Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | ||
Sep. 30, 2014 | Oct. 31, 2014 | Oct. 31, 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 | ' | 6,188,480 | 784,058 |
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 | 'Yes | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Document Fiscal Year Focus | '2015 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $18,323 | $16,233 |
Short-term investments | 8,295 | 8,723 |
Accounts receivable (less allowance for doubtful accounts of $700 and $704, respectively) | 35,298 | 43,712 |
Inventories | 65,968 | 65,582 |
Current deferred income tax assets | 4,671 | 6,037 |
Prepaid expenses and other current assets | 8,236 | 6,615 |
Total current assets | 140,791 | 146,902 |
Property, plant and equipment, net | 48,876 | 51,537 |
Long-term taxes receivable | 3,776 | 3,775 |
Long-term deferred income tax assets, net of current portion | 16,322 | 16,537 |
Intangible assets, net | 7,565 | 7,760 |
Goodwill | 3,034 | 3,034 |
Other assets | 1,945 | 1,898 |
Total assets | 222,309 | 231,443 |
Current liabilities: | ' | ' |
Notes payable and current maturities of long-term debt | 11,485 | 10,548 |
Accounts payable | 11,298 | 9,980 |
Accrued expenses | 6,384 | 8,516 |
Accrued compensation | 5,160 | 6,642 |
Total current liabilities | 34,327 | 35,686 |
Long-term debt, net of current portion | 10,408 | 10,804 |
Other tax obligations | 2,863 | 3,013 |
Deferred tax liabilities | 2,027 | 2,037 |
Postretirement benefit and pension obligations | 42,934 | 43,589 |
Total liabilities | 92,559 | 95,129 |
Stockholders' equity: | ' | ' |
Additional paid-in capital | 54,235 | 54,063 |
Retained earnings | 95,941 | 95,715 |
Accumulated other comprehensive loss | -27,395 | -20,425 |
Total stockholders' equity | 129,750 | 136,314 |
Total liabilities and stockholdersb equity | 222,309 | 231,443 |
Common Class A [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common Stock | 6,182 | 6,166 |
Common Class B [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common Stock | $787 | $795 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts (in Dollars) | $700 | $704 |
Common Class A [Member] | ' | ' |
Par (in Dollars per share) | $1 | $1 |
Shares Authorized | 20,000,000 | 20,000,000 |
Shares Outstanding | 6,182,016 | 6,165,838 |
Common Class B [Member] | ' | ' |
Par (in Dollars per share) | $1 | $1 |
Shares Authorized | 10,000,000 | 10,000,000 |
Shares Outstanding | 787,109 | 794,990 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
Share data in Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Net sales | $60,172,000 | $57,487,000 |
Cost of goods sold | 41,029,000 | 39,678,000 |
Gross margin | 19,143,000 | 17,809,000 |
% of Net sales | 31.80% | 31.00% |
Selling, general and administrative expenses | 18,077,000 | 17,073,000 |
Operating income | 1,066,000 | 736,000 |
Other income | 675,000 | 109,000 |
Income before income taxes | 1,741,000 | 845,000 |
Income tax expense | 818,000 | 629,000 |
Net income | $923,000 | $216,000 |
Basic and diluted income per share (in Dollars per share) | $0.13 | $0.03 |
Weighted average outstanding shares used in per share calculations: | ' | ' |
Basic (in Shares) | 6,965 | 6,895 |
Diluted (in Shares) | 6,999 | 6,931 |
Dividends per share (in Dollars per share) | $0.10 | $0.10 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Net income | $923 | $216 |
Other comprehensive income (loss), net of tax: | ' | ' |
Translation (loss) gain | -6,948 | 1,175 |
Pension and postretirement plans | -22 | -15 |
Other comprehensive (loss) income | -6,970 | 1,160 |
Total comprehensive (loss) income | ($6,047) | $1,376 |
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, 2013 | ' | $6,077 | ' | $750 | ' | ' | $52,613 | $91,778 | ($24,476) | ' | ' | $126,742 |
Total comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | 216 | 1,160 | ' | ' | 1,376 |
Dividends | ' | ' | ' | ' | ' | ' | ' | -691 | ' | ' | ' | -691 |
Issuance of stock under ESOP | 7 | ' | 76 | ' | 62 | 697 | ' | ' | ' | 69 | 773 | ' |
Issuance of stock for length of service awards | ' | 5 | ' | ' | ' | ' | 54 | ' | ' | ' | ' | 59 |
Stock-based compensation | ' | ' | ' | ' | ' | ' | 55 | ' | ' | ' | ' | 55 |
Conversion of class B to class A | ' | 10 | ' | -10 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Sep. 30, 2013 | ' | 6,099 | ' | 816 | ' | ' | 53,481 | 91,303 | -23,316 | ' | ' | 128,383 |
Balance at Jun. 30, 2014 | ' | 6,166 | ' | 795 | ' | ' | 54,063 | 95,715 | -20,425 | ' | ' | 136,314 |
Translation loss | ' | ' | ' | ' | ' | ' | ' | ' | -25,259 | ' | ' | ' |
Pension and postretirement plans, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | -2,136 | ' | ' | ' |
' | ' | ' | ' | ' | ' | ' | ' | -27,395 | ' | ' | -27,395 | |
Total comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | 923 | -6,970 | ' | ' | -6,047 |
Dividends | ' | ' | ' | ' | ' | ' | ' | -697 | ' | ' | ' | -697 |
Repurchase of shares | ' | ' | ' | -1 | ' | ' | -10 | ' | ' | ' | ' | -11 |
Issuance of stock under ESOP | 4 | ' | ' | ' | 62 | ' | ' | ' | ' | 66 | ' | ' |
Issuance of stock for length of service awards | ' | 5 | ' | ' | ' | ' | 71 | ' | ' | ' | ' | 76 |
Stock-based compensation | ' | ' | ' | ' | ' | ' | 49 | ' | ' | ' | ' | 49 |
Conversion of class B to class A | ' | 7 | ' | -7 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Sep. 30, 2014 | ' | $6,182 | ' | $787 | ' | ' | $54,235 | $95,941 | ($27,395) | ' | ' | $129,750 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Dividends per share | $0.10 | $0.10 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $923 | $216 |
Non-cash operating activities: | ' | ' |
Depreciation | 1,996 | 2,023 |
Amortization | 317 | 289 |
Stock-based compensation | 49 | 55 |
Issuance of stock for length of service awards | 76 | 59 |
Deferred taxes | 1,343 | 480 |
Unrealized transaction gain | -1 | -5 |
Income on equity method investment | -47 | -94 |
Working capital changes: | ' | ' |
Accounts receivable | 5,825 | 4,481 |
Inventories | -3,457 | -1,133 |
Other current assets | -1,970 | -1,074 |
Other current liabilities | -1,012 | -733 |
Postretirement benefit and pension obligations | -6 | 443 |
Other | 799 | 230 |
Net cash provided by operating activities | 4,835 | 5,237 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -1,584 | -1,451 |
Purchase of investments | -28 | -26 |
Net cash used in investing activities | -1,612 | -1,477 |
Cash flows from financing activities: | ' | ' |
Proceeds from short-term borrowings | 921 | ' |
Short-term debt repayments | ' | -15 |
Long-term debt repayments | -379 | -1,887 |
Proceeds from common stock issued | 66 | 69 |
Shares purchased | -11 | ' |
Dividends paid | -697 | -691 |
Net cash used in financing activities | -100 | -2,524 |
Effect of exchange rate changes on cash | -1,033 | 157 |
Net increase in cash | 2,090 | 1,393 |
Cash, beginning of period | 16,233 | 19,755 |
Cash, end of period | 18,323 | 21,148 |
Supplemental cash flow information: | ' | ' |
Interest paid | 187 | 239 |
Income taxes paid, net | 897 | 1,840 |
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 | 3 Months Ended |
Sep. 30, 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, 2014, 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, 2014. 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, 2014 describes the significant accounting policies and methods used in the preparation of the consolidated financial statements. |
Note_2_Recent_Accounting_Prono
Note 2 - Recent Accounting Pronouncements | 3 Months Ended |
Sep. 30, 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 May 2014, the FASB issued a new standard related to the “Revenue from Contracts with Customers” which amends the existing accounting standards for revenue recognition. The standard requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. This standard is applicable for fiscal years beginning after December 15, 2016 and for interim periods within those years and early adoption is not permitted. The Company expects to adopt this standard on July 1, 2017. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. | |
Accounting Standards Update 2013-11, Income Taxes: Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists was approved by the FASB in July 2013 and requires that companies report their tax reserves net of the impact of tax loss and credit carryforwards by its year beginning after December 15, 2013. The Company has implemented this pronouncement in the first quarter of fiscal 2015 with retrospective application as permitted by the standard. Amounts presented for prior periods have been reclassified to conform. There is no effect on tax expense and net income. On the balance sheet, there is a reduction in deferred tax assets of $7.8 million and a reduction in Other Tax Obligations of $7.8M for all periods presented. |
Note_3_StockBased_Compensation
Note 3 - Stock-Based Compensation | 3 Months Ended | ||||
Sep. 30, 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 September 30, 2014, there were 20,500 stock options and 44,967 restricted stock units outstanding. In addition, there were 431,800 shares available for grant under the 2012 Stock Plan as of September 30, 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 3 months ended September 30, 2014 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 September 30, 2014 was 8.25 years. The aggregate intrinsic value of stock options outstanding as of September 30, 2014 was $0.1 million. Stock options exercisable as of September 30, 2014 were 6,833. | |||||
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 39,500 RSU awards issued during the three months ended September 30, 2014. No RSUs vested during the three months ended September 30, 2014. The aggregate intrinsic value of RSU awards outstanding as of September 30, 2014 was $0.8 million. RSU awards granted and vested as of September 30, 2014 were 2,733. | |||||
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. | |||||
Compensation expense related to all stock based plans for the three month period ended September 30, 2014 and September 30, 2013 was $0.1 million and $0.1 million respectively. As of September 30, 2014, there was $0.7 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 2.34 years. |
Note_4_Inventories
Note 4 - Inventories | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
Note 4: Inventories | |||||||||
Inventories consist of the following (in thousands): | |||||||||
9/30/14 | 6/30/14 | ||||||||
Raw material and supplies | $ | 31,960 | $ | 31,303 | |||||
Goods in process and finished parts | 19,400 | 19,148 | |||||||
Finished goods | 42,075 | 42,459 | |||||||
93,435 | 92,910 | ||||||||
LIFO Reserve | (27,467 | ) | (27,328 | ) | |||||
Inventories | $ | 65,968 | $ | 65,582 | |||||
LIFO inventories were $14.9 million and $14.1 million at September 30, 2014 and June 30, 2014, respectively, or approximately $ 27.5 million and $ 27.3 million, respectively, less than their balances accounted for on a FIFO basis. The use of LIFO, as compared to FIFO, resulted in a $0.1 million increase in cost of sales for the three months ended September 30, 2014 compared to a $0.2 million decrease in the three months ended September 30, 2013. |
Note_5_Goodwill_and_Intangible
Note 5 - Goodwill and Intangible Assets | 3 Months Ended | ||||||||
Sep. 30, 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 exceeds 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): | |||||||||
9/30/14 | 6/30/14 | ||||||||
Non-compete agreement | $ | 600 | $ | 600 | |||||
Trademarks and trade names | 1,480 | 1,480 | |||||||
Completed technology | 2,358 | 2,358 | |||||||
Customer relationships | 4,950 | 4,950 | |||||||
Software development | 1,129 | 1,007 | |||||||
Other intangible assets | 325 | 325 | |||||||
Total | 10,842 | 10,720 | |||||||
Accumulated amortization | (3,277 | ) | (2,960 | ) | |||||
Total net balance | $ | 7,565 | $ | 7,760 | |||||
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 2015 and for each of the next five years and thereafter, is as follows (in thousands): | |||||||||
2015 (Remainder of year) | $ | 996 | |||||||
2016 | 1,328 | ||||||||
2017 | 1,327 | ||||||||
2018 | 1,258 | ||||||||
2019 | 1,180 | ||||||||
2020 | 626 | ||||||||
Thereafter | 850 | ||||||||
Note_6_Pension_and_PostRetirem
Note 6 - Pension and Post-Retirement Benefits | 3 Months Ended | ||||||||
Sep. 30, 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 | |||||||||
9/30/14 | 9/30/13 | ||||||||
Service cost | $ | 694 | $ | 709 | |||||
Interest cost | 1,690 | 1,715 | |||||||
Expected return on plan assets | (1,740 | ) | (1,562 | ) | |||||
Amortization of prior service cost | - | 29 | |||||||
Amortization of net loss | 7 | 3 | |||||||
$ | 651 | $ | 894 | ||||||
Net periodic benefit costs for the Company's postretirement medical plan and life insurance consists of the following (in thousands): | |||||||||
Three Months Ended | |||||||||
9/30/14 | 9/30/13 | ||||||||
Service cost | $ | 28 | $ | 88 | |||||
Interest cost | 61 | 133 | |||||||
Amortization of prior service credit | (200 | ) | (126 | ) | |||||
$ | (111 | ) | $ | 95 | |||||
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 the eligibility of employees ages 55 -64 years old to enter into the Postretirement Medical Plan. |
Note_7_Debt
Note 7 - Debt | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
Note 7: Debt | |||||||||
Debt, including capitalized lease obligations, is comprised of the following (in thousands): | |||||||||
9/30/14 | 6/30/14 | ||||||||
Notes payable and current maturities of long term debt | |||||||||
Loan and Security Agreement | $ | 11,326 | $ | 10,410 | |||||
Capitalized leases | 159 | 138 | |||||||
11,485 | 10,548 | ||||||||
Long-term debt | |||||||||
Loan and Security Agreement | 10,364 | 10,726 | |||||||
Capitalized leases | 44 | 78 | |||||||
10,408 | 10,804 | ||||||||
$ | 21,893 | $ | 21,352 | ||||||
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 at which time the Company intends to negotiate an extension of the agreement. The agreement continues the previous line of $23.0 million, of which $12.2 million is available as of September 30, 2014, and interest rate of LIBOR plus 1.5%. | |||||||||
On May 9, 2013, the Company further amended the agreement to adjust the covenant for the 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 three months ended September 30, 2014 and 2013 was 2.0% and 2.0%, 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 $11.8 million at September 30, 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 September 30, 2014. |
Note_8_Income_Tax
Note 8 - Income Tax | 3 Months Ended |
Sep. 30, 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 first quarter of fiscal 2015 was $818,000 on a profit before tax of $1,741,000 (an effective tax rate of 47.0%). The tax expense for the first quarter of fiscal 2014 was $629,000 on a profit before tax for the quarter of $845,000 (an effective tax rate of 74.4%). The tax rate is higher than the U.S. statutory rate in part due to losses in some foreign jurisdictions for which no tax benefit is recognized. In the first quarter of fiscal 2015, there was a discrete reduction to tax expense of $75,000 related to use of tax loss carryforwards and the reduction of the tax liability for audits related to the expiration of the statute of limitations. In the first quarter of fiscal 2014 there was a discrete tax expense of $278,000 for the effect of a tax rate change in the UK applied to the net deferred tax assets in that jurisdiction. | |
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 adjustment. As of September 30, 2014, the Company has substantially resolved all open income tax audits and there were no other local or federal income tax audits in progress. In international jurisdictions including Australia, Brazil, Canada, China, Germany, 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. The Company’s most significant foreign subsidiary in Brazil is subject to audit for the years 2009 – 2014. The Company has identified no new uncertain tax positions during the three month period ended September 30, 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. | |
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 utilize the U.S. federal NOL carryforwards. In certain other countries where company operations are in a loss position, the deferred tax assets for tax loss carryforwards and other temporary differences are fully offset by a valuation allowance. |
Note_9_Contingencies
Note 9 - Contingencies | 3 Months Ended |
Sep. 30, 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. |
Note_3_StockBased_Compensation1
Note 3 - Stock-Based Compensation (Tables) | 3 Months Ended | ||||
Sep. 30, 2014 | |||||
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) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
9/30/14 | 6/30/14 | ||||||||
Raw material and supplies | $ | 31,960 | $ | 31,303 | |||||
Goods in process and finished parts | 19,400 | 19,148 | |||||||
Finished goods | 42,075 | 42,459 | |||||||
93,435 | 92,910 | ||||||||
LIFO Reserve | (27,467 | ) | (27,328 | ) | |||||
Inventories | $ | 65,968 | $ | 65,582 |
Note_5_Goodwill_and_Intangible1
Note 5 - Goodwill and Intangible Assets (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||
9/30/14 | 6/30/14 | ||||||||
Non-compete agreement | $ | 600 | $ | 600 | |||||
Trademarks and trade names | 1,480 | 1,480 | |||||||
Completed technology | 2,358 | 2,358 | |||||||
Customer relationships | 4,950 | 4,950 | |||||||
Software development | 1,129 | 1,007 | |||||||
Other intangible assets | 325 | 325 | |||||||
Total | 10,842 | 10,720 | |||||||
Accumulated amortization | (3,277 | ) | (2,960 | ) | |||||
Total net balance | $ | 7,565 | $ | 7,760 | |||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||
2015 (Remainder of year) | $ | 996 | |||||||
2016 | 1,328 | ||||||||
2017 | 1,327 | ||||||||
2018 | 1,258 | ||||||||
2019 | 1,180 | ||||||||
2020 | 626 | ||||||||
Thereafter | 850 |
Note_6_Pension_and_PostRetirem1
Note 6 - Pension and Post-Retirement Benefits (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
9/30/14 | 9/30/13 | ||||||||
Service cost | $ | 694 | $ | 709 | |||||
Interest cost | 1,690 | 1,715 | |||||||
Expected return on plan assets | (1,740 | ) | (1,562 | ) | |||||
Amortization of prior service cost | - | 29 | |||||||
Amortization of net loss | 7 | 3 | |||||||
$ | 651 | $ | 894 | ||||||
Three Months Ended | |||||||||
9/30/14 | 9/30/13 | ||||||||
Service cost | $ | 28 | $ | 88 | |||||
Interest cost | 61 | 133 | |||||||
Amortization of prior service credit | (200 | ) | (126 | ) | |||||
$ | (111 | ) | $ | 95 |
Note_7_Debt_Tables
Note 7 - Debt (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||
9/30/14 | 6/30/14 | ||||||||
Notes payable and current maturities of long term debt | |||||||||
Loan and Security Agreement | $ | 11,326 | $ | 10,410 | |||||
Capitalized leases | 159 | 138 | |||||||
11,485 | 10,548 | ||||||||
Long-term debt | |||||||||
Loan and Security Agreement | 10,364 | 10,726 | |||||||
Capitalized leases | 44 | 78 | |||||||
10,408 | 10,804 | ||||||||
$ | 21,893 | $ | 21,352 |
Note_2_Recent_Accounting_Prono1
Note 2 - Recent Accounting Pronouncements (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Reduction in Deferred Tax Assets | $7.80 |
Reduction in Other Tax Obligations | $7 |
Note_3_StockBased_Compensation2
Note 3 - Stock-Based Compensation (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Note 3 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Allocated Share-based Compensation Expense | $0.10 | $0.10 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 0.7 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '2 years 124 days | ' |
Employee Stock Option [Member] | Minimum [Member] | The 2012 Stock Incentive Plan [Member] | ' | ' |
Note 3 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '1 year | ' |
Employee Stock Option [Member] | Maximum [Member] | The 2012 Stock Incentive Plan [Member] | ' | ' |
Note 3 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' |
Employee Stock Option [Member] | The 2012 Stock Incentive Plan [Member] | ' | ' |
Note 3 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
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, Number of Shares Available for Grant | 431,800 | ' |
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 3 months | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 0.1 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 6,833 | ' |
Employee Stock Option [Member] | Employee Stock Purchase Plan ESPP [Member] | ' | ' |
Note 3 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 2733.00% | ' |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | The 2012 Stock Incentive Plan [Member] | ' | ' |
Note 3 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '1 year | ' |
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | The 2012 Stock Incentive Plan [Member] | ' | ' |
Note 3 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' |
Restricted Stock Units (RSUs) [Member] | The 2012 Stock Incentive Plan [Member] | ' | ' |
Note 3 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 44,967 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 39,500 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $0.80 | ' |
The 2012 Stock Incentive Plan [Member] | ' | ' |
Note 3 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | ' |
Note_3_StockBased_Compensation3
Note 3 - Stock-Based Compensation (Details) - Weighted Average Assumptions (The 2012 Stock Incentive Plan [Member]) | 3 Months Ended |
Sep. 30, 2014 | |
The 2012 Stock Incentive Plan [Member] | ' |
Note 3 - Stock-Based Compensation (Details) - Weighted Average Assumptions [Line Items] | ' |
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 $) | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Cost of Sales [Member] | Cost of Sales [Member] | ||
Note 4 - Inventories (Details) [Line Items] | ' | ' | ' | ' |
LIFO Inventory Amount | $14.90 | $14.10 | ' | ' |
Inventory Difference Using FIFO Basis | 27.5 | 27.3 | ' | ' |
Inventory, LIFO Reserve, Effect on Income, Net | ' | ' | $0.10 | ($0.20) |
Note_4_Inventories_Details_Inv
Note 4 - Inventories (Details) - Inventory (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Inventory [Abstract] | ' | ' |
Raw material and supplies | $31,960 | $31,303 |
Goods in process and finished parts | 19,400 | 19,148 |
Finished goods | 42,075 | 42,459 |
93,435 | 92,910 | |
LIFO Reserve | -27,467 | -27,328 |
Inventories | $65,968 | $65,582 |
Note_5_Goodwill_and_Intangible2
Note 5 - Goodwill and Intangible Assets (Details) | 3 Months Ended |
Sep. 30, 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 $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | $10,842 | $10,720 |
Accumulated amortization | -3,277 | -2,960 |
Total net balance | 7,565 | 7,760 |
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 | 2,358 |
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 | 1,129 | 1,007 |
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 $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Estimated Aggregate Amortization Expense [Abstract] | ' |
2015 (Remainder of year) | $996 |
2016 | 1,328 |
2017 | 1,327 |
2018 | 1,258 |
2019 | 1,180 |
2020 | 626 |
Thereafter | $850 |
Note_6_Pension_and_PostRetirem2
Note 6 - Pension and Post-Retirement Benefits (Details) - Net Periodic Costs (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Pension Plan [Member] | ' | ' |
Note 6 - Pension and Post-Retirement Benefits (Details) - Net Periodic Costs [Line Items] | ' | ' |
Service cost | $694 | $709 |
Interest cost | 1,690 | 1,715 |
Expected return on plan assets | -1,740 | -1,562 |
Amortization of prior service cost (credit) | ' | 29 |
Amortization of net loss | 7 | 3 |
Net periodic benefit costs | 651 | 894 |
Postretirement Medical and Life Insurance Plan [Member] | ' | ' |
Note 6 - Pension and Post-Retirement Benefits (Details) - Net Periodic Costs [Line Items] | ' | ' |
Service cost | 28 | 88 |
Interest cost | 61 | 133 |
Amortization of prior service cost (credit) | -200 | -126 |
Net periodic benefit costs | ($111) | $95 |
Note_7_Debt_Details
Note 7 - Debt (Details) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Nov. 22, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Term Loan [Member] | Term Loan [Member] | Originally Agreement [Member] | Originally Agreement [Member] | Originally Agreement [Member] | New Amended Agreement [Member] | New Amended Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Minimum [Member] | |||
Maximum [Member] | ||||||||||||
Note 7 - Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | $23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity (in Dollars) | 12,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' |
Current Funded Debt to EBITDA Ratio | ' | ' | ' | ' | 2.25 | 1.45 | 1.45 | 2.25 | 1.45 | ' | ' | ' |
Annual Capital Expenditures (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' |
Debt Service Coverage Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25 |
Minimum Consolidated Cash and Liquid Investments Pursuant to New Loan and Security Agreement (in Dollars) | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate During Period | 2.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount (in Dollars) | ' | ' | 15,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment (in Dollars) | ' | ' | 160,640 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Payable to Bank (in Dollars) | ' | ' | ' | $11,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Note_7_Debt_Details_Debt_Sched
Note 7 - Debt (Details) - Debt Schedule (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Debt Schedule [Abstract] | ' | ' |
Loan and Security Agreement | $11,326 | $10,410 |
Capitalized leases | 159 | 138 |
11,485 | 10,548 | |
Loan and Security Agreement | 10,364 | 10,726 |
Capitalized leases | 44 | 78 |
10,408 | 10,804 | |
$21,893 | $21,352 |
Note_8_Income_Tax_Details
Note 8 - Income Tax (Details) (USD $) | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Note 8 - Income Tax (Details) [Line Items] | ' | ' |
Income Tax Expense (Benefit) | $818,000 | $629,000 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 1,741,000 | 845,000 |
Effective Income Tax Rate Reconciliation, Percent | 47.00% | 74.40% |
Other Tax Expense (Benefit) | -75,000 | ' |
Her Majesty's Revenue and Customs (HMRC) [Member] | ' | ' |
Note 8 - Income Tax (Details) [Line Items] | ' | ' |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | ' | $278,000 |