Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Aug. 30, 2019 | Dec. 31, 2018 | |
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 Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 26,047,851 | ||
Entity Public Float | $ 79,577,192 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Net sales | $ 328,852 | $ 342,023 | |
Cost of products and services sold | 253,621 | 252,789 | |
Restructuring costs | 1,441 | ||
Severance costs | 77 | ||
Gross profit | 73,713 | 89,234 | |
Selling and administrative expenses | 72,470 | 79,750 | |
Impairment of goodwill and intangible asset | 20,165 | 28,000 | |
Severance costs | 483 | ||
Restructuring costs | 365 | ||
Transition and realignment costs | 120 | 3,136 | |
Operating (loss) | (19,890) | (21,652) | |
Interest (income) | (38) | (39) | |
Interest expense | 2,278 | 1,719 | |
Other expense | 138 | ||
(Loss) before income taxes | (22,268) | (23,332) | |
Income tax (benefit) | (5,929) | (3,791) | |
Net (loss) | $ (16,339) | $ (19,541) | |
(Loss) per common share (see Note 3) | |||
Basic (in dollars per share) | $ (0.63) | $ (0.76) | |
Diluted (in dollars per share) | $ (0.63) | $ (0.76) | |
Weighted average common shares outstanding | |||
Basic (in shares) | 26,109 | 25,866 | |
Diluted (in shares) | [1] | 26,109 | 25,866 |
[1] | Options to purchase 3,555,530 common shares and 2,802,420 common shares at June 30, 2019 and 2018, respectively, were not included in the computation of diluted (loss) per share because the exercise price was greater than the average fair market value of the common shares. For the years ended June 30, 2019 and June 30, 2018 the effect of dilutive securities was not included in the calculation of diluted loss per share because there was a net operating loss for the period. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net (Loss) | $ (16,339) | $ (19,541) |
Foreign currency translation adjustment | 16 | |
Comprehensive (Loss) | $ (16,323) | $ (19,541) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 966 | $ 3,178 |
Accounts receivable, less allowance for doubtful accounts of $879 and $409, respectively | 54,728 | 50,609 |
Inventories | 43,512 | 50,994 |
Refundable income taxes | 882 | 1,784 |
Assets held for sale | 7,512 | |
Other current assets | 3,380 | 3,516 |
Total current assets | 110,980 | 110,081 |
Property, Plant and Equipment, at cost | ||
Land | 4,576 | 6,470 |
Buildings | 27,015 | 35,961 |
Machinery and equipment | 73,185 | 77,108 |
Construction in progress | 455 | 1,340 |
105,231 | 120,879 | |
Less accumulated depreciation | (73,255) | (77,176) |
Net property, plant and equipment | 31,976 | 43,703 |
Goodwill | 10,373 | 30,538 |
Other Intangible Assets, net | 32,647 | 35,409 |
Other Long-Term Assets, net | 15,124 | 9,786 |
Total assets | 201,100 | 229,517 |
LIABILITIES & SHAREHOLDERS’ EQUITY | ||
Accounts payable | 18,664 | 17,927 |
Accrued expenses | 21,211 | 24,272 |
Total current liabilities | 39,875 | 42,199 |
Long-Term Debt | 39,541 | 45,360 |
Other Long-Term Liabilities | 1,747 | 2,707 |
Commitments and Contingencies (Note 13) | ||
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 25,967,275 and 25,641,913 shares, respectively | 125,729 | 124,104 |
Treasury shares, without par value; | (1,468) | (2,110) |
Deferred compensation plan | 1,468 | 2,133 |
Retained (loss) earnings | (5,808) | 15,124 |
Accumulated other comprehensive income | 16 | |
Total shareholders’ equity | 119,937 | 139,251 |
Total liabilities & shareholders’ equity | $ 201,100 | $ 229,517 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Allowance for doubtful accounts | $ 879 | $ 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) | 25,967,275 | 25,641,913 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Restricted Stock Units (RSUs) [Member]Common Stock Including Additional Paid in Capital [Member] | Restricted Stock Units (RSUs) [Member]Treasury Stock [Member] | Restricted Stock Units (RSUs) [Member]Key Executive Deferred Compensation [Member] | Restricted Stock Units (RSUs) [Member]AOCI Attributable to Parent [Member] | Restricted Stock Units (RSUs) [Member]Retained Earnings [Member] | Restricted Stock Units (RSUs) [Member] | Common Stock Including Additional Paid in Capital [Member] | Treasury Stock [Member] | Key Executive Deferred Compensation [Member] | AOCI Attributable to Parent [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) | (19,541) | (19,541) | ||||||||||
Stock compensation awards (in shares) | 44 | 43 | ||||||||||
Stock compensation awards | $ 319 | 319 | ||||||||||
Shares issued for deferred compensation (in shares) | 67 | |||||||||||
Shares issued for deferred compensation | $ 429 | 429 | ||||||||||
Activity of treasury shares, net (in shares) | 16 | |||||||||||
Activity of treasury shares, net | $ 347 | 347 | ||||||||||
Deferred stock compensation | (524) | (524) | ||||||||||
Stock-based compensation expense | 3,012 | 3,012 | ||||||||||
Stock optons exercised, net | 285 | 285 | ||||||||||
Dividends — $0.20 per share | (5,154) | (5,154) | ||||||||||
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) | (16,339) | (16,339) | ||||||||||
Stock compensation awards (in shares) | 114 | 104 | ||||||||||
Stock compensation awards | $ 354 | 354 | ||||||||||
Shares issued for deferred compensation (in shares) | 74 | |||||||||||
Shares issued for deferred compensation | $ 290 | 290 | ||||||||||
Activity of treasury shares, net (in shares) | 33 | |||||||||||
Activity of treasury shares, net | $ 642 | 642 | ||||||||||
Deferred stock compensation | (665) | (665) | ||||||||||
Stock-based compensation expense | 981 | 981 | ||||||||||
Stock optons exercised, net | ||||||||||||
Dividends — $0.20 per share | (5,184) | (5,184) | ||||||||||
Other comprehensive income | 16 | 16 | ||||||||||
Cumulative effect of adoption of accounting guidance | 591 | 591 | ||||||||||
Balance (in shares) at Jun. 30, 2019 | 26,176 | (209) | ||||||||||
Balance at Jun. 30, 2019 | $ 125,729 | $ (1,468) | $ 1,468 | $ 16 | $ (5,808) | $ 119,937 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Dividend per share (in dollars per share) | $ 0.20 | $ 0.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows From Operating Activities | ||
Net (Loss) | $ (16,339,000) | $ (19,541,000) |
Non-cash items included in net (loss) | ||
Depreciation and amortization | 10,221,000 | 10,222,000 |
Impairment of goodwill and intangible asset | 20,165,000 | 28,000,000 |
Deferred income taxes | (6,370,000) | (4,748,000) |
Deferred compensation plan | 266,000 | 359,000 |
Stock based compensation expense | 981,000 | 3,012,000 |
Issuance of common shares as compensation | 355,000 | 319,000 |
(Gain) on disposition of fixed assets | (32,000) | (26,000) |
Allowance for doubtful accounts | 776,000 | 214,000 |
Inventory obsolescence reserve | 3,607,000 | 2,605,000 |
Change in certain assets and liabilities, net of acquisition | ||
Accounts receivable | 74,000 | (1,943,000) |
Inventories | (326,000) | (3,591,000) |
Refundable income taxes | 902,000 | (1,009,000) |
Accounts payable | 684,000 | (1,883,000) |
Accrued expenses and other | (4,171,000) | (499,000) |
Customer prepayments | 698,000 | 9,000 |
Net cash flows provided by operating activities | 11,491,000 | 11,500,000 |
Cash Flows From Investing Activities | ||
Purchases of property, plant, and equipment | (2,618,000) | (3,406,000) |
Proceeds from sale of fixed assets | 32,000 | 1,538,000 |
Net cash flows (used in) investing activities | (2,586,000) | (1,868,000) |
Cash Flows From Financing Activities | ||
Payments of long-term debt | (126,431,000) | (99,258,000) |
Borrowings of long-term debt | 120,612,000 | 94,920,000 |
Cash dividends paid | (5,184,000) | (5,154,000) |
Purchase of treasury shares | (107,000) | |
Shares withheld for employee taxes | (114,000) | (179,000) |
Exercise of stock options | 285,875 | |
Net cash flows (used in) financing activities | (11,117,000) | (9,493,000) |
(Decrease) Increase in cash and cash equivalents | (2,212,000) | 139,000 |
Cash and cash equivalents at beginning of year | 3,178,000 | 3,039,000 |
Cash and cash equivalents at end of year | $ 966,000 | $ 3,178,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 Consolidation: The consolidated financial statements include the accounts of LSI Industries Inc. (an Ohio corporation) and its subsidiaries (collectively, the “Company”), all of which are wholly owned. All intercompany transactions and balances have been eliminated in consolidation. Revenue Recognition: The Company recognizes revenue when it satisfies the performance obligations 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 to 90 days from the shipping date, depending on our terms with the customer. The Company offers standard warranties that do not represent separate performance obligations. Installation is a separate performance obligation, except for our digital signage products. For digital signage products, installation is not a separate performance obligation as the product and installation is the combined item promised in digital signage contracts. The Company is not always responsible for installation of products it sells and has no post-installation responsibilities other than standard warranties. A number of the Company's products are highly customized. As a result, these customized products do not have an alternative use. For these products, the Company generally has a legal right to payment for performance to date and generally does not accept returns on these items. The measurement of performance is based upon cost plus a reasonable profit margin for work completed. Because there is no alternative use and there is a legal right to payment, the Company transfers control of the item as the item is being produced and therefore, recognizes revenue over time. The customized product types are as follows: ● 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. Twelve Months Ended ( In thousands) June 30, 2019 Lighting Segment Graphics Segment Timing of revenue recognition Products and services transferred at a point in time $ 207,577 $ 54,866 Products and services transferred over time 27,537 38,872 $ 235,114 $ 93,738 Type of Product and Services New technology products $ 203,049 $ 12,479 Legacy products 29,592 59,867 Turnkey services and other 2,473 21,392 $ 235,114 $ 93,738 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 and three dimensional graphic products. Turnkey services and other includes installation services along with shipping and handling charges. Practical Expedients and Exemptions ● The Company’s contracts with customers have an expected duration of one year or less, as such the Company applies the practical expedient to expense sales commissions as incurred, and have omitted disclosures on the amount of remaining performance obligations. ● Shipping costs that are not material in context of the delivery of products are expensed as incurred. ● 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 to 90 days of completion of the performance obligation and invoicing, therefore, payments do not contain significant financing components. ● 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. Credit and Collections: The Company maintains allowances for doubtful accounts receivable for probable estimated losses resulting from either customer disputes or the inability of its customers to make required payments. If the financial condition of the Company’s customers were to deteriorate, resulting in their inability to make the required payments, the Company may be required to record additional allowances or charges against income. The Company determines its allowance for doubtful accounts by first considering all known collectability problems of customers’ accounts, and then applying certain percentages against the various aging categories based on the due date of the remaining receivables. The resulting allowance for doubtful accounts receivable is an estimate based upon the Company’s knowledge of its business and customer base, and historical trends. Receivables deemed uncollectable are written-off against the allowance for doubtful accounts receivable after all reasonable collection efforts have been exhausted. The Company also establishes allowances, at the time revenue is recognized, for returns, discounts, pricing and other possible customer deductions. These allowances are based upon historical trends. The following table presents the Company’s net accounts receivable at the dates indicated. (In thousands) June 30, June 30, 201 9 2018 Accounts receivable $ 55,607 $ 51,018 Less: Allowance for doubtful accounts (879 ) (409 ) Accounts receivable, net $ 54,728 $ 50,609 Cash and Cash Equivalents: The cash balance includes cash and cash equivalents which have original maturities of less than three months. Cash and cash equivalents consist primarily of bank deposits and a bank money market account that is stated at cost, which approximates fair value. The Company maintains balances at financial institutions in the United States and Mexico. In the United States, the FDIC limit for insurance coverage on non-interest bearing accounts is $250,000. As of June 30, 2019 and June 30, 2018, the Company had bank balances of $1,461,000 and $4,507,000, respectively, without insurance coverage. Inventories and Inventory Reserves: Inventories are stated at the lower of cost or net realizable value. Cost of inventories includes the cost of purchased raw materials and purchased components, direct labor, as well as manufacturing overhead which is generally applied to inventory based on direct labor and on material content. Cost is determined on the first -in, first -out basis. The Company maintains an inventory reserve for obsolete and excess inventory. The Company first determines its obsolete inventory reserve by considering specific known obsolete items, and then by applying certain percentages to specific inventory categories based upon inventory turns. The Company uses various tools, in addition to inventory turns, to identify which inventory items have the potential to become obsolete. Judgment is used to establish excess and obsolete inventory reserves and management adjusts these reserves as more information becomes available about the ultimate disposition of the inventory item. Property, Plant and Equipment and Related Depreciation: Property, plant and equipment are stated at cost. Major additions and betterments are capitalized while maintenance and repairs are expensed. For financial reporting purposes, depreciation is computed on the straight-line method over the estimated useful lives of the assets as follows: Buildings (in years) 28 - 40 Machinery and equipment (in years) 3 - 10 Computer software (in years) 3 - 8 Costs related to the purchase, internal development, and implementation of the Company’s fully integrated enterprise resource planning/business operating software system are either capitalized or expensed. Leasehold improvements are depreciated over the shorter of fifteen years or the remaining term of the lease. The Company recorded $7,460,000 and $7,462,000 of depreciation expense in the years ended June 30, 2019 and, 2018 respectively. Goodwill and Intangible Assets: Intangible assets consisting of customer relationships, trade names and trademarks, patents, technology and software, and non-compete agreements are recorded on the Company's balance sheet. The definite-lived intangible assets are being amortized to expense over periods ranging between seven and twenty years. The Company evaluates definite-lived intangible assets for possible impairment when triggering events are identified. Neither indefinite-lived intangible assets nor the excess of cost over fair value of assets acquired ("goodwill") are amortized, however, they are subject to review for impairment. See additional information about goodwill and intangibles in Note 6. Fair Value: The Company has financial instruments consisting primarily of cash and cash equivalents, revolving lines of credit, accounts receivable, accounts payable, and long-term debt. The fair value of these financial instruments approximates carrying value because of their short-term maturity and/or variable, market-driven interest rates. The Company has no financial instruments with off-balance sheet risk. Fair value measurements of nonfinancial assets and nonfinancial liabilities are primarily used in goodwill and other intangible asset impairment analyses, long-lived asset impairment analyses, and in the purchase price of acquired companies. The accounting guidance on fair value measurement was used to measure the fair value of these nonfinancial assets and nonfinancial liabilities. Product Warranties: The Company offers a limited warranty that its products are free from defects in workmanship and materials. The specific terms and conditions vary somewhat by product line, but generally cover defective products returned within one to five years, with some exceptions where the terms extend to 10 years, from the date of shipment. The Company records warranty liabilities to cover the estimated future costs for repair or replacement of defective returned products as well as products that need to be repaired or replaced in the field after installation. The Company calculates its liability for warranty claims by applying estimates based upon historical claims as a percentage of sales to cover unknown claims, as well as estimating the total amount to be incurred for known warranty issues. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Changes in the Company’s warranty liabilities, which are included in accrued expenses in the accompanying consolidated balance sheets, during the periods indicated below were as follows: (In thousands) June 30, 201 9 June 30, 2018 Balance at beginning of the period $ 6,876 $ 7,560 Additions charged to expense 5,190 5,181 Deductions for repairs and replacements (4,379 ) (5,865 ) Balance at end of the period $ 7,687 $ 6,876 Employee Benefit Plans: In fiscal 2018, the Company changed its retirement plan to a 401 (k) match whereby employee’s contributions to the 401 (k) are matched by the Company. As with the previous defined contribution retirement plan and a discretionary profit sharing plan, the 401 (k) match program covers substantially all of its non-union employees. The Company also has a nonqualified deferred compensation plan covering certain employees. The costs of employee benefit plans are charged to expense and funded annually. Total costs were $1,333,000 and $1,195,000 in June 30, 2019 and 2018, respectively. Research and Development Costs: Research and development costs are directly attributable to new product development, including the development of new technology for both existing and new products, and consist of salaries, payroll taxes, employee benefits, materials, outside legal costs and filing fees related to obtaining patents, supplies, depreciation and other administrative costs. The Company expenses as research and development all costs associated with development of software used in solid-state LED products. All costs are expensed as incurred and are included in selling and administrative expenses. Research and development costs related to both product and software development totaled $5,266,000 and $5,952,000 for the fiscal years ended June 30, 2019 and 2018, respectively. Cost of Products and Services Sold: Cost of products sold is primarily comprised of direct materials and supplies consumed in the manufacture of products, as well as manufacturing labor, depreciation expense and direct overhead expense necessary to acquire and convert the purchased materials and supplies into finished product. Cost of products sold also includes the cost to distribute products to customers, inbound freight costs, internal transfer costs, warehousing costs and other shipping and handling activity. Cost of services sold is primarily comprised of the internal and external labor costs required to support the Company’s service revenue along with the management of media content. (Loss) Per Common Share: The computation of basic (loss) per common share is based on the weighted average common shares outstanding for the period net of treasury shares held in the Company’s nonqualified deferred compensation plan. The computation of diluted (loss) per share is based on the weighted average common shares outstanding for the period and includes common share equivalents. Common share equivalents include the dilutive effect of stock options, restricted stock units, stock warrants, contingently issuable shares and common shares to be issued under a deferred compensation plan, all of which totaled 324,000 shares and 720,000 shares in fiscal 2019 and 2018, respectively. See further discussion in Note 3. Income Taxes: The Company accounts for income taxes in accordance with the accounting guidance for income taxes. Accordingly, deferred income taxes are provided on items that are reported as either income or expense in different time periods for financial reporting purposes than they are for income tax purposes. Deferred income tax assets are reported on the Company’s balance sheet. Significant management judgment is required in developing the Company’s income tax provision, including the estimation of taxable income and the effective income tax rates in the multiple taxing jurisdictions in which the Company operates, the estimation of the liability for uncertain income tax positions, the determination of deferred tax assets and liabilities, and any valuation allowances that might be required against deferred tax assets. The Tax Cuts and Jobs Act (the “Act”) was signed into law on December 22, 2017 and makes numerous changes to the Internal Revenue Code. Among other changes, the Act reduces the U.S. corporate income tax rate to 21% effective January 1, 2018. Because the Act became effective mid-way through the Company’s fiscal year 2018 tax year, the Company will have a U.S statutory income tax rate of 27.6% for fiscal 2018 and will have a 21% U.S. statutory income tax rate for fiscal years thereafter. As of December 31, 2017, the Company re-valued the deferred tax balances because of the change in U.S. tax rate resulting in a one -time deferred tax expense of $3,323,000. Foreign Exchange : The functional currency of the Mexican legal entity is the Mexican Peso. 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. Translation losses (gains) are reported in accumulated other comprehensive loss (gain) as a component of shareholders equity and were $16,000 as of June 30, 2019. The Company recognizes foreign currency transaction (gains) and losses on certain assets and liabilities that are denominated in the Mexican Peso. These transaction (gains) and losses are reported in other expense in the consolidated statements of operations and were $138,000 for the twelve months ended June 30, 2019. New Accounting Pronouncements: On July 1, 2018, the Company adopted ASU 2014 - 09. “Revenue from Contracts with Customers,” (Topic 606 ) using the modified retrospective adoption method which requires a cumulative effect adjustment to the opening balance of retained earnings. This approach was applied to contracts that were not completed as of June 30, 2018. Results for reporting periods beginning July 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The Company recorded a net increase to beginning retained earnings of $591,000 on July 1, 2018 due to the cumulative impact of adopting Topic 606, as described below. ( 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, the Financial Accounting Standards Board issued ASU 2016 - 02, “Leases.” The amended guidance requires an entity to recognize assets and liabilities that arise from leases. The amended guidance is effective for financial statements issued for fiscal and interim periods within those years, beginning after December 15, 2018, or the Company’s fiscal 2020, with early adoption permitted. The Company will adopt this guidance effective July 1, 2019 using a modified-retrospective transition method, under which it expects to elect not to adjust comparative periods. The Company intends to elect the package of practical expedients permitted under the new guidance. In addition, the Company plans to elect accounting policies to not record short-term leases on the balance sheet and to not separate lease and lease components. The Company has completed its assessment of its lease portfolio and is in the process of finalizing the testing of its new lease accounting software solution and implementing new processes and controls to account for leases in accordance with the new guidance. The Company’s most significant leases are its two manufacturing facilities. Besides the two real estate leases, most other leases are relatively small and comprise mostly of a vehicle, forklifts and various office equipment. Upon adoption of this new guidance, the Company expects to recognize a $9.5 million to $12.5 million of right-of-use assets and corresponding lease liabilities on its consolidated balance sheet. The Company does not expect the adoption will have a material impact on its consolidated statements of operations or consolidated statements of cash flows. Subsequent Events: The Company has evaluated subsequent events for potential recognition and disclosure through the date the consolidated financial statements were filed. No items were identified during this evaluation that required adjustment to or disclosure in the accompanying consolidated financial statements. Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Note 2 - Business Segment Infor
Note 2 - Business Segment Information | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 2 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 stores, 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 were no 10% June 30, 2019 2018. no June 30, 2019 2018. Summarized financial information for the Company’s reportable business segments is provided for the indicated periods and as of June 30, 2019 June 30, 2018: (In thousands) 201 9 2018 Net Sales: Lighting Segment $ 235,114 $ 260,613 Graphics Segment 93,738 81,410 Total Net Sales $ 328,852 $ 342,023 Operating (Loss): Lighting Segment $ (12,211 ) $ (12,795 ) Graphics Segment 3,112 5,618 Corporate and Eliminations (10,791 ) (14,475 ) Total Operating (Loss) $ (19,890 ) $ (21,652 ) Capital Expenditures: Lighting Segment $ 2,239 $ 2,203 Graphics Segment 342 1,038 Corporate and Eliminations 37 165 Total Capital Expenditures $ 2,618 $ 3,406 Depreciation and Amortization: Lighting Segment $ 7,648 $ 7,573 Graphics Segment 1,594 1,542 Corporate and Eliminations 979 1,107 Total Depreciation and Amortization $ 10,221 $ 10,222 June 30, June 30, 201 9 2018 Identifiable Assets: Lighting Segment $ 142,105 $ 172,799 Graphics Segment 40,914 39,881 Corporate and Eliminations 18,081 16,837 Total Identifiable Assets $ 201,100 $ 229,517 The segment net sales reported above represent sales to external customers. Segment operating (loss), 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% (In thousands) 201 9 2018 Lighting Segment intersegment net sales $ 2,043 $ 2,672 Graphics Segment intersegment net sales $ 928 $ 1,276 |
Note 3 - (Loss) Per Common Shar
Note 3 - (Loss) Per Common Share | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 3 (LOSS) PER COMMON SHARE The following table presents the amounts used to compute basic and diluted (loss) per common share, as well as the effect of dilutive potential common shares on weighted average shares outstanding: (In thousands, except per share data) 201 9 2018 BASIC (LOSS) PER SHARE Net (loss) $ (16,339 ) $ (19,541 ) Weighted average shares outstanding during the period, net of treasury shares (a) 25,858 25,569 Weighted average vested restricted stock units outstanding 36 55 Weighted average shares outstanding in the Deferred Compensation Plan 215 242 Weighted average shares outstanding 26,109 25,866 Basic (loss) per share $ (0.63 ) $ (0.76 ) DILUTED (LOSS) PER SHARE Net (loss) $ (16,339 ) $ (19,541 ) Weighted average shares outstanding - Basic 26,109 25,866 Effect of dilutive securities (b): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any — — Weighted average shares outstanding (c) 26,109 25,866 Diluted (loss) per share $ (0.63 ) $ (0.76 ) (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 3,555,530 2,802,420 June 30, 2019 2018, not June 30, 2019 June 30, 2018 not |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 The following information is provided as of the dates indicated: June 30, June 30, (In thousands) 201 9 2018 Inventories: Raw materials $ 27,927 $ 31,795 Work-in-process 2,193 3,833 Finished goods 13,392 15,366 Total Inventories $ 43,512 $ 50,994 |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | NOTE 5 — A CCRUED EXPENSES The following information is provided as of the dates indicated: June 30, June 30, (In thousands) 201 9 2018 Accrued Expenses: Compensation and benefits $ 5,319 $ 9,394 Customer prepayments 1,768 1,070 Accrued sales commissions 1,301 2,274 Accrued warranty 7,687 6,876 Other accrued expenses 5,136 4,658 Total Accrued Expenses $ 21,211 $ 24,272 |
Note 6 - Goodwill and Other Int
Note 6 - Goodwill and Other Intangible Assets | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 6 — 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 currently has two one one not Fiscal 2019: A sustained and significant decline in the Company’s stock price in the second 2019 one two December 31, 2018. 2017 04, 2 not $20,165,000. two one one As of March 1, 2019, two one $38.9 54% $3.0 297% no Fiscal 2018: A sustained and significant decline in the Company’s stock price in the first 2018 one September 30, 2017. 2017 04, 2 not $28,000,000. As of March 1, 2018, three one $21.4 15% second $16.1 69% $3.3 319% Another sustained and significant decline in the Company’s stock price in the fourth 2018 one May 31, 2018. 2017 04, 2 not $13.7 11% 2018 fourth no 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 June 30, 2019 Goodwill $ 94,564 $ 28,690 $ 123,254 Accumulated impairment losses (85,356 ) (27,525 ) (112,881 ) Goodwill, net as of June 30, 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% no The Company performed its annual review of indefinite-lived intangible assets as of March 1, 2018 no $20.6 604% The gross carrying amount and accumulated amortization by major other intangible asset class is as follows: June 30, 2019 Other Intangible Assets Gross (In thousands) Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 35,563 $ 12,070 $ 23,493 Patents 338 247 91 LED technology firmware, software 16,066 12,364 3,702 Trade name 2,658 719 1,939 - Total Amortized Intangible Assets 54,625 25,400 29,225 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 $ 25,400 $ 32,647 June 30, 2018 Other Intangible Assets Gross Carrying Accumulated Net (In thousands) 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 Non-compete agreements 710 710 -- Total Amortized Intangible Assets 55,335 23,348 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 $ 58,757 $ 23,348 $ 35,409 Amortization Expense of Other Intangible Assets (In thousands) 2019 2018 Amortization Expense $ 2,762 $ 2,760 The Company expects to record annual amortization expense as follows: (In thousands) 2020 $ 2,687 2021 $ 2,682 2022 $ 2,460 2023 $ 2,411 2024 $ 2,411 After 2024 $ 16,574 |
Note 7 - Revolving Line of Cred
Note 7 - Revolving Line of Credit and Long-term Debt | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7 OF CREDIT AND LONG-TERM DEBT In February 2019, $75 $100 third 2022. 125 250 200 fourth 2019. $75 20 June 30, 2019, $39.5 $35.5 The Company is in compliance with all of its loan covenants as of June 30, 2019. |
Note 8 - Cash Dividends
Note 8 - Cash Dividends | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 8 CASH DIVIDENDS The Company paid cash dividends of $5,184,000 $5,154,000 2019 2018, $28,158 $50,621 June 30, 2019 2018, August 2019, $0.05 September 12, 2019 September 3, 2019 |
Note 9 - Equity Compensation
Note 9 - Equity Compensation | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 9 — EQUITY COMPENSATION The Company’s equity compensation plan is the 2012 November 2012, November 2016. 1,967,217 June 30, 2019. 2.5 The Company has made time-based and performance-based stock option awards. Options generally have a three four one ten Inducement stock option agreements are granted by the Company to attract and retain key executives. Inducement stock options are separately registered securities and are not three ten three 2019, 550,000 The Company has also granted Restricted Stock Units (RSUs) under the Plan. RSUs ratably vest over a three four one three Stock Warrants The Company has outstanding 200,000 $9.95 June 30, 2019. June 30, 2019, 2.7 $2.87. February 21, 2017 Dividend yield 2.01 % Expected volatility 39 % Risk-free interest rate 1.80 % Expected life (in years) 4.5 Stock Options The fair value of each option on the date of grant was estimated using the Black-Scholes option pricing model. The below listed weighted average assumptions were used for grants in the periods indicated. 2019 2018 Dividend yield 4.6 % 3.3 % Expected volatility 42 % 41 % Risk-free interest rate 2.8 % 1.8 % Expected life (in years) 4.9 6.0 At June 30, 2019, 972,900 2019 $3.18 $4.94 $0.72 $2.10 9 10 At June 30, 2018, 794,537 2018 $5.92 $6.54 $1.71 $1.96 9 10 345,560 2018 not 2018. The Company calculates stock option expense using the Black-Scholes model. Stock option expense is recorded on a straight-line basis, or sooner if the grantee is retirement eligible as defined in the Plan, with an estimated 14.86% April 1, 2019. 2.00% 8.79% January 1, 2013 March 31, 2019. five The Company recorded $876,333 $2,147,423 2019 2018, Information related to all stock options for the years ended June 30, 2019 June 30, 2018 June 30, 201 9 Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Term Intrinsic Shares Price (in years) Value Outstanding at 6/30/18 3,298,677 $ 8.06 7.0 $ 8,037 Granted 972,900 $ 4.57 Exercised -- $ -- Forfeited (1,406,548 ) $ 7.21 Expired (115,403 ) $ 9.12 Outstanding at 6/30/19 2,749,626 $ 7.23 6.8 $ 23,500 Exercisable at 6/30/19 1,733,471 $ 8.33 5.6 $ -- Ended June 30, 2018 Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Term Intrinsic Shares Price (in years) Value Outstanding at 6/30/17 3,119,688 $ 9.12 7.4 $ 2,332,324 Granted 794,537 $ 5.98 Exercised (42,939 ) $ 6.66 Forfeited (467,609 ) $ 9.11 Expired (105,000 ) $ 19.62 Outstanding at 6/30/18 3,298,677 $ 8.06 7.0 $ 8,037 Exercisable at 6/30/18 1,824,552 $ 8.22 5.8 $ 39,011 The following table presents information related to unvested stock options: Weighted-Average Grant Date Shares Fair Value Unvested at June 30, 2018 1,474,125 $ 2.65 Granted 972,900 $ 1.48 Vested (786,536 ) $ 2.91 Forfeited (644,334 ) $ 1.93 Unvested at June 30, 2019 1,016,155 $ 1.79 The weighted average grant date fair value of options granted during fiscal years 2019 2018 $1.48 $1.73 June 30, 2019 June 30, 2018 $0 $39,011, 2019 2018 $2,287,386 $3,192,672, no 2019. $285,875 2018. For fiscal year 2019, $116,785 $282,785 For fiscal year 2018, $116,602. 2016 09, $292,000 $10,767 Restricted Stock Units There were no 2019. 91,490 $5.92 twelve June 30, 2018. 2017 four one 2018 three $16,848 $50,621 June 30, 2019 2018, The following table presents information related to RSUs: Weighted-Average Grant Date Shares Fair Value Unvested at June 30, 2018 169,397 $ 8.03 Granted -- $ -- Vested (113,523 ) $ 8.14 Forfeited (22,832 ) $ 7.91 Unvested at June 30, 2019 33,042 $ 7.72 The Company recorded $40,893 2019. June 30, 2019, 33,042 3.5 33,042 June 30, 2019, 32,429 $45,683. 13 8.3% Performance Stock Units A total of 134,350 $4.94 2019 no twelve June 30, 2018. $11,310 $0 June 30, 2019 2018, The following table presents information related to PSUs: Weighted-Average Grant Date Shares Fair Value Unvested at June 30, 2018 -- $ -- Granted 134,350 $ 4.94 Vested -- $ -- Forfeited (77,800 ) $ 4.94 Unvested at June 30, 2019 56,550 $ 4.94 The Company recorded $62,474 2019. June 30, 2019, 56,550 2.1 56,550 June 30, 2019, 43,451 $152,172. 25 11.7% Director and Employee Stock Compensation Awards The Company awarded a total of 104,020 41,388 2019 2018, $374,000 $312,000 Deferred Compensation Plan The Company has a non-qualified deferred compensation plan providing for both Company contributions and participant deferrals of compensation. This plan is fully funded in a Rabbi Trust. All plan investments are in common shares of the Company. As of June 30, 2019, 32 208,965 $1,468,161, 241,996 $2,110,248 June 30, 2019 2018, The change in the number of shares held by this plan is the net result of purchases of shares on the open stock market or newly issued shares as compensation deferred into the plan offset by distributions to terminated employees. The Company issued 74,721 67,138 2019 2018, $106,537 15,225 2018. The Company’s non-qualified deferred compensation is no September 30, 2017. |
Note 10 - Leases and Purchase C
Note 10 - Leases and Purchase Commitments | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | NOTE 10 Purchase commitments, including minimum annual rental commitments, of the Company totaled $21,867,000 $21,451,000 June 30, 2019 June 30, 2018, one seven $2,654,000 $2,867,000 2019 2018, 2020 2021 2022 2023 2024 After 2025 $ 2,210,630 $ 2,198,595 $ 2,158,112 $ 2,142,479 $ 1,866,851 $ 1,605,753 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 11 The following information is provided for the years ended June 30: (In thousands) 2019 2018 Components of (loss) before income taxes: United States $ (23,005 ) $ (23,332 ) Foreign 737 — (Loss) before income taxes $ (22,268 ) $ (23,332 ) Provision for income taxes: Current $ 88 $ -- U.S. federal 221 922 State and local 132 35 Total current 441 957 Deferred (6,370 ) (4,748 ) Total provision for income taxes $ (5,929 ) $ (3,791 ) (In thousands) 2019 2018 Reconciliation to federal statutory rate: Federal statutory tax rate 21.0 % 27.6 % State and local taxes, net of federal benefit 3.3 1.1 Foreign operations (0.3 ) -- Federal tax credits 0.8 0.9 Valuation allowance 3.8 3.5 Domestic production activities deduction -- 0.6 Uncertain tax position activity 0.3 0.4 Shared based compensation (1.3 ) (1.3 ) Tax rate changes (0.2 ) (14.2 ) Other (0.8 ) (2.3 ) Effective tax rate 26.6 % 16.3 % The Tax Cuts and Jobs Act (the “Act”) was signed into law in December 2017 21% January 1, 2018. 2018 27.6% 2018 21% June 30, 2018, $3,322,991 June 30, 2018. The components of deferred income tax assets and (liabilities) at June 30, 2019 2018 (In thousands) 2019 2018 Uncertain tax positions $ 128 $ 119 Reserves against current assets 1,800 1,348 Accrued expenses 1,722 2,028 Interest 388 -- Deferred compensation 308 402 Stock-based compensation 926 1,296 State net operating loss carryover and credits 2,374 2,194 Long term capital loss carryforward 2,555 2,555 Goodwill, acquisition costs and intangible assets 8,949 4,728 U.S. Federal net operating loss carryover and credits 1,139 232 Deferred income tax asset before valuation allowance 20,289 14,902 Valuation allowance (3,820 ) (4,749 ) Deferred income tax asset 16,469 10,153 Depreciation (2,169 ) (2,045 ) Deferred income tax liability (2,169 ) (2,045 ) Net deferred income tax asset $ 14,300 $ 8,108 The Company has deferred tax assets for US federal net operating loss carry forwards of $914,000 $187,000 June 30, 2019 June 30, 2018, $727,000 $187,000 3 June 30, 2029. 382. not, The Company has deferred tax assets for research and development credits of $225,000, $45,000, June 30, 2019 June 30, 2018, $180,000 15 $45,000 2 June 30, 2029. 382. not, The Company has state net operating loss carryovers and credits of $2,374,000 $2,194,000 June 30, 2019 June 30, 2018, 2019 $180,000 Also related to the acquisition of Virticus Corporation, the Company has recorded a deferred state income tax asset related to a state net operating loss carryover and a state research and development credit in Oregon in the amount of $108,000 $108,000, 2019 2018, not, not 4 June 30, 2027. As of June 30, 2019, 2018, $2,086,000 $2,086,000, not 2014, not, not June 30, 2019, 2018, $2,086,000 $2,086,000, During fiscal 2015, 2019, first 2020 $929,000 $1,626,000 no June 30, 2020. Considering all issues discussed above, the Company has recorded valuation reserves of $3,820,000 $4,749,000 June 30, 2019 2018, At June 30, 2019, $586,000, $245,000, $151,000, $982,000. $586,000, June 30, 2018, $651,000, $259,000, $159,000 $1,069,000. $651,000 The Company is recording estimated interest and penalties related to potential underpayment of income taxes as a component of tax expense in the Consolidated Statements of Operations. The Company recognized a $65,000 2019 $20,000 2018, $14,000 $7,000, 2019 $9,000 $35,000, 2018. not twelve The tax activity in the liability for uncertain tax positions was as follows: (in thousands) 2019 2018 Balance at beginning of the fiscal year $ 736 $ 842 Decreases — tax positions in prior period (120 ) (185 ) Increases — tax positions in current period 59 41 Increases – tax positions in prior period --- 42 Settlements and payments --- (4 ) Lapse of statute of limitations --- — Balance at end of the fiscal year $ 675 $ 736 The Company files a consolidated federal income tax return in the United States, and files various combined and separate tax returns in several state and local jurisdictions. With limited exceptions, the Company is no June 30, 2016. June 30, 2016. |
Note 12 - Supplemental Cash Flo
Note 12 - Supplemental Cash Flow Information | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 12 (In thousands) 201 9 2018 Cash payments for: Interest $ 2,222 $ 1,582 Income taxes $ 86 $ 1,854 Non-cash investing and financing activities Issuance of common shares as compensation $ 355 $ 319 Issuance of common shares to fund deferred compensation plan $ 290 $ 429 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 13 — 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 June 30, 2019, no |
Note 14 - Severance Costs
Note 14 - Severance Costs | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 14 The Company recorded severance charges of $560,000 $1,900,000 2019 2018, not 15. The activity in the Company’s accrued severance liability was as follows for the twelve June 30, 2019 2018: Fiscal Fiscal Year Ended Year Ended (In thousands) June 30, June 30, 201 9 2018 Balance at beginning of the period $ 1,772 $ 235 Accrual of expense 560 1,900 Payments (1,198 ) (363 ) Adjustments — — Balance at end of the period $ 1,134 $ 1,772 Of the total $1,134,000 June 30, 2019, $591,000 twelve $543,000 |
Note 15 - Restructuring Costs
Note 15 - Restructuring Costs | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 1 5 – RESTRUCTURING COSTS On October 29, 2018, third fourth 2019 May 2019. $4.0 $12 first 2020 June 30, 2019. June 30, 2019, $1,650,000 $1,119,000 2019 not In the first 2019, 12,000 June 31, 2019, $156,000 $148,000 not The following table presents information about restructuring costs recorded in fiscal 2019: Total Fiscal 2019 (In thousands) Restructuring Costs Severance and other termination benefits $ 537 Lease obligation 99 Impairment of fixed assets and accelerated depreciation 427 Other 743 Total $ 1,806 The following table presents restructuring costs incurred by line item in the consolidated statement of operations in which the costs are included: Total Total Fiscal 201 9 Fiscal 2018 (In thousands) Restructuring Restructuring Costs Costs Cost of Goods Sold $ 1,441 $ -- Operating Expenses 365 -- Total $ 1,806 $ -- The following table presents information about restructuring costs by segment for the periods indicated: Total Total Fiscal 2019 Fiscal 2018 (In thousands) Restructuring Restructuring Expenses Expenses Lighting Segment $ 1,757 $ -- Graphics Segment -- -- Corporate and Eliminations 49 -- Total $ 1,806 $ -- 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 June 30, 2019 Severance and termination benefits $ -- $ 537 $ (301 ) $ -- $ 236 Facility repairs -- 99 (99 ) -- -- Other restructuring costs -- 743 (743 ) -- -- Total $ -- $ 1,379 $ (1,143 ) $ -- $ 236 Refer to Note 14 not |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 1 6 — RELATED PARTY TRANSACTIONS The law firm of Keating Muething & Klekamp PLL, of which the son of one one The Company has recorded expense for the following related party transactions in the fiscal years indicated: (In thousands) 201 9 2018 Keating Muething & Klekamp PLL $ 406 $ 161 As of the balance sheet date indicated, the Company had the following liabilities recorded with respect to related party transactions: (In thousands) June 30, June 30, 201 9 2018 Keating Muething & Klekamp PLL $ — $ — The Company has recognized revenue related to the following related party transactions in the fiscal years indicated: (In thousands) 201 9 2018 Wesco International $ 1,347 $ 3,200 As of the balance sheet date indicated, the Company had the following accounts receivable recorded with respect to related party transactions: (In thousands) June 30, June 30, 201 9 2018 Wesco International $ 55 $ 16 |
Note 17 - Summary of Quarterly
Note 17 - Summary of Quarterly Results (Unaudited) | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 1 7 — SUMMARY OF QUARTERLY RESULTS (UNAUDITED) Quarter Ended Fiscal (In thousands except per share data) Sept. 30 Dec. 31 March 31 June 30 Year 201 9 Net sales $ 84,957 $ 89,541 $ 72,832 $ 81,522 $ 328,852 Gross profit 21,261 19,656 15,337 17,459 73,713 Net income (loss) 1,749 (15,782 ) (3,168 ) 862 (16,339 ) Earnings (loss) per share Basic $ 0.07 $ (0.61 ) $ (0.12 ) $ 0.03 $ (0.63 ) Diluted $ 0.07 $ (0.61 ) $ (0.12 ) $ 0.03 $ (0.63 ) Range of share prices High $ 5.62 $ 4.63 $ 3.86 $ 3.72 $ 5.62 Low $ 4.20 $ 3.15 $ 2.51 $ 2.59 $ 2.51 2018 Net sales $ 87,466 $ 92,305 $ 78,843 $ 83,409 $ 342,023 Gross profit 23,703 25,307 19,918 20,306 89,234 Net (loss) income (15,629 ) (1,468 ) 220 (2,664 ) (19,541 ) (Loss) per share Basic $ (0.61 ) $ (0.06 ) $ (0.01 ) $ (0.10 ) $ (0.76 ) (a) Diluted $ (0.61 ) $ (0.06 ) $ (0.01 ) $ (0.10 ) $ (0.76 ) (a) Range of share prices High $ 9.27 $ 7.49 $ 8.88 $ 8.11 $ 9.27 Low $ 4.99 $ 6.07 $ 6.70 $ 4.91 $ 4.91 (a) The total of the earnings per share for each of the four not no At August 30, 2019, 653 3,000 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | LSI I NDUSTRIES INC. AND SUBSIDIARIES SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS JUNE 30, 201 9 and 20 1 8 (In t housands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN4 E COLUMN F Additions Balance Charged to Additions Balance Beginning Costs and From Company (a) End of Description of Period Expenses Acquired Deductions Period Allowance for Doubtful Accounts: Year Ended June 30, 2019 $ 409 $ 776 $ — $ (306 ) $ 879 Year Ended June 30, 2018 $ 506 $ 214 $ — $ (311 ) $ 409 Inventory Obsolescence Reserve: Year Ended June 30, 2019 $ 3,632 $ 3,641 $ — $ (2,668 ) $ 4,605 Year Ended June 30, 2018 $ 2,815 $ 2,605 $ — $ (1,788 ) $ 3,632 Deferred Tax Asset Valuation Reserve: Year Ended June 30, 2019 $ 4,749 $ — $ — $ (929 ) $ 3,820 Year Ended June 30, 2018 $ 5,556 $ — $ 183 $ (990 ) $ 4,749 (a) For Allowance for Doubtful Accounts, deductions are uncollectible accounts charged off, less recoveries. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation: The consolidated financial statements include the accounts of LSI Industries Inc. (an Ohio corporation) and its subsidiaries (collectively, the “Company”), all of which are wholly owned. All intercompany transactions and balances have been eliminated in consolidation. |
Revenue [Policy Text Block] | Revenue Recognition: The Company recognizes revenue when it satisfies the performance obligations 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. Twelve Months Ended ( In thousands) June 30, 2019 Lighting Segment Graphics Segment Timing of revenue recognition Products and services transferred at a point in time $ 207,577 $ 54,866 Products and services transferred over time 27,537 38,872 $ 235,114 $ 93,738 Type of Product and Services New technology products $ 203,049 $ 12,479 Legacy products 29,592 59,867 Turnkey services and other 2,473 21,392 $ 235,114 $ 93,738 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. |
Accounts Receivable [Policy Text Block] | Credit and Collections: The Company maintains allowances for doubtful accounts receivable for probable estimated losses resulting from either customer disputes or the inability of its customers to make required payments. If the financial condition of the Company’s customers were to deteriorate, resulting in their inability to make the required payments, the Company may first The following table presents the Company’s net accounts receivable at the dates indicated. (In thousands) June 30, June 30, 201 9 2018 Accounts receivable $ 55,607 $ 51,018 Less: Allowance for doubtful accounts (879 ) (409 ) Accounts receivable, net $ 54,728 $ 50,609 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: The cash balance includes cash and cash equivalents which have original maturities of less than three $250,000. June 30, 2019 June 30, 2018, $1,461,000 $4,507,000, |
Inventory, Policy [Policy Text Block] | Inventories and Inventory Reserves: Inventories are stated at the lower of cost or net realizable value. Cost of inventories includes the cost of purchased raw materials and purchased components, direct labor, as well as manufacturing overhead which is generally applied to inventory based on direct labor and on material content. Cost is determined on the first first The Company maintains an inventory reserve for obsolete and excess inventory. The Company first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment and Related Depreciation: Property, plant and equipment are stated at cost. Major additions and betterments are capitalized while maintenance and repairs are expensed. For financial reporting purposes, depreciation is computed on the straight-line method over the estimated useful lives of the assets as follows: Buildings (in years) 28 - 40 Machinery and equipment (in years) 3 - 10 Computer software (in years) 3 - 8 Costs related to the purchase, internal development, and implementation of the Company’s fully integrated enterprise resource planning/business operating software system are either capitalized or expensed. Leasehold improvements are depreciated over the shorter of fifteen The Company recorded $7,460,000 $7,462,000 June 30, 2019 2018 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets: Intangible assets consisting of customer relationships, trade names and trademarks, patents, technology and software, and non-compete agreements are recorded on the Company's balance sheet. The definite-lived intangible assets are being amortized to expense over periods ranging between seven twenty 6. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value: The Company has financial instruments consisting primarily of cash and cash equivalents, revolving lines of credit, accounts receivable, accounts payable, and long-term debt. The fair value of these financial instruments approximates carrying value because of their short-term maturity and/or variable, market-driven interest rates. The Company has no Fair value measurements of nonfinancial assets and nonfinancial liabilities are primarily used in goodwill and other intangible asset impairment analyses, long-lived asset impairment analyses, and in the purchase price of acquired companies. The accounting guidance on fair value measurement was used to measure the fair value of these nonfinancial assets and nonfinancial liabilities. |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranties: The Company offers a limited warranty that its products are free from defects in workmanship and materials. The specific terms and conditions vary somewhat by product line, but generally cover defective products returned within one five 10 Changes in the Company’s warranty liabilities, which are included in accrued expenses in the accompanying consolidated balance sheets, during the periods indicated below were as follows: (In thousands) June 30, 201 9 June 30, 2018 Balance at beginning of the period $ 6,876 $ 7,560 Additions charged to expense 5,190 5,181 Deductions for repairs and replacements (4,379 ) (5,865 ) Balance at end of the period $ 7,687 $ 6,876 |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Employee Benefit Plans: In fiscal 2018, 401 401 401 $1,333,000 $1,195,000 June 30, 2019 2018, |
Research, Development, and Computer Software, Policy [Policy Text Block] | Research and Development Costs: Research and development costs are directly attributable to new product development, including the development of new technology for both existing and new products, and consist of salaries, payroll taxes, employee benefits, materials, outside legal costs and filing fees related to obtaining patents, supplies, depreciation and other administrative costs. The Company expenses as research and development all costs associated with development of software used in solid-state LED products. All costs are expensed as incurred and are included in selling and administrative expenses. Research and development costs related to both product and software development totaled $5,266,000 $5,952,000 June 30, 2019 2018, |
Cost of Goods and Service [Policy Text Block] | Cost of Products and Services Sold: Cost of products sold is primarily comprised of direct materials and supplies consumed in the manufacture of products, as well as manufacturing labor, depreciation expense and direct overhead expense necessary to acquire and convert the purchased materials and supplies into finished product. Cost of products sold also includes the cost to distribute products to customers, inbound freight costs, internal transfer costs, warehousing costs and other shipping and handling activity. Cost of services sold is primarily comprised of the internal and external labor costs required to support the Company’s service revenue along with the management of media content. |
Earnings Per Share, Policy [Policy Text Block] | (Loss) Per Common Share: The computation of basic (loss) per common share is based on the weighted average common shares outstanding for the period net of treasury shares held in the Company’s nonqualified deferred compensation plan. The computation of diluted (loss) per share is based on the weighted average common shares outstanding for the period and includes common share equivalents. Common share equivalents include the dilutive effect of stock options, restricted stock units, stock warrants, contingently issuable shares and common shares to be issued under a deferred compensation plan, all of which totaled 324,000 720,000 2019 2018, 3. |
Income Tax, Policy [Policy Text Block] | Income Taxes: The Company accounts for income taxes in accordance with the accounting guidance for income taxes. Accordingly, deferred income taxes are provided on items that are reported as either income or expense in different time periods for financial reporting purposes than they are for income tax purposes. Deferred income tax assets are reported on the Company’s balance sheet. Significant management judgment is required in developing the Company’s income tax provision, including the estimation of taxable income and the effective income tax rates in the multiple taxing jurisdictions in which the Company operates, the estimation of the liability for uncertain income tax positions, the determination of deferred tax assets and liabilities, and any valuation allowances that might be required against deferred tax assets. The Tax Cuts and Jobs Act (the “Act”) was signed into law on December 22, 2017 21% January 1, 2018. 2018 27.6% 2018 21% December 31, 2017, one $3,323,000. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Exchange : The functional currency of the Mexican legal entity is the Mexican Peso. 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. Translation losses (gains) are reported in accumulated other comprehensive loss (gain) as a component of shareholders equity and were $16,000 June 30, 2019. $138,000 twelve June 30, 2019. |
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, July 1, 2019 not not not The Company has completed its assessment of its lease portfolio and is in the process of finalizing the testing of its new lease accounting software solution and implementing new processes and controls to account for leases in accordance with the new guidance. The Company’s most significant leases are its two two $9.5 $12.5 not |
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 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Twelve Months Ended ( In thousands) June 30, 2019 Lighting Segment Graphics Segment Timing of revenue recognition Products and services transferred at a point in time $ 207,577 $ 54,866 Products and services transferred over time 27,537 38,872 $ 235,114 $ 93,738 Type of Product and Services New technology products $ 203,049 $ 12,479 Legacy products 29,592 59,867 Turnkey services and other 2,473 21,392 $ 235,114 $ 93,738 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (In thousands) June 30, June 30, 201 9 2018 Accounts receivable $ 55,607 $ 51,018 Less: Allowance for doubtful accounts (879 ) (409 ) Accounts receivable, net $ 54,728 $ 50,609 |
Property, Plant and Equipment [Table Text Block] | Buildings (in years) 28 - 40 Machinery and equipment (in years) 3 - 10 Computer software (in years) 3 - 8 |
Schedule of Product Warranty Liability [Table Text Block] | (In thousands) June 30, 201 9 June 30, 2018 Balance at beginning of the period $ 6,876 $ 7,560 Additions charged to expense 5,190 5,181 Deductions for repairs and replacements (4,379 ) (5,865 ) Balance at end of the period $ 7,687 $ 6,876 |
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 2 - Business Segment Inf_2
Note 2 - Business Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (In thousands) 201 9 2018 Net Sales: Lighting Segment $ 235,114 $ 260,613 Graphics Segment 93,738 81,410 Total Net Sales $ 328,852 $ 342,023 Operating (Loss): Lighting Segment $ (12,211 ) $ (12,795 ) Graphics Segment 3,112 5,618 Corporate and Eliminations (10,791 ) (14,475 ) Total Operating (Loss) $ (19,890 ) $ (21,652 ) Capital Expenditures: Lighting Segment $ 2,239 $ 2,203 Graphics Segment 342 1,038 Corporate and Eliminations 37 165 Total Capital Expenditures $ 2,618 $ 3,406 Depreciation and Amortization: Lighting Segment $ 7,648 $ 7,573 Graphics Segment 1,594 1,542 Corporate and Eliminations 979 1,107 Total Depreciation and Amortization $ 10,221 $ 10,222 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, June 30, 201 9 2018 Identifiable Assets: Lighting Segment $ 142,105 $ 172,799 Graphics Segment 40,914 39,881 Corporate and Eliminations 18,081 16,837 Total Identifiable Assets $ 201,100 $ 229,517 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | (In thousands) 201 9 2018 Lighting Segment intersegment net sales $ 2,043 $ 2,672 Graphics Segment intersegment net sales $ 928 $ 1,276 |
Note 3 - (Loss) Per Common Sh_2
Note 3 - (Loss) Per Common Share (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (In thousands, except per share data) 201 9 2018 BASIC (LOSS) PER SHARE Net (loss) $ (16,339 ) $ (19,541 ) Weighted average shares outstanding during the period, net of treasury shares (a) 25,858 25,569 Weighted average vested restricted stock units outstanding 36 55 Weighted average shares outstanding in the Deferred Compensation Plan 215 242 Weighted average shares outstanding 26,109 25,866 Basic (loss) per share $ (0.63 ) $ (0.76 ) DILUTED (LOSS) PER SHARE Net (loss) $ (16,339 ) $ (19,541 ) Weighted average shares outstanding - Basic 26,109 25,866 Effect of dilutive securities (b): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any — — Weighted average shares outstanding (c) 26,109 25,866 Diluted (loss) per share $ (0.63 ) $ (0.76 ) |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, June 30, (In thousands) 201 9 2018 Inventories: Raw materials $ 27,927 $ 31,795 Work-in-process 2,193 3,833 Finished goods 13,392 15,366 Total Inventories $ 43,512 $ 50,994 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, June 30, (In thousands) 201 9 2018 Accrued Expenses: Compensation and benefits $ 5,319 $ 9,394 Customer prepayments 1,768 1,070 Accrued sales commissions 1,301 2,274 Accrued warranty 7,687 6,876 Other accrued expenses 5,136 4,658 Total Accrued Expenses $ 21,211 $ 24,272 |
Note 6 - Goodwill and Other I_2
Note 6 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 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 June 30, 2019 Goodwill $ 94,564 $ 28,690 $ 123,254 Accumulated impairment losses (85,356 ) (27,525 ) (112,881 ) Goodwill, net as of June 30, 2019 $ 9,208 $ 1,165 $ 10,373 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | June 30, 2019 Other Intangible Assets Gross (In thousands) Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 35,563 $ 12,070 $ 23,493 Patents 338 247 91 LED technology firmware, software 16,066 12,364 3,702 Trade name 2,658 719 1,939 - Total Amortized Intangible Assets 54,625 25,400 29,225 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 $ 25,400 $ 32,647 June 30, 2018 Other Intangible Assets Gross Carrying Accumulated Net (In thousands) 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 Non-compete agreements 710 710 -- Total Amortized Intangible Assets 55,335 23,348 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 $ 58,757 $ 23,348 $ 35,409 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Amortization Expense of Other Intangible Assets (In thousands) 2019 2018 Amortization Expense $ 2,762 $ 2,760 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (In thousands) 2020 $ 2,687 2021 $ 2,682 2022 $ 2,460 2023 $ 2,411 2024 $ 2,411 After 2024 $ 16,574 |
Note 9 - Equity Compensation (T
Note 9 - Equity Compensation (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Stock Warrants, Valuation Assumptions [Table Text Block] | February 21, 2017 Dividend yield 2.01 % Expected volatility 39 % Risk-free interest rate 1.80 % Expected life (in years) 4.5 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2019 2018 Dividend yield 4.6 % 3.3 % Expected volatility 42 % 41 % Risk-free interest rate 2.8 % 1.8 % Expected life (in years) 4.9 6.0 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | June 30, 201 9 Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Term Intrinsic Shares Price (in years) Value Outstanding at 6/30/18 3,298,677 $ 8.06 7.0 $ 8,037 Granted 972,900 $ 4.57 Exercised -- $ -- Forfeited (1,406,548 ) $ 7.21 Expired (115,403 ) $ 9.12 Outstanding at 6/30/19 2,749,626 $ 7.23 6.8 $ 23,500 Exercisable at 6/30/19 1,733,471 $ 8.33 5.6 $ -- Ended June 30, 2018 Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Term Intrinsic Shares Price (in years) Value Outstanding at 6/30/17 3,119,688 $ 9.12 7.4 $ 2,332,324 Granted 794,537 $ 5.98 Exercised (42,939 ) $ 6.66 Forfeited (467,609 ) $ 9.11 Expired (105,000 ) $ 19.62 Outstanding at 6/30/18 3,298,677 $ 8.06 7.0 $ 8,037 Exercisable at 6/30/18 1,824,552 $ 8.22 5.8 $ 39,011 |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted-Average Grant Date Shares Fair Value Unvested at June 30, 2018 1,474,125 $ 2.65 Granted 972,900 $ 1.48 Vested (786,536 ) $ 2.91 Forfeited (644,334 ) $ 1.93 Unvested at June 30, 2019 1,016,155 $ 1.79 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted-Average Grant Date Shares Fair Value Unvested at June 30, 2018 169,397 $ 8.03 Granted -- $ -- Vested (113,523 ) $ 8.14 Forfeited (22,832 ) $ 7.91 Unvested at June 30, 2019 33,042 $ 7.72 |
Share-based Payment Arrangement, Performance Stock Units, Activity [Table Text Block] | Weighted-Average Grant Date Shares Fair Value Unvested at June 30, 2018 -- $ -- Granted 134,350 $ 4.94 Vested -- $ -- Forfeited (77,800 ) $ 4.94 Unvested at June 30, 2019 56,550 $ 4.94 |
Note 10 - Leases and Purchase_2
Note 10 - Leases and Purchase Commitments (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2020 2021 2022 2023 2024 After 2025 $ 2,210,630 $ 2,198,595 $ 2,158,112 $ 2,142,479 $ 1,866,851 $ 1,605,753 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (In thousands) 2019 2018 Components of (loss) before income taxes: United States $ (23,005 ) $ (23,332 ) Foreign 737 — (Loss) before income taxes $ (22,268 ) $ (23,332 ) Provision for income taxes: Current $ 88 $ -- U.S. federal 221 922 State and local 132 35 Total current 441 957 Deferred (6,370 ) (4,748 ) Total provision for income taxes $ (5,929 ) $ (3,791 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (In thousands) 2019 2018 Reconciliation to federal statutory rate: Federal statutory tax rate 21.0 % 27.6 % State and local taxes, net of federal benefit 3.3 1.1 Foreign operations (0.3 ) -- Federal tax credits 0.8 0.9 Valuation allowance 3.8 3.5 Domestic production activities deduction -- 0.6 Uncertain tax position activity 0.3 0.4 Shared based compensation (1.3 ) (1.3 ) Tax rate changes (0.2 ) (14.2 ) Other (0.8 ) (2.3 ) Effective tax rate 26.6 % 16.3 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (In thousands) 2019 2018 Uncertain tax positions $ 128 $ 119 Reserves against current assets 1,800 1,348 Accrued expenses 1,722 2,028 Interest 388 -- Deferred compensation 308 402 Stock-based compensation 926 1,296 State net operating loss carryover and credits 2,374 2,194 Long term capital loss carryforward 2,555 2,555 Goodwill, acquisition costs and intangible assets 8,949 4,728 U.S. Federal net operating loss carryover and credits 1,139 232 Deferred income tax asset before valuation allowance 20,289 14,902 Valuation allowance (3,820 ) (4,749 ) Deferred income tax asset 16,469 10,153 Depreciation (2,169 ) (2,045 ) Deferred income tax liability (2,169 ) (2,045 ) Net deferred income tax asset $ 14,300 $ 8,108 |
Summary of Income Tax Contingencies [Table Text Block] | (in thousands) 2019 2018 Balance at beginning of the fiscal year $ 736 $ 842 Decreases — tax positions in prior period (120 ) (185 ) Increases — tax positions in current period 59 41 Increases – tax positions in prior period --- 42 Settlements and payments --- (4 ) Lapse of statute of limitations --- — Balance at end of the fiscal year $ 675 $ 736 |
Note 12 - Supplemental Cash F_2
Note 12 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | (In thousands) 201 9 2018 Cash payments for: Interest $ 2,222 $ 1,582 Income taxes $ 86 $ 1,854 Non-cash investing and financing activities Issuance of common shares as compensation $ 355 $ 319 Issuance of common shares to fund deferred compensation plan $ 290 $ 429 |
Note 14 - Severance Costs (Tabl
Note 14 - Severance Costs (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Employee Severance [Member] | |
Notes Tables | |
Schedule of Accrued Severance Liability [Table Text Block] | Fiscal Fiscal Year Ended Year Ended (In thousands) June 30, June 30, 201 9 2018 Balance at beginning of the period $ 1,772 $ 235 Accrual of expense 560 1,900 Payments (1,198 ) (363 ) Adjustments — — Balance at end of the period $ 1,134 $ 1,772 |
Note 15 - Restructuring Costs (
Note 15 - Restructuring Costs (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Total Fiscal 2019 (In thousands) Restructuring Costs Severance and other termination benefits $ 537 Lease obligation 99 Impairment of fixed assets and accelerated depreciation 427 Other 743 Total $ 1,806 |
Restructuring and Related Costs, Summary of Costs Incurred by Line Item in the Statement of Operations [Table Text Block] | Total Total Fiscal 201 9 Fiscal 2018 (In thousands) Restructuring Restructuring Costs Costs Cost of Goods Sold $ 1,441 $ -- Operating Expenses 365 -- Total $ 1,806 $ -- |
Restructuring Costs and Related Costs Incurred by Segment [Table Text Block] | Total Total Fiscal 2019 Fiscal 2018 (In thousands) Restructuring Restructuring Expenses Expenses Lighting Segment $ 1,757 $ -- Graphics Segment -- -- Corporate and Eliminations 49 -- Total $ 1,806 $ -- |
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 June 30, 2019 Severance and termination benefits $ -- $ 537 $ (301 ) $ -- $ 236 Facility repairs -- 99 (99 ) -- -- Other restructuring costs -- 743 (743 ) -- -- Total $ -- $ 1,379 $ (1,143 ) $ -- $ 236 |
Note 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | (In thousands) 201 9 2018 Keating Muething & Klekamp PLL $ 406 $ 161 |
Schedule of Related Party Debt [Table Text Block] | (In thousands) June 30, June 30, 201 9 2018 Keating Muething & Klekamp PLL $ — $ — |
Schedule of Related Party Revenue [Table Text Block] | <table style="margin-right: 7.5%; margin-left: 7.5%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic;">(In thousands)</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">201</div><div style="display: inline; font-weight: bold;">9</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Wesco International</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">1,347</div></div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,200</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table></div>" id="sjs-B6"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="margin-right: 7.5%; margin-left: 7.5%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic;">(In thousands)</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">201</div><div style="display: inline; font-weight: bold;">9</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Wesco International</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">1,347</div></div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,200</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table></div> |
Schedule of Related Party Assets [Table Text Block] | (In thousands) June 30, June 30, 201 9 2018 Wesco International $ 55 $ 16 |
Note 17 - Summary of Quarterl_2
Note 17 - Summary of Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter Ended Fiscal (In thousands except per share data) Sept. 30 Dec. 31 March 31 June 30 Year 201 9 Net sales $ 84,957 $ 89,541 $ 72,832 $ 81,522 $ 328,852 Gross profit 21,261 19,656 15,337 17,459 73,713 Net income (loss) 1,749 (15,782 ) (3,168 ) 862 (16,339 ) Earnings (loss) per share Basic $ 0.07 $ (0.61 ) $ (0.12 ) $ 0.03 $ (0.63 ) Diluted $ 0.07 $ (0.61 ) $ (0.12 ) $ 0.03 $ (0.63 ) Range of share prices High $ 5.62 $ 4.63 $ 3.86 $ 3.72 $ 5.62 Low $ 4.20 $ 3.15 $ 2.51 $ 2.59 $ 2.51 2018 Net sales $ 87,466 $ 92,305 $ 78,843 $ 83,409 $ 342,023 Gross profit 23,703 25,307 19,918 20,306 89,234 Net (loss) income (15,629 ) (1,468 ) 220 (2,664 ) (19,541 ) (Loss) per share Basic $ (0.61 ) $ (0.06 ) $ (0.01 ) $ (0.10 ) $ (0.76 ) (a) Diluted $ (0.61 ) $ (0.06 ) $ (0.01 ) $ (0.10 ) $ (0.76 ) (a) Range of share prices High $ 9.27 $ 7.49 $ 8.88 $ 8.11 $ 9.27 Low $ 4.99 $ 6.07 $ 6.70 $ 4.91 $ 4.91 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | COLUMN A COLUMN B COLUMN C COLUMN D COLUMN4 E COLUMN F Additions Balance Charged to Additions Balance Beginning Costs and From Company (a) End of Description of Period Expenses Acquired Deductions Period Allowance for Doubtful Accounts: Year Ended June 30, 2019 $ 409 $ 776 $ — $ (306 ) $ 879 Year Ended June 30, 2018 $ 506 $ 214 $ — $ (311 ) $ 409 Inventory Obsolescence Reserve: Year Ended June 30, 2019 $ 3,632 $ 3,641 $ — $ (2,668 ) $ 4,605 Year Ended June 30, 2018 $ 2,815 $ 2,605 $ — $ (1,788 ) $ 3,632 Deferred Tax Asset Valuation Reserve: Year Ended June 30, 2019 $ 4,749 $ — $ — $ (929 ) $ 3,820 Year Ended June 30, 2018 $ 5,556 $ — $ 183 $ (990 ) $ 4,749 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Jul. 01, 2018 | Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jul. 01, 2019 |
Cash, Uninsured Amount | $ 1,461,000 | $ 4,507,000 | |||
Depreciation, Total | 7,460,000 | 7,462,000 | |||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset | $ 0 | ||||
Standard Warranty Extended Term for Exceptions | 10 years | ||||
Defined Contribution Plan, Cost | $ 1,333,000 | 1,195,000 | |||
Research and Development Expense, Total | $ 5,266,000 | $ 5,952,000 | |||
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares | 324,000 | 720,000 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 27.60% | |||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 3,323,000 | $ 3,322,991 | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Ending Balance | $ 16,000 | ||||
Accounting Standards Update 2014-09 [Member] | |||||
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 591,000 | ||||
Other Expense [Member] | |||||
Foreign Currency Transaction Gain (Loss), before Tax, Total | $ (138,000) | ||||
Maximum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||||
Standard Warranty Term | 5 years | ||||
Maximum [Member] | Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 12,500,000 | ||||
Operating Lease, Liability, Total | 12,500,000 | ||||
Minimum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||||
Standard Warranty Term | 1 year | ||||
Minimum [Member] | Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | |||||
Operating Lease, Right-of-Use Asset | 9,500,000 | ||||
Operating Lease, Liability, Total | $ 9,500,000 | ||||
Leasehold Improvements [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life | 15 years |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue | $ 328,852 | $ 342,023 |
Lighting Segment [Member] | ||
Revenue | 235,114 | 260,613 |
Lighting Segment [Member] | New Technology Products [Member] | ||
Revenue | 203,049 | |
Lighting Segment [Member] | Legacy Products [Member] | ||
Revenue | 29,592 | |
Lighting Segment [Member] | Turnkey Services and Other [Member] | ||
Revenue | 2,473 | |
Graphics Segment [Member] | ||
Revenue | 93,738 | $ 81,410 |
Graphics Segment [Member] | New Technology Products [Member] | ||
Revenue | 12,479 | |
Graphics Segment [Member] | Legacy Products [Member] | ||
Revenue | 59,867 | |
Graphics Segment [Member] | Turnkey Services and Other [Member] | ||
Revenue | 21,392 | |
Transferred at Point in Time [Member] | Lighting Segment [Member] | ||
Revenue | 207,577 | |
Transferred at Point in Time [Member] | Graphics Segment [Member] | ||
Revenue | 54,866 | |
Transferred over Time [Member] | Lighting Segment [Member] | ||
Revenue | 27,537 | |
Transferred over Time [Member] | Graphics Segment [Member] | ||
Revenue | $ 38,872 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Net Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Accounts receivable | $ 55,607 | $ 51,018 |
Less: Allowance for doubtful accounts | (879) | (409) |
Accounts receivable, net | $ 54,728 | $ 50,609 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Estimated Useful Lives of Long-lived Assets (Details) | 12 Months Ended |
Jun. 30, 2019 | |
Building [Member] | Minimum [Member] | |
Property, plant, and equipment (Year) | 28 years |
Building [Member] | Maximum [Member] | |
Property, plant, and equipment (Year) | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, plant, and equipment (Year) | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, plant, and equipment (Year) | 10 years |
Software and Software Development Costs [Member] | Minimum [Member] | |
Property, plant, and equipment (Year) | 3 years |
Software and Software Development Costs [Member] | Maximum [Member] | |
Property, plant, and equipment (Year) | 8 years |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Warranty Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Balance at beginning of the period | $ 6,876 | $ 7,560 |
Additions charged to expense | 5,190 | 5,181 |
Deductions for repairs and replacements | (4,379) | (5,865) |
Balance at end of the period | $ 7,687 | $ 6,876 |
Note 1 - Summary of Significa_8
Note 1 - Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2018 |
Accounts receivable, net | $ 54,728 | $ 55,544 | $ 50,609 |
Inventories, net | 43,512 | 46,827 | 50,994 |
Other long-term assets, net | 15,124 | 9,609 | 9,786 |
Retained earnings | $ (5,808) | 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 2 - Business Segment Inf_3
Note 2 - Business Segment Information (Details Textual) | 12 Months Ended | |
Jun. 30, 2019 | 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% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk, Percentage | 0.00% | 0.00% |
Note 2 - Business Segment Inf_4
Note 2 - Business Segment Information - Summarized Financial Information by Reportable Business Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net sales | $ 328,852 | $ 342,023 |
Operating income (loss) | (19,890) | (21,652) |
Capital Expenditures: | ||
Capital expenditures | 2,618 | 3,406 |
Depreciation and Amortization: | ||
Depreciation and amortization | 10,221 | 10,222 |
Corporate and Eliminations [Member] | ||
Operating income (loss) | (10,791) | (14,475) |
Capital Expenditures: | ||
Capital expenditures | 37 | 165 |
Depreciation and Amortization: | ||
Depreciation and amortization | 979 | 1,107 |
Lighting Segment [Member] | ||
Net sales | 235,114 | 260,613 |
Lighting Segment [Member] | Operating Segments [Member] | ||
Operating income (loss) | (12,211) | (12,795) |
Capital Expenditures: | ||
Capital expenditures | 2,239 | 2,203 |
Depreciation and Amortization: | ||
Depreciation and amortization | 7,648 | 7,573 |
Graphics Segment [Member] | ||
Net sales | 93,738 | 81,410 |
Graphics Segment [Member] | Operating Segments [Member] | ||
Operating income (loss) | 3,112 | 5,618 |
Capital Expenditures: | ||
Capital expenditures | 342 | 1,038 |
Depreciation and Amortization: | ||
Depreciation and amortization | $ 1,594 | $ 1,542 |
Note 2 - Business Segment Inf_5
Note 2 - Business Segment Information - Identifiable Assets by Segment (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Identifiable assets | $ 201,100 | $ 229,517 |
Corporate and Eliminations [Member] | ||
Identifiable assets | 18,081 | 16,837 |
Lighting Segment [Member] | Operating Segments [Member] | ||
Identifiable assets | 142,105 | 172,799 |
Graphics Segment [Member] | Operating Segments [Member] | ||
Identifiable assets | $ 40,914 | $ 39,881 |
Note 2 - Business Segment Inf_6
Note 2 - Business Segment Information - Intersegment Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Inter-segment Revenues | $ 328,852 | $ 342,023 |
Lighting Segment [Member] | ||
Inter-segment Revenues | 235,114 | 260,613 |
Graphics Segment [Member] | ||
Inter-segment Revenues | 93,738 | 81,410 |
Intersegment Eliminations [Member] | Lighting Segment [Member] | ||
Inter-segment Revenues | 2,043 | 2,672 |
Intersegment Eliminations [Member] | Graphics Segment [Member] | ||
Inter-segment Revenues | $ 928 | $ 1,276 |
Note 3 - (Loss) Per Common Sh_3
Note 3 - (Loss) Per Common Share (Details Textual) - shares | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,555,530 | 2,802,420 |
Note 3 - (Loss) Per Common Sh_4
Note 3 - (Loss) Per Common Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Net (Loss) | $ 862 | $ (3,168) | $ (15,782) | $ 1,749 | $ (2,664) | $ 220 | $ (1,468) | $ (15,629) | $ (16,339) | $ (19,541) | |
Weighted average shares outstanding during the period, net of treasury shares (a) (in shares) | [1] | 25,858 | 25,569 | ||||||||
Weighted average vested restricted stock units outstanding (in shares) | 215 | 242 | |||||||||
Weighted average shares outstanding (in shares) | 26,109 | 25,866 | |||||||||
Basic (loss) per share (in dollars per share) | $ 0.03 | $ (0.12) | $ (0.61) | $ 0.07 | $ (0.10) | $ (0.01) | $ (0.06) | $ (0.61) | $ (0.63) | $ (0.76) | |
Weighted average shares outstanding - Basic (in shares) | 26,109 | 25,866 | |||||||||
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any (in shares) | [2] | ||||||||||
Weighted average shares outstanding (c) (in shares) | [3] | 26,109 | 25,866 | ||||||||
Diluted (loss) per share (in dollars per share) | $ 0.03 | $ (0.12) | $ (0.61) | $ 0.07 | $ (0.10) | $ (0.01) | $ (0.06) | $ (0.61) | $ (0.63) | $ (0.76) | |
Restricted Stock Units (RSUs) [Member] | |||||||||||
Weighted average vested restricted stock units outstanding (in shares) | 36 | 55 | |||||||||
[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 3,555,530 common shares and 2,802,420 common shares at June 30, 2019 and 2018, respectively, were not included in the computation of diluted (loss) per share because the exercise price was greater than the average fair market value of the common shares. For the years ended June 30, 2019 and June 30, 2018 the effect of dilutive securities was not included in the calculation of diluted loss per share because there was a net operating loss for the period. |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2018 |
Raw materials | $ 27,927 | $ 31,795 | |
Work-in-process | 2,193 | 3,833 | |
Finished goods | 13,392 | 15,366 | |
Total Inventories | $ 43,512 | $ 46,827 | $ 50,994 |
Note 5 - Accrued Expenses - Acc
Note 5 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Compensation and benefits | $ 5,319 | $ 9,394 | |
Customer prepayments | 1,768 | 1,070 | |
Accrued sales commissions | 1,301 | 2,274 | |
Accrued warranty | 7,687 | 6,876 | $ 7,560 |
Other accrued expenses | 5,136 | 4,658 | |
Total Accrued Expenses | $ 21,211 | $ 24,272 |
Note 6 - Goodwill and Other I_3
Note 6 - Goodwill and Other Intangible Assets (Details Textual) | Mar. 01, 2019USD ($) | Mar. 01, 2018USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2019USD ($) | May 31, 2018USD ($) |
Goodwill, Impairment Loss | $ 20,165,000 | ||||||
Number of Reporting Units | 3 | 2 | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | $ 0 | |||||
Intangible Assets, Indefinite-lived, Amount of Fair Value in Excess of Carrying Amount | $ 19,200,000 | $ 20,600,000 | |||||
Intangible Assets, Indefinite-lived, Percentage of Fair Value in Excess of Carrying Amount | 462.00% | 604.00% | |||||
Lighting Segment [Member] | |||||||
Goodwill, Impairment Loss | $ 20,165,000 | $ 28,000,000 | 20,165,000 | ||||
Number of Reporting Units | 1 | ||||||
Good will Impairment Testing Value Above Carrying Value | $ 21,400,000 | $ 38,900,000 | $ 13,700,000 | ||||
Good will Impairment Testing Percent Value Above Carrying Value | 15.00% | 54.00% | 11.00% | ||||
Graphics Segment [Member] | |||||||
Goodwill, Impairment Loss | |||||||
Number of Reporting Units | 1 | ||||||
Good will Impairment Testing Value Above Carrying Value | $ 3,300,000 | $ 3,000,000 | |||||
Good will Impairment Testing Percent Value Above Carrying Value | 319.00% | 297.00% | |||||
Second Lighting Segment [Member] | |||||||
Good will Impairment Testing Value Above Carrying Value | $ 16,100,000 | ||||||
Good will Impairment Testing Percent Value Above Carrying Value | 69.00% |
Note 6 - Goodwill and Other I_4
Note 6 - Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2018 | Sep. 30, 2017 | Dec. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill | $ 123,254,000 | $ 123,254,000 | |||
Accumulated impairment losses | (112,881,000) | (92,716,000) | |||
Goodwill, net | 10,373,000 | 30,538,000 | |||
Goodwill impairment | $ (20,165,000) | ||||
Lighting Segment [Member] | |||||
Goodwill | 94,564,000 | 94,564,000 | |||
Accumulated impairment losses | (85,356,000) | (65,191,000) | |||
Goodwill, net | 9,208,000 | 29,373,000 | |||
Goodwill impairment | $ (20,165,000) | $ (28,000,000) | (20,165,000) | ||
Graphics Segment [Member] | |||||
Goodwill | 28,690,000 | 28,690,000 | |||
Accumulated impairment losses | (27,525,000) | (27,525,000) | |||
Goodwill, net | $ 1,165,000 | $ 1,165,000 | |||
Goodwill impairment |
Note 6 - Goodwill and Other I_5
Note 6 - Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Amortized intangible assets, gross | $ 54,625 | $ 55,335 |
Accumulated amortization | 25,400 | 23,348 |
Amortized intangible assets, net | 29,225 | 31,987 |
Indefinite-lived intangible assets, gross | 3,422 | 3,422 |
Total other intangible assets, gross | 58,047 | 58,757 |
Total other intangible assets, net | 32,647 | 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 | 12,070 | 10,011 |
Amortized intangible assets, net | 23,493 | 25,552 |
Patents [Member] | ||
Amortized intangible assets, gross | 338 | 338 |
Accumulated amortization | 247 | 217 |
Amortized intangible assets, net | 91 | 121 |
Technology-Based Intangible Assets [Member] | ||
Amortized intangible assets, gross | 16,066 | 16,066 |
Accumulated amortization | 12,364 | 11,801 |
Amortized intangible assets, net | 3,702 | 4,265 |
Trade Names [Member] | ||
Amortized intangible assets, gross | 2,658 | 2,658 |
Accumulated amortization | 719 | 609 |
Amortized intangible assets, net | $ 1,939 | 2,049 |
Noncompete Agreements [Member] | ||
Amortized intangible assets, gross | 710 | |
Accumulated amortization | 710 | |
Amortized intangible assets, net |
Note 6 - Goodwill and Other I_6
Note 6 - Goodwill and Other Intangible Assets - Amortization Expense of Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Amortization Expense | $ 2,762 | $ 2,760 |
Note 6 - Goodwill and Other I_7
Note 6 - Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2020 | $ 2,687 |
2021 | 2,682 |
2022 | 2,460 |
2023 | 2,411 |
2024 | 2,411 |
After 2024 | $ 16,574 |
Note 7 - Revolving Line of Cr_2
Note 7 - Revolving Line of Credit and Long-term Debt (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Feb. 28, 2019 | Jun. 30, 2019 | Feb. 27, 2019 | |
Long-term Line of Credit, Total | $ 39.5 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 35.5 | ||
London Interbank Offered Rate (LIBOR) [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 8 - Cash Dividends (Detail
Note 8 - Cash Dividends (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
Payments of Ordinary Dividends, Common Stock | $ 5,184,000 | $ 5,154,000 | |
Dividends Accrued | $ 28,158 | $ 50,621 | |
Subsequent Event [Member] | |||
Quarterly Indicated Per Share Dividend Rate | $ 0.05 | ||
Dividends Payable, Date to be Paid | Sep. 12, 2019 | ||
Dividends Payable, Date of Record | Sep. 3, 2019 |
Note 9 - Equity Compensation (D
Note 9 - Equity Compensation (Details Textual) | 3 Months Ended | 12 Months Ended | 75 Months Ended | ||
Jun. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2017 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 972,900 | 794,537 | |||
Class of Warrant or Right, Outstanding | 200,000 | 200,000 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 9.95 | $ 9.95 | |||
Class of Warrant or Right, Remaining Contractual Life | 2 years 255 days | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights, Fair value | $ / shares | $ 2.87 | $ 2.87 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | 4.57 | $ 5.98 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 1.48 | $ 1.73 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 219 days | 5 years 292 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 1,406,548 | 467,609 | |||
Share Based Compensation Valuation Assumptions Expected Forfeiture Rate | 14.86% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 0 | $ 39,011 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Aggregate Grant Date Fair Value | $ | $ 2,287,386 | $ 3,192,672 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 42,939 | |||
Proceeds from Stock Options Exercised | $ | $ 285,875 | ||||
Reduction of Deferred Tax Asset Related to Stock Option Exercises | $ | $ 282,785 | 292,000 | |||
Reduction of Federal Income Taxes Payable Related To Stock Option Exercise | $ | 116,602 | ||||
Reduction of Income Tax Expense Related to Stock Option Exercises | $ | $ 10,767 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 104,020 | 41,388 | |||
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture | $ | $ 374,000 | $ 312,000 | |||
Deferred Compensation Plan, Number of Participants | 32 | 32 | |||
Deferred Compensation Arrangement with Individual, Shares Issued | 74,721 | 67,138 | |||
Employee Salary Deferrals or Company Contributions [Member] | |||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 106,537 | ||||
Treasury Stock, Shares, Acquired | 15,225 | ||||
Deferred Compensation Plan With Rabbit Trust [Member] | |||||
Treasury Stock, Shares, Ending Balance | 208,965 | 208,965 | 241,996 | ||
Treasury Stock, Value, Ending Balance | $ | $ 1,468,161 | $ 1,468,161 | $ 2,110,248 | ||
Inducement Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 550,000 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 5.92 | ||||
Share Based Compensation Valuation Assumptions Expected Forfeiture Rate | 8.30% | ||||
Share-based Payment Arrangement, Expense | $ | $ 40,893 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 91,490 | |||
Dividends, Total | $ | $ 16,848 | $ 50,621 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 33,042 | 33,042 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 3 years 182 days | ||||
Share-based Compensation Arrangement By Share-based Payment Award, Equity Other Than Options, Vested and Expected To Vest, Outstanding, Number | 32,429 | 32,429 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 45,683 | $ 45,683 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 30 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 33,042 | 33,042 | 169,397 | ||
Performance-based Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 345,560 | ||||
Share-based Payment Arrangement, Option [Member] | |||||
Share-based Payment Arrangement, Expense | $ | $ 876,333 | $ 2,147,423 | |||
Performance Stock Units [Member] | |||||
Share Based Compensation Valuation Assumptions Expected Forfeiture Rate | 11.70% | ||||
Share-based Payment Arrangement, Expense | $ | $ 62,474 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 134,350 | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 36 days | ||||
Share-based Compensation Arrangement By Share-based Payment Award, Equity Other Than Options, Vested and Expected To Vest, Outstanding, Number | 43,451 | 43,451 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 152,172 | $ 152,172 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 30 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 4.94 | ||||
Dividend, Share-based Payment Arrangement, Cash | $ | $ 11,310 | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 56,550 | 56,550 | |||
Minimum [Member] | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 3.18 | $ 5.92 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 0.72 | $ 1.71 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 9 years | 9 years | |||
Share Based Compensation Valuation Assumptions Expected Forfeiture Rate | 2.00% | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 4.94 | $ 6.54 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 2.10 | $ 1.96 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 10 years | 10 years | |||
Share Based Compensation Valuation Assumptions Expected Forfeiture Rate | 8.79% | ||||
The 2012 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,967,217 | 1,967,217 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fungible Share Ratio | 2.5 | ||||
The 2012 Stock Incentive Plan [Member] | Minimum [Member] | Service-based and Performance-based Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
The 2012 Stock Incentive Plan [Member] | Minimum [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
The 2012 Stock Incentive Plan [Member] | Maximum [Member] | Service-based and Performance-based Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
The 2012 Stock Incentive Plan [Member] | Maximum [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Note 9 - Equity Compensation -
Note 9 - Equity Compensation - Weighted Average Assumptions Were Used for the Warrants (Details) | Feb. 21, 2017yr |
Measurement Input, Expected Dividend Rate [Member] | |
Measurement input | 0.0201 |
Measurement Input, Price Volatility [Member] | |
Measurement input | 0.39 |
Measurement Input, Risk Free Interest Rate [Member] | |
Measurement input | 0.018 |
Measurement Input, Expected Term [Member] | |
Measurement input | 4.5 |
Note 9 - Equity Compensation _2
Note 9 - Equity Compensation - Weighted Average Assumptions Used to Develop the Fair Value of Stock Options (Details) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Dividend yield | 4.60% | 3.30% |
Expected volatility | 42.00% | 41.00% |
Risk-free interest rate | 2.80% | 1.80% |
Expected life (Year) | 4 years 328 days | 6 years |
Note 9 - Equity Compensation _3
Note 9 - Equity Compensation - Stock Options (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Outstanding (in shares) | 3,298,677 | 3,119,688 | |
Outstanding (in dollars per share) | $ 8.06 | $ 9.12 | |
Outstanding (Year) | 6 years 292 days | 7 years | 7 years 146 days |
Outstanding | $ 23,500 | $ 8,037 | $ 2,332,324 |
Granted (in shares) | 972,900 | 794,537 | |
Granted (in dollars per share) | $ 4.57 | $ 5.98 | |
Exercised (in shares) | 0 | (42,939) | |
Exercised (in dollars per share) | $ 6.66 | ||
Forfeited (in shares) | (1,406,548) | (467,609) | |
Forfeited (in dollars per share) | $ 7.21 | $ 9.11 | |
Expired (in shares) | (115,403) | (105,000) | |
Expired (in dollars per share) | $ 9.12 | $ 19.62 | |
Outstanding (in shares) | 2,749,626 | 3,298,677 | 3,119,688 |
Outstanding (in dollars per share) | $ 7.23 | $ 8.06 | $ 9.12 |
Exercisable (in shares) | 1,733,471 | 1,824,552 | |
Exercisable (in dollars per share) | $ 8.33 | $ 8.22 | |
Exercisable (Year) | 5 years 219 days | 5 years 292 days | |
Exercisable | $ 39,011 |
Note 9 - Equity Compensation _4
Note 9 - Equity Compensation - Summary of Unvested Stock Options (Details) - $ / shares | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Unvested (in shares) | 1,474,125 | |
Unvested (in dollars per share) | $ 2.65 | |
Granted (in shares) | 972,900 | 794,537 |
Granted (in dollars per share) | $ 1.48 | $ 1.73 |
Vested (in shares) | (786,536) | |
Vested (in dollars per share) | $ 2.91 | |
Forfeited (in shares) | (644,334) | |
Forfeited (in dollars per share) | $ 1.93 | |
Unvested (in shares) | 1,016,155 | 1,474,125 |
Unvested (in dollars per share) | $ 1.79 | $ 2.65 |
Note 9 - Equity Compensation _5
Note 9 - Equity Compensation - Summary of Restricted Stock Units Activity (Details) - $ / shares | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Granted (in shares) | 972,900 | 794,537 |
Granted (in dollars per share) | $ 1.48 | $ 1.73 |
Restricted Stock Units (RSUs) [Member] | ||
Unvested (in shares) | 169,397 | |
Unvested (in dollars per share) | $ 8.03 | |
Granted (in shares) | ||
Granted (in dollars per share) | $ 5.92 | |
Vested (in shares) | (113,523) | |
Vested (in dollars per share) | $ 8.14 | |
Forfeited (in shares) | (22,832) | |
Forfeited (in dollars per share) | $ 7.91 | |
Unvested (in shares) | 33,042 | 169,397 |
Unvested (in dollars per share) | $ 7.72 | $ 8.03 |
Note 9 - Equity Compensation _6
Note 9 - Equity Compensation - Summary of Performance Stock Units Activity (Details) - Performance Stock Units [Member] - $ / shares | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Unvested (in shares) | ||
Unvested (in dollars per share) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 134,350 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.94 | |
Vested (in shares) | ||
Vested (in dollars per share) | ||
Forfeited (in shares) | (77,800) | |
Forfeited (in dollars per share) | $ 4.94 | |
Unvested (in shares) | 56,550 | |
Unvested (in dollars per share) | $ 4.94 |
Note 10 - Leases and Purchase_3
Note 10 - Leases and Purchase Commitments (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Contractual Obligation, Total | $ 21,867,000 | $ 21,451,000 |
Operating Leases, Rent Expense, Total | $ 2,654,000 | $ 2,867,000 |
Minimum [Member] | ||
Lessee, Operating Lease, Renewal Term | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Renewal Term | 7 years |
Note 10 - Leases and Purchase_4
Note 10 - Leases and Purchase Commitments - Minimum Annual Rental Commitments (Details) | Jun. 30, 2019USD ($) |
2020 | $ 2,210,630 |
2021 | 2,198,595 |
2022 | 2,158,112 |
2023 | 2,142,479 |
2024 | 1,866,851 |
After 2025 | $ 1,605,753 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 27.60% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 3,323,000 | $ 3,322,991 | |
Deferred Tax Assets, Tax Credit Carryforwards, Research | $ 225,000 | 45,000 | |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local, Recognized During Period | $ 180,000 | ||
Oregon Net Operating Loss, Term | 4 years | ||
Deferred Tax Assets, Valuation Allowance, Total | $ 3,820,000 | 4,749,000 | |
Deferred Tax Assets, Capital Loss Carryforwards | 2,555,000 | 2,555,000 | |
Unrecognized Tax Benefits, Ending Balance | 586,000 | 651,000 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 245,000 | 259,000 | |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 151,000 | 159,000 | |
Reserve for Unrecognized Tax Benefits, Including Penalties and Interest | 982,000 | 1,069,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 586,000 | 651,000 | |
Unrecognized Tax Benefits, Period Increase (Decrease), Total | 65,000 | 20,000 | |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 14,000 | 9,000 | |
Unrecognized Tax Benefits, Income Tax Penalties Expense | 7,000 | 35,000 | |
Research Tax Credit Carryforward [Member] | |||
Deferred Tax Assets, Research and Development Credits, Recognized During Period | $ 180,000 | ||
Tax Credit Carryforward, Expiration Period | 15 years | ||
Virticus [Member] | |||
Deferred Tax Assets, Tax Credit Carryforwards, Research | $ 45,000 | ||
Domestic Tax Authority [Member] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 914,000 | $ 187,000 | |
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 727,000 | ||
Domestic Tax Authority [Member] | Virticus [Member] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 187,000 | ||
Operating Loss Carryforwards, Expiration Period | 3 years | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards and Tax Credit Carryforward | 2,374,000 | $ 2,194,000 | |
State and Local Jurisdiction [Member] | Oregon State Tax [Member] | |||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 108,000 | 108,000 | |
State and Local Jurisdiction [Member] | New York State Division of Taxation and Finance [Member] | |||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 2,086,000 | 2,086,000 | |
Deferred Tax Assets, Valuation Allowance, Total | 2,086,000 | $ 2,086,000 | |
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | |||
Deferred Tax Assets, Valuation Allowance, Total | 1,626,000 | ||
Deferred Tax Assets, Capital Loss Carryforwards | $ 929,000 |
Note 11 - Income Taxes - Compon
Note 11 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
United States | $ (23,005) | $ (23,332) |
Foreign | 737 | |
(Loss) before income taxes | (22,268) | (23,332) |
Current | 88 | |
U.S. federal | 221 | 922 |
State and local | 132 | 35 |
Total current | 441 | 957 |
Deferred | (6,370) | (4,748) |
Total provision for income taxes | $ (5,929) | $ (3,791) |
Note 11 - Income Taxes - Reconc
Note 11 - Income Taxes - Reconciliation of Income Tax Rate (Details) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Federal statutory tax rate | 21.00% | 27.60% |
State and local taxes, net of federal benefit | 3.30% | 1.10% |
Foreign operations | (0.30%) | |
Federal tax credits | 0.80% | 0.90% |
Valuation allowance | 3.80% | 3.50% |
Domestic production activities deduction | 0.60% | |
Uncertain tax position activity | 0.30% | 0.40% |
Shared based compensation | (1.30%) | (1.30%) |
Tax rate changes | (0.20%) | (14.20%) |
Other | (0.80%) | (2.30%) |
Effective tax rate | 26.60% | 16.30% |
Note 11 - Income Taxes - Comp_2
Note 11 - Income Taxes - Components of Deferred Income Tax Assets and (Liabilities) (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Uncertain tax positions | $ 128,000 | $ 119,000 |
Reserves against current assets | 1,800,000 | 1,348,000 |
Accrued expenses | 1,722,000 | 2,028,000 |
Interest | 388,000 | |
Deferred compensation | 308,000 | 402,000 |
Stock-based compensation | 926,000 | 1,296,000 |
State net operating loss carryover and credits | 2,374,000 | 2,194,000 |
Long term capital loss carryforward | 2,555,000 | 2,555,000 |
Goodwill, acquisition costs and intangible assets, deferred tax assets | 8,949,000 | 4,728,000 |
U.S. Federal net operating loss carryover and credits | 1,139,000 | 232,000 |
Deferred income tax asset before valuation allowance | 20,289,000 | 14,902,000 |
Valuation allowance | (3,820,000) | (4,749,000) |
Deferred income tax asset | 16,469,000 | 10,153,000 |
Depreciation | (2,169,000) | (2,045,000) |
Deferred income tax liability | (2,169,000) | (2,045,000) |
Net deferred income tax asset | $ 14,300,000 | $ 8,108,000 |
Note 11 - Income Taxes - Liabil
Note 11 - Income Taxes - Liability for Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Balance at beginning of the fiscal year | $ 736 | $ 842 |
Decreases — tax positions in prior period | (120) | (185) |
Increases — tax positions in current period | 59 | 41 |
Increases – tax positions in prior period | 42 | |
Settlements and payments | (4) | |
Lapse of statute of limitations | 0 | 0 |
Balance at end of the fiscal year | $ 675 | $ 736 |
Note 12 - Supplemental Cash F_3
Note 12 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Interest | $ 2,222 | $ 1,582 |
Income taxes | 86 | 1,854 |
Issuance of common shares as compensation | 355 | 319 |
Issuance of common shares to fund deferred compensation plan | $ 290 | $ 429 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) $ in Thousands | Jun. 30, 2019USD ($) |
Standby Letters of Credit [Member] | |
Letters of Credit Outstanding, Amount | $ 0 |
Note 14 - Severance Costs (Deta
Note 14 - Severance Costs (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Severance Expense | $ 560,000 | $ 1,900,000 |
Restructuring Reserve, Ending Balance | 236,000 | $ 0 |
Employee Severance [Member] | ||
Restructuring Reserve, Ending Balance | 1,134,000 | |
Restructuring Reserve, Current | 591,000 | |
Restructuring Reserve, Noncurrent | $ 543,000 |
Note 14 - Severance Costs - Acc
Note 14 - Severance Costs - Accrued Severance Liability Activity (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Balance | $ 1,772,000 | $ 235,000 |
Accrual of expense | 560,000 | 1,900,000 |
Payments | (1,198,000) | (363,000) |
Adjustments | ||
Balance | $ 1,134,000 | $ 1,772,000 |
Note 15 - Restructuring Costs_2
Note 15 - Restructuring Costs (Details Textual) | Oct. 29, 2018USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2018ft² |
Restructuring and Related Cost, Incurred Cost (Gain) | $ 1,806,000 | ||||
Inventory Write-down | 3,607,000 | $ 2,605,000 | |||
Closure of Lighting Facility in New Windsor, New York [Member] | |||||
Expected Annual Savings from Closure of Facility | $ 4,000,000 | ||||
Restructuring and Related Cost, Incurred Cost (Gain) | 1,650,000 | ||||
Inventory Write-down | 1,119,000 | ||||
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) | 156,000 | ||||
Inventory Write-down | $ 148,000 | ||||
Area of Real Estate Property | ft² | 12,000 |
Note 15 - Restructuring Costs -
Note 15 - Restructuring Costs - Summary of Restructuring Costs for the Period (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2019USD ($) | |
Restructuring and related costs | $ 1,806 |
Severance and Other Termination Benefits [Member] | |
Restructuring and related costs | 537 |
Lease Obligation Restructuring [Member] | |
Restructuring and related costs | 99 |
Restructuring Impairment of Fixed Assets and Accelerated Depreciation [Member] | |
Restructuring and related costs | 427 |
Other Restructuring [Member] | |
Restructuring and related costs | $ 743 |
Note 15 - Restructuring Costs_3
Note 15 - Restructuring Costs - Cost Incurred by Line Items on the Statement of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Restructuring and related costs, incurred cost | $ 1,806 | |
Cost of Goods Sold [Member] | ||
Restructuring and related costs, incurred cost | 1,441 | |
Operating Expense [Member] | ||
Restructuring and related costs, incurred cost | $ 365 |
Note 15 - Restructuring Costs_4
Note 15 - Restructuring Costs - Summary of Restructuring Costs by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Restructuring and related costs, incurred cost | $ 1,806 | |
Corporate, Non-Segment [Member] | ||
Restructuring and related costs, incurred cost | 49 | |
Lighting Segment [Member] | Operating Segments [Member] | ||
Restructuring and related costs, incurred cost | 1,757 | |
Graphics Segment [Member] | Operating Segments [Member] | ||
Restructuring and related costs, incurred cost |
Note 15 - Restructuring Costs_5
Note 15 - Restructuring Costs - Liability Balances Related to Restructuring Costs (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2019USD ($) | |
Balance, beginning | $ 0 |
Restructuring Expense | 1,379 |
Payments | (1,143) |
Adjustments | 0 |
Balance, ending | 236 |
Severance and Other Termination Benefits [Member] | |
Balance, beginning | 0 |
Restructuring Expense | 537 |
Payments | (301) |
Adjustments | 0 |
Balance, ending | 236 |
Lease Obligation Restructuring [Member] | |
Balance, beginning | 0 |
Restructuring Expense | 99 |
Payments | (99) |
Adjustments | 0 |
Balance, ending | |
Other Restructuring [Member] | |
Balance, beginning | 0 |
Restructuring Expense | 743 |
Payments | (743) |
Adjustments | 0 |
Balance, ending |
Note 16 - Related Party Trans_3
Note 16 - Related Party Transactions - Expenses From Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Keating Muething and Klekamp PLL [Member] | ||
Related party expenses | $ 406 | $ 161 |
Note 16 - Related Party Trans_4
Note 16 - Related Party Transactions - Liabilities Recorded With Related Parties (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Keating Muething and Klekamp PLL [Member] | ||
Liabilities recorded with related parties |
Note 16 - Related Party Trans_5
Note 16 - Related Party Transactions - Revenue From Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Wesco International [Member] | ||
Revenue from related parties | $ 1,347 | $ 3,200 |
Note 16 - Related Party Trans_6
Note 16 - Related Party Transactions - Assets Recorded With Related Parties (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Wesco International [Member] | ||
Assets recorded with related parties | $ 55 | $ 16 |
Note 17 - Summary of Quarterl_3
Note 17 - Summary of Quarterly Results (Unaudited) (Details Textual) - Subsequent Event [Member] | Aug. 30, 2019 |
Number of Shareholders | 653 |
Number of Beneficial Shareholders | 3,000 |
Note 17 - Summary of Quarterl_4
Note 17 - Summary of Quarterly Results (Unaudited) - Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Net sales | $ 81,522 | $ 72,832 | $ 89,541 | $ 84,957 | $ 83,409 | $ 78,843 | $ 92,305 | $ 87,466 | |||
Gross profit | 17,459 | 15,337 | 19,656 | 21,261 | 20,306 | 19,918 | 25,307 | 23,703 | $ 73,713 | $ 89,234 | |
Net income (loss) | $ 862 | $ (3,168) | $ (15,782) | $ 1,749 | $ (2,664) | $ 220 | $ (1,468) | $ (15,629) | $ (16,339) | $ (19,541) | |
Basic (in dollars per share) | $ 0.03 | $ (0.12) | $ (0.61) | $ 0.07 | $ (0.10) | $ (0.01) | $ (0.06) | $ (0.61) | $ (0.63) | $ (0.76) | |
Diluted (in dollars per share) | 0.03 | (0.12) | (0.61) | 0.07 | (0.10) | (0.01) | (0.06) | (0.61) | $ (0.63) | $ (0.76) | |
Maximum [Member] | |||||||||||
Share prices (in dollars per share) | 3.72 | 3.86 | 4.63 | 5.62 | 8.11 | 8.88 | 7.49 | 9.27 | |||
Minimum [Member] | |||||||||||
Share prices (in dollars per share) | $ 2.59 | $ 2.51 | $ 3.15 | $ 4.20 | $ 4.91 | $ 6.70 | $ 6.07 | $ 4.99 | |||
Fiscal Year [Member] | |||||||||||
Net sales | $ 328,852 | $ 342,023 | |||||||||
Gross profit | 73,713 | 89,234 | |||||||||
Net income (loss) | $ (16,339) | $ (19,541) | |||||||||
Basic (in dollars per share) | $ (0.63) | $ (0.76) | [1] | ||||||||
Diluted (in dollars per share) | (0.63) | (0.76) | [1] | ||||||||
Fiscal Year [Member] | Maximum [Member] | |||||||||||
Share prices (in dollars per share) | 5.62 | 9.27 | |||||||||
Fiscal Year [Member] | Minimum [Member] | |||||||||||
Share prices (in dollars per share) | $ 2.51 | $ 4.91 | |||||||||
[1] | The total of the earnings per share for each of the four quarters does not equal the total earnings per share for the full year because the calculations are based on the average shares outstanding during each of the individual periods. There is no difference between basic and diluted shares due to losses |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Balance, Beginning of Period | $ 409 | $ 506 | |
Additions Charged to Costs and Expenses | 776 | 214 | |
Additions From Company Acquired | |||
Deductions | [1] | (306) | (311) |
Balance, End of Period | 879 | 409 | |
SEC Schedule, 12-09, Reserve, Inventory [Member] | |||
Balance, Beginning of Period | 3,632 | 2,815 | |
Additions Charged to Costs and Expenses | 3,641 | 2,605 | |
Additions From Company Acquired | |||
Deductions | [1] | (2,668) | (1,788) |
Balance, End of Period | 4,605 | 3,632 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
Balance, Beginning of Period | 4,749 | 5,556 | |
Additions Charged to Costs and Expenses | |||
Additions From Company Acquired | 183 | ||
Deductions | [1] | (929) | (990) |
Balance, End of Period | $ 3,820 | $ 4,749 | |
[1] | For Allowance for Doubtful Accounts, deductions are uncollectible accounts charged off, less recoveries. |