L.S. Starrett Co. - Ordinary Shares (SCX) 10-Q 28 Apr 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2017	Apr. 27, 2017
Document Information [Line Items]
Entity Registrant Name	STARRETT L S CO
Entity Central Index Key	93,676
Trading Symbol	scx
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		6,296,769
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		761,630

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
ASSETS
Cash	$ 17,061	$ 19,794
Accounts receivable (less allowance for doubtful accounts of $773 and $887, respectively)	28,006	34,367
Inventories	58,225	56,321
Current deferred income tax assets		4,518
Prepaid expenses and other current assets	7,381	5,911
Total current assets	110,673	120,911
Property, plant and equipment, net	39,963	41,010
Income taxes receivable	2,547	2,655
Deferred income tax assets, net of current portion	24,198	25,284
Intangible assets, net	8,370	6,490
Goodwill	5,652	3,034
Other assets	2	2,214
Total assets	191,405	201,598
LIABILITIES AND STOCKHOLDERS’ EQUITY
Notes payable and current maturities of long-term debt	1,596	1,543
Accounts payable	8,278	8,981
Accrued expenses	5,016	6,372
Accrued compensation	4,441	4,922
Total current liabilities	19,331	21,818
Long-term debt, net of current portion	15,904	17,109
Other income tax obligations	3,773	3,813
Deferred income tax liabilities		187
Postretirement benefit and pension obligations	53,804	67,158
Other non-current liabilities	1,569
Total liabilities	94,381	110,085
Stockholders' equity:
Additional paid-in capital	55,702	55,227
Retained earnings	80,151	81,228
Accumulated other comprehensive loss	(45,888)	(51,965)
Total stockholders' equity	97,024	91,513
Total liabilities and stockholders’ equity	191,405	201,598
Common Class A [Member]
Stockholders' equity:
Common stock	6,297	6,250
Common Class B [Member]
Stockholders' equity:
Common stock	$ 762	$ 773

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Allowance for doubtful accounts	$ 773	$ 887
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	20,000,000	20,000,000
Common stock, outstanding (in shares)	6,296,769	6,249,563
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, outstanding (in shares)	761,630	772,742

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				9 Months Ended
	Mar. 31, 2017		Mar. 31, 2016		Mar. 31, 2017		Mar. 31, 2016
Net sales	$ 50,670	[1]	$ 50,329	[2]	$ 152,770	[3]	$ 155,038	[4]
Cost of goods sold	36,191		35,596		107,555		108,454
Gross margin	$ 14,479		$ 14,733		$ 45,215		$ 46,584
% of Net sales	28.60%		29.30%		29.60%		30.00%
Selling, general and administrative expenses	$ 15,326		$ 13,819		$ 45,689		$ 44,288
Restructuring charges	6				400
Operating income (loss)	(853)		914		(874)		2,296
Other income (expense)	(391)		285		(466)		377
Gain on sale of building					3,089
Income (loss) before income taxes	(1,244)		1,199		1,749		2,673
Income tax expense (benefit)	(458)		602		713		1,796
Net income (loss)	$ (786)		$ 597		$ 1,036		$ 877
Basic income (loss) per share (in dollars per share)	$ (0.11)		$ 0.09		$ 0.15		$ 0.13
Diluted income (loss) per share (in dollars per share)	$ (0.11)		$ 0.08		$ 0.15		$ 0.12
Weighted average outstanding shares used in per share calculations:
Basic (in shares)	7,058		7,013		7,046		7,016
Diluted (in shares)	7,058		7,031		7,078		7,045
Dividends (in dollars per share)	$ 0.10		$ 0.10		$ 0.30		$ 0.30
[1]	Excludes $1,493 of North American segment sales to the International segment and $2,536 of International segment sales to the North American segment.
[2]	Excludes $2,238 of North American segment sales to the International segment and $2,120 of International segment sales to the North American segment.
[3]	Excludes $6,189 of North American segment sales to the International segment and $8,585 of International segment sales to the North American segment.
[4]	Excludes $6,480 of North American segment sales to the International segment and $6,799 of International segment sales to the North American segment.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Net income	$ (786)	$ 597	$ 1,036	$ 877
Other comprehensive income (loss):
Translation gain (loss)	1,456	2,906	(300)	(6,772)
Pension and postretirement plans, net of tax of $0,$0,$3,958 and $0 respectively	(45)		6,377
Other comprehensive income (loss)	1,411	2,906	6,077	(6,772)
Total comprehensive income (loss)	$ 625	$ 3,503	$ 7,113	$ (5,895)

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Pension and postretirement plans, tax	$ 0	$ 0	$ 3,958	$ 0

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]Common Class A [Member]	Common Stock [Member]Common Class B [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Accumulated balance consists of:
						$ (51,965)
Balance at Jun. 30, 2016	$ 6,250	$ 773	$ 55,227	$ 81,228	$ (51,965)	91,513
Total comprehensive income				1,036	6,077	7,113
Dividends ($0.30 per share)				(2,113)		(2,113)
Repurchase of shares		(5)	(46)			(51)
Issuance of stock	18	7	217			242
Stock-based compensation	16		304			320
Conversion	13	(13)
Balance at Mar. 31, 2017	$ 6,297	$ 762	$ 55,702	$ 80,151	(45,888)	97,024
Accumulated balance consists of:
Translation loss					(42,186)
Pension and postretirement plans, net of taxes					(3,702)
					$ (45,888)	$ (45,888)

Consolidated Statements of Sto8

Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals)	9 Months Ended
	Mar. 31, 2017$ / shares
Retained Earnings [Member]
Dividends (in dollars per share)	$ 0.30
Dividends (in dollars per share)	$ 0.30

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 1,036	$ 877
Non-cash operating activities:
Gain on sale of building	(3,089)
Depreciation	4,020	4,385
Amortization	1,280	1,036
Stock-based compensation	320	315
Net long-term tax obligations	(31)	627
Deferred taxes	702	57
Postretirement benefit and pension obligations	1,916	2,342
(Income) loss from equity method investment	223	(89)
Working capital changes, net of effects of business acquisition:
Accounts receivable	6,200	4,744
Inventories	(2,184)	1,425
Other current assets	(1,501)	190
Other current liabilities	(1,790)	507
Prepaid pension expense	(4,303)	(4,823)
Other	222	60
Net cash provided by operating activities	3,021	11,653
Cash flows from investing activities:
Business acquisition, net of cash acquired and long-term liability	(1,324)
Additions to property, plant and equipment	(3,478)	(4,048)
Software development	(750)	(557)
Proceeds from sale of investments		7,621
Proceeds from sale of building	3,321
Net cash provided by (used in) investing activities	(2,231)	3,016
Cash flows from financing activities:
Proceeds from long-term borrowings		750
Long-term debt repayments	(1,151)	(1,822)
Proceeds from common stock issued	242	280
Shares repurchased	(51)	(446)
Dividends paid	(2,113)	(2,108)
Net cash used in financing activities	(3,073)	(3,346)
Effect of exchange rate changes on cash	(450)	(200)
Net increase (decrease) in cash	(2,733)	11,123
Cash, beginning of period	19,794	11,108
Cash, end of period	17,061	22,231
Supplemental cash flow information:
Interest paid	474	487
Income taxes paid, net	$ (213)	$ 732

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and Summary of Significant Account Policies	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	Note 1: The unaudited interim financial statements as of and for the three nine March 31, 2017 10 June 30, 2016. may 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 10 June 30, 2016

Note 2 - Recent Accounting Pron

Note 2 - Recent Accounting Pronouncements	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Note 2: Recent A ccounting Pronouncements In May 2014, December 15, 2017 December 15, 2016, July 1, 2018. In July 2015, 2015 11, 330): 330 2015 11 December 15, 2016. 2015 11 In February 2016, 2016 02, 842)”. December 15, 2018, 2016 02 In October 2016, 2016 16, 740): within the consolidated entity. The current exception to defer the recognition of any tax impact on the transfer of inventory within the consolidated entity until it is sold to a third December 15, 2017. In January 2017, the FASB issued ASU No. 2017 01, 805) 2017 01 the screen is not met, the amendments in ASU 2017 01 December 15, 2017 2017 01, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. The Company is currently assessing the impact of the adoption of this update on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017 04, 350): 2, 1 December 15, 2019 January 1, 2017.

Note 3 - Stock-based Compensati

Note 3 - Stock-based Compensation	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 3: On September 5, 2012, 2012 “2012 2012 October 17, 2012. 2012 2012 500,000 Options granted vest in periods ranging from one three ten one three March 31, 2017, 20,000 105,634 346,600 2012 March 31, 2017. For stock option grants the fair value of each grant is 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 (Simplified Method). No nine March 31, 2017 2016. The weighted average contractual term for stock options outstanding as of March 31, 2017 5.75 March 31, 2017 March 31, 2017 20,000. In recognizing stock compensation expense for the 2012 The Company accounts for stock options and RSU awards by recognizing the expense of the grant date fair value ratably over vesting periods generally ranging from one three There were 45,000 $10.86 nine March 31, 2017. 12,733 nine March 31, 2017. March 31, 2017 $1.1 March 31, 2017 On February 5, 2013, 2013 “2013 4975 (7) 1986, Compensation expense related to all stock based plans for the nine March 31, 2017 2016 $0.3 $0.3 March 31, 2017, $1.3 $1.1 $0.2 1.4

Note 4 - Inventories

Note 4 - Inventories	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 4: Inventories consist of the following (in thousands): 3/31/2017 6/30/2016 Raw material and supplies $ 26,919 $ 29,209 Goods in process and finished parts 17,356 16,459 Finished goods 41,220 39,449 85,495 85,117 LIFO Reserve (27,270 ) (28,796 ) Inventories $ 58,225 $ 56,321 LIFO inventories were $7.2 $10.5 March 31, 2017 June 30, 2016, $27.3 $28.8 $1.5 nine March 31, 2017 $0.3 nine March 31, 2016.

Note 5 - Business Acquisition

Note 5 - Business Acquisition	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Business Combination Disclosure [Text Block]	Note 5: In fiscal 2010, $1.5 36% third 2017, $3.6 63% $1.8 $1.8 three $1.6 30% three The acquisition has been accounted for as a business combination and the financial results of the company have been included in our consolidated financial statements as of the date of acquisition. Under the acquisition method of accounting, the purchase price was allocated to net tangible and intangible assets based upon their estimated fair values as of the acquisition date. The Company expects to finalize the valuation in the fourth 2017 . The table below presents the preliminary allocation of the purchase price to the acquired net assets (in thousands): Cash $ 509 Accounts receivable 273 Inventories 243 Other current assets 18 Deferred software development costs 2,397 Fixed assets 47 Goodwill 2,618 Deferred tax liability (647 ) Accounts payable & current liabilities (80 ) Purchase Price (1) $ 5,378 (1) $1,833 1,555 ($1.8 5%) $3,388 63% $5.378 Pro-forma financial information has not been presented for this acquisition because it is not considered material to the Company’s financial position or results of operations.

Note 6 - Goodwill and Intangibl

Note 6 - Goodwill and Intangible Assets	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	Note 6: The following represents the change in the carrying amount of goodwill for the nine March 31, 2017 Balance at June 30, 2016 $ 3,034 Acquisition of software company 2,618 Balance at March 31, 2017 $ 5,652 The Company’s acquisition of Bytewise in 2011 $3,034. 2011 08 October 1, 2016 October 1, 2016. Amortizable intangible assets consist of the following (in thousands): 3/31/2017 6/30/2016 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 5,548 2,402 Other intangible assets 325 325 Total 15,261 12,115 Accumulated amortization (6,891 ) (5,625 ) Total net balance $ 8,370 $ 6,490 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 8 10 8 5 The estimated aggregate amortization expense for the remainder of fiscal 2017 five 2017 (Remainder of year) $ 653 2018 2,421 2019 2,186 2020 1,480 2021 872 2022 400 Thereafter 358

Note 7 - Pension and Post-retir

Note 7 - Pension and Post-retirement Benefits	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	Note 7: The Company has two one 2009. On December 21, 2016, December 31, 2016. December 31, 2016. The amendment of the defined benefit pension plan triggered a pension curtailment which required a remeasurement of the Plan's obligation as of December 31, 2016. $6.9 3.77% 4.31%, $4.2 Net periodic benefit costs for all of the Company's defined benefit pension plans consist of the following (in thousands): Three Months Ended Nine Months Ended 3/31/2017 (Unaudited) 3/31/2016 (Unaudited) 3/31/2017 (Unaudited) 3/31/2016 (Unaudited) Service cost $ - $ 714 $ 1,405 $ 2,143 Interest cost 1,574 1,732 4,659 5,259 Expected return on plan assets (1,284 ) (1,560 ) (3,878 ) (4,739 ) Amortization of net loss 6 13 102 39 $ 296 $ 899 $ 2,288 $ 2,702 Net periodic benefit costs for the Company's Postretirement Medical Plan consists of the following (in thousands): Three Months Ended Nine Months Ended 3/31/2017 (Unaudited) 3/31/2016 (Unaudited) 3/31/2017 (Unaudited) 3/31/2016 (Unaudited) Service cost $ 23 $ 26 $ 70 $ 79 Interest cost 67 71 203 215 Amortization of prior service credit (168 ) (195 ) (505 ) (586 ) Amortization of net loss 30 4 90 11 $ (48 ) $ (94 ) $ (142 ) $ (281 ) For the nine March 31, 2017, $3.5 $0.8 $1.1 2017. 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 (10%) 10%

Note 8 - Debt

Note 8 - Debt	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 8 : Debt Debt is comprised of the following (in thousands): 3/31/2017 6/30/2016 Notes payable and current maturities of long term debt Loan and Security Agreement $ 1,596 $ 1,543 Long-term debt Loan and Security Agreement 15,904 17,109 $ 17,500 $ 18,652 The Company amended its Loan and Security Agreement, which includes a Line of Credit and a Term Loan, in January 2015 April 25, 2015. may $23.0 April 30, 2018 1.5%. nine March 31, 2017 2016 2.5% 2.2%, three March 31, 2017, $9.4 On November 22, 2011, $15.5 ten 4.5% $160.6 $8.1 March 31, 2017. The material financial covenants of the amended Loan and Security Agreement are: 1) 2.25 1.2) $15.0 3) 1.25 1 4) $10.0 March 31, 2017.

Note 9 - Income Taxes

Note 9 - Income Taxes	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 9: 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 effective tax rate for the third 2017 36.8% third 2016, 50.2%. first nine 2017, 40.8% first nine 2016, 67.2%. The tax rate in fiscal 2017 $298,000 first 2016, $216,000. U.S. Federal tax returns through fiscal 2013 2014 March 31, 2017, may 2011 2016. twelve $931,000. 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 the Company’s financial position. No In November 2015, 2015 17 2015 17") 740 2015 17 2015 17 first 2017. In March 2016, 2016 09, 718), December 15, 2016, first 2017.

Note 10 - Contingencies

Note 10 - Contingencies	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 10: 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 11 - Segment Information

Note 11 - Segment Information	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 11 . Segment Information The segment information and the accounting policies of each segment are the same as those described in the notes to the consolidated financial statements entitled “Financial Information by Segment & Geographic Area” included in our Annual Report on Form 10 June 30, 2016. two North American Operations International Operations Unallocated Total Three Months ended March 31, 2017 Sales 1 $ 31,791 $ 18,879 $ $ 50,670 Operating Income (Loss) $ 1,563 $ (693 ) $ (1,723 ) $ (853 ) Three Months ended March 31, 2016 Sales 2 $ 32,473 $ 17,856 $ $ 50,329 Operating Income (Loss) $ 2,542 $ (112 ) $ (1,515 ) $ 914 1. Excludes $1,493 $2,536 2. Excludes $2,238 $2,120 North American Operations International Operations Unallocated Total Nine Months ended March 31, 2017 Sales 3 $ 92,345 $ 60,425 $ $ 152,770 Operating Income (Loss) $ 4,520 $ (143 ) $ (5,251 ) $ (874 ) Nine Months ended March 31, 2016 Sales 4 $ 99,188 $ 55,850 $ $ 155,038 Operating Income (Loss) $ 8,172 $ (1,583 ) $ (4,292 ) $ 2,296 3. Excludes $6,189 $8,585 4. Excludes $6,480 $6,799

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	3/31/2017 6/30/2016 Raw material and supplies $ 26,919 $ 29,209 Goods in process and finished parts 17,356 16,459 Finished goods 41,220 39,449 85,495 85,117 LIFO Reserve (27,270 ) (28,796 ) Inventories $ 58,225 $ 56,321

Note 5 - Business Acquisition (

Note 5 - Business Acquisition (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Cash $ 509 Accounts receivable 273 Inventories 243 Other current assets 18 Deferred software development costs 2,397 Fixed assets 47 Goodwill 2,618 Deferred tax liability (647 ) Accounts payable & current liabilities (80 ) Purchase Price (1) $ 5,378

Note 6 - Goodwill and Intangi23

Note 6 - Goodwill and Intangible Assets (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Goodwill [Table Text Block]	Balance at June 30, 2016 $ 3,034 Acquisition of software company 2,618 Balance at March 31, 2017 $ 5,652
Schedule of Finite-Lived Intangible Assets [Table Text Block]	3/31/2017 6/30/2016 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 5,548 2,402 Other intangible assets 325 325 Total 15,261 12,115 Accumulated amortization (6,891 ) (5,625 ) Total net balance $ 8,370 $ 6,490
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	2017 (Remainder of year) $ 653 2018 2,421 2019 2,186 2020 1,480 2021 872 2022 400 Thereafter 358

Note 7 - Pension and Post-ret24

Note 7 - Pension and Post-retirement Benefits (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	Three Months Ended Nine Months Ended 3/31/2017 (Unaudited) 3/31/2016 (Unaudited) 3/31/2017 (Unaudited) 3/31/2016 (Unaudited) Service cost $ - $ 714 $ 1,405 $ 2,143 Interest cost 1,574 1,732 4,659 5,259 Expected return on plan assets (1,284 ) (1,560 ) (3,878 ) (4,739 ) Amortization of net loss 6 13 102 39 $ 296 $ 899 $ 2,288 $ 2,702 Three Months Ended Nine Months Ended 3/31/2017 (Unaudited) 3/31/2016 (Unaudited) 3/31/2017 (Unaudited) 3/31/2016 (Unaudited) Service cost $ 23 $ 26 $ 70 $ 79 Interest cost 67 71 203 215 Amortization of prior service credit (168 ) (195 ) (505 ) (586 ) Amortization of net loss 30 4 90 11 $ (48 ) $ (94 ) $ (142 ) $ (281 )

Note 8 - Debt (Tables)

Note 8 - Debt (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Debt [Table Text Block]	3/31/2017 6/30/2016 Notes payable and current maturities of long term debt Loan and Security Agreement $ 1,596 $ 1,543 Long-term debt Loan and Security Agreement 15,904 17,109 $ 17,500 $ 18,652

Note 11 - Segment Information (

Note 11 - Segment Information (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	North American Operations International Operations Unallocated Total Three Months ended March 31, 2017 Sales 1 $ 31,791 $ 18,879 $ $ 50,670 Operating Income (Loss) $ 1,563 $ (693 ) $ (1,723 ) $ (853 ) Three Months ended March 31, 2016 Sales 2 $ 32,473 $ 17,856 $ $ 50,329 Operating Income (Loss) $ 2,542 $ (112 ) $ (1,515 ) $ 914 North American Operations International Operations Unallocated Total Nine Months ended March 31, 2017 Sales 3 $ 92,345 $ 60,425 $ $ 152,770 Operating Income (Loss) $ 4,520 $ (143 ) $ (5,251 ) $ (874 ) Nine Months ended March 31, 2016 Sales 4 $ 99,188 $ 55,850 $ $ 155,038 Operating Income (Loss) $ 8,172 $ (1,583 ) $ (4,292 ) $ 2,296

Note 3 - Stock-based Compensa27

Note 3 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	500,000
The 2012 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	346,600
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	5 years 273 days
Allocated Share-based Compensation Expense	$ 0.3	$ 0.3
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 0.2
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 146 days
The 2012 Stock Incentive Plan [Member] | Total Unrecognized Compensation Including Portion Relating to Grants Not Expected to Be Awarded [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 1.3
The 2012 Stock Incentive Plan [Member] | Portion Relating to RSU Grants Not Expected to be Awarded [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 1.1
Employee Stock Option [Member] | The 2012 Stock Incentive Plan [Member]
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	20,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	20,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0	0
Employee Stock Option [Member] | Minimum [Member] | The 2012 Stock Incentive Plan [Member]
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]
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]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number	105,634
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	45,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 10.86
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	12,733
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 1.1
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | The 2012 Stock Incentive Plan [Member]
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]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years

Note 4 - Inventories (Details T

Note 4 - Inventories (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016
LIFO Inventory Amount	$ 7.2		$ 10.5
Inventory Difference Using FIFO Basis	27.3		$ 28.8
Cost of Sales [Member]
Inventory, LIFO Reserve, Effect on Income, Net	$ 1.5	$ 0.3

Note 4 - Inventories - Componen

Note 4 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Raw material and supplies	$ 26,919	$ 29,209
Goods in process and finished parts	17,356	16,459
Finished goods	41,220	39,449
	85,495	85,117
LIFO Reserve	(27,270)	(28,796)
Inventories	$ 58,225	$ 56,321

Note 5 - Business Acquisition30

Note 5 - Business Acquisition (Details Textual) - Private Software Company [Member] - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Jun. 30, 2010
Business Combination, Consideration Transferred	$ 3.6	$ 1.5
Business Acquisition, Percentage of Voting Interests Acquired	63.00%	36.00%
Payments to Acquire Businesses, Gross	$ 1.8
Business Combination, Consideration Transferred, Liabilities Incurred	$ 1.8
Business Combination, Consideration Transferred, Subsequent Period	3 years
Business Combination, Consideration Transferred, Liabilities Incurred, Discounted	$ 1.6
Business Combination, Operating Profits, Percentage	30.00%
Business Combination, Operating Profits, Term	3 years

Note 5 - Business Acquisition -

Note 5 - Business Acquisition - Allocation of the Purchase Price to the Acquired Net Assets (Details) - USD ($) $ in Thousands		Mar. 31, 2017	Feb. 02, 2017	Dec. 31, 2016	Jun. 30, 2016	Nov. 22, 2011
Goodwill		$ 5,652		$ 3,034	$ 3,034	$ 3,034
Private Software Company [Member]
Cash			$ 509
Accounts receivable			273
Inventories			243
Other current assets			18
Deferred software development costs			2,397
Fixed assets			47
Goodwill			2,618
Deferred tax liability			(647)
Accounts payable & current liabilities			(80)
Purchase Price (1)	[1]		$ 5,378
[1]	$1,833 + 1,555 ($1.8 million discounted at 5%) = $3,388 purchase price divided by 63% = $5.378

Note 6 - Goodwill and Intangi32

Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Jun. 30, 2016	Nov. 22, 2011
Goodwill	$ 5,652	$ 3,034	$ 3,034	$ 3,034
Trademarks and Trade Names [Member]
Finite-Lived Intangible Asset, Useful Life	14 years
Noncompete Agreements [Member]
Finite-Lived Intangible Asset, Useful Life	8 years
Technology-Based Intangible Assets [Member]
Finite-Lived Intangible Asset, Useful Life	10 years
Customer Relationships [Member]
Finite-Lived Intangible Asset, Useful Life	8 years
Computer Software, Intangible Asset [Member]
Finite-Lived Intangible Asset, Useful Life	5 years

Note 6 - Goodwill and Intangi33

Note 6 - Goodwill and Intangible Assets - Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Balance	$ 3,034
Acquisition of software company	2,618
Balance	$ 5,652

Note 6 - Goodwill and Intangi34

Note 6 - Goodwill and Intangible Assets - Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Intangible assets, gross	$ 15,261	$ 12,115
Accumulated amortization	(6,891)	(5,625)
Total net balance	8,370	6,490
Noncompete Agreements [Member]
Intangible assets, gross	600	600
Trademarks and Trade Names [Member]
Intangible assets, gross	1,480	1,480
Technology-Based Intangible Assets [Member]
Intangible assets, gross	2,358	2,358
Customer Relationships [Member]
Intangible assets, gross	4,950	4,950
Computer Software, Intangible Asset [Member]
Intangible assets, gross	5,548	2,402
Other Intangible Assets [Member]
Intangible assets, gross	$ 325	$ 325

Note 6 - Goodwill and Intangi35

Note 6 - Goodwill and Intangible Assets - Estimated Aggregate Amortization Expense (Details) $ in Thousands	Mar. 31, 2017USD ($)
2017 (Remainder of year)	$ 653
2,018	2,421
2,019	2,186
2,020	1,480
2,021	872
2,022	400
Thereafter	$ 358

Note 7 - Pension and Post-ret36

Note 7 - Pension and Post-retirement Benefits (Details Textual) - USD ($) $ in Millions	6 Months Ended	9 Months Ended
	Dec. 31, 2016	Mar. 31, 2017	Dec. 30, 2016
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year		$ 1.1
Pension Plan [Member]
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax	$ 6.9
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	4.31%		3.77%
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment	$ 4.2
Pension Plan [Member] | Domestic Plan [Member]
Defined Benefit Plan, Plan Assets, Contributions by Employer		3.5
Pension Plan [Member] | Foreign Plan [Member]
Defined Benefit Plan, Plan Assets, Contributions by Employer		$ 0.8

Note 7 - Pension and Post-ret37

Note 7 - Pension and Post-retirement Benefits - Net Periodic Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Pension Plan [Member]
Service cost		$ 714	$ 1,405	$ 2,143
Interest cost	1,574	1,732	4,659	5,259
Expected return on plan assets	(1,284)	(1,560)	(3,878)	(4,739)
Amortization of net loss	6	13	102	39
	296	899	2,288	2,702
Other Postretirement Benefits Plan [Member]
Service cost	23	26	70	79
Interest cost	67	71	203	215
Amortization of net loss	30	4	90	11
	(48)	(94)	(142)	(281)
Amortization of prior service credit	$ (168)	$ (195)	$ (505)	$ (586)

Note 8 - Debt (Details Textual)

Note 8 - Debt (Details Textual)	Nov. 22, 2011USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016
Line of Credit Facility, Maximum Borrowing Capacity		$ 23,000,000
Line of Credit Facility, Interest Rate During Period		2.50%	2.20%
Long-term Line of Credit		$ 9,400,000
Minimum Consolidated Cash and Liquid Investments Pursuant to New Loan and Security Agreement		$ 10,000,000
Maximum [Member]
Current Funded Debt to EBITDA Ratio		2.25
Annual Capital Expenditures		$ 15,000,000
Minimum [Member]
Debt Service Coverage Rate		1.25
Line of Credit [Member]
Debt Instrument, Term		3 years
Term Loan [Member]
Debt Instrument, Term	10 years
Long-term Line of Credit		$ 8,100,000
Debt Instrument, Face Amount	$ 15,500,000
Debt Instrument, Interest Rate, Stated Percentage	4.50%
Line of Credit Facility, Periodic Payment	$ 160,600
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		1.50%

Note 8 - Debt - Debt Schedule (

Note 8 - Debt - Debt Schedule (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Notes payable and current maturities of long term debt
Loan and Security Agreement	$ 1,596	$ 1,543
Long-term debt
Loan and Security Agreement	15,904	17,109
	$ 17,500	$ 18,652

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($)	3 Months Ended			9 Months Ended		12 Months Ended
	Mar. 31, 2017	Sep. 30, 2016	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016
Effective Income Tax Rate Reconciliation, Percent	36.80%		50.20%	40.80%	67.20%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount		$ 298,000
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount, Return to Provision Adjustment						$ 216,000
Deferred Tax Assets, Valuation Allowance	$ 0			$ 0
Foreign Tax Authority [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member]
Unrecognized Tax Benefits	$ 931,000			$ 931,000

Note 11 - Segment Information41

Note 11 - Segment Information (Details Textual)	3 Months Ended				9 Months Ended
	Mar. 31, 2017USD ($)		Mar. 31, 2016USD ($)		Mar. 31, 2017USD ($)		Mar. 31, 2016USD ($)
Number of Reportable Segments					2
Revenue, Net	$ 50,670,000	[1]	$ 50,329,000	[2]	$ 152,770,000	[3]	$ 155,038,000	[4]
North American Segment [Member]
Revenue, Net	31,791,000	[1]	32,473,000	[2]	92,345,000	[3]	99,188,000	[4]
North American Segment [Member] | Intersegment Eliminations [Member]
Revenue, Net	1,493		2,238		6,189		6,480
International Segment [Member]
Revenue, Net	18,879,000	[1]	17,856,000	[2]	60,425,000	[3]	55,850,000	[4]
International Segment [Member] | Intersegment Eliminations [Member]
Revenue, Net	$ 2,536		$ 2,120		$ 8,585		$ 6,799
[1]	Excludes $1,493 of North American segment sales to the International segment and $2,536 of International segment sales to the North American segment.
[2]	Excludes $2,238 of North American segment sales to the International segment and $2,120 of International segment sales to the North American segment.
[3]	Excludes $6,189 of North American segment sales to the International segment and $8,585 of International segment sales to the North American segment.
[4]	Excludes $6,480 of North American segment sales to the International segment and $6,799 of International segment sales to the North American segment.

Note 11 - Segment Information -

Note 11 - Segment Information - Financial Results for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Mar. 31, 2017		Mar. 31, 2016		Mar. 31, 2017		Mar. 31, 2016
Sales	$ 50,670	[1]	$ 50,329	[2]	$ 152,770	[3]	$ 155,038	[4]
Operating Income (Loss)	(853)		914		(874)		2,296
North American Segment [Member]
Sales	31,791	[1]	32,473	[2]	92,345	[3]	99,188	[4]
Operating Income (Loss)	1,563		2,542		4,520		8,172
International Segment [Member]
Sales	18,879	[1]	17,856	[2]	60,425	[3]	55,850	[4]
Operating Income (Loss)	(693)		(112)		(143)		(1,583)
Unallocated [Member]
Sales		[1]		[2]		[3]		[4]
Operating Income (Loss)	$ (1,723)		$ (1,515)		$ (5,251)		$ (4,292)
[1]	Excludes $1,493 of North American segment sales to the International segment and $2,536 of International segment sales to the North American segment.
[2]	Excludes $2,238 of North American segment sales to the International segment and $2,120 of International segment sales to the North American segment.
[3]	Excludes $6,189 of North American segment sales to the International segment and $8,585 of International segment sales to the North American segment.
[4]	Excludes $6,480 of North American segment sales to the International segment and $6,799 of International segment sales to the North American segment.