L.S. Starrett Co. - Ordinary Shares (SCX) 10-Q 31 Oct 18 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Sep. 30, 2018	Oct. 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 Emerging Growth Company	false
Entity Small Business	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		6,328,496
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		710,448

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018
ASSETS
Cash	$ 14,016	$ 14,827
Accounts receivable (less allowance for doubtful accounts of $1,067 and $1,277, respectively)	31,017	33,089
Inventories	58,029	58,039
Prepaid expenses and other current assets	7,812	7,273
Total current assets	110,874	113,228
Property, plant and equipment, net	35,345	36,514
Taxes receivable	1,828	1,820
Deferred tax assets, net	16,589	16,739
Intangible assets, net	9,123	9,317
Goodwill	4,668	4,668
Total assets	178,427	182,286
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current maturities of debt	3,481	3,655
Accounts payable	10,392	9,836
Accrued expenses	6,249	7,533
Accrued compensation	4,605	5,163
Total current liabilities	24,727	26,187
Other tax obligations	2,765	2,751
Long-term debt, net of current portion	16,873	17,307
Postretirement benefit and pension obligations	45,381	46,499
Other non-current liabilities	1,691	1,671
Total liabilities	91,437	94,415
Stockholders' equity:
Additional paid-in capital	55,730	55,641
Retained earnings	74,992	74,368
Accumulated other comprehensive loss	(50,771)	(49,160)
Total stockholders' equity	86,990	87,871
Total liabilities and stockholders’ equity	178,427	182,286
Common Class A [Member]
Stockholders' equity:
Common stock	6,329	6,302
Common Class B [Member]
Stockholders' equity:
Common stock	$ 710	$ 720

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018
Allowance for doubtful accounts	$ 1,067	$ 1,277
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)	6,328,496	6,302,356
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)	710,448	720,447

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Net sales	$ 51,901	$ 51,818
Cost of goods sold	35,369	35,279
Gross margin	$ 16,532	$ 16,539
% of Net sales	31.90%	31.90%
Selling, general and administrative expenses	$ 15,764	$ 16,090
Operating income (loss)	768	449
Other income (expense)	174	191
Income (loss) before income taxes	942	640
Income tax expense (benefit)	358	214
Net income (loss)	$ 584	$ 426
Basic income (loss) per share (in dollars per share)	$ 0.08	$ 0.06
Diluted income (loss) per share (in dollars per share)	$ 0.08	$ 0.06
Weighted average outstanding shares used in per share calculations:
Basic (in shares)	7,025	7,011
Diluted (in shares)	7,083	7,056
Dividends per share (in dollars per share)		$ 0.10

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Net income (loss)	$ 584	$ 426
Other comprehensive income (loss):
Currency translation gain (loss)	(1,571)	2,261
Pension and postretirement plans, net of tax of $0 and $0, respectively		(27)
Other comprehensive income (loss)	(1,571)	2,234
Total comprehensive income (loss)	$ (987)	$ 2,660

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals)	3 Months Ended
	Sep. 30, 2017USD ($)
Pension and postretirement plans, tax

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:
						$ (49,160)
Balance at Jun. 30, 2018	$ 6,302	$ 720	$ 55,641	$ 74,368	$ (49,160)	87,871
Total comprehensive income (loss)				584	(1,571)	(987)
Transfer of historical translation adjustment				40	(40)
Repurchase of shares		(2)	(11)			(13)
Issuance of stock		2	10			12
Stock-based compensation	17		90			107
Conversion	10	(10)
Balance at Sep. 30, 2018	6,329	710	55,730	74,992	(50,771)	86,990
Accumulated balance consists of:
Translation loss					(50,537)
Pension and postretirement plans, net of taxes					(234)
					$ (50,771)	$ (50,771)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income	$ 584	$ 426
Non-cash operating activities:
Depreciation	1,260	1,399
Amortization	577	491
Stock-based compensation	107	116
Net long-term tax obligations	44	49
Deferred taxes	75	(89)
Postretirement benefit and pension obligations	161	147
Working capital changes:
Accounts receivable	1,604	2,459
Inventories	(1,078)	(2,610)
Other current assets	(696)	(1,414)
Other current liabilities	(770)	548
Prepaid pension expense	(1,197)	(663)
Other	234	(3)
Net cash provided by operating activities	905	856
Cash flows from investing activities:
Purchases of property, plant and equipment	(721)	(1,528)
Software development	(362)	(481)
Net cash provided by (used in) investing activities	(1,083)	(2,009)
Cash flows from financing activities:
Debt repayments	(608)	(396)
Proceeds from common stock issued	12	86
Shares repurchased	(13)	(519)
Dividends paid		(699)
Net cash used in financing activities	(609)	(1,528)
Effect of exchange rate changes on cash	(24)	192
Net increase (decrease) in cash	(811)	(2,489)
Cash, beginning of period	14,827	14,607
Cash, end of period	14,016	12,118
Supplemental cash flow information:
Interest paid	185	170
Income taxes paid, net	$ 775	$ (77)

Note 1 - Description of Busines

Note 1 - Description of Business	3 Months Ended
	Sep. 30, 2018
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 September 30, 2018 not 10 June 30, 2018. 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, 2018

Note 2 - Segment Information

Note 2 - Segment Information	3 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 2: 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, 2018. two no North American Operations International Operations Unallocated Total Three Months ended September 30, 2018 Sales 1 $ 30,200 $ 21,701 $ - $ 51,901 Operating Income (Loss) $ 230 $ 2,094 $ (1,556 ) $ 768 Three Months ended September 30, 2017 Sales 2 $ 29,718 $ 22,100 $ - $ 51,818 Operating Income (Loss) $ 1,349 $ 757 $ (1,657 ) $ 449 1. Excludes $1,134 $3,320 2. Excludes $1,696 $3,390

Note 3- Revenue from Contracts

Note 3- Revenue from Contracts with Customers	3 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Note 3: Revenue from Contract s with Customers On July 1, 2018, 606, 606” 606 July 1, 2018 July 1, 2018 no 606 July 1, 2018 The core principle of ASC Topic 606 five 1 2 3 4 5 The Company accounts for a contract or purchase order when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the product passes to the customer, which is upon shipment, unless otherwise specified within the customer contract or on the purchase order as delivery, and is recognized at the amount that reflects the consideration the Company expects to receive for the products sold, including various forms of discounts. When revenue is recorded, estimates of returns are made and recorded as a reduction of revenue. Contracts with customers are evaluated to determine if there are separate performance obligations related to timing of product shipment that will be satisfied in different accounting periods. When that is the case, revenue is deferred until each performance obligation is met. No September 30, 2018. one 606 10 50 14 not one not Certain taxes assessed by governmental authorities on revenue producing transactions, such as value added taxes, are excluded from revenue and recorded on a net basis. Performance Obligations The Company’s primary source of revenue is derived from the manufacture and distribution of metrology tools and equipment and saw blades and related products sold to distributors. The Company recognizes revenue for sales to our customers when transfer of control of the related good or service has occurred. All of the Company’s revenue was recognized under the point in time approach for the three September 30, 2018. not may The Company’s typical payment terms vary based on the customer, geographic region, and the type of goods and services in the contract or purchase order. The period of time between invoicing and when payment is due is typically not one 606 10 32 18 not The Company’s customers take delivery of goods, and they are recognized as revenue at the time of transfer of control to the customer, which is usually at the time of shipment, unless otherwise specified in the customer contract or purchase order. This determination is based on applicable shipping terms, as well as the consideration of other indicators, including timing of when the Company has a present right to payment, when physical possession of products is transferred to customers, when the customer has the significant risks and rewards of ownership of the asset, and any provisions in contracts regarding customer acceptance. While unit prices are generally fixed, the Company provides variable consideration for certain of our customers, typically in the form of promotional incentives at the time of sale. The Company utilizes the most likely amount consistently to estimate the effect of uncertainty on the amount of variable consideration to which the Company would be entitled. The most likely amount method considers the single most likely amount from a range of possible consideration amounts. The most likely amounts are based upon the contractual terms of the incentives and historical experience with each customer. The Company records estimates for cash discounts, promotional rebates, and other promotional allowances in the period the related revenue is recognized (“Customer Credits”). The provision for Customer Credits is recorded as a reduction from gross sales and reserves for Customer Credits are presented within accrued sales incentives on the Unaudited Consolidated Balance Sheet. Actual Customer Credits have not not 606 10 25 18B With the adoption of ASC Topic 606, 606, 2019. September 30, 2018, $0.1 $0.3 The Company, in general, warrants its products against certain defects in material and workmanship when used as designed, for a period of up to 1 not Contract Balances Contract assets primarily relate to the Company’s rights to consideration for work completed but not not not no $0.1 September 30, 2018. Disaggregation of Revenue The Company operates in two 606 three September 30, 2018 2017: Three Months Ended 09/30/18 09/30/17 North America United States $ 27,947 $ 27,459 Canada & Mexico 2,253 2,259 30,200 29,718 International Brazil 12,367 12,796 United Kingdom 6,017 6,182 China 1,708 1,745 Australia & New Zealand 1,609 1,377 21,701 22,100 Total Sales $ 51,901 $ 51,818

Note 4 - Recent Accounting Pron

Note 4 - Recent Accounting Pronouncements	3 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Note 4 : Recent A ccounting Pronouncements In February 2016, No. 2016 02, 842 December 15, 2018, No. 2016 02 In January 2017, No. 2017 04, 350 2, not 1 December 15, 2019 January 1, 2017. In February 2018, No. 2018 02, 220 2018 02, 2017 December 15, 2018 not 2017 In August 2018, No. 2018 13, 820' 820, 3 3 December 15, 2019. 2018 13 In August 2018, No. 2018 14, 715 20 2018 14 not December 15, 2020. 2018 14 2018 14

Note 5 - Stock-based Compensati

Note 5 - Stock-based Compensation	3 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 5 : 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 September 30, 2018, 20,000 199,502 230,033 2012 September 30, 2018. 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 three September 30, 2018 2017. The weighted average contractual term for stock options outstanding as of September 30, 2018 4.25 September 30, 2018 $0.1 September 30, 2018 20,000. 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 67,000 $6.34 three September 30, 2018. 8,300 no three September 30, 2018. September 30, 2018 $1.2 September 30, 2018, On February 5, 2013, 2013 “2013 4975 7 1986, Compensation expense related to all stock based plans for the three September 30, 2018 2017 $0.1 $0.1 September 30, 2018, $1.9 $1.4 not $0.5 2.3

Note 6 - Inventories

Note 6 - Inventories	3 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 6 : Inventories Inventories consist of the following (in thousands): 9/30/2018 6/30/2018 Raw material and supplies $ 24,304 $ 23,764 Goods in process and finished parts 18,032 18,423 Finished goods 40,261 40,739 82,597 82,926 LIFO Reserve (24,568 ) (24,887 ) $ 58,029 $ 58,039 LIFO inventories were $7.7 $8.4 September 30, 2018 June 30, 2018, $24.6 $24.9 $0.3 three September 30, 2018 $0.1 three September 30, 2017.

Note 7 - Goodwill and Intangibl

Note 7 - Goodwill and Intangibles	3 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	Note 7 : Goodwill and Intangible Assets The Company’s acquisition of Bytewise in 2011 2017 $4.7 not not The Company performed a quantitative analysis of its Bytewise reporting unit for its October 1, 2017 third Under the quantitative analysis, the 2017 81%. no may The Company performed a qualitative analysis for its February 1, 2018 not not not February 1, 2018. may Amortizable intangible assets consist of the following (in thousands): 9/30/2018 6/30/2018 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 7,962 7,600 Other intangible assets 325 325 Total 18,895 18,533 Accumulated amortization (9,772 ) (9,216 ) Total net balance $ 9,123 $ 9,317 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 2019 five 2019 (Remainder of year) $ 1,766 2020 1,840 2021 1,437 2022 1,204 2023 902 2024 467 Thereafter 1,507

Note 8 - Pension and Post-retir

Note 8 - Pension and Post-retirement Benefits	3 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	Note 8 : Pension and Post-retirement Benefits The Company has two one The U.K. defined benefit plan was closed to new entrants in fiscal 2009. On December 21, 2016, December 31, 2016. no December 31, 2016. Net periodic benefit costs for all of the Company's defined benefit pension plans consist of the following (in thousands): Three Months Ended 9/30/2018 9/30/2017 Service cost $ - $ - Interest cost 1,506 1,511 Expected return on plan assets (1,284 ) (1,285 ) Amortization of net loss 7 6 $ 229 $ 232 Net periodic benefit costs for the Company's Postretirement Medical Plan consists of the following (in thousands): Three Months Ended 9/30/2018 9/30/2017 Service cost $ 18 $ 21 Interest cost 66 67 Amortization of prior service credit (134 ) (134 ) Amortization of net loss 7 25 $ (43 ) $ (21 ) For the three September 30, 2018, $0.9 $0.2 $4.4 2019. 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 9 - Debt

Note 9 - Debt	3 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 9 : Debt Debt is comprised of the following (in thousands): 9/30/2018 6/30/2018 Short-term and current maturities Loan and Security Agreement $ 1,707 $ 1,688 Other loans 1,774 1,967 Long-term debt Loan and Security Agreement, net of current portion 16,873 17,307 $ 20,354 $ 20,962 The Company amended its Loan and Security Agreement, which includes a Line of Credit and a Term Loan (“Credit Facility”), in January 2018. may not $23.0 1.5%, April 30, 2021. three September 30, 2018 2017 3.8% 3.1%, September 30, 2018, $12.9 Availability under the Line of Credit is subject to a borrowing base comprised of accounts receivable 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 under 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 financial covenants of the amended Loan and Security Agreement are: 1 not 2.25 1.00, 2 not $15.0 3 1.25 1.00, 4 not $10.0 September 30, 2018, On November 22, 2011, $15.5 ten 4.5% $160,640. $5.7 September 30, 2018. In December 2017, two $3.5 $1.5 180 4.19% $2.0 360 4.75%. September 30, 2018, $1.8

Note 10 - Income Taxes

Note 10 - Income Taxes	3 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 10 : 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, 35% 21%, one 740 No. 118 118” no one As of September 30, 2018, not one three September 30, 2018, not The Company has incorporated the other impacts of tax reform that became effective for the Company in fiscal 2019 2019, 10.5% may 2019 6%. The tax expense for the first 2019 $0.4 $0.9 38.0% first 2018 $0.2 $0.6 33.4% first 2019 2019, first 2018 $0.1 U.S. Federal tax returns for years prior to fiscal 2015 no September 30, 2018, no may 2013 2017. twelve $0.2 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 not

Note 11 - Contingencies

Note 11 - Contingencies	3 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 11 : Contingencies The Company is involved in certain legal matters, which arise, in the normal course of business. These matters are not

Note 12 - Facility Closure

Note 12 - Facility Closure	3 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	Note 1 2 : Facility Closure The Company decided in January 2018 no $4.1 2016, September 30, 2018, $2.2

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	The unaudited interim financial statements as of and for the three September 30, 2018 not 10 June 30, 2018. 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, 2018
New Accounting Pronouncements, Policy [Policy Text Block]	Recent A ccounting Pronouncements In February 2016, No. 2016 02, 842 December 15, 2018, No. 2016 02 In January 2017, No. 2017 04, 350 2, not 1 December 15, 2019 January 1, 2017. In February 2018, No. 2018 02, 220 2018 02, 2017 December 15, 2018 not 2017 In August 2018, No. 2018 13, 820' 820, 3 3 December 15, 2019. 2018 13 In August 2018, No. 2018 14, 715 20 2018 14 not December 15, 2020. 2018 14 2018 14

Note 2 - Segment Information (T

Note 2 - Segment Information (Tables)	3 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	North American Operations International Operations Unallocated Total Three Months ended September 30, 2018 Sales 1 $ 30,200 $ 21,701 $ - $ 51,901 Operating Income (Loss) $ 230 $ 2,094 $ (1,556 ) $ 768 Three Months ended September 30, 2017 Sales 2 $ 29,718 $ 22,100 $ - $ 51,818 Operating Income (Loss) $ 1,349 $ 757 $ (1,657 ) $ 449

Note 3- Revenue from Contract_2

Note 3- Revenue from Contracts with Customers (Tables)	3 Months Ended
	Sep. 30, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended 09/30/18 09/30/17 North America United States $ 27,947 $ 27,459 Canada & Mexico 2,253 2,259 30,200 29,718 International Brazil 12,367 12,796 United Kingdom 6,017 6,182 China 1,708 1,745 Australia & New Zealand 1,609 1,377 21,701 22,100 Total Sales $ 51,901 $ 51,818

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	3 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	9/30/2018 6/30/2018 Raw material and supplies $ 24,304 $ 23,764 Goods in process and finished parts 18,032 18,423 Finished goods 40,261 40,739 82,597 82,926 LIFO Reserve (24,568 ) (24,887 ) $ 58,029 $ 58,039

Note 7 - Goodwill and Intangi_2

Note 7 - Goodwill and Intangibles (Tables)	3 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	9/30/2018 6/30/2018 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 7,962 7,600 Other intangible assets 325 325 Total 18,895 18,533 Accumulated amortization (9,772 ) (9,216 ) Total net balance $ 9,123 $ 9,317
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	2019 (Remainder of year) $ 1,766 2020 1,840 2021 1,437 2022 1,204 2023 902 2024 467 Thereafter 1,507

Note 8 - Pension and Post-ret_2

Note 8 - Pension and Post-retirement Benefits (Tables)	3 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	Three Months Ended 9/30/2018 9/30/2017 Service cost $ - $ - Interest cost 1,506 1,511 Expected return on plan assets (1,284 ) (1,285 ) Amortization of net loss 7 6 $ 229 $ 232 Three Months Ended 9/30/2018 9/30/2017 Service cost $ 18 $ 21 Interest cost 66 67 Amortization of prior service credit (134 ) (134 ) Amortization of net loss 7 25 $ (43 ) $ (21 )

Note 9 - Debt (Tables)

Note 9 - Debt (Tables)	3 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Debt [Table Text Block]	9/30/2018 6/30/2018 Short-term and current maturities Loan and Security Agreement $ 1,707 $ 1,688 Other loans 1,774 1,967 Long-term debt Loan and Security Agreement, net of current portion 16,873 17,307 $ 20,354 $ 20,962

Note 2 - Segment Information (D

Note 2 - Segment Information (Details Textual) $ in Thousands	Sep. 30, 2018	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)
Number of Reportable Segments	2	2
Intersegment Eliminations [Member] | North American Segment [Member]
Revenue from Contract with Customer, Including Assessed Tax		$ 1,134	$ 1,696
Intersegment Eliminations [Member] | International Segment [Member]
Revenue from Contract with Customer, Including Assessed Tax		$ 3,320	$ 3,390

Note 2 - Segment Information -

Note 2 - Segment Information - Summary of Financial Results for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018		Sep. 30, 2017
Sales	$ 51,901	[1]	$ 51,818	[2]
Operating Income (Loss)	768		449
North American Segment [Member]
Sales	30,200	[1]	29,718	[2]
Operating Income (Loss)	230		1,349
International [Member]
Sales	21,701	[1]	22,100	[2]
Operating Income (Loss)	2,094		757
Unallocated [Member]
Sales		[1]		[2]
Operating Income (Loss)	$ (1,556)		$ (1,657)
[1]	Excludes $1,134 of North American segment intercompany sales to the International segment, and $3,320 of International segment intercompany sales to the North American segment.
[2]	Excludes $1,696 of North American segment intercompany sales to the International segment, and $3,390 of International segment intercompany sales to the North American segment.

Note 3- Revenue from Contract_3

Note 3- Revenue from Contracts with Customers (Details Textual) $ in Thousands	Sep. 30, 2018USD ($)	Sep. 30, 2018USD ($)
Contract with Customer, Asset, Net, Total	$ 0	$ 0
Contract with Customer, Liability, Total	$ 100	$ 100
Number of Reportable Segments	2	2
Prepaid Expenses and Other Current Assets [Member]
Contract with Customer, Right to Recover Product, Total	$ 100	$ 100
Accrued Expenses [Member]
Contract with Customer, Refund Liability, Total	$ 300	$ 300

Note 3 - Revenue from Contracts

Note 3 - Revenue from Contracts with Customers - Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Net sales	$ 51,901	$ 51,818
North American Segment [Member]
Net sales	30,200	29,718
International Segment [Member]
Net sales	21,701	22,100
UNITED STATES | North American Segment [Member]
Net sales	27,947	27,459
Canada and Mexico [Member] | North American Segment [Member]
Net sales	2,253	2,259
BRAZIL | International Segment [Member]
Net sales	12,367	12,796
UNITED KINGDOM | International Segment [Member]
Net sales	6,017	6,182
CHINA | International Segment [Member]
Net sales	1,708	1,745
Australia and New Zealand [Member] | International Segment [Member]
Net sales	$ 1,609	$ 1,377

Note 5 - Stock-based Compensa_2

Note 5 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Thousands, $ in Millions	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	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	230,033
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	$ 0.5
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 109 days
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, Total	$ 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, Ending Balance	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, Weighted Average Remaining Contractual Term	4 years 91 days
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, Ending Balance	199,502
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 1.2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	67,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 6,340
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	8,300
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	0
Allocated Share-based Compensation Expense, Total	$ 0.1	$ 0.1
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	$ 1.9
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

Note 6 - Inventories (Details T

Note 6 - Inventories (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018
LIFO Inventory Amount	$ 7.7		$ 8.4
Inventory Difference Using FIFO Basis	24.6		$ 24.9
Cost of Sales [Member]
Inventory, LIFO Reserve, Effect on Income, Net, Total	$ (0.3)	$ (0.1)

Note 6 - Inventories - Componen

Note 6 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018
Raw material and supplies	$ 24,304	$ 23,764
Goods in process and finished parts	18,032	18,423
Finished goods	40,261	40,739
	82,597	82,926
LIFO Reserve	(24,568)	(24,887)
	$ 58,029	$ 58,039

Note 7 - Goodwill and Intangi_3

Note 7 - Goodwill and Intangibles (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Jun. 30, 2018
Goodwill, Ending Balance	$ 4,668	$ 4,668
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
Bytewise [Member]
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount	81.00%

Note 7 - Goodwill and Intangi_4

Note 7 - Goodwill and Intangibles - Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018
Intangible assets, gross	$ 18,895	$ 18,533
Accumulated amortization	(9,772)	(9,216)
Total net balance	9,123	9,317
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	7,962	7,600
Other Intangible Assets [Member]
Intangible assets, gross	$ 325	$ 325

Note 7 - Goodwill and Intangi_5

Note 7 - Goodwill and Intangibles - Estimated Aggregate Amortization Expense (Details) $ in Thousands	Sep. 30, 2018USD ($)
2019 (Remainder of year)	$ 1,766
2,020	1,840
2,021	1,437
2,022	1,204
2,023	902
2,024	467
Thereafter	$ 1,507

Note 8 - Pension and Post-ret_3

Note 8 - Pension and Post-retirement Benefits (Details Textual) $ in Millions	3 Months Ended
	Sep. 30, 2018USD ($)
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 4.4
Pension Plan [Member] | UNITED STATES
Defined Benefit Plan, Plan Assets, Contributions by Employer	0.9
Pension Plan [Member] | Foreign Plan [Member]
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 0.2

Note 8 - Pension and Post-ret_4

Note 8 - Pension and Post-retirement Benefits - Net Periodic Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Pension Plan [Member]
Service cost
Interest cost	1,506	1,511
Expected return on plan assets	(1,284)	(1,285)
Amortization of net loss	7	6
	229	232
Other Postretirement Benefits Plan [Member]
Service cost	18	21
Interest cost	66	67
Amortization of net loss	7	25
	(43)	(21)
Amortization of prior service credit	$ (134)	$ (134)

Note 9 - Debt (Details Textual)

Note 9 - Debt (Details Textual)	Jan. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Nov. 22, 2011USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017	Jun. 30, 2018USD ($)
Line of Credit Facility, Maximum Borrowing Capacity	$ 23,000,000
Line of Credit Facility, Interest Rate During Period				3.80%	3.10%
Long-term Line of Credit, Total				$ 12,900,000
Line of Credit Facility, Commitment Fee Percentage				0.25%
Minimum Consolidated Cash and Liquid Investments Pursuant to New Loan and Security Agreement	$ 10,000,000
Long-term Debt, Total				$ 20,354,000		$ 20,962,000
Notes Payable to Banks [Member] | Santander Bank and Bradesco Bank [Member]
Debt Instrument, Face Amount		$ 3,500,000
Notes Payable to Banks [Member] | Santander Bank [Member]
Debt Instrument, Face Amount		$ 1,500,000
Debt Instrument, Term		180 days
Debt Instrument, Interest Rate, Stated Percentage		4.19%
Notes Payable to Banks [Member] | Bradesco Bank [Member]
Debt Instrument, Face Amount		$ 2,000,000
Debt Instrument, Term		360 years
Debt Instrument, Interest Rate, Stated Percentage		4.75%
Short-term Debt, Total				1,800,000
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, Total			$ 160,640
Long-term Debt, Total				$ 5,700,000
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 9 - Debt - Debt Schedule (

Note 9 - Debt - Debt Schedule (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018
Short-term and current maturities
Loan and Security Agreement	$ 1,707	$ 1,688
Other loans	1,774	1,967
Long-term debt
Loan and Security Agreement, net of current portion	16,873	17,307
	$ 20,354	$ 20,962

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2019
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ 0
Income Tax Expense (Benefit), Total	358	$ 214
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	$ 942	$ 640
Effective Income Tax Rate Reconciliation, Percent, Total	38.00%	33.40%
Decrease in Tax Expense related to Benefit of Loss Carryforward		$ 100
Deferred Tax Assets, Valuation Allowance, Total	$ 0
Foreign Tax Authority [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member]
Unrecognized Tax Benefits, Ending Balance	$ 200
Scenario, Forecast [Member]
Additional Tax Rate On Foreign Income			1050.00%
Effective Income Tax Rate, Reconcilation Effected by GILTI, Estimate Increase			600.00%

Note 12 - Facility Closure (Det

Note 12 - Facility Closure (Details Textual) - USD ($)	12 Months Ended
	Jun. 30, 2016	Sep. 30, 2018	Jun. 30, 2018
Property, Plant and Equipment, Net, Ending Balance		$ 35,345,000	$ 36,514,000
Vacated Facility at Mt. Airy, North Carolina [Member]
Impairment of Long-Lived Assets to be Disposed of	$ 4,100,000
Property, Plant and Equipment, Net, Ending Balance		$ 2.20