Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2015 | Jan. 28, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
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 Common Stock, Shares Outstanding | 7,610,971 | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
ASSETS | ||
Cash | $ 329 | $ 1,282 |
Trade receivables - less allowances: December 31, 2015, $1,350; June 30, 2015, $1,400 | 49,779 | 45,101 |
Inventories | 111,197 | 113,842 |
Deferred income taxes | 5,140 | 4,220 |
Other | 11,321 | 6,777 |
Total current assets | 177,766 | 171,222 |
NONCURRENT ASSETS: | ||
Property, plant and equipment, net | 66,643 | 64,770 |
Deferred income taxes | 1,870 | |
Other assets | 3,470 | 6,757 |
TOTAL | 247,879 | 244,619 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Accounts payable - trade | 15,859 | 18,329 |
Notes payable short term | 5,945 | 11,904 |
Accrued liabilities: | ||
Payroll and related items | 5,749 | 7,931 |
Insurance | 5,098 | 4,308 |
Other | 11,378 | 8,848 |
Total current liabilities | 44,029 | 51,320 |
LONG-TERM LIABILITIES: | ||
Deferred compensation | 1,705 | 2,915 |
Other liabilities | 4,530 | 3,637 |
Total liabilities | $ 50,264 | $ 57,872 |
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 December 31, 2015, 7,610,971 shares; outstanding June 30, 2015, 7,480,367 shares | $ 7,611 | $ 7,480 |
Additional paid-in capital | 21,075 | 18,827 |
Retained earnings | 170,575 | 162,176 |
Accumulated other comprehensive loss | (1,646) | (1,736) |
Total Shareholders' Equity | 197,615 | 186,747 |
TOTAL | $ 247,879 | $ 244,619 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Trade receivables, allowance for doubtful accounts | $ 1,350 | $ 1,400 |
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 | 7,610,971 | 7,480,367 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements Of Operations [Abstract] | ||||
NET SALES | $ 125,410 | $ 114,386 | $ 251,942 | $ 223,052 |
COST OF GOODS SOLD | (97,726) | (87,292) | (196,389) | (170,439) |
GROSS MARGIN | 27,684 | 27,094 | 55,553 | 52,613 |
SELLING, GENERAL AND ADMINISTRATIVE | (19,500) | (19,592) | (37,990) | (37,982) |
LITIGATION SETTLEMENT COSTS | 250 | 250 | ||
OPERATING INCOME (LOSS) | 8,434 | 7,502 | 17,813 | 14,631 |
OTHER INCOME (EXPENSE): | ||||
Total | 92 | 52 | 6 | 671 |
Interest and other income | 116 | 86 | 67 | 707 |
Interest expense | (24) | (34) | (61) | (36) |
INCOME (LOSS) BEFORE INCOME TAXES | 8,526 | 7,554 | 17,819 | 15,302 |
INCOME TAX (PROVISION) BENEFIT | (3,160) | (2,870) | (6,690) | (5,740) |
NET INCOME (LOSS) | $ 5,366 | $ 4,684 | $ 11,129 | $ 9,562 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||
Basic | 7,575 | 7,417 | 7,541 | 7,395 |
Diluted | 7,821 | 7,694 | 7,774 | 7,672 |
EARNINGS (LOSS) PER SHARE OF COMMON STOCK: | ||||
Basic | $ 0.71 | $ 0.63 | $ 1.48 | $ 1.29 |
Diluted | 0.69 | 0.61 | 1.43 | 1.25 |
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ 0.18 | $ 0.18 | $ 0.36 | $ 0.36 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Net income | $ 5,366 | $ 4,684 | $ 11,129 | $ 9,562 |
Unrealized (losses) gains on securities in supplemental retirement plans | 669 | 107 | 402 | 78 |
Reclassification of Realized gain on supplemental retirement plans to other income | (348) | (54) | (256) | (199) |
Other Comprehensive Income(Loss) Before Taxes | 321 | 53 | 146 | (121) |
Income tax benefit (expense) related to securities in supplemental retirement plans gains (losses) | (122) | (20) | (56) | 46 |
Other comprehensive (loss) income, net of tax | 199 | 33 | 90 | (75) |
Comprehensive income | $ 5,565 | $ 4,717 | $ 11,219 | $ 9,487 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING ACTIVITIES: | ||
Net income (loss) | $ 11,129 | $ 9,562 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation | 3,590 | 2,201 |
Deferred income taxes | 1,805 | (184) |
Stock-based compensation expense | 728 | 1,185 |
Excess tax benefit from stock-based payment arrangements | (687) | 41 |
Provision for losses on accounts receivable | (50) | 8 |
Gain on disposition of capital assets | 12 | (21) |
Gain on sale of investments | (346) | |
Changes in operating assets and liabilities: | ||
Trade receivables | (4,628) | (4,976) |
Inventories | 2,645 | (11,460) |
Other current assets | $ (3,809) | (3,046) |
Other assets | (452) | |
Accounts payable - trade | $ (2,117) | 2,781 |
Accrued liabilities | 301 | (1,416) |
Other long-term liabilities | 695 | 310 |
Supplemental retirement plans | (17) | (135) |
Net cash provided by operating activities | 9,251 | (5,602) |
INVESTING ACTIVITIES: | ||
Purchases of investments | (1,294) | (1,546) |
Proceeds from sales of investments | 1,097 | 1,309 |
Proceeds from sale of capital assets | 20 | 26 |
Capital expenditures | (5,848) | (30,242) |
Net cash (used in) provided by investing activities | (3,189) | (30,453) |
Proceeds from Life Insurance Policies | 2,836 | |
FINANCING ACTIVITIES: | ||
Proceeds from short-term borrowings, net | (5,959) | 6,481 |
Dividends paid | (2,707) | (2,438) |
Proceeds from issuance of common stock | 1,128 | 518 |
Excess tax benefit from stock-based payment arrangements | 687 | (41) |
Net cash used in financing activities | (7,015) | 14,034 |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Excluding Stock Options | $ (164) | |
Proceeds from long-term debt, net | 9,514 | |
Increase (decrease) in cash and cash equivalents | $ (953) | (22,021) |
Cash and cash equivalents at beginning of year | 1,282 | 1,282 |
Cash and cash equivalents at end of year | 329 | 155 |
SUPPLEMENTAL INFORMATION CASH PAID DURING THE PERIOD FOR: | ||
Interest | 61 | 29 |
Income taxes paid (refunded) | 5,728 | 6,735 |
Capital Expenditures Incurred but Not yet Paid | $ 110 | $ 56 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2015 | |
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 period s ended December 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 201 6 . 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, 2015 , appropriately represent, in all material respects, the current status of accounting policies and are incorporated by reference. DESCRIPTION OF BUSINESS – Flexsteel Industries, Inc. and Subsidiaries (the “Company”) was incorporated in 1929 and is one of the oldest and largest manufacturers, importers and marketers of residential and commercial upholstered and wooden 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 |
Dec. 31, 2015 | |
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 $ 1.3 million and $1.6 million higher at December 31, 2015 and June 30, 2015 , respectively, if they had been valued on the FIFO method. At December 31, 2015 and June 30, 2015 the total value of LIFO inventory was $ 3.7 million and $ 2.6 million, respectively. A comparison of inventories is as follows: (in thousands) December 31, June 30, 2015 2015 Raw materials $ 14,311 $ 12,663 Work in process and finished parts 7,142 5,772 Finished goods 89,744 95,407 Total $ 111,197 $ 113,842 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 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 n ot 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, 2015 , the Company’s Supplemental Plan assets, held in the Rabbi Trust, were invested in stock and bond funds and are recorded in the Consol i dated Balance Sheets at fair market value. As of December 31, 2015 , the Supplemental Plan Assets were $3. 4 million, with $1. 8 million of the Supplemen tal Plan assets classified as “other current a ssets” and $1. 6 million as “other a ssets” in the Consolidated Balance Sheets. As of June 30, 201 5 , the Supplemental Plan assets were $3.5 million, with $1.1 million classified as “other current a ssets” and $2.4 million classified as “other a ssets” in the Consolidated Balance Sheets. These assets are classified as Level 2 in accordance with fair value measurements as described above. |
Credit Arrangements
Credit Arrangements | 6 Months Ended |
Dec. 31, 2015 | |
Credit Arrangements [Abstract] | |
Credit Arrangements | 4. CREDIT ARRANGEMENTS The Company maintain s a credit agreement which provide s unsecured short-term working capital financing up to $ 30.0 million with interest of LIBOR plus 1 % (1.43% at December 31, 2015 ), including up to $ 4.0 million of letters of credit. Letters of credit outstanding at December 31, 2015 totaled $2.3 million. At December 31, 2015, outstanding borrowings were $5.6 million , which is classified as “notes p ayable – current ” in the Consolidated Balance Sheets , in addition to the aforementioned letters of credit, leaving borrowing availability of $22.1 million. The credit agreement expire s December 31 , 2016. At December 31, 2015 , the Company was in compliance with all of the financial covenants co ntained in the credit agreement . A director of the Company is a director at a b ank where the Company maintains an additional unsecured $10.0 million line of credit, with interest at prime minus 2% (1.50% December 31, 2015 ), and where its routine banking transactions are processed. As of December 31, 2015, $0.3 million was outstanding on the line of credit . This line of credit matures December 31 , 201 6 . In addition, the Supplemental Plan assets, held in a Rabbi Trust, of $3.4 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 director . Fair value of the Company’s debt approximates the carrying value. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Dec. 31, 2015 | |
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 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, 2015 , 2,594 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), July 1, 2014 – June 30, 2017 (2015-2017) and July 1, 2015 – June 30, 2018 (2016-2018) . 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 expense of $0.2 million and $0.1 million for the quarters ended December 31, 2015 and December 31, 2014, respectively. For the six month periods ended December 31, 2015 and December 31, 2014, the Company recorded expense of $0.5 million and $0.2 million , respectively. If the target performance goals for 2014-2016, 2015-2017 and 2016-2018 would be achieved, the amount of compensation cost recognized over the requisite service periods would be $1.0 million for each of the three service periods . 2007 Long-Term Management Incentive Plan (2007 Plan) The plan provided for shares of common stock and cash to be awarded to officers and key employees based on performance t argets set by the 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 the 2007 Plan. As of December 31, 2015 , 240,325 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 period s. Payouts for awards earned in these performance periods will be 60% stock and 40% cash. Awards were 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 was fixed on the grant date, which wa s the date the performance period began . 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, 2015 , the Company ha d no liability outstanding on the plan. As of June 30, 2015, the Company recorded cash awards payable of $0.7 million within current liabilities. T he Company recorded no expense during the three and six months ended December 31, 2015. The Company recorded $0.5 million and $0.8 million during the three and six months ended December 31, 2014, respectively. (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, 2015 , 570,562 shares were available for future grants. During the quarter ended December 31, 2015, no expense was recorded related to this plan. During the six months ended December 31, 2015, the Company recorded expense of $0.2 million related to this plan. During the quarter and six months ended December 31, 2014, the Company recorded expense of $0.4 million related to this plan. 2002, 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 2002, 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, 2015 and December 31, 2014 . A summary of the status of the Company’s stock plans as of December 31, 2015 , June 30, 201 5 and 201 4 and the changes during the periods then ended is presented below: Weighted Aggregate Shares Average Intrinsic Value (in thousands) Exercise Price (in thousands) Outstanding and exercisable at June 30, 2014 524 15.39 $ 9,403 Granted 49 31.48 Exercised (110) 15.52 Canceled (6) 16.98 Outstanding and exercisable at June 30, 2015 457 17.02 11,916 Granted 26 43.09 Exercised (105) 13.53 Canceled (6) 22.32 Outstanding and exercisable at December 31, 2015 372 $ 19.73 $ 9,107 The following table summarizes information for options outstanding and exercisable at December 31, 2015 : Options Weighted Average Range of Outstanding and Remaining Exercise Prices Exercisable Life (Years) Price (in thousands) $ 6.81 - 8.55 72 3.4 $ 7.65 12.35 - 13.90 81 3.6 13.14 17.23 - 22.82 106 6.1 19.14 27.38 - 43.09 113 8.7 32.65 $ 6.81 - 43.09 372 5.8 $ 19.73 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 5. 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 e arnings per share of common stock includes the dilutive effect of potential common shares outstanding. The Company’s potential common shares outstanding are stock options , shares associated with the long-term management incentive compensation plan and non-vested shares . 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 is 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, 2015 and 201 4 , 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) 2015 2014 2015 2014 Basic shares 7,575 7,417 7,541 7,395 Potential common shares: Stock options 201 255 189 259 Long-term incentive plan 42 15 41 12 Non-vested shares 3 7 3 6 246 277 233 277 Diluted shares 7,821 7,694 7,774 7,672 Anti-dilutive shares 26 - 26 - |
Litigation
Litigation | 6 Months Ended |
Dec. 31, 2015 | |
Litigation [Abstract] | |
Litigation | 7 . LITIGATION Indiana Civil Litigation – During the quarter ended December 31, 2 013, the Company entered into an agreement to settle the Indiana Civil Litigation for $6.3 m illion. During the quarter ended December 31, 2015, the Company received $0.25 million for recovery of litigation settlement costs from insurers. This amount is recorded as “litigation settlement reimbursements” in the Consolidated Statements of Income. During the quarter s ended December 31, 2015 and 2014 , the Company recorded $0.2 million of legal ex penses incurred pursuing insurance coverage. During the six months ended December 31, 2015 and December 31, 2014, the Company recorded $0.2 million and $0.3 million of legal expenses. These expenses and reimbursements are included in “selling, general and a dministrative ” (SG&A) expense in the Consolidated Statements of Income. 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. However, that 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. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Inventories [Abstract] | |
Comparison Of Inventories | (in thousands) December 31, June 30, 2015 2015 Raw materials $ 14,311 $ 12,663 Work in process and finished parts 7,142 5,772 Finished goods 89,744 95,407 Total $ 111,197 $ 113,842 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Stock-Based Compensation [Abstract] | |
Schedule Of Stock Option Plans | Weighted Aggregate Shares Average Intrinsic Value (in thousands) Exercise Price (in thousands) Outstanding and exercisable at June 30, 2014 524 15.39 $ 9,403 Granted 49 31.48 Exercised (110) 15.52 Canceled (6) 16.98 Outstanding and exercisable at June 30, 2015 457 17.02 11,916 Granted 26 43.09 Exercised (105) 13.53 Canceled (6) 22.32 Outstanding and exercisable at December 31, 2015 372 $ 19.73 $ 9,107 |
Schedule Of Options Outstanding And Exercisable | Options Weighted Average Range of Outstanding and Remaining Exercise Prices Exercisable Life (Years) Price (in thousands) $ 6.81 - 8.55 72 3.4 $ 7.65 12.35 - 13.90 81 3.6 13.14 17.23 - 22.82 106 6.1 19.14 27.38 - 43.09 113 8.7 32.65 $ 6.81 - 43.09 372 5.8 $ 19.73 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended Six Months Ended December 31, December 31, (in thousands) 2015 2014 2015 2014 Basic shares 7,575 7,417 7,541 7,395 Potential common shares: Stock options 201 255 189 259 Long-term incentive plan 42 15 41 12 Non-vested shares 3 7 3 6 246 277 233 277 Diluted shares 7,821 7,694 7,774 7,672 Anti-dilutive shares 26 - 26 - |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
Inventories [Abstract] | ||
Total inventories | $ 111,197 | $ 113,842 |
Inventories valued on the FIFO method | 1,300 | 1,600 |
Inventories valued on the LIFO method | 3,700 | 2,600 |
Inventory, Raw Materials, Net of Reserves | 14,311 | 12,663 |
Inventory, Finished Goods and Work in Process, Net of Reserves | 7,142 | 5,772 |
Inventory, Finished Goods, Net of Reserves | $ 89,744 | $ 95,407 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Jun. 30, 2015 |
Deferred compensation plan assets | $ 3.4 | $ 3.5 |
Other Current Assets [Member] | ||
Deferred compensation plan assets | 1.8 | 1.1 |
Other Assets [Member] | ||
Deferred compensation plan assets | $ 1.6 | $ 2.4 |
Credit Arrangements (Details)
Credit Arrangements (Details) | 6 Months Ended |
Dec. 31, 2015USD ($) | |
Credit agreement capacity | $ 30,000,000 |
Interest rate over LIBOR | 1.00% |
Interest rate under prime rate | 2.00% |
Line of Credit Facility, Amount Outstanding | $ 5,600,000 |
Assets Held-in-trust | 3,400,000 |
Letters Of Credit [Member] | |
Credit agreement capacity | 4,000,000 |
Line of Credit Facility, Amount Outstanding | 2,300,000 |
Line of Credit Facility, Remaining Borrowing Capacity | 22,100,000 |
Unsecured [Member] | |
Credit agreement capacity | 10,000,000 |
Line of Credit Facility, Amount Outstanding | $ 0.3 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2015 | |
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 | 240,325 | ||||
Performance awards earned, percentage payable as stock | 60.00% | ||||
Performance awards earned, percentage payable as cash | 40.00% | ||||
Cash awards payable within current liabilities | $ 0.7 | ||||
Compensation cost | $ 0.5 | $ 0.8 | |||
Stock Option Plans [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period options are excercisable | 10 years | ||||
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 | |||
Shares issued | 2,594 | ||||
Compensation cost | $ 0.2 | $ 0.1 | $ 0.5 | 0.2 | |
New Long-Term Management Incentive Compensation Plan [Member] | 2016-2018[Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost | $ 1 | ||||
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 | $ 0.2 | $ 0.4 | |||
Period options are excercisable | 10 years | ||||
Shares available for future grants | 570,562 | 570,562 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Stock Option Plans) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock-Based Compensation [Abstract] | |||
Shares, Outstanding and exercisable | 457 | 524 | |
Shares, Granted | 26 | 49 | |
Shares, Exercised | (105) | (110) | |
Shares, Canceled | (6) | (6) | |
Shares, Outstanding and exercisable | 372 | 457 | |
Weighted Average Exercise Price, Oustanding and exercisable | $ 17.02 | $ 15.39 | |
Weighted Average Exercise Price, Granted | 43.09 | 31.48 | |
Weighted Average Exercise Price, Exercised | 13.53 | 15.52 | |
Weighted Average Exercise Price, Canceled | 22.32 | 16.98 | |
Weighted Average Exercise Price, Oustanding and exercisable | $ 19.73 | $ 17.02 | |
Aggregate Intrinsic Value | $ 9,107 | $ 11,916 | $ 9,403 |
Stock-Based Compensation (Sch22
Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details) shares in Thousands | 6 Months Ended |
Dec. 31, 2015$ / sharesshares | |
6.81 - 8.55 [Member] | |
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding | shares | 72 |
Weighted Average Remaining Life, Years | 3 years 4 months 24 days |
Weighted Average Exercise Price | $ / shares | $ 7.65 |
12.35 - 13.90 [Member] | |
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding | shares | 81 |
Weighted Average Remaining Life, Years | 3 years 7 months 6 days |
Weighted Average Exercise Price | $ / shares | $ 13.14 |
17.23 - 22.82 [Member] | |
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding | shares | 106 |
Weighted Average Remaining Life, Years | 6 years 1 month 6 days |
Weighted Average Exercise Price | $ / shares | $ 19.14 |
27.38 - 43.09 [Member] | |
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding | shares | 113 |
Weighted Average Remaining Life, Years | 8 years 8 months 12 days |
Weighted Average Exercise Price | $ / shares | $ 32.65 |
6.81 - 43.09 [Member] | |
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding | shares | 372 |
Weighted Average Remaining Life, Years | 5 years 9 months 18 days |
Weighted Average Exercise Price | $ / shares | $ 19.73 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | ||||
Basic | 7,575 | 7,417 | 7,541 | 7,395 |
Stock options | 201 | 255 | 189 | 259 |
Long-term incentive plan | 42 | 15 | 41 | 12 |
Non-vested shares | 3 | 7 | 3 | 6 |
Potential common shares, total | 246 | 277 | 233 | 277 |
Diluted | 7,821 | 7,694 | 7,774 | 7,672 |
Anti-dilutive shares | 26 | 26 |
Litigation (Details)
Litigation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 15 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | |
Litigation [Abstract] | |||||
Litigation Settlement, Expense | $ (250) | $ 6,300 | $ (250) | ||
Legal and other related expenses | $ 200 | $ 300 | $ 200 | ||
Insurance reimbursements | $ 250 |