LSI Industries (LYTS) 10-Q 4 Feb 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Dec. 31, 2015	Feb. 02, 2016
Entity Registrant Name	LSI INDUSTRIES INC
Entity Central Index Key	763,532
Trading Symbol	lyts
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		24,689,131
Document Type	10-Q
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Building [Member]
(Gain) on sale of building					$ (343)
Net sales	[1]	$ 84,687	$ 84,715	$ 170,612	163,181
Cost of products and services sold		60,761	64,160	123,337	124,018
Gross profit		$ 23,926	20,555	$ 47,275	39,163
Loss on sale of subsidiary (see Note 13)					565
Selling and administrative expenses		$ 18,546	18,331	$ 36,132	34,183
Operating Income (Loss)		5,380	2,224	11,143	4,758
Interest (income)		(17)	(6)	(25)	(9)
Interest expense		9	12	17	23
Income before income taxes		5,388	2,218	11,151	4,744
Income tax expense		1,606	630	3,619	1,629
Net income		$ 3,782	$ 1,588	$ 7,532	$ 3,115
Earnings per common share (see Note 4)
Basic earnings per share (in dollars per share)		$ 0.15	$ 0.06	$ 0.30	$ 0.13
Diluted earnings per share (in dollars per share)	[2]	$ 0.15	$ 0.06	$ 0.30	$ 0.13
Weighted average common shares outstanding
Weighted average shares outstanding during the period, net of treasury shares (a) (in shares)		24,911	24,449	24,838	24,442
Diluted (in shares)	[2],[3]	25,624	24,507	25,405	24,506
[1]	Net sales are attributed to geographic areas based upon the location of the operation making the sale.
[2]	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.
[3]	Options to purchase 1,115,250 common shares and 2,377,900 common shares at December 31, 2015 and 2014, respectively, and options to purchase 1,506,800 common shares and 2,371,900 common shares at December 31, 2015 and 2014, respectively, were not included in the computation of the three month and six month periods for diluted earnings per share, respectively, because the exercise price was greater than the average fair market value of the common shares.

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Current Assets
Cash and cash equivalents	$ 28,763	$ 26,409
Accounts receivable, less allowance for doubtful accounts of $372 and $317, respectively	43,122	43,661
Inventories	45,885	43,083
Refundable income taxes	574	99
Other current assets	7,448	7,562
Total current assets	125,792	120,814
Land	6,980	6,952
Buildings	38,162	37,706
Machinery and equipment	77,570	76,383
Construction in progress	1,514	588
	124,226	121,629
Less accumulated depreciation	(80,510)	(78,441)
Net property, plant and equipment	43,716	43,188
Goodwill	10,508	10,508
Other Intangible Assets, net	5,839	6,092
Other Long-Term Assets, net	1,679	1,777
Total assets	187,534	182,379
Current Liabilities
Accounts payable	8,829	14,721
Accrued expenses	23,307	22,126
Total current liabilities	32,136	36,847
Other Long-Term Liabilities	$ 2,099	$ 2,580
Commitments and Contingencies (Note 12)
Shareholders’ Equity
Preferred shares, without par value; Authorized 1,000,000 shares, none issued
Common shares, without par value; Authorized 40,000,000 shares; Outstanding 24,685,777 and 24,392,938 shares, respectively	$ 110,891	$ 106,353
Retained earnings	42,408	36,599
Total shareholders’ equity	153,299	142,952
Total liabilities & shareholders’ equity	$ 187,534	$ 182,379

Condensed Consolidated Balance4

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Allowance for doubtful accounts	$ 372	$ 317
Preferred Shares, No Par Value (in dollars per share)	$ 0	$ 0
Preferred Shares, Authorized (in shares)	1,000,000	1,000,000
Preferred Shares, Issued (in shares)	0	0
Common shares, no par value (in dollars per share)	$ 0	$ 0
Common shares, authorized (in shares)	40,000,000	40,000,000
Common shares, outstanding (in shares)	24,685,777	24,392,938

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Building [Member]
Non-cash items included in net income
(Gain) on disposition of building		$ (343,000)
Net income	$ 7,532,000	3,115,000
Depreciation and amortization	3,174,000	3,138,000
Deferred income taxes	(448,000)	(101,000)
Deferred compensation plan	310,000	94,000
Stock or Unit Option Plan Expense	2,150,000	882,000
Issuance of common shares as compensation	113,000	96,000
(Gain) Loss on disposition of fixed assets	$ 1,000	(1,000)
Loss on sale of subsidiary		565,000
Allowance for doubtful accounts	$ 131,000	176,000
Inventory obsolescence reserve	699,000	753,000
Changes in certain assets and liabilities:
Accounts receivable	387,000	(2,021,000)
Inventories	(3,480,000)	1,757,000
Refundable income taxes	(475,000)	1,801,000
Accounts payable	(5,962,000)	(784,000)
Accrued expenses and other	920,000	1,792,000
Customer prepayments	438,000	(201,000)
Net cash flows provided by operating activities	5,490,000	10,718,000
Cash Flows from Investing Activities
Purchases of property, plant and equipment	(3,384,000)	(2,404,000)
Proceeds from sale of subsidiary, net of cash sold		1,494,000
Proceeds from sale of fixed assets	4,000	952,000
Net cash flows provided by (used in) investing activities	(3,380,000)	42,000
Cash Flows from Financing Activities
Cash dividends paid	(1,721,000)	(1,688,000)
Exercise of stock options	2,195,000	108,000
Purchase of treasury shares	(277,000)	$ (139,000)
Issuance of treasury shares	47,000
Net cash flows provided by (used in) financing activities	244,000	$ (1,719,000)
Increase in cash and cash equivalents	2,354,000	9,041,000
Cash and cash equivalents at beginning of period	26,409,000	9,013,000
Cash and cash equivalents at end of period	$ 28,763,000	$ 18,054,000

Note 1 - Interim Condensed Cons

Note 1 - Interim Condensed Consolidated Financial Statements	6 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Condensed Financial Statements [Text Block]	NOTE 1 - INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The interim condensed consolidated financial statements are unaudited and are prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, and rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the interim financial statements include all normal adjustments and disclosures necessary to present fairly the Company’s financial position as of December 31, 2015, the results of its operations for the three and six month periods ended December 31, 2015 and 2014, and its cash flows for the six month periods ended December 31, 2015 and 2014. These statements should be read in conjunction with the financial statements and footnotes included in the fiscal 2015 Annual Report on Form 10-K. Financial information as of June 30, 2015 has been derived from the Company’s audited consolidated financial statements.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation: The condensed 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 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 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 five 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; revenue from the management of media content and digital hardware related to active digital signage; 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. The company provides product warranties and certain post-shipment service, support and maintenance of certain solid state LED video screens and billboards. 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. Revenue from the management of media content and digital hardware related to active digital signage is recognized evenly over the service period with the customer. Media content service periods with most customers range from 1 month to 1 year. Shipping and handling revenue coincides with the recognition of revenue from the sale of the product. 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 the accounting standard on software revenue recognition. Our solid-state LED video screens, billboards and active digital signage contain software elements which the Company has determined are incidental. 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) December 31, 2015 June 30, 2015 Accounts receivable $ 43,494 $ 43,978 Less: Allowance for doubtful accounts (372 ) (317 ) Accounts receivable, net $ 43,122 $ 43,661 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. The FDIC limit for insurance coverage on non-interest bearing accounts is $250,000. As of December 31, 2015 and June 30, 2015, the Company had bank balances of $31,602,000 and $28,494,000, respectively, without insurance coverage. 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 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 3 - 10 Computer software 3 - 8 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 accounting guidance on internal use software. Leasehold improvements are amortized over the shorter of fifteen years or the remaining term of the lease. The Company recorded $1,471,000 and $1,425,000 of depreciation expense in the second quarter of fiscal 2016 and 2015, respectively, and $2,921,000 and $2,863,000 of depreciation expense in the first half of fiscal 2016 and 2015, 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 7. 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 accounting guidance was used to measure the fair value of these nonfinancial assets and nonfinancial liabilities. Product Warranties: The Company offers a limited warranty that its products are free from 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, with some exceptions where the terms extend to 10 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) Six Months Ended December 31, 2015 Six Months Ended December 31, 2014 Fiscal Year Ended June 30, 2015 Balance at beginning of the period $ 3,408 $ 2,662 $ 2,662 Additions charged to expense 2,259 1,557 3,185 Deductions for repairs and replacements (1,357 ) (971 ) (2,439 ) Balance at end of the period $ 4,310 $ 3,248 $ 3,408 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, outside legal costs and filing fees related to obtaining patents, supplies, depreciation and other administrative costs. The Company 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 $1,320,000 and $1,450,000 for the three months ended December 31, 2015 and 2014, respectively, and $2,631,000 and $3,301,000 for the six months ended December 31, 2015 and 2014, respectively. Cost of Products and Services Sold: Cost of products sold is primarily comprised of direct materials and supplies consumed in the manufacture of products, as well as manufacturing labor, depreciation expense and direct overhead expense necessary to acquire and convert the purchased materials and supplies into finished product. Cost of products sold also includes the cost to distribute products to customers, inbound freight costs, internal transfer costs, warehousing costs and other shipping and handling activity. Cost of services sold is primarily comprised of the internal and external labor costs required to support the Company’s service revenue along with the management of media content. 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 of common shares outstanding for the period and includes common share equivalents. Common share equivalents include the dilutive effect of stock options, restricted stock units, contingently issuable shares and common shares to be issued under a deferred compensation plan, all of which totaled 987,000 shares and 383,000 shares for the three months ended December 31, 2015 and 2014, respectively, and 836,000 shares and 383,000 shares for the six months ended December 31, 2015 and 2014, respectively See further discussion of earnings per common share in Note 4. New Accounting Pronouncements: 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, 2017, or the Company’s fiscal year 2019. The Company has not yet determined the impact the amended guidance will have on its financial statements. In July 2015, the Financial Accounting Standards Board issued ASU 2015-11, “Simplifying the Measurement of Inventory.” The amended guidance requires an entity to measure in scope inventory at lower of cost and net realizable value. The amended guidance is effective for fiscal years beginning after December 15, 2016, or the Company’s fiscal year 2018, with early adoption permitted. In December 2015, the Financial Accounting Standards Board issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes.” The amended guidance eliminates the requirements for organizations to present deferred tax liabilities and assets as current and noncurrent. Instead, all deferred tax assets and liabilities will be classified as noncurrent. The amended guidance is effective for financial statements issued for fiscal years and interim periods within those years, beginning after December 15, 2016, or the Company’s fiscal year 2018, with early adoption permitted. Comprehensive Income: The Company does not have any comprehensive income items other than net income. The functional currency of the Company’s former Canadian operation was the U.S. dollar. Subsequent Events: The Company has evaluated subsequent events for potential recognition and disclosure through the date the condensed consolidated financial statements were filed. No items were identified during this evaluation that required adjustment to or disclosure in the accompanying financial statements. 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 3 - Segment Reporting Info

Note 3 - Segment Reporting Information	6 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 3 - SEGMENT REPORTING INFORMATION The accounting guidance on 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 or “CODM”) in making decisions on how to allocate resources and assess performance. In the third quarter of fiscal 2015, the Company realigned its operating segments to be in alignment with the financial information received by the then new Chief Executive Officer. The Company’s three operating segments are Lighting, Graphics, and Technology, each of which has a president who is responsible for that business and reports to the CODM. An All Other Category as well as Corporate and Eliminations will also be reported in the segment information. As a result of the realignment of the Company’s operating segments in the third quarter of fiscal 2015, all prior period segment information has been revised so as to be comparable with the new segment reporting structure. The changes made and realignment of the Company’s operating segments involved the following: 1) The segment formerly known as the Electronic Components Segment was renamed as the Technology Segment. 2) The LED Video Screen product line was moved out of the Lighting Segment and into the Technology Segment. 3) The Company’s installation management business (LSI Adapt) and the menu board business (LSI Images) were moved out of the All Other Category and into the Graphics Segment. The Lighting Segment includes outdoor, indoor, and landscape lighting utilizing both traditional and LED light sources, that have 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). The Graphics Segment designs, manufactures and installs exterior and interior visual image elements related to traditional graphics, active digital signage along with the management of media content related to digital signage, and menu board systems that are either digital or traditional by design. These products are used in visual image programs in several markets, including the petroleum / convenience store market, multi-site retail operations, banking, and restaurants. The Graphics Segment implements, installs and provides program management services related to products sold by the Graphics Segment and by the Lighting Segment. The Technology Segment designs and manufactures electronic circuit boards, assemblies and sub-assemblies, various control system products used in other applications (including the control of solid-state LED lighting and metal halide lighting), and solid state LED video screens, scoreboards and advertising ribbon boards. This operating segment sells its products directly to customers (primarily in the transportation, original equipment manufacturers and medical markets) and also has significant inter-segment sales to the Lighting Segment. The All Other Category includes only the Company’s former subsidiary that designed and produced high-performance light engines, large format video screens using solid-state LED technology, and certain specialty LED lighting. This subsidiary was sold on September 30, 2014 (See Note 13). 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. Corporate identifiable assets primarily consist of cash, invested cash (if any), refundable income taxes, and deferred income tax assets. The Company’s Lighting Segment and Graphics Segment net sales to a petroleum / convenience store customer represented approximately $17,045,000 or 10% of consolidated net sales in the six months ended December 31, 2015. There was no concentration of consolidated net sales in the three months ended December 31, 2015 or in the three and six months ended December 31, 2014. The Company’s Graphics Segment accounts receivable balance related to this customer at December 31, 2015 was $4,690,000 or 11% of consolidated net accounts receivable. There was no concentration of accounts receivable at June 30, 2015. Summarized financial information for the Company’s operating segments is provided for the indicated periods and as of December 31, 2015 and December 31, 2014: ( In thousands) Three Months Ended December 31 Six Months Ended December 31 2015 2014 2015 2014 Net Sales: Lighting Segment $ 59,601 $ 59,796 $ 118,676 $ 115,517 Graphics Segment 21,034 20,269 42,787 36,293 Technology Segment 4,052 4,650 9,149 11,330 All Other Category -- -- -- 41 $ 84,687 $ 84,715 $ 170,612 $ 163,181 Operating Income (Loss): Lighting Segment $ 5,182 $ 4,090 $ 10,864 $ 8,317 Graphics Segment 2,035 1,065 4,196 1,118 Technology Segment 993 499 2,333 1,131 All Other Category -- -- -- (183 ) Corporate and Eliminations (2,830 ) (3,430 ) (6,250 ) (5,625 ) $ 5,380 $ 2,224 $ 11,143 $ 4,758 Capital Expenditures: Lighting Segment $ 1,160 $ 599 $ 1,849 $ 1,181 Graphics Segment 604 533 1,109 867 Technology Segment 108 241 224 285 All Other Category -- -- -- 4 Corporate and Eliminations 150 61 202 67 $ 2,022 $ 1,434 $ 3,384 $ 2,404 Depreciation and Amortization: Lighting Segment $ 717 $ 729 $ 1,422 $ 1,451 Graphics Segment 213 256 428 506 Technology Segment 364 325 719 663 All Other Category -- -- -- 31 Corporate and Eliminations 304 242 605 487 $ 1,598 $ 1,552 $ 3,174 $ 3,138 December 31, 2015 June 30, 2015 Identifiable Assets: Lighting Segment $ 87,209 $ 90,713 Graphics Segment 36,306 29,477 Technology Segment 29,956 28,423 All Other Category -- -- Corporate and Eliminations 34,063 33,766 $ 187,534 $ 182,379 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: Three Months Ended December 31 Six Months Ended December 31 (In thousands) 2015 2014 2015 2014 Lighting Segment inter-segment net sales $ 814 $ 445 $ 1,428 $ 1,497 Graphics Segment inter-segment net sales $ 562 $ 125 $ 1,006 $ 256 Technology inter-segment net sales $ 8,932 $ 7,675 $ 18,316 $ 14,947 All Other Category inter-segment net sales $ -- $ -- $ -- $ 308 The Company considers its geographic areas to be: 1) the United States, and 2) Canada. The Company’s operations are in the United States, with one operation previously in Canada. As a result of the sale of a subsidiary on September 30, 2014, the Company no longer has a presence in Canada (See Note 13). The geographic distribution of the Company’s net sales and long-lived assets are as follows: ( In thousands) Three Months Ended December 31 Six Months Ended December 31 2015 2014 2015 2014 Net Sales (a): United States $ 84,687 $ 84,715 $ 170,612 $ 163,140 Canada -- -- -- 41 $ 84,687 $ 84,715 $ 170,612 $ 163,181 December 31, 2015 June 30, 2015 Long-lived Assets (b): United States $ 45,395 $ 44,965 Canada -- -- $ 45,395 $ 44,965 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 4 - Earnings Per Common Sh

Note 4 - Earnings Per Common Share	6 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 4 - 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) : Three Months Ended December 31 Six Months Ended December 31 2015 2014 2015 2014 BASIC EARNINGS PER SHARE Net income $ 3,782 $ 1,588 $ 7,532 $ 3,115 Weighted average shares outstanding during the period, net of treasury shares (a) 24,637 24,124 24,569 24,123 Weighted average vested restricted stock units outstanding 25 -- 26 -- Weighted average shares outstanding in the Deferred Compensation Plan during the period 249 325 243 319 Weighted average shares outstanding 24,911 24,449 24,838 24,442 Basic earnings per share $ 0.15 $ 0.06 $ 0.30 $ 0.13 DILUTED EARNINGS PER SHARE Net income $ 3,782 $ 1,588 $ 7,532 $ 3,115 Weighted average shares outstanding Basic 24,911 24,449 24,838 24,442 Effect of dilutive securities (b): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any 713 58 567 64 Weighted average shares outstanding (c) 25,624 24,507 25,405 24,506 Diluted earnings per share $ 0.15 $ 0.06 $ 0.30 $ 0.13 (a) Includes shares accounted for as treasury stock according to accounting standards. (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 1,115,250 common shares and 2,377,900 common shares at December 31, 2015 and 2014, respectively, and options to purchase 1,506,800 common shares and 2,371,900 common shares at December 31, 2015 and 2014, respectively, were not included in the computation of the three month and six month periods for diluted earnings per share, respectively, because the exercise price was greater than the average fair market value of the common shares.

Note 5 - Inventories

Note 5 - Inventories	6 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 5 – INVENTORIES The following information is provided as of the dates indicated: (In thousands) December 31, 2015 June 30, 2015 Inventories: Raw materials $ 27,414 $ 27,920 Work-in-process 4,498 4,658 Finished goods 13,973 10,505 Total Inventories $ 45,885 $ 43,083

Note 6 - Accrued Expenses

Note 6 - Accrued Expenses	6 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	NOTE 6 - A CCRUED EXPENSES The following information is provided as of the dates indicated: (In thousands) December 31, 2015 June 30, 2015 Accrued Expenses: Compensation and benefits $ 11,097 $ 11,614 Customer prepayments 1,762 1,324 Accrued sales commissions 2,021 1,982 Accrued warranty 4,310 3,408 Other accrued expenses 4,117 3,798 Total Accrued Expenses $ 23,307 $ 22,126

Note 7 - Goodwill and Other Int

Note 7 - Goodwill and Other Intangible Assets	6 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	NOTE 7 - 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 the accounting standard on goodwill and intangible assets. 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 following table presents information about the Company's goodwill on the dates or for the periods indicated: Goodwill (In thousands) Lighting Segment Graphics Segment Technology Segment All Other Category Total Balance as of June 30, 2015 Goodwill $ 34,913 $ 28,690 $ 11,621 $ -- $ 75,224 Accumulated impairment losses (34,778 ) (27,525 ) (2,413 ) -- (64,716 ) Goodwill, net as of June 30, 2015 $ 135 $ 1,165 $ 9,208 $ -- $ 10,508 Balance as of December 31, 2015 Goodwill $ 34,913 28,690 11,621 -- 75,224 Accumulated impairment losses (34,778 ) (27,525 ) (2,413 ) -- (64,716 ) Goodwill, net as of December 31, 2015 $ 135 1,165 9,208 $ -- $ 10,508 In the first quarter of fiscal 2015, the Company sold LSI Saco Technologies Inc. A customer relationship intangible asset with a gross carrying amount of $1,036,000 and accumulated amortization of $428,000 was sold as a result of the sale of LSI Saco Technologies (See Note 13). The gross carrying amount and accumulated amortization by major other intangible asset class is as follows: December 31, 2015 Gross Other Intangible Assets Carrying Accumulated Net (In thousands) Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 9,316 7,436 1,880 Patents 338 136 202 LED technology firmware, software 11,228 10,950 278 Trade name 460 460 -- Non-compete agreements 710 653 57 Total Amortized Intangible Assets 22,052 19,635 2,417 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 $ 25,474 19,635 5,839 June 30, 2015 Other Intangible Assets (In thousands) Gross Carrying Amount Accumulated Amortization Net Amount Amortized Intangible Assets Customer relationships $ 9,316 $ 7,290 $ 2,026 Patents 338 120 218 LED technology firmware, software 11,228 10,910 318 Trade name 460 460 -- Non-compete agreements 710 602 108 Total Amortized Intangible Assets 22,052 19,382 2,670 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 $ 25,474 $ 19,382 $ 6,092 (In thousands) Amortization Expense of Other Intangible Assets December 31, 2015 December 31, 2014 Three Months Ended $ 127 $ 127 Six Months Ended $ 253 $ 275 The Company expects to record annual amortization expense as follows: (In thousands) 2016 $ 505 2017 $ 409 2018 $ 400 2019 $ 400 2020 $ 327 After 2020 $ 629

Note 8 - Revolving Line of Cred

Note 8 - Revolving Line of Credit	6 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 8 - REVOLVING LINE OF CREDIT In March 2015, the Company renewed its $30 million unsecured revolving credit line. The line of credit expires in the third quarter of fiscal 2018. 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 the $30 million committed line of credit is 12.5 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 the line of credit as of December 31, 2015. The Company is in compliance with all of its loan covenants as of December 31, 2015 .

Note 9 - Cash Dividends

Note 9 - Cash Dividends	6 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 9 - CASH DIVIDENDS The Company paid cash dividends of $1,721,000 and $1,688,000 in the six months ended December 31, 2015 and 2014, respectively. Dividends on restricted stock units in the amount of $4,690 were accrued in the six months ended December 31, 2015. These dividends will be paid upon the vesting of the restricted stock units when shares are issued to the award recipients. In January 2016, the Board of Directors declared a regular quarterly cash dividend of $0.05 per share payable February 16, 2016 to shareholders of record as of February 8, 2016. The new indicated annual cash dividend rate is $0.20 per share.

Note 10 - Equity Compensation

Note 10 - Equity Compensation	6 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 10 - EQUITY COMPENSATION Stock Based Compensation 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 replaced all previous equity compensation plans of the Company. The options granted and stock awards made pursuant to this Plan are granted at fair market value at the date of grant or award. Service-based options granted to non-employee directors become exercisable 25% each ninety days (cumulative) from the date of grant and options granted to employees generally become exercisable 25% per year (cumulative) beginning one year after the date of grant. Performance-based options granted to employees become exercisable 33.3% 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 1,522,593 shares, all of which were available for future grant or award as of December 31, 2015. 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. Service based and performance based stock options were granted and restricted stock units (“RSUs”) were awarded during the six months ended December 31, 2015. As of December 31, 2015, a total of 3,340,462 options for common shares were outstanding from this Plan as well as one previous stock option plan (which has also been approved by shareholders), and of these, a total of 1,628,976 options for common shares were vested and exercisable. As of December 31, 2015, the approximate unvested stock option expense that will be recorded as expense in future periods is $3,110,463. The weighted average time over which this expense will be recorded is approximately 32 months. Additionally, as of December 31, 2015 a total of 67,000 RSUs were outstanding. The approximate unvested stock compensation expense that will be recorded as expense in future periods for the RSUs is $332,454. The weighted average time over which this expense will be recorded is approximately 36 months. Stock Options 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. Three Months Ended December 31 Six Months Ended December 31 2015 2014 2015 2014 Dividend yield 1.33 % 1.17 % 1.28 % 1.17 % Expected volatility 43 % 56 % 44 % 56 % Risk-free interest rate 1.38 % 1.64 % 1.67 % 1.64 % Expected life (in years) 6.0 6.0 6.0 6.0 At December 31, 2015, the 1,016,800 options granted during the first six months of fiscal 2016 to employees had exercise prices ranging from $8.84 to $11.82 per share, fair values ranging from $3.28 to $4.48 per share, and remaining contractual lives of between nine years, six months and nine years, eleven months. At December 31, 2014, the 593,400 options granted during the first six months of fiscal 2015 to employees had exercise prices ranging from $5.96 to $6.94 per share, fair values ranging from $2.19 to $3.48 per share, and remaining contractual lives of between nine years, nine months and nine years, eleven 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 3.1% forfeiture rate effective October 1, 2015. Previous estimated forfeiture rates were between 2.0% and 3.3% for the period January 1, 2013 through September 30, 2015. 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 $342,134 and $796,192 of expense related to stock options in the three months ended December 31, 2015 and 2014, respectively, and $1,830,707 and $881,825 of expense related to stock options in the six months ended December 31, 2015 and 2014, respectively. As of December 31, 2015, the Company had 3,287,071 stock options that were vested and that were expected to vest, with a weighted average exercise price of $9.12 per share, an aggregate intrinsic value of $12,468,545 and weighted average remaining contractual terms of 6.8 years. Information related to all stock options for the three months ended December 31, 2015 and 2014 is shown in the following tables: Six Months Ended December 31, 2015 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at 6/30/15 2,677,436 $ 8.85 6.1 $ 4,914,601 Granted 1,016,800 $ 9.38 Forfeitures (55,050 ) $ 11.65 Exercised (298,724 ) $ 7.20 Outstanding at 12/31/15 3,340,462 $ 9.11 6.8 $ 12,661,470 Exercisable at 12/31/15 1,628,976 $ 9.95 4.5 $ 6,032,985 Six Months Ended December 31, 2014 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at 6/30/14 2,677,464 $ 9.57 5.4 $ 1,674,010 Granted 593,400 $ 6.66 Forfeitures (378,525 ) $ 9.99 Exercised (24,725 ) $ 5.84 Outstanding at 12/31/14 2,867,614 $ 8.95 6.3 $ 558,591 Exercisable at 12/31/14 1,778,589 $ 10.24 4.6 $ 438,785 The following table presents information related to unvested stock options: Shares Weighted-Average Grant Date Fair Value Non-vested at June 30, 2015 1,080,198 $ 2.99 Granted 1,016,800 $ 3.63 Vested (355,462 ) $ 2.91 Forfeited (30,050 ) $ 3.30 Non-vested at December 31, 2015 1,711,486 $ 3.38 The weighted average grant date fair value of options granted during the six month periods ended December 31, 2015 and 2014 was $3.63 and $3.23, respectively. The aggregate intrinsic value of options exercised during the six month periods ended December 31, 2015 and 2014 was $852,596 and $22,383, respectively. The aggregate grant date fair value of options that vested during the six month periods ended December 31, 2015 and 2014 was $1,035,041 and $598,316, respectively. The Company received $2,149,606 and $144,352 of cash from employees who exercised options in the six month periods ended December 31, 2015 and 2014, respectively. In the first six months of fiscal 2016 the Company recorded $300,868 as a reduction of federal income taxes payable, $46,066 as an increase in common stock, $84,781 as a reduction of income tax expense, and $170,021 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. In the first six months of fiscal 2015 the Company recorded $7,834 as a reduction of federal income taxes payable, $36,575 as a reduction in common stock, $7,690 as a reduction of income tax expense, and $36,718 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. Restricted Stock Units A total of 72,000 RSUs with a weighted average fair value of $9.39 per share were awarded to employees during the six months ended December 31, 2015. The Company determined the fair value of the awards based on the closing price of the Company’s common stock on the date the restricted stock units were awarded. The RSUs have a four year ratable vesting period. The RSUs are non-voting, but accrue cash dividends at the same per share rate as those cash dividends declared and paid on LSI’s common stock. Dividends on RSUs in the amount of $5,040 were accrued or paid in the six months ended December 31, 2015. Accrued dividends are paid to the holder upon vesting of the RSUs and issuance of shares. As of December 31, 2015, the 67,000 restricted stock units outstanding had a remaining contractual life of 9 years, 6 months. Of the 67,000 RSUs outstanding, 64,434 are expected to vest as of December 31, 2015. An estimated forfeiture rate of 3.3% was used in the calculation of expense related to the restricted stock units. The Company recorded $33,276 and $319,533 of expense related to RSUs in the three and six month periods ended December 31, 2015. There were no RSUs awarded prior to July 1, 2015. Director and Employee Stock Compensation Awards The Company awarded a total of 12,590 and 13,800 common shares in the six months ended December 31, 2015 and 2014, respectively, as stock compensation awards. These common shares were valued at their approximate $113,400 and $96,000 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 received a nominal recognition award in the form of company stock. 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 December 31, 2015 there were 28 participants, all with fully vested account balances. A total of 250,075 common shares with a cost of $2,375,242, and 226,600 common shares with a cost of $2,145,100 were held in the plan as of December 31, 2015 and June 30, 2015, 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 according to accounting guidance. The Company used approximately $276,800 and $139,100 to purchase 29,021 and 20,034 common shares of the Company in the open stock market during the six months ended December 31, 2015 and 2014, respectively, for either employee salary deferrals or Company contributions into the non-qualified deferred compensation plan. For fiscal year 2016, the Company estimates the Rabbi Trust for the Nonqualified Deferred Compensation Plan will make net repurchases in the range of 35,000 to 39,000 common shares of the Company. The Company does not currently repurchase its own common shares for any other purpose.

Note 11 - Supplemental Cash Flo

Note 11 - Supplemental Cash Flow Information	6 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	NOTE 11 - SUPPLEMENTAL CASH FLOW INFORMATION (In thousands) Six Months Ended December 31 2015 2014 Cash payments: Interest $ 23 $ 36 Income taxes $ 4,650 $ 21 Issuance of common shares as compensation $ 113 $ 96

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	6 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 1 2 - COMMITMENTS AND CONTINGENCIES As part of the acquisition of Virticus Corporation on March 19, 2012, a contingent Earn-Out liability was established. This discounted liability was 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 fiscal 2013, as a result of modified sales forecasts for LSI Controls (fka, LSI Virticus), the fair value of the Earn-Out liability was adjusted to zero. As of December 31, 2015, the maximum potential undiscounted liability related to the Earn-Out is $2 million. This would be based upon the achievement of a defined level of sales of lighting control systems in fiscal years 2016 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 December 31, 2015, there were no standby letter of credit agreements.

Note 13 - Sale of Subsidiary

Note 13 - Sale of Subsidiary	6 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	NOTE 13 – SALE OF SUBSIDIARY On September 30, 2014, the Company sold the stock of its wholly owned subsidiary LSI Saco Technologies Inc., located in Montreal, Canada, for $1.9 million cash. The sale resulted in a pre-tax loss of $565,000. As a result of the sale, the Company terminated the $5 million unsecured revolving line of credit for this Canadian operation. LSI Saco reported $41,000 of net customer sales and a $(183,000) operating loss in the first quarter of fiscal 2015 prior to the sale. LSI Saco was reported in the All Other Category. The sale of LSI Saco was not considered the sale of a discontinued operation because the Company migrated most of its manufacturing, research and development, and selling activities from LSI Saco to the Company’s Cincinnati, Ohio location.

Note 14 - Severance Costs

Note 14 - Severance Costs	6 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	NOTE 14 – SEVERANCE COSTS Pursuant to a management succession agreement entered into in fiscal 2004 as subsequently amended, the Company’s former Chief Executive Officer, Robert J. Ready, relinquished this title and related management responsibilities when the Company hired and appointed a new Chief Executive Officer in October 2014. Mr. Ready remained on the Company’s Board of Directors until his death in March 2015, but was no longer Chairman of the Board following the November 2014 Annual Meeting of Shareholders. The management succession agreement provided for 18 months of compensation to be paid to Mr. Ready, which resulted in a severance charge in the second quarter of fiscal 2015 of $800,000. Severance payments totaling $224,000 were made in the second and third quarters of fiscal 2015. The remaining $576,000 severance liability was recognized as income when Mr. Ready died in March 2015. Pursuant to the management succession agreement a $1 million self-insured death benefit was paid to Mr. Ready’s beneficiary in the fourth quarter of fiscal 2015. In January 2015, the Company initiated a reduction in force and recorded severance charges of $340,000 and facility exit charges of $21,200 in the third quarter of fiscal 2015. This reduction in force and employee retirements that occurred early in the third quarter of fiscal 2015 represented approximately 8.3% of the Company’s total salaried workforce and approximately $3.7 million of annual total compensation and benefit reductions. The Company recorded severance charges of $223,000 during the first half of fiscal year 2016 in the Graphics Segment. The activity in the Company’s Accrued Severance Liability is as follows for the periods indicated: (In thousands) Six Months Ended December 31, 2015 Six Months Ended December 31, 2014 Fiscal Year Ended June 30, 2015 Balance at beginning of the period $ 379 $ -- $ -- Accrual of expense 223 944 1,718 Payments (314 ) (213 ) (704 ) Adjustments (58 ) -- (635 ) Balance at end of the period $ 230 $ 731 $ 379

Note 15 - Income Taxes

Note 15 - Income Taxes	6 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 15 – INCOME TAXES The Company's effective income tax rate is based on expected income, statutory rates and tax planning opportunities available in the various jurisdictions in which it operates. For interim financial reporting, the Company estimates the annual income tax rate based on projected taxable income for the full year and records a quarterly income tax provision or benefit in accordance with the anticipated annual rate. The Company refines the estimates of the year's taxable income as new information becomes available, including actual year-to-date financial results. This continual estimation process often results in a change to the expected effective income tax rate for the year. When this occurs, the Company adjusts the income tax provision during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected income tax rate. Significant judgment is required in determining the effective tax rate and in evaluating tax positions. Three Months Ended December 31 Six Months Ended December 31 2015 2014 2015 2014 Reconciliation to effective tax rate: Provision for income taxes at the anticipated annual tax rate 33.3 % 36.1 % 34.5 % 41.0 % Impact of foreign operations -- -- -- (0.2 ) Enactment of tax law changes (2.0 ) (6.1 ) (1.0 ) (2.9 ) Uncertain tax positions (0.3 ) (1.3 ) (0.3 ) (1.2 ) Other (1.2 ) (0.3 ) (0.7 ) (2.4 ) Effective tax rate 29.8 % 28.4 % 32.5 % 34.3 % The Protecting Americans from Tax Hike Act of 2015 that made permanent the tax credit for research and development (“R&D”), retroactive back to January 1, 2015, was signed into law in December 2015. Therefore, the Company recorded an estimated R&D tax credit benefit of $111,000 in December 2015 for the second half of fiscal year 2015, and estimated an R&D tax credit in its calculation of the estimated income tax rate for fiscal 2016. Other items in this December 2015 tax bill will have little impact on the Company’s income tax expense.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Consolidation: The condensed 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 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 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 five 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; revenue from the management of media content and digital hardware related to active digital signage; 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. The company provides product warranties and certain post-shipment service, support and maintenance of certain solid state LED video screens and billboards. 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. Revenue from the management of media content and digital hardware related to active digital signage is recognized evenly over the service period with the customer. Media content service periods with most customers range from 1 month to 1 year. Shipping and handling revenue coincides with the recognition of revenue from the sale of the product. 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 the accounting standard on software revenue recognition. Our solid-state LED video screens, billboards and active digital signage contain software elements which the Company has determined are incidental.
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) December 31, 2015 June 30, 2015 Accounts receivable $ 43,494 $ 43,978 Less: Allowance for doubtful accounts (372 ) (317 ) Accounts receivable, net $ 43,122 $ 43,661
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. The FDIC limit for insurance coverage on non-interest bearing accounts is $250,000. As of December 31, 2015 and June 30, 2015, the Company had bank balances of $31,602,000 and $28,494,000, respectively, without insurance coverage.
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 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 3 - 10 Computer software 3 - 8 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 accounting guidance on internal use software. Leasehold improvements are amortized over the shorter of fifteen years or the remaining term of the lease. The Company recorded $1,471,000 and $1,425,000 of depreciation expense in the second quarter of fiscal 2016 and 2015, respectively, and $2,921,000 and $2,863,000 of depreciation expense in the first half of fiscal 2016 and 2015, 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 7.
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 accounting guidance was used to measure the fair value of these nonfinancial assets and nonfinancial liabilities.
Standard Product Warranty, Policy [Policy Text Block]	Product Warranties: The Company offers a limited warranty that its products are free from 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, with some exceptions where the terms extend to 10 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) Six Months Ended December 31, 2015 Six Months Ended December 31, 2014 Fiscal Year Ended June 30, 2015 Balance at beginning of the period $ 3,408 $ 2,662 $ 2,662 Additions charged to expense 2,259 1,557 3,185 Deductions for repairs and replacements (1,357 ) (971 ) (2,439 ) Balance at end of the period $ 4,310 $ 3,248 $ 3,408
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, outside legal costs and filing fees related to obtaining patents, supplies, depreciation and other administrative costs. The Company 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 $1,320,000 and $1,450,000 for the three months ended December 31, 2015 and 2014, respectively, and $2,631,000 and $3,301,000 for the six months ended December 31, 2015 and 2014, respectively.
Cost of Sales, Policy [Policy Text Block]	Cost of Products and Services Sold: Cost of products sold is primarily comprised of direct materials and supplies consumed in the manufacture of products, as well as manufacturing labor, depreciation expense and direct overhead expense necessary to acquire and convert the purchased materials and supplies into finished product. Cost of products sold also includes the cost to distribute products to customers, inbound freight costs, internal transfer costs, warehousing costs and other shipping and handling activity. Cost of services sold is primarily comprised of the internal and external labor costs required to support the Company’s service revenue along with the management of media content.
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 of common shares outstanding for the period and includes common share equivalents. Common share equivalents include the dilutive effect of stock options, restricted stock units, contingently issuable shares and common shares to be issued under a deferred compensation plan, all of which totaled 987,000 shares and 383,000 shares for the three months ended December 31, 2015 and 2014, respectively, and 836,000 shares and 383,000 shares for the six months ended December 31, 2015 and 2014, respectively See further discussion of earnings per common share in Note 4.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements: 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, 2017, or the Company’s fiscal year 2019. The Company has not yet determined the impact the amended guidance will have on its financial statements. In July 2015, the Financial Accounting Standards Board issued ASU 2015-11, “Simplifying the Measurement of Inventory.” The amended guidance requires an entity to measure in scope inventory at lower of cost and net realizable value. The amended guidance is effective for fiscal years beginning after December 15, 2016, or the Company’s fiscal year 2018, with early adoption permitted. In December 2015, the Financial Accounting Standards Board issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes.” The amended guidance eliminates the requirements for organizations to present deferred tax liabilities and assets as current and noncurrent. Instead, all deferred tax assets and liabilities will be classified as noncurrent. The amended guidance is effective for financial statements issued for fiscal years and interim periods within those years, beginning after December 15, 2016, or the Company’s fiscal year 2018, with early adoption permitted.
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Income: The Company does not have any comprehensive income items other than net income. The functional currency of the Company’s former Canadian operation was the U.S. dollar.
Subsequent Events, Policy [Policy Text Block]	Subsequent Events: The Company has evaluated subsequent events for potential recognition and disclosure through the date the condensed consolidated financial statements were filed. No items were identified during this evaluation that required adjustment to or disclosure in the accompanying financial statements.
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 2 - Summary of Significa22

Note 2 - Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	(In thousands) December 31, 2015 June 30, 2015 Accounts receivable $ 43,494 $ 43,978 Less: Allowance for doubtful accounts (372 ) (317 ) Accounts receivable, net $ 43,122 $ 43,661
Property, Plant and Equipment [Table Text Block]	Buildings (in years) 28 - 40 Machinery and equipment 3 - 10 Computer software 3 - 8
Schedule of Product Warranty Liability [Table Text Block]	(In thousands) Six Months Ended December 31, 2015 Six Months Ended December 31, 2014 Fiscal Year Ended June 30, 2015 Balance at beginning of the period $ 3,408 $ 2,662 $ 2,662 Additions charged to expense 2,259 1,557 3,185 Deductions for repairs and replacements (1,357 ) (971 ) (2,439 ) Balance at end of the period $ 4,310 $ 3,248 $ 3,408

Note 3 - Segment Reporting In23

Note 3 - Segment Reporting Information (Tables)	6 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	( In thousands) Three Months Ended December 31 Six Months Ended December 31 2015 2014 2015 2014 Net Sales: Lighting Segment $ 59,601 $ 59,796 $ 118,676 $ 115,517 Graphics Segment 21,034 20,269 42,787 36,293 Technology Segment 4,052 4,650 9,149 11,330 All Other Category -- -- -- 41 $ 84,687 $ 84,715 $ 170,612 $ 163,181 Operating Income (Loss): Lighting Segment $ 5,182 $ 4,090 $ 10,864 $ 8,317 Graphics Segment 2,035 1,065 4,196 1,118 Technology Segment 993 499 2,333 1,131 All Other Category -- -- -- (183 ) Corporate and Eliminations (2,830 ) (3,430 ) (6,250 ) (5,625 ) $ 5,380 $ 2,224 $ 11,143 $ 4,758 Capital Expenditures: Lighting Segment $ 1,160 $ 599 $ 1,849 $ 1,181 Graphics Segment 604 533 1,109 867 Technology Segment 108 241 224 285 All Other Category -- -- -- 4 Corporate and Eliminations 150 61 202 67 $ 2,022 $ 1,434 $ 3,384 $ 2,404 Depreciation and Amortization: Lighting Segment $ 717 $ 729 $ 1,422 $ 1,451 Graphics Segment 213 256 428 506 Technology Segment 364 325 719 663 All Other Category -- -- -- 31 Corporate and Eliminations 304 242 605 487 $ 1,598 $ 1,552 $ 3,174 $ 3,138
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	December 31, 2015 June 30, 2015 Identifiable Assets: Lighting Segment $ 87,209 $ 90,713 Graphics Segment 36,306 29,477 Technology Segment 29,956 28,423 All Other Category -- -- Corporate and Eliminations 34,063 33,766 $ 187,534 $ 182,379
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three Months Ended December 31 Six Months Ended December 31 (In thousands) 2015 2014 2015 2014 Lighting Segment inter-segment net sales $ 814 $ 445 $ 1,428 $ 1,497 Graphics Segment inter-segment net sales $ 562 $ 125 $ 1,006 $ 256 Technology inter-segment net sales $ 8,932 $ 7,675 $ 18,316 $ 14,947 All Other Category inter-segment net sales $ -- $ -- $ -- $ 308
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]	( In thousands) Three Months Ended December 31 Six Months Ended December 31 2015 2014 2015 2014 Net Sales (a): United States $ 84,687 $ 84,715 $ 170,612 $ 163,140 Canada -- -- -- 41 $ 84,687 $ 84,715 $ 170,612 $ 163,181
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block]	December 31, 2015 June 30, 2015 Long-lived Assets (b): United States $ 45,395 $ 44,965 Canada -- -- $ 45,395 $ 44,965

Note 4 - Earnings Per Common 24

Note 4 - Earnings Per Common Share (Tables)	6 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended December 31 Six Months Ended December 31 2015 2014 2015 2014 BASIC EARNINGS PER SHARE Net income $ 3,782 $ 1,588 $ 7,532 $ 3,115 Weighted average shares outstanding during the period, net of treasury shares (a) 24,637 24,124 24,569 24,123 Weighted average vested restricted stock units outstanding 25 -- 26 -- Weighted average shares outstanding in the Deferred Compensation Plan during the period 249 325 243 319 Weighted average shares outstanding 24,911 24,449 24,838 24,442 Basic earnings per share $ 0.15 $ 0.06 $ 0.30 $ 0.13 DILUTED EARNINGS PER SHARE Net income $ 3,782 $ 1,588 $ 7,532 $ 3,115 Weighted average shares outstanding Basic 24,911 24,449 24,838 24,442 Effect of dilutive securities (b): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any 713 58 567 64 Weighted average shares outstanding (c) 25,624 24,507 25,405 24,506 Diluted earnings per share $ 0.15 $ 0.06 $ 0.30 $ 0.13

Note 5 - Inventories (Tables)

Note 5 - Inventories (Tables)	6 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Inventory, Current [Table Text Block]	(In thousands) December 31, 2015 June 30, 2015 Inventories: Raw materials $ 27,414 $ 27,920 Work-in-process 4,498 4,658 Finished goods 13,973 10,505 Total Inventories $ 45,885 $ 43,083

Note 6 - Accrued Expenses (Tabl

Note 6 - Accrued Expenses (Tables)	6 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	(In thousands) December 31, 2015 June 30, 2015 Accrued Expenses: Compensation and benefits $ 11,097 $ 11,614 Customer prepayments 1,762 1,324 Accrued sales commissions 2,021 1,982 Accrued warranty 4,310 3,408 Other accrued expenses 4,117 3,798 Total Accrued Expenses $ 23,307 $ 22,126

Note 7 - Goodwill and Other I27

Note 7 - Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Goodwill [Table Text Block]	Goodwill (In thousands) Lighting Segment Graphics Segment Technology Segment All Other Category Total Balance as of June 30, 2015 Goodwill $ 34,913 $ 28,690 $ 11,621 $ -- $ 75,224 Accumulated impairment losses (34,778 ) (27,525 ) (2,413 ) -- (64,716 ) Goodwill, net as of June 30, 2015 $ 135 $ 1,165 $ 9,208 $ -- $ 10,508 Balance as of December 31, 2015 Goodwill $ 34,913 28,690 11,621 -- 75,224 Accumulated impairment losses (34,778 ) (27,525 ) (2,413 ) -- (64,716 ) Goodwill, net as of December 31, 2015 $ 135 1,165 9,208 $ -- $ 10,508
Schedule of Intangible Assets and Goodwill [Table Text Block]	December 31, 2015 Gross Other Intangible Assets Carrying Accumulated Net (In thousands) Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 9,316 7,436 1,880 Patents 338 136 202 LED technology firmware, software 11,228 10,950 278 Trade name 460 460 -- Non-compete agreements 710 653 57 Total Amortized Intangible Assets 22,052 19,635 2,417 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 $ 25,474 19,635 5,839 June 30, 2015 Other Intangible Assets (In thousands) Gross Carrying Amount Accumulated Amortization Net Amount Amortized Intangible Assets Customer relationships $ 9,316 $ 7,290 $ 2,026 Patents 338 120 218 LED technology firmware, software 11,228 10,910 318 Trade name 460 460 -- Non-compete agreements 710 602 108 Total Amortized Intangible Assets 22,052 19,382 2,670 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 $ 25,474 $ 19,382 $ 6,092
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	(In thousands) Amortization Expense of Other Intangible Assets December 31, 2015 December 31, 2014 Three Months Ended $ 127 $ 127 Six Months Ended $ 253 $ 275
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	(In thousands) 2016 $ 505 2017 $ 409 2018 $ 400 2019 $ 400 2020 $ 327 After 2020 $ 629

Note 10 - Equity Compensation (

Note 10 - Equity Compensation (Tables)	6 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three Months Ended December 31 Six Months Ended December 31 2015 2014 2015 2014 Dividend yield 1.33 % 1.17 % 1.28 % 1.17 % Expected volatility 43 % 56 % 44 % 56 % Risk-free interest rate 1.38 % 1.64 % 1.67 % 1.64 % Expected life (in years) 6.0 6.0 6.0 6.0
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Six Months Ended December 31, 2015 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at 6/30/15 2,677,436 $ 8.85 6.1 $ 4,914,601 Granted 1,016,800 $ 9.38 Forfeitures (55,050 ) $ 11.65 Exercised (298,724 ) $ 7.20 Outstanding at 12/31/15 3,340,462 $ 9.11 6.8 $ 12,661,470 Exercisable at 12/31/15 1,628,976 $ 9.95 4.5 $ 6,032,985 Six Months Ended December 31, 2014 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at 6/30/14 2,677,464 $ 9.57 5.4 $ 1,674,010 Granted 593,400 $ 6.66 Forfeitures (378,525 ) $ 9.99 Exercised (24,725 ) $ 5.84 Outstanding at 12/31/14 2,867,614 $ 8.95 6.3 $ 558,591 Exercisable at 12/31/14 1,778,589 $ 10.24 4.6 $ 438,785
Schedule of Nonvested Share Activity [Table Text Block]	Shares Weighted-Average Grant Date Fair Value Non-vested at June 30, 2015 1,080,198 $ 2.99 Granted 1,016,800 $ 3.63 Vested (355,462 ) $ 2.91 Forfeited (30,050 ) $ 3.30 Non-vested at December 31, 2015 1,711,486 $ 3.38

Note 11 - Supplemental Cash F29

Note 11 - Supplemental Cash Flow Information (Tables)	6 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	(In thousands) Six Months Ended December 31 2015 2014 Cash payments: Interest $ 23 $ 36 Income taxes $ 4,650 $ 21 Issuance of common shares as compensation $ 113 $ 96

Note 14 - Severance Costs (Tabl

Note 14 - Severance Costs (Tables)	6 Months Ended
	Dec. 31, 2015
Employee Severance [Member]
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	(In thousands) Six Months Ended December 31, 2015 Six Months Ended December 31, 2014 Fiscal Year Ended June 30, 2015 Balance at beginning of the period $ 379 $ -- $ -- Accrual of expense 223 944 1,718 Payments (314 ) (213 ) (704 ) Adjustments (58 ) -- (635 ) Balance at end of the period $ 230 $ 731 $ 379
Schedule of Accrued Liabilities [Table Text Block]	(In thousands) December 31, 2015 June 30, 2015 Accrued Expenses: Compensation and benefits $ 11,097 $ 11,614 Customer prepayments 1,762 1,324 Accrued sales commissions 2,021 1,982 Accrued warranty 4,310 3,408 Other accrued expenses 4,117 3,798 Total Accrued Expenses $ 23,307 $ 22,126

Note 15 - Income Taxes (Tables)

Note 15 - Income Taxes (Tables)	6 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Three Months Ended December 31 Six Months Ended December 31 2015 2014 2015 2014 Reconciliation to effective tax rate: Provision for income taxes at the anticipated annual tax rate 33.3 % 36.1 % 34.5 % 41.0 % Impact of foreign operations -- -- -- (0.2 ) Enactment of tax law changes (2.0 ) (6.1 ) (1.0 ) (2.9 ) Uncertain tax positions (0.3 ) (1.3 ) (0.3 ) (1.2 ) Other (1.2 ) (0.3 ) (0.7 ) (2.4 ) Effective tax rate 29.8 % 28.4 % 32.5 % 34.3 %

Note 2 - Summary of Significa32

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015
Minimum [Member]
Media Content Service Period			30 days
Finite-Lived Intangible Asset, Useful Life			5 years
Standard Warranty Term			1 year
Maximum [Member] | Leasehold Improvements [Member]
Property, Plant and Equipment, Useful Life			15 years
Maximum [Member] | Product Warranty Exceptions [Member]
Standard Warranty Term			10 years
Maximum [Member]
Media Content Service Period			1 year
Finite-Lived Intangible Asset, Useful Life			20 years
Standard Warranty Term			5 years
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset	$ 0		$ 0
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability	0		0
Cash, FDIC Insured Amount	250,000		250,000
Cash, Uninsured Amount	31,602,000		31,602,000		$ 28,494,000
Depreciation	1,471,000	$ 1,425,000	2,921,000	$ 2,863,000
Research and Development Expense	$ 1,320,000	$ 1,450,000	$ 2,631,000	$ 3,301,000
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares	987,000	383,000	836,000	383,000

Note 2 - Net Accounts Receivabl

Note 2 - Net Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Accounts receivable	$ 43,494	$ 43,978
Less: Allowance for doubtful accounts	(372)	(317)
Accounts receivable, net	$ 43,122	$ 43,661

Note 2 - Estimated Useful Lives

Note 2 - Estimated Useful Lives of Long-lived Assets (Details)	6 Months Ended
	Dec. 31, 2015
Building [Member] | Minimum [Member]
Property, Plant, and Equipment	28 years
Building [Member] | Maximum [Member]
Property, Plant, and Equipment	40 years
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant, and Equipment	3 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant, and Equipment	10 years
Software and Software Development Costs [Member] | Minimum [Member]
Property, Plant, and Equipment	3 years
Software and Software Development Costs [Member] | Maximum [Member]
Property, Plant, and Equipment	8 years

Note 2 - Warranty Liabilities (

Note 2 - Warranty Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015
Balance at	$ 3,408	$ 2,662	$ 2,662
Additions charged to expense	2,259	1,557	3,185
Deductions for repairs and replacements	(1,357)	(971)	(2,439)
Balance at	$ 4,310	$ 3,248	$ 3,408

Note 3 - Segment Reporting In36

Note 3 - Segment Reporting Information (Details Textual) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Phillips 66 [Member]
Concentration Risk, Percentage				10.00%
Revenue, Net				$ 17,045,000
Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Concentration Risk, Percentage		0.00%	0.00%		0.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Phillips 66 [Member]
Concentration Risk, Percentage				11.00%
Accounts, Notes, Loans and Financing Receivable, Net, Current		$ 4,690,000		$ 4,690,000
Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk, Percentage						0.00%
CANADA
Number of Operating Segments				1
Revenue, Net	[1]				$ 41,000
Number of Operating Segments				3
Revenue, Net	[1]	84,687,000	$ 84,715,000	$ 170,612,000	$ 163,181,000
Accounts, Notes, Loans and Financing Receivable, Net, Current		$ 43,122,000		$ 43,122,000		$ 43,661,000
Intersegment Revenue Markup Percentage				10.00%
[1]	Net sales are attributed to geographic areas based upon the location of the operation making the sale.

Note 3 - Summarized Financial I

Note 3 - Summarized Financial Information by Reportable Business Segments (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Lighting Segment [Member]
Net Sales (a):
Net Sales		$ 59,601	$ 59,796	$ 118,676	$ 115,517
Operating Income (Loss):
Operating Income (Loss)		5,182	4,090	10,864	8,317
Capital Expenditures:
Capital Expenditures		1,160	599	1,849	1,181
Depreciation and Amortization:
Depreciation and Amortization		717	729	1,422	1,451
Graphics Segment [Member]
Net Sales (a):
Net Sales		21,034	20,269	42,787	36,293
Operating Income (Loss):
Operating Income (Loss)		2,035	1,065	4,196	1,118
Capital Expenditures:
Capital Expenditures		604	533	1,109	867
Depreciation and Amortization:
Depreciation and Amortization		213	256	428	506
Technology Segment [Member]
Net Sales (a):
Net Sales		4,052	4,650	9,149	11,330
Operating Income (Loss):
Operating Income (Loss)		993	499	2,333	1,131
Capital Expenditures:
Capital Expenditures		108	241	224	285
Depreciation and Amortization:
Depreciation and Amortization		364	325	719	663
All Other Category [Member]
Net Sales (a):
Net Sales					41
Operating Income (Loss):
Operating Income (Loss)					(183)
Capital Expenditures:
Capital Expenditures					4
Depreciation and Amortization:
Depreciation and Amortization					31
Corporate and Eliminations [Member]
Operating Income (Loss):
Operating Income (Loss)		(2,830)	(3,430)	(6,250)	(5,625)
Capital Expenditures:
Capital Expenditures		150	61	202	67
Depreciation and Amortization:
Depreciation and Amortization		304	242	605	487
Net Sales	[1]	84,687	84,715	170,612	163,181
Operating Income (Loss)		5,380	2,224	11,143	4,758
Capital Expenditures		2,022	1,434	3,384	2,404
Depreciation and Amortization		$ 1,598	$ 1,552	$ 3,174	$ 3,138
[1]	Net sales are attributed to geographic areas based upon the location of the operation making the sale.

Note 3 - Identifiable Assets by

Note 3 - Identifiable Assets by Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Lighting Segment [Member]
Identifiable Assets:
Identifiable Assets	$ 87,209	$ 90,713
Graphics Segment [Member]
Identifiable Assets:
Identifiable Assets	36,306	29,477
Technology Segment [Member]
Identifiable Assets:
Identifiable Assets	29,956	28,423
Corporate and Eliminations [Member]
Identifiable Assets:
Identifiable Assets	34,063	33,766
Identifiable Assets	$ 187,534	$ 182,379

Note 3 - Inter-segment Revenues

Note 3 - Inter-segment Revenues (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Intersegment Eliminations [Member] | Lighting Segment [Member]
Net Sales		$ 814	$ 445	$ 1,428	$ 1,497
Intersegment Eliminations [Member] | Graphics Segment [Member]
Net Sales		562	125	1,006	256
Intersegment Eliminations [Member] | Technology Segment [Member]
Net Sales		8,932	7,675	18,316	14,947
Intersegment Eliminations [Member] | All Other Category [Member]
Net Sales					308
Lighting Segment [Member]
Net Sales		59,601	59,796	118,676	115,517
Graphics Segment [Member]
Net Sales		21,034	20,269	42,787	36,293
Technology Segment [Member]
Net Sales		4,052	4,650	9,149	11,330
All Other Category [Member]
Net Sales					41
Net Sales	[1]	$ 84,687	$ 84,715	$ 170,612	$ 163,181
[1]	Net sales are attributed to geographic areas based upon the location of the operation making the sale.

Note 3 - Revenue by Geographic

Note 3 - Revenue by Geographic Region (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
UNITED STATES
Net Sales (a):
Revenue, Net	[1]	$ 84,687	$ 84,715	$ 170,612	$ 163,140
CANADA
Net Sales (a):
Revenue, Net	[1]				41
Revenue, Net	[1]	$ 84,687	$ 84,715	$ 170,612	$ 163,181
[1]	Net sales are attributed to geographic areas based upon the location of the operation making the sale.

Note 3 - Long-lived Assets by G

Note 3 - Long-lived Assets by Geographical Region (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Jun. 30, 2015
UNITED STATES
Long-lived Assets (b):
Long-Lived Assets	[1]	$ 45,395	$ 44,965
Long-Lived Assets	[1]	$ 45,395	$ 44,965
[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 4 - Earnings Per Common 42

Note 4 - Earnings Per Common Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,115,250	2,377,900	1,506,800	2,371,900

Note 4 - Basic and Diluted Earn

Note 4 - Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Net of Treasury Shares [Member]
BASIC EARNINGS PER SHARE
Weighted average shares outstanding during the period, net of treasury shares (a) (in shares)	[1]	24,637	24,124	24,569	24,123
Weighted average shares outstanding (in shares)	[1]	24,637	24,124	24,569	24,123
DILUTED EARNINGS PER SHARE
Weighted average shares outstanding (in shares)	[1]	24,637	24,124	24,569	24,123
Net income		$ 3,782	$ 1,588	$ 7,532	$ 3,115
Weighted average shares outstanding during the period, net of treasury shares (a) (in shares)		24,911	24,449	24,838	24,442
Weighted average vested restricted stock units outstanding (in shares)		25		26
Weighted average shares outstanding in the Deferred Compensation Plan during the period (in shares)		249	325	243	319
Weighted average shares outstanding (in shares)		24,911	24,449	24,838	24,442
Basic earnings per share (in dollars per share)		$ 0.15	$ 0.06	$ 0.30	$ 0.13
Net income		$ 3,782	$ 1,588	$ 7,532	$ 3,115
Weighted average shares outstanding (in shares)		24,911	24,449	24,838	24,442
Effect of dilutive securities (b): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any (in shares)	[2]	713	58	567	64
Weighted average shares outstanding (c) (in shares)	[2],[3]	25,624	24,507	25,405	24,506
Diluted earnings per share (in dollars per share)	[2]	$ 0.15	$ 0.06	$ 0.30	$ 0.13
[1]	Includes shares accounted for as treasury stock according to accounting standards.
[2]	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.
[3]	Options to purchase 1,115,250 common shares and 2,377,900 common shares at December 31, 2015 and 2014, respectively, and options to purchase 1,506,800 common shares and 2,371,900 common shares at December 31, 2015 and 2014, respectively, were not included in the computation of the three month and six month periods for diluted earnings per share, respectively, because the exercise price was greater than the average fair market value of the common shares.

Note 5 - Inventories (Details)

Note 5 - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Inventories:
Raw materials	$ 27,414	$ 27,920
Work-in-process	4,498	4,658
Finished goods	13,973	10,505
Total Inventories	$ 45,885	$ 43,083

Note 6 - Accrued Expenses (Deta

Note 6 - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Accrued Expenses:
Compensation and benefits	$ 11,097	$ 11,614
Customer prepayments	1,762	1,324
Accrued sales commissions	2,021	1,982
Accrued warranty	4,310	3,408
Other accrued expenses	4,117	3,798
Total Accrued Expenses	$ 23,307	$ 22,126

Note 7 - Goodwill and Other I46

Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($)	Dec. 31, 2015	Jun. 30, 2015	Sep. 30, 2014
Customer Relationships [Member] | LSI Saco [Member]
Finite-Lived Intangible Assets, Gross			$ 1,036,000
Finite-Lived Intangible Assets, Accumulated Amortization			$ 428,000
Customer Relationships [Member]
Finite-Lived Intangible Assets, Gross	$ 9,316,000	$ 9,316,000
Finite-Lived Intangible Assets, Accumulated Amortization	7,436,000	7,290,000
Finite-Lived Intangible Assets, Gross	22,052,000	22,052,000
Finite-Lived Intangible Assets, Accumulated Amortization	$ 19,635,000	$ 19,382,000

Note 7 - Goodwill (Details)

Note 7 - Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Lighting Segment [Member]
Balance as of June 30, 2015
Goodwill	$ 34,913	$ 34,913
Accumulated impairment losses	(34,778)	(34,778)
Goodwill, net as of June 30, 2015	135	135
Graphics Segment [Member]
Balance as of June 30, 2015
Goodwill	28,690	28,690
Accumulated impairment losses	(27,525)	(27,525)
Goodwill, net as of June 30, 2015	1,165	1,165
Technology Segment [Member]
Balance as of June 30, 2015
Goodwill	11,621	11,621
Accumulated impairment losses	(2,413)	(2,413)
Goodwill, net as of June 30, 2015	9,208	9,208
Goodwill	75,224	75,224
Accumulated impairment losses	(64,716)	(64,716)
Goodwill, net as of June 30, 2015	$ 10,508	$ 10,508

Note 7 - Other Intangible Asset

Note 7 - Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Customer Relationships [Member]
Finite-Lived Intangible Assets, Gross	$ 9,316	$ 9,316
Finite-Lived Intangible Assets, Accumulated Amortization	7,436	7,290
Net Amount	1,880	2,026
Patents [Member]
Finite-Lived Intangible Assets, Gross	338	338
Finite-Lived Intangible Assets, Accumulated Amortization	136	120
Net Amount	202	218
Technology-Based Intangible Assets [Member]
Finite-Lived Intangible Assets, Gross	11,228	11,228
Finite-Lived Intangible Assets, Accumulated Amortization	10,950	10,910
Net Amount	278	318
Trade Names [Member]
Finite-Lived Intangible Assets, Gross	460	460
Finite-Lived Intangible Assets, Accumulated Amortization	460	460
Noncompete Agreements [Member]
Finite-Lived Intangible Assets, Gross	710	710
Finite-Lived Intangible Assets, Accumulated Amortization	653	602
Net Amount	57	108
Trademarks and Trade Names [Member]
Indefinite Lived Intangible Assets	3,422	3,422
Total Indefinite-lived Intangible Assets	3,422	3,422
Finite-Lived Intangible Assets, Gross	22,052	22,052
Finite-Lived Intangible Assets, Accumulated Amortization	19,635	19,382
Net Amount	2,417	2,670
Indefinite Lived Intangible Assets	3,422	3,422
Total Indefinite-lived Intangible Assets	3,422	3,422
Total Other Intangible Assets	25,474	25,474
Total Other Intangible Assets	$ 5,839	$ 6,092

Note 7 - Amortization Expense o

Note 7 - Amortization Expense of Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Amortization Expense	$ 127	$ 127	$ 253	$ 275

Note 7 - Future Amortization Ex

Note 7 - Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2015USD ($)
2,016	$ 505
2,017	409
2,018	400
2,019	400
2,020	327
After 2,020	$ 629

Note 8 - Revolving Line of Cr51

Note 8 - Revolving Line of Credit (Details Textual) - USD ($)	1 Months Ended
	Mar. 31, 2015	Dec. 31, 2015
UNITED STATES
Long-term Line of Credit		$ 0
Line of Credit Facility, Maximum Borrowing Capacity	$ 30,000,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.125%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.90%

Note 9 - Cash Dividends (Detail

Note 9 - Cash Dividends (Details Textual) - USD ($)	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Jan. 31, 2015
Restricted Stock Units (RSUs) [Member]
Dividends Accrued	$ 4,690
Payments of Ordinary Dividends, Common Stock	$ 1,721,000	$ 1,688,000
Quarterly Indicated Per Share Dividend Rate			$ 0.05
Annual Indicated per Share Dividend Rate	$ 0.20

Note 10 - Equity Compensation53

Note 10 - Equity Compensation (Details Textual)	3 Months Ended		6 Months Ended			12 Months Ended		33 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)shares	Dec. 31, 2015USD ($)$ / sharesshares	Jun. 30, 2015USD ($)shares	Dec. 31, 2014USD ($)$ / sharesshares	Jun. 30, 2015USD ($)shares	Jun. 30, 2014shares	Sep. 30, 2015
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term			9 years 182 days		9 years 273 days
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares			$ 8.84		$ 5.96
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares			$ 3.28		$ 2.19
Share Based Compensation Valuation Assumptions Expected Forfeiture Rate								2.00%
Treasury Stock Acquired, Repurchase Authorization, Shares Expected | shares	35,000		35,000
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term			9 years 334 days		9 years 334 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term			10 years
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares			$ 11.82		$ 6.94
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares			$ 4.48		$ 3.48
Share Based Compensation Valuation Assumptions Expected Forfeiture Rate								3.30%
Treasury Stock Acquired, Repurchase Authorization, Shares Expected | shares	39,000		39,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares			72,000	0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 332,454		$ 332,454
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares	67,000		67,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares			$ 9.39
Share Based Compensation Valuation Assumptions Expected Forfeiture Rate			3.30%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			4 years
Dividends			$ 5,040
Sharebased Compensation Arrangement By Sharebased Payment Award Equity Other Than Options Expected To Vest Outstanding Number | shares	64,434		64,434
Allocated Share-based Compensation Expense	$ 33,276		$ 319,533
Performance Shares [Member] | Annually [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			33.30%
Employee Stock Option [Member]
Stock or Unit Option Plan Expense	$ 342,134	$ 796,192	$ 1,830,707		$ 881,825
Non-Employee Directors [Member] | Each Ninety Days [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			25.00%
Employees [Member] | Annually [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			25.00%
Excluding Tax Effect of Disqualified Dispositions [Member]
Proceeds from Stock Options Exercised			$ 2,149,606		144,352
Employee Salary Deferrals or Company Contributions [Member]
Treasury Stock, Value, Acquired, Cost Method			$ 276,800		$ 139,100
Treasury Stock, Shares, Acquired | shares			29,021		20,034
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term			4 years 182 days		4 years 219 days
Deferred Compensation Plan, Number of Participants	28		28
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term			6 years 292 days		6 years 109 days	6 years 36 days	5 years 146 days
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares	1,522,593		1,522,593
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares	3,340,462	2,867,614	3,340,462	2,677,436	2,867,614	2,677,436	2,677,464
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares	1,628,976	1,778,589	1,628,976		1,778,589
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 3,110,463		$ 3,110,463
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years 240 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares			1,016,800		593,400
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares			$ 9.38		$ 6.66
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares			$ 3.63		$ 3.23
Share Based Compensation Valuation Assumptions Expected Forfeiture Rate	3.10%
Stock or Unit Option Plan Expense			$ 2,150,000		$ 882,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares	3,287,071		3,287,071
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / shares	$ 9.12		$ 9.12
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	$ 12,468,545		$ 12,468,545
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term			6 years 292 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value			$ 852,596		22,383
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Aggregate Grant Date Fair Value			1,035,041		598,316
Proceeds from Stock Options Exercised			2,195,000		108,000
Increase (Decrease) in Income Taxes Payable			(300,868)		(7,834)
Increase (Decrease) In Common Stock Related To Stock Option Exercise			46,066		(36,575)
Reduction of Income Tax Expense Related to Stock Option Exercises			84,781		7,690
Reduction of Deferred Tax Asset Related to Stock Option Exercises			$ 170,021		$ 36,718
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | shares			12,590		13,800
Stock Issued During Period, Value, Share-based Compensation, Gross			$ 113,400		$ 96,000
Treasury Stock, Shares | shares	250,075		250,075	226,600		226,600
Treasury Stock, Value	$ 2,375,242		$ 2,375,242	$ 2,145,100		$ 2,145,100

Note 10 - Weighted Average Assu

Note 10 - Weighted Average Assumptions Used to Develop the Fair Value of Stock Options (Details)	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Dividend yield	1.33%	1.17%	1.28%	1.17%
Expected volatility	43.00%	56.00%	44.00%	56.00%
Risk-free interest rate	1.38%	1.64%	1.67%	1.64%
Expected life (in years)	6 years	6 years	6 years	6 years

Note 10 - Stock Options (Detail

Note 10 - Stock Options (Details) - USD ($)	6 Months Ended		12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015	Jun. 30, 2014
Outstanding at (in shares)	2,677,436	2,677,464	2,677,464
Outstanding at (in dollars per share)	$ 8.85	$ 9.57	$ 9.57
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	6 years 292 days	6 years 109 days	6 years 36 days	5 years 146 days
Outstanding at	$ 12,661,470	$ 558,591	$ 4,914,601	$ 1,674,010
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	1,016,800	593,400
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 9.38	$ 6.66
Forfeitures (in shares)	(55,050)	(378,525)
Forfeitures (in dollars per share)	$ 11.65	$ 9.99
Exercised (in shares)	(298,724)	(24,725)
Exercised (in dollars per share)	$ 7.20	$ 5.84
Outstanding at (in shares)	3,340,462	2,867,614	2,677,436	2,677,464
Outstanding at (in dollars per share)	$ 9.11	$ 8.95	$ 8.85	$ 9.57
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	1,628,976	1,778,589
Exercisable at (in dollars per share)	$ 9.95	$ 10.24
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	4 years 182 days	4 years 219 days
Exercisable at	$ 6,032,985	$ 438,785

Note 10 - Summary of Unvested S

Note 10 - Summary of Unvested Stock Options (Details)	6 Months Ended
	Dec. 31, 2015$ / sharesshares
Non-vested at (in shares) | shares	1,080,198
Non-vested at (in dollars per share) | $ / shares	$ 2.99
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares	1,016,800
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 3.63
Vested (in shares) | shares	(355,462)
Vested (in dollars per share) | $ / shares	$ 2.91
Forfeited (in shares) | shares	(30,050)
Forfeited (in dollars per share) | $ / shares	$ 3.30
Non-vested at (in shares) | shares	1,711,486
Non-vested at (in dollars per share) | $ / shares	$ 3.38

Note 11 - Supplemental Cash F57

Note 11 - Supplemental Cash Flow Information (Details) - USD ($)	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Interest	$ 23,000	$ 36,000
Income taxes	4,650,000	21,000
Stock Issued During Period, Value, Share-based Compensation, Gross	$ 113,400	$ 96,000

Note 12 - Commitments and Con58

Note 12 - Commitments and Contingencies (Details Textual) - USD ($)	Mar. 19, 2012	Dec. 31, 2015	Jun. 30, 2013
Standby Letters of Credit [Member]
Letters of Credit Outstanding, Amount		$ 0
LSI Virticus [Member]
Liability Payment Period	5 years
Business Combination, Contingent Consideration, Liability			$ 0
Loss Contingency, Range of Possible Loss, Maximum		$ 2,000,000

Note 13 - Sale of Subsidiary (D

Note 13 - Sale of Subsidiary (Details Textual) - USD ($)		Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014
LSI Saco Technologies Inc [Member]
Sale of Stock, Consideration Received on Transaction		$ 1,900,000
Gain (Loss) on Disposition of Business		(565,000)
Line Of Credit Terminated		$ 5,000,000			$ 5,000,000
Revenue, Net					41,000
Operating Income (Loss)					$ (183,000)
Gain (Loss) on Disposition of Business							$ (565,000)
Revenue, Net	[1]		$ 84,687,000	$ 84,715,000		$ 170,612,000	163,181,000
Operating Income (Loss)			$ 5,380,000	$ 2,224,000		$ 11,143,000	$ 4,758,000
[1]	Net sales are attributed to geographic areas based upon the location of the operation making the sale.

Note 14 - Severance Costs (Deta

Note 14 - Severance Costs (Details Textual) - USD ($)	1 Months Ended	3 Months Ended				6 Months Ended
	Mar. 31, 2015	Dec. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
Chief Executive Officer [Member] | Reclassification From Liability [Member]
Other Noncash Income	$ 576,000
Chief Executive Officer [Member]
Severance Costs					$ 800,000
Payments for Postemployment Benefits						$ 224,000
Increase (Decrease) in Self Insurance Reserve			$ 1,000,000
Facility Closing [Member]
Business Exit Costs				$ 21,200
Severance Costs		$ 223,000		$ 340,000
Percent Of Reduction Of Workforce	8.30%			8.30%		8.30%
Employee Related Reduction In Annual Compensation And Benefits				$ 3,700,000

Note 14 - Accrued Severance Lia

Note 14 - Accrued Severance Liability Activity (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015
Balance at	$ 379
Accrual of expense	223	$ 944	$ 1,718
Payments	(314)	(213)	(704)
Adjustments	(58)		(635)
Balance at	$ 230	$ 731	$ 379

Note 15 - Income Taxes (Details

Note 15 - Income Taxes (Details Textual)	Dec. 31, 2015USD ($)
Research Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount	$ 111,000

Note 15 - Reconciliation of Inc

Note 15 - Reconciliation of Income Tax Rate (Details)	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Reconciliation to effective tax rate:
Provision for income taxes at the anticipated annual tax rate	33.30%	36.10%	34.50%	41.00%
Impact of foreign operations				(0.20%)
Enactment of tax law changes	(2.00%)	(6.10%)	(1.00%)	(2.90%)
Uncertain tax positions	(0.30%)	(1.30%)	(0.30%)	(1.20%)
Other	(1.20%)	(0.30%)	(0.70%)	(2.40%)
Effective tax rate	29.80%	28.40%	32.50%	34.30%