Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2019 | Jan. 27, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | LSI INDUSTRIES INC | |
Entity Central Index Key | 0000763532 | |
Trading Symbol | lyts | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 26,136,418 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, no par value | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Net Sales | $ 82,377 | $ 89,541 | $ 171,078 | $ 174,498 | |
Cost of products and services sold | 62,136 | 69,486 | 128,724 | 133,027 | |
Restructuring costs | 277 | 376 | 535 | 531 | |
Severance costs | 23 | 23 | |||
Gross profit | 19,964 | 19,656 | 41,819 | 40,917 | |
Selling and administrative expenses | 18,151 | 19,148 | 38,013 | 37,475 | |
Restructuring (gain) costs | (1) | 25 | (4,847) | 25 | |
Severance costs | 54 | 469 | 54 | 469 | |
Impairment of goodwill | 20,165 | 20,165 | |||
Transition and realignment costs | 120 | 120 | |||
Operating income (loss) | 1,760 | (20,271) | 8,599 | (17,337) | |
Interest (income) | (1) | (17) | (2) | (31) | |
Interest expense | 234 | 632 | 666 | 1,164 | |
Other (income) | (91) | (9) | |||
Income (loss) before income taxes | 1,618 | (20,886) | 7,944 | (18,470) | |
Income tax (benefit) expense | (125) | (5,104) | 1,726 | (4,437) | |
Net income (loss) | $ 1,743 | $ (15,782) | $ 6,218 | $ (14,033) | |
Earnings (loss) per common share (see Note 4) | |||||
Basic (in dollars per share) | $ 0.07 | $ (0.61) | $ 0.24 | $ (0.54) | |
Diluted (in dollars per share) | $ 0.07 | $ (0.61) | $ 0.24 | $ (0.54) | |
Weighted average common shares outstanding | |||||
Basic (in shares) | 26,280 | 26,083 | 26,257 | 26,058 | |
Diluted (in shares) | [1] | 26,534 | 26,083 | 26,364 | 26,058 |
[1] | Calculated using the "Treasury Stock" method as if dilutive securities were exercised and the funds were used to purchase common shares at the average market price during the period. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income (loss) | $ 1,743 | $ (15,782) | $ 6,218 | $ (14,033) |
Foreign currency translation adjustment | 29 | 6 | ||
Comprehensive Income (Loss) | $ 1,772 | $ (15,782) | $ 6,224 | $ (14,033) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
Current assets | ||
Cash and cash equivalents | $ 1,248 | $ 966 |
Accounts receivable, less allowance for doubtful accounts of $523 and $879, respectively | 44,532 | 54,728 |
Inventories | 43,311 | 43,512 |
Refundable income tax | 994 | 882 |
Asset held for sale | 7,512 | |
Other current assets | 3,214 | 3,380 |
Total current assets | 93,299 | 110,980 |
Property, Plant and Equipment, at cost | ||
Land | 4,602 | 4,576 |
Buildings | 27,363 | 27,015 |
Machinery and equipment | 70,558 | 73,185 |
Construction in progress | 808 | 455 |
103,331 | 105,231 | |
Less accumulated depreciation | (73,480) | (73,255) |
Net property, plant and equipment | 29,851 | 31,976 |
Goodwill | 10,373 | 10,373 |
Other Intangible Assets, net | 31,301 | 32,647 |
Other Long-Term Assets, net | 22,537 | 15,124 |
Total assets | 187,361 | 201,100 |
LIABILITIES & SHAREHOLDERS' EQUITY | ||
Accounts payable | 20,528 | 18,664 |
Accrued expenses | 21,173 | 21,211 |
Total current liabilities | 41,701 | 39,875 |
Long-Term Debt | 10,437 | 39,541 |
Other Long-Term Liabilities | 11,310 | 1,747 |
Commitments and Contingencies (Note 12) | ||
Shareholders' Equity | ||
Preferred shares, without par value; Authorized 1,000,000 shares, none issued | ||
Common shares, without par value; Authorized 40,000,000 shares; Outstanding 26,124,103 and 25,967,275 shares, respectively | 126,552 | 125,729 |
Treasury shares, without par value | (808) | (1,468) |
Deferred compensation plan | 808 | 1,468 |
Retained (loss) | (2,661) | (5,808) |
Accumulated other comprehensive income | 22 | 16 |
Total shareholders' equity | 123,913 | 119,937 |
Total liabilities & shareholders' equity | $ 187,361 | $ 201,100 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
Allowance for doubtful accounts | $ 523 | $ 879 |
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) | 26,124,103 | 25,967,275 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 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, 2018 | 25,884 | (242) | ||||
Balance at Jun. 30, 2018 | $ 124,104 | $ (2,110) | $ 2,133 | $ 15,124 | $ 139,251 | |
Net income (loss) | (14,033) | (14,033) | ||||
Other comprehensive income | ||||||
Stock compensation awards (in shares) | 37 | |||||
Stock compensation awards | $ 180 | 180 | ||||
Restricted stock units issued (in shares) | 97 | |||||
Restricted stock units issued | ||||||
Shares issued for deferred compensation (in shares) | 43 | |||||
Shares issued for deferred compensation | $ 189 | 189 | ||||
Activity of treasury shares, net (in shares) | 42 | |||||
Activity of treasury shares, net | $ 549 | 549 | ||||
Deferred stock compensation | (542) | (542) | ||||
Stock-based compensation expense | 727 | 727 | ||||
Dividends — $0.20 per share | (2,587) | (2,587) | ||||
Cumulative effect of adoption of accounting guidance | 591 | 591 | ||||
Balance (in shares) at Dec. 31, 2018 | 26,061 | (200) | ||||
Balance at Dec. 31, 2018 | $ 125,200 | $ (1,561) | 1,591 | (905) | 124,325 | |
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 |
Net income (loss) | 6,218 | 6,218 | ||||
Other comprehensive income | 6 | 6 | ||||
Stock compensation awards (in shares) | 36 | |||||
Stock compensation awards | $ 150 | 150 | ||||
Restricted stock units issued (in shares) | 18 | |||||
Restricted stock units issued | ||||||
Shares issued for deferred compensation (in shares) | 10 | |||||
Shares issued for deferred compensation | $ 47 | 47 | ||||
Activity of treasury shares, net (in shares) | 87 | |||||
Activity of treasury shares, net | $ 660 | 660 | ||||
Deferred stock compensation | (660) | (660) | ||||
Stock-based compensation expense | 597 | 597 | ||||
Dividends — $0.20 per share | (2,643) | (2,643) | ||||
Cumulative effect of adoption of accounting guidance | (428) | (428) | ||||
Stock options exercised, net (in shares) | 6 | |||||
Stock options exercised, net | $ 29 | 29 | ||||
Balance (in shares) at Dec. 31, 2019 | 26,246 | (122) | ||||
Balance at Dec. 31, 2019 | $ 126,552 | $ (808) | $ 808 | $ 22 | $ (2,661) | $ 123,913 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Dividend per share (in dollars per share) | $ 0.20 | $ 0.20 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities | ||
Net income (loss) | $ 6,218 | $ (14,033) |
Non-cash items included in net income | ||
Depreciation and amortization | 4,551 | 5,235 |
Deferred income taxes | 1,893 | (4,701) |
Impairment of goodwill | 20,165 | |
Deferred compensation plan | 47 | 196 |
Stock compensation expense | 597 | 727 |
Issuance of common shares as compensation | 150 | 180 |
(Gain) loss on disposition of fixed assets | (4,753) | (10) |
Allowance for doubtful accounts | (356) | 256 |
Inventory obsolescence reserve | (212) | 2,043 |
Changes in certain assets and liabilities | ||
Accounts receivable | 10,552 | (1,142) |
Inventories | 413 | (9,309) |
Refundable income taxes | (112) | 784 |
Accounts payable | 1,864 | 8,704 |
Accrued expenses and other | 406 | (1,873) |
Customer prepayments | (355) | 406 |
Net cash flows provided by operating activities | 20,903 | 7,628 |
Cash Flows from Investing Activities | ||
Proceeds from the sale of assets | 12,340 | 10 |
Purchases of property, plant and equipment | (1,119) | (1,579) |
Net cash flows provided by (used in) investing activities | 11,221 | (1,569) |
Cash Flows from Financing Activities | ||
Payments of long-term debt | (99,746) | (52,066) |
Borrowings of long-term debt | 70,642 | 55,078 |
Cash dividends paid | (2,643) | (2,587) |
Shares withheld for employees' taxes | (124) | (99) |
Proceeds from stock option exercises | 29 | |
Net cash flows (used in) provided by financing activities | (31,842) | 326 |
Increase in cash and cash equivalents | 282 | 6,385 |
Cash and cash equivalents at beginning of period | 966 | 3,178 |
Cash and cash equivalents at end of period | $ 1,248 | $ 9,563 |
Note 1 - Interim Condensed Cons
Note 1 - Interim Condensed Consolidated Financial Statements | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | NOTE 1 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The interim condensed consolidated financial statements are unaudited and are prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, and rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the interim financial statements include all normal adjustments and disclosures necessary to present fairly the Company’s financial position as of December 31, 2019, three six December 31, 2019 2018, six December 31, 2019 2018. 2019 10 June 30, 2019 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation: A summary of the Company’s significant accounting policies is included in Note 1 2019 10 2014 09 606 first 2019 2016 02, first 2020 Revenue Recognition: The Company recognizes revenue when it satisfies the performance obligation in its customer contracts or purchase orders. Most of the Company’s products have a single performance obligation which is satisfied at a point in time when control is transferred to the customer. Control is generally transferred at time of shipment when title and risk of ownership passes to the customer. For customer contracts with multiple performance obligations, the Company allocates the transaction price and any discounts to each performance obligation based on relative standalone selling prices. Payment terms are typically within 30 90 not Installation is a separate performance obligation, except for the Company’s 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 print graphics branding ● Electrical components based on customer specifications ● Digital signage and related media content The Company also offers installation services. Installation revenue is recognized over time as our customer simultaneously receives and consumes the benefits provided through the installation process. For these customized products and installation services, revenue is recognized using a cost-based input method: recognizing revenue and gross profit as work is performed based on the relationship between the actual cost incurred and the total estimated cost for the contract. Disaggregation of Revenue The Company disaggregates the revenue from contracts with customers by the timing of revenue recognition because the Company believes it best depicts the nature, amount, and timing of its revenue and cash flows. The table presents a reconciliation of the disaggregation by reportable segments. Three Months Ended Six Months Ended (In thousands) December 31, 2019 December 31, 2019 Lighting Segment Graphics Segment Lighting Segment Graphics Segment Timing of revenue recognition Products and services transferred at a point in time $ 47,513 $ 17,521 $ 104,038 $ 35,246 Products and services transferred over time 5,923 11,420 12,589 19,205 $ 53,436 $ 28,941 $ 116,627 $ 54,451 Three Months Ended Six Months Ended December 31, 2019 December 31, 2019 Lighting Segment Graphics Segment Lighting Segment Graphics Segment Type of Product and Services LED lighting, digital signage solutions, electronic circuit boards $ 46,596 $ 7,407 $ 101,079 $ 11,281 Legacy products 6,265 16,011 14,303 32,711 Turnkey services and other 575 5,523 1,245 10,459 $ 53,436 $ 28,941 $ 116,627 $ 54,451 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. 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, Opening Balance as of Balance as of June 30, 2018 Adjustments June 30, 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 Shareholder's Equity: Retained earnings $ 15,124 $ 591 $ 15,715 In February 2016, 2016 02, December 15, 2018, 2020, July 1, 2019 not not not not twelve The Company’s most significant leases are those relating to its two three $10.4 $10.8 July 1, 2019 no 15 Subsequent Events: The Company has evaluated subsequent events for potential recognition and disclosure through the date the consolidated financial statements were filed. No In December 2019, second 2020. $8 March 31, 2020. |
Note 3 - Segment Reporting Info
Note 3 - Segment Reporting Information | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 3 The accounting guidance on Segment Reporting establishes standards for reporting information regarding operating segments in annual financial statements and requires selected information of those segments to be presented in financial statements. Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision maker (the Company’s Chief Executive Officer or “CODM”) in making decisions on how to allocate resources and assess performance. The Company’s two one The Lighting Segment includes outdoor and indoor lighting utilizing both traditional and LED light sources that have been fabricated and assembled for the Company’s markets, primarily petroleum / convenience stores, automotive dealerships, quick-service restaurants, grocery and pharmacy store, and retail/national accounts. The Company also addresses lighting product customers through the commercial industrial, stock and flow, and renovation channels. The Lighting Segment also includes the design, engineering, and manufacturing of electronic circuit boards, assemblies and sub-assemblies used to manufacture certain LED light fixtures and sold directly to customers. 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 expenses, expense related to the Company’s Board of Directors, equity compensation expense for various equity awards granted to corporate administration employees, certain consulting expenses, investor relations activities, and a portion of the Company’s legal, auditing and professional fee expenses. Corporate identifiable assets primarily consist of cash, invested cash (if any), refundable income taxes (if any), and deferred income taxes. There was no three six December 31, 2019 2018. no December 31, 2019 June 30, 2019. Summarized financial information for the Company’s operating segments is provided for the indicated periods and as of December 31, 2019 December 31, 2018: Three Months Ended Six Months Ended (In thousands) December 31 December 31 2019 2018 2019 2018 Net Sales: Lighting Segment $ 53,436 $ 63,654 $ 116,627 $ 125,086 Graphics Segment 28,941 25,887 54,451 49,412 $ 82,377 $ 89,541 $ 171,078 $ 174,498 Operating Income (Loss): Lighting Segment $ 3,150 $ (18,452 ) $ 12,309 $ (14,602 ) Graphics Segment 1,362 861 2,379 3,248 Corporate and Eliminations (2,752 ) (2,680 ) (6,089 ) (5,983 ) $ 1,760 $ (20,271 ) $ 8,599 $ (17,337 ) Capital Expenditures: Lighting Segment $ 557 $ 588 $ 887 $ 864 Graphics Segment 45 249 45 515 Corporate and Eliminations 162 94 187 200 $ 764 $ 931 $ 1,119 $ 1,579 Depreciation and Amortization: Lighting Segment $ 1,661 $ 1,952 $ 3,439 $ 3,942 Graphics Segment 374 397 760 792 Corporate and Eliminations 117 243 352 501 $ 2,152 $ 2,592 $ 4,551 $ 5,235 December 31, June 30, Identifiable Assets: Lighting Segment $ 130,446 $ 142,105 Graphics Segment 39,826 40,914 Corporate and Eliminations 17,089 18,081 $ 187,361 $ 201,100 The segment net sales reported above represent sales to external customers. Segment operating income, which is used in management’s evaluation of segment performance, represents net sales less all operating expenses. Identifiable assets are those assets used by each segment in its operations. The Company records a 10% Inter-segment sales Three Months Ended Six Months Ended (In thousands) December 31 December 31 2019 2018 2019 2018 Lighting Segment inter-segment net sales $ 860 $ 870 $ 1,671 $ 1,279 Graphics Segment inter-segment net sales $ 74 $ 44 $ 98 $ 75 The Company’s operations are located solely within North America. As a result, the geographic distribution of the Company’s net sales and long-lived assets originate within North America. |
Note 4 - Earnings Per Common Sh
Note 4 - Earnings Per Common Share | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 4 The following table presents the amounts used to compute basic and diluted earnings per common share, as well as the effect of dilutive potential common shares on weighted average shares outstanding (in thousands, except per share data): Three Months Ended Six Months Ended December 31 December 31 2019 2018 2019 2018 BASIC EARNINGS PER SHARE Net income (loss) $ 1,743 $ (15,782 ) $ 6,218 $ (14,033 ) Weighted average shares outstanding during the period, net of treasury shares (a) 26,101 25,838 26,063 25,795 Weighted average vested restricted stock units outstanding 39 33 31 43 Weighted average shares outstanding in the Deferred Compensation Plan during the period 140 212 163 220 Weighted average shares outstanding 26,280 26,083 26,257 26,058 Basic income (loss) per share $ 0.07 $ (0.61 ) $ 0.24 $ (0.54 ) DILUTED EARNINGS PER SHARE Net income (loss) $ 1,743 $ (15,782 ) $ 6,218 $ (14,033 ) Weighted average shares outstanding Basic 26,280 26,083 26,257 26,058 Effect of dilutive securities (b): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any 254 - 107 - Weighted average shares outstanding 26,534 26,083 26,364 26,058 Diluted income (loss) per share $ 0.07 $ (0.61 ) $ 0.24 $ (0.54 ) Anti-dilutive securities (c) 1,904 3,537 2,506 3,356 (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) Anti-dilutive securities were excluded from the computation of diluted net income per share for the three six December 31, 2019 three six December 31, 2018, not |
Note 5 - Inventories
Note 5 - Inventories | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 5 The following information is provided as of the dates indicated: December 31, June 30, (In thousands) 2019 2019 Inventories: Raw materials $ 29,685 $ 27,927 Work-in-progress 1,742 2,193 Finished goods 11,884 13,392 Total Inventories $ 43,311 $ 43,512 |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | NOTE 6 The following information is provided as of the dates indicated: December 31, June 30, (In thousands) 2019 2019 Accrued Expenses: Compensation and benefits $ 5,493 $ 5,319 Customer prepayments 1,413 1,768 Accrued sales commissions 1,198 1,301 Accrued warranty 7,601 7,687 Other accrued expenses 5,468 5,136 Total Accrued Expenses $ 21,173 $ 21,211 |
Note 7 - Goodwill and Other Int
Note 7 - Goodwill and Other Intangible Assets | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 7 The carrying values of goodwill and other intangible assets with indefinite lives are reviewed at least annually for possible impairment. The Company may first not not no not not first not 3 820 may may The Company identified its reporting units in conjunction with its annual goodwill impairment testing. The Company has a total of two one one not The following table presents information about the Company's goodwill on the dates or for the periods indicated: Goodwill (In thousands) Lighting Graphics Segment Segment Total Balance as of June 30, 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 Balance as of December 31, 2019 Goodwill $ 94,564 $ 28,690 $ 123,254 Accumulated impairment losses (85,356 ) (27,525 ) (112,881 ) Goodwill, net as of December 31, 2019 $ 9,208 $ 1,165 $ 10,373 The following table presents the gross carrying amount and accumulated amortization by each major asset class: Other Intangible Assets December 31, 2019 (In thousands) Gross Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 35,563 $ 13,100 $ 22,463 Patents 338 262 76 LED technology firmware, software 16,066 12,610 3,456 Trade name 2,658 774 1,884 Total Amortized Intangible Assets 54,625 26,746 27,879 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 $ 26,746 $ 31,301 Other Intangible Assets June 30, 2019 (In thousands) Gross 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 Three Months Ended Six Months Ended December 31 December 31 (In thousands) 2019 2018 2019 2018 Amortization Expense of Other Intangible Assets $ 671 $ 689 $ 1,346 $ 1,380 The Company expects to record annual amortization expense as follows: (In thousands) 2020 $ 2,687 2021 $ 2,682 2022 $ 2,459 2023 $ 2,412 2024 $ 2,412 After 2024 $ 16,573 |
Note 8 - Revolving Line of Cred
Note 8 - Revolving Line of Credit | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 8 - REVOLVING LINE OF CREDIT In February 2019, $75 $100 third 2022. 125 250 175 third 2020. $75 20 December 31, 2019, $10.4 $64.6 The Company is in compliance with all of its loan covenants as of December 31, 2019. |
Note 9 - Cash Dividends
Note 9 - Cash Dividends | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 9 CASH DIVIDENDS The Company paid cash dividends of $2,643,000 $2,587,000 six December 31, 2019 2018, $52,383 $34,631 December 31, 2019 2018, February 2020, $0.05 February 26, 2020 February 18, 2020 $0.20 |
Note 10 - Equity Compensation
Note 10 - Equity Compensation | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 10 In November 2019, 2019 “2019 2019 may 2019 2012 “2012 2019 2,650,000 2012 2019 3,802,363, December 31, 2019. 2019 2.5 2019 In the first 2020, 455,429 $3.83 199,310 81,917 $ 3.83 $199,000 $176,000 three December 31, 2019 2018, $597,000 $727,000 six December 31, 2019 2018, |
Note 11 - Supplemental Cash Flo
Note 11 - Supplemental Cash Flow Information | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 1 1 - SUPPLEMENTAL CASH FLOW INFORMATION Six Months Ended (In thousands) December 31 2019 2018 Cash Payments: Interest $ 742 $ 1,133 Income taxes $ - $ 3 Non-cash investing and financing activities Issuance of common shares as compensation $ 150 $ 180 Issuance of common shares to fund deferred compensation plan $ 47 $ 189 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 1 2 - COMMITMENTS AND CONTINGENCIES The Company is party to various negotiations, customer bankruptcies, and legal proceedings arising in the normal course of business. The Company provides reserves for these matters when a loss is probable and reasonably estimable. The Company does not not The Company may third December 31, 2019, no |
Note 13 - Severance Costs
Note 13 - Severance Costs | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 1 3 – SEVERANCE COSTS The activity in the Company’s accrued severance liability is as follows for the periods indicated: Six Months Six Months Fiscal Year Ended Ended Ended December 31, December 31, June 30, (In thousands) 2019 2018 2019 Balance at beginning of period $ 1,134 $ 1,772 $ 1,772 Accrual of expense 46 492 560 Payments (319 ) (549 ) (1,198 ) Balance at end of period $ 861 $ 1,715 $ 1,134 Of the total $861,000 December 31, 2019, $601,000 twelve $260,000 |
Note 14 - Restructuring Costs
Note 14 - Restructuring Costs | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 1 4 – RESTRUCTURING COSTS In the first 2020, $12.3 $4.8 first 2020 second 2020 $276,000 $509,000 three six December 31, 2019, The following table presents information about restructuring costs for the periods indicated: Three Months Ended Six Months Ended December 31 December 31 (In thousands) 2019 2018 2019 2018 Severance benefits $ - $ 202 $ - $ 221 Impairment of fixed assets and accelerated depreciation - 185 49 228 Facility repairs - 7 - 47 Gain on sale of facility - - (4,821 ) - Exit costs - 7 184 60 Manufacturing realignment costs 276 - 276 - Total $ 276 $ 401 $ (4,312 ) $ 556 The following table presents a roll forward of the beginning and ending liability balances related to the restructuring costs: Balance as of Balance as of June 30, Restructuring December 31, (In thousands) 2019 Expense Payments Adjustments 2019 Severance and termination benefits $ 236 $ - $ (186 ) $ - $ 50 Other restructuring costs - 460 (460 ) - $ - Total $ 236 $ 460 $ (646 ) $ - $ 50 |
Note 15 - Leases
Note 15 - Leases | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 15 The Company leases two 1 5 not not The Company has periodically entered into short-term operating leases with an initial term of twelve not three six December 31, 2019, The Company has certain leases that contain lease and non-lease components and has elected to utilize the practical expedient to account for these components together as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. The Company used its incremental borrowing rate when determining the present value of lease payments. The adoption of the new lease standard resulted in the recognition of right-of-use assets (ROU assets) of $10.4 $10.8 July 1, 2019 no Three months ended Six months ended (In thousands) December 31, 2019 December 31, 2019 Operating lease cost $ 575 $ 1,162 Supplemental Cash Flow Information: Six months ended (In thousands) December 31, 2019 Operating cash flows from operating leases Fixed payments 1,139 Liability reduction 885 Operating Leases: At December 31, 2019 Total operating right-of-use asset (Other long-term assets) 9,504 Accrued liabilities (Current liabilities) 344 Long-term operating lease liability (Other long-term liabilities) 9,906 10,250 Weighted Average remaining Lease Term (in years) 5.05 Weighted Average Discount Rate 4.85 % Maturities of Lease Liability: 2020 1,404 2021 2,303 2022 2,279 2023 2,244 2024 1,917 Thereafter 1,679 Total lease payments 11,826 Less: Interest (1,579 ) Present Value of Lease Liabilities 10,247 |
Note 16 - Income Taxes
Note 16 - Income Taxes | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 1 6 – INCOME TAXES The Company's effective income tax rate is based on expected income, statutory rates and tax planning opportunities available in the various jurisdictions in which it operates. For interim financial reporting, the Company estimates the annual income tax rate based on projected taxable income for the full year and records a quarterly income tax provision or benefit in accordance with the anticipated annual rate. The Company refines the estimates of the year's taxable income as new information becomes available, including actual year-to-date financial results. This continual estimation process often results in a change to the expected effective income tax rate for the year. When this occurs, the Company adjusts the income tax provision during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected income tax rate. Significant judgment is required in determining the effective tax rate and in evaluating tax positions. In December 2019, 2020 In the first 2020, $4.8 $864,000 In the second 2019, $4.8 Three Months Ended Six Months Ended December 31 December 31 2019 2018 2019 2018 Reconciliation of effective tax rate: Provision for income taxes at the anticipated annual tax rate (2.6 %) 23.0 % 18.1 % 23.0 % Uncertain tax positions (5.5 ) 0.8 (0.7 ) 0.8 Difference between deferred and current tax rate related to the impairment of goodwill - 0.6 - 0.7 Shared-based compensation 0.3 - 3.5 (0.5 ) Other - - 0.8 - Effective tax rate (7.8 %) 24.4 % 21.7 % 24.0 % |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation: A summary of the Company’s significant accounting policies is included in Note 1 2019 10 2014 09 606 first 2019 2016 02, first 2020 |
Revenue [Policy Text Block] | Revenue Recognition: The Company recognizes revenue when it satisfies the performance obligation in its customer contracts or purchase orders. Most of the Company’s products have a single performance obligation which is satisfied at a point in time when control is transferred to the customer. Control is generally transferred at time of shipment when title and risk of ownership passes to the customer. For customer contracts with multiple performance obligations, the Company allocates the transaction price and any discounts to each performance obligation based on relative standalone selling prices. Payment terms are typically within 30 90 not Installation is a separate performance obligation, except for the Company’s 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 print graphics branding ● Electrical components based on customer specifications ● Digital signage and related media content The Company also offers installation services. Installation revenue is recognized over time as our customer simultaneously receives and consumes the benefits provided through the installation process. For these customized products and installation services, revenue is recognized using a cost-based input method: recognizing revenue and gross profit as work is performed based on the relationship between the actual cost incurred and the total estimated cost for the contract. Disaggregation of Revenue The Company disaggregates the revenue from contracts with customers by the timing of revenue recognition because the Company believes it best depicts the nature, amount, and timing of its revenue and cash flows. The table presents a reconciliation of the disaggregation by reportable segments. Three Months Ended Six Months Ended (In thousands) December 31, 2019 December 31, 2019 Lighting Segment Graphics Segment Lighting Segment Graphics Segment Timing of revenue recognition Products and services transferred at a point in time $ 47,513 $ 17,521 $ 104,038 $ 35,246 Products and services transferred over time 5,923 11,420 12,589 19,205 $ 53,436 $ 28,941 $ 116,627 $ 54,451 Three Months Ended Six Months Ended December 31, 2019 December 31, 2019 Lighting Segment Graphics Segment Lighting Segment Graphics Segment Type of Product and Services LED lighting, digital signage solutions, electronic circuit boards $ 46,596 $ 7,407 $ 101,079 $ 11,281 Legacy products 6,265 16,011 14,303 32,711 Turnkey services and other 575 5,523 1,245 10,459 $ 53,436 $ 28,941 $ 116,627 $ 54,451 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. |
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, Opening Balance as of Balance as of June 30, 2018 Adjustments June 30, 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 Shareholder's Equity: Retained earnings $ 15,124 $ 591 $ 15,715 In February 2016, 2016 02, December 15, 2018, 2020, July 1, 2019 not not not not twelve The Company’s most significant leases are those relating to its two three $10.4 $10.8 July 1, 2019 no 15 |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events: The Company has evaluated subsequent events for potential recognition and disclosure through the date the consolidated financial statements were filed. No In December 2019, second 2020. $8 March 31, 2020. |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended (In thousands) December 31, 2019 December 31, 2019 Lighting Segment Graphics Segment Lighting Segment Graphics Segment Timing of revenue recognition Products and services transferred at a point in time $ 47,513 $ 17,521 $ 104,038 $ 35,246 Products and services transferred over time 5,923 11,420 12,589 19,205 $ 53,436 $ 28,941 $ 116,627 $ 54,451 Three Months Ended Six Months Ended December 31, 2019 December 31, 2019 Lighting Segment Graphics Segment Lighting Segment Graphics Segment Type of Product and Services LED lighting, digital signage solutions, electronic circuit boards $ 46,596 $ 7,407 $ 101,079 $ 11,281 Legacy products 6,265 16,011 14,303 32,711 Turnkey services and other 575 5,523 1,245 10,459 $ 53,436 $ 28,941 $ 116,627 $ 54,451 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Opening Balance as of Balance as of June 30, 2018 Adjustments June 30, 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 Shareholder's Equity: Retained earnings $ 15,124 $ 591 $ 15,715 |
Note 3 - Segment Reporting In_2
Note 3 - Segment Reporting Information (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Six Months Ended (In thousands) December 31 December 31 2019 2018 2019 2018 Net Sales: Lighting Segment $ 53,436 $ 63,654 $ 116,627 $ 125,086 Graphics Segment 28,941 25,887 54,451 49,412 $ 82,377 $ 89,541 $ 171,078 $ 174,498 Operating Income (Loss): Lighting Segment $ 3,150 $ (18,452 ) $ 12,309 $ (14,602 ) Graphics Segment 1,362 861 2,379 3,248 Corporate and Eliminations (2,752 ) (2,680 ) (6,089 ) (5,983 ) $ 1,760 $ (20,271 ) $ 8,599 $ (17,337 ) Capital Expenditures: Lighting Segment $ 557 $ 588 $ 887 $ 864 Graphics Segment 45 249 45 515 Corporate and Eliminations 162 94 187 200 $ 764 $ 931 $ 1,119 $ 1,579 Depreciation and Amortization: Lighting Segment $ 1,661 $ 1,952 $ 3,439 $ 3,942 Graphics Segment 374 397 760 792 Corporate and Eliminations 117 243 352 501 $ 2,152 $ 2,592 $ 4,551 $ 5,235 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, June 30, Identifiable Assets: Lighting Segment $ 130,446 $ 142,105 Graphics Segment 39,826 40,914 Corporate and Eliminations 17,089 18,081 $ 187,361 $ 201,100 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Inter-segment sales Three Months Ended Six Months Ended (In thousands) December 31 December 31 2019 2018 2019 2018 Lighting Segment inter-segment net sales $ 860 $ 870 $ 1,671 $ 1,279 Graphics Segment inter-segment net sales $ 74 $ 44 $ 98 $ 75 |
Note 4 - Earnings Per Common _2
Note 4 - Earnings Per Common Share (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended December 31 December 31 2019 2018 2019 2018 BASIC EARNINGS PER SHARE Net income (loss) $ 1,743 $ (15,782 ) $ 6,218 $ (14,033 ) Weighted average shares outstanding during the period, net of treasury shares (a) 26,101 25,838 26,063 25,795 Weighted average vested restricted stock units outstanding 39 33 31 43 Weighted average shares outstanding in the Deferred Compensation Plan during the period 140 212 163 220 Weighted average shares outstanding 26,280 26,083 26,257 26,058 Basic income (loss) per share $ 0.07 $ (0.61 ) $ 0.24 $ (0.54 ) DILUTED EARNINGS PER SHARE Net income (loss) $ 1,743 $ (15,782 ) $ 6,218 $ (14,033 ) Weighted average shares outstanding Basic 26,280 26,083 26,257 26,058 Effect of dilutive securities (b): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any 254 - 107 - Weighted average shares outstanding 26,534 26,083 26,364 26,058 Diluted income (loss) per share $ 0.07 $ (0.61 ) $ 0.24 $ (0.54 ) Anti-dilutive securities (c) 1,904 3,537 2,506 3,356 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, June 30, (In thousands) 2019 2019 Inventories: Raw materials $ 29,685 $ 27,927 Work-in-progress 1,742 2,193 Finished goods 11,884 13,392 Total Inventories $ 43,311 $ 43,512 |
Note 6 - Accrued Expenses (Tabl
Note 6 - Accrued Expenses (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, June 30, (In thousands) 2019 2019 Accrued Expenses: Compensation and benefits $ 5,493 $ 5,319 Customer prepayments 1,413 1,768 Accrued sales commissions 1,198 1,301 Accrued warranty 7,601 7,687 Other accrued expenses 5,468 5,136 Total Accrued Expenses $ 21,173 $ 21,211 |
Note 7 - Goodwill and Other I_2
Note 7 - Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Goodwill (In thousands) Lighting Graphics Segment Segment Total 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 Balance as of December 31, 2019 Goodwill $ 94,564 $ 28,690 $ 123,254 Accumulated impairment losses (85,356 ) (27,525 ) (112,881 ) Goodwill, net as of December 31, 2019 $ 9,208 $ 1,165 $ 10,373 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Other Intangible Assets December 31, 2019 (In thousands) Gross Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 35,563 $ 13,100 $ 22,463 Patents 338 262 76 LED technology firmware, software 16,066 12,610 3,456 Trade name 2,658 774 1,884 Total Amortized Intangible Assets 54,625 26,746 27,879 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 $ 26,746 $ 31,301 Other Intangible Assets June 30, 2019 (In thousands) Gross 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 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Three Months Ended Six Months Ended December 31 December 31 (In thousands) 2019 2018 2019 2018 Amortization Expense of Other Intangible Assets $ 671 $ 689 $ 1,346 $ 1,380 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (In thousands) 2020 $ 2,687 2021 $ 2,682 2022 $ 2,459 2023 $ 2,412 2024 $ 2,412 After 2024 $ 16,573 |
Note 11 - Supplemental Cash F_2
Note 11 - Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Six Months Ended (In thousands) December 31 2019 2018 Cash Payments: Interest $ 742 $ 1,133 Income taxes $ - $ 3 Non-cash investing and financing activities Issuance of common shares as compensation $ 150 $ 180 Issuance of common shares to fund deferred compensation plan $ 47 $ 189 |
Note 13 - Severance Costs (Tabl
Note 13 - Severance Costs (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Employee Severance [Member] | |
Notes Tables | |
Schedule of Accrued Severance Liability [Table Text Block] | Six Months Six Months Fiscal Year Ended Ended Ended December 31, December 31, June 30, (In thousands) 2019 2018 2019 Balance at beginning of period $ 1,134 $ 1,772 $ 1,772 Accrual of expense 46 492 560 Payments (319 ) (549 ) (1,198 ) Balance at end of period $ 861 $ 1,715 $ 1,134 |
Note 14 - Restructuring Costs (
Note 14 - Restructuring Costs (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended Six Months Ended December 31 December 31 (In thousands) 2019 2018 2019 2018 Severance benefits $ - $ 202 $ - $ 221 Impairment of fixed assets and accelerated depreciation - 185 49 228 Facility repairs - 7 - 47 Gain on sale of facility - - (4,821 ) - Exit costs - 7 184 60 Manufacturing realignment costs 276 - 276 - Total $ 276 $ 401 $ (4,312 ) $ 556 |
Schedule of Liability Balances Related to Restructuring Costs [Table Text Block] | Balance as of Balance as of June 30, Restructuring December 31, (In thousands) 2019 Expense Payments Adjustments 2019 Severance and termination benefits $ 236 $ - $ (186 ) $ - $ 50 Other restructuring costs - 460 (460 ) - $ - Total $ 236 $ 460 $ (646 ) $ - $ 50 |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three months ended Six months ended (In thousands) December 31, 2019 December 31, 2019 Operating lease cost $ 575 $ 1,162 Supplemental Cash Flow Information: Six months ended (In thousands) December 31, 2019 Operating cash flows from operating leases Fixed payments 1,139 Liability reduction 885 Operating Leases: At December 31, 2019 Total operating right-of-use asset (Other long-term assets) 9,504 Accrued liabilities (Current liabilities) 344 Long-term operating lease liability (Other long-term liabilities) 9,906 10,250 Weighted Average remaining Lease Term (in years) 5.05 Weighted Average Discount Rate 4.85 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of Lease Liability: 2020 1,404 2021 2,303 2022 2,279 2023 2,244 2024 1,917 Thereafter 1,679 Total lease payments 11,826 Less: Interest (1,579 ) Present Value of Lease Liabilities 10,247 |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended Six Months Ended December 31 December 31 2019 2018 2019 2018 Reconciliation of effective tax rate: Provision for income taxes at the anticipated annual tax rate (2.6 %) 23.0 % 18.1 % 23.0 % Uncertain tax positions (5.5 ) 0.8 (0.7 ) 0.8 Difference between deferred and current tax rate related to the impairment of goodwill - 0.6 - 0.7 Shared-based compensation 0.3 - 3.5 (0.5 ) Other - - 0.8 - Effective tax rate (7.8 %) 24.4 % 21.7 % 24.0 % |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Jul. 01, 2018 | Mar. 31, 2020 | Dec. 31, 2019 | Jul. 01, 2019 |
Operating Lease, Right-of-Use Asset | $ 9,504,000 | |||
Operating Lease, Liability, Total | $ 10,247,000 | |||
Graphics Manufacturing Facility in North Canton, Ohio [Member] | Forecast [Member] | ||||
Proceeds from Divestiture of Businesses | $ 8,000,000 | |||
Accounting Standards Update 2014-09 [Member] | ||||
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 591,000 | |||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 10,400,000 | |||
Operating Lease, Liability, Total | $ 10,800,000 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | $ 82,377 | $ 89,541 | $ 171,078 | $ 174,498 |
Lighting Segment [Member] | ||||
Revenue | 53,436 | 63,654 | 116,627 | 125,086 |
Lighting Segment [Member] | LED Lighting, Digital Signage, Electronic Circuit Boards [Member] | ||||
Revenue | 46,596 | 101,079 | ||
Lighting Segment [Member] | Legacy Products [Member] | ||||
Revenue | 6,265 | 14,303 | ||
Lighting Segment [Member] | Turnkey Services and Other [Member] | ||||
Revenue | 575 | 1,245 | ||
Graphics Segment [Member] | ||||
Revenue | 28,941 | $ 25,887 | 54,451 | $ 49,412 |
Graphics Segment [Member] | LED Lighting, Digital Signage, Electronic Circuit Boards [Member] | ||||
Revenue | 7,407 | 11,281 | ||
Graphics Segment [Member] | Legacy Products [Member] | ||||
Revenue | 16,011 | 32,711 | ||
Graphics Segment [Member] | Turnkey Services and Other [Member] | ||||
Revenue | 5,523 | 10,459 | ||
Transferred at Point in Time [Member] | Lighting Segment [Member] | ||||
Revenue | 47,513 | 104,038 | ||
Transferred at Point in Time [Member] | Graphics Segment [Member] | ||||
Revenue | 17,521 | 35,246 | ||
Transferred over Time [Member] | Lighting Segment [Member] | ||||
Revenue | 5,923 | 12,589 | ||
Transferred over Time [Member] | Graphics Segment [Member] | ||||
Revenue | $ 11,420 | $ 19,205 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2018 |
Accounts receivable, net | $ 44,532 | $ 54,728 | $ 55,544 | $ 50,609 |
Inventories, net | 43,311 | 43,512 | 46,827 | 50,994 |
Other long-term assets, net | 22,537 | 15,124 | 9,609 | 9,786 |
Retained earnings | $ (2,661) | $ (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 3 - Segment Reporting In_3
Note 3 - Segment Reporting Information (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | |
Number of Operating Segments | 2 | ||||
Intersegment Revenue Markup Percentage | 10.00% | ||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk, Percentage | 0.00% | 0.00% | 0.00% | 0.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk, Percentage | 0.00% | 0.00% |
Note 3 - Segment Reporting In_4
Note 3 - Segment Reporting Information - Summarized Financial Information by Reportable Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Sales | $ 82,377 | $ 89,541 | $ 171,078 | $ 174,498 |
Operating income (loss) | 1,760 | (20,271) | 8,599 | (17,337) |
Capital expenditures | 764 | 931 | 1,119 | 1,579 |
Depreciation and amortization | 2,152 | 2,592 | 4,551 | 5,235 |
Corporate and Eliminations [Member] | ||||
Operating income (loss) | (2,752) | (2,680) | (6,089) | (5,983) |
Capital expenditures | 162 | 94 | 187 | 200 |
Depreciation and amortization | 117 | 243 | 352 | 501 |
Lighting Segment [Member] | ||||
Net Sales | 53,436 | 63,654 | 116,627 | 125,086 |
Lighting Segment [Member] | Operating Segments [Member] | ||||
Operating income (loss) | 3,150 | (18,452) | 12,309 | (14,602) |
Capital expenditures | 557 | 588 | 887 | 864 |
Depreciation and amortization | 1,661 | 1,952 | 3,439 | 3,942 |
Graphics Segment [Member] | ||||
Net Sales | 28,941 | 25,887 | 54,451 | 49,412 |
Graphics Segment [Member] | Operating Segments [Member] | ||||
Operating income (loss) | 1,362 | 861 | 2,379 | 3,248 |
Capital expenditures | 45 | 249 | 45 | 515 |
Depreciation and amortization | $ 374 | $ 397 | $ 760 | $ 792 |
Note 3 - Segment Reporting In_5
Note 3 - Segment Reporting Information - Identifiable Assets by Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
Identifiable assets | $ 187,361 | $ 201,100 |
Corporate and Eliminations [Member] | ||
Identifiable assets | 17,089 | 18,081 |
Lighting Segment [Member] | Operating Segments [Member] | ||
Identifiable assets | 130,446 | 142,105 |
Graphics Segment [Member] | Operating Segments [Member] | ||
Identifiable assets | $ 39,826 | $ 40,914 |
Note 3 - Segment Reporting In_6
Note 3 - Segment Reporting Information - Intersegment Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inter-segment Revenues | $ 82,377 | $ 89,541 | $ 171,078 | $ 174,498 |
Lighting Segment [Member] | ||||
Inter-segment Revenues | 53,436 | 63,654 | 116,627 | 125,086 |
Graphics Segment [Member] | ||||
Inter-segment Revenues | 28,941 | 25,887 | 54,451 | 49,412 |
Intersegment Eliminations [Member] | Lighting Segment [Member] | ||||
Inter-segment Revenues | 860 | 870 | 1,671 | 1,279 |
Intersegment Eliminations [Member] | Graphics Segment [Member] | ||||
Inter-segment Revenues | $ 74 | $ 44 | $ 98 | $ 75 |
Note 4 - Earnings Per Common _3
Note 4 - Earnings Per Common Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | ||
BASIC EARNINGS PER SHARE | |||||
Net income (loss) | $ 1,743 | $ (15,782) | $ 6,218 | $ (14,033) | |
Weighted average shares outstanding during the period, net of treasury shares (a) (in shares) | [1] | 26,101 | 25,838 | 26,063 | 25,795 |
Weighted average vested restricted stock units outstanding (in shares) | 140 | 212 | 163 | 220 | |
Weighted average shares outstanding (in shares) | 26,280 | 26,083 | 26,257 | 26,058 | |
Basic income (loss) per share (in dollars per share) | $ 0.07 | $ (0.61) | $ 0.24 | $ (0.54) | |
Basic (in shares) | 26,280 | 26,083 | 26,257 | 26,058 | |
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any (in shares) | [2] | 254 | 107 | ||
Weighted average shares outstanding (in shares) | [2] | 26,534 | 26,083 | 26,364 | 26,058 |
Diluted income (loss) per share (in dollars per share) | $ 0.07 | $ (0.61) | $ 0.24 | $ (0.54) | |
Anti-dilutive securities (c) (in shares) | [3] | 1,904 | 3,537 | 2,506 | 3,356 |
Restricted Stock Units (RSUs) [Member] | |||||
BASIC EARNINGS PER SHARE | |||||
Weighted average vested restricted stock units outstanding (in shares) | 39 | 33 | 31 | 43 | |
[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] | Anti-dilutive securities were excluded from the computation of diluted net income per share for the three and six months ended December 31, 2019 because the exercise price was greater than the average fair market price of the common shares or because the assumed proceeds from the award's exercise or vesting was greater than the average fair market price of the common shares. For the three and six months ended December 31, 2018, the effect of dilutive securities was not included in the calculation of diluted loss per share because there was a net loss for the period. |
Note 5 - Inventories - Inventor
Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2018 |
Inventories: | ||||
Raw materials | $ 29,685 | $ 27,927 | ||
Work-in-progress | 1,742 | 2,193 | ||
Finished goods | 11,884 | 13,392 | ||
Total Inventories | $ 43,311 | $ 43,512 | $ 46,827 | $ 50,994 |
Note 6 - Accrued Expenses - Acc
Note 6 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
Accrued Expenses: | ||
Compensation and benefits | $ 5,493 | $ 5,319 |
Customer prepayments | 1,413 | 1,768 |
Accrued sales commissions | 1,198 | 1,301 |
Accrued warranty | 7,601 | 7,687 |
Other accrued expenses | 5,468 | 5,136 |
Total Accrued Expenses | $ 21,173 | $ 21,211 |
Note 7 - Goodwill and Other I_3
Note 7 - Goodwill and Other Intangible Assets (Details Textual) | 6 Months Ended |
Dec. 31, 2019 | |
Number of Reporting Units | 2 |
Lighting Segment [Member] | |
Number of Reporting Units | 1 |
Graphics Segment [Member] | |
Number of Reporting Units | 1 |
Note 7 - Goodwill and Other I_4
Note 7 - Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
Goodwill | $ 123,254 | $ 123,254 |
Accumulated impairment losses | (112,881) | (112,881) |
Goodwill, net | 10,373 | 10,373 |
Lighting Segment [Member] | ||
Goodwill | 94,564 | 94,564 |
Accumulated impairment losses | (85,356) | (85,356) |
Goodwill, net | 9,208 | 9,208 |
Graphics Segment [Member] | ||
Goodwill | 28,690 | 28,690 |
Accumulated impairment losses | (27,525) | (27,525) |
Goodwill, net | $ 1,165 | $ 1,165 |
Note 7 - Goodwill and Other I_5
Note 7 - Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
Amortized intangible assets, gross | $ 54,625 | $ 54,625 |
Accumulated amortization | 26,746 | 25,400 |
Amortized intangible assets, net | 27,879 | 29,225 |
Indefinite-lived intangible assets, gross | 3,422 | 3,422 |
Total other intangible assets, gross | 58,047 | 58,047 |
Total other intangible assets, net | 31,301 | 32,647 |
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 | 13,100 | 12,070 |
Amortized intangible assets, net | 22,463 | 23,493 |
Patents [Member] | ||
Amortized intangible assets, gross | 338 | 338 |
Accumulated amortization | 262 | 247 |
Amortized intangible assets, net | 76 | 91 |
Technology-Based Intangible Assets [Member] | ||
Amortized intangible assets, gross | 16,066 | |
Accumulated amortization | 12,610 | |
Amortized intangible assets, net | 3,456 | |
LED Technology Firmware Software [Member] | ||
Amortized intangible assets, gross | 16,066 | |
Accumulated amortization | 12,364 | |
Amortized intangible assets, net | $ 3,702 | |
Trade Names [Member] | ||
Amortized intangible assets, gross | 2,658 | |
Accumulated amortization | 774 | |
Amortized intangible assets, net | $ 1,884 |
Note 7 - Goodwill and Other I_6
Note 7 - Goodwill and Other Intangible Assets - Amortization Expense of Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Amortization Expense of Other Intangible Assets | $ 671 | $ 689 | $ 1,346 | $ 1,380 |
Note 7 - Goodwill and Other I_7
Note 7 - Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 2,687 |
2021 | 2,682 |
2022 | 2,459 |
2023 | 2,412 |
2024 | 2,412 |
After 2024 | $ 16,573 |
Note 8 - Revolving Line of Cr_2
Note 8 - Revolving Line of Credit (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Feb. 28, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Feb. 27, 2019 | |
Long-term Line of Credit, Total | $ 10.4 | $ 10.4 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 64.6 | $ 64.6 | ||
London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||
UNITED STATES | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75 | $ 100 | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% |
Note 9 - Cash Dividends (Detail
Note 9 - Cash Dividends (Details Textual) - USD ($) | Feb. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2020 |
Payments of Dividends, Total | $ 2,643,000 | $ 2,587,000 | ||
Dividends Accrued | $ 52,383 | $ 34,631 | ||
Forecast [Member] | ||||
Annual Indicated per Share Dividend Rate | $ 0.20 | |||
Subsequent Event [Member] | ||||
Quarterly Indicated Per Share Dividend Rate | $ 0.05 | |||
Dividends Payable, Date to be Paid | Feb. 26, 2020 | |||
Dividends Payable, Date of Record | Feb. 18, 2020 |
Note 10 - Equity Compensation (
Note 10 - Equity Compensation (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Nov. 30, 2019shares | Dec. 31, 2019USD ($)shares | Sep. 30, 2019$ / sharesshares | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | |
Share-based Payment Arrangement, Expense | $ | $ 199,000 | $ 176,000 | $ 597,000 | $ 727,000 | ||
The 2019 Omnibus Award Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,650,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,802,363 | 3,802,363 | ||||
The 2019 Omnibus Award Plan [Member] | Non-qualified Serviced-based Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 455,429 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 3.83 | |||||
The 2019 Omnibus Award Plan [Member] | Performance Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 199,310 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 3.83 | |||||
The 2019 Omnibus Award Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 81,917 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 3.83 | |||||
The 2012 Stock Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fungible Share Ratio | 2.5 |
Note 11 - Supplemental Cash F_3
Note 11 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Payments: | ||
Interest | $ 742 | $ 1,133 |
Income taxes | 3 | |
Issuance of common shares as compensation | 150 | 180 |
Issuance of common shares to fund deferred compensation plan | $ 47 | $ 189 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) $ in Thousands | Dec. 31, 2019USD ($) |
Standby Letters of Credit [Member] | |
Letters of Credit Outstanding, Amount | $ 0 |
Note 13 - Severance Costs (Deta
Note 13 - Severance Costs (Details Textual) - Employee Severance [Member] | Dec. 31, 2019USD ($) |
Postemployment Benefits Liability, Total | $ 861,000 |
Postemployment Benefits Liability, Current | 601,000 |
Postemployment Benefits Liability, Noncurrent | $ 260,000 |
Note 13 - Severance Costs - Acc
Note 13 - Severance Costs - Accrued Severance Liability Activity (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | |
Balance | $ 1,134 | $ 1,772 | $ 1,772 |
Accrual of expense | 46 | 492 | 560 |
Payments | (319) | (549) | (1,198) |
Balance | $ 861 | $ 1,715 | $ 1,134 |
Note 14 - Restructuring Costs_2
Note 14 - Restructuring Costs (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 12,340,000 | $ 10,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 4,800,000 | |||
Sell Manufacturing Facility In New Windsor, New York [Member] | ||||
Proceeds from Sale of Property, Plant, and Equipment, Total | 12,300,000 | |||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 4,800,000 | |||
Restructuring and Related Costs, Incurred Cost, Total | $ 276,000 | $ 509,000 |
Note 14 - Restructuring Costs -
Note 14 - Restructuring Costs - Summary of Restructuring Costs for the Period (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Severance benefits | $ 202 | $ 221 | ||
Impairment of fixed assets and accelerated depreciation | 185 | 49 | 228 | |
Facility repairs | 7 | 47 | ||
Gain on sale of facility | (4,821) | |||
Exit costs | 7 | 184 | 60 | |
Manufacturing realignment costs | 276 | 276 | ||
Total | $ 276 | $ 401 | $ (4,312) | $ 556 |
Note 14 - Restructuring Costs_3
Note 14 - Restructuring Costs - Liability Balances Related to Restructuring Costs (Details) $ in Thousands | 6 Months Ended |
Dec. 31, 2019USD ($) | |
Balance, beginning | $ 236 |
Restructuring Expense | 460 |
Payments | (646) |
Adjustments | 0 |
Balance, ending | 50 |
Severance and Other Termination Benefits [Member] | |
Balance, beginning | 236 |
Restructuring Expense | |
Payments | (186) |
Adjustments | 0 |
Balance, ending | 50 |
Other Restructuring [Member] | |
Balance, beginning | 0 |
Restructuring Expense | 460 |
Payments | (460) |
Adjustments | 0 |
Balance, ending |
Note 15 - Leases (Details Textu
Note 15 - Leases (Details Textual) - USD ($) | Dec. 31, 2019 | Jul. 01, 2019 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 18 days | |
Operating Lease, Right-of-Use Asset | $ 9,504,000 | |
Operating Lease, Liability, Total | $ 10,247,000 | |
Accounting Standards Update 2016-02 [Member] | ||
Operating Lease, Right-of-Use Asset | $ 10,400,000 | |
Operating Lease, Liability, Total | $ 10,800,000 | |
Minimum [Member] | ||
Operating Lease, Weighted Average Remaining Lease Term | 1 year | |
Maximum [Member] | ||
Operating Lease, Weighted Average Remaining Lease Term | 5 years |
Note 15 - Leases - Operating Le
Note 15 - Leases - Operating Lease Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Operating lease cost | $ 575 | $ 1,162 |
Fixed payments | 1,139 | |
Liability reduction | 885 | |
Operating Lease, Right-of-Use Asset | 9,504 | 9,504 |
Accrued liabilities (Current liabilities) | 344 | 344 |
Long-term operating lease liability (Other long-term liabilities) | 9,906 | 9,906 |
Operating Lease, Liability, Total | $ 10,247 | $ 10,247 |
Weighted Average remaining Lease Term (in years) (Year) | 5 years 18 days | 5 years 18 days |
Weighted Average Discount Rate | 4.85% | 4.85% |
Note 15 - Leases - Maturities o
Note 15 - Leases - Maturities of Lease Liability (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 1,404 |
2021 | 2,303 |
2022 | 2,279 |
2023 | 2,244 |
2024 | 1,917 |
Thereafter | 1,679 |
Total lease payments | 11,826 |
Less: Interest | (1,579) |
Present Value of Lease Liabilities | $ 10,247 |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2019 | |
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 4,800,000 | |
Deferred Tax Assets, Property, Plant and Equipment | $ 864,000 | |
Deferred Tax Assets, Goodwill and Intangible Assets | $ 4,800,000 |
Note 16 - Income Taxes - Reconc
Note 16 - Income Taxes - Reconciliation of Income Tax Rate (Details) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Provision for income taxes at the anticipated annual tax rate | (2.60%) | 23.00% | 18.10% | 23.00% |
Uncertain tax positions | (5.50%) | 0.80% | (0.70%) | 0.80% |
Difference between deferred and current tax rate related to the impairment of goodwill | 0.60% | 0.70% | ||
Shared-based compensation | 0.30% | 3.50% | (0.50%) | |
Other | 0.80% | |||
Effective tax rate | (7.80%) | 24.40% | 21.70% | 24.00% |