Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000763532 | |
Entity Registrant Name | LSI INDUSTRIES INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-13375 | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 31-0888951 | |
Entity Address, Address Line One | 10000 Alliance Road | |
Entity Address, City or Town | Cincinnati | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 45242 | |
City Area Code | 513 | |
Local Phone Number | 793-3200 | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | LYTS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 26,654,990 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net Sales | $ 110,111 | $ 72,204 | $ 327,651 | $ 218,597 |
Cost of products and services sold | 83,318 | 54,112 | 250,900 | 162,519 |
Severance costs | 0 | 0 | 0 | 5 |
Restructuring costs | 0 | 0 | 0 | 3 |
Gross profit | 26,793 | 18,092 | 76,751 | 56,070 |
Selling and administrative expenses | 21,627 | 15,996 | 62,719 | 49,070 |
Severance costs | 5 | 0 | 5 | 16 |
Operating income | 5,161 | 2,096 | 14,027 | 6,984 |
Interest (income) | 0 | (2) | 0 | (4) |
Interest expense | 524 | 54 | 1,287 | 175 |
Other (income) expense | (55) | 43 | 33 | (197) |
Income before income taxes | 4,692 | 2,001 | 12,707 | 7,010 |
Income tax expense | 1,074 | 529 | 2,851 | 1,340 |
Net income | $ 3,618 | $ 1,472 | $ 9,856 | $ 5,670 |
Earnings per common share (see Note 5) | ||||
Basic (in dollars per share) | $ 0.13 | $ 0.05 | $ 0.36 | $ 0.21 |
Diluted (in dollars per share) | $ 0.13 | $ 0.05 | $ 0.35 | $ 0.21 |
Weighted average common shares outstanding | ||||
Basic (in shares) | 27,378 | 26,771 | 27,220 | 26,642 |
Diluted (in shares) | 28,083 | 27,727 | 27,945 | 27,352 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net Income | $ 3,618 | $ 1,472 | $ 9,856 | $ 5,670 |
Foreign currency translation adjustment | 46 | (54) | 11 | 93 |
Comprehensive Income | $ 3,664 | $ 1,418 | $ 9,867 | $ 5,763 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Current assets | ||
Cash and cash equivalents | $ 1,248 | $ 2,282 |
Accounts receivable, less allowance for credit losses of $421 and $256, respectively | 73,618 | 57,685 |
Inventories | 78,364 | 58,941 |
Refundable income taxes | 1,029 | 1,275 |
Other current assets | 4,299 | 4,825 |
Total current assets | 158,558 | 125,008 |
Property, Plant and Equipment, at cost | ||
Land | 4,010 | 3,984 |
Buildings | 24,454 | 24,393 |
Machinery and equipment | 67,446 | 65,928 |
Buildings under finance leases | 2,033 | 2,033 |
Construction in progress | 665 | 933 |
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization | 98,608 | 97,271 |
Less accumulated depreciation | (70,626) | (66,719) |
Net property, plant and equipment | 27,982 | 30,552 |
Goodwill | 44,388 | 43,788 |
Other intangible assets, net | 69,162 | 72,773 |
Operating lease right-of-use assets | 9,464 | 11,579 |
Other long-term assets, net | 3,001 | 3,121 |
Total assets | 312,555 | 286,821 |
LIABILITIES & SHAREHOLDERS' EQUITY | ||
Current maturities of long-term debt | 3,571 | 0 |
Accounts payable | 38,697 | 32,977 |
Accrued expenses | 32,903 | 37,918 |
Total current liabilities | 75,171 | 70,895 |
Long-term debt | 81,387 | 68,178 |
Finance lease liabilities | 1,316 | 1,521 |
Operating lease liabilities | 9,068 | 10,890 |
Other long-term liabilities | 3,068 | 4,167 |
Commitments and contingencies (Note 13) | ||
Shareholders' Equity | ||
Preferred shares, without par value; Authorized 1,000,000 shares, none issued | 0 | 0 |
Common shares, without par value; Authorized 50,000,000 shares; Outstanding 26,642,320 and 26,517,836 shares, respectively | 138,082 | 132,526 |
Treasury shares, without par value | (5,457) | (2,450) |
Deferred compensation plan | 5,457 | 2,450 |
Retained earnings (loss) | 4,403 | (1,405) |
Accumulated other comprehensive income | 60 | 49 |
Total shareholders' equity | 142,545 | 131,170 |
Total liabilities & shareholders' equity | $ 312,555 | $ 286,821 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Allowance for doubtful accounts | $ 421 | $ 256 |
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) | 50,000,000 | 50,000,000 |
Common shares, outstanding (in shares) | 26,642,320 | 26,517,836 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ 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, 2020 | 26,466 | (180) | ||||
Balance at Jun. 30, 2020 | $ 127,713 | $ (1,121) | $ 1,121 | $ (93) | $ (1,920) | $ 125,700 |
Net Income | 0 | 0 | 0 | 0 | 5,670 | 5,670 |
Other comprehensive income | $ 0 | $ 0 | 0 | 93 | 0 | 93 |
Stock compensation awards (in shares) | 35 | 0 | ||||
Stock compensation awards | $ 242 | $ 0 | 0 | 0 | 0 | 242 |
Restricted stock units issued (in shares) | 28 | 0 | ||||
Restricted stock units issued | $ 0 | $ 0 | 0 | 0 | 0 | 0 |
Shares issued for deferred compensation (in shares) | 141 | 0 | ||||
Shares issued for deferred compensation | $ 1,096 | $ 0 | 0 | 0 | 0 | 1,096 |
Activity of treasury shares, net (in shares) | 0 | (128) | ||||
Activity of treasury shares, net | $ 0 | $ (990) | 0 | 0 | 0 | (990) |
Deferred stock compensation | 0 | 0 | 990 | 0 | 0 | 990 |
Stock compensation expense | $ 1,317 | $ 0 | 0 | 0 | 0 | 1,317 |
Stock options exercised, net (in shares) | 128 | 0 | ||||
Stock options exercised, net | $ 962 | $ 0 | 0 | 0 | 0 | 962 |
Dividends — $0.20 per share | $ 0 | $ 0 | 0 | 0 | (4,010) | (4,010) |
Balance (in shares) at Mar. 31, 2021 | 26,798 | (308) | ||||
Balance at Mar. 31, 2021 | $ 131,330 | $ (2,111) | 2,111 | 0 | (260) | 131,070 |
Balance (in shares) at Jun. 30, 2021 | 26,863 | (346) | ||||
Balance at Jun. 30, 2021 | $ 132,526 | $ (2,450) | 2,450 | 49 | (1,405) | 131,170 |
Net Income | 0 | 0 | 0 | 0 | 9,856 | 9,856 |
Other comprehensive income | $ 0 | $ 0 | 0 | 11 | 0 | 11 |
Stock compensation awards (in shares) | 30 | 0 | ||||
Stock compensation awards | $ 225 | $ 0 | 0 | 0 | 0 | 225 |
Shares issued for deferred compensation (in shares) | 412 | 0 | ||||
Shares issued for deferred compensation | $ 3,089 | $ 0 | 0 | 0 | 0 | 3,089 |
Activity of treasury shares, net (in shares) | 0 | (401) | ||||
Activity of treasury shares, net | $ 0 | $ (3,007) | 0 | 0 | 0 | (3,007) |
Deferred stock compensation | 0 | 0 | 3,007 | 0 | 0 | 3,007 |
Stock compensation expense | $ 2,466 | $ 0 | 0 | 0 | 0 | 2,466 |
Stock options exercised, net (in shares) | 5 | 0 | ||||
Stock options exercised, net | $ 26 | $ 0 | 0 | 0 | 0 | 26 |
Dividends — $0.20 per share | $ 0 | $ 0 | 0 | 0 | (4,048) | (4,048) |
Restricted stock units issued, net of shares withheld for tax withholdings (in shares) | 80 | 0 | ||||
Restricted stock units issued, net of shares withheld for tax withholdings | $ (250) | $ 0 | 0 | 0 | 0 | (250) |
Balance (in shares) at Mar. 31, 2022 | 27,390 | (747) | ||||
Balance at Mar. 31, 2022 | $ 138,082 | $ (5,457) | $ 5,457 | $ 60 | $ 4,403 | $ 142,545 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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 | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows from Operating Activities | ||
Net Income | $ 9,856 | $ 5,670 |
Non-cash items included in net income | ||
Depreciation and amortization | 7,632 | 5,943 |
Deferred income taxes | 26 | 332 |
Deferred compensation plan | 3,089 | 1,096 |
Stock compensation expense | 2,466 | 1,317 |
Issuance of common shares as compensation | 225 | 242 |
Loss on disposition of fixed assets | 57 | 0 |
Allowance for doubtful accounts | 205 | (15) |
Inventory obsolescence reserve | 752 | 1,226 |
Changes in certain assets and liabilities | ||
Accounts receivable | (16,104) | (6,867) |
Inventories | (20,175) | (2,817) |
Refundable income taxes | 247 | (444) |
Accounts payable | 5,695 | 10,450 |
Accrued expenses and other | (3,708) | 1,269 |
Customer prepayments | (2,931) | 7,232 |
Net cash flows (used in) provided by operating activities | (12,668) | 24,634 |
Cash Flows from Investing Activities | ||
Purchases of property, plant and equipment | (1,276) | (1,517) |
Adjustment to JSI acquisition purchase price | 500 | 0 |
Net cash flows used in investing activities | (776) | (1,517) |
Cash Flows from Financing Activities | ||
Payments of long-term debt | (113,195) | 0 |
Borrowings of long-term debt | 130,006 | 0 |
Cash dividends paid | (3,989) | (3,963) |
Shares withheld for employees' taxes | (250) | (28) |
Payments on financing lease obligations | (196) | (178) |
Proceeds from stock option exercises | 26 | 962 |
Net cash flows provided by (used in) financing activities | 12,402 | (3,207) |
Change related to foreign currency | 8 | 101 |
(Decrease) increase in cash and cash equivalents | (1,034) | 20,011 |
Cash and cash equivalents at beginning of period | 2,282 | 3,517 |
Cash and cash equivalents at end of period | $ 1,248 | $ 23,528 |
Note 1 - Interim Condensed Cons
Note 1 - Interim Condensed Consolidated Financial Statements | 9 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | NOTE 1 - INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The interim condensed consolidated financial statements are unaudited and are prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, and rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the interim financial statements include all normal adjustments and disclosures necessary to present fairly the Company’s financial position as of March 31, 2022, three nine March 31, 2022 2021, nine March 31, 2022 2021. 2021 10 June 30, 2021 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2022 | |
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 2021 10 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 display solutions and select lighting products are customized for specific customers. 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 for its display solutions elements and select lighting products. Installation revenue is recognized over time as the 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 performance obligation. On occasion, the Company enters into bill-and-hold arrangements on a limited basis. Each bill-and-hold arrangement is reviewed and revenue is recognized only when certain criteria have been met: ( 1 not 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 below presents a reconciliation of the disaggregation by reportable segments: Three Months Ended (In thousands) March 31, 2022 March 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Timing of revenue recognition Products and services transferred at a point in time $ 49,283 $ 41,231 $ 39,497 $ 12,550 Products and services transferred over time 7,843 11,754 6,243 13,914 $ 57,126 $ 52,985 $ 45,740 $ 26,464 Nine Months Ended (In thousands) March 31, 2022 March 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Timing of revenue recognition Products and services transferred at a point in time $ 144,006 $ 114,099 $ 119,478 $ 42,991 Products and services transferred over time 21,656 47,890 16,793 39,335 $ 165,662 $ 161,989 $ 136,271 $ 82,326 Three Months Ended (In thousands) March 31, 2022 March 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Type of Product and Services LED lighting, digital signage solutions, electronic circuit boards $ 47,196 $ 6,906 $ 40,298 $ 8,595 Poles, printed graphics, display fixtures 9,358 35,536 5,071 11,809 Project management, installation services, shipping and handling 572 10,543 371 6,060 $ 57,126 $ 52,985 $ 45,740 $ 26,464 Nine Months Ended (In thousands) March 31, 2022 March 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Type of Product and Services LED lighting, digital signage solutions, electronic circuit boards $ 136,701 $ 31,885 $ 118,681 $ 20,546 Poles, printed graphics, display fixtures 27,403 99,965 16,299 41,526 Project management, installation services, shipping and handling 1,558 30,139 1,291 20,254 $ 165,662 $ 161,989 $ 136,271 $ 82,326 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. Reclassifications Certain amounts reported in the prior year in Note 7 New Accounting Pronouncements: In October 2021, 2021 08, 805 805. 606, December 15, 2022, may On July 1, 2020, 2016 13, 326 326 2016 13 not In March 2020 January 2021, 2020 04, 2021 01, March 12, 2020, may December 31, 2022. not |
Note 3 - Acquisition of JSI Sto
Note 3 - Acquisition of JSI Store Fixtures | 9 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 3 ACQUISITION OF JSI STORE FIXTURES On May 21, 2021, The Company accounted for this transaction as a business combination. The Company preliminarily allocated the purchase price of approximately $93.7 million, which included an estimate of customary post-closing purchase price adjustments to the assets acquired and liabilities assumed at estimated fair values, and the excess of the purchase price over the aggregate fair values was recorded as goodwill. During the second 2022, fourth 2022. May 21, 2021, May 21, 2021 as initially May 21, 2021 (In thousands) reported Adjustments as adjusted Cash and cash equivalents $ 4,067 $ - $ 4,067 Accounts receivable, net 9,252 - 9,252 Inventories 9,898 - 9,898 Property, plant and equipment 7,076 - 7,076 Other assets 7,440 - 7,440 Intangible assets 45,760 - 45,760 Accounts payable (4,199 ) - (4,199 ) Accrued liabilities (8,434 ) - (8,434 ) Deferred tax liability (10,583 ) - (10,583 ) Identifiable assets 60,277 - 60,277 Goodwill 33,415 600 34,015 Net purchase consideration $ 93,692 $ 600 $ 94,292 The gross amount of accounts receivable is $9.3 million. Goodwill recorded from the acquisition of JSI is attributable to the impact of the positive cash flow from JSI in addition to expected synergies from the business combination. The intangible assets include amounts recognized for the fair value of the trade name, technology assets, non-compete agreements and customer relationships. The fair value of the intangible assets was determined based upon the income (discounted cash flow) approach. The following table presents the details of the intangible assets acquired at the date of acquisition: Estimated Estimated Useful (In thousands) Fair Value Life (Years) Tradename $ 8,680 Indefinite life Technology asset 4,900 7 Non-compete 260 5 Customer relationship 31,920 20 $ 45,760 The fair market value write-up of the property, plant, and equipment totaled $1.8 million. Transaction costs related to the acquisition totaled $2.9 million in the fourth 2021. Pro Forma Impact of the Acquisition of JSI (unaudited) The following table represents unaudited pro forma results of operations and gives effect to the acquisition of JSI as if the transaction had occurred on July 1, 2019. not may not The unaudited pro forma financial information for the twelve June 30, 2021 June 30, 2020 1 2 3 2021 Twelve Months Ended June 30 (In thousands, unaudited) 2021 2020 Net sales $ 391,000 $ 362,541 Gross profit $ 97,947 $ 86,399 Operating income $ 19,312 $ 13,878 |
Note 4 - Segment Reporting Info
Note 4 - Segment Reporting Information | 9 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 4 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 operating segments are Lighting and Display Solutions (formerly known as the Graphics Segment), with one The Lighting Segment includes non-residential outdoor and indoor lighting fixtures utilizing LED light sources that have been fabricated and assembled for the Company’s markets, primarily the petroleum/convenience markets, parking lot and garage markets, quick-service restaurant market, retail and grocery store markets, the automotive market, the warehouse market, and the sports complex market. The Company also offers a variety of lighting controls to complement its lighting fixtures which include sensors, photocontrols, dimmers, motion detection and Bluetooth systems. The Company also services lighting product customers through the commercial and industrial project, stock and flow, and renovation channels. The Lighting Segment also includes the design, engineering and manufacturing of electronic circuit boards, assemblies and sub-assemblies which are sold directly to customers. The Company acquired JSI in the fourth 2021, 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 customers or customer programs representing a concentration of 10% three nine March 31, 2022 March 31, 2021. March 31, 2022 June 30, 2021. Summarized financial information for the Company’s operating segments is provided for the indicated periods and as of March 31, 2022 March 31, 2021: Three Months Ended Nine Months Ended (In thousands) March 31 March 31 2022 2021 2022 2021 Net Sales: Lighting Segment $ 57,126 $ 45,740 $ 165,662 $ 136,271 Display Solutions Segment 52,985 26,464 161,989 82,326 $ 110,111 $ 72,204 $ 327,651 $ 218,597 Operating Income (Loss): Lighting Segment $ 4,959 $ 3,797 $ 13,921 $ 9,519 Display Solutions Segment 4,556 1,230 12,142 6,196 Corporate and Eliminations (4,354 ) (2,931 ) (12,036 ) (8,731 ) $ 5,161 $ 2,096 $ 14,027 $ 6,984 Capital Expenditures: Lighting Segment $ 272 $ 605 $ 624 $ 1,249 Display Solutions Segment 185 17 660 84 Corporate and Eliminations 74 15 (8 ) 184 $ 531 $ 637 $ 1,276 $ 1,517 Depreciation and Amortization: Lighting Segment $ 1,450 $ 1,566 $ 4,361 $ 4,795 Display Solutions Segment 1,021 278 3,068 940 Corporate and Eliminations 60 76 203 208 $ 2,531 $ 1,920 $ 7,632 $ 5,943 March 31, 2022 June 30, 2021 Identifiable Assets: Lighting Segment $ 149,062 $ 132,169 Display Solutions Segment 158,415 147,354 Corporate and Eliminations 5,078 7,298 $ 312,555 $ 286,821 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% mark-up on intersegment revenues. Any intersegment profit in inventory is eliminated in consolidation. Intersegment revenues were eliminated in consolidation as follows: Three Months Ended Nine Months Ended (In thousands) March 31 March 31 2022 2021 2022 2021 Lighting Segment inter-segment net sales $ 5,683 $ 6,880 $ 27,406 $ 15,998 Display Solutions Segment inter-segment net sales $ 54 $ 46 $ 289 $ 159 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 5 - Earnings Per Common Sh
Note 5 - Earnings Per Common Share | 9 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 5 EARNINGS PER COMMON SHARE The following table presents the amounts used to compute basic and diluted earnings per common share, as well as the effect of dilutive potential common shares on weighted average shares outstanding (in thousands, except per share data): Three Months Ended Nine Months Ended March 31 March 31 2022 2021 2022 2021 BASIC EARNINGS PER SHARE Net income $ 3,618 $ 1,472 $ 9,856 $ 5,670 Weighted average shares outstanding during the period, net of treasury shares 26,642 26,467 26,606 26,384 Weighted average vested restricted stock units outstanding 31 20 26 16 Weighted average shares outstanding in the Deferred Compensation Plan during the period 705 284 588 242 Weighted average shares outstanding 27,378 26,771 27,220 26,642 Basic income per share $ 0.13 $ 0.05 $ 0.36 $ 0.21 DILUTED EARNINGS PER SHARE Net income $ 3,618 $ 1,472 $ 9,856 $ 5,670 Weighted average shares outstanding: Basic 27,378 26,771 27,220 26,642 Effect of dilutive securities (a): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any 705 956 725 710 Weighted average shares outstanding 28,083 27,727 27,945 27,352 Diluted income per share $ 0.13 $ 0.05 $ 0.35 $ 0.21 Anti-dilutive securities (b) 1,427 654 1,043 1,017 (a) 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. (b) Anti-dilutive securities were excluded from the computation of diluted net income per share for the three nine March 31, 2022 March 31, 2021 |
Note 6 - Inventories, Net
Note 6 - Inventories, Net | 9 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 6 INVENTORIES, NET The following information is provided as of the dates indicated: March 31, June 30, (In thousands) 2022 2021 Inventories: Raw materials $ 53,534 $ 40,567 Work-in-progress 2,789 4,757 Finished goods 22,041 13,617 Total Inventories $ 78,364 $ 58,941 |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 9 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | NOTE 7 - ACCRUED EXPENSES The following information is provided as of the dates indicated: March 31, June 30, (In thousands) 2022 2021 Accrued Expenses: Customer prepayments $ 8,421 $ 11,352 Compensation and benefits 8,029 10,051 Accrued warranty 4,337 5,295 Accrued freight 3,213 1,629 Accrued sales commissions 2,458 2,568 Accrued FICA 1,179 1,190 Operating lease liabilities 1,070 1,424 Finance lease liabilities 272 263 Accrued income tax - 434 Other accrued expenses 3,924 3,712 Total Accrued Expenses $ 32,903 $ 37,918 |
Note 8 - Goodwill and Other Int
Note 8 - Goodwill and Other Intangible Assets | 9 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 8 - 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. Following the acquisition of JSI, the Company has a total of three reporting units that contain goodwill. One not As of March 1, 2022 , one second fourth 2022 . not The following table presents information about the Company's goodwill on the dates or for the periods indicated: (In thousands) Display Lighting Solutions Segment Segment Total Balance as of March 31, 2022 Goodwill $ 70,971 $ 62,105 $ 133,076 Measurement period adjustment - 600 600 Accumulated impairment losses (61,763 ) (27,525 ) (89,288 ) Goodwill, net as of March 31, 2022 $ 9,208 $ 35,180 $ 44,388 Balance as of June 30, 2021 Goodwill $ 70,971 $ 28,690 $ 99,661 Goodwill acquired - 33,415 33,415 Accumulated impairment losses (61,763 ) (27,525 ) (89,288 ) Goodwill, net as of June 30, 2021 $ 9,208 $ 34,580 $ 43,788 The Company has two March 1, 2022 first second fourth 2022 . not The gross carrying amount and accumulated amortization by each major intangible asset class is as follows: March 31, 2022 (In thousands) Gross Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 62,083 $ 13,546 $ 48,537 Patents 268 260 8 LED technology firmware, software 20,966 14,303 6,663 Trade name 2,658 1,021 1,637 Non-compete 260 45 215 Total Amortized Intangible Assets 86,235 29,175 57,060 Indefinite-lived Intangible Assets Trademarks and trade names 12,102 - 12,102 Total indefinite-lived Intangible Assets 12,102 - 12,102 Total Other Intangible Assets $ 98,337 $ 29,175 $ 69,162 June 30, 2021 (In thousands) Gross Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 62,083 $ 10,967 $ 51,116 Patents 268 237 31 LED technology firmware, software 20,966 13,415 7,551 Trade name 2,658 939 1,719 Non-compete 260 6 254 Total Amortized Intangible Assets 86,235 25,564 60,671 Indefinite-lived Intangible Assets Trademarks and trade names 12,102 - 12,102 Total indefinite-lived Intangible Assets 12,102 - 12,102 Total Other Intangible Assets $ 98,337 $ 25,564 $ 72,773 Three Months Ended Nine Months Ended March 31 March 31 (In thousands) 2022 2021 2022 2021 Amortization Expense of Other Intangible Assets $ 1,198 $ 671 $ 3,611 $ 2,012 The Company expects to record annual amortization expense as follows: (In thousands) 2022 $ 4,808 2023 $ 4,760 2024 $ 4,760 2025 $ 4,760 2026 $ 4,754 After 2026 $ 36,829 |
Note 9 - Debt
Note 9 - Debt | 9 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 9 - DEBT The Company’s long-term debt as of March 31, 2022 June 30, 2021 March 31, June 30, (In thousands) 2022 2021 Secured line of credit $ 61,774 $ 68,178 Term loan, net of debt issuance costs of $ 30 0 23,184 - Total debt 84,958 68,178 Less: amounts due within one year 3,571 - Total amounts due after one year, net $ 81,387 $ 68,178 In September 2021, third 2026. five not first 2023. March 31, 2022, The Company is in compliance with all of its loan covenants as of March 31, 2022. |
Note 10 - Cash Dividends
Note 10 - Cash Dividends | 9 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 10 - CASH DIVIDENDS The Company paid cash dividends of $4.0 million in both the nine March 31, 2022 March 31, 2021. March 31, 2022 2021. April 2022, May 17, 2022 May 9, 2022 |
Note 11 - Equity Compensation
Note 11 - Equity Compensation | 9 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 11 EQUITY COMPENSATION In November 2019, 2019 “2019 2019 may 2019 March 31, 2022. 2019 2019 In the nine March 31, 2022, three March 31, 2022 2021, nine March 31, 2022 2021, |
Note 12 - Supplemental Cash Flo
Note 12 - Supplemental Cash Flow Information | 9 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 12 - SUPPLEMENTAL CASH FLOW INFORMATION Nine Months Ended (In thousands) March 31 2022 2021 Cash Payments: Interest $ 1,067 $ 71 Income taxes $ 3,581 $ 1,473 Non-cash investing and financing activities Issuance of common shares as compensation $ 225 $ 242 Issuance of common shares to fund deferred compensation plan $ 3,089 $ 1,096 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 13 The Company is party to various negotiations, customer bankruptcies, and legal proceedings arising in the normal course of business. The Company provides reserves for these matters when a loss is probable and reasonably estimable. The Company does not not The Company may third March 31, 2022, |
Note 14 - Severance Costs
Note 14 - Severance Costs | 9 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 14 SEVERANCE COSTS The activity in the Company’s accrued severance liability is as follows for the periods indicated: Nine Months Nine Months Fiscal Year Ended Ended Ended March 31, March 31, June 30, (In thousands) 2022 2021 2021 Balance at beginning of period $ 13 $ 639 $ 639 Accrual of expense 5 21 41 Payments (18 ) (555 ) (667 ) Balance at end of period $ - $ 105 $ 13 |
Note 15 - Leases
Note 15 - Leases | 9 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | NOTE 15 The Company leases certain manufacturing facilities along with a small office space, several forklifts, several small tooling items and various items of office equipment. The Company also acquired buildings, machinery and forklift leases with the acquisition of JSI, as well as one two one seven not not The Company has periodically entered into short-term operating leases with an initial term of twelve not three nine March 31, 2022 2021, 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. Three Months Ended Nine Months Ended March 31 March 31 (In thousands) 2022 2021 2022 2021 Operating lease cost $ 868 $ 576 $ 2,617 $ 1,714 Financing lease cost: Amortization of right of use assets 74 73 221 218 Interest on lease liabilities 19 22 61 69 Variable lease cost 22 - 65 2 Sublease income (94 ) - (283 ) - Total lease cost $ 889 $ 671 $ 2,681 $ 2,003 Supplemental Cash Flow Information: Nine Months Ended March 31 (In thousands) 2022 2021 Cash flows from operating leases Fixed payments - operating cash flows $ 2,669 $ 1,707 Liability reduction - operating cash flows $ 2,271 $ 1,397 Cash flows from finance leases Interest - operating cash flows $ 61 $ 69 Repayments of principal portion - financing cash flows $ 196 $ 178 Operating Leases: March 31, June 30, 2022 2021 Total operating right-of-use assets $ 9,464 $ 11,579 Accrued expenses (Current liabilities) $ 1,070 $ 1,424 Long-term operating lease liability 9,068 10,890 Total operating lease liabilities $ 10,138 $ 12,314 Weighted Average remaining Lease Term (in years) 3.27 3.93 Weighted Average Discount Rate 4.81 % 4.81 % Finance Leases: March 31, June 30, 2022 2021 Buildings under finance leases $ 2,033 $ 2,033 Equipment under finance leases 30 30 Accumulated depreciation (561 ) (339 ) Total finance lease assets, net $ 1,502 $ 1,724 Accrued expenses (Current liabilities) $ 272 $ 263 Long-term finance lease liability 1,316 1,521 Total finance lease liabilities $ 1,588 $ 1,784 Weighted Average remaining Lease Term (in years) 5.03 5.78 Weighted Average Discount Rate 4.86 % 4.86 % Maturities of Lease Liability: Operating Lease Liabilities Finance Lease Liabilities Operating Subleases Net Lease Commitments 2022 $ 1,029 $ 105 $ (94 ) $ 1,040 2023 3,583 342 (377 ) 3,548 2024 3,280 337 (377 ) 3,240 2025 2,131 362 (31 ) 2,462 2026 829 362 - 1,191 Thereafter 221 303 - 524 Total lease payments $ 11,073 $ 1,811 $ (879 ) $ 12,005 Less: Interest (935 ) (223 ) (1,158 ) Present Value of Lease Liabilities $ 10,138 $ 1,588 $ 10,847 |
Note 16 - Income Taxes
Note 16 - Income Taxes | 9 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 16 INCOME TAXES The Company's effective income tax rate is based on expected income, statutory rates and tax planning opportunities available in the various jurisdictions in which it operates. For interim financial reporting, the Company estimates the annual income tax rate based on projected taxable income for the full year and records a quarterly income tax provision or benefit in accordance with the anticipated annual rate. The Company refines the estimates of the year's taxable income as new information becomes available, including actual year-to-date financial results. This continual estimation process often results in a change to the expected effective income tax rate for the year. When this occurs, the Company adjusts the income tax provision during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected income tax rate. Significant judgment is required in determining the effective tax rate and in evaluating tax positions. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law in March 2020. first 2021 Three Months Ended Nine Months Ended March 31 March 31 2022 2021 2022 2021 Reconciliation of effective tax rate: Provision for income taxes at the anticipated annual tax rate 22.4 % 23.8 % 23.4 % 24.3 % Uncertain tax positions 0.5 0.8 (0.8 ) (1.3 ) Tax rate changes - - - (5.0 ) Share-based compensation - 1.8 (0.2 ) 1.1 Effective tax rate 22.9 % 26.4 % 22.4 % 19.1 % |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation: A summary of the Company’s significant accounting policies is included in Note 1 2021 10 |
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 display solutions and select lighting products are customized for specific customers. 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 for its display solutions elements and select lighting products. Installation revenue is recognized over time as the 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 performance obligation. On occasion, the Company enters into bill-and-hold arrangements on a limited basis. Each bill-and-hold arrangement is reviewed and revenue is recognized only when certain criteria have been met: ( 1 not 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 below presents a reconciliation of the disaggregation by reportable segments: Three Months Ended (In thousands) March 31, 2022 March 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Timing of revenue recognition Products and services transferred at a point in time $ 49,283 $ 41,231 $ 39,497 $ 12,550 Products and services transferred over time 7,843 11,754 6,243 13,914 $ 57,126 $ 52,985 $ 45,740 $ 26,464 Nine Months Ended (In thousands) March 31, 2022 March 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Timing of revenue recognition Products and services transferred at a point in time $ 144,006 $ 114,099 $ 119,478 $ 42,991 Products and services transferred over time 21,656 47,890 16,793 39,335 $ 165,662 $ 161,989 $ 136,271 $ 82,326 Three Months Ended (In thousands) March 31, 2022 March 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Type of Product and Services LED lighting, digital signage solutions, electronic circuit boards $ 47,196 $ 6,906 $ 40,298 $ 8,595 Poles, printed graphics, display fixtures 9,358 35,536 5,071 11,809 Project management, installation services, shipping and handling 572 10,543 371 6,060 $ 57,126 $ 52,985 $ 45,740 $ 26,464 Nine Months Ended (In thousands) March 31, 2022 March 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Type of Product and Services LED lighting, digital signage solutions, electronic circuit boards $ 136,701 $ 31,885 $ 118,681 $ 20,546 Poles, printed graphics, display fixtures 27,403 99,965 16,299 41,526 Project management, installation services, shipping and handling 1,558 30,139 1,291 20,254 $ 165,662 $ 161,989 $ 136,271 $ 82,326 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. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain amounts reported in the prior year in Note 7 |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements: In October 2021, 2021 08, 805 805. 606, December 15, 2022, may On July 1, 2020, 2016 13, 326 326 2016 13 not In March 2020 January 2021, 2020 04, 2021 01, March 12, 2020, may December 31, 2022. not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended (In thousands) March 31, 2022 March 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Timing of revenue recognition Products and services transferred at a point in time $ 49,283 $ 41,231 $ 39,497 $ 12,550 Products and services transferred over time 7,843 11,754 6,243 13,914 $ 57,126 $ 52,985 $ 45,740 $ 26,464 Nine Months Ended (In thousands) March 31, 2022 March 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Timing of revenue recognition Products and services transferred at a point in time $ 144,006 $ 114,099 $ 119,478 $ 42,991 Products and services transferred over time 21,656 47,890 16,793 39,335 $ 165,662 $ 161,989 $ 136,271 $ 82,326 Three Months Ended (In thousands) March 31, 2022 March 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Type of Product and Services LED lighting, digital signage solutions, electronic circuit boards $ 47,196 $ 6,906 $ 40,298 $ 8,595 Poles, printed graphics, display fixtures 9,358 35,536 5,071 11,809 Project management, installation services, shipping and handling 572 10,543 371 6,060 $ 57,126 $ 52,985 $ 45,740 $ 26,464 Nine Months Ended (In thousands) March 31, 2022 March 31, 2021 Lighting Segment Display Solutions Segment Lighting Segment Display Solutions Segment Type of Product and Services LED lighting, digital signage solutions, electronic circuit boards $ 136,701 $ 31,885 $ 118,681 $ 20,546 Poles, printed graphics, display fixtures 27,403 99,965 16,299 41,526 Project management, installation services, shipping and handling 1,558 30,139 1,291 20,254 $ 165,662 $ 161,989 $ 136,271 $ 82,326 |
Note 3 - Acquisition of JSI S_2
Note 3 - Acquisition of JSI Store Fixtures (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | May 21, 2021 as initially May 21, 2021 (In thousands) reported Adjustments as adjusted Cash and cash equivalents $ 4,067 $ - $ 4,067 Accounts receivable, net 9,252 - 9,252 Inventories 9,898 - 9,898 Property, plant and equipment 7,076 - 7,076 Other assets 7,440 - 7,440 Intangible assets 45,760 - 45,760 Accounts payable (4,199 ) - (4,199 ) Accrued liabilities (8,434 ) - (8,434 ) Deferred tax liability (10,583 ) - (10,583 ) Identifiable assets 60,277 - 60,277 Goodwill 33,415 600 34,015 Net purchase consideration $ 93,692 $ 600 $ 94,292 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Estimated Estimated Useful (In thousands) Fair Value Life (Years) Tradename $ 8,680 Indefinite life Technology asset 4,900 7 Non-compete 260 5 Customer relationship 31,920 20 $ 45,760 |
Business Acquisition, Pro Forma Information [Table Text Block] | Twelve Months Ended June 30 (In thousands, unaudited) 2021 2020 Net sales $ 391,000 $ 362,541 Gross profit $ 97,947 $ 86,399 Operating income $ 19,312 $ 13,878 |
Note 4 - Segment Reporting In_2
Note 4 - Segment Reporting Information (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended (In thousands) March 31 March 31 2022 2021 2022 2021 Net Sales: Lighting Segment $ 57,126 $ 45,740 $ 165,662 $ 136,271 Display Solutions Segment 52,985 26,464 161,989 82,326 $ 110,111 $ 72,204 $ 327,651 $ 218,597 Operating Income (Loss): Lighting Segment $ 4,959 $ 3,797 $ 13,921 $ 9,519 Display Solutions Segment 4,556 1,230 12,142 6,196 Corporate and Eliminations (4,354 ) (2,931 ) (12,036 ) (8,731 ) $ 5,161 $ 2,096 $ 14,027 $ 6,984 Capital Expenditures: Lighting Segment $ 272 $ 605 $ 624 $ 1,249 Display Solutions Segment 185 17 660 84 Corporate and Eliminations 74 15 (8 ) 184 $ 531 $ 637 $ 1,276 $ 1,517 Depreciation and Amortization: Lighting Segment $ 1,450 $ 1,566 $ 4,361 $ 4,795 Display Solutions Segment 1,021 278 3,068 940 Corporate and Eliminations 60 76 203 208 $ 2,531 $ 1,920 $ 7,632 $ 5,943 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, 2022 June 30, 2021 Identifiable Assets: Lighting Segment $ 149,062 $ 132,169 Display Solutions Segment 158,415 147,354 Corporate and Eliminations 5,078 7,298 $ 312,555 $ 286,821 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended Nine Months Ended (In thousands) March 31 March 31 2022 2021 2022 2021 Lighting Segment inter-segment net sales $ 5,683 $ 6,880 $ 27,406 $ 15,998 Display Solutions Segment inter-segment net sales $ 54 $ 46 $ 289 $ 159 |
Note 5 - Earnings Per Common _2
Note 5 - Earnings Per Common Share (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended March 31 March 31 2022 2021 2022 2021 BASIC EARNINGS PER SHARE Net income $ 3,618 $ 1,472 $ 9,856 $ 5,670 Weighted average shares outstanding during the period, net of treasury shares 26,642 26,467 26,606 26,384 Weighted average vested restricted stock units outstanding 31 20 26 16 Weighted average shares outstanding in the Deferred Compensation Plan during the period 705 284 588 242 Weighted average shares outstanding 27,378 26,771 27,220 26,642 Basic income per share $ 0.13 $ 0.05 $ 0.36 $ 0.21 DILUTED EARNINGS PER SHARE Net income $ 3,618 $ 1,472 $ 9,856 $ 5,670 Weighted average shares outstanding: Basic 27,378 26,771 27,220 26,642 Effect of dilutive securities (a): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any 705 956 725 710 Weighted average shares outstanding 28,083 27,727 27,945 27,352 Diluted income per share $ 0.13 $ 0.05 $ 0.35 $ 0.21 Anti-dilutive securities (b) 1,427 654 1,043 1,017 |
Note 6 - Inventories, Net (Tabl
Note 6 - Inventories, Net (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, June 30, (In thousands) 2022 2021 Inventories: Raw materials $ 53,534 $ 40,567 Work-in-progress 2,789 4,757 Finished goods 22,041 13,617 Total Inventories $ 78,364 $ 58,941 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, June 30, (In thousands) 2022 2021 Accrued Expenses: Customer prepayments $ 8,421 $ 11,352 Compensation and benefits 8,029 10,051 Accrued warranty 4,337 5,295 Accrued freight 3,213 1,629 Accrued sales commissions 2,458 2,568 Accrued FICA 1,179 1,190 Operating lease liabilities 1,070 1,424 Finance lease liabilities 272 263 Accrued income tax - 434 Other accrued expenses 3,924 3,712 Total Accrued Expenses $ 32,903 $ 37,918 |
Note 8 - Goodwill and Other I_2
Note 8 - Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (In thousands) Display Lighting Solutions Segment Segment Total Balance as of March 31, 2022 Goodwill $ 70,971 $ 62,105 $ 133,076 Measurement period adjustment - 600 600 Accumulated impairment losses (61,763 ) (27,525 ) (89,288 ) Goodwill, net as of March 31, 2022 $ 9,208 $ 35,180 $ 44,388 Balance as of June 30, 2021 Goodwill $ 70,971 $ 28,690 $ 99,661 Goodwill acquired - 33,415 33,415 Accumulated impairment losses (61,763 ) (27,525 ) (89,288 ) Goodwill, net as of June 30, 2021 $ 9,208 $ 34,580 $ 43,788 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | March 31, 2022 (In thousands) Gross Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 62,083 $ 13,546 $ 48,537 Patents 268 260 8 LED technology firmware, software 20,966 14,303 6,663 Trade name 2,658 1,021 1,637 Non-compete 260 45 215 Total Amortized Intangible Assets 86,235 29,175 57,060 Indefinite-lived Intangible Assets Trademarks and trade names 12,102 - 12,102 Total indefinite-lived Intangible Assets 12,102 - 12,102 Total Other Intangible Assets $ 98,337 $ 29,175 $ 69,162 June 30, 2021 (In thousands) Gross Carrying Accumulated Net Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 62,083 $ 10,967 $ 51,116 Patents 268 237 31 LED technology firmware, software 20,966 13,415 7,551 Trade name 2,658 939 1,719 Non-compete 260 6 254 Total Amortized Intangible Assets 86,235 25,564 60,671 Indefinite-lived Intangible Assets Trademarks and trade names 12,102 - 12,102 Total indefinite-lived Intangible Assets 12,102 - 12,102 Total Other Intangible Assets $ 98,337 $ 25,564 $ 72,773 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | Three Months Ended Nine Months Ended March 31 March 31 (In thousands) 2022 2021 2022 2021 Amortization Expense of Other Intangible Assets $ 1,198 $ 671 $ 3,611 $ 2,012 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (In thousands) 2022 $ 4,808 2023 $ 4,760 2024 $ 4,760 2025 $ 4,760 2026 $ 4,754 After 2026 $ 36,829 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, June 30, (In thousands) 2022 2021 Secured line of credit $ 61,774 $ 68,178 Term loan, net of debt issuance costs of $ 30 0 23,184 - Total debt 84,958 68,178 Less: amounts due within one year 3,571 - Total amounts due after one year, net $ 81,387 $ 68,178 |
Note 12 - Supplemental Cash F_2
Note 12 - Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Nine Months Ended (In thousands) March 31 2022 2021 Cash Payments: Interest $ 1,067 $ 71 Income taxes $ 3,581 $ 1,473 Non-cash investing and financing activities Issuance of common shares as compensation $ 225 $ 242 Issuance of common shares to fund deferred compensation plan $ 3,089 $ 1,096 |
Note 14 - Severance Costs (Tabl
Note 14 - Severance Costs (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Employee Severance [Member] | |
Notes Tables | |
Schedule of Accrued Severance Liability [Table Text Block] | Nine Months Nine Months Fiscal Year Ended Ended Ended March 31, March 31, June 30, (In thousands) 2022 2021 2021 Balance at beginning of period $ 13 $ 639 $ 639 Accrual of expense 5 21 41 Payments (18 ) (555 ) (667 ) Balance at end of period $ - $ 105 $ 13 |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended March 31 March 31 (In thousands) 2022 2021 2022 2021 Operating lease cost $ 868 $ 576 $ 2,617 $ 1,714 Financing lease cost: Amortization of right of use assets 74 73 221 218 Interest on lease liabilities 19 22 61 69 Variable lease cost 22 - 65 2 Sublease income (94 ) - (283 ) - Total lease cost $ 889 $ 671 $ 2,681 $ 2,003 Nine Months Ended March 31 (In thousands) 2022 2021 Cash flows from operating leases Fixed payments - operating cash flows $ 2,669 $ 1,707 Liability reduction - operating cash flows $ 2,271 $ 1,397 Cash flows from finance leases Interest - operating cash flows $ 61 $ 69 Repayments of principal portion - financing cash flows $ 196 $ 178 Operating Leases: March 31, June 30, 2022 2021 Total operating right-of-use assets $ 9,464 $ 11,579 Accrued expenses (Current liabilities) $ 1,070 $ 1,424 Long-term operating lease liability 9,068 10,890 Total operating lease liabilities $ 10,138 $ 12,314 Weighted Average remaining Lease Term (in years) 3.27 3.93 Weighted Average Discount Rate 4.81 % 4.81 % Finance Leases: March 31, June 30, 2022 2021 Buildings under finance leases $ 2,033 $ 2,033 Equipment under finance leases 30 30 Accumulated depreciation (561 ) (339 ) Total finance lease assets, net $ 1,502 $ 1,724 Accrued expenses (Current liabilities) $ 272 $ 263 Long-term finance lease liability 1,316 1,521 Total finance lease liabilities $ 1,588 $ 1,784 Weighted Average remaining Lease Term (in years) 5.03 5.78 Weighted Average Discount Rate 4.86 % 4.86 % |
Lessee, Leases, Liability, Maturity [Table Text Block] | Maturities of Lease Liability: Operating Lease Liabilities Finance Lease Liabilities Operating Subleases Net Lease Commitments 2022 $ 1,029 $ 105 $ (94 ) $ 1,040 2023 3,583 342 (377 ) 3,548 2024 3,280 337 (377 ) 3,240 2025 2,131 362 (31 ) 2,462 2026 829 362 - 1,191 Thereafter 221 303 - 524 Total lease payments $ 11,073 $ 1,811 $ (879 ) $ 12,005 Less: Interest (935 ) (223 ) (1,158 ) Present Value of Lease Liabilities $ 10,138 $ 1,588 $ 10,847 |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended Nine Months Ended March 31 March 31 2022 2021 2022 2021 Reconciliation of effective tax rate: Provision for income taxes at the anticipated annual tax rate 22.4 % 23.8 % 23.4 % 24.3 % Uncertain tax positions 0.5 0.8 (0.8 ) (1.3 ) Tax rate changes - - - (5.0 ) Share-based compensation - 1.8 (0.2 ) 1.1 Effective tax rate 22.9 % 26.4 % 22.4 % 19.1 % |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | $ 110,111 | $ 72,204 | $ 327,651 | $ 218,597 |
Lighting Segment [Member] | ||||
Revenue | 57,126 | 45,740 | 165,662 | 136,271 |
Lighting Segment [Member] | LED Lighting, Digital Signage, Electronic Circuit Boards [Member] | ||||
Revenue | 47,196 | 40,298 | 136,701 | 118,681 |
Lighting Segment [Member] | Poles, Other Display Solution Elements [Member] | ||||
Revenue | 9,358 | 5,071 | 27,403 | 16,299 |
Lighting Segment [Member] | Project Management, Installation Services, Shipping and Handling [Member] | ||||
Revenue | 572 | 371 | 1,558 | 1,291 |
Display Solutions Segment [Member] | ||||
Revenue | 52,985 | 26,464 | 161,989 | 82,326 |
Display Solutions Segment [Member] | LED Lighting, Digital Signage, Electronic Circuit Boards [Member] | ||||
Revenue | 6,906 | 8,595 | 31,885 | 20,546 |
Display Solutions Segment [Member] | Poles, Other Display Solution Elements [Member] | ||||
Revenue | 35,536 | 11,809 | 99,965 | 41,526 |
Display Solutions Segment [Member] | Project Management, Installation Services, Shipping and Handling [Member] | ||||
Revenue | 10,543 | 6,060 | 30,139 | 20,254 |
Transferred at Point in Time [Member] | Lighting Segment [Member] | ||||
Revenue | 49,283 | 39,497 | 144,006 | 119,478 |
Transferred at Point in Time [Member] | Display Solutions Segment [Member] | ||||
Revenue | 41,231 | 12,550 | 114,099 | 42,991 |
Transferred over Time [Member] | Lighting Segment [Member] | ||||
Revenue | 7,843 | 6,243 | 21,656 | 16,793 |
Transferred over Time [Member] | Display Solutions Segment [Member] | ||||
Revenue | $ 11,754 | $ 13,914 | $ 47,890 | $ 39,335 |
Note 3 - Acquisition of JSI S_3
Note 3 - Acquisition of JSI Store Fixtures (Details Textual) - USD ($) $ in Thousands | May 21, 2021 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Goodwill, Purchase Accounting Adjustments | $ 600 | |||||
JSI Store Fixtures [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||
Business Combination, Consideration Transferred, Total | $ 93,700 | |||||
Business Combination, Consideration Transferred, Liabilities Incurred | 71,600 | |||||
Goodwill, Purchase Accounting Adjustments | $ 600 | |||||
Cash Received from Recovery of Pre-funded Working | $ 500 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 9,252 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | $ 1,800 | |||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 19,312 | $ 13,878 | ||||
JSI Store Fixtures [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Business Combination, Acquisition Related Costs | $ 2,900 | $ 2,900 |
Note 3 - Acquisition of JSI S_4
Note 3 - Acquisition of JSI Store Fixtures - Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 | May 21, 2021 |
Goodwill | $ 44,388 | $ 43,788 | |
JSI Store Fixtures [Member] | |||
Cash and cash equivalents | $ 4,067 | ||
Accounts receivable, net | 9,252 | ||
Inventories | 9,898 | ||
Property, plant and equipment | 7,076 | ||
Other assets | 7,440 | ||
Intangible assets | 45,760 | ||
Accounts payable | (4,199) | ||
Accrued liabilities | (8,434) | ||
Deferred tax liability | (10,583) | ||
Identifiable assets | 60,277 | ||
Goodwill | 34,015 | ||
Net purchase consideration | 94,292 | ||
JSI Store Fixtures [Member] | As Initially Reported [Member] | |||
Cash and cash equivalents | 4,067 | ||
Accounts receivable, net | 9,252 | ||
Inventories | 9,898 | ||
Property, plant and equipment | 7,076 | ||
Other assets | 7,440 | ||
Intangible assets | 45,760 | ||
Accounts payable | (4,199) | ||
Accrued liabilities | (8,434) | ||
Deferred tax liability | (10,583) | ||
Identifiable assets | 60,277 | ||
Goodwill | 33,415 | ||
Net purchase consideration | 93,692 | ||
JSI Store Fixtures [Member] | Fair Value Adjustments [Member] | |||
Goodwill | 600 | ||
Net purchase consideration | $ 600 |
Note 3 - Acquisition of JSI S_5
Note 3 - Acquisition of JSI Store Fixtures - Intangible Assets Acquired (Details) - JSI Store Fixtures [Member] $ in Thousands | May 21, 2021USD ($) |
Acquired intangible assets | $ 45,760 |
Technology-Based Intangible Assets [Member] | |
Finite-lived intangibles assets | $ 4,900 |
Estimated Useful Life (Year) | 7 years |
Noncompete Agreements [Member] | |
Finite-lived intangibles assets | $ 260 |
Estimated Useful Life (Year) | 5 years |
Customer Relationships [Member] | |
Finite-lived intangibles assets | $ 31,920 |
Estimated Useful Life (Year) | 20 years |
Trade Names [Member] | |
Indefinite intangible assets | $ 8,680 |
Note 3 - Acquisition of JSI S_6
Note 3 - Acquisition of JSI Store Fixtures - Pro Forma Information (Details) - JSI Store Fixtures [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Net sales | $ 391,000 | $ 362,541 |
Gross profit | 97,947 | 86,399 |
Operating income | $ 19,312 | $ 13,878 |
Note 4 - Segment Reporting In_3
Note 4 - Segment Reporting Information (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | |
Number of Operating Segments | 2 | ||||
Intersegment Revenue Markup Percentage | 10.00% | ||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Number of Major Customers | 0 | 0 | 0 | 0 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Number of Major Customers | 0 | 0 |
Note 4 - Segment Reporting In_4
Note 4 - Segment Reporting Information - Summarized Financial Information by Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net Sales | $ 110,111 | $ 72,204 | $ 327,651 | $ 218,597 |
Operating income (loss) | 5,161 | 2,096 | 14,027 | 6,984 |
Capital expenditures | 531 | 637 | 1,276 | 1,517 |
Depreciation and amortization | 2,531 | 1,920 | 7,632 | 5,943 |
Corporate and Eliminations [Member] | ||||
Operating income (loss) | (4,354) | (2,931) | (12,036) | (8,731) |
Capital expenditures | 74 | 15 | (8) | 184 |
Depreciation and amortization | 60 | 76 | 203 | 208 |
Lighting Segment [Member] | ||||
Net Sales | 57,126 | 45,740 | 165,662 | 136,271 |
Lighting Segment [Member] | Operating Segments [Member] | ||||
Operating income (loss) | 4,959 | 3,797 | 13,921 | 9,519 |
Capital expenditures | 272 | 605 | 624 | 1,249 |
Depreciation and amortization | 1,450 | 1,566 | 4,361 | 4,795 |
Display Solutions Segment [Member] | ||||
Net Sales | 52,985 | 26,464 | 161,989 | 82,326 |
Display Solutions Segment [Member] | Operating Segments [Member] | ||||
Operating income (loss) | 4,556 | 1,230 | 12,142 | 6,196 |
Capital expenditures | 185 | 17 | 660 | 84 |
Depreciation and amortization | $ 1,021 | $ 278 | $ 3,068 | $ 940 |
Note 4 - Segment Reporting In_5
Note 4 - Segment Reporting Information - Identifiable Assets by Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Identifiable assets | $ 312,555 | $ 286,821 |
Corporate and Eliminations [Member] | ||
Identifiable assets | 5,078 | 7,298 |
Lighting Segment [Member] | Operating Segments [Member] | ||
Identifiable assets | 149,062 | 132,169 |
Display Solutions Segment [Member] | Operating Segments [Member] | ||
Identifiable assets | $ 158,415 | $ 147,354 |
Note 4 - Segment Reporting In_6
Note 4 - Segment Reporting Information - Intersegment Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Inter-segment Revenues | $ 110,111 | $ 72,204 | $ 327,651 | $ 218,597 |
Lighting Segment [Member] | ||||
Inter-segment Revenues | 57,126 | 45,740 | 165,662 | 136,271 |
Display Solutions Segment [Member] | ||||
Inter-segment Revenues | 52,985 | 26,464 | 161,989 | 82,326 |
Intersegment Eliminations [Member] | Lighting Segment [Member] | ||||
Inter-segment Revenues | 5,683 | 6,880 | 27,406 | 15,998 |
Intersegment Eliminations [Member] | Display Solutions Segment [Member] | ||||
Inter-segment Revenues | $ 54 | $ 46 | $ 289 | $ 159 |
Note 5 - Earnings per Common _3
Note 5 - Earnings per Common Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Net Income | $ 3,618 | $ 1,472 | $ 9,856 | $ 5,670 | |
Weighted average shares outstanding during the period, net of treasury shares (in shares) | 26,642 | 26,467 | 26,606 | 26,384 | |
Weighted average vested restricted stock units outstanding (in shares) | 705 | 284 | 588 | 242 | |
Weighted average shares outstanding (in shares) | 27,378 | 26,771 | 27,220 | 26,642 | |
Basic income per share (in dollars per share) | $ 0.13 | $ 0.05 | $ 0.36 | $ 0.21 | |
Basic (in shares) | 27,378 | 26,771 | 27,220 | 26,642 | |
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any (in shares) | [1] | 705 | 956 | 725 | 710 |
Weighted average shares outstanding (in shares) | 28,083 | 27,727 | 27,945 | 27,352 | |
Diluted income per share (in dollars per share) | $ 0.13 | $ 0.05 | $ 0.35 | $ 0.21 | |
Anti-dilutive securities (b) (in shares) | [2] | 1,427 | 654 | 1,043 | 1,017 |
Restricted Stock Units (RSUs) [Member] | |||||
Weighted average vested restricted stock units outstanding (in shares) | 31 | 20 | 26 | 16 | |
[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. | ||||
[2] | Anti-dilutive securities were excluded from the computation of diluted net income per share for the three and nine months ended March 31, 2022 and March 31, 2021 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. |
Note 6 - Inventories, Net - Inv
Note 6 - Inventories, Net - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Raw materials | $ 53,534 | $ 40,567 |
Work-in-progress | 2,789 | 4,757 |
Finished goods | 22,041 | 13,617 |
Total Inventories | $ 78,364 | $ 58,941 |
Note 7 - Accrued Expenses - Acc
Note 7 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Customer prepayments | $ 8,421 | $ 11,352 |
Compensation and benefits | 8,029 | 10,051 |
Accrued warranty | 4,337 | 5,295 |
Accrued freight | 3,213 | 1,629 |
Accrued sales commissions | 2,458 | 2,568 |
Accrued FICA | 1,179 | 1,190 |
Finance lease liabilities | 272 | 263 |
Accrued income tax | 0 | 434 |
Other accrued expenses | 3,924 | 3,712 |
Total Accrued Expenses | 32,903 | 37,918 |
Accrued Expenses [Member] | ||
Operating lease liabilities | $ 1,070 | $ 1,424 |
Note 8 - Goodwill and Other I_3
Note 8 - Goodwill and Other Intangible Assets (Details Textual) $ in Thousands | Mar. 01, 2022USD ($) | Mar. 31, 2022 |
Number of Reporting Units | 3 | |
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 0 | |
First Indefinite Lived Intangible Asset [Member] | ||
Intangible Assets, Indefinite-lived, Amount of Fair Value in Excess of Carrying Amount | $ 17,000 | |
Intangible Assets, Indefinite-lived, Percentage of Fair Value in Excess of Carrying Amount | 396.00% | |
Second Indefinite Lived Intangible Asset [Member] | ||
Intangible Assets, Indefinite-lived, Amount of Fair Value in Excess of Carrying Amount | $ 10,600 | |
Intangible Assets, Indefinite-lived, Percentage of Fair Value in Excess of Carrying Amount | 22.00% | |
Display Solutions Segment [Member] | ||
Number of Reporting Units | 2 | |
Display Solutions Segment [Member] | First Reporting Unit [Member] | ||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 12,200 | |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 1316.00% | |
Display Solutions Segment [Member] | Second Reporting Unit [Member] | ||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 100,400 | |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 12.00% | |
Lighting Segment [Member] | ||
Number of Reporting Units | 1 | |
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 31,600 | |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 18.00% |
Note 8 - Goodwill and Other I_4
Note 8 - Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2022 | |
Goodwill | $ 99,661 | $ 133,076 |
Measurement period adjustment | 600 | |
Accumulated impairment losses | (89,288) | (89,288) |
Goodwill | 43,788 | 44,388 |
Goodwill acquired | 33,415 | |
Lighting Segment [Member] | ||
Goodwill | 70,971 | 70,971 |
Measurement period adjustment | 0 | |
Accumulated impairment losses | (61,763) | (61,763) |
Goodwill | 9,208 | 9,208 |
Goodwill acquired | 0 | |
Display Solutions Segment [Member] | ||
Goodwill | 28,690 | 62,105 |
Measurement period adjustment | 600 | |
Accumulated impairment losses | (27,525) | (27,525) |
Goodwill | 34,580 | $ 35,180 |
Goodwill acquired | $ 33,415 |
Note 8 - Goodwill and Other I_5
Note 8 - Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Amortized intangible assets, gross | $ 86,235 | $ 86,235 |
Accumulated amortization | 29,175 | 25,564 |
Amortized intangible assets, net | 57,060 | 60,671 |
Indefinite-lived intangible assets, gross | 12,102 | 12,102 |
Total other intangible assets, gross | 98,337 | 98,337 |
Other intangible assets, net | 69,162 | 72,773 |
Trademarks and Trade Names [Member] | ||
Indefinite-lived intangible assets, gross | 12,102 | 12,102 |
Customer Relationships [Member] | ||
Amortized intangible assets, gross | 62,083 | 62,083 |
Accumulated amortization | 13,546 | 10,967 |
Amortized intangible assets, net | 48,537 | 51,116 |
Patents [Member] | ||
Amortized intangible assets, gross | 268 | 268 |
Accumulated amortization | 260 | 237 |
Amortized intangible assets, net | 8 | 31 |
Technology-Based Intangible Assets [Member] | ||
Amortized intangible assets, gross | 20,966 | |
Accumulated amortization | 14,303 | |
Amortized intangible assets, net | 6,663 | |
LED Technology Firmware Software [Member] | ||
Amortized intangible assets, gross | 20,966 | |
Accumulated amortization | 13,415 | |
Amortized intangible assets, net | 7,551 | |
Trade Names [Member] | ||
Amortized intangible assets, gross | 2,658 | 2,658 |
Accumulated amortization | 1,021 | 939 |
Amortized intangible assets, net | 1,637 | 1,719 |
Noncompete Agreements [Member] | ||
Amortized intangible assets, gross | 260 | 260 |
Accumulated amortization | 45 | 6 |
Amortized intangible assets, net | $ 215 | $ 254 |
Note 8 - Goodwill and Other I_6
Note 8 - Goodwill and Other Intangible Assets - Amortization Expense of Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Amortization Expense of Other Intangible Assets | $ 1,198 | $ 671 | $ 3,611 | $ 2,012 |
Note 8 - Goodwill and Other I_7
Note 8 - Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2022USD ($) |
2022 | $ 4,808 |
2023 | 4,760 |
2024 | 4,760 |
2025 | 4,760 |
2026 | 4,754 |
After 2026 | $ 36,829 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2020 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | |||
Minimum [Member] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | |||
Maximum [Member] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
London Interbank Offered Rate (LIBOR) [Member] | Forecast [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
Base Rate [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | |||
Base Rate [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75 | $ 75 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 13.2 | |||
Term Loan [Member] | ||||
Debt Instrument, Face Amount | 25 | |||
Debt Instrument, Annual Principal Payment | $ 3.6 | |||
Debt Instrument, Term (Year) | 5 years |
Note 9 - Debt - Debt (Details)
Note 9 - Debt - Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Secured line of credit | $ 61,774 | $ 68,178 |
Term loan, net of debt issuance costs of $30 and $0, respectively | 84,958 | 68,178 |
Less: amounts due within one year | 3,571 | 0 |
Total amounts due after one year, net | 81,387 | 68,178 |
Term Loan [Member] | ||
Term loan, net of debt issuance costs of $30 and $0, respectively | $ 23,184 | $ 0 |
Note 9 - Debt - Debt (Details)
Note 9 - Debt - Debt (Details) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Term Loan [Member] | ||
Debt Issuance Costs | $ 30 | $ 0 |
Note 10 - Cash Dividends (Detai
Note 10 - Cash Dividends (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 9 Months Ended | |
Apr. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
Payments of Dividends, Total | $ 4 | $ 4 | |
Dividends Accrued | $ 0.1 | $ 0.1 | |
Annual Indicated per Share Dividend Rate (in dollars per share) | $ 0.20 | ||
Subsequent Event [Member] | |||
Quarterly Indicated Per Share Dividend Rate (in dollars per share) | $ 0.05 | ||
Dividends Payable, Date to be Paid | May 17, 2022 | ||
Dividends Payable, Date of Record | May 9, 2022 |
Note 11 - Equity Compensation (
Note 11 - Equity Compensation (Details Textual) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022USD ($)shares | Mar. 31, 2021USD ($) | Mar. 31, 2022USD ($)$ / sharesshares | Mar. 31, 2021USD ($) | |
Share-Based Payment Arrangement, Expense | $ | $ 0.8 | $ 0.4 | $ 2.5 | $ 1.3 |
The 2019 Omnibus Award Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,569,938 | 1,569,938 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fungible Share Ratio | 2.5 | |||
The 2019 Omnibus Award Plan [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 189,980 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 8.16 | |||
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 (in shares) | 145,781 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 8.16 |
Note 12 - Supplemental Cash F_3
Note 12 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest | $ 1,067 | $ 71 |
Income taxes | 3,581 | 1,473 |
Issuance of common shares as compensation | 225 | 242 |
Issuance of common shares to fund deferred compensation plan | $ 3,089 | $ 1,096 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) $ in Thousands | Mar. 31, 2022USD ($) |
Standby Letters of Credit [Member] | |
Letters of Credit Outstanding, Amount | $ 0 |
Note 14 - Severance Costs - Acc
Note 14 - Severance Costs - Accrued Severance Liability Activity (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | |
Balance | $ 13 | $ 639 | $ 639 |
Accrual of expense | 5 | 21 | 41 |
Payments | (18) | (555) | (667) |
Balance | $ 0 | $ 105 | $ 13 |
Note 15 - Leases (Details Textu
Note 15 - Leases (Details Textual) | 9 Months Ended |
Mar. 31, 2022 | |
Minimum [Member] | |
Lessee, Leases, Remaining Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Leases, Remaining Term (Year) | 7 years |
Note 15 - Leases - Operating Le
Note 15 - Leases - Operating Lease Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | |
Operating lease cost | $ 868 | $ 576 | $ 2,617 | $ 1,714 | |
Amortization of right of use assets | 74 | 73 | 221 | 218 | |
Interest on lease liabilities | 19 | 22 | 61 | 69 | |
Variable lease cost | 22 | 0 | 65 | 2 | |
Sublease income | (94) | 0 | (283) | 0 | |
Total lease cost | 889 | $ 671 | 2,681 | 2,003 | |
Fixed payments - operating cash flows | 2,669 | 1,707 | |||
Liability reduction - operating cash flows | 2,271 | 1,397 | |||
Interest - operating cash flows | 61 | 69 | |||
Repayments of principal portion - financing cash flows | 196 | $ 178 | |||
Total operating right-of-use assets | 9,464 | 9,464 | $ 11,579 | ||
Long-term operating lease liability | 9,068 | 9,068 | 10,890 | ||
Total operating lease liabilities | $ 10,138 | $ 10,138 | $ 12,314 | ||
Weighted Average remaining Lease Term (in years) (Year) | 3 years 3 months 7 days | 3 years 3 months 7 days | 3 years 11 months 4 days | ||
Weighted Average Discount Rate | 4.81% | 4.81% | 4.81% | ||
Finance leases, right of use assets | $ 2,033 | $ 2,033 | $ 2,033 | ||
Accumulated depreciation | (561) | (561) | (339) | ||
Total finance lease assets, net | 1,502 | 1,502 | 1,724 | ||
Accrued expenses (Current liabilities) | 272 | 272 | 263 | ||
Long-term finance lease liability | 1,316 | 1,316 | 1,521 | ||
Total finance lease liabilities | $ 1,588 | $ 1,588 | $ 1,784 | ||
Weighted Average remaining Lease Term (in years) (Year) | 5 years 10 days | 5 years 10 days | 5 years 9 months 10 days | ||
Weighted Average Discount Rate | 4.86% | 4.86% | 4.86% | ||
Accrued Expenses [Member] | |||||
Operating lease liabilities | $ 1,070 | $ 1,070 | $ 1,424 | ||
Buildings Under Finance Leases [Member] | |||||
Finance leases, right of use assets | 2,033 | 2,033 | 2,033 | ||
Equipment Under Finance Leases [Member] | |||||
Finance leases, right of use assets | $ 30 | $ 30 | $ 30 |
Note 15 - Leases - Maturities o
Note 15 - Leases - Maturities of Lease Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
2022, operating lease liabilities | $ 1,029 | |
2022, finance lease liabilities | 105 | |
2022, operating subleases | (94) | |
2022 | 1,040 | |
2023, operating lease liabilities | 3,583 | |
2023, finance lease liabilities | 342 | |
2023, operating subleases | (377) | |
2023, net lease commitments | 3,548 | |
2024, operating lease liabilities | 3,280 | |
2024, finance lease liabilities | 337 | |
2024, operating subleases | (377) | |
2024, net lease commitments | 3,240 | |
2025, operating lease liabilities | 2,131 | |
2025, finance lease liabilities | 362 | |
2025, operating subleases | (31) | |
2025, net lease commitments | 2,462 | |
2026, operating lease liabilities | 829 | |
2026, finance lease liabilities | 362 | |
2026, operating subleases | 0 | |
2026, net lease commitments | 1,191 | |
Thereafter, operating lease liabilities | 221 | |
Thereafter, finance lease liabilities | 303 | |
Thereafter, operating subleases | 0 | |
Thereafter, net lease commitments | 524 | |
Total lease payments, operating lease liabilities | 11,073 | |
Total lease payments, finance lease liabilities | 1,811 | |
Total lease payments, operating subleases | (879) | |
Total lease payments, net lease commitments | 12,005 | |
Less: Interest, operating lease liabilities | (935) | |
Less: Interest, finance lease liabilities | (223) | |
Less: Interest, net lease commitments | (1,158) | |
Present Value of Lease Liabilities, operating lease liabilities | 10,138 | $ 12,314 |
Present Value of Lease Liabilities, finance lease liabilities | 1,588 | $ 1,784 |
Present Value of Lease Liabilities, net lease commitments | $ 10,847 |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) $ in Millions | 3 Months Ended |
Sep. 30, 2020USD ($) | |
Income Tax Benefit Cares Act | $ 0.4 |
Note 16 - Income Taxes - Reconc
Note 16 - Income Taxes - Reconciliation of Income Tax Rate (Details) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Provision for income taxes at the anticipated annual tax rate | 22.40% | 23.80% | 23.40% | 24.30% |
Uncertain tax positions | 0.50% | 0.80% | (0.80%) | (1.30%) |
Tax rate changes | 0.00% | 0.00% | 0.00% | (5.00%) |
Share-based compensation | 0.00% | (1.80%) | 0.20% | (1.10%) |
Effective tax rate | 22.90% | 26.40% | 22.40% | 19.10% |