Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2017 | Jan. 30, 2018 | |
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 | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 6,262,546 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 757,224 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Current assets: | ||
Cash | $ 15,131 | $ 14,607 |
Accounts receivable (less allowance for doubtful accounts of $1,162 and $946, respectively) | 29,349 | 30,425 |
Inventories | 61,789 | 58,097 |
Prepaid expenses and other current assets | 8,860 | 6,994 |
Total current assets | 115,129 | 110,123 |
Property, plant and equipment, net | 39,265 | 39,345 |
Taxes receivable | 2,716 | 2,627 |
Deferred tax assets, net | 18,856 | 26,032 |
Intangible assets, net | 9,563 | 9,868 |
Goodwill | 4,668 | 4,668 |
Other assets | 2 | |
Total assets | 190,197 | 192,665 |
Current liabilities: | ||
Current maturities of long-term debt | 17,051 | 11,514 |
Accounts payable | 9,084 | 8,366 |
Accrued expenses | 6,618 | 5,424 |
Accrued compensation | 4,090 | 5,435 |
Total current liabilities | 36,843 | 30,739 |
Other tax obligations | 4,016 | 3,645 |
Long-term debt, net of current portion | 5,261 | 6,095 |
Postretirement benefit and pension obligations | 57,415 | 58,571 |
Other non-current liabilities | 1,630 | 1,589 |
Total liabilities | 105,165 | 100,639 |
Stockholders' equity: | ||
Additional paid-in capital | 55,467 | 55,579 |
Retained earnings | 71,906 | 79,402 |
Accumulated other comprehensive loss | (49,354) | (49,985) |
Total stockholders' equity | 85,032 | 92,026 |
Total liabilities and stockholders’ equity | 190,197 | 192,665 |
Common Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 6,254 | 6,268 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 759 | $ 762 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Allowance for doubtful accounts | $ 1,162 | $ 946 |
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) | 6,254,182 | 6,267,603 |
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) | 758,954 | 761,588 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Net sales | $ 52,124,000 | [1] | $ 53,187,000 | [2] | $ 103,942,000 | [3] | $ 102,100,000 | [4] |
Cost of goods sold | 36,194,000 | 36,365,000 | 71,473,000 | 71,364,000 | ||||
Gross margin | $ 15,930,000 | $ 16,822,000 | $ 32,469,000 | $ 30,736,000 | ||||
% of Net sales | 30.60% | 31.60% | 31.20% | 30.10% | ||||
Selling, general and administrative expenses | $ 15,486,000 | $ 14,942,000 | $ 31,576,000 | $ 30,363,000 | ||||
Restructuring charges | 51,000 | 394,000 | ||||||
Operating income (loss) | 444,000 | 1,829,000 | 893,000 | (21,000) | ||||
Other income (expense) | 653,000 | (312,000) | 844,000 | (75,000) | ||||
Gain on sale of building | 3,089,000 | |||||||
Income (loss) before income taxes | 1,097,000 | 1,517,000 | 1,737,000 | 2,993,000 | ||||
Income tax expense | 7,618,000 | 454,000 | 7,832,000 | 1,171,000 | ||||
Net income (loss) | $ (6,521,000) | $ 1,063,000 | $ (6,095,000) | $ 1,822,000 | ||||
Basic income (loss) per share (in dollars per share) | $ (0.93) | $ 0.15 | $ (0.87) | $ 0.26 | ||||
Diluted income (loss) per share (in dollars per share) | $ (0.93) | $ 0.15 | $ (0.87) | $ 0.26 | ||||
Weighted average outstanding shares used in per share calculations: | ||||||||
Basic (in shares) | 7,008 | 7,050 | 7,009 | 7,039 | ||||
Diluted (in shares) | 7,008 | 7,068 | 7,009 | 7,068 | ||||
Dividends (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.20 | $ 0.20 | ||||
[1] | Excludes $3,277 of North American segment intercompany sales to the International segment, and $ 6,688 of International segment intercompany sales to the North American segment. | |||||||
[2] | Excludes $4,696 of North American segment intercompany sales to the International segment, and $6,049 of International segment intercompany sales to the North American segment. | |||||||
[3] | Excludes $3,277 of North American segment intercompany sales to the International segment, and $ 6,688 of International segment intercompany sales to the North American segment. | |||||||
[4] | Excludes $4,696 of North American segment intercompany sales to the International segment, and $6,049 of International segment intercompany sales to the North American segment. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income (loss) | $ (6,521) | $ 1,063 | $ (6,095) | $ 1,822 |
Other comprehensive income (loss): | ||||
Currency translation gain (loss net of tax) | (1,576) | (988) | 685 | (1,756) |
Pension and postretirement plans, net of tax of $0, $3,958, $0, and $3,958, respectively | (27) | 6,469 | (54) | 6,422 |
Other comprehensive income (loss) | (1,603) | 5,481 | 631 | 4,666 |
Total comprehensive income (loss) | $ (8,124) | $ 6,544 | $ (5,464) | $ 6,488 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension and post retirement plans, tax | $ 0 | $ 3,958 | $ 0 | $ 3,958 |
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: | ||||||
$ (49,985) | ||||||
Balance at Jun. 30, 2017 | $ 6,268 | $ 762 | $ 55,579 | $ 79,402 | $ (49,985) | 92,026 |
Total comprehensive income (loss) | (6,095) | 631 | (5,464) | |||
Dividends ($0.20 per share) | (1,401) | (1,401) | ||||
Repurchase of shares | (58) | (4) | (472) | (534) | ||
Issuance of stock | 13 | 14 | 193 | 220 | ||
Stock-based compensation | 18 | 167 | 185 | |||
Conversion | 13 | (13) | ||||
Balance at Dec. 31, 2017 | $ 6,254 | $ 759 | $ 55,467 | $ 71,906 | (49,354) | 85,032 |
Accumulated balance consists of: | ||||||
Translation loss | (42,638) | |||||
Pension and postretirement plans, net of taxes | (6,716) | |||||
$ (49,354) | $ (49,354) |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) | 6 Months Ended |
Dec. 31, 2017$ / shares | |
Retained Earnings [Member] | |
Dividends (in dollars per share) | $ 0.20 |
Dividends (in dollars per share) | $ 0.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (6,095,000) | $ 1,822,000 |
Non-cash operating activities: | ||
Gain on sale of building | (3,089,000) | |
Depreciation | 2,802,000 | 2,732,000 |
Amortization | 978,000 | 732,000 |
Stock-based compensation | 185,000 | 223,000 |
Net long-term tax obligations | 343,000 | 842,000 |
Deferred taxes | 7,250,000 | 413,000 |
Postretirement benefit and pension obligations | 294,000 | 1,743,000 |
(Income) loss from equity method investment | (43,000) | |
Working capital changes: | ||
Accounts receivable | 1,618,000 | 1,849,000 |
Inventories | (3,245,000) | (3,389,000) |
Other current assets | (1,874,000) | (1,563,000) |
Other current liabilities | 179,000 | (1,026,000) |
Prepaid pension expense | (1,857,000) | (2,418,000) |
Other | 57,000 | 188,000 |
Net cash provided by (used in) operating activities | 635,000 | (984,000) |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (2,625,000) | (2,412,000) |
Software development | (633,000) | (368,000) |
Proceeds from sale of building | 3,321,000 | |
Net cash provided by (used in) investing activities | (3,258,000) | 541,000 |
Cash flows from financing activities: | ||
Proceeds from borrowings | 5,500,000 | |
Long-term debt repayments | (797,000) | (762,000) |
Proceeds from common stock issued | 220,000 | 181,000 |
Shares repurchased | (534,000) | (33,000) |
Dividends paid | (1,401,000) | (1,407,000) |
Net cash provided by (used in) financing activities | 2,988,000 | (2,021,000) |
Effect of exchange rate changes on cash | 159,000 | (603,000) |
Net increase (decrease) in cash | 524,000 | (3,067,000) |
Cash, beginning of period | 14,607,000 | 19,794,000 |
Cash, end of period | 15,131,000 | 16,727,000 |
Supplemental cash flow information: | ||
Interest paid | 307,000 | 302,000 |
Income taxes paid, net | $ (323,000) | $ 113,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Summary of Significant Account Policies | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1: Basis of Presentation and Summary of Significant Account Policies The unaudited interim financial statements as of and for the six December 31, 2017 not 10 June 30, 2017. not 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, 2017 |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 6 Months Ended |
Dec. 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, 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, 2017 December 15, 2016, July 1, 2018. The Company primarily sells goods and recognizes revenues at point of sale or delivery, which will not However, a full assessment of the new standard’s impact on all the Company’s revenue streams ahead of its implementation in the next fiscal year is still in process. In February 2016, No. 2016 02, 842 The ASU requires that organizations that lease assets recognize assets and liabilities on the balance sheet for the rights and obligations created by those leases. The ASU will affect the presentation of lease related expenses on the income statement and statement of cash flows and will increase the required disclosures related to leases. This ASU is effective for fiscal years beginning after December 15, 2018, No. 2016 02 not In October 2016, No. 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. No. 2016 16 not In January 2017, the FASB issued ASU No. 2017 01, 805 2017 01 not not the screen is not 2017 01 December 15, 2017 2017 01, only when the transaction has not No. 2017 01 not In January 2017, the FASB issued ASU No. 2017 04, 350 2, not 1 December 15, 2019 January 1, 2017. |
Note 3 - Stock-based Compensati
Note 3 - Stock-based Compensation | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 3: Stock-based Compensation On September 5, 2012, 2012 2012 2012 October 17, 2012, October 18, 2017. 2012 2012 500,000 Options granted vest in periods ranging from one three ten one three December 31, 2017, 20,000 153,235 284,600 2012 December 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 six December 31, 2017 2016. The weighted average contractual term for stock options outstanding as of December 31, 2017 5 December 31, 2017 $0.1 December 31, 2017 20,000. In recognizing stock compensation expense for the 2012 no 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 62,000 $7.22 six December 31, 2017. 14,400 six December 31, 2017. December 31, 2017 $1.3 December 31, 2017 On February 5, 2013, 2013 “2013 The plan is intended as an employee stock ownership plan within the meaning of Section 4975 7 1986, Compensation expense related to all stock based plans for the six December 31, 2017 2016 $0.2 $0.2 December 31, 2017, $1.6 $1.4 not $0.2 2.0 |
Note 4 - Inventories
Note 4 - Inventories | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 4: Inventories In July 2015, No. 2015 11, 330 330 2015 11 December 15, 2016. No. 2015 11 not Inventories consist of the following (in thousands): 12 /31/2017 6/30/201 7 Raw material and supplies $ 26,777 $ 26,293 Goods in process and finished parts 19,512 16,419 Finished goods 41,881 41,591 88,170 84,303 LIFO Reserve (26,381 ) (26,206 ) $ 61,789 $ 58,097 LIFO inventories were $ 8 .5 $7 .7 December 31, 2017 June 30, 2017, $26 .4 $26 .2 0.2 six December 31, 2017 $0.5 six December 31, 2016 . |
Note 5 - Business Acquisition
Note 5 - Business Acquisition | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 5: In fiscal 2010, $1.5 36% third 2017, $3.6 64% $1.8 $1.8 three $1.6 30% three . The Company has accrued for such profit sharing as an expense based on results of operations since the date of acquisition. 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 since 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 table below presents the allocation of t he purchase price to the acquired net assets (in thousands): Cash $ 509 Accounts receivable 273 Inventories 243 Other current assets 18 Deferred software development costs 2,520 Intangible Assets 1,220 Goodwill 1,634 Fixed assets 47 Deferred tax liability (1,090 ) Accounts payable & current liabilities (80 ) Purchase Price (1) $ 5,294 ( 1 $1,833 1,555 $1.8 5% $3,388 6 4% $5.294 Pro-forma financial information has not not ’s financial position or results of operations. |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangibles Assets | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6 : Goodwill and Intangible Assets The Company ’s acquisition of Bytewise in 2011 2017 $4.67 2011 08, not not October 1, 2017. 2011 08 Determining the fair value of a reporting unit is subjective and requires the use of significant estimates and assumptions. With the assistance of an independent third -party valuation specialist, the Company estimates the fair value using an income approach based on the present value of future cash flows. The Company believes this approach yields the most appropriate evidence of fair value. The Company also utilizes the comparable company multiples method and market transaction fair value method to validate the fair value amount obtained using the income approach. The key assumptions utilized in the discounted cash flow model includes estimates of future cash flows from operating activities offset by estimated capital expenditures of the reporting unit, the estimated terminal value for the reporting unit, a discount rate based on a weighted average cost of capital, overall economic conditions, and an assessment of current market capitalization. Any unfavorable material changes to these key assumptions could potentially impact the Company’s fair value determinations. Under the quantitative analysis, t he 2017 81.1%. no may The Company has set the date at February 1 st 2018, February 2017; no may Amortizable intangible assets consist of the following (in thousands): 12 /31/2017 6/30/201 7 Non-compete agreement $ 600 $ 600 Trademarks and trade names 2,070 2,070 Completed technology 2,358 2,358 Customer relationships 5,580 5,580 Software development 6,816 6,184 Other intangible assets 325 325 Total 17,749 17,117 Accumulated amortization (8,186 ) (7,249 ) Total net balance $ 9,563 $ 9,868 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 range between 5 20 The estimated aggregate amortization expense for the remainder of fiscal 2018 five 201 8 (Remainder of year) $ 1,093 201 9 2,134 20 20 1,611 202 1 1,207 202 2 975 202 3 609 Thereafter 1,934 |
Note 7 - Pension and Post-retir
Note 7 - Pension and Post-retirement Benefits | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 7 : Pension and Post-retirement Benefits The Company has two one The U.K. plan was closed to new entrants in fiscal 2009. On December 21, 2016, December 31, 2016. no December 31, 2016. The amendment of the defined benefit pension plan triggered a pension curtailment which required a re-measurement 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 Six Months Ended 12/31/2017 12/31/2016 12/31/2017 12/31/2016 Service cost $ - $ 614 $ - $ 1,405 Interest cost 1,518 1,533 3,029 3,085 Expected return on plan assets (1,291 ) (1,288 ) (2,576 ) (2,594 ) Amortization of net loss 6 68 12 96 $ 233 $ 927 $ 465 $ 1,992 Net periodic benefit costs for the Company's Postretirement Medical Plan consists of the following (in thousands): Three Months Ended Six Months Ended 12/31/2017 12/31/2016 12/31/2017 12/31/2016 Service cost $ 22 $ 24 $ 43 $ 47 Interest cost 67 68 134 136 Amortization of prior service credit (135 ) (169 ) (269 ) (337 ) Amortization of net loss 25 30 50 60 $ (21 ) $ (47 ) $ (42 ) $ (94 ) For the six December 31, 2017, $1.4 $0.5 $2.8 2018. 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 | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 8 : Debt Debt is comprised of the following (in thousands): 12 /31/2017 6/30/201 7 Short-term and current maturities Loan and Security Agreement $ 17,051 $ 11,514 Long-term debt Loan and Security Agreement , net of current portion 5,261 6,095 $ 22,312 $ 17,609 The Company amended its Loan and Security Agreement, which includes a Line of Credit and a Term Loan, in January 2015. Borrowings under the Line of Credit may not $23.0 1.5%. six December 31, 2017 2016 3.1% 2.4%, December 31, 2017 December 31, 2017, $11.9 Availability under the Line of Credit is subject to a borrowing base comprised of accounts receivab le and inventory. The Company believes that the borrowing base will consistently produce availability under the Line of Credit in excess of $23.0 0.25% The obligations und er the Credit Facility are unsecured. In the event of certain triggering events, such obligations would become secured by the assets of the Company’s domestic subsidiaries. A triggering event occurs when the Company fails to achieve any of the financial covenants noted below in consecutive quarters. The material financial covenants of the amended Loan and Security Agreement are: 1 maximum leverage”), not 2.25 1.00, 2 not $15.0 3 1.25 1.00, 4 not $10.0 December 31, 2017, not 2.58 1.00. second not one On January 30, 2018, April 30, 2021. April 30, 2018. The amended agreement maintains the previous line of $23.0 On November 22, 2011, $15.5 then existing Loan and Security Agreement. The Term Loan is a ten 4.5% $160,640. $6.9 December 31, 2017. In December 2017, the Company’s Brazilian subsidiary entered into two $3.5 $1.5 180 4.19% $2.0 360 4.75%. |
Note 9 - Income Taxes
Note 9 - Income Taxes | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 9 : Income Tax es 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. On December 22, 2017, This law made numerous changes to federal taxation in the U.S., including a reduction in the federal corporate tax rate to 21% one not 28% 34% 2018, 21% 2019 December 31, 2017, $7,250,000 one The Company is reviewing all aspects of the tax law change and, other than the reduced tax rate on earnings going forward, which will provide a favorable benefit, the Company does not The tax expense for the second 2018 $7,618,000 $1,097,000 694%. $368,000 33.5% for the second 2017 29.9%. first 2018, $7,832,000 $1,737,000 451%. $582,000 33.5% first 2017, 39.1%. second 2018 $34,000 second first $21,000 was partially offset by discrete tax expense due to tax deductions related to stock grants which were lower than the book deductions. The tax rate in the second 2017 $298,000 first U.S. Federal tax returns through fiscal 2013 no 2014 As of December 31, 2017, no may 2012 2017. twelve $1 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 not not No ’s domestic deferred tax assets related to temporary differences in items included in taxable income. The Company continues to believe that due to forecasted future taxable income and certain tax planning strategies available, it is more likely than not |
Note 10 - Contingencies
Note 10 - Contingencies | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 10 : Contingencies The Company is involved in certain legal matters which arise in the normal course of business. These matters are not ’s financial condition, results of operations or cash flows. In the second ’s Brazilian subsidiary received a favorable ruling on an old tax dispute related to the Brazilian Program of Social Integration (PIS) taxes. This ruling resulted in the recognition of other income of approximately $1.0 |
Note 11 - Segment Information
Note 11 - Segment Information | 6 Months Ended |
Dec. 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, 2017. two 2017, no North American Operations International Operations Unallocated Total Three Months ended December 31 , 2017 Sales 1 $ 31,100 $ 21,024 $ - $ 52,124 Operating Income (Loss) $ 1,365 $ 243 $ (1,164 ) $ 444 Three Months ended December 31 , 2016 Sales 2 $ 32,151 $ 21,036 $ - $ 53,187 Operating Income (Loss) $ 2,805 $ 636 $ (1,612 ) $ 1,829 1. Excludes $ 1,581 3,298 2. Excludes $2, 339 $2,968 North American Operations International Operations Unallocated Total Six Months ended December 31, 2017 Sales 1 $ 60,818 $ 43,124 $ - $ 103,942 Operating Income (Loss) $ 2,714 $ 1,000 $ (2,821 ) $ 893 Six Months ended December 31, 2016 Sales 2 $ 60,554 $ 41,546 $ - $ 102,100 Operating Income (Loss) $ 2,957 $ 550 $ (3,528 ) $ (21 ) 1. Excludes $ 3,277 6,688 2. Excludes $ 4,696 $6,049 |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 12: Subsequent to December 31, 2017, no happen within the next 12 $4.1 2016, December 31, 2017, $2.0 may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The unaudited interim financial statements as of and for the six December 31, 2017 not 10 June 30, 2017. not 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, 2017 |
New Accounting Pronouncements, Policy [Policy Text Block] | In May 2014, 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, 2017 December 15, 2016, July 1, 2018. The Company primarily sells goods and recognizes revenues at point of sale or delivery, which will not However, a full assessment of the new standard’s impact on all the Company’s revenue streams ahead of its implementation in the next fiscal year is still in process. In February 2016, No. 2016 02, 842 The ASU requires that organizations that lease assets recognize assets and liabilities on the balance sheet for the rights and obligations created by those leases. The ASU will affect the presentation of lease related expenses on the income statement and statement of cash flows and will increase the required disclosures related to leases. This ASU is effective for fiscal years beginning after December 15, 2018, No. 2016 02 not In October 2016, No. 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. No. 2016 16 not In January 2017, the FASB issued ASU No. 2017 01, 805 2017 01 not not the screen is not 2017 01 December 15, 2017 2017 01, only when the transaction has not No. 2017 01 not In January 2017, the FASB issued ASU No. 2017 04, 350 2, not 1 December 15, 2019 January 1, 2017. |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 12 /31/2017 6/30/201 7 Raw material and supplies $ 26,777 $ 26,293 Goods in process and finished parts 19,512 16,419 Finished goods 41,881 41,591 88,170 84,303 LIFO Reserve (26,381 ) (26,206 ) $ 61,789 $ 58,097 |
Note 5 - Business Acquisition (
Note 5 - Business Acquisition (Tables) | 6 Months Ended |
Dec. 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 2,520 Intangible Assets 1,220 Goodwill 1,634 Fixed assets 47 Deferred tax liability (1,090 ) Accounts payable & current liabilities (80 ) Purchase Price (1) $ 5,294 |
Note 6 - Goodwill and Intangi25
Note 6 - Goodwill and Intangibles Assets (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 12 /31/2017 6/30/201 7 Non-compete agreement $ 600 $ 600 Trademarks and trade names 2,070 2,070 Completed technology 2,358 2,358 Customer relationships 5,580 5,580 Software development 6,816 6,184 Other intangible assets 325 325 Total 17,749 17,117 Accumulated amortization (8,186 ) (7,249 ) Total net balance $ 9,563 $ 9,868 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 201 8 (Remainder of year) $ 1,093 201 9 2,134 20 20 1,611 202 1 1,207 202 2 975 202 3 609 Thereafter 1,934 |
Note 7 - Pension and Post-ret26
Note 7 - Pension and Post-retirement Benefits (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Six Months Ended 12/31/2017 12/31/2016 12/31/2017 12/31/2016 Service cost $ - $ 614 $ - $ 1,405 Interest cost 1,518 1,533 3,029 3,085 Expected return on plan assets (1,291 ) (1,288 ) (2,576 ) (2,594 ) Amortization of net loss 6 68 12 96 $ 233 $ 927 $ 465 $ 1,992 Three Months Ended Six Months Ended 12/31/2017 12/31/2016 12/31/2017 12/31/2016 Service cost $ 22 $ 24 $ 43 $ 47 Interest cost 67 68 134 136 Amortization of prior service credit (135 ) (169 ) (269 ) (337 ) Amortization of net loss 25 30 50 60 $ (21 ) $ (47 ) $ (42 ) $ (94 ) |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | 12 /31/2017 6/30/201 7 Short-term and current maturities Loan and Security Agreement $ 17,051 $ 11,514 Long-term debt Loan and Security Agreement , net of current portion 5,261 6,095 $ 22,312 $ 17,609 |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | North American Operations International Operations Unallocated Total Three Months ended December 31 , 2017 Sales 1 $ 31,100 $ 21,024 $ - $ 52,124 Operating Income (Loss) $ 1,365 $ 243 $ (1,164 ) $ 444 Three Months ended December 31 , 2016 Sales 2 $ 32,151 $ 21,036 $ - $ 53,187 Operating Income (Loss) $ 2,805 $ 636 $ (1,612 ) $ 1,829 North American Operations International Operations Unallocated Total Six Months ended December 31, 2017 Sales 1 $ 60,818 $ 43,124 $ - $ 103,942 Operating Income (Loss) $ 2,714 $ 1,000 $ (2,821 ) $ 893 Six Months ended December 31, 2016 Sales 2 $ 60,554 $ 41,546 $ - $ 102,100 Operating Income (Loss) $ 2,957 $ 550 $ (3,528 ) $ (21 ) |
Note 3 - Stock-based Compensa29
Note 3 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Sep. 05, 2012 | |
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 | 284,600 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years | ||
Allocated Share-based Compensation Expense | $ 0.2 | $ 0.2 | |
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 | 2 years | ||
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 | $ 1.6 | ||
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 | $ 1.4 | ||
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, Grants in Period, Gross | 0 | 0 | |
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 | 20,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | ||
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 | 153,235 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 1.3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 14,400 | ||
Minimum [Member] | Employee Stock Option [Member] | The 2012 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | The 2012 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Maximum [Member] | Employee Stock Option [Member] | The 2012 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | The 2012 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 62,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 7.22 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | Jun. 30, 2017 | |
LIFO Inventory Amount | $ 8.5 | $ 7.7 | ||
Inventory Difference Using FIFO Basis | $ 26.4 | $ 26.2 | ||
Cost of Sales [Member] | ||||
Inventory, LIFO Reserve, Effect on Income, Net | $ 0.2 | $ 0.5 |
Note 4 - Inventories - Componen
Note 4 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Raw material and supplies | $ 26,777 | $ 26,293 |
Goods in process and finished parts | 19,512 | 16,419 |
Finished goods | 41,881 | 41,591 |
88,170 | 84,303 | |
LIFO Reserve | (26,381) | (26,206) |
$ 61,789 | $ 58,097 |
Note 5 - Business Acquisition32
Note 5 - Business Acquisition (Details Textual) - Private Software Company [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2017 | Jun. 30, 2010 | ||
Business Combination, Consideration Transferred | $ 3,600 | $ 1,500 | ||
Business Acquisition, Percentage of Voting Interests Acquired | 64.00% | 36.00% | ||
Payments to Acquire Businesses, Gross | $ 1,800 | |||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1,800 | |||
Business Combination, Consideration Transferred, Subsequent Period | 3 years | |||
Business Combination, Consideration Transferred, Liabilities Incurred, Discounted | $ 1,600 | |||
Business Combination, Operating Profits, Percentage | 30.00% | |||
Business Combination, Operating Profits, Term | 3 years | |||
Business Combination, Consideration Transferred, Discounted Rate | 5.00% | |||
Business Combination, Consideration Transferred, Total Cash Considerations Before Noncontrolling Interest Rate | $ 3,388 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | [1] | $ 5,294 | ||
[1] | $1,833 + 1,555 ($1.8 million discounted at 5%) = $3,388 purchase price divided by 64% = $5.294 million. |
Note 5 - Business Acquisition -
Note 5 - Business Acquisition - Allocation of the Purchase Price to the Acquired Net Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 | |
Goodwill | $ 4,668 | $ 4,668 | |
Private Software Company [Member] | |||
Cash | 509 | ||
Accounts receivable | 273 | ||
Inventories | 243 | ||
Other current assets | 18 | ||
Deferred software development costs | 2,520 | ||
Intangible Assets | 1,220 | ||
Goodwill | 1,634 | ||
Fixed assets | 47 | ||
Deferred tax liability | (1,090) | ||
Accounts payable & current liabilities | (80) | ||
Purchase Price (1) | [1] | $ 5,294 | |
[1] | $1,833 + 1,555 ($1.8 million discounted at 5%) = $3,388 purchase price divided by 64% = $5.294 million. |
Note 6 - Goodwill and Intangi34
Note 6 - Goodwill and Intangibles Assets (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2017 | |
Goodwill | $ 4,668 | $ 4,668 |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 81.10% | |
Goodwill, Impairment Loss | $ 0 | |
Computer Software, Intangible Asset [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Note 6 - Goodwill and Intangi35
Note 6 - Goodwill and Intangible Assets - Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Intangible assets, gross | $ 17,749 | $ 17,117 |
Accumulated amortization | (8,186) | (7,249) |
Total net balance | 9,563 | 9,868 |
Noncompete Agreements [Member] | ||
Intangible assets, gross | 600 | 600 |
Trademarks and Trade Names [Member] | ||
Intangible assets, gross | 2,070 | 2,070 |
Completed Technology [Member] | ||
Intangible assets, gross | 2,358 | 2,358 |
Customer Relationships [Member] | ||
Intangible assets, gross | 5,580 | 5,580 |
Software Developement [Member] | ||
Intangible assets, gross | 6,816 | 6,184 |
Other Intangible Assets [Member] | ||
Intangible assets, gross | $ 325 | $ 325 |
Note 6 - Goodwill and Intangi36
Note 6 - Goodwill and Intangible Assets - Estimated Aggregate Amortization Expense (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2018 (Remainder of year) | $ 1,093 |
2,019 | 2,134 |
2,020 | 1,611 |
2,021 | 1,207 |
2,022 | 975 |
2,023 | 609 |
Thereafter | $ 1,934 |
Note 7 - Pension and Post-ret37
Note 7 - Pension and Post-retirement Benefits (Details Textual) - USD ($) $ in Millions | 6 Months Ended | ||
Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | $ (6.9) | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.31% | 3.77% | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | 4.2 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 2.8 | ||
Pension Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1.4 | ||
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0.5 |
Note 7 - Pension and Post-ret38
Note 7 - Pension and Post-retirement Benefits - Net Periodic Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Plan [Member] | ||||
Service cost | $ 614 | $ 1,405 | ||
Interest cost | 1,518 | 1,533 | 3,029 | 3,085 |
Expected return on plan assets | (1,291) | (1,288) | (2,576) | (2,594) |
Amortization of net loss | 6 | 68 | 12 | 96 |
233 | 927 | 465 | 1,992 | |
Other Postretirement Benefits Plan [Member] | ||||
Service cost | 22 | 24 | 43 | 47 |
Interest cost | 67 | 68 | 134 | 136 |
Amortization of net loss | 25 | 30 | 50 | 60 |
(21) | (47) | (42) | (94) | |
Amortization of prior service credit | $ (135) | $ (169) | $ (269) | $ (337) |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) | Nov. 22, 2011USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016 | Dec. 31, 2017USD ($) | Jan. 30, 2018USD ($) | Jun. 30, 2017USD ($) |
Line of Credit Facility, Maximum Borrowing Capacity | $ 23,000,000 | $ 23,000,000 | ||||
Line of Credit Facility, Interest Rate During Period | 3.10% | 2.40% | ||||
Long-term Line of Credit | $ 11.90 | 11.90 | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | |||||
Current Funded Debt to EBITDA Ratio | 2.58 | |||||
Minimum Consolidated Cash and Liquid Investments Pursuant to New Loan and Security Agreement | $ 10,000,000 | |||||
Long-term Debt | 22,312,000 | 22,312,000 | $ 17,609,000 | |||
Notes Payable to Banks [Member] | Santander Bank and Bradesco Bank [Member] | ||||||
Debt Instrument, Face Amount | 3,500,000 | 3,500,000 | ||||
Notes Payable to Banks [Member] | Santander Bank [Member] | ||||||
Debt Instrument, Face Amount | $ 1,500,000 | $ 1,500,000 | ||||
Debt Instrument, Term | 180 days | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.19% | 4.19% | ||||
Notes Payable to Banks [Member] | Bradesco Bank [Member] | ||||||
Debt Instrument, Face Amount | $ 2,000,000 | $ 2,000,000 | ||||
Debt Instrument, Term | 360 days | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | 4.75% | ||||
Term Loan [Member] | ||||||
Debt Instrument, Face Amount | $ 15,500,000 | |||||
Debt Instrument, Term | 10 years | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||||
Debt Instrument, Periodic Payment | $ 160,640 | |||||
Long-term Debt | $ 6,900,000 | $ 6,900,000 | ||||
Subsequent Event [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 23,000,000 | |||||
Maximum [Member] | ||||||
Current Funded Debt to EBITDA Ratio | 2.25 | |||||
Annual Capital Expenditures | $ 15,000,000 | |||||
Minimum [Member] | ||||||
Debt Service Coverage Rate | 1.25 | |||||
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 | Dec. 31, 2017 | Jun. 30, 2017 |
Short-term and current maturities | ||
Loan and Security Agreement | $ 17,051 | $ 11,514 |
Long-term debt | ||
Loan and Security Agreement, net of current portion | 5,261 | 6,095 |
$ 22,312 | $ 17,609 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | |||||||
Deferred Income Tax Expense (Benefit) | $ 7,250,000 | $ 413,000 | ||||||
Income Tax Expense (Benefit) | $ 7,618,000 | $ 454,000 | 7,832,000 | 1,171,000 | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 1,097,000 | $ 1,517,000 | $ 1,737,000 | $ 2,993,000 | ||||
Effective Income Tax Rate Reconciliation, Percent | 694.00% | 29.90% | 451.00% | 39.10% | ||||
Income Tax Expense (Benefit), Before Tax Cuts and Jobs Act | $ 368,000 | $ 582,000 | ||||||
Effective Income Tax Rate Reconciliation, Before Tax Cuts and Jobs Act, Percent | 33.50% | 33.50% | ||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount, Return to Provision Adjustment | $ 34,000 | |||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 21,000 | $ 298,000 | ||||||
Deferred Tax Assets, Valuation Allowance | 0 | $ 0 | ||||||
Foreign Tax Authority [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member] | ||||||||
Unrecognized Tax Benefits | $ 1,000,000 | $ 1,000,000 | ||||||
Scenario, Forecast [Member] | ||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 28.00% |
Note 10 - Contingencies (Detail
Note 10 - Contingencies (Details Textual) $ in Millions | Dec. 31, 2017USD ($) |
Brazilian Program of Social Integration (PIS) Tax Dispute [Member] | Other Nonoperating Income (Expense) [Member] | |
Former Gain Contingency, Recognized in Current Period | $ 1 |
Note 11 - Segment Information43
Note 11 - Segment Information (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |||||
Number of Reportable Segments | 2 | |||||||
Revenue, Net | $ 52,124 | [1] | $ 53,187 | [2] | $ 103,942 | [3] | $ 102,100 | [4] |
North American Segment [Member] | ||||||||
Revenue, Net | 31,100 | [1] | 32,151 | [2] | 60,818 | [3] | 60,554 | [4] |
Intersegment Eliminations [Member] | North American Segment [Member] | ||||||||
Revenue, Net | 1,581 | 2,339 | 3,277 | 4,696 | ||||
Intersegment Eliminations [Member] | International Segment [Member] | ||||||||
Revenue, Net | $ 3,298 | $ 2,968 | $ 6,688 | $ 6,049 | ||||
[1] | Excludes $3,277 of North American segment intercompany sales to the International segment, and $ 6,688 of International segment intercompany sales to the North American segment. | |||||||
[2] | Excludes $4,696 of North American segment intercompany sales to the International segment, and $6,049 of International segment intercompany sales to the North American segment. | |||||||
[3] | Excludes $3,277 of North American segment intercompany sales to the International segment, and $ 6,688 of International segment intercompany sales to the North American segment. | |||||||
[4] | Excludes $4,696 of North American segment intercompany sales to the International segment, and $6,049 of International segment intercompany sales to the North American segment. |
Note 11 - Segment Information -
Note 11 - Segment Information - Summary of Financial Results for Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Sales | $ 52,124 | [1] | $ 53,187 | [2] | $ 103,942 | [3] | $ 102,100 | [4] |
Operating Income (Loss) | 444 | 1,829 | 893 | (21) | ||||
North American Segment [Member] | ||||||||
Sales | 31,100 | [1] | 32,151 | [2] | 60,818 | [3] | 60,554 | [4] |
Operating Income (Loss) | 1,365 | 2,805 | 2,714 | 2,957 | ||||
International [Member] | ||||||||
Sales | 21,024 | [1] | 21,036 | [2] | 43,124 | [3] | 41,546 | [4] |
Operating Income (Loss) | 243 | 636 | 1,000 | 550 | ||||
Unallocated [Member] | ||||||||
Sales | [1] | [2] | [3] | [4] | ||||
Operating Income (Loss) | $ (1,164) | $ (1,612) | $ (2,821) | $ (3,528) | ||||
[1] | Excludes $3,277 of North American segment intercompany sales to the International segment, and $ 6,688 of International segment intercompany sales to the North American segment. | |||||||
[2] | Excludes $4,696 of North American segment intercompany sales to the International segment, and $6,049 of International segment intercompany sales to the North American segment. | |||||||
[3] | Excludes $3,277 of North American segment intercompany sales to the International segment, and $ 6,688 of International segment intercompany sales to the North American segment. | |||||||
[4] | Excludes $4,696 of North American segment intercompany sales to the International segment, and $6,049 of International segment intercompany sales to the North American segment. |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2017 | Jun. 30, 2017 | |
Property, Plant and Equipment, Net | $ 39,265 | $ 39,345 | |
Vacated Facility at Mt. Airy, North Carolina [Member] | |||
Impairment of Long-Lived Assets to be Disposed of | $ 4,100 | ||
Property, Plant and Equipment, Net | $ 2,000 |