Ethan Allen Interiors (ETD) 10-Q 26 Jan 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Dec. 31, 2016	Jan. 20, 2017
Document Information [Line Items]
Entity Registrant Name	ETHAN ALLEN INTERIORS INC
Entity Central Index Key	896,156
Trading Symbol	eth
Current Fiscal Year End Date	--06-30
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding (in shares)		27,690,177
Document Type	10-Q
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Current assets:
Cash and cash equivalents	$ 57,149	$ 52,659
Accounts receivable, less allowance for doubtful accounts of $1,557 at December 31, 2016 and $1,639 at June 30, 2016	8,773	9,467
Inventories	160,384	162,323
Prepaid expenses and other current assets	22,110	23,755
Total current assets	248,416	248,204
Property, plant and equipment, net	271,147	273,615
Goodwill and other intangible assets	45,128	45,128
Restricted cash and investments	7,308	7,820
Other assets	2,506	2,642
Total assets	574,505	577,409
Current liabilities:
Current maturities of long-term debt	2,810	3,001
Customer Deposits	55,297	60,958
Accounts payable	12,969	15,437
Accrued compensation and benefits	21,184	22,067
Accrued expenses and other current liabilities	19,548	21,884
Total current liabilities	111,808	123,347
Long-term debt	37,533	38,837
Other long-term liabilities	23,680	23,023
Total liabilities	173,021	185,207
Shareholders' equity:
Common stock	490	489
Additional paid-in-capital	377,634	374,972
Less: Treasury stock (at cost)	(628,300)	(624,932)
Retained earnings	658,536	646,315
Accumulated other comprehensive income (loss)	(7,057)	(4,846)
Total Ethan Allen Interiors Inc. shareholders' equity	401,303	391,998
Noncontrolling interests	181	204
Total shareholders' equity	401,484	392,202
Total liabilities and shareholders' equity	$ 574,505	$ 577,409

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Accounts receivable, allowance for doubtful accounts	$ 1,557	$ 1,639

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Net sales	$ 194,672	$ 207,535	$ 387,959	$ 397,926
Cost of sales	86,548	91,477	171,368	177,195
Gross profit	108,124	116,058	216,591	220,731
Selling, general and administrative expenses	91,030	89,551	181,160	173,324
Operating income	17,094	26,507	35,431	47,407
Interest and other income (expense)	182	49	325	175
Interest and other related financing costs	324	431	647	887
Income before income taxes	16,952	26,125	35,109	46,695
Income tax expense	6,252	9,591	12,880	17,014
Net income	$ 10,700	$ 16,534	$ 22,229	$ 29,681
Basic earnings per common share:
Net income per basic share (in dollars per share)	$ 0.39	$ 0.58	$ 0.80	$ 1.05
Basic weighted average common shares (in shares)	27,666	28,304	27,696	28,357
Diluted earnings per common share:
Net income per diluted share (in dollars per share)	$ 0.38	$ 0.58	$ 0.79	$ 1.04
Diluted weighted average common shares (in shares)	27,945	28,537	27,979	28,605
Comprehensive income:
Net income	$ 10,700	$ 16,534	$ 22,229	$ 29,681
Other comprehensive income
Currency translation adjustment	(1,281)	(411)	(2,211)	(1,395)
Other	(11)	8	(23)	14
Other comprehensive income (loss) net of tax	(1,292)	(403)	(2,234)	(1,381)
Comprehensive income	$ 9,408	$ 16,131	$ 19,995	$ 28,300

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Operating activities:
Net income	$ 22,229	$ 29,681
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,999	9,589
Compensation expense related to share-based payment awards	1,582	914
Provision (benefit) for deferred income taxes	371	996
(Gain) loss on disposal of property, plant and equipment	864	(1,249)
Other	(319)	(850)
Change in operating assets and liabilities, net of effects of acquired businesses:
Accounts receivable	694	2,488
Inventories	1,939	(5,582)
Prepaid and other current assets	639	3,780
Customer Deposits	(5,661)	(8,578)
Accounts payable	(2,468)	(2,721)
Accrued expenses and other current liabilities	(3,724)	(8,539)
Other assets and liabilities	1,330	1,110
Net cash provided by operating activities	27,475	21,039
Investing activities:
Proceeds from the disposal of property, plant & equipment	1,258	1,872
Change in restricted cash and investments	512	204
Capital expenditures	(11,254)	(7,374)
Sales of marketable securities		2,150
Other investing activities	97	93
Net cash provided by (used in) investing activities	(9,387)	(3,055)
Financing activities:
Payments on long-term debt and capital lease obligations	(1,745)	(18,225)
Purchases and retirements of company stock	(3,368)	(11,433)
Payment of cash dividends	(9,460)	(7,984)
Other financing activities	1,098	825
Net cash provided by (used in) financing activities	(13,475)	(36,817)
Effect of exchange rate changes on cash	(123)	(318)
Net increase (decrease) in cash & cash equivalents	4,490	(19,151)
Cash & cash equivalents at beginning of period	52,659	76,182
Cash & cash equivalents at end of period	$ 57,149	$ 57,031

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - 6 months ended Dec. 31, 2016 - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
Balance at Jun. 30, 2016	$ 489	$ 374,972	$ (624,932)	$ (4,846)	$ 646,315	$ 204	$ 392,202
Stock issued on share-based awards	1	1,038					1,039
Compensation expense associated with share-based awards		1,582					1,582
Tax benefit associated with exercise of share based awards		42					42
Purchase/retirement of company stock			(3,368)				(3,368)
Dividends declared on common stock					(10,008)		(10,008)
Comprehensive income				(2,211)	22,229	(23)	19,995
Balance at Dec. 31, 2016	$ 490	$ 377,634	$ (628,300)	$ (7,057)	$ 658,536	$ 181	$ 401,484

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
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. 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.

Note 2 - Interim Financial Pres

Note 2 - Interim Financial Presentation	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
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 six December 31, 2016 may 10 June 30, 2016.

Note 3 - Income Taxes

Note 3 - Income Taxes	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
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 December 31, 2016, 2009 2014. may twelve may twelve twelve The Company’s consolidated effective tax rate was 36.9% 36.7% three six December 31, 2016 36.7% 36.4% three six December 31, 2015.

Note 4 - Restricted Cash and In

Note 4 - Restricted Cash and Investments	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Restricted Assets Disclosure [Text Block]	(4) Restricted Cash and Investments At December 31, 2016 June 30, 2016, $7.3 $7.8 one 11,

Note 5 - Inventories

Note 5 - Inventories	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	(5) Inventories Inventories at December 31, 2016 June 30, 2016 December 31, June 30, 2016 2016 Finished goods $ 122,693 $ 129,627 Work in process 11,287 9,497 Raw materials 28,744 27,554 Valuation allowance (2,340 ) (4,355 ) Inventories $ 160,384 $ 162,323

Note 6 - Borrowings

Note 6 - Borrowings	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	(6) Borrowings Total debt obligations at December 31, 2016 June 30, 2016 December 31, June 30, 2016 2016 Revolving Credit Facility due 10/21/2019 $ 25,000 $ 25,000 Term Loan due 10/21/2019 15,000 16,167 Capital leases 1,077 1,560 Total debt obligations 41,077 42,727 Unamortized debt issuance costs (734 ) (889 ) Total debt 40,343 41,838 Less current maturities 2,810 3,001 Total long-term $ 37,533 $ 38,837 The Company entered into a five $150 October 21, 2014, October 21, 2019, $35 $115 $1.5 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% 1.75%, 0.50%, 1.0% 0.5% 0.75%. December 31, 2016 2.3125%. 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) LIBOR plus 1.75% 2.25%, 0.50%, 1.0% 0.75% 1.25%. December 31, 2016 2.5625%. The Company pays a commitment fee of 0.15% 0.25% 1.5% 1.75% 20% Quarterly installments of principal on the term loan are payable based on a straight line 15 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 The Facility includes a covenant that requires the Company to maintain a minimum fixed charge coverage ratio of 1.1 1.0 $17.5 1.25 1.0, 15% The Company intends to use the Facility for working capital and general corporate purposes, including dividend payments and share repurchases. At December 31, 2016 June 30, 2016, $0.1 $0.2 $89.9 December 31, 2016 $89.8 June 30, 2016. At both December 31, 2016 June 30, 2016, The following table summarizes, as of December 31, 2016, six 2017, five June 30, 2017, Periods ending June 30, 2017 $ 1,575 2018 2,838 2019 2,420 2020 34,237 2021 7 2022 and thereafter - Total scheduled debt payments $ 41,077

Note 7 - Litigation

Note 7 - Litigation	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	(7) Litigation We are routinely party to various legal proceedings, including 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 Regulations issued under the Clean Air Act Amendments of 1990 On a quarterly basis, we review our litigation activities and determine if an unfavorable outcome to us is considered “remote”, “reasonably possible” or “probable” as defined by U.S. GAAP. Where we determine an unfavorable outcome is probable and is reasonably estimable, we accrue for potential litigation losses. The liability we may may 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, individually or in the aggregate, will have a material adverse effect on our financial position, results of operations or cash flows.

Note 8 - Share-based Compensati

Note 8 - Share-based Compensation	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	(8) Share-Based Compensation All options are issued at the closing stock price on each grant date, and have a contractual term of 10 six December 31, 2016 Shares Outstanding as of June 30, 2016 907,073 Activity during the six months ended December 31, 2016 Granted 20,153 Exercised (51,749 ) Canceled (forfeited/expired) (13,460 ) Outstanding as of December 31, 2016 862,017 Exerciseable as of December 31, 2016 524,948 A summary of stock unit activity occurring during the six December 31, 2016 Weighted Average Grant Date Units Fair Value Non-vested units at June 30, 2016 218,050 $ 24.53 Granted 81,250 29.92 Vested - - Canceled (forfeited/expired) - - Non-vested units at December 31, 2016 299,300 25.99 At December 31, 2016, 1,253,264

Note 9 - Earnings Per Share

Note 9 - Earnings Per Share	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	(9) Earnings Per Share Basic and diluted earnings per share are calculated using the following weighted average share data (in thousands): Three months ended Six months ended December 31, December 31, 2016 2015 2016 2015 Weighted average shares of common stock outstanding for basic calculation 27,666 28,304 27,696 28,357 Effect of dilutive stock options and other share-based awards 279 233 283 248 Weighted average shares of common stock outstanding adjusted for dilution calculation 27,945 28,537 27,979 28,605 As of December 31, 2016 2015, 464,495 667,656

Note 10 - Accumulated Other Com

Note 10 - Accumulated Other Comprehensive Income	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	(10) Accumulated Other Comprehensive Income Accumulated other comprehensive income consists of foreign currency translation adjustments which 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 table following sets forth the activity in accumulated other comprehensive income (loss) for the period ended December 31, 2016 Balance June 30, 2016 $ (4,846 ) Changes before reclassifications $ (2,211 ) Amounts reclassified from accumulated other comprehensive income $ - Current period other comprehensive income (loss) $ (2,211 ) Balance December 31, 2016 $ (7,057 )

Note 11 - Fair Value Measuremen

Note 11 - Fair Value Measurements	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	(11) 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 three Level 1 Level 2 Level 3 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 December 31, 2016 June 30, 2016 December 31, 2016 Level 1 Level 2 Level 3 Balance Cash equivalents $ 64,457 $ - $ - $ 64,457 Total $ 64,457 $ - $ - $ 64,457 June 30, 2016 Level 1 Level 2 Level 3 Balance Cash equivalents $ 60,479 $ - $ - $ 60,479 Total $ 60,479 $ - $ - $ 60,479 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 2 first six 2017 2016. December 31, 2016 June 30, 2016, $7.3 $7.8 No investments have been in a continuous loss position for more than one no 4, 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 other-than-temporarily impaired. During the six December 31, 2016,

Note 12 - Segment Information

Note 12 - Segment Information	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	(12) Segment Information Our operations are classified into two 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 and online through ethanallen.com. 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 each segment, we maintain revenue information according to each respective product line (i.e. case goods, upholstery, or home accents and other). The proportion of wholesale segment sales by these product lines for the three six December 31, 2016 2015 Three months ended Six months ended December 31, December 31, 2016 2015 2016 2015 Case Goods 32 % 33 % 32 % 33 % Upholstered Products 50 % 50 % 51 % 50 % Home Accents and Other 18 % 17 % 17 % 17 % 100 % 100 % 100 % 100 % The proportion of retail segment sales by these product lines for the three six December 31, 2016 2015 Three months ended Six months ended December 31, December 31, 2016 2015 2016 2015 Case Goods 31 % 30 % 30 % 30 % Upholstered Products 48 % 48 % 49 % 47 % Home Accents and Other 21 % 22 % 21 % 23 % 100 % 100 % 100 % 100 % Segment information for the three six December 31, 2016 2015 Three months ended Six months ended December 31, December 31, 2016 2015 2016 2015 Net sales: Wholesale segment $ 113,693 $ 126,413 $ 228,257 $ 246,868 Retail segment 156,292 164,703 308,547 $ 310,743 Elimination of inter-company sales (75,313 ) (83,581 ) (148,845 ) (159,685 ) Consolidated Total $ 194,672 $ 207,535 $ 387,959 $ 397,926 Operating income: Wholesale segment $ 14,179 $ 19,690 $ 30,670 $ 40,277 Retail segment 2,147 6,689 3,170 8,329 Adjustment of inter-company profit (1) 768 128 1,591 (1,199 ) Consolidated Total $ 17,094 $ 26,507 $ 35,431 $ 47,407 Depreciation & Amortization: Wholesale segment $ 1,869 $ 1,909 $ 3,779 $ 3,820 Retail segment 3,131 2,897 6,220 5,769 Consolidated Total $ 5,000 $ 4,806 $ 9,999 $ 9,589 Capital expenditures: Wholesale segment $ 1,944 $ 2,340 $ 5,583 $ 3,856 Retail segment 1,870 1,896 5,671 3,518 Acquisitions - - - - Consolidated Total $ 3,814 $ 4,236 $ 11,254 $ 7,374 December 31, June 30, 2016 2016 Total Assets: Wholesale segment $ 277,139 $ 271,116 Retail segment 328,905 339,942 Inventory profit elimination (2) (31,539 ) (33,649 ) Consolidated Total $ 574,505 $ 577,409 (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 13 - Recently Issued Accou

Note 13 - Recently Issued Accounting Pronouncements	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	(13) Recently Issued Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers July 1, 2018, July 1, 2018. In July 2015, 2015 11 , Inventory (Topic 330): July 1, 2017. July 1, 2017. In November 2015, 2015 17, Balance Sheet Classification of Deferred Taxes July 1, 2017, July 1, 2017. In February 2016, 2016 02, Leases twelve July 1, 2019, July 1, 2019. In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting 718, July 1, 2017, July 1, 2017. In November 2016, 2016 18, Statement of Cash Flows (Topic 230): July 1, 2018, July 1, 2018.

Note 14 - Subsequent Events

Note 14 - Subsequent Events	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Subsequent Events [Text Block]	(14) Subsequent Events None

Note 5 - Inventories (Tables)

Note 5 - Inventories (Tables)	6 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	December 31, June 30, 2016 2016 Finished goods $ 122,693 $ 129,627 Work in process 11,287 9,497 Raw materials 28,744 27,554 Valuation allowance (2,340 ) (4,355 ) Inventories $ 160,384 $ 162,323

Note 6 - Borrowings (Tables)

Note 6 - Borrowings (Tables)	6 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Debt [Table Text Block]	December 31, June 30, 2016 2016 Revolving Credit Facility due 10/21/2019 $ 25,000 $ 25,000 Term Loan due 10/21/2019 15,000 16,167 Capital leases 1,077 1,560 Total debt obligations 41,077 42,727 Unamortized debt issuance costs (734 ) (889 ) Total debt 40,343 41,838 Less current maturities 2,810 3,001 Total long-term $ 37,533 $ 38,837
Schedule of Maturities of Long-term Debt [Table Text Block]	Periods ending June 30, 2017 $ 1,575 2018 2,838 2019 2,420 2020 34,237 2021 7 2022 and thereafter - Total scheduled debt payments $ 41,077

Note 8 - Share-based Compensa23

Note 8 - Share-based Compensation (Tables)	6 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Shares Outstanding as of June 30, 2016 907,073 Activity during the six months ended December 31, 2016 Granted 20,153 Exercised (51,749 ) Canceled (forfeited/expired) (13,460 ) Outstanding as of December 31, 2016 862,017 Exerciseable as of December 31, 2016 524,948
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	Weighted Average Grant Date Units Fair Value Non-vested units at June 30, 2016 218,050 $ 24.53 Granted 81,250 29.92 Vested - - Canceled (forfeited/expired) - - Non-vested units at December 31, 2016 299,300 25.99

Note 9 - Earnings Per Share (Ta

Note 9 - Earnings Per Share (Tables)	6 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended Six months ended December 31, December 31, 2016 2015 2016 2015 Weighted average shares of common stock outstanding for basic calculation 27,666 28,304 27,696 28,357 Effect of dilutive stock options and other share-based awards 279 233 283 248 Weighted average shares of common stock outstanding adjusted for dilution calculation 27,945 28,537 27,979 28,605

Note 10 - Accumulated Other C25

Note 10 - Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Balance June 30, 2016 $ (4,846 ) Changes before reclassifications $ (2,211 ) Amounts reclassified from accumulated other comprehensive income $ - Current period other comprehensive income (loss) $ (2,211 ) Balance December 31, 2016 $ (7,057 )

Note 11 - Fair Value Measurem26

Note 11 - Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	December 31, 2016 Level 1 Level 2 Level 3 Balance Cash equivalents $ 64,457 $ - $ - $ 64,457 Total $ 64,457 $ - $ - $ 64,457 June 30, 2016 Level 1 Level 2 Level 3 Balance Cash equivalents $ 60,479 $ - $ - $ 60,479 Total $ 60,479 $ - $ - $ 60,479

Note 12 - Segment Information (

Note 12 - Segment Information (Tables)	6 Months Ended
	Dec. 31, 2016
Retail Segment [Member]
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three months ended Six months ended December 31, December 31, 2016 2015 2016 2015 Case Goods 31 % 30 % 30 % 30 % Upholstered Products 48 % 48 % 49 % 47 % Home Accents and Other 21 % 22 % 21 % 23 % 100 % 100 % 100 % 100 %
Wholesale Segment [Member]
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three months ended Six months ended December 31, December 31, 2016 2015 2016 2015 Case Goods 32 % 33 % 32 % 33 % Upholstered Products 50 % 50 % 51 % 50 % Home Accents and Other 18 % 17 % 17 % 17 % 100 % 100 % 100 % 100 %
Income Statement Section One [Member]
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three months ended Six months ended December 31, December 31, 2016 2015 2016 2015 Net sales: Wholesale segment $ 113,693 $ 126,413 $ 228,257 $ 246,868 Retail segment 156,292 164,703 308,547 $ 310,743 Elimination of inter-company sales (75,313 ) (83,581 ) (148,845 ) (159,685 ) Consolidated Total $ 194,672 $ 207,535 $ 387,959 $ 397,926 Operating income: Wholesale segment $ 14,179 $ 19,690 $ 30,670 $ 40,277 Retail segment 2,147 6,689 3,170 8,329 Adjustment of inter-company profit (1) 768 128 1,591 (1,199 ) Consolidated Total $ 17,094 $ 26,507 $ 35,431 $ 47,407 Depreciation & Amortization: Wholesale segment $ 1,869 $ 1,909 $ 3,779 $ 3,820 Retail segment 3,131 2,897 6,220 5,769 Consolidated Total $ 5,000 $ 4,806 $ 9,999 $ 9,589 Capital expenditures: Wholesale segment $ 1,944 $ 2,340 $ 5,583 $ 3,856 Retail segment 1,870 1,896 5,671 3,518 Acquisitions - - - - Consolidated Total $ 3,814 $ 4,236 $ 11,254 $ 7,374
Total Assets [Member]
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	December 31, June 30, 2016 2016 Total Assets: Wholesale segment $ 277,139 $ 271,116 Retail segment 328,905 339,942 Inventory profit elimination (2) (31,539 ) (33,649 ) Consolidated Total $ 574,505 $ 577,409

Note 3 - Income Taxes (Details

Note 3 - Income Taxes (Details Textual)	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Effective Income Tax Rate Reconciliation, Percent	36.90%	36.70%	36.70%	36.40%

Note 4 - Restricted Cash and 29

Note 4 - Restricted Cash and Investments (Details Textual) - USD ($) $ in Millions	Dec. 31, 2016	Jun. 30, 2016
Restricted Cash and Investments, Noncurrent	$ 7.3	$ 7.8

Note 5 - Inventories - Schedule

Note 5 - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Finished goods	$ 122,693	$ 129,627
Work in process	11,287	9,497
Raw materials	28,744	27,554
Valuation allowance	(2,340)	(4,355)
Inventories	$ 160,384	$ 162,323

Note 6 - Borrowings (Details Te

Note 6 - Borrowings (Details Textual) $ in Thousands	Oct. 21, 2014USD ($)	Dec. 31, 2016USD ($)	Jun. 30, 2016USD ($)
Debt Instrument, Term	5 years
Debt Agreement, Maximum Borrowing Capacity	$ 150,000
Debt Issuance Costs, Net	1,500	$ 734	$ 889
Letters of Credit Outstanding, Amount		100	200
Line of Credit Facility, Remaining Borrowing Capacity		$ 89,900	$ 89,800
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 115,000
Debt Instrument, Interest Rate, Effective Percentage		2.3125%
Debt Instrument, Covenant, Percentage of Total Revolving Credit	20.00%
Revolving Credit Facility [Member] | Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.15%
Revolving Credit Facility [Member] | Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Revolving Credit Facility [Member] | Additional Margin on Variable Rate Option [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Revolving Credit Facility [Member] | Additional Margin on Variable Rate Option [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Letter of Credit [Member] | Minimum [Member]
Line of Credit Facility, Interest Rate During Period	1.50%
Letter of Credit [Member] | Maximum [Member]
Line of Credit Facility, Interest Rate During Period	1.75%
Term Loan [Member]
Long-term Debt	$ 35,000
Debt Instrument, Interest Rate, Effective Percentage		2.5625%
Debt Instrument, Amortization Period	15 years
Debt Instrument, Covenant, Minimum Fixed Charge Coverage Ratio	1.1
Debt Covenant, Fixed Charge Coverage Ratio, Maximum Outstanding Term Loans	$ 17,500
Debt Instrument, Covenant, Minimum Fixed Charge Coverage Ratio for Covenant to Cease to Apply	1.25
Debt Instrument, Covenant, Minimum Percentage of Total Revolving Credit to Avoid Triggering Fixed Charge Coverage Ratio Covenant	15.00%
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.25%
Term Loan [Member] | Federal Funds Effective Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Term Loan [Member] | Additional Margin on Variable Rate Option [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Term Loan [Member] | Additional Margin on Variable Rate Option [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.25%

Note 6 - Borrowings - Total Deb

Note 6 - Borrowings - Total Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016	Oct. 21, 2014
Long-term debt	$ 41,077
Capital leases	1,077	$ 1,560
Total debt obligations	41,077	42,727
Unamortized debt issuance costs	(734)	(889)	$ (1,500)
Total debt	40,343	41,838
Less current maturities	2,810	3,001
Total long-term	37,533	38,837
Term Loan [Member]
Long-term debt	15,000	16,167
Revolving Credit Facility [Member]
Long-term debt	$ 25,000	$ 25,000

Note 6 - Borrowings - Aggregate

Note 6 - Borrowings - Aggregate Scheduled Maturities of Debt (Details) $ in Thousands	Dec. 31, 2016USD ($)
2,017	$ 1,575
2,018	2,838
2,019	2,420
2,020	34,237
2,021	7
2022 and thereafter
Total scheduled debt payments	$ 41,077

Note 8 - Share-based Compensa34

Note 8 - Share-based Compensation (Details Textual)	6 Months Ended
	Dec. 31, 2016shares
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	1,253,264

Note 8 - Share-based Compensa35

Note 8 - Share-based Compensation - Stock Options Activity (Details)	6 Months Ended
	Dec. 31, 2016shares
Outstanding (in shares)	907,073
Granted (in shares)	20,153
Exercised (in shares)	(51,749)
Canceled (forfeited/expired) (in shares)	(13,460)
Outstanding (in shares)	862,017
Exerciseable (in shares)	524,948

Note 8 - Share-based Compensa36

Note 8 - Share-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Dec. 31, 2016$ / sharesshares
Non-vested units (in shares) | shares	218,050
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 24.53
Granted (in shares) | shares	81,250
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 29.92
Vested (in shares) | shares
Vested, weighted average grant date fair value (in dollars per share) | $ / shares
Canceled (forfeited/expired) (in shares) | shares
Canceled (forfeited/expired), weighted average grant date fair value (in dollars per share) | $ / shares
Non-vested units (in shares) | shares	299,300
Non-vested units, weighted average grant date fair value (in dollars per share) | $ / shares	$ 25.99

Note 9 - Earnings Per Share (De

Note 9 - Earnings Per Share (Details Textual) - shares	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	464,495	667,656

Note 9 - Earnings Per Share - C

Note 9 - Earnings Per Share - Calculation of Weighted Average Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Weighted average shares of common stock outstanding for basic calculation (in shares)	27,666	28,304	27,696	28,357
Effect of dilutive stock options and other share-based awards (in shares)	279	233	283	248
Weighted average shares of common stock outstanding adjusted for dilution calculation (in shares)	27,945	28,537	27,979	28,605

Note 10 - Accumulated Other C39

Note 10 - Accumulated Other Comprehensive Income - Activity in Accumulated Other Comprehensive Income (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2016USD ($)
Balance	$ (4,846)
Balance	(7,057)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(4,846)
Changes before reclassifications	(2,211)
Amounts reclassified from accumulated other comprehensive income	0
Current period other comprehensive income (loss)	(2,211)
Balance	$ (7,057)

Note 11 - Fair Value Measurem40

Note 11 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Restricted Cash and Investments, Noncurrent	$ 7,300	$ 7,800
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities	$ 0

Note 11 - Fair Value Measurem41

Note 11 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Cash equivalents	$ 64,457	$ 60,479
Total	64,457	60,479
Fair Value, Inputs, Level 1 [Member]
Cash equivalents	64,457	60,479
Total	64,457	60,479
Fair Value, Inputs, Level 2 [Member]
Cash equivalents
Total
Fair Value, Inputs, Level 3 [Member]
Cash equivalents
Total

Note 12 - Segment Information42

Note 12 - Segment Information (Details Textual)	6 Months Ended
	Dec. 31, 2016
Number of Operating Segments	2

Note 12 - Segment Information -

Note 12 - Segment Information - Wholesale Sales by Product Line (Details) - Wholesale Segment [Member]	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Wholesale sales, percentage	100.00%	100.00%	100.00%	100.00%
Case Goods [Member]
Wholesale sales, percentage	32.00%	33.00%	32.00%	33.00%
Upholstered Products [Member]
Wholesale sales, percentage	50.00%	50.00%	51.00%	50.00%
Home Accents and Other [Member]
Wholesale sales, percentage	18.00%	17.00%	17.00%	17.00%

Note 12 - Segment Information44

Note 12 - Segment Information - Retail Sales by Product Line (Details) - Retail Segment [Member]	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Retail Sales, Percentage	100.00%	100.00%	100.00%	100.00%
Case Goods [Member]
Retail Sales, Percentage	31.00%	30.00%	30.00%	30.00%
Upholstered Products [Member]
Retail Sales, Percentage	48.00%	48.00%	49.00%	47.00%
Home Accents and Other [Member]
Retail Sales, Percentage	21.00%	22.00%	21.00%	23.00%

Note 12 - Segment Information45

Note 12 - Segment Information - Income by Segment (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Net sales		$ 194,672	$ 207,535	$ 387,959	$ 397,926
Operating Income		17,094	26,507	35,431	47,407
Depreciation and amortization		5,000	4,806	9,999	9,589
Capital Expenditures		3,814	4,236	11,254	7,374
Intersegment Eliminations [Member]
Net sales		(75,313)	(83,581)	(148,845)	(159,685)
Operating Income	[1]	768	128	1,591	(1,199)
Wholesale Segment [Member]
Depreciation and amortization		1,869	1,909	3,779	3,820
Capital Expenditures		1,944	2,340	5,583	3,856
Wholesale Segment [Member] | Operating Segments [Member]
Net sales		113,693	126,413	228,257	246,868
Operating Income		14,179	19,690	30,670	40,277
Retail Segment [Member]
Depreciation and amortization		3,131	2,897	6,220	5,769
Capital Expenditures		1,870	1,896	5,671	3,518
Retail Segment [Member] | Operating Segments [Member]
Net sales		156,292	164,703	308,547	310,743
Operating Income		2,147	6,689	3,170	8,329
Acquisitions [Member]
Capital Expenditures
[1]	Represents the change in wholesale profit contained in the retail segment inventory at the end of the period.

Note 12 - Segment Information46

Note 12 - Segment Information - Assets by Segment (Details) - USD ($) $ in Thousands		Dec. 31, 2016	Jun. 30, 2016
Assets		$ 574,505	$ 577,409
Wholesale Segment [Member]
Assets		277,139	271,116
Retail Segment [Member]
Assets		328,905	339,942
Inventory Profit Elimination [Member]
Assets	[1]	$ (31,539)	$ (33,649)
[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.