scx20170930_10q.htm

Inventory Disclosure [Text Block]

Note

Inventories

July 2015,

the FASB issued ASU

No.

2015

11,

"Inventory (Topic

330

): Simplifying the Measurement of Inventory." Previous to the issuance of this ASU, ASC

330

required that an entity measure inventory at the lower of cost or market. ASU

2015

specifies that “market” is defined as “net realizable value,” or the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This ASU is effective for fiscal years, and for interim periods within those fiscal years, beginning after

December 15, 2016.

Application is to be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The adoption of ASU

No.

2015

did

not

have a material impact on our consolidated financial statements.

Inventories consist of the following (in thousands):

	9 /30/2017			6/30/201 7
Raw material and supplies	$	30,260		$	26,293
Goods in process and finished parts		16,025			16,419
Finished goods		42,130			41,591
		88,415			84,303
LIFO Reserve		(26,303	)		(26,206	)
	$	62,112		$	58,097

LIFO inventories were $

million and

million at

September 30, 2017

and

June 30, 2017,

respectively, such amounts being approximately

$26

million and

$26

million, respectively, less than if determined on a FIFO basis. The use of LIFO, as compared to FIFO, resulted in a $

0.1

million increase in cost of sales for the

three

months ended

September 30, 2017

compared to

material change for the

three

months ended

September 30, 2016

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Note 5 - Business Acquisition

3 Months Ended

Sep. 30, 2017

Business Combination Disclosure [Text Block]

Note

Business Acquisition

In fiscal

2010,

the Company entered into an agreement with a private software company to invest

$1.5

million in exchange for a

36%

equity interest therein. In the

third

quarter of fiscal

2017,

the C

ompany entered into a new agreement to invest an additional

$3.6

million for an additional

64%

of equity in the company. The Company paid

$1.8

million in cash at closing and is obligated to pay an additional

$1.8

million in cash

three

years subsequent to closing (discounted to

$1.6

million on the purchase date). In addition, the agreement provides for the former owners to receive a

30%

share of operating profits of the business over the next

three

years so long as they remain employed by the Company

. The Company has accrued for such profit sharing as an expense based on results of operations since the date of acquisition.

The acquisition has been accounted for as a business combination and the financial results of the company have been included in our consolidated financial statements

since the date of acquisition. Under the acquisition method of accounting, the purchase price was allocated to net tangible and intangible assets based upon their estimated fair values as of the acquisition date.

The table below presents the allocation of t

he purchase price to the acquired net assets (in thousands):

Cash	$	509
Accounts receivable		273
Inventories		243
Other current assets		18
Deferred software development costs		2,520
Intangible Assets		1,220
Goodwill		1,634
Fixed assets		47
Deferred tax liability		(1,090	)
Accounts payable & current liabilities		(80	)
Purchase Price (1)	$	5,294

(

)

$1,833

1,555

(

$1.8

million discounted at

) =

$3,388

purchase price divided by

64%

$5.294

million.

Pro-forma financial information has

not

been presented for this acquisition because it is

not

considered material to the Company

’s financial position or results of operations.

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Note 6 - Goodwill and Intangibles Assets

3 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Text Block]

Note

: Goodwill and Intangible Assets

The Company

’s acquisition of Bytewise in

2011

and the private software company in

2017

resulted in the recognition of goodwill totaling

$4.67

million. The Company performed a qualitative analysis in accordance with ASU

2011

for its

October

2016

annual assessment of Bytewise goodwill (commonly referred to as “Step Zero”). From a qualitative perspective, in evaluating whether it is more likely than

not

that the fair value of the reporting unit exceeds its respective carrying amount, relevant events and circumstances were taken into account, with greater weight assigned to events and circumstances that most affect the fair value or the carrying amounts of its assets. Items that were considered included, but were

not

limited to, the following: macroeconomic conditions, industry and market conditions, cost factors, overall financial performance and changes in management or key personnel. After assessing these and other factors the Company determined that it was more likely than

not

that the fair value of the Bytewise reporting unit exceeded its carrying amount as of

October 1, 2016.

The Company has yet to determine the date to test the annual impairment of the reporting unit goodwill for the software company purchased in

February 2017;

however,

events or circumstances have occurred which would indicate that the unit’s goodwill

may

be impaired and needs to be tested other than annually.

Amortizable intangible assets consist of the following (in thousands):

	9 /30/2017			6/30/201 7
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		6,665			6,184
Other intangible assets		325			325
Total		17,598			17,117
Accumulated amortization		(7,720	)		(7,249	)
Total net balance	$	9,878		$	9,868

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

years for software development and

years for some trademark and trade name assets.

The estimated aggregate amortization expense for the remainder of fiscal

2018

and for each of the next

five

years and thereafter, is as follows (in thousands):

201 8 (Remainder of year)	$	1,711
201 9		2,104
20 20		1,580
202 1		1,177
202 2		945
202 3		427
Thereafter		1,934

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

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Note 7 - Pension and Post-retirement Benefits

3 Months Ended

Sep. 30, 2017

Pension and Other Postretirement Benefits Disclosure [Text Block]

Note

: Pension and Post-retirement Benefits

The Company has

two

defined benefit pension plans,

one

for U.S. employees and another for U.K. employees.

The U.K. plan was closed to new entrants in fiscal

2009.

The Company has a postretirement medical and life insurance benefit plan for U.S. employees. The Company also has defined contribution plans.

December 21, 2016,

the Company amended the U.S. defined benefit pension plan to freeze benefit accruals effective

December 31, 2016.

Consequently, the Plan will be closed to new participants and current participants will

longer earn additional benefits after

December 31, 2016.

The

amendment of the defined benefit pension plan triggered a pension curtailment which required a remeasurement of the Plan's obligation as of

December 31, 2016.

The remeasurement resulted in a decrease in the benefit obligation of approximately

$6.9

million primarily due to an increase in the discount rate from

3.77%

4.31%,

with an additional

$4.2

million decrease resulting from the impact of the curtailment. These reductions in the Plan’s benefit obligation were recorded as other comprehensive income, net of taxes.

Net periodic benefit costs for all of the Company's defined benefit pension plans consist of the following (in thousands):

	Three Months Ended
	9/30/2017			9/30/2016
Service cost	$	-		$	791
Interest cost		1,511			1,552
Expected return on plan assets		(1,285	)		(1,306	)
Amortization of net loss		6			28
	$	232		$	1,065

Net periodic benefit costs for the Company's Postretirement Medical Plan consists of the following (in thousands):

	Three Months Ended
	9/30/2017			9/30/2016
Service cost	$	21		$	23
Interest cost		67			68
Amortization of prior service credit		(134	)		(168	)
Amortization of net loss		25			30
	$	(21	)	$	(47	)

For the

three

month period ended

September 30, 2017,

the Company contributed

$0.4

million to the U.S. and

$0.2

million to the UK pension plans. The Company estimates that it will contribute an additional

$4.0

million for the remainder of fiscal

2018.

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

percent (

10%

) of the greater of the market-related value of plan assets or of the plans’ projected benefit obligation in net periodic (benefit) cost as of the plan measurement date. Net actuarial gains or losses that are less than

10%

of the thresholds noted above are accounted for as part of the accumulated other comprehensive loss.

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Note 8 - Debt

3 Months Ended

Sep. 30, 2017

Debt Disclosure [Text Block]

Note

: Debt

Debt is comprised of the following (in thousands):

	9 /30/2017		6/30/201 7
Short-term and current maturities
Loan and Security Agreement	$	11,532	$	11,514

Long-term debt
Loan and Security Agreement , net of current portion		5,680		6,095
	$	17,212	$	17,609

The Company amended its Loan and Security Agreement, which includes a Line of Credit and a Term Loan, in

January 2015

with changes that took effect on

April 25, 2015.

Borrowings under the Line of Credit

may

not

exceed

$23.0

million. The Line of Credit expires on

April 30, 2018

and has an interest rate of LIBOR plus

1.5%.

The effective interest rate on the Line of Credit under the Loan and Security Agreement for the

three

months ended

September 30, 2017

and

2016

was

3.1%

and

2.4%,

respectively. Since the expiration date of the loan agreement is within the current fiscal year, the Line of Credit has been classified as short term. As of

September 30, 2017,

$9.9

million was outstanding on the Line of Credit.

November 22, 2011,

in conjunction with the Bytewise acquisition, the Company entered into a

$15.5

million term loan (the “Term Loan”) under the

then existing Loan and Security Agreement. The Term Loan is a

ten

year loan bearing a fixed interest rate of

4.5%

and is payable in fixed monthly payments of principal and interest of

$160.6

thousand. The Term Loan had a balance of

$7.3

million at

September 30, 2017.

The material financial covenants of the amended Loan and Security Agreement are:

) funded debt to EBITDA, excluding non-cash and retirement benefit expenses (“maximum leverage”),

not

to exceed

2.25

00,

) annual capital expenditures

not

to exceed

$15.0

million,

) maintain a Debt Service Coverage Rate of a minimum of

1.25

1.00,

and

) maintain consolidated cash plus liquid investments of

not

less than

$10.0

million at any time. The Company was in compliance with all debt covenants as of

September 30, 2017.

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Note 9 - Income Taxes	3 Months Ended
Note 9 - Income Taxes	Sep. 30, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 9 : 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. The tax expense for the first quarter of fiscal 2018 was $214,000 on a profit before tax for the quarter of $640,000 (an effective tax rate of 33.4% ). The tax expense for the first quarter of fiscal 2017 was $717,000 on a profit before tax of $1,476,000 (an effective tax rate of 48.6% ). The tax rate for the first quarter of fiscal 2018 was lower than the U.S. statutory rate primarily due to a discrete reduction to tax expense of $72,000 related to the benefit of loss carryforwards being recognized due to current year profitability which was partially offset by a discrete tax expense of $45,000 resulting from book to tax differences in stock grant deductions. The tax rate in the first quarter of fiscal 2017 was higher than the U.S. statutory rate as a result of discrete adjustments primarily for the impact of a tax rate change in the U.K. applied to deferred tax assets which increased tax expense by $298,000 in the quarter. U.S. Federal tax returns through fiscal 2013 are generally no longer subject to review by tax authorities; however, tax loss carryforwards from years before fiscal 2014 are still subject to adjustment. As of September 30, 2017, the Company has substantially resolved all open income tax audits and there were no other local or federal income tax audits in progress. In international jurisdictions including Australia, Brazil, Canada, China, Germany, Mexico, New Zealand, Singapore and the UK, which comprise a significant portion of the Company’s operations, the years that may be examined vary by country. The Company’s most significant foreign subsidiary in Brazil is subject to audit for the calendar years 2012 – 2016. During the next twelve months, it is possible there will be a reduction of $1 million in long term tax obligations due to the expiration of the statute of limitations on prior year tax returns. 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 to occur. If realization is in doubt because of uncertainty regarding future profitability, the Company provides a valuation allowance related to the asset to the extent that it is more likely than not that the deferred tax asset will not be realized. Should any significant changes in the tax law or the estimate of the necessary valuation allowance occur, the Company would record the impact of the change, which could have a material effect on the Company’s financial position. No valuation allowance has been recorded for the Company ’s domestic deferred tax assets related to temporary differences in items included in taxable income. The Company continues to believe that due to forecasted future taxable income and certain tax planning strategies available, it is more likely than not that it will be able to utilize the tax benefit provided by those differences. In the U.S., a partial valuation allowance has been provided for foreign tax credit carryforwards due to the uncertainty of generating sufficient foreign source income to utilize those credits in the future. In certain other countries where Company operations are in a loss position, the deferred tax assets for tax loss carryforwards and other temporary differences are fully offset by a valuation allowance.

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Note 10 - Contingencies	3 Months Ended
Note 10 - Contingencies	Sep. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 10 : Contingencies The Company is involved in certain legal matters which arise in the normal course of business. These matters are not expected to have a material impact on the Company ’s financial condition, results of operations or cash flows.

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Note 11 - Segment Information

3 Months Ended

Sep. 30, 2017

Segment Reporting Disclosure [Text Block]

Note

Segment Information

-K for the year ended

June 30, 2017.

Our business is aggregated into

two

reportable segments based on geography of operations: North American Operations and International Operations. Segment income is measured for internal reporting purposes by excluding corporate expenses which are included in unallocated in the table below. Other income and expense, including interest income and expense, the gain on the sale of a building in fiscal

2017,

and income taxes are excluded entirely from the table below. There were

significant changes in the segment operations or in the segment assets from the Annual Report. Financial results for each reportable segment are as follows (in thousands):

	North American Operations		International Operations			Unallocated			Total
Three Months ended September 30, 2017
Sales 1	$	29,718	$	22,100		$	-		$	51,818
Operating Income (Loss)	$	1,349	$	757		$	(1,657	)	$	449

Three Months ended September 30, 2016
Sales 2	$	28,403	$	20,510		$	-		$	48,913
Operating Income (Loss)	$	152	$	(86	)	$	(1,916	)	$	(1,850	)

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.

Excludes

$2,357

of North American segment intercompany sales to the International segment, and

$3,082

of International segment intercompany sales to the North American segment.

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Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	The unaudited interim financial statements as of and for the three months ended September 30, 2017 have been prepared by The L.S. Starrett Company (the “Company”) in accordance with accounting principles generally accepted in the United States of America for interim financial reporting. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. These unaudited financial statements, which, in the opinion of management, reflect all adjustments (including normal recurring adjustments) necessary for a fair presentation, should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10 -K for the year ended June 30, 2017. Operating results are not necessarily indicative of the results that may be expected for any future interim period or for the entire fiscal year. 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 to the Company’s Consolidated Financial Statements included in the Annual Report on Form 10 -K for the year ended June 30, 2017 describes the significant accounting policies and methods used in the preparation of the consolidated financial statements.
New Accounting Pronouncements, Policy [Policy Text Block]	In May 2014, the FASB issued a new standard related to “Revenue from Contracts with Customers” which amends the existing accounting standards for revenue recognition. The standard requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. This standard is applicable for fiscal years beginning after December 15, 2017 and for interim periods within those years. Earlier application will be permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company expects to adopt this standard on a modified retrospective basis for its fiscal year beginning July 1, 2018. The Company primarily sells goods and recognizes revenues at point of sale or delivery, which will not change under the new standard. However, a full assessment of the new standard’s impact on all the Company’s revenue streams ahead of its implementation in the next fiscal year is still in process. In February 2016, the FASB issued ASU No. 2016 - 02, “Leases (Topic 842 )”. The ASU requires that organizations that lease assets recognize assets and liabilities on the balance sheet for the rights and obligations created by those leases. The ASU will affect the presentation of lease related expenses on the income statement and statement of cash flows and will increase the required disclosures related to leases. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of ASU No. 2016 - 02 on its consolidated financial statements. It is expected that a key change upon adoption will be the balance sheet recognition of leased assets and liabilities and that any changes in income statement recognition will not be material. In October 2016, the FASB issued ASU No. 2016 - 16, "Income Taxes (Topic 740 ): Intra-Entity Transfers of Assets Other Than Inventory", which is intended to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. This update removes the current exception in GAAP prohibiting entities from recognizing current and deferred income tax expenses or benefits related to transfer of assets, other than inventory , within the consolidated entity. The current exception to defer the recognition of any tax impact on the transfer of inventory within the consolidated entity until it is sold to a third party remains unaffected. The amendments in this update are effective for public entities for annual reporting periods beginning after December 15, 2017. Early adoption is permitted. The adoption of ASU No. 2016 - 16 is not expected to have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU No. 2017 - 01, "Business Combinations (Topic 805 ) - Clarifying the Definition of a Business", with the objective to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets versus businesses. The amendments in ASU 2017 - 01 provide a screen to determine when a set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen is expected to reduce the number of transactions that need to be further evaluated. If the screen is not met, the amendments in ASU 2017 - 01 (i) require that to be considered a business, a set of assets and liabilities acquired must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output; and (ii) remove the evaluation of whether a market participant could replace missing elements. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2017 and should be applied prospectively. Early adoption is permitted for transactions for which the acquisition date occurs before the issuance date of ASU 2017 - 01, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. The adoption of ASU No. 2017 - 01 is not expected to have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU No. 2017 - 04, "Intangibles-Goodwill and Other (Topic 350 ): Simplifying the Test for Goodwill Impairment". Under the new guidance, if a reporting unit's carrying value amount exceeds its fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. The standard eliminates the requirement to calculate goodwill impairment using Step 2, which calculates any impairment charge by comparing the implied fair value of goodwill with its carrying amount. The standard does not change the guidance on completing Step 1 of the goodwill impairment test. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2019 and should be applied prospectively for annual and any interim goodwill impairment tests. Early adoption is permitted for entities for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of the update on our consolidated financial statements.

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Note 4 - Inventories (Tables)

3 Months Ended

Sep. 30, 2017

Schedule of Inventory, Current [Table Text Block]

	9 /30/2017			6/30/201 7
Raw material and supplies	$	30,260		$	26,293
Goods in process and finished parts		16,025			16,419
Finished goods		42,130			41,591
		88,415			84,303
LIFO Reserve		(26,303	)		(26,206	)
	$	62,112		$	58,097

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Note 5 - Business Acquisition (Tables)

3 Months Ended

Sep. 30, 2017

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Cash	$	509
Accounts receivable		273
Inventories		243
Other current assets		18
Deferred software development costs		2,520
Intangible Assets		1,220
Goodwill		1,634
Fixed assets		47
Deferred tax liability		(1,090	)
Accounts payable & current liabilities		(80	)
Purchase Price (1)	$	5,294

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Note 6 - Goodwill and Intangibles Assets (Tables)

3 Months Ended

Sep. 30, 2017

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	9 /30/2017			6/30/201 7
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		6,665			6,184
Other intangible assets		325			325
Total		17,598			17,117
Accumulated amortization		(7,720	)		(7,249	)
Total net balance	$	9,878		$	9,868

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

201 8 (Remainder of year)	$	1,711
201 9		2,104
20 20		1,580
202 1		1,177
202 2		945
202 3		427
Thereafter		1,934

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Note 7 - Pension and Post-retirement Benefits (Tables)

3 Months Ended

Sep. 30, 2017

Schedule of Net Benefit Costs [Table Text Block]

	Three Months Ended
	9/30/2017			9/30/2016
Service cost	$	-		$	791
Interest cost		1,511			1,552
Expected return on plan assets		(1,285	)		(1,306	)
Amortization of net loss		6			28
	$	232		$	1,065

	Three Months Ended
	9/30/2017			9/30/2016
Service cost	$	21		$	23
Interest cost		67			68
Amortization of prior service credit		(134	)		(168	)
Amortization of net loss		25			30
	$	(21	)	$	(47	)

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Note 8 - Debt (Tables)

3 Months Ended

Sep. 30, 2017

Schedule of Debt [Table Text Block]

	9 /30/2017		6/30/201 7
Short-term and current maturities
Loan and Security Agreement	$	11,532	$	11,514

Long-term debt
Loan and Security Agreement , net of current portion		5,680		6,095
	$	17,212	$	17,609

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Note 11 - Segment Information (Tables)

3 Months Ended

Sep. 30, 2017

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	North American Operations		International Operations			Unallocated			Total
Three Months ended September 30, 2017
Sales 1	$	29,718	$	22,100		$	-		$	51,818
Operating Income (Loss)	$	1,349	$	757		$	(1,657	)	$	449

Three Months ended September 30, 2016
Sales 2	$	28,403	$	20,510		$	-		$	48,913
Operating Income (Loss)	$	152	$	(86	)	$	(1,916	)	$	(1,850	)

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Note 3 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
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	292,100
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	5 years 91 days
Allocated Share-based Compensation Expense	$ 0.1	$ 0.1
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 0.5
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 328 days
The 2012 Stock Incentive Plan [Member] \| Total Unrecognized Compensation Including Portion Relating to Grants Not Expected to Be Awarded [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 1.6
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	$ 1.1
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	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, 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	145,735
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	54,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 7.09
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	14,400
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 1.3
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
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

XML 39 R29.htm IDEA: XBRL DOCUMENT

Note 4 - Inventories (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017
LIFO Inventory Amount	$ 8,500		$ 7,700
Inventory Difference Using FIFO Basis	26,300		$ 26,200
Cost of Sales [Member]
Inventory, LIFO Reserve, Effect on Income, Net	$ 100	$ 0

XML 40 R30.htm IDEA: XBRL DOCUMENT

Note 4 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Raw material and supplies	$ 30,260	$ 26,293
Goods in process and finished parts	16,025	16,419
Finished goods	42,130	41,591
	88,415	84,303
LIFO Reserve	(26,303)	(26,206)
	$ 62,112	$ 58,097

XML 41 R31.htm IDEA: XBRL DOCUMENT

Note 5 - Business Acquisition (Details Textual) - Private Software Company [Member] - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Jun. 30, 2010
Business Combination, Consideration Transferred	$ 3.6	$ 1.5
Business Acquisition, Percentage of Voting Interests Acquired	64.00%	36.00%
Payments to Acquire Businesses, Gross	$ 1.8
Business Combination, Consideration Transferred, Liabilities Incurred	$ 1.8
Business Combination, Consideration Transferred, Subsequent Period	3 years
Business Combination, Consideration Transferred, Liabilities Incurred, Discounted	$ 1.6
Business Combination, Operating Profits, Percentage	30.00%
Business Combination, Operating Profits, Term	3 years

XML 42 R32.htm IDEA: XBRL DOCUMENT

Note 5 - Business Acquisition - Allocation of the Purchase Price to the Acquired Net Assets (Details) - USD ($)
$ in Thousands

Sep. 30, 2017

Jun. 30, 2017

Goodwill

$ 4,668

Private Software Company [Member]

509

273

243

Deferred software development costs

2,520

Intangible Assets

1,220

Goodwill

1,634

Fixed assets

Deferred tax liability

(1,090)

Accounts payable & current liabilities

(80)

Purchase Price (1)

^[1]

$ 5,294

[1]	$1,833 + 1,555 ($1.8 million discounted at 5%) = $3,388 purchase price divided by 64% = $5.294 million.

XML 43 R33.htm IDEA: XBRL DOCUMENT

Note 6 - Goodwill and Intangibles Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Jun. 30, 2017
Goodwill	$ 4,668	$ 4,668
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

XML 44 R34.htm IDEA: XBRL DOCUMENT

Note 6 - Goodwill and Intangible Assets - Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Intangible assets, gross	$ 17,598	$ 17,117
Accumulated amortization	(7,720)	(7,249)
Total net balance	9,878	9,868
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	6,665	6,184
Other Intangible Assets [Member]
Intangible assets, gross	$ 325	$ 325

XML 45 R35.htm IDEA: XBRL DOCUMENT

Note 6 - Goodwill and Intangible Assets - Estimated Aggregate Amortization Expense (Details) $ in Thousands	Sep. 30, 2017 USD ($)
2018 (Remainder of year)	$ 1,711
2019	2,104
2020	1,580
2021	1,177
2022	945
2023	427
Thereafter	$ 1,934

XML 46 R36.htm IDEA: XBRL DOCUMENT

Note 7 - Pension and Post-retirement Benefits (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment	$ (6.9)
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	4.31%	3.77%
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment	$ 4.2
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	4.0
Pension Plan [Member] \| Domestic Plan [Member]
Defined Benefit Plan, Plan Assets, Contributions by Employer	0.4
Pension Plan [Member] \| Foreign Plan [Member]
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 0.2

XML 47 R37.htm IDEA: XBRL DOCUMENT

Note 7 - Pension and Post-retirement Benefits - Net Periodic Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Pension Plan [Member]
Service cost		$ 791
Interest cost	1,511	1,552
Expected return on plan assets	(1,285)	(1,306)
Amortization of net loss	6	28
	232	1,065
Other Postretirement Benefits Plan [Member]
Service cost	21	23
Interest cost	67	68
Amortization of net loss	25	30
	(21)	(47)
Amortization of prior service credit	$ (134)	$ (168)

XML 48 R38.htm IDEA: XBRL DOCUMENT

Note 8 - Debt (Details Textual)		3 Months Ended
Note 8 - Debt (Details Textual)	Nov. 22, 2011 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2016	Jun. 30, 2017 USD ($)
Line of Credit Facility, Maximum Borrowing Capacity		$ 23,000,000
Line of Credit Facility, Interest Rate During Period		3.10%	2.40%
Long-term Line of Credit		$ 9,900,000
Long-term Debt		17,212,000		$ 17,609,000
Minimum Consolidated Cash and Liquid Investments Pursuant to New Loan and Security Agreement		$ 10,000,000
Maximum [Member]
Current Funded Debt to EBITDA Ratio		2.25
Annual Capital Expenditures		$ 15,000,000
Minimum [Member]
Debt Service Coverage Rate		1.25
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	$ 160,600
Long-term Debt		$ 7,300,000
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		1.50%

XML 49 R39.htm IDEA: XBRL DOCUMENT

Note 8 - Debt - Debt Schedule (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Short-term and current maturities
Loan and Security Agreement	$ 11,532	$ 11,514
Long-term debt
Loan and Security Agreement, net of current portion	5,680	6,095
	$ 17,212	$ 17,609

XML 50 R40.htm IDEA: XBRL DOCUMENT

Note 9 - Income Taxes (Details Textual) - USD ($)	3 Months Ended
Note 9 - Income Taxes (Details Textual) - USD ($)	Sep. 30, 2017	Sep. 30, 2016
Income Tax Expense (Benefit)	$ 214,000	$ 717,000
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 640,000	$ 1,476,000
Effective Income Tax Rate Reconciliation, Percent	33.40%	48.60%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount, Return to Provision Adjustment	$ 72,000
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount	45,000	$ 298,000
Foreign Tax Authority [Member] \| Secretariat of the Federal Revenue Bureau of Brazil [Member]
Unrecognized Tax Benefits	$ 1,000,000

XML 51 R41.htm IDEA: XBRL DOCUMENT

Note 11 - Segment Information (Details Textual)

3 Months Ended

Sep. 30, 2017

USD ($)

Sep. 30, 2016

USD ($)

Number of Reportable Segments

North American Segment [Member]

$ 51,818,000

^[1]

$ 48,913,000

^[2]

Intersegment Eliminations [Member] | North American Segment [Member]

29,718,000

^[1]

28,403,000

^[2]

Intersegment Eliminations [Member] | International Segment [Member]

1,696

2,357

$ 3,390

$ 3,082

[1]	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.
[2]	Excludes $2,357 of North American segment intercompany sales to the International segment, and $3,082 of International segment intercompany sales to the North American segment.

XML 52 R42.htm IDEA: XBRL DOCUMENT

Note 11 - Segment Information - Summary of Financial Results for Reportable Segments (Details) - USD ($)
$ in Thousands

3 Months Ended

Sep. 30, 2017

Sep. 30, 2016

$ 51,818

^[1]

$ 48,913

^[2]

North American Segment [Member]

449

(1,850)

29,718

^[1]

28,403

^[2]

1,349

152

International [Member]

22,100

^[1]

20,510

^[2]

757

(86)

Unallocated [Member]

^[1]

^[2]