Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2018 | Oct. 16, 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 Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 26,569,294 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 39,590 | $ 22,363 |
Accounts receivable, net | 12,772 | 12,364 |
Inventories, net | 165,719 | 163,012 |
Prepaid expenses and other current assets | 18,211 | 16,686 |
Total current assets | 236,292 | 214,425 |
Property, plant and equipment, net | 266,650 | 267,903 |
Goodwill and other intangible assets | 45,128 | 45,128 |
Other assets | 2,884 | 2,977 |
Total assets | 550,954 | 530,433 |
Current liabilities: | ||
Current maturities of long-term debt | 552 | 584 |
Customer Deposits | 67,576 | 61,248 |
Accounts payable | 18,807 | 18,768 |
Accrued compensation and benefits | 23,518 | 18,926 |
Accrued expenses and other current liabilities | 25,672 | 21,734 |
Total current liabilities | 136,125 | 121,260 |
Long-term debt | 927 | 1,096 |
Other long-term liabilities | 23,915 | 24,207 |
Total liabilities | 160,967 | 146,563 |
Shareholders' equity: | ||
Common stock | 490 | 490 |
Additional paid-in-capital | 378,078 | 376,950 |
Less: Treasury stock (at cost) | (656,551) | (656,551) |
Retained earnings | 672,781 | 669,013 |
Accumulated other comprehensive income (loss) | (4,924) | (6,171) |
Total Ethan Allen Interiors Inc. shareholders' equity | 389,874 | 383,731 |
Noncontrolling interests | 113 | 139 |
Total shareholders' equity | 389,987 | 383,870 |
Total liabilities and shareholders' equity | $ 550,954 | $ 530,433 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Net sales | $ 187,785 | $ 181,302 |
Cost of sales | 86,335 | 80,979 |
Gross profit | 101,450 | 100,323 |
Selling, general and administrative expenses | 89,651 | 88,774 |
Operating income | 11,799 | 11,549 |
Interest and other income (expense) | 26 | 56 |
Interest and other related financing costs | 53 | 185 |
Income before income taxes | 11,772 | 11,420 |
Income tax expense | 2,932 | 4,005 |
Net income | $ 8,840 | $ 7,415 |
Basic earnings per common share: | ||
Net income per basic share (in dollars per share) | $ 0.33 | $ 0.27 |
Basic weighted average common shares (in shares) | 26,539 | 27,459 |
Diluted earnings per common share: | ||
Net income per diluted share (in dollars per share) | $ 0.33 | $ 0.27 |
Diluted weighted average common shares (in shares) | 26,940 | 27,756 |
Comprehensive income: | ||
Net income | $ 8,840 | $ 7,415 |
Other comprehensive income | ||
Currency translation adjustment | 1,247 | (130) |
Other | (26) | (14) |
Other comprehensive income (loss) net of tax | 1,221 | (144) |
Comprehensive income | $ 10,061 | $ 7,271 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating activities: | ||
Net income | $ 8,840 | $ 7,415 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 5,000 | 5,086 |
Compensation expense related to share-based payment awards | 491 | 444 |
Provision (benefit) for deferred income taxes | 99 | 821 |
(Gain) loss on disposal of property, plant and equipment | 12 | 346 |
Other | 104 | 44 |
Change in operating assets and liabilities, net of effects of acquired businesses: | ||
Accounts receivable | (408) | 2,205 |
Inventories | (2,707) | (8,022) |
Prepaid and other current assets | (1,538) | (2,105) |
Customer Deposits | 6,328 | 6,205 |
Accounts payable | 39 | 270 |
Accrued expenses and other current liabilities | 8,523 | 5,182 |
Other assets and liabilities | (343) | (259) |
Net cash provided by operating activities | 24,440 | 17,632 |
Investing activities: | ||
Proceeds from the disposal of property, plant & equipment | 4 | |
Capital expenditures | (2,777) | (2,653) |
Other investing activities | 32 | 47 |
Net cash provided by (used in) investing activities | (2,745) | (2,602) |
Financing activities: | ||
Payments on long-term debt and capital lease obligations | (165) | (14,059) |
Purchases and retirements of company stock | (1,100) | |
Payment of cash dividends | (5,065) | (5,239) |
Other financing activities | 637 | 4 |
Net cash provided by (used in) financing activities | (4,593) | (20,394) |
Effect of exchange rate changes on cash | 125 | 107 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 17,227 | (5,257) |
Cash, cash equivalents, and restricted cash at beginning of period | 22,363 | 65,031 |
Cash, cash equivalents, and restricted cash at end of period | $ 39,590 | $ 59,774 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - 3 months ended Sep. 30, 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 at Jun. 30, 2018 | $ 490 | $ 376,950 | $ (656,551) | $ (6,171) | $ 669,013 | $ 139 | $ 383,870 |
Stock issued on share-based awards | 637 | 637 | |||||
Compensation expense associated with share-based awards | 491 | 491 | |||||
Dividends declared on common stock | (5,072) | (5,072) | |||||
Comprehensive income | 1,247 | 8,840 | (26) | 10,061 | |||
Balance at Sep. 30, 2018 | $ 490 | $ 378,078 | $ (656,551) | $ (4,924) | $ 672,781 | $ 113 | $ 389,987 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | ( 1 Basis of Presentation Founded in 1932, 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 | 3 Months Ended |
Sep. 30, 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 September 30, 2018 not may 10 June 30, 2018. |
Note 3 - Income Taxes
Note 3 - Income Taxes | 3 Months Ended |
Sep. 30, 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 2015 2016. may twelve not may twelve twelve The Company’s consolidated effective tax rate was 24.9% three September 30, 2018 35.1% three September 30, 2017. On December 22, 2017 1, 35% 21% January 1, 2018, June 30, 2018 28%. 21% June 30, 2019 Three months ended September 30, 2018 Income before income taxes $ 11.8 Expected income tax expense $ 2.5 21.0 % State income taxes, net of federal income tax 0.4 3.1 % Stock Compensation - Cancelations & exercises 0.1 1.2 % Other, net (0.0 ) -0.4 % Total $ 2.9 24.9 % |
Note 4 - Restricted Cash
Note 4 - Restricted Cash | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | ( 4 Restricted Cash Prior to June 30, 2018 June 30, 2018, $5.9 12. September 30, June 30, September 30, June 30, 2018 2018 2017 2017 Cash and cash equivalents $ 39,590 $ 22,363 $ 52,728 $ 57,701 Restricted cash - - 7,046 7,330 Total cash, cash equivalents, and restricted cash $ 39,590 $ 22,363 $ 59,774 $ 65,031 |
Note 5 - Inventories
Note 5 - Inventories | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 5 Inventories Inventories at September 30, 2018 June 30, 2018 September 30, June 30, 2018 2018 Finished goods $ 127,724 $ 124,640 Work in process 12,224 12,057 Raw materials 27,098 27,947 Valuation allowance (1,327 ) (1,632 ) Inventories $ 165,719 $ 163,012 |
Note 6 - Borrowings
Note 6 - Borrowings | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 6 Borrowings Total debt obligations at September 30, 2018 June 30, 2018 September 30, June 30, 2018 2018 Capital leases $ 1,479 $ 1,680 Total debt 1,479 1,680 Less current maturities 552 584 Total long-term $ 927 $ 1,096 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% In fiscal 2018 $13.8 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% At both September 30, 2018 June 30, 2018, $6.2 $108.8 September 30, 2018 June 30, 2018. At both September 30, 2018 June 30, 2018, The following table summarizes, as of September 30, 2018, nine 2019, five June 30, 2019, Periods ending June 30, 2019 $ 413 2020 550 2021 437 2022 59 2023 20 2024 and thereafter - Total scheduled debt payments $ 1,479 |
Note 7 - Litigation
Note 7 - Litigation | 3 Months Ended |
Sep. 30, 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 | 3 Months Ended |
Sep. 30, 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 three September 30, 2018 Shares Outstanding as of June 30, 2018 561,595 Granted 25,590 Exercised (40,000 ) Canceled (forfeited/expired) (91,066 ) Outstanding as of September 30, 2018 456,119 Exercisable as of September 30, 2018 339,687 A summary of non-vested stock unit award activity occurring during the three September 30, 2018 Weighted Average Grant Date Units Fair Value Non-vested units at June 30, 2018 330,369 $ 26.15 Granted 107,204 18.60 Vested - - Canceled (forfeited/expired) (22,758 ) 24.06 Non-vested units at September 30, 2018 414,815 $ 24.31 At September 30, 2018, 1,428,669 |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 3 Months Ended |
Sep. 30, 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 September 30, 2018 2017 Weighted average shares of common stock outstanding for basic calculation 26,539 27,459 Effect of dilutive stock options and other share-based awards 401 297 Weighted average shares of common stock outstanding adjusted for dilution calculation 26,940 27,756 As of September 30, 2018 2017, 279 338 |
Note 10 - Accumulated Other Com
Note 10 - Accumulated Other Comprehensive Income | 3 Months Ended |
Sep. 30, 2018 | |
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 following table sets forth the activity in accumulated other comprehensive income (loss) for the fiscal year-to-date period ended September 30, 2018 ( Balance June 30, 2018 $ (6,171 ) Changes before reclassifications $ 1,247 Amounts reclassified from accumulated other comprehensive income $ - Current period other comprehensive income (loss) $ 1,247 Balance September 30, 2018 $ (4,924 ) |
Note 11 - Segment Information
Note 11 - Segment Information | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 11 Segment Information 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 September 30, 2018, 147 153 third 77% three September 30, 2018. 23%. Segment information for the three September 30, 2018 2017 Three months ended September 30, 2018 2017 Net sales: Wholesale segment $ 118,072 $ 111,587 Retail segment 145,214 141,575 Elimination of inter-company sales (75,501 ) (71,860 ) Consolidated Total $ 187,785 $ 181,302 Operating income: Wholesale segment $ 14,315 $ 13,462 Retail segment (1,559 ) (2,773 ) Adjustment of inter-company profit (1) (957 ) 860 Consolidated Total $ 11,799 $ 11,549 Depreciation & Amortization: Wholesale segment $ 1,961 $ 1,987 Retail segment 3,039 3,099 Consolidated Total $ 5,000 $ 5,086 Capital expenditures: Wholesale segment $ 850 $ 751 Retail segment 1,927 1,902 Consolidated Total $ 2,777 $ 2,653 September 30, June 30, 2018 2018 Total Assets: Wholesale segment $ 259,199 $ 241,616 Retail segment 321,106 317,590 Inventory profit elimination (2) (29,351 ) (28,773 ) Consolidated Total $ 550,954 $ 530,433 ( 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 12 - Recently Adopted Acco
Note 12 - Recently Adopted Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ( 12 Recently Adopted Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers 606 first 2019. not 13 In November 2016, 2016 18, Statement of Cash Flows (Topic 230 not July 1, 2018 4. |
Note 13 - Revenue Recognition
Note 13 - Revenue Recognition | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 13 Revenue Recognition We implemented ASU 2014 09, Revenue from Contracts with Customers 606, 606” first 2019 July 1, 2018. not Our revenue consists substantially of product sales. We report product sales net of discounts and recognize them at the point in time when control transfers to the customer. For sales to our customers in our wholesale segment, control typically transfers when the product is shipped. For sales in our retail segment, control generally transfers upon delivery to the customer. Estimated refunds for returns and allowances are recorded using our historical return patterns. Under the new standard, we record estimated refunds for sales returns on a gross basis rather than on a net basis, and have recorded an asset for product we expect to receive from customers in “Prepaid expenses and other current assets”, and a corresponding refund liability in ”accrued expenses and other current liabilities” on the Consolidated Balance Sheets. At September 30, 2018, not In many cases we receive deposits from customers before we have transferred control of our product to our customers, resulting in contract liabilities. These contract liabilities (“Customer Deposits”) are reported as within current liabilities on our Consolidated Balance Sheet. At the beginning of fiscal 2019, $61.2 September 30, 2018, $46.7 Upon adoption of ASC 606, We recognize shipping and handling expense as fulfillment activities (rather than as a promised good or service) when the activities are performed even if those activities are performed after the control of the good has been transferred. Accordingly, we record the expenses for shipping and handling activities at the same time we recognize revenue. We exclude from the measurement of the transaction price all taxes imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer, including sales, use, excise, value-added, and franchise taxes (collectively referred to as sales taxes). We do not one one The following table disaggregates our revenue by product category by segment for the quarter September 30, 2018: (Unaudited, amounts in thousands) Wholesale Retail Total Upholstery furniture $ 58,792 $ 64,147 $ 122,939 Case goods furniture 39,993 42,476 82,469 Accents 20,426 33,455 53,881 Other (1,139 ) 5,136 3,997 Total $ 118,072 $ 145,214 263,286 Eliminations (75,501 ) Consolidated Net Sales $ 187,785 Upholstery furniture includes fabric-covered items such as sleepers, recliners and other motion furniture, chairs, ottomans, custom pillows, sofas, loveseats, cut fabrics and leather. Case goods furniture includes items such as beds, dressers, armoires, tables, chairs, buffets, entertainment units, home office furniture, and wooden accents. Accents includes items such as window treatments and drapery hardware, wall décor, florals, lighting, clocks, mattresses, bedspreads, throws, pillows, decorative accents, area rugs, wall coverings and home and garden furnishings. Other includes revenue for product delivery, the Ethan Allen Hotel room rentals and banquets, third |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 14 Subsequent Events None |
Note 3 - Income Taxes (Tables)
Note 3 - Income Taxes (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three months ended September 30, 2018 Income before income taxes $ 11.8 Expected income tax expense $ 2.5 21.0 % State income taxes, net of federal income tax 0.4 3.1 % Stock Compensation - Cancelations & exercises 0.1 1.2 % Other, net (0.0 ) -0.4 % Total $ 2.9 24.9 % |
Note 4 - Restricted Cash (Table
Note 4 - Restricted Cash (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Table Text Block] | September 30, June 30, September 30, June 30, 2018 2018 2017 2017 Cash and cash equivalents $ 39,590 $ 22,363 $ 52,728 $ 57,701 Restricted cash - - 7,046 7,330 Total cash, cash equivalents, and restricted cash $ 39,590 $ 22,363 $ 59,774 $ 65,031 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, June 30, 2018 2018 Finished goods $ 127,724 $ 124,640 Work in process 12,224 12,057 Raw materials 27,098 27,947 Valuation allowance (1,327 ) (1,632 ) Inventories $ 165,719 $ 163,012 |
Note 6 - Borrowings (Tables)
Note 6 - Borrowings (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, June 30, 2018 2018 Capital leases $ 1,479 $ 1,680 Total debt 1,479 1,680 Less current maturities 552 584 Total long-term $ 927 $ 1,096 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Periods ending June 30, 2019 $ 413 2020 550 2021 437 2022 59 2023 20 2024 and thereafter - Total scheduled debt payments $ 1,479 |
Note 8 - Share-based Compensa_2
Note 8 - Share-based Compensation (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Outstanding as of June 30, 2018 561,595 Granted 25,590 Exercised (40,000 ) Canceled (forfeited/expired) (91,066 ) Outstanding as of September 30, 2018 456,119 Exercisable as of September 30, 2018 339,687 |
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, 2018 330,369 $ 26.15 Granted 107,204 18.60 Vested - - Canceled (forfeited/expired) (22,758 ) 24.06 Non-vested units at September 30, 2018 414,815 $ 24.31 |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended September 30, 2018 2017 Weighted average shares of common stock outstanding for basic calculation 26,539 27,459 Effect of dilutive stock options and other share-based awards 401 297 Weighted average shares of common stock outstanding adjusted for dilution calculation 26,940 27,756 |
Note 10 - Accumulated Other C_2
Note 10 - Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Balance June 30, 2018 $ (6,171 ) Changes before reclassifications $ 1,247 Amounts reclassified from accumulated other comprehensive income $ - Current period other comprehensive income (loss) $ 1,247 Balance September 30, 2018 $ (4,924 ) |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended September 30, 2018 2017 Net sales: Wholesale segment $ 118,072 $ 111,587 Retail segment 145,214 141,575 Elimination of inter-company sales (75,501 ) (71,860 ) Consolidated Total $ 187,785 $ 181,302 Operating income: Wholesale segment $ 14,315 $ 13,462 Retail segment (1,559 ) (2,773 ) Adjustment of inter-company profit (1) (957 ) 860 Consolidated Total $ 11,799 $ 11,549 Depreciation & Amortization: Wholesale segment $ 1,961 $ 1,987 Retail segment 3,039 3,099 Consolidated Total $ 5,000 $ 5,086 Capital expenditures: Wholesale segment $ 850 $ 751 Retail segment 1,927 1,902 Consolidated Total $ 2,777 $ 2,653 September 30, June 30, 2018 2018 Total Assets: Wholesale segment $ 259,199 $ 241,616 Retail segment 321,106 317,590 Inventory profit elimination (2) (29,351 ) (28,773 ) Consolidated Total $ 550,954 $ 530,433 |
Note 13 - Revenue Recognition (
Note 13 - Revenue Recognition (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | (Unaudited, amounts in thousands) Wholesale Retail Total Upholstery furniture $ 58,792 $ 64,147 $ 122,939 Case goods furniture 39,993 42,476 82,469 Accents 20,426 33,455 53,881 Other (1,139 ) 5,136 3,997 Total $ 118,072 $ 145,214 263,286 Eliminations (75,501 ) Consolidated Net Sales $ 187,785 |
Note 3 - Income Taxes (Details
Note 3 - Income Taxes (Details Textual) | Dec. 22, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 |
Effective Income Tax Rate Reconciliation, Percent, Total | 24.90% | 35.10% | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 21.00% | 28.00% | ||
Scenario, Forecast [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 3 - Income Taxes - Effecti
Note 3 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) | Dec. 22, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 |
Income before income taxes | $ 11,772,000 | $ 11,420,000 | ||
Expected income tax expense | $ 2,500,000 | |||
Expected income tax expense, percentage | 35.00% | 21.00% | 28.00% | |
State income taxes, net of federal income tax | $ 400,000 | |||
State income taxes, net of federal income tax, percentage | 3.10% | |||
Stock Compensation - Cancelations & exercises | $ 100,000 | |||
Stock compensation - Cancelations & exercises, percentage | 1.20% | |||
Other, net | $ 0 | |||
Other, net, percentage, percentage | (0.40%) | |||
Total | $ 2,932,000 | $ 4,005,000 | ||
Total, percentage | 24.90% | 35.10% |
Note 4 - Restricted Cash (Detai
Note 4 - Restricted Cash (Details Textual) - USD ($) $ in Millions | Sep. 30, 2018 | Jun. 30, 2018 |
Letters of Credit Outstanding, Amount | $ 6.2 | $ 6.2 |
Letter of Credit Issued for Workers Compensation Obligation [Member] | ||
Letters of Credit Outstanding, Amount | $ 5.9 |
Note 4 - Restricted Cash - Tota
Note 4 - Restricted Cash - Total Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 |
Cash and cash equivalents | $ 39,590 | $ 22,363 | $ 52,728 | $ 57,701 |
Restricted cash | 7,046 | 7,330 | ||
Total cash, cash equivalents, and restricted cash | $ 39,590 | $ 22,363 | $ 59,774 | $ 65,031 |
Note 5 - Inventories - Schedule
Note 5 - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Finished goods | $ 127,724 | $ 124,640 |
Work in process | 12,224 | 12,057 |
Raw materials | 27,098 | 27,947 |
Valuation allowance | (1,327) | (1,632) |
Inventories | $ 165,719 | $ 163,012 |
Note 6 - Borrowings (Details Te
Note 6 - Borrowings (Details Textual) $ in Millions | Oct. 21, 2014USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2018USD ($) |
Debt Instrument, Term | 5 years | ||
Debt Agreement, Maximum Borrowing Capacity | $ 150 | ||
Debt Issuance Costs, Net, Total | 1.5 | ||
Letters of Credit Outstanding, Amount | $ 6.2 | $ 6.2 | |
Line of Credit Facility, Remaining Borrowing Capacity | 108.8 | $ 108.8 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 115 | ||
Debt Instrument, Covenant, Percentage of Total Revolving Credit | 20.00% | ||
Repayments of Lines of Credit | $ 13.8 | ||
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 | ||
Debt Instrument, Covenant, Minimum Fixed Charge Coverage Ratio | 1.1 | ||
Debt Covenant, Fixed Charge Coverage Ratio, Maximum Outstanding Term Loans | $ 17.5 | ||
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 | Sep. 30, 2018 | Jun. 30, 2018 |
Capital leases | $ 1,479 | $ 1,680 |
Total debt | 1,479 | 1,680 |
Less current maturities | 552 | 584 |
Total long-term | $ 927 | $ 1,096 |
Note 6 - Borrowings - Aggregate
Note 6 - Borrowings - Aggregate Scheduled Maturities of Debt (Details) $ in Thousands | Sep. 30, 2018USD ($) |
2,019 | $ 413 |
2,020 | 550 |
2,021 | 437 |
2,022 | 59 |
2,023 | 20 |
2024 and thereafter | |
Total scheduled debt payments | $ 1,479 |
Note 8 - Share-based Compensa_3
Note 8 - Share-based Compensation (Details Textual) | 3 Months Ended |
Sep. 30, 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 | 1,428,669 |
Note 8 - Share-based Compensa_4
Note 8 - Share-based Compensation - Stock Options, Activity (Details) | 3 Months Ended |
Sep. 30, 2018shares | |
Outstanding (in shares) | 561,595 |
Granted (in shares) | 25,590 |
Exercised (in shares) | (40,000) |
Canceled (forfeited/expired) (in shares) | (91,066) |
Outstanding (in shares) | 456,119 |
Exercisable (in shares) | 339,687 |
Note 8 - Share-based Compensa_5
Note 8 - Share-based Compensation - Restricted Stock and Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Nonvested units (in shares) | shares | 330,369 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 26.15 |
Granted (in shares) | shares | 107,204 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.60 |
Vested (in shares) | shares | |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | |
Canceled (forfeited/expired) (in shares) | shares | (22,758) |
Canceled (forfeited/expired), weighted average grant date fair value (in dollars per share) | $ / shares | $ 24.06 |
Nonvested units (in shares) | shares | 414,815 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 24.31 |
Note 9 - Earnings Per Share (De
Note 9 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 279 | 338 |
Note 9 - Earnings Per Share - C
Note 9 - Earnings Per Share - Calculation of Weighted Average Shares (Details) - shares shares in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Weighted average shares of common stock outstanding for basic calculation (in shares) | 26,539 | 27,459 |
Effect of dilutive stock options and other share-based awards (in shares) | 401 | 297 |
Weighted average shares of common stock outstanding adjusted for dilution calculation (in shares) | 26,940 | 27,756 |
Note 10 - Accumulated Other C_3
Note 10 - Accumulated Other Comprehensive Income - Activity in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Balance | $ 383,870 | |
Other comprehensive income (loss) net of tax | 1,221 | $ (144) |
Balance | 389,987 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance | (6,171) | |
Changes before reclassifications | 1,247 | |
Amounts reclassified from accumulated other comprehensive income | 0 | |
Other comprehensive income (loss) net of tax | 1,247 | |
Balance | $ (4,924) |
Note 11 - Segment Information_2
Note 11 - Segment Information (Details Textual) | 3 Months Ended |
Sep. 30, 2018 | |
Number of Company Operated Design Centers | 147 |
Number of Independently Operated Design Centers | 153 |
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 11 - Segment Information -
Note 11 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | ||
Net sales | $ 187,785 | $ 181,302 | ||
Operating Income | 11,799 | 11,549 | ||
Depreciation and amortization | 5,000 | 5,086 | ||
Capital Expenditures | 2,777 | 2,653 | ||
Assets | 550,954 | $ 530,433 | ||
Operating Segments [Member] | ||||
Net sales | 263,286 | |||
Intersegment Eliminations [Member] | ||||
Net sales | (75,501) | (71,860) | ||
Operating Income | [1] | (957) | 860 | |
Wholesale Segment [Member] | ||||
Depreciation and amortization | 1,961 | 1,987 | ||
Capital Expenditures | 850 | 751 | ||
Assets | 259,199 | 241,616 | ||
Wholesale Segment [Member] | Operating Segments [Member] | ||||
Net sales | 118,072 | 111,587 | ||
Operating Income | 14,315 | 13,462 | ||
Retail Segment [Member] | ||||
Depreciation and amortization | 3,039 | 3,099 | ||
Capital Expenditures | 1,927 | 1,902 | ||
Assets | 321,106 | 317,590 | ||
Retail Segment [Member] | Operating Segments [Member] | ||||
Net sales | 145,214 | 141,575 | ||
Operating Income | (1,559) | $ (2,773) | ||
Inventory Profit Elimination [Member] | ||||
Assets | [2] | $ (29,351) | $ (28,773) | |
[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 - Revenue Recognition_2
Note 13 - Revenue Recognition (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2018 | Jul. 01, 2018 | |
Contract with Customer, Liability, Total | $ 61.2 | |
Contract with Customer, Liability, Revenue Recognized | $ 46.7 |
Note 13 - Revenue Recognition -
Note 13 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues | $ 187,785 | $ 181,302 |
Operating Segments [Member] | ||
Revenues | 263,286 | |
Consolidation, Eliminations [Member] | ||
Revenues | (75,501) | |
Upholstery Furniture [Member] | Operating Segments [Member] | ||
Revenues | 122,939 | |
Case Goods Furniture [Member] | Operating Segments [Member] | ||
Revenues | 82,469 | |
Accent [Member] | Operating Segments [Member] | ||
Revenues | 53,881 | |
Manufactured Product, Other [Member] | Operating Segments [Member] | ||
Revenues | 3,997 | |
Wholesale Segment [Member] | Operating Segments [Member] | ||
Revenues | 118,072 | 111,587 |
Wholesale Segment [Member] | Upholstery Furniture [Member] | Operating Segments [Member] | ||
Revenues | 58,792 | |
Wholesale Segment [Member] | Case Goods Furniture [Member] | Operating Segments [Member] | ||
Revenues | 39,993 | |
Wholesale Segment [Member] | Accent [Member] | Operating Segments [Member] | ||
Revenues | 20,426 | |
Wholesale Segment [Member] | Manufactured Product, Other [Member] | Operating Segments [Member] | ||
Revenues | (1,139) | |
Retail Segment [Member] | Operating Segments [Member] | ||
Revenues | 145,214 | $ 141,575 |
Retail Segment [Member] | Upholstery Furniture [Member] | Operating Segments [Member] | ||
Revenues | 64,147 | |
Retail Segment [Member] | Case Goods Furniture [Member] | Operating Segments [Member] | ||
Revenues | 42,476 | |
Retail Segment [Member] | Accent [Member] | Operating Segments [Member] | ||
Revenues | 33,455 | |
Retail Segment [Member] | Manufactured Product, Other [Member] | Operating Segments [Member] | ||
Revenues | $ 5,136 |