Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | ||
Mar. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | |
Common Class A [Member] | Common Class B [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'STARRETT L S CO | ' | ' |
Document Type | '10-Q | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 6,146,108 | 795,366 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000093676 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $16,101 | $19,755 |
Short-term investments | 8,470 | 7,657 |
Accounts receivable (less allowance for doubtful accounts of $707 and $697, respectively) | 34,372 | 37,875 |
Inventories | 65,942 | 56,501 |
Current deferred income tax assets | 4,965 | 4,978 |
Prepaid expenses and other current assets | 7,170 | 7,182 |
Total current assets | 137,020 | 133,948 |
Property, plant and equipment, net | 51,147 | 51,200 |
Long-term taxes receivable | 3,770 | 3,770 |
Long-term deferred income tax assets, net of current portion | 27,388 | 28,274 |
Intangible assets, net | 7,989 | 8,222 |
Goodwill | 3,034 | 3,034 |
Other assets | 2,526 | 2,346 |
Total assets | 232,874 | 230,794 |
Current liabilities: | ' | ' |
Notes payable and current maturities of long-term debt | 1,535 | 1,557 |
Accounts payable and accrued expenses | 16,845 | 17,084 |
Accrued compensation | 5,904 | 5,304 |
Total current liabilities | 24,284 | 23,945 |
Long-term debt, net of current portion | 20,596 | 24,252 |
Long-term taxes payable | 10,484 | 10,514 |
Deferred tax liabilities | 2,458 | 2,182 |
Postretirement benefit and pension obligations | 44,516 | 42,386 |
Other non-current liability | ' | 773 |
Total liabilities | 102,338 | 104,052 |
Stockholders' equity: | ' | ' |
Total stockholders' equity | 130,536 | 126,742 |
Total liabilities and stockholdersb equity | 232,874 | 230,794 |
Common Class A [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common Stock | 6,142 | 6,077 |
Additional paid-in capital | 53,812 | 52,613 |
Retained earnings | 93,380 | 91,778 |
Accumulated other comprehensive loss | -23,597 | -24,476 |
Common Class B [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common Stock | $799 | $750 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts (in Dollars) | $707 | $697 |
Common Class A [Member] | ' | ' |
Par Value (in Dollars per share) | $1 | $1 |
Shares Authorized | 20,000,000 | 20,000,000 |
Shares Outstanding | 6,142,406 | 6,076,698 |
Common Class B [Member] | ' | ' |
Par Value (in Dollars per share) | $1 | $1 |
Shares Authorized | 10,000,000 | 10,000,000 |
Shares Outstanding | 799,068 | 750,563 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Net sales | $58,281,000 | $59,864,000 | $177,609,000 | $176,630,000 |
Cost of goods sold | 39,022,000 | 43,925,000 | 120,196,000 | 124,249,000 |
Gross margin | 19,259,000 | 15,939,000 | 57,413,000 | 52,381,000 |
% of Net sales | 33.00% | 26.60% | 32.30% | 29.70% |
Selling, general and administrative expenses | 16,342,000 | 17,701,000 | 51,332,000 | 54,171,000 |
Operating income (loss) | 2,917,000 | -1,762,000 | 6,081,000 | -1,790,000 |
Other income (expense) | -250,000 | 526,000 | 372,000 | 937,000 |
Income (loss) before income taxes | 2,667,000 | -1,236,000 | 6,453,000 | -853,000 |
Income tax expense | 985,000 | 249,000 | 2,773,000 | 507,000 |
Net income (loss) | $1,682,000 | ($1,485,000) | $3,680,000 | ($1,360,000) |
Basic and diluted income (loss) per share (in Dollars per share) | $0.24 | ($0.22) | $0.53 | ($0.20) |
Weighted average outstanding shares used in per share calculations: | ' | ' | ' | ' |
Basic (in Shares) | 6,940 | 6,800 | 6,919 | 6,792 |
Diluted (in Shares) | 6,996 | 6,800 | 6,964 | 6,792 |
Dividends per share (in Dollars per share) | $0.10 | $0.10 | $0.30 | $0.30 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Net income (loss) | $1,682 | ($1,485) | $3,680 | ($1,360) |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Translation gain (loss) | 1,868 | -913 | 923 | -445 |
Pension and postretirement plans | -14 | -9 | -44 | -32 |
Other comprehensive income (loss) | 1,854 | -922 | 879 | -477 |
Total comprehensive income (loss) | $3,536 | ($2,407) | $4,559 | ($1,837) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Unaudited) (USD $) | Common Class A [Member] | Common Class A [Member] | Common Class B [Member] | Common Class B [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | The 1984 ESOP [Member] | The 2013 ESOP [Member] | Total |
In Thousands | The 1984 ESOP [Member] | The 2013 ESOP [Member] | The 1984 ESOP [Member] | The 2013 ESOP [Member] | ||||||||
Balance at Jun. 30, 2012 | ' | $6,017 | ' | $753 | ' | ' | $51,941 | $94,661 | ($25,534) | ' | ' | $127,838 |
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | -1,360 | -477 | ' | ' | -1,837 |
Dividends | ' | ' | ' | ' | ' | ' | ' | -2,040 | ' | ' | ' | -2,040 |
Purchase of stock | ' | -5 | ' | ' | ' | ' | -57 | ' | ' | ' | ' | -62 |
Issuance of stock dividends under ESOP | 19 | ' | ' | ' | 190 | ' | ' | ' | ' | 209 | ' | ' |
Issuance of stock under ESPP | ' | ' | ' | 20 | ' | ' | 141 | ' | ' | ' | ' | 161 |
Issuance of stock for length of service awards | ' | 2 | ' | ' | ' | ' | 30 | ' | ' | ' | ' | 32 |
Stock-based compensation | ' | ' | ' | ' | ' | ' | 141 | ' | ' | ' | ' | 141 |
Conversion of common stock | ' | 31 | ' | -31 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Mar. 31, 2013 | ' | 6,064 | ' | 742 | ' | ' | 52,386 | 91,261 | -26,011 | ' | ' | 124,442 |
Balance at Jun. 30, 2013 | ' | 6,077 | ' | 750 | ' | ' | 52,613 | 91,778 | -24,476 | ' | ' | 126,742 |
Translation loss | ' | ' | ' | ' | ' | ' | ' | ' | -20,710 | ' | ' | ' |
Pension and postretirement plans, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | -2,887 | ' | ' | ' |
' | ' | ' | ' | ' | ' | ' | ' | -23,597 | ' | ' | ' | |
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | 3,680 | 879 | ' | ' | 4,559 |
Dividends | ' | ' | ' | ' | ' | ' | ' | -2,078 | ' | ' | ' | -2,078 |
Issuance of stock dividends under ESOP | 17 | ' | 76 | ' | 188 | 697 | ' | ' | ' | 205 | 773 | ' |
Issuance of stock under long term incentive plan | ' | 3 | ' | ' | ' | ' | 36 | ' | ' | ' | ' | 39 |
Issuance of stock under ESPP | ' | ' | ' | 13 | ' | ' | 119 | ' | ' | ' | ' | 132 |
Issuance of stock for length of service awards | ' | 5 | ' | ' | ' | ' | 54 | ' | ' | ' | ' | 59 |
Stock-based compensation | ' | ' | ' | ' | ' | ' | 105 | ' | ' | ' | ' | 105 |
Conversion of common stock | ' | 40 | ' | -40 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Mar. 31, 2014 | ' | $6,142 | ' | $799 | ' | ' | $53,812 | $93,380 | ($23,597) | ' | ' | $130,536 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Dividends per share | $0.10 | $0.10 | $0.30 | $0.30 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $3,680 | ($1,360) |
Non-cash operating activities: | ' | ' |
Depreciation | 6,093 | 6,434 |
Amortization | 873 | 861 |
Stock-based compensation | 105 | 141 |
Issuance of stock for length of service awards | 59 | 32 |
Issuance of stock under long term incentive plan | 39 | ' |
Net long-term tax obligations | ' | -282 |
Deferred taxes | 1,221 | 1,356 |
Unrealized transaction gain | -4 | -9 |
Income on equity method investment | -196 | -390 |
Working capital changes: | ' | ' |
Accounts receivable | 4,447 | 6,725 |
Inventories | -8,801 | 3,799 |
Other current assets | -15 | 1,118 |
Other current liabilities | -238 | -9,821 |
Postretirement benefit and pension obligations | 1,338 | 651 |
Other | -525 | -66 |
Net cash provided by operating activities | 8,076 | 9,189 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -6,258 | -6,129 |
Purchase of investments | -79 | -1,662 |
Proceeds from sale of investments | 0 | 0 |
Net cash used in investing activities | -6,337 | -7,791 |
Cash flows from financing activities: | ' | ' |
Short-term debt repayments | -26 | -187 |
Proceeds from long-term borrowings | 500 | 1,500 |
Long-term debt repayments | -4,150 | -5,473 |
Proceeds from common stock issued | 337 | 370 |
Shares purchased | ' | -62 |
Dividends paid | -2,078 | -2,040 |
Net cash used in financing activities | -5,417 | -5,892 |
Effect of exchange rate changes on cash | 24 | -173 |
Net decrease in cash | -3,654 | -4,667 |
Cash, beginning of period | 19,755 | 17,502 |
Cash, end of period | 16,101 | 12,835 |
Supplemental cash flow information: | ' | ' |
Interest paid | 627 | 729 |
Income taxes paid, net | 2,727 | 1,570 |
The 2013 ESOP [Member] | ' | ' |
Supplemental disclosure of non-cash activities: | ' | ' |
Issuance of stock under 2013 ESOP | $773 | ' |
Note_1_Basis_of_Presentation_a
Note 1 - Basis of Presentation and Summary of Significant Account Policies | 9 Months Ended |
Mar. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Basis of Presentation and Significant Accounting Policies [Text Block] | ' |
Note 1: Basis of Presentation and Summary of Significant Account Policies | |
The balance sheet as of June 30, 2013, which has been derived from audited financial statements, and the unaudited interim financial statements have been prepared by The L.S. Starrett Company (the “Company”) in accordance with accounting principles generally accepted in the United States of America for interim financial reporting. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. These unaudited financial statements, which, in the opinion of management, reflect all adjustments (including normal recurring adjustments) necessary for a fair presentation, should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2013. Operating results are not necessarily indicative of the results that may be expected for any future interim period or for the entire fiscal year. | |
The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, assumptions and estimates that affect amounts reported in the consolidated financial statements and accompanying notes. Note 2 to the Company’s Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended June 30, 2013 describes the significant accounting policies and methods used in the preparation of the consolidated financial statements. There were no changes in any of the Company’s significant accounting policies during the nine months ended March 31, 2014. |
Note_2_Recent_Accounting_Prono
Note 2 - Recent Accounting Pronouncements | 9 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
Note 2: Recent Accounting Pronouncements | |
In July 2013, the FASB issued ASU No. 2013-11, "Income Taxes (Topic 740) - Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." ASU No. 2013-11 resolves the diversity in practice regarding the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This ASU comes into effect for the first annual period beginning after December 15, 2013. The Company does not expect adoption of ASU No. 2013-11 to affect results of operations or cash flows however, adoption is expected to result in a reduction of long-term deferred income tax assets and a reduction of equal amount in long-term taxes payable. |
Note_3_StockBased_Compensation
Note 3 - Stock-Based Compensation | 9 Months Ended | ||||
Mar. 31, 2014 | |||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||
Note 3: Stock-based Compensation | |||||
On September 5, 2012, the Board of Directors adopted The L.S. Starrett Company 2012 Long Term Incentive Plan (the “2012 Stock Plan”). The 2012 stock plan was approved by shareholders October 17, 2012. The 2012 Stock Plan permits the granting of the following types of awards to officers, other employees and non-employee directors: stock options; restricted stock awards; unrestricted stock awards; stock appreciation rights; stock units including restricted stock units; performance awards; cash-based awards; and awards other than previously described that are convertible or otherwise based on stock. The 2012 Stock Plan provides for the issuance of up to 500,000 shares of common stock. | |||||
Options granted vest in periods ranging from one year to three years and expire ten years after the grant date. Restricted stock units (“RSU”) granted generally vest from one year to three years. Vested restricted stock units will be settled in shares of common stock. As of March 31, 2014, there were 20,500 stock options and 8,200 restricted stock units outstanding. In addition, there were 471,300 shares available for grant under the 2012 Stock Plan as of March 31, 2014. | |||||
For the stock option grant the fair value of each grant was estimated at the date of grant using the Binomial Options pricing model. The Binomial Options pricing model utilizes assumptions related to stock volatility, the risk-free interest rate, the dividend yield and employee exercise behavior. Expected volatilities utilized in the model are based on the historic volatility of the Company’s stock price. The risk free interest rate is derived from the U.S. Treasury Yield curve in effect at the time of the grant. The expected life is determined using the average of the vesting period and contractual term of the options (Short-cut method). | |||||
The fair value of stock options issued during the 9 months ended March 31, 2013 of $3.82 was estimated using the following assumptions: | |||||
Risk-free interest rate | 1 | % | |||
Expected life (years) | 6 | ||||
Expected stock volatility | 52.3 | % | |||
Expected dividend yield | 4 | % | |||
The weighted average contractual term for stock options outstanding as of March 31, 2014 was 8.75 years. The aggregate intrinsic value of stock options outstanding as of March 31, 2014 was $0.1 million. One third of the stock options were exercisable as of March 31, 2014. | |||||
The Company accounts for RSU awards by recognizing the expense of the fair value ratably over vesting periods generally ranging from one year to three years. The related expense is included in selling, general and administrative expenses. | |||||
There were 2,733 RSU awards vested and issued during the nine months ended March 31, 2014. The aggregate intrinsic value of RSU awards outstanding as of March 31, 2014 was $0.1 million. One third of the RSU awards had vested as of March 31, 2014. | |||||
On February 5, 2013, the Board of Directors adopted The L.S. Starrett Company 2013 Employee Stock Ownership Plan (the “2013 ESOP”). The purpose of the plan is to supplement existing Company programs through an employer funded individual account plan dedicated to investment in common stock of the Company, thereby encouraging increased ownership of the Company while providing an additional source of retirement income. The plan is intended as an employee stock ownership plan within the meaning of Section 4975 (e) (7) of the Internal Revenue Code of 1986, as amended. U.S. employees who have completed a year of service as of December 31, 2012 were eligible to participate. | |||||
On June 5, 2013, the Board of Directors approved a contribution to the 2013 ESOP for fiscal 2013 in the amount of two percent of each participant’s compensation (as defined in the Plan). Compensation expense related to the 2013 ESOP of $0.8 million was recognized in the year ended June 30, 2013. The $0.8 million liability was included in other non-current liabilities on the Consolidated Balance Sheet on June 30, 2013. Shares of Class B common stock were contributed to the 2013 ESOP on July 30, 2013 in order to fund this liability. | |||||
Compensation expense related to all stock based plans for the nine month period ended March 31, 2014 and March 31, 2013 was $0.1 million and $0.1 million respectively. As of March 31, 2014, there was $0.1 million of total unrecognized compensation costs related to outstanding stock-based compensation arrangements. The cost is expected to be recognized over a weighted average period of 1.7 years. |
Note_4_Inventories
Note 4 - Inventories | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
Note 4: Inventories | |||||||||
Inventories consist of the following (in thousands): | |||||||||
3/31/14 | 6/30/13 | ||||||||
Raw material and supplies | $ | 30,248 | $ | 29,565 | |||||
Goods in process and finished parts | 19,086 | 20,256 | |||||||
Finished goods | 45,990 | 37,507 | |||||||
95,324 | 87,328 | ||||||||
LIFO Reserve | (29,382 | ) | (30,827 | ) | |||||
Inventories | $ | 65,942 | $ | 56,501 | |||||
LIFO inventories were $13.5 million and $12.9 million at March 31, 2014 and June 30, 2013 respectively, or approximately $29.4 million and $ 30.8 million, respectively, less than their balances accounted for on a FIFO basis. The use of LIFO, as compared to FIFO, resulted in a $1.4 million decrease in cost of sales for the nine months ended March 31, 2014 compared to a $4.1 million increase in the nine months ended March 31, 2013. The use of LIFO, as compared to FIFO, resulted in a $0.9 million decrease in cost of sales for the three months ended March 31, 2014 compared to a $3.1 million increase in cost of sales in the three months ended March 31, 2013. |
Note_5_Goodwill_and_Intangible
Note 5 - Goodwill and Intangible Assets | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||
Note 5: Goodwill and Intangible Assets | |||||||||
The Company’s acquisition of Bytewise in 2011 gave rise to a goodwill asset balance. The Company performed a qualitative analysis in accordance with ASU 2011-08 for its October 1, 2013 annual assessment of goodwill (commonly referred to as “Step Zero”). From a qualitative perspective, in evaluating whether it is more likely than not that the fair value of the reporting unit is not less than its respective carrying amount, relevant events and circumstances were taken into account, with greater weight assigned to events and circumstances that most affect the fair value or the carrying amounts of its assets. Items that were considered included, but were not limited to, the following: macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, changes in management or key personnel. After assessing these and other factors the Company determined that it was more likely than not that the fair value of the reporting unit exceeded its carrying amount as of October 1, 2013. | |||||||||
Amortizable intangible assets consist of the following (in thousands): | |||||||||
3/31/14 | 6/30/13 | ||||||||
Non-compete agreement | $ | 600 | $ | 600 | |||||
Trademarks and trade names | 1,480 | 1,480 | |||||||
Completed technology | 2,358 | 2,010 | |||||||
Customer relationships | 4,950 | 4,950 | |||||||
Software development | 927 | 635 | |||||||
Other intangible assets | 325 | 325 | |||||||
Total | 10,640 | 10,000 | |||||||
Accumulated amortization | (2,651 | ) | (1,778 | ) | |||||
Total net balance | $ | 7,989 | $ | 8,222 | |||||
Amortizable intangible assets are being amortized on a straight-line basis over the period of expected economic benefit. | |||||||||
The estimated useful lives of the intangible assets subject to amortization are 14 years for trademarks and trade names, 8 years for non-compete agreements, 10 years for completed technology, 8 years for customer relationships and 5 years for software development. | |||||||||
The estimated aggregate amortization expense for the remainder of fiscal 2014 and for each of the next five years and thereafter, is as follows (in thousands): | |||||||||
2014 (Remainder of year) | $ | 322 | |||||||
2015 | 1,288 | ||||||||
2016 | 1,288 | ||||||||
2017 | 1,286 | ||||||||
2018 | 1,218 | ||||||||
2019 | 1,126 | ||||||||
Thereafter | 1,461 | ||||||||
Note_6_Pension_and_Postretirem
Note 6 - Pension and Post-retirement Benefits | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||||||
Note 6: Pension and Post-retirement Benefits | |||||||||||||||||
Net periodic benefit costs for the Company's defined benefit pension plans consist of the following (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
3/31/14 | 3/31/13 | 3/31/14 | 3/31/13 | ||||||||||||||
Service cost | $ | 716 | $ | 734 | $ | 2,139 | $ | 2,210 | |||||||||
Interest cost | 1,746 | 1,477 | 5,197 | 4,464 | |||||||||||||
Expected return on plan assets | (1,589 | ) | (1,490 | ) | (4,732 | ) | (4,497 | ) | |||||||||
Amortization of prior service cost | 29 | 59 | 87 | 176 | |||||||||||||
Amortization of net gain | 2 | - | 8 | - | |||||||||||||
$ | 904 | $ | 780 | $ | 2,699 | $ | 2,353 | ||||||||||
Net periodic benefit costs for the Company's postretirement medical plan and life insurance consists of the following (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
3/31/14 | 3/31/13 | 3/31/14 | 3/31/13 | ||||||||||||||
Service cost | $ | 25 | $ | 127 | $ | 202 | $ | 383 | |||||||||
Interest cost | 66 | 136 | 331 | 409 | |||||||||||||
Amortization of prior service credit | (260 | ) | (185 | ) | (511 | ) | (557 | ) | |||||||||
Amortization of accumulated loss | (1 | ) | 40 | (1 | ) | 119 | |||||||||||
$ | (170 | ) | $ | 118 | $ | 21 | $ | 354 | |||||||||
The Company’s pension plans use fair value as the market-related value of plan assets and recognize net actuarial gains or losses in excess of ten percent (10%) of the greater of the market-related value of plan assets or of the plans’ projected benefit obligation in net periodic (benefit) cost as of the plan measurement date, which is the same as the fiscal year end of the Company. Net actuarial gains or losses that are less than 10% of the thresholds noted above are accounted for as part of the accumulated other comprehensive income (loss). | |||||||||||||||||
Effective December 31, 2013, the Company terminated eligibility for employees ages 55 -64 years old in the Postretirement Medical Plan. |
Note_7_Debt
Note 7 - Debt | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
Note 7: Debt | |||||||||
Debt, including capitalized lease obligations, is comprised of the following (in thousands): | |||||||||
3/31/14 | 6/30/13 | ||||||||
Notes payable and current maturities of long term debt | |||||||||
Loan and Security Agreement | $ | 1,394 | $ | 1,348 | |||||
Short-term foreign credit facility | - | 27 | |||||||
Capitalized leases | 141 | 182 | |||||||
1,535 | 1,557 | ||||||||
Long-term debt | |||||||||
Loan and Security Agreement | 20,484 | 24,037 | |||||||
Capitalized leases | 112 | 215 | |||||||
20,596 | 24,252 | ||||||||
$ | 22,131 | $ | 25,809 | ||||||
The Company executed an amendment to its Loan and Security Agreement (Line of Credit) as of April 25, 2012. The Line of Credit is effective for three years commencing April 25, 2012 and expires on April 30, 2015. The agreement continues the previous line of $23.0 million and interest rate of LIBOR plus 1.5%. On September 7, 2012, the Company completed another amendment to change the financial covenants. | |||||||||
On May 9, 2013, the Company further amended the agreement to adjust the covenant for a current funded debt to EBITDA ratio from 1.45 to 1, to 2.25 to 1 for the fourth quarter of fiscal 2013 and the first quarter of fiscal 2014. Thereafter, and through the end of the agreement on April 30, 2015, the funded debt to EBITDA covenant returned to 1.45 to 1. | |||||||||
On December 23, 2013, the Company amended the loan agreement to reverse the portion of the May 9, 2013 agreement that called for the funded debt to EBITDA ratio to revert back to 1.45 to 1 from 2.25 to 1, beginning with the second quarter of fiscal 2014. Under this new agreement the maximum ratio of funded debt to EBITDA will remain 2.25 to 1 for the remaining term of the loan. | |||||||||
The material financial covenants of the amended Loan and Security Agreement are now: 1) funded debt to EBITDA, excluding non-cash and retirement benefit expenses (“maximum leverage”), not to exceed 2.25 to 1, 2) annual capital expenditures not to exceed $15.0 million, 3) maintain a Debt Service Coverage Rate of a minimum of 1.25 to 1 and 4) maintain consolidated cash plus liquid investments of not less than $10.0 million at any time. | |||||||||
The effective interest rate on the Line of Credit under the Loan and Security Agreement for the nine months ended March 31, 2014 and 2013 was 2.01% and 1.80%, respectively. | |||||||||
On November 22, 2011, in conjunction with the Bytewise acquisition, the Company entered into a $15.5 million term loan (the “Term Loan”) under the existing Loan and Security Agreement with TD Bank N.A. The term loan is a ten year loan bearing a fixed interest rate of 4.5% and is payable in fixed monthly payments of principal and interest of $160,640. The term loan, which had a balance of $12.5 million at March 31, 2014, is subject to the same financial covenants as the Loan and Security Agreement. | |||||||||
The Company was in compliance with its debt covenants as of March 31, 2014. |
Note_8_Income_Tax
Note 8 - Income Tax | 9 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
Note 8: Income Tax | |
The Company is subject to U.S. federal income tax and various state, local and foreign income taxes in numerous jurisdictions. The Company’s domestic and foreign tax liabilities are subject to the allocation of revenues and expenses in different jurisdictions and the timing of recognizing revenues and expenses. Additionally, the amount of income taxes paid is subject to the Company’s interpretation of applicable tax laws in the jurisdictions in which it files. | |
The Company provides for income taxes on an interim basis based on an estimate of the effective tax rate for the year. This estimate is reassessed on a quarterly basis. Discrete tax items are accounted for in the quarterly period in which they occur. | |
The tax expense for the third quarter of fiscal 2014 was $985,000 on profit before tax of $2,667,000 (an effective tax rate of 36.9%). The tax expense for the third quarter of fiscal 2013 was $249,000 on a loss before tax for the quarter of $1,236,000 (an effective tax rate of (20.1%)). For the first nine months of fiscal 2014, tax expense was $2,773,000 on profit before tax of $6,453,000 (an effective tax rate of 43.0%) and for the first nine months of 2013, tax expense was $507,000 on a loss before tax of $853,000 (an effective tax rate of (59.4%)). The tax expense in the third quarter of fiscal 2014 included a discrete item for the impact of return to provision adjustments to reduce tax expense by $109,000. In addition, there was a discrete tax charge of $278,000 in the first quarter of fiscal 2014 for the effect of a tax rate decrease in the UK applied to the net deferred tax assets in that country and there was a $67,000 benefit recognized in the second quarter for the benefit of losses in China recognized against current year profits. The primary reasons for the negative effective tax rate in the third quarter of fiscal 2013 are as follows: 1. no tax benefit was recognized for losses in certain foreign subsidiaries; 2. there was a cash dividend from the Company’s subsidiary in Australia which caused a discrete increase to tax expense of $178,000; 3. there was a reduction in the effective state tax rate applied to deferred tax balances (based on both actual and expected future state tax apportionments and profitability) which caused a discrete tax expense of $675,000; 4. the changes on the fiscal 2012 tax return from amounts estimated at provision, including the impact of a changed position on the 2012 and prior year returns to take the foreign tax credit rather than a deduction, created a discrete tax benefit of $414,000; and 5. other discrete taxes increased tax expense by $66,000 In the first quarter of fiscal 2013, a discrete tax benefit was booked reducing the Company’s net tax liability for uncertain tax positions of $91,000. | |
U.S. Federal tax returns through fiscal 2010 are generally no longer subject to review by tax authorities; however, tax loss carryforwards from years before fiscal 2011 are still subject to review and adjustment. In international jurisdictions including Argentina, Australia, Brazil, Canada, China, Germany, Japan, Mexico, New Zealand, Singapore and the UK, which comprise a significant portion of the Company’s operations, the years that may be examined vary by country. In the second quarter of fiscal 2014, the Company was notified by tax authorities in China of a tax review and they have requested certain documentation for the calendar years 2010 and 2012. The Company’s most significant foreign subsidiary in Brazil is subject to audit for the calendar years 2008 – 2013. | |
The Company has identified no new uncertain tax positions during the nine month period ended March 31, 2014 for which it is currently likely that the total amount of unrecognized tax benefits will significantly increase or decrease within the next twelve months. | |
Accounting for income taxes requires estimates of future benefits and tax liabilities. Due to the temporary differences in the timing of recognition of items included in income for accounting and tax purposes, deferred tax assets or liabilities are recorded to reflect the impact arising from these differences on future tax payments. With respect to recorded tax assets, the Company assesses the likelihood that the asset will be realized by addressing the positive and negative evidence to determine whether realization is more likely than not to occur. If realization is in doubt because of uncertainty regarding future profitability, the Company provides a valuation allowance related to the asset to the extent that it is more likely than not that the deferred tax asset will not be realized. Should any significant changes in the tax law or the estimate of the necessary valuation allowance occur, the Company would record the impact of the change, which could have a material effect on our financial position or results of operations. | |
No valuation allowance has been recorded for the Company’s domestic federal net operating loss (NOL) carry forwards. The Company continues to believe that due to forecasted future taxable income and certain tax planning strategies available, it is more likely than not that it will be able to realize the benefit of the federal NOL carry forwards. $67,000 of the valuation allowance for subsidiary NOL’s in China has been released to reflect a tax benefit against current year profits. |
Note_9_Contingencies
Note 9 - Contingencies | 9 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Note 9: Contingencies | |
The Company is involved in certain legal matters which arise in the normal course of business. These matters are not expected to have a material impact on the Company’s financial condition, results of operations or cash flows. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
The balance sheet as of June 30, 2013, which has been derived from audited financial statements, and the unaudited interim financial statements have been prepared by The L.S. Starrett Company (the “Company”) in accordance with accounting principles generally accepted in the United States of America for interim financial reporting. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. These unaudited financial statements, which, in the opinion of management, reflect all adjustments (including normal recurring adjustments) necessary for a fair presentation, should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2013. Operating results are not necessarily indicative of the results that may be expected for any future interim period or for the entire fiscal year. | |
The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, assumptions and estimates that affect amounts reported in the consolidated financial statements and accompanying notes. Note 2 to the Company’s Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended June 30, 2013 describes the significant accounting policies and methods used in the preparation of the consolidated financial statements. There were no changes in any of the Company’s significant accounting policies during the nine months ended March 31, 2014. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
In July 2013, the FASB issued ASU No. 2013-11, "Income Taxes (Topic 740) - Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." ASU No. 2013-11 resolves the diversity in practice regarding the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This ASU comes into effect for the first annual period beginning after December 15, 2013. The Company does not expect adoption of ASU No. 2013-11 to affect results of operations or cash flows however, adoption is expected to result in a reduction of long-term deferred income tax assets and a reduction of equal amount in long-term taxes payable. |
Note_3_StockBased_Compensation1
Note 3 - Stock-Based Compensation (Tables) | 9 Months Ended | ||||
Mar. 31, 2013 | |||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||
Risk-free interest rate | 1 | % | |||
Expected life (years) | 6 | ||||
Expected stock volatility | 52.3 | % | |||
Expected dividend yield | 4 | % |
Note_4_Inventories_Tables
Note 4 - Inventories (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
3/31/14 | 6/30/13 | ||||||||
Raw material and supplies | $ | 30,248 | $ | 29,565 | |||||
Goods in process and finished parts | 19,086 | 20,256 | |||||||
Finished goods | 45,990 | 37,507 | |||||||
95,324 | 87,328 | ||||||||
LIFO Reserve | (29,382 | ) | (30,827 | ) | |||||
Inventories | $ | 65,942 | $ | 56,501 |
Note_5_Goodwill_and_Intangible1
Note 5 - Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||
3/31/14 | 6/30/13 | ||||||||
Non-compete agreement | $ | 600 | $ | 600 | |||||
Trademarks and trade names | 1,480 | 1,480 | |||||||
Completed technology | 2,358 | 2,010 | |||||||
Customer relationships | 4,950 | 4,950 | |||||||
Software development | 927 | 635 | |||||||
Other intangible assets | 325 | 325 | |||||||
Total | 10,640 | 10,000 | |||||||
Accumulated amortization | (2,651 | ) | (1,778 | ) | |||||
Total net balance | $ | 7,989 | $ | 8,222 | |||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||
2014 (Remainder of year) | $ | 322 | |||||||
2015 | 1,288 | ||||||||
2016 | 1,288 | ||||||||
2017 | 1,286 | ||||||||
2018 | 1,218 | ||||||||
2019 | 1,126 | ||||||||
Thereafter | 1,461 |
Note_6_Pension_and_Postretirem1
Note 6 - Pension and Post-retirement Benefits (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Pension Plan, Defined Benefit [Member] | ' | ||||||||||||||||
Note 6 - Pension and Post-retirement Benefits (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
3/31/14 | 3/31/13 | 3/31/14 | 3/31/13 | ||||||||||||||
Service cost | $ | 716 | $ | 734 | $ | 2,139 | $ | 2,210 | |||||||||
Interest cost | 1,746 | 1,477 | 5,197 | 4,464 | |||||||||||||
Expected return on plan assets | (1,589 | ) | (1,490 | ) | (4,732 | ) | (4,497 | ) | |||||||||
Amortization of prior service cost | 29 | 59 | 87 | 176 | |||||||||||||
Amortization of net gain | 2 | - | 8 | - | |||||||||||||
$ | 904 | $ | 780 | $ | 2,699 | $ | 2,353 | ||||||||||
Postretirement Medical and Life Insurance Plan [Member] | ' | ||||||||||||||||
Note 6 - Pension and Post-retirement Benefits (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
3/31/14 | 3/31/13 | 3/31/14 | 3/31/13 | ||||||||||||||
Service cost | $ | 25 | $ | 127 | $ | 202 | $ | 383 | |||||||||
Interest cost | 66 | 136 | 331 | 409 | |||||||||||||
Amortization of prior service credit | (260 | ) | (185 | ) | (511 | ) | (557 | ) | |||||||||
Amortization of accumulated loss | (1 | ) | 40 | (1 | ) | 119 | |||||||||||
$ | (170 | ) | $ | 118 | $ | 21 | $ | 354 |
Note_7_Debt_Tables
Note 7 - Debt (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||
3/31/14 | 6/30/13 | ||||||||
Notes payable and current maturities of long term debt | |||||||||
Loan and Security Agreement | $ | 1,394 | $ | 1,348 | |||||
Short-term foreign credit facility | - | 27 | |||||||
Capitalized leases | 141 | 182 | |||||||
1,535 | 1,557 | ||||||||
Long-term debt | |||||||||
Loan and Security Agreement | 20,484 | 24,037 | |||||||
Capitalized leases | 112 | 215 | |||||||
20,596 | 24,252 | ||||||||
$ | 22,131 | $ | 25,809 |
Note_3_StockBased_Compensation2
Note 3 - Stock-Based Compensation (Details) (USD $) | 9 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | |
Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | The 2013 ESOP [Member] | ||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||
Note 3 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | '1 year | '3 years | ' | '1 year | '3 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | ' | ' | 20,500 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | ' | ' | ' | ' | ' | 8,200 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | 471,300 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | $3.82 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | ' | '8 years 9 months | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | ' | ' | ' | $100,000 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | ' | ' | 2,733 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' |
Allocated Share-based Compensation Expense | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | 800,000 |
Other Liabilities, Noncurrent | ' | ' | 773,000 | ' | ' | ' | ' | ' | ' | 800,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 255 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_3_StockBased_Compensation3
Note 3 - Stock-Based Compensation (Details) - Weighted Average Assumptions | 9 Months Ended |
Mar. 31, 2013 | |
Weighted Average Assumptions [Abstract] | ' |
Risk-free interest rate | 1.00% |
Expected life (years) | '6 years |
Expected stock volatility | 52.30% |
Expected dividend yield | 4.00% |
Note_4_Inventories_Details
Note 4 - Inventories (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 |
Inventory Disclosure [Abstract] | ' | ' | ' | ' | ' |
LIFO Inventory Amount | $13.50 | ' | $13.50 | ' | $12.90 |
Inventory Difference Using FIFO Basis | 29.4 | ' | 29.4 | ' | 30.8 |
Decrease in Cost of Sales Using LIFO compared to FIFO | 0.9 | ' | 1.4 | ' | ' |
Increase in Cost of Sales Using LIFO compared to FIFO | ' | $3.10 | ' | $4.10 | ' |
Note_4_Inventories_Details_Inv
Note 4 - Inventories (Details) - Inventory (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Abstract] | ' | ' |
Raw material and supplies | $30,248 | $29,565 |
Goods in process and finished parts | 19,086 | 20,256 |
Finished goods | 45,990 | 37,507 |
95,324 | 87,328 | |
LIFO Reserve | -29,382 | -30,827 |
Inventories | $65,942 | $56,501 |
Note_5_Goodwill_and_Intangible2
Note 5 - Goodwill and Intangible Assets (Details) | 9 Months Ended |
Mar. 31, 2014 | |
Trademarks and Trade Names [Member] | ' |
Note 5 - Goodwill and Intangible Assets (Details) [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '14 years |
Noncompete Agreements [Member] | ' |
Note 5 - Goodwill and Intangible Assets (Details) [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '8 years |
Completed Technology [Member] | ' |
Note 5 - Goodwill and Intangible Assets (Details) [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '10 years |
Customer Relationships [Member] | ' |
Note 5 - Goodwill and Intangible Assets (Details) [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '8 years |
Software Developement [Member] | ' |
Note 5 - Goodwill and Intangible Assets (Details) [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years |
Note_5_Goodwill_and_Intangible3
Note 5 - Goodwill and Intangible Assets (Details) - Finite-Lived Intangible Assets (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | $10,640 | $10,000 |
Accumulated amortization | -2,651 | -1,778 |
Total net balance | 7,989 | 8,222 |
Noncompete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 600 | 600 |
Trademarks and Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 1,480 | 1,480 |
Completed Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 2,358 | 2,010 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 4,950 | 4,950 |
Software Developement [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 927 | 635 |
Other Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | $325 | $325 |
Note_5_Goodwill_and_Intangible4
Note 5 - Goodwill and Intangible Assets (Details) - Estimated Aggregate Amortization Expense (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Estimated Aggregate Amortization Expense [Abstract] | ' |
2014 (Remainder of year) | $322 |
2015 | 1,288 |
2016 | 1,288 |
2017 | 1,286 |
2018 | 1,218 |
2019 | 1,126 |
Thereafter | $1,461 |
Note_6_Pension_and_Postretirem2
Note 6 - Pension and Post-retirement Benefits (Details) - Net Periodic Benefit Costs for Defined Benefit Pension Plans (Pension Plan, Defined Benefit [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' |
Note 6 - Pension and Post-retirement Benefits (Details) - Net Periodic Benefit Costs for Defined Benefit Pension Plans [Line Items] | ' | ' | ' | ' |
Service cost | $716 | $734 | $2,139 | $2,210 |
Interest cost | 1,746 | 1,477 | 5,197 | 4,464 |
Expected return on plan assets | -1,589 | -1,490 | -4,732 | -4,497 |
Amortization of prior service cost | 29 | 59 | 87 | 176 |
Amortization of net gain | 2 | ' | 8 | ' |
$904 | $780 | $2,699 | $2,353 |
Note_6_Pension_and_Postretirem3
Note 6 - Pension and Post-retirement Benefits (Details) - Net Periodic Benefit Costs for Postretirement Medical Plan (Postretirement Medical and Life Insurance Plan [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Postretirement Medical and Life Insurance Plan [Member] | ' | ' | ' | ' |
Note 6 - Pension and Post-retirement Benefits (Details) - Net Periodic Benefit Costs for Postretirement Medical Plan [Line Items] | ' | ' | ' | ' |
Service cost | $25 | $127 | $202 | $383 |
Interest cost | 66 | 136 | 331 | 409 |
Amortization of prior service credit | -260 | -185 | -511 | -557 |
Amortization of accumulated loss | -1 | 40 | -1 | 119 |
($170) | $118 | $21 | $354 |
Note_7_Debt_Details
Note 7 - Debt (Details) (USD $) | 1 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | |||||
Nov. 22, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | 9-May-13 | 9-May-13 | 9-May-13 | Dec. 23, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |
London Interbank Offered Rate (LIBOR) [Member] | Fourth Quarter 2013 and First Quarter 2014 [Member] | Fourth Quarter 2013 and First Quarter 2014 [Member] | Thereafter [Member] | Thereafter [Member] | Maximum [Member] | Minimum [Member] | ||||
Originally Agreement [Member] | Amended Agreement [Member] | Amended Agreement [Member] | New Amended Agreement [Member] | |||||||
Note 7 - Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | ' | $23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' |
Current Funded Debt to EBITDA Ratio | ' | ' | ' | ' | 1.45 | 2.25 | 1.45 | 2.25 | 2.25 | ' |
Annual Capital Expenditures (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' |
Debt Service Coverage Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25 |
undefined (in Dollars) | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate During Period | ' | 2.01% | 1.80% | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount (in Dollars) | 15,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan Number of Years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Periodic Payment (in Dollars) | 160,640 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding (in Dollars) | ' | $12,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Note_7_Debt_Details_Debt_Sched
Note 7 - Debt (Details) - Debt Schedule (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Schedule [Abstract] | ' | ' |
Loan and Security Agreement | $1,394 | $1,348 |
Short-term foreign credit facility | ' | 27 |
Capitalized leases | 141 | 182 |
1,535 | 1,557 | |
Loan and Security Agreement | 20,484 | 24,037 |
Capitalized leases | 112 | 215 |
20,596 | 24,252 | |
$22,131 | $25,809 |
Note_8_Income_Tax_Details
Note 8 - Income Tax (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | |
Foreign Tax Authority [Member] | Foreign Tax Authority [Member] | Foreign Tax Authority [Member] | CHINA | Impact of Return to Provision Adjustments [Member] | Reduction in Effective State Tax Rate [Member] | Changed Position on Prior Returns [Member] | Other Discrete Taxes [Member] | ||||||
United Kingdom [Member] | CHINA | AUSTRALIA | |||||||||||
Note 8 - Income Tax (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $985,000 | $249,000 | ' | $2,773,000 | $507,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 2,667,000 | -1,236,000 | ' | 6,453,000 | -853,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | 36.90% | 20.10% | ' | 43.00% | 59.40% | ' | ' | ' | ' | ' | ' | ' | ' |
Other Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | -67,000 | 178,000 | ' | -109,000 | 675,000 | -414,000 | 66,000 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | ' | ' | ' | ' | ' | 278,000 | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits, Period Increase (Decrease) | ' | ' | -91,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ' | ' | ' | ' | ' | ' | ' | ' | ($67,000) | ' | ' | ' | ' |