Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Aug. 26, 2014 | Dec. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'LSI Industries Inc. | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 24,113,030 | ' |
Entity Public Float | ' | ' | $197,167,000 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000763532 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Net sales | $299,463 | [1] | $280,790 | [1] | $268,402 | [1] |
Cost of products and services sold | 234,165 | 220,380 | 208,089 | |||
Gross profit | 65,298 | 60,410 | 60,313 | |||
Selling and administrative expenses | 62,175 | 57,367 | 53,724 | |||
Goodwill and intangible asset impairments | 805 | [2] | 2,413 | [2] | 258 | [2] |
Operating income | 2,318 | 630 | 6,331 | |||
Interest (income) | -17 | -47 | -25 | |||
Interest expense | 68 | 62 | 165 | |||
Income before income taxes | 2,267 | 615 | 6,191 | |||
Income tax expense | 1,337 | 738 | 2,967 | |||
Net income (loss) | $930 | ($123) | $3,224 | |||
Earnings (loss) per common share (see Note 3) | ' | ' | ' | |||
Basic (in Dollars per share) | $0.04 | ($0.01) | $0.13 | |||
Diluted (in Dollars per share) | $0.04 | ($0.01) | $0.13 | |||
Weighted average common shares outstanding | ' | ' | ' | |||
Basic (in Shares) | 24,388 | 24,313 | 24,298 | |||
Diluted (in Shares) | 24,546 | [3] | 24,313 | [3] | 24,352 | [3] |
[1] | Net sales are attributed to geographic areas based upon the location of the operation making the sale. | |||||
[2] | The Company recorded a significant impairment of goodwill and/or intangible assets in fiscal 2014 and 2013, and minor impairments in fiscal 2012 and 2010. See Note 6. | |||||
[3] | Options to purchase 1,974,775 common shares, 2,027,450 common shares, and 1,782,868 common shares at June 30, 2014, 2013, and 2012, respectively, were not included in the computation of diluted earnings per share because the exercise price was greater than the average fair market value of the common shares. |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $9,013 | $7,949 |
Accounts and notes receivable, less allowance for doubtful accounts of $294 and $346, respectively | 42,753 | 45,991 |
Inventories | 45,408 | 42,093 |
Refundable income taxes | 1,973 | 1,435 |
Asset held for sale | 611 | ' |
Prepaid and other current assets | 6,319 | 5,445 |
Total current assets | 106,077 | 102,913 |
Property, Plant and Equipment, at cost | ' | ' |
Land | 6,918 | 7,015 |
Buildings | 37,027 | 37,889 |
Machinery and equipment | 75,533 | 71,535 |
Construction in progress | 221 | 3,464 |
119,699 | 119,903 | |
Less accumulated depreciation | -75,417 | -74,553 |
Net property, plant and equipment | 44,282 | 45,350 |
Goodwill | 10,508 | 10,508 |
Other Intangible Assets, net | 7,227 | 8,579 |
Other Long-Term Assets, net | 1,794 | 1,829 |
Total assets | 169,888 | 169,179 |
Current Liabilities | ' | ' |
Accounts payable | 13,658 | 12,429 |
Accrued expenses | 15,631 | 13,781 |
Total current liabilities | 29,289 | 26,210 |
Other Long-Term Liabilities | 2,187 | 1,279 |
Commitments and contingencies (Note 13) | ' | ' |
Shareholders’ Equity | ' | ' |
Preferred shares, without par value; Authorized 1,000,000 shares, none issued | 0 | 0 |
Common shares, without par value; Authorized 40,000,000 shares; Outstanding 24,122,284 and 24,057,266 shares, respectively | 104,064 | 102,492 |
Retained earnings | 34,348 | 39,198 |
Total shareholders’ equity | 138,412 | 141,690 |
Total liabilities & shareholders’ equity | $169,888 | $169,179 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts (in Dollars) | $294 | $346 |
Preferred shares, par value (in Dollars per share) | $0 | $0 |
Preferred shares, Authorized shares | 1,000,000 | 1,000,000 |
Preferred shares, issued | 0 | 0 |
Common shares, par value (in Dollars per share) | $0 | $0 |
Common shares, Authorized shares | 40,000,000 | 40,000,000 |
Common shares, Outstanding | 24,122,284 | 24,057,266 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Common Stock [Member] | Retained Earnings [Member] | Total |
Balance at Jun. 30, 2011 | $100,944,000 | $50,274,000 | $151,218,000 |
Balance (in Shares) at Jun. 30, 2011 | 24,047,000 | ' | ' |
Net income (loss) | ' | 3,224,000 | 3,224,000 |
Stock compensation awards | 48,000 | ' | 48,000 |
Stock compensation awards (in Shares) | 7,000 | ' | ' |
Purchase of treasury shares, net | -141,000 | ' | -141,000 |
Purchase of treasury shares, net (in Shares) | -21,000 | ' | ' |
Deferred stock compensation | 124,000 | ' | 124,000 |
Stock option expense | 410,000 | ' | 410,000 |
Stock options exercised, net | 14,000 | ' | 14,000 |
Stock options exercised, net (in Shares) | 3,000 | ' | 2,750 |
Dividends | ' | -5,529,000 | -5,529,000 |
Balance at Jun. 30, 2012 | 101,399,000 | 47,969,000 | 149,368,000 |
Balance (in Shares) at Jun. 30, 2012 | 24,036,000 | ' | ' |
Net income (loss) | ' | -123,000 | -123,000 |
Stock compensation awards | 57,000 | ' | 57,000 |
Stock compensation awards (in Shares) | 8,000 | ' | ' |
Purchase of treasury shares, net | -150,000 | ' | -150,000 |
Purchase of treasury shares, net (in Shares) | -22,000 | ' | ' |
Deferred stock compensation | 169,000 | ' | 169,000 |
Stock option expense | 842,000 | ' | 842,000 |
Stock options exercised, net | 175,000 | ' | 175,000 |
Stock options exercised, net (in Shares) | 35,000 | ' | 35,500 |
Dividends | ' | -8,648,000 | -8,648,000 |
Balance at Jun. 30, 2013 | 102,492,000 | 39,198,000 | 141,690,000 |
Balance (in Shares) at Jun. 30, 2013 | 24,057,000 | ' | ' |
Net income (loss) | ' | 930,000 | 930,000 |
Stock compensation awards | 193,000 | ' | 193,000 |
Stock compensation awards (in Shares) | 23,000 | ' | ' |
Purchase of treasury shares, net | -124,000 | ' | -124,000 |
Purchase of treasury shares, net (in Shares) | -19,000 | ' | ' |
Deferred stock compensation | 99,000 | ' | 99,000 |
Stock option expense | 1,005,000 | ' | 1,005,000 |
Stock options exercised, net | 399,000 | ' | 399,000 |
Stock options exercised, net (in Shares) | 61,000 | ' | 60,636 |
Dividends | ' | -5,780,000 | -5,780,000 |
Balance at Jun. 30, 2014 | $104,064,000 | $34,348,000 | $138,412,000 |
Balance (in Shares) at Jun. 30, 2014 | 24,122,000 | ' | ' |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parentheticals) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Dividends, per share | $0.24 | $0.36 | $0.23 |
Common Stock [Member] | ' | ' | ' |
Dividends, per share | $0.24 | $0.36 | $0.23 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 12 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||||
Cash Flows From Operating Activities | ' | ' | ' | |||
Net income (loss) | $930,000 | ($123,000) | $3,224,000 | |||
Non-cash items included in net income (loss) | ' | ' | ' | |||
Depreciation and amortization | 6,226,000 | 7,197,000 | 7,805,000 | |||
Goodwill and intangible asset impairment | 805,000 | [1] | 2,413,000 | [1] | 258,000 | [1] |
Earn-out liability adjustment | ' | -897,000 | ' | |||
Deferred income taxes | 856,000 | 263,000 | 309,000 | |||
Deferred compensation plan | 99,000 | 169,000 | 124,000 | |||
Stock option expense | 1,005,000 | 842,000 | 410,000 | |||
Issuance of common shares as compensation | 193,000 | 57,000 | 48,000 | |||
Loss on disposition of fixed assets | 36,000 | 7,000 | 18,000 | |||
Allowance for doubtful accounts | 6,000 | 269,000 | 360,000 | |||
Inventory obsolescence reserve | 1,464,000 | 2,957,000 | 1,453,000 | |||
Change in certain assets and liabilities, net of acquisitions | ' | ' | ' | |||
Accounts and notes receivable | 3,232,000 | -1,848,000 | 205,000 | |||
Inventories | -4,779,000 | -3,774,000 | 7,784,000 | |||
Refundable income taxes | -538,000 | -1,208,000 | 1,568,000 | |||
Accounts payable | 1,229,000 | 917,000 | 1,722,000 | |||
Accrued expenses and other | 269,000 | 1,644,000 | -1,299,000 | |||
Customer prepayments | 526,000 | -35,000 | 371,000 | |||
Net cash flows provided by operating activities | 11,559,000 | 8,850,000 | 24,360,000 | |||
Cash Flows From Investing Activities | ' | ' | ' | |||
Purchases of property, plant, and equipment | -5,245,000 | -7,571,000 | -3,436,000 | |||
Proceeds from sale of fixed assets | 255,000 | 38,000 | 3,000 | |||
Acquisition of businesses, net of cash received | ' | ' | -2,973,000 | |||
Net cash flows (used in) investing activities | -4,990,000 | -7,533,000 | -6,406,000 | |||
Cash Flows From Financing Activities | ' | ' | ' | |||
Payment of long-term debt | ' | ' | -1,099,000 | |||
Cash dividends paid | -5,780,000 | -8,648,000 | -5,529,000 | |||
Purchase of treasury shares | -188,000 | -175,000 | -154,000 | |||
Issuance of treasury shares | 64,000 | 25,000 | 13,000 | |||
Exercise of stock options | 399,000 | 175,000 | 14,000 | |||
Net cash flows (used in) financing activities | -5,505,000 | -8,623,000 | -6,755,000 | |||
Increase (decrease) in cash and cash equivalents | 1,064,000 | -7,306,000 | 11,199,000 | |||
Cash and cash equivalents at beginning of year | 7,949,000 | 15,255,000 | 4,056,000 | |||
Cash and cash equivalents at end of year | $9,013,000 | $7,949,000 | $15,255,000 | |||
[1] | The Company recorded a significant impairment of goodwill and/or intangible assets in fiscal 2014 and 2013, and minor impairments in fiscal 2012 and 2010. See Note 6. |
Note_1_Summary_of_Significant_
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
Consolidation: | |||||||||
The consolidated financial statements include the accounts of LSI Industries Inc. (an Ohio corporation) and its subsidiaries (collectively, the “Company”), all of which are wholly owned. All intercompany transactions and balances have been eliminated in consolidation. | |||||||||
Revenue Recognition: | |||||||||
Revenue is recognized when title to goods and risk of loss have passed to the customer, there is persuasive evidence of a purchase arrangement, delivery has occurred or services have been rendered, and collectability is reasonably assured. Revenue from product sales is typically recognized at time of shipment. In certain arrangements with customers, as is the case with the sale of some of our solid-state LED (light emitting diode) video screens, revenue is recognized upon customer acceptance of the video screen at the job site. Sales are recorded net of estimated returns, rebates and discounts. Amounts received from customers prior to the recognition of revenue are accounted for as customer pre-payments and are included in accrued expenses. | |||||||||
The Company has four sources of revenue: revenue from product sales; revenue from installation of products; service revenue generated from providing integrated design, project and construction management, site engineering and site permitting; and revenue from shipping and handling. | |||||||||
Product revenue is recognized on product-only orders upon passing of title and risk of loss, generally at time of shipment. However, product revenue related to orders where the customer requires the Company to install the product is recognized when the product is installed. Other than normal product warranties or the possibility of installation or post-shipment service, support and maintenance of certain solid state LED video screens, billboards, or active digital signage, the Company has no post-shipment responsibilities. | |||||||||
Installation revenue is recognized when the products have been fully installed. The Company is not always responsible for installation of products it sells and has no post-installation responsibilities, other than normal warranties. | |||||||||
Service revenue from integrated design, project and construction management, and site permitting is recognized when all products at each customer site have been installed. | |||||||||
Shipping and handling revenue coincides with the recognition of revenue from sale of the product. | |||||||||
The Company evaluates the appropriateness of revenue recognition in accordance with Accounting Standards Codification (“ASC”) Subtopic 605-25, Revenue Recognition: Multiple–Element Arrangements. In situations where the Company is responsible for re-imaging programs with multiple sites, each site is viewed as a separate unit of accounting and has stand-alone value to the customer. Revenue is recognized upon the Company’s complete performance at the location, which may include a site survey, graphics products, lighting products, and installation of products. The selling price assigned to each site is based upon an agreed upon price between the Company and its customer and reflects the estimated selling price for that site relative to the selling price for sites with similar image requirements. | |||||||||
The Company also evaluates the appropriateness of revenue recognition in accordance with ASC Subtopic 985-605, “Software: Revenue Recognition.” Our solid-state LED video screens, billboards and active digital signage contain software elements which the Company has determined are incidental and therefore excluded from the scope of ASC Subtopic 985-605. | |||||||||
Credit and Collections: | |||||||||
The Company maintains allowances for doubtful accounts receivable for probable estimated losses resulting from either customer disputes or the inability of its customers to make required payments. If the financial condition of the Company’s customers were to deteriorate, resulting in their inability to make the required payments, the Company may be required to record additional allowances or charges against income. The Company determines its allowance for doubtful accounts by first considering all known collectability problems of customers’ accounts, and then applying certain percentages against the various aging categories based on the due date of the remaining receivables. The resulting allowance for doubtful accounts receivable is an estimate based upon the Company’s knowledge of its business and customer base, and historical trends. The Company also establishes allowances, at the time revenue is recognized, for returns, discounts, pricing and other possible customer deductions. These allowances are based upon historical trends. | |||||||||
The following table presents the Company’s net accounts receivable at the dates indicated. | |||||||||
(In thousands) | June 30, | June 30, | |||||||
2014 | 2013 | ||||||||
Accounts receivable | $ | 43,047 | $ | 46,337 | |||||
less Allowance for doubtful accounts | (294 | ) | (346 | ) | |||||
Accounts receivable, net | $ | 42,753 | $ | 45,991 | |||||
Cash and Cash Equivalents: | |||||||||
The cash balance includes cash and cash equivalents which have original maturities of less than three months. The Company maintains balances at financial institutions in the United States and Canada. The balances at financial institutions in Canada are not covered by insurance. In the United States, the FDIC limit for insurance coverage on non-interest bearing accounts is $250,000. As of June 30, 2014 and June 30, 2013, the Company had bank balances of $12,367,000 and $11,145,000, respectively, without insurance coverage. Of these amounts, $741,000 and $613,000 were held in foreign bank accounts as of June 30, 2014 and June 30, 2013, respectively. | |||||||||
Inventories: | |||||||||
Inventories are stated at the lower of cost or market. Cost of inventories includes the cost of purchased raw materials and components, direct labor, as well as manufacturing overhead which is generally applied to inventory based on direct labor and on material content. Cost is determined on the first-in, first-out basis. | |||||||||
Property, Plant and Equipment and Related Depreciation: | |||||||||
Property, plant and equipment are stated at cost. Major additions and betterments are capitalized while maintenance and repairs are expensed. For financial reporting purposes, depreciation is computed on the straight-line method over the estimated useful lives of the assets as follows: | |||||||||
Buildings (in years) | 28 - 40 | ||||||||
Machinery and equipment (in years) | 10-Mar | ||||||||
Computer software (in years) | 8-Mar | ||||||||
Costs related to the purchase, internal development, and implementation of the Company’s fully integrated enterprise resource planning/business operating software system are either capitalized or expensed in accordance with ASC Subtopic 350-40, “Intangibles – Goodwill and Other: Internal-Use Software.” Leasehold improvements are depreciated over the shorter of fifteen years or the remaining term of the lease. | |||||||||
The company is in the process of selling one of two buildings at its Woonsocket, Rhode Island operation, which is included in the Graphics Segment. The sale of this property is the result of the consolidation of the operations into the remaining facility in order to eliminate redundancies and improve manufacturing efficiencies. The sale of the building is expected to be complete in the first quarter of fiscal 2015. The selling price of the building is in excess of its carrying value. The asset held for sale is separately disclosed on the balance sheet. | |||||||||
The Company recorded $5,411,000, $4,702,000 and $5,174,000 of depreciation expense in the years ended June 30, 2014, 2013 and 2012, respectively. | |||||||||
Intangible Assets: | |||||||||
Intangible assets consisting of customer relationships, trade names and trademarks, patents, technology and software, and non-compete agreements are recorded on the Company's balance sheet. The definite-lived intangible assets are being amortized to expense over periods ranging between five and twenty years. The Company evaluates definite-lived intangible assets for permanent impairment when triggering events are identified. Neither indefinite-lived intangible assets nor the excess of cost over fair value of assets acquired ("goodwill") are amortized, however they are subject to review for impairment. See additional information about goodwill and intangibles in Note 6. | |||||||||
Fair Value: | |||||||||
The Company has financial instruments consisting primarily of cash and cash equivalents, revolving lines of credit, and on occasion long-term debt. The fair value of these financial instruments approximates carrying value because of their short-term maturity and/or variable, market-driven interest rates. The Company has no financial instruments with off-balance sheet risk. | |||||||||
Fair value measurements of nonfinancial assets and nonfinancial liabilities are primarily used in goodwill and other intangible asset impairment analyses, in the purchase price of acquired companies (if any), and in the valuation of the contingent earn-out. The fair value measurement of these nonfinancial assets and nonfinancial liabilities is based on significant inputs not observable in the market and thus represent Level 3 measurements as defined in ASC 820, “Fair Value Measurement.” | |||||||||
Product Warranties: | |||||||||
The Company offers a limited warranty that its products are free of defects in workmanship and materials. The specific terms and conditions vary somewhat by product line, but generally cover defective products returned within one to five years from the date of shipment. The Company records warranty liabilities to cover the estimated future costs for repair or replacement of defective returned products as well as products that need to be repaired or replaced in the field after installation. The Company calculates its liability for warranty claims by applying estimates to cover unknown claims, as well as estimating the total amount to be incurred for known warranty issues. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. | |||||||||
Changes in the Company’s warranty liabilities, which are included in accrued expenses in the accompanying consolidated balance sheets, during the periods indicated below were as follows: | |||||||||
(In thousands) | 30-Jun-14 | 30-Jun-13 | |||||||
Balance at beginning of the period | $ | 1,424 | $ | 1,121 | |||||
Additions charged to expense | 3,816 | 2,134 | |||||||
Deductions for repairs and replacements | (2,578 | ) | (1,831 | ) | |||||
Balance at end of the period | $ | 2,662 | $ | 1,424 | |||||
Employee Benefit Plans: | |||||||||
The Company has a defined contribution retirement plan and a discretionary profit sharing plan covering substantially all of its non-union employees in the United States, and a non-qualified deferred compensation plan covering certain employees. The costs of employee benefit plans are charged to expense and funded annually. Total costs were $1,961,000 in 2014, $1,932,000 in 2013, and $960,000 in 2012. Effective July 1, 2012, the Company increased the employer contribution percentage from 2% to 4%. | |||||||||
Research and Development Costs: | |||||||||
Research and development expenses are costs directly attributable to new product development, including the development of new technology for both existing and new products, and consist of salaries, payroll taxes, employee benefits, materials, supplies, depreciation and other administrative costs. The Company follows the requirements of ASC Subtopic 985-20, “Software: Costs of Software to be Sold, Leased, or Marketed,” and expenses as research and development all costs associated with development of software used in solid-state LED products. All costs are expensed as incurred and are included in selling and administrative expenses. Research and development costs related to both product and software development totaled $8,226,000, $6,480,000 and $5,511,000 for the fiscal years ended June 30, 2014, 2013 and 2012, respectively. | |||||||||
Advertising Expense: | |||||||||
The Company recorded $322,000, $280,000, and $328,000 of advertising expense in 2014, 2013 and 2012, respectively. Advertising costs are expensed the first time the advertising occurs. Expense related to printed product or capabilities literature, brochures, etc. is recorded on a ratable basis over the useful life of that printed media. | |||||||||
Earnings Per Common Share: | |||||||||
The computation of basic earnings per common share is based on the weighted average common shares outstanding for the period net of treasury shares held in the Company’s non-qualified deferred compensation plan. The computation of diluted earnings per share is based on the weighted average common shares outstanding for the period and includes common share equivalents. Common share equivalents include the dilutive effect of stock options, contingently issuable shares and common shares to be issued under a deferred compensation plan, all of which totaled 462,000 shares in fiscal 2014, 356,000 shares in fiscal 2013, and 316,000 shares in fiscal 2012. See further discussion in Note 3. | |||||||||
New Accounting Pronouncements: | |||||||||
In July 2012, the Financial Accounting Standards Board issued ASU 2012-02, “Intangibles – Goodwill and Other (Topic 350): Testing Long-Lived Intangible Assets for Impairment.” This amended guidance is intended to simplify the test of indefinite-lived intangible assets for impairment by allowing companies to first assess qualitative factors to determine whether or not it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value as the basis for determining whether it is necessary to perform the two-step impairment test. Previous guidance required companies to perform an annual indefinite-lived intangible asset impairment test. The amended guidance is effective for annual and interim tests performed for fiscal years beginning after September 15, 2012, or the Company’s fiscal year 2014, with early adoption permissible. The adoption of this standard in fiscal 2014 did not have an impact on the financial statements. | |||||||||
In September 2013, the Internal Revenue Service issued Treasury Decision 9636, which enacted final tax regulations regarding the capitalization and expensing of amounts paid to acquire, produce, or improve tangible property. The regulations also include guidance regarding the retirement of depreciable property. The regulations are required to be effective in taxable years beginning on or after January 1, 2014, although taxpayers may choose to apply them in taxable years beginning on or after January 1, 2012. The Company has reviewed the impact of the final regulations and the anticipated impact to the financial statements is immaterial. | |||||||||
In June 2014, the Financial Accounting Standards Board issued ASU 2014-09, “Revenue from Contracts with Customers.” This amended guidance supersedes and replaces all existing U.S. GAAP revenue recognition guidance. The guidance established a new revenue recognition model, changes the basis for deciding when revenue is recognized over a point in time, provides new and more detailed guidance on specific revenue topics, and expands and improves disclosures about revenue. The amended guidance is effective for fiscal years and interim periods within those years, beginning after December 15, 2016, or the Company’s fiscal year 2018. The Company has not yet determined the impact the amended guidance will have on its financial statements. | |||||||||
Comprehensive Income: | |||||||||
The Company does not have any comprehensive income items other than net income (loss). The functional currency of the Company’s Canadian operation is the U.S. dollar. | |||||||||
Subsequent Events: | |||||||||
On August 22, 2014, the Company signed a non-binding letter of intent to sell the stock of its wholly-owned subsidiary LSI Saco Technologies, located in Montreal, Canada. It is likely a loss will be recognized on the sale, but the actual amount of the loss will not be known until the sale is complete. The loss on the sale is expected to be between $500,000 and $1,000,000. The $5 million unsecured revolving line of credit for this Canadian operation (See Note 7) will be terminated once the sale is complete. The Company anticipates the sale to be completed in the first or second quarter of fiscal 2015. | |||||||||
The assets and liabilities of LSI Saco are comprised of the following at June 30, 2014 and 2013: | |||||||||
June 30, | June 30, | ||||||||
Amounts in thousands | 2014 | 2013 | |||||||
Cash | $ | 741 | $ | 613 | |||||
Accounts Receivable (net) | 860 | 996 | |||||||
Inventory (net) | 342 | 697 | |||||||
Other Current Assets | 105 | 468 | |||||||
PP&E (net) | 187 | 329 | |||||||
Intangible Assets | 622 | 674 | |||||||
Other Long-Term Asset | 3 | 7 | |||||||
Total Assets | $ | 2,860 | $ | 3,784 | |||||
Accounts Payable and Accrued Expenses | $ | 195 | $ | 319 | |||||
Total Liabilities | $ | 195 | $ | 319 | |||||
The Company has evaluated subsequent events for potential recognition and disclosure through the date the consolidated financial statements were filed. No other items were identified during this evaluation that required adjustment to or disclosure in the accompanying financial statements. | |||||||||
Reclassifications: | |||||||||
Certain prior year amounts have been reclassified to conform to the current year presentation within the cash flows from operating activities section of the statement of cash flows. These reclassifications have no impact on net income, earnings per share, or total operating cash flows. | |||||||||
Use of Estimates: | |||||||||
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Note_2_Business_Segment_Inform
Note 2- Business Segment Information | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||
NOTE 2 — BUSINESS SEGMENT INFORMATION | |||||||||||||
ASC Topic 280, “Segment Reporting,” establishes standards for reporting information regarding operating segments in annual financial statements and requires selected information of those segments to be presented in financial statements. Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision maker (the Company’s Chief Executive Officer) in making decisions on how to allocate resources and assess performance. While the Company has twelve operating segments, it has only three reportable operating business segments (Lighting, Graphics, and Electronic Components), an All Other Category, and Corporate and Eliminations. | |||||||||||||
The Lighting Segment includes outdoor, indoor, and landscape lighting utilizing both traditional and LED light sources, that has been fabricated and assembled for the commercial, industrial and multi-site retail lighting markets, the Company’s primary niche markets (petroleum / convenience store market, automotive dealership market, and quick service restaurant market), and LED solid state digital sports video screens. LED video screens are designed and manufactured by the Company’s Lighting Segment and by LSI Saco in the All Other Category. The Lighting Segment includes the operations of LSI Ohio Operations, LSI Metal Fabrication, LSI MidWest Lighting and LSI Lightron. These operations have been integrated, have similar economic characteristics and meet the other requirements for aggregation in segment reporting. | |||||||||||||
The Graphics Segment designs, manufactures and installs exterior and interior visual image elements related to traditional graphics along with digital signage. These products are used in visual image programs in several markets, including the petroleum / convenience store market and multi-site retail operations. The Graphics Segment includes the operations of Grady McCauley, LSI Retail Graphics and LSI Integrated Graphic Systems, which have been aggregated as such facilities manufacture two-dimensional graphics with the use of screen and digital printing, fabricate three-dimensional structural graphics sold in the multi-site retail and petroleum / convenience store markets, and each exhibit similar economic characteristics and meet the other requirements for aggregation in segment reporting. | |||||||||||||
The Electronic Components Segment designs, engineers and manufactures custom designed electronic circuit boards, assemblies and sub-assemblies, and various products used in various applications including the control of solid-state LED lighting and metal halide lighting. The Electronic Components Segment includes the operations of LSI ADL Technology as well as LSI Controls (formerly LSI Virticus). LSI ADL Technology sells electronic circuit boards, assemblies and sub-assemblies directly to customers and also has significant inter-segment sales to the Lighting Segment. LSI Controls sells lighting control systems directly to customers and to the Lighting Segment. Products produced by this segment may have applications in the Company’s other LED product lines such as digital scoreboards, advertising ribbon boards and billboards. | |||||||||||||
The All Other Category includes the Company’s operating segments that neither meet the aggregation criteria, nor the criteria to be a separate reportable segment. The Operations of LSI Images (menu board systems), LSI Adapt (implementation, installation and program management services related to products of the Graphics and Lighting Segments) and LSI Saco Technologies (designs and produces high-performance light engines, large format video screens using solid-state LED technology, and certain specialty LED lighting) are combined in the All Other Category. | |||||||||||||
The Company’s corporate administration activities are reported in a line item titled Corporate and Eliminations. This primarily includes intercompany profit in inventory eliminations, expense related to certain corporate officers and support staff, the Company’s internal audit staff, expense related to the Company’s Board of Directors, stock option expense for options granted to corporate administration employees, certain consulting expenses, investor relations activities, and a portion of the Company’s legal, auditing and professional fee expenses. In fiscal 2013 and fiscal 2012, all stock option expense was reported in Corporate and Eliminations. In fiscal 2014, stock option expense was reported in each segment to match with compensation and benefit expense. Corporate identifiable assets primarily consist of cash, invested cash (if any), refundable income taxes, and deferred income tax assets. | |||||||||||||
There were no customers or customer programs representing a concentration of 10% or more of the Company’s net sales in the fiscal year ended June 30, 2014, 2013 and 2012. The Company had a concentration of receivables with Ahold USA totaling $5.3 million or 11.6% of total net accounts receivable as of June 30, 2013. There was no concentration of accounts receivable at June 30, 2014 or 2012. | |||||||||||||
Summarized financial information for the Company’s reportable business segments is provided for the indicated periods and as of June 30, 2014, June 30, 2013, June 30, 2012: | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Net Sales: | |||||||||||||
Lighting Segment | $ | 227,628 | $ | 206,363 | $ | 199,610 | |||||||
Graphics Segment | 46,166 | 46,770 | 42,131 | ||||||||||
Electronic Components Segment | 19,491 | 20,333 | 18,515 | ||||||||||
All Other Category | 6,178 | 7,324 | 8,146 | ||||||||||
Total Net Sales | $ | 299,463 | $ | 280,790 | $ | 268,402 | |||||||
Operating Income (Loss): | |||||||||||||
Lighting Segment | $ | 9,788 | $ | 10,092 | $ | 11,828 | |||||||
Graphics Segment | (2,802 | ) | (1,253 | ) | (1,938 | ) | |||||||
Electronic Components Segment | 2,369 | (916 | ) | 3,634 | |||||||||
All Other Category | (138 | ) | (1,451 | ) | (1,114 | ) | |||||||
Corporate and Eliminations | (6,899 | ) | (5,842 | ) | (6,079 | ) | |||||||
Total Operating Income | $ | 2,318 | $ | 630 | $ | 6,331 | |||||||
Capital Expenditures: | |||||||||||||
Lighting Segment | $ | 3,294 | $ | 2,081 | $ | 1,606 | |||||||
Graphics Segment | 461 | 350 | 576 | ||||||||||
Electronic Components Segment | 726 | 1,528 | 558 | ||||||||||
All Other Category | 20 | 115 | 182 | ||||||||||
Corporate and Eliminations | 744 | 3,497 | 514 | ||||||||||
Total Capital Expenditures | $ | 5,245 | $ | 7,571 | $ | 3,436 | |||||||
Depreciation and Amortization: | |||||||||||||
Lighting Segment | $ | 2,845 | $ | 4,434 | $ | 4,953 | |||||||
Graphics Segment | 940 | 896 | 884 | ||||||||||
Electronic Components Segment | 1,497 | 1,357 | 1,130 | ||||||||||
All Other Category | 171 | 191 | 223 | ||||||||||
Corporate and Eliminations | 773 | 319 | 615 | ||||||||||
Total Depreciation and Amortization | $ | 6,226 | $ | 7,197 | $ | 7,805 | |||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Identifiable Assets: | |||||||||||||
Lighting Segment | $ | 96,499 | $ | 90,536 | |||||||||
Graphics Segment | 22,312 | 28,792 | |||||||||||
Electronic Components Segment | 30,788 | 30,926 | |||||||||||
All Other Category | 4,987 | 6,361 | |||||||||||
Corporate and Eliminations | 15,302 | 12,564 | |||||||||||
Total Identifiable Assets | $ | 169,888 | $ | 169,179 | |||||||||
The segment net sales reported above represent sales to external customers. Segment operating income, which is used in management’s evaluation of segment performance, represents net sales less all operating expenses including impairment of goodwill, but excluding interest expense and interest income. Identifiable assets are those assets used by each segment in its operations. Corporate identifiable assets primarily consist of cash, invested cash (if any), refundable income taxes, and deferred income tax assets. | |||||||||||||
The Company records a 10% mark-up on intersegment revenues. Any intersegment profit in inventory is eliminated in consolidation. Intersegment revenues were eliminated in consolidation as follows: | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Lighting Segment intersegment net sales | $ | 3,534 | $ | 2,746 | $ | 2,457 | |||||||
Graphics Segment intersegment net sales | $ | 843 | $ | 1,854 | $ | 1,581 | |||||||
Electronic Components intersegment net sales | $ | 34,238 | $ | 26,522 | $ | 22,019 | |||||||
All Other Category intersegment net sales | $ | 6,957 | $ | 6,710 | $ | 5,805 | |||||||
The Company considers its geographic areas to be: 1) the United States; and 2) Canada. The majority of the Company’s operations are in the United States, with one operation in Canada. The geographic distribution of the Company’s net sales and long-lived assets are as follows: | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Net Sales (a): | |||||||||||||
United States | $ | 298,089 | $ | 279,818 | $ | 266,590 | |||||||
Canada | 1,374 | 972 | 1,812 | ||||||||||
Total Net Sales | $ | 299,463 | $ | 280,790 | $ | 268,402 | |||||||
June 30, | June 30, | June 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Long-Lived Assets (b): | |||||||||||||
United States | $ | 45,886 | $ | 46,843 | $ | 44,286 | |||||||
Canada | 190 | 336 | 322 | ||||||||||
Total Long-Lived Assets | $ | 46,076 | $ | 47,179 | $ | 44,608 | |||||||
a. | Net sales are attributed to geographic areas based upon the location of the operation making the sale. | ||||||||||||
b. | Long-lived assets include property, plant and equipment, and other long term assets. Goodwill and intangible assets are not included in long-lived assets. | ||||||||||||
Note_3_Earnings_Per_Common_Sha
Note 3 - Earnings Per Common Share | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
NOTE 3 — EARNINGS PER COMMON SHARE | |||||||||||||
The following table presents the amounts used to compute basic and diluted earnings per common share, as well as the effect of dilutive potential common shares on weighted average shares outstanding (in thousands, except per share data): | |||||||||||||
(In thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||
BASIC EARNINGS PER SHARE | |||||||||||||
Net income (loss) | $ | 930 | $ | (123 | ) | $ | 3,224 | ||||||
Weighted average shares outstanding during the period, net of treasury shares (a) | 24,084 | 24,029 | 24,036 | ||||||||||
Weighted average shares outstanding in the Deferred Compensation Plan during the period | 304 | 284 | 262 | ||||||||||
Weighted average shares outstanding | 24,388 | 24,313 | 24,298 | ||||||||||
Basic earnings (loss) per share | $ | 0.04 | $ | (0.01 | ) | $ | 0.13 | ||||||
DILUTED EARNINGS PER SHARE | |||||||||||||
Net income (loss) | $ | 930 | $ | (123 | ) | $ | 3,224 | ||||||
Weighted average shares outstanding | |||||||||||||
Basic | 24,388 | 24,313 | 24,298 | ||||||||||
Effect of dilutive securities (b): | |||||||||||||
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any | 158 | — | 54 | ||||||||||
Weighted average shares outstanding (c) | 24,546 | 24,313 | 24,352 | ||||||||||
Diluted earnings (loss) per share | $ | 0.04 | $ | (0.01 | ) | $ | 0.13 | ||||||
(a) | Includes shares accounted for like treasury stock in accordance with Accounting Standards Codification Topic 710, Compensation — General. | ||||||||||||
(b) | Calculated using the “Treasury Stock” method as if dilutive securities were exercised and the funds were used to purchase common shares at the average market price during the period. | ||||||||||||
(c) | Options to purchase 1,974,775 common shares, 2,027,450 common shares, and 1,782,868 common shares at June 30, 2014, 2013, and 2012, respectively, were not included in the computation of diluted earnings per share because the exercise price was greater than the average fair market value of the common shares. | ||||||||||||
Note_4_Inventories
Note 4 - Inventories | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
NOTE 4 — INVENTORIES | |||||||||
The following information is provided as of the dates indicated: | |||||||||
June 30, | June 30, | ||||||||
(In thousands) | 2014 | 2013 | |||||||
Inventories: | |||||||||
Raw materials | $ | 30,278 | $ | 28,113 | |||||
Work-in-process | 5,393 | 4,959 | |||||||
Finished goods | 9,737 | 9,021 | |||||||
Total Inventories | $ | 45,408 | $ | 42,093 | |||||
Note_5_Accrued_Expenses
Note 5 - Accrued Expenses | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | ' | ||||||||
NOTE 5 — ACCRUED EXPENSES | |||||||||
The following information is provided as of the dates indicated: | |||||||||
June 30, | June 30, | ||||||||
(In thousands) | 2014 | 2013 | |||||||
Accrued Expenses: | |||||||||
Compensation and benefits | $ | 7,134 | $ | 8,023 | |||||
Customer prepayments | 1,473 | 947 | |||||||
Accrued sales commissions | 1,814 | 1,595 | |||||||
Accrued warranty | 2,662 | 1,424 | |||||||
Other accrued expenses | 2,548 | 1,792 | |||||||
Total Accrued Expenses | $ | 15,631 | $ | 13,781 | |||||
Note_6_Goodwill_and_Other_Inta
Note 6 - Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||
NOTE 6 — GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||||||||||||
Carrying values of goodwill and other intangible assets with indefinite lives are reviewed at least annually for possible impairment in accordance with ASC Topic 350, “Intangibles – Goodwill and Other.” The Company may first assess qualitative factors in order to determine if goodwill and indefinite-lived intangible assets are impaired. If through the qualitative assessment it is determined that it is more likely than not that goodwill and indefinite-lived assets are not impaired, no further testing is required. If it is determined more likely than not that goodwill and indefinite-lived assets are impaired, or if the Company elects not to first assess qualitative factors, the Company’s impairment testing continues with the estimation of the fair value of goodwill and indefinite-lived intangible assets using a combination of a market approach and an income (discounted cash flow) approach, at the reporting unit level, that requires significant management judgment with respect to revenue and expense growth rates, changes in working capital and the selection and use of an appropriate discount rate. The estimates of fair value of reporting units are based on the best information available as of the date of the assessment. The use of different assumptions would increase or decrease estimated discounted future operating cash flows and could increase or decrease an impairment charge. Company management uses its judgment in assessing whether assets may have become impaired between annual impairment tests. Indicators such as adverse business conditions, economic factors and technological change or competitive activities may signal that an asset has become impaired. | |||||||||||||||||||||
The Company identified its reporting units in conjunction with its annual goodwill impairment testing. The Company relies upon a number of factors, judgments and estimates when conducting its impairment testing. These include operating results, forecasts, anticipated future cash flows and marketplace data, to name a few. There are inherent uncertainties related to these factors and judgments in applying them to the analysis of goodwill impairment. | |||||||||||||||||||||
The Company performed an interim goodwill impairment test as of December 31, 2012 on LSI Controls (formerly LSI Virticus), one of its reporting units that contain goodwill. LSI Controls was acquired March 19, 2012 and is part of the Electronic Components Segment. The reduction of the sales forecast that was originally used to value the Earn-Out liability related to the LSI Controls acquisition and which ultimately led to an adjustment to the Earn-Out liability in the second quarter of fiscal 2013 (see Note 13), led management to conclude that an interim goodwill impairment test was required on the LSI Controls reporting unit. As a result of the test, it was determined that goodwill associated with this reporting unit was impaired. Of the original goodwill of $2,413,000, it was determined that $2,141,000 or 89% of the original goodwill value was impaired. (As part of the annual goodwill test performed as of March 1, 2013, the remaining $272,000 of goodwill associated with LSI Controls was found to be fully impaired.) A similar test was not performed on the three other reporting units that contain goodwill because the triggering events that indicate the potential impairment of goodwill did not exist. | |||||||||||||||||||||
As of March 1, 2013, the Company performed its annual goodwill impairment test on the four reporting units that contain goodwill. The goodwill impairment test of one of the reporting units in the Electronic Components Segment that contains goodwill passed with an estimated business enterprise value that was $10.5 million or 42% above the carrying value of this reporting unit. The goodwill impairment test of a reporting unit in the All Other Category passed with an estimated business enterprise value that was $2.1 million or 182% above the carrying value of the reporting unit. The goodwill impairment test of a reporting unit in the Lighting Segment passed with a margin in excess of $8.5 million or 10% above its carrying value. The fourth reporting unit that contains goodwill that is also in the Electronic Components Segment, LSI Controls, was found to be fully impaired. It was this same reporting unit that incurred an impairment loss of $2,141,000, or 89% of the original goodwill value, as of December 31, 2012. The remaining $272,000 of goodwill associated with LSI Controls was found to be fully impaired, primarily as a result of a decline in the discounted cash flows related to this reporting unit. | |||||||||||||||||||||
As of March 1, 2014, the Company performed its annual goodwill impairment test on the three reporting units that contain goodwill. The goodwill impairment test of one of the reporting units in the Electronic Components Segment that contains goodwill passed with an estimated business enterprise value that was $18.2 million or 71% above the carrying value of this reporting unit. The goodwill impairment test of a reporting unit in the All Other Category passed with an estimated business enterprise value that was $2.5 million or 453% above the carrying value of the reporting unit. The goodwill impairment test of a reporting unit in the Lighting Segment passed with a business enterprise value that was $2.5 million or 3% above its carrying value. | |||||||||||||||||||||
The following table presents information about the Company's goodwill on the dates or for the periods indicated. | |||||||||||||||||||||
Goodwill | |||||||||||||||||||||
(In thousands) | Electronic | ||||||||||||||||||||
Lighting | Graphics | Components | All Other | ||||||||||||||||||
Segment | Segment | Segment | Category | Total | |||||||||||||||||
Balance as of June 30, 2013 | |||||||||||||||||||||
Goodwill | $ | 34,913 | $ | 24,959 | $ | 11,621 | $ | 6,850 | $ | 78,343 | |||||||||||
Accumulated impairment losses | (34,778 | ) | (24,959 | ) | (2,413 | ) | (5,685 | ) | (67,835 | ) | |||||||||||
Goodwill, net as of June 30, 2013 | $ | 135 | $ | -- | $ | 9,208 | $ | 1,165 | $ | 10,508 | |||||||||||
Balance as of June 30, 2014 | |||||||||||||||||||||
Goodwill | $ | 34,913 | $ | 24,959 | $ | 11,621 | $ | 6,850 | $ | 78,343 | |||||||||||
Accumulated impairment losses | (34,778 | ) | (24,959 | ) | (2,413 | ) | (5,685 | ) | (67,835 | ) | |||||||||||
Goodwill, net as of June 30, 2014 | $ | 135 | $ | -- | $ | 9,208 | $ | 1,165 | $ | 10,508 | |||||||||||
The Company performed its annual review of indefinite-lived intangible assets as of March 1, 2013 and 2014 and determined there was no impairment. As of June 30, 2014, the Company performed an impairment test on two definite-lived intangible assets at the LSI Controls reporting unit (formerly LSI Virticus) in the Electronic Components Segment. The triggering event for this impairment analysis was the shortfall in lighting control sales relative to forecast. The income (discounted cash flow) approach was used to determine the fair market value of the intangible assets. As a result of the analysis, it was determined that two definite-lived intangible assets were fully impaired, totaling $805,000 of impairment expense. | |||||||||||||||||||||
In the first quarter of fiscal 2014, the Company purchased intellectual property related to certain lighting control systems. The cost of this intellectual property was $268,000 and it is being amortized over a nine year period. | |||||||||||||||||||||
The gross carrying amount and accumulated amortization by major other intangible asset class is as follows: | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Other Intangible Assets | Gross | ||||||||||||||||||||
Carrying | Accumulated | Net | |||||||||||||||||||
(In thousands) | Amount | Amortization | Amount | ||||||||||||||||||
Amortized Intangible Assets | |||||||||||||||||||||
Customer relationships | $ | 10,352 | $ | 7,412 | $ | 2,940 | |||||||||||||||
Patents | 338 | 84 | 254 | ||||||||||||||||||
LED technology firmware, software | 11,228 | 10,832 | 396 | ||||||||||||||||||
Trade name | 460 | 454 | 6 | ||||||||||||||||||
Non-compete agreements | 710 | 501 | 209 | ||||||||||||||||||
Total Amortized Intangible Assets | 23,088 | 19,283 | 3,805 | ||||||||||||||||||
Indefinite-lived Intangible Assets | |||||||||||||||||||||
Trademarks and trade names | 3,422 | -- | 3,422 | ||||||||||||||||||
Total Indefinite-lived Intangible Assets | 3,422 | -- | 3,422 | ||||||||||||||||||
Total Other Intangible Assets | $ | 26,510 | $ | 19,283 | $ | 7,227 | |||||||||||||||
30-Jun-13 | |||||||||||||||||||||
Other Intangible Assets | Gross | ||||||||||||||||||||
Carrying | Accumulated | Net | |||||||||||||||||||
(In thousands) | Amount | Amortization | Amount | ||||||||||||||||||
Amortized Intangible Assets | |||||||||||||||||||||
Customer relationships | $ | 10,352 | $ | 7,068 | $ | 3,284 | |||||||||||||||
Patents | 70 | 55 | 15 | ||||||||||||||||||
LED technology firmware, software | 12,361 | 10,958 | 1,403 | ||||||||||||||||||
Trade name | 460 | 362 | 98 | ||||||||||||||||||
Non-compete agreements | 948 | 591 | 357 | ||||||||||||||||||
Total Amortized Intangible Assets | 24,191 | 19,034 | 5,157 | ||||||||||||||||||
Indefinite-lived Intangible Assets | |||||||||||||||||||||
Trademarks and trade names | 3,422 | -- | 3,422 | ||||||||||||||||||
Total Indefinite-lived Intangible Assets | 3,422 | -- | 3,422 | ||||||||||||||||||
Total Other Intangible Assets | $ | 27,613 | $ | 19,034 | $ | 8,579 | |||||||||||||||
Amortization Expense of Other Intangible Assets | |||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Amortization Expense | $ | 815 | $ | 2,495 | $ | 2,631 | |||||||||||||||
The Company expects to record amortization expense as follows: | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
2015 | $ | 564 | |||||||||||||||||||
2016 | $ | 557 | |||||||||||||||||||
2017 | $ | 460 | |||||||||||||||||||
2018 | $ | 452 | |||||||||||||||||||
2019 | $ | 452 | |||||||||||||||||||
After 2019 | $ | 1,320 | |||||||||||||||||||
Note_7_Revolving_Lines_of_Cred
Note 7 - Revolving Lines of Credit and Long-Term Debt | 12 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Long-term Debt [Text Block] | ' |
NOTE 7 — REVOLVING LINES OF CREDIT AND LONG-TERM DEBT | |
In April 2014, the Company renewed its unsecured revolving credit line placing both the $30 million unsecured revolving line of credit for its U.S. operations and the $5 million unsecured revolving line of credit for its Canadian operations under one bank. The lines of credit expire in the third quarter of fiscal 2017. Interest on the revolving line of credit is charged based upon an increment over the LIBOR rate as periodically determined, or at the bank’s base lending rate, at the Company’s option. The increment over the LIBOR borrowing rate, as periodically determined, fluctuates between 150 and 190 basis points depending upon the ratio of indebtedness to earnings before interest, taxes, depreciation and amortization (“EBITDA”), as defined in the credit facility. The fee on the unused balance of both the $30 million and $5 million committed lines of credit is 15 basis points. Under the terms of this credit facility, the Company has agreed to a negative pledge of assets and is required to comply with financial covenants that limit the amount of debt obligations, require a minimum amount of tangible net worth, and limit the ratio of indebtedness to EBITDA. There are no borrowings against either line of credit as of June 30, 2014. | |
The Company is in compliance with all of its loan covenants as of June 30, 2014. |
Note_8_Cash_Dividends
Note 8 - Cash Dividends | 12 Months Ended |
Jun. 30, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
NOTE 8 — CASH DIVIDENDS | |
The Company paid cash dividends of $5,780,000, $8,648,000 and $5,529,000 in fiscal years 2014, 2013 and 2012, respectively. In August 2014, the Board of Directors declared a regular quarterly cash dividend of $0.06 per share payable September 9, 2014 to shareholders of record September 2, 2014. |
Note_9_Equity_Compensation
Note 9 - Equity Compensation | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
NOTE 9 - EQUITY COMPENSATION | |||||||||||||||||
Stock Options | |||||||||||||||||
The Company has an equity compensation plan that was approved by shareholders in November 2012 and that covers all of its full-time employees, outside directors and certain advisors. This 2012 Stock Incentive Plan replaces all previous equity compensation plans. The options granted or stock awards made pursuant to this plan are granted at fair market value at date of grant or award. Options granted to non-employee directors become exercisable 25% each ninety days (cumulative) from date of grant and options granted to employees generally become exercisable 25% per year (cumulative) beginning one year after the date of grant. The maximum contractual term of the Company’s stock options is ten years. If a stock option holder’s employment with the Company terminates by reason of death, disability or retirement, as defined in the Plan, the Plan generally provides for acceleration of vesting. The number of shares reserved for issuance is 686,831 shares, all of which were available for future grant or award as of June 30, 2014. This plan allows for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted and unrestricted stock awards, performance stock awards, and other stock awards. As of June 30, 2014, a total of 2,677,464 options for common shares were outstanding from this plan as well as one previous stock option plan (which had also been approved by shareholders), and of these, a total of 1,874,326 options for common shares were vested and exercisable. As of June 30, 2014, the approximate unvested stock option expense that will be recorded as expense in future periods is $614,781. The weighted average time over which this expense will be recorded is approximately 30 months. | |||||||||||||||||
The fair value of each option on the date of grant was estimated using the Black-Scholes option pricing model. The below listed weighted average assumptions were used for grants in the periods indicated. | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Dividend yield | 3.3 | % | 3.6 | % | 3.1 | % | |||||||||||
Expected volatility | 53 | % | 51 | % | 55 | % | |||||||||||
Risk-free interest rate | 1.7 | % | 0.6 | % | 1 | % | |||||||||||
Expected life (in years) | 5.5 | 4.7 | 4.7 | ||||||||||||||
At June 30, 2014, the 436,000 options granted to employees during fiscal 2014 had exercise prices ranging from of $7.20 to $8.44 per share, fair values ranging from $2.64 to $3.64 per share, and remaining contractual lives of between nine years two months and nine years six months. | |||||||||||||||||
At June 30, 2013, the 414,750 options granted during fiscal 2013 to both employees and non-employee directors had exercise prices ranging from $6.28 to $6.58 per share, fair values ranging from $2.00 to $2.11 per share, and remaining contractual lives of between nine years two months and nine years five months. | |||||||||||||||||
At June 30, 2012, the 36,000 options granted during fiscal 2012 to both employees and non-employee directors had exercise prices ranging from $6.68 to $7.22 per share, fair values ranging from $2.45 to $2.60 per share, and remaining contractual lives of between nine years five months and nine years eight months. | |||||||||||||||||
The Company calculates stock option expense using the Black-Scholes model. Stock option expense is recorded on a straight line basis, or sooner if the grantee is retirement eligible as defined in the 2012 Stock Incentive Plan, with an estimated 2.0% forfeiture rate effective April 1, 2014. Previous estimated forfeiture rates were 2.1% effective January 1, 2014, 2.2% effective July 1, 2013, 2.3% effective January 1, 2013, 3.4% effective October 1, 2012, 4.1% effective April 1, 2012, 3.6% effective April 1, 2011, 3.0% effective July 1, 2010 and 6.55% prior to July 1, 2010. The expected volatility of the Company’s stock was calculated based upon the historic monthly fluctuation in stock price for a period approximating the expected life of option grants. The risk-free interest rate is the rate of a five year Treasury security at constant, fixed maturity on the approximate date of the stock option grant. The expected life of outstanding options is determined to be less than the contractual term for a period equal to the aggregate group of option holders’ estimated weighted average time within which options will be exercised. It is the Company’s policy that when stock options are exercised, new common shares shall be issued. The Company recorded $1,004,676, $842,401 and $410,550 of expense related to stock options in fiscal years 2014, 2013 and 2012, respectively. As of June 30, 2014, the Company had 2,667,192 stock options that were vested and that were expected to vest, with a weighted average exercise price of $9.58 per share, an aggregate intrinsic value of $1,664,121 and weighted average remaining contractual terms of 5.4 years. | |||||||||||||||||
Information related to all stock options for the years ended June 30, 2014, 2013 and 2012 is shown in the following tables: | |||||||||||||||||
Twelve Months Ended June 30, 2014 | |||||||||||||||||
Weighted | |||||||||||||||||
Weighted | Average | ||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||
Shares | Exercise | Contractual Term | Intrinsic | ||||||||||||||
Price | (in years) | Value | |||||||||||||||
Outstanding at 6/30/13 | 2,341,150 | $ | 9.95 | 5.6 | $ | 1,544,896 | |||||||||||
Granted | 436,000 | $ | 7.24 | ||||||||||||||
Forfeitures | (39,050 | ) | $ | 11.59 | |||||||||||||
Exercised | (60,636 | ) | $ | 6.22 | |||||||||||||
Outstanding at 6/30/14 | 2,677,464 | $ | 9.57 | 5.4 | $ | 1,674,010 | |||||||||||
Exercisable at 6/30/14 | 1,874,326 | $ | 10.74 | 4 | $ | 750,925 | |||||||||||
Twelve Months Ended June 30, 2013 | |||||||||||||||||
Weighted | |||||||||||||||||
Weighted | Average | ||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||
Shares | Exercise | Contractual Term | Intrinsic | ||||||||||||||
Price | (in years) | Value | |||||||||||||||
Outstanding at 6/30/12 | 2,006,250 | $ | 10.64 | 5.8 | $ | 654,747 | |||||||||||
Granted | 414,750 | $ | 6.58 | ||||||||||||||
Forfeitures | (44,350 | ) | $ | 13.61 | |||||||||||||
Exercised | (35,500 | ) | $ | 4.93 | |||||||||||||
Outstanding at 6/30/13 | 2,341,150 | $ | 9.95 | 5.6 | $ | 1,544,896 | |||||||||||
Exercisable at 6/30/13 | 1,643,050 | $ | 11.34 | 4.6 | $ | 524,522 | |||||||||||
Twelve Months Ended June 30, 2012 | |||||||||||||||||
Weighted | |||||||||||||||||
Weighted | Average | ||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||
Shares | Exercise | Contractual Term | Intrinsic | ||||||||||||||
Price | (in years) | Value | |||||||||||||||
Outstanding at 6/30/11 | 2,123,939 | $ | 10.8 | 6.3 | $ | 955,401 | |||||||||||
Granted | 36,000 | $ | 7.13 | ||||||||||||||
Forfeitures | (150,939 | ) | $ | 12.12 | |||||||||||||
Exercised | (2,750 | ) | $ | 5.18 | |||||||||||||
Outstanding at 6/30/12 | 2,006,250 | $ | 10.64 | 5.8 | $ | 654,747 | |||||||||||
Exercisable at 6/30/12 | 1,404,400 | $ | 12.11 | 5.1 | $ | 234,971 | |||||||||||
The following table presents information related to unvested stock options: | |||||||||||||||||
Weighted-Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Shares | Fair Value | ||||||||||||||||
Non-vested at June 30, 2013 | 698,100 | $ | 2.2 | ||||||||||||||
Granted | 436,000 | $ | 2.67 | ||||||||||||||
Vested | (329,587 | ) | $ | 2.36 | |||||||||||||
Forfeited | (1,375 | ) | $ | 2.03 | |||||||||||||
Non-vested at June 30, 2014 | 803,138 | $ | 2.39 | ||||||||||||||
The weighted average grant date fair value of options granted was $2.67, $2.11 and $2.58 per share in fiscal years 2014, 2013 and 2012, respectively. The aggregate intrinsic value of options exercised during the years ended June 30, 2014, 2013 and 2012 were $142,714, $95,223 and $3,365, respectively. The aggregate grant date fair value of options that vested during 2014, 2013 and 2012 was $777,825, $756,543 and $1,122,010, respectively. The Company received $377,401, $175,023 and $14,235 of cash from employees who exercised options in fiscal years 2014, 2013 and 2012, respectively. Additionally, in fiscal 2014 the Company recorded $48,747 as a reduction of federal income taxes payable, $13,009 as an increase in common stock, $27,693 as a reduction of income tax expense, and $8,045 as a reduction of the deferred tax asset related to the exercises of stock options in which the employees sold the common shares prior to the passage of twelve months from the date of exercise. | |||||||||||||||||
Stock Compensation Awards | |||||||||||||||||
The Company awarded a total of 23,205 common shares in fiscal 2014, a total of 8,092 common shares in fiscal 2013, and a total of 7,076 common shares in fiscal 2012 as stock compensation awards. These common shares were valued at their approximate $192,100, $56,700 and $47,700 fair market values based on their stock price at dates of issuance multiplied by the number of common shares awarded, respectively, pursuant to the compensation programs for non-employee directors who receive a portion of their compensation as an award of Company stock and for employees who receive a nominal stock award following their twentieth employment anniversary. Stock compensation awards are made in the form of newly issued common shares of the Company. | |||||||||||||||||
Deferred Compensation Plan | |||||||||||||||||
The Company has a non-qualified deferred compensation plan providing for both Company contributions and participant deferrals of compensation. This plan is fully funded in a Rabbi Trust. All plan investments are in common shares of the Company. As of June 30, 2014 there were 31 participants, all with fully vested account balances. A total of 307,328 common shares with a cost of $2,914,700, and 288,505 common shares with a cost of $2,791,000 were held in the plan as of June 30, 2014 and 2013, respectively, and, accordingly, have been recorded as treasury shares. The change in the number of shares held by this plan is the net result of share purchases and sales on the open stock market for compensation deferred into the plan and for distributions to terminated employees. The Company does not issue new common shares for purposes of the non-qualified deferred compensation plan. The Company accounts for assets held in the non-qualified deferred compensation plan in accordance with Accounting Standards Codification Topic 710, Compensation — General. The Company used approximately $183,100 and $175,100 to purchase 24,215 and 25,549 common shares of the Company in the open stock market during fiscal years 2014 and 2013, respectively, for either employee salary deferrals or Company contributions into the non-qualified deferred compensation plan. For fiscal year 2015, the Company estimates the Rabbi Trust for the Nonqualified Deferred Compensation Plan will make net repurchases in the range of 19,000 to 23,000 common shares of the Company. The Company does not currently repurchase its own common shares for any other purpose. |
Note_10_Leases_and_Purchase_Co
Note 10 - Leases and Purchase Commitments | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Leases [Abstract] | ' | |||||||||||||||||||||||
Leases of Lessee Disclosure [Text Block] | ' | |||||||||||||||||||||||
NOTE 10 — LEASES AND PURCHASE COMMITMENTS | ||||||||||||||||||||||||
Purchase commitments, including minimum annual rental commitments, of the Company totaled $35,873,000 and $33,273,000 as of June 30, 2014 and June 30, 2013, respectively. The Company leases certain of its facilities and equipment under operating lease arrangements. The facility leases contain the option to renew for periods ranging from one to five years. Rental expense was $1,783,000 in 2014, $1,794,000 in 2013, and $1,836,000 in 2012. Minimum annual rental commitments under non-cancelable operating leases are indicated in the table below: | ||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020 & Beyond | |||||||||||||||||||
$ | 1,406,000 | $ | 1,228,000 | $ | 1,065,000 | $ | 942,000 | $ | 143,000 | -- | ||||||||||||||
Note_11_Income_Taxes
Note 11 - Income Taxes | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
NOTE 11 — INCOME TAXES | |||||||||||||
The following information is provided for the years ended June 30: | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Components of income before income taxes: | |||||||||||||
United States | $ | 3,121 | $ | 2,369 | $ | 8,131 | |||||||
Foreign | (854 | ) | (1,754 | ) | (1,940 | ) | |||||||
Income before income taxes | $ | 2,267 | $ | 615 | $ | 6,191 | |||||||
Provision (benefit) for income taxes: | |||||||||||||
Current | |||||||||||||
U.S. federal | $ | 500 | $ | 972 | $ | 2,543 | |||||||
State and local | 35 | (440 | ) | 313 | |||||||||
Foreign | (54 | ) | (57 | ) | (198 | ) | |||||||
Total current | 481 | 475 | 2,658 | ||||||||||
Deferred | 856 | 263 | 309 | ||||||||||
Total provision for income taxes | $ | 1,337 | $ | 738 | $ | 2,967 | |||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Reconciliation to federal statutory rate: | |||||||||||||
Federal statutory tax rate | 34 | % | 34 | % | 34 | % | |||||||
State and local taxes, net of federal benefit | 6.9 | 17 | 6.6 | ||||||||||
Impact of foreign operations | 1.2 | (7.1 | ) | (4.1 | ) | ||||||||
Federal and state tax credits | (6.3 | ) | (34.1 | ) | (1.3 | ) | |||||||
Goodwill | 0.1 | 133.6 | 1.3 | ||||||||||
Valuation allowance | 30.8 | 145.6 | 13.1 | ||||||||||
Domestic production activities deduction | (2.8 | ) | (22.2 | ) | (4.0 | ) | |||||||
Uncertain tax position activity | (11.3 | ) | (101.6 | ) | (0.9 | ) | |||||||
Contingent liability | -- | (49.6 | ) | -- | |||||||||
Other | 6.4 | 4.5 | 3.2 | ||||||||||
Effective tax rate | 59 | % | 120.1 | % | 47.9 | % | |||||||
The components of deferred income tax assets and (liabilities) at June 30, 2014 and 2013 are as follows: | |||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||
Reserves against current assets | $ | 74 | $ | 370 | |||||||||
Accrued expenses | 2,366 | 1,686 | |||||||||||
Goodwill, acquisition costs and intangible assets | 1,171 | 1,646 | |||||||||||
Deferred compensation | 1,051 | 999 | |||||||||||
State net operating loss carryover and credits | 1,991 | 1,991 | |||||||||||
Foreign net operating loss carryover and credits | 4,465 | 4,256 | |||||||||||
U.S. Federal net operating loss carryover and credits | 556 | 606 | |||||||||||
Deferred income tax asset before valuation reserve | 11,674 | 11,554 | |||||||||||
Valuation reserve | (6,450 | ) | (5,750 | ) | |||||||||
Deferred income tax asset | 5,224 | 5,804 | |||||||||||
Depreciation | (3,985 | ) | (3,709 | ) | |||||||||
Deferred income tax liability | (3,985 | ) | (3,709 | ) | |||||||||
Net deferred income tax asset | $ | 1,239 | $ | 2,095 | |||||||||
Reconciliation to the balance sheets as of June 30, 2014 and 2013: | |||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||
Deferred income tax asset included in: | |||||||||||||
Other current assets | $ | 2,439 | $ | 2,056 | |||||||||
Other long-term assets (liability) | (1,200 | ) | 39 | ||||||||||
Net deferred income tax asset | $ | 1,239 | $ | 2,095 | |||||||||
As of June 30, 2014 and 2013, the Company has recorded a deferred tax asset in the amount of $556,000 and $606,000, respectively, related to U.S. Federal net operating loss and research and development credit carryovers acquired in the acquisition of Virticus Corporation. The net operating losses will expire over a period of 3 years, beginning in June 30, 2029. The research and development credits will expire over a period of 2 years, beginning in June 30, 2029. The annual utilization is limited by Internal Revenue Code Section 382. However, the Company has determined these assets, more likely than not, will be realized. | |||||||||||||
As of June 30, 2014 and 2013, the Company has recorded a deferred state income tax asset in the amount of $1,727,000 and $1,727,000, respectively, net of federal tax benefits, related to non-refundable New York state tax credits. The Company has determined that this deferred state income tax asset requires a partial valuation reserve. These credits do not expire, but pursuant to New York state legislation enacted in the Company’s quarter ending March 31, 2014, and effective for the Company’s tax year ending June 30, 2015, the Company has determined that this asset, more likely than not, will not be realized. The legislation enacted in the quarter ending March 31, 2014, caused the Company to change the determination as of June 30, 2013 that only a partial valuation reserve was required. As of June 30, 2014 and 2013, the Company has recorded a valuation reserve in the amount of $1,721,000 and $1,231,000, respectively. This activity netted to an additional state income tax expense of $489,000 (of which $362,000 related to the state tax code change), $312,000, and $95,000 in fiscal years 2014, 2013, and 2012 respectively. | |||||||||||||
As of June 30, 2014 and 2013, the Company has recorded a deferred state income tax asset in the amount of $90,000 related to a state net operating loss carryover in Tennessee, and has determined that a full valuation reserve is required. The net loss carryover was created from a company that was previously sold. Because of the sale of this Tennessee-based company, the Company has determined this asset more likely than not, will not be realized. This activity netted to an additional state income tax expense of $0 in fiscal 2014, 2013 and 2012. The Tennessee net operating loss carryover will expire over a period of 7 years, beginning in June 30, 2019. | |||||||||||||
As of June 30, 2014 and 2013, the Company has recorded a deferred state income tax asset in the amount of $173,000 related to a state net operating loss carryover and a state research and development credit in Oregon acquired during the acquisition of Virticus Corporation. The Company has determined this asset more likely than not, will not be realized and that a full valuation reserve is required. The Oregon net operating loss will expire over a period of 4 years, beginning in June 30, 2027. The Oregon research and development credit will expire over a period of 2 years, beginning in June 30, 2015. | |||||||||||||
As of June 30, 2014 and 2013, the Company has recorded deferred tax assets for its Canadian subsidiary related to net operating loss carryover and to research and development tax credits totaling $4,466,000 and $4,256,000, respectively. In view of the financial statements of this subsidiary and a current series of loss years, the Company has determined these assets, more likely than not, will not be realized. The Canada net operating loss carryover will expire over a period of 9 years, beginning in June 30, 2026. The Canada research and development credit will expire over a period of 8 years, beginning in June 30, 2027. | |||||||||||||
Considering all issues discussed above, the Company has recorded valuation reserves of $6,450,000 and $5,750,000 as of June 30, 2014 and 2013, respectively. | |||||||||||||
The Company accounts for uncertain tax positions in accordance with Accounting Standards Codification 740-10. At June 30, 2014, tax and interest, net of potential federal tax benefits, were $485,000 and $333,000 respectively, of the total reserve for uncertain tax positions of $987,000. Additionally, penalties were $169,000 of the reserve at June 30, 2014. Of the $987,000 reserve for uncertain tax positions, $819,000 would have an unfavorable impact on the effective tax rate if recognized. At June 30, 2013, tax and interest, net of potential federal tax benefits, were $630,000 and $395,000, respectively, of the total reserve for uncertain tax positions of $1,244,000. Additionally, penalties were $219,000 of the reserve at June 30, 2013. Of the $1,244,000 reserve for uncertain tax positions, $1,025,000 would have an unfavorable impact on the effective tax rate if recognized. The liability for uncertain tax positions is included in Other Long-Term Liabilities. | |||||||||||||
The Company recognized a $147,000 tax benefit in fiscal 2014, a $540,000 tax benefit in fiscal 2013, and a $9,000 tax benefit in fiscal 2012 related to the change in reserves for uncertain tax positions. The Company is recording estimated interest and penalties related to potential underpayment of income taxes as a component of tax expense in the Consolidated Statements of Operations. The reserve for uncertain tax positions is not expected to change significantly in the next twelve months. | |||||||||||||
The fiscal 2014, 2013 and 2012 gross tax activity in the liability for uncertain tax positions was as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at beginning of the fiscal year | $ | 969 | $ | 1,860 | $ | 1,910 | |||||||
Decreases — tax positions in prior period | (225 | ) | (234 | ) | (284 | ) | |||||||
Increases — tax positions in current period | 2 | 37 | 234 | ||||||||||
Settlements and payments | -- | (694 | ) | — | |||||||||
Lapse of statute of limitations | -- | — | — | ||||||||||
Balance at end of the fiscal year | $ | 746 | $ | 969 | $ | 1,860 | |||||||
The Company files a consolidated federal income tax return in the United States, and files various combined and separate tax returns in several foreign, state, and local jurisdictions. With limited exceptions, the Company is no longer subject to U.S. Federal, state and local tax examinations by tax authorities for fiscal years ending prior to June 30, 2010. | |||||||||||||
The Company is no longer subject to Canada Federal and provincial tax examinations by tax authorities for fiscal years ending prior to June 30, 2010. |
Note_12_Supplemental_Cash_Flow
Note 12 - Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Cash Flow, Supplemental Disclosures [Text Block] | ' | ||||||||||||
NOTE 12 — SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Cash payments: | |||||||||||||
Interest | $ | 76 | $ | 76 | $ | 132 | |||||||
Income taxes | $ | 978 | $ | 3,404 | $ | 1,016 | |||||||
Issuance of common shares as compensation | $ | 193 | $ | 57 | $ | 48 | |||||||
Note_13_Commitments_and_Contin
Note 13 - Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
NOTE 13 — COMMITMENTS AND CONTINGENCIES | |
As part of the acquisition of Virticus Corporation on March 19, 2012, a contingent Earn-Out liability of $877,000 was recorded based on the fair value of estimated Earn-Out payments. This discounted liability is to be paid over a five year period, contingent upon reaching certain sales in each year over the five year period (fiscal year 2013 through fiscal year 2017). In December 2012, as a result of modified sales forecasts for LSI Virticus, the fair value of the Earn-Out liability was adjusted to $218,000. In June 2013, another revised forecast was provided which in turn reduced the remaining Earn-Out liability to zero. In addition to the $877,000 reversal of the Earn-Out liability, which was recorded in selling and administrative expenses in Corporate and Eliminations, $20,000 of accrued interest expense was also reversed. As of June 30, 2014, the maximum potential undiscounted liability related to the Earn-Out is $3 million, which is based upon the achievement of a defined level of sales of lighting control systems in fiscal years 2015 through 2017. The likelihood of this occurring is not considered probable. | |
The Company is party to various negotiations, customer bankruptcies, and legal proceedings arising in the normal course of business. The Company provides reserves for these matters when a loss is probable and reasonably estimable. The Company does not disclose a range of potential loss because the likelihood of such a loss is remote. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position, results of operations, cash flows or liquidity. | |
The Company may occasionally issue a standby letter of credit in favor of third parties. As of June 30, 2014, there were no such standby letters of credit. |
Note_14_Related_Party_Transact
Note 14 - Related Party Transactions | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Related Party Transactions Disclosure [Text Block] | ' | ||||||||||||
NOTE 14 — RELATED PARTY TRANSACTIONS | |||||||||||||
The Company has recorded expense for the following related party transactions in the fiscal years indicated (amounts in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Keating Muething & Klekamp PLL | $ | 98 | $ | 84 | $ | 172 | |||||||
American Engineering and Metal Working | $ | 215 | $ | 394 | $ | 272 | |||||||
3970957 Canada Inc. | $ | 161 | $ | 182 | $ | 190 | |||||||
Synergy Electronic LTD | $ | 171 | $ | 232 | $ | 195 | |||||||
As of the balance sheet date indicated, the Company had the following liabilities recorded with respect to related party transactions (amounts in thousands): | |||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Keating Muething & Klekamp PLL | $ | 5 | $ | 19 | |||||||||
American Engineering and Metal Working | $ | -- | $ | 5 | |||||||||
Synergy Electronic LTD | $ | 8 | $ | 5 | |||||||||
The law firm of Keating Muething & Klekamp PLL, of which one of the Company’s independent outside directors is a senior partner, is the Company’s primary outside law firm providing legal services in most all areas required other than patents and intellectual property. The manufacturing firm of American Engineering and Metal Working, which is owned and operated by the son of the president of the Company’s Graphics Segment, provides metal fabricated components. 3970957 Canada Inc., which is owned by the former president and another executive of the Company’s LSI Saco Technologies subsidiary, owns the building that the Canadian operation occupies and rents. Synergy Electronic LTD, which is owned and operated by the brother of an executive at LSI Saco Technologies, manufactures molds and materials used in video screens and research and development projects. |
Note_15_Summary_of_Quarterly_R
Note 15 - Summary of Quarterly Results (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||||||
NOTE 15 — SUMMARY OF QUARTERLY RESULTS (UNAUDITED) | |||||||||||||||||||||
Quarter Ended | Fiscal | ||||||||||||||||||||
(In thousands except per share data) | Sept. 30 | Dec. 31 | 31-Mar | 30-Jun | Year | ||||||||||||||||
2014 | |||||||||||||||||||||
Net sales | $ | 80,486 | $ | 76,123 | $ | 68,996 | $ | 73,858 | $ | 299,463 | |||||||||||
Gross profit | 19,122 | 16,757 | 13,715 | 15,704 | 65,298 | ||||||||||||||||
Net income (loss) | 1,865 | 870 | (1,009 | ) | (796 | ) | 930 | ||||||||||||||
Earnings (loss) per share | |||||||||||||||||||||
Basic | $ | 0.08 | $ | 0.04 | $ | (0.04 | ) | $ | (0.03 | ) | $ | 0.04 | (a) | ||||||||
Diluted | $ | 0.08 | $ | 0.04 | $ | (0.04 | ) | $ | (0.03 | ) | $ | 0.04 | (a) | ||||||||
Range of share prices | |||||||||||||||||||||
High | $ | 9 | $ | 9.6 | $ | 9.67 | $ | 8.78 | $ | 9.67 | |||||||||||
Low | $ | 6.65 | $ | 7.76 | $ | 7.54 | $ | 7.1 | $ | 6.65 | |||||||||||
2013 | |||||||||||||||||||||
Net sales | $ | 74,719 | $ | 71,082 | $ | 66,152 | $ | 68,837 | $ | 280,790 | |||||||||||
Gross profit | 17,871 | 13,882 | 13,921 | 14,736 | 60,410 | ||||||||||||||||
Net income (loss) | 1,830 | (2,450 | ) | (315 | ) | 812 | (123 | ) | |||||||||||||
Earnings (loss) per share | |||||||||||||||||||||
Basic | $ | 0.08 | $ | (0.10 | ) | $ | (0.01 | ) | $ | 0.03 | $ | (0.01 | )(a) | ||||||||
Diluted | $ | 0.08 | $ | (0.10 | ) | $ | (0.01 | ) | $ | 0.03 | $ | (0.01 | )(a) | ||||||||
Range of share prices | |||||||||||||||||||||
High | $ | 7.42 | $ | 7.38 | $ | 7.77 | $ | 8.46 | $ | 8.46 | |||||||||||
Low | $ | 6.19 | $ | 6.1 | $ | 6.8 | $ | 6.78 | $ | 6.1 | |||||||||||
2012 | |||||||||||||||||||||
Net sales | $ | 65,495 | $ | 68,774 | $ | 62,937 | $ | 71,196 | $ | 268,402 | |||||||||||
Gross profit | 15,464 | 14,926 | 13,316 | 16,607 | 60,313 | ||||||||||||||||
Net income | 1,324 | 772 | (377 | ) | 1,505 | 3,224 | |||||||||||||||
Earnings per share | |||||||||||||||||||||
Basic | $ | 0.05 | $ | 0.03 | $ | (0.02 | ) | $ | 0.06 | $ | 0.13 | (a) | |||||||||
Diluted | $ | 0.05 | $ | 0.03 | $ | (0.02 | ) | $ | 0.06 | $ | 0.13 | (a) | |||||||||
Range of share prices | |||||||||||||||||||||
High | $ | 8.91 | $ | 7.04 | $ | 7.7 | $ | 7.64 | $ | 8.91 | |||||||||||
Low | $ | 5.93 | $ | 5.45 | $ | 5.85 | $ | 5.81 | $ | 5.45 | |||||||||||
(a) | The total of the earnings per share for each of the four quarters does not equal the total earnings per share for the full year because the calculations are based on the average shares outstanding during each of the individual periods. | ||||||||||||||||||||
At August 26, 2014, there were 522 shareholders of record. The Company believes this represents approximately 3,000 beneficial shareholders. | |||||||||||||||||||||
LSI INDUSTRIES INC. | |||||||||||||||||||||
SELECTED FINANCIAL DATA | |||||||||||||||||||||
(In thousands except per share data) | |||||||||||||||||||||
The following data has been selected from the Consolidated Financial Statements of the Company for the periods and dates indicated: | |||||||||||||||||||||
Statement of Operations Data: | |||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||
Net sales | $ | 299,463 | $ | 280,790 | $ | 268,402 | $ | 293,501 | $ | 254,402 | |||||||||||
Cost of products and services sold | 234,165 | 220,380 | 208,089 | 221,156 | 198,030 | ||||||||||||||||
Loss on sale of a subsidiary | -- | — | — | — | 639 | ||||||||||||||||
Selling and administrative expenses | 62,175 | 57,367 | 53,724 | 56,041 | 53,671 | ||||||||||||||||
Goodwill and intangible asset impairment (a) | 805 | 2,413 | 258 | — | 153 | ||||||||||||||||
Operating income (loss) | 2,318 | 630 | 6,331 | 16,304 | 1,909 | ||||||||||||||||
Interest (income) | (17 | ) | (47 | ) | (25 | ) | (43 | ) | (28 | ) | |||||||||||
Interest expense | 68 | 62 | 165 | 180 | 153 | ||||||||||||||||
Income (loss) before income taxes | 2,267 | 615 | 6,191 | 16,167 | 1,784 | ||||||||||||||||
Income taxes | 1,337 | 738 | 2,967 | 5,339 | 360 | ||||||||||||||||
Net income (loss) | $ | 930 | $ | (123 | ) | $ | 3,224 | $ | 10,828 | $ | 1,424 | ||||||||||
Earnings (loss) per common share | |||||||||||||||||||||
Basic | $ | 0.04 | $ | (0.01 | ) | $ | 0.13 | $ | 0.45 | $ | 0.06 | ||||||||||
Diluted | $ | 0.04 | $ | (0.01 | ) | $ | 0.13 | $ | 0.44 | $ | 0.06 | ||||||||||
Cash dividends paid per share | $ | 0.24 | $ | 0.36 | $ | 0.23 | $ | 0.2 | $ | 0.2 | |||||||||||
Weighted average common shares | |||||||||||||||||||||
Basic | 24,388 | 24,313 | 24,298 | 24,287 | 24,128 | ||||||||||||||||
Diluted | 24,546 | 24,313 | 24,352 | 24,339 | 24,134 | ||||||||||||||||
Balance Sheet Data: | |||||||||||||||||||||
(At June 30) | |||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||
Working capital | $ | 76,788 | $ | 76,703 | $ | 83,702 | $ | 84,524 | $ | 73,568 | |||||||||||
Total assets | 169,888 | 169,179 | 175,226 | 176,021 | 173,845 | ||||||||||||||||
Long-term debt, including current maturities | — | — | — | 1,099 | 1,132 | ||||||||||||||||
Shareholders’ equity | 138,412 | 141,690 | 149,368 | 151,218 | 144,218 | ||||||||||||||||
(a) | The Company recorded a significant impairment of goodwill and/or intangible assets in fiscal 2014 and 2013, and minor impairments in fiscal 2012 and 2010. See Note 6. | ||||||||||||||||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||||||
LSI INDUSTRIES INC. AND SUBSIDIARIES | |||||||||||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
FOR THE YEARS ENDED JUNE 30, 2013, 2012, AND 2011 | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | ||||||||||||||||
Additions | Additions | ||||||||||||||||||||
Balance | Charged to | from | Balance | ||||||||||||||||||
Beginning | Costs and | Acquired | (a) | End of | |||||||||||||||||
Description | of Period | Expenses | Company | Deductions | Period | ||||||||||||||||
Allowance for Doubtful Accounts: | |||||||||||||||||||||
Year Ended June 30, 2014 | $ | 346 | $ | 6 | $ | — | $ | (58 | ) | $ | 294 | ||||||||||
Year Ended June 30, 2013 | $ | 385 | $ | 269 | $ | — | $ | (308 | ) | $ | 346 | ||||||||||
Year Ended June 30, 2012 | $ | 826 | $ | 360 | $ | 4 | $ | (805 | ) | $ | 385 | ||||||||||
Inventory Obsolescence Reserve: | |||||||||||||||||||||
Year Ended June 30, 2014 | $ | 3,087 | $ | 1,464 | $ | — | $ | (2,253 | ) | $ | 2,298 | ||||||||||
Year Ended June 30, 2013 | $ | 2,156 | $ | 2,957 | $ | — | $ | (2,026 | ) | $ | 3,087 | ||||||||||
Year Ended June 30, 2012 | $ | 1,813 | $ | 1,453 | $ | — | $ | (1,110 | ) | $ | 2,156 | ||||||||||
Deferred Tax Asset Valuation Reserve: | |||||||||||||||||||||
Year Ended June 30, 2014 | $ | 5,750 | $ | 700 | $ | — | $ | — | $ | 6,450 | |||||||||||
Year Ended June 30, 2013 | $ | 5,009 | $ | 741 | $ | — | $ | — | $ | 5,750 | |||||||||||
Year Ended June 30, 2012 | $ | 4,200 | $ | 636 | $ | 173 | $ | — | $ | 5,009 | |||||||||||
(a) | For Allowance for Doubtful Accounts, deductions are uncollectible accounts charged off, less recoveries. | ||||||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||
Consolidation: | |||||||||
The consolidated financial statements include the accounts of LSI Industries Inc. (an Ohio corporation) and its subsidiaries (collectively, the “Company”), all of which are wholly owned. All intercompany transactions and balances have been eliminated in consolidation. | |||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||
Revenue Recognition: | |||||||||
Revenue is recognized when title to goods and risk of loss have passed to the customer, there is persuasive evidence of a purchase arrangement, delivery has occurred or services have been rendered, and collectability is reasonably assured. Revenue from product sales is typically recognized at time of shipment. In certain arrangements with customers, as is the case with the sale of some of our solid-state LED (light emitting diode) video screens, revenue is recognized upon customer acceptance of the video screen at the job site. Sales are recorded net of estimated returns, rebates and discounts. Amounts received from customers prior to the recognition of revenue are accounted for as customer pre-payments and are included in accrued expenses. | |||||||||
The Company has four sources of revenue: revenue from product sales; revenue from installation of products; service revenue generated from providing integrated design, project and construction management, site engineering and site permitting; and revenue from shipping and handling. | |||||||||
Product revenue is recognized on product-only orders upon passing of title and risk of loss, generally at time of shipment. However, product revenue related to orders where the customer requires the Company to install the product is recognized when the product is installed. Other than normal product warranties or the possibility of installation or post-shipment service, support and maintenance of certain solid state LED video screens, billboards, or active digital signage, the Company has no post-shipment responsibilities. | |||||||||
Installation revenue is recognized when the products have been fully installed. The Company is not always responsible for installation of products it sells and has no post-installation responsibilities, other than normal warranties. | |||||||||
Service revenue from integrated design, project and construction management, and site permitting is recognized when all products at each customer site have been installed. | |||||||||
Shipping and handling revenue coincides with the recognition of revenue from sale of the product. | |||||||||
The Company evaluates the appropriateness of revenue recognition in accordance with Accounting Standards Codification (“ASC”) Subtopic 605-25, Revenue Recognition: Multiple–Element Arrangements. In situations where the Company is responsible for re-imaging programs with multiple sites, each site is viewed as a separate unit of accounting and has stand-alone value to the customer. Revenue is recognized upon the Company’s complete performance at the location, which may include a site survey, graphics products, lighting products, and installation of products. The selling price assigned to each site is based upon an agreed upon price between the Company and its customer and reflects the estimated selling price for that site relative to the selling price for sites with similar image requirements. | |||||||||
The Company also evaluates the appropriateness of revenue recognition in accordance with ASC Subtopic 985-605, “Software: Revenue Recognition.” Our solid-state LED video screens, billboards and active digital signage contain software elements which the Company has determined are incidental and therefore excluded from the scope of ASC Subtopic 985-605. | |||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' | ||||||||
Credit and Collections: | |||||||||
The Company maintains allowances for doubtful accounts receivable for probable estimated losses resulting from either customer disputes or the inability of its customers to make required payments. If the financial condition of the Company’s customers were to deteriorate, resulting in their inability to make the required payments, the Company may be required to record additional allowances or charges against income. The Company determines its allowance for doubtful accounts by first considering all known collectability problems of customers’ accounts, and then applying certain percentages against the various aging categories based on the due date of the remaining receivables. The resulting allowance for doubtful accounts receivable is an estimate based upon the Company’s knowledge of its business and customer base, and historical trends. The Company also establishes allowances, at the time revenue is recognized, for returns, discounts, pricing and other possible customer deductions. These allowances are based upon historical trends. | |||||||||
The following table presents the Company’s net accounts receivable at the dates indicated. | |||||||||
(In thousands) | June 30, | June 30, | |||||||
2014 | 2013 | ||||||||
Accounts receivable | $ | 43,047 | $ | 46,337 | |||||
less Allowance for doubtful accounts | (294 | ) | (346 | ) | |||||
Accounts receivable, net | $ | 42,753 | $ | 45,991 | |||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||
Cash and Cash Equivalents: | |||||||||
The cash balance includes cash and cash equivalents which have original maturities of less than three months. The Company maintains balances at financial institutions in the United States and Canada. The balances at financial institutions in Canada are not covered by insurance. In the United States, the FDIC limit for insurance coverage on non-interest bearing accounts is $250,000. As of June 30, 2014 and June 30, 2013, the Company had bank balances of $12,367,000 and $11,145,000, respectively, without insurance coverage. Of these amounts, $741,000 and $613,000 were held in foreign bank accounts as of June 30, 2014 and June 30, 2013, respectively. | |||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||
Inventories: | |||||||||
Inventories are stated at the lower of cost or market. Cost of inventories includes the cost of purchased raw materials and components, direct labor, as well as manufacturing overhead which is generally applied to inventory based on direct labor and on material content. Cost is determined on the first-in, first-out basis. | |||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||
Property, Plant and Equipment and Related Depreciation: | |||||||||
Property, plant and equipment are stated at cost. Major additions and betterments are capitalized while maintenance and repairs are expensed. For financial reporting purposes, depreciation is computed on the straight-line method over the estimated useful lives of the assets as follows: | |||||||||
Buildings (in years) | 28 - 40 | ||||||||
Machinery and equipment (in years) | 10-Mar | ||||||||
Computer software (in years) | 8-Mar | ||||||||
Costs related to the purchase, internal development, and implementation of the Company’s fully integrated enterprise resource planning/business operating software system are either capitalized or expensed in accordance with ASC Subtopic 350-40, “Intangibles – Goodwill and Other: Internal-Use Software.” Leasehold improvements are depreciated over the shorter of fifteen years or the remaining term of the lease. | |||||||||
The company is in the process of selling one of two buildings at its Woonsocket, Rhode Island operation, which is included in the Graphics Segment. The sale of this property is the result of the consolidation of the operations into the remaining facility in order to eliminate redundancies and improve manufacturing efficiencies. The sale of the building is expected to be complete in the first quarter of fiscal 2015. The selling price of the building is in excess of its carrying value. The asset held for sale is separately disclosed on the balance sheet. | |||||||||
The Company recorded $5,411,000, $4,702,000 and $5,174,000 of depreciation expense in the years ended June 30, 2014, 2013 and 2012, respectively. | |||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | ||||||||
Intangible Assets: | |||||||||
Intangible assets consisting of customer relationships, trade names and trademarks, patents, technology and software, and non-compete agreements are recorded on the Company's balance sheet. The definite-lived intangible assets are being amortized to expense over periods ranging between five and twenty years. The Company evaluates definite-lived intangible assets for permanent impairment when triggering events are identified. Neither indefinite-lived intangible assets nor the excess of cost over fair value of assets acquired ("goodwill") are amortized, however they are subject to review for impairment. See additional information about goodwill and intangibles in Note 6. | |||||||||
Fair Value Measurement, Policy [Policy Text Block] | ' | ||||||||
Fair Value: | |||||||||
The Company has financial instruments consisting primarily of cash and cash equivalents, revolving lines of credit, and on occasion long-term debt. The fair value of these financial instruments approximates carrying value because of their short-term maturity and/or variable, market-driven interest rates. The Company has no financial instruments with off-balance sheet risk. | |||||||||
Fair value measurements of nonfinancial assets and nonfinancial liabilities are primarily used in goodwill and other intangible asset impairment analyses, in the purchase price of acquired companies (if any), and in the valuation of the contingent earn-out. The fair value measurement of these nonfinancial assets and nonfinancial liabilities is based on significant inputs not observable in the market and thus represent Level 3 measurements as defined in ASC 820, “Fair Value Measurement.” | |||||||||
Standard Product Warranty, Policy [Policy Text Block] | ' | ||||||||
Product Warranties: | |||||||||
The Company offers a limited warranty that its products are free of defects in workmanship and materials. The specific terms and conditions vary somewhat by product line, but generally cover defective products returned within one to five years from the date of shipment. The Company records warranty liabilities to cover the estimated future costs for repair or replacement of defective returned products as well as products that need to be repaired or replaced in the field after installation. The Company calculates its liability for warranty claims by applying estimates to cover unknown claims, as well as estimating the total amount to be incurred for known warranty issues. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. | |||||||||
Changes in the Company’s warranty liabilities, which are included in accrued expenses in the accompanying consolidated balance sheets, during the periods indicated below were as follows: | |||||||||
(In thousands) | 30-Jun-14 | 30-Jun-13 | |||||||
Balance at beginning of the period | $ | 1,424 | $ | 1,121 | |||||
Additions charged to expense | 3,816 | 2,134 | |||||||
Deductions for repairs and replacements | (2,578 | ) | (1,831 | ) | |||||
Balance at end of the period | $ | 2,662 | $ | 1,424 | |||||
Pension and Other Postretirement Plans, Policy [Policy Text Block] | ' | ||||||||
Employee Benefit Plans: | |||||||||
The Company has a defined contribution retirement plan and a discretionary profit sharing plan covering substantially all of its non-union employees in the United States, and a non-qualified deferred compensation plan covering certain employees. The costs of employee benefit plans are charged to expense and funded annually. Total costs were $1,961,000 in 2014, $1,932,000 in 2013, and $960,000 in 2012. Effective July 1, 2012, the Company increased the employer contribution percentage from 2% to 4%. | |||||||||
Research, Development, and Computer Software, Policy [Policy Text Block] | ' | ||||||||
Research and Development Costs: | |||||||||
Research and development expenses are costs directly attributable to new product development, including the development of new technology for both existing and new products, and consist of salaries, payroll taxes, employee benefits, materials, supplies, depreciation and other administrative costs. The Company follows the requirements of ASC Subtopic 985-20, “Software: Costs of Software to be Sold, Leased, or Marketed,” and expenses as research and development all costs associated with development of software used in solid-state LED products. All costs are expensed as incurred and are included in selling and administrative expenses. Research and development costs related to both product and software development totaled $8,226,000, $6,480,000 and $5,511,000 for the fiscal years ended June 30, 2014, 2013 and 2012, respectively. | |||||||||
Advertising Costs, Policy [Policy Text Block] | ' | ||||||||
Advertising Expense: | |||||||||
The Company recorded $322,000, $280,000, and $328,000 of advertising expense in 2014, 2013 and 2012, respectively. Advertising costs are expensed the first time the advertising occurs. Expense related to printed product or capabilities literature, brochures, etc. is recorded on a ratable basis over the useful life of that printed media. | |||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||
Earnings Per Common Share: | |||||||||
The computation of basic earnings per common share is based on the weighted average common shares outstanding for the period net of treasury shares held in the Company’s non-qualified deferred compensation plan. The computation of diluted earnings per share is based on the weighted average common shares outstanding for the period and includes common share equivalents. Common share equivalents include the dilutive effect of stock options, contingently issuable shares and common shares to be issued under a deferred compensation plan, all of which totaled 462,000 shares in fiscal 2014, 356,000 shares in fiscal 2013, and 316,000 shares in fiscal 2012. See further discussion in Note 3. | |||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||
New Accounting Pronouncements: | |||||||||
In July 2012, the Financial Accounting Standards Board issued ASU 2012-02, “Intangibles – Goodwill and Other (Topic 350): Testing Long-Lived Intangible Assets for Impairment.” This amended guidance is intended to simplify the test of indefinite-lived intangible assets for impairment by allowing companies to first assess qualitative factors to determine whether or not it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value as the basis for determining whether it is necessary to perform the two-step impairment test. Previous guidance required companies to perform an annual indefinite-lived intangible asset impairment test. The amended guidance is effective for annual and interim tests performed for fiscal years beginning after September 15, 2012, or the Company’s fiscal year 2014, with early adoption permissible. The adoption of this standard in fiscal 2014 did not have an impact on the financial statements. | |||||||||
In September 2013, the Internal Revenue Service issued Treasury Decision 9636, which enacted final tax regulations regarding the capitalization and expensing of amounts paid to acquire, produce, or improve tangible property. The regulations also include guidance regarding the retirement of depreciable property. The regulations are required to be effective in taxable years beginning on or after January 1, 2014, although taxpayers may choose to apply them in taxable years beginning on or after January 1, 2012. The Company has reviewed the impact of the final regulations and the anticipated impact to the financial statements is immaterial. | |||||||||
In June 2014, the Financial Accounting Standards Board issued ASU 2014-09, “Revenue from Contracts with Customers.” This amended guidance supersedes and replaces all existing U.S. GAAP revenue recognition guidance. The guidance established a new revenue recognition model, changes the basis for deciding when revenue is recognized over a point in time, provides new and more detailed guidance on specific revenue topics, and expands and improves disclosures about revenue. The amended guidance is effective for fiscal years and interim periods within those years, beginning after December 15, 2016, or the Company’s fiscal year 2018. The Company has not yet determined the impact the amended guidance will have on its financial statements. | |||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | ||||||||
Comprehensive Income: | |||||||||
The Company does not have any comprehensive income items other than net income (loss). The functional currency of the Company’s Canadian operation is the U.S. dollar. | |||||||||
Subsequent Events, Policy [Policy Text Block] | ' | ||||||||
Subsequent Events: | |||||||||
On August 22, 2014, the Company signed a non-binding letter of intent to sell the stock of its wholly-owned subsidiary LSI Saco Technologies, located in Montreal, Canada. It is likely a loss will be recognized on the sale, but the actual amount of the loss will not be known until the sale is complete. The loss on the sale is expected to be between $500,000 and $1,000,000. The $5 million unsecured revolving line of credit for this Canadian operation (See Note 7) will be terminated once the sale is complete. The Company anticipates the sale to be completed in the first or second quarter of fiscal 2015. | |||||||||
The assets and liabilities of LSI Saco are comprised of the following at June 30, 2014 and 2013: | |||||||||
June 30, | June 30, | ||||||||
Amounts in thousands | 2014 | 2013 | |||||||
Cash | $ | 741 | $ | 613 | |||||
Accounts Receivable (net) | 860 | 996 | |||||||
Inventory (net) | 342 | 697 | |||||||
Other Current Assets | 105 | 468 | |||||||
PP&E (net) | 187 | 329 | |||||||
Intangible Assets | 622 | 674 | |||||||
Other Long-Term Asset | 3 | 7 | |||||||
Total Assets | $ | 2,860 | $ | 3,784 | |||||
Accounts Payable and Accrued Expenses | $ | 195 | $ | 319 | |||||
Total Liabilities | $ | 195 | $ | 319 | |||||
The Company has evaluated subsequent events for potential recognition and disclosure through the date the consolidated financial statements were filed. No other items were identified during this evaluation that required adjustment to or disclosure in the accompanying financial statements. | |||||||||
Reclassification, Policy [Policy Text Block] | ' | ||||||||
Reclassifications: | |||||||||
Certain prior year amounts have been reclassified to conform to the current year presentation within the cash flows from operating activities section of the statement of cash flows. These reclassifications have no impact on net income, earnings per share, or total operating cash flows. | |||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||
Use of Estimates: | |||||||||
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Note_1_Summary_of_Significant_1
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||
(In thousands) | June 30, | June 30, | |||||||
2014 | 2013 | ||||||||
Accounts receivable | $ | 43,047 | $ | 46,337 | |||||
less Allowance for doubtful accounts | (294 | ) | (346 | ) | |||||
Accounts receivable, net | $ | 42,753 | $ | 45,991 | |||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
Buildings (in years) | 28 - 40 | ||||||||
Machinery and equipment (in years) | 10-Mar | ||||||||
Computer software (in years) | 8-Mar | ||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||
(In thousands) | 30-Jun-14 | 30-Jun-13 | |||||||
Balance at beginning of the period | $ | 1,424 | $ | 1,121 | |||||
Additions charged to expense | 3,816 | 2,134 | |||||||
Deductions for repairs and replacements | (2,578 | ) | (1,831 | ) | |||||
Balance at end of the period | $ | 2,662 | $ | 1,424 | |||||
Schedule of Assets and Liabilities of Wholly-Owned Subsidiary [Table Text Block] | ' | ||||||||
June 30, | June 30, | ||||||||
Amounts in thousands | 2014 | 2013 | |||||||
Cash | $ | 741 | $ | 613 | |||||
Accounts Receivable (net) | 860 | 996 | |||||||
Inventory (net) | 342 | 697 | |||||||
Other Current Assets | 105 | 468 | |||||||
PP&E (net) | 187 | 329 | |||||||
Intangible Assets | 622 | 674 | |||||||
Other Long-Term Asset | 3 | 7 | |||||||
Total Assets | $ | 2,860 | $ | 3,784 | |||||
Accounts Payable and Accrued Expenses | $ | 195 | $ | 319 | |||||
Total Liabilities | $ | 195 | $ | 319 |
Note_2_Business_Segment_Inform1
Note 2- Business Segment Information (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Net Sales: | |||||||||||||
Lighting Segment | $ | 227,628 | $ | 206,363 | $ | 199,610 | |||||||
Graphics Segment | 46,166 | 46,770 | 42,131 | ||||||||||
Electronic Components Segment | 19,491 | 20,333 | 18,515 | ||||||||||
All Other Category | 6,178 | 7,324 | 8,146 | ||||||||||
Total Net Sales | $ | 299,463 | $ | 280,790 | $ | 268,402 | |||||||
Operating Income (Loss): | |||||||||||||
Lighting Segment | $ | 9,788 | $ | 10,092 | $ | 11,828 | |||||||
Graphics Segment | (2,802 | ) | (1,253 | ) | (1,938 | ) | |||||||
Electronic Components Segment | 2,369 | (916 | ) | 3,634 | |||||||||
All Other Category | (138 | ) | (1,451 | ) | (1,114 | ) | |||||||
Corporate and Eliminations | (6,899 | ) | (5,842 | ) | (6,079 | ) | |||||||
Total Operating Income | $ | 2,318 | $ | 630 | $ | 6,331 | |||||||
Capital Expenditures: | |||||||||||||
Lighting Segment | $ | 3,294 | $ | 2,081 | $ | 1,606 | |||||||
Graphics Segment | 461 | 350 | 576 | ||||||||||
Electronic Components Segment | 726 | 1,528 | 558 | ||||||||||
All Other Category | 20 | 115 | 182 | ||||||||||
Corporate and Eliminations | 744 | 3,497 | 514 | ||||||||||
Total Capital Expenditures | $ | 5,245 | $ | 7,571 | $ | 3,436 | |||||||
Depreciation and Amortization: | |||||||||||||
Lighting Segment | $ | 2,845 | $ | 4,434 | $ | 4,953 | |||||||
Graphics Segment | 940 | 896 | 884 | ||||||||||
Electronic Components Segment | 1,497 | 1,357 | 1,130 | ||||||||||
All Other Category | 171 | 191 | 223 | ||||||||||
Corporate and Eliminations | 773 | 319 | 615 | ||||||||||
Total Depreciation and Amortization | $ | 6,226 | $ | 7,197 | $ | 7,805 | |||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Identifiable Assets: | |||||||||||||
Lighting Segment | $ | 96,499 | $ | 90,536 | |||||||||
Graphics Segment | 22,312 | 28,792 | |||||||||||
Electronic Components Segment | 30,788 | 30,926 | |||||||||||
All Other Category | 4,987 | 6,361 | |||||||||||
Corporate and Eliminations | 15,302 | 12,564 | |||||||||||
Total Identifiable Assets | $ | 169,888 | $ | 169,179 | |||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | ' | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Lighting Segment intersegment net sales | $ | 3,534 | $ | 2,746 | $ | 2,457 | |||||||
Graphics Segment intersegment net sales | $ | 843 | $ | 1,854 | $ | 1,581 | |||||||
Electronic Components intersegment net sales | $ | 34,238 | $ | 26,522 | $ | 22,019 | |||||||
All Other Category intersegment net sales | $ | 6,957 | $ | 6,710 | $ | 5,805 | |||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | ' | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Net Sales (a): | |||||||||||||
United States | $ | 298,089 | $ | 279,818 | $ | 266,590 | |||||||
Canada | 1,374 | 972 | 1,812 | ||||||||||
Total Net Sales | $ | 299,463 | $ | 280,790 | $ | 268,402 | |||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | ' | ||||||||||||
June 30, | June 30, | June 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Long-Lived Assets (b): | |||||||||||||
United States | $ | 45,886 | $ | 46,843 | $ | 44,286 | |||||||
Canada | 190 | 336 | 322 | ||||||||||
Total Long-Lived Assets | $ | 46,076 | $ | 47,179 | $ | 44,608 |
Note_3_Earnings_Per_Common_Sha1
Note 3 - Earnings Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
(In thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||
BASIC EARNINGS PER SHARE | |||||||||||||
Net income (loss) | $ | 930 | $ | (123 | ) | $ | 3,224 | ||||||
Weighted average shares outstanding during the period, net of treasury shares (a) | 24,084 | 24,029 | 24,036 | ||||||||||
Weighted average shares outstanding in the Deferred Compensation Plan during the period | 304 | 284 | 262 | ||||||||||
Weighted average shares outstanding | 24,388 | 24,313 | 24,298 | ||||||||||
Basic earnings (loss) per share | $ | 0.04 | $ | (0.01 | ) | $ | 0.13 | ||||||
DILUTED EARNINGS PER SHARE | |||||||||||||
Net income (loss) | $ | 930 | $ | (123 | ) | $ | 3,224 | ||||||
Weighted average shares outstanding | |||||||||||||
Basic | 24,388 | 24,313 | 24,298 | ||||||||||
Effect of dilutive securities (b): | |||||||||||||
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any | 158 | — | 54 | ||||||||||
Weighted average shares outstanding (c) | 24,546 | 24,313 | 24,352 | ||||||||||
Diluted earnings (loss) per share | $ | 0.04 | $ | (0.01 | ) | $ | 0.13 |
Note_4_Inventories_Tables
Note 4 - Inventories (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
June 30, | June 30, | ||||||||
(In thousands) | 2014 | 2013 | |||||||
Inventories: | |||||||||
Raw materials | $ | 30,278 | $ | 28,113 | |||||
Work-in-process | 5,393 | 4,959 | |||||||
Finished goods | 9,737 | 9,021 | |||||||
Total Inventories | $ | 45,408 | $ | 42,093 |
Note_5_Accrued_Expenses_Tables
Note 5 - Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
June 30, | June 30, | ||||||||
(In thousands) | 2014 | 2013 | |||||||
Accrued Expenses: | |||||||||
Compensation and benefits | $ | 7,134 | $ | 8,023 | |||||
Customer prepayments | 1,473 | 947 | |||||||
Accrued sales commissions | 1,814 | 1,595 | |||||||
Accrued warranty | 2,662 | 1,424 | |||||||
Other accrued expenses | 2,548 | 1,792 | |||||||
Total Accrued Expenses | $ | 15,631 | $ | 13,781 |
Note_6_Goodwill_and_Other_Inta1
Note 6 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||||||||||
Goodwill | |||||||||||||||||||||
(In thousands) | Electronic | ||||||||||||||||||||
Lighting | Graphics | Components | All Other | ||||||||||||||||||
Segment | Segment | Segment | Category | Total | |||||||||||||||||
Balance as of June 30, 2013 | |||||||||||||||||||||
Goodwill | $ | 34,913 | $ | 24,959 | $ | 11,621 | $ | 6,850 | $ | 78,343 | |||||||||||
Accumulated impairment losses | (34,778 | ) | (24,959 | ) | (2,413 | ) | (5,685 | ) | (67,835 | ) | |||||||||||
Goodwill, net as of June 30, 2013 | $ | 135 | $ | -- | $ | 9,208 | $ | 1,165 | $ | 10,508 | |||||||||||
Balance as of June 30, 2014 | |||||||||||||||||||||
Goodwill | $ | 34,913 | $ | 24,959 | $ | 11,621 | $ | 6,850 | $ | 78,343 | |||||||||||
Accumulated impairment losses | (34,778 | ) | (24,959 | ) | (2,413 | ) | (5,685 | ) | (67,835 | ) | |||||||||||
Goodwill, net as of June 30, 2014 | $ | 135 | $ | -- | $ | 9,208 | $ | 1,165 | $ | 10,508 | |||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | ' | ||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Other Intangible Assets | Gross | ||||||||||||||||||||
Carrying | Accumulated | Net | |||||||||||||||||||
(In thousands) | Amount | Amortization | Amount | ||||||||||||||||||
Amortized Intangible Assets | |||||||||||||||||||||
Customer relationships | $ | 10,352 | $ | 7,412 | $ | 2,940 | |||||||||||||||
Patents | 338 | 84 | 254 | ||||||||||||||||||
LED technology firmware, software | 11,228 | 10,832 | 396 | ||||||||||||||||||
Trade name | 460 | 454 | 6 | ||||||||||||||||||
Non-compete agreements | 710 | 501 | 209 | ||||||||||||||||||
Total Amortized Intangible Assets | 23,088 | 19,283 | 3,805 | ||||||||||||||||||
Indefinite-lived Intangible Assets | |||||||||||||||||||||
Trademarks and trade names | 3,422 | -- | 3,422 | ||||||||||||||||||
Total Indefinite-lived Intangible Assets | 3,422 | -- | 3,422 | ||||||||||||||||||
Total Other Intangible Assets | $ | 26,510 | $ | 19,283 | $ | 7,227 | |||||||||||||||
30-Jun-13 | |||||||||||||||||||||
Other Intangible Assets | Gross | ||||||||||||||||||||
Carrying | Accumulated | Net | |||||||||||||||||||
(In thousands) | Amount | Amortization | Amount | ||||||||||||||||||
Amortized Intangible Assets | |||||||||||||||||||||
Customer relationships | $ | 10,352 | $ | 7,068 | $ | 3,284 | |||||||||||||||
Patents | 70 | 55 | 15 | ||||||||||||||||||
LED technology firmware, software | 12,361 | 10,958 | 1,403 | ||||||||||||||||||
Trade name | 460 | 362 | 98 | ||||||||||||||||||
Non-compete agreements | 948 | 591 | 357 | ||||||||||||||||||
Total Amortized Intangible Assets | 24,191 | 19,034 | 5,157 | ||||||||||||||||||
Indefinite-lived Intangible Assets | |||||||||||||||||||||
Trademarks and trade names | 3,422 | -- | 3,422 | ||||||||||||||||||
Total Indefinite-lived Intangible Assets | 3,422 | -- | 3,422 | ||||||||||||||||||
Total Other Intangible Assets | $ | 27,613 | $ | 19,034 | $ | 8,579 | |||||||||||||||
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | ' | ||||||||||||||||||||
Amortization Expense of Other Intangible Assets | |||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Amortization Expense | $ | 815 | $ | 2,495 | $ | 2,631 | |||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
2015 | $ | 564 | |||||||||||||||||||
2016 | $ | 557 | |||||||||||||||||||
2017 | $ | 460 | |||||||||||||||||||
2018 | $ | 452 | |||||||||||||||||||
2019 | $ | 452 | |||||||||||||||||||
After 2019 | $ | 1,320 |
Note_9_Equity_Compensation_Tab
Note 9 - Equity Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Dividend yield | 3.3 | % | 3.6 | % | 3.1 | % | |||||||||||
Expected volatility | 53 | % | 51 | % | 55 | % | |||||||||||
Risk-free interest rate | 1.7 | % | 0.6 | % | 1 | % | |||||||||||
Expected life (in years) | 5.5 | 4.7 | 4.7 | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Twelve Months Ended June 30, 2014 | |||||||||||||||||
Weighted | |||||||||||||||||
Weighted | Average | ||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||
Shares | Exercise | Contractual Term | Intrinsic | ||||||||||||||
Price | (in years) | Value | |||||||||||||||
Outstanding at 6/30/13 | 2,341,150 | $ | 9.95 | 5.6 | $ | 1,544,896 | |||||||||||
Granted | 436,000 | $ | 7.24 | ||||||||||||||
Forfeitures | (39,050 | ) | $ | 11.59 | |||||||||||||
Exercised | (60,636 | ) | $ | 6.22 | |||||||||||||
Outstanding at 6/30/14 | 2,677,464 | $ | 9.57 | 5.4 | $ | 1,674,010 | |||||||||||
Exercisable at 6/30/14 | 1,874,326 | $ | 10.74 | 4 | $ | 750,925 | |||||||||||
Twelve Months Ended June 30, 2013 | |||||||||||||||||
Weighted | |||||||||||||||||
Weighted | Average | ||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||
Shares | Exercise | Contractual Term | Intrinsic | ||||||||||||||
Price | (in years) | Value | |||||||||||||||
Outstanding at 6/30/12 | 2,006,250 | $ | 10.64 | 5.8 | $ | 654,747 | |||||||||||
Granted | 414,750 | $ | 6.58 | ||||||||||||||
Forfeitures | (44,350 | ) | $ | 13.61 | |||||||||||||
Exercised | (35,500 | ) | $ | 4.93 | |||||||||||||
Outstanding at 6/30/13 | 2,341,150 | $ | 9.95 | 5.6 | $ | 1,544,896 | |||||||||||
Exercisable at 6/30/13 | 1,643,050 | $ | 11.34 | 4.6 | $ | 524,522 | |||||||||||
Twelve Months Ended June 30, 2012 | |||||||||||||||||
Weighted | |||||||||||||||||
Weighted | Average | ||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||
Shares | Exercise | Contractual Term | Intrinsic | ||||||||||||||
Price | (in years) | Value | |||||||||||||||
Outstanding at 6/30/11 | 2,123,939 | $ | 10.8 | 6.3 | $ | 955,401 | |||||||||||
Granted | 36,000 | $ | 7.13 | ||||||||||||||
Forfeitures | (150,939 | ) | $ | 12.12 | |||||||||||||
Exercised | (2,750 | ) | $ | 5.18 | |||||||||||||
Outstanding at 6/30/12 | 2,006,250 | $ | 10.64 | 5.8 | $ | 654,747 | |||||||||||
Exercisable at 6/30/12 | 1,404,400 | $ | 12.11 | 5.1 | $ | 234,971 | |||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | ' | ||||||||||||||||
Weighted-Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Shares | Fair Value | ||||||||||||||||
Non-vested at June 30, 2013 | 698,100 | $ | 2.2 | ||||||||||||||
Granted | 436,000 | $ | 2.67 | ||||||||||||||
Vested | (329,587 | ) | $ | 2.36 | |||||||||||||
Forfeited | (1,375 | ) | $ | 2.03 | |||||||||||||
Non-vested at June 30, 2014 | 803,138 | $ | 2.39 |
Note_10_Leases_and_Purchase_Co1
Note 10 - Leases and Purchase Commitments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Leases [Abstract] | ' | |||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020 & Beyond | |||||||||||||||||||
$ | 1,406,000 | $ | 1,228,000 | $ | 1,065,000 | $ | 942,000 | $ | 143,000 | -- |
Note_11_Income_Taxes_Tables
Note 11 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Components of income before income taxes: | |||||||||||||
United States | $ | 3,121 | $ | 2,369 | $ | 8,131 | |||||||
Foreign | (854 | ) | (1,754 | ) | (1,940 | ) | |||||||
Income before income taxes | $ | 2,267 | $ | 615 | $ | 6,191 | |||||||
Provision (benefit) for income taxes: | |||||||||||||
Current | |||||||||||||
U.S. federal | $ | 500 | $ | 972 | $ | 2,543 | |||||||
State and local | 35 | (440 | ) | 313 | |||||||||
Foreign | (54 | ) | (57 | ) | (198 | ) | |||||||
Total current | 481 | 475 | 2,658 | ||||||||||
Deferred | 856 | 263 | 309 | ||||||||||
Total provision for income taxes | $ | 1,337 | $ | 738 | $ | 2,967 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Reconciliation to federal statutory rate: | |||||||||||||
Federal statutory tax rate | 34 | % | 34 | % | 34 | % | |||||||
State and local taxes, net of federal benefit | 6.9 | 17 | 6.6 | ||||||||||
Impact of foreign operations | 1.2 | (7.1 | ) | (4.1 | ) | ||||||||
Federal and state tax credits | (6.3 | ) | (34.1 | ) | (1.3 | ) | |||||||
Goodwill | 0.1 | 133.6 | 1.3 | ||||||||||
Valuation allowance | 30.8 | 145.6 | 13.1 | ||||||||||
Domestic production activities deduction | (2.8 | ) | (22.2 | ) | (4.0 | ) | |||||||
Uncertain tax position activity | (11.3 | ) | (101.6 | ) | (0.9 | ) | |||||||
Contingent liability | -- | (49.6 | ) | -- | |||||||||
Other | 6.4 | 4.5 | 3.2 | ||||||||||
Effective tax rate | 59 | % | 120.1 | % | 47.9 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||
Reserves against current assets | $ | 74 | $ | 370 | |||||||||
Accrued expenses | 2,366 | 1,686 | |||||||||||
Goodwill, acquisition costs and intangible assets | 1,171 | 1,646 | |||||||||||
Deferred compensation | 1,051 | 999 | |||||||||||
State net operating loss carryover and credits | 1,991 | 1,991 | |||||||||||
Foreign net operating loss carryover and credits | 4,465 | 4,256 | |||||||||||
U.S. Federal net operating loss carryover and credits | 556 | 606 | |||||||||||
Deferred income tax asset before valuation reserve | 11,674 | 11,554 | |||||||||||
Valuation reserve | (6,450 | ) | (5,750 | ) | |||||||||
Deferred income tax asset | 5,224 | 5,804 | |||||||||||
Depreciation | (3,985 | ) | (3,709 | ) | |||||||||
Deferred income tax liability | (3,985 | ) | (3,709 | ) | |||||||||
Net deferred income tax asset | $ | 1,239 | $ | 2,095 | |||||||||
(In thousands) | 2014 | 2013 | |||||||||||
Deferred income tax asset included in: | |||||||||||||
Other current assets | $ | 2,439 | $ | 2,056 | |||||||||
Other long-term assets (liability) | (1,200 | ) | 39 | ||||||||||
Net deferred income tax asset | $ | 1,239 | $ | 2,095 | |||||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at beginning of the fiscal year | $ | 969 | $ | 1,860 | $ | 1,910 | |||||||
Decreases — tax positions in prior period | (225 | ) | (234 | ) | (284 | ) | |||||||
Increases — tax positions in current period | 2 | 37 | 234 | ||||||||||
Settlements and payments | -- | (694 | ) | — | |||||||||
Lapse of statute of limitations | -- | — | — | ||||||||||
Balance at end of the fiscal year | $ | 746 | $ | 969 | $ | 1,860 |
Note_12_Supplemental_Cash_Flow1
Note 12 - Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Cash payments: | |||||||||||||
Interest | $ | 76 | $ | 76 | $ | 132 | |||||||
Income taxes | $ | 978 | $ | 3,404 | $ | 1,016 | |||||||
Issuance of common shares as compensation | $ | 193 | $ | 57 | $ | 48 |
Note_14_Related_Party_Transact1
Note 14 - Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Keating Muething & Klekamp PLL | $ | 98 | $ | 84 | $ | 172 | |||||||
American Engineering and Metal Working | $ | 215 | $ | 394 | $ | 272 | |||||||
3970957 Canada Inc. | $ | 161 | $ | 182 | $ | 190 | |||||||
Synergy Electronic LTD | $ | 171 | $ | 232 | $ | 195 | |||||||
Schedule Of Related Party Debt [Table Text Block] | ' | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Keating Muething & Klekamp PLL | $ | 5 | $ | 19 | |||||||||
American Engineering and Metal Working | $ | -- | $ | 5 | |||||||||
Synergy Electronic LTD | $ | 8 | $ | 5 |
Note_15_Summary_of_Quarterly_R1
Note 15 - Summary of Quarterly Results (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||||||
Quarter Ended | Fiscal | ||||||||||||||||||||
(In thousands except per share data) | Sept. 30 | Dec. 31 | 31-Mar | 30-Jun | Year | ||||||||||||||||
2014 | |||||||||||||||||||||
Net sales | $ | 80,486 | $ | 76,123 | $ | 68,996 | $ | 73,858 | $ | 299,463 | |||||||||||
Gross profit | 19,122 | 16,757 | 13,715 | 15,704 | 65,298 | ||||||||||||||||
Net income (loss) | 1,865 | 870 | (1,009 | ) | (796 | ) | 930 | ||||||||||||||
Earnings (loss) per share | |||||||||||||||||||||
Basic | $ | 0.08 | $ | 0.04 | $ | (0.04 | ) | $ | (0.03 | ) | $ | 0.04 | (a) | ||||||||
Diluted | $ | 0.08 | $ | 0.04 | $ | (0.04 | ) | $ | (0.03 | ) | $ | 0.04 | (a) | ||||||||
Range of share prices | |||||||||||||||||||||
High | $ | 9 | $ | 9.6 | $ | 9.67 | $ | 8.78 | $ | 9.67 | |||||||||||
Low | $ | 6.65 | $ | 7.76 | $ | 7.54 | $ | 7.1 | $ | 6.65 | |||||||||||
2013 | |||||||||||||||||||||
Net sales | $ | 74,719 | $ | 71,082 | $ | 66,152 | $ | 68,837 | $ | 280,790 | |||||||||||
Gross profit | 17,871 | 13,882 | 13,921 | 14,736 | 60,410 | ||||||||||||||||
Net income (loss) | 1,830 | (2,450 | ) | (315 | ) | 812 | (123 | ) | |||||||||||||
Earnings (loss) per share | |||||||||||||||||||||
Basic | $ | 0.08 | $ | (0.10 | ) | $ | (0.01 | ) | $ | 0.03 | $ | (0.01 | )(a) | ||||||||
Diluted | $ | 0.08 | $ | (0.10 | ) | $ | (0.01 | ) | $ | 0.03 | $ | (0.01 | )(a) | ||||||||
Range of share prices | |||||||||||||||||||||
High | $ | 7.42 | $ | 7.38 | $ | 7.77 | $ | 8.46 | $ | 8.46 | |||||||||||
Low | $ | 6.19 | $ | 6.1 | $ | 6.8 | $ | 6.78 | $ | 6.1 | |||||||||||
2012 | |||||||||||||||||||||
Net sales | $ | 65,495 | $ | 68,774 | $ | 62,937 | $ | 71,196 | $ | 268,402 | |||||||||||
Gross profit | 15,464 | 14,926 | 13,316 | 16,607 | 60,313 | ||||||||||||||||
Net income | 1,324 | 772 | (377 | ) | 1,505 | 3,224 | |||||||||||||||
Earnings per share | |||||||||||||||||||||
Basic | $ | 0.05 | $ | 0.03 | $ | (0.02 | ) | $ | 0.06 | $ | 0.13 | (a) | |||||||||
Diluted | $ | 0.05 | $ | 0.03 | $ | (0.02 | ) | $ | 0.06 | $ | 0.13 | (a) | |||||||||
Range of share prices | |||||||||||||||||||||
High | $ | 8.91 | $ | 7.04 | $ | 7.7 | $ | 7.64 | $ | 8.91 | |||||||||||
Low | $ | 5.93 | $ | 5.45 | $ | 5.85 | $ | 5.81 | $ | 5.45 | |||||||||||
Condensed Income Statement [Table Text Block] | ' | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||
Net sales | $ | 299,463 | $ | 280,790 | $ | 268,402 | $ | 293,501 | $ | 254,402 | |||||||||||
Cost of products and services sold | 234,165 | 220,380 | 208,089 | 221,156 | 198,030 | ||||||||||||||||
Loss on sale of a subsidiary | -- | — | — | — | 639 | ||||||||||||||||
Selling and administrative expenses | 62,175 | 57,367 | 53,724 | 56,041 | 53,671 | ||||||||||||||||
Goodwill and intangible asset impairment (a) | 805 | 2,413 | 258 | — | 153 | ||||||||||||||||
Operating income (loss) | 2,318 | 630 | 6,331 | 16,304 | 1,909 | ||||||||||||||||
Interest (income) | (17 | ) | (47 | ) | (25 | ) | (43 | ) | (28 | ) | |||||||||||
Interest expense | 68 | 62 | 165 | 180 | 153 | ||||||||||||||||
Income (loss) before income taxes | 2,267 | 615 | 6,191 | 16,167 | 1,784 | ||||||||||||||||
Income taxes | 1,337 | 738 | 2,967 | 5,339 | 360 | ||||||||||||||||
Net income (loss) | $ | 930 | $ | (123 | ) | $ | 3,224 | $ | 10,828 | $ | 1,424 | ||||||||||
Earnings (loss) per common share | |||||||||||||||||||||
Basic | $ | 0.04 | $ | (0.01 | ) | $ | 0.13 | $ | 0.45 | $ | 0.06 | ||||||||||
Diluted | $ | 0.04 | $ | (0.01 | ) | $ | 0.13 | $ | 0.44 | $ | 0.06 | ||||||||||
Cash dividends paid per share | $ | 0.24 | $ | 0.36 | $ | 0.23 | $ | 0.2 | $ | 0.2 | |||||||||||
Weighted average common shares | |||||||||||||||||||||
Basic | 24,388 | 24,313 | 24,298 | 24,287 | 24,128 | ||||||||||||||||
Diluted | 24,546 | 24,313 | 24,352 | 24,339 | 24,134 | ||||||||||||||||
Balance Sheet Data: | |||||||||||||||||||||
(At June 30) | |||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||
Working capital | $ | 76,788 | $ | 76,703 | $ | 83,702 | $ | 84,524 | $ | 73,568 | |||||||||||
Total assets | 169,888 | 169,179 | 175,226 | 176,021 | 173,845 | ||||||||||||||||
Long-term debt, including current maturities | — | — | — | 1,099 | 1,132 | ||||||||||||||||
Shareholders’ equity | 138,412 | 141,690 | 149,368 | 151,218 | 144,218 |
Note_1_Summary_of_Significant_2
Note 1 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 24 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Aug. 22, 2014 | Aug. 22, 2014 | Apr. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Leasehold Improvements [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | CANADA | Maximum [Member] | Minimum [Member] | Foreign Bank Accounts [Member] | Foreign Bank Accounts [Member] | |||||
Maximum [Member] | Maximum [Member] | Minimum [Member] | ||||||||||
LSI Saco Technologies [Member] | LSI Saco Technologies [Member] | |||||||||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash, FDIC Insured Amount | $250,000 | ' | ' | $250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash, Uninsured Amount | 12,367,000 | 11,145,000 | ' | 12,367,000 | ' | ' | ' | ' | ' | ' | 741,000 | 613,000 |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' |
Depreciation | 5,411,000 | 4,702,000 | 5,174,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | '5 years | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Standard Warranty Term | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '1 year | ' | ' |
Defined Contribution Plan, Cost Recognized | 1,961,000 | 1,932,000 | 960,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | ' | ' | 2.00% | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Research and Development Expense | 8,226,000 | 6,480,000 | 5,511,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising Expense | 322,000 | 280,000 | 328,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares (in Shares) | 462,000 | 356,000 | 316,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Disposition of Stock in Subsidiary | ' | ' | ' | ' | ' | -1,000,000 | -500,000 | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | ' | ' | ' | ' |
Note_1_Summary_of_Significant_3
Note 1 - Summary of Significant Accounting Policies (Details) - Net Accounts Receivable (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Net Accounts Receivable [Abstract] | ' | ' |
Accounts receivable | $43,047 | $46,337 |
less Allowance for doubtful accounts | -294 | -346 |
Accounts receivable, net | $42,753 | $45,991 |
Note_1_Summary_of_Significant_4
Note 1 - Summary of Significant Accounting Policies (Details) - Estimated Useful Lives of Long-Lived Assets | 12 Months Ended |
Jun. 30, 2014 | |
Building [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property Plant and Equipment - estimated useful lives | '28 |
Building [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property Plant and Equipment - estimated useful lives | '40 |
Machinery and Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property Plant and Equipment - estimated useful lives | '3 |
Machinery and Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property Plant and Equipment - estimated useful lives | '10 |
Software and Software Development Costs [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property Plant and Equipment - estimated useful lives | '3 |
Software and Software Development Costs [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property Plant and Equipment - estimated useful lives | '8 |
Note_1_Summary_of_Significant_5
Note 1 - Summary of Significant Accounting Policies (Details) - Warranty Liabilities (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Warranty Liabilities [Abstract] | ' | ' |
Balance at beginning of the period | $1,424 | $1,121 |
Additions charged to expense | 3,816 | 2,134 |
Deductions for repairs and replacements | -2,578 | -1,831 |
Balance at end of the period | $2,662 | $1,424 |
Note_1_Summary_of_Significant_6
Note 1 - Summary of Significant Accounting Policies (Details) - Assets and Liabilities of LSI Saco (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 |
In Thousands, unless otherwise specified | |||||
Note 1 - Summary of Significant Accounting Policies (Details) - Assets and Liabilities of LSI Saco [Line Items] | ' | ' | ' | ' | ' |
Cash | $9,013 | $7,949 | $15,255 | $4,056 | ' |
Accounts Receivable (net) | 42,753 | 45,991 | ' | ' | ' |
Inventory (net) | 45,408 | 42,093 | ' | ' | ' |
PP&E (net) | 44,282 | 45,350 | ' | ' | ' |
Intangible Assets | 7,227 | 8,579 | ' | ' | ' |
Other Long-Term Asset | 1,794 | 1,829 | ' | ' | ' |
Total Assets | 169,888 | 169,179 | 175,226 | 176,021 | 173,845 |
LSI Saco Technologies [Member] | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) - Assets and Liabilities of LSI Saco [Line Items] | ' | ' | ' | ' | ' |
Cash | 741 | 613 | ' | ' | ' |
Accounts Receivable (net) | 860 | 996 | ' | ' | ' |
Inventory (net) | 342 | 697 | ' | ' | ' |
Other Current Assets | 105 | 468 | ' | ' | ' |
PP&E (net) | 187 | 329 | ' | ' | ' |
Intangible Assets | 622 | 674 | ' | ' | ' |
Other Long-Term Asset | 3 | 7 | ' | ' | ' |
Total Assets | 2,860 | 3,784 | ' | ' | ' |
Accounts Payable and Accrued Expenses | 195 | 319 | ' | ' | ' |
Total Liabilities | $195 | $319 | ' | ' | ' |
Note_2_Business_Segment_Inform2
Note 2- Business Segment Information (Details) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2012 |
Ahold USA [Member] | Ahold USA [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | ||
Accounts Receivable [Member] | Accounts Receivable [Member] | ||||
Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | ||||
Note 2- Business Segment Information (Details) [Line Items] | ' | ' | ' | ' | ' |
Number of Operating Segments | 12 | ' | ' | ' | ' |
Number of Reportable Segments | 3 | ' | ' | ' | ' |
Accounts Receivable, Net (in Dollars) | ' | ' | $5.30 | ' | ' |
Concentration Risk, Percentage | ' | 11.60% | ' | 0.00% | 0.00% |
Number of Operations in Canada | 1 | ' | ' | ' | ' |
Note_2_Business_Segment_Inform3
Note 2- Business Segment Information (Details) - Summarized Financial Information by Reportable Business Segments (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | $73,858 | $68,996 | $76,123 | $80,486 | $68,837 | $66,152 | $71,082 | $74,719 | $71,196 | $62,937 | $68,774 | $65,495 | $299,463 | [1] | $280,790 | [1] | $268,402 | [1] | $293,501 | $254,402 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,318 | 630 | 6,331 | 16,304 | 1,909 | |||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,245 | 7,571 | 3,436 | ' | ' | |||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,226 | 7,197 | 7,805 | ' | ' | |||
Lighting Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 227,628 | 206,363 | 199,610 | ' | ' | |||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,788 | 10,092 | 11,828 | ' | ' | |||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,294 | 2,081 | 1,606 | ' | ' | |||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,845 | 4,434 | 4,953 | ' | ' | |||
Graphics Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,166 | 46,770 | 42,131 | ' | ' | |||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,802 | -1,253 | -1,938 | ' | ' | |||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 461 | 350 | 576 | ' | ' | |||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 940 | 896 | 884 | ' | ' | |||
Electronics Components Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,491 | 20,333 | 18,515 | ' | ' | |||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,369 | -916 | 3,634 | ' | ' | |||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 726 | 1,528 | 558 | ' | ' | |||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,497 | 1,357 | 1,130 | ' | ' | |||
All Other Category [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,178 | 7,324 | 8,146 | ' | ' | |||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -138 | -1,451 | -1,114 | ' | ' | |||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | 115 | 182 | ' | ' | |||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 171 | 191 | 223 | ' | ' | |||
Corporate and Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,899 | -5,842 | -6,079 | ' | ' | |||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 744 | 3,497 | 514 | ' | ' | |||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $773 | $319 | $615 | ' | ' | |||
[1] | Net sales are attributed to geographic areas based upon the location of the operation making the sale. |
Note_2_Business_Segment_Inform4
Note 2- Business Segment Information (Details) - Identifiable Assets by Segment (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 |
In Thousands, unless otherwise specified | |||||
Identifiable Assets: | ' | ' | ' | ' | ' |
Identifiable Assets | $169,888 | $169,179 | $175,226 | $176,021 | $173,845 |
Lighting Segment [Member] | ' | ' | ' | ' | ' |
Identifiable Assets: | ' | ' | ' | ' | ' |
Identifiable Assets | 96,499 | 90,536 | ' | ' | ' |
Graphics Segment [Member] | ' | ' | ' | ' | ' |
Identifiable Assets: | ' | ' | ' | ' | ' |
Identifiable Assets | 22,312 | 28,792 | ' | ' | ' |
Electronics Components Segment [Member] | ' | ' | ' | ' | ' |
Identifiable Assets: | ' | ' | ' | ' | ' |
Identifiable Assets | 30,788 | 30,926 | ' | ' | ' |
All Other Category [Member] | ' | ' | ' | ' | ' |
Identifiable Assets: | ' | ' | ' | ' | ' |
Identifiable Assets | 4,987 | 6,361 | ' | ' | ' |
Corporate and Eliminations [Member] | ' | ' | ' | ' | ' |
Identifiable Assets: | ' | ' | ' | ' | ' |
Identifiable Assets | $15,302 | $12,564 | ' | ' | ' |
Note_2_Business_Segment_Inform5
Note 2- Business Segment Information (Details) - Inter-segment Revenues (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Lighting Segment [Member] | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Inter-segment net sales | $3,534 | $2,746 | $2,457 |
Graphics Segment [Member] | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Inter-segment net sales | 843 | 1,854 | 1,581 |
Electronics Components Segment [Member] | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Inter-segment net sales | 34,238 | 26,522 | 22,019 |
All Other Category [Member] | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Inter-segment net sales | $6,957 | $6,710 | $5,805 |
Note_2_Business_Segment_Inform6
Note 2- Business Segment Information (Details) - Revenue by Geographic Region (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | |||
Net Sales (a): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | $73,858 | $68,996 | $76,123 | $80,486 | $68,837 | $66,152 | $71,082 | $74,719 | $71,196 | $62,937 | $68,774 | $65,495 | $299,463 | [1] | $280,790 | [1] | $268,402 | [1] | $293,501 | $254,402 |
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales (a): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 298,089 | [1] | 279,818 | [1] | 266,590 | [1] | ' | ' |
CANADA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales (a): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,374 | [1] | $972 | [1] | $1,812 | [1] | ' | ' |
[1] | Net sales are attributed to geographic areas based upon the location of the operation making the sale. |
Note_2_Business_Segment_Inform7
Note 2- Business Segment Information (Details) - Long-lived Assets by Geographical Region (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
In Thousands, unless otherwise specified | ||||||
Long-Lived Assets (b): | ' | ' | ' | |||
Assets by Geographic Region | $46,076 | [1] | $47,179 | [1] | $44,608 | [1] |
UNITED STATES | ' | ' | ' | |||
Long-Lived Assets (b): | ' | ' | ' | |||
Assets by Geographic Region | 45,886 | [1] | 46,843 | [1] | 44,286 | [1] |
CANADA | ' | ' | ' | |||
Long-Lived Assets (b): | ' | ' | ' | |||
Assets by Geographic Region | $190 | [1] | $336 | [1] | $322 | [1] |
[1] | Long-lived assets include property, plant and equipment, and other long term assets. Goodwill and intangible assets are not included in long-lived assets. |
Note_3_Earnings_Per_Common_Sha2
Note 3 - Earnings Per Common Share (Details) | 0 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,974,775 | 2,027,450 | 1,782,868 |
Note_3_Earnings_Per_Common_Sha3
Note 3 - Earnings Per Common Share (Details) - Basic and Diluted Earnings Per Share (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | |||
BASIC EARNINGS PER SHARE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (in Dollars) | ($796) | ($1,009) | $870 | $1,865 | $812 | ($315) | ($2,450) | $1,830 | $1,505 | ($377) | $772 | $1,324 | $930 | ($123) | $3,224 | $10,828 | $1,424 | |||
Weighted average shares outstanding - Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,388 | 24,313 | 24,298 | 24,287 | 24,128 | |||
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158 | [1] | ' | [1] | 54 | [1] | ' | ' |
Weighted average shares outstanding (c) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,546 | [2] | 24,313 | [2] | 24,352 | [2] | 24,339 | 24,134 |
Diluted earnings (loss) per share (in Dollars per share) | ($0.03) | ($0.04) | $0.04 | $0.08 | $0.03 | ($0.01) | ($0.10) | $0.08 | $0.06 | ($0.02) | $0.03 | $0.05 | $0.04 | ($0.01) | $0.13 | $0.44 | $0.06 | |||
Basic earnings (loss) per share (in Dollars per share) | ($0.03) | ($0.04) | $0.04 | $0.08 | $0.03 | ($0.01) | ($0.10) | $0.08 | $0.06 | ($0.02) | $0.03 | $0.05 | $0.04 | ($0.01) | $0.13 | $0.45 | $0.06 | |||
Weighted average shares outstanding in the Deferred Compensation Plan during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 304 | 284 | 262 | ' | ' | |||
Net of Treasury Shares [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
BASIC EARNINGS PER SHARE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Weighted average shares outstanding - Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,084 | [3] | 24,029 | [3] | 24,036 | [3] | ' | ' |
[1] | Calculated using the "Treasury Stock" method as if dilutive securities were exercised and the funds were used to purchase common shares at the average market price during the period. | |||||||||||||||||||
[2] | Options to purchase 1,974,775 common shares, 2,027,450 common shares, and 1,782,868 common shares at June 30, 2014, 2013, and 2012, respectively, were not included in the computation of diluted earnings per share because the exercise price was greater than the average fair market value of the common shares. | |||||||||||||||||||
[3] | Includes shares accounted for like treasury stock in accordance with Accounting Standards Codification Topic 710, Compensation - General. |
Note_4_Inventories_Details_Inv
Note 4 - Inventories (Details) - Inventory (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventories: | ' | ' |
Raw materials | $30,278 | $28,113 |
Work-in-process | 5,393 | 4,959 |
Finished goods | 9,737 | 9,021 |
Total Inventories | $45,408 | $42,093 |
Note_5_Accrued_Expenses_Detail
Note 5 - Accrued Expenses (Details) - Accrued Expenses (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | |||
Accrued Expenses [Abstract] | ' | ' | ' |
Compensation and benefits | $7,134 | $8,023 | ' |
Customer prepayments | 1,473 | 947 | ' |
Accrued sales commissions | 1,814 | 1,595 | ' |
Accrued warranty | 2,662 | 1,424 | 1,121 |
Other accrued expenses | 2,548 | 1,792 | ' |
Total Accrued Expenses | $15,631 | $13,781 | ' |
Note_6_Goodwill_and_Other_Inta2
Note 6 - Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2012 | Mar. 01, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 01, 2014 | Jun. 30, 2013 | Mar. 01, 2013 | Jun. 30, 2014 | Mar. 01, 2014 | Jun. 30, 2013 | Mar. 01, 2013 | Jun. 30, 2014 | Mar. 01, 2014 | Jun. 30, 2013 | Mar. 01, 2013 | Sep. 30, 2013 | |
Not Tested for Goodwill Impairment [Member] | LSI Virticus [Member] | LSI Virticus [Member] | Electronics Components Segment [Member] | Electronics Components Segment [Member] | Electronics Components Segment [Member] | Electronics Components Segment [Member] | Electronics Components Segment [Member] | All Other Category [Member] | All Other Category [Member] | All Other Category [Member] | All Other Category [Member] | Lighting Segment [Member] | Lighting Segment [Member] | Lighting Segment [Member] | Lighting Segment [Member] | Intellectual Property [Member] | |||
Note 6 - Goodwill and Other Intangible Assets (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $10,508,000 | $10,508,000 | ' | ' | $2,413,000 | ' | $9,208,000 | ' | $9,208,000 | ' | $1,165,000 | ' | $1,165,000 | ' | $135,000 | ' | $135,000 | ' | ' |
Goodwill, Impairment Loss | ' | ' | ' | 272,000 | 2,141,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill Impairment, Percentage | ' | ' | ' | ' | 89.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Reportable Segments | 3 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill Impairment Testing, Value Above Carrying Value | ' | ' | ' | ' | ' | ' | ' | 18,200,000 | ' | 10,500,000 | ' | 2,500,000 | ' | 2,100,000 | ' | 2,500,000 | ' | 8,500,000 | ' |
Goodwill Impairment Testing, Percent Value Above Carrying Value | ' | ' | ' | ' | ' | ' | ' | 71.00% | ' | 42.00% | ' | 453.00% | ' | 182.00% | ' | 3.00% | ' | 10.00% | ' |
Impairment of Intangible Assets, Finite-lived | ' | ' | ' | ' | ' | 805,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $268,000 |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years |
Note_6_Goodwill_and_Other_Inta3
Note 6 - Goodwill and Other Intangible Assets (Details) - Goodwill (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Goodwill [Line Items] | ' | ' |
Goodwill | $78,343,000 | $78,343,000 |
Accumulated impairment Losses | -67,835,000 | -67,835,000 |
Net Goodwill | 10,508,000 | 10,508,000 |
Lighting Segment [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 34,913,000 | 34,913,000 |
Accumulated impairment Losses | -34,778,000 | -34,778,000 |
Net Goodwill | 135,000 | 135,000 |
Graphics Segment [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 24,959,000 | 24,959,000 |
Accumulated impairment Losses | -24,959,000 | -24,959,000 |
Net Goodwill | 0 | 0 |
Electronics Components Segment [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 11,621,000 | 11,621,000 |
Accumulated impairment Losses | -2,413,000 | -2,413,000 |
Net Goodwill | 9,208,000 | 9,208,000 |
All Other Category [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 6,850,000 | 6,850,000 |
Accumulated impairment Losses | -5,685,000 | -5,685,000 |
Net Goodwill | $1,165,000 | $1,165,000 |
Note_6_Goodwill_and_Other_Inta4
Note 6 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Amortized Intangible Assets | ' | ' |
Amortized Intangible Assets, Gross | $23,088 | $24,191 |
Amortized Intangible Assets, Accumulated Amortization | 19,283 | 19,034 |
Amortized Intangible Assets, Net | 3,805 | 5,157 |
Indefinite-lived Intangible Assets | ' | ' |
Indefinite-lived Intangible Assets, Gross | 3,422 | 3,422 |
Indefinite-lived Intangible Assets, Net | 3,422 | 3,422 |
Intangible Assets, Gross | 26,510 | 27,613 |
Intangible Assets, Accumulated Amortization | 19,283 | 19,034 |
Intangible Assets, Net | 7,227 | 8,579 |
Trademarks and Trade Names [Member] | ' | ' |
Indefinite-lived Intangible Assets | ' | ' |
Indefinite-lived Intangible Assets, Gross | 3,422 | 3,422 |
Indefinite-lived Intangible Assets, Net | 3,422 | 3,422 |
Customer Relationships [Member] | ' | ' |
Amortized Intangible Assets | ' | ' |
Amortized Intangible Assets, Gross | 10,352 | 10,352 |
Amortized Intangible Assets, Accumulated Amortization | 7,412 | 7,068 |
Amortized Intangible Assets, Net | 2,940 | 3,284 |
Indefinite-lived Intangible Assets | ' | ' |
Intangible Assets, Accumulated Amortization | 7,412 | 7,068 |
Patents [Member] | ' | ' |
Amortized Intangible Assets | ' | ' |
Amortized Intangible Assets, Gross | 338 | 70 |
Amortized Intangible Assets, Accumulated Amortization | 84 | 55 |
Amortized Intangible Assets, Net | 254 | 15 |
Indefinite-lived Intangible Assets | ' | ' |
Intangible Assets, Accumulated Amortization | 84 | 55 |
Technology-Based Intangible Assets [Member] | ' | ' |
Amortized Intangible Assets | ' | ' |
Amortized Intangible Assets, Gross | 11,228 | 12,361 |
Amortized Intangible Assets, Accumulated Amortization | 10,832 | 10,958 |
Amortized Intangible Assets, Net | 396 | 1,403 |
Indefinite-lived Intangible Assets | ' | ' |
Intangible Assets, Accumulated Amortization | 10,832 | 10,958 |
Trade Names [Member] | ' | ' |
Amortized Intangible Assets | ' | ' |
Amortized Intangible Assets, Gross | 460 | 460 |
Amortized Intangible Assets, Accumulated Amortization | 454 | 362 |
Amortized Intangible Assets, Net | 6 | 98 |
Indefinite-lived Intangible Assets | ' | ' |
Intangible Assets, Accumulated Amortization | 454 | 362 |
Noncompete Agreements [Member] | ' | ' |
Amortized Intangible Assets | ' | ' |
Amortized Intangible Assets, Gross | 710 | 948 |
Amortized Intangible Assets, Accumulated Amortization | 501 | 591 |
Amortized Intangible Assets, Net | 209 | 357 |
Indefinite-lived Intangible Assets | ' | ' |
Intangible Assets, Accumulated Amortization | $501 | $591 |
Note_6_Goodwill_and_Other_Inta5
Note 6 - Goodwill and Other Intangible Assets (Details) - Amortization Expense of Other Intangible Assets (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Amortization Expense of Other Intangible Assets [Abstract] | ' | ' | ' |
Amortization Expense | $815 | $2,495 | $2,631 |
Note_6_Goodwill_and_Other_Inta6
Note 6 - Goodwill and Other Intangible Assets (Details) - Future Amortization Expense (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Future Amortization Expense [Abstract] | ' |
2015 | $564 |
2016 | 557 |
2017 | 460 |
2018 | 452 |
2019 | 452 |
After 2019 | $1,320 |
Note_7_Revolving_Lines_of_Cred1
Note 7 - Revolving Lines of Credit and Long-Term Debt (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2014 | Apr. 30, 2014 | Jun. 30, 2014 | Apr. 30, 2014 | Jun. 30, 2014 | Apr. 30, 2014 | |
London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | UNITED STATES | UNITED STATES | CANADA | CANADA | |
Minimum [Member] | Maximum [Member] | |||||
Note 7 - Revolving Lines of Credit and Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | $30,000,000 | ' | $5,000,000 |
Debt Instrument, Basis Spread on Variable Rate | 1.50% | 1.90% | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | 0.15% | ' | ' | ' |
Long-term Line of Credit | ' | ' | ' | ' | $0 | ' |
Note_8_Cash_Dividends_Details
Note 8 - Cash Dividends (Details) (USD $) | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Aug. 31, 2014 | |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' |
Payments of Ordinary Dividends, Common Stock | $5,780,000 | $8,648,000 | $5,529,000 | ' |
Quarterly Indicated Per Share Dividend Rate (in Dollars per share) | ' | ' | ' | $0.06 |
Note_9_Equity_Compensation_Det
Note 9 - Equity Compensation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2010 | Jun. 30, 2010 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Note 9 - Equity Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 686,831 | ' | ' | ' | ' | ' | ' | ' | ' | 686,831 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 2,677,464 | ' | ' | ' | ' | 2,006,250 | 2,123,939 | ' | ' | 2,677,464 | 2,341,150 | 2,006,250 | 2,123,939 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in Shares) | 1,874,326 | ' | ' | ' | ' | 1,404,400 | ' | ' | ' | 1,874,326 | 1,643,050 | 1,404,400 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $614,781 | ' | ' | ' | ' | ' | ' | ' | ' | $614,781 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 months | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 436,000 | 414,750 | 36,000 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.24 | $6.58 | $7.13 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.67 | $2.11 | $2.58 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 146 days | '5 years 219 days | '5 years 292 days | '6 years 109 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.28 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.58 | ' | ' |
Share-based Compensation, Valuation Assumptions, Expected Forfeiture Rate | 2.00% | 2.10% | 2.20% | 2.30% | 3.40% | 4.10% | 3.60% | 3.00% | 6.55% | ' | ' | ' | ' |
Stock or Unit Option Plan Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,005,000 | 842,000 | 410,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in Shares) | 2,667,192 | ' | ' | ' | ' | ' | ' | ' | ' | 2,667,192 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $9.58 | ' | ' | ' | ' | ' | ' | ' | ' | $9.58 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 1,664,121 | ' | ' | ' | ' | ' | ' | ' | ' | 1,664,121 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 146 days | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 142,714 | 95,223 | 3,365 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Aggregate Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 777,825 | 756,543 | 1,122,010 | ' |
Proceeds from Stock Options Exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | 399,000 | 175,000 | 14,000 | ' |
Reduction of Federal Income Taxes Payable Related to Stock Option Exercises | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,747 | ' | ' | ' |
Increase in Common Stock Related to Stock Option Exercises | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,009 | ' | ' | ' |
Reduction of Income Tax Expense Related to Stock Option Exercises | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,693 | ' | ' | ' |
Reduction of Deferred Tax Asset Related to Stock Option Exercises | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,045 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,205 | 8,092 | 7,076 | ' |
Stock Issued During Period, Value, Share-based Compensation, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | 192,100 | 56,700 | 47,700 | ' |
Treasury Stock, Shares (in Shares) | 307,328 | ' | ' | ' | ' | ' | ' | ' | ' | 307,328 | 288,505 | ' | ' |
Treasury Stock, Value | 2,914,700 | ' | ' | ' | ' | ' | ' | ' | ' | 2,914,700 | 2,791,000 | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124,000 | 150,000 | 141,000 | ' |
Employee Stock Option [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 9 - Equity Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock or Unit Option Plan Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,004,676 | 842,401 | 410,550 | ' |
Excluding Tax Effect of Disqualified Dispositions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 9 - Equity Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Stock Options Exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | 377,401 | 175,023 | 14,235 | ' |
Each Ninety Days [Member] | Non-Employee Directors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 9 - Equity Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' |
Annually [Member] | Employees [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 9 - Equity Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' |
Employee Salary Deferrals or Company Contributions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 9 - Equity Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | ' | ' | ' | ' | ' | ' | ' | ' | ' | $183,100 | $175,100 | ' | ' |
Treasury Stock, Shares, Acquired (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,215 | 25,549 | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 9 - Equity Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.20 | ' | $6.68 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.64 | $2 | $2.45 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years 2 months | '9 years 2 months | '9 years 5 months | ' |
Treasury Stock Acquired, Repurchase Authorization | ' | ' | ' | ' | ' | ' | ' | ' | ' | '19,000 | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 9 - Equity Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.44 | ' | $7.22 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.64 | $2.11 | $2.60 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years 6 months | '9 years 5 months | '9 years 8 months | ' |
Treasury Stock Acquired, Repurchase Authorization | ' | ' | ' | ' | ' | ' | ' | ' | ' | '23,000 | ' | ' | ' |
Note_9_Equity_Compensation_Det1
Note 9 - Equity Compensation (Details) - Weighted Average Assumptions Used to Develop the Fair Value of Stock Options | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Weighted Average Assumptions Used to Develop the Fair Value of Stock Options [Abstract] | ' | ' | ' |
Dividend yield | 3.30% | 3.60% | 3.10% |
Expected volatility | 53.00% | 51.00% | 55.00% |
Risk-free interest rate | 1.70% | 0.60% | 1.00% |
Expected life (in years) | '5 years 6 months | '4 years 255 days | '4 years 255 days |
Note_9_Equity_Compensation_Det2
Note 9 - Equity Compensation (Details) - Stock Options (USD $) | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Stock Options [Abstract] | ' | ' | ' | ' |
Outstanding - Shares | 2,677,464 | 2,341,150 | 2,006,250 | 2,123,939 |
Outstanding - Weighted Average Exercise Price | $9.57 | $9.95 | $10.64 | $10.80 |
Outstanding - Weighted Average Remaining Contractual Term | '5 years 146 days | '5 years 219 days | '5 years 292 days | '6 years 109 days |
Outstanding - Aggregate Intrinsic Value | $1,674,010 | $1,544,896 | $654,747 | $955,401 |
Exercisable - Shares | 1,874,326 | 1,643,050 | 1,404,400 | ' |
Exercisable - Weighted Average Exercise Price | $10.74 | $11.34 | $12.11 | ' |
Exercisable - Weighted Average Remaining Contractual Term | '4 years | '4 years 219 days | '5 years 36 days | ' |
Exercisable - Aggregate Instrinsic Value | $750,925 | $524,522 | $234,971 | ' |
Granted - Shares | 436,000 | 414,750 | 36,000 | ' |
Granted - Weighted Average Exercise Price | $7.24 | $6.58 | $7.13 | ' |
Forfeitures - Shares | -39,050 | -44,350 | -150,939 | ' |
Forfeitures - Weighted Average Exercise Price | $11.59 | $13.61 | $12.12 | ' |
Exercised - Shares | -60,636 | -35,500 | -2,750 | ' |
Exercised - Weighted Average Exercise Price | $6.22 | $4.93 | $5.18 | ' |
Note_9_Equity_Compensation_Det3
Note 9 - Equity Compensation (Details) - Summary of Unvested Stock Options (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Summary of Unvested Stock Options [Abstract] | ' | ' | ' |
Non-vested shares | 803,138 | 698,100 | ' |
Non-vested weighted-average grant date fair value | $2.39 | $2.20 | ' |
Granted | 436,000 | 414,750 | 36,000 |
Granted | $2.67 | $2.11 | $2.58 |
Vested | -329,587 | ' | ' |
Vested | $2.36 | ' | ' |
Forfeited | -1,375 | ' | ' |
Forfeited | $2.03 | ' | ' |
Note_10_Leases_and_Purchase_Co2
Note 10 - Leases and Purchase Commitments (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Note 10 - Leases and Purchase Commitments (Details) [Line Items] | ' | ' | ' |
Contractual Obligation | $35,873,000 | $33,273,000 | ' |
Operating Leases, Rent Expense | $1,783,000 | $1,794,000 | $1,836,000 |
Minimum [Member] | ' | ' | ' |
Note 10 - Leases and Purchase Commitments (Details) [Line Items] | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' |
Note 10 - Leases and Purchase Commitments (Details) [Line Items] | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | '5 years | ' | ' |
Note_10_Leases_and_Purchase_Co3
Note 10 - Leases and Purchase Commitments (Details) - Minimum Annual Rental Commitments (USD $) | Jun. 30, 2014 |
Minimum Annual Rental Commitments [Abstract] | ' |
$1,406,000 | |
1,228,000 | |
1,065,000 | |
942,000 | |
$143,000 |
Note_11_Income_Taxes_Details
Note 11 - Income Taxes (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Note 11 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Deferred Tax Assets, Capital Loss Carryforwards | $556,000 | $606,000 | ' |
Deferred Tax Assets, Valuation Allowance | 6,450,000 | 5,750,000 | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 4,465,000 | 4,256,000 | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 333,000 | 395,000 | ' |
Reserve for Unrecognized Tax Benefits Including Penalties and Interest | 987,000 | 1,244,000 | ' |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 169,000 | 219,000 | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 819,000 | 1,025,000 | ' |
Unrecognized Tax Benefits, Period Increase (Decrease) | 147,000 | 540,000 | 9,000 |
Excluding Interest [Member] | Domestic Tax Authority [Member] | ' | ' | ' |
Note 11 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Unrecognized Tax Benefits | 485,000 | 630,000 | ' |
NEW YORK | State Tax Code Change [Member] | ' | ' | ' |
Note 11 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Deferred State and Local Income Tax Expense (Benefit) | 362,000 | ' | ' |
NEW YORK | ' | ' | ' |
Note 11 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 1,727,000 | 1,727,000 | ' |
Deferred Tax Assets, Valuation Allowance | 1,721,000 | 1,231,000 | ' |
Deferred State and Local Income Tax Expense (Benefit) | 489,000 | 312,000 | 95,000 |
TENNESSEE | ' | ' | ' |
Note 11 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 90,000 | 90,000 | ' |
Deferred State and Local Income Tax Expense (Benefit) | 0 | 0 | 0 |
OREGON | ' | ' | ' |
Note 11 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 173,000 | 173,000 | ' |
CANADA | ' | ' | ' |
Note 11 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $4,466,000 | $4,256,000 | ' |
Note_11_Income_Taxes_Details_C
Note 11 - Income Taxes (Details) - Components of Income Tax Expense (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 |
Components of income before income taxes: | ' | ' | ' | ' | ' |
Income before income taxes | $2,267 | $615 | $6,191 | $16,167 | $1,784 |
Provision (benefit) for income taxes: | ' | ' | ' | ' | ' |
U.S. federal | 500 | 972 | 2,543 | ' | ' |
State and local | 35 | -440 | 313 | ' | ' |
Foreign | -54 | -57 | -198 | ' | ' |
Total current | 481 | 475 | 2,658 | ' | ' |
Deferred | 856 | 263 | 309 | ' | ' |
Total provision for income taxes | 1,337 | 738 | 2,967 | 5,339 | 360 |
UNITED STATES | ' | ' | ' | ' | ' |
Components of income before income taxes: | ' | ' | ' | ' | ' |
Income before income taxes | 3,121 | 2,369 | 8,131 | ' | ' |
Foreign [Member] | ' | ' | ' | ' | ' |
Components of income before income taxes: | ' | ' | ' | ' | ' |
Income before income taxes | ($854) | ($1,754) | ($1,940) | ' | ' |
Note_11_Income_Taxes_Details_R
Note 11 - Income Taxes (Details) - Reconciliation of Income Tax Rate | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Reconciliation to federal statutory rate: | ' | ' | ' |
Federal statutory tax rate | 34.00% | 34.00% | 34.00% |
State and local taxes, net of federal benefit | 6.90% | 17.00% | 6.60% |
Impact of foreign operations | 1.20% | -7.10% | -4.10% |
Federal and state tax credits | -6.30% | -34.10% | -1.30% |
Goodwill | 0.10% | 133.60% | 1.30% |
Valuation allowance | 30.80% | 145.60% | 13.10% |
Domestic production activities deduction | -2.80% | -22.20% | -4.00% |
Uncertain tax position activity | -11.30% | -101.60% | -0.90% |
Contingent liability | ' | -49.60% | ' |
Other | 6.40% | 4.50% | 3.20% |
Effective tax rate | 59.00% | 120.10% | 47.90% |
Note_11_Income_Taxes_Details_C1
Note 11 - Income Taxes (Details) - Components of Deferred Income Tax Assets and (Liabilities) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Components of Deferred Income Tax Assets and (Liabilities) [Abstract] | ' | ' |
Reserves against current assets | $74,000 | $370,000 |
Accrued expenses | 2,366,000 | 1,686,000 |
Goodwill, acquisition costs and intangible assets | 1,171,000 | 1,646,000 |
Deferred compensation | 1,051,000 | 999,000 |
State net operating loss carryover and credits | 1,991,000 | 1,991,000 |
Foreign net operating loss carryover and credits | 4,465,000 | 4,256,000 |
U.S. Federal net operating loss carryover and credits | 556,000 | 606,000 |
Deferred income tax asset before valuation reserve | 11,674,000 | 11,554,000 |
Valuation reserve | -6,450,000 | -5,750,000 |
Deferred income tax asset | 5,224,000 | 5,804,000 |
Depreciation | -3,985,000 | -3,709,000 |
Deferred income tax liability | -3,985,000 | -3,709,000 |
Net deferred income tax asset | 1,239,000 | 2,095,000 |
Other current assets | 2,439,000 | 2,056,000 |
Other long-term assets (liability) | ($1,200,000) | $39,000 |
Note_11_Income_Taxes_Details_L
Note 11 - Income Taxes (Details) - Liability for Uncertain Tax Positions (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Liability for Uncertain Tax Positions [Abstract] | ' | ' | ' |
Balance at beginning of the fiscal year | $969 | $1,860 | $1,910 |
Balance at end of the fiscal year | 746 | 969 | 1,860 |
Decreases — tax positions in prior period | -225 | -234 | -284 |
Increases — tax positions in current period | 2 | 37 | 234 |
Settlements and payments | ' | ($694) | ' |
Note_12_Supplemental_Cash_Flow2
Note 12 - Supplemental Cash Flow Information (Details) - Supplemental Cash Flow Information (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Cash payments: | ' | ' | ' |
Interest | $76 | $76 | $132 |
Income taxes | 978 | 3,404 | 1,016 |
Issuance of common shares as compensation | $193 | $57 | $48 |
Note_13_Commitments_and_Contin1
Note 13 - Commitments and Contingencies (Details) (USD $) | 1 Months Ended | |||
Mar. 19, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2012 | |
Standby Letters of Credit [Member] | ' | ' | ' | ' |
Note 13 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | $0 | ' | ' |
LSI Virticus [Member] | Reversed [Member] | ' | ' | ' | ' |
Note 13 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Business Acquisition Contingent Consideration at Fair Value Including Accrued Interest | ' | ' | 20,000 | ' |
LSI Virticus [Member] | ' | ' | ' | ' |
Note 13 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | 877,000 | ' | 0 | 218,000 |
Liability Payment Period | '5 years | ' | ' | ' |
Loss Contingency, Range of Possible Loss, Maximum | ' | $3,000,000 | ' | ' |
Note_14_Related_Party_Transact2
Note 14 - Related Party Transactions (Details) - Expenses from Related Party Transactions (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Keating Muething And Klekamp PLL [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related party expenses | $98 | $84 | $172 |
American Engineering And Metal Working [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related party expenses | 215 | 394 | 272 |
3970957 Canada Inc. [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related party expenses | 161 | 182 | 190 |
Synergy Electronic LTD [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related party expenses | $171 | $232 | $195 |
Note_14_Related_Party_Transact3
Note 14 - Related Party Transactions (Details) - Liabilities Recorded with Related Parties (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Keating Muething And Klekamp PLL [Member] | ' | ' |
Note 14 - Related Party Transactions (Details) - Liabilities Recorded with Related Parties [Line Items] | ' | ' |
Liabilites recorded with related parties | $5 | $19 |
American Engineering And Metal Working [Member] | ' | ' |
Note 14 - Related Party Transactions (Details) - Liabilities Recorded with Related Parties [Line Items] | ' | ' |
Liabilites recorded with related parties | ' | 5 |
Synergy Electronic LTD [Member] | ' | ' |
Note 14 - Related Party Transactions (Details) - Liabilities Recorded with Related Parties [Line Items] | ' | ' |
Liabilites recorded with related parties | $8 | $5 |
Note_15_Summary_of_Quarterly_R2
Note 15 - Summary of Quarterly Results (Unaudited) (Details) (Subsequent Event [Member]) | Aug. 26, 2014 |
Subsequent Event [Member] | ' |
Note 15 - Summary of Quarterly Results (Unaudited) (Details) [Line Items] | ' |
Number of Shareholders | 522 |
Number of Beneficial Shareholders | 3,000 |
Note_15_Summary_of_Quarterly_R3
Note 15 - Summary of Quarterly Results (Unaudited) (Details) - Quarterly Results (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | |||
Note 15 - Summary of Quarterly Results (Unaudited) (Details) - Quarterly Results [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales (in Dollars) | $73,858 | $68,996 | $76,123 | $80,486 | $68,837 | $66,152 | $71,082 | $74,719 | $71,196 | $62,937 | $68,774 | $65,495 | $299,463 | [1] | $280,790 | [1] | $268,402 | [1] | $293,501 | $254,402 |
Gross profit (in Dollars) | 15,704 | 13,715 | 16,757 | 19,122 | 14,736 | 13,921 | 13,882 | 17,871 | 16,607 | 13,316 | 14,926 | 15,464 | 65,298 | 60,410 | 60,313 | ' | ' | |||
Net income (loss) (in Dollars) | -796 | -1,009 | 870 | 1,865 | 812 | -315 | -2,450 | 1,830 | 1,505 | -377 | 772 | 1,324 | 930 | -123 | 3,224 | 10,828 | 1,424 | |||
Earnings (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic | ($0.03) | ($0.04) | $0.04 | $0.08 | $0.03 | ($0.01) | ($0.10) | $0.08 | $0.06 | ($0.02) | $0.03 | $0.05 | $0.04 | ($0.01) | $0.13 | $0.45 | $0.06 | |||
Diluted | ($0.03) | ($0.04) | $0.04 | $0.08 | $0.03 | ($0.01) | ($0.10) | $0.08 | $0.06 | ($0.02) | $0.03 | $0.05 | $0.04 | ($0.01) | $0.13 | $0.44 | $0.06 | |||
Fiscal Year [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Note 15 - Summary of Quarterly Results (Unaudited) (Details) - Quarterly Results [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 299,463 | 280,790 | 268,402 | ' | ' | |||
Gross profit (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,298 | 60,410 | 60,313 | ' | ' | |||
Net income (loss) (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $930 | ($123) | $3,224 | ' | ' | |||
Earnings (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.04 | [2] | ($0.01) | [2] | $0.13 | [2] | ' | ' |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.04 | [2] | ($0.01) | [2] | $0.13 | [2] | ' | ' |
Fiscal Year [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Range of share prices | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share price | $9.67 | ' | ' | ' | $8.46 | ' | ' | ' | $8.91 | ' | ' | ' | $9.67 | $8.46 | $8.91 | ' | ' | |||
Fiscal Year [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Range of share prices | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share price | $6.65 | ' | ' | ' | $6.10 | ' | ' | ' | $5.45 | ' | ' | ' | $6.65 | $6.10 | $5.45 | ' | ' | |||
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Range of share prices | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share price | $8.78 | $9.67 | $9.60 | $9 | $8.46 | $7.77 | $7.38 | $7.42 | $7.64 | $7.70 | $7.04 | $8.91 | $8.78 | $8.46 | $7.64 | ' | ' | |||
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Range of share prices | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share price | $7.10 | $7.54 | $7.76 | $6.65 | $6.78 | $6.80 | $6.10 | $6.19 | $5.81 | $5.85 | $5.45 | $5.93 | $7.10 | $6.78 | $5.81 | ' | ' | |||
[1] | Net sales are attributed to geographic areas based upon the location of the operation making the sale. | |||||||||||||||||||
[2] | The total of the earnings per share for each of the four quarters does not equal the total earnings per share for the full year because the calculations are based on the average shares outstanding during each of the individual periods. |
Note_15_Summary_of_Quarterly_R4
Note 15 - Summary of Quarterly Results (Unaudited) (Details) - Statement of Operations Data (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | |||||
Statement of Operations Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | $73,858 | $68,996 | $76,123 | $80,486 | $68,837 | $66,152 | $71,082 | $74,719 | $71,196 | $62,937 | $68,774 | $65,495 | $299,463 | [1] | $280,790 | [1] | $268,402 | [1] | $293,501 | $254,402 | ||
Cost of products and services sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 234,165 | 220,380 | 208,089 | 221,156 | 198,030 | |||||
Loss on sale of a subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 639 | |||||
Selling and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,175 | 57,367 | 53,724 | 56,041 | 53,671 | |||||
Goodwill and intangible asset impairment (a) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 805 | [2] | 2,413 | [2] | 258 | [2] | ' | [2] | 153 | [2] |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,318 | 630 | 6,331 | 16,304 | 1,909 | |||||
Interest (income) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -17 | -47 | -25 | -43 | -28 | |||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68 | 62 | 165 | 180 | 153 | |||||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,267 | 615 | 6,191 | 16,167 | 1,784 | |||||
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,337 | 738 | 2,967 | 5,339 | 360 | |||||
Net income (loss) | -796 | -1,009 | 870 | 1,865 | 812 | -315 | -2,450 | 1,830 | 1,505 | -377 | 772 | 1,324 | 930 | -123 | 3,224 | 10,828 | 1,424 | |||||
Basic (in Dollars per share) | ($0.03) | ($0.04) | $0.04 | $0.08 | $0.03 | ($0.01) | ($0.10) | $0.08 | $0.06 | ($0.02) | $0.03 | $0.05 | $0.04 | ($0.01) | $0.13 | $0.45 | $0.06 | |||||
Diluted (in Dollars per share) | ($0.03) | ($0.04) | $0.04 | $0.08 | $0.03 | ($0.01) | ($0.10) | $0.08 | $0.06 | ($0.02) | $0.03 | $0.05 | $0.04 | ($0.01) | $0.13 | $0.44 | $0.06 | |||||
Cash dividends paid per share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.24 | $0.36 | $0.23 | $0.20 | $0.20 | |||||
Basic (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,388 | 24,313 | 24,298 | 24,287 | 24,128 | |||||
Diluted (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,546 | [3] | 24,313 | [3] | 24,352 | [3] | 24,339 | 24,134 | ||
Working capital | 76,788 | ' | ' | ' | 76,703 | ' | ' | ' | 83,702 | ' | ' | ' | 76,788 | 76,703 | 83,702 | 84,524 | 73,568 | |||||
Total assets | 169,888 | ' | ' | ' | 169,179 | ' | ' | ' | 175,226 | ' | ' | ' | 169,888 | 169,179 | 175,226 | 176,021 | 173,845 | |||||
Long-term debt, including current maturities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,099 | 1,132 | |||||
Shareholders’ equity | $138,412 | ' | ' | ' | $141,690 | ' | ' | ' | $149,368 | ' | ' | ' | $138,412 | $141,690 | $149,368 | $151,218 | $144,218 | |||||
[1] | Net sales are attributed to geographic areas based upon the location of the operation making the sale. | |||||||||||||||||||||
[2] | The Company recorded a significant impairment of goodwill and/or intangible assets in fiscal 2014 and 2013, and minor impairments in fiscal 2012 and 2010. See Note 6. | |||||||||||||||||||||
[3] | Options to purchase 1,974,775 common shares, 2,027,450 common shares, and 1,782,868 common shares at June 30, 2014, 2013, and 2012, respectively, were not included in the computation of diluted earnings per share because the exercise price was greater than the average fair market value of the common shares. |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation and Qualifying Accounts (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Allowance for Doubtful Accounts: | ' | ' | ' | |||
Balance Beginning of Period | $346 | $385 | $826 | |||
Additions Charged to Costs and Expenses | 6 | 269 | 360 | |||
Additions from Acquired Company | ' | ' | 4 | |||
Deductions | -58 | [1] | -308 | [1] | -805 | [1] |
Balance End of Period | 294 | 346 | 385 | |||
Inventory Valuation Reserve [Member] | ' | ' | ' | |||
Allowance for Doubtful Accounts: | ' | ' | ' | |||
Balance Beginning of Period | 3,087 | 2,156 | 1,813 | |||
Additions Charged to Costs and Expenses | 1,464 | 2,957 | 1,453 | |||
Deductions | -2,253 | [1] | -2,026 | [1] | -1,110 | [1] |
Balance End of Period | 2,298 | 3,087 | 2,156 | |||
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' | |||
Allowance for Doubtful Accounts: | ' | ' | ' | |||
Balance Beginning of Period | 5,750 | 5,009 | 4,200 | |||
Additions Charged to Costs and Expenses | 700 | 741 | 636 | |||
Additions from Acquired Company | ' | ' | 173 | |||
Deductions | ' | [1] | ' | [1] | ' | [1] |
Balance End of Period | $6,450 | $5,750 | $5,009 | |||
[1] | For Allowance for Doubtful Accounts, deductions are uncollectible accounts charged off, less recoveries. |