Flexsteel Industries (FLXS) 10-Q 22 Apr 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2016	Apr. 12, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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		7,655,695

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015
ASSETS
Cash	$ 15,374	$ 1,282
Trade receivables - less allowances: March 31, 2016, $1,415; June 30, 2015, $1,400	45,324	45,101
Inventories	97,319	113,842
Other	13,088	6,777
Total current assets	171,105	167,002
NONCURRENT ASSETS:
Property, plant and equipment, net	65,856	64,770
Deferred income taxes	4,270	6,090
Other assets	2,709	6,757
TOTAL	243,940	244,619
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable - trade	13,219	18,329
Notes payable short term		11,904
Accrued liabilities:
Payroll and related items	6,329	7,931
Insurance	5,488	4,308
Other	10,002	8,848
Total current liabilities	35,038	51,320
LONG-TERM LIABILITIES:
Deferred compensation	920	2,915
Other liabilities	3,722	3,637
Total liabilities	$ 39,680	$ 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 March 31, 2016, 7,655,695 shares; outstanding June 30, 2015, 7,480,367 shares	$ 7,656	$ 7,480
Additional paid-in capital	22,108	18,827
Retained earnings	176,140	162,176
Accumulated other comprehensive loss	(1,644)	(1,736)
Total Shareholders' Equity	204,260	186,747
TOTAL	$ 243,940	$ 244,619

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015
Consolidated Balance Sheets [Abstract]
Trade receivables, allowance for doubtful accounts	$ 1,415	$ 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	7,655,695	7,480,367

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Consolidated Statements Of Operations [Abstract]
Net sales	$ 125,400	$ 122,530	$ 377,342	$ 345,581
Cost of goods sold	(96,684)	(92,862)	(293,073)	(263,300)
Gross margin	28,716	29,668	84,269	82,281
Selling, general and administrative	(19,443)	(18,709)	(57,433)	(56,691)
Litigation settlement costs	2,030	250	2,280	250
Operating income (loss)	11,303	11,209	29,116	25,840
Interest and other income	(60)	131	6	837
Interest expense	(9)	(54)	(69)	(89)
Income (loss) before income taxes	11,234	11,286	29,053	26,588
Income tax (provision) benefit	(4,290)	(4,330)	(10,980)	(10,070)
Net income (loss)	$ 6,944	$ 6,956	$ 18,073	$ 16,518
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic	7,622	7,436	7,568	7,408
Diluted	7,836	7,702	7,771	7,681
EARNINGS (LOSS) PER SHARE OF COMMON STOCK:
Basic	$ 0.91	$ 0.94	$ 2.39	$ 2.23
Diluted	0.89	0.90	2.33	2.15
Cash dividends declared per common share	$ 0.18	$ 0.18	$ 0.54	$ 0.54

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Abstract]
Net income	$ 6,944	$ 6,956	$ 18,073	$ 16,518
Unrealized (losses) gains on securities in supplemental retirement plans	89	93	491	171
Reclassification of realized (loss) gain on supplemental retirement plans to other income	(86)	(100)	(342)	(299)
Other comprehensive income (loss) before taxes	3	(7)	149	(128)
Income tax benefit (expense) related to securities in supplemental retirement plans gains (losses)	(1)	3	(57)	49
Other comprehensive gain (loss), net of tax	2	(4)	92	(79)
Comprehensive income	$ 6,946	$ 6,952	$ 18,165	$ 16,439

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OPERATING ACTIVITIES:
Net income (loss)	$ 18,073	$ 16,518
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	5,528	3,362
Deferred income taxes	1,764	119
Stock-based compensation expense	1,024	1,595
Excess tax benefit from stock-based payment arrangements	(1,193)	41
Provision for losses on accounts receivable	15	(7)
Gain on disposition of capital assets	15	(113)
Gain on sale of investments	(346)
Changes in operating assets and liabilities:
Trade receivables	(238)	(8,145)
Inventories	16,523	(10,172)
Other current assets	(5,875)	(1,125)
Other assets	22	(102)
Accounts payable - trade	(4,651)	4,830
Accrued liabilities	926	(1,094)
Other long-term liabilities	418	382
Supplemental retirement plans	86	(24)
Net cash provided by (used in) operating activities	32,091	6,065
INVESTING ACTIVITIES:
Purchases of investments	(2,304)	(1,855)
Proceeds from sales of investments	2,107	1,526
Proceeds from sale of capital assets	27	124
Proceeds from life insurance policies	2,836
Capital expenditures	(7,116)	(33,752)
Net cash (used in) provided by investing activities	(4,450)	(33,957)
FINANCING ACTIVITIES:
Dividends paid	(4,077)	(3,778)
Repayments of short-term debt	$ (11,904)
Proceeds from long-term debt, net		14,745
Proceeds from issuance of common stock	$ 1,403	518
Proceeds from issuance of shares under incentive and share-based compensation plans, excluding stock options	(164)
Excess tax benefit from stock-based payment arrangements	1,193	(41)
Net cash (used in) provided by financing activities	(13,549)	11,444
Increase (decrease) in cash and cash equivalents	14,092	(16,448)
Cash and cash equivalents at beginning of year	1,282	22,176
Cash and cash equivalents at end of year	15,374	5,728
SUPPLEMENTAL INFORMATION CASH PAID DURING THE PERIOD FOR:
Income taxes paid (refunded)	7,460	9,810
Capital expenditures in accounts payable	4	1,852
Interest	$ 69	$ 89

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2016
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 nine month period s ended March 31, 2016 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 en 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	9 Months Ended
	Mar. 31, 2016
Inventories [Abstract]
Inventories	2. INVENTORIES  The Company values inventory 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. Inventories valued on a LIFO basis (steel) would have been approximately $ 1.3 million and $1.6 million higher at March 31, 2016 and June 30, 2015 , respectively, if they had been valued on the FIFO basis . At March 31, 2016 and June 30, 2015 the total value of LIFO inventory was $ 3.2 million and $ 2.6 million, respectively. There has been no material liquidation of LIFO inventory during the nine months ended March 31, 2016 or fiscal year ended June 30, 2015. A comparison of inventories is as follows:    (in thousands) March 31, June 30,  2016 2015  Raw materials $ 12,681 $ 12,663  Work in process and finished parts 6,352 5,772  Finished goods 78,286 95,407  Total $ 97,319 $ 113,842 

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Mar. 31, 2016
Fair Value Measurements [Abstract]
Fair Value Measurements	3. FAIR VALUE MEASUREMENTS  The Company’s cash, accounts receivable, other current assets, accounts payable , notes 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 unfunded 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 March 31, 2016 , 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 March 31, 2016 , the Supplemental Plan a ssets were $ 2 . 4 million, with $1. 5 million of the Supplemen tal Plan assets classified as “other current a ssets” and $ 0.9 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	9 Months Ended
	Mar. 31, 2016
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% (1.44% at March 31, 2016 ), including up to $ 4.0 million of letters of credit. Letters of credit outstanding at March 31, 2016 totaled $2.3 million , leaving borrowing availability of $27.7 million . The Company utilized no borrowing availability under the credit facility other than the aforementioned letters of credit at March 31, 2016. The credit agreement expire s December 31 , 2016. At March 31, 2016 , 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% at March 31, 2016 ), and where its routine banking transactions are processed. No amount was outstanding on the line of credit at March 31, 2016 . This line of credit matures December 31 , 201 6 . In addition, the s upplemental retirement p lan assets, held in a Rabbi Trust, of $2.4 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 .

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Mar. 31, 2016
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 March 31, 2016 , 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 verification of results and Committee approval. 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. 3 million for the quarters ended March 31, 2016 and March 31, 2015, respectively. For the nine month periods ended March 31, 2016 and March 31, 2015, the Company recorded expense of $0. 7 million and $0. 9 million , respectively. If the target performance goals for 2014-2016, 2015-2017 and 2016-2018 would be achieved, the total amount of compensation cost recognized over the requisite performance periods would have be en $1.0 million , respectively .  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. A total of 240,23 5 shares were issued from this plan, following the final distributions in September 2015. N o additional shares can be awarded under the 2007 Plan. 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 were 60% stock and 40% cash . The compensation cost related to the number of shares 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 th e recorded cash award payable was classified within current liabilities, “ payroll and related items ” , and the long-term portion of the recorded cash award payable was classified within long-term liabilities , “other liabilities” in the Consolidated Balance Sheets. 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 nine months ended March 31, 2016. The Company recorded $0. 1 million and $0. 3 million during the three and nine months ended March 31, 2015, 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 March 31, 2016 , 5 68,574 shares were available for future grants. During the quarter s ended March 31, 2016 and March 31, 2015, $0.1 million and $0.0 million were recorded related to this plan, respectively. During the nine months ended March 31, 2016 and March 31, 2015, the Company recorded expense of $0. 4 million and $0.4 million related to this plan, respectively.  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 nine months ended March 31, 2016 and March 31, 2015 . A summary of the status of the Company’s stock plans as of March 31, 2016 , 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 (157) 13.50  Canceled (6) 22.32  Outstanding and exercisable at March 31, 2016 320 $ 20.77 $ 7,321   The following table summarizes information for options outstanding and exercisable at March 31, 2016 :      Options Weighted Average  Range of Outstanding and Remaining Exercise  Prices Exercisable Life (Years) Price  (in thousands)  $ 6.81 - 12.74 84 2.1 $ 9.66  13.75 - 17.23 73 5.2 15.48  19.72 - 27.57 92 7.1 23.59  31.06 - 43.09 71 8.9 35.73  $ 6.81 - 43.09 320 5.8 $ 20.77 

Earnings Per Share

Earnings Per Share	9 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	5. EARNINGS PER SHARE  Basic earnings per share (EPS) of common stock are based on the weighted-average number of common shares outstanding during each period. Diluted e arnings pe r share of common stock include 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 and non-vested shares 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 nine months ended March 31, 2016 and 201 5 , net income as reported for each respective period is divide d by the fully diluted weighted- average number of shares outstanding:      Three Months Ended Nine Months Ended  March 31, March 31,  (in thousands) 2016 2015 2016 2015   Basic shares 7,622 7,436 7,568 7,408   Potential common shares:  Stock options 162 237 157 252  Long-term incentive plan 49 21 43 14  Non-vested shares 3 8 3 7  214 266 203 273   Diluted shares 7,836 7,702 7,771 7,681   Anti-dilutive shares 26 49 26 - 

Litigation

Litigation	9 Months Ended
	Mar. 31, 2016
Litigation [Abstract]
Litigation	7 . LITIGATION Indiana Civil Litigation – In December , 2 013, the Company entered into a confidential agreement to settle the Indiana Civil Litigation . The Company paid $6. 25 m illion 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 was recorded as “litigation settlement costs ” in the Consolidated Statements of Income.  The Company continue s 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 was then appealed by the insurance carriers to the Iowa Supreme Court, which referred the appeal to the Iowa Court of Appeals in March 2016. Concurrently, coverage litigation is proceeding against the insurance carriers in Indiana.  During the quarter ended March 31, 201 6 and 2015 , the Company received $2.0 million and $0.3 million and during the nine months ended received $2.3 million and $0.3 million, respectively, for recovery of litigation settlement costs from insurers. These amounts are recorded as “litigation settlement reimbursements” in the Consolidated Statements of Income.  During the quarter ended March 31, 2016, the Company recorded $0.2 million of legal ex penses incurred pursuing insurance coverage which was offset by reimbursements of $0.8 million from insurers . During the quarter ended March 31, 2015, the Company recorded $0.2 million of legal expenses incurred pursuing insurance coverage which was offset by reimbursements of $0.2 million from insurers. During the nine months ended March 31, 2016, the Company recorded $0. 4 million of legal expenses which was offset by reimbursements of $0.8 million from insurers. During the nine months ended March 31, 2015, the Company recorded $0. 4 million of legal expenses which was offset by reimbursements of $0.2 million from insurers. These expenses and reimbursements are included in “selling, general and a dministrative ” (SG&A) expense in the Consolidated Statements of Income.  On March 11, 2016, the Company received a General Notice Letter for the Lane Street Groundwater Superfund Site located in Elkhart, Indiana from the United States Environmental Protection Agency (EPA). The EPA has determined that the Company may be responsible under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA). On April 11, 2016, the EPA issued their proposed clean-up plan for groundwater pollution and request for public comment. Public comment period is from April 11, 2016 to May 11, 2016. As of March 31, 2016, no liability was recorded in the Consolidated Balance Sheets because it is not possible to reasonably estimate the amount, if any, of remediation cost due to the early stages of determining the extent of environmental impact, allocation amount to the potentially responsible parties and remediation alternatives.  Other Proceedings – From time to time, the Company is subject to various other legal proceedings, including lawsuits, which arise out of, and are incidental to, the conduct of the Company’s business. The Company does not consider any of such other proceedings that are currently pending, individually or in the aggregate, to be material to its business or likely to result in a material effect on its consolidated operating results, financial condition, or cash flows. 

Accounting Developments

Accounting Developments	9 Months Ended
	Mar. 31, 2016
Accounting Developments [Abstract]
Accounting Developments	8 . RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS  In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes , which amends Accounting Standards Codification (“ASC”) Topic 740, Income Taxes . ASU 2015-17 requires that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. The ASU is effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments may be applied prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company elected to early adopt ASU 2015-17 on March 31, 2016 retrospectively to all periods presented. On June 30, 2015, the Company recorded $4.2 million in current assets “deferred income taxes” and $1.9 million in non-current assets “deferred income taxes” in the Consolidated Balance Sheets. Upon adoption of the standard, the Company presented a non-current deferred tax asset of $6.1 million in non-current assets “deferred income taxes” in the Consolidated Balance Sheets.  In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , which amends Accounting Standards Codification ("ASC") Topic 718, Compensation – Stock Compensation. ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years and early adoption is permitted. The Company is currently in the process of evaluating the impact of adoption of the ASU on its consolidated financial statements. 

Accounting Developments (Polici

Accounting Developments (Policies)	9 Months Ended
	Mar. 31, 2016
Accounting Developments [Abstract]
New Accounting Pronouncements	In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes , which amends Accounting Standards Codification (“ASC”) Topic 740, Income Taxes . ASU 2015-17 requires that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. The ASU is effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments may be applied prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company elected to early adopt ASU 2015-17 on March 31, 2016 retrospectively to all periods presented. On June 30, 2015, the Company recorded $4.2 million in current assets “deferred income taxes” and $1.9 million in non-current assets “deferred income taxes” in the Consolidated Balance Sheets. Upon adoption of the standard, the Company presented a non-current deferred tax asset of $6.1 million in non-current assets “deferred income taxes” in the Consolidated Balance Sheets.  In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , which amends Accounting Standards Codification ("ASC") Topic 718, Compensation – Stock Compensation. ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years and early adoption is permitted. The Company is currently in the process of evaluating the impact of adoption of the ASU on its consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Mar. 31, 2016
Inventories [Abstract]
Comparison Of Inventories	   (in thousands) March 31, June 30,  2016 2015  Raw materials $ 12,681 $ 12,663  Work in process and finished parts 6,352 5,772  Finished goods 78,286 95,407  Total $ 97,319 $ 113,842 

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Mar. 31, 2016
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 (157) 13.50  Canceled (6) 22.32  Outstanding and exercisable at March 31, 2016 320 $ 20.77 $ 7,321 
Schedule Of Options Outstanding And Exercisable	   Options Weighted Average  Range of Outstanding and Remaining Exercise  Prices Exercisable Life (Years) Price  (in thousands)  $ 6.81 - 12.74 84 2.1 $ 9.66  13.75 - 17.23 73 5.2 15.48  19.72 - 27.57 92 7.1 23.59  31.06 - 43.09 71 8.9 35.73  $ 6.81 - 43.09 320 5.8 $ 20.77 

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	   Three Months Ended Nine Months Ended  March 31, March 31,  (in thousands) 2016 2015 2016 2015   Basic shares 7,622 7,436 7,568 7,408   Potential common shares:  Stock options 162 237 157 252  Long-term incentive plan 49 21 43 14  Non-vested shares 3 8 3 7  214 266 203 273   Diluted shares 7,836 7,702 7,771 7,681   Anti-dilutive shares 26 49 26 - 

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015
Inventories [Abstract]
Inventories valued on the FIFO method	$ 1,300	$ 1,600
Inventories valued on the LIFO method	3,200	2,600
Inventory, Raw Materials, Net of Reserves	12,681	12,663
Inventory, Finished Goods and Work in Process, Net of Reserves	6,352	5,772
Inventory, Finished Goods, Net of Reserves	78,286	95,407
Total inventories	$ 97,319	$ 113,842

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2016	Jun. 30, 2015
Deferred compensation plan assets	$ 2.4	$ 3.5
Other Current Assets [Member]
Deferred compensation plan assets	1.5	1.1
Other Assets [Member]
Deferred compensation plan assets	$ 0.9	$ 2.4

Credit Arrangements (Details)

Credit Arrangements (Details) $ in Millions	9 Months Ended
	Mar. 31, 2016USD ($)
Credit agreement capacity	$ 30
Interest rate over LIBOR	1.00%
Assets Held-in-trust	$ 2.4
Letters Of Credit [Member]
Credit agreement capacity	4
Line of Credit Facility, Amount Outstanding	2.3
Line of Credit Facility, Remaining Borrowing Capacity	27.7
Unsecured [Member]
Credit agreement capacity	$ 10
Interest rate under prime rate	2.00%

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	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			240,235
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		$ 0.1		$ 0.3
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	0.3	$ 0.7	0.9
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	$ 0.1	$ 0	$ 0.4	$ 0.4
Period options are excercisable			10 years
Shares available for future grants	568,574		568,574

Stock-Based Compensation (Sched

Stock-Based Compensation (Schedule Of Stock Option Plans) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2016	Jun. 30, 2015	Jun. 30, 2014
Stock-Based Compensation [Abstract]
Shares, Outstanding and exercisable	457	524
Shares, Granted	26	49
Shares, Exercised	(157)	(110)
Shares, Canceled	(6)	(6)
Shares, Outstanding and exercisable	320	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	13.50	15.52
Weighted Average Exercise Price, Canceled	22.32	16.98
Weighted Average Exercise Price, Oustanding and exercisable	$ 20.77	$ 17.02
Aggregate Intrinsic Value	$ 7,321	$ 11,916	$ 9,403

Stock-Based Compensation (Sch24

Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details) shares in Thousands	9 Months Ended
	Mar. 31, 2016$ / sharesshares
6.81 - 12.74 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding | shares	84
Weighted Average Remaining Life, Years	2 years 1 month 6 days
Weighted Average Exercise Price | $ / shares	$ 9.66
13.75 - 17.23 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding | shares	73
Weighted Average Remaining Life, Years	5 years 2 months 12 days
Weighted Average Exercise Price | $ / shares	$ 15.48
19.72 - 27.57 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding | shares	92
Weighted Average Remaining Life, Years	7 years 1 month 6 days
Weighted Average Exercise Price | $ / shares	$ 23.59
31.06 - 43.09 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding | shares	71
Weighted Average Remaining Life, Years	8 years 10 months 24 days
Weighted Average Exercise Price | $ / shares	$ 35.73
6.81 - 43.09 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding | shares	320
Weighted Average Remaining Life, Years	5 years 9 months 18 days
Weighted Average Exercise Price | $ / shares	$ 20.77

Earnings Per Share (Details)

Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Basic	7,622	7,436	7,568	7,408
Stock options	162	237	157	252
Long-term incentive plan	49	21	43	14
Non-vested shares	3	8	3	7
Potential common shares, total	214	266	203	273
Diluted	7,836	7,702	7,771	7,681
Anti-dilutive shares	26	49	26

Litigation (Details)

Litigation (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2013	Mar. 31, 2016	Mar. 31, 2015
Litigation [Abstract]
Litigation Settlement, Expense	$ (2,030)	$ (250)		$ (2,280)	$ (250)
Legal and other related expenses	200	200		400	400
Insurance reimbursements	$ 800	$ 200		$ 800	$ 200
Litigation Settlement, Amount			$ 6,250

Accounting Developments (Detail

Accounting Developments (Details) $ in Millions	12 Months Ended
	Jun. 30, 2015USD ($)
Other Current Assets [Member] | As Previously Reported [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 4.2
Other Noncurrent Assets [Member] | As Previously Reported [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	1.9
Other Noncurrent Assets [Member] | Accounting Standards Update 2015-17 [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 6.1