Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Sep. 30, 2014 | Oct. 23, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ETHAN ALLEN INTERIORS INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Common Stock, Shares Outstanding | ' | 28,927,385 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000896156 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $114,308 | $109,176 |
Marketable securities | 12,878 | 18,153 |
Accounts receivable, less allowance for doubtful accounts of $1,438 at September 30, 2014 and $1,442 at June 30, 2014 | 14,651 | 12,426 |
Inventories | 157,519 | 146,275 |
Prepaid expenses and other current assets | 24,444 | 19,599 |
Total current assets | 323,800 | 305,629 |
Property, plant and equipment, net | 285,877 | 288,156 |
Goodwill and other intangible assets | 45,128 | 45,128 |
Restricted cash and investments | 8,007 | 8,507 |
Other assets | 7,367 | 7,014 |
Total assets | 670,179 | 654,434 |
Current liabilities: | ' | ' |
Current maturities of long-term debt | 560 | 501 |
Customer deposits | 66,027 | 59,684 |
Accounts payable | 20,051 | 24,320 |
Accrued compensation and benefits | 23,901 | 27,709 |
Accrued expenses and other current liabilities | 34,037 | 23,833 |
Total current liabilities | 144,576 | 136,047 |
Long-term debt | 130,576 | 130,411 |
Other long-term liabilities | 19,812 | 20,509 |
Total liabilities | 294,964 | 286,967 |
Shareholders' equity: | ' | ' |
Additional paid-in-capital | 365,928 | 365,733 |
Less: Treasury stock (at cost) | -584,041 | -584,041 |
Retained earnings | 592,787 | 584,395 |
Accumulated other comprehensive income | -209 | 642 |
Total Ethan Allen Interiors Inc. shareholders' equity | 374,951 | 367,215 |
Noncontrolling interests | 264 | 252 |
Total shareholders' equity | 375,215 | 367,467 |
Total liabilities and shareholders' equity | 670,179 | 654,434 |
Common Class A [Member] | ' | ' |
Shareholders' equity: | ' | ' |
Class A common stock | $486 | $486 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Accounts receivable, allowance for doubtful accounts | $1,438 | $1,442 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Net sales | $190,706 | $181,659 |
Cost of sales | 85,903 | 82,916 |
Gross profit | 104,803 | 98,743 |
Selling, general and administrative expenses | 84,333 | 82,799 |
Operating income | 20,470 | 15,944 |
Interest and other income | 143 | 82 |
Interest and other related financing costs | 1,889 | 1,873 |
Income before income taxes | 18,724 | 14,153 |
Income tax expense | 6,845 | 5,119 |
Net income | 11,879 | 9,034 |
Basic earnings per common share: | ' | ' |
Net income per basic share (in Dollars per share) | $0.41 | $0.31 |
Basic weighted average common shares (in Shares) | 28,927 | 28,911 |
Diluted earnings per common share: | ' | ' |
Net income per diluted share (in Dollars per share) | $0.41 | $0.31 |
Diluted weighted average common shares (in Shares) | 29,248 | 29,288 |
Other comprehensive income | ' | ' |
Currency translation adjustment | -855 | 55 |
Other | 16 | 18 |
Other comprehensive income net of tax | -839 | 73 |
Comprehensive income | $11,040 | $9,107 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating activities: | ' | ' |
Net income | $11,879 | $9,034 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 4,719 | 4,289 |
Compensation expense related to share-based payment awards | 317 | 373 |
Provision (benefit) for deferred income taxes | 124 | 57 |
Loss on disposal of property, plant and equipment | 1,920 | 369 |
Other | -37 | 246 |
Change in operating assets and liabilities, net of effects of acquired businesses: | ' | ' |
Accounts receivable | -2,663 | -272 |
Inventories | -10,639 | -4,408 |
Prepaid and other current assets | -4,546 | 60 |
Customer deposits | 5,574 | 8,303 |
Accounts payable | -4,269 | 2,788 |
Accrued expenses and other current liabilities | 5,687 | 429 |
Other assets and liabilities | -1,258 | -123 |
Net cash provided by operating activities | 6,808 | 21,145 |
Investing activities: | ' | ' |
Proceeds from the disposal of property, plant & equipment | 3,305 | 770 |
Change in restricted cash and investments | 500 | 499 |
Capital expenditures | -5,410 | -3,305 |
Acquisitions | -1,991 | ' |
Purchases of marketable securities | ' | -3,990 |
Sales of marketable securities | 5,075 | 5,920 |
Other investing activities | 44 | 83 |
Net cash used in investing activities | 1,523 | -23 |
Financing activities: | ' | ' |
Payments on long-term debt and capital lease obligations | -150 | -118 |
Payment of cash dividends | -2,900 | -2,605 |
Other financing activities | 4 | 140 |
Net cash used in financing activities | -3,046 | -2,583 |
Effect of exchange rate changes on cash | -153 | 84 |
Net increase (decrease) in cash & cash equivalents | 5,132 | 18,623 |
Cash & cash equivalents at beginning of period | 109,176 | 72,601 |
Cash & cash equivalents at end of period | $114,308 | $91,224 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
In Thousands | |||||||
Balance at Jun. 30, 2014 | $486 | $365,733 | ($584,041) | $642 | $584,395 | $252 | $367,467 |
Compensation expense associated with share-based awards | ' | 317 | ' | ' | ' | ' | 317 |
Tax benefit associated with exercise of share based awards | ' | -122 | ' | ' | ' | ' | -122 |
Dividends declared on common stock | ' | ' | ' | ' | -3,487 | ' | -3,487 |
Comprehensive income | ' | ' | ' | -851 | 11,879 | 12 | 11,040 |
Balance at Sep. 30, 2014 | $486 | $365,928 | ($584,041) | ($209) | $592,787 | $264 | $375,215 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Sep. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Business Description and Basis of Presentation [Text Block] | ' |
(1) Basis of Presentation | |
Ethan Allen Interiors Inc. ("Interiors") is a Delaware corporation incorporated on May 25, 1989. The consolidated financial statements include the accounts of Interiors, its wholly owned subsidiary Ethan Allen Global, Inc. ("Global"), and Global’s subsidiaries (collectively "we", "us", "our", "Ethan Allen", or the "Company"). All intercompany accounts and transactions have been eliminated in the consolidated financial statements. All of Global’s capital stock is owned by Interiors, which has no assets or operating results other than those associated with its investment in Global. | |
We prepare our consolidated financial statements in conformity with accounting principles generally accepted in the United States, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Due to the inherent uncertainty involved in making those estimates, actual results could differ from those estimates. Areas in which significant estimates have been made include, but are not limited to, revenue recognition, the allowance for doubtful accounts receivable, inventory obsolescence, tax valuation allowances, useful lives for property, plant and equipment and definite-lived intangible assets, goodwill and indefinite-lived intangible asset impairment analyses, the evaluation of uncertain tax positions and the fair value of assets acquired and liabilities assumed in business combinations. | |
Our consolidated financial statements include the accounts of an entity in which we are a majority shareholder and have the power to direct the activities that most significantly impact the entity’s performance. Noncontrolling interest amounts in the entity are immaterial and included in the Consolidated Statement of Comprehensive Income within interest and other income, net. |
Note_2_Interim_Financial_Prese
Note 2 - Interim Financial Presentation | 3 Months Ended |
Sep. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
(2) Interim Financial Presentation | |
In our opinion, all adjustments, consisting only of normal recurring adjustments necessary for fair presentation, have been included in the consolidated financial statements. The results of operations for the three months ended September 30, 2014 are not necessarily indicative of results that may be expected for the entire fiscal year. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended June 30, 2014. |
Note_3_Income_Taxes
Note 3 - Income Taxes | 3 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
(3) Income Taxes | |
The Company reviews its expected annual effective income tax rates and makes changes on a quarterly basis as necessary based on certain factors such as changes in forecasted annual operating income; changes to actual or forecasted permanent book to tax differences; impacts from future tax audits with state, federal or foreign tax authorities; impacts from tax law changes; or change in judgment as to the realizability of deferred tax assets. The Company identifies items which are not normal and are non-recurring in nature and treats these as discrete events. The tax effect of discrete items is recorded in the quarter in which the discrete events occur. Due to the volatility of these factors, the Company's consolidated effective income tax rate can change significantly on a quarterly basis. | |
The Company conducts business globally and, as a result, the Company or one or more of its subsidiaries files income tax returns in the U.S., various state, and foreign jurisdictions. In the normal course of business, the Company is subject to examination in such domestic and foreign jurisdictions. As of September 30, 2014, the Company and certain subsidiaries are currently under audit in the U.S. from 2006 through 2012. While the amount of uncertain tax benefits with respect to the entities and years under audit may change within the next twelve months, it is not anticipated that any of the changes will be significant. It is reasonably possible that some of these audits may be completed during the next twelve months. It is reasonable to expect that various issues relating to uncertain tax benefits will be resolved within the next twelve months as exams are completed or as statutes expire and will impact the effective tax rate. | |
The Company’s consolidated effective tax rate was 36.6% for the three months ended September 30, 2014, and 36.2% for the three months ended September 30, 2013, respectively. The current year effective tax rate primarily includes tax expense on the current year net income, and tax and interest expense on uncertain tax positions. The prior year effective tax rate primarily includes the tax expense on that year’s net income, interest expense on uncertain tax positions, and the impact of maintaining valuation allowances on certain retail segment deferred tax assets, partly offset by the reversal and recognition of some uncertain tax positions. |
Note_4_Restricted_Cash_and_Inv
Note 4 - Restricted Cash and Investments | 3 Months Ended |
Sep. 30, 2014 | |
Disclosure Text Block Supplement [Abstract] | ' |
Restricted Assets Disclosure [Text Block] | ' |
(4) Restricted Cash and Investments | |
At September 30, 2014 and June 30, 2014, we held $8.0 million and $8.5 million respectively, of restricted cash and investments in lieu of providing letters of credit for the benefit of the provider of our workmen’s compensation insurance and other insurance. These funds can be invested in high quality money market mutual funds, U.S. Treasuries and U.S. Government agency fixed income instruments, and cannot be withdrawn without the prior written consent of the secured party. These assets are carried at cost, which approximates market value and are classified as long-term assets because they are not expected to be used within one year to fund operations. See also Note 12, “Fair Value Measurements". |
Note_5_Marketable_Securities
Note 5 - Marketable Securities | 3 Months Ended |
Sep. 30, 2014 | |
Disclosure Text Block Supplement [Abstract] | ' |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | ' |
(5) Marketable Securities | |
At September 30, 2014 and June 30, 2014, the Company held marketable securities of $12.9 million and $18.2 million respectively, classified as current assets, consisting of U.S. municipal and corporate bonds with maturities ranging from less than one year to less than two years, which were rated A/A2 or better by the rating services Standard & Poors (“S&P”) and Moodys Investors Service (“Moodys”) respectively. There were no material realized or unrealized gains or losses for the three months ended September 30, 2014 and September 30, 2013. We do not believe there are any impairments considered to be other than temporary at September 30, 2014. See also Note 12, “Fair Value Measurements". |
Note_6_Inventories
Note 6 - Inventories | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
(6) Inventories | |||||||||
Inventories at September 30, 2014 and June 30, 2014 are summarized as follows (in thousands): | |||||||||
September 30, | June 30, | ||||||||
2014 | 2014 | ||||||||
Finished goods | $ | 121,956 | $ | 116,377 | |||||
Work in process | 11,488 | 8,355 | |||||||
Raw materials | 26,879 | 24,347 | |||||||
Valuation allowance | (2,804 | ) | (2,804 | ) | |||||
$ | 157,519 | $ | 146,275 | ||||||
Note_7_Borrowings
Note 7 - Borrowings | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
(7) Borrowings | |||||||||
Total debt obligations at September 30, 2014 and June 30, 2014 consist of the following (in thousands): | |||||||||
September 30, | June 30, | ||||||||
2014 | 2014 | ||||||||
5.375% Senior Notes due 2015 | $ | 129,281 | $ | 129,255 | |||||
Capital leases and other | 1,855 | 1,657 | |||||||
Total debt | 131,136 | 130,912 | |||||||
Less current maturities | 560 | 501 | |||||||
Total long-term debt | $ | 130,576 | $ | 130,411 | |||||
In September 2005, we issued $200.0 million in ten-year senior unsecured notes due October 1, 2015 (the "Senior Notes"). The Senior Notes were issued by Global, bearing an annual coupon rate of 5.375% with interest payable semi-annually in arrears on April 1 and October 1. We have used the net proceeds of $198.4 million to improve our retail network, invest in our manufacturing and logistics operations, and for other general corporate purposes. In fiscal years 2011 through 2013, the Company repurchased an aggregate $70.6 million of the Senior Notes in several unsolicited transactions. | |||||||||
We also maintain a $50 million senior secured, asset-based revolving credit facility (the “Facility”). We have not had any revolving loans under the Facility at any time. At both September 30, 2014 and June 30, 2014, there was $0.6 million of standby letters of credit outstanding under the Facility. The Facility is subject to borrowing base availability and includes a right for the Company to increase the total facility to $100 million subject to certain conditions. The Facility is secured by all property owned, leased or operated by the Company in the United States excluding any real property owned by the Company and contains customary covenants which may limit the Company’s ability to incur debt, engage in mergers and consolidations, make restricted payments (including dividends), sell certain assets, and make investments. Remaining availability under the Facility totaled $49.4 million at both September 30, 2014 and June 30, 2014 and as a result, covenants and other restricted payment limitations did not apply. The Facility expires March 25, 2016, or June 26, 2015 if the Senior Notes have not been refinanced prior to that date. | |||||||||
At both September 30, 2014 and June 30, 2014, we were in compliance with all covenants of the Senior Notes and the Facility. |
Note_8_Litigation
Note 8 - Litigation | 3 Months Ended |
Sep. 30, 2014 | |
Disclosure Text Block Supplement [Abstract] | ' |
Legal Matters and Contingencies [Text Block] | ' |
(8) Litigation | |
We are routinely involved in various investigations or as a defendant in litigation, in the ordinary course of business. We are also subject to various federal, state and local environmental protection laws and regulations and are involved, from time to time, in investigations and proceedings regarding environmental matters. Such investigations and proceedings typically concern air emissions, water discharges, and/or management of solid and hazardous wastes. Under these laws, we and/or our subsidiaries are, or may be, required to remove or mitigate the effects on the environment of the disposal or release of certain hazardous materials. | |
Regulations issued under the Clean Air Act Amendments of 1990 required the industry to reformulate certain furniture finishes or institute process changes to reduce emissions of volatile organic compounds. Compliance with many of these requirements has been facilitated through the introduction of high solids coating technology and alternative formulations. In addition, we have instituted a variety of technical and procedural controls, including reformulation of finishing materials to reduce toxicity, implementation of high velocity low pressure spray systems, development of storm water protection plans and controls, and further development of related inspection/audit teams, all of which have served to reduce emissions per unit of production. We remain committed to implementing new waste minimization programs and/or enhancing existing programs with the objective of (i) reducing the total volume of waste, (ii) limiting the liability associated with waste disposal, and (iii) continuously improving environmental and job safety programs on the factory floor which serve to minimize emissions and safety risks for employees. We will continue to evaluate the most appropriate, cost effective, control technologies for finishing operations and design production methods to reduce the use of hazardous materials in the manufacturing process. We believe that our facilities are in material compliance with all such applicable laws and regulations. Our currently anticipated capital expenditures for environmental control facility matters are not material. | |
Although the outcome of the various claims and proceedings against us cannot be predicted with certainty, management believes that the likelihood is remote that any existing claims or proceedings will have a material adverse effect on our financial position, results of operations or cash flows. |
Note_9_ShareBased_Compensation
Note 9 - Share-Based Compensation | 3 Months Ended |
Sep. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' |
(9) Share-Based Compensation | |
During the three months ended September 30, 2014, the Company awarded options to purchase 26,316 shares of our common stock. Awarded options had an exercise price per share of $22.80, a grant date fair value of $10.44 and vest over three years. During the three months ended September 30, 2014, options covering 209,950 shares of common stock were cancelled, primarily due to the expiration of their 10 year terms. At September 30, 2014, there are 1,544,512 shares of common stock available for future issuance pursuant to the 1992 Stock Option Plan. |
Note_10_Earnings_per_Share
Note 10 - Earnings per Share | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
(10) Earnings Per Share | |||||||||
Basic and diluted earnings per share are calculated using the following weighted average share data (in thousands): | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Weighted average common shares outstanding for basic calculation | 28,927 | 28,911 | |||||||
Effect of dilutive stock options and other share-based awards | 321 | 377 | |||||||
Weighted average common shares outstanding adjusted for dilution calculation | 29,248 | 29,288 | |||||||
As of September 30, 2014 and 2013, stock options to purchase 541,508 and 489,549 common shares, respectively, were excluded from the respective diluted earnings per share calculations because their impact was anti-dilutive. |
Note_11_Accumulated_Other_Comp
Note 11 - Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||||||||
(11) Accumulated Other Comprehensive Income | |||||||||||||||||||
The following table sets forth the activity in accumulated other comprehensive income for the year to date period ended September 30, 2014 (in thousands): | |||||||||||||||||||
Foreign | Unrealized | ||||||||||||||||||
currency | gains and | ||||||||||||||||||
translation | Derivative | losses on | |||||||||||||||||
adjustments | instruments | investments | Total | ||||||||||||||||
Balance June 30, 2014 | $ | 670 | $ | (39 | ) | $ | 11 | $ | 642 | ||||||||||
Changes before reclassifications | $ | (855 | ) | $ | - | $ | (4 | ) | $ | (859 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income | $ | - | $ | 8 | $ | - | $ | 8 | |||||||||||
Current period other comprehensive income | $ | (855 | ) | $ | 8 | $ | (4 | ) | $ | (851 | ) | ||||||||
Balance September 30, 2014 | $ | (185 | ) | $ | (31 | ) | $ | 7 | $ | (209 | ) | ||||||||
Foreign currency translation adjustments are the result of changes in foreign currency exchange rates related to our operations in Canada, Belgium, Honduras, and Mexico, and exclude income taxes given that the earnings of non-U.S. subsidiaries are deemed to be reinvested for an indefinite time. The derivative instruments are reclassified to interest expense in our consolidated statements of operations. |
Note_12_Financial_Instruments
Note 12 - Financial Instruments | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||
Financial Instruments Disclosure [Text Block] | ' | ||||||||||||||||
(12) Fair Value Measurements | |||||||||||||||||
We determine fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value is calculated based on assumptions that market participants use in pricing the asset or liability, and not on assumptions specific to the Company. In addition, the fair value of liabilities includes consideration of non-performance risk including our own credit risk. Each fair value measurement is reported in one of three levels, determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: | |||||||||||||||||
Level 1 Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. | |||||||||||||||||
Level 2 Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||
Level 3 Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. | |||||||||||||||||
The following section describes the valuation methodologies we use to measure different financial assets and liabilities at fair value. | |||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||
The following table presents our assets and liabilities measured at fair value on a recurring basis at September 30, 2014 and June 30, 2014 (in thousands): | |||||||||||||||||
30-Sep-14 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Balance | ||||||||||||||
Cash equivalents | $ | 122,315 | $ | - | $ | - | $ | 122,315 | |||||||||
Available-for-sale securities | - | 12,878 | - | 12,878 | |||||||||||||
Total | $ | 122,315 | $ | 12,878 | $ | - | $ | 135,193 | |||||||||
30-Jun-14 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Balance | ||||||||||||||
Cash equivalents | $ | 117,683 | $ | - | $ | - | $ | 117,683 | |||||||||
Available-for-sale securities | - | 18,153 | - | 18,153 | |||||||||||||
Total | $ | 117,683 | $ | 18,153 | $ | - | $ | 135,836 | |||||||||
Cash equivalents consist of money market accounts and mutual funds in U.S. government and agency fixed income securities. We use quoted prices in active markets for identical assets or liabilities to determine fair value. There were no transfers between level 1 and level 2 during the first three months of fiscal 2015 or fiscal 2014. At September 30, 2014 and June 30, 2014, $8.0 million and $8.5 million respectively, of the cash equivalents were restricted, and classified as long-term assets. | |||||||||||||||||
At September 30, 2014, available-for-sale securities consist of $12.9 million in U.S. municipal bonds, and at June 30, 2014, available-for-sale securities consisted of $18.2 million in U.S. municipal bonds, all with maturities of less than two years. The bonds are rated A/A2 or better by S&P and Moodys respectively. As of September 30, 2014 and June 30, 2014, there were no material gross unrealized gains or losses on available-for-sale securities. | |||||||||||||||||
As of September 30, 2014 and June 30, 2014, the contractual maturities of our available-for-sale securities were as follows: | |||||||||||||||||
30-Sep-14 | |||||||||||||||||
Cost | Estimated Fair Value | ||||||||||||||||
Due in one year or less | $ | 13,119 | $ | 12,878 | |||||||||||||
Due after one year through five years | $ | - | $ | - | |||||||||||||
30-Jun-14 | |||||||||||||||||
Cost | Estimated Fair Value | ||||||||||||||||
Due in one year or less | $ | 16,049 | $ | 15,863 | |||||||||||||
Due after one year through five years | $ | 2,296 | $ | 2,290 | |||||||||||||
No investments have been in a continuous loss position for more than one year, and no other-than-temporary impairments were recognized. See also Note 4, "Restricted Cash and Investments" and Note 5, "Marketable Securities". | |||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | |||||||||||||||||
We measure certain assets at fair value on a non-recurring basis. These assets are recognized at fair value when they are deemed to be impaired. During the three months ended September 30, 2014 and 2013, we did not record any impairments on those assets required to be measured at fair value on a non-recurring basis. |
Note_13_Segment_Information
Note 13 - Segment Information | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||
(13) Segment Information | |||||||||
Our operations are classified into two operating segments: wholesale and retail. These operating segments represent strategic business areas of our vertically integrated business which, although they operate separately and provide their own distinctive services, enable us to more efficiently control the quality and cost of our complete line of home furnishings and accents. | |||||||||
The wholesale segment is principally involved in the development of the Ethan Allen brand, which encompasses the design, manufacture, domestic and offshore sourcing, sale and distribution of a full range of home furnishings and accents to a network of independently operated and Ethan Allen operated design centers as well as related marketing and brand awareness efforts. Wholesale revenue is generated upon the wholesale sale and shipment of our product to all retail design centers, including those operated by Ethan Allen. | |||||||||
The retail segment sells home furnishings and accents to consumers through a network of Company operated design centers. Retail revenue is generated upon the retail sale and delivery of our product to our customers. | |||||||||
Inter-segment eliminations result, primarily, from the wholesale sale of inventory to the retail segment, including the related profit margin. | |||||||||
We evaluate performance of the respective segments based upon revenues and operating income. While the manner in which our home furnishings and accessories are marketed and sold is consistent, the nature of the underlying recorded sales (i.e. wholesale versus retail) and the specific services that each operating segment provides (i.e. wholesale manufacturing, sourcing, and distribution versus retail selling) are different. Within the wholesale segment, we maintain revenue information according to each respective product line (i.e. case goods, upholstery, or home accents and other). The allocation of retail sales by product line is reasonably similar to that of the wholesale segment. A breakdown of wholesale sales by these product lines for the three months ended September 30, 2014 and 2013 is provided as follows: | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Case Goods | 36 | % | 35 | % | |||||
Upholstered Products | 46 | % | 47 | % | |||||
Home Accents and Other | 18 | % | 18 | % | |||||
100 | % | 100 | % | ||||||
Segment information for the three months ended September 30, 2014 and 2013 is provided below (in thousands): | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Net sales: | |||||||||
Wholesale segment | $ | 124,600 | $ | 113,198 | |||||
Retail segment | 145,043 | 141,827 | |||||||
Elimination of inter-company sales | (78,937 | ) | (73,366 | ) | |||||
Consolidated Total | $ | 190,706 | $ | 181,659 | |||||
Operating income: | |||||||||
Wholesale segment | $ | 21,542 | $ | 16,132 | |||||
Retail segment | 1,762 | (204 | ) | ||||||
Adjustment of inter-company profit (1) | (2,834 | ) | 16 | ||||||
Consolidated Total | $ | 20,470 | $ | 15,944 | |||||
Depreciation & Amortization: | |||||||||
Wholesale segment | $ | 2,094 | $ | 1,891 | |||||
Retail segment | 2,625 | 2,398 | |||||||
Consolidated Total | $ | 4,719 | $ | 4,289 | |||||
Capital expenditures: | |||||||||
Wholesale segment | $ | 3,961 | $ | 1,474 | |||||
Retail segment | 1,449 | 1,831 | |||||||
Acquisitions | 1,991 | - | |||||||
Consolidated Total | $ | 7,401 | $ | 3,305 | |||||
September 30, | June 30, | ||||||||
2014 | 2014 | ||||||||
Total Assets: | |||||||||
Wholesale segment | $ | 343,085 | $ | 339,271 | |||||
Retail segment | 358,697 | 344,025 | |||||||
Inventory profit elimination (2) | (31,603 | ) | (28,862 | ) | |||||
Consolidated Total | $ | 670,179 | $ | 654,434 | |||||
-1 | Represents the change in wholesale profit contained in the retail segment inventory at the end of the period. | ||||||||
-2 | Represents the wholesale profit contained in the retail segment inventory that has not yet been realized. These profits are realized when the related inventory is sold. | ||||||||
Note_14_Recently_Issued_Accoun
Note 14 - Recently Issued Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | ' |
(14) Recently Issued Accounting Pronouncements | |
There have been no recently issued accounting pronouncements during the three months ended September 30, 2014 that are expected to have a material effect on the Company’s financial statements. |
Note_15_Financial_Information_
Note 15 - Financial Information About the Parent, the Issuer and the Guarantors | 3 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||||||
Condensed Financial Statements [Text Block] | ' | ||||||||||||||||||||||||
(15) Financial Information About the Parent, the Issuer and the Guarantors | |||||||||||||||||||||||||
On September 27, 2005, Global (the "Issuer") issued $200 million aggregate principal amount of Senior Notes which have been guaranteed on a senior basis by Interiors (the "Parent"), and other wholly owned domestic subsidiaries of the Issuer and the Parent, including Ethan Allen Retail, Inc., Ethan Allen Operations, Inc., Ethan Allen Realty, LLC, Lake Avenue Associates, Inc. and Manor House, Inc. The subsidiary guarantors (other than the Parent) are collectively called the "Guarantors". The guarantees of the Guarantors are unsecured. All of the guarantees are full, unconditional and joint and several and the Issuer and each of the Guarantors are 100% owned by the Parent. Our other subsidiaries which are not guarantors are called the "Non-Guarantors". | |||||||||||||||||||||||||
The following tables set forth the condensed consolidating balance sheets as of September 30, 2014 and June 30, 2014, the condensed consolidating statements of operations for the three months ended September 30, 2014 and 2013, and the condensed consolidating statements of cash flows for the three months ended September 30, 2014 and 2013 of the Parent, the Issuer, the Guarantors and the Non-Guarantors. | |||||||||||||||||||||||||
ETHAN ALLEN INTERIORS INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
Notes to Consolidated Financial Statements (Unaudited) | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | - | $ | 102,897 | $ | 7,517 | $ | 3,894 | $ | - | $ | 114,308 | |||||||||||||
Marketable securities | - | 12,878 | - | - | - | 12,878 | |||||||||||||||||||
Accounts receivable, net | - | 14,347 | 304 | - | - | 14,651 | |||||||||||||||||||
Inventories | - | - | 183,490 | 5,632 | (31,603 | ) | 157,519 | ||||||||||||||||||
Prepaid expenses and other current assets | - | 8,407 | 14,087 | 1,950 | - | 24,444 | |||||||||||||||||||
Intercompany receivables | - | 846,615 | 325,820 | (3,331 | ) | (1,169,104 | ) | - | |||||||||||||||||
Total current assets | - | 985,144 | 531,218 | 8,145 | (1,200,707 | ) | 323,800 | ||||||||||||||||||
Property, plant and equipment, net | - | 8,670 | 260,863 | 16,344 | - | 285,877 | |||||||||||||||||||
Goodwill and other intangible assets | - | 37,905 | 7,223 | - | - | 45,128 | |||||||||||||||||||
Restricted cash and investments | - | 8,007 | - | - | - | 8,007 | |||||||||||||||||||
Other assets | - | 4,990 | 1,705 | 672 | - | 7,367 | |||||||||||||||||||
Investment in affiliated companies | 742,283 | (105,855 | ) | - | - | (636,428 | ) | - | |||||||||||||||||
Total assets | $ | 742,283 | $ | 938,861 | $ | 801,009 | $ | 25,161 | $ | (1,837,135 | ) | $ | 670,179 | ||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Current maturities of long-term debt | $ | - | $ | - | $ | 560 | $ | - | $ | - | $ | 560 | |||||||||||||
Customer deposits | - | - | 62,888 | 3,139 | - | 66,027 | |||||||||||||||||||
Accounts payable | - | 3,805 | 16,006 | 240 | - | 20,051 | |||||||||||||||||||
Accrued expenses and other current liabilities | 3,604 | 36,962 | 15,591 | 1,781 | - | 57,938 | |||||||||||||||||||
Intercompany payables | 363,464 | (8,804 | ) | 783,438 | 31,006 | (1,169,104 | ) | - | |||||||||||||||||
Total current liabilities | 367,068 | 31,963 | 878,483 | 36,166 | (1,169,104 | ) | 144,576 | ||||||||||||||||||
Long-term debt | - | 129,281 | 1,295 | - | - | 130,576 | |||||||||||||||||||
Other long-term liabilities | - | 3,152 | 16,185 | 475 | - | 19,812 | |||||||||||||||||||
Total liabilities | 367,068 | 164,396 | 895,963 | 36,641 | (1,169,104 | ) | 294,964 | ||||||||||||||||||
Shareholders’ equity | 375,215 | 774,465 | (94,954 | ) | (11,480 | ) | (668,031 | ) | 375,215 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 742,283 | $ | 938,861 | $ | 801,009 | $ | 25,161 | $ | (1,837,135 | ) | $ | 670,179 | ||||||||||||
ETHAN ALLEN INTERIORS INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
Notes to Consolidated Financial Statements (Unaudited) | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | - | $ | 95,567 | $ | 10,347 | $ | 3,262 | $ | - | $ | 109,176 | |||||||||||||
Marketable securities | - | 18,153 | - | - | - | 18,153 | |||||||||||||||||||
Accounts receivable, net | - | 12,118 | 308 | - | - | 12,426 | |||||||||||||||||||
Inventories | - | - | 168,996 | 6,141 | (28,862 | ) | 146,275 | ||||||||||||||||||
Prepaid expenses and other current assets | - | 6,954 | 10,800 | 1,845 | - | 19,599 | |||||||||||||||||||
Intercompany receivables | - | 836,086 | 322,382 | (3,478 | ) | (1,154,990 | ) | - | |||||||||||||||||
Total current assets | - | 968,878 | 512,833 | 7,770 | (1,183,852 | ) | 305,629 | ||||||||||||||||||
Property, plant and equipment, net | - | 8,848 | 262,272 | 17,036 | - | 288,156 | |||||||||||||||||||
Goodwill and other intangible assets | - | 37,905 | 7,223 | - | - | 45,128 | |||||||||||||||||||
Restricted cash and investments | - | 8,507 | - | - | - | 8,507 | |||||||||||||||||||
Other assets | - | 4,620 | 1,647 | 747 | - | 7,014 | |||||||||||||||||||
Investment in affiliated companies | 731,003 | (107,050 | ) | - | - | (623,953 | ) | - | |||||||||||||||||
Total assets | $ | 731,003 | $ | 921,708 | $ | 783,975 | $ | 25,553 | $ | (1,807,805 | ) | $ | 654,434 | ||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Current maturities of long-term debt | $ | - | $ | - | $ | 501 | $ | - | $ | - | $ | 501 | |||||||||||||
Customer deposits | - | - | 55,810 | 3,874 | - | 59,684 | |||||||||||||||||||
Accounts payable | - | 6,423 | 17,699 | 198 | - | 24,320 | |||||||||||||||||||
Accrued expenses and other current liabilities | 3,013 | 30,656 | 16,292 | 1,581 | - | 51,542 | |||||||||||||||||||
Intercompany payables | 360,523 | (8,468 | ) | 773,850 | 29,085 | (1,154,990 | ) | - | |||||||||||||||||
Total current liabilities | 363,536 | 28,611 | 864,152 | 34,738 | (1,154,990 | ) | 136,047 | ||||||||||||||||||
Long-term debt | - | 129,255 | 1,156 | - | - | 130,411 | |||||||||||||||||||
Other long-term liabilities | - | 4,241 | 15,763 | 505 | - | 20,509 | |||||||||||||||||||
Total liabilities | 363,536 | 162,107 | 881,071 | 35,243 | (1,154,990 | ) | 286,967 | ||||||||||||||||||
Shareholders’ equity | 367,467 | 759,601 | (97,096 | ) | (9,690 | ) | (652,815 | ) | 367,467 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 731,003 | $ | 921,708 | $ | 783,975 | $ | 25,553 | $ | (1,807,805 | ) | $ | 654,434 | ||||||||||||
ETHAN ALLEN INTERIORS INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Three months ended September 30, 2014 | |||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||||||
Net sales | $ | - | $ | 122,465 | $ | 200,493 | $ | 12,156 | $ | (144,408 | ) | $ | 190,706 | ||||||||||||
Cost of sales | - | 90,984 | 128,634 | 7,952 | (141,667 | ) | 85,903 | ||||||||||||||||||
Gross profit | - | 31,481 | 71,859 | 4,204 | (2,741 | ) | 104,803 | ||||||||||||||||||
Selling, general and administrative expenses | 45 | 10,741 | 68,466 | 5,081 | - | 84,333 | |||||||||||||||||||
Operating income (loss) | (45 | ) | 20,740 | 3,393 | (877 | ) | (2,741 | ) | 20,470 | ||||||||||||||||
Interest and other income (expense) | 11,924 | 1,315 | (1 | ) | 24 | (13,119 | ) | 143 | |||||||||||||||||
Interest and other related financing costs | - | 1,859 | 30 | - | - | 1,889 | |||||||||||||||||||
Income (loss) before income taxes | 11,879 | 20,196 | 3,362 | (853 | ) | (15,860 | ) | 18,724 | |||||||||||||||||
Income tax expense | - | 5,531 | 1,232 | 82 | - | 6,845 | |||||||||||||||||||
Net income/(loss) | $ | 11,879 | $ | 14,665 | $ | 2,130 | $ | (935 | ) | $ | (15,860 | ) | $ | 11,879 | |||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||||||
Net sales | $ | - | $ | 111,523 | $ | 194,828 | $ | 10,439 | $ | (135,131 | ) | $ | 181,659 | ||||||||||||
Cost of sales | - | 83,933 | 127,155 | 6,857 | (135,029 | ) | 82,916 | ||||||||||||||||||
Gross profit | - | 27,590 | 67,673 | 3,582 | (102 | ) | 98,743 | ||||||||||||||||||
Selling, general and administrative expenses | 45 | 9,632 | 68,165 | 4,957 | - | 82,799 | |||||||||||||||||||
Operating income (loss) | (45 | ) | 17,958 | (492 | ) | (1,375 | ) | (102 | ) | 15,944 | |||||||||||||||
Interest and other income (expense) | 9,079 | (1,868 | ) | - | (16 | ) | (7,113 | ) | 82 | ||||||||||||||||
Interest and other related financing costs | - | 1,851 | 22 | - | - | 1,873 | |||||||||||||||||||
Income (loss) before income taxes | 9,034 | 14,239 | (514 | ) | (1,391 | ) | (7,215 | ) | 14,153 | ||||||||||||||||
Income tax expense | - | 5,058 | 38 | 23 | - | 5,119 | |||||||||||||||||||
Net income/(loss) | $ | 9,034 | $ | 9,181 | $ | (552 | ) | $ | (1,414 | ) | $ | (7,215 | ) | $ | 9,034 | ||||||||||
ETHAN ALLEN INTERIORS INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Three months ended September 30, 2014 | |||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 2,900 | $ | 1,030 | $ | 1,892 | $ | 986 | $ | - | $ | 6,808 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Capital expenditures | - | (276 | ) | (4,933 | ) | (201 | ) | - | (5,410 | ) | |||||||||||||||
Acquisitions | - | - | (1,991 | ) | - | - | (1,991 | ) | |||||||||||||||||
Proceeds from the disposal of property, plant and equipment | - | 953 | 2,352 | - | - | 3,305 | |||||||||||||||||||
Change in restricted cash and investments | - | 500 | - | - | - | 500 | |||||||||||||||||||
Sales of marketable securities | - | 5,075 | - | - | 5,075 | ||||||||||||||||||||
Other | - | 44 | - | - | - | 44 | |||||||||||||||||||
Net cash provided by (used in) investing activities | - | 6,296 | (4,572 | ) | (201 | ) | - | 1,523 | |||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Payments on long-term debt | - | - | (150 | ) | - | - | (150 | ) | |||||||||||||||||
Dividends paid | (2,900 | ) | - | - | - | - | (2,900 | ) | |||||||||||||||||
Other | - | 4 | - | - | - | 4 | |||||||||||||||||||
Net cash provided by (used in) financing activities | (2,900 | ) | 4 | (150 | ) | - | - | (3,046 | ) | ||||||||||||||||
Effect of exchange rate changes on cash | - | - | - | (153 | ) | - | (153 | ) | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | - | 7,330 | (2,830 | ) | 632 | - | 5,132 | ||||||||||||||||||
Cash and cash equivalents – beginning of period | - | 95,567 | 10,347 | 3,262 | - | 109,176 | |||||||||||||||||||
Cash and cash equivalents – end of period | $ | - | $ | 102,897 | $ | 7,517 | $ | 3,894 | $ | - | $ | 114,308 | |||||||||||||
ETHAN ALLEN INTERIORS INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 2,477 | $ | 15,198 | $ | 2,707 | $ | 763 | $ | - | $ | 21,145 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Capital expenditures | - | (159 | ) | (2,994 | ) | (152 | ) | - | (3,305 | ) | |||||||||||||||
Acquisitions | - | - | - | - | - | - | |||||||||||||||||||
Proceeds from the disposal of property, plant and equipment | - | 18 | 752 | - | - | 770 | |||||||||||||||||||
Change in restricted cash and investments | - | 499 | - | - | - | 499 | |||||||||||||||||||
Purchases of marketable securities | - | (3,990 | ) | - | - | - | (3,990 | ) | |||||||||||||||||
Sales of marketable securities | - | 5,920 | - | - | - | 5,920 | |||||||||||||||||||
Other | - | 83 | - | - | - | 83 | |||||||||||||||||||
Net cash provided by (used in) investing activities | - | 2,371 | (2,242 | ) | (152 | ) | - | (23 | ) | ||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Payments on long-term debt | - | - | (118 | ) | - | - | (118 | ) | |||||||||||||||||
Dividends paid | (2,605 | ) | - | - | - | - | (2,605 | ) | |||||||||||||||||
Other | 128 | 12 | - | - | - | 140 | |||||||||||||||||||
Net cash provided by (used in) financing activities | (2,477 | ) | 12 | (118 | ) | - | - | (2,583 | ) | ||||||||||||||||
Effect of exchange rate changes on cash | - | - | - | 84 | - | 84 | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | - | 17,581 | 347 | 695 | - | 18,623 | |||||||||||||||||||
Cash and cash equivalents – beginning of period | - | 57,307 | 12,463 | 2,831 | - | 72,601 | |||||||||||||||||||
Cash and cash equivalents – end of period | $ | - | $ | 74,888 | $ | 12,810 | $ | 3,526 | $ | - | $ | 91,224 | |||||||||||||
Note_16_Subsequent_Events
Note 16 - Subsequent Events | 3 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
(16) Subsequent Events | |
On October 21, 2014, the Company entered into a five year, $150 million senior secured revolving credit and term loan facility (the “Facility”). The Facility is provided by a syndicate of two banks, and was arranged by J.P. Morgan Securities LLC and Capital One, National Association as joint lead arrangers. The new agreement amends and restates the current five-year, $50 million secured revolving credit facility. | |
The Facility provides a revolving credit line of up to $100 million, subject to borrowing base availability, and a term loan of up to $50 million. The Facility expires on October 21, 2019. | |
At the Company’s option, revolving loans under the Facility bear interest, based on the average availability, at an annual rate of either (a) the London Interbank Offered rate (“LIBOR”) plus 1.5% to 1.75%, or (b) the higher of (i) the prime rate, (ii) the federal funds effective rate plus 0.50%, or (iii) LIBOR plus 1.0% plus in each case 0.5% to 0.75%. | |
At the Company’s option, term loans under the Facility bear interest, based on the Company’s rent adjusted leverage ratio, at an annual rate of either (a) the London Interbank Offered rate (“LIBOR”) plus 1.75% to 2.25%,, or (b) the higher of (i) the prime rate, (ii) the federal funds effective rate plus 0.50%, or (iii) LIBOR plus 1.0% plus in each case 0.75% to 1.25%. | |
The Company pays a commitment fee of 0.15% to 0.25% per annum on the unused portion of the Facility, and fees on issued letters of credit at an annual rate of 1.5% to 1.75% based on the average availability. Certain payments are restricted if the availability under the revolving credit line falls below 20% of the total revolving credit line, and subject to pro forma compliance with the fixed charge coverage ratio if applicable. | |
The term loan is available in a single drawing of up to $50 million on a delayed-draw basis through April 21, 2015. In order to draw on the term loan, the Company’s Senior Notes must be paid in full substantially concurrently with the making of the term loan. Quarterly installments of principal are payable on the amount borrowed under the term loan based on a straight line 15 year amortization period, with the balance due at maturity. | |
The Facility is secured by all property owned, leased or operated by the Company in the United States and includes certain real property owned by the Company and contains customary covenants which may limit the Company’s ability to incur debt; engage in mergers and consolidations; make restricted payments (including dividends); sell certain assets; and make investments. | |
The Company must maintain at all times a minimum fixed charge coverage ratio of 1.0 to 1.0 for the first year and 1.1 to 1.0 all times thereafter. If the outstanding term loans are less than $25 million and the fixed charge coverage ratio equals or exceeds 1.25 to 1.0, the fixed charge coverage ratio ceases to apply and thereafter shall only be triggered if average monthly availability is less than 15% of the amount of the revolving credit line. Our fixed charge coverage ratio was 1.5 to 1.0 at September 30, 2014. | |
The Company intends to use the proceeds of the Facility for working capital and general corporate purposes and to refinance our Senior Notes, which are due October 1, 2015. |
Note_6_Inventories_Tables
Note 6 - Inventories (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
September 30, | June 30, | ||||||||
2014 | 2014 | ||||||||
Finished goods | $ | 121,956 | $ | 116,377 | |||||
Work in process | 11,488 | 8,355 | |||||||
Raw materials | 26,879 | 24,347 | |||||||
Valuation allowance | (2,804 | ) | (2,804 | ) | |||||
$ | 157,519 | $ | 146,275 |
Note_7_Borrowings_Tables
Note 7 - Borrowings (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||
September 30, | June 30, | ||||||||
2014 | 2014 | ||||||||
5.375% Senior Notes due 2015 | $ | 129,281 | $ | 129,255 | |||||
Capital leases and other | 1,855 | 1,657 | |||||||
Total debt | 131,136 | 130,912 | |||||||
Less current maturities | 560 | 501 | |||||||
Total long-term debt | $ | 130,576 | $ | 130,411 |
Note_10_Earnings_per_Share_Tab
Note 10 - Earnings per Share (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
Three months ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Weighted average common shares outstanding for basic calculation | 28,927 | 28,911 | |||||||
Effect of dilutive stock options and other share-based awards | 321 | 377 | |||||||
Weighted average common shares outstanding adjusted for dilution calculation | 29,248 | 29,288 |
Note_11_Accumulated_Other_Comp1
Note 11 - Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||
Foreign | Unrealized | ||||||||||||||||||
currency | gains and | ||||||||||||||||||
translation | Derivative | losses on | |||||||||||||||||
adjustments | instruments | investments | Total | ||||||||||||||||
Balance June 30, 2014 | $ | 670 | $ | (39 | ) | $ | 11 | $ | 642 | ||||||||||
Changes before reclassifications | $ | (855 | ) | $ | - | $ | (4 | ) | $ | (859 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income | $ | - | $ | 8 | $ | - | $ | 8 | |||||||||||
Current period other comprehensive income | $ | (855 | ) | $ | 8 | $ | (4 | ) | $ | (851 | ) | ||||||||
Balance September 30, 2014 | $ | (185 | ) | $ | (31 | ) | $ | 7 | $ | (209 | ) |
Note_12_Financial_Instruments_
Note 12 - Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
30-Sep-14 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Balance | ||||||||||||||
Cash equivalents | $ | 122,315 | $ | - | $ | - | $ | 122,315 | |||||||||
Available-for-sale securities | - | 12,878 | - | 12,878 | |||||||||||||
Total | $ | 122,315 | $ | 12,878 | $ | - | $ | 135,193 | |||||||||
30-Jun-14 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Balance | ||||||||||||||
Cash equivalents | $ | 117,683 | $ | - | $ | - | $ | 117,683 | |||||||||
Available-for-sale securities | - | 18,153 | - | 18,153 | |||||||||||||
Total | $ | 117,683 | $ | 18,153 | $ | - | $ | 135,836 | |||||||||
Available-for-sale Securities [Table Text Block] | ' | ||||||||||||||||
30-Sep-14 | |||||||||||||||||
Cost | Estimated Fair Value | ||||||||||||||||
Due in one year or less | $ | 13,119 | $ | 12,878 | |||||||||||||
Due after one year through five years | $ | - | $ | - | |||||||||||||
30-Jun-14 | |||||||||||||||||
Cost | Estimated Fair Value | ||||||||||||||||
Due in one year or less | $ | 16,049 | $ | 15,863 | |||||||||||||
Due after one year through five years | $ | 2,296 | $ | 2,290 |
Note_13_Segment_Information_Ta
Note 13 - Segment Information (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Note 13 - Segment Information (Tables) [Line Items] | ' | ||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | ' | ||||||||
Three months ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Case Goods | 36 | % | 35 | % | |||||
Upholstered Products | 46 | % | 47 | % | |||||
Home Accents and Other | 18 | % | 18 | % | |||||
100 | % | 100 | % | ||||||
Income Statement Section One [Member] | ' | ||||||||
Note 13 - Segment Information (Tables) [Line Items] | ' | ||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||
Three months ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Net sales: | |||||||||
Wholesale segment | $ | 124,600 | $ | 113,198 | |||||
Retail segment | 145,043 | 141,827 | |||||||
Elimination of inter-company sales | (78,937 | ) | (73,366 | ) | |||||
Consolidated Total | $ | 190,706 | $ | 181,659 | |||||
Operating income: | |||||||||
Wholesale segment | $ | 21,542 | $ | 16,132 | |||||
Retail segment | 1,762 | (204 | ) | ||||||
Adjustment of inter-company profit (1) | (2,834 | ) | 16 | ||||||
Consolidated Total | $ | 20,470 | $ | 15,944 | |||||
Depreciation & Amortization: | |||||||||
Wholesale segment | $ | 2,094 | $ | 1,891 | |||||
Retail segment | 2,625 | 2,398 | |||||||
Consolidated Total | $ | 4,719 | $ | 4,289 | |||||
Capital expenditures: | |||||||||
Wholesale segment | $ | 3,961 | $ | 1,474 | |||||
Retail segment | 1,449 | 1,831 | |||||||
Acquisitions | 1,991 | - | |||||||
Consolidated Total | $ | 7,401 | $ | 3,305 | |||||
Total Assets [Member] | ' | ||||||||
Note 13 - Segment Information (Tables) [Line Items] | ' | ||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||
September 30, | June 30, | ||||||||
2014 | 2014 | ||||||||
Total Assets: | |||||||||
Wholesale segment | $ | 343,085 | $ | 339,271 | |||||
Retail segment | 358,697 | 344,025 | |||||||
Inventory profit elimination (2) | (31,603 | ) | (28,862 | ) | |||||
Consolidated Total | $ | 670,179 | $ | 654,434 |
Note_15_Financial_Information_1
Note 15 - Financial Information About the Parent, the Issuer and the Guarantors (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||||||
Condensed Balance Sheet [Table Text Block] | ' | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | - | $ | 102,897 | $ | 7,517 | $ | 3,894 | $ | - | $ | 114,308 | |||||||||||||
Marketable securities | - | 12,878 | - | - | - | 12,878 | |||||||||||||||||||
Accounts receivable, net | - | 14,347 | 304 | - | - | 14,651 | |||||||||||||||||||
Inventories | - | - | 183,490 | 5,632 | (31,603 | ) | 157,519 | ||||||||||||||||||
Prepaid expenses and other current assets | - | 8,407 | 14,087 | 1,950 | - | 24,444 | |||||||||||||||||||
Intercompany receivables | - | 846,615 | 325,820 | (3,331 | ) | (1,169,104 | ) | - | |||||||||||||||||
Total current assets | - | 985,144 | 531,218 | 8,145 | (1,200,707 | ) | 323,800 | ||||||||||||||||||
Property, plant and equipment, net | - | 8,670 | 260,863 | 16,344 | - | 285,877 | |||||||||||||||||||
Goodwill and other intangible assets | - | 37,905 | 7,223 | - | - | 45,128 | |||||||||||||||||||
Restricted cash and investments | - | 8,007 | - | - | - | 8,007 | |||||||||||||||||||
Other assets | - | 4,990 | 1,705 | 672 | - | 7,367 | |||||||||||||||||||
Investment in affiliated companies | 742,283 | (105,855 | ) | - | - | (636,428 | ) | - | |||||||||||||||||
Total assets | $ | 742,283 | $ | 938,861 | $ | 801,009 | $ | 25,161 | $ | (1,837,135 | ) | $ | 670,179 | ||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Current maturities of long-term debt | $ | - | $ | - | $ | 560 | $ | - | $ | - | $ | 560 | |||||||||||||
Customer deposits | - | - | 62,888 | 3,139 | - | 66,027 | |||||||||||||||||||
Accounts payable | - | 3,805 | 16,006 | 240 | - | 20,051 | |||||||||||||||||||
Accrued expenses and other current liabilities | 3,604 | 36,962 | 15,591 | 1,781 | - | 57,938 | |||||||||||||||||||
Intercompany payables | 363,464 | (8,804 | ) | 783,438 | 31,006 | (1,169,104 | ) | - | |||||||||||||||||
Total current liabilities | 367,068 | 31,963 | 878,483 | 36,166 | (1,169,104 | ) | 144,576 | ||||||||||||||||||
Long-term debt | - | 129,281 | 1,295 | - | - | 130,576 | |||||||||||||||||||
Other long-term liabilities | - | 3,152 | 16,185 | 475 | - | 19,812 | |||||||||||||||||||
Total liabilities | 367,068 | 164,396 | 895,963 | 36,641 | (1,169,104 | ) | 294,964 | ||||||||||||||||||
Shareholders’ equity | 375,215 | 774,465 | (94,954 | ) | (11,480 | ) | (668,031 | ) | 375,215 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 742,283 | $ | 938,861 | $ | 801,009 | $ | 25,161 | $ | (1,837,135 | ) | $ | 670,179 | ||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | - | $ | 95,567 | $ | 10,347 | $ | 3,262 | $ | - | $ | 109,176 | |||||||||||||
Marketable securities | - | 18,153 | - | - | - | 18,153 | |||||||||||||||||||
Accounts receivable, net | - | 12,118 | 308 | - | - | 12,426 | |||||||||||||||||||
Inventories | - | - | 168,996 | 6,141 | (28,862 | ) | 146,275 | ||||||||||||||||||
Prepaid expenses and other current assets | - | 6,954 | 10,800 | 1,845 | - | 19,599 | |||||||||||||||||||
Intercompany receivables | - | 836,086 | 322,382 | (3,478 | ) | (1,154,990 | ) | - | |||||||||||||||||
Total current assets | - | 968,878 | 512,833 | 7,770 | (1,183,852 | ) | 305,629 | ||||||||||||||||||
Property, plant and equipment, net | - | 8,848 | 262,272 | 17,036 | - | 288,156 | |||||||||||||||||||
Goodwill and other intangible assets | - | 37,905 | 7,223 | - | - | 45,128 | |||||||||||||||||||
Restricted cash and investments | - | 8,507 | - | - | - | 8,507 | |||||||||||||||||||
Other assets | - | 4,620 | 1,647 | 747 | - | 7,014 | |||||||||||||||||||
Investment in affiliated companies | 731,003 | (107,050 | ) | - | - | (623,953 | ) | - | |||||||||||||||||
Total assets | $ | 731,003 | $ | 921,708 | $ | 783,975 | $ | 25,553 | $ | (1,807,805 | ) | $ | 654,434 | ||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Current maturities of long-term debt | $ | - | $ | - | $ | 501 | $ | - | $ | - | $ | 501 | |||||||||||||
Customer deposits | - | - | 55,810 | 3,874 | - | 59,684 | |||||||||||||||||||
Accounts payable | - | 6,423 | 17,699 | 198 | - | 24,320 | |||||||||||||||||||
Accrued expenses and other current liabilities | 3,013 | 30,656 | 16,292 | 1,581 | - | 51,542 | |||||||||||||||||||
Intercompany payables | 360,523 | (8,468 | ) | 773,850 | 29,085 | (1,154,990 | ) | - | |||||||||||||||||
Total current liabilities | 363,536 | 28,611 | 864,152 | 34,738 | (1,154,990 | ) | 136,047 | ||||||||||||||||||
Long-term debt | - | 129,255 | 1,156 | - | - | 130,411 | |||||||||||||||||||
Other long-term liabilities | - | 4,241 | 15,763 | 505 | - | 20,509 | |||||||||||||||||||
Total liabilities | 363,536 | 162,107 | 881,071 | 35,243 | (1,154,990 | ) | 286,967 | ||||||||||||||||||
Shareholders’ equity | 367,467 | 759,601 | (97,096 | ) | (9,690 | ) | (652,815 | ) | 367,467 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 731,003 | $ | 921,708 | $ | 783,975 | $ | 25,553 | $ | (1,807,805 | ) | $ | 654,434 | ||||||||||||
Condensed Income Statement [Table Text Block] | ' | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||||||
Net sales | $ | - | $ | 122,465 | $ | 200,493 | $ | 12,156 | $ | (144,408 | ) | $ | 190,706 | ||||||||||||
Cost of sales | - | 90,984 | 128,634 | 7,952 | (141,667 | ) | 85,903 | ||||||||||||||||||
Gross profit | - | 31,481 | 71,859 | 4,204 | (2,741 | ) | 104,803 | ||||||||||||||||||
Selling, general and administrative expenses | 45 | 10,741 | 68,466 | 5,081 | - | 84,333 | |||||||||||||||||||
Operating income (loss) | (45 | ) | 20,740 | 3,393 | (877 | ) | (2,741 | ) | 20,470 | ||||||||||||||||
Interest and other income (expense) | 11,924 | 1,315 | (1 | ) | 24 | (13,119 | ) | 143 | |||||||||||||||||
Interest and other related financing costs | - | 1,859 | 30 | - | - | 1,889 | |||||||||||||||||||
Income (loss) before income taxes | 11,879 | 20,196 | 3,362 | (853 | ) | (15,860 | ) | 18,724 | |||||||||||||||||
Income tax expense | - | 5,531 | 1,232 | 82 | - | 6,845 | |||||||||||||||||||
Net income/(loss) | $ | 11,879 | $ | 14,665 | $ | 2,130 | $ | (935 | ) | $ | (15,860 | ) | $ | 11,879 | |||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||||||
Net sales | $ | - | $ | 111,523 | $ | 194,828 | $ | 10,439 | $ | (135,131 | ) | $ | 181,659 | ||||||||||||
Cost of sales | - | 83,933 | 127,155 | 6,857 | (135,029 | ) | 82,916 | ||||||||||||||||||
Gross profit | - | 27,590 | 67,673 | 3,582 | (102 | ) | 98,743 | ||||||||||||||||||
Selling, general and administrative expenses | 45 | 9,632 | 68,165 | 4,957 | - | 82,799 | |||||||||||||||||||
Operating income (loss) | (45 | ) | 17,958 | (492 | ) | (1,375 | ) | (102 | ) | 15,944 | |||||||||||||||
Interest and other income (expense) | 9,079 | (1,868 | ) | - | (16 | ) | (7,113 | ) | 82 | ||||||||||||||||
Interest and other related financing costs | - | 1,851 | 22 | - | - | 1,873 | |||||||||||||||||||
Income (loss) before income taxes | 9,034 | 14,239 | (514 | ) | (1,391 | ) | (7,215 | ) | 14,153 | ||||||||||||||||
Income tax expense | - | 5,058 | 38 | 23 | - | 5,119 | |||||||||||||||||||
Net income/(loss) | $ | 9,034 | $ | 9,181 | $ | (552 | ) | $ | (1,414 | ) | $ | (7,215 | ) | $ | 9,034 | ||||||||||
Condensed Cash Flow Statement [Table Text Block] | ' | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 2,900 | $ | 1,030 | $ | 1,892 | $ | 986 | $ | - | $ | 6,808 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Capital expenditures | - | (276 | ) | (4,933 | ) | (201 | ) | - | (5,410 | ) | |||||||||||||||
Acquisitions | - | - | (1,991 | ) | - | - | (1,991 | ) | |||||||||||||||||
Proceeds from the disposal of property, plant and equipment | - | 953 | 2,352 | - | - | 3,305 | |||||||||||||||||||
Change in restricted cash and investments | - | 500 | - | - | - | 500 | |||||||||||||||||||
Sales of marketable securities | - | 5,075 | - | - | 5,075 | ||||||||||||||||||||
Other | - | 44 | - | - | - | 44 | |||||||||||||||||||
Net cash provided by (used in) investing activities | - | 6,296 | (4,572 | ) | (201 | ) | - | 1,523 | |||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Payments on long-term debt | - | - | (150 | ) | - | - | (150 | ) | |||||||||||||||||
Dividends paid | (2,900 | ) | - | - | - | - | (2,900 | ) | |||||||||||||||||
Other | - | 4 | - | - | - | 4 | |||||||||||||||||||
Net cash provided by (used in) financing activities | (2,900 | ) | 4 | (150 | ) | - | - | (3,046 | ) | ||||||||||||||||
Effect of exchange rate changes on cash | - | - | - | (153 | ) | - | (153 | ) | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | - | 7,330 | (2,830 | ) | 632 | - | 5,132 | ||||||||||||||||||
Cash and cash equivalents – beginning of period | - | 95,567 | 10,347 | 3,262 | - | 109,176 | |||||||||||||||||||
Cash and cash equivalents – end of period | $ | - | $ | 102,897 | $ | 7,517 | $ | 3,894 | $ | - | $ | 114,308 | |||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 2,477 | $ | 15,198 | $ | 2,707 | $ | 763 | $ | - | $ | 21,145 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Capital expenditures | - | (159 | ) | (2,994 | ) | (152 | ) | - | (3,305 | ) | |||||||||||||||
Acquisitions | - | - | - | - | - | - | |||||||||||||||||||
Proceeds from the disposal of property, plant and equipment | - | 18 | 752 | - | - | 770 | |||||||||||||||||||
Change in restricted cash and investments | - | 499 | - | - | - | 499 | |||||||||||||||||||
Purchases of marketable securities | - | (3,990 | ) | - | - | - | (3,990 | ) | |||||||||||||||||
Sales of marketable securities | - | 5,920 | - | - | - | 5,920 | |||||||||||||||||||
Other | - | 83 | - | - | - | 83 | |||||||||||||||||||
Net cash provided by (used in) investing activities | - | 2,371 | (2,242 | ) | (152 | ) | - | (23 | ) | ||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Payments on long-term debt | - | - | (118 | ) | - | - | (118 | ) | |||||||||||||||||
Dividends paid | (2,605 | ) | - | - | - | - | (2,605 | ) | |||||||||||||||||
Other | 128 | 12 | - | - | - | 140 | |||||||||||||||||||
Net cash provided by (used in) financing activities | (2,477 | ) | 12 | (118 | ) | - | - | (2,583 | ) | ||||||||||||||||
Effect of exchange rate changes on cash | - | - | - | 84 | - | 84 | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | - | 17,581 | 347 | 695 | - | 18,623 | |||||||||||||||||||
Cash and cash equivalents – beginning of period | - | 57,307 | 12,463 | 2,831 | - | 72,601 | |||||||||||||||||||
Cash and cash equivalents – end of period | $ | - | $ | 74,888 | $ | 12,810 | $ | 3,526 | $ | - | $ | 91,224 |
Note_3_Income_Taxes_Details
Note 3 - Income Taxes (Details) | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | 36.60% | 36.20% |
Note_4_Restricted_Cash_and_Inv1
Note 4 - Restricted Cash and Investments (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | ||
Note 4 - Restricted Cash and Investments (Details) [Line Items] | ' | ' |
Restricted Cash and Investments, Noncurrent | $8 | $8.50 |
Other Assets [Member] | ' | ' |
Note 4 - Restricted Cash and Investments (Details) [Line Items] | ' | ' |
Restricted Cash and Investments, Noncurrent | $8 | $8.50 |
Note_5_Marketable_Securities_D
Note 5 - Marketable Securities (Details) (USD $) | 3 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | |
Disclosure Text Block Supplement [Abstract] | ' | ' | ' |
Marketable Securities, Current | $12,878,000 | ' | $18,153,000 |
Marketable Securities, Gain (Loss) | $0 | $0 | ' |
Note_6_Inventories_Details_Inv
Note 6 - Inventories (Details) - Inventories Summary (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Inventories Summary [Abstract] | ' | ' |
Finished goods | $121,956 | $116,377 |
Work in process | 11,488 | 8,355 |
Raw materials | 26,879 | 24,347 |
Valuation allowance | -2,804 | -2,804 |
$157,519 | $146,275 |
Note_7_Borrowings_Details
Note 7 - Borrowings (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 27, 2005 | Sep. 30, 2014 | Sep. 27, 2005 | Jun. 30, 2014 |
In Millions, unless otherwise specified | Credit Facility Rights [Member] | Senior Notes [Member] | Senior Notes [Member] | |||
Note 7 - Borrowings (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | $200 | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.38% | 5.38% | ' | ' | 5.38% | ' |
Proceeds from Issuance of Senior Long-term Debt | ' | ' | ' | ' | 198.4 | ' |
Repayments of Senior Debt | ' | ' | ' | ' | ' | 70.6 |
Line of Credit Facility, Maximum Borrowing Capacity | 50 | 50 | ' | 100 | ' | ' |
Letters of Credit Outstanding, Amount | 0.6 | 0.6 | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | $49.40 | $49.40 | ' | ' | ' | ' |
Note_7_Borrowings_Details_Tota
Note 7 - Borrowings (Details) - Total Debt Obligations (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Total Debt Obligations [Abstract] | ' | ' |
5.375% Senior Notes due 2015 | $129,281 | $129,255 |
Capital leases and other | 1,855 | 1,657 |
Total debt | 131,136 | 130,912 |
Less current maturities | 560 | 501 |
Total long-term debt | $130,576 | $130,411 |
Note_7_Borrowings_Details_Tota1
Note 7 - Borrowings (Details) - Total Debt Obligations (Parentheticals) | Sep. 30, 2014 | Jun. 30, 2014 |
Total Debt Obligations [Abstract] | ' | ' |
Senior Notes due 2015, interest | 5.38% | 5.38% |
Note_9_ShareBased_Compensation1
Note 9 - Share-Based Compensation (Details) (USD $) | 3 Months Ended |
Sep. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 26,316 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $22.80 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $10.44 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 209,950 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Contractual Term | '10 years |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,544,512 |
Note_10_Earnings_per_Share_Det
Note 10 - Earnings per Share (Details) | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 541,508 | 489,549 |
Note_10_Earnings_per_Share_Det1
Note 10 - Earnings per Share (Details) - Calculation of Weighted Average Shares | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Calculation of Weighted Average Shares [Abstract] | ' | ' |
Weighted average common shares outstanding for basic calculation | 28,927 | 28,911 |
Effect of dilutive stock options and other share-based awards | 321 | 377 |
Weighted average common shares outstanding adjusted for dilution calculation | 29,248 | 29,288 |
Note_11_Accumulated_Other_Comp2
Note 11 - Accumulated Other Comprehensive Income (Details) - Activity in Accumulated Other Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance June 30, 2014 | $642 | ' |
Changes before reclassifications | -859 | ' |
Amounts reclassified from accumulated other comprehensive income | 8 | ' |
Current period other comprehensive income | -839 | 73 |
Balance September 30, 2014 | -209 | ' |
Accumulated Translation Adjustment [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance June 30, 2014 | 670 | ' |
Changes before reclassifications | -855 | ' |
Amounts reclassified from accumulated other comprehensive income | 0 | ' |
Current period other comprehensive income | -855 | ' |
Balance September 30, 2014 | -185 | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance June 30, 2014 | -39 | ' |
Changes before reclassifications | 0 | ' |
Amounts reclassified from accumulated other comprehensive income | 8 | ' |
Current period other comprehensive income | 8 | ' |
Balance September 30, 2014 | -31 | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance June 30, 2014 | 11 | ' |
Changes before reclassifications | -4 | ' |
Amounts reclassified from accumulated other comprehensive income | 0 | ' |
Current period other comprehensive income | -4 | ' |
Balance September 30, 2014 | $7 | ' |
Note_12_Financial_Instruments_1
Note 12 - Financial Instruments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | |
Disclosure Text Block Supplement [Abstract] | ' | ' | ' |
Restricted Cash and Investments, Noncurrent | $8,000,000 | ' | $8,500,000 |
Municipal Debt Securities, at Carrying Value | 12,900,000 | ' | 18,200,000 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 0 | ' | 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 0 | ' | ' |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 0 | ' | ' |
Impairment of Long-Lived Assets to be Disposed of | $0 | $0 | ' |
Note_12_Financial_Instruments_2
Note 12 - Financial Instruments (Details) - Assets and Liabilities Measureed at Fair Value (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Note 12 - Financial Instruments (Details) - Assets and Liabilities Measureed at Fair Value [Line Items] | ' | ' |
Cash equivalents | $122,315 | $117,683 |
Available-for-sale securities | 12,878 | 18,153 |
Total | 135,193 | 135,836 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 12 - Financial Instruments (Details) - Assets and Liabilities Measureed at Fair Value [Line Items] | ' | ' |
Cash equivalents | 122,315 | 117,683 |
Total | 122,315 | 117,683 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 12 - Financial Instruments (Details) - Assets and Liabilities Measureed at Fair Value [Line Items] | ' | ' |
Available-for-sale securities | 12,878 | 18,153 |
Total | $12,878 | $18,153 |
Note_12_Financial_Instruments_3
Note 12 - Financial Instruments (Details) - Contractual Maturities of Available-for-sale Investments (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Contractual Maturities of Available-for-sale Investments [Abstract] | ' | ' |
Due in one year or less | $13,119 | $16,049 |
Due in one year or less | 12,878 | 15,863 |
Due after one year through five years | 0 | 2,296 |
Due after one year through five years | $0 | $2,290 |
Note_13_Segment_Information_De
Note 13 - Segment Information (Details) | 3 Months Ended |
Sep. 30, 2014 | |
Segment Reporting [Abstract] | ' |
Number of Reportable Segments | 2 |
Note_13_Segment_Information_De1
Note 13 - Segment Information (Details) - Wholesale Sales by Product Line | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Wholesale sales, percentage | 100.00% | 100.00% |
Case Goods [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Wholesale sales, percentage | 36.00% | 35.00% |
Upholstered Products [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Wholesale sales, percentage | 46.00% | 47.00% |
Home Accessories And Other [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Wholesale sales, percentage | 18.00% | 18.00% |
Note_13_Segment_Information_De2
Note 13 - Segment Information (Details) - Income by Segment (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net Sales | $190,706 | $181,659 | ||
Operating Income | 20,470 | 15,944 | ||
Depreciation and Amortization | 4,719 | 4,289 | ||
Capital Expenditures | 7,401 | 3,305 | ||
Operating Segments [Member] | Wholesale Segment [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net Sales | 124,600 | 113,198 | ||
Operating Income | 21,542 | 16,132 | ||
Operating Segments [Member] | Retail Segment [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net Sales | 145,043 | 141,827 | ||
Operating Income | 1,762 | -204 | ||
Intersegment Eliminations [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net Sales | -78,937 | -73,366 | ||
Operating Income | -2,834 | [1] | 16 | [1] |
Wholesale Segment [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Depreciation and Amortization | 2,094 | 1,891 | ||
Capital Expenditures | 3,961 | 1,474 | ||
Retail Segment [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Depreciation and Amortization | 2,625 | 2,398 | ||
Capital Expenditures | 1,449 | 1,831 | ||
Acquisitions [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Capital Expenditures | $1,991 | ' | ||
[1] | Represents the change in wholesale profit contained in the retail segment inventory at the end of the period. |
Note_13_Segment_Information_De3
Note 13 - Segment Information (Details) - Assets by Segment (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | ||
In Thousands, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | $670,179 | $654,434 | ||
Wholesale Segment [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | 343,085 | 339,271 | ||
Retail Segment [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | 358,697 | 344,025 | ||
Inventory Profit Elimination [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | ($31,603) | [1] | ($28,862) | [1] |
[1] | Represents the wholesale profit contained in the retail segment inventory that has not yet been realized. These profits are realized when the related inventory is sold. |
Note_15_Financial_Information_2
Note 15 - Financial Information About the Parent, the Issuer and the Guarantors (Details) (USD $) | Sep. 27, 2005 |
In Millions, unless otherwise specified | |
Disclosure Text Block Supplement [Abstract] | ' |
Senior Notes | $200 |
Note_15_Financial_Information_3
Note 15 - Financial Information About the Parent, the Issuer and the Guarantors (Details) - Condensed Consolidating Balance Sheet (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $114,308 | $109,176 | $91,224 | $72,601 |
Marketable securities | 12,878 | 18,153 | ' | ' |
Inventories | 157,519 | 146,275 | ' | ' |
Prepaid expenses and other current assets | 24,444 | 19,599 | ' | ' |
Total current assets | 323,800 | 305,629 | ' | ' |
Property, plant and equipment, net | 285,877 | 288,156 | ' | ' |
Goodwill and other intangible assets | 45,128 | 45,128 | ' | ' |
Restricted cash and investments | 8,007 | 8,507 | ' | ' |
Total assets | 670,179 | 654,434 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | 560 | 501 | ' | ' |
Customer deposits | 66,027 | 59,684 | ' | ' |
Accounts payable | 20,051 | 24,320 | ' | ' |
Accrued expenses and other current liabilities | 34,037 | 23,833 | ' | ' |
Total current liabilities | 144,576 | 136,047 | ' | ' |
Long-term debt | 130,576 | 130,411 | ' | ' |
Other long-term liabilities | 19,812 | 20,509 | ' | ' |
Total liabilities | 294,964 | 286,967 | ' | ' |
Shareholdersb equity | 374,951 | 367,215 | ' | ' |
Total liabilities and shareholdersb equity | 670,179 | 654,434 | ' | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Inventories | -31,603 | -28,862 | ' | ' |
Intercompany receivables | -1,169,104 | -1,154,990 | ' | ' |
Total current assets | -1,200,707 | -1,183,852 | ' | ' |
Investment in affiliated companies | -636,428 | -623,953 | ' | ' |
Total assets | -1,837,135 | -1,807,805 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Intercompany payables | -1,169,104 | -1,154,990 | ' | ' |
Total current liabilities | -1,169,104 | -1,154,990 | ' | ' |
Total liabilities | -1,169,104 | -1,154,990 | ' | ' |
Shareholdersb equity | -668,031 | -652,815 | ' | ' |
Total liabilities and shareholdersb equity | -1,837,135 | -1,807,805 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Investment in affiliated companies | 742,283 | 731,003 | ' | ' |
Total assets | 742,283 | 731,003 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accrued expenses and other current liabilities | 3,604 | 3,013 | ' | ' |
Intercompany payables | 363,464 | 360,523 | ' | ' |
Total current liabilities | 367,068 | 363,536 | ' | ' |
Total liabilities | 367,068 | 363,536 | ' | ' |
Shareholdersb equity | 375,215 | 367,467 | ' | ' |
Total liabilities and shareholdersb equity | 742,283 | 731,003 | ' | ' |
Subsidiary Issuer [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 102,897 | 95,567 | 74,888 | 57,307 |
Marketable securities | 12,878 | 18,153 | ' | ' |
Accounts receivable, net | 14,347 | 12,118 | ' | ' |
Prepaid expenses and other current assets | 8,407 | 6,954 | ' | ' |
Intercompany receivables | 846,615 | 836,086 | ' | ' |
Total current assets | 985,144 | 968,878 | ' | ' |
Property, plant and equipment, net | 8,670 | 8,848 | ' | ' |
Goodwill and other intangible assets | 37,905 | 37,905 | ' | ' |
Restricted cash and investments | 8,007 | 8,507 | ' | ' |
Other assets | 4,990 | 4,620 | ' | ' |
Investment in affiliated companies | -105,855 | -107,050 | ' | ' |
Total assets | 938,861 | 921,708 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 3,805 | 6,423 | ' | ' |
Accrued expenses and other current liabilities | 36,962 | 30,656 | ' | ' |
Intercompany payables | -8,804 | -8,468 | ' | ' |
Total current liabilities | 31,963 | 28,611 | ' | ' |
Long-term debt | 129,281 | 129,255 | ' | ' |
Other long-term liabilities | 3,152 | 4,241 | ' | ' |
Total liabilities | 164,396 | 162,107 | ' | ' |
Shareholdersb equity | 774,465 | 759,601 | ' | ' |
Total liabilities and shareholdersb equity | 938,861 | 921,708 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 7,517 | 10,347 | 12,810 | 12,463 |
Accounts receivable, net | 304 | 308 | ' | ' |
Inventories | 183,490 | 168,996 | ' | ' |
Prepaid expenses and other current assets | 14,087 | 10,800 | ' | ' |
Intercompany receivables | 325,820 | 322,382 | ' | ' |
Total current assets | 531,218 | 512,833 | ' | ' |
Property, plant and equipment, net | 260,863 | 262,272 | ' | ' |
Goodwill and other intangible assets | 7,223 | 7,223 | ' | ' |
Other assets | 1,705 | 1,647 | ' | ' |
Total assets | 801,009 | 783,975 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | 560 | 501 | ' | ' |
Customer deposits | 62,888 | 55,810 | ' | ' |
Accounts payable | 16,006 | 17,699 | ' | ' |
Accrued expenses and other current liabilities | 15,591 | 16,292 | ' | ' |
Intercompany payables | 783,438 | 773,850 | ' | ' |
Total current liabilities | 878,483 | 864,152 | ' | ' |
Long-term debt | 1,295 | 1,156 | ' | ' |
Other long-term liabilities | 16,185 | 15,763 | ' | ' |
Total liabilities | 895,963 | 881,071 | ' | ' |
Shareholdersb equity | -94,954 | -97,096 | ' | ' |
Total liabilities and shareholdersb equity | 801,009 | 783,975 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 3,894 | 3,262 | 3,526 | 2,831 |
Inventories | 5,632 | 6,141 | ' | ' |
Prepaid expenses and other current assets | 1,950 | 1,845 | ' | ' |
Intercompany receivables | -3,331 | -3,478 | ' | ' |
Total current assets | 8,145 | 7,770 | ' | ' |
Property, plant and equipment, net | 16,344 | 17,036 | ' | ' |
Other assets | 672 | 747 | ' | ' |
Total assets | 25,161 | 25,553 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Customer deposits | 3,139 | 3,874 | ' | ' |
Accounts payable | 240 | 198 | ' | ' |
Accrued expenses and other current liabilities | 1,781 | 1,581 | ' | ' |
Intercompany payables | 31,006 | 29,085 | ' | ' |
Total current liabilities | 36,166 | 34,738 | ' | ' |
Other long-term liabilities | 475 | 505 | ' | ' |
Total liabilities | 36,641 | 35,243 | ' | ' |
Shareholdersb equity | -11,480 | -9,690 | ' | ' |
Total liabilities and shareholdersb equity | 25,161 | 25,553 | ' | ' |
Consolidated Entities [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 114,308 | 109,176 | 91,224 | 72,601 |
Marketable securities | 12,878 | 18,153 | ' | ' |
Accounts receivable, net | 14,651 | 12,426 | ' | ' |
Inventories | 157,519 | 146,275 | ' | ' |
Prepaid expenses and other current assets | 24,444 | 19,599 | ' | ' |
Total current assets | 323,800 | 305,629 | ' | ' |
Property, plant and equipment, net | 285,877 | 288,156 | ' | ' |
Goodwill and other intangible assets | 45,128 | 45,128 | ' | ' |
Restricted cash and investments | 8,007 | 8,507 | ' | ' |
Other assets | 7,367 | 7,014 | ' | ' |
Total assets | 670,179 | 654,434 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | 560 | 501 | ' | ' |
Customer deposits | 66,027 | 59,684 | ' | ' |
Accounts payable | 20,051 | 24,320 | ' | ' |
Accrued expenses and other current liabilities | 57,938 | 51,542 | ' | ' |
Total current liabilities | 144,576 | 136,047 | ' | ' |
Long-term debt | 130,576 | 130,411 | ' | ' |
Other long-term liabilities | 19,812 | 20,509 | ' | ' |
Total liabilities | 294,964 | 286,967 | ' | ' |
Shareholdersb equity | 375,215 | 367,467 | ' | ' |
Total liabilities and shareholdersb equity | $670,179 | $654,434 | ' | ' |
Note_15_Financial_Information_4
Note 15 - Financial Information About the Parent, the Issuer and the Guarantors (Details) - Condensed Consolidating Statement of Operations (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Income Statements, Captions [Line Items] | ' | ' |
Net sales | $190,706 | $181,659 |
Cost of sales | 85,903 | 82,916 |
Gross profit | 104,803 | 98,743 |
Selling, general and administrative expenses | 84,333 | 82,799 |
Operating income (loss) | 20,470 | 15,944 |
Interest and other miscellaneous income, net | 143 | 82 |
Interest and other related financing costs | 1,889 | 1,873 |
Income tax expense (benefit) | 6,845 | 5,119 |
Net income/(loss) | 11,879 | 9,034 |
Consolidation, Eliminations [Member] | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' |
Net sales | -144,408 | -135,131 |
Cost of sales | -141,667 | -135,029 |
Gross profit | -2,741 | -102 |
Operating income (loss) | -2,741 | -102 |
Interest and other miscellaneous income, net | -13,119 | -7,113 |
Income before income tax expense | -15,860 | -7,215 |
Net income/(loss) | -15,860 | -7,215 |
Parent Company [Member] | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' |
Selling, general and administrative expenses | 45 | 45 |
Operating income (loss) | -45 | -45 |
Interest and other miscellaneous income, net | 11,924 | 9,079 |
Income before income tax expense | 11,879 | 9,034 |
Net income/(loss) | 11,879 | 9,034 |
Subsidiary Issuer [Member] | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' |
Net sales | 122,465 | 111,523 |
Cost of sales | 90,984 | 83,933 |
Gross profit | 31,481 | 27,590 |
Selling, general and administrative expenses | 10,741 | 9,632 |
Operating income (loss) | 20,740 | 17,958 |
Interest and other miscellaneous income, net | 1,315 | -1,868 |
Interest and other related financing costs | 1,859 | 1,851 |
Income before income tax expense | 20,196 | 14,239 |
Income tax expense (benefit) | 5,531 | 5,058 |
Net income/(loss) | 14,665 | 9,181 |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' |
Net sales | 200,493 | 194,828 |
Cost of sales | 128,634 | 127,155 |
Gross profit | 71,859 | 67,673 |
Selling, general and administrative expenses | 68,466 | 68,165 |
Operating income (loss) | 3,393 | -492 |
Interest and other miscellaneous income, net | -1 | ' |
Interest and other related financing costs | 30 | 22 |
Income before income tax expense | 3,362 | -514 |
Income tax expense (benefit) | 1,232 | 38 |
Net income/(loss) | 2,130 | -552 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' |
Net sales | 12,156 | 10,439 |
Cost of sales | 7,952 | 6,857 |
Gross profit | 4,204 | 3,582 |
Selling, general and administrative expenses | 5,081 | 4,957 |
Operating income (loss) | -877 | -1,375 |
Interest and other miscellaneous income, net | 24 | -16 |
Income before income tax expense | -853 | -1,391 |
Income tax expense (benefit) | 82 | 23 |
Net income/(loss) | -935 | -1,414 |
Consolidated Entities [Member] | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' |
Net sales | 190,706 | 181,659 |
Cost of sales | 85,903 | 82,916 |
Gross profit | 104,803 | 98,743 |
Selling, general and administrative expenses | 84,333 | 82,799 |
Operating income (loss) | 20,470 | 15,944 |
Interest and other miscellaneous income, net | 143 | 82 |
Interest and other related financing costs | 1,889 | 1,873 |
Income before income tax expense | 18,724 | 14,153 |
Income tax expense (benefit) | 6,845 | 5,119 |
Net income/(loss) | $11,879 | $9,034 |
Note_15_Financial_Information_5
Note 15 - Financial Information About the Parent, the Issuer and the Guarantors (Details) - Condensed Consolidating Statement of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | $6,808 | $21,145 |
Cash flows from investing activities: | ' | ' |
Acquisitions | 1,991 | ' |
Proceeds from the disposal of property, plant and equipment | 3,305 | 770 |
Change in restricted cash and investments | -500 | -499 |
Purchases of marketable securities | ' | 3,990 |
Sales of marketable securities | 5,075 | 5,920 |
Other | -44 | -83 |
Net cash provided by (used in) investing activities | 1,523 | -23 |
Cash flows from financing activities: | ' | ' |
Payments on long-term debt | 150 | 118 |
Dividends paid | 2,900 | 2,605 |
Other | 4 | 140 |
Net cash provided by (used in) financing activities | -3,046 | -2,583 |
Effect of exchange rate changes on cash | -153 | 84 |
Net increase (decrease) in cash and cash equivalents | 5,132 | 18,623 |
Cash & cash equivalents at beginning of period | 109,176 | 72,601 |
Cash & cash equivalents at end of period | 114,308 | 91,224 |
Parent Company [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 2,900 | 2,477 |
Cash flows from financing activities: | ' | ' |
Dividends paid | -2,900 | -2,605 |
Other | ' | 128 |
Net cash provided by (used in) financing activities | -2,900 | -2,477 |
Subsidiary Issuer [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 1,030 | 15,198 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -276 | -159 |
Proceeds from the disposal of property, plant and equipment | 953 | 18 |
Change in restricted cash and investments | 500 | 499 |
Purchases of marketable securities | ' | -3,990 |
Sales of marketable securities | 5,075 | 5,920 |
Other | 44 | 83 |
Net cash provided by (used in) investing activities | 6,296 | 2,371 |
Cash flows from financing activities: | ' | ' |
Other | 4 | 12 |
Net cash provided by (used in) financing activities | 4 | 12 |
Net increase (decrease) in cash and cash equivalents | 7,330 | 17,581 |
Cash & cash equivalents at beginning of period | 95,567 | 57,307 |
Cash & cash equivalents at end of period | 102,897 | 74,888 |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 1,892 | 2,707 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -4,933 | -2,994 |
Acquisitions | -1,991 | ' |
Proceeds from the disposal of property, plant and equipment | 2,352 | 752 |
Net cash provided by (used in) investing activities | -4,572 | -2,242 |
Cash flows from financing activities: | ' | ' |
Payments on long-term debt | -150 | -118 |
Net cash provided by (used in) financing activities | -150 | -118 |
Net increase (decrease) in cash and cash equivalents | -2,830 | 347 |
Cash & cash equivalents at beginning of period | 10,347 | 12,463 |
Cash & cash equivalents at end of period | 7,517 | 12,810 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 986 | 763 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -201 | -152 |
Net cash provided by (used in) investing activities | -201 | -152 |
Cash flows from financing activities: | ' | ' |
Effect of exchange rate changes on cash | -153 | 84 |
Net increase (decrease) in cash and cash equivalents | 632 | 695 |
Cash & cash equivalents at beginning of period | 3,262 | 2,831 |
Cash & cash equivalents at end of period | 3,894 | 3,526 |
Consolidated Entities [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 6,808 | 21,145 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -5,410 | -3,305 |
Acquisitions | -1,991 | ' |
Proceeds from the disposal of property, plant and equipment | 3,305 | 770 |
Change in restricted cash and investments | 500 | 499 |
Purchases of marketable securities | ' | -3,990 |
Sales of marketable securities | 5,075 | 5,920 |
Other | 44 | 83 |
Net cash provided by (used in) investing activities | 1,523 | -23 |
Cash flows from financing activities: | ' | ' |
Payments on long-term debt | -150 | -118 |
Dividends paid | -2,900 | -2,605 |
Other | 4 | 140 |
Net cash provided by (used in) financing activities | -3,046 | -2,583 |
Effect of exchange rate changes on cash | -153 | 84 |
Net increase (decrease) in cash and cash equivalents | 5,132 | 18,623 |
Cash & cash equivalents at beginning of period | 109,176 | 72,601 |
Cash & cash equivalents at end of period | $114,308 | $91,224 |
Note_16_Subsequent_Events_Deta
Note 16 - Subsequent Events (Details) (USD $) | 3 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 | Oct. 21, 2014 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Minimum Availability Needed to Avoid Re-Triggering Fixed Charge Coverage Ratio Covenant [Member] | |||
Average Availability Option A [Member] | Average Availability Option A [Member] | Average Availability Option B [Member] | Average Availability Option B [Member] | Average Availability Option B [Member] | Rent Adjusted Leverage Ratio Option A [Member] | Rent Adjusted Leverage Ratio Option A [Member] | Rent Adjusted Leverage Ration Option B [Member] | Minimum Fixed Charge Coverage Ratio for Year One [Member] | Minimum Fixed Charge Coverage Ratio Thereafter [Member] | Minimum Fixed Charge Coverage Ratio for Covenant to Cease to Apply [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Term Loan [Member] | |||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Additional Margin on Variable Rate Option [Member] | Additional Margin on Variable Rate Option [Member] | Additional Margin on Variable Rate Option [Member] | Additional Margin on Variable Rate Option [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Federal Funds Effective Swap Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Federal Funds Effective Swap Rate [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | |||||||||||||||||
Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | |||||||||||||||||||||||||
Note 16 - Subsequent Events (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | $50 | $50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100 | $50 | ' | ' | ' | $150 | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 1.75% | 1.50% | 1.00% | 1.00% | 0.50% | 2.25% | 1.75% | 0.50% | ' | ' | ' | 1.25% | 0.75% | ' | 0.75% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 0.15% | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | 1.50% | ' | ' | ' |
Debt Instrument, Covenant, Percentage of Total Revolving Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | 15.00% |
Debt Instrument, Amortization Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed Charge Coverage Ratio | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1.1 | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Covenant, Fixed Charge Coverage Ratio, Maximum Outstanding Term Loans (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |