Note 14 - Restructuring Costs

9 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

NOTE 14 – RESTRUCTURING COSTS

In the first quarter of fiscal 2020, the Company sold its New Windsor, New York facility. The net proceeds from the sale were $12.3 million resulting in a gain of $4.8 million. The Company also incurred additional restructuring costs totaling $0.2 million in the first quarter of fiscal 2020 related to the closure of the New Windsor facility, which impacted both the Lighting and Graphics segment.

Restructuring costs incurred in the second quarter of fiscal 2020 related to the realignment of the Company’s manufacturing footprint at its Houston, Texas facility, which impacted the Graphics segment.

In the third quarter of fiscal 2020, the Company sold its North Canton, Ohio facility. The net proceeds from the sale were $7.7 million resulting in a net gain of $3.7 million. Restructuring charges incurred in the third quarter of fiscal 2020 related to the relocation of the North Canton facility, which impacted the Graphics Segment. The Company also incurred $0.5 million of expense to write-down inventory which is not included in the tables below.

The following table presents information about restructuring costs for the periods indicated:

	Three Months Ended					Nine Months Ended
	March 31					March 31
(In thousands)	2021		2020			2021		2020
Exit costs	$	-	$	235		$	3	$	419
Impairment of fixed assets and accelerated depreciation		-		-			-		49
Gain on sale of facility		-		(3,741	)		-		(8,562	)
Manufacturing realignment costs		-		-			-		276
Total	$	-	$	(3,506	)	$	3	$	(7,818	)

The following table presents a roll forward of the beginning and ending liability balances related to the restructuring costs:

	Balance as of									Balance as of
	June 30,		Restructuring							March 31,
(In thousands)	2020		Expense		Payments			Adjustments		2021
Severance and termination benefits	$	27	$	-	$	-		$	-	$	27
Other restructuring costs		-		3		(3	)		-	$	-
Total	$	27	$	3	$	(3	)	$	-	$	27