Note 21 - Property Insurance Claim

12 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Property Insurance Claim [Text Block]

21.

PROPERTY INSURANCE CLAIM

On

June 26, 2019,

the New Albany, Mississippi warehouse serving the Refrigerated Solutions Group’s Master-Bilt  brand experienced a fire that substantially destroyed all contents therein.  The warehouse, which was leased, comprises approximately

155,000

square feet.  While the adjacent manufacturing facilities did

not

suffer any damage, there was approximately

$7

million of damage to the Company’s finished goods and approximately

$1

million related to ancillary handling equipment.  The Company has insurance coverage associated with the lost inventory and equipment and has recorded an insurance recovery asset, net of an insurance deductible of

$0.5

million, as a component of Prepaid Expenses and Other Current Assets on the Consolidated Balance Sheet.  In addition, the Company expects to work with its insurer to recover lost profits associated with business interruption it anticipates experiencing in fiscal year

2020.