Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2018 | Oct. 25, 2018 | |
Document Information [Line Items] | ||
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 Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 26,025,256 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
Net sales | $ 84,957 | $ 87,466 | |
Cost of products and services sold | 63,541 | 63,763 | |
Restructuring costs | 155 | ||
Gross profit | 21,261 | 23,703 | |
Selling and administrative expenses | 18,327 | 20,517 | |
Impairment of goodwill | 28,000 | ||
Operating income (loss) | 2,934 | (24,814) | |
Interest (income) | (14) | (8) | |
Interest expense | 532 | 411 | |
Income (loss) before income taxes | 2,416 | (25,217) | |
Income tax expense (benefit) | 667 | (9,588) | |
Net income (loss) | $ 1,749 | $ (15,629) | |
Earnings (Loss) per common share (see Note 4) | |||
Basic (in dollars per share) | $ 0.07 | $ (0.61) | |
Diluted (in dollars per share) | $ 0.07 | $ (0.61) | |
Weighted average common shares outstanding | |||
Basic (in shares) | 26,032 | 25,791 | |
Diluted (in shares) | [1] | 26,365 | 25,791 |
[1] | Options to purchase 3,146,466 common shares and 3,791,936 common shares at September 30, 2018 and 2017, respectively, were not included in the computation of the three month period for diluted earnings (loss) per share, respectively, because the exercise price was greater than the average fair market value of the common shares. For the three months ended September 30, 2017, the effect of dilutive securities was not included in the calculation of diluted earnings (loss) per share because there was a net operating loss for the period. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 4,162 | $ 3,178 |
Accounts receivable, less allowance for doubtful accounts of $363 and $409, respectively | 59,781 | 50,609 |
Inventories | 49,580 | 50,994 |
Refundable income taxes | 1,197 | 1,784 |
Other current assets | 3,625 | 3,516 |
Total current assets | 118,345 | 110,081 |
Property, Plant and Equipment, at cost | ||
Land | 6,718 | 6,470 |
Buildings | 35,984 | 35,961 |
Machinery and equipment | 77,658 | 77,108 |
Construction in progress | 1,261 | 1,340 |
121,621 | 120,879 | |
Less accumulated depreciation | (79,098) | (77,176) |
Net property, plant and equipment | 42,523 | 43,703 |
Goodwill | 30,538 | 30,538 |
Other Intangible Assets, net | 34,718 | 35,409 |
Other Long-Term Assets, net | 9,420 | 9,786 |
Total assets | 235,544 | 229,517 |
LIABILITIES & SHAREHOLDERS’ EQUITY | ||
Accounts payable | 23,774 | 17,927 |
Accrued expenses | 21,949 | 24,272 |
Total current liabilities | 45,723 | 42,199 |
Long-Term Debt | 46,152 | 45,360 |
Other Long-Term Liabilities | 2,606 | 2,707 |
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 25,799,257 and 25,641,913 shares, respectively | 124,871 | 124,104 |
Treasury shares, without par value; | (1,845) | (2,110) |
Deferred compensation plan | 1,869 | 2,133 |
Retained earnings | 16,168 | 15,124 |
Total shareholders’ equity | 141,063 | 139,251 |
Total liabilities & shareholders’ equity | $ 235,544 | $ 229,517 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Allowance for doubtful accounts | $ 363 | $ 409 |
Preferred shares, par value (in dollars per share) | $ 0 | $ 0 |
Preferred shares, authorized shares (in shares) | 1,000,000 | 1,000,000 |
Preferred shares, issued (in shares) | 0 | 0 |
Common shares, par value (in dollars per share) | $ 0 | $ 0 |
Common shares, authorized shares (in shares) | 40,000,000 | 40,000,000 |
Common shares, outstanding (in shares) | 25,799,257 | 25,641,913 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash Flows from Operating Activities | ||
Net income (loss) | $ 1,749,000 | $ (15,629,000) |
Non-cash items included in net income: | ||
Depreciation and amortization | 2,643,000 | 2,572,000 |
Deferred income taxes | 85,000 | (10,815,000) |
Impairment of goodwill | 28,000,000 | |
Deferred compensation plan | 127,000 | 160,000 |
Stock compensation expense | 551,000 | 984,000 |
Issuance of common shares as compensation | 90,000 | 78,000 |
Loss on disposition of fixed assets | (31,000) | |
Allowance for doubtful accounts | (19,000) | 49,000 |
Inventory obsolescence reserve | 766,000 | 143,000 |
Changes in certain assets and liabilities | ||
Accounts receivable | (4,218,000) | (5,421,000) |
Inventories | (3,519,000) | 683,000 |
Refundable income taxes | 587,000 | 775,000 |
Accounts payable | 5,723,000 | (1,559,000) |
Accrued expenses and other | (3,172,000) | (3,133,000) |
Customer prepayments | 795,000 | 419,000 |
Net cash flows provided by (used in) operating activities | 2,188,000 | (2,725,000) |
Cash Flows from Investing Activities | ||
Proceeds from the sale of assets | 1,527,000 | |
Purchases of property, plant and equipment | (648,000) | (498,000) |
Net cash flows (used in) provided by investing activities | (648,000) | 1,029,000 |
Cash Flows from Financing Activities | ||
Payments of long-term debt | (23,039,000) | (22,247,000) |
Borrowings of long-term debt | 23,831,000 | 24,411,000 |
Cash dividends paid | (1,296,000) | (1,286,000) |
Shares withheld for employees taxes | (52,000) | (110,000) |
Purchase of treasury shares | (106,000) | |
Exercise of stock options | 115,000 | |
Net cash flows (used in) provided by financing activities | (556,000) | 777,000 |
Increase (Decrease) in cash and cash equivalents | 984,000 | (919,000) |
Cash and cash equivalents at beginning of period | 3,178,000 | 3,039,000 |
Cash and cash equivalents at end of period | $ 4,162,000 | $ 2,120,000 |
Note 1 - Interim Condensed Cons
Note 1 - Interim Condensed Consolidated Financial Statements | 3 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018, three September 30, 2018 2017, three September 30, 2018 2017. 2018 10 June 30, 2018 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the Company’s significant accounting policies is included in Note 1 2018 10 2014 09 606 Revenue Recognition: The Company recognizes revenue when it satisfies the performance obligation in its customer contracts or purchase orders. Most of the Company’s products have a single performance obligation which is satisfied at a point in time when control is transferred to the customer. Control is generally transferred at time of shipment when title and risk of ownership passes to the customer. For customer contracts with multiple performance obligations, the Company allocates the transaction price and any discounts to each performance obligation based on relative standalone selling prices. Payment terms are typically within 30 90 not Installation is a separate performance obligation, except for our digital signage products. For digital signage products, installation is not not no A number of the Company's products are highly customized. As a result, these customized products do not not no ● Customer specific printed graphic branding ● Electrical components based on customer specifications ● Digital signage and related media content The Company also offers installation services. Installation revenue is recognized over time as our customer simultaneously receives and consumes the benefits provided through the installation process. For these customized products and installation services, revenue is recognized using a cost-based input method: recognizing revenue and gross profit as work is performed based on the relationship between the actual cost incurred and the total estimated cost for the contract. Disaggregation of Revenue The Company disaggregates the revenue from contracts with customers by the timing of revenue recognition because we believe it best depicts the nature, amount, and timing of our revenue and cash flows. The table presents a reconciliation of the disaggregation by reportable segments. Three Months Ended September 30 Lighting Segment Graphics Segment Timing of revenue recognition Products and services transferred at a point in time $ 54,249 $ 17,694 Products and services transferred over time 7,183 5,831 $ 61,432 $ 23,525 Three Months Ended September 30 Lighting Segment Graphics Segment Type of Product and Services New Technology Products $ 51,305 $ 2,402 Legacy Products 9,076 15,964 Turnkey Services and Other 1,051 5,159 $ 61,432 $ 23,525 New technology products include LED lighting and controls, electronic circuit boards, and digital signage solutions. Legacy products include lighting fixtures utilizing light sources other than LED technology and printed two three Practical Expedients and Exemptions ● The Company’s contracts with customers have an expected duration of one ● Shipping costs that are not ● The Company’s accounts receivable balance represents the Company’s unconditional right to receive consideration from its customers with contracts. Payments are due within 30 90 not ● The Company collects sales tax and other taxes concurrent with revenue-producing activities and are excluded from revenue. Shipping and handling costs are treated as fulfillment activities and included in cost of products and services sold on the Consolidated Statements of Operations. New Accounting Pronouncements: On July 1, 2018, 2014 09. 606 not June 30, 2018. July 1, 2018 606, not $591,000 July 1, 2018 606, Balance as of June 30, 2018 Adjustments Opening Balance as of July 1, 2018 Assets: Accounts receivable, net 50,609 4,935 55,544 Inventories, net 50,994 (4,167 ) 46,827 Other long-term assets, net 9,786 (177 ) 9,609 S Retained earnings 15,124 591 15,715 In February 2016, 2016 02, December 15, 2018, 2020, Subsequent Events: The Company has evaluated subsequent events for potential recognition and disclosure through the date the consolidated financial statements were filed. No On October 29, 2018, 140 On October 15, 2018, October 16, 2018 November 1, 2018. Reclassifications: Certain prior year amounts have been reclassified to conform to the current year presentation within the cash flows from operating activities section and cash flows from financing activities section of the statement of cash flows. These reclassifications have no |
Note 3 - Segment Reporting Info
Note 3 - Segment Reporting Information | 3 Months Ended |
Sep. 30, 2018 | |
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. The Company’s two one The Lighting Segment includes outdoor and indoor lighting utilizing both traditional and LED light sources that have been fabricated and assembled for the Company’s markets, primarily petroleum / convenience stores, automotive dealerships, quick-service restaurants, grocery and pharmacy store, and retail/national accounts. The Company also addresses lighting product customers through the commercial industrial, stock and flow, and renovation channels. The Lighting Segment also includes the design, engineering, and manufacturing of electronic circuit boards, assemblies and sub-assemblies used to manufacture certain LED light fixtures and sold directly to customers. Segment also includes the design, engineering, and manufacturing of electronic circuit boards, assemblies and sub-assemblies used to manufacture certain LED light fixtures and sold directly to customers. The Graphics Segment designs, manufactures and installs exterior and interior visual image elements such as traditional graphics, interior branding, electrical and architectural signage, active digital signage along with the management of media content related to digital signage, LED video screens, and menu board systems that are either digital or traditional by design. These products are used in visual image programs in several markets including, but not The Company’s corporate administration activities are reported in the Corporate and Eliminations line item. These activities primarily include 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, equity compensation expense for various equity awards 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 (if any), and deferred income taxes. There was no three September 30, 2018 2017. no September 30, 2018 June 30, 2018. Summarized financial information for the Company’s operating segments is provided for the indicated periods and as of September 30, 2018 September 30, 2017: Three Months Ended ( In thousands) September 30 2018 2017 Net Sales: Lighting Segment $ 61,432 $ 68,428 Graphics Segment 23,525 19,038 $ 84,957 $ 87,466 Operating Income (Loss): Lighting Segment $ 3,850 $ (22,930 ) Graphics Segment 2,387 1,476 Corporate and Eliminations (3,303 ) (3,360 ) $ 2,934 $ (24,814 ) Capital Expenditures: Lighting Segment $ 276 $ 261 Graphics Segment 266 182 Corporate and Eliminations 106 55 $ 648 $ 498 Depreciation and Amortization: Lighting Segment $ 1,990 $ 1,901 Graphics Segment 395 379 Corporate and Eliminations 258 292 $ 2643 $ 2,572 September 30, 2018 June 30, 2018 Identifiable Assets: Lighting Segment $ 173,254 $ 172,799 Graphics Segment 45,493 39,881 Corporate and Eliminations 16,797 16,837 $ 235,544 $ 229,517 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. Identifiable assets are those assets used by each segment in its operations. The Company records a 10% Three Months Ended September 30 (In thousands) 2018 2017 Lighting Segment inter-segment net sales $ 409 $ 715 Graphics Segment inter-segment net sales $ 31 $ 31 The Company’s operations are located solely within the United States. As a result, the geographic distribution of the Company’s net sales and long-lived assets originate within the United States. |
Note 4 - Earnings Per Common Sh
Note 4 - Earnings Per Common Share | 3 Months Ended |
Sep. 30, 2018 | |
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 September 30 2018 2017 BASIC EARNINGS (LOSS) PER SHARE Net income (loss) $ 1,749 $ (15,629 ) Weighted average shares outstanding, net of treasury shares (a) 25,752 25,505 Weighted average vested restricted stock units outstanding 53 41 Weighted average shares outstanding in the Deferred Compensation Plan 227 245 Weighted average shares outstanding 26,032 25,791 Basic earnings (loss) per share $ 0.07 $ (0.61 ) DILUTED EARNINGS (LOSS) PER SHARE Net income (loss) $ 1,749 $ (15,629 ) Weighted average shares outstanding Basic 26,032 25,791 Effect of dilutive securities (b): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any 333 -- Weighted average shares outstanding (c) 26,365 25,791 Diluted earnings (loss) per share $ 0.07 $ (0.61 ) (a) Includes shares accounted for like treasury stock. (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 3,146,466 3,791,936 September 30, 2018 2017, not three three September 30, 2017, not |
Note 5 - Inventories
Note 5 - Inventories | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 5 - INVENTORIES The following information is provided as of the dates indicated: September 30, June 30, (In thousands) 2018 2018 Inventories: Raw materials $ 33,131 $ 31,795 Work-in-process 1,937 3,833 Finished goods 14,512 15,366 Total Inventories $ 49,580 $ 50,994 |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | NOTE 6 - ACCRUED EXPENSES The following information is provided as of the dates indicated: September 30, June 30, (In thousands) 2018 2018 Accrued Expenses: Compensation and benefits $ 5,668 $ 9,394 Customer prepayments 1,865 1,070 Accrued sales commissions 1,776 2,274 Accrued warranty 7,095 6,876 Other accrued expenses 5,545 4,658 Total Accrued Expenses $ 21,949 $ 24,272 |
Note 7 - Goodwill and Other Int
Note 7 - Goodwill and Other Intangible Assets | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 7 - GOODWILL AND OTHER INTANGIBLE ASSETS The carrying values of goodwill and other intangible assets with indefinite lives are reviewed at least annually for possible impairment. The Company may first not not no not not first may may The Company identified its reporting units in conjunction with its annual goodwill impairment testing. The Company has a total of three two one not The following table presents information about the Company's goodwill on the dates or for the periods indicated: Goodwill (In thousands) Lighting Graphics Segment Segment Total Balance as of June 30, 2018 Goodwill $ 94,564 $ 28,690 $ 123,254 Accumulated impairment losses (65,191 ) (27,525 ) (92,716 ) Goodwill, net as of June 30, 2018 $ 29,373 $ 1,165 $ 30,538 Balance as of September 30, 2018 Goodwill $ 94,564 28,690 123,254 Accumulated impairment losses (65,191 ) (27,525 ) (92,716 ) Goodwill, net as of September 30, 2018 $ 29,373 $ 1,165 $ 30,538 The gross carrying amount and accumulated amortization by major other intangible asset class is as follows: September 30, 2018 Other Intangible Assets Gross (In thousands) Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 35,563 $ 10,525 $ 25,038 Patents 338 226 112 LED technology firmware, software 16,066 11,941 4,125 Trade name 2,658 637 2,021 Total Amortized Intangible Assets 54,625 23,329 31,296 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 $ 58,047 $ 23,329 $ 34,718 June 30, 2018 Other Intangible Assets Gross (In thousands) Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 35,563 $ 10,011 $ 25,552 Patents 338 217 121 LED technology firmware, software 16,066 11,801 4,265 Trade name 2,658 609 2,049 Total Amortized Intangible Assets 54,625 22,638 31,987 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 $ 58,047 $ 22,638 $ 35,409 (In thousands) Amortization Expense of Other Intangible Assets September 30, 2018 September 30, 2017 Three Months Ended $ 691 $ 690 The Company expects to record annual amortization expense as follows: (In thousands) 2019 $ 2,069 2020 $ 2,687 2021 $ 2,682 2022 $ 2,460 2023 $ 2,412 After 2023 $ 18,986 |
Note 8 - Revolving Line of Cred
Note 8 - Revolving Line of Credit and Long-term Debt | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 8 - REVOLVING LINE OF CREDIT In February 2017, $100 third 2022. 125 250 175 twelve $100 20 September 30, 2018, $46.2 $53.8 The Company is in compliance with all of its loan covenants as of September 30, 2018. |
Note 9 - Cash Dividends
Note 9 - Cash Dividends | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 9 - CASH DIVIDENDS The Company paid cash dividends of $1,296,000 $1,286,000 three September 30, 2018 2017, $31,553 $29,106 September 30, 2018 2017, November 2018, $0.05 November 27, 2018 November 16, 2018. $0.20 |
Note 10 - Equity Compensation
Note 10 - Equity Compensation | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 10 - EQUITY COMPENSATION The Company’s equity compensation plan, the 2012 2012 November 2012. 2012 November 2016, 2012 1,600,000 2.5 2012 2012 Stock option grants may 2017 four one 2018 three one 2012 ten 2018 four 2018 three In the first 2019, 2.5 three one one third one not may three 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 shares of common stock of the Company. The Company also awards its directors shares of common stock as part of their compensation. Stock compensation awards are made in the form of newly issued common shares of the Company. In the first 2019, 422,900 $4.94 134,350 $4.94. first 2018, 724,037 $5.92 91,490 $5.92. $551,000 $984,000 first 2019 2018, |
Note 11 - Supplemental Cash Flo
Note 11 - Supplemental Cash Flow Information | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 1 1 - SUPPLEMENTAL CASH FLOW INFORMATION (In thousands) Three Months Ended September 30 2018 2017 Cash payments: Interest $ 518 $ 382 Income taxes $ (39 ) $ -- Non-cash investing and financing activities: Issuance of common shares as compensation $ 90 $ 78 Issuance of common shares to fund deferred compensation plan $ 127 $ 191 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 1 2 - COMMITMENTS AND CONTINGENCIES 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 not The Company may third September 30, 2018, no |
Note 13 - Severance Costs
Note 13 - Severance Costs | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 1 3 – SEVERANCE COSTS The activity in the Company’s Accrued Severance Liability is as follows for the periods indicated: Three Three Fiscal Months Ended Months Ended Year Ended (In thousands) September 30, September 30, June 30, 2018 2017 2018 Balance at beginning of the period $ 1,772 $ 235 $ 235 Accrual of expense -- -- 1,900 Payments (197 ) (159 ) (363 ) Adjustments -- -- — Balance at end of the period $ 1,575 $ 76 $ 1,772 On April 23, 2018, $1,772,000 June 30, 2018 $1,575,000 September 30, 2018, $590,000 twelve $985,000 |
Note 14 - Restructuring Costs
Note 14 - Restructuring Costs | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 1 4 In the first 2018, 12,000 $435,000 not The following table presents information about restructuring costs for the periods indicated: Three Three Months Ended Months Ended (In thousands) September 30, September 30, 2018 2017 Severance benefits $ 19 $ -- Moving Costs 53 -- Impairment of fixed assets and accelerated depreciation 43 -- Facility Repairs 40 -- Total $ 155 $ -- The following table presents a roll forward of the beginning and ending liability balances related to the restructuring costs: (In thousands) Balance as of June 30, 2018 Restructuring Expense Payments Adjustments Balance as of September 30, 2018 Severance and termination benefits $ -- $ 19 $ -- $ -- $ 19 Other -- 93 9 -- 84 Total $ -- $ 112 $ 9 $ -- $ 103 |
Note 15 - Income Taxes
Note 15 - Income Taxes | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 15 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. In the first 2018, $10.7 The Tax Cuts and Jobs Act (the “Act”) was signed into law in December 2017 21% January 1, 2018. 2018 34% first 2018, 21% 2019 Three Months Ended September 30 2018 2017 Reconciliation to effective tax rate: Provision for income taxes at the anticipated annual tax rate 23.0 % 33.7 % Uncertain tax positions 1.3 (0.2 ) Difference between deferred and current tax rate related to the impairment of goodwill -- 4.8 Shared based compensation 3.3 -- Other -- (0.3 ) Effective tax rate 27.6 % 38.0 % |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: The Company recognizes revenue when it satisfies the performance obligation in its customer contracts or purchase orders. Most of the Company’s products have a single performance obligation which is satisfied at a point in time when control is transferred to the customer. Control is generally transferred at time of shipment when title and risk of ownership passes to the customer. For customer contracts with multiple performance obligations, the Company allocates the transaction price and any discounts to each performance obligation based on relative standalone selling prices. Payment terms are typically within 30 90 not Installation is a separate performance obligation, except for our digital signage products. For digital signage products, installation is not not no A number of the Company's products are highly customized. As a result, these customized products do not not no ● Customer specific printed graphic branding ● Electrical components based on customer specifications ● Digital signage and related media content The Company also offers installation services. Installation revenue is recognized over time as our customer simultaneously receives and consumes the benefits provided through the installation process. For these customized products and installation services, revenue is recognized using a cost-based input method: recognizing revenue and gross profit as work is performed based on the relationship between the actual cost incurred and the total estimated cost for the contract. Disaggregation of Revenue The Company disaggregates the revenue from contracts with customers by the timing of revenue recognition because we believe it best depicts the nature, amount, and timing of our revenue and cash flows. The table presents a reconciliation of the disaggregation by reportable segments. Three Months Ended September 30 Lighting Segment Graphics Segment Timing of revenue recognition Products and services transferred at a point in time $ 54,249 $ 17,694 Products and services transferred over time 7,183 5,831 $ 61,432 $ 23,525 Three Months Ended September 30 Lighting Segment Graphics Segment Type of Product and Services New Technology Products $ 51,305 $ 2,402 Legacy Products 9,076 15,964 Turnkey Services and Other 1,051 5,159 $ 61,432 $ 23,525 New technology products include LED lighting and controls, electronic circuit boards, and digital signage solutions. Legacy products include lighting fixtures utilizing light sources other than LED technology and printed two three Practical Expedients and Exemptions ● The Company’s contracts with customers have an expected duration of one ● Shipping costs that are not ● The Company’s accounts receivable balance represents the Company’s unconditional right to receive consideration from its customers with contracts. Payments are due within 30 90 not ● The Company collects sales tax and other taxes concurrent with revenue-producing activities and are excluded from revenue. Shipping and handling costs are treated as fulfillment activities and included in cost of products and services sold on the Consolidated Statements of Operations. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements: On July 1, 2018, 2014 09. 606 not June 30, 2018. July 1, 2018 606, not $591,000 July 1, 2018 606, Balance as of June 30, 2018 Adjustments Opening Balance as of July 1, 2018 Assets: Accounts receivable, net 50,609 4,935 55,544 Inventories, net 50,994 (4,167 ) 46,827 Other long-term assets, net 9,786 (177 ) 9,609 S Retained earnings 15,124 591 15,715 In February 2016, 2016 02, December 15, 2018, 2020, |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events: The Company has evaluated subsequent events for potential recognition and disclosure through the date the consolidated financial statements were filed. No On October 29, 2018, 140 On October 15, 2018, October 16, 2018 November 1, 2018. |
Reclassification, Policy [Policy Text Block] | Reclassifications: Certain prior year amounts have been reclassified to conform to the current year presentation within the cash flows from operating activities section and cash flows from financing activities section of the statement of cash flows. These reclassifications have no |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30 Lighting Segment Graphics Segment Timing of revenue recognition Products and services transferred at a point in time $ 54,249 $ 17,694 Products and services transferred over time 7,183 5,831 $ 61,432 $ 23,525 Three Months Ended September 30 Lighting Segment Graphics Segment Type of Product and Services New Technology Products $ 51,305 $ 2,402 Legacy Products 9,076 15,964 Turnkey Services and Other 1,051 5,159 $ 61,432 $ 23,525 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Balance as of June 30, 2018 Adjustments Opening Balance as of July 1, 2018 Assets: Accounts receivable, net 50,609 4,935 55,544 Inventories, net 50,994 (4,167 ) 46,827 Other long-term assets, net 9,786 (177 ) 9,609 S Retained earnings 15,124 591 15,715 |
Note 3 - Segment Reporting In_2
Note 3 - Segment Reporting Information (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended ( In thousands) September 30 2018 2017 Net Sales: Lighting Segment $ 61,432 $ 68,428 Graphics Segment 23,525 19,038 $ 84,957 $ 87,466 Operating Income (Loss): Lighting Segment $ 3,850 $ (22,930 ) Graphics Segment 2,387 1,476 Corporate and Eliminations (3,303 ) (3,360 ) $ 2,934 $ (24,814 ) Capital Expenditures: Lighting Segment $ 276 $ 261 Graphics Segment 266 182 Corporate and Eliminations 106 55 $ 648 $ 498 Depreciation and Amortization: Lighting Segment $ 1,990 $ 1,901 Graphics Segment 395 379 Corporate and Eliminations 258 292 $ 2643 $ 2,572 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | September 30, 2018 June 30, 2018 Identifiable Assets: Lighting Segment $ 173,254 $ 172,799 Graphics Segment 45,493 39,881 Corporate and Eliminations 16,797 16,837 $ 235,544 $ 229,517 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended September 30 (In thousands) 2018 2017 Lighting Segment inter-segment net sales $ 409 $ 715 Graphics Segment inter-segment net sales $ 31 $ 31 |
Note 4 - Earnings Per Common _2
Note 4 - Earnings Per Common Share (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30 2018 2017 BASIC EARNINGS (LOSS) PER SHARE Net income (loss) $ 1,749 $ (15,629 ) Weighted average shares outstanding, net of treasury shares (a) 25,752 25,505 Weighted average vested restricted stock units outstanding 53 41 Weighted average shares outstanding in the Deferred Compensation Plan 227 245 Weighted average shares outstanding 26,032 25,791 Basic earnings (loss) per share $ 0.07 $ (0.61 ) DILUTED EARNINGS (LOSS) PER SHARE Net income (loss) $ 1,749 $ (15,629 ) Weighted average shares outstanding Basic 26,032 25,791 Effect of dilutive securities (b): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any 333 -- Weighted average shares outstanding (c) 26,365 25,791 Diluted earnings (loss) per share $ 0.07 $ (0.61 ) |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, June 30, (In thousands) 2018 2018 Inventories: Raw materials $ 33,131 $ 31,795 Work-in-process 1,937 3,833 Finished goods 14,512 15,366 Total Inventories $ 49,580 $ 50,994 |
Note 6 - Accrued Expenses (Tabl
Note 6 - Accrued Expenses (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, June 30, (In thousands) 2018 2018 Accrued Expenses: Compensation and benefits $ 5,668 $ 9,394 Customer prepayments 1,865 1,070 Accrued sales commissions 1,776 2,274 Accrued warranty 7,095 6,876 Other accrued expenses 5,545 4,658 Total Accrued Expenses $ 21,949 $ 24,272 |
Note 7 - Goodwill and Other I_2
Note 7 - Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Goodwill (In thousands) Lighting Graphics Segment Segment Total Balance as of June 30, 2018 Goodwill $ 94,564 $ 28,690 $ 123,254 Accumulated impairment losses (65,191 ) (27,525 ) (92,716 ) Goodwill, net as of June 30, 2018 $ 29,373 $ 1,165 $ 30,538 Balance as of September 30, 2018 Goodwill $ 94,564 28,690 123,254 Accumulated impairment losses (65,191 ) (27,525 ) (92,716 ) Goodwill, net as of September 30, 2018 $ 29,373 $ 1,165 $ 30,538 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | September 30, 2018 Other Intangible Assets Gross (In thousands) Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 35,563 $ 10,525 $ 25,038 Patents 338 226 112 LED technology firmware, software 16,066 11,941 4,125 Trade name 2,658 637 2,021 Total Amortized Intangible Assets 54,625 23,329 31,296 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 $ 58,047 $ 23,329 $ 34,718 June 30, 2018 Other Intangible Assets Gross (In thousands) Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 35,563 $ 10,011 $ 25,552 Patents 338 217 121 LED technology firmware, software 16,066 11,801 4,265 Trade name 2,658 609 2,049 Total Amortized Intangible Assets 54,625 22,638 31,987 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 $ 58,047 $ 22,638 $ 35,409 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | (In thousands) Amortization Expense of Other Intangible Assets September 30, 2018 September 30, 2017 Three Months Ended $ 691 $ 690 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (In thousands) 2019 $ 2,069 2020 $ 2,687 2021 $ 2,682 2022 $ 2,460 2023 $ 2,412 After 2023 $ 18,986 |
Note 11 - Supplemental Cash F_2
Note 11 - Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | (In thousands) Three Months Ended September 30 2018 2017 Cash payments: Interest $ 518 $ 382 Income taxes $ (39 ) $ -- Non-cash investing and financing activities: Issuance of common shares as compensation $ 90 $ 78 Issuance of common shares to fund deferred compensation plan $ 127 $ 191 |
Note 13 - Severance Costs (Tabl
Note 13 - Severance Costs (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Employee Severance [Member] | |
Notes Tables | |
Schedule of Accrued Severance Liability [Table Text Block] | Three Three Fiscal Months Ended Months Ended Year Ended (In thousands) September 30, September 30, June 30, 2018 2017 2018 Balance at beginning of the period $ 1,772 $ 235 $ 235 Accrual of expense -- -- 1,900 Payments (197 ) (159 ) (363 ) Adjustments -- -- — Balance at end of the period $ 1,575 $ 76 $ 1,772 |
Note 14 - Restructuring Costs (
Note 14 - Restructuring Costs (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Three Months Ended Months Ended (In thousands) September 30, September 30, 2018 2017 Severance benefits $ 19 $ -- Moving Costs 53 -- Impairment of fixed assets and accelerated depreciation 43 -- Facility Repairs 40 -- Total $ 155 $ -- |
Schedule of Liability Balances Related to Restructuring Costs [Table Text Block] | (In thousands) Balance as of June 30, 2018 Restructuring Expense Payments Adjustments Balance as of September 30, 2018 Severance and termination benefits $ -- $ 19 $ -- $ -- $ 19 Other -- 93 9 -- 84 Total $ -- $ 112 $ 9 $ -- $ 103 |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended September 30 2018 2017 Reconciliation to effective tax rate: Provision for income taxes at the anticipated annual tax rate 23.0 % 33.7 % Uncertain tax positions 1.3 (0.2 ) Difference between deferred and current tax rate related to the impairment of goodwill -- 4.8 Shared based compensation 3.3 -- Other -- (0.3 ) Effective tax rate 27.6 % 38.0 % |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) | Jul. 01, 2018USD ($) |
Accounting Standards Update 2014-09 [Member] | |
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 591,000 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue | $ 84,957 | $ 87,466 |
Lighting Segment [Member] | ||
Revenue | 61,432 | 68,428 |
Lighting Segment [Member] | New Technology Products [Member] | ||
Revenue | 51,305 | |
Lighting Segment [Member] | Legacy Products [Member] | ||
Revenue | 9,076 | |
Lighting Segment [Member] | Turnkey Services and Other [Member] | ||
Revenue | 1,051 | |
Graphics Segment [Member] | ||
Revenue | 23,525 | $ 19,038 |
Graphics Segment [Member] | New Technology Products [Member] | ||
Revenue | 2,402 | |
Graphics Segment [Member] | Legacy Products [Member] | ||
Revenue | 15,964 | |
Graphics Segment [Member] | Turnkey Services and Other [Member] | ||
Revenue | 5,159 | |
Transferred at Point in Time [Member] | Lighting Segment [Member] | ||
Revenue | 54,249 | |
Transferred at Point in Time [Member] | Graphics Segment [Member] | ||
Revenue | 17,694 | |
Transferred over Time [Member] | Lighting Segment [Member] | ||
Revenue | 7,183 | |
Transferred over Time [Member] | Graphics Segment [Member] | ||
Revenue | $ 5,831 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jul. 01, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
Accounts receivable, net | $ 59,781 | $ 55,544 | $ 50,609 | |
Inventories, net | 49,580 | 46,827 | 50,994 | $ 50,994 |
Other long-term assets, net | 9,420 | 9,609 | 9,786 | |
Retained earnings | $ 16,168 | 15,715 | $ 15,124 | |
Restatement Adjustment [Member] | ||||
Accounts receivable, net | 4,935 | |||
Inventories, net | (4,167) | |||
Other long-term assets, net | (177) | |||
Retained earnings | $ 591 |
Note 3 - Segment Reporting In_3
Note 3 - Segment Reporting Information (Details Textual) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | |
Number of Operating Segments | 2 | ||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Percentage | 0.00% | 0.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Percentage | 0.00% | 0.00% |
Note 3 - Segment Reporting In_4
Note 3 - Segment Reporting Information - Summarized Financial Information by Reportable Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Net Sales: | ||
Net sales | $ 84,957 | $ 87,466 |
Operating Income (Loss): | ||
Operating income (loss) | 2,934 | (24,814) |
Capital Expenditures: | ||
Capital expenditures | 648 | 498 |
Depreciation and Amortization: | ||
Depreciation and amortization | 2,643 | 2,572 |
Corporate and Eliminations [Member] | ||
Operating Income (Loss): | ||
Operating income (loss) | (3,303) | (3,360) |
Capital Expenditures: | ||
Capital expenditures | 106 | 55 |
Depreciation and Amortization: | ||
Depreciation and amortization | 258 | 292 |
Lighting Segment [Member] | ||
Net Sales: | ||
Net sales | 61,432 | 68,428 |
Lighting Segment [Member] | Operating Segments [Member] | ||
Operating Income (Loss): | ||
Operating income (loss) | 3,850 | (22,930) |
Capital Expenditures: | ||
Capital expenditures | 276 | 261 |
Depreciation and Amortization: | ||
Depreciation and amortization | 1,990 | 1,901 |
Graphics Segment [Member] | ||
Net Sales: | ||
Net sales | 23,525 | 19,038 |
Graphics Segment [Member] | Operating Segments [Member] | ||
Operating Income (Loss): | ||
Operating income (loss) | 2,387 | 1,476 |
Capital Expenditures: | ||
Capital expenditures | 266 | 182 |
Depreciation and Amortization: | ||
Depreciation and amortization | $ 395 | $ 379 |
Note 3 - Segment Reporting In_5
Note 3 - Segment Reporting Information - Identifiable Assets by Segment (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Identifiable assets | $ 235,544 | $ 229,517 |
Corporate and Eliminations [Member] | ||
Identifiable assets | 16,797 | 16,837 |
Lighting Segment [Member] | Operating Segments [Member] | ||
Identifiable assets | 173,254 | 172,799 |
Graphics Segment [Member] | Operating Segments [Member] | ||
Identifiable assets | $ 45,493 | $ 39,881 |
Note 3 - Segment Reporting In_6
Note 3 - Segment Reporting Information - Intersegment Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Inter-segment Revenues | $ 84,957 | $ 87,466 |
Lighting Segment [Member] | ||
Inter-segment Revenues | 61,432 | 68,428 |
Graphics Segment [Member] | ||
Inter-segment Revenues | 23,525 | 19,038 |
Intersegment Eliminations [Member] | Lighting Segment [Member] | ||
Inter-segment Revenues | 409 | 715 |
Intersegment Eliminations [Member] | Graphics Segment [Member] | ||
Inter-segment Revenues | $ 31 | $ 31 |
Note 4 - Earnings Per Common _3
Note 4 - Earnings Per Common Share (Details Textual) - shares | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,146,466 | 3,791,936 |
Note 4 - Earnings Per Common _4
Note 4 - Earnings Per Common Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
BASIC EARNINGS (LOSS) PER SHARE | |||
Net income (loss) | $ 1,749 | $ (15,629) | |
Weighted average shares outstanding, net of treasury shares (a) (in shares) | [1] | 25,752 | 25,505 |
Weighted average vested units and shares outstanding (in shares) | 227 | 245 | |
Weighted average shares outstanding (in shares) | 26,032 | 25,791 | |
Basic earnings (loss) per share (in dollars per share) | $ 0.07 | $ (0.61) | |
DILUTED EARNINGS (LOSS) PER SHARE | |||
Net income (loss) | $ 1,749 | $ (15,629) | |
Basic (in shares) | 26,032 | 25,791 | |
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any (in shares) | [2] | 333 | |
Weighted average shares outstanding (c) (in shares) | [3] | 26,365 | 25,791 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.07 | $ (0.61) | |
Restricted Stock Units (RSUs) [Member] | |||
BASIC EARNINGS (LOSS) PER SHARE | |||
Weighted average vested units and shares outstanding (in shares) | 53 | 41 | |
[1] | Includes shares accounted for like treasury stock. | ||
[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 3,146,466 common shares and 3,791,936 common shares at September 30, 2018 and 2017, respectively, were not included in the computation of the three month period for diluted earnings (loss) per share, respectively, because the exercise price was greater than the average fair market value of the common shares. For the three months ended September 30, 2017, the effect of dilutive securities was not included in the calculation of diluted earnings (loss) per share because there was a net operating loss for the period. |
Note 5 - Inventories - Inventor
Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jul. 01, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
Inventories: | ||||
Raw materials | $ 33,131 | $ 31,795 | ||
Work-in-process | 1,937 | 3,833 | ||
Finished goods | 14,512 | 15,366 | ||
Total Inventories | $ 49,580 | $ 46,827 | $ 50,994 | $ 50,994 |
Note 6 - Accrued Expenses - Acc
Note 6 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
Accrued Expenses: | |||
Compensation and benefits | $ 5,668 | $ 9,394 | |
Customer prepayments | 1,865 | 1,070 | |
Accrued sales commissions | 1,776 | 2,274 | |
Accrued warranty | 7,095 | 6,876 | |
Other accrued expenses | 5,545 | 4,658 | |
Total Accrued Expenses | $ 21,949 | $ 24,272 | $ 24,272 |
Note 7 - Goodwill and Other I_3
Note 7 - Goodwill and Other Intangible Assets (Details Textual) | 3 Months Ended |
Sep. 30, 2018 | |
Number of Reporting Units | 3 |
Lighting Segment [Member] | |
Number of Reporting Units | 2 |
Graphics Segment [Member] | |
Number of Reporting Units | 1 |
Note 7 - Goodwill and Other I_4
Note 7 - Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Balance as of June 30, 2018 | ||
Goodwill, net | $ 30,538 | $ 30,538 |
Lighting Segment [Member] | ||
Balance as of June 30, 2018 | ||
Goodwill | 94,564 | 94,564 |
Accumulated impairment losses | (65,191) | (65,191) |
Goodwill, net | 29,373 | 29,373 |
Graphics Segment [Member] | ||
Balance as of June 30, 2018 | ||
Goodwill | 28,690 | 28,690 |
Accumulated impairment losses | (27,525) | (27,525) |
Goodwill, net | 1,165 | 1,165 |
Technology Segment [Member] | ||
Balance as of June 30, 2018 | ||
Goodwill | 123,254 | 123,254 |
Accumulated impairment losses | (92,716) | (92,716) |
Goodwill, net | $ 30,538 | $ 30,538 |
Note 7 - Goodwill and Other I_5
Note 7 - Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Amortized intangible assets, gross | $ 54,625 | $ 54,625 |
Accumulated amortization | 23,329 | 22,638 |
Amortized intangible assets, net | 31,296 | 31,987 |
Indefinite-lived intangible assets, gross | 3,422 | 3,422 |
Total other intangible assets, gross | 58,047 | 58,047 |
Total other intangible assets, net | 34,718 | 35,409 |
Trademarks and Trade Names [Member] | ||
Indefinite-lived intangible assets, gross | 3,422 | 3,422 |
Customer Relationships [Member] | ||
Amortized intangible assets, gross | 35,563 | 35,563 |
Accumulated amortization | 10,525 | 10,011 |
Amortized intangible assets, net | 25,038 | 25,552 |
Patents [Member] | ||
Amortized intangible assets, gross | 338 | 338 |
Accumulated amortization | 226 | 217 |
Amortized intangible assets, net | 112 | 121 |
Technology-Based Intangible Assets [Member] | ||
Amortized intangible assets, gross | 16,066 | 16,066 |
Accumulated amortization | 11,941 | 11,801 |
Amortized intangible assets, net | 4,125 | 4,265 |
Trade Names [Member] | ||
Amortized intangible assets, gross | 2,658 | 2,658 |
Accumulated amortization | 637 | 609 |
Amortized intangible assets, net | $ 2,021 | $ 2,049 |
Note 7 - Goodwill and Other I_6
Note 7 - Goodwill and Other Intangible Assets - Amortization Expense of Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Amortization expense of other intangible assets | $ 691 | $ 690 |
Note 7 - Goodwill and Other I_7
Note 7 - Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2018USD ($) |
2,019 | $ 2,069 |
2,020 | 2,687 |
2,021 | 2,682 |
2,022 | 2,460 |
2,023 | 2,412 |
After 2,023 | $ 18,986 |
Note 8 - Revolving Line of Cr_2
Note 8 - Revolving Line of Credit and Long-term Debt (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Feb. 28, 2017 | Sep. 30, 2018 | |
Long-term Line of Credit, Total | $ 46.2 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 53.8 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
UNITED STATES | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% |
Note 9 - Cash Dividends (Detail
Note 9 - Cash Dividends (Details Textual) - USD ($) | 3 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Nov. 07, 2018 | |
Payments of Ordinary Dividends, Common Stock | $ 1,296,000 | $ 1,286,000 | |
Dividends Accrued | $ 31,553 | $ 29,106 | |
Subsequent Event [Member] | |||
Quarterly Indicated Per Share Dividend Rate | $ 0.05 | ||
Annual Indicated per Share Dividend Rate | $ 0.20 |
Note 10 - Equity Compensation (
Note 10 - Equity Compensation (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 18 Months Ended | ||
Nov. 30, 2016shares | Sep. 30, 2018USD ($)$ / sharesshares | Sep. 30, 2017USD ($)$ / sharesshares | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 724,037 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 5.92 | |||||
Allocated Share-based Compensation Expense, Total | $ | $ 551,000 | $ 984,000 | ||||
Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 10 years | |||||
Service-based Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 422,900 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 4.94 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 91,490 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 5.92 | |||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fungible Share Ratio | 2.5 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 134,350 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 4.94 | |||||
Performance Shares [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.00% | |||||
The 2012 Stock Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 1,600,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fungible Share Ratio | 2.5 |
Note 11 - Supplemental Cash F_3
Note 11 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash payments: | ||
Interest | $ 518 | $ 382 |
Income taxes | (39) | |
Issuance of common shares as compensation | 90 | 78 |
Issuance of common shares to fund deferred compensation plan | $ 127 | $ 191 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) $ in Thousands | Sep. 30, 2018USD ($) |
Standby Letters of Credit [Member] | |
Letters of Credit Outstanding, Amount | $ 0 |
Note 13 - Severance Costs (Deta
Note 13 - Severance Costs (Details Textual) - USD ($) | Sep. 30, 2018 | Apr. 23, 2018 |
Postemployment Benefits Liability, Current | $ 590,000 | |
Postemployment Benefits Liability, Noncurrent | 985,000 | |
Former CEO [Member] | ||
Postemployment Benefits Liability, Total | $ 1,575,000 | $ 1,772,000 |
Note 13 - Severance Costs - Acc
Note 13 - Severance Costs - Accrued Severance Liability Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | |
Balance | $ 1,772 | $ 235 | $ 235 |
Accrual of expense | 1,900 | ||
Payments | (197) | (159) | (363) |
Adjustments | |||
Balance | $ 1,575 | $ 76 | $ 1,772 |
Note 14 - Restructuring Costs_2
Note 14 - Restructuring Costs (Details Textual) | 3 Months Ended | |
Sep. 30, 2018USD ($)a | Sep. 30, 2017USD ($) | |
Inventory Write-down | $ 766,000 | $ 143,000 |
Closure of Leased Facility in Hawthorne, California [Member] | ||
Area of Real Estate Property | a | 12,000 | |
Inventory Write-down | $ 435,000 |
Note 14 - Restructuring Costs -
Note 14 - Restructuring Costs - Summary of Restructuring Costs for the Period (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring and related costs | $ 155 | |
Employee Severance [Member] | ||
Restructuring and related costs | 19 | |
Employee Relocation [Member] | ||
Restructuring and related costs | 53 | |
Restructuring Impairment of Fixed Assets and Accelerated Depreciation [Member] | ||
Restructuring and related costs | 43 | |
Facility Repairs [Member] | ||
Restructuring and related costs | $ 40 |
Note 14 - Restructuring Costs_3
Note 14 - Restructuring Costs - Liability Balances Related to Restructuring Costs (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2018USD ($) | |
Balance, beginning | $ 0 |
Restructuring Expense | 112 |
Payments | 9 |
Adjustments | |
Balance, ending | 103 |
Severance and Other Termination Benefits [Member] | |
Balance, beginning | 0 |
Restructuring Expense | 19 |
Payments | |
Adjustments | |
Balance, ending | 19 |
Other Restructuring [Member] | |
Balance, beginning | 0 |
Restructuring Expense | 93 |
Payments | 9 |
Adjustments | |
Balance, ending | $ 84 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2019 | |
Deferred Tax Assets, Goodwill and Intangible Assets | $ 10.7 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 23.00% | 33.70% | |
Scenario, Forecast [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 15 - Income Taxes - Reconc
Note 15 - Income Taxes - Reconciliation of Income Tax Rate (Details) | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Provision for income taxes at the anticipated annual tax rate | 23.00% | 33.70% |
Uncertain tax positions | 1.30% | (0.20%) |
Difference between deferred and current tax rate related to the impairment of goodwill | 4.80% | |
Shared based compensation | 3.30% | |
Other | (0.30%) | |
Effective tax rate | 27.60% | 38.00% |