Ethan Allen Interiors (ETD) 10-Q 27 Apr 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2018	Apr. 17, 2018
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	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding (in shares)		27,190,407
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Jun. 30, 2017
Current assets:
Cash and cash equivalents	$ 44,977	$ 57,701
Accounts receivable, less allowance for doubtful accounts of $1,710 at March 31, 2018 and $1,667 at June 30, 2017	15,933	12,293
Inventories	163,748	149,483
Prepaid expenses and other current assets	19,356	23,621
Total current assets	244,014	243,098
Property, plant and equipment, net	265,122	270,198
Goodwill and other intangible assets	45,128	45,128
Restricted cash and investments	7,086	7,330
Other assets	3,207	2,468
Total assets	564,557	568,222
Current liabilities:
Current maturities of long-term debt	586	2,731
Customer Deposits	67,626	62,960
Accounts payable	24,680	16,961
Accrued compensation and benefits	22,089	20,352
Accrued expenses and other current liabilities	22,228	23,441
Total current liabilities	137,209	126,445
Long-term debt	1,119	11,608
Other long-term liabilities	24,830	29,273
Total liabilities	163,158	167,326
Shareholders' equity:
Common stock	490	490
Additional paid-in-capital	376,911	377,550
Less: Treasury stock (at cost)	(634,532)	(635,179)
Retained earnings	662,581	661,976
Accumulated other comprehensive income (loss)	(4,202)	(4,131)
Total Ethan Allen Interiors Inc. shareholders' equity	401,248	400,706
Noncontrolling interests	151	190
Total shareholders' equity	401,399	400,896
Total liabilities and shareholders' equity	$ 564,557	$ 568,222

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2018	Jun. 30, 2017
Accounts receivable, allowance for doubtful accounts	$ 1,710	$ 1,667

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Net sales	$ 181,419	$ 180,501	$ 561,202	$ 568,460
Cost of sales	84,711	85,766	256,380	257,134
Gross profit	96,708	94,735	304,822	311,326
Selling, general and administrative expenses	92,835	90,815	271,862	271,975
Operating income	3,873	3,920	32,960	39,351
Interest and other income (expense)	(16)	(77)	223	248
Interest and other related financing costs	54	302	272	949
Income before income taxes	3,803	3,541	32,911	38,650
Income tax expense	1,187	1,259	8,018	14,139
Net income	$ 2,616	$ 2,282	$ 24,893	$ 24,511
Basic earnings per common share:
Net income per basic share (in dollars per share)	$ 0.10	$ 0.08	$ 0.91	$ 0.89
Basic weighted average common shares (in shares)	27,476	27,691	27,469	27,694
Diluted earnings per common share:
Net income per diluted share (in dollars per share)	$ 0.09	$ 0.08	$ 0.90	$ 0.88
Diluted weighted average common shares (in shares)	27,692	27,953	27,725	27,970
Comprehensive income:
Net income	$ 2,616	$ 2,282	$ 24,893	$ 24,511
Other comprehensive income
Currency translation adjustment	1,451	1,998	(71)	(213)
Other	(7)	3	(39)	(20)
Current period other comprehensive income (loss)	1,444	2,001	(110)	(233)
Comprehensive income	$ 4,060	$ 4,283	$ 24,783	$ 24,278

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net income	$ 24,893	$ 24,511
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,955	15,023
Compensation expense related to share-based payment awards	967	2,161
Provision (benefit) for deferred income taxes	(342)	4,373
(Gain) loss on disposal of property, plant and equipment	191	915
Other	(11)	(73)
Change in operating assets and liabilities, net of effects of acquired businesses:
Accounts receivable	(3,640)	(977)
Inventories	(14,265)	8,098
Prepaid and other current assets	278	(1,158)
Customer Deposits	4,666	(431)
Accounts payable	7,719	180
Accrued expenses and other current liabilities	519	(718)
Other assets and liabilities	(840)	1,865
Net cash provided by operating activities	35,090	53,769
Investing activities:
Proceeds from the disposal of property, plant & equipment	327	1,261
Change in restricted cash and investments	244	503
Capital expenditures	(9,121)	(15,112)
Other investing activities	154	121
Net cash provided by (used in) investing activities	(8,396)	(13,227)
Financing activities:
Payments on long-term debt and capital lease obligations	(14,306)	(12,602)
Purchases and retirements of company stock	(1,100)	(3,368)
Payment of cash dividends	(24,283)	(14,745)
Other financing activities	141	1,180
Net cash provided by (used in) financing activities	(39,548)	(29,535)
Effect of exchange rate changes on cash	130	11
Net increase (decrease) in cash & cash equivalents	(12,724)	11,018
Cash & cash equivalents at beginning of period	57,701	52,659
Cash & cash equivalents at end of period	$ 44,977	$ 63,677

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - 9 months ended Mar. 31, 2018 - 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 June 30, 2017 at Jun. 30, 2017	$ 490	$ 377,550	$ (635,179)	$ (4,131)	$ 661,976	$ 190	$ 400,896
Stock issued on share-based awards		141					141
Compensation expense associated with share-based awards		967					967
Purchase/retirement of company stock		(1,747)	647				(1,100)
Dividends declared on common stock					(24,288)		(24,288)
Comprehensive income				(71)	24,893	(39)	24,783
Balance March 31, 2018 at Mar. 31, 2018	$ 490	$ 376,911	$ (634,532)	$ (4,202)	$ 662,581	$ 151	$ 401,399

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Mar. 31, 2018
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

Note 2 - Interim Financial Pres

Note 2 - Interim Financial Presentation	9 Months Ended
	Mar. 31, 2018
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 nine March 31, 2018 not may 10 June 30, 2017.

Note 3 - Income Taxes

Note 3 - Income Taxes	9 Months Ended
	Mar. 31, 2018
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 non-recurring in nature and treats these as discrete events. The tax effect of such items is recorded in the quarter in which the related events occur. Due to the volatility of these factors, the Company's consolidated effective income tax rate can change significantly quarter over quarter. The Company conducts business globally and, as a result, the Company and its subsidiaries files income tax returns in the U.S. and in various state and foreign jurisdictions. In the normal course of business, the Company is subject to periodic examination in such domestic and foreign jurisdictions by tax authorities. The Company and certain subsidiaries are currently under audit in the U.S. from 2013 2016. may twelve not may twelve twelve The Company’s consolidated effective tax rate was 31.2% 24.4% three nine March 31, 2018 35.6% 36.6% three nine March 31, 2017. Effective July 1, 2017 2015 17, not not On December 22, 2017 1, 35% 21% January 1, 2018, June 30, 2018 28%. 21% June 30, 2019 The 28% 2018 first 35% 28% In December 2017, No. 118, 118” not one As of March 31, 2018, $2.6 December 31, 2017 $2.4 March 31, 2018 $200K 5.4% 7.2%. 118, June 30, 2018. Three months ended March 31, 2018 Nine months ended March 31, 2018 Income before income taxes $ 3.8 $ 32.9 Expected income tax expense $ 1.1 28.0 % $ 9.2 28.0 % Provisional remeasurement of deferred taxes 0.2 5.4 % (2.4 ) -7.2 % State income taxes, net of federal income tax 0.0 0.9 % 0.8 2.4 % Stock Compensation - Cancelations & exercises 0.0 0.3 % 0.6 1.8 % Section 199 Qualified Production Activities deduction (0.2 ) -4.5 % (0.5 ) -1.4 % Other, net 0.0 1.2 % 0.3 0.8 % Total $ 1.2 31.2 % $ 8.0 24.4 % We are still in the process of evaluating the income tax effect of the Tax Act on the executive compensation limitations that will be effective for our fiscal year 2019.

Note 4 - Restricted Cash and In

Note 4 - Restricted Cash and Investments	9 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Restricted Assets Disclosure [Text Block]	( 4 Restricted Cash and Investments At March 31, 2018 June 30, 2017, $7.1 $7.3 not one 11,

Note 5 - Inventories

Note 5 - Inventories	9 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	( 5 Inventories Inventories at March 31, 2018 June 30, 2017 March 31, June 30, 2018 2017 Finished goods $ 123,856 $ 117,388 Work in process 12,819 10,638 Raw materials 28,829 26,269 Valuation allowance (1,756 ) (4,812 ) Inventories $ 163,748 $ 149,483

Note 6 - Borrowings

Note 6 - Borrowings	9 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	( 6 Borrowings Total debt obligations at March 31, 2018 June 30, 2017 March 31, June 30, 2018 2017 Term Loan due 2019 $ - $ 13,833 Capital leases 1,705 1,085 Total debt obligations 1,705 14,918 Unamortized debt issuance costs - (579 ) Total debt 1,705 14,339 Less current maturities 586 2,731 Total long-term $ 1,119 $ 11,608 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%. The Company pays a commitment fee of 0.15% 0.25% 1.5% 1.75% 20% 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 March 31, 2018 June 30, 2017, $0.2 $0.1 $114.8 March 31, 2018 $114.9 June 30, 2017. At both March 31, 2018 June 30, 2017, The following table summarizes, as of March 31, 2018, three 2018, five June 30, 2018, Periods ending June 30, 2018 $ 140 2019 571 2020 533 2021 420 2022 41 2023 and thereafter - Total scheduled debt payments $ 1,705

Note 7 - Litigation

Note 7 - Litigation	9 Months Ended
	Mar. 31, 2018
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 not 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 not not not 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	9 Months Ended
	Mar. 31, 2018
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 nine March 31, 2018 Shares Outstanding as of June 30, 2017 836,020 Granted 19,482 Exercised (5,416 ) Canceled (forfeited/expired) (275,675 ) Outstanding as of March 31, 2018 574,411 Exercisable as of March 31, 2018 444,810 A summary of stock unit activity occurring during the nine March 31, 2018 Weighted Average Grant Date Units Fair Value Non-vested units at June 30, 2017 308,330 $ 25.92 Granted 81,250 25.42 Vested (59,211 ) 23.96 Canceled (forfeited/expired) - - Non-vested units at March 31, 2018 330,369 $ 26.15 A summary of restricted stock activity occurring during the nine March 31, 2018 Weighted Average Grant Date Units Fair Value Non-vested shares at June 30, 2017 - $ - Granted 16,234 25.62 Vested - - Canceled (forfeited/expired) (16,234 ) 25.62 Non-vested units at March 31, 2018 - $ - At March 31, 2018, 1,438,473 ETHAN ALLEN INTERIORS INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited)

Note 9 - Earnings Per Share

Note 9 - Earnings Per Share	9 Months Ended
	Mar. 31, 2018
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 Nine months ended March 31, March 31, 2018 2017 2018 2017 Weighted average shares of common stock outstanding for basic calculation 27,476 27,691 27,469 27,694 Effect of dilutive stock options and other share-based awards 216 262 256 276 Weighted average shares of common stock outstanding adjusted for dilution calculation 27,692 27,953 27,725 27,970 As of March 31, 2018 2017, 302,655 467,305

Note 10 - Accumulated Other Com

Note 10 - Accumulated Other Comprehensive Income	9 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	( 10 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 fiscal year-to-date period ended March 31, 2018 ( Balance June 30, 2017 $ (4,131 ) Changes before reclassifications $ (71 ) Amounts reclassified from accumulated other comprehensive income $ - Current period other comprehensive income (loss) $ (71 ) Balance March 31, 2018 $ (4,202 )

Note 11 - Financial Instruments

Note 11 - Financial Instruments	9 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Fair Value Disclosures [Text Block]	( 11 inancial Instruments At March 31, 2018 June 30, 2017, $7.1 $7.3 not March 31, 2018 June 30, 2017. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis We measure certain assets, including our cost and equity method investments, at fair value on a nonrecurring basis. These assets are recognized at fair value when they are deemed to be other-than-temporarily impaired. During the nine March 31, 2018, not

Note 12 - Segment Information

Note 12 - Segment Information	9 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	( 12 Our wholesale and retail operating segments represent strategic business areas of our vertically integrated enterprise that operate separately and provide their own distinctive services. This vertical structure enables us to offer our complete line of home furnishings and accents more effectively while controlling quality and cost. We evaluate performance of the respective segments based upon revenues and operating income. Inter-segment transactions result, primarily, from the wholesale sale of inventory to the retail segment, including the related profit margin. As of March 31, 2018, 147 160 third 77% nine March 31, 2018. 23%. three nine March 31, 2018 2017 Three months ended Nine months ended March 31, March 31, 2018 2017 2018 2017 Case Goods 34 % 32 % 32 % 32 % Upholstered Products 49 % 53 % 51 % 52 % Home Accents and Other 17 % 15 % 17 % 16 % 100 % 100 % 100 % 100 % The proportion of retail segment sales by these product lines for the three nine March 31, 2018 2017 Three months ended Nine months ended March 31, March 31, 2018 2017 2018 2017 Case Goods 31 % 30 % 31 % 30 % Upholstered Products 47 % 48 % 47 % 48 % Home Accents and Other 22 % 22 % 22 % 22 % 100 % 100 % 100 % 100 % Segment information for the three nine March 31, 2018 2017 Three months ended Nine months ended March 31, March 31, 2018 2017 2018 2017 Net sales: Wholesale segment $ 118,921 $ 110,819 $ 348,473 $ 339,076 Retail segment 136,903 141,948 431,469 450,495 Elimination of inter-company sales (74,405 ) (72,266 ) (218,740 ) (221,111 ) Consolidated Total $ 181,419 $ 180,501 $ 561,202 $ 568,460 Operating income: Wholesale segment $ 7,927 $ 9,729 $ 36,957 $ 40,399 Retail segment (2,896 ) (7,319 ) (6,304 ) (4,149 ) Adjustment of inter-company profit (1) (1,158 ) 1,510 2,307 3,101 Consolidated Total $ 3,873 $ 3,920 $ 32,960 $ 39,351 Depreciation & Amortization: Wholesale segment $ 2,002 $ 1,832 $ 5,827 $ 5,611 Retail segment 2,913 3,192 9,128 9,412 Consolidated Total $ 4,915 $ 5,024 $ 14,955 $ 15,023 Capital expenditures: Wholesale segment $ 1,561 $ 2,193 $ 3,076 $ 7,776 Retail segment 2,579 1,665 6,045 7,336 Acquisitions - - - - Consolidated Total $ 4,140 $ 3,858 $ 9,121 $ 15,112 March 31, June 30, 2018 2017 Total Assets: Wholesale segment $ 276,884 $ 279,364 Retail segment 316,175 319,341 Inventory profit elimination (2) (28,502 ) (30,483 ) Consolidated Total $ 564,557 $ 568,222 ( 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

Note 13 - Recently Adopted Acco

Note 13 - Recently Adopted Accounting Pronouncements	9 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	( 13 Adopted Accounting Pronouncements In July 2015, 2015 11, 330 2015 11 July 1, 2017, not In November 2015, 2015 17, 2015 17 July 1, 2017. June 30, 2017, $3.9 In March 2016, 2016 09, 718, 2016 09 July 1, 2017. June 30, 2017, $0.1 not 2017.

Note 14 - Subsequent Events

Note 14 - Subsequent Events	9 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	( 14 Subsequent to March 31, 2018, April 24, 2018 500,000 April 24, 2018, 2,000,000 April 24, 2018, 3,000,000 may may

Note 3 - Income Taxes (Tables)

Note 3 - Income Taxes (Tables)	9 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Three months ended March 31, 2018 Nine months ended March 31, 2018 Income before income taxes $ 3.8 $ 32.9 Expected income tax expense $ 1.1 28.0 % $ 9.2 28.0 % Provisional remeasurement of deferred taxes 0.2 5.4 % (2.4 ) -7.2 % State income taxes, net of federal income tax 0.0 0.9 % 0.8 2.4 % Stock Compensation - Cancelations & exercises 0.0 0.3 % 0.6 1.8 % Section 199 Qualified Production Activities deduction (0.2 ) -4.5 % (0.5 ) -1.4 % Other, net 0.0 1.2 % 0.3 0.8 % Total $ 1.2 31.2 % $ 8.0 24.4 %

Note 5 - Inventories (Tables)

Note 5 - Inventories (Tables)	9 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, June 30, 2018 2017 Finished goods $ 123,856 $ 117,388 Work in process 12,819 10,638 Raw materials 28,829 26,269 Valuation allowance (1,756 ) (4,812 ) Inventories $ 163,748 $ 149,483

Note 6 - Borrowings (Tables)

Note 6 - Borrowings (Tables)	9 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Debt [Table Text Block]	March 31, June 30, 2018 2017 Term Loan due 2019 $ - $ 13,833 Capital leases 1,705 1,085 Total debt obligations 1,705 14,918 Unamortized debt issuance costs - (579 ) Total debt 1,705 14,339 Less current maturities 586 2,731 Total long-term $ 1,119 $ 11,608
Schedule of Maturities of Long-term Debt [Table Text Block]	Periods ending June 30, 2018 $ 140 2019 571 2020 533 2021 420 2022 41 2023 and thereafter - Total scheduled debt payments $ 1,705

Note 8 - Share-based Compensa24

Note 8 - Share-based Compensation (Tables)	9 Months Ended
	Mar. 31, 2018
Notes Tables
Share-based Compensation, Stock Options, Activity [Table Text Block]	Shares Outstanding as of June 30, 2017 836,020 Granted 19,482 Exercised (5,416 ) Canceled (forfeited/expired) (275,675 ) Outstanding as of March 31, 2018 574,411 Exercisable as of March 31, 2018 444,810
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Weighted Average Grant Date Units Fair Value Non-vested units at June 30, 2017 308,330 $ 25.92 Granted 81,250 25.42 Vested (59,211 ) 23.96 Canceled (forfeited/expired) - - Non-vested units at March 31, 2018 330,369 $ 26.15 Weighted Average Grant Date Units Fair Value Non-vested shares at June 30, 2017 - $ - Granted 16,234 25.62 Vested - - Canceled (forfeited/expired) (16,234 ) 25.62 Non-vested units at March 31, 2018 - $ -

Note 9 - Earnings Per Share (Ta

Note 9 - Earnings Per Share (Tables)	9 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended Nine months ended March 31, March 31, 2018 2017 2018 2017 Weighted average shares of common stock outstanding for basic calculation 27,476 27,691 27,469 27,694 Effect of dilutive stock options and other share-based awards 216 262 256 276 Weighted average shares of common stock outstanding adjusted for dilution calculation 27,692 27,953 27,725 27,970

Note 10 - Accumulated Other C26

Note 10 - Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Balance June 30, 2017 $ (4,131 ) Changes before reclassifications $ (71 ) Amounts reclassified from accumulated other comprehensive income $ - Current period other comprehensive income (loss) $ (71 ) Balance March 31, 2018 $ (4,202 )

Note 12 - Segment Information (

Note 12 - Segment Information (Tables)	9 Months Ended
	Mar. 31, 2018
Retail Segment [Member]
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three months ended Nine months ended March 31, March 31, 2018 2017 2018 2017 Case Goods 31 % 30 % 31 % 30 % Upholstered Products 47 % 48 % 47 % 48 % Home Accents and Other 22 % 22 % 22 % 22 % 100 % 100 % 100 % 100 %
Wholesale Segment [Member]
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three months ended Nine months ended March 31, March 31, 2018 2017 2018 2017 Case Goods 34 % 32 % 32 % 32 % Upholstered Products 49 % 53 % 51 % 52 % Home Accents and Other 17 % 15 % 17 % 16 % 100 % 100 % 100 % 100 %
Income Statement Section One [Member]
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three months ended Nine months ended March 31, March 31, 2018 2017 2018 2017 Net sales: Wholesale segment $ 118,921 $ 110,819 $ 348,473 $ 339,076 Retail segment 136,903 141,948 431,469 450,495 Elimination of inter-company sales (74,405 ) (72,266 ) (218,740 ) (221,111 ) Consolidated Total $ 181,419 $ 180,501 $ 561,202 $ 568,460 Operating income: Wholesale segment $ 7,927 $ 9,729 $ 36,957 $ 40,399 Retail segment (2,896 ) (7,319 ) (6,304 ) (4,149 ) Adjustment of inter-company profit (1) (1,158 ) 1,510 2,307 3,101 Consolidated Total $ 3,873 $ 3,920 $ 32,960 $ 39,351 Depreciation & Amortization: Wholesale segment $ 2,002 $ 1,832 $ 5,827 $ 5,611 Retail segment 2,913 3,192 9,128 9,412 Consolidated Total $ 4,915 $ 5,024 $ 14,955 $ 15,023 Capital expenditures: Wholesale segment $ 1,561 $ 2,193 $ 3,076 $ 7,776 Retail segment 2,579 1,665 6,045 7,336 Acquisitions - - - - Consolidated Total $ 4,140 $ 3,858 $ 9,121 $ 15,112
Total Assets [Member]
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	March 31, June 30, 2018 2017 Total Assets: Wholesale segment $ 276,884 $ 279,364 Retail segment 316,175 319,341 Inventory profit elimination (2) (28,502 ) (30,483 ) Consolidated Total $ 564,557 $ 568,222

Note 3 - Income Taxes (Details

Note 3 - Income Taxes (Details Textual) - USD ($) $ in Millions	Dec. 22, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2019	Jun. 30, 2018
Effective Income Tax Rate Reconciliation, Percent, Total		31.20%	35.60%		24.40%	36.60%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%	28.00%			28.00%
Effective Income Tax Rate Reconciliation, Remeasurement of Deferred Tax Assets and Liabilities, Amount		$ 0.2		$ 2.6	$ (2.4)
Effective Income Tax Rate Reconciliation, Remeasurement of Deferred Tax Assets and Liabilities, Percent		5.40%			(7.20%)
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent							21.00%	28.00%
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member]
Income Tax Examination, Year under Examination				2,013
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member]
Income Tax Examination, Year under Examination				2,016

Note 3 - Income Taxes - Effecti

Note 3 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($)	Dec. 22, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Income before income taxes		$ 3,803,000	$ 3,541,000		$ 32,911,000	$ 38,650,000
Expected income tax expense		$ 1,100,000			$ 9,200,000
Expected income tax expense, percent	35.00%	28.00%			28.00%
Provisional remeasurement of deferred taxes		$ 200,000		$ 2,600,000	$ (2,400,000)
Provisional remeasurement of deferred taxes, percent		5.40%			(7.20%)
State income taxes, net of federal income tax		$ 0			$ 800,000
State income taxes, net of federal income tax, percent		0.90%			2.40%
Stock Compensation - Cancelations & exercises		$ 0			$ 600,000
Stock Compensation - Cancelations & exercises, percent		0.30%			1.80%
Section 199 Qualified Production Activities deduction		$ (200,000)			$ (500,000)
Section 199 Qualified Production Activities deduction, percent		(4.50%)			(1.40%)
Other, net		$ 0			$ 300,000
Other, net, percent		1.20%			0.80%
Total		$ 1,187,000	$ 1,259,000		$ 8,018,000	$ 14,139,000
Total, percent		31.20%	35.60%		24.40%	36.60%

Note 4 - Restricted Cash and 30

Note 4 - Restricted Cash and Investments (Details Textual) - USD ($) $ in Millions	Mar. 31, 2018	Jun. 30, 2017
Restricted Cash and Investments, Noncurrent, Total	$ 7.1	$ 7.3

Note 5 - Inventories - Schedule

Note 5 - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Jun. 30, 2017
Finished goods	$ 123,856	$ 117,388
Work in process	12,819	10,638
Raw materials	28,829	26,269
Valuation allowance	(1,756)	(4,812)
Inventories	$ 163,748	$ 149,483

Note 6 - Borrowings (Details Te

Note 6 - Borrowings (Details Textual) $ in Thousands	Oct. 21, 2014USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2017USD ($)
Debt Instrument, Term	5 years
Debt Agreement, Maximum Borrowing Capacity	$ 150,000
Debt Issuance Costs, Net, Total	1,500		$ 579
Letters of Credit Outstanding, Amount		200	100
Line of Credit Facility, Remaining Borrowing Capacity		$ 114,800	$ 114,900
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 115,000
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, Total	$ 35,000
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%

Note 6 - Borrowings - Total Deb

Note 6 - Borrowings - Total Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Jun. 30, 2017	Oct. 21, 2014
Long-term debt	$ 1,705
Capital leases	1,705	$ 1,085
Total debt obligations	1,705	14,918
Unamortized debt issuance costs		(579)	$ (1,500)
Total debt	1,705	14,339
Less current maturities	586	2,731
Total long-term	1,119	11,608
Term Loan [Member]
Long-term debt		$ 13,833

Note 6 - Borrowings - Aggregate

Note 6 - Borrowings - Aggregate Scheduled Maturities of Debt (Details) $ in Thousands	Mar. 31, 2018USD ($)
2,018	$ 140
2,019	571
2,020	533
2,021	420
2,022	41
2023 and thereafter
Total scheduled debt payments	$ 1,705

Note 8 - Share-based Compensa35

Note 8 - Share-based Compensation (Details Textual)	9 Months Ended
	Mar. 31, 2018shares
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	1,438,473

Note 8 - Share-based Compensa36

Note 8 - Share-based Compensation - Stock Options, Activity (Details)	9 Months Ended
	Mar. 31, 2018shares
Outstanding (in shares)	836,020
Granted (in shares)	19,482
Exercised (in shares)	(5,416)
Canceled (forfeited/expired) (in shares)	(275,675)
Outstanding (in shares)	574,411
Exercisable as of March 31, 2018 (in shares)	444,810

Note 8 - Share-based Compensa37

Note 8 - Share-based Compensation - Restricted Stock and Restricted Stock Units Activity (Details)	9 Months Ended
	Mar. 31, 2018$ / sharesshares
Restricted Stock Units (RSUs) [Member]
Non-vested (in shares)	308,330
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 25.92
Granted (in shares)	81,250
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 25.42
Vested (in shares)	(59,211)
Vested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 23.96
Canceled (forfeited/expired) (in shares)
Canceled (forfeited/expired), weighted average grant date fair value (in dollars per share) | $ / shares
Non-vested (in shares)	330,369
Non-vested units, weighted average grant date fair value (in dollars per share) | $ / shares	$ 26.15
Granted (in shares)	81,250
Restricted Stock [Member]
Non-vested (in shares)
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares
Granted (in shares)	16,234
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 25.62
Vested (in shares)
Vested, weighted average grant date fair value (in dollars per share) | $ / shares
Canceled (forfeited/expired) (in shares)	(16,234)
Canceled (forfeited/expired), weighted average grant date fair value (in dollars per share) | $ / shares	$ 25.62
Non-vested (in shares)
Non-vested units, weighted average grant date fair value (in dollars per share) | $ / shares
Granted (in shares)	16,234

Note 9 - Earnings Per Share (De

Note 9 - Earnings Per Share (Details Textual) - shares	9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	302,655	467,305

Note 9 - Earnings Per Share - C

Note 9 - Earnings Per Share - Calculation of Weighted Average Shares (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Weighted average shares of common stock outstanding for basic calculation (in shares)	27,476	27,691	27,469	27,694
Effect of dilutive stock options and other share-based awards (in shares)	216	262	256	276
Weighted average shares of common stock outstanding adjusted for dilution calculation (in shares)	27,692	27,953	27,725	27,970

Note 10 - Accumulated Other C40

Note 10 - Accumulated Other Comprehensive Income - Activity in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Balance June 30, 2017			$ 400,896
Current period other comprehensive income (loss)	$ 1,444	$ 2,001	(110)	$ (233)
Balance March 31, 2018	401,399		401,399
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance June 30, 2017			(4,131)
Changes before reclassifications			(71)
Amounts reclassified from accumulated other comprehensive income			0
Current period other comprehensive income (loss)			(71)
Balance March 31, 2018	$ (4,202)		$ (4,202)

Note 11 - Financial Instrumen41

Note 11 - Financial Instruments (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2018	Jun. 30, 2017
Restricted Cash and Investments, Noncurrent, Total	$ 7,100	$ 7,300
Available-for-sale Securities, Total	0	$ 0
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total	$ 0

Note 12 - Segment Information42

Note 12 - Segment Information (Details Textual)	9 Months Ended
	Mar. 31, 2018
Number of Company Operated Design Centers	147
Number of Independently Operated Design Centers	160
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Retail Segment [Member]
Concentration Risk, Percentage	77.00%
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Wholesale Segment [Member]
Concentration Risk, Percentage	23.00%

Note 12 - Segment Information -

Note 12 - Segment Information - Wholesale Sales by Product Line (Details) - Wholesale Segment [Member]	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Wholesale sales, percentage	100.00%	100.00%	100.00%	100.00%
Case Goods [Member]
Wholesale sales, percentage	34.00%	32.00%	32.00%	32.00%
Upholstered Products [Member]
Wholesale sales, percentage	49.00%	53.00%	51.00%	52.00%
Home Accents and Other [Member]
Wholesale sales, percentage	17.00%	15.00%	17.00%	16.00%

Note 12 - Segment Information44

Note 12 - Segment Information - Retail Sales by Product Line (Details) - Retail Segment [Member]	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Retail Sales, Percentage	100.00%	100.00%	100.00%	100.00%
Case Goods [Member]
Retail Sales, Percentage	31.00%	30.00%	31.00%	30.00%
Upholstered Products [Member]
Retail Sales, Percentage	47.00%	48.00%	47.00%	48.00%
Home Accents and Other [Member]
Retail Sales, Percentage	22.00%	22.00%	22.00%	22.00%

Note 12 - Segment Information45

Note 12 - Segment Information - Income by Segment (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Net sales		$ 181,419	$ 180,501	$ 561,202	$ 568,460
Operating Income		3,873	3,920	32,960	39,351
Depreciation and amortization		4,915	5,024	14,955	15,023
Capital Expenditures		4,140	3,858	9,121	15,112
Intersegment Eliminations [Member]
Net sales		(74,405)	(72,266)	(218,740)	(221,111)
Operating Income	[1]	(1,158)	1,510	2,307	3,101
Wholesale Segment [Member]
Depreciation and amortization		2,002	1,832	5,827	5,611
Capital Expenditures		1,561	2,193	3,076	7,776
Wholesale Segment [Member] | Operating Segments [Member]
Net sales		118,921	110,819	348,473	339,076
Operating Income		7,927	9,729	36,957	40,399
Retail Segment [Member]
Depreciation and amortization		2,913	3,192	9,128	9,412
Capital Expenditures		2,579	1,665	6,045	7,336
Retail Segment [Member] | Operating Segments [Member]
Net sales		136,903	141,948	431,469	450,495
Operating Income		(2,896)	(7,319)	(6,304)	(4,149)
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		Mar. 31, 2018	Jun. 30, 2017
Assets		$ 564,557	$ 568,222
Wholesale Segment [Member]
Assets		276,884	279,364
Retail Segment [Member]
Assets		316,175	319,341
Inventory Profit Elimination [Member]
Assets	[1]	$ (28,502)	$ (30,483)
[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 13 - Recently Adopted Ac47

Note 13 - Recently Adopted Accounting Pronouncements (Details Textual) $ in Millions	12 Months Ended
	Jun. 30, 2017USD ($)
Deferred Tax Assets, Net of Valuation Allowance, Current, Ending Balance	$ 3.9
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net, Total	$ 0.1

Note 14 - Subsequent Events (De

Note 14 - Subsequent Events (Details Textual) - Subsequent Event [Member]	1 Months Ended
	Apr. 24, 2018USD ($)shares
Treasury Stock, Shares, Acquired | shares	500,000
Stock Repurchase Program, Authorized Amount	$ 2,000,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 3,000,000