Flexsteel Industries (FLXS) 10-Q 26 Apr 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2017	Apr. 12, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
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		7,815,191

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
ASSETS
Cash	$ 37,598	$ 36,780
Investments	9,991
Trade receivables - less allowances: March 31, 2017, $1,300; June 30, 2016, $1,300	43,644	44,618
Inventories	92,698	85,904
Other	8,401	9,141
Total current assets	192,332	176,443
NONCURRENT ASSETS:
Property, plant and equipment, net	68,949	64,124
Deferred income taxes	2,680	3,660
Other assets	2,384	2,669
TOTAL	266,345	246,896
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable - trade	16,004	11,023
Accrued liabilities:
Payroll and related items	6,117	6,986
Insurance	5,731	5,252
Other	9,036	10,096
Total current liabilities	36,888	33,357
LONG-TERM LIABILITIES:
Other liabilities	3,968	3,889
Total liabilities	40,856	37,246
SHAREHOLDERS' EQUITY:
Common stock - $1 par value; authorized 15,000,000 shares; outstanding March 31, 2017, 7,814,941 shares; outstanding June 30, 2016, 7,700,149 shares	7,815	7,700
Additional paid-in capital	25,849	23,259
Retained earnings	194,009	180,919
Accumulated other comprehensive loss	(2,184)	(2,228)
Total Shareholders' Equity	225,489	209,650
TOTAL	$ 266,345	$ 246,896

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Consolidated Balance Sheets [Abstract]
Trade receivables, allowance for doubtful accounts	$ 1,300	$ 1,300
Common stock, par value	$ 1	$ 1
Common stock, authorized	15,000,000	15,000,000
Common stock, outstanding	7,814,941	7,700,149

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Consolidated Statements Of Operations [Abstract]
Net sales	$ 120,750	$ 125,400	$ 351,330	$ 377,342
Cost of goods sold	(92,304)	(96,684)	(269,506)	(293,073)
Gross margin	28,446	28,716	81,824	84,269
Selling, general and administrative	(17,588)	(19,443)	(54,846)	(57,433)
Litigation settlement reimbursement	1,175	2,030	1,175	2,280
Operating income (loss)	12,033	11,303	28,153	29,116
Interest and other income	101	(60)	252	6
Interest expense		(9)		(69)
Income (loss) before income taxes	12,134	11,234	28,405	29,053
Income tax (provision) benefit	(4,510)	(4,290)	(10,640)	(10,980)
Net income (loss)	$ 7,624	$ 6,944	$ 17,765	$ 18,073
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic	7,804	7,622	7,770	7,568
Diluted	7,922	7,836	7,872	7,771
EARNINGS (LOSS) PER SHARE OF COMMON STOCK:
Basic	$ 0.98	$ 0.91	$ 2.29	$ 2.39
Diluted	0.96	0.89	2.26	2.33
Cash dividends declared per common share	$ 0.20	$ 0.18	$ 0.60	$ 0.54

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Abstract]
Net income	$ 7,624	$ 6,944	$ 17,765	$ 18,073
Unrealized (losses) gains on securities	3	89	(41)	491
Reclassification of realized (loss) gain on securities to other income	8	(86)	112	(342)
Other comprehensive income (loss) before taxes	11	3	71	149
Income tax benefit (expense) related to securities gains (losses)	(4)	(1)	(27)	(57)
Other comprehensive gain (loss), net of tax	7	2	44	92
Comprehensive income	$ 7,631	$ 6,946	$ 17,809	$ 18,165

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
OPERATING ACTIVITIES:
Net income (loss)	$ 17,765	$ 18,073
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	6,038	5,528
Deferred income taxes	953	1,764
Stock-based compensation expense	1,364	1,024
Excess tax benefit from stock-based payment arrangements	(1,401)	(1,193)
Provision for losses on accounts receivable		15
Gain on disposition of capital assets	(147)	15
Gain on sale of investments		(346)
Changes in operating assets and liabilities:
Trade receivables	974	(238)
Inventories	(6,794)	16,523
Other current assets	(712)	(5,875)
Other assets	464	22
Accounts payable - trade	3,882	(4,651)
Accrued liabilities	1,856	926
Other long-term liabilities	(554)	504
Net cash provided by (used in) operating activities	23,688	32,091
INVESTING ACTIVITIES:
Purchases of investments	(12,580)	(2,304)
Proceeds from sales of investments	2,485	2,107
Proceeds from sale of capital assets	147	27
Proceeds from life insurance policies		2,836
Capital expenditures	(9,764)	(7,116)
Net cash (used in) provided by investing activities	(19,712)	(4,450)
FINANCING ACTIVITIES:
Dividends paid	(4,499)	(4,077)
Repayments of short-term debt		(11,904)
Proceeds from Issuance of Common Stock	1,071	1,403
Proceeds from issuance of shares under incentive and share-based compensation plans, excluding stock options	(1,131)	(164)
Excess tax benefit from stock-based payment arrangements	1,401	1,193
Net cash (used in) provided by financing activities	(3,158)	(13,549)
Increase (decrease) in cash and cash equivalents	818	14,092
Cash and cash equivalents at beginning of year	36,780	1,282
Cash and cash equivalents at end of year	37,598	15,374
SUPPLEMENTAL INFORMATION CASH PAID DURING THE PERIOD FOR:
Income taxes paid (refunded)	5,795	7,460
Capital expenditures in accounts payable	1,133	4
Interest		$ 69

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2017
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 months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 201 7 . 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, 2016 , appropriately represent, in all material respects, the current status of accounting policies and are incorporated by reference.  DESC RIPTION OF BUSINESS – Flexsteel 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, 2017
Inventories [Abstract]
Inventories	2. INVENTORIES  A comparison of inventories is as follows:    (in thousands) March 31, June 30,  2017 2016  Raw materials $ 13,946 $ 12,893  Work in process and finished parts 6,439 5,810  Finished goods 72,313 67,201  Total $ 92,698 $ 85,904 

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Mar. 31, 2017
Fair Value Measurements [Abstract]
Fair Value Measurements	3. FAIR VALUE MEASUREMENTS  The Company’s cash, investments, 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.  During the quarter ended March 31, 2017, the Company purchased available-for-sale securities, U.S. Treasury bills, which are recorded at fair market value. These securities are classified as “Investments” in the Consolidated Balance Sheets and will mature prior to June 30, 2017. Unrealized gains or losses are recorded in “Accumulated other comprehensive income (loss).” As of March 31, 2017, the fair market value and book value of the investments are $10 million. These assets are classified as Level 1 in accordance with fair value measurements described above.

Credit Arrangements

Credit Arrangements	9 Months Ended
	Mar. 31, 2017
Credit Arrangements [Abstract]
Credit Arrangements	 4. CREDIT ARRANGEMENTS  The Company maintain s a n unsecured credit agreement that provide s short-term working capital financing up to $ 10.0 million with interest of LIBOR plus 1% ( 1. 98 % at March 31, 2017 ), including up to $ 4.0 million of letters of credit. Letters of credit outstanding at March 31, 2017 totaled $2.2 million . Other than the aforementioned letters of credit, the Company did not utilize borrowing availability under the credit facility, leaving borrowing availability of $7.8 million as of M arch 31, 2017. The credit agreement expire s June 30 , 201 7 . At March 31, 2017 , the Company was in compliance with all of the financial covenants co ntained in the credit agreement .  The Company maintains an additional unsecured $10.0 million line of credit, with interest at prime minus 2% ( 2.0 % at March 31, 2017 ) . No amount was outstanding on the line of credit at March 31, 2017 . This line of credit matures December 31, 2017.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Mar. 31, 2017
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, 2017, 61,969 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, 2014 – June 30, 2017 (2015-2017) and July 1, 2015 – June 30, 2018 (2016-2018) . The Committee selected fully-diluted earnings per share and total shareholder return as the performance goal s for the three-year performance period July 1, 2016 – June 30, 2019 (2017-2019). 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. 3 million and $0.2 million for the quarters ended March 31, 2017 and March 31, 201 6 , respectively. For each of the nine month periods ended March 31, 201 7 and March 31, 201 6 , the Company recorded expense of $0. 7 million . If the target performance goals for 2015-2017, 2016-2018 and 2017-2019 would be achieved, the total amount of compensation cost recognized over the requisite performance periods would be $1.0 million, $1.0 million and $1.1 million, 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.  Under the plan , 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. 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 ex ercise price of options. S hares received as payment are retired upon receipt. During the quarter s ended March 31, 2017 and Ma r ch 31, 201 6 , no expense was recorded related to this plan. During the nine month s ended March 31, 201 7 and Ma r ch 31, 201 6 , the company recorded expense of $0.3 million and $0.2 million related to this plan, respectively.  The Company issued 1,7 29 and 1 , 988 shares to non-executive directors as compensation and recorded expense of $0.1 million during each of the quarters ended March 31, 2017 and March 31, 2016. During the nine months ended March 31, 2017 and March 31, 2016, the Company issued 5 , 290 and 4 , 108 shares to non-executive directors as compensation and recorded expense of $0. 3 million and $0. 2 million, respectively.  At March 31, 2017 , 538 ,7 37 shares were available for future grants.  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 o ptions can be granted under the 2006 and 2009 stock option plans.  There were no options granted and no expense recorded under these Plans during the three and nine months ended March 31, 2017 and March 31, 2016.   A summary of the status of the Company’s stock plans as of March 31, 2017, June 30, 2016 and 201 5, 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, 2015 457 17.02 $ 11,916  Granted 26 43.09  Exercised (207) 12.68  Canceled (6) 22.32  Outstanding and exercisable at June 30, 2016 270 22.85 4,638  Granted 24 47.45  Exercised (90) 20.65  Canceled (8) 19.32  Outstanding and exercisable at March 31, 2017 196 $ 26.92 $ 4,607   The following table summarizes information for options outstanding and exercisable at March 31, 2017 :      Options Weighted Average  Range of Outstanding and Remaining Exercise  Prices Exercisable Life (Years) Price  (in thousands)  $ 6.96 - 12.74 22 1.2 $ 10.99  13.75 - 17.23 36 4.2 15.60  19.72 - 27.57 61 6.1 23.83  31.06 - 47.45 77 8.4 39.43  $ 6.96 - 47.45 196 6.1 $ 26.92 

Earnings Per Share

Earnings Per Share	9 Months Ended
	Mar. 31, 2017
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 quarter ended March 31, 2017 and 201 6 , 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) 2017 2016 2017 2016   Basic shares 7,804 7,622 7,770 7,568   Potential common shares:  Stock options 95 162 90 157  Long-term incentive plan 21 49 10 43  Non-vested shares 2 3 2 3  118 214 102 203   Diluted shares 7,922 7,836 7,872 7,771   Anti-dilutive shares - 26 - 26 

Litigation

Litigation	9 Months Ended
	Mar. 31, 2017
Litigation [Abstract]
Litigation	7 . LITIGATION Indiana Civil Litigation – In December 2013, the Company entered into a confidential agreement to settle the Indiana Civil Litigation. During the quarters ended March 31, 2017 and 2016 , the Company received $1.2 million and $2.0 million, respectively, and during the nine months ended received $1.2 million and $2.3 million, respectively, 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 ended March 31, 2017 , the Company recorded $0.1 million of legal expenses incurred pursuing insurance coverage which was offset by reimbursements of $1.2 million from insurers. During the quarter ended March 31, 2016, the Company recorded $0.2 million of legal expenses incurred pursuing insurance coverage which was offset by reimbursements of $0.8 million from insurers. During the nine months ended March 31, 2017, the Company recorded $0. 3 million of legal expenses which was offset by reimbursements of $1.2 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. These expenses are included in “selling, general and administrative” (SG&A) expense in the Consolidated Statements of Income.  The recovery of litigation settlement and defense costs from insurance carriers is now complete and the Indiana litigation against insurance carriers has been closed.  I n March 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). The Company continues to believe that it did not cause or contribute to the contamination. In April 2016, the EPA issued their proposed clean-up plan for groundwater pollution and request for public comment. The Company responded to the request for public comment in May 2016. The EPA issued a Record of Decision in August 2016 and estimated total costs to remediate of $3.6 million. As of March 31, 2017 , the EPA has not issued a special notice letter to Flexsteel which would indicate the EPA’s intent to pursue Flexsteel for contribution to the remediation cost. The Company has not recorded a liability in the Consolidated Balance Sheets because it is not possible to reasonably estimate the amount, if any, of the estimated remediation cost as responsible parties have not been named by the EPA.  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)	9 Months Ended
	Mar. 31, 2017
Inventories [Abstract]
Comparison Of Inventories	   (in thousands) March 31, June 30,  2017 2016  Raw materials $ 13,946 $ 12,893  Work in process and finished parts 6,439 5,810  Finished goods 72,313 67,201  Total $ 92,698 $ 85,904 

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Mar. 31, 2017
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, 2015 457 17.02 $ 11,916  Granted 26 43.09  Exercised (207) 12.68  Canceled (6) 22.32  Outstanding and exercisable at June 30, 2016 270 22.85 4,638  Granted 24 47.45  Exercised (90) 20.65  Canceled (8) 19.32  Outstanding and exercisable at March 31, 2017 196 $ 26.92 $ 4,607 
Schedule Of Options Outstanding And Exercisable	   Options Weighted Average  Range of Outstanding and Remaining Exercise  Prices Exercisable Life (Years) Price  (in thousands)  $ 6.96 - 12.74 22 1.2 $ 10.99  13.75 - 17.23 36 4.2 15.60  19.72 - 27.57 61 6.1 23.83  31.06 - 47.45 77 8.4 39.43  $ 6.96 - 47.45 196 6.1 $ 26.92 

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	   Three Months Ended Nine Months Ended  March 31, March 31,  (in thousands) 2017 2016 2017 2016   Basic shares 7,804 7,622 7,770 7,568   Potential common shares:  Stock options 95 162 90 157  Long-term incentive plan 21 49 10 43  Non-vested shares 2 3 2 3  118 214 102 203   Diluted shares 7,922 7,836 7,872 7,771   Anti-dilutive shares - 26 - 26 

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Inventories [Abstract]
Inventory, Raw Materials, Net of Reserves	$ 13,946	$ 12,893
Inventory, Finished Goods and Work in Process, Net of Reserves	6,439	5,810
Inventory, Finished Goods, Net of Reserves	72,313	67,201
Total inventories	$ 92,698	$ 85,904

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands	Mar. 31, 2017USD ($)
Fair Value Measurements [Abstract]
Investments	$ 9,991

Credit Arrangements (Details)

Credit Arrangements (Details) $ in Millions	9 Months Ended
	Mar. 31, 2017USD ($)
Credit agreement capacity	$ 10
Interest rate over LIBOR	1.00%
LIBOR Plus 1% [Member]
Effective percentage	1.98%
Prime Minus 2% [Member]
Effective percentage	2.00%
Letters Of Credit [Member]
Credit agreement capacity	$ 4
Line of Credit Facility, Amount Outstanding	2.2
Line of Credit Facility, Remaining Borrowing Capacity	7.8
Unsecured [Member]
Credit agreement capacity	$ 10
Interest rate under prime rate	2.00%

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Stock Option Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued	0	0	0	0
Compensation cost	$ 0	$ 0	$ 0	$ 0
Period options are excercisable			10 years
Shares available for future grants	0		0
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			61,969
Compensation cost	$ 300,000	200,000	$ 700,000	700,000
New Long-Term Management Incentive Compensation Plan [Member] | 2015-2017[Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost			1,000,000
New Long-Term Management Incentive Compensation Plan [Member] | 2016-2018[Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost			1,000,000
New Long-Term Management Incentive Compensation Plan [Member] | 2017-2019[Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost			$ 1,100,000
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	$ 0	$ 300,000	$ 200,000
Period options are excercisable			10 years
Shares available for future grants	538,737		538,737
New Omnibus Stock Plan [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued	1,729	1,988	5,290	4,108
Compensation cost	$ 100,000	$ 100,000	$ 300,000	$ 200,000

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, 2017	Jun. 30, 2016	Jun. 30, 2015
Stock-Based Compensation [Abstract]
Shares, Outstanding and exercisable	270	457
Shares, Granted	24	26
Shares, Exercised	(90)	(207)
Shares, Canceled	(8)	(6)
Shares, Outstanding and exercisable		270
Weighted Average Exercise Price, Oustanding and exercisable	$ 22.85	$ 17.02
Weighted Average Exercise Price, Granted	47.45	43.09
Weighted Average Exercise Price, Exercised	20.65	12.68
Weighted Average Exercise Price, Canceled	19.32	22.32
Weighted Average Exercise Price, Oustanding and exercisable	$ 26.92	$ 22.85
Aggregate Intrinsic Value	$ 4,607	$ 4,638	$ 11,916

Stock-Based Compensation (Sch22

Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details) shares in Thousands	9 Months Ended
	Mar. 31, 2017$ / sharesshares
6.96 - 12.74 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	$ 6.96
Range of Price Upper	$ 12.74
Options Outstanding | shares	22
Weighted Average Remaining Life, Years	1 year 2 months 12 days
Weighted Average Exercise Price	$ 10.99
13.75 - 17.23 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	13.75
Range of Price Upper	$ 17.23
Options Outstanding | shares	36
Weighted Average Remaining Life, Years	4 years 2 months 12 days
Weighted Average Exercise Price	$ 15.60
19.72 - 27.57 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	19.72
Range of Price Upper	$ 27.57
Options Outstanding | shares	61
Weighted Average Remaining Life, Years	6 years 1 month 6 days
Weighted Average Exercise Price	$ 23.83
31.06 - 47.45 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	31.06
Range of Price Upper	$ 47.45
Options Outstanding | shares	77
Weighted Average Remaining Life, Years	8 years 4 months 24 days
Weighted Average Exercise Price	$ 39.43
6.96 - 47.45 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	6.96
Range of Price Upper	$ 47.45
Options Outstanding | shares	196
Weighted Average Remaining Life, Years	6 years 1 month 6 days
Weighted Average Exercise Price	$ 26.92

Earnings Per Share (Details)

Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Basic	7,804	7,622	7,770	7,568
Stock options	95	162	90	157
Long-term incentive plan	21	49	10	43
Non-vested shares	2	3	2	3
Potential common shares, total	118	214	102	203
Diluted	7,922	7,836	7,872	7,771
Anti-dilutive shares		26		26

Litigation (Details)

Litigation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Aug. 31, 2016
Litigation [Abstract]
Legal and other related expenses	$ 100	$ 200	$ 300	$ 400
Estimated total costs to remediate					$ 3,600
Insurance reimbursements	1,200	800	1,200	800
Litigation Settlement Reimbursement	$ 1,175	$ 2,030	$ 1,175	$ 2,280

Uncategorized Items - flxs-2017

Label	Element	Value
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	196,000