Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | LSI INDUSTRIES INC | |
Entity Central Index Key | 0000763532 | |
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 | true | |
Entity Common Stock, Shares Outstanding (in shares) | 25,937,670 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Net sales | $ 72,832 | $ 78,843 | $ 247,330 | $ 258,614 | |
Cost of products and services sold | 57,180 | 58,925 | 190,207 | 189,686 | |
Restructuring costs | 261 | 792 | |||
Severance costs | 54 | 77 | |||
Gross profit | 15,337 | 19,918 | 56,254 | 68,928 | |
Selling and administrative expenses | 17,515 | 19,175 | 54,990 | 60,452 | |
Impairment of goodwill | 20,165 | 28,000 | |||
Severance (gain) costs | (12) | 457 | |||
Transition and realignment costs | 120 | ||||
Restructuring costs | 107 | 132 | |||
Operating (loss) income | (2,273) | 743 | (19,610) | (19,524) | |
Interest (income) | (6) | (8) | (37) | (24) | |
Interest expense | 585 | 408 | 1,749 | 1,244 | |
Other expense | 183 | 183 | |||
(Loss) income before income taxes | (3,035) | 343 | (21,505) | (20,744) | |
Income tax expense (benefit) | 133 | 123 | (4,304) | (3,867) | |
Net (loss) | $ (3,168) | $ 220 | $ (17,201) | $ (16,877) | |
(Loss) Earnings per common share (see Note 4) | |||||
Basic (loss) earnings per share (in dollars per share) | $ (0.12) | $ 0.01 | $ (0.66) | $ (0.65) | |
Diluted (loss) earnings per share (in dollars per share) | $ (0.12) | $ 0.01 | $ (0.66) | $ (0.65) | |
Weighted average common shares outstanding | |||||
Basic (in shares) | 26,132 | 25,875 | 26,083 | 25,835 | |
Diluted (in shares) | [1] | 26,132 | 26,437 | 26,083 | 25,835 |
[1] | Options to purchase 3,536,732 common shares and 3,569,762 common shares for the three months ended December 31, 2018 and 2017, respectively, were not included in the computation of the three month diluted loss per share because the exercise price was greater than the average fair market value of the common shares. Additionally, options to purchase 3,356,101 common shares and 3,549,705 common shares for the six months ended at December 31, 2018 and 2017, respectively, were not included in the computation of the six month diluted loss per share because the exercise price was greater than the average fair market value of the common shares. For the three months ended and the six months ended in December 31, 2018 and December 31, 2017, the effect of dilutive securities was not included in the calculation of diluted loss per share because there was a net loss for the period. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Jun. 30, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 1,686 | $ 3,178 |
Accounts receivable, less allowance for doubtful accounts of $568 and $409, respectively | 52,137 | 50,609 |
Inventories | 51,621 | 50,994 |
Refundable income tax | 1,461 | 1,784 |
Other current assets | 4,155 | 3,516 |
Total current assets | 111,060 | 110,081 |
Property, Plant and Equipment, at cost | ||
Land | 6,770 | 6,470 |
Buildings | 35,618 | 35,961 |
Machinery and equipment | 76,677 | 77,108 |
Construction in progress | 1,311 | 1,340 |
120,376 | 120,879 | |
Less accumulated depreciation | (80,258) | (77,176) |
Net property, plant and equipment | 40,118 | 43,703 |
Goodwill | 10,373 | 30,538 |
Other Intangible Assets, net | 33,337 | 35,409 |
Other Long-Term Assets, net | 13,807 | 9,786 |
Total assets | 208,695 | 229,517 |
LIABILITIES & SHAREHOLDERS’ EQUITY | ||
Accounts payable | 20,631 | 17,927 |
Accrued expenses | 22,169 | 24,272 |
Total current liabilities | 42,800 | 42,199 |
Long-Term Debt | 43,812 | 45,360 |
Other Long-Term Liabilities | 1,844 | 2,707 |
Commitments and Contingencies (Note 11) | ||
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 25,894,306 and 25,641,913 shares, respectively | 125,577 | 124,104 |
Treasury shares, without par value | (1,629) | (2,110) |
Deferred compensation plan | 1,659 | 2,133 |
Retained (loss) earnings | (5,368) | 15,124 |
Total shareholders’ equity | 120,239 | 139,251 |
Total liabilities & shareholders’ equity | $ 208,695 | $ 229,517 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Mar. 31, 2019 | Jun. 30, 2018 |
Allowance for doubtful accounts | $ 568 | $ 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) | 25,894,306 | 25,641,913 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Restricted Stock Units (RSUs) [Member]Common Stock [Member] | Restricted Stock Units (RSUs) [Member]Treasury Stock [Member] | Restricted Stock Units (RSUs) [Member]Deferred Compensation, Share-based Payments [Member] | Restricted Stock Units (RSUs) [Member]Retained Earnings [Member] | Restricted Stock Units (RSUs) [Member] | Common Stock [Member] | Treasury Stock [Member] | Deferred Compensation, Share-based Payments [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Jun. 30, 2017 | 25,687 | (258) | ||||||||
Balance at Jun. 30, 2017 | $ 120,059 | $ (2,457) | $ 2,657 | $ 39,819 | $ 160,078 | |||||
Net (loss) | (16,877) | (16,877) | ||||||||
Stock compensation awards (in shares) | 39 | 31 | ||||||||
Stock compensation awards | $ 234 | 234 | ||||||||
Shares issued for deferred compensation (in shares) | 54 | |||||||||
Shares issued for deferred compensation | $ 354 | 354 | ||||||||
Activity of treasury shares, net (in shares) | 28 | |||||||||
Activity of treasury shares, net | $ 412 | 412 | ||||||||
Deferred stock compensation | (543) | (543) | ||||||||
Stock-based compensation expense | $ 1,754 | 1,754 | ||||||||
Stock options exercised, net (in shares) | 43 | |||||||||
Stock options exercised, net | $ 262 | 262 | ||||||||
Dividends — $0.20 per share | (3,845) | (3,845) | ||||||||
Balance (in shares) at Mar. 31, 2018 | 25,854 | (230) | ||||||||
Balance at Mar. 31, 2018 | $ 122,663 | $ (2,045) | 2,114 | 19,097 | 141,829 | |||||
Balance (in shares) at Jun. 30, 2018 | 25,884 | (242) | ||||||||
Balance at Jun. 30, 2018 | $ 124,104 | $ (2,110) | 2,133 | 15,124 | 139,251 | |||||
Net (loss) | (17,201) | (17,201) | ||||||||
Stock compensation awards (in shares) | 98 | 70 | ||||||||
Stock compensation awards | $ 265 | 265 | ||||||||
Shares issued for deferred compensation (in shares) | 65 | |||||||||
Shares issued for deferred compensation | $ 257 | 257 | ||||||||
Activity of treasury shares, net (in shares) | 19 | |||||||||
Activity of treasury shares, net | $ 481 | 481 | ||||||||
Deferred stock compensation | (474) | (474) | ||||||||
Stock-based compensation expense | 951 | 951 | ||||||||
Dividends — $0.20 per share | (3,882) | (3,882) | ||||||||
Balance (in shares) at Mar. 31, 2019 | 26,117 | (223) | ||||||||
Balance at Mar. 31, 2019 | $ 125,577 | $ (1,629) | 1,659 | (5,368) | 120,239 | |||||
Cumulative effect of adoption of accounting guidance (Note 2) | $ 591 | $ 591 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 9 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Dividends, per share (in dollars per share) | $ 0.20 | $ 0.20 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Flows from Operating Activities | ||
Net (loss) | $ (17,201) | $ (16,877) |
Non-cash items included in net income | ||
Depreciation and amortization | 7,787 | 7,640 |
Deferred income taxes | (4,077) | (5,650) |
Impairment of goodwill | 20,165 | 28,000 |
Deferred compensation plan | 264 | 332 |
Stock compensation expense | 951 | 1,754 |
Issuance of common shares as compensation | 265 | 234 |
Gain on disposition of fixed assets | (22) | (28) |
Allowance for doubtful accounts | 505 | 144 |
Inventory obsolescence reserve | 2,574 | 1,762 |
Changes in certain assets and liabilities: | ||
Accounts receivable | 2,902 | (793) |
Inventories | (7,368) | (3,441) |
Refundable income taxes | 323 | 435 |
Accounts payable | 2,705 | (3,077) |
Accrued expenses and other | (4,373) | (3,121) |
Customer prepayments | 985 | 575 |
Net cash flows provided by operating activities | 6,385 | 7,889 |
Cash Flows from Investing Activities | ||
Purchases of property, plant and equipment | (2,348) | (2,178) |
Proceeds from sale of fixed assets | 1,526 | |
Net cash (used in) investing activities | (2,348) | (652) |
Cash Flows from Financing Activities | ||
Payments of long-term debt | (89,489) | (77,817) |
Borrowings of long-term debt | 87,941 | 73,408 |
Cash dividends paid | (3,882) | (3,845) |
Exercise of stock options | 262 | |
Purchase of treasury shares | (107) | |
Shares withheld for employee taxes | (99) | (122) |
Net cash (used in) financing activities | (5,529) | (8,221) |
Decrease in cash and cash equivalents | (1,492) | (984) |
Cash and cash equivalents at beginning of period | 3,178 | 3,039 |
Cash and cash equivalents at end of period | $ 1,686 | $ 2,055 |
Note 1 - Interim Condensed Cons
Note 1 - Interim Condensed Consolidated Financial Statements | 9 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 three nine March 31, 2019 2018, nine March 31, 2019 2018. 2018 10 June 30, 2018 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation: 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 branded print graphics ● 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 the Company believes 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 Nine Months Ended ( In thousands) March 31, 2019 March 31, 2019 Lighting Segment Graphics Segment Lighting Segment Graphics Segment Timing of revenue recognition Products and services transferred at a point in time $ 46,364 $ 10,339 $ 157,931 $ 42,790 Products and services transferred over time 6,421 9,708 19,940 26,669 $ 52,785 $ 20,047 $ 177,871 $ 69,459 Type of Product and Services Current technology products $ 46,195 $ 4,427 $ 153,771 $ 9,178 Legacy products 6,133 11,160 22,156 45,346 Turnkey services and other 457 4,460 1,944 14,935 $ 52,785 $ 20,047 $ 177,871 $ 69,459 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 payment from its customers with contracts. Payments are generally due within 30 90 not ● The Company collects sales tax and other taxes concurrent with revenue-producing activities which 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. Foreign Exchange : Assets and liabilities of foreign operations are translated using period end exchange rates. Revenue and expenses are translated using average exchange rates during each period reported. 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, ( In thousands) 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 Shareholders' Equity: 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 In April 2019, $12 $3 $5.5 June 30, 2019 On April 9, 2019, April 12, 2019 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 | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 3 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 services 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. 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 nine March 31, 2019 2018. no March 31, 2019 June 30, 2018. Summarized financial information for the Company’s operating segments is provided for the indicated periods and as of March 31, 2019 March 31, 2018: Three Months Ended Nine Months Ended ( In thousands) March 31 March 31 2019 2018 2019 2018 Net Sales: Lighting Segment $ 52,785 $ 61,554 $ 177,871 $ 199,156 Graphics Segment 20,047 17,289 69,459 59,458 $ 72,832 $ 78,843 $ 247,330 $ 258,614 Operating (Loss) Income : Lighting Segment $ 691 $ 2,982 $ (13,911 ) $ (14,673 ) Graphics Segment (898 ) 415 2,350 4,146 Corporate and Eliminations (2,066 ) (2,654 ) (8,049 ) (8,997 ) $ (2,273 ) $ 743 $ (19,610 ) $ (19,524 ) Capital Expenditures: Lighting Segment $ 769 $ 671 $ 1,633 $ 1,431 Graphics Segment -- 300 515 639 Corporate and Eliminations -- 17 200 108 $ 769 $ 988 $ 2,348 $ 2,178 Depreciation and Amortization: Lighting Segment $ 1,925 $ 1,865 $ 5,867 $ 5,651 Graphics Segment 391 378 1,183 1,141 Corporate and Eliminations 236 273 737 848 $ 2,552 $ 2,516 $ 7,787 $ 7,640 March 31, 2019 June 30, 2018 Identifiable Assets: Lighting Segment $ 143,729 $ 172,799 Graphics Segment 43,674 39,881 Corporate and Eliminations 21,292 16,837 $ 208,695 $ 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 Nine Months Ended March 31 March 31 (In thousands) 2019 2018 2019 2018 Lighting Segment inter-segment net sales $ 479 $ 443 $ 1,758 $ 2,150 Graphics Segment inter-segment net sales $ 96 $ 133 $ 171 $ 1,204 The Company’s operations are located solely within North America. As a result, the geographic distribution of the Company’s net sales and long-lived assets originate within North America. |
Note 4 - Earnings Per Common Sh
Note 4 - Earnings Per Common Share | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 4 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 Nine Months Ended March 31 March 31 2019 2018 2019 2018 BASIC EARNINGS PER SHARE Net (loss) income $ (3,168 ) $ 220 $ (17,201 ) $ (16,877 ) Weighted average shares outstanding during the period, net of treasury shares (a) 25,893 25,581 25,828 25,546 Weighted average vested restricted stock units outstanding 33 49 40 44 Weighted average shares outstanding in the Deferred Compensation Plan during the period 206 245 215 245 Weighted average shares outstanding 26,132 25,875 26,083 25,835 Basic (loss) earnings per share $ (0.12 ) $ 0.01 $ (0.66 ) $ (0.65 ) DILUTED EARNINGS PER SHARE Net (loss) income $ (3,168 ) $ 220 $ (17,201 ) $ (16,877 ) Weighted average shares outstanding Basic 26,132 25,875 26,083 25,835 Effect of dilutive securities (b): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any -- 562 -- -- Weighted average shares outstanding (c) 26,132 26,437 26,083 25,835 Diluted (loss) earnings per share $ (0.12 ) $ 0.01 $ (0.66 ) $ (0.65 ) (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 3,787,519 1,945,348 three March 31, 2019 2018, not three 3,702,031 3,086,121 nine March 31, 2019 2018, not nine three March 31, 2019 nine March 31, 2019 2018, not |
Note 5 - Inventories
Note 5 - Inventories | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 5 The following information is provided as of the dates indicated: March 31, June 30, (In thousands) 2019 2018 Inventories: Raw materials $ 32,669 $ 31,795 Work-in-process 2,363 3,833 Finished goods 16,589 15,366 Total Inventories $ 51,621 $ 50,994 |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | NOTE 6 The following information is provided as of the dates indicated: March 31, June 30, (In thousands) 2019 2018 Accrued Expenses: Compensation and benefits $ 4,756 $ 9,394 Customer prepayments 2,055 1,070 Accrued sales commissions 2,176 2,274 Accrued warranty 7,372 6,876 Other accrued expenses 5,810 4,658 Total Accrued Expenses $ 22,169 $ 24,272 |
Note 7 - Goodwill and Other Int
Note 7 - Goodwill and Other Intangible Assets | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 7 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 not 3 820 may may A sustained and significant decline in the Company’s stock price in the second 2019 one December 31, 2018. 2017 04, 2 not $20,165,000. may The Company identified its reporting units in conjunction with its annual goodwill impairment testing. The Company has two one one not As of March 1, 2019, two one $38.9 54% $3.0 297% fourth 2019. 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 Goodwill Impairment $ (20,165 ) $ -- $ (20,165 ) Balance as of March 31, 2019 Goodwill $ 94,564 $ 28,690 $ 123,254 Accumulated impairment losses (85,356 ) (27,525 ) (112,881 ) Goodwill, net as of March 31, 2019 $ 9,208 $ 1,165 $ 10,373 The Company performed its annual review of indefinite-lived intangible assets as of March 1, 2019 no $19.2 462% fourth 2019. not The following table presents the gross carrying amount and accumulated amortization by each major asset class: March 31, 2019 Other Intangible Assets Gross (In thousands) Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 35,563 $ 11,556 $ 24,007 Patents 338 239 99 LED technology firmware, software 16,066 12,223 3,843 Trade name 2,658 692 1,966 Total Amortized Intangible Assets 54,625 24,710 29,915 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 $ 24,710 $ 33,337 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 Amortization expense (in thousands) for intangible assets was $691 $691 three March 31, 2019 2018, $2,071 $2,071 nine March 31, 2019 2018, $2,761 2019, $2,687 2020, $2,682 2021, $2,460 2022, $2,412 2023, $18,985 2023. |
Note 8 - Revolving Line of Cred
Note 8 - Revolving Line of Credit | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 8 - REVOLVING LINE OF CREDIT In February 2019, $75 $100 third 2022. 125 250 200 fourth 2019. $75 20 March 31, 2019, $43.8 $31.2 The Company is in compliance with all of its loan covenants as of March 31, 2019. |
Note 9 - Cash Dividends
Note 9 - Cash Dividends | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 9 CASH DIVIDENDS The Company paid cash dividends of $3,882,000 $3,845,000 nine March 31, 2019 2018, $40,798 $44,946 March 31, 2019 2018, April 2019, $0.05 May 14, 2019 May 6, 2019 . $0.20 |
Note 10 - Supplemental Cash Flo
Note 10 - Supplemental Cash Flow Information | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 10 SUPPLEMENTAL CASH FLOW INFORMATION (In thousands) Nine Months Ended March 31 2019 2018 Cash payments: Interest $ 1,669 $ 1,213 Income taxes $ 3 $ 1,556 Non-cash investing and finance activities: Issuance of common shares as compensation $ 265 $ 234 Issuance of common shares to fund deferred compensation plan $ 257 $ 354 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 1 1 - 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 March 31, 2019, no |
Note 12 - Severance Costs
Note 12 - Severance Costs | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 1 2 – SEVERANCE COSTS The Company recorded severance expense of $534,000 $91,000 nine March 31, 2019 2018, not 13. The activity in the Company’s accrued severance liability is as follows for the periods indicated: Nine Nine Fiscal Months Ended Months Ended Year Ended (In thousands) March 31, March 31, June 30, 2019 2018 2018 Balance at beginning of the period $ 1,772 $ 235 $ 235 Accrual of expense 534 91 1,900 Payments (956 ) (312 ) (363 ) Adjustments -- (14 ) -- Balance at end of the period $ 1,350 $ -- $ 1,772 Of the total $1,350,000 March 31, 2019, $644,000 twelve $706,000 |
Note 13 - Restructuring Costs
Note 13 - Restructuring Costs | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 1 3 – RESTRUCTURING COSTS On October 29, 2018, $4.0 $0.2 $0.6 $12 fourth June 30, 2019. March 31, 2019, $769,000 $919,000 not In the first 2019, 12,000 March 31, 2019, $155,000 $148,000 not The following table presents information about restructuring costs for the periods indicated: Three Nine Months Three Nine Months Months Ended Ended Months Ended Ended (In thousands) March 31, March 31, March 31, March 31, 2019 2019 2018 2018 Severance and other termination benefits $ 263 $ 484 $ -- $ -- Facility repairs 52 99 -- -- Impairment of fixed assets and accelerated depreciation -- 228 -- -- Other restructuring costs 53 113 -- -- Total $ 368 $ 924 $ -- $ -- The following table presents restructuring costs incurred by line item in the consolidated statement of operations in which the costs are included: Three Months Ended Nine Months Ended (In thousands) March 31 March 31 2019 2019 Cost of Goods Sold 261 792 Operating Expenses 107 132 Total 368 924 Additionally, the above tables do not $1,067,000 nine March 31, 2019 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 March 31, 2019 Severance and termination benefits $ -- $ 484 $ (22 ) $ -- $ 462 Facility Repairs -- 99 (62 ) -- 37 Other restructuring costs -- 113 (74 ) -- 39 Total $ -- $ 696 $ (158 ) $ -- $ 538 The above table does not $228,000 first nine 2019. Refer to Note 12 not |
Note 14 - Income Taxes
Note 14 - Income Taxes | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 14 – 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. The Company has announced that it has entered into a definitive agreement to sell its New Windsor, New York facility. The closing of the sale is expected in the fourth In the second 2019, $4.8 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 Nine Months Ended March 31 March 31 2019 2018 2019 2018 Reconciliation to effective tax rate: Provision for income taxes at the anticipated annual tax rate (0.7 )% 28.9 % 13.6 % 28.9 % Enactment of tax law changes -- -- -- (22.8 ) Uncertain tax positions (0.1 ) 5.4 0.6 0.7 Difference between deferred and current tax rate related to the impairment of goodwill -- -- 6.7 12.3 Other -- -- -- -- Tax impact related to share based compensation (3.6 ) 1.6 (0.9 ) (0.5 ) Effective tax rate (4.4 )% 35.9 % 20.0 % 18.6 % |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation: A summary of the Company’s significant accounting policies is included in Note 1 2018 10 2014 09 606 |
Revenue from Contract with Customer [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 branded print graphics ● 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 the Company believes 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 Nine Months Ended ( In thousands) March 31, 2019 March 31, 2019 Lighting Segment Graphics Segment Lighting Segment Graphics Segment Timing of revenue recognition Products and services transferred at a point in time $ 46,364 $ 10,339 $ 157,931 $ 42,790 Products and services transferred over time 6,421 9,708 19,940 26,669 $ 52,785 $ 20,047 $ 177,871 $ 69,459 Type of Product and Services Current technology products $ 46,195 $ 4,427 $ 153,771 $ 9,178 Legacy products 6,133 11,160 22,156 45,346 Turnkey services and other 457 4,460 1,944 14,935 $ 52,785 $ 20,047 $ 177,871 $ 69,459 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 payment from its customers with contracts. Payments are generally due within 30 90 not ● The Company collects sales tax and other taxes concurrent with revenue-producing activities which 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. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Exchange : Assets and liabilities of foreign operations are translated using period end exchange rates. Revenue and expenses are translated using average exchange rates during each period reported. |
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, ( In thousands) 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 Shareholders' Equity: 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 In April 2019, $12 $3 $5.5 June 30, 2019 On April 9, 2019, April 12, 2019 |
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) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended ( In thousands) March 31, 2019 March 31, 2019 Lighting Segment Graphics Segment Lighting Segment Graphics Segment Timing of revenue recognition Products and services transferred at a point in time $ 46,364 $ 10,339 $ 157,931 $ 42,790 Products and services transferred over time 6,421 9,708 19,940 26,669 $ 52,785 $ 20,047 $ 177,871 $ 69,459 Type of Product and Services Current technology products $ 46,195 $ 4,427 $ 153,771 $ 9,178 Legacy products 6,133 11,160 22,156 45,346 Turnkey services and other 457 4,460 1,944 14,935 $ 52,785 $ 20,047 $ 177,871 $ 69,459 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | ( In thousands) 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 Shareholders' Equity: Retained earnings $ 15,124 $ 591 $ 15,715 |
Note 3 - Segment Reporting In_2
Note 3 - Segment Reporting Information (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended ( In thousands) March 31 March 31 2019 2018 2019 2018 Net Sales: Lighting Segment $ 52,785 $ 61,554 $ 177,871 $ 199,156 Graphics Segment 20,047 17,289 69,459 59,458 $ 72,832 $ 78,843 $ 247,330 $ 258,614 Operating (Loss) Income : Lighting Segment $ 691 $ 2,982 $ (13,911 ) $ (14,673 ) Graphics Segment (898 ) 415 2,350 4,146 Corporate and Eliminations (2,066 ) (2,654 ) (8,049 ) (8,997 ) $ (2,273 ) $ 743 $ (19,610 ) $ (19,524 ) Capital Expenditures: Lighting Segment $ 769 $ 671 $ 1,633 $ 1,431 Graphics Segment -- 300 515 639 Corporate and Eliminations -- 17 200 108 $ 769 $ 988 $ 2,348 $ 2,178 Depreciation and Amortization: Lighting Segment $ 1,925 $ 1,865 $ 5,867 $ 5,651 Graphics Segment 391 378 1,183 1,141 Corporate and Eliminations 236 273 737 848 $ 2,552 $ 2,516 $ 7,787 $ 7,640 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, 2019 June 30, 2018 Identifiable Assets: Lighting Segment $ 143,729 $ 172,799 Graphics Segment 43,674 39,881 Corporate and Eliminations 21,292 16,837 $ 208,695 $ 229,517 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended Nine Months Ended March 31 March 31 (In thousands) 2019 2018 2019 2018 Lighting Segment inter-segment net sales $ 479 $ 443 $ 1,758 $ 2,150 Graphics Segment inter-segment net sales $ 96 $ 133 $ 171 $ 1,204 |
Note 4 - Earnings Per Common _2
Note 4 - Earnings Per Common Share (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended March 31 March 31 2019 2018 2019 2018 BASIC EARNINGS PER SHARE Net (loss) income $ (3,168 ) $ 220 $ (17,201 ) $ (16,877 ) Weighted average shares outstanding during the period, net of treasury shares (a) 25,893 25,581 25,828 25,546 Weighted average vested restricted stock units outstanding 33 49 40 44 Weighted average shares outstanding in the Deferred Compensation Plan during the period 206 245 215 245 Weighted average shares outstanding 26,132 25,875 26,083 25,835 Basic (loss) earnings per share $ (0.12 ) $ 0.01 $ (0.66 ) $ (0.65 ) DILUTED EARNINGS PER SHARE Net (loss) income $ (3,168 ) $ 220 $ (17,201 ) $ (16,877 ) Weighted average shares outstanding Basic 26,132 25,875 26,083 25,835 Effect of dilutive securities (b): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any -- 562 -- -- Weighted average shares outstanding (c) 26,132 26,437 26,083 25,835 Diluted (loss) earnings per share $ (0.12 ) $ 0.01 $ (0.66 ) $ (0.65 ) |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, June 30, (In thousands) 2019 2018 Inventories: Raw materials $ 32,669 $ 31,795 Work-in-process 2,363 3,833 Finished goods 16,589 15,366 Total Inventories $ 51,621 $ 50,994 |
Note 6 - Accrued Expenses (Tabl
Note 6 - Accrued Expenses (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, June 30, (In thousands) 2019 2018 Accrued Expenses: Compensation and benefits $ 4,756 $ 9,394 Customer prepayments 2,055 1,070 Accrued sales commissions 2,176 2,274 Accrued warranty 7,372 6,876 Other accrued expenses 5,810 4,658 Total Accrued Expenses $ 22,169 $ 24,272 |
Note 7 - Goodwill and Other I_2
Note 7 - Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
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 Goodwill Impairment $ (20,165 ) $ -- $ (20,165 ) Balance as of March 31, 2019 Goodwill $ 94,564 $ 28,690 $ 123,254 Accumulated impairment losses (85,356 ) (27,525 ) (112,881 ) Goodwill, net as of March 31, 2019 $ 9,208 $ 1,165 $ 10,373 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | March 31, 2019 Other Intangible Assets Gross (In thousands) Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 35,563 $ 11,556 $ 24,007 Patents 338 239 99 LED technology firmware, software 16,066 12,223 3,843 Trade name 2,658 692 1,966 Total Amortized Intangible Assets 54,625 24,710 29,915 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 $ 24,710 $ 33,337 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 |
Note 10 - Supplemental Cash F_2
Note 10 - Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | (In thousands) Nine Months Ended March 31 2019 2018 Cash payments: Interest $ 1,669 $ 1,213 Income taxes $ 3 $ 1,556 Non-cash investing and finance activities: Issuance of common shares as compensation $ 265 $ 234 Issuance of common shares to fund deferred compensation plan $ 257 $ 354 |
Note 12 - Severance Costs (Tabl
Note 12 - Severance Costs (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Employee Severance [Member] | |
Notes Tables | |
Schedule of Accrued Severance Liability [Table Text Block] | Nine Nine Fiscal Months Ended Months Ended Year Ended (In thousands) March 31, March 31, June 30, 2019 2018 2018 Balance at beginning of the period $ 1,772 $ 235 $ 235 Accrual of expense 534 91 1,900 Payments (956 ) (312 ) (363 ) Adjustments -- (14 ) -- Balance at end of the period $ 1,350 $ -- $ 1,772 |
Note 13 - Restructuring Costs (
Note 13 - Restructuring Costs (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Nine Months Three Nine Months Months Ended Ended Months Ended Ended (In thousands) March 31, March 31, March 31, March 31, 2019 2019 2018 2018 Severance and other termination benefits $ 263 $ 484 $ -- $ -- Facility repairs 52 99 -- -- Impairment of fixed assets and accelerated depreciation -- 228 -- -- Other restructuring costs 53 113 -- -- Total $ 368 $ 924 $ -- $ -- |
Restructuring and Related Costs, Summary of Costs Incurred by Line Item in the Statement of Operations [Table Text Block] | Three Months Ended Nine Months Ended (In thousands) March 31 March 31 2019 2019 Cost of Goods Sold 261 792 Operating Expenses 107 132 Total 368 924 |
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 March 31, 2019 Severance and termination benefits $ -- $ 484 $ (22 ) $ -- $ 462 Facility Repairs -- 99 (62 ) -- 37 Other restructuring costs -- 113 (74 ) -- 39 Total $ -- $ 696 $ (158 ) $ -- $ 538 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended Nine Months Ended March 31 March 31 2019 2018 2019 2018 Reconciliation to effective tax rate: Provision for income taxes at the anticipated annual tax rate (0.7 )% 28.9 % 13.6 % 28.9 % Enactment of tax law changes -- -- -- (22.8 ) Uncertain tax positions (0.1 ) 5.4 0.6 0.7 Difference between deferred and current tax rate related to the impairment of goodwill -- -- 6.7 12.3 Other -- -- -- -- Tax impact related to share based compensation (3.6 ) 1.6 (0.9 ) (0.5 ) Effective tax rate (4.4 )% 35.9 % 20.0 % 18.6 % |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Jul. 01, 2018 | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 22,000 | $ 28,000 | |||
Other Operating Income (Expense) [Member] | |||||
Foreign Currency Transaction Gain (Loss), before Tax, Total | $ 183,000 | ||||
AOCI Attributable to Parent [Member] | |||||
Foreign Currency Transaction Gain (Loss), before Tax, Total | $ 3,498 | ||||
Forecast [Member] | |||||
Proceeds from Sale of Manufacturing Facility, Gross | $ 12,000,000 | ||||
Forecast [Member] | Minimum [Member] | |||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 3,000,000 | ||||
Forecast [Member] | Maximum [Member] | |||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 5,500,000 | ||||
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 | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue | $ 72,832 | $ 78,843 | $ 247,330 | $ 258,614 |
Lighting Segment [Member] | ||||
Revenue | 52,785 | 61,554 | 177,871 | 199,156 |
Lighting Segment [Member] | Current Technology Products [Member] | ||||
Revenue | 46,195 | 153,771 | ||
Lighting Segment [Member] | Legacy Products [Member] | ||||
Revenue | 6,133 | 22,156 | ||
Lighting Segment [Member] | Turnkey Services and Other [Member] | ||||
Revenue | 457 | 1,944 | ||
Graphics Segment [Member] | ||||
Revenue | 20,047 | $ 17,289 | 69,459 | $ 59,458 |
Graphics Segment [Member] | Current Technology Products [Member] | ||||
Revenue | 4,427 | 9,178 | ||
Graphics Segment [Member] | Legacy Products [Member] | ||||
Revenue | 11,160 | 45,346 | ||
Graphics Segment [Member] | Turnkey Services and Other [Member] | ||||
Revenue | 4,460 | 14,935 | ||
Transferred at Point in Time [Member] | Lighting Segment [Member] | ||||
Revenue | 46,364 | 157,931 | ||
Transferred at Point in Time [Member] | Graphics Segment [Member] | ||||
Revenue | 10,339 | 42,790 | ||
Transferred over Time [Member] | Lighting Segment [Member] | ||||
Revenue | 6,421 | 19,940 | ||
Transferred over Time [Member] | Graphics Segment [Member] | ||||
Revenue | $ 9,708 | $ 26,669 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jul. 01, 2018 | Jun. 30, 2018 |
Accounts receivable, net | $ 52,137 | $ 55,544 | $ 50,609 |
Inventories, net | 51,621 | 46,827 | 50,994 |
Other long-term assets, net | 13,807 | 9,609 | 9,786 |
Retained earnings | $ (5,368) | 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 | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2018 | |
Number of Operating Segments | 2 | ||||
Intersegment Revenue Markup Percentage | 10.00% | ||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk, Percentage | 0.00% | 0.00% | 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 | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Net sales | $ 72,832 | $ 78,843 | $ 247,330 | $ 258,614 |
Operating income (loss) | (2,273) | 743 | (19,610) | (19,524) |
Capital expenditures | 769 | 988 | 2,348 | 2,178 |
Depreciation and amortization | 2,552 | 2,516 | 7,787 | 7,640 |
Corporate and Eliminations [Member] | ||||
Operating income (loss) | (2,066) | (2,654) | (8,049) | (8,997) |
Capital expenditures | 17 | 200 | 108 | |
Depreciation and amortization | 236 | 273 | 737 | 848 |
Lighting Segment [Member] | ||||
Net sales | 52,785 | 61,554 | 177,871 | 199,156 |
Lighting Segment [Member] | Operating Segments [Member] | ||||
Operating income (loss) | 691 | 2,982 | (13,911) | (14,673) |
Capital expenditures | 769 | 671 | 1,633 | 1,431 |
Depreciation and amortization | 1,925 | 1,865 | 5,867 | 5,651 |
Graphics Segment [Member] | ||||
Net sales | 20,047 | 17,289 | 69,459 | 59,458 |
Graphics Segment [Member] | Operating Segments [Member] | ||||
Operating income (loss) | (898) | 415 | 2,350 | 4,146 |
Capital expenditures | 300 | 515 | 639 | |
Depreciation and amortization | $ 391 | $ 378 | $ 1,183 | $ 1,141 |
Note 3 - Segment Reporting In_5
Note 3 - Segment Reporting Information - Identifiable Assets by Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jun. 30, 2018 |
Identifiable assets | $ 208,695 | $ 229,517 |
Corporate and Eliminations [Member] | ||
Identifiable assets | 21,292 | 16,837 |
Lighting Segment [Member] | Operating Segments [Member] | ||
Identifiable assets | 143,729 | 172,799 |
Graphics Segment [Member] | Operating Segments [Member] | ||
Identifiable assets | $ 43,674 | $ 39,881 |
Note 3 - Segment Reporting In_6
Note 3 - Segment Reporting Information - Intersegment Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Inter-segment Revenues | $ 72,832 | $ 78,843 | $ 247,330 | $ 258,614 |
Lighting Segment [Member] | ||||
Inter-segment Revenues | 52,785 | 61,554 | 177,871 | 199,156 |
Graphics Segment [Member] | ||||
Inter-segment Revenues | 20,047 | 17,289 | 69,459 | 59,458 |
Intersegment Eliminations [Member] | Lighting Segment [Member] | ||||
Inter-segment Revenues | 479 | 443 | 1,758 | 2,150 |
Intersegment Eliminations [Member] | Graphics Segment [Member] | ||||
Inter-segment Revenues | $ 96 | $ 133 | $ 171 | $ 1,204 |
Note 4 - Earnings Per Common _3
Note 4 - Earnings Per Common Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,787,519 | 1,945,348 | 3,702,031 | 3,086,121 |
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 | 9 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | ||
BASIC EARNINGS PER SHARE | |||||
Net (loss) income | $ (3,168) | $ 220 | $ (17,201) | $ (16,877) | |
Weighted average shares outstanding during the period, net of treasury shares (a) (in shares) | [1] | 25,893 | 25,581 | 25,828 | 25,546 |
Weighted average vested restricted stock units outstanding (in shares) | 206 | 245 | 215 | 245 | |
Weighted average shares outstanding (in shares) | 26,132 | 25,875 | 26,083 | 25,835 | |
Basic (loss) earnings per share (in dollars per share) | $ (0.12) | $ 0.01 | $ (0.66) | $ (0.65) | |
Basic (in shares) | 26,132 | 25,875 | 26,083 | 25,835 | |
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any (in shares) | [2] | 562 | |||
Weighted average shares outstanding (c) (in shares) | [3] | 26,132 | 26,437 | 26,083 | 25,835 |
Diluted (loss) earnings per share (in dollars per share) | $ (0.12) | $ 0.01 | $ (0.66) | $ (0.65) | |
Restricted Stock Units (RSUs) [Member] | |||||
BASIC EARNINGS PER SHARE | |||||
Weighted average vested restricted stock units outstanding (in shares) | 33 | 49 | 40 | 44 | |
[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 3,536,732 common shares and 3,569,762 common shares for the three months ended December 31, 2018 and 2017, respectively, were not included in the computation of the three month diluted loss per share because the exercise price was greater than the average fair market value of the common shares. Additionally, options to purchase 3,356,101 common shares and 3,549,705 common shares for the six months ended at December 31, 2018 and 2017, respectively, were not included in the computation of the six month diluted loss per share because the exercise price was greater than the average fair market value of the common shares. For the three months ended and the six months ended in December 31, 2018 and December 31, 2017, the effect of dilutive securities was not included in the calculation of diluted loss per share because there was a net loss for the period. |
Note 5 - Inventories - Inventor
Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jul. 01, 2018 | Jun. 30, 2018 |
Raw materials | $ 32,669 | $ 31,795 | |
Work-in-process | 2,363 | 3,833 | |
Finished goods | 16,589 | 15,366 | |
Total Inventories | $ 51,621 | $ 46,827 | $ 50,994 |
Note 6 - Accrued Expenses - Acc
Note 6 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jun. 30, 2018 |
Compensation and benefits | $ 4,756 | $ 9,394 |
Customer prepayments | 2,055 | 1,070 |
Accrued sales commissions | 2,176 | 2,274 |
Accrued warranty | 7,372 | 6,876 |
Other accrued expenses | 5,810 | 4,658 |
Total Accrued Expenses | $ 22,169 | $ 24,272 |
Note 7 - Goodwill and Other I_3
Note 7 - Goodwill and Other Intangible Assets (Details Textual) | Mar. 01, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018 | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) |
Number of Reporting Units | 1 | 2 | |||||
Goodwill, Impairment Loss | $ 20,165,000 | $ 20,165,000 | $ 28,000,000 | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | ||||||
Intangible Assets, Indefinite-lived, Amount of Fair Value in Excess of Carrying Amount | $ 19,200,000 | ||||||
Intangible Assets, Indefinite-lived, Percentage of Fair Value in Excess of Carrying Amount | 462.00% | ||||||
Amortization of Intangible Assets, Total | 691,000 | $ 691,000 | 2,071,000 | $ 2,071,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 2,761,000 | 2,761,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 2,687,000 | 2,687,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 2,682,000 | 2,682,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2,460,000 | 2,460,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 2,412,000 | 2,412,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 18,985,000 | $ 18,985,000 | |||||
Lighting Segment [Member] | |||||||
Number of Reporting Units | 1 | ||||||
Goodwill, Impairment Loss | 20,165,000 | $ 20,165,000 | |||||
Good will Impairment Testing Value Above Carrying Value | $ 38,900,000 | ||||||
Good will Impairment Testing Percent Value Above Carrying Value | 54.00% | ||||||
Graphics Segment [Member] | |||||||
Number of Reporting Units | 1 | ||||||
Goodwill, Impairment Loss | |||||||
Good will Impairment Testing Value Above Carrying Value | $ 3,000,000 | ||||||
Good will Impairment Testing Percent Value Above Carrying Value | 297.00% |
Note 7 - Goodwill and Other I_4
Note 7 - Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2018 | |
Goodwill | $ 123,254,000 | $ 123,254,000 | $ 123,254,000 | |||
Accumulated impairment losses | (112,881,000) | (112,881,000) | (92,716,000) | |||
Goodwill, net | 10,373,000 | 10,373,000 | 30,538,000 | |||
Goodwill Impairment | $ (20,165,000) | (20,165,000) | $ (28,000,000) | |||
Lighting Segment [Member] | ||||||
Goodwill | 94,564,000 | 94,564,000 | 94,564,000 | |||
Accumulated impairment losses | (85,356,000) | (85,356,000) | (65,191,000) | |||
Goodwill, net | 9,208,000 | 9,208,000 | 29,373,000 | |||
Goodwill Impairment | (20,165,000) | (20,165,000) | ||||
Graphics Segment [Member] | ||||||
Goodwill | 28,690,000 | 28,690,000 | 28,690,000 | |||
Accumulated impairment losses | (27,525,000) | (27,525,000) | (27,525,000) | |||
Goodwill, net | $ 1,165,000 | $ 1,165,000 | $ 1,165,000 | |||
Goodwill Impairment |
Note 7 - Goodwill and Other I_5
Note 7 - Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jun. 30, 2018 |
Amortized intangible assets, gross | $ 54,625 | $ 54,625 |
Indefinite-lived intangible assets, gross | 3,422 | 3,422 |
Total other intangible assets, gross | 58,047 | 58,047 |
Accumulated amortization | 24,710 | 22,638 |
Amortized intangible assets, net | 29,915 | 31,987 |
Total other intangible assets, net | 33,337 | 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 | 11,556 | 10,011 |
Amortized intangible assets, net | 24,007 | 25,552 |
Patents [Member] | ||
Amortized intangible assets, gross | 338 | 338 |
Accumulated amortization | 239 | 217 |
Amortized intangible assets, net | 99 | 121 |
Technology-Based Intangible Assets [Member] | ||
Amortized intangible assets, gross | 16,066 | 16,066 |
Accumulated amortization | 12,223 | 11,801 |
Amortized intangible assets, net | 3,843 | 4,265 |
Trade Names [Member] | ||
Amortized intangible assets, gross | 2,658 | 2,658 |
Accumulated amortization | 692 | 609 |
Amortized intangible assets, net | $ 1,966 | $ 2,049 |
Note 8 - Revolving Line of Cr_2
Note 8 - Revolving Line of Credit (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | Feb. 27, 2019 | |
Long-term Line of Credit, Total | $ 43.8 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 31.2 | ||||
London Interbank Offered Rate (LIBOR) [Member] | Forecast [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||
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 | 2.50% | ||||
UNITED STATES | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75 | $ 100 | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% |
Note 9 - Cash Dividends (Detail
Note 9 - Cash Dividends (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | |
Apr. 29, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Payments of Dividends, Total | $ 3,882,000 | $ 3,845,000 | |
Dividends Accrued | $ 40,798 | $ 44,946 | |
Subsequent Event [Member] | |||
Quarterly Indicated Per Share Dividend Rate | $ 0.05 | ||
Annual Indicated per Share Dividend Rate | $ 0.20 | ||
Dividends Payable, Date to be Paid | May 14, 2019 | ||
Dividends Payable, Date of Record | May 6, 2019 |
Note 10 - Supplemental Cash F_3
Note 10 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash payments: | ||
Interest | $ 1,669 | $ 1,213 |
Income taxes | 3 | 1,556 |
Issuance of common shares as compensation | 265 | 234 |
Issuance of common shares to fund deferred compensation plan | $ 257 | $ 354 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) $ in Thousands | Mar. 31, 2019USD ($) |
Standby Letters of Credit [Member] | |
Letters of Credit Outstanding, Amount | $ 0 |
Note 12 - Severance Costs (Deta
Note 12 - Severance Costs (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2018 | |
Severance Expense | $ 534,000 | $ 91,000 | $ 1,900,000 |
Restructuring Reserve, Ending Balance | 538,000 | $ 0 | |
Employee Severance [Member] | |||
Restructuring Reserve, Ending Balance | 1,350,000 | ||
Restructuring Reserve, Current | 644,000 | ||
Restructuring Reserve, Noncurrent | $ 706,000 |
Note 12 - Severance Costs - Acc
Note 12 - Severance Costs - Accrued Severance Liability Activity (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2018 | |
Balance | $ 1,772,000 | $ 235,000 | $ 235,000 |
Accrual of expense | 534,000 | 91,000 | 1,900,000 |
Payments | (956,000) | (312,000) | (363,000) |
Adjustments | (14,000) | ||
Balance | $ 1,350,000 | $ 1,772,000 |
Note 13 - Restructuring Costs_2
Note 13 - Restructuring Costs (Details Textual) | Oct. 29, 2018USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($)ft² | Mar. 31, 2018USD ($) | Mar. 31, 2019USD ($)ft² | Mar. 31, 2018USD ($) |
Restructuring and Related Cost, Incurred Cost (Gain) | $ 368,000 | $ 924,000 | ||||
Inventory Write-down | 2,574,000 | $ 1,762,000 | ||||
Fixed Asset Impairment and Accelerated Depreciation Expense | 228,000 | |||||
Forecast [Member] | ||||||
Proceeds from Sale of Manufacturing Facility, Gross | $ 12,000,000 | |||||
Closure of Lighting Facility in New Windsor, New York [Member] | ||||||
Expected Annual Savings from Closure of Facility | $ 4,000,000 | |||||
Restructuring and Related Cost, Expected Cost, Total | 200,000 | |||||
Expected Write-down of Inventory | $ 600,000 | |||||
Restructuring and Related Cost, Incurred Cost (Gain) | 769,000 | |||||
Inventory Write-down | 919,000 | |||||
Sell Manufacturing Facility In New Windsor, New York [Member] | Forecast [Member] | ||||||
Proceeds from Sale of Manufacturing Facility, Gross | $ 12,000,000 | |||||
Closure of Leased Facility in Hawthorne, California [Member] | ||||||
Restructuring and Related Cost, Incurred Cost (Gain) | 155,000 | |||||
Inventory Write-down | $ 148,000 | |||||
Area of Real Estate Property | ft² | 12,000 | 12,000 | ||||
Closure of Leased Facility in Hawthorne, California [Member] | Cost of Sales [Member] | ||||||
Inventory Write-down | $ 1,067,000 |
Note 13 - Restructuring Costs -
Note 13 - Restructuring Costs - Summary of Restructuring Costs for the Period (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring and related costs | $ 368 | $ 924 | ||
Severance and Other Termination Benefits [Member] | ||||
Restructuring and related costs | 263 | 484 | ||
Facility Repairs [Member] | ||||
Restructuring and related costs | 52 | 99 | ||
Restructuring Impairment of Fixed Assets and Accelerated Depreciation [Member] | ||||
Restructuring and related costs | 228 | |||
Other Restructuring [Member] | ||||
Restructuring and related costs | $ 53 | $ 113 |
Note 13 - Restructuring Costs_3
Note 13 - Restructuring Costs - Cost Incurred by Line Items on the Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Mar. 31, 2019 | Mar. 31, 2019 | |
Restructuring and related costs, incurred cost | $ 368 | $ 924 |
Cost of Goods Sold [Member] | ||
Restructuring and related costs, incurred cost | 261 | 792 |
Operating Expense [Member] | ||
Restructuring and related costs, incurred cost | $ 107 | $ 132 |
Note 13 - Restructuring Costs_4
Note 13 - Restructuring Costs - Liability Balances Related to Restructuring Costs (Details) $ in Thousands | 9 Months Ended |
Mar. 31, 2019USD ($) | |
Balance, beginning | $ 0 |
Restructuring Expense | 696 |
Payments | (158) |
Adjustments | 0 |
Balance, ending | 538 |
Severance and Other Termination Benefits [Member] | |
Balance, beginning | 0 |
Restructuring Expense | 484 |
Payments | (22) |
Adjustments | 0 |
Balance, ending | 462 |
Lease Obligation Restructuring [Member] | |
Balance, beginning | 0 |
Restructuring Expense | 99 |
Payments | (62) |
Adjustments | 0 |
Balance, ending | 37 |
Other Restructuring [Member] | |
Balance, beginning | 0 |
Restructuring Expense | 113 |
Payments | (74) |
Adjustments | 0 |
Balance, ending | $ 39 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Mar. 31, 2019 | Jun. 30, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | ||
Forecast [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Lighting Reporting Unit [Member] | |||
Deferred Tax Assets, Increase During Period, Impairment of Goodwill | $ 10.7 | $ 4.8 |
Note 14 - Income Taxes - Reconc
Note 14 - Income Taxes - Reconciliation of Income Tax Rate (Details) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Provision for income taxes at the anticipated annual tax rate | (0.70%) | 28.90% | 13.60% | 28.90% |
Enactment of tax law changes | (22.80%) | |||
Uncertain tax positions | (0.10%) | 5.40% | 0.60% | 0.70% |
Difference between deferred and current tax rate related to the impairment of goodwill | 6.70% | 12.30% | ||
Other | ||||
Tax impact related to share based compensation | (3.60%) | 1.60% | (0.90%) | (0.50%) |
Effective tax rate | (4.40%) | 35.90% | 20.00% | 18.60% |