Note 17 - Restructuring

9 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

17)      Restructuring

The Company has undertaken a number of initiatives that have resulted in severance, restructuring, and related charges.

2024 Restructuring Initiatives

The Company continues to focus its efforts to reduce cost and improve productivity across its businesses. Restructuring expenses primarily related to facility rationalizations, headcount reductions and other cost saving initiatives. The Company expects the 2024 restructuring activities to be completed by fiscal year 2025. 

Prior Year Restructuring Initiatives 

Restructuring expenses primarily related to headcount reductions and facility rationalization within our Engraving and Electronics segments. The Company also incurred restructuring expenses related to third party assistance with analysis and implementation of these activities. The Company expects the prior year restructuring activities to be completed by fiscal year 2024.

A summary of charges by initiative is as follows (in thousands):

	Three Months Ended						Nine Months Ended
	March 31, 2024						March 31, 2024
Fiscal Year 2024	Involuntary Employee Severance and Benefit Costs		Other		Total		Involuntary Employee Severance and Benefit Costs		Other		Total
Current year initiatives	$	1,885	$	2,060	$	3,945	$	3,671	$	3,312	$	6,983
Prior year initiatives		7		85		92		189		131		320
	$	1,892	$	2,145	$	4,037	$	3,860	$	3,443	$	7,303

	Three Months Ended						Nine Months Ended
	March 31, 2023						March 31, 2023
Fiscal Year 2023	Involuntary Employee Severance and Benefit Costs		Other		Total		Involuntary Employee Severance and Benefit Costs		Other		Total
Current year initiatives	$	1,460	$	68	$	1,528	$	1,671	$	185	$	1,856
Prior year initiatives		87		622		709		412		1,062		1,474
	$	1,547	$	690	$	2,237	$	2,083	$	1,247	$	3,330

Activity in the reserve related to the initiatives is as follows (in thousands):

Current Year Initiatives	Involuntary Employee Severance and Benefit Costs			Other			Total
Restructuring liabilities at June 30, 2023	$	-		$	-		$	-
Additions and adjustments		3,671			3,312			6,983
Payments		(1,884	)		(3,136	)		(5,020	)
Restructuring liabilities at March 31, 2024	$	1,787		$	176		$	1,963

Prior Year Initiatives	Involuntary Employee Severance and Benefit Costs			Other			Total
Restructuring liabilities at June 30, 2023	$	1,104		$	192		$	1,296
Additions and adjustments		189			131			320
Payments		(1,065	)		(323	)		(1,388	)
Restructuring liabilities at March 31, 2024	$	228		$	-		$	228

Prior Year	Involuntary Employee Severance and Benefit Costs			Other			Total
Restructuring liabilities at June 30, 2022	$	1,045		$	695		$	1,740
Additions and adjustments		2,083			1,247			3,330
Payments		(1,549	)		(1,652	)		(3,201	)
Restructuring liabilities at March 31, 2023	$	1,579		$	290		$	1,869

The Company’s total restructuring expenses by segment are as follows (in thousands):

	Three Months Ended						Nine Months Ended
	March 31, 2024						March 31, 2024
	Involuntary Employee Severance and Benefit Costs		Other		Total		Involuntary Employee Severance and Benefit Costs		Other		Total
Electronics	$	84	$	5	$	89	$	675	$	444	$	1,119
Engraving		1,048		2,140		3,188		1,884		2,999		4,883
Engineering Technologies		-		-		-		55		-		55
Corporate		760		-		760		1,246		-		1,246
	$	1,892	$	2,145	$	4,037	$	3,860	$	3,443	$	7,303

	Three Months Ended						Nine Months Ended
	March 31, 2023						March 31, 2023
	Involuntary Employee Severance and Benefit Costs		Other		Total		Involuntary Employee Severance and Benefit Costs		Other		Total
Electronics	$	58	$	545	$	603	$	214	$	885	$	1,099
Engraving		157		145		302		537		362		899
Corporate		1,332		-		1,332		1,332		-		1,332
	$	1,547	$	690	$	2,237	$	2,083	$	1,247	$	3,330

Restructuring expense is expected to be approximately $0.4 million for the remainder of fiscal year 2024.