041 Potential common shares: Stock options 255 254 253 Long-term incentive plan 30 26 32 285 280 285 Diluted shares 7,708 7,511 7,326 Anti-dilutive shares - - 10 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Inventories [Abstract] | |
Comparison Of Inventories | (in thousands) June 30, 2015 2014 Raw materials $ $ Work in process and finished parts Finished goods Total $ $ |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | (in thousands) Estimated June 30, Life (Years) 2015 2014 Land $ $ Buildings and improvements 5-39 Machinery and equipment 3-7 Delivery equipment 3-5 Furniture and fixtures 3-7 Total Less accumulated depreciation Net $ $ |
Other Noncurrent Assets (Tables
Other Noncurrent Assets (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Other Noncurrent Assets [Abstract] | |
Schedule Of Other Noncurrent Assets | (in thousands) June 30, 2015 2014 Cash value of life insurance $ $ Rabbi Trust assets (see Note 9) Other Total $ $ |
Accrued Liabilities - Other (Ta
Accrued Liabilities - Other (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Accrued Liabilities - Other [Abstract] | |
Schedule Of Accrued Liabilities - Other | (in thousands) June 30, 2015 2014 Dividends $ $ Income taxes - Advertising Warranty Supplemental retirement plans - current Other Total $ $ |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Components Of The Gross Liabilities Related To Unrecognized Tax Benefits And The Related Deferred Tax Assets | (in thousands) June 30, 2015 2014 Gross unrecognized tax benefits $ $ Accrued interest and penalties Gross liabilities related to unrecognized tax benefits $ $ Deferred tax assets $ $ |
Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits | (in thousands) 2015 2014 Balance at July 1 $ $ $ Additions based on tax positions related to the current year Additions for tax positions of prior years - - Reductions for tax positions of prior years Balance at June 30 $ $ $ |
Income Tax Provision (Benefit) | (in thousands) 2015 2014 2013 Federal- current $ $ $ State - current Deferred Total $ $ $ |
Reconciliation Between The U.S. Federal Statutory Tax Rate And The Effective Tax Rate | 2015 2014 2013 Federal statutory tax rate % % % State taxes, net of federal effect Other Effective tax rate % % % |
Primary Components Of Deferred Tax Assets And (Liabilities) | (in thousands) June 30, 2015 June 30, 2014 Current Long-term Current Long-term Accounts receivable $ $ - $ $ - Inventory - - Self-insurance - - Compensation and benefits Accrued expenses - - Property, plant and equipment - - Supplemental retirement plans Other - - Total $ $ $ $ |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Stock Option Plans | Aggregate Shares Weighted Average Intrinsic Value (in thousands) Exercise Price (in thousands) Outstanding and exercisable at June 30, 2013 $ Granted Exercised Canceled Outstanding and exercisable at June 30, 2014 $ Granted Exercised Canceled Outstanding and exercisable at June 30, 2015 $ $ |
Schedule Of Options Outstanding And Exercisable | Weighted Average Range of Options Remaining Exercise Prices Outstanding Life (Years) Price (in thousands) $ 6.81 - 8.55 $ 12.35 - 14.40 17.23 - 22.82 27.38 - 32.13 $ 6.81 - 32.13 $ |
Long-Term Management Incentive Compensation Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Aggregate Number Of Shares And Cash That Could Be Awarded To Key Executives | (in thousands) Minimum Target Maximum Performance Period Shares Cash Shares Cash Shares Cash Fiscal Year 2013 - 2015 $ $ $ |
New Long-Term Management Incentive Compensation Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Aggregate Number Of Shares And Cash That Could Be Awarded To Key Executives | (in thousands) Performance Period Minimum Target Maximum Fiscal Year 2014 - 2016 Fiscal Year 2015 – 2017 |
Benefit And Retirement Plans (T
Benefit And Retirement Plans (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Multiemployer Plans [Abstract] | |
Schedule Of Multiemployer Plans | Pension Protection Expiration Date Number of Act Zone Status Company Contributions of Collective Company EIN/Pension June 30, Rehabilitation (in thousands) Surcharge Bargaining Employees Pension Fund Plan Number 2015 2014 Plan Status 2015 2014 2013 Imposed Agreement in Plan Central States Southeast and 36-6044243 Red Red Implemented $ $ $ No 03/31/2018 15 Southwest Areas Pension Fund Steelworkers Pension Trust 23-6648508 Green Green No No 10/31/2015 197 Central Pension Fund 36-6052390 Green Green No No 05/31/2017 3 $ $ $ |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Components Of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss, net of income taxes, are as follows: June 30, (in thousands) 2015 2014 2013 Available-for-sale securities $ $ $ Pension and other post-retirement benefit adjustments Total accumulated other comprehensive loss $ $ $ |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Expected Future Minimum Commitments Under Operating Leases | Fiscal Year Ended June 30, 2016 $ 2017 2018 2019 2020 Thereafter $ |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule Of Net Sales Attributable To The Areas Of Application | (in thousands) FOR THE YEARS ENDED JUNE 30, 2015 2014 2013 Residential $ $ $ Commercial $ $ $ |
Supplementary Quarterly Finan35
Supplementary Quarterly Financial Information (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Supplementary Quarterly Financial Information [Abstract] | |
Supplementary Quarterly Financial Information | (in thousands, except per share amounts) FOR THE QUARTER ENDED September 30 December 31 March 31 June 30 Fiscal 2015: Net sales $ $ $ $ Gross margin Litigation settlement reimbursements - - - Net income Earnings per share: Basic $ $ $ $ Diluted $ $ $ $ FOR THE QUARTER ENDED September 30 December 31 March 31 June 30 Fiscal 2014: Net sales $ $ $ $ Gross margin Litigation settlement costs - - - Net income Earnings per share: Basic $ $ $ $ Diluted $ $ $ $ |
Summary Of Significant Accoun36
Summary Of Significant Accounting Policies (Details) - USD ($) shares in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Advertising expenditures | $ 6,900,000 | $ 6,100,000 | $ 5,600,000 |
Design, research and development costs | 4,100,000 | $ 2,800,000 | $ 2,500,000 |
Health care claims threshold for third party insurance | 150,000 | ||
Workers' compensation threshold for third party insurance | $ 450,000 | ||
Potential common shares outstanding | 30 | 26 | 32 |
Outstanding options to purchase common stock | 255 | 254 | 253 |
Summary Of Signficant Accountin
Summary Of Signficant Accounting Policies - Computation of Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Basic | 7,423 | 7,231 | 7,041 |
Stock options | 255 | 254 | 253 |
Long-term incentive plan | 30 | 26 | 32 |
Potential common shares, total | 285 | 280 | 285 |
Diluted | 7,708 | 7,511 | 7,326 |
Anti-dilutive shares | 10 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Inventories [Abstract] | ||
Raw materials | $ 12,663 | $ 11,603 |
Work in process and finished parts | 5,772 | 5,470 |
Finished goods | 95,407 | 80,867 |
Total inventories | 113,842 | 97,940 |
Inventories valued on the FIFO method | 1,600 | 1,400 |
Inventories valued on the LIFO method | $ 2,600 | $ 2,700 |
Property, Plant And Equipment39
Property, Plant And Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Total | $ 141,637 | $ 107,205 |
Less accumulated depreciation | (76,867) | (75,305) |
Net | 64,770 | 31,900 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 7,654 | 4,460 |
Buildings And Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 72,684 | 49,436 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 32,263 | 27,460 |
Delivery Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 20,097 | 19,556 |
Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 8,939 | $ 6,293 |
Minimum [Member] | Buildings And Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 5 years | |
Minimum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 3 years | |
Minimum [Member] | Delivery Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 3 years | |
Minimum [Member] | Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 3 years | |
Maximum [Member] | Buildings And Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 39 years | |
Maximum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 7 years | |
Maximum [Member] | Delivery Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 5 years | |
Maximum [Member] | Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 7 years |
Other Noncurrent Assets (Detail
Other Noncurrent Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Other Noncurrent Assets [Abstract] | ||
Cash value of life insurance | $ 3,434 | $ 7,529 |
Rabbi Trust assets (see note 9) | 3,500 | 3,800 |
Other | 919 | 109 |
Total | $ 6,757 | $ 10,733 |
Accrued Liabilities - Other (De
Accrued Liabilities - Other (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Accrued Liabilities - Other [Abstract] | ||
Dividends | $ 1,346 | $ 1,106 |
Income taxes | 737 | |
Advertising | $ 3,661 | 2,706 |
Warranty | 1,010 | 1,020 |
Supplemental retirement plans - current | 1,208 | 693 |
Other | 1,623 | 1,632 |
Total | $ 8,848 | $ 7,894 |
Credit Arrangements (Details)
Credit Arrangements (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2015 | Jun. 28, 2015 | |
Line of Credit Facility [Line Items] | ||
Assets Held-in-trust | $ 3.5 | |
Letter Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit agreement capacity | 4 | |
Line of Credit Facility, Amount Outstanding | 2.9 | |
Unsecured [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit agreement capacity | $ 10 | |
Interest rate under prime rate | 2.00% | |
Line of Credit Facility, Amount Outstanding | $ 1.3 | |
Line of Credit Facility, Interest Rate at Period End | (1.25%) | |
Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit agreement capacity | $ 30 | $ 65 |
Interest rate over LIBOR | (1.19%) | |
Line of Credit Facility, Amount Outstanding | $ 10.6 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 16.5 | |
Line of Credit Facility, Interest Rate at Period End | 1.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 12 Months Ended | 24 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
Income Taxes [Abstract] | ||||
Effective income tax rate | 37.30% | 37.00% | 37.00% | 37.00% |
Income Taxes (Components Of The
Income Taxes (Components Of The Gross Liabilities Related To Unrecognized Tax Benefits And The Related Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jul. 01, 2014 | Jun. 30, 2014 | Jul. 01, 2013 | Jun. 30, 2013 | Jul. 01, 2012 |
Income Taxes [Abstract] | ||||||
Gross unrecognized tax benefits | $ 1,580 | $ 1,290 | $ 1,290 | $ 1,085 | $ 1,085 | $ 1,000 |
Accrued interest and penalties | 610 | 490 | ||||
Gross liabilities related to unrecognized tax benefits | 2,190 | 1,780 | ||||
Deferred tax assets | $ 640 | $ 520 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Taxes [Abstract] | |||
Balance | $ 1,290 | $ 1,085 | |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | (390) | (325) | $ (265) |
Reduction for tax positions of prior years | (100) | (120) | (280) |
Additions for tax positions of prior years | 100 | ||
Balance | $ 1,580 | $ 1,290 | $ 1,085 |
Income Taxes (Income Tax Provis
Income Taxes (Income Tax Provision (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Taxes [Abstract] | |||
Federal - current | $ 11,725 | $ 8,395 | $ 6,750 |
State - current | 930 | 553 | 566 |
Deferred | 605 | (138) | 414 |
Total | $ 13,260 | $ 8,810 | $ 7,730 |
Income Taxes (Reconciliation Be
Income Taxes (Reconciliation Between The U.S. Federal Statutory Tax Rate And The Effective Tax Rate) (Details) | 12 Months Ended | 24 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
Income Taxes [Abstract] | ||||
Federal statutory tax rate | 35.00% | 35.00% | 35.00% | |
State taxes, net of federal effect | 2.60% | 2.20% | 2.60% | |
Other | (0.30%) | (0.20%) | (0.60%) | |
Effective tax rate | 37.30% | 37.00% | 37.00% | 37.00% |
Income Taxes (Primary Component
Income Taxes (Primary Components Of Deferred Tax Assets And (Liabilities)) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Current | $ 4,220 | $ 4,230 |
Long-term | 1,870 | 2,170 |
Accounts Receivable [Member] | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Current | $ 530 | 520 |
Long-term | ||
Inventory [Member] | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Current | $ 925 | 1,660 |
Long-term | ||
Self Insurance [Member] | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Current | $ 595 | 600 |
Long-term | ||
Employee Benefits [Member] | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Current | $ 585 | 650 |
Long-term | 1,240 | 950 |
Accrued Expenses [Member] | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Current | $ 1,125 | 540 |
Long-term | ||
Property, Plant and Equipment [Member] | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Current | ||
Long-term | $ (1,225) | (740) |
Supplemental retirement plans [Member] | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Current | 460 | 260 |
Long-term | $ 1,110 | 1,290 |
Other [Member] | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Current | ||
Long-term | $ 745 | $ 670 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 24 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
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% | ||||
Weighted average exercise price of options | $ 20.31 | ||||
Excess tax benefit from stock-based payment arrangements | $ 817 | $ (1,357) | |||
Long-Term Management Incentive Compensation Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares approved to be issued under plan | 500,000 | 500,000 | |||
Shares issued | 215,082 | ||||
Cash awards payable within current liabilities | $ 700 | 600 | $ 700 | ||
Cash awards payable within long-term liabilities | 400 | ||||
Compensation cost | 600 | 900 | $ 1,200 | ||
Long-Term Management Incentive Compensation Plan [Member] | 2013-2015 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost | $ 1,200 | ||||
Stock Option Plans [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period for performance awards, years | 10 years | ||||
Compensation cost | $ 500 | ||||
Options issued under stock option plans | 89,300 | ||||
Weighted average exercise price of options | $ 20.31 | ||||
Dividend yield | 2.50% | ||||
Expected volatility | 35.40% | ||||
Risk-free interest rate | 0.80% | ||||
Expected life | 5 years | ||||
Weighted average grant date fair value | $ 5.06 | ||||
Excess tax benefit from stock-based payment arrangements | $ 400 | 400 | $ 200 | ||
Proceeds from Stock Options Exercised | $ 1,600 | 2,300 | $ 1,100 | ||
New Long-Term Management Incentive Compensation Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares approved to be issued under plan | 700,000 | 700,000 | |||
Compensation cost | $ 1,100 | 500 | |||
New Long-Term Management Incentive Compensation Plan [Member] | 2015-2017 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost | 1,000 | ||||
New Long-Term Management Incentive Compensation Plan [Member] | 2014-2016 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost | $ 1,100 | ||||
New Omnibus Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares approved to be issued under plan | 700,000 | 700,000 | |||
Compensation cost | $ 400 | $ 400 | |||
Period options are excercisable | 10 years | ||||
Options issued under stock option plans | 48,600 | 57,450 | |||
Weighted average exercise price of options | $ 31.48 | $ 27.49 | $ 31.48 | ||
Dividend yield | 2.00% | 2.20% | |||
Expected volatility | 29.90% | 32.60% | |||
Risk-free interest rate | 1.60% | 1.50% | |||
Expected life | 5 years | ||||
Weighted average grant date fair value | $ 7.33 | $ 6.63 | |||
Shares available for future grants | 595,400 | 595,400 | |||
Proceeds from Stock Options Exercised | $ 100 | ||||
Minimum [Member] | 2013-2015 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future grants | 9,000 | 9,000 | |||
Minimum [Member] | 2015-2017 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future grants | 12,000 | 12,000 | |||
Minimum [Member] | 2014-2016 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future grants | 17,000 | 17,000 | |||
Target [Member] | 2013-2015 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future grants | 24,000 | 24,000 | |||
Target [Member] | 2015-2017 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future grants | 31,000 | 31,000 | |||
Target [Member] | 2014-2016 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future grants | 48,000 | 48,000 | |||
Maximum [Member] | 2013-2015 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future grants | 39,000 | 39,000 | |||
Maximum [Member] | 2015-2017 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future grants | 60,000 | 60,000 | |||
Maximum [Member] | 2014-2016 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future grants | 91,000 | 91,000 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Aggregate Number Of Shares And Cash That Could Be Awarded To Key Executives) (Details) - Jun. 30, 2015 - USD ($) shares in Thousands, $ in Thousands | Total |
2011-2013 [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Cash | |
2011-2013 [Member] | Target [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Cash | |
2011-2013 [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Cash | |
2013-2015 [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares | 9 |
Cash | $ 251 |
2013-2015 [Member] | Target [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares | 24 |
Cash | $ 686 |
2013-2015 [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares | 39 |
Cash | $ 1,133 |
2014-2016 [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares | 17 |
2014-2016 [Member] | Target [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares | 48 |
2014-2016 [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares | 91 |
2015-2017 [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares | 12 |
2015-2017 [Member] | Target [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares | 31 |
2015-2017 [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares | 60 |
Stock-Based Compensation (Sch51
Stock-Based Compensation (Schedule Of Stock Option Plans) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock-Based Compensation [Abstract] | |||
Shares, Outstanding and exercisable | 524 | 787 | |
Shares, Granted | 49 | 58 | |
Shares, Exercised | (110) | (292) | |
Shares, Canceled | (6) | (29) | |
Shares, Outstanding and exercisable | 457 | 524 | |
Weighted Average Exercise Price, Oustanding and exercisable | $ 15.39 | $ 14.71 | |
Weighted Average Exercise Price, Granted | 31.48 | 27.49 | |
Weighted Average Exercise Price, Exercised | 15.52 | 15.55 | |
Weighted Average Exercise Price, Canceled | 16.98 | 19.35 | |
Weighted Average Exercise Price, Oustanding and exercisable | $ 17.02 | $ 15.39 | |
Aggregate Intrinsic Value | $ 11,916 | $ 9,403 | $ 7,609 |
Stock-Based Compensation (Sch52
Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details) - Jun. 30, 2015 - $ / shares shares in Thousands | Total |
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 | 93 |
Weighted Average Remaining Life, Years | 4 years |
Weighted Average Exercise Price | $ 7.73 |
12.35 - 14.40 [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 | $ 14.40 |
Options Outstanding | 152 |
Weighted Average Remaining Life, Years | 2 years 10 months 24 days |
Weighted Average Exercise Price | $ 13.25 |
17.23 - 22.82 [Member] | |
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Price Lower | 17.23 |
Range of Price Upper | $ 22.82 |
Options Outstanding | 117 |
Weighted Average Remaining Life, Years | 6 years 7 months 6 days |
Weighted Average Exercise Price | $ 19.06 |
27.38 - 32.13 [Member] | |
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Price Lower | 27.38 |
Range of Price Upper | $ 32.13 |
Options Outstanding | 95 |
Weighted Average Remaining Life, Years | 4 years 2 months 12 days |
Weighted Average Exercise Price | $ 29.52 |
6.81 - 32.13 [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 | $ 32.13 |
Options Outstanding | 457 |
Weighted Average Remaining Life, Years | 4 years 3 months 18 days |
Weighted Average Exercise Price | $ 17.02 |
Benefit And Retirement Plans (N
Benefit And Retirement Plans (Narrative) (Details) $ in Thousands | 12 Months Ended | 36 Months Ended | |||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($)employee | Jun. 30, 2013USD ($) | Jun. 30, 2012USD ($) | Jun. 30, 2015USD ($) | |
Pension and Other Postretirement Benefits [Line Items] | |||||
Total pension and retirement plan expense | $ 2,000 | $ 1,900 | $ 1,800 | ||
Company's matching contribution to retirement savings plans | $ 500 | ||||
Contributed to multi-employer defined benefit pension plans | 619 | 639 | 597 | ||
Cumulative cost to exit multi-employer plans | 9,200 | 9,200 | |||
Supplemental retirement plans - current | 1,208 | 693 | 1,208 | ||
supplemental retirement plan-long term liability | 2,900 | 3,400 | 2,900 | ||
Supplemental plan liabilities | 4,100 | 4,100 | |||
Benefit obligation increase from interest expense | 500 | 1,400 | 500 | ||
Benefit obligation increase from service costs | 300 | 300 | 500 | ||
Benefit plan decrease from payments | 900 | 3,100 | 1,300 | ||
Deferred compensation plan assets | 3,500 | $ 3,800 | 3,500 | ||
Number of plan participants | employee | 403 | ||||
Accrued benefit liability | $ 900 | 700 | |||
Accumulated benefit obligation | 8,000 | 7,800 | |||
Pension plan expense | 100 | $ 100 | $ 100 | ||
Other Current Assets [Member] | |||||
Pension and Other Postretirement Benefits [Line Items] | |||||
Deferred compensation plan assets | 1,100 | 700 | 1,100 | ||
Other Assets [Member] | |||||
Pension and Other Postretirement Benefits [Line Items] | |||||
Deferred compensation plan assets | $ 2,404 | $ 3,095 | $ 2,404 |
Benefit And Retirement Plans (S
Benefit And Retirement Plans (Schedule Of Multiemployer Plans) (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | |
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | $ 619 | $ 639 | $ 597 |
Central States SE and SW Areas Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, number of employees | 15 | ||
Entity Tax Identification Number | 366,044,243 | ||
Multiemployer Plans, Certified Zone Status | Red | Red | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | ||
Multiemployer Plan, Period Contributions | $ 248 | $ 252 | 243 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Mar. 31, 2018 | ||
Steelworkers Pension Trust [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, number of employees | 197 | ||
Entity Tax Identification Number | 236,648,508 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Multiemployer Plan, Period Contributions | $ 364 | $ 380 | 347 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Oct. 31, 2015 | ||
Central Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, number of employees | 3 | ||
Entity Tax Identification Number | 366,052,390 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Multiemployer Plan, Period Contributions | $ 7 | $ 7 | $ 7 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | May 31, 2017 |
Accumulated Other Comprehensi55
Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Available-for-sale securities | $ (152) | $ (5) | $ 394 |
Pension and other post-retirement benefit adjustments | (1,584) | (1,251) | (1,485) |
Total accumulated other comprehensive loss | $ (1,736) | $ (1,256) | $ (1,091) |
Litigation (Details)
Litigation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Litigation [Abstract] | |||||
Litigation Settlement, Expense | $ 250 | $ (250) | $ 6,250 | ||
Legal and other related expenses | 600 | 2,100 | $ 2,300 | ||
Insurance reimbursements | $ 200 | $ 2,800 |
Commitments And Contingencies57
Commitments And Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Commitments And Contingencies [Abstract] | |||
2,016 | $ 3,785 | ||
2,017 | 3,514 | ||
2,018 | 1,725 | ||
2,019 | 1,781 | ||
2,020 | 1,201 | ||
Thereafter | 452 | ||
Total | 12,458 | ||
Lease expense | $ 3,800 | $ 2,800 | $ 2,500 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 121,323 | $ 122,530 | $ 114,386 | $ 108,666 | $ 111,129 | $ 110,532 | $ 112,534 | $ 104,348 | $ 466,904 | $ 438,543 | $ 386,189 |
Residential [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 393,143 | 359,565 | 311,214 | ||||||||
Commercial [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 73,761 | $ 78,978 | $ 74,975 |
Supplementary Quarterly Finan59
Supplementary Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Supplementary Quarterly Financial Information [Abstract] | |||||||||||
Net sales | $ 121,323 | $ 122,530 | $ 114,386 | $ 108,666 | $ 111,129 | $ 110,532 | $ 112,534 | $ 104,348 | $ 466,904 | $ 438,543 | $ 386,189 |
Gross margin | $ 27,579 | 29,668 | 27,094 | 25,520 | 25,515 | 25,044 | 26,059 | 23,645 | 109,860 | 100,263 | 90,469 |
Litigation Settlement, Expense | 250 | (250) | 6,250 | ||||||||
Net income (1) | $ 5,780 | $ 6,956 | $ 7,502 | $ 4,878 | $ 5,632 | $ 4,420 | $ 1,170 | $ 3,768 | $ 22,299 | $ 14,990 | $ 13,151 |
Earnings per share: Basic | $ 0.77 | $ 0.94 | $ 0.63 | $ 0.66 | $ 0.77 | $ 0.61 | $ 0.16 | $ 0.53 | $ 3 | $ 2.07 | $ 1.87 |
Earnings per share: Diluted | $ 0.74 | $ 0.90 | $ 0.61 | $ 0.64 | $ 0.74 | $ 0.58 | $ 0.16 | $ 0.51 | $ 2.89 | $ 2 | $ 1.80 |
Schedule II_ Valuation And Qu60
Schedule II: Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Schedule II: Valuation And Qualifying Accounts [Abstract] | |||
Balance At Beginning Of Year | $ 1,370 | $ 1,560 | $ 1,910 |
(Additions) Reductions to Income | 72 | 6 | (215) |
Additions to (Deductions from) Reserves | (42) | (196) | (135) |
Balance At End Of Year | $ 1,400 | $ 1,370 | $ 1,560 |