Note 21 - Subsequent Event

12 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Subsequent Events [Text Block]

22. SUBSEQUENT EVENT

Subsequent to our fiscal 2016 year-end, the Company sold its U.S. Roll Plate and Machinery business as it was not strategic and did not meet our growth and return expectations. This divestiture also allows the Company’s management to focus on higher growth and better return businesses within the Engraving segment.

The Company entered into an agreement for this sale in June 2016 that closed in fiscal July 2017. During the fourth quarter, the Company recorded a $7.3 million non-cash loss to adjust the net assets of the business to their net realizable value of $2.4 million, which is recorded as an asset held for sale on the Consolidated Balance Sheets. The expense is recorded as a component of Other Operating Income (Expense), net. The sale of the business does not constitute a significant strategic shift that will have a major effect on the entity’s operations and financial results.