LSI INDUSTRIES INC, 10-Q filed on 5/8/2025
Quarterly Report
v3.25.1
Document And Entity Information - shares
 9 Months Ended
Mar. 31, 2025
Apr. 30, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 0-13375  
Entity Registrant Name LSI Industries Inc.  
Entity Incorporation, State or Country Code OH  
Entity Tax Identification Number 31-0888951  
Entity Address, Address Line One 10000 Alliance Road  
Entity Address, City or Town Cincinnati  
Entity Address, State or Province OH  
Entity Address, Postal Zip Code 45242  
City Area Code 513  
Local Phone Number 793-3200  
Title of 12(b) Security Common Stock, no par value  
Trading Symbol LYTS  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   30,004,460
Entity Central Index Key 0000763532  
Current Fiscal Year End Date --06-30  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.25.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Net Sales $ 132,481 $ 108,186 $ 418,310 $ 340,632
Cost of products and services sold 99,638 76,976 316,959 241,297
Gross profit 32,843 31,210 101,351 99,335
Selling and administrative expenses 26,608 23,550 77,526 72,828
Operating income 6,235 7,660 23,825 26,507
Interest expense 661 134 2,264 1,153
Other (income) expense (22) 75 300 142
Income before income taxes 5,596 7,451 21,261 25,212
Income tax expense 1,713 2,076 5,049 5,903
Net income $ 3,883 $ 5,375 $ 16,212 $ 19,309
Basic (in dollars per share) $ 0.13 $ 0.18 $ 0.54 $ 0.67
Diluted (in dollars per share) $ 0.13 $ 0.18 $ 0.53 $ 0.64
Weighted average common shares outstanding        
Basic (in shares) 30,003 29,163 29,841 28,981
Diluted (in shares) 30,966 30,122 30,790 30,005
v3.25.1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Net Income $ 3,883 $ 5,375 $ 16,212 $ 19,309
Foreign currency translation adjustment 262 31 105 46
Comprehensive Income $ 4,145 $ 5,406 $ 16,317 $ 19,355
v3.25.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2025
Jun. 30, 2024
Current assets    
Cash and cash equivalents $ 4,301 $ 4,110
Accounts receivable, less allowance for credit losses of $1,291 and $848, respectively 98,046 78,626
Inventories 74,462 70,913
Refundable income taxes 2,893 3,197
Other current assets 5,809 5,653
Total current assets 185,511 162,499
Property, Plant and Equipment, at cost    
Land 4,029 4,010
Buildings 24,778 24,757
Machinery and equipment 77,637 74,204
Buildings under finance leases 2,033 2,033
Construction in progress 1,026 1,611
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization 109,503 106,615
Less accumulated depreciation (78,249) (73,655)
Net property, plant and equipment 31,254 32,960
Goodwill 63,204 57,397
Other intangible assets, net 79,607 73,916
Operating lease right-of-use assets 17,682 15,912
Other long-term assets, net 7,307 6,116
Total assets 384,565 348,800
LIABILITIES & SHAREHOLDERS' EQUITY    
Current maturities of long-term debt 3,571 3,571
Accounts payable 43,751 32,192
Accrued expenses 41,870 43,444
Total current liabilities 89,192 79,207
Long-term debt 51,789 50,658
Finance lease liabilities 383 636
Operating lease liabilities 13,162 11,267
Other long-term liabilities 8,326 2,677
Shareholders' Equity    
Preferred shares, without par value; Authorized 1,000,000 shares, none issued 0 0
Common shares, without par value; Authorized 50,000,000 shares; Outstanding 29,987,826 and 29,222,414 shares, respectively 161,875 156,365
Treasury shares, without par value 9,665 8,895
Deferred compensation plan 9,665 8,895
Retained earnings 59,531 47,788
Accumulated other comprehensive income 307 202
Total shareholders' equity 221,713 204,355
Total liabilities & shareholders' equity $ 384,565 $ 348,800
v3.25.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
$ / shares in Thousands, $ in Thousands
Mar. 31, 2025
Jun. 30, 2024
Accounts Receivable, Allowance for Credit Loss, Current $ 1,291 $ 848
Preferred Stock, No Par Value (in dollars per share) $ 0 $ 0
Preferred Stock, Shares Authorized (in shares) 1,000,000 1,000,000
Preferred Stock, Shares Issued (in shares) 0 0
Common Stock, No Par Value (in dollars per share) $ 0 $ 0
Common Stock, Shares Authorized (in shares) 50,000,000 50,000,000
Common Stock, Shares, Outstanding (in shares) 29,987,826 29,222,414
v3.25.1
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
Common Stock Including Additional Paid in Capital [Member]
Treasury Stock, Common [Member]
Key Executive Deferred Compensation [Member]
AOCI Attributable to Parent [Member]
Retained Earnings [Member]
Total
Balance (in shares) at Jun. 30, 2023 28,488          
Balance at Jun. 30, 2023 $ 148,691 $ (7,166) $ 7,166 $ 339 $ 28,548 $ 177,578
Balance (in shares) at Jun. 30, 2023   (922)        
Net Income 0 $ 0 0 0 8,028 8,028
Other comprehensive gain (loss) $ 0 $ 0 0 (56) 0 (56)
Board stock compensation (in shares) 9 0        
Board stock compensation $ 113 $ 0 $ 0 $ 0 $ 0 $ 113
ESPP stock Awards (in shares) 3 0 0 0 0 57
ESPP stock Awards $ 57 $ 0        
Shares issued for deferred compensation (in shares) 32 0        
Shares issued for deferred compensation $ 437 $ 0 $ 0 $ 0 $ 0 $ 437
Activity of treasury shares, net (in shares) 0 30        
Activity of treasury shares, net $ 0 $ 417 0 0 0 417
Deferred stock compensation 0 0 417 0 0 417
Stock-based compensation expense $ 1,220 $ 0 0 0 0  
Stock options exercised, net (in shares) 70 0        
Stock options exercised, net $ 549 $ 0 0 0 0 549
Dividends $ 0 0 0 0 (1,380) (1,380)
Balance (in shares) at Sep. 30, 2023 28,602          
Balance at Sep. 30, 2023 $ 151,067 $ (7,583) 7,583 283 35,196 186,546
Balance (in shares) at Sep. 30, 2023   (952)        
Balance (in shares) at Jun. 30, 2023 28,488          
Balance at Jun. 30, 2023 $ 148,691 $ (7,166) 7,166 339 28,548 177,578
Balance (in shares) at Jun. 30, 2023   (922)        
Net Income           19,309
Balance (in shares) at Mar. 31, 2024 28,837          
Balance at Mar. 31, 2024 $ 154,475 $ (8,520) 8,520 385 43,577 198,437
Balance (in shares) at Mar. 31, 2024   (1,019)        
Balance (in shares) at Sep. 30, 2023 28,602          
Balance at Sep. 30, 2023 $ 151,067 $ (7,583) 7,583 283 35,196 186,546
Balance (in shares) at Sep. 30, 2023   (952)        
Net Income         5,906 5,906
Other comprehensive gain (loss) $ 0 $ 0 0 71 0 71
Board stock compensation (in shares) 7          
Board stock compensation $ 112     0   112
ESPP stock Awards (in shares) 4 0        
ESPP stock Awards $ 41 $ 0 0 0 0 41
Shares issued for deferred compensation (in shares) 36          
Shares issued for deferred compensation $ 506         506
Activity of treasury shares, net (in shares)   (36)        
Activity of treasury shares, net   $ (505)       (505)
Deferred stock compensation     505     505
Stock-based compensation expense $ 814         814
Stock options exercised, net (in shares) 107          
Stock options exercised, net $ 628         628
Dividends         (1,446) (1,446)
Balance (in shares) at Dec. 31, 2023 28,784          
Balance at Dec. 31, 2023 $ 152,924 $ (8,088) 8,088 354 39,656 192,934
Balance (in shares) at Dec. 31, 2023   (988)        
Net Income 0 $ 0 0 0 5,375 5,375
Other comprehensive gain (loss) $ 0 $ 0 0 31 0 31
Board stock compensation (in shares) 8 0        
Board stock compensation $ 113 $ 0 0 0 0 113
ESPP stock Awards (in shares) 4 0        
ESPP stock Awards $ 47 $ 0 0 0 0 47
Shares issued for deferred compensation (in shares) 29 0        
Shares issued for deferred compensation $ 431 $ 0 0 0 0 431
Activity of treasury shares, net (in shares) 0 (31)        
Activity of treasury shares, net $ 0 $ (432) 0 0 0 (432)
Deferred stock compensation 0 0 432 0 0 432
Stock-based compensation expense $ 927 $ 0 0 0 0 927
Stock options exercised, net (in shares) 12 0        
Stock options exercised, net $ 93 $ 0 0 0 0 93
Dividends $ 0 0 0 0 (1,454) (1,454)
Balance (in shares) at Mar. 31, 2024 28,837          
Balance at Mar. 31, 2024 $ 154,475 $ (8,520) 8,520 385 43,577 198,437
Balance (in shares) at Mar. 31, 2024   (1,019)        
Balance (in shares) at Jun. 30, 2024 29,222          
Balance at Jun. 30, 2024 $ 156,365 $ (8,895) 8,895 202 47,788 204,355
Balance (in shares) at Jun. 30, 2024   (1,036)        
Net Income 0 $ 0 0 0 6,682 6,682
Other comprehensive gain (loss) $ 0 $ 0 0 (109) 0 (109)
Board stock compensation (in shares) 8 0        
Board stock compensation $ 113 $ 0 0 0 0 113
ESPP stock Awards (in shares) 3 0        
ESPP stock Awards $ 45 $ 0 0 0 0 45
Shares issued for deferred compensation (in shares) 32 0        
Shares issued for deferred compensation $ 487 $ 0 0 0 0 487
Activity of treasury shares, net (in shares) 0 42        
Activity of treasury shares, net $ 0 $ 140 0 0 0 140
Deferred stock compensation 0 0 (140) 0 0 (140)
Stock-based compensation expense $ 1,047 $ 0 0 0 0  
Stock options exercised, net (in shares) 39 0        
Stock options exercised, net $ 248 $ 0 0 0 0 248
Dividends $ 0 0 0 0 (1,481) (1,481)
Balance (in shares) at Sep. 30, 2024 29,796          
Balance at Sep. 30, 2024 $ 158,101 $ (8,755) 8,755 93 52,989 211,183
Balance (in shares) at Sep. 30, 2024   (994)        
Balance (in shares) at Jun. 30, 2024 29,222          
Balance at Jun. 30, 2024 $ 156,365 $ (8,895) 8,895 202 47,788 204,355
Balance (in shares) at Jun. 30, 2024   (1,036)        
Net Income           16,212
Balance (in shares) at Mar. 31, 2025 29,988          
Balance at Mar. 31, 2025 $ 161,875 $ (9,665) 9,665 307 59,531 221,713
Balance (in shares) at Mar. 31, 2025   (1,037)        
Balance (in shares) at Sep. 30, 2024 29,796          
Balance at Sep. 30, 2024 $ 158,101 $ (8,755) 8,755 93 52,989 211,183
Balance (in shares) at Sep. 30, 2024   (994)        
Net Income         5,647 5,647
Other comprehensive gain (loss)       (48)   (48)
Board stock compensation (in shares) 7          
Board stock compensation $ 112         112
ESPP stock Awards (in shares) 5          
ESPP stock Awards $ 65         65
Shares issued for deferred compensation (in shares) 27          
Shares issued for deferred compensation $ 507         507
Activity of treasury shares, net (in shares)   (28)        
Activity of treasury shares, net   $ (506)       (506)
Deferred stock compensation     506     506
Stock-based compensation expense $ 1,141         1,141
Stock options exercised, net (in shares) 30          
Stock options exercised, net $ 374         374
Dividends         (1,492) (1,492)
Balance (in shares) at Dec. 31, 2024 29,891          
Balance at Dec. 31, 2024 $ 159,926 $ (9,261) 9,261 45 57,144 217,115
Balance (in shares) at Dec. 31, 2024   (1,022)        
Net Income 0 $ 0 0 0 3,883 3,883
Other comprehensive gain (loss) $ 0 $ 0 0 262 0 262
Board stock compensation (in shares) 6 0        
Board stock compensation $ 112 $ 0 0 0 0 112
ESPP stock Awards (in shares) 4 0        
ESPP stock Awards $ 49 $ 0 0 0 0 49
Shares issued for deferred compensation (in shares) 24 0        
Shares issued for deferred compensation $ 447 $ 0 0 0 0 447
Activity of treasury shares, net (in shares) 0 (15)        
Activity of treasury shares, net $ 0 $ (404) 0 0 0 (404)
Deferred stock compensation 0 0 404 0 0 404
Stock-based compensation expense $ 1,007 $ 0 0 0 0 1,007
Stock options exercised, net (in shares) 47 0        
Stock options exercised, net $ 220 $ 0 0 0 0 220
Dividends $ 0 0 0 0 (1,496) (1,496)
Balance (in shares) at Mar. 31, 2025 29,988          
Balance at Mar. 31, 2025 $ 161,875 $ (9,665) $ 9,665 $ 307 $ 59,531 $ 221,713
Balance (in shares) at Mar. 31, 2025   (1,037)        
v3.25.1
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Dividend per share (in dollars per share) $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.05
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.05
v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows from Operating Activities    
Net Income $ 16,212,000 $ 19,309,000
Non-cash items included in net income    
Depreciation and amortization 9,020,000 7,143,000
Deferred income taxes 270,000 (1,143,000)
Deferred compensation plan 1,441,000 1,374,000
ESPP discount 159,000 145,000
Stock compensation expense 3,195,000 2,961,000
Issuance of common shares as compensation 337,000 338,000
Loss on disposition of fixed assets (21,000) 173,000
Allowance for credit losses 93,000 57,000
Inventory obsolescence reserve 607,000 (1,259,000)
Changes in certain assets and liabilities    
Accounts receivable (15,606,000) 8,894,000
Inventories 131,000 4,646,000
Refundable income taxes 304,000 466,000
Accounts payable 11,532,000 (3,092,000)
Accrued expenses and other 2,781,000 (6,865,000)
Customer prepayments (1,836,000) (850,000)
Net cash flows provided by operating activities 28,619,000 32,297,000
Cash Flows from Investing Activities    
Proceeds from the sale of fixed assets 50,000 32,000
Purchases of property, plant and equipment (2,515,000) (4,626,000)
Net cash flows used in investing activities (25,321,000) (4,594,000)
Cash Flows from Financing Activities    
Payments of long-term debt (145,537,000) (102,366,000)
Borrowings of long-term debt 146,668,000 83,520,000
Cash dividends paid (4,469,000) (4,280,000)
Shares withheld for employees' taxes (463,000) (304,000)
Payments on financing lease obligations (253,000) (241,000)
Proceeds from stock option exercises 842,000 1,270,000
Net cash flows used in financing activities (3,212,000) (22,401,000)
Change related to foreign currency 105,000 45,000
Increase in cash and cash equivalents 191,000 5,347,000
Cash and cash equivalents at beginning of period 4,110,000 1,828,000
Cash and cash equivalents at end of period 4,301,000 7,175,000
CBH [Member]    
Cash Flows from Investing Activities    
Acquisition of CBH (net of cash acquired) (22,797,000) 0
EMI Industries [Member]    
Cash Flows from Investing Activities    
Acquisition of EMI $ (59,000) $ 0
v3.25.1
Note 1 - Interim Condensed Consolidated Financial Statements
 9 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Condensed Financial Statements [Text Block]

NOTE 1 - INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

The interim condensed consolidated financial statements are unaudited and are prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, and rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the interim financial statements include all normal adjustments and disclosures necessary to present fairly the Company’s financial position as of March 31, 2025, the results of its operations for the three and nine-month periods ended March 31, 2025, and 2024, and its cash flows for the nine-month periods ended March 31, 2025, and 2024. These statements should be read in conjunction with the financial statements and footnotes included in the fiscal 2024 Annual Report on Form 10-K. Financial information as of June 30, 2024, has been derived from the Company’s audited consolidated financial statements.
v3.25.1
Note 2 - Summary of Significant Accounting Policies
 9 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Significant Accounting Policies [Text Block]

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Consolidation:

 

A summary of the Company’s significant accounting policies is included in Note 1 to the audited consolidated financial statements of the Company’s fiscal 2024 Annual Report on Form 10-K.

 

Revenue Recognition:

 

The Company recognizes revenue when it satisfies the performance obligation in its customer contracts or purchase orders. Most of the Company’s products have a single performance obligation which is satisfied at a point in time when control is transferred to the customer. Control is generally transferred at the time of shipment when title and risk of ownership passes to the customer. For customer contracts with multiple performance obligations, the Company allocates the transaction price and any discounts to each performance obligation based on relative standalone selling prices. Payment terms are typically within 30 to 90 days from the shipping date, depending on the terms with the customer. The Company offers standard warranties that do not represent separate performance obligations.

 

Installation is a separate performance obligation, except for the Company’s digital signage products. For digital signage products, installation is not a separate performance obligation as the product and installation is the combined item promised in digital signage contracts. The Company is not always responsible for installation of products it sells and has no post-installation responsibilities other than standard warranties.

 

A number of the Company's display solutions and select lighting products are customized for specific customers. As a result, these customized products do not have an alternative use. For these products, the Company has a legal right to payment for performance to date and generally does not accept returns on these items. The measurement of performance is based upon cost plus a reasonable profit margin for work completed. Because there is no alternative use and there is a legal right to payment, the Company transfers control of the item as the item is being produced and therefore recognizes revenue over time. The customized product types are as follows:

 

 

●

Customer specific metal and millwork branded products and branded print graphics
 

●

Electrical components based on customer specifications
 

●

Digital signage and related media content

 

The Company also offers installation services for its display solutions elements and select lighting products. Installation revenue is recognized over time as the customer simultaneously receives and consumes the benefits provided through the installation process.

 

For these customized products and installation services, revenue is recognized using a cost-based input method: recognizing revenue and gross profit as work is performed based on the relationship between the actual cost incurred and the total estimated cost for the performance obligation.

 

On occasion, the Company enters into bill-and-hold arrangements on a limited basis. Each bill-and-hold arrangement is reviewed and revenue is recognized only when certain criteria have been met: (1) the customer has requested delayed delivery and storage of the products by the Company because the customer wants to secure a supply of the products but lacks storage space; (ii) the risk of ownership has passed to the customer; (iii) the products are segregated from the Company’s other inventory items held for sale; (iv) the products are ready for shipment to the customer; and (v) the Company does not have the ability to use the products or direct them to another customer.

 

Disaggregation of Revenue

 

The Company disaggregates the revenue from contracts with customers by the timing of revenue recognition because the Company believes it best depicts the nature, amount, and timing of its revenue and cash flows. The table below presents a reconciliation of the disaggregation by reportable segments:

 

   

Three Months Ended

  

(In thousands)

  

March 31, 2025

    

March 31, 2024

  
   

Lighting

Segment

    

Display

Solutions

Segment

    

Lighting

Segment

    

Display

Solutions

Segment

  

Timing of revenue recognition

                                

Products and services transferred at a point in time

   $ 49,258     $ 60,215     $ 53,619     $ 30,304  

Products and services transferred over time

     9,709       13,299       11,263       13,000  
    $ 58,967     $ 73,514     $ 64,882     $ 43,304  

 

 

   

Three Months Ended

  
   

March 31, 2025

    

March 31, 2024

  
   

Lighting

Segment

    

Display

Solutions

Segment

    

Lighting

Segment

    

Display

Solutions

Segment

  

Type of Product and Services

                                

LED lighting, digital signage solutions, electronic circuit boards

   $ 48,403     $ 3,867     $ 53,917     $ 8,321  

Poles, other display solution elements

     9,960       54,592       10,181       26,628  

Project management, installation services, shipping and handling

     604       15,055       784       8,355  
    $ 58,967     $ 73,514     $ 64,882     $ 43,304  

 

 

   

Nine Months Ended

  
   

March 31, 2025

    

March 31, 2024

  
   

Lighting

Segment

    

Display

Solutions

Segment

    

Lighting

Segment

    

Display

Solutions

Segment

  

Timing of revenue recognition

                                

Products and services transferred at a point in time

   $ 145,835     $ 190,355     $ 165,890     $ 99,560  

Products and services transferred over time

     29,779       52,341       31,428       43,754  
    $ 175,614     $ 242,696     $ 197,318     $ 143,314  

 

 

   

Nine Months Ended

  
   

March 31, 2025

    

March 31, 2024

  
   

Lighting

Segment

    

Display

Solutions

Segment

    

Lighting

Segment

    

Display

Solutions

Segment

  

Type of Product and Services

                                

LED lighting, digital signage solutions, electronic circuit boards

   $ 143,412     $ 21,613     $ 162,524     $ 26,045  

Poles, other display solution elements

     30,298       171,021       32,532       86,326  

Project management, installation services, shipping and handling

     1,904       50,062       2,262       30,943  
    $ 175,614     $ 242,696     $ 197,318     $ 143,314  

 

Practical Expedients and Exemptions

 

 

●

The Company’s contracts with customers have an expected duration of one year or less, as such, the Company applies the practical expedient to expense sales commissions as incurred and has omitted disclosures on the amount of remaining performance obligations.
 

●

Shipping costs that are not material in context of the delivery of products are expensed as incurred.
 

●

The Company’s accounts receivable balance represents the Company’s unconditional right to receive payment from its customers with contracts. Payments are generally due within 30 to 90 days of completion of the performance obligation and invoicing; therefore, payments do not contain significant financing components.
 

●

The Company collects sales tax and other taxes concurrent with revenue-producing activities which are excluded from revenue. Shipping and handling costs are treated as fulfillment activities and included in cost of products and services sold on the Consolidated Statements of Operations.

 

New Accounting Pronouncements:

 

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to SEC's Disclosure Update and Simplification Initiative. This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments, but it does not anticipate that the adoption of the new guidance will have a material impact on the Company’s consolidated financial statements and related disclosures. The Company will continue to evaluate the impact of this guidance on its consolidated financial statements.

 

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard requires interim and annual disclosure of significant segment expenses that are regularly provided to the chief operating decision-maker ("CODM") and included within the reported measure of a segment’s profit or loss, requires interim disclosures about a reportable segment’s profit or loss and assets that are currently required annually, requires disclosure of the position and title of the CODM, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and contains other disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect of this new guidance on its consolidated financial statements and related disclosures.

 

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires additional disclosures of various income tax components that affect the rate reconciliation based on the applicable taxing jurisdictions, as well as the qualitative and quantitative aspects of those components. The standard also requires information pertaining to taxes paid to be disaggregated for federal, state and foreign taxes, and contains other disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the effect of this new guidance on its consolidated financial statements and related disclosures.
v3.25.1
Note 3 - Acquisition of EMI Industries, LLC
 9 Months Ended
Mar. 31, 2025
EMI Industries [Member]  
Notes to Financial Statements  
Business Combination [Text Block]

NOTE 3 — ACQUISITION OF EMI INDUSTRIES, LLC

 

On April 18, 2024, the Company entered into and consummated the transactions contemplated by an asset purchase agreement with EMI Industries, LLC (EMI), a Florida-based metal and millwork manufacturer of standard and customized fixtures, displays and equipment for the convenience store, supermarket and restaurant industries, for $50.0 million, of which $0.1 million of the purchase price was retained pending a review of the acquired working capital. In the first quarter of fiscal 2025, the company funded an additional $59,000 related to the final settlement of the acquired working capital. The Company incurred acquisition-related costs totaling $1.0 million which are included in the selling and administrative expense line of the consolidated statements of operations. The acquisition of EMI will further expand LSI’s vertical market presence within Grocery, C-Store, and QSR/Restaurant, while providing a compelling entry point into other diverse markets. The Company funded the acquisition totaling $49.9 million with a combination of cash on hand and from the $75 million revolving line of credit.

 

The Company accounted for this transaction as a business combination. The Company has allocated the purchase price of approximately $49.9 million which includes an estimate of customary post-closing purchase price adjustments to the assets acquired and liabilities assumed at estimated fair values, and the excess of the purchase price over the aggregate fair values is recorded as goodwill. This allocation of the final determination of the purchase price was finalized in fiscal 2025, as well as the potential revision resulting from the finalization of pre-acquisition tax filings. The preliminary allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed as of April 18, 2024, is as follows:

 

(In thousands)

  

April 18, 2024 as

initially reported

   

Adjustments

   

April 18, 2024 as

adjusted

 
                         

Accounts Receivable

   $ 11,386     $ -     $ 11,386  

Inventory

     12,246       -       12,246  

Property, Plant and Equipment

     7,719       -       7,719  

Operating Lease Right-Of-Use Assets

     8,734       -       8,734  

Other Assets

     1,176       -       1,176  

Intangible Assets

     15,670       -       15,670  

Accounts Payable

     (7,103 )     -       (7,103 )

Accrued Expenses

     (6,308 )     -       (6,308 )

Operating Lease Liabilities

     (5,987 )     -       (5,987 )

Identifiable Assets

     37,533       -       37,533  

Goodwill

     12,367       59       12,426  

Net Purchase Consideration

   $ 49,900     $ 59     $ 49,959  

 

The gross amount of accounts receivable acquired was $11.9 million.

 

Goodwill recorded from the acquisition of EMI is attributable to the impact of the positive cash flow from EMI in addition to expected synergies from the business combination. The goodwill resulting from the acquisition is deductible for tax purposes. The trade name and technology used an income (relief from royalty) approach, the non-compete used an income (with or without) approach, and the customer relationships used an income (excess earnings) approach. The following table presents the details of the intangible assets acquired at the date of acquisition:

 

(in thousands)

  

Estimated Fair

Value

    

Estimated Useful

Life (Years)

  
                 
                 

Tradename

   $ 4,880    

Indefinite life

  

Technology assets

     3,160       7  

Non-compete

     140       5  

Customer relationships

     7,490       20  
    $ 15,670          

 

EMI’s post-acquisition results of operations for the period from April 18, 2024, through June 30, 2024, are included in the Company’s Consolidated Statements of Operations. Since the acquisition date, net sales of EMI for the period from April 18, 2024, through June 30, 2024, were $18.1 million and operating income was $0.7 million. The operating results of EMI are included in the Display Solutions Segment.

 

Pro Forma Impact of the Acquisition of EMI (Unaudited)

 

The following table represents unaudited pro forma results of operations and gives effect to the acquisition of EMI as if the transaction had occurred on July 1, 2022. The unaudited pro forma results of operations have been prepared for comparative purposes only and are not necessarily indicative of what would have occurred had the business combination been completed at the beginning of the period or the results that may occur in the future. Furthermore, the unaudited pro forma financial information does not reflect the impact of any synergies or operating efficiencies resulting from the acquisition of EMI.

 

The unaudited pro forma financial information for the twelve months ended June 30, 2024, and June 30, 2023, is prepared using the acquisition method of accounting and has been adjusted to reflect the pro forma events that are: (1) directly attributable to the acquisition; (2) factually supportable; and (3) expected to have a continuing impact on the combined results. The fiscal 2024 unaudited pro forma operating income of $36.3 million excludes acquisition-related expenses of $1.0 million.

 

 

   

Twelve Months Ended
June 30

 

(in thousands; unaudited)

                
   

2024

   

2023

 

Sales

   $ 535,849     $ 578,169  
                 

Gross Profit

   $ 141,788     $ 147,967  
                 

Operating Income

   $ 36,303     $ 38,798  
v3.25.1
Note 4 - Acquisition of Canada's Best Holdings
 9 Months Ended
Mar. 31, 2025
CBH [Member]  
Notes to Financial Statements  
Business Combination [Text Block]

NOTE 4— ACQUISITION OF CANADA’S BEST HOLDINGS

 

On March 11, 2025, the Company executed and closed on an asset purchase agreement with Canada’s Best Holdings (CBH), an Ontario Canada-based leading provider of retail fixtures and custom store design solutions for grocery, quick service restaurant, c-store, banking, and specialty retail environments, for $25.9 million, subject to a working capital adjustment and future potential earnout payment up to $7.0M as of the acquisition date for a total purchase consideration of $27.4M. The future earnout payments include revenue and EBITDA goals for the fiscal years ending June 30,2026 and June 30, 2027. The Company incurred acquisition-related costs totaling $0.8 million which are included in the selling and administrative expense line of the consolidated statements of operations. The Company funded the acquisition totaling $27.4 million with a combination of cash on hand and from the $75 million revolving line of credit.

 

The Company accounted for this transaction as a business combination. The Company has preliminarily allocated the purchase price of approximately $27.4 million which includes an estimate of customary post-closing purchase price adjustments to the assets acquired and liabilities assumed at estimated fair values, and the excess of the purchase price over the aggregate fair values is recorded as goodwill. This preliminary allocation is subject to the final determination of the purchase price which will be finalized in fiscal 2026, as well as potential revision resulting from the finalization of pre-acquisition tax filings and earnout payment calculations. The Company is in the process of finalizing third party valuations of certain assets including fixed assets and intangible assets. The preliminary allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed as of March 11, 2025, is as follows:

 

   

March 11, 2025 as

initially reported

 

(In thousands)

        

Cash and cash equivalents

   $ 4,592  

Accounts receivable

     3,907  

Inventory

     4,287  

Property, plant and equipment

     640  

Operating lease right-of-use assets

     5,211  

Other assets

     204  

Intangible assets

     9,955  

Accounts payable

     (29 )

Accrued expenses

     (472 )

Operating lease liabilities

     (2,954 )
Deferred tax liability     (3,700 )

Identifiable assets

     21,641  

Goodwill

     5,748  

Net purchase consideration

   $ 27,389  

 

The gross amount of accounts receivable is $4.3 million.

 

Goodwill recorded from the acquisition of CBH is attributable to the impact of the positive cash flow from CBH in addition to expected synergies from the business combination. The intangible assets include amounts recognized for the fair value of the trade name, non-compete agreements and customer relationships. The fair value of the intangible assets was determined based upon the income (discounted cash flow) approach. The following table presents the details of the intangible assets acquired at the date of acquisition:

 

 

Estimated Fair

Value

Estimated Useful Life

(Years)
         

(in thousands)

        

Tradename

 $ 1,009   10

Non-compete agreements

   220   3 - 5

Customer relationships

   8,726   15
  $ 9,955    

 

The preliminary fair market value write-up of the property, plant, and equipment totaled $0.6 million. The Company expects more transaction costs to follow in the fourth quarter.

 

CBH’s post-acquisition results of operations for the period from March 11, 2025, through March 31, 2025, are included in the Company’s Consolidated Statements of Operations. Since the acquisition date, net sales of CBH for the period from March 11, 2025, through March 31, 2025, were $1.4 million and operating income was $0.3 million. The operating results of CBH are included in the Display Solutions Segment.

 

Pro Forma Impact of the Acquisition of CBH (Unaudited)

 

The following table represents unaudited pro forma results of operations and gives effect to the acquisition of CBH as if the transaction had occurred on July 1, 2023. The unaudited pro forma results of operations have been prepared for comparative purposes only and are not necessarily indicative of what would have occurred had the business combination been completed at the beginning of the period or the results that may occur in the future. Furthermore, the unaudited pro forma financial information does not reflect the impact of any synergies or operating efficiencies resulting from the acquisition of CBH.

 

The unaudited pro forma financial information for the twelve months ended June 30, 2024 is prepared using the acquisition method of accounting and has been adjusted to effect to the pro forma events that are: (1) directly attributable to the acquisition; (2) factually supportable; and (3) expected to have a continuing impact on the combined results. The unaudited pro forma operating income of $41.3 million excludes acquisition-related expenses of $0.8 million.

 

   

Twelve Month Ended

  
    June 30  

(in thousands; unaudited)

  

2024

  

Sales

   $ 496,965  
         

Gross Profit

   $ 142,984  
         

Operating Income

   $ 41,337  
v3.25.1
Note 5 - Segment Reporting Information
 9 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 5 - SEGMENT REPORTING INFORMATION

 

The accounting guidance on Segment Reporting establishes standards for reporting information regarding operating segments in annual financial statements and requires selected information of those segments to be presented in financial statements. Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision maker (the Company’s Chief Executive Officer or “CODM”) in making decisions on how to allocate resources and assess performance. The Company’s two operating segments are Lighting and Display Solutions, with one executive team under the organizational structure reporting directly to the CODM with responsibilities for managing each segment. Corporate and Eliminations, which captures the Company’s corporate administrative activities, is also reported in the segment information.

 

The Lighting Segment includes non-residential outdoor and indoor lighting fixtures utilizing LED light sources that have been fabricated and assembled for the Company’s markets, primarily the refueling and convenience store markets, parking lot and garage markets, quick-service restaurant market, retail and grocery store markets, the automotive market, the warehouse market, and the sports court and field market. The Company also services lighting product customers through the commercial and industrial project, stock and flow, and renovation channels. In addition to the manufacture and sale of lighting fixtures, the Company offers a variety of lighting controls to complement its lighting fixtures which include sensors, photocontrols, dimmers, motion detection and Bluetooth systems. The Lighting Segment also includes the design, engineering and manufacturing of electronic circuit boards, assemblies and sub-assemblies which are sold directly to customers.

 

The Display Solutions Segment manufactures, sells and installs exterior and interior visual image and display elements, including printed graphics, structural graphics, digital signage, menu board systems, millwork display fixtures, refrigerated displays, food equipment, countertops, and other custom display elements. These products are used in visual image programs in several markets including the refueling and convenience store markets, parking lot and garage markets, quick-service and casual restaurant market, retail and grocery store, and other retail markets. The Company accesses its customers primarily through a direct sale model utilizing its own sales force. Sales through distribution represents a small portion of Display Solutions sales. The Display Solutions Segment also provides a variety of project management services to complement our display elements, such as installation management, site surveys, permitting, and content management which are offered to our customers to support our digital signage.

 

The Company’s corporate administration activities are reported in the Corporate and Eliminations line item. These activities primarily include intercompany profit in inventory eliminations, expense related to certain corporate officers and support staff, the Company’s internal audit staff, expense related to the Company’s Board of Directors, equity compensation expense for various equity awards granted to corporate administration employees, certain consulting expenses, investor relations activities, and a portion of the Company’s legal, auditing, and professional fee expenses. Corporate identifiable assets primarily consist of cash, invested cash (if any), refundable income taxes (if any), and deferred income taxes. 

 

There were no customers or customer programs representing a concentration of 10% or more of the Company’s consolidated net sales in the three and nine months ended March 31, 2025, or 2024. There was no concentration of accounts receivable at March 31, 2025, or 2024.

 

Summarized financial information for the Company’s operating segments is provided for the indicated periods and as of March 31, 2025, and March 31, 2024:

 

   

Three Months Ended

    

Nine Months Ended

  

(In thousands)

  

March 31

    

March 31

  
   

2025

    

2024

    

2025

    

2024

  

Net Sales:

                                

Lighting Segment

   $ 58,967     $ 64,882     $ 175,614     $ 197,318  

Display Solutions Segment

     73,514       43,304       242,696       143,314  
    $ 132,481     $ 108,186     $ 418,310     $ 340,632  
                                 

Operating Income (Loss):

                                

Lighting Segment

   $ 7,154     $ 7,268     $ 18,885     $ 24,877  

Display Solutions Segment

     4,510       4,064       20,344       14,585  

Corporate and Eliminations

     (5,429 )     (3,672 )     (15,404 )     (12,955 )
    $ 6,235     $ 7,660     $ 23,825     $ 26,507  
                                 

Capital Expenditures:

                                

Lighting Segment

   $ 246     $ 999     $ 1,467     $ 3,012  

Display Solutions Segment

     358       167       934       1,215  

Corporate and Eliminations

     86       111       114       399  
    $ 690     $ 1,277     $ 2,515     $ 4,626  
                                 

Depreciation and Amortization:

                                

Lighting Segment

   $ 1,284     $ 1,342     $ 3,778     $ 3,944  

Display Solutions Segment

     1,693       982       4,984       2,946  

Corporate and Eliminations

     84       90       258       253  
    $ 3,061     $ 2,414     $ 9,020     $ 7,143  

 

 

   

March 31,
2025

    

June 30,
2024

  

Total Assets:

                

Lighting Segment

   $ 122,109     $ 130,695  

Display Solutions Segment

     252,436       208,248  

Corporate and Eliminations

     10,020       9,857  
    $ 384,565     $ 348,800  

 

The segment net sales reported above represent sales to external customers. Segment operating income, which is used in management’s evaluation of segment performance, represents net sales less all operating expenses. Identifiable assets are those assets used by each segment in its operations.

 

The Company records a 10% mark-up on intersegment revenues. Any inter-segment profit in inventory is eliminated in consolidation. Intersegment revenues were eliminated in consolidation as follows:

 

Inter-segment sales

                                
   

Three Months Ended

    

Nine Months Ended

  

(In thousands)

  

March 31

    

March 31

  
   

2025

    

2024

    

2025

    

2024

  

Lighting Segment inter-segment net sales

   $ 3,334     $ 6,318     $ 15,371     $ 18,468  
                                 

Display Solutions Segment inter-segment net sales

   $ 283     $ 96     $ 587     $ 536  

 
v3.25.1
Note 6 - Earnings Per Common Share
 9 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 6 - EARNINGS PER COMMON SHARE

 

The following table presents the amounts used to compute basic and diluted earnings per common share, as well as the effect of dilutive potential common shares on weighted average shares outstanding:

 

   

Three Months Ended

    

Nine Months Ended

  
   

March 31

    

March 31

  
   

2025

    

2024

    

2025

    

2024

  
                                 

BASIC EARNINGS PER SHARE

                                
                                 

Net income

   $ 3,883     $ 5,375     $ 16,212     $ 19,309  
                                 

Weighted average shares outstanding during the period, net of treasury shares

     28,904       28,084       28,754       27,933  

Weighted average vested restricted stock units outstanding

     71       75       78       78  

Weighted average shares outstanding in the Deferred Compensation Plan during the period

     1,028       1,004       1,009       970  

Weighted average shares outstanding

     30,003       29,163       29,841       28,981  
                                 

Basic earnings per common share

   $ 0.13     $ 0.18     $ 0.54     $ 0.67  
                                 
                                 

DILUTED EARNINGS PER SHARE

                                
                                 

Net income

   $ 3,883     $ 5,375     $ 16,212     $ 19,309  
                                 

Weighted average shares outstanding:

                                
                                 

Basic

     30,003       29,163       29,841       28,981  
                                 

Effect of dilutive securities (a):

                                

Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any

     963       959       949       1,024  

Weighted average shares outstanding

     30,966       30,122       30,790       30,005  
                                 

Diluted earnings per common share

   $ 0.13     $ 0.18     $ 0.53     $ 0.64  
                                 
                                 

Anti-dilutive securities (b)

     35       3       265       10  

 

 

(a)

Calculated using the “Treasury Stock” method as if dilutive securities were exercised and the funds were used to purchase common shares at the average market price during the period.

 

 

(b)

Anti-dilutive securities were excluded from the computation of diluted net income per share for the three and nine months ended March 31, 2025, and March 31, 2024, because the exercise price was greater than the average fair market price of the common shares or because the assumed proceeds from the award’s exercise or vesting was greater than the average fair market price of the common shares.
v3.25.1
Note 7 - Inventories, Net
 9 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Inventory Disclosure [Text Block]

NOTE 7 – INVENTORIES, NET

 

The following information is provided as of the dates indicated:

 

   

March 31,

    

June 30,

  

(In thousands)

  

2025

    

2024

  
                 

Inventories:

                

Raw materials

   $ 55,311     $ 52,644  

Work-in-progress

     7,009       6,244  

Finished goods

     12,142       12,025  

Total Inventories

   $ 74,462     $ 70,913  

 
v3.25.1
Note 8 - Accrued Expenses
 9 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

NOTE 8 - ACCRUED EXPENSES

 

The following information is provided as of the dates indicated:

 

   

March 31,

    

June 30,

  

(In thousands)

  

2025

    

2024

  
                 

Accrued Expenses:

                

Customer prepayments

   $ 6,639     $ 8,475  

Compensation and benefits

     11,865       9,704  

Accrued warranty

     7,079       6,623  

Operating lease liabilities

     5,339       5,560  

Accrued sales commissions

     2,596       3,937  

Accrued Freight

     1,759       2,270  

Accrued FICA

     588       513  

Finance lease liabilities

     327       324  

Other accrued expenses

     5,678       6,038  

Total Accrued Expenses

   $ 41,870     $ 43,444  
v3.25.1
Note 9 - Goodwill and Other Intangible Assets
 9 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 9 - GOODWILL AND OTHER INTANGIBLE ASSETS

 

The carrying values of goodwill and other intangible assets with indefinite lives are reviewed at least annually for possible impairment. The Company may first assess qualitative factors in order to determine if goodwill and indefinite-lived intangible assets are impaired. If through the qualitative assessment it is determined that it is more likely than not that goodwill and indefinite-lived assets are not impaired, no further testing is required. If it is determined more likely than not that goodwill and indefinite-lived assets are impaired, or if the Company elects not to first assess qualitative factors, the Company’s impairment testing continues with the estimation of the fair value of the reporting unit using a combination of a market approach and an income (discounted cash flow) approach, at the reporting unit level. The estimation of the fair value of the reporting unit requires significant management judgment with respect to revenue and expense growth rates, changes in working capital and the selection and use of an appropriate discount rate. The estimates of the fair value of reporting units are based on the best information available as of the date of the assessment. The use of different assumptions would increase or decrease estimated discounted future operating cash flows and could increase or decrease an impairment charge. Company management uses its judgment in assessing whether assets may have become impaired between annual impairment tests. Indicators such as adverse business conditions, economic factors and technological change or competitive activities may signal that an asset has become impaired. 

 

The Company identified its reporting units in conjunction with its annual goodwill impairment testing. The Company has a total of five reporting units that contain goodwill. One reporting unit is within the Lighting Segment and four reporting units are within the Display Solutions Segment. The tradename intangible assets have an indefinite life and are also tested separately on an annual basis. The Company relies upon a number of factors, judgments and estimates when conducting its impairment testing including, but not limited to, the Company’s stock price, operating results, forecasts, anticipated future cash flows, and marketplace data. There are inherent uncertainties related to these factors and judgments in applying them to the analysis of goodwill impairment.

 

The following table presents information about the Company's goodwill on the dates or for the periods indicated:

 

Goodwill

          

Display

          

(In thousands)

  

Lighting

    

Solutions

          
   

Segment

    

Segment

    

Total

  

Balance as of March 31, 2025

                        

Goodwill

   $ 70,971     $ 81,521     $ 152,492  

Accumulated impairment losses

     (61,763 )     (27,525 )     (89,288 )

Goodwill, net as of March 31, 2025

   $ 9,208     $ 53,996     $ 63,204  
                         

Balance as of June 30, 2024

                        

Goodwill

   $ 70,971     $ 75,714     $ 146,685  

Accumulated impairment losses

     (61,763 )     (27,525 )     (89,288 )

Goodwill, net as of June 30, 2024

   $ 9,208     $ 48,189     $ 57,397  

 

The gross carrying amount and accumulated amortization by each major intangible asset class is as follows:

 

Other Intangible Assets

  

March 31, 2025

  

(In thousands)

  

Gross

                  
   

Carrying

   

Accumulated

    

Net

  
   

Amount

    

Amortization

    

Amount

  

Amortized Intangible Assets

                        

Customer relationships

   $ 78,299     $ 24,206     $ 54,093  

Patents

     268       268       -  

LED technology firmware, software

     24,126       18,285       5,841  

Trade name

     3,667       1,351       2,316  

Non-compete

     620       245       375  

Total Amortized Intangible Assets

     106,980       44,355       62,625  
                         

Indefinite-lived Intangible Assets

                        

Trademarks and trade names

     16,982       -       16,982  

Total indefinite-lived Intangible Assets

     16,982       -       16,982  
                         

Total Other Intangible Assets

   $ 123,962     $ 44,355     $ 79,607  

 

Other Intangible Assets

  

June 30, 2024

  

(In thousands)

  

Gross

                  
   

Carrying

   

Accumulated

    

Net

  
   

Amount

    

Amortization

    

Amount

  

Amortized Intangible Assets

                        

Customer relationships

   $ 69,573     $ 21,332     $ 48,241  

Patents

     268       268       -  

LED technology firmware, software

     24,126       17,058       7,068  

Trade name

     2,658       1,265       1,393  

Non-compete

     400       168       232  

Total Amortized Intangible Assets

     97,025       40,091       56,934  
                         

Indefinite-lived Intangible Assets

                        

Trademarks and trade names

     16,982       -       16,982  

Total indefinite-lived Intangible Assets

     16,982       -       16,982  
                         

Total Other Intangible Assets

   $ 114,007     $ 40,091     $ 73,916  

 

   

Three Months Ended

    

Nine Months Ended

  
   

March 31

    

March 31

  

(In thousands)

  

2025

    

2024

    

2025

    

2024

  
                                 

Amortization Expense of Other Intangible Assets

   $ 1,448     $ 1,190     $ 4,264     $ 3,570  

 

The Company expects to record annual amortization expense as follows:

 

(In thousands)

        
         

2025

   $ 5,864  

2026

   $ 6,366  

2027

   $ 6,136  

2028

   $ 5,704  

2029

   $ 5,058  

After 2029

   $ 37,762  

 
v3.25.1
Note 10 - Debt
 9 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Debt Disclosure [Text Block]

NOTE 10 - DEBT

 

The Company’s long-term debt as of March 31, 2025, and June 30, 2024, consisted of the following:

 

   

March 31,

    

June 30,

  

(In thousands)

  

2025

    

2024

  
                 

Secured line of credit

   $ 42,868     $ 38,766  

Term loan, net of debt issuance costs of $10 and $14, respectively

     12,492       15,463  

Total debt

   $ 55,360     $ 54,229  

Less: amounts due within one year

     3,571       3,571  

Total amounts due after one year, net

   $ 51,789     $ 50,658  

 

In September 2021, the Company amended its existing $100 million secured line of credit, to a $25 million term loan and $75 million remaining as a secured revolving line of credit. Both facilities expire in the first quarter of fiscal 2027. The principal of the term loan is repaid annually in the amount of $3.6 million over a five-year period with a balloon payment of the remaining balance due last month. Interest on both the revolving line of credit and the term loan is charged based upon an increment over the Secured Overnight Financing Rate (SOFR) or a base rate, at the Company’s option. The base rate is calculated as the highest of (a) the Prime rate, (b) the sum of the Overnight Funding Rate plus 50 basis points and (c) the sum of the Daily SOFR Rate plus 100 basis points. The increment over the SOFR borrowing rate fluctuates between 100 and 225 basis points, and the increment over the Base Rate fluctuates between 0 and 125 basis points, both of which depend upon the ratio of indebtedness to earnings before interest, taxes, depreciation, and amortization (“EBITDA”), as defined in the line of credit agreement. As of March 31, 2025, the Company’s borrowing rate against its revolving line of credit was 5.4%. The increment over the SOFR borrowing rate will be 100 basis points for the fourth quarter of fiscal 2025. The fee on the unused balance of the $75 million committed line of credit fluctuates between 15 and 25 basis points. Under the terms of this line of credit, the Company is required to comply with financial covenants that limit the ratio of indebtedness to EBITDA and require a minimum fixed charge ratio. As of March 31, 2025, there was $32.1 million available for borrowing under the $75 million line of credit.

 

The Company is in compliance with all of its loan covenants as of March 31, 2025.
v3.25.1
Note 11 - Cash Dividends
 9 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Equity [Text Block]

NOTE 11 - CASH DIVIDENDS

 

The Company paid cash dividends of $4.5 million and $4.3 million for the nine months ended March 31, 2025, and March 31, 2024, respectively. Dividends on restricted stock units in the amount of $0.2 million were accrued as of both March 31, 2025, and 2024, respectively. These dividends will be paid upon the vesting of the restricted stock units when shares are issued to the award recipients. In April 2025, the Board of Directors declared a regular quarterly cash dividend of $0.05 per share payable May 13, 2025, to shareholders of record as May 5, 2025. The indicated annual cash dividend rate is $0.20 per share.
v3.25.1
Note 12 - Equity Compensation
 9 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

NOTE 12 – EQUITY COMPENSATION

 

In November 2022, the Company's shareholders approved the amendment and restatement of the 2019 Omnibus Award Plan ("2019 Omnibus Plan") which increased the number of shares authorized for issuance under the plan by 2,350,000 and removed the Plan's fungible share counting feature. The purpose of the 2019 Omnibus Plan is to provide a means to attract and retain key personnel and to align the interests of the directors, officers, and employees with the Company's shareholders. The plan also provides a vehicle whereby directors and officers may acquire shares in order to meet the ownership requirements under the Company's Stock Ownership Policy. The 2019 Omnibus Plan allows for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units (‘RSUs”), performance stock units ("PSUs") and other awards. Except for RSU grants which are time-based, participants in the Company's Long-Term Equity Compensation Plans are awarded the opportunity to acquire shares over a three-year performance measurement period tied to specific company performance metrics. The number of shares that remain reserved for issuance under the 2019 Omnibus Plan is 1,374,537 as of March 31, 2025.

 

In the first nine months of fiscal 2025, the Company granted 160,826 PSUs and 107,217 RSUs, both with a weighted average market value of $14.92. Stock compensation expense was $1.0 million and $0.9 million for the three months ended March 31, 2025, and 2024, respectively, and $3.2 million and $2.9 million in the nine months ended March 31, 2025, and 2024, respectively.

 

In November of 2021, our board of directors approved the LSI Employee Stock Purchase Plan (“ESPP”). A total of 270,000 shares of common stock were provided for issuance under the ESPP. Employees may participate at their discretion and are able to purchase, through payroll deduction, common stock at a 10% discount on a quarterly basis. Employees may end their participation at any time during the offering period, and participation ends automatically upon termination of employment with the company. During fiscal year 2025, employees purchased 12,000 shares. At March 31, 2025, 230,000 shares remained available for purchase under the ESPP.
v3.25.1
Note 13 - Supplemental Cash Flow Information
 9 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Cash Flow, Supplemental Disclosures [Text Block]

NOTE 13 - SUPPLEMENTAL CASH FLOW INFORMATION

 

   

Nine Months Ended

  

(In thousands)

  

March 31

  
   

2025

    

2024

  

Cash Payments:

                

Interest

   $ 2,036     $ 1,122  

Income taxes

   $ 4,201     $ 6,317  
                 

Non-cash investing and financing activities

                

Issuance of common shares as compensation

   $ 337     $ 338  

Issuance of common shares to fund deferred compensation plan

   $ 1,441     $ 1,374  

Issuance of common shares to fund ESPP plan

   $ 159     $ 145  
v3.25.1
Note 14 - Commitments and Contingencies
 9 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

NOTE 14 - COMMITMENTS AND CONTINGENCIES

 

The Company is party to various negotiations, customer bankruptcies, and legal proceedings arising in the normal course of business. The Company provides reserves for these matters when a loss is probable and reasonably estimable. The Company does not disclose a range of potential loss because the likelihood of such a loss is remote. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position, results of operations, cash flows or liquidity.

 

The Company may occasionally issue a standby letter of credit in favor of third parties. As of March 31, 2025, there were no standby letters of credit issued.
v3.25.1
Note 15 - Leases
 9 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Lessee, Leases [Text Block]

NOTE 15 - LEASES

 

The Company leases certain manufacturing facilities along with a small office space, several forklifts, several small tooling items, and various items of office equipment. All but two of the Company’s leases are operating leases. Leases have a remaining term of one to seven years some of which have an option to renew. The Company does not assume renewals in determining the lease term unless the renewals are deemed reasonably certain. The lease agreements do not contain any material residual guarantees or material variable lease payments. The number of operating leases increased in fiscal 2024 as a result of the acquisition of EMI; most of EMI’s operating leases are building leases. The number of operating leases increased in fiscal 2025 as a result of the acquisition of CBH; most of CBH’s operating leases are building leases.

 

The Company has periodically entered into short-term operating leases with an initial term of twelve months or less. The Company elected not to record these leases on the balance sheet. The rent expense for these leases was immaterial for March 31, 2025, and 2024.

 

The Company has certain leases that contain lease and non-lease components and has elected to utilize the practical expedient to account for these components together as a single lease component.

 

Lease expense is recognized on a straight-line basis over the lease term. The Company used its incremental borrowing rate when determining the present value of lease payments.

 

   

Three Months Ended

    

Nine Months Ended

  
   

March 31

    

March 31

  

(In thousands)

  

2025

    

2024

    

2025

    

2024

  
                                 

Operating lease cost

   $ 1,679     $ 993     $ 4,910     $ 2,893  

Financing lease cost:

                                

Amortization of right of use assets

     73       73       218       219  

Interest on lease liabilities

     9       13       30       41  

Variable lease cost

     -       22       7       65  

Sublease income

     -       (116 )     (39 )     (348 )

Total lease cost

   $ 1,761     $ 985     $ 5,126     $ 2,870  

 

Supplemental Cash Flow Information:

  

Nine Months Ended

  
   

March 31

  

(In thousands)

  

2025

    

2024

  
                 

Cash flows from operating leases

                

Fixed payments - operating cash flows

   $ 5,055     $ 2,806  

Liability reduction - operating cash flows

   $ 4,328     $ 2,421  
                 

Cash flows from finance leases

                

Interest - operating cash flows

   $ 30     $ 41  

Repayments of principal portion - financing cash flows

   $ 253     $ 241  

 

Operating Leases:

  

March 31,

    

June 30,

 
   

2025

    

2024

  
                 

Total operating right-of-use assets

   $ 17,682     $ 15,912  
                 

Accrued expenses (Current liabilities)

   $ 5,339     $ 5,560  

Long-term operating lease liability

     13,162       11,267  

Total operating lease liabilities

   $ 18,501     $ 16,827  
                 

Weighted Average remaining Lease Term (in years)

     3.49       3.49  
                 

Weighted Average Discount Rate

     5.74 %     5.90 %

 

Finance Leases:

  

March 31,

    

June 30,

 
   

2025

    

2024

  
                 

Buildings under finance leases

   $ 2,033     $ 2,033  

Equipment under finance leases

     -       41  

Accumulated depreciation

     (1,428 )     (1,232 )

Total finance lease assets, net

   $ 605     $ 842  
                 

Accrued expenses (Current liabilities)

   $ 327     $ 324  

Long-term finance lease liability

     383       636  

Total finance lease liabilities

   $ 710     $ 960  
                 

Weighted Average remaining Lease Term (in years)

     2.08       2.83  
                 

Weighted Average Discount Rate

     4.86 %     4.86 %

 

 

Maturities of Lease Liability:

  

Operating

Lease

Liabilities

    

Finance Lease

Liabilities

    

Operating

Subleases

    

Net Lease

Commitments

  

2025

   $ 5,339     $ 327     $ (38 )   $ 5,628  

2026

     5,957       362       -       6,319  

2027

     5,226       57       -       5,283  

2028

     2,311       -       -       2,311  

2029

     1,463       -       -       1,463  

Thereafter

     302       -       -       302  

Total lease payments

   $ 20,598     $ 746     $ (38 )   $ 21,306  

Less: Interest

     (2,097 )     (36 )             (2,133 )

Present Value of Lease Liabilities

   $ 18,501     $ 710             $ 19,173  
v3.25.1
Note 16 - Income Taxes
 9 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

NOTE 16 – INCOME TAXES

 

The Company's effective income tax rate is based on expected income, statutory rates, and tax planning opportunities available in the various jurisdictions in which it operates. For interim financial reporting, the Company estimates the annual income tax rate based on projected taxable income for the full year and records a quarterly income tax provision or benefit in accordance with the anticipated annual rate. The Company refines the estimates of the year's taxable income as new information becomes available, including actual year-to-date financial results. This continual estimation process often results in a change to the expected effective income tax rate for the year. When this occurs, the Company adjusts the income tax provision during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected income tax rate. Significant judgment is required in determining the effective tax rate and in evaluating tax positions.

 

   

Three Months Ended

    

Nine Months Ended

  
   

March 31

    

March 31

  
   

2025

    

2024

    

2025

    

2024

  

Reconciliation of effective tax rate:

                                
                                 

Provision for income taxes at the anticipated annual tax rate

     32.7

%

     25.3

%

     27.9 %     26.0 %

Uncertain tax positions

     1.3       2.6       0.2       0.3  

Other

     -       -       0.8       -  

Share-based compensation

     (3.4 )     -       (5.1 )     (2.9 )

Effective tax rate

     30.6

%

     27.9

%

     23.8 %     23.4 %
v3.25.1
Insider Trading Arrangements
 3 Months Ended 9 Months Ended
Mar. 31, 2025
Mar. 31, 2025
Trading Arrangements, by Individual [Table]    
Material Terms of Trading Arrangement [Text Block]  

ITEM 5. OTHER INFORMATION

 

In addition to the other information set forth in this report, careful consideration should be given to the factors discussed in Item 1A, “Risk Factors” in our Form 10-K for the year ended June 30, 2024, which could materially affect our business, financial condition or future results. The risks described therein are not the only risks facing us. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, also may adversely affect our business, financial condition and/or operating results. There have been no material changes with respect to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended June 30, 2024, which are incorporated herein by reference, except for the addition of the following:

 

Changes in United States and international trade policies may adversely impact our business and operating results.

The United States government has made statements and taken certain actions that may lead to potential changes to United States and international trade policies, including imposing tariffs or taxes. Our products are manufactured in the United States, and a significant portion of our revenues are domestic. Because some of our direct and downstream suppliers of components for our products are located in foreign countries, we are exposed to potential supply chain disruptions or delays and increasing costs in the event of changes in policies, laws, rules and regulations of the United States or foreign governments. Due to the global nature of our business, international results could be impacted. Implementation of tariffs or other trade measures by the United States government and reciprocal measures potentially enacted by other countries subject to such tariffs or other measures remains uncertain and may cause material short-term or long-term fluctuations in our results. These actions are unpredictable and could have a material adverse impact on our business, financial condition and results of operations.
Rule 10b5-1 Arrangement Adopted [Flag] false  
Non-Rule 10b5-1 Arrangement Adopted [Flag] false  
Rule 10b5-1 Arrangement Terminated [Flag] false  
Non-Rule 10b5-1 Arrangement Terminated [Flag] false  
v3.25.1
Significant Accounting Policies (Policies)
 9 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Consolidation, Policy [Policy Text Block]

Consolidation:

 

A summary of the Company’s significant accounting policies is included in Note 1 to the audited consolidated financial statements of the Company’s fiscal 2024 Annual Report on Form 10-K.
Revenue [Policy Text Block]

Revenue Recognition:

 

The Company recognizes revenue when it satisfies the performance obligation in its customer contracts or purchase orders. Most of the Company’s products have a single performance obligation which is satisfied at a point in time when control is transferred to the customer. Control is generally transferred at the time of shipment when title and risk of ownership passes to the customer. For customer contracts with multiple performance obligations, the Company allocates the transaction price and any discounts to each performance obligation based on relative standalone selling prices. Payment terms are typically within 30 to 90 days from the shipping date, depending on the terms with the customer. The Company offers standard warranties that do not represent separate performance obligations.

 

Installation is a separate performance obligation, except for the Company’s digital signage products. For digital signage products, installation is not a separate performance obligation as the product and installation is the combined item promised in digital signage contracts. The Company is not always responsible for installation of products it sells and has no post-installation responsibilities other than standard warranties.

 

A number of the Company's display solutions and select lighting products are customized for specific customers. As a result, these customized products do not have an alternative use. For these products, the Company has a legal right to payment for performance to date and generally does not accept returns on these items. The measurement of performance is based upon cost plus a reasonable profit margin for work completed. Because there is no alternative use and there is a legal right to payment, the Company transfers control of the item as the item is being produced and therefore recognizes revenue over time. The customized product types are as follows:

 

 

●

Customer specific metal and millwork branded products and branded print graphics
 

●

Electrical components based on customer specifications
 

●

Digital signage and related media content

 

The Company also offers installation services for its display solutions elements and select lighting products. Installation revenue is recognized over time as the customer simultaneously receives and consumes the benefits provided through the installation process.

 

For these customized products and installation services, revenue is recognized using a cost-based input method: recognizing revenue and gross profit as work is performed based on the relationship between the actual cost incurred and the total estimated cost for the performance obligation.

 

On occasion, the Company enters into bill-and-hold arrangements on a limited basis. Each bill-and-hold arrangement is reviewed and revenue is recognized only when certain criteria have been met: (1) the customer has requested delayed delivery and storage of the products by the Company because the customer wants to secure a supply of the products but lacks storage space; (ii) the risk of ownership has passed to the customer; (iii) the products are segregated from the Company’s other inventory items held for sale; (iv) the products are ready for shipment to the customer; and (v) the Company does not have the ability to use the products or direct them to another customer.

 

Disaggregation of Revenue

 

The Company disaggregates the revenue from contracts with customers by the timing of revenue recognition because the Company believes it best depicts the nature, amount, and timing of its revenue and cash flows. The table below presents a reconciliation of the disaggregation by reportable segments:

 

   

Three Months Ended

  

(In thousands)

  

March 31, 2025

    

March 31, 2024

  
   

Lighting

Segment

    

Display

Solutions

Segment

    

Lighting

Segment

    

Display

Solutions

Segment

  

Timing of revenue recognition

                                

Products and services transferred at a point in time

   $ 49,258     $ 60,215     $ 53,619     $ 30,304  

Products and services transferred over time

     9,709       13,299       11,263       13,000  
    $ 58,967     $ 73,514     $ 64,882     $ 43,304  

 

 

   

Three Months Ended

  
   

March 31, 2025

    

March 31, 2024

  
   

Lighting

Segment

    

Display

Solutions

Segment

    

Lighting

Segment

    

Display

Solutions

Segment

  

Type of Product and Services

                                

LED lighting, digital signage solutions, electronic circuit boards

   $ 48,403     $ 3,867     $ 53,917     $ 8,321  

Poles, other display solution elements

     9,960       54,592       10,181       26,628  

Project management, installation services, shipping and handling

     604       15,055       784       8,355  
    $ 58,967     $ 73,514     $ 64,882     $ 43,304  

 

 

   

Nine Months Ended

  
   

March 31, 2025

    

March 31, 2024

  
   

Lighting

Segment

    

Display

Solutions

Segment

    

Lighting

Segment

    

Display

Solutions

Segment

  

Timing of revenue recognition

                                

Products and services transferred at a point in time

   $ 145,835     $ 190,355     $ 165,890     $ 99,560  

Products and services transferred over time

     29,779       52,341       31,428       43,754  
    $ 175,614     $ 242,696     $ 197,318     $ 143,314  

 

 

   

Nine Months Ended

  
   

March 31, 2025

    

March 31, 2024

  
   

Lighting

Segment

    

Display

Solutions

Segment

    

Lighting

Segment

    

Display

Solutions

Segment

  

Type of Product and Services

                                

LED lighting, digital signage solutions, electronic circuit boards

   $ 143,412     $ 21,613     $ 162,524     $ 26,045  

Poles, other display solution elements

     30,298       171,021       32,532       86,326  

Project management, installation services, shipping and handling

     1,904       50,062       2,262       30,943  
    $ 175,614     $ 242,696     $ 197,318     $ 143,314  

 

Practical Expedients and Exemptions

 

 

●

The Company’s contracts with customers have an expected duration of one year or less, as such, the Company applies the practical expedient to expense sales commissions as incurred and has omitted disclosures on the amount of remaining performance obligations.
 

●

Shipping costs that are not material in context of the delivery of products are expensed as incurred.
 

●

The Company’s accounts receivable balance represents the Company’s unconditional right to receive payment from its customers with contracts. Payments are generally due within 30 to 90 days of completion of the performance obligation and invoicing; therefore, payments do not contain significant financing components.
 

●

The Company collects sales tax and other taxes concurrent with revenue-producing activities which are excluded from revenue. Shipping and handling costs are treated as fulfillment activities and included in cost of products and services sold on the Consolidated Statements of Operations.
New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Pronouncements:

 

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to SEC's Disclosure Update and Simplification Initiative. This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments, but it does not anticipate that the adoption of the new guidance will have a material impact on the Company’s consolidated financial statements and related disclosures. The Company will continue to evaluate the impact of this guidance on its consolidated financial statements.

 

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard requires interim and annual disclosure of significant segment expenses that are regularly provided to the chief operating decision-maker ("CODM") and included within the reported measure of a segment’s profit or loss, requires interim disclosures about a reportable segment’s profit or loss and assets that are currently required annually, requires disclosure of the position and title of the CODM, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and contains other disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect of this new guidance on its consolidated financial statements and related disclosures.

 

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires additional disclosures of various income tax components that affect the rate reconciliation based on the applicable taxing jurisdictions, as well as the qualitative and quantitative aspects of those components. The standard also requires information pertaining to taxes paid to be disaggregated for federal, state and foreign taxes, and contains other disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the effect of this new guidance on its consolidated financial statements and related disclosures.
v3.25.1
Note 2 - Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Mar. 31, 2025
Notes Tables  
Disaggregation of Revenue [Table Text Block]
   

Three Months Ended

  

(In thousands)

  

March 31, 2025

    

March 31, 2024

  
   

Lighting

Segment

    

Display

Solutions

Segment

    

Lighting

Segment

    

Display

Solutions

Segment

  

Timing of revenue recognition

                                

Products and services transferred at a point in time

   $ 49,258     $ 60,215     $ 53,619     $ 30,304  

Products and services transferred over time

     9,709       13,299       11,263       13,000  
    $ 58,967     $ 73,514     $ 64,882     $ 43,304  
   

Three Months Ended

  
   

March 31, 2025

    

March 31, 2024

  
   

Lighting

Segment

    

Display

Solutions

Segment

    

Lighting

Segment

    

Display

Solutions

Segment

  

Type of Product and Services

                                

LED lighting, digital signage solutions, electronic circuit boards

   $ 48,403     $ 3,867     $ 53,917     $ 8,321  

Poles, other display solution elements

     9,960       54,592       10,181       26,628  

Project management, installation services, shipping and handling

     604       15,055       784       8,355  
    $ 58,967     $ 73,514     $ 64,882     $ 43,304  
   

Nine Months Ended

  
   

March 31, 2025

    

March 31, 2024

  
   

Lighting

Segment

    

Display

Solutions

Segment

    

Lighting

Segment

    

Display

Solutions

Segment

  

Timing of revenue recognition

                                

Products and services transferred at a point in time

   $ 145,835     $ 190,355     $ 165,890     $ 99,560  

Products and services transferred over time

     29,779       52,341       31,428       43,754  
    $ 175,614     $ 242,696     $ 197,318     $ 143,314  
   

Nine Months Ended

  
   

March 31, 2025

    

March 31, 2024

  
   

Lighting

Segment

    

Display

Solutions

Segment

    

Lighting

Segment

    

Display

Solutions

Segment

  

Type of Product and Services

                                

LED lighting, digital signage solutions, electronic circuit boards

   $ 143,412     $ 21,613     $ 162,524     $ 26,045  

Poles, other display solution elements

     30,298       171,021       32,532       86,326  

Project management, installation services, shipping and handling

     1,904       50,062       2,262       30,943  
    $ 175,614     $ 242,696     $ 197,318     $ 143,314  
v3.25.1
Note 3 - Acquisition of EMI Industries, LLC (Tables) - EMI Industries [Member]
 9 Months Ended
Mar. 31, 2025
Notes Tables  
Business Combination, Recognized Asset Acquired and Liability Assumed [Table Text Block]

(In thousands)

  

April 18, 2024 as

initially reported

   

Adjustments

   

April 18, 2024 as

adjusted

 
                         

Accounts Receivable

   $ 11,386     $ -     $ 11,386  

Inventory

     12,246       -       12,246  

Property, Plant and Equipment

     7,719       -       7,719  

Operating Lease Right-Of-Use Assets

     8,734       -       8,734  

Other Assets

     1,176       -       1,176  

Intangible Assets

     15,670       -       15,670  

Accounts Payable

     (7,103 )     -       (7,103 )

Accrued Expenses

     (6,308 )     -       (6,308 )

Operating Lease Liabilities

     (5,987 )     -       (5,987 )

Identifiable Assets

     37,533       -       37,533  

Goodwill

     12,367       59       12,426  

Net Purchase Consideration

   $ 49,900     $ 59     $ 49,959  
Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived [Table Text Block]

(in thousands)

  

Estimated Fair

Value

    

Estimated Useful

Life (Years)

  
                 
                 

Tradename

   $ 4,880    

Indefinite life

  

Technology assets

     3,160       7  

Non-compete

     140       5  

Customer relationships

     7,490       20  
    $ 15,670          
Business Combination, Pro Forma Information [Table Text Block]
   

Twelve Months Ended
June 30

 

(in thousands; unaudited)

                
   

2024

   

2023

 

Sales

   $ 535,849     $ 578,169  
                 

Gross Profit

   $ 141,788     $ 147,967  
                 

Operating Income

   $ 36,303     $ 38,798  
v3.25.1
Note 4 - Acquisition of Canada's Best Holdings (Tables) - CBH [Member]
 9 Months Ended
Mar. 31, 2025
Notes Tables  
Business Combination, Recognized Asset Acquired and Liability Assumed [Table Text Block]
   

March 11, 2025 as

initially reported

 

(In thousands)

        

Cash and cash equivalents

   $ 4,592  

Accounts receivable

     3,907  

Inventory

     4,287  

Property, plant and equipment

     640  

Operating lease right-of-use assets

     5,211  

Other assets

     204  

Intangible assets

     9,955  

Accounts payable

     (29 )

Accrued expenses

     (472 )

Operating lease liabilities

     (2,954 )
Deferred tax liability     (3,700 )

Identifiable assets

     21,641  

Goodwill

     5,748  

Net purchase consideration

   $ 27,389  
Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived [Table Text Block]
 

Estimated Fair

Value

Estimated Useful Life

(Years)
         

(in thousands)

        

Tradename

 $ 1,009   10

Non-compete agreements

   220   3 - 5

Customer relationships

   8,726   15
  $ 9,955    
Business Combination, Pro Forma Information [Table Text Block]
   

Twelve Month Ended

  
    June 30  

(in thousands; unaudited)

  

2024

  

Sales

   $ 496,965  
         

Gross Profit

   $ 142,984  
         

Operating Income

   $ 41,337  
v3.25.1
Note 5 - Segment Reporting Information (Tables)
 9 Months Ended
Mar. 31, 2025
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
   

Three Months Ended

    

Nine Months Ended

  

(In thousands)

  

March 31

    

March 31

  
   

2025

    

2024

    

2025

    

2024

  

Net Sales:

                                

Lighting Segment

   $ 58,967     $ 64,882     $ 175,614     $ 197,318  

Display Solutions Segment

     73,514       43,304       242,696       143,314  
    $ 132,481     $ 108,186     $ 418,310     $ 340,632  
                                 

Operating Income (Loss):

                                

Lighting Segment

   $ 7,154     $ 7,268     $ 18,885     $ 24,877  

Display Solutions Segment

     4,510       4,064       20,344       14,585  

Corporate and Eliminations

     (5,429 )     (3,672 )     (15,404 )     (12,955 )
    $ 6,235     $ 7,660     $ 23,825     $ 26,507  
                                 

Capital Expenditures:

                                

Lighting Segment

   $ 246     $ 999     $ 1,467     $ 3,012  

Display Solutions Segment

     358       167       934       1,215  

Corporate and Eliminations

     86       111       114       399  
    $ 690     $ 1,277     $ 2,515     $ 4,626  
                                 

Depreciation and Amortization:

                                

Lighting Segment

   $ 1,284     $ 1,342     $ 3,778     $ 3,944  

Display Solutions Segment

     1,693       982       4,984       2,946  

Corporate and Eliminations

     84       90       258       253  
    $ 3,061     $ 2,414     $ 9,020     $ 7,143  
Reconciliation of Assets from Segment to Consolidated [Table Text Block]
   

March 31,
2025

    

June 30,
2024

  

Total Assets:

                

Lighting Segment

   $ 122,109     $ 130,695  

Display Solutions Segment

     252,436       208,248  

Corporate and Eliminations

     10,020       9,857  
    $ 384,565     $ 348,800  
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

Inter-segment sales

                                
   

Three Months Ended

    

Nine Months Ended

  

(In thousands)

  

March 31

    

March 31

  
   

2025

    

2024

    

2025

    

2024

  

Lighting Segment inter-segment net sales

   $ 3,334     $ 6,318     $ 15,371     $ 18,468  
                                 

Display Solutions Segment inter-segment net sales

   $ 283     $ 96     $ 587     $ 536  
v3.25.1
Note 6 - Earnings Per Common Share (Tables)
 9 Months Ended
Mar. 31, 2025
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
   

Three Months Ended

    

Nine Months Ended

  
   

March 31

    

March 31

  
   

2025

    

2024

    

2025

    

2024

  
                                 

BASIC EARNINGS PER SHARE

                                
                                 

Net income

   $ 3,883     $ 5,375     $ 16,212     $ 19,309  
                                 

Weighted average shares outstanding during the period, net of treasury shares

     28,904       28,084       28,754       27,933  

Weighted average vested restricted stock units outstanding

     71       75       78       78  

Weighted average shares outstanding in the Deferred Compensation Plan during the period

     1,028       1,004       1,009       970  

Weighted average shares outstanding

     30,003       29,163       29,841       28,981  
                                 

Basic earnings per common share

   $ 0.13     $ 0.18     $ 0.54     $ 0.67  
                                 
                                 

DILUTED EARNINGS PER SHARE

                                
                                 

Net income

   $ 3,883     $ 5,375     $ 16,212     $ 19,309  
                                 

Weighted average shares outstanding:

                                
                                 

Basic

     30,003       29,163       29,841       28,981  
                                 

Effect of dilutive securities (a):

                                

Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any

     963       959       949       1,024  

Weighted average shares outstanding

     30,966       30,122       30,790       30,005  
                                 

Diluted earnings per common share

   $ 0.13     $ 0.18     $ 0.53     $ 0.64  
                                 
                                 

Anti-dilutive securities (b)

     35       3       265       10  
v3.25.1
Note 7 - Inventories, Net (Tables)
 9 Months Ended
Mar. 31, 2025
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
   

March 31,

    

June 30,

  

(In thousands)

  

2025

    

2024

  
                 

Inventories:

                

Raw materials

   $ 55,311     $ 52,644  

Work-in-progress

     7,009       6,244  

Finished goods

     12,142       12,025  

Total Inventories

   $ 74,462     $ 70,913  
v3.25.1
Note 8 - Accrued Expenses (Tables)
 9 Months Ended
Mar. 31, 2025
Notes Tables  
Schedule of Accrued Liabilities [Table Text Block]
   

March 31,

    

June 30,

  

(In thousands)

  

2025

    

2024

  
                 

Accrued Expenses:

                

Customer prepayments

   $ 6,639     $ 8,475  

Compensation and benefits

     11,865       9,704  

Accrued warranty

     7,079       6,623  

Operating lease liabilities

     5,339       5,560  

Accrued sales commissions

     2,596       3,937  

Accrued Freight

     1,759       2,270  

Accrued FICA

     588       513  

Finance lease liabilities

     327       324  

Other accrued expenses

     5,678       6,038  

Total Accrued Expenses

   $ 41,870     $ 43,444  
v3.25.1
Note 9 - Goodwill and Other Intangible Assets (Tables)
 9 Months Ended
Mar. 31, 2025
Notes Tables  
Schedule of Goodwill [Table Text Block]

Goodwill

          

Display

          

(In thousands)

  

Lighting

    

Solutions

          
   

Segment

    

Segment

    

Total

  

Balance as of March 31, 2025

                        

Goodwill

   $ 70,971     $ 81,521     $ 152,492  

Accumulated impairment losses

     (61,763 )     (27,525 )     (89,288 )

Goodwill, net as of March 31, 2025

   $ 9,208     $ 53,996     $ 63,204  
                         

Balance as of June 30, 2024

                        

Goodwill

   $ 70,971     $ 75,714     $ 146,685  

Accumulated impairment losses

     (61,763 )     (27,525 )     (89,288 )

Goodwill, net as of June 30, 2024

   $ 9,208     $ 48,189     $ 57,397  
Schedule of Intangible Assets and Goodwill [Table Text Block]

Other Intangible Assets

  

March 31, 2025

  

(In thousands)

  

Gross

                  
   

Carrying

   

Accumulated

    

Net

  
   

Amount

    

Amortization

    

Amount

  

Amortized Intangible Assets

                        

Customer relationships

   $ 78,299     $ 24,206     $ 54,093  

Patents

     268       268       -  

LED technology firmware, software

     24,126       18,285       5,841  

Trade name

     3,667       1,351       2,316  

Non-compete

     620       245       375  

Total Amortized Intangible Assets

     106,980       44,355       62,625  
                         

Indefinite-lived Intangible Assets

                        

Trademarks and trade names

     16,982       -       16,982  

Total indefinite-lived Intangible Assets

     16,982       -       16,982  
                         

Total Other Intangible Assets

   $ 123,962     $ 44,355     $ 79,607  

Other Intangible Assets

  

June 30, 2024

  

(In thousands)

  

Gross

                  
   

Carrying

   

Accumulated

    

Net

  
   

Amount

    

Amortization

    

Amount

  

Amortized Intangible Assets

                        

Customer relationships

   $ 69,573     $ 21,332     $ 48,241  

Patents

     268       268       -  

LED technology firmware, software

     24,126       17,058       7,068  

Trade name

     2,658       1,265       1,393  

Non-compete

     400       168       232  

Total Amortized Intangible Assets

     97,025       40,091       56,934  
                         

Indefinite-lived Intangible Assets

                        

Trademarks and trade names

     16,982       -       16,982  

Total indefinite-lived Intangible Assets

     16,982       -       16,982  
                         

Total Other Intangible Assets

   $ 114,007     $ 40,091     $ 73,916  
Finite-Lived Intangible Assets Amortization Expense [Table Text Block]
   

Three Months Ended

    

Nine Months Ended

  
   

March 31

    

March 31

  

(In thousands)

  

2025

    

2024

    

2025

    

2024

  
                                 

Amortization Expense of Other Intangible Assets

   $ 1,448     $ 1,190     $ 4,264     $ 3,570  
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

(In thousands)

        
         

2025

   $ 5,864  

2026

   $ 6,366  

2027

   $ 6,136  

2028

   $ 5,704  

2029

   $ 5,058  

After 2029

   $ 37,762  
v3.25.1
Note 10 - Debt (Tables)
 9 Months Ended
Mar. 31, 2025
Notes Tables  
Schedule of Debt [Table Text Block]
   

March 31,

    

June 30,

  

(In thousands)

  

2025

    

2024

  
                 

Secured line of credit

   $ 42,868     $ 38,766  

Term loan, net of debt issuance costs of $10 and $14, respectively

     12,492       15,463  

Total debt

   $ 55,360     $ 54,229  

Less: amounts due within one year

     3,571       3,571  

Total amounts due after one year, net

   $ 51,789     $ 50,658  
v3.25.1
Note 13 - Supplemental Cash Flow Information (Tables)
 9 Months Ended
Mar. 31, 2025
Notes Tables  
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]
   

Nine Months Ended

  

(In thousands)

  

March 31

  
   

2025

    

2024

  

Cash Payments:

                

Interest

   $ 2,036     $ 1,122  

Income taxes

   $ 4,201     $ 6,317  
                 

Non-cash investing and financing activities

                

Issuance of common shares as compensation

   $ 337     $ 338  

Issuance of common shares to fund deferred compensation plan

   $ 1,441     $ 1,374  

Issuance of common shares to fund ESPP plan

   $ 159     $ 145  
v3.25.1
Note 15 - Leases (Tables)
 9 Months Ended
Mar. 31, 2025
Notes Tables  
Lease, Cost [Table Text Block]
   

Three Months Ended

    

Nine Months Ended

  
   

March 31

    

March 31

  

(In thousands)

  

2025

    

2024

    

2025

    

2024

  
                                 

Operating lease cost

   $ 1,679     $ 993     $ 4,910     $ 2,893  

Financing lease cost:

                                

Amortization of right of use assets

     73       73       218       219  

Interest on lease liabilities

     9       13       30       41  

Variable lease cost

     -       22       7       65  

Sublease income

     -       (116 )     (39 )     (348 )

Total lease cost

   $ 1,761     $ 985     $ 5,126     $ 2,870  

Supplemental Cash Flow Information:

  

Nine Months Ended

  
   

March 31

  

(In thousands)

  

2025

    

2024

  
                 

Cash flows from operating leases

                

Fixed payments - operating cash flows

   $ 5,055     $ 2,806  

Liability reduction - operating cash flows

   $ 4,328     $ 2,421  
                 

Cash flows from finance leases

                

Interest - operating cash flows

   $ 30     $ 41  

Repayments of principal portion - financing cash flows

   $ 253     $ 241  

Operating Leases:

  

March 31,

    

June 30,

 
   

2025

    

2024

  
                 

Total operating right-of-use assets

   $ 17,682     $ 15,912  
                 

Accrued expenses (Current liabilities)

   $ 5,339     $ 5,560  

Long-term operating lease liability

     13,162       11,267  

Total operating lease liabilities

   $ 18,501     $ 16,827  
                 

Weighted Average remaining Lease Term (in years)

     3.49       3.49  
                 

Weighted Average Discount Rate

     5.74 %     5.90 %

Finance Leases:

  

March 31,

    

June 30,

 
   

2025

    

2024

  
                 

Buildings under finance leases

   $ 2,033     $ 2,033  

Equipment under finance leases

     -       41  

Accumulated depreciation

     (1,428 )     (1,232 )

Total finance lease assets, net

   $ 605     $ 842  
                 

Accrued expenses (Current liabilities)

   $ 327     $ 324  

Long-term finance lease liability

     383       636  

Total finance lease liabilities

   $ 710     $ 960  
                 

Weighted Average remaining Lease Term (in years)

     2.08       2.83  
                 

Weighted Average Discount Rate

     4.86 %     4.86 %
Lessee, Leases, Liability, Maturity [Table Text Block]

Maturities of Lease Liability:

  

Operating

Lease

Liabilities

    

Finance Lease

Liabilities

    

Operating

Subleases

    

Net Lease

Commitments

  

2025

   $ 5,339     $ 327     $ (38 )   $ 5,628  

2026

     5,957       362       -       6,319  

2027

     5,226       57       -       5,283  

2028

     2,311       -       -       2,311  

2029

     1,463       -       -       1,463  

Thereafter

     302       -       -       302  

Total lease payments

   $ 20,598     $ 746     $ (38 )   $ 21,306  

Less: Interest

     (2,097 )     (36 )             (2,133 )

Present Value of Lease Liabilities

   $ 18,501     $ 710             $ 19,173  
v3.25.1
Note 16 - Income Taxes (Tables)
 9 Months Ended
Mar. 31, 2025
Notes Tables  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   

Three Months Ended

    

Nine Months Ended

  
   

March 31

    

March 31

  
   

2025

    

2024

    

2025

    

2024

  

Reconciliation of effective tax rate:

                                
                                 

Provision for income taxes at the anticipated annual tax rate

     32.7

%

     25.3

%

     27.9 %     26.0 %

Uncertain tax positions

     1.3       2.6       0.2       0.3  

Other

     -       -       0.8       -  

Share-based compensation

     (3.4 )     -       (5.1 )     (2.9 )

Effective tax rate

     30.6

%

     27.9

%

     23.8 %     23.4 %
v3.25.1
Note 2 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Net Sales $ 132,481 $ 108,186 $ 418,310 $ 340,632
Lighting Segment [Member]        
Net Sales 58,967 64,882 175,614 197,318
Lighting Segment [Member] | LED Lighting, Digital Signage, Electronic Circuit Boards [Member]        
Net Sales 48,403 53,917 143,412 162,524
Lighting Segment [Member] | Poles, Other Display Solution Elements [Member]        
Net Sales 9,960 10,181 30,298 32,532
Lighting Segment [Member] | Project Management, Installation Services, Shipping and Handling [Member]        
Net Sales 604 784 1,904 2,262
Lighting Segment [Member] | Transferred at Point in Time [Member]        
Net Sales 49,258 53,619 145,835 165,890
Lighting Segment [Member] | Transferred over Time [Member]        
Net Sales 9,709 11,263 29,779 31,428
Display Solutions Segment [Member]        
Net Sales 73,514 43,304 242,696 143,314
Display Solutions Segment [Member] | LED Lighting, Digital Signage, Electronic Circuit Boards [Member]        
Net Sales 3,867 8,321 21,613 26,045
Display Solutions Segment [Member] | Poles, Other Display Solution Elements [Member]        
Net Sales 54,592 26,628 171,021 86,326
Display Solutions Segment [Member] | Project Management, Installation Services, Shipping and Handling [Member]        
Net Sales 15,055 8,355 50,062 30,943
Display Solutions Segment [Member] | Transferred at Point in Time [Member]        
Net Sales 60,215 30,304 190,355 99,560
Display Solutions Segment [Member] | Transferred over Time [Member]        
Net Sales $ 13,299 $ 13,000 $ 52,341 $ 43,754
v3.25.1
Note 3 - Acquisition of EMI Industries, LLC (Details Textual) - USD ($)
 2 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Apr. 18, 2024
Jun. 30, 2024
Sep. 30, 2024
Mar. 31, 2025
Mar. 31, 2024
Jun. 30, 2024
Jun. 30, 2023
Sep. 30, 2021
Line of Credit Facility, Maximum Borrowing Capacity               $ 100,000,000
Revolving Credit Facility [Member]                
Line of Credit Facility, Maximum Borrowing Capacity       $ 75,000,000       $ 75,000,000
EMI Industries [Member]                
Business Combination, Consideration Transferred $ 50,000,000              
Business Combination, Consideration Transferred, Liabilities Incurred 100,000              
Payments to Acquire Businesses, Gross 49,900,000   $ 59,000 $ 59,000 $ (0)      
Business Combination, Acquisition-Related Cost, Expense 1,000,000              
Business Combination, Acquired Receivable, Purchased without Credit Deterioration, Gross Contractual Amount $ 11,900,000              
Business Combination, Acquiree's Revenue since Acquisition Date, Actual   $ 18,100,000            
Business Combination, Acquiree's Earnings (Loss) since Acquisition Date, Actual   $ 700,000            
Business Combination, Pro Forma Information, Pro Forma Income (Loss) from Continuing Operations, after Tax           $ 36,303,000 $ 38,798,000  
v3.25.1
Note 3 - Acquisition of EMI Industries, LLC - Schedule of Assets Acquired and Liability Assumed (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Jun. 30, 2024
Apr. 18, 2024
Goodwill $ 63,204 $ 57,397  
EMI Industries [Member]      
Accounts Receivable     $ 11,386
Inventory     12,246
Property, Plant and Equipment     7,719
Operating Lease Right-Of-Use Assets     8,734
Other Assets     1,176
Intangible Assets     15,670
Accounts Payable     (7,103)
Accrued Expenses     (6,308)
Operating Lease Liabilities     (5,987)
Identifiable Assets     37,533
Goodwill     12,426
Net Purchase Consideration     49,959
EMI Industries [Member] | As Initially Reported [Member]      
Accounts Receivable     11,386
Inventory     12,246
Property, Plant and Equipment     7,719
Operating Lease Right-Of-Use Assets     8,734
Other Assets     1,176
Intangible Assets     15,670
Accounts Payable     (7,103)
Accrued Expenses     (6,308)
Operating Lease Liabilities     (5,987)
Identifiable Assets     37,533
Goodwill     12,367
Net Purchase Consideration     49,900
EMI Industries [Member] | Fair Value Adjustments [Member]      
Accounts Receivable     0
Inventory     0
Property, Plant and Equipment     0
Operating Lease Right-Of-Use Assets     0
Other Assets     0
Intangible Assets     0
Accounts Payable     0
Accrued Expenses     0
Operating Lease Liabilities     0
Identifiable Assets     0
Goodwill     59
Net Purchase Consideration     $ 59
v3.25.1
Note 3 - Acquisition of EMI Industries, LLC - Schedule of Intangible Assets Acquired (Details) - EMI Industries [Member]
$ in Thousands
Apr. 18, 2024
USD ($)
Intangible Assets $ 15,670
Technology-Based Intangible Assets [Member]  
Finite life intangible assets acquired $ 3,160
Acquired intangible asset, useful life (Year) 7 years
Noncompete Agreements [Member]  
Finite life intangible assets acquired $ 140
Acquired intangible asset, useful life (Year) 5 years
Customer Relationships [Member]  
Finite life intangible assets acquired $ 7,490
Acquired intangible asset, useful life (Year) 20 years
Trade Names [Member]  
Indefinite life intangible assets acquired $ 4,880
v3.25.1
Note 3 - Acquisition of EMI Industries, LLC - Pro Forma Information (Details) - EMI Industries [Member] - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Sales $ 535,849 $ 578,169
Gross Profit 141,788 147,967
Business Combination, Pro Forma Information, Pro Forma Income (Loss) from Continuing Operations, after Tax $ 36,303 $ 38,798
v3.25.1
Note 4 - Acquisition of Canada's Best Holdings (Details Textual) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Mar. 11, 2025
Mar. 31, 2025
Jun. 30, 2024
Sep. 30, 2021
Line of Credit Facility, Maximum Borrowing Capacity       $ 100,000
Revolving Credit Facility [Member]        
Line of Credit Facility, Maximum Borrowing Capacity   $ 75,000   $ 75,000
CBH [Member]        
Business Combination, Consideration Transferred, Before Adjustment and Earnout Payment $ 25,900      
Business Combination, Consideration Transferred 27,400      
Business Combination, Acquisition-Related Cost, Expense 800      
Payments to Acquire Businesses, Gross 27,400      
Business Combination, Acquired Receivable, Purchased without Credit Deterioration, Gross Contractual Amount 4,300      
Property, Plant and Equipment 640      
Business Combination, Acquiree's Revenue since Acquisition Date, Actual   1,400    
Business Combination, Acquiree's Earnings (Loss) since Acquisition Date, Actual   $ 300    
Business Combination, Pro Forma Information, Pro Forma Income (Loss) from Continuing Operations, after Tax     $ 41,337  
CBH [Member] | Maximum [Member]        
Business Combination, Consideration Transferred, Working Capital Adjustment and Earnout Payment $ 7,000      
v3.25.1
Note 4 - Acquisition of Canada's Best Holdings - Schedule of Assets Acquired and Liability Assumed (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 11, 2025
Jun. 30, 2024
Goodwill $ 63,204   $ 57,397
CBH [Member]      
Cash and cash equivalents   $ 4,592  
Accounts Receivable   3,907  
Inventory   4,287  
Property, Plant and Equipment   640  
Operating Lease Right-Of-Use Assets   5,211  
Other Assets   204  
Intangible Assets   9,955  
Accounts payable   (29)  
Accrued expenses   (472)  
Operating lease liabilities   (2,954)  
Deferred tax liability   (3,700)  
Identifiable Assets   21,641  
Goodwill   5,748  
Net Purchase Consideration   $ 27,389  
v3.25.1
Note 4 - Acquisition of Canada's Best Holdings - Schedule of Intangible Assets Acquired (Details) - CBH [Member] - USD ($)
$ in Thousands
 9 Months Ended
Mar. 11, 2025
Mar. 31, 2025
Finite life intangible assets acquired $ 9,955  
Trade Names [Member]    
Finite life intangible assets acquired $ 1,009  
Acquired intangible asset, useful life (Year) 10 years  
Noncompete Agreements [Member]    
Finite life intangible assets acquired $ 220  
Noncompete Agreements [Member] | Minimum [Member]    
Acquired intangible asset, useful life (Year)   3 years
Noncompete Agreements [Member] | Maximum [Member]    
Acquired intangible asset, useful life (Year) 5 years  
Customer Relationships [Member]    
Finite life intangible assets acquired $ 8,726  
Acquired intangible asset, useful life (Year) 15 years  
v3.25.1
Note 4 - Acquisition of Canada's Best Holdings - Pro Forma Information (Details) - CBH [Member]
$ in Thousands
 12 Months Ended
Jun. 30, 2024
USD ($)
Sales $ 496,965
Gross Profit 142,984
Business Combination, Pro Forma Information, Pro Forma Income (Loss) from Continuing Operations, after Tax $ 41,337
v3.25.1
Note 5 - Segment Reporting Information (Details Textual)
 3 Months Ended 9 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Number of Operating Segments     2  
Intersegment Revenue Markup Percentage     10.00%  
Revenue Benchmark [Member] | Customer Concentration Risk [Member]        
Number of Major Customers 0 0 0 0
v3.25.1
Note 5 - Segment Reporting Information - Summarized Financial Information by Operating Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Net Sales $ 132,481 $ 108,186 $ 418,310 $ 340,632
Operating Income (Loss) 6,235 7,660 23,825 26,507
Capital Expenditures 690 1,277 2,515 4,626
Depreciation and amortization 3,061 2,414 9,020 7,143
Corporate and Eliminations [Member]        
Operating Income (Loss) (5,429) (3,672) (15,404) (12,955)
Capital Expenditures 86 111 114 399
Depreciation and amortization 84 90 258 253
Lighting Segment [Member]        
Net Sales 58,967 64,882 175,614 197,318
Lighting Segment [Member] | Operating Segments [Member]        
Operating Income (Loss) 7,154 7,268 18,885 24,877
Capital Expenditures 246 999 1,467 3,012
Depreciation and amortization 1,284 1,342 3,778 3,944
Display Solutions Segment [Member]        
Net Sales 73,514 43,304 242,696 143,314
Display Solutions Segment [Member] | Operating Segments [Member]        
Operating Income (Loss) 4,510 4,064 20,344 14,585
Capital Expenditures 358 167 934 1,215
Depreciation and amortization $ 1,693 $ 982 $ 4,984 $ 2,946
v3.25.1
Note 5 - Segment Reporting Information - Identifiable Assets by Segment (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Jun. 30, 2024
Total Assets $ 384,565 $ 348,800
Corporate and Eliminations [Member]    
Total Assets 10,020 9,857
Lighting Segment [Member] | Operating Segments [Member]    
Total Assets 122,109 130,695
Display Solutions Segment [Member] | Operating Segments [Member]    
Total Assets $ 252,436 $ 208,248
v3.25.1
Note 5 - Segment Reporting Information - Intersegment Revenues (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Net sales $ 132,481 $ 108,186 $ 418,310 $ 340,632
Lighting Segment [Member]        
Net sales 58,967 64,882 175,614 197,318
Display Solutions Segment [Member]        
Net sales 73,514 43,304 242,696 143,314
Intersegment Eliminations [Member] | Lighting Segment [Member]        
Net sales 3,334 6,318 15,371 18,468
Intersegment Eliminations [Member] | Display Solutions Segment [Member]        
Net sales $ 283 $ 96 $ 587 $ 536
v3.25.1
Note 6 - Earnings per Common Share - Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Mar. 31, 2025
Mar. 31, 2024
Net Income $ 3,883 $ 5,647 $ 6,682 $ 5,375 $ 5,906 $ 8,028 $ 16,212 $ 19,309
Weighted average shares outstanding during the period, net of treasury shares (in shares) 28,904     28,084     28,754 27,933
Weighted average vested restricted stock units outstanding (in shares) 1,028     1,004     1,009 970
Weighted average shares outstanding (in shares) 30,003     29,163     29,841 28,981
Basic earnings per common share (in dollars per share) $ 0.13     $ 0.18     $ 0.54 $ 0.67
Basic (in shares) 30,003     29,163     29,841 28,981
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any (in shares) [1] 963     959     949 1,024
Weighted average shares outstanding (in shares) 30,966     30,122     30,790 30,005
Diluted earnings per common share (in dollars per share) $ 0.13     $ 0.18     $ 0.53 $ 0.64
Anti-dilutive securities (b) (in shares) [2] 35     3     265 10
Restricted Stock Units (RSUs) [Member]                
Weighted average vested restricted stock units outstanding (in shares) 71     75     78 78
[1] Calculated using the “Treasury Stock” method as if dilutive securities were exercised and the funds were used to purchase common shares at the average market price during the period.
[2] Anti-dilutive securities were excluded from the computation of diluted net income per share for the three and nine months ended March 31, 2025, and March 31, 2024, because the exercise price was greater than the average fair market price of the common shares or because the assumed proceeds from the award’s exercise or vesting was greater than the average fair market price of the common shares.
v3.25.1
Note 7 - Inventories, Net - Inventories (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Jun. 30, 2024
Raw materials $ 55,311 $ 52,644
Work-in-progress 7,009 6,244
Finished goods 12,142 12,025
Total Inventories $ 74,462 $ 70,913
v3.25.1
Note 8 - Accrued Expenses - Accrued Expenses (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Jun. 30, 2024
Customer prepayments $ 6,639 $ 8,475
Compensation and benefits 11,865 9,704
Accrued warranty 7,079 6,623
Operating lease liabilities 5,339 5,560
Accrued sales commissions 2,596 3,937
Accrued freight 1,759 2,270
Accrued FICA 588 513
Finance lease liabilities 327 324
Other accrued expenses 5,678 6,038
Total Accrued Expenses $ 41,870 $ 43,444
v3.25.1
Note 9 - Goodwill and Other Intangible Assets (Details Textual)
 9 Months Ended
Mar. 31, 2025
Number of Reporting Units 5
Lighting Segment [Member]  
Number of Reporting Units 1
Display Solutions Segment [Member]  
Number of Reporting Units 4
v3.25.1
Note 9 - Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Jun. 30, 2024
Goodwill $ 152,492 $ 146,685
Accumulated impairment losses (89,288) (89,288)
Goodwill, net 63,204 57,397
Lighting Segment [Member]    
Goodwill 70,971 70,971
Accumulated impairment losses (61,763) (61,763)
Goodwill, net 9,208 9,208
Display Solutions Segment [Member]    
Goodwill 81,521 75,714
Accumulated impairment losses (27,525) (27,525)
Goodwill, net $ 53,996 $ 48,189
v3.25.1
Note 9 - Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Jun. 30, 2024
finite lived, gross $ 106,980 $ 97,025
finite lived, accumulated amortization 44,355 40,091
finite lived, net 62,625 56,934
indefinite lived 16,982 16,982
Total Other Intangible Assets 123,962 114,007
Other intangible assets, net 79,607 73,916
Trademarks and Trade Names [Member]    
indefinite lived 16,982 16,982
Customer Relationships [Member]    
finite lived, gross 78,299 69,573
finite lived, accumulated amortization 24,206 21,332
finite lived, net 54,093 48,241
Patents [Member]    
finite lived, gross 268 268
finite lived, accumulated amortization 268 268
finite lived, net 0 0
LED Technology Firmware Software [Member]    
finite lived, gross   24,126
finite lived, accumulated amortization   17,058
finite lived, net   7,068
Trade Names [Member]    
finite lived, gross 3,667 2,658
finite lived, accumulated amortization 1,351 1,265
finite lived, net 2,316 1,393
Technology-Based Intangible Assets [Member]    
finite lived, gross 24,126  
finite lived, accumulated amortization 18,285  
finite lived, net 5,841  
Noncompete Agreements [Member]    
finite lived, gross 620 400
finite lived, accumulated amortization 245 168
finite lived, net $ 375 $ 232
v3.25.1
Note 9 - Goodwill and Other Intangible Assets - Amortization Expense of Other Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Amortization Expense of Other Intangible Assets $ 1,448 $ 1,190 $ 4,264 $ 3,570
v3.25.1
Note 9 - Goodwill and Other Intangible Assets - Future Amortization Expense (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
2025 $ 5,864
2026 6,366
2027 6,136
2028 5,704
2029 5,058
After 2029 $ 37,762
v3.25.1
Note 10 - Debt (Details Textual) - USD ($)
$ in Millions
 1 Months Ended 6 Months Ended
Sep. 30, 2021
Mar. 31, 2025
Line of Credit Facility, Maximum Borrowing Capacity $ 100.0  
Minimum [Member]    
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage 0.15%  
Maximum [Member]    
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage 0.25%  
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]    
Debt Instrument, Basis Spread on Variable Rate 0.50%  
Secured Overnight Financing Rate (SOFR) [Member]    
Debt Instrument, Basis Spread on Variable Rate 1.00% 1.00%
Secured Overnight Financing Rate (SOFR) [Member] | Minimum [Member]    
Debt Instrument, Basis Spread on Variable Rate 1.00%  
Secured Overnight Financing Rate (SOFR) [Member] | Maximum [Member]    
Debt Instrument, Basis Spread on Variable Rate 2.25%  
Base Rate [Member] | Minimum [Member]    
Debt Instrument, Basis Spread on Variable Rate 0.00%  
Base Rate [Member] | Maximum [Member]    
Debt Instrument, Basis Spread on Variable Rate 1.25%  
Revolving Credit Facility [Member]    
Line of Credit Facility, Maximum Borrowing Capacity $ 75.0 $ 75.0
Debt Instrument, Interest Rate, Effective Percentage   5.40%
Line of Credit Facility, Remaining Borrowing Capacity   $ 32.1
Term Loan [Member]    
Debt Instrument, Face Amount 25.0  
Debt Instrument, Annual Principal Payment $ 3.6  
Debt Instrument, Term 5 years  
v3.25.1
Note 10 - Debt - Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Jun. 30, 2024
Secured line of credit $ 42,868 $ 38,766
Long Term Debt 55,360 54,229
Less: amounts due within one year 3,571 3,571
Total amounts due after one year, net 51,789 50,658
Term Loan [Member]    
Long Term Debt $ 12,492 $ 15,463
v3.25.1
Note 10 - Debt - Debt (Details) (Parentheticals) - USD ($)
$ in Thousands
Mar. 31, 2025
Jun. 30, 2024
Term Loan [Member]    
Debt Issuance Costs, Net $ 10 $ 14
v3.25.1
Note 11 - Cash Dividends (Details Textual) - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Apr. 30, 2025
Payments of Dividends, Total $ 4.5 $ 4.3  
Dividends Payable $ 0.2 $ 0.2  
Annual Indicated per Share Dividend Rate $ 0.2    
O2025Q3 Dividends [Member] | Subsequent Event [Member]      
Quarterly Indicated Per Share Dividend Rate     $ 0.05
v3.25.1
Note 12 - Equity Compensation (Details Textual) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Nov. 30, 2022
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Nov. 30, 2021
Share-Based Payment Arrangement, Expense   $ 1.0 $ 0.9 $ 3.2 $ 2.9  
LSi Employee Stock Purchase Plan (ESPP) [Member]            
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares   230,000   230,000   270,000
Employee Stock Ownership Plan (ESOP), Discount Percentage           10.00%
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP       12,000    
The 2019 Omnibus Award Plan [Member]            
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) 2,350,000          
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant   1,374,537   1,374,537    
The 2019 Omnibus Award Plan [Member] | Restricted Stock Units (RSUs) [Member]            
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period       3 years    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period       107,217    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value       $ 14.92    
The 2019 Omnibus Award Plan [Member] | Performance Shares [Member]            
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period       160,826    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value       $ 14.92    
v3.25.1
Note 13 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 9 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Interest $ 2,036 $ 1,122
Income taxes 4,201 6,317
Issuance of common shares as compensation 337 338
Issuance of common shares to fund deferred compensation plan 1,441 1,374
Issuance of common shares to fund ESPP plan $ 159 $ 145
v3.25.1
Note 14 - Commitments and Contingencies (Details Textual)
$ in Thousands
Mar. 31, 2025
USD ($)
Standby Letters of Credit [Member]  
Letters of Credit Outstanding, Amount $ 0
v3.25.1
Note 15 - Leases (Details Textual)
 9 Months Ended
Mar. 31, 2025
Minimum [Member]  
Lessee, Leases, Remaining Term 1 year
Maximum [Member]  
Lessee, Leases, Remaining Term 7 years
v3.25.1
Note 15 - Leases - Operating Lease Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Jun. 30, 2024
Operating lease cost $ 1,679 $ 993 $ 4,910 $ 2,893  
Fixed payments - operating cash flows     5,055 2,806  
Total operating right-of-use assets 17,682   17,682   $ 15,912
Buildings under finance leases 2,033   2,033   2,033
Liability reduction - operating cash flows     4,328 2,421  
Operating lease liabilities 5,339   5,339   5,560
Amortization of right of use assets 73 73 218 219  
Interest - operating cash flows     30 41  
Long-term operating lease liability 13,162   13,162   11,267
Accumulated depreciation (1,428)   (1,428)   (1,232)
Repayments of principal portion - financing cash flows     253 241  
Total operating lease liabilities 18,501   18,501   16,827
Total finance lease assets, net 605   605   $ 842
Interest on lease liabilities $ 9 13 $ 30 41  
Weighted Average remaining Lease Term (in years) (Year) 3 years 5 months 26 days   3 years 5 months 26 days   3 years 5 months 26 days
Accrued expenses (Current liabilities) $ 327   $ 327   $ 324
Weighted Average Discount Rate 5.74%   5.74%   5.90%
Long-term finance lease liability $ 383   $ 383   $ 636
Variable lease cost 0 22 7 65  
Total finance lease liabilities $ 710   $ 710   $ 960
Weighted Average remaining Lease Term (in years) (Year) 2 years 29 days   2 years 29 days   2 years 9 months 29 days
Sublease income $ 0 (116) $ (39) (348)  
Weighted Average Discount Rate 4.86%   4.86%   4.86%
Total lease cost $ 1,761 $ 985 $ 5,126 $ 2,870  
Buildings Under Finance Leases [Member]          
Buildings under finance leases 2,033   2,033   $ 2,033
Equipment Under Finance Leases [Member]          
Buildings under finance leases $ 0   $ 0   $ 41
v3.25.1
Note 15 - Leases - Maturities of Lease Liability (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Jun. 30, 2024
2025, operating lease $ 5,339  
2025, finance lease 327  
2025, operating sublease (38)  
2025, net lease commitments 5,628  
2026, operating lease 5,957  
2026, finance lease 362  
2026, operating sublease 0  
2026, net lease commitments 6,319  
2027, operating lease 5,226  
2027, finance lease 57  
2027, operating sublease 0  
2027, net lease commitments 5,283  
2028, operating lease 2,311  
2028, finance lease 0  
2028, operating subleases 0  
2028, net lease commitments 2,311  
2029, operating lease 1,463  
2029, finance lease 0  
2029, operating subleases 0  
2029, net lease commitments 1,463  
Thereafter, operating lease 302  
Thereafter, finance lease 0  
Thereafter, operating subleases 0  
Thereafter, net lease commitments 302  
Total lease payments, operating lease 20,598  
Total lease payments, finance lease 746  
Total lease payments, operating sublease 38  
Total lease payments, net lease commitments 21,306  
Less: Interest, operating lease (2,097)  
Less: Interest, finance lease (36)  
Less: Interest, net lease commitments (2,133)  
Present Value of Lease Liabilities, operating lease 18,501 $ 16,827
Present Value of Lease Liabilities, finance lease 710 $ 960
Present Value of Lease Liabilities, net lease commitments $ 19,173  
v3.25.1
Note 15 - Income Taxes - Reconciliation of Income Tax Rate (Details)
 3 Months Ended 9 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Provision for income taxes at the anticipated annual tax rate 32.70% 25.30% 27.90% 26.00%
Uncertain tax positions 1.30% 2.60% 0.20% 0.30%
Other 0.00% 0.00% 0.80% 0.00%
Share-based compensation 3.40% 0.00% 5.10% 2.90%
Effective tax rate 30.60% 27.90% 23.80% 23.40%