Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Aug. 20, 2020 | Dec. 31, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | ETHAN ALLEN INTERIORS INC | ||
Entity Central Index Key | 0000896156 | ||
Trading Symbol | eth | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 25,053,082 | ||
Entity Public Float | $ 443,379,667 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock $0.01 par value per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 72,276 | $ 20,824 |
Accounts receivable, net | 8,092 | 14,247 |
Inventories, net | 126,101 | 162,389 |
Prepaid expenses and other current assets | 23,483 | 18,830 |
Total current assets | 229,952 | 216,290 |
Property, plant and equipment, net | 236,678 | 245,246 |
Goodwill | 25,388 | 25,388 |
Intangible assets | 19,740 | 19,740 |
Operating lease right-of-use assets | 109,342 | |
Deferred income taxes | 137 | 2,108 |
Other assets | 1,552 | 1,579 |
TOTAL ASSETS | 622,789 | 510,351 |
Current liabilities: | ||
Accounts payable and accrued expenses | 25,595 | 34,166 |
Customer deposits and deferred revenues | 64,031 | 56,714 |
Accrued compensation and benefits | 18,278 | 22,646 |
Short-term debt | 550 | |
Current operating lease liabilities | 27,366 | |
Other current liabilities | 3,708 | 8,750 |
Total current liabilities | 138,978 | 122,826 |
Long-term debt | 50,000 | 516 |
Operating lease liabilities, long-term | 102,111 | |
Other non-current liabilities | 1,074 | 1,069 |
Other long-term liabilities | 2,562 | 22,011 |
TOTAL LIABILITIES | 294,725 | 146,422 |
Commitments and contingencies (See Note 20) | ||
SHAREHOLDERS' EQUITY | ||
Preferred stock, $0.01 par value; 1,055 shares authorized; none issued | ||
Common stock, $0.01 par value; 150,000 shares authorized; 49,053 and 49,049 shares issued; 25,053 and 26,587 shares outstanding at June 30, 2020 and 2019, respectively | 491 | 491 |
Additional paid-in-capital | 378,300 | 377,913 |
Treasury stock, at cost: 24,000 and 22,462 shares at June 30, 2020 and 2019, respectively | (680,916) | (656,597) |
Retained earnings | 638,631 | 647,710 |
Accumulated other comprehensive loss | (8,441) | (5,651) |
Total Ethan Allen Interiors Inc. shareholders' equity | 328,065 | 363,866 |
Noncontrolling interests | (1) | 63 |
TOTAL SHAREHOLDERS' EQUITY | 328,064 | 363,929 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 622,789 | $ 510,351 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,055 | 1,055 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000 | 150,000 |
Common stock, shares issues (in shares) | 49,053 | 49,049 |
Common stock, shares outstanding (in shares) | 25,053 | 26,587 |
Treasury stock, shares (in shares) | 24,000 | 22,462 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net sales | $ 589,837 | $ 746,684 | $ 766,784 |
Cost of sales | 266,705 | 337,193 | 350,820 |
Gross profit | 323,132 | 409,491 | 415,964 |
Selling, general and administrative expenses | 311,507 | 356,880 | 367,097 |
Lease exit costs (remaining lease obligations) | (3,019) | 18,664 | |
Operating income | 14,644 | 33,947 | 48,867 |
Interest (expense), net of interest income | (455) | (87) | 200 |
Income before income taxes | 14,189 | 33,860 | 49,067 |
Total Income tax expense | 5,289 | 8,162 | 12,696 |
Net income | $ 8,900 | $ 25,698 | $ 36,371 |
Basic earnings per common share: | |||
Net income per basic share (in dollars per share) | $ 0.34 | $ 0.96 | $ 1.33 |
Basic weighted average common shares (in shares) | 26,044 | 26,695 | 27,321 |
Diluted earnings per common share: | |||
Net income per diluted share (in dollars per share) | $ 0.34 | $ 0.96 | $ 1.32 |
Diluted weighted average common shares (in shares) | 26,069 | 26,751 | 27,625 |
Comprehensive income | |||
Net income | $ 8,900 | $ 25,698 | $ 36,371 |
Other comprehensive income (loss), net of tax | |||
Foreign curency translation adjustments | (2,790) | 520 | (2,040) |
Other | (64) | (76) | (51) |
Other comprehensive income (loss), net of tax | (2,854) | 444 | (2,091) |
Comprehensive income | $ 6,046 | $ 26,142 | $ 34,280 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Cash Flows from Operating Activities | |||
Net income | $ 8,900 | $ 25,698 | $ 36,371 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 16,859 | 19,530 | 19,831 |
Share-based compensation expense | 334 | 121 | 954 |
Non-cash operating lease cost | 31,995 | ||
Deferred income taxes | 2,524 | (3,511) | (106) |
Restructuring and other impairment charges, net of gains | 2,407 | 20,658 | |
Restructuring payments | (9,067) | (2,473) | |
Loss on disposal of property, plant and equipment | 199 | 157 | 201 |
Other | 287 | 115 | (250) |
Change in operating assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable, net | 6,020 | (565) | (682) |
Inventories, net | 33,341 | 957 | (11,876) |
Prepaid expenses and other current assets | (2,284) | (2,155) | 3,274 |
Customer deposits and deferred revenue | 6,707 | (4,924) | (2,444) |
Accounts payable and accrued expenses | (7,975) | 665 | 2,718 |
Accrued compensation and benefits | (1,358) | 653 | (1,856) |
Operating lease liabilities | (34,765) | ||
Other assets and liabilities | (1,428) | 321 | (3,638) |
Net cash provided by operating activities | 52,696 | 55,247 | 42,497 |
Cash Flows from Investing Activities | |||
Proceeds from the disposal of property, plant & equipment | 12,423 | 1 | 327 |
Capital expenditures | (15,709) | (9,120) | (12,486) |
Acquisitions, net of cash acquired | (1,350) | (534) | (6,287) |
Other investing activities | 20 | 153 | 204 |
Net cash used in investing activities | (4,616) | (9,500) | (18,242) |
Cash Flows from Financing Activities | |||
Borrowings on revolving credit facility | 100,000 | 16,000 | |
Payments on borrowings | (50,000) | (16,000) | (13,833) |
Repurchases of common stock | (24,319) | (46) | (23,120) |
Payment of cash dividends | (21,469) | (46,990) | (29,509) |
Other financing activities | (515) | (302) | (429) |
Net cash provided by (used in) financing activities | 3,697 | (47,338) | (66,891) |
Effect of exchange rate changes on cash and cash equivalents | (325) | 52 | (32) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 51,452 | (1,539) | (42,668) |
Cash, cash equivalents and restricted cash at beginning of period | 20,824 | 22,363 | 65,031 |
Cash, cash equivalents and restricted cash at end of period | 72,276 | 20,824 | 22,363 |
Supplemental Disclosure on Cash Flow Information | |||
Cash paid during the year for income taxes, net of refunds | 6,006 | 13,339 | 14,305 |
Cash paid during the year for interest | 538 | 306 | 177 |
Supplemental Disclosure on Non-Cash Information | |||
Non-cash financing lease obligations incurred | 87 | 1,442 | |
Dividends declared, not paid | $ 5,075 | $ 5,065 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Treasury Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Jun. 30, 2017 | 48,980,000 | 21,533,000 | ||||||||||||
Balance at Jun. 30, 2017 | $ 490 | $ 377,550 | $ (635,179) | $ (4,131) | $ 661,976 | $ 190 | $ 400,896 | |||||||
Net income | 36,371 | 36,371 | ||||||||||||
Common stock issued on share-based awards (in shares) | 9,000 | |||||||||||||
Common stock issued on share-based awards | 193 | 193 | ||||||||||||
Share-based compensation expense | 954 | 954 | ||||||||||||
Purchase and retirement of common stock (in shares) | 927,000 | |||||||||||||
Purchase and retirement of common stock | $ (21,372) | |||||||||||||
Purchase and retirement of common stock | (1,747) | |||||||||||||
Purchase and retirement of common stock | (23,119) | |||||||||||||
Cash dividends declared | (29,334) | (29,334) | ||||||||||||
Other comprehensive income (loss) | (2,040) | (51) | (2,091) | |||||||||||
Balance (in shares) at Jun. 30, 2018 | 48,989,000 | 22,460,000 | ||||||||||||
Balance at Jun. 30, 2018 | $ 490 | 376,950 | $ (656,551) | (6,171) | 669,013 | 139 | 383,870 | |||||||
Net income | 25,698 | 25,698 | ||||||||||||
Common stock issued on share-based awards (in shares) | 52,000 | |||||||||||||
Common stock issued on share-based awards | $ 1 | 842 | 843 | |||||||||||
Purchase and retirement of common stock | 0 | |||||||||||||
Cash dividends declared | (47,001) | (47,001) | ||||||||||||
Other comprehensive income (loss) | 520 | (76) | 444 | |||||||||||
Share-based compensation expense | (121) | (121) | ||||||||||||
Restricted stock vesting (in shares) | 8,000 | 2,000 | ||||||||||||
Restricted stock vesting | $ (46) | (46) | ||||||||||||
Balance (in shares) at Jun. 30, 2019 | 49,049,000 | 22,462,000 | ||||||||||||
Balance at Jun. 30, 2019 | $ (1,585) | $ (1,585) | $ 491 | 377,913 | $ (656,597) | (5,651) | 647,710 | 63 | 363,929 | |||||
Net income | 8,900 | 8,900 | ||||||||||||
Common stock issued on share-based awards (in shares) | 4,000 | |||||||||||||
Common stock issued on share-based awards | 53 | $ 53 | ||||||||||||
Purchase and retirement of common stock (in shares) | 1,538,000 | 1,538,363 | ||||||||||||
Purchase and retirement of common stock | $ (24,319) | $ (24,319) | ||||||||||||
Cash dividends declared | (16,394) | (16,394) | ||||||||||||
Other comprehensive income (loss) | (2,790) | (64) | (2,854) | |||||||||||
Share-based compensation expense | (334) | (334) | ||||||||||||
Balance (in shares) at Jun. 30, 2020 | 49,053,000 | 24,000,000 | ||||||||||||
Balance at Jun. 30, 2020 | $ 491 | $ 378,300 | $ (680,916) | $ (8,441) | $ 638,631 | $ (1) | $ 328,064 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | ( 1 Organization and Nature of Business Founded in 1932 1989, 300 June 30, 2020, 144 138 six nine six two one |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | ( 2 Basis of Presentation Principles of Consolidation. two two I nterest (expense), net of interest income Use of Estimates. not Reclassifications. not The Company has evaluated subsequent events through the date that the financial statements were issued. |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 3 Summary of Significant Accounting Policies The significant accounting policies of the Company and its subsidiaries are summarized below. Cash and Cash Equivalents Cash and short-term, highly liquid investments with original maturities of three June 30, 2020 2019, no We maintain our cash and cash equivalent accounts in financial institutions in both U.S. dollar and Canadian dollar denominations. Accounts at the U.S. institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 $100,000 June 30, 2020 2019, Accounts Receivable Accounts receivable arise from the sale of products on trade credit terms and is presented net of allowance for doubtful accounts. We maintain an allowance for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on a review of specifically identified accounts in addition to an overall aging analysis. Judgments are made with respect to the collectability of accounts receivable based on historical experience and current economic trends. On a monthly basis, we review all significant accounts as to their past due balances, as well as collectability of the outstanding trade accounts receivable for possible write-off. It is our policy to write-off the accounts receivable against the allowance account when we deem the receivable to be uncollectible. Additionally, we review orders from retailers that are significantly past due, and we ship product only when our ability to collect payment from our customer for the new order is probable. At June 30, 2020 2019, Inventories Inventories are stated at the lower of cost (on first first Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation of property, plant and equipment is provided over the estimated useful lives of the respective assets on a straight-line basis. Estimated useful lives of the respective assets typically range from twenty forty three twenty three five not not Retirement or dispositions of long-lived assets are recorded based on carrying value and proceeds received. Any resulting gains or losses are recorded as a component of operating expenses. Property, plant and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of assets may not Impairment of Long-Lived Assets Assets Held for Sale An asset is considered to be held for sale when all of the following criteria are met: (i) management commits to a plan to sell the property; (ii) it is unlikely that the disposal plan will be significantly modified or discontinued; (iii) the property is available for immediate sale in its present condition; (iv) actions required to complete the sale of the property have been initiated; (v) sale of the asset is probable and the completed sale is expected to occur within one Upon designation as an asset held for sale, the carrying value of the asset is recorded at the lower of its carrying value or its estimated fair value less estimated costs to sell, and the Company ceases depreciating the asset. As of June 30, 2020 2019, not Impairment of Long-Lived Assets We review the carrying value of our long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not third may may not $5.2 $9.9 2020 2019. no 2018. 10, Restr ucturing and Impairment Activities, Goodwill and Other Indefinite-Lived Intangible Assets Our goodwill and intangible assets are comprised primarily of goodwill, which represents the excess of cost over the fair value of net assets acquired, and our Ethan Allen trade name and related trademarks. Both goodwill and indefinite-lived intangible assets are not We are required to test goodwill and indefinite-lived intangibles for potential impairment annually, or more frequently if impairment indicators occur. Goodwill and other indefinite-lived intangible assets are evaluated for impairment on an annual basis during the fourth may Goodwill. may not 50 may two June 30, 2020. third 2020 19 March 31, 2020, 25%, no March 31, 2020. Other Indefinite-Lived Intangible Assets (t rade name). fourth may may not March 31, 2020 19 March 31, 2020, no Leases We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities and long-term operating lease liabilities in our consolidated balance sheets. Finance leases are included in property, plant and equipment, other current liabilities, and other long-term liabilities in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not may Lease concessions, in the form of rent deferrals and/or abatements, related to the effects of the COVID- 19 not no A ccounts payable and accrued expenses fourth 2020, $2.7 19. See Note 6, Leases, Customer Deposits and Deferred Revenue In many cases we receive deposits from customers before we have transferred control of our product to our customers, resulting in contract liabilities. These customer deposits are reported as a current liability in Customer deposits and deferred revenue June 30, 2020, $62.6 $56.7 2020, $55.0 June 30, 2019. During the second 2020, $100 one Customer deposits and deferred revenue N et sales June 30, 2020, $1.4 2020, $2.0 third 2020. We expect that substantially all of the customer deposits and deferred membership fees as of June 30, 2020 twelve Deferred Financing Fees Deferred financing fees related to our revolving credit facility are included in Prepaid expenses and other current assets Other assets I nterest ( expense ) , net of interest income Insurance The Company maintains insurance coverage for significant exposures, as well as those risks that, by law, must be insured. In the case of the Company's health care coverage for employees, the Company has an insurance program related to claims filed. Expenses related to this insured program are computed on an actuarial basis, based on claims experience, regulatory requirements, an estimate of claims incurred but not $2.2 $2.5 June 30, 2020 2019, We also carry workers' compensation insurance subject to a deductible amount for which the Company is responsible on each claim. The Company had liabilities of $5.2 $6.0 not June 30, 2020 2019, Fair Value of Financial Instruments Because of their short-term nature, the carrying value of our cash and cash equivalents, receivables and payables, and customer deposit liabilities approximates fair value. The fair value of our long-term debt was $50 June 30, 2020, Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance must be established for deferred tax assets when it is more likely than not not We recognize the tax benefit from an uncertain tax position only if it is more likely than not one Revenue Recognition We adopted ASU 2014 09, Revenue from Contracts with Customers (Topic 606 July 1, 2018. Our reported revenue (net sales) consist 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. The majority of our shipping agreements are freight-on-board shipping point and risk of loss transfers to our wholesale customer once the product is out of our control. Accordingly, revenue is recognized for product shipments on third third Our practice has been to sell our products at the same delivered cost to all retailers and customers nationwide, regardless of shipping point. Costs incurred by the Company to deliver finished goods are expensed and recorded in selling, general and administrative expenses. 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 net sales. Shipping and handling costs amounted to $64.4 2020, $75.6 2019 $73.6 2018. 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). Sales taxes collected is not Accounts payable and accrued expenses Estimated refunds for returns and allowances are based on our historical return patterns. We record these estimated sales refunds on a gross basis rather than on a net basis and have recorded an asset for product we expect to receive back from customers in Prepaid expenses and other current assets Other current liabilities June 30, 2020 June 30, 2019, We capitalize commission fees paid to our associates as contract assets within Prepaid expenses and other current assets June 30, 2020, $9.0 six $8.0 June 30, 2019, 2020. We have elected the practical expedient permitted in ASC 606 10 32 18, one one not not Cost of Sales Our cost of sales consist primarily of the cost to manufacture or purchase our merchandise (i.e. direct material, labor and overhead costs) as well as inspection, internal transfer, in-bound freight and warehousing costs. Selling, General and Administrative Expenses (“SG&A”) SG&A expenses include the costs of selling our products and other general and administrative costs. Selling expenses are primarily composed of shipping and handling costs, commissions, advertising, warranty, and compensation and benefits of employees performing various sales functions. Occupancy costs, depreciation, compensation and benefit costs for administration employees and other administrative costs are included in SG&A. All store pre-opening costs are included in SG&A expenses and are expensed as incurred. Advertising Costs Advertising expenses primarily represent the costs associated with our direct mailings, national television spots, on-air radio, digital marketing and other mediums. Our total advertising costs were $29.1 2020, $30.5 2019 $43.3 2018. June 30, 2020 2019, Acquisitions From time to time we acquire design centers from our independent retailers in arms-length transactions. We record these acquisitions using the acquisition method of accounting. All of the assets acquired, liabilities assumed, contractual contingencies and contingent consideration are recognized at their fair value on the acquisition date. Cash paid to acquire design centers during fiscal 2020, 2019 2018 $1.5 $0.5 $6.3 Share-Based Compensation Share-based compensation expense is included within selling, general and administrative expenses. Tax benefits associated with our share-based compensation arrangements are included within income tax expense. We estimate, as of the date of grant, the fair value of stock options awarded using the Black-Scholes option pricing model. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs, including anticipated changes in the underlying stock price (i.e. expected volatility) and option exercise activity (i.e. expected life). Expected volatility is based on the historical volatility of our stock and other contributing factors. The expected life of options granted, which represents the period of time that the options are expected to be outstanding, is based, primarily, on historical data. We estimate, as of the date of grant, the fair value of non-performance based restricted stock units awarded using a discounted cash flow model, which requires management to make certain assumptions with respect to model inputs including anticipated future dividends not one We estimate, as of the date of grant, the fair value of performance units with a discounted cash flow model, using as model inputs the risk-free rate of return as the discount rate, dividend yield for dividends not one As share-based compensation expense recognized is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures are estimated based primarily on historical experience. Windfall tax benefits, defined as tax deductions that exceed recorded share-based compensation, are classified as cash inflows from operating activities. The value of the portion of the equity-based awards that are ultimately expected to vest is recognized as expense over the requisite service periods in our consolidated statement of income. Earnings Per Share We compute basic earnings per share (“EPS”) by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated similarly, except that the weighted average outstanding shares are adjusted to include the effects of converting all potentially dilutive share-based awards issued under our employee stock plans. The number of potential common shares outstanding are determined in accordance with the treasury stock method to the extent they are dilutive. For the purpose of calculating EPS, common shares outstanding include common shares issuable upon the exercise of outstanding share-based compensation awards. Under the treasury stock method, the exercise price paid by the optionee and future share-based compensation expense that the Company has not Foreign Currency Translation The functional currency of each Company-operated foreign location is the respective local currency. Assets and liabilities are translated into U.S. dollars using the current period-end exchange rate and income and expense amounts are translated using the average exchange rate for the period in which the transaction occurred. Resulting translation adjustments are reported as a component of accumulated other comprehensive income (loss) within shareholders' equity. Treasury Stock The Company accounts for repurchased common stock on a trade date basis under the cost method and includes such treasury stock as a component of its shareholders' equity. We account for the formal retirement of treasury stock by deducting its par value from common stock, reducing additional paid-in capital (“APIC”) by the average amount recorded in APIC when the stock was originally issued and any remaining excess of cost deducted from retained earnings. Recent Accounting Pronouncements As of the beginning of fiscal 2020, New Accounting Standards or Updates Adopted in fiscal 2020 Leases. February 2016, 2016 02, Leases (Topic 842 2016 02 December 15, 2018, July 2018, We adopted ASU 2016 02 July 1, 2019 not not not not not not July 1, 2019. 12 Upon adoption we recognized operating lease assets of $129.7 $149.7 $20.0 June 30, 2019, July 1, 2019, $1.6 not 6 2016 02. Goodwill Impairment Test January 2017, 2017 04, Intangibles-Goodwill and Other (Topic 350 2 not 2017 04 2020. Recent Accounting Standards or Updates Not Credit Losses of Financial Instruments . June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 first 2021 not Implementation Costs in a Cloud Computing Arrangement. August 2018, 2018 15, Intangibles-Goodwill and Other – Internal-Use Software (Subtopic 350 40 first 2021 not Simplifying the Accounting for Income Taxes . December 2019, 2019 12, Income Taxes (Topic 740 740 first 2022, not Reference Rate Reform on Financial Reporting. March 2020, 2020 04, Reference Rate Reform (Topic 848 first 2021. not No June 30, 2020 |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 4 Revenue Recognition The following table disaggregates our net sales by product category by segment for fiscal 2020: (Amounts in thousands) Wholesale Retail Total Upholstery $ 164,059 $ 213,903 $ 377,962 Case goods 115,040 129,839 244,879 Accents 61,405 102,994 164,399 Other (2,556 ) 16,064 13,508 Total before intercompany eliminations $ 337,948 $ 462,800 800,748 Intercompany eliminations (210,911 ) Consolidated net sales $ 589,837 The following table disaggregates our net sales by product category by segment for fiscal 2019: (Amounts in thousands) Wholesale Retail Total Upholstery $ 216,460 $ 263,744 $ 480,204 Case goods 151,999 172,293 324,292 Accents 77,978 130,325 208,303 Other (4,886 ) 23,467 18,581 Total before intercompany eliminations $ 441,551 $ 589,829 1,031,380 Intercompany eliminations (284,696 ) Consolidated net sales $ 746,684 The following table disaggregates our net sales by product category by segment for fiscal 2018: (Amounts in thousands) Wholesale Retail Total Upholstery $ 243,511 $ 270,050 $ 513,561 Case goods 154,170 170,513 324,683 Accents 82,870 125,968 208,838 Other (4,820 ) 20,971 16,151 Total before intercompany eliminations $ 475,731 $ 587,502 1,063,233 Intercompany eliminations (296,449 ) Consolidated net sales $ 766,784 ● 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 membership revenue, product delivery sales, the Ethan Allen Hotel room rentals and banquets, sales of third ● Intercompany eliminations represent the elimination of all intercompany wholesale segment sales to the retail segment during the period presented. |
Note 5 - Fair Value Measures
Note 5 - Fair Value Measures | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | ( 5 F air Value Measure ment s Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the use of various valuation methodologies, including market, income and cost approaches is permissible. We consider the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. Fair Value Hierarchy . three may may 1 2 no 3 June 30, 2020 2019. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis . $5.2 not 2020. not 2020 2019, no 10, Restruct uring and Impairment Activities, Assets and Liabilities Measure d at Fair Value for Disclosure Purposes Only . June 30, 2020 $50.0 |
Note 6 - Leases
Note 6 - Leases | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | ( 6 Leases During the first 2020, 2016 02 Lease Accounting Policy We have operating leases for many of our design centers that expire at various dates through fiscal 2040. three five Lease right-of-use assets represent the right to use an underlying asset pursuant to the lease for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Lease right-of-use assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using our incremental borrowing rate generally applicable to the location of the lease right-of-use asset, unless an implicit rate is readily determinable. We combine lease and certain non-lease components for our design center real estate leases in determining the lease payments subject to the initial present value calculation. Lease right-of-use assets include upfront lease payments and exclude lease incentives, where applicable. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. Lease expense for operating leases consists of both fixed and variable components. Expense related to fixed lease payments are recognized on a straight-line basis over the lease term. Variable lease payments are generally expensed as incurred, where applicable, and include certain index-based changes in rent, certain non-lease components, such as maintenance and other services provided by the lessor, and other charges included in the lease. Leases with an initial term of twelve not not We have elected the short-term lease exemption, whereby leases with initial terms of one not Key Estimates and Judgments Key estimates and judgments in applying ASU 2016 02 ASC 842 not may not not July 1, 2019 not The Company's lease terms and discount rates are as follows: June 30, 2020 Weighted-average remaining lease term (in years) Operating leases 6.6 Financing leases 1.6 Weighted-average discount rate Operating leases 4.2 % Financing leases 4.4 % The following table discloses the location and amount of our operating and financing lease costs within our consolidated statements of comprehensive income (in thousands): Statement of Comprehensive Income Location Twelve months ended June 30, 2020 Operating lease cost Selling, general and administrative (“SG&A”) $ 31,995 Financing lease cost: Depreciation of property SG&A 596 Interest on lease liabilities Interest income, net of interest (expense) 30 Short-term lease cost SG&A 1,215 Variable lease cost (1) SG&A 9,457 Less: Sublease income SG&A (2,181 ) Total lease expense $ 41,112 ( 1 Variable lease payments include index-based changes in rent, maintenance, real estate taxes, insurance and other charges included in the lease. For the twelve June 30, 2019, $32.4 $2.1 The following table discloses the operating and financing lease assets and liabilities recognized within our consolidated balance sheet as of June 30, 2020 ( Consolidated Balance Sheet Location June 30, 2020 Assets Operating leases Operating lease right-of-use assets (non-current) $ 109,342 Financing leases Property, plant and equipment, net 590 Total lease assets $ 109,932 Liabilities Current: Operating leases Current operating lease liabilities $ 27,366 Financing leases Other current liabilities 464 Noncurrent: Operating leases Operating lease liabilities, long-term 102,111 Financing leases Other long-term liabilities 121 Total lease liabilities $ 130,062 The ROU assets by segment are as follows as of June 30, 2020 ( Retail $ 109,395 Wholesale 537 Total ROU assets $ 109,932 The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable leases with terms of more than one June 30, 2020 ( Fiscal Year Operating Leases Financing Leases 2021 $ 32,136 $ 464 2022 27,701 72 2023 21,327 39 2024 16,463 19 2025 12,913 8 Thereafter 39,120 - Total undiscounted future minimum lease payments 149,660 602 Less: imputed interest (20,183 ) (17 ) Total present value of lease obligations (1) $ 129,477 $ 585 ( 1 $0.6 June 30, 2020. As of June 30, 2020, one not not first 2021. ten $3.2 At June 30, 2020, not not Other information for our leases is as follows (in thousands): Twelve months ended June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 34,765 Operating cash flows from financing leases $ 568 Operating lease assets obtained in exchange for new operating lease liabilities $ 18,218 At the beginning of fiscal 2020, 2016 02, June 30, 2019, Fiscal Year Operating Leases Financing Leases (1) 2020 $ 33,761 $ 550 2021 30,534 437 2022 26,443 60 2023 20,276 19 2024 15,345 - Thereafter 43,500 - Total $ 169,859 $ 1,066 ( 1 As of June 30, 2019, $1.1 S hort-term debt L ong-term debt |
Note 7 - Inventories
Note 7 - Inventories | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 7 Inventories Inventories at June 30, 2020 2019 2020 2019 Finished goods $ 97,718 $ 128,047 Work in process 9,589 9,185 Raw materials 21,343 26,661 Inventory reserve (2,549 ) (1,504 ) Inventories, net $ 126,101 $ 162,389 |
Note 8 - Property, Plant and Eq
Note 8 - Property, Plant and Equipment | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 8 Property, Plant and Equipment Property, plant and equipment at June 30, 2020 2019 2020 2019 Land and improvements $ 83,081 $ 83,343 Building and improvements 361,324 384,641 Machinery and equipment 122,157 123,396 Property, plant and equipment, gross 566,562 591,380 Less: accumulated depreciation and amortization (329,884 ) (346,134 ) Property, plant and equipment, net $ 236,678 $ 245,246 We recorded depreciation expense of $16.9 $19.5 $19.8 2020, 2019 2018, |
Note 9 - Goodwill and Other Int
Note 9 - Goodwill and Other Intangible Assets | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | ( 9 Goodwill and Other Intangible Assets Our goodwill and intangible assets are comprised of goodwill, which represents the excess of cost over the fair value of net assets acquired, and our Ethan Allen trade name and related trademarks. Both goodwill and indefinite-lived intangible assets are not June 30, 2020 2019, $25.4 $19.7 We test our wholesale goodwill and indefinite-lived intangibles for impairment on an annual basis in the fourth third 2020 19 March 31, 2020, 25%, no fourth 2020, no The fair value of our trade name, which is the Company's only indefinite-lived intangible asset other than goodwill, was also reviewed as of March 31, 2020 March 31, 2020, no fourth 2020, no If the market valuation of our common shares or operating results within the wholesale reporting unit significantly decline beyond current levels, we may may |
Note 10 - Restructuring and Imp
Note 10 - Restructuring and Impairment Activities | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | ( 10 Restructuring and Impairment Activities Summary of Restructuring, Impairments and Other related charges (gains) Restructuring, impairment and other related costs incurred during fiscal 2020 2019 Fiscal 2020 Fiscal 2019 Optimization of manufacturing and logistics $ 829 $ 6,330 Gain on sale of Passaic property (11,497 ) - Impairment of long-lived assets (retail) 5,171 9,913 Lease exit costs (remaining lease obligations) 2,372 2,662 Other charges (income) 106 (241 ) Total Restructuring and other impairment charges, net of gains $ (3,019 ) $ 18,664 Manufacturing overhead costs (1) 1,319 866 Inventory write-downs (1) 4,107 1,128 Total $ 2,407 $ 20,658 ( 1 Manufacturing overhead costs and inventory write-downs are reported within Cost of Sales Restructuring and Other Related Charges Rollforward The Company's restructuring activity is summarized in the table below (in thousands): Fiscal 2020 Activity Optimization of Manufacturing and Logistics Balance June 30, 2019 New Charges (Income) Non-Cash (Payments) Receipts Balance June 30, 2020 Employee severance, other payroll and benefit costs $ 1,714 $ 777 $ 23 $ (2,468 ) $ - Manufacturing overhead costs - 1,319 - (1,319 ) - Sale of Passic property - (11,497 ) 245 11,742 - Sale of other property, plant and equipment - (675 ) - 675 - Other exit costs - 727 (522 ) (1,249 ) - Sub-total 1,714 (9,349 ) (254 ) 7,381 - Retail Design Center Impairment Impairment of long-lived assets - 5,171 5,171 - - Other Restructuring and Impairment Charges Inventory write-downs - 4,107 4,107 - - Lease exit costs (remaining lease rentals) 3,145 2,372 1,847 (3,760 ) (90 ) (1) Other charges (income) 224 106 - (271 ) 59 (2) Sub-total 3,369 6,585 5,954 (4,031 ) (31 ) Total Restructuring and other impairment activities $ 5,083 $ 2,407 $ 10,871 $ 3,350 $ (31 ) ( 1 The previously recorded vacant space liability as of June 30, 2019 Accounts payable and accrued expenses Other long-term liabilities Operating lease right-of-use assets 2016 02, 420 June 30, 2020 Prepaid expenses and other current assets. ( 2 The remaining balance from the other charges (income) as of June 30, 2020 Accounts payable and accrued expenses first 2021. Optimization of Manufacturing and Logistics During the fourth 2019, June 30, 2019, We completed this optimization project in fiscal 2020 $2.1 $1.3 $0.8 $0.7 $0.7 $1.3 Cost of Sales Restructuring and other impairment charges, net of gains As part of our optimization plans, we also completed the sale of our Passaic property in September 2019 third $12.4 $0.9 $11.5 first 2020, Restructuring and other impairment charges, net of gains As these optimization plans were initiated in the prior year, we recorded fiscal 2019 $8.3 $3.1 $2.8 $2.0 $0.4 $2.0 Cost of Sales $6.3 Restructuring and other impairment charges, net of gains Retail Design Center Long-Lived Assets Impairment We recorded a non-cash impairment charge of $5.2 2020 $4.8 fourth 2020 19 2020 $5.2 Restructuring and other impairment charges, net of gains . In the year ago fourth $9.9 2019 $9.9 Restructuring and other i mpairment c harge s, net of gain s. Inventory Write-downs During fiscal 2020 $4.1 $3.5 $0.6 Cost of Sales. Lease Exit Costs During fiscal 2020 $2.4 fourth April 2020, May 31, 2020 $3.4 $1.0 $2.4 Restructuring and other i mpairment c harge s, net of gain s. During fiscal 2019 $2.7 June 30, 2019. Restructuring and other i mpairment c harges , net of gains . |
Note 11 - Debt
Note 11 - Debt | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 11 Debt Total debt obligations at June 30, 2020 2019 2020 2019 Borrowings under revolving credit facility $ 50,000 $ - Capital leases (1) - 1,066 Total debt 50,000 1,066 Less current maturities - 550 Total long-term debt $ 50,000 $ 516 ( 1 Capital leases were previously reported as debt as of June 30, 2019. 6 Credit Agreement On December 21, 2018, $165 December 21, 2023. $0.6 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% 2.0%, 0.5%, 1.0% 0.5% 1.0%. The availability of credit at any given time under the Facility will be constrained by the terms and conditions of the Facility, including the amount of collateral available, a borrowing base formula based upon numerous factors, including the value of eligible inventory and eligible accounts receivable, and other restrictions contained in the Facility. All obligations under the Facility are secured by assets of the Loan Parties, including inventory, receivables and certain types of intellectual property. Borrowings under the Facility On March 23, 2020, $80 March 30, 2020, $20 $100 March 31, 2020. $50.0 fourth $50.0 June 30, 2020. 1.7%, one December 21, 2023. $50 Long-term debt June 30, 2020. twelve June 30, 2020 2019, $0.5 The fair value of our long-term debt was $50 June 30, 2020, Covenants and Other Ratios The Facility contains various restrictive and affirmative covenants, including required financial reporting, limitations on the ability to grant liens, make loans or other investments, incur additional debt, issue additional equity, merge or consolidate with or into another person, sell assets, pay dividends or make other distributions or enter into transactions with affiliates, along with other restrictions and limitations similar to those frequently found in credit agreements of this type and size. Loans under the Facility may The Facility does not $18.5 1.0 twelve At June 30, 2020 2019, $5.8 $6.1 $58.9 June 30, 2020 $158.9 June 30, 2019. June 30, 2020 2019, |
Note 12 - Other Long-term Liabi
Note 12 - Other Long-term Liabilities | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | ( 12 Other Long-term Liabilities The following table summarizes the nature of the amounts within O ther long-term liabilitie s June 30, 2020 2019 2020 2019 Deferred rent $ - $ 16,873 Unrecognized tax benefits 1,487 1,616 Accrued lease exit costs - 2,089 Other long-term liabilities 1,075 1,433 Other long-term liabilities $ 2,562 $ 22,011 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 13 Income Taxes Income tax expense consists of the following components for the fiscal years ended June 30 ( 2020 2019 2018 Current: Federal $ 2,432 $ 10,132 $ 10,289 State 8 1,237 1,689 Foreign 325 304 824 Total current 2,765 11,673 12,802 Deferred: Federal 181 (3,091 ) 174 State 2,368 (381 ) (124 ) Foreign (25 ) (39 ) (156 ) Total deferred 2,524 (3,511 ) (106 ) Total Income tax expense $ 5,289 $ 8,162 $ 12,696 The following is a reconciliation of our effective tax rate to the U.S. federal income tax rate for the fiscal years ended June 30 ( 2020 2019 2018 Expected income tax expense at U.S. federal income tax rate $ 2,980 21.0 % $ 7,111 21.0 % $ 13,739 28.0 % Increase (reduction) in income taxes resulting from: State income taxes, net of federal benefit 159 1.1 % 737 2.2 % 1,263 2.6 % Change in valuation allowance 2,534 17.9 % 602 1.8 % 42 0.1 % Remeasurement of deferred taxes for changes in statutory U.S. tax rate - 0.0 % - 0.0 % (2,651 ) -5.4 % Section 199 Qualified Production Activities deduction - 0.0 % - 0.0 % (678 ) -1.4 % Section 250 Foreign Derived Intangible Income deduction - 0.0 % (161 ) -0.5 % - 0.0 % Unrecognized tax benefits (215 ) -1.5 % 26 0.1 % 55 0.1 % Stock-based compensation - forfeitures and exercises 17 0.1 % 184 0.5 % 570 1.2 % Other, net (186 ) -1.3 % (337 ) -1.0 % 356 0.7 % Actual income tax expense (and corresponding effective tax rate) $ 5,289 37.3 % $ 8,162 24.1 % $ 12,696 25.9 % The significant components of deferred tax assets recorded within the consolidated balance sheet were as follows at June 30 ( 2020 2019 Deferred tax assets: Leases $ 32,184 $ - Employee compensation accruals 2,259 2,697 Stock-based compensation 670 715 Deferred rent - 4,184 Net operating loss carryforwards 2,002 4,259 Property, plant and equipment 1,020 1,021 Other 2,825 2,341 Subtotal deferred tax assets 40,960 15,217 Less: Valuation allowance (3,158 ) (3,197 ) Total deferred tax assets $ 37,802 $ 12,020 The significant components of deferred tax liabilities recorded within the consolidated balance sheet were as follows at June 30 ( 2020 2019 Operating lease right-of-use assets $ 27,334 $ - Intangible assets other than goodwill 9,080 9,007 Commissions 2,207 1,974 Other 118 - Total deferred tax liabilities $ 38,739 $ 10,981 Deferred tax balances are classified in the consolidated balance sheets as follows at June 30 ( 2020 2019 Other assets $ 137 $ 2,108 Other non-current liabilities 1,074 1,069 Total net deferred tax asset (liability) $ (937 ) $ 1,039 We evaluate our deferred taxes to determine if the “more likely than not” not may 19 not not At June 30, 2020, $3.2 June 30, 2019, $3.2 2020, $2.6 fourth 2020. 2020, $2.5 not not The deferred tax assets at June 30, 2020 Deferred Net Operating Loss Tax Assets Carryforwards Various U.S. state net operating losses, expiring between 2025 and 2040 $ 1,383 $ 25,501 Foreign capital losses, expiring between 2034 and 2040 $ 619 $ 2,335 Deferred federal income taxes were previously not 1986 $0.1 2018. On December 22, 2017, 35% 21% January 1, 2018, 2018 28%. 21% June 30, 2019 June 30, 2018, $2.7 5.4% Uncertain Tax Positions We recognize interest and penalties related to income tax matters as a component of income tax expense. If the $1.9 June 30, 2020 $1.5 A reconciliation of the beginning and ending amount of unrecognized tax benefits including related interest and penalties as of June 30, 2020 2019 2020 2019 Beginning balance $ 2,209 $ 2,187 Additions for tax positions taken during the current year 214 329 Additions for tax positions taken during the prior year 126 143 Reductions for tax positions taken during the prior year - - Decreases related to settlements with taxing authorities - - Reductions resulting from a lapse of the applicable statute of limitations (616 ) (450 ) Ending balance $ 1,933 $ 2,209 It is reasonably possible that various issues relating to approximately $0.4 June 30, 2020 twelve $0.4 The Company conducts business globally and, as a result, the Company or one June 30, 2020, 2016 2018 may twelve not |
Note 14 - Shareholders' Equity
Note 14 - Shareholders' Equity | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 14 Shareholders' Equity Shares Authorized for Issuance Our authorized capital stock consists of 150,000,000 $0.01 1,055,000 $0.01 may one no may June 30, 2020 2019, no Share Repurchase Program On January 13, 2020, 3,000,000 no We repurchased 1,538,363 $24.3 2020. no 2019. June 30, 2020, 2,007,364 April 1, 2020 19. During the past three 2020 2019 2018 Common shares repurchased 1,538,363 - 950,484 Cost to repurchase common shares $ 24,319,044 $ - $ 22,019,381 Average price per share $ 15.81 $ - $ 23.17 For the fiscal years presented above, we funded our purchases of treasury stock with existing cash on hand and cash generated through current period operations. All our common stock repurchases are recorded as treasury stock and result in a reduction of shareholders' equity. |
Note 15 - Earnings Per Share
Note 15 - Earnings Per Share | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 15 Earnings Per Share Basic and diluted earnings per share (“EPS”) are calculated using the following weighted average share data (in thousands): Fiscal Year Ended June 30, 2020 2019 2018 Weighted average shares outstanding for basic calculation 26,044 26,695 27,321 Dilutive effect of stock options and other share-based awards 25 56 304 Weighted average shares outstanding adjusted for dilution calculation 26,069 26,751 27,625 Dilutive potential common shares consist of stock options, restricted stock units and performance units. As of June 30, 2020, 2019 2018, 403,106, 231,717 195,318, As of June 30, 2020, 2019 2018, 199,107, 187,882 210,836, . |
Note 16 - Accumulated Other Com
Note 16 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | ( 16 Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) consists of foreign currency translation adjustments which are the result of changes in foreign currency exchange rates related to our operations in Canada, Honduras, and Mexico. Assets and liabilities are translated into U.S. dollars using the current period-end exchange rate and income and expense amounts are translated using the average exchange rate for the period in which the transaction occurred. The following table sets forth the activity in accumulated other comprehensive loss (in thousands): 2020 2019 Beginning balance at July 1 $ (5,651 ) $ (6,171 ) Other comprehensive income (loss), net of tax (2,854 ) 444 Less AOCI attributable to noncontrolling interests 64 76 Ending balance at June 30 $ (8,441 ) $ (5,651 ) |
Note 17 - Share-based Compensat
Note 17 - Share-based Compensation | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 17 Share-Based Compensation We recognized total share-based compensation expense of $0.3 $0.1 $1.0 2020, 2019 2018, June 30, 2020, $1.0 2.6 no June 30, 2020 2019, At June 30, 2020, 1,490,986 may 6,487,867 no 10 one three Stock Option A ctivity A summary of stock option activity during fiscal 2020 Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Value Options Price Term (yrs) ($ in thousands) Outstanding at June 30, 2019 378,911 $ 21.95 Granted 59,188 $ 17.27 Exercised (4,500 ) $ 11.74 Canceled (forfeited/expired) (30,493 ) $ 23.81 Outstanding at June 30, 2020 403,106 $ 21.24 4.4 $ - Exercisable at June 30, 2020 320,368 $ 21.66 3.2 $ - The aggregate intrinsic value of stock options exercised during fiscal 2020, 2019 2018 $0.1 $0.3 $0.1 A summary of the nonvested shares as of June 30, 2020 Weighted Average Options Exercise Price Nonvested at June 30, 2019 59,887 $ 26.84 Granted 59,188 $ 17.27 Vested (33,339 ) $ 27.86 Canceled (forfeited) (2,998 ) $ 26.19 Nonvested at June 30, 2020 82,738 $ 19.61 As of June 30, 2020, $0.2 2.2 We estimate, as of the date of grant, the fair value of stock options awarded using the Black-Scholes option pricing model. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs, including anticipated changes in the underlying stock price (i.e. expected volatility) and option exercise activity (i.e. expected life). Expected volatility is based on the historical volatility of our stock. The risk-free rate of return is based on the United States Treasury bill rate extrapolated to the term matching the expected life of the grant. The dividend yield is based on the annualized dividend rate at the grant date relative to the grant date stock price. The expected life of options granted, which represents the period of time that the options are expected to be outstanding, is based, primarily, on historical data. Stock options granted to employees during fiscal 2020 no 2019 2018. 2020 Volatility 30.8 % Risk-free rate of return 1.62 % Dividend yield 4.42 % Expected average life (years) 5.9 Grant date fair value $ 2.85 Non-employee (independent) directors were granted stock options during the first 2020 2019 2018 Volatility 30.8 % 31.3 % 31.5 % Risk-free rate of return 1.55 % 2.80 % 1.76 % Dividend yield 3.97 % 3.24 % 2.47 % Expected average life (years) 5.3 5.0 4.6 Grant date fair value $ 3.30 $ 5.30 $ 6.93 Fair value as a % of exercise price 18.8 % 22.6 % 22.5 % Restricted Stock Unit Activity A summary of restricted stock unit activity during fiscal 2020 Weighted Restricted Average Stock Units Fair Value Outstanding at June 30, 2019 - $ - Granted 58,000 $ 9.15 Vested - $ - Canceled (forfeited) (2,000 ) $ 9.15 Outstanding at June 30, 2020 56,000 $ 9.15 During fiscal 2020, 58,000 $9.15. not 25% four no 2019 2018. As of June 30, 2020, $0.5 3.7 Performance Stock Units Under the Plan, the Compensation Committee of the Board of Directors was authorized to award common shares to certain employees based on the attainment of certain financial goals over a given performance period. The awards are offered at no Payout of these grants depends on our financial performance ( 80% 20% 50% 125% three three three The following table summarizes the performance-based stock units' activity during fiscal 2020 Weighted Average Grant Date Units Fair Value Outstanding at June 30, 2019 313,882 $ 22.82 Granted 99,405 $ 12.72 Vested - $ - Canceled (forfeited) (88,180 ) $ 25.27 Outstanding at June 30, 2020 325,107 $ 19.05 During fiscal 2020 99,405 not one 2020, 2019 2018, 2020 2019 2018 Volatility 30.5 % 32.1 % 32.9 % Risk-free rate of return 1.72 % 2.72 % 1.41 % Dividend yield 3.97 % 3.24 % 2.47 % Expected average life (years) 3.0 3.0 1.9 Share-based compensation expense related to performance-based shares recognized in our consolidated statements of comprehensive income are presented in the following table for the fiscal years ended June 30 ( 2020 2019 2018 Fiscal 2016 grants $ - $ 5 $ 92 Fiscal 2017 grants - - (12 ) Fiscal 2018 grants - (457 ) 457 Fiscal 2019 grants 101 321 - Fiscal 2020 grants 59 - - Total expense $ 160 $ (131 ) $ 537 Our unrecognized compensation expense at June 30, 2020, $0.3 1.4 |
Note 18 - Employee Retirement P
Note 18 - Employee Retirement Programs | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 18 Employee Retirement Programs The Ethan Allen Retirement Savings Plan (the “401 The Company established its 401 1994. 401 1974 1986 401 first April, July, October January three may 100% may, 401 $2.9 $3.4 $3.4 401 2020, 2019 2018, Other Retirement Benefits Ethan Allen provides additional benefits to select management in the form of deferred compensation arrangements. The total cost of these benefits were immaterial to the Company during each period presented. |
Note 19 - Segment Information
Note 19 - Segment Information | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 19 Segment Information Operating segments are defined as (i) components of an enterprise that engage in business activities from which they may 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. The accounting policies of the operating segments are the same as those described in Note 3, Summary of Significant Accounting Policies third third As of June 30, 2020, 144 160 third 78.5% 2020. 21.5%. ten 15.4% 2020. nine Information for each of the last three June 30 2020 2019 2018 Net sales Wholesale segment $ 337,948 $ 441,551 $ 475,731 Retail segment 462,800 589,829 587,502 Elimination of intercompany sales (210,911 ) (284,696 ) (296,449 ) Consolidated Total $ 589,837 $ 746,684 $ 766,784 Income before income taxes Wholesale segment $ 33,106 $ 42,481 $ 48,499 Retail segment (21,414 ) (10,529 ) (1,738 ) Adjustment of intercompany profit (a) 2,952 1,995 2,106 Operating income 14,644 33,947 48,867 Interest (expense), net of interest income (455 ) (87 ) 200 Consolidated Total $ 14,189 $ 33,860 $ 49,067 Depreciation and amortization Wholesale segment $ 7,107 $ 7,560 $ 7,752 Retail segment 9,752 11,970 12,079 Consolidated Total $ 16,859 $ 19,530 $ 19,831 Capital expenditures Wholesale segment $ 7,454 $ 3,340 $ 4,286 Retail segment 8,255 5,780 8,200 Consolidated Total $ 15,709 $ 9,120 $ 12,486 (a) Represents the change in wholesale profit contained in the retail segment inventory at the end of the period. June 30, (in thousands) 2020 2019 2018 Total Assets Wholesale segment $ 255,011 $ 237,354 $ 241,616 Retail segment 390,635 299,125 317,590 Inventory profit elimination (a) (22,857 ) (26,128 ) (28,773 ) Consolidated Total $ 622,789 $ 510,351 $ 530,433 (a) Represents the wholesale profit contained in the retail segment inventory that has not Geographic Information Our international net sales are comprised of our wholesale segment sales to independent retailers and our retail segment sales to customers through our Company-operated design centers. The number of international design centers and the related net sales as a percentage of our consolidated net sales are shown in the following tables. Fiscal Year Ended June 30, 2020 2019 2018 Independent retailer design centers 125 118 104 Company-operated design centers 6 6 6 Total international design centers 131 124 110 % of total design centers international 43.1 % 41.1 % 37.2 % % of consolidated net sales 5.7 % 6.8 % 10.2 % Sales by Country 2020 2019 2018 United States 94.3 % 93.2 % 89.8 % All Others 5.7 % 6.8 % 10.2 % The following table sets forth long-lived assets by geographic area at June 30 ( 2020 2019 2018 United States $ 319,012 $ 218,034 $ 239,567 Mexico 14,474 18,144 18,323 Honduras 8,049 8,057 8,637 Canada 4,485 1,011 1,376 Total long-lived assets (1) $ 346,020 $ 245,246 $ 267,903 ( 1 Long-lived assets consist of net property, plant and equipment and operating lease right-of-use assets and exclude goodwill, intangible assets, deferred income taxes and other assets. |
Note 20 - Commitments and Conti
Note 20 - Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 20 Commitments and Contingencies Commitments represent obligations, such as those for future purchases of goods or services that are not Purchase Commitments with Suppliers Purchase obligations are defined as agreements that are enforceable and legally binding that specify all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. We do, in the normal course of business, regularly initiate purchase orders for the procurement of (i) selected finished goods sourced from third June 30, 2020, $20.1 one $23.9 June 30, 2019 19 April 1, 2020. Legal Matters 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 ASC 450, Contingencies. may may not not not Although the outcome of the various claims and proceedings against us cannot be predicted with certainty, management believes that, based on information available at June 30, 2020, Indemnifications As permitted or required under Delaware law and to the maximum extent allowable under that law, the Company has certain obligations to indemnify its current and former officers and directors for certain events or occurrences while the officer or director is, or was serving, at our request in such capacity. These indemnification obligations are valid as long as the director or officer acted in good faith and in a manner the person reasonably believed to be in, or not no may |
Note 21 - Selected Quarterly Fi
Note 21 - Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | ( 21 Selected Quarterly Financial Data (Unaudited) The following table presents selected unaudited financial information for each of the quarterly periods in the years ended June 30, 2020 2019. not not Quarter Ended Fiscal 2020 September 30 (Q1) December 31 (Q2) March 31 (Q3) June 30 (Q4) Net sales $ 173,921 $ 174,574 $ 149,774 $ 91,568 Gross profit $ 93,794 $ 97,521 $ 83,949 $ 47,868 Operating income (loss) $ 18,641 $ 9,204 $ (754 ) $ (12,447 ) Net income (loss) $ 14,106 $ 7,086 $ (223 ) $ (12,069 ) Earnings (loss) per basic share $ 0.53 $ 0.27 $ (0.01 ) $ (0.48 ) Earnings (loss) per diluted share $ 0.53 $ 0.27 $ (0.01 ) $ (0.48 ) Diluted weighted average common shares 26,750 26,612 25,703 25,179 Dividends declared per common share $ 0.21 $ 0.21 $ 0.21 $ - Quarter Ended Fiscal 2019 September 30 (Q1) December 31 (Q2) March 31 (Q3) June 30 (Q4) Net sales $ 187,785 $ 197,152 $ 177,829 $ 183,918 Gross profit $ 101,450 $ 108,860 $ 98,394 $ 100,787 Operating income (loss) $ 11,799 $ 16,128 $ 10,669 $ (4,649 ) Net income (loss) $ 8,840 $ 12,190 $ 7,978 $ (3,310 ) Earnings (loss) per basic share $ 0.33 $ 0.46 $ 0.30 $ (0.12 ) Earnings (loss) per diluted share $ 0.33 $ 0.45 $ 0.30 $ (0.12 ) Diluted weighted average common shares 26,940 26,923 26,751 26,711 Dividends declared per common share $ 0.19 $ 1.19 $ 0.19 $ 0.19 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and short-term, highly liquid investments with original maturities of three June 30, 2020 2019, no We maintain our cash and cash equivalent accounts in financial institutions in both U.S. dollar and Canadian dollar denominations. Accounts at the U.S. institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 $100,000 June 30, 2020 2019, |
Accounts Receivable [Policy Text Block] | Accounts Receivable Accounts receivable arise from the sale of products on trade credit terms and is presented net of allowance for doubtful accounts. We maintain an allowance for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on a review of specifically identified accounts in addition to an overall aging analysis. Judgments are made with respect to the collectability of accounts receivable based on historical experience and current economic trends. On a monthly basis, we review all significant accounts as to their past due balances, as well as collectability of the outstanding trade accounts receivable for possible write-off. It is our policy to write-off the accounts receivable against the allowance account when we deem the receivable to be uncollectible. Additionally, we review orders from retailers that are significantly past due, and we ship product only when our ability to collect payment from our customer for the new order is probable. At June 30, 2020 2019, |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost (on first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation of property, plant and equipment is provided over the estimated useful lives of the respective assets on a straight-line basis. Estimated useful lives of the respective assets typically range from twenty forty three twenty three five not not Retirement or dispositions of long-lived assets are recorded based on carrying value and proceeds received. Any resulting gains or losses are recorded as a component of operating expenses. Property, plant and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of assets may not Impairment of Long-Lived Assets |
Assets Held for Sale, Policy [Policy Text Block] | Assets Held for Sale An asset is considered to be held for sale when all of the following criteria are met: (i) management commits to a plan to sell the property; (ii) it is unlikely that the disposal plan will be significantly modified or discontinued; (iii) the property is available for immediate sale in its present condition; (iv) actions required to complete the sale of the property have been initiated; (v) sale of the asset is probable and the completed sale is expected to occur within one Upon designation as an asset held for sale, the carrying value of the asset is recorded at the lower of its carrying value or its estimated fair value less estimated costs to sell, and the Company ceases depreciating the asset. As of June 30, 2020 2019, not |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets We review the carrying value of our long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not third may may not $5.2 $9.9 2020 2019. no 2018. 10, Restr ucturing and Impairment Activities, |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Indefinite-Lived Intangible Assets Our goodwill and intangible assets are comprised primarily of goodwill, which represents the excess of cost over the fair value of net assets acquired, and our Ethan Allen trade name and related trademarks. Both goodwill and indefinite-lived intangible assets are not We are required to test goodwill and indefinite-lived intangibles for potential impairment annually, or more frequently if impairment indicators occur. Goodwill and other indefinite-lived intangible assets are evaluated for impairment on an annual basis during the fourth may Goodwill. may not 50 may two June 30, 2020. third 2020 19 March 31, 2020, 25%, no March 31, 2020. Other Indefinite-Lived Intangible Assets (t rade name). fourth may may not March 31, 2020 19 March 31, 2020, no |
Lessor, Leases [Policy Text Block] | Leases We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities and long-term operating lease liabilities in our consolidated balance sheets. Finance leases are included in property, plant and equipment, other current liabilities, and other long-term liabilities in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not may Lease concessions, in the form of rent deferrals and/or abatements, related to the effects of the COVID- 19 not no A ccounts payable and accrued expenses fourth 2020, $2.7 19. See Note 6, Leases, |
Revenue from Contract with Customer [Policy Text Block] | Customer Deposits and Deferred Revenue In many cases we receive deposits from customers before we have transferred control of our product to our customers, resulting in contract liabilities. These customer deposits are reported as a current liability in Customer deposits and deferred revenue June 30, 2020, $62.6 $56.7 2020, $55.0 June 30, 2019. During the second 2020, $100 one Customer deposits and deferred revenue N et sales June 30, 2020, $1.4 2020, $2.0 third 2020. We expect that substantially all of the customer deposits and deferred membership fees as of June 30, 2020 twelve |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Fees Deferred financing fees related to our revolving credit facility are included in Prepaid expenses and other current assets Other assets I nterest ( expense ) , net of interest income |
Insurance, Long-Duration Contract [Policy Text Block] | Insurance The Company maintains insurance coverage for significant exposures, as well as those risks that, by law, must be insured. In the case of the Company's health care coverage for employees, the Company has an insurance program related to claims filed. Expenses related to this insured program are computed on an actuarial basis, based on claims experience, regulatory requirements, an estimate of claims incurred but not $2.2 $2.5 June 30, 2020 2019, We also carry workers' compensation insurance subject to a deductible amount for which the Company is responsible on each claim. The Company had liabilities of $5.2 $6.0 not June 30, 2020 2019, |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Because of their short-term nature, the carrying value of our cash and cash equivalents, receivables and payables, and customer deposit liabilities approximates fair value. The fair value of our long-term debt was $50 June 30, 2020, |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance must be established for deferred tax assets when it is more likely than not not We recognize the tax benefit from an uncertain tax position only if it is more likely than not one |
Cost of Goods and Service [Policy Text Block] | Cost of Sales Our cost of sales consist primarily of the cost to manufacture or purchase our merchandise (i.e. direct material, labor and overhead costs) as well as inspection, internal transfer, in-bound freight and warehousing costs. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General and Administrative Expenses (“SG&A”) SG&A expenses include the costs of selling our products and other general and administrative costs. Selling expenses are primarily composed of shipping and handling costs, commissions, advertising, warranty, and compensation and benefits of employees performing various sales functions. Occupancy costs, depreciation, compensation and benefit costs for administration employees and other administrative costs are included in SG&A. All store pre-opening costs are included in SG&A expenses and are expensed as incurred. |
Advertising Cost [Policy Text Block] | Advertising Costs Advertising expenses primarily represent the costs associated with our direct mailings, national television spots, on-air radio, digital marketing and other mediums. Our total advertising costs were $29.1 2020, $30.5 2019 $43.3 2018. June 30, 2020 2019, |
Business Combinations Policy [Policy Text Block] | Acquisitions From time to time we acquire design centers from our independent retailers in arms-length transactions. We record these acquisitions using the acquisition method of accounting. All of the assets acquired, liabilities assumed, contractual contingencies and contingent consideration are recognized at their fair value on the acquisition date. Cash paid to acquire design centers during fiscal 2020, 2019 2018 $1.5 $0.5 $6.3 |
Share-based Payment Arrangement [Policy Text Block] | Share-Based Compensation Share-based compensation expense is included within selling, general and administrative expenses. Tax benefits associated with our share-based compensation arrangements are included within income tax expense. We estimate, as of the date of grant, the fair value of stock options awarded using the Black-Scholes option pricing model. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs, including anticipated changes in the underlying stock price (i.e. expected volatility) and option exercise activity (i.e. expected life). Expected volatility is based on the historical volatility of our stock and other contributing factors. The expected life of options granted, which represents the period of time that the options are expected to be outstanding, is based, primarily, on historical data. We estimate, as of the date of grant, the fair value of non-performance based restricted stock units awarded using a discounted cash flow model, which requires management to make certain assumptions with respect to model inputs including anticipated future dividends not one We estimate, as of the date of grant, the fair value of performance units with a discounted cash flow model, using as model inputs the risk-free rate of return as the discount rate, dividend yield for dividends not one As share-based compensation expense recognized is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures are estimated based primarily on historical experience. Windfall tax benefits, defined as tax deductions that exceed recorded share-based compensation, are classified as cash inflows from operating activities. The value of the portion of the equity-based awards that are ultimately expected to vest is recognized as expense over the requisite service periods in our consolidated statement of income. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share We compute basic earnings per share (“EPS”) by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated similarly, except that the weighted average outstanding shares are adjusted to include the effects of converting all potentially dilutive share-based awards issued under our employee stock plans. The number of potential common shares outstanding are determined in accordance with the treasury stock method to the extent they are dilutive. For the purpose of calculating EPS, common shares outstanding include common shares issuable upon the exercise of outstanding share-based compensation awards. Under the treasury stock method, the exercise price paid by the optionee and future share-based compensation expense that the Company has not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The functional currency of each Company-operated foreign location is the respective local currency. Assets and liabilities are translated into U.S. dollars using the current period-end exchange rate and income and expense amounts are translated using the average exchange rate for the period in which the transaction occurred. Resulting translation adjustments are reported as a component of accumulated other comprehensive income (loss) within shareholders' equity. |
Treasury Stock, Policy [Policy Text Block] | Treasury Stock The Company accounts for repurchased common stock on a trade date basis under the cost method and includes such treasury stock as a component of its shareholders' equity. We account for the formal retirement of treasury stock by deducting its par value from common stock, reducing additional paid-in capital (“APIC”) by the average amount recorded in APIC when the stock was originally issued and any remaining excess of cost deducted from retained earnings. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements As of the beginning of fiscal 2020, New Accounting Standards or Updates Adopted in fiscal 2020 Leases. February 2016, 2016 02, Leases (Topic 842 2016 02 December 15, 2018, July 2018, We adopted ASU 2016 02 July 1, 2019 not not not not not not July 1, 2019. 12 Upon adoption we recognized operating lease assets of $129.7 $149.7 $20.0 June 30, 2019, July 1, 2019, $1.6 not 6 2016 02. Goodwill Impairment Test January 2017, 2017 04, Intangibles-Goodwill and Other (Topic 350 2 not 2017 04 2020. Recent Accounting Standards or Updates Not Credit Losses of Financial Instruments . June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 first 2021 not Implementation Costs in a Cloud Computing Arrangement. August 2018, 2018 15, Intangibles-Goodwill and Other – Internal-Use Software (Subtopic 350 40 first 2021 not Simplifying the Accounting for Income Taxes . December 2019, 2019 12, Income Taxes (Topic 740 740 first 2022, not Reference Rate Reform on Financial Reporting. March 2020, 2020 04, Reference Rate Reform (Topic 848 first 2021. not No June 30, 2020 |
Note 4 - Revenue Recognition (T
Note 4 - Revenue Recognition (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | (Amounts in thousands) Wholesale Retail Total Upholstery $ 164,059 $ 213,903 $ 377,962 Case goods 115,040 129,839 244,879 Accents 61,405 102,994 164,399 Other (2,556 ) 16,064 13,508 Total before intercompany eliminations $ 337,948 $ 462,800 800,748 Intercompany eliminations (210,911 ) Consolidated net sales $ 589,837 (Amounts in thousands) Wholesale Retail Total Upholstery $ 216,460 $ 263,744 $ 480,204 Case goods 151,999 172,293 324,292 Accents 77,978 130,325 208,303 Other (4,886 ) 23,467 18,581 Total before intercompany eliminations $ 441,551 $ 589,829 1,031,380 Intercompany eliminations (284,696 ) Consolidated net sales $ 746,684 (Amounts in thousands) Wholesale Retail Total Upholstery $ 243,511 $ 270,050 $ 513,561 Case goods 154,170 170,513 324,683 Accents 82,870 125,968 208,838 Other (4,820 ) 20,971 16,151 Total before intercompany eliminations $ 475,731 $ 587,502 1,063,233 Intercompany eliminations (296,449 ) Consolidated net sales $ 766,784 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | June 30, 2020 Weighted-average remaining lease term (in years) Operating leases 6.6 Financing leases 1.6 Weighted-average discount rate Operating leases 4.2 % Financing leases 4.4 % Statement of Comprehensive Income Location Twelve months ended June 30, 2020 Operating lease cost Selling, general and administrative (“SG&A”) $ 31,995 Financing lease cost: Depreciation of property SG&A 596 Interest on lease liabilities Interest income, net of interest (expense) 30 Short-term lease cost SG&A 1,215 Variable lease cost (1) SG&A 9,457 Less: Sublease income SG&A (2,181 ) Total lease expense $ 41,112 |
Lease, Balance Sheet Disclosure [Table Text Block] | Consolidated Balance Sheet Location June 30, 2020 Assets Operating leases Operating lease right-of-use assets (non-current) $ 109,342 Financing leases Property, plant and equipment, net 590 Total lease assets $ 109,932 Liabilities Current: Operating leases Current operating lease liabilities $ 27,366 Financing leases Other current liabilities 464 Noncurrent: Operating leases Operating lease liabilities, long-term 102,111 Financing leases Other long-term liabilities 121 Total lease liabilities $ 130,062 Retail $ 109,395 Wholesale 537 Total ROU assets $ 109,932 |
Lessee, Leases, Liability, Maturity [Table Text Block] | Fiscal Year Operating Leases Financing Leases 2021 $ 32,136 $ 464 2022 27,701 72 2023 21,327 39 2024 16,463 19 2025 12,913 8 Thereafter 39,120 - Total undiscounted future minimum lease payments 149,660 602 Less: imputed interest (20,183 ) (17 ) Total present value of lease obligations (1) $ 129,477 $ 585 |
Lease, Supplemental Lease Information [Table Text Block] | Twelve months ended June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 34,765 Operating cash flows from financing leases $ 568 Operating lease assets obtained in exchange for new operating lease liabilities $ 18,218 |
Schedule of Future Minimum Rental Payments for Leases [Table Text Block] | Fiscal Year Operating Leases Financing Leases (1) 2020 $ 33,761 $ 550 2021 30,534 437 2022 26,443 60 2023 20,276 19 2024 15,345 - Thereafter 43,500 - Total $ 169,859 $ 1,066 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2020 2019 Finished goods $ 97,718 $ 128,047 Work in process 9,589 9,185 Raw materials 21,343 26,661 Inventory reserve (2,549 ) (1,504 ) Inventories, net $ 126,101 $ 162,389 |
Note 8 - Property, Plant and _2
Note 8 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2020 2019 Land and improvements $ 83,081 $ 83,343 Building and improvements 361,324 384,641 Machinery and equipment 122,157 123,396 Property, plant and equipment, gross 566,562 591,380 Less: accumulated depreciation and amortization (329,884 ) (346,134 ) Property, plant and equipment, net $ 236,678 $ 245,246 |
Note 10 - Restructuring and I_2
Note 10 - Restructuring and Impairment Activities (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Fiscal 2020 Fiscal 2019 Optimization of manufacturing and logistics $ 829 $ 6,330 Gain on sale of Passaic property (11,497 ) - Impairment of long-lived assets (retail) 5,171 9,913 Lease exit costs (remaining lease obligations) 2,372 2,662 Other charges (income) 106 (241 ) Total Restructuring and other impairment charges, net of gains $ (3,019 ) $ 18,664 Manufacturing overhead costs (1) 1,319 866 Inventory write-downs (1) 4,107 1,128 Total $ 2,407 $ 20,658 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Fiscal 2020 Activity Optimization of Manufacturing and Logistics Balance June 30, 2019 New Charges (Income) Non-Cash (Payments) Receipts Balance June 30, 2020 Employee severance, other payroll and benefit costs $ 1,714 $ 777 $ 23 $ (2,468 ) $ - Manufacturing overhead costs - 1,319 - (1,319 ) - Sale of Passic property - (11,497 ) 245 11,742 - Sale of other property, plant and equipment - (675 ) - 675 - Other exit costs - 727 (522 ) (1,249 ) - Sub-total 1,714 (9,349 ) (254 ) 7,381 - Retail Design Center Impairment Impairment of long-lived assets - 5,171 5,171 - - Other Restructuring and Impairment Charges Inventory write-downs - 4,107 4,107 - - Lease exit costs (remaining lease rentals) 3,145 2,372 1,847 (3,760 ) (90 ) (1) Other charges (income) 224 106 - (271 ) 59 (2) Sub-total 3,369 6,585 5,954 (4,031 ) (31 ) Total Restructuring and other impairment activities $ 5,083 $ 2,407 $ 10,871 $ 3,350 $ (31 ) |
Note 11 - Debt (Tables)
Note 11 - Debt (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | 2020 2019 Borrowings under revolving credit facility $ 50,000 $ - Capital leases (1) - 1,066 Total debt 50,000 1,066 Less current maturities - 550 Total long-term debt $ 50,000 $ 516 |
Note 12 - Other Long-term Lia_2
Note 12 - Other Long-term Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Other Noncurrent Liabilities [Table Text Block] | 2020 2019 Deferred rent $ - $ 16,873 Unrecognized tax benefits 1,487 1,616 Accrued lease exit costs - 2,089 Other long-term liabilities 1,075 1,433 Other long-term liabilities $ 2,562 $ 22,011 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2020 2019 2018 Current: Federal $ 2,432 $ 10,132 $ 10,289 State 8 1,237 1,689 Foreign 325 304 824 Total current 2,765 11,673 12,802 Deferred: Federal 181 (3,091 ) 174 State 2,368 (381 ) (124 ) Foreign (25 ) (39 ) (156 ) Total deferred 2,524 (3,511 ) (106 ) Total Income tax expense $ 5,289 $ 8,162 $ 12,696 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 2018 Expected income tax expense at U.S. federal income tax rate $ 2,980 21.0 % $ 7,111 21.0 % $ 13,739 28.0 % Increase (reduction) in income taxes resulting from: State income taxes, net of federal benefit 159 1.1 % 737 2.2 % 1,263 2.6 % Change in valuation allowance 2,534 17.9 % 602 1.8 % 42 0.1 % Remeasurement of deferred taxes for changes in statutory U.S. tax rate - 0.0 % - 0.0 % (2,651 ) -5.4 % Section 199 Qualified Production Activities deduction - 0.0 % - 0.0 % (678 ) -1.4 % Section 250 Foreign Derived Intangible Income deduction - 0.0 % (161 ) -0.5 % - 0.0 % Unrecognized tax benefits (215 ) -1.5 % 26 0.1 % 55 0.1 % Stock-based compensation - forfeitures and exercises 17 0.1 % 184 0.5 % 570 1.2 % Other, net (186 ) -1.3 % (337 ) -1.0 % 356 0.7 % Actual income tax expense (and corresponding effective tax rate) $ 5,289 37.3 % $ 8,162 24.1 % $ 12,696 25.9 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2020 2019 Deferred tax assets: Leases $ 32,184 $ - Employee compensation accruals 2,259 2,697 Stock-based compensation 670 715 Deferred rent - 4,184 Net operating loss carryforwards 2,002 4,259 Property, plant and equipment 1,020 1,021 Other 2,825 2,341 Subtotal deferred tax assets 40,960 15,217 Less: Valuation allowance (3,158 ) (3,197 ) Total deferred tax assets $ 37,802 $ 12,020 2020 2019 Operating lease right-of-use assets $ 27,334 $ - Intangible assets other than goodwill 9,080 9,007 Commissions 2,207 1,974 Other 118 - Total deferred tax liabilities $ 38,739 $ 10,981 2020 2019 Other assets $ 137 $ 2,108 Other non-current liabilities 1,074 1,069 Total net deferred tax asset (liability) $ (937 ) $ 1,039 |
Schedule of Deferred Tax Assets Expiration with Respect to Net Operating Losses [Table Text Block] | Deferred Net Operating Loss Tax Assets Carryforwards Various U.S. state net operating losses, expiring between 2025 and 2040 $ 1,383 $ 25,501 Foreign capital losses, expiring between 2034 and 2040 $ 619 $ 2,335 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2020 2019 Beginning balance $ 2,209 $ 2,187 Additions for tax positions taken during the current year 214 329 Additions for tax positions taken during the prior year 126 143 Reductions for tax positions taken during the prior year - - Decreases related to settlements with taxing authorities - - Reductions resulting from a lapse of the applicable statute of limitations (616 ) (450 ) Ending balance $ 1,933 $ 2,209 |
Note 14 - Shareholders' Equity
Note 14 - Shareholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | 2020 2019 2018 Common shares repurchased 1,538,363 - 950,484 Cost to repurchase common shares $ 24,319,044 $ - $ 22,019,381 Average price per share $ 15.81 $ - $ 23.17 |
Note 15 - Earnings Per Share (T
Note 15 - Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Year Ended June 30, 2020 2019 2018 Weighted average shares outstanding for basic calculation 26,044 26,695 27,321 Dilutive effect of stock options and other share-based awards 25 56 304 Weighted average shares outstanding adjusted for dilution calculation 26,069 26,751 27,625 |
Note 16 - Accumulated Other C_2
Note 16 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2020 2019 Beginning balance at July 1 $ (5,651 ) $ (6,171 ) Other comprehensive income (loss), net of tax (2,854 ) 444 Less AOCI attributable to noncontrolling interests 64 76 Ending balance at June 30 $ (8,441 ) $ (5,651 ) |
Note 17 - Share-based Compens_2
Note 17 - Share-based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Value Options Price Term (yrs) ($ in thousands) Outstanding at June 30, 2019 378,911 $ 21.95 Granted 59,188 $ 17.27 Exercised (4,500 ) $ 11.74 Canceled (forfeited/expired) (30,493 ) $ 23.81 Outstanding at June 30, 2020 403,106 $ 21.24 4.4 $ - Exercisable at June 30, 2020 320,368 $ 21.66 3.2 $ - |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted Average Options Exercise Price Nonvested at June 30, 2019 59,887 $ 26.84 Granted 59,188 $ 17.27 Vested (33,339 ) $ 27.86 Canceled (forfeited) (2,998 ) $ 26.19 Nonvested at June 30, 2020 82,738 $ 19.61 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2020 Volatility 30.8 % Risk-free rate of return 1.62 % Dividend yield 4.42 % Expected average life (years) 5.9 Grant date fair value $ 2.85 2020 2019 2018 Volatility 30.8 % 31.3 % 31.5 % Risk-free rate of return 1.55 % 2.80 % 1.76 % Dividend yield 3.97 % 3.24 % 2.47 % Expected average life (years) 5.3 5.0 4.6 Grant date fair value $ 3.30 $ 5.30 $ 6.93 Fair value as a % of exercise price 18.8 % 22.6 % 22.5 % |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Restricted Average Stock Units Fair Value Outstanding at June 30, 2019 - $ - Granted 58,000 $ 9.15 Vested - $ - Canceled (forfeited) (2,000 ) $ 9.15 Outstanding at June 30, 2020 56,000 $ 9.15 |
Share-based Payment Arrangement, Performance Shares, Activity [Table Text Block] | Weighted Average Grant Date Units Fair Value Outstanding at June 30, 2019 313,882 $ 22.82 Granted 99,405 $ 12.72 Vested - $ - Canceled (forfeited) (88,180 ) $ 25.27 Outstanding at June 30, 2020 325,107 $ 19.05 |
Schedule of Share-based Payment Award, Performance Stock Units, Valuation Assumptions [Table Text Block] | 2020 2019 2018 Volatility 30.5 % 32.1 % 32.9 % Risk-free rate of return 1.72 % 2.72 % 1.41 % Dividend yield 3.97 % 3.24 % 2.47 % Expected average life (years) 3.0 3.0 1.9 |
Restricted Stock Units (RSUs) [Member] | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | 2020 2019 2018 Fiscal 2016 grants $ - $ 5 $ 92 Fiscal 2017 grants - - (12 ) Fiscal 2018 grants - (457 ) 457 Fiscal 2019 grants 101 321 - Fiscal 2020 grants 59 - - Total expense $ 160 $ (131 ) $ 537 |
Note 19 - Segment Information (
Note 19 - Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2020 2019 2018 Net sales Wholesale segment $ 337,948 $ 441,551 $ 475,731 Retail segment 462,800 589,829 587,502 Elimination of intercompany sales (210,911 ) (284,696 ) (296,449 ) Consolidated Total $ 589,837 $ 746,684 $ 766,784 Income before income taxes Wholesale segment $ 33,106 $ 42,481 $ 48,499 Retail segment (21,414 ) (10,529 ) (1,738 ) Adjustment of intercompany profit (a) 2,952 1,995 2,106 Operating income 14,644 33,947 48,867 Interest (expense), net of interest income (455 ) (87 ) 200 Consolidated Total $ 14,189 $ 33,860 $ 49,067 Depreciation and amortization Wholesale segment $ 7,107 $ 7,560 $ 7,752 Retail segment 9,752 11,970 12,079 Consolidated Total $ 16,859 $ 19,530 $ 19,831 Capital expenditures Wholesale segment $ 7,454 $ 3,340 $ 4,286 Retail segment 8,255 5,780 8,200 Consolidated Total $ 15,709 $ 9,120 $ 12,486 June 30, (in thousands) 2020 2019 2018 Total Assets Wholesale segment $ 255,011 $ 237,354 $ 241,616 Retail segment 390,635 299,125 317,590 Inventory profit elimination (a) (22,857 ) (26,128 ) (28,773 ) Consolidated Total $ 622,789 $ 510,351 $ 530,433 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | 2020 2019 2018 United States $ 319,012 $ 218,034 $ 239,567 Mexico 14,474 18,144 18,323 Honduras 8,049 8,057 8,637 Canada 4,485 1,011 1,376 Total long-lived assets (1) $ 346,020 $ 245,246 $ 267,903 |
International Design Centers [Member] | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fiscal Year Ended June 30, 2020 2019 2018 Independent retailer design centers 125 118 104 Company-operated design centers 6 6 6 Total international design centers 131 124 110 % of total design centers international 43.1 % 41.1 % 37.2 % % of consolidated net sales 5.7 % 6.8 % 10.2 % Sales by Country 2020 2019 2018 United States 94.3 % 93.2 % 89.8 % All Others 5.7 % 6.8 % 10.2 % |
Note 21 - Selected Quarterly _2
Note 21 - Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter Ended Fiscal 2020 September 30 (Q1) December 31 (Q2) March 31 (Q3) June 30 (Q4) Net sales $ 173,921 $ 174,574 $ 149,774 $ 91,568 Gross profit $ 93,794 $ 97,521 $ 83,949 $ 47,868 Operating income (loss) $ 18,641 $ 9,204 $ (754 ) $ (12,447 ) Net income (loss) $ 14,106 $ 7,086 $ (223 ) $ (12,069 ) Earnings (loss) per basic share $ 0.53 $ 0.27 $ (0.01 ) $ (0.48 ) Earnings (loss) per diluted share $ 0.53 $ 0.27 $ (0.01 ) $ (0.48 ) Diluted weighted average common shares 26,750 26,612 25,703 25,179 Dividends declared per common share $ 0.21 $ 0.21 $ 0.21 $ - Quarter Ended Fiscal 2019 September 30 (Q1) December 31 (Q2) March 31 (Q3) June 30 (Q4) Net sales $ 187,785 $ 197,152 $ 177,829 $ 183,918 Gross profit $ 101,450 $ 108,860 $ 98,394 $ 100,787 Operating income (loss) $ 11,799 $ 16,128 $ 10,669 $ (4,649 ) Net income (loss) $ 8,840 $ 12,190 $ 7,978 $ (3,310 ) Earnings (loss) per basic share $ 0.33 $ 0.46 $ 0.30 $ (0.12 ) Earnings (loss) per diluted share $ 0.33 $ 0.45 $ 0.30 $ (0.12 ) Diluted weighted average common shares 26,940 26,923 26,751 26,711 Dividends declared per common share $ 0.19 $ 1.19 $ 0.19 $ 0.19 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation (Details Textual) | 12 Months Ended |
Jun. 30, 2020 | |
Number of Reportable Segments | 2 |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2019 | Jul. 01, 2019 | |
Restricted Cash, Total | $ 0 | $ 0 | $ 0 | ||||
Assets Held-for-sale, Not Part of Disposal Group, Total | 0 | 0 | 0 | ||||
Asset Impairment Charges, Total | $ 0 | ||||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 25.00% | ||||||
Goodwill, Impairment Loss | $ 0 | ||||||
Contract with Customer, Liability, Total | 62,600,000 | 62,600,000 | 56,700,000 | ||||
Contract with Customer, Liability, Revenue Recognized | 55,000,000 | ||||||
Employee-related Liabilities, Total | 2,200,000 | 2,200,000 | 2,500,000 | ||||
Long-term Debt, Fair Value | 50,000,000 | 50,000,000 | |||||
Cost of Goods and Services Sold, Total | 266,705,000 | 337,193,000 | 350,820,000 | ||||
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | 9,000,000 | 9,000,000 | 8,000,000 | ||||
Advertising Expense | 29,100,000 | 30,500,000 | 43,300,000 | ||||
Payments to Acquire Businesses, Gross | 1,500,000 | 500,000 | 6,300,000 | ||||
Operating Lease, Right-of-Use Asset | 109,342,000 | 109,342,000 | |||||
Operating Lease, Liability, Total | 129,477,000 | 129,477,000 | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | 638,631,000 | 638,631,000 | 647,710,000 | ||||
Other Noncurrent Liabilities [Member] | |||||||
Deferred Rent and Lease Incentives | 20,000,000 | ||||||
Accounting Standards Update 2016-02 [Member] | |||||||
Operating Lease, Right-of-Use Asset | $ 129,700,000 | ||||||
Operating Lease, Liability, Total | 149,700,000 | ||||||
Accounting Standards Update 2016-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 1,600,000 | ||||||
Letter of Credit Issued for Workers Compensation Obligation [Member] | |||||||
Letters of Credit Outstanding, Amount | 5,200,000 | 5,200,000 | 6,000,000 | ||||
Annual Fee Per Member [Member] | |||||||
Contract with Customer, Liability, Total | 1,400,000 | 1,400,000 | |||||
Contract with Customer, Liability, Revenue Recognized | 2,000,000 | ||||||
Membership, Annual Fee Amount Per Member | $ 100 | ||||||
Shipping and Handling [Member] | |||||||
Cost of Goods and Services Sold, Total | 64,400,000 | 75,600,000 | $ 73,600,000 | ||||
COVID-19 Pandemic [Member] | |||||||
Rent Deferrals | 2,700,000 | ||||||
Retail Segment [Member] | |||||||
Asset Impairment Charges, Total | $ 4,800,000 | $ 5,200,000 | $ 9,900,000 | ||||
Building and Building Improvements [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | ||||||
Building and Building Improvements [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | ||||||
Machinery and Equipment [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||||
Machinery and Equipment [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | ||||||
Software and Software Development Costs [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||||
Software and Software Development Costs [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Note 4 - Revenue Recognition -
Note 4 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Revenues | $ 589,837 | $ 746,684 | $ 766,784 | |
Operating Segments [Member] | ||||
Revenues | 800,748 | 1,031,380 | 1,063,233 | |
Operating Segments [Member] | Upholstery Furniture [Member] | ||||
Revenues | [1] | 377,962 | 480,204 | 513,561 |
Operating Segments [Member] | Case Goods Furniture [Member] | ||||
Revenues | [2] | 244,879 | 324,292 | 324,683 |
Operating Segments [Member] | Accent [Member] | ||||
Revenues | [3] | 164,399 | 208,303 | 208,838 |
Operating Segments [Member] | Manufactured Product, Other [Member] | ||||
Revenues | [4] | 13,508 | 18,581 | 16,151 |
Intersegment Eliminations [Member] | ||||
Revenues | [5] | (210,911) | (284,696) | (296,449) |
Wholesale Segment [Member] | Operating Segments [Member] | ||||
Revenues | 337,948 | 441,551 | 475,731 | |
Wholesale Segment [Member] | Operating Segments [Member] | Upholstery Furniture [Member] | ||||
Revenues | [1] | 164,059 | 216,460 | 243,511 |
Wholesale Segment [Member] | Operating Segments [Member] | Case Goods Furniture [Member] | ||||
Revenues | [2] | 115,040 | 151,999 | 154,170 |
Wholesale Segment [Member] | Operating Segments [Member] | Accent [Member] | ||||
Revenues | [3] | 61,405 | 77,978 | 82,870 |
Wholesale Segment [Member] | Operating Segments [Member] | Manufactured Product, Other [Member] | ||||
Revenues | [4] | (2,556) | (4,886) | (4,820) |
Retail Segment [Member] | Operating Segments [Member] | ||||
Revenues | 462,800 | 589,829 | 587,502 | |
Retail Segment [Member] | Operating Segments [Member] | Upholstery Furniture [Member] | ||||
Revenues | [1] | 213,903 | 263,744 | 270,050 |
Retail Segment [Member] | Operating Segments [Member] | Case Goods Furniture [Member] | ||||
Revenues | [2] | 129,839 | 172,293 | 170,513 |
Retail Segment [Member] | Operating Segments [Member] | Accent [Member] | ||||
Revenues | [3] | 102,994 | 130,325 | 125,968 |
Retail Segment [Member] | Operating Segments [Member] | Manufactured Product, Other [Member] | ||||
Revenues | [4] | $ 16,064 | $ 23,467 | $ 20,971 |
[1] | Upholstery furniture includes fabric-covered items such as sleepers, recliners and other motion furniture, chairs, ottomans, custom pillows, sofas, loveseats, cut fabrics and leather. | |||
[2] | Case goods furniture includes items such as beds, dressers, armoires, tables, chairs, buffets, entertainment units, home office furniture, and wooden accents. | |||
[3] | Accents includes items such as window treatments and drapery hardware, wall decor, florals, lighting, clocks, mattresses, bedspreads, throws, pillows, decorative accents, area rugs, wall coverings and home and garden furnishings. | |||
[4] | Other includes membership revenue, product delivery sales, the Ethan Allen Hotel room rentals and banquets, sales of third-party furniture protection plans and other miscellaneous product sales less prompt payment discounts, sales allowances and other incentives. | |||
[5] | Represents the elimination of all intercompany wholesale segment sales to the retail segment during the period presented. |
Note 5 - Fair Value Measures (D
Note 5 - Fair Value Measures (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Asset Impairment Charges, Total | $ 0 | |||
Debt Securities, Available-for-sale, Total | $ 0 | $ 0 | ||
Long-term Debt, Fair Value | $ 50,000,000 | $ 50,000,000 | ||
Retail Segment [Member] | ||||
Asset Impairment Charges, Total | $ 4,800,000 | $ 5,200,000 | $ 9,900,000 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2020 | ||
Operating Lease, Cost | $ 32,400 | ||
Sublease Income | 2,100 | ||
Short-term Lease Commitment, Amount | $ 600 | ||
Lessee, Operating Lease, Lease Not yet Commenced, Payments, Due | 3,200 | ||
Capital Lease Obligations, Total | $ 1,066 | [1] | |
Minimum [Member] | |||
Lessee, Finance Lease, Term of Contract (Year) | 3 years | ||
Maximum [Member] | |||
Lessee, Finance Lease, Term of Contract (Year) | 5 years | ||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 10 years | ||
[1] | Capital leases were previously reported as debt as of June 30, 2019. Upon the adoption of the new leasing standard, the Company reclassified its capital lease obligations from short and long-term debt to other current liabilities and other long-current liabilities, respectively. Refer to Note 7 for further details regarding capital lease obligations. |
Note 6 - Leases - Lease Costs (
Note 6 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Operating leases (Year) | 6 years 219 days | ||
Financing leases (Year) | 1 year 219 days | ||
Operating leases | 4.20% | ||
Financing leases | 4.40% | ||
Operating lease cost | $ 32,400 | ||
Less: Sublease income | $ (2,100) | ||
Total lease expense | $ 41,112 | ||
Selling, General and Administrative Expenses [Member] | |||
Operating lease cost | 31,995 | ||
Depreciation of property | 596 | ||
Short-term lease cost | 1,215 | ||
Variable lease cost(1) | [1] | 9,457 | |
Less: Sublease income | (2,181) | ||
Interest Income [Member] | |||
Interest on lease liabilities | $ 30 | ||
[1] | Variable lease payments include index-based changes in rent, maintenance, real estate taxes, insurance and other charges included in the lease. |
Note 6 - Leases - Lease Assets
Note 6 - Leases - Lease Assets and Liabilities (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Operating leases, assets | $ 109,342 |
Total lease assets | 109,932 |
Operating leases, current liabilities | 27,366 |
Operating leases, noncurrent liabilities | 102,111 |
Total lease liabilities | 130,062 |
Property, Plant and Equipment [Member] | |
Financing leases, assets | 590 |
Other Current Liabilities [Member] | |
Financing leases, current liabilities | 464 |
Other Noncurrent Liabilities [Member] | |
Financing leases, noncurrent liabilities | 121 |
Retail Segment [Member] | |
Total lease assets | 109,395 |
Wholesale Segment [Member] | |
Total lease assets | $ 537 |
Note 6 - Leases - Future Minimu
Note 6 - Leases - Future Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2020USD ($) |
2021, operating leases | $ 32,136 |
2021, finance leases | 464 |
2022, operating leases | 27,701 |
2022, finance leases | 72 |
2023, operating leases | 21,327 |
2023, finance leases | 39 |
2024, operating leases | 16,463 |
2024, finance leases | 19 |
2025, operating leases | 12,913 |
2025, finance leases | 8 |
Thereafter, operating leases | 39,120 |
Thereafter, finance leases | |
Total undiscounted future minimum lease payments, operating leases | 149,660 |
Total undiscounted future minimum lease payments, finance leases | 602 |
Less: imputed interest, operating leases | (20,183) |
Less: imputed interest, finance leases | (17) |
Total present value of lease obligations, operating leases | 129,477 |
Total present value of lease obligations, finance leases | $ 585 |
Note 6 - Leases - Supplemental
Note 6 - Leases - Supplemental Information (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2020USD ($) | |
Operating cash flows from operating leases | $ 34,765 |
Operating cash flows from financing leases | 568 |
Operating lease assets obtained in exchange for new operating lease liabilities | $ 18,218 |
Note 6 - Leases - Future Mini_2
Note 6 - Leases - Future Minimum Non-cancelable Lease Payments (Details) $ in Thousands | Jun. 30, 2019USD ($) | |
2020, operating leases | $ 33,761 | |
2020, finance leases | 550 | [1] |
2021, operating leases | 30,534 | |
2021, finance leases | 437 | [1] |
2022, operating leases | 26,443 | |
2022, finance leases | 60 | [1] |
2023, operating leases | 20,276 | |
2023, finance leases | 19 | [1] |
2024, operating leases | 15,345 | |
2024, finance leases | [1] | |
Thereafter, operating leases | 43,500 | |
Thereafter, finance leases | [1] | |
Total, operating leases | 169,859 | |
Total, finance leases | $ 1,066 | [1] |
[1] | As of June 30, 2019, our capital lease obligations were $1.1 million of which the current and long-term portions were included within short-term debt and long-term debt, respectively, in the consolidated balance sheet. Monthly minimum lease payments were accounted for as principal and interest payments. |
Note 7 - Inventories - Schedule
Note 7 - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Finished goods | $ 97,718 | $ 128,047 |
Work in process | 9,589 | 9,185 |
Raw materials | 21,343 | 26,661 |
Inventory reserve | (2,549) | (1,504) |
Inventories, net | $ 126,101 | $ 162,389 |
Note 8 - Property, Plant and _3
Note 8 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Depreciation, Total | $ 16.9 | $ 19.5 | $ 19.8 |
Note 8 - Property, Plant and _4
Note 8 - Property, Plant and Equipment - Property, Plant and Equipment Summary (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Land and improvements | $ 83,081 | $ 83,343 |
Building and improvements | 361,324 | 384,641 |
Machinery and equipment | 122,157 | 123,396 |
Property, plant and equipment, gross | 566,562 | 591,380 |
Less: accumulated depreciation and amortization | (329,884) | (346,134) |
Property, plant and equipment, net | $ 236,678 | $ 245,246 |
Note 9 - Goodwill and Other I_2
Note 9 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | |
Goodwill, Ending Balance | $ 25,388,000 | $ 25,388,000 | $ 25,388,000 | |
Other Indefinite-lived Intangible Assets | 19,700,000 | 19,700,000 | $ 19,700,000 | |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 25.00% | |||
Goodwill, Impairment Loss | $ 0 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | $ 0 | ||
Wholesale Segment [Member] | ||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 25.00% | |||
Goodwill, Impairment Loss | $ 0 |
Note 10 - Restructuring and I_3
Note 10 - Restructuring and Impairment Activities (Details Textual) - USD ($) | May 31, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Restructuring Charges, Total | $ 2,100,000 | |||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | (199,000) | $ (157,000) | $ (201,000) | |||||
Asset Impairment Charges, Total | 0 | |||||||
Inventory Write-down | 4,100,000 | |||||||
Payments for Restructuring | 9,067,000 | 2,473,000 | ||||||
Operating Lease Right of Use Asset Net Lease Liability Write Down | 1,000,000 | |||||||
Restructuring Charges and Gain (Loss) on Disposal | (3,019,000) | 18,664,000 | ||||||
Inventory Write-down, Slow Moving Finished Goods [Member] | ||||||||
Inventory Write-down | 3,500,000 | |||||||
Inventory Write-down, Raw Materials Disposed of [Member] | ||||||||
Inventory Write-down | 600,000 | |||||||
Retail Segment [Member] | ||||||||
Asset Impairment Charges, Total | $ 4,800,000 | 5,200,000 | 9,900,000 | |||||
Inventory Write-downs and Manufacturing Overhead Costs [Member] | ||||||||
Restructuring Charges, Total | $ 2,000,000 | 1,300,000 | ||||||
Inventory Write-downs and Manufacturing Overhead Costs [Member] | Cost of Sales [Member] | ||||||||
Restructuring Charges, Total | 2,000,000 | 1,300,000 | ||||||
Inventory Write-downs and Manufacturing Overhead Costs [Member] | Restructuring and Impairments Charges [Member] | ||||||||
Restructuring Charges, Total | 6,300,000 | |||||||
Employee Severance and Other Payroll and Benefit Costs [Member] | ||||||||
Restructuring Charges, Total | 2,800,000 | 800,000 | ||||||
Other Exit and Relocation Costs [Member] | ||||||||
Restructuring Charges, Total | 700,000 | |||||||
Facility Closing, Old Fort [Member] | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | 700,000 | |||||||
Facility Closing, Passaic [Member] | ||||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested, Total | $ 12,400,000 | |||||||
Payments for Divestiture Selling and Closing Costs | $ 900,000 | |||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 11,500,000 | 11,497,000 | ||||||
Restructuring, Impairment, and Other Related Charges [Member] | ||||||||
Restructuring Charges, Total | 8,300,000 | |||||||
Restructuring Charges and Gain (Loss) on Disposal | (3,019,000) | 18,664,000 | ||||||
Impairments of Long-lived Assets [Member] | ||||||||
Restructuring Charges, Total | 3,100,000 | 5,171,000 | 9,913,000 | |||||
Other Associated Costs, Including Freight and Relocation Expenses [Member] | ||||||||
Restructuring Charges, Total | $ 400,000 | |||||||
Lease Exit Costs [Member] | ||||||||
Payments for Restructuring | 3,400,000 | |||||||
Restructuring Charges and Gain (Loss) on Disposal | $ 2,400,000 | 2,372,000 | 2,662,000 | |||||
Lease Exit Costs [Member] | Retail Segment [Member] | ||||||||
Restructuring Charges, Total | $ 2,400,000 | |||||||
Other Restructuring and Impairment Charges [Member] | ||||||||
Restructuring Charges, Total | $ 2,700,000 |
Note 10 - Restructuring and Oth
Note 10 - Restructuring and Other Impairment Activities - Schedule of Restructuring, Impairments and Other Related Charges (Details) - USD ($) $ in Thousands | May 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Restructuring Charge | $ 2,100 | ||||||
Lease exit costs (remaining lease obligations) | (3,019) | $ 18,664 | |||||
Restructuring Charges and Gain (Loss) on Disposal | (3,019) | 18,664 | |||||
Inventory write-downs(1) | 4,100 | ||||||
Total | 2,407 | 20,658 | |||||
Optimization of Manufacturing and Logistics [Member] | |||||||
Restructuring Charge | 829 | 6,330 | |||||
Facility Closing, Passaic [Member] | |||||||
Gain on sale of Passaic property | $ (11,500) | (11,497) | |||||
Impairments of Long-lived Assets [Member] | |||||||
Restructuring Charge | $ 3,100 | 5,171 | 9,913 | ||||
Lease Exit Costs [Member] | |||||||
Lease exit costs (remaining lease obligations) | $ 2,400 | 2,372 | 2,662 | ||||
Restructuring Charges and Gain (Loss) on Disposal | $ 2,400 | 2,372 | 2,662 | ||||
Other Charges (Income) [Member] | |||||||
Restructuring Charge | 106 | (241) | |||||
Restructuring, Impairment, and Other Related Charges [Member] | |||||||
Restructuring Charge | $ 8,300 | ||||||
Lease exit costs (remaining lease obligations) | (3,019) | 18,664 | |||||
Restructuring Charges and Gain (Loss) on Disposal | (3,019) | 18,664 | |||||
Manufacturing Overhead Costs [Member] | |||||||
Manufacturing overhead costs(1) | [1] | 1,319 | 866 | ||||
Inventory Write-downs [Member] | |||||||
Inventory write-downs(1) | [1] | $ 4,107 | $ 1,128 | ||||
[1] | Manufacturing overhead costs and inventory write-downs are reported within Cost of Sales in the consolidated statements of comprehensive income. |
Note 10 - Restructuring and O_2
Note 10 - Restructuring and Other Impairment Activities - Schedule of Restructuring Reserve (Details) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020USD ($) | ||
Restructuring Reserve | $ 5,083 | |
New Charges (Income) | 2,407 | |
Non-Cash | 10,871 | |
(Payments) Receipts | 3,350 | |
Restructuring Reserve | (31) | |
Non-Cash | 10,871 | |
Employee Severance, Other Payroll and Benefit Costs [Member] | ||
Restructuring Reserve | 1,714 | |
New Charges (Income) | 777 | |
Non-Cash | 23 | |
(Payments) Receipts | (2,468) | |
Restructuring Reserve | ||
Non-Cash | 23 | |
Manufacturing Overhead Costs [Member] | ||
Restructuring Reserve | ||
New Charges (Income) | 1,319 | |
Non-Cash | ||
(Payments) Receipts | (1,319) | |
Restructuring Reserve | ||
Non-Cash | ||
Facility Closing, Passaic [Member] | ||
Restructuring Reserve | ||
New Charges (Income) | (11,497) | |
Non-Cash | 245 | |
(Payments) Receipts | 11,742 | |
Restructuring Reserve | ||
Non-Cash | 245 | |
Facility Closing, Old Fort [Member] | ||
Restructuring Reserve | ||
New Charges (Income) | (675) | |
Non-Cash | ||
(Payments) Receipts | 675 | |
Restructuring Reserve | ||
Non-Cash | ||
Other Exit and Relocation Costs [Member] | ||
Restructuring Reserve | ||
New Charges (Income) | 727 | |
(Payments) Receipts | (1,249) | |
Restructuring Reserve | ||
Non-Cash | (522) | |
Optimization of Manufacturing and Logistics [Member] | ||
Restructuring Reserve | 1,714 | |
New Charges (Income) | (9,349) | |
(Payments) Receipts | 7,381 | |
Restructuring Reserve | ||
Non-Cash | (254) | |
Restructuring, Impairment, and Other Related Charges [Member] | ||
Restructuring Reserve | ||
Impairments of Long-lived Assets [Member] | ||
New Charges (Income) | 5,171 | |
Non-Cash | 5,171 | |
(Payments) Receipts | ||
Restructuring Reserve | ||
Non-Cash | 5,171 | |
Inventory Write-downs [Member] | ||
Restructuring Reserve | ||
New Charges (Income) | 4,107 | |
Non-Cash | 4,107 | |
(Payments) Receipts | ||
Restructuring Reserve | ||
Non-Cash | 4,107 | |
Lease Exit Costs [Member] | ||
Restructuring Reserve | 3,145 | |
New Charges (Income) | 2,372 | |
Non-Cash | 1,847 | |
(Payments) Receipts | (3,760) | |
Restructuring Reserve | (90) | [1] |
Non-Cash | 1,847 | |
Other Charges (Income) [Member] | ||
Restructuring Reserve | 224 | |
New Charges (Income) | 106 | |
Non-Cash | ||
(Payments) Receipts | (271) | |
Restructuring Reserve | 59 | [2] |
Non-Cash | ||
Other Restructuring and Impairment Charges [Member] | ||
Restructuring Reserve | 3,369 | |
New Charges (Income) | 6,585 | |
Non-Cash | 5,954 | |
(Payments) Receipts | (4,031) | |
Restructuring Reserve | (31) | |
Non-Cash | $ 5,954 | |
[1] | The previously recorded vacant space liability was reclassified from Accounts payable and accrued expenses and Other long-term liabilities to Operating lease right-of-use assets upon the adoption of ASU 2016-02, which requires all right-of-use assets to be measured net of any Topic 420 lease liabilities. | |
[2] | The remaining balance from the other charges (income) as of March 31, 2020 is recorded within Accounts payable and accrued expenses. |
Note 11 - Debt (Details Textual
Note 11 - Debt (Details Textual) $ in Thousands | Mar. 30, 2020USD ($) | Mar. 23, 2020USD ($) | Dec. 21, 2018USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2020USD ($) |
Proceeds from Long-term Lines of Credit | $ 100,000 | $ 16,000 | ||||||
Long-term Line of Credit, Total | $ 50,000 | 50,000 | ||||||
Revolving Credit Facility [Member] | The Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 165,000 | |||||||
Debt Issuance Costs, Net, Total | 600 | |||||||
Proceeds from Long-term Lines of Credit | $ 20,000 | $ 80,000 | ||||||
Long-term Line of Credit, Total | 50,000 | $ 50,000 | $ 100,000 | |||||
Repayments of Long-term Lines of Credit | $ 50,000 | |||||||
Debt, Weighted Average Interest Rate | 1.70% | 1.70% | ||||||
Interest Expense, Debt, Total | $ 500 | 500 | ||||||
Debt Covenant, Fixed Charge Coverage Ratio, Maximum Unused Availability | $ 18,500 | |||||||
Debt Instrument, Covenant, Minimum Fixed Charge Coverage Ratio | 1 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 58,900 | 58,900 | 158,900 | |||||
Revolving Credit Facility [Member] | The Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||
Revolving Credit Facility [Member] | The Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||
Revolving Credit Facility [Member] | The Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||
Revolving Credit Facility [Member] | The Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||
Revolving Credit Facility [Member] | The Facility [Member] | Additional Margin on Variable Rate Option [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||
Revolving Credit Facility [Member] | The Facility [Member] | Additional Margin on Variable Rate Option [Member] | Maximum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||
Standby Letters of Credit [Member] | The Facility [Member] | ||||||||
Letters of Credit Outstanding, Amount | $ 5,800 | $ 5,800 | $ 6,100 |
Note 11 - Debt - Total Debt Obl
Note 11 - Debt - Total Debt Obligations (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | |
Long-term Line of Credit, Total | $ 50,000 | ||
Capital leases(1) | [1] | 1,066 | |
Total debt | 50,000 | 1,066 | |
Less current maturities | 550 | ||
Total long-term debt | $ 50,000 | $ 516 | |
[1] | Capital leases were previously reported as debt as of June 30, 2019. Upon the adoption of the new leasing standard, the Company reclassified its capital lease obligations from short and long-term debt to other current liabilities and other long-current liabilities, respectively. Refer to Note 7 for further details regarding capital lease obligations. |
Note 12 - Other Long-term Lia_3
Note 12 - Other Long-term Liabilities - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Deferred rent | $ 16,873 | |
Unrecognized tax benefits | 1,487 | 1,616 |
Accrued lease exit costs | 2,089 | |
Other long-term liabilities | 1,075 | 1,433 |
Other long-term liabilities | $ 2,562 | $ 22,011 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | May 31, 2020 | |
Deferred Tax Assets, Valuation Allowance, Total | $ 3,158 | $ 3,197 | $ 2,600 | |
Income Tax Expense (Benefit), Continuing Operations, Transition Tax | $ 100 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 28.00% | |
Effective Income Tax Rate Reconciliation, Remeasurement of Deferred Tax Assets and Liabilities, Amount | $ (2,700) | |||
Effective Income Tax Rate Reconciliation, Remeasurement of Deferred Tax Assets and Liabilities, Percent | (5.40%) | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 1,900 | |||
Other Tax Expense (Benefit) | 1,500 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 400 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 400 | |||
Retail Segment [Member] | ||||
Deferred Tax Assets, Valuation Allowance, Total | $ 2,500 |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Current: | |||
Federal | $ 2,432 | $ 10,132 | $ 10,289 |
State | 8 | 1,237 | 1,689 |
Foreign | 325 | 304 | 824 |
Total current | 2,765 | 11,673 | 12,802 |
Deferred: | |||
Federal | 181 | (3,091) | 174 |
State | 2,368 | (381) | (124) |
Foreign | (25) | (39) | (156) |
Total deferred | 2,524 | (3,511) | (106) |
Total Income tax expense | $ 5,289 | $ 8,162 | $ 12,696 |
Note 13 - Income Taxes - Effect
Note 13 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Expected income tax expense at U.S. federal income tax rate | $ 2,980 | $ 7,111 | $ 13,739 |
Expected income tax expense at U.S. federal income tax rate, percentage | 21.00% | 21.00% | 28.00% |
State income taxes, net of federal benefit | $ 159 | $ 737 | $ 1,263 |
State income taxes, net of federal benefit, percentage | 1.10% | 2.20% | 2.60% |
Change in valuation allowance | $ 2,534 | $ 602 | $ 42 |
Change in valuation allowance, percentage | 17.90% | 1.80% | 0.10% |
Remeasurement of deferred taxes for changes in statutory U.S. tax rate | $ (2,651) | ||
Remeasurement of deferred taxes for changes in statutory U.S. tax rate, percentage | 0.00% | 0.00% | (5.40%) |
Section 199 Qualified Production Activities deduction | $ (678) | ||
Section 199 Qualified Production Activities deduction, percentage | 0.00% | 0.00% | (1.40%) |
Section 250 Foreign Derived Intangible Income deduction | $ (161) | ||
Section 250 Foreign Derived Intangible Income deduction, percentage | 0.00% | (0.50%) | 0.00% |
Unrecognized tax benefits | $ (215) | $ 26 | $ 55 |
Unrecognized tax expense (benefit), percentage | 1.50% | 0.10% | 0.10% |
Stock-based compensation - forfeitures and exercises | $ 17 | $ 184 | $ 570 |
Stock-based compensation - forfeitures and exercises, percentage | 0.10% | 0.50% | 1.20% |
Other, net | $ (186) | $ (337) | $ 356 |
Other, net, percentage | (1.30%) | (1.00%) | 0.70% |
Actual income tax expense (and corresponding effective tax rate) | $ 5,289 | $ 8,162 | $ 12,696 |
Actual income tax expense (benefit), percentage | 37.30% | 24.10% | 25.90% |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | May 31, 2020 | Jun. 30, 2019 |
Deferred tax assets: | |||
Leases | $ 32,184 | ||
Employee compensation accruals | 2,259 | 2,697 | |
Stock-based compensation | 670 | 715 | |
Deferred rent | 4,184 | ||
Net operating loss carryforwards | 2,002 | 4,259 | |
Property, plant and equipment | 1,020 | 1,021 | |
Other | 2,825 | 2,341 | |
Subtotal deferred tax assets | 40,960 | 15,217 | |
Less: Valuation allowance | (3,158) | $ (2,600) | (3,197) |
Total deferred tax assets | 37,802 | 12,020 | |
Operating lease right-of-use assets | 27,334 | ||
Intangible assets other than goodwill | 9,080 | 9,007 | |
Commissions | 2,207 | 1,974 | |
Other | 118 | ||
Total deferred tax liabilities | 38,739 | 10,981 | |
Other assets | 137 | 2,108 | |
Other non-current liabilities | 1,074 | 1,069 | |
Total net deferred tax liability | $ (937) | ||
Total net deferred tax asset | $ 1,039 |
Note 13 - Income Taxes - Defe_2
Note 13 - Income Taxes - Deferred Tax Assets Expiration With Respect to Net Operating Losses (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2020USD ($) | |
Domestic Tax Authority [Member] | |
Various U.S. state net operating losses, expiring between 2025 and 2040 | $ 1,383 |
Net Operating Loss Carryforwards | 25,501 |
Foreign Tax Authority [Member] | |
Various U.S. state net operating losses, expiring between 2025 and 2040 | 619 |
Net Operating Loss Carryforwards | $ 2,335 |
Note 13 - Income Taxes - Unreco
Note 13 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Balance | $ 2,209 | $ 2,187 |
Additions for tax positions taken during the current year | 214 | 329 |
Additions for tax positions taken during the prior year | 126 | 143 |
Reductions for tax positions taken during the prior year | ||
Decreases related to settlements with taxing authorities | ||
Reductions resulting from a lapse of the applicable statute of limitations | (616) | (450) |
Balance | $ 1,933 | $ 2,209 |
Note 14 - Shareholders' Equit_2
Note 14 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jan. 13, 2020 | |
Common Stock, Shares Authorized (in shares) | 150,000,000 | 150,000,000 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred Stock, Shares Authorized (in shares) | 1,055,000 | 1,055,000 | |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | 2,007,364 | 3,000,000 | |
Treasury Stock, Shares, Acquired (in shares) | 1,538,363 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 24,319 | $ 0 | |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | |
Common Class A [Member] | |||
Common Stock, Shares Authorized (in shares) | 150,000,000 | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 |
Note 14 - Shareholders' Equit_3
Note 14 - Shareholders' Equity - Stock Retired and Repurchased (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Treasury Stock, Shares, Acquired (in shares) | 1,538,363 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 24,319,000 | $ 0 | |
Share Repurchase Program [Member] | |||
Treasury Stock, Shares, Acquired (in shares) | 1,538,363 | 950,484 | |
Treasury Stock, Value, Acquired, Cost Method | $ 24,319,044 | $ 22,019,381 | |
Average price per share (in dollars per share) | $ 15.81 | $ 23.17 |
Note 15 - Earnings Per Share (D
Note 15 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stock Options And Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 403,106 | 231,717 | 195,318 |
Performance Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 199,107 | 187,882 | 210,836 |
Note 15 - Earnings Per Share -
Note 15 - Earnings Per Share - Calculation of Weighted Average Shares (Details) - shares shares in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Weighted average shares outstanding for basic calculation (in shares) | 26,044 | 26,695 | 27,321 | ||||||||
Dilutive effect of stock options and other share-based awards (in shares) | 25 | 56 | 304 | ||||||||
Weighted average shares outstanding adjusted for dilution calculation (in shares) | 25,179 | 25,703 | 26,612 | 26,750 | 26,711 | 26,751 | 26,923 | 26,940 | 26,069 | 26,751 | 27,625 |
Note 16 - Accumulated Other C_3
Note 16 - Accumulated Other Comprehensive Income (Loss) - Activity in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Balance | $ 363,929 | $ 383,870 | $ 400,896 |
Other comprehensive income (loss), net of tax | (2,854) | 444 | (2,091) |
Balance | 328,064 | 363,929 | 383,870 |
AOCI Attributable to Parent [Member] | |||
Balance | (5,651) | (6,171) | (4,131) |
Other comprehensive income (loss), net of tax | (2,790) | 520 | (2,040) |
Balance | (8,441) | (5,651) | $ (6,171) |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||
Other comprehensive income (loss), net of tax | (2,854) | 444 | |
Less AOCI attributable to noncontrolling interests | $ 64 | $ 76 |
Note 17 - Share-based Compens_3
Note 17 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Payment Arrangement, Expense | $ 1,000 | $ 300 | $ 100 | $ 1,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 219 days | |||||
Share-based Payment Arrangement, Amount Capitalized | $ 0 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 59,188 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Contractual Term (Year) | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 100 | $ 300 | 100 | |||
Independent Directors [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Employees [Member] | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 73 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 58,000 | 0 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 200 | |||||
Stock Appreciation Rights (SARs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 160 | $ (131) | $ 537 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 255 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 500 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 9.15 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 58,000 | 0 | 0 | |||
Restricted Stock Units (RSUs) [Member] | Vesting Annually [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||
Performance Shares [Member] | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 146 days | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 300 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 12.72 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 99,405 | 99,405 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Financial Performance | 80.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Market-based Condition | 20.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Performance Period (Year) | 3 years | |||||
Stock Option Plan 1992 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,490,986 | |||||
Stock Option Plan 1992 [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 6,487,867 |
Note 17 - Share-based Compens_4
Note 17 - Share-based Compensation - Stock Options, Activity (Details) | 12 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | |
Outstanding (in shares) | shares | 378,911 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 21.95 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | shares | 59,188 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 17.27 |
Exercised (in shares) | shares | (4,500) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 11.74 |
Canceled (forfeited/expired) (in shares) | shares | (30,493) |
Canceled (forfeited/expired), weighted average exercise price (in dollars per share) | $ / shares | $ 23.81 |
Outstanding (in shares) | shares | 403,106 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 21.24 |
Outstanding, weighted average remaining contractual term (Year) | 4 years 146 days |
Outstanding, aggregate intrinsic value | $ | |
Exercisable (in shares) | shares | 320,368 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 21.66 |
Exercisable, weighted average remaining contractual term (Year) | 3 years 73 days |
Exercisable, aggregate intrinsic value | $ |
Note 17 - Share-based Compens_5
Note 17 - Share-based Compensation - Nonvested Share Activity (Details) | 12 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Nonvested, options (in shares) | shares | 59,887 |
Nonvested, weighted average exercise price (in dollars per share) | $ / shares | $ 26.84 |
Granted, options (in shares) | shares | 59,188 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 17.27 |
Vested, options (in shares) | shares | (33,339) |
Vested, weighted average exercise price (in dollars per share) | $ / shares | $ 27.86 |
Canceled (forfeited) (in shares) | shares | (2,998) |
Canceled (forfeited) (in dollars per share) | $ / shares | $ 26.19 |
Nonvested, options (in shares) | shares | 82,738 |
Nonvested, weighted average exercise price (in dollars per share) | $ / shares | $ 19.61 |
Note 17 - Share-based Compens_6
Note 17 - Share-based Compensation - Stock Options, Valuation Assumptions (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Grant date fair value (in dollars per share) | $ 17.27 | ||
Employees [Member] | |||
Volatility | 30.80% | ||
Risk-free rate of return | 1.62% | ||
Dividend yield | 4.42% | ||
Expected average life (years) (Year) | 5 years 328 days | ||
Grant date fair value (in dollars per share) | $ 2.85 | ||
Independent Directors [Member] | |||
Volatility | 30.80% | 31.30% | 31.50% |
Risk-free rate of return | 1.55% | 2.80% | 1.76% |
Dividend yield | 3.97% | 3.24% | 2.47% |
Expected average life (years) (Year) | 5 years 109 days | 5 years | 4 years 219 days |
Grant date fair value (in dollars per share) | $ 3.30 | $ 5.30 | $ 6.93 |
Fair value as a % of exercise price | 18.80% | 22.60% | 22.50% |
Note 17 - Share-based Compens_7
Note 17 - Share-based Compensation - Restricted Stock and Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Nonvested units (in shares) | |||
Nonvested, weighted average grant date fair value (in dollars per share) | |||
Granted (in shares) | 58,000 | 0 | 0 |
Granted, weighted average grant date fair value (in dollars per share) | $ 9.15 | ||
Vested (in shares) | |||
Vested, weighted average grant date fair value (in dollars per share) | |||
Canceled (forfeited) (in shares) | (2,000) | ||
Canceled (forfeited) (in dollars per share) | $ 9.15 | ||
Nonvested units (in shares) | 56,000 | ||
Nonvested, weighted average grant date fair value (in dollars per share) | $ 9.15 |
Note 17 - Share-based Compens_8
Note 17 - Share-based Compensation - Performance Unit Activity (Details) - Performance Shares [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Jun. 30, 2020 | |
Nonvested units (in shares) | 313,882 | 313,882 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ 22.82 | $ 22.82 |
Granted (in shares) | 99,405 | 99,405 |
Granted, weighted average grant date fair value (in dollars per share) | $ 12.72 | |
Vested (in shares) | ||
Vested, weighted average grant date fair value (in dollars per share) | ||
Canceled (forfeited) (in shares) | (88,180) | |
Canceled (forfeited) (in dollars per share) | $ 25.27 | |
Nonvested units (in shares) | 325,107 | |
Nonvested, weighted average grant date fair value (in dollars per share) | $ 19.05 |
Note 17 - Share-based Compens_9
Note 17 - Share-based Compensation - Performance Unit Awards, Valuation Assumptions (Details) - Performance Shares [Member] | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Volatility | 30.50% | 32.10% | 32.90% |
Risk-free rate of return | 1.72% | 2.72% | 1.41% |
Dividend yield | 3.97% | 3.24% | 2.47% |
Expected average life (years) (Year) | 3 years | 3 years | 1 year 328 days |
Note 17 - Share-based Compen_10
Note 17 - Share-based Compensation - Equity-based Compensation Expenses Related to Performance-based Shares (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Total expense | $ 1,000 | $ 300 | $ 100 | $ 1,000 |
Restricted Stock Units (RSUs) [Member] | ||||
Total expense | 160 | (131) | 537 | |
Restricted Stock Units (RSUs) [Member] | Granted Within the Fiscal Year Ended June 30, 2016 [Member] | ||||
Total expense | 5 | 92 | ||
Restricted Stock Units (RSUs) [Member] | Granted Within the Fiscal Year Ended June 30, 2017 [Member] | ||||
Total expense | (12) | |||
Restricted Stock Units (RSUs) [Member] | Granted Within the Fiscal Year Ended June 30, 2018 [Member] | ||||
Total expense | (457) | 457 | ||
Restricted Stock Units (RSUs) [Member] | Granted Within the Fiscal Year Ended June 30, 2019 [Member] | ||||
Total expense | 101 | 321 | ||
Restricted Stock Units (RSUs) [Member] | Granted Within the Fiscal Year Ended June 30, 2020 [Member] | ||||
Total expense | $ 59 |
Note 18 - Employee Retirement_2
Note 18 - Employee Retirement Programs (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 2.9 | $ 3.4 | $ 3.4 |
Note 19 - Segment Information_2
Note 19 - Segment Information (Details Textual) | 12 Months Ended |
Jun. 30, 2020 | |
Number of Company Operated Design Centers | 144 |
Number of Independently Operated Design Centers | 160 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Retail Segment [Member] | |
Concentration Risk, Percentage | 78.50% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Wholesale Segment [Member] | |
Concentration Risk, Percentage | 21.50% |
Number of Major Customers | 10 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Wholesale Segment [Member] | Ten Largest Independent Retailers [Member] | |
Concentration Risk, Percentage | 15.40% |
Note 19 - Segment Information -
Note 19 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Net sales | $ 589,837 | $ 746,684 | $ 766,784 | |||||||||
Operating Income | $ (12,447) | $ (754) | $ 9,204 | $ 18,641 | $ (4,649) | $ 10,669 | $ 16,128 | $ 11,799 | 14,644 | 33,947 | 48,867 | |
Interest (expense), net of interest income | (455) | (87) | 200 | |||||||||
Consolidated Total | 14,189 | 33,860 | 49,067 | |||||||||
Depreciation and amortization | 16,859 | 19,530 | 19,831 | |||||||||
Capital Expenditures | 15,709 | 9,120 | 12,486 | |||||||||
Assets | 622,789 | 510,351 | 622,789 | 510,351 | 530,433 | |||||||
Operating Segments [Member] | ||||||||||||
Net sales | 800,748 | 1,031,380 | 1,063,233 | |||||||||
Intersegment Eliminations [Member] | ||||||||||||
Net sales | [1] | (210,911) | (284,696) | (296,449) | ||||||||
Operating Income | [2] | 2,952 | 1,995 | 2,106 | ||||||||
Wholesale Segment [Member] | ||||||||||||
Depreciation and amortization | 7,107 | 7,560 | 7,752 | |||||||||
Capital Expenditures | 7,454 | 3,340 | 4,286 | |||||||||
Assets | 255,011 | 237,354 | 255,011 | 237,354 | 241,616 | |||||||
Wholesale Segment [Member] | Operating Segments [Member] | ||||||||||||
Net sales | 337,948 | 441,551 | 475,731 | |||||||||
Operating Income | 33,106 | 42,481 | 48,499 | |||||||||
Retail Segment [Member] | ||||||||||||
Depreciation and amortization | 9,752 | 11,970 | 12,079 | |||||||||
Capital Expenditures | 8,255 | 5,780 | 8,200 | |||||||||
Assets | 390,635 | 299,125 | 390,635 | 299,125 | 317,590 | |||||||
Retail Segment [Member] | Operating Segments [Member] | ||||||||||||
Net sales | 462,800 | 589,829 | 587,502 | |||||||||
Operating Income | (21,414) | (10,529) | (1,738) | |||||||||
Inventory Profit Elimination [Member] | ||||||||||||
Assets | [3] | $ (22,857) | $ (26,128) | $ (22,857) | $ (26,128) | $ (28,773) | ||||||
[1] | Represents the elimination of all intercompany wholesale segment sales to the retail segment during the period presented. | |||||||||||
[2] | Represents the change in wholesale profit contained in the retail segment inventory at the end of the period. | |||||||||||
[3] | 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 19 - Segment Information_3
Note 19 - Segment Information - International Design Centers (Details) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
International Design Centers [Member] | |||
Number of stores | 131 | 124 | 110 |
International Design Centers [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | |||
% of total design centers international | 5.70% | 6.80% | 10.20% |
International Design Centers [Member] | Number of International Design Centers, Total [Member] | Geographic Concentration Risk [Member] | |||
% of total design centers international | 43.10% | 41.10% | 37.20% |
UNITED STATES | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | |||
Percentage of Sales | 94.30% | 93.20% | 89.80% |
Non-US [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | |||
Percentage of Sales | 5.70% | 6.80% | 10.20% |
Independently Operated Member] | International Design Centers [Member] | |||
Number of stores | 125 | 118 | 104 |
International Design Centers [Member] | Company Operated Design Centers [Member] | |||
Number of stores | 6 | 6 | 6 |
Note 19 - Segment Information_4
Note 19 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Total long-lived assets | [1] | $ 346,020 | $ 245,246 | $ 267,903 |
UNITED STATES | ||||
Total long-lived assets | 319,012 | 218,034 | 239,567 | |
MEXICO | ||||
Total long-lived assets | 14,474 | 18,144 | 18,323 | |
HONDURAS | ||||
Total long-lived assets | 8,049 | 8,057 | 8,637 | |
CANADA | ||||
Total long-lived assets | $ 4,485 | $ 1,011 | $ 1,376 | |
[1] | Long-lived assets consist of property, plant and equipment, net of accumulated depreciation and amortization and exclude goodwill, intangible assets, deferred taxes and other assets. |
Note 20 - Commitments and Con_2
Note 20 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Purchase Obligation, Total | $ 20.1 | $ 23.9 |
Note 21 - Quarterly Financial D
Note 21 - Quarterly Financial Data (Unaudited) - Selected Financial Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net sales | $ 91,568 | $ 149,774 | $ 174,574 | $ 173,921 | $ 183,918 | $ 177,829 | $ 197,152 | $ 187,785 | |||
Gross profit | 47,868 | 83,949 | 97,521 | 93,794 | 100,787 | 98,394 | 108,860 | 101,450 | $ 323,132 | $ 409,491 | $ 415,964 |
Operating income (loss) | (12,447) | (754) | 9,204 | 18,641 | (4,649) | 10,669 | 16,128 | 11,799 | 14,644 | 33,947 | 48,867 |
Net income | $ (12,069) | $ (223) | $ 7,086 | $ 14,106 | $ (3,310) | $ 7,978 | $ 12,190 | $ 8,840 | $ 8,900 | $ 25,698 | $ 36,371 |
Earnings (loss) per basic share (in dollars per share) | $ (0.48) | $ (0.01) | $ 0.27 | $ 0.53 | $ (0.12) | $ 0.30 | $ 0.46 | $ 0.33 | $ 0.34 | $ 0.96 | $ 1.33 |
Earnings (loss) per diluted share (in dollars per share) | $ (0.48) | $ (0.01) | $ 0.27 | $ 0.53 | $ (0.12) | $ 0.30 | $ 0.45 | $ 0.33 | $ 0.34 | $ 0.96 | $ 1.32 |
Diluted weighted average common shares (in shares) | 25,179 | 25,703 | 26,612 | 26,750 | 26,711 | 26,751 | 26,923 | 26,940 | 26,069 | 26,751 | 27,625 |
Dividends declared per common share (in dollars per share) | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.19 | $ 0.19 | $ 1.19 | $ 0.19 |