LSI INDUSTRIES INC, 10-Q filed on 2/7/2025
Quarterly Report
v3.25.0.1
Document And Entity Information - shares
6 Months Ended
Dec. 31, 2024
Jan. 29, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2024  
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)   29,921,385
Entity Central Index Key 0000763532  
Current Fiscal Year End Date --06-30  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Net Sales $ 147,734 $ 109,005 $ 285,829 $ 232,446
Cost of products and services sold 112,873 77,469 217,321 164,321
Gross profit 34,861 31,536 68,508 68,125
Selling and administrative expenses 26,402 23,717 50,918 49,278
Operating income 8,459 7,819 17,590 18,847
Interest expense 728 453 1,603 1,019
Other expense (income) 382 (29) 322 67
Income before income taxes 7,349 7,395 15,665 17,761
Income tax expense 1,702 1,489 3,336 3,827
Net income $ 5,647 $ 5,906 $ 12,329 $ 13,934
Basic (in dollars per share) $ 0.19 $ 0.2 $ 0.41 $ 0.48
Diluted (in dollars per share) $ 0.18 $ 0.2 $ 0.4 $ 0.47
Weighted average common shares outstanding        
Basic (in shares) 29,930 29,024 29,761 28,890
Diluted (in shares) 30,876 30,043 30,709 29,949
v3.25.0.1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Net Income $ 5,647 $ 5,906 $ 12,329 $ 13,934
Foreign currency translation adjustment (48) 71 (157) 15
Comprehensive Income $ 5,599 $ 5,977 $ 12,172 $ 13,949
v3.25.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Current assets    
Cash and cash equivalents $ 4,712 $ 4,110
Accounts receivable, less allowance for credit losses of $869 and $848, respectively 81,266 78,626
Inventories 69,426 70,913
Refundable income taxes 2,677 3,197
Other current assets 5,324 5,653
Total current assets 163,405 162,499
Property, Plant and Equipment, at cost    
Land 4,029 4,010
Buildings 24,729 24,757
Machinery and equipment 76,443 74,204
Buildings under finance leases 2,033 2,033
Construction in progress 987 1,611
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization 108,221 106,615
Less accumulated depreciation (76,687) (73,655)
Net property, plant and equipment 31,534 32,960
Goodwill 57,456 57,397
Other intangible assets, net 71,100 73,916
Operating lease right-of-use assets 15,517 15,912
Other long-term assets, net 5,533 6,116
Total assets 344,545 348,800
LIABILITIES & SHAREHOLDERS' EQUITY    
Current maturities of long-term debt 3,571 3,571
Accounts payable 32,322 32,192
Accrued expenses 42,655 43,444
Total current liabilities 78,548 79,207
Long-term debt 34,615 50,658
Finance lease liabilities 468 636
Operating lease liabilities 10,694 11,267
Other long-term liabilities 3,105 2,677
Commitments and Contingencies  
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 29,891,100 and 29,222,414 shares, respectively 159,926 156,365
Treasury shares, without par value 9,261 8,895
Deferred compensation plan 9,261 8,895
Retained earnings 57,144 47,788
Accumulated other comprehensive income 45 202
Total shareholders' equity 217,115 204,355
Total liabilities & shareholders' equity $ 344,545 $ 348,800
v3.25.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
$ / shares in Thousands, $ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Accounts Receivable, Allowance for Credit Loss, Current $ 869 $ 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) 29,891,100 29,222,414
v3.25.0.1
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) 28,488 (922)        
Balance (in shares) at Jun. 30, 2023 28,488 (922)        
Balance at Jun. 30, 2023 $ 148,691 $ (7,166) $ 7,166 $ 339 $ 28,548 $ 177,578
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          
ESPP stock Awards $ 57         57
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   $ 0 0 0 0 1,220
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)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent 0 0 0 (56) 0 (56)
Balance at Sep. 30, 2023 $ 151,067 $ (7,583) 7,583 283 35,196 186,546
Balance (in shares) at Sep. 30, 2023 28,878 (952)        
Balance (in shares) at Jun. 30, 2023 28,488 (922)        
Balance at Jun. 30, 2023 $ 148,691 $ (7,166) 7,166 339 28,548 177,578
Net Income           13,934
Balance at Dec. 31, 2023 $ 152,924 $ (8,088) 8,088 354 39,656 192,934
Balance (in shares) at Dec. 31, 2023 29,060 (988)        
Balance (in shares) 28,878 (952)        
Balance (in shares) at Sep. 30, 2023 28,878 (952)        
Balance at Sep. 30, 2023 $ 151,067 $ (7,583) 7,583 283 35,196 186,546
Net Income         5,906 5,906
Other comprehensive gain (loss)   $ 0 0 0 71 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)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent   0 0 0 71 71
Balance at Dec. 31, 2023 $ 152,924 $ (8,088) 8,088 354 39,656 192,934
Balance (in shares) at Dec. 31, 2023 29,060 (988)        
Balance (in shares) 29,060 (988)        
Balance (in shares) 29,222 (1,036)        
Balance (in shares) at Jun. 30, 2024 29,222 (1,036)        
Balance at Jun. 30, 2024 $ 156,365 $ (8,895) 8,895 202 47,788 204,355
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   $ 0 0 0 0 1,047
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)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent $ 0 $ 0 0 (109) 0 (109)
Restricted stock units issued, net of shares withheld for tax withholdings (in shares) 492 0        
Restricted stock units issued, net of shares withheld for tax withholdings $ (204) $ 0 0 0 0 (204)
Balance at Sep. 30, 2024 $ 158,101 $ (8,755) 8,755 93 52,989 211,183
Balance (in shares) at Sep. 30, 2024 29,796 (994)        
Balance (in shares) at Jun. 30, 2024 29,222 (1,036)        
Balance at Jun. 30, 2024 $ 156,365 $ (8,895) 8,895 202 47,788 204,355
Net Income           12,329
Balance at Dec. 31, 2024 $ 159,926 $ (9,261) 9,261 45 57,144 217,115
Balance (in shares) at Dec. 31, 2024 29,891 (1,022)        
Balance (in shares) 29,796 (994)        
Balance (in shares) at Sep. 30, 2024 29,796 (994)        
Balance at Sep. 30, 2024 $ 158,101 $ (8,755) 8,755 93 52,989 211,183
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)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent       (48)   (48)
Restricted stock units issued, net of shares withheld for tax withholdings (in shares) 26          
Restricted stock units issued, net of shares withheld for tax withholdings $ (374)         (374)
Balance at Dec. 31, 2024 $ 159,926 $ (9,261) $ 9,261 $ 45 $ 57,144 $ 217,115
Balance (in shares) at Dec. 31, 2024 29,891 (1,022)        
Balance (in shares) 29,891 (1,022)        
v3.25.0.1
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares
3 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Dividend per share (in dollars per share) $ 0.2 $ 0.2 $ 0.2 $ 0.2
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) $ 0.2 $ 0.2 $ 0.2 $ 0.2
v3.25.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities    
Net Income $ 12,329 $ 13,934
Non-cash items included in net income    
Depreciation and amortization 5,958 4,728
Deferred income taxes 558 (591)
Deferred compensation plan 994 943
ESPP discount 110 98
Stock compensation expense 2,188 2,034
Issuance of common shares as compensation 225 225
(Gain) loss on disposition of fixed assets (17) 141
Allowance for credit losses 21 25
Inventory obsolescence reserve 131 234
Changes in certain assets and liabilities    
Accounts receivable (2,661) 5,496
Inventories 1,356 3,330
Refundable income taxes 223 1,087
Accounts payable 130 (6,070)
Accrued expenses and other (44) (6,529)
Customer prepayments 236 783
Net cash flows provided by operating activities 21,737 19,868
Cash Flows from Investing Activities    
Acquisition of EMI 59 (0)
Proceeds from the sale of fixed assets 46 26
Purchases of property, plant and equipment (1,825) (3,349)
Net cash flows used in investing activities (1,838) (3,323)
Cash Flows from Financing Activities    
Payments of long-term debt (96,265) (96,600)
Borrowings of long-term debt 80,222 82,921
Cash dividends paid (2,973) (2,826)
Shares withheld for employees' taxes (578) (244)
Payments on financing lease obligations (168) (156)
Proceeds from stock option exercises 622 1,177
Net cash flows used in financing activities (19,140) (15,728)
Change related to foreign currency (157) 15
Increase in cash and cash equivalents 602 832
Cash and cash equivalents at beginning of period 4,110 1,828
Cash and cash equivalents at end of period $ 4,712 $ 2,660
v3.25.0.1
Note 1 - Interim Condensed Consolidated Financial Statements
6 Months Ended
Dec. 31, 2024
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 December 31, 2024, the results of its operations for the three and six-month periods ended December 31, 2024, and 2023, and its cash flows for the six-month periods ended December 31, 2024, and 2023. 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.

v3.25.0.1
Note 2 - Summary of Significant Accounting Policies
6 Months Ended
Dec. 31, 2024
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 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)

 

December 31, 2024

   

December 31, 2023

 
   

Lighting

Segment

   

Display

Solutions

Segment

   

Lighting

Segment

   

Display

Solutions

Segment

 

Timing of revenue recognition

                               

Products and services transferred at a point in time

  $ 48,366     $ 68,046     $ 54,619     $ 29,268  

Products and services transferred over time

    9,844       21,478       10,176       14,942  
    $ 58,210     $ 89,524     $ 64,795     $ 44,210  

 

 

   

Three Months Ended

 
   

December 31, 2024

   

December 31, 2023

 
   

Lighting

Segment

   

Display

Solutions

Segment

   

Lighting

Segment

   

Display

Solutions

Segment

 

Type of Product and Services

                               

LED lighting, digital signage solutions, electronic circuit boards

  $ 47,580     $ 9,310     $ 53,116     $ 8,791  

Poles, other display solution elements

    9,945       60,726       10,968       24,829  

Project management, installation services, shipping and handling

    685       19,488       711       10,590  
    $ 58,210     $ 89,524     $ 64,795     $ 44,210  

 

 

   

Six Months Ended

 
   

December 31, 2024

   

December 31, 2023

 
   

Lighting

Segment

   

Display

Solutions

Segment

   

Lighting

Segment

   

Display

Solutions

Segment

 

Timing of revenue recognition

                               

Products and services transferred at a point in time

  $ 96,577     $ 130,140     $ 112,271     $ 69,256  

Products and services transferred over time

    20,069       39,043       20,165       30,754  
    $ 116,646     $ 169,183     $ 132,436     $ 100,010  

 

 

   

Six Months Ended

 
   

December 31, 2024

   

December 31, 2023

 
   

Lighting

Segment

   

Display

Solutions

Segment

   

Lighting

Segment

   

Display

Solutions

Segment

 

Type of Product and Services

                               

LED lighting, digital signage solutions, electronic circuit boards

  $ 95,009     $ 17,746     $ 108,607     $ 17,724  

Poles, other display solution elements

    20,338       116,429       22,351       59,698  

Project management, installation services, shipping and handling

    1,299       35,008       1,478       22,588  
    $ 116,646     $ 169,183     $ 132,436     $ 100,010  

 

 

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.

 

v3.25.0.1
Note 3 - Acquisition of EMI Industries, LLC
6 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Business Combination Disclosure [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 is expected to increase the Company’s total addressable markets within the grocery, quick service restaurant and convenience store verticals. 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 preliminary allocation is subject to the final determination of the purchase price which will be 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  

 

v3.25.0.1
Note 4 - Segment Reporting Information
6 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 4 - 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 six months ended December 31, 2024, or 2023. There was no concentration of accounts receivable at December 31, 2024, or 2023.

 

 

Summarized financial information for the Company’s operating segments is provided for the indicated periods and as of December 31, 2024, and December 31, 2023:

 

   

Three Months Ended

   

Six Months Ended

 

(In thousands)

 

December 31

   

December 31

 
   

2024

   

2023

   

2024

   

2023

 

Net Sales:

                               

Lighting Segment

  $ 58,210     $ 64,795     $ 116,646     $ 132,436  

Display Solutions Segment

    89,524       44,210       169,183       100,010  
    $ 147,734     $ 109,005     $ 285,829     $ 232,446  
                                 

Operating Income (Loss):

                               

Lighting Segment

  $ 5,972     $ 8,856     $ 11,731     $ 17,609  

Display Solutions Segment

  $ 8,127       3,302       15,834       10,521  

Corporate and Eliminations

    (5,640 )     (4,339 )     (9,975 )     (9,283 )
    $ 8,459     $ 7,819     $ 17,590     $ 18,847  
                                 

Capital Expenditures:

                               

Lighting Segment

  $ 509     $ 1,151     $ 1,221     $ 2,013  

Display Solutions Segment

  $ 529       529       576       1,048  

Corporate and Eliminations

    28       276       28       288  
    $ 1,066     $ 1,956     $ 1,825     $ 3,349  
                                 

Depreciation and Amortization:

                               

Lighting Segment

  $ 1,281     $ 1,293     $ 2,493     $ 2,602  

Display Solutions Segment

  $ 1,656       989       3,291       1,965  

Corporate and Eliminations

  $ 81       75       174       161  
    $ 3,018     $ 2,357     $ 5,958     $ 4,728  

 

   

December 31,

2024

   

June 30, 2024

 

Total Assets:

               

Lighting Segment

  $ 119,006     $ 130,695  

Display Solutions Segment

    215,824       208,248  

Corporate and Eliminations

    9,715       9,857  
    $ 344,545     $ 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

   

Six Months Ended

 

(In thousands)

 

December 31

   

December 31

 
   

2024

   

2023

   

2024

   

2023

 

Lighting Segment inter-segment net sales

  $ 6,053     $ 5,286     $ 12,037     $ 12,150  
                                 

Display Solutions Segment inter-segment net sales

  $ 133     $ (15 )   $ 304     $ 440  

 

 

v3.25.0.1
Note 5 - Earnings Per Common Share
6 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 5 - 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

   

Six Months Ended

 
   

December 31

   

December 31

 
   

2024

   

2023

   

2024

   

2023

 
                                 

BASIC EARNINGS PER SHARE

                               
                                 

Net income

  $ 5,647     $ 5,906     $ 12,329     $ 13,934  
                                 

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

    28,848       27,979       28,681       27,858  

Weighted average vested restricted stock units outstanding

    72       76       81       78  

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

    1,010       969       999       954  

Weighted average shares outstanding

    29,930       29,024       29,761       28,890  
                                 

Basic earnings per common share

  $ 0.19     $ 0.20     $ 0.41     $ 0.48  
                                 
                                 

DILUTED EARNINGS PER SHARE

                               
                                 

Net income

  $ 5,647     $ 5,906     $ 12,329     $ 13,934  
                                 

Weighted average shares outstanding:

                               
                                 

Basic

    29,930       29,024       29,761       28,890  
                                 

Effect of dilutive securities (a):

                               

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

    946       1,019       948       1,059  

Weighted average shares outstanding

    30,876       30,043       30,709       29,949  
                                 

Diluted earnings per common share

  $ 0.18     $ 0.20     $ 0.40     $ 0.47  
                                 
                                 

Anti-dilutive securities (b)

    265       -       265       -  

 

 

 

(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 six months ended December 31, 2024, and December 31, 2023, 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.

 

 

v3.25.0.1
Note 6 - Inventories, Net
6 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Inventory Disclosure [Text Block]

NOTE 6INVENTORIES, NET

 

The following information is provided as of the dates indicated:

 

   

December 31,

   

June 30,

 

(In thousands)

 

2024

   

2024

 
                 

Inventories:

               

Raw materials

  $ 49,388     $ 52,644  

Work-in-progress

    6,891       6,244  

Finished goods

    13,147       12,025  

Total Inventories

  $ 69,426     $ 70,913  

 

v3.25.0.1
Note 7 - Accrued Expenses
6 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

NOTE 7 - ACCRUED EXPENSES

 

The following information is provided as of the dates indicated:

 

   

December 31,

   

June 30,

 

(In thousands)

 

2024

   

2024

 
                 

Accrued Expenses:

               

Customer prepayments

  $ 8,714     $ 8,475  

Compensation and benefits

    9,110       9,704  

Accrued warranty

    6,653       6,623  

Operating lease liabilities

    5,619       5,560  

Accrued sales commissions

    2,691       3,937  

Accrued Freight

    2,353       2,270  

Accrued FICA

    492       513  

Finance lease liabilities

    327       324  

Other accrued expenses

    6,696       6,038  

Total Accrued Expenses

  $ 42,655     $ 43,444  

 

v3.25.0.1
Note 8 - Goodwill and Other Intangible Assets
6 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 8 - 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 four reporting units that contain goodwill. One reporting unit is within the Lighting Segment and three 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 December 31, 2024

                       

Goodwill

  $ 70,971     $ 75,773     $ 146,744  

Accumulated impairment losses

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

Goodwill, net as of December 31, 2024

  $ 9,208     $ 48,248     $ 57,456  
                         

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

 

December 31, 2024

 

(In thousands)

 

Gross

                 
   

Carrying

   

Accumulated

   

Net

 
   

Amount

   

Amortization

   

Amount

 

Amortized Intangible Assets

                       

Customer relationships

  $ 69,573     $ 23,227     $ 46,346  

Patents

    268       268       -  

LED technology firmware, software

    24,126       17,876       6,250  

Trade name

    2,658       1,319       1,339  

Non-compete

    400       217       183  

Total Amortized Intangible Assets

    97,025       42,907       54,118  
                         

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     $ 42,907     $ 71,100  

 

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

   

Six Months Ended

 
   

December 31

   

December 31

 

(In thousands)

 

2024

   

2023

   

2024

   

2023

 
                                 

Amortization Expense of Other Intangible Assets

  $ 1,408     $ 1,190     $ 2,816     $ 2,380  

 

The Company expects to record annual amortization expense as follows:

 

 

(In thousands)

       

2025

  $ 5,739  

2026

  $ 5,733  

2027

  $ 5,512  

2028

  $ 5,125  

2029

  $ 4,497  

After 2029

  $ 30,328  

 

v3.25.0.1
Note 9 - Debt
6 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Debt Disclosure [Text Block]

NOTE 9 - DEBT

 

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

 

 

   

December 31,

   

June 30,

 

(In thousands)

 

2024

   

2024

 
                 

Secured line of credit

  $ 24,803     $ 38,766  

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

    13,383       15,463  

Total debt

  $ 38,186     $ 54,229  

Less: amounts due within one year

    3,571       3,571  

Total amounts due after one year, net

  $ 34,615     $ 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 December 31, 2024, the Company’s borrowing rate against its revolving line of credit was 5.7%. The increment over the SOFR borrowing rate will be 100 basis points for the third 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 December 31, 2024, there was $50.2 million available for borrowing under the $75 million line of credit.

 

The Company is in compliance with all of its loan covenants as of December 31, 2024.

v3.25.0.1
Note 10 - Cash Dividends
6 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Equity [Text Block]

NOTE 10 - CASH DIVIDENDS

 

The Company paid cash dividends of $3.0 million and $2.8 million for the six months ended December 31, 2024, and December 31, 2023, respectively. Dividends on restricted stock units in the amount of $0.2 million and $0.1million were accrued as of both December 31, 2024, and 2023, respectively. These dividends will be paid upon the vesting of the restricted stock units when shares are issued to the award recipients. In January 2025, the Board of Directors declared a regular quarterly cash dividend of $0.05 per share payable February 11, 2025, to shareholders of record as February 3, 2025. The indicated annual cash dividend rate is $0.20 per share.

 

 

v3.25.0.1
Note 11 - Equity Compensation
6 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

NOTE 11EQUITY 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 Restricted Stock Unit ("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 1,403,708 as of December 31, 2024.

 

In the first quarter 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 $1.1 million and $0.8 million for the three months ended December 31, 2024, and 2023, respectively, and $2.2 million and $2.0 million in the six months ended December 31, 2024, and 2023, 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 8,000 shares. At December 31, 2024, 234,000 shares remained available for purchase under the ESPP.

v3.25.0.1
Note 12 - Supplemental Cash Flow Information
6 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Cash Flow, Supplemental Disclosures [Text Block]

NOTE 12 - SUPPLEMENTAL CASH FLOW INFORMATION

 

   

Six Months Ended

 

(In thousands)

 

December 31

 
   

2024

   

2023

 

Cash Payments:

               

Interest

  $ 1,460     $ 1,006  

Income taxes

  $ 2,321     $ 3,375  
                 

Non-cash investing and financing activities

               

Issuance of common shares as compensation

  $ 225     $ 225  

Issuance of common shares to fund deferred compensation plan

  $ 994     $ 943  

Issuance of common shares to fund ESPP plan

  $ 110     $ 98  

 

v3.25.0.1
Note 13 - Commitments and Contingencies
6 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

NOTE 13 - 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 December 31, 2024, there were no such standby letters of credit issued.

v3.25.0.1
Note 14 - Leases
6 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Lessee, Leases [Text Block]

NOTE 14 - 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 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 December 31, 2024, and 2023.

 

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

   

Six Months Ended

 
   

December 31

   

December 31

 

(In thousands)

 

2024

   

2023

   

2024

   

2023

 
                                 

Operating lease cost

  $ 1,610     $ 993     $ 3,231     $ 1,900  

Financing lease cost:

                               

Amortization of right of use assets

    73       73       145       146  

Interest on lease liabilities

    10       14       22       28  

Variable lease cost

    -       22       7       44  

Sublease income

    -       (116 )     (39 )     (232 )

Total lease cost

  $ 1,693     $ 986     $ 3,366     $ 1,886  

 

Supplemental Cash Flow Information:

 

Six Months Ended

 
   

December 31

 

(In thousands)

 

2024

   

2023

 
                 

Cash flows from operating leases

               

Fixed payments - operating cash flows

  $ 3,298     $ 1,778  

Liability reduction - operating cash flows

  $ 2,813     $ 1,537  
                 

Cash flows from finance leases

               

Interest - operating cash flows

  $ 21     $ 28  

Repayments of principal portion - financing cash flows

  $ 168     $ 156  

 

Operating Leases:

 

December 31,

   

June 30,

 
   

2024

   

2024

 
                 

Total operating right-of-use assets

  $ 15,517     $ 15,912  
                 

Accrued expenses (Current liabilities)

  $ 5,619     $ 5,560  

Long-term operating lease liability

    10,694       11,267  

Total operating lease liabilities

  $ 16,313     $ 16,827  
                 

Weighted Average remaining Lease Term (in years)

    3.40       3.49  
                 

Weighted Average Discount Rate

    5.82 %     5.90 %

 

 

Finance Leases:

 

December 31,

   

June 30,

 
   

2024

   

2024

 
                 

Buildings under finance leases

  $ 2,033     $ 2,033  

Equipment under finance leases

    -       41  

Accumulated depreciation

    (1,355 )     (1,232 )

Total finance lease assets, net

  $ 678     $ 842  
                 

Accrued expenses (Current liabilities)

  $ 327     $ 324  

Long-term finance lease liability

    468       636  

Total finance lease liabilities

  $ 795     $ 960  
                 

Weighted Average remaining Lease Term (in years)

    2.33       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

  $ 5,619     $ 327     $ (38 )   $ 5,908  

2026

    5,360       362       -       5,722  

2027

    4,337       150       -       4,487  

2028

    1,319       -       -       1,319  

2029

    972       -       -       972  

Thereafter

    489       -       -       489  

Total lease payments

  $ 18,096     $ 839     $ (38 )   $ 18,897  

Less: Interest

    (1,783 )     (44 )             (1,827 )

Present Value of Lease Liabilities

  $ 16,313     $ 795             $ 17,070  

 

v3.25.0.1
Note 15 - Income Taxes
6 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

NOTE 15 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

   

Six Months Ended

 
   

December 31

   

December 31

 
   

2024

   

2023

   

2024

   

2023

 

Reconciliation of effective tax rate:

                               
                                 

Provision for income taxes at the anticipated annual tax rate

    26.7

%

    25.6

%

    26.2 %     26.3 %

Uncertain tax positions

    (1.5 )     (2.8 )     (0.2 )     (0.6 )

Deferred Income Tax Adjustment

    -       -       1.1       -  

Share-based compensation

    (2.0 )     (2.7 )     (5.8 )     (4.2 )

Effective tax rate

    23.2

%

    20.1

%

    21.3 %     21.5 %

 

 

v3.25.0.1
Insider Trading Arrangements
6 Months Ended
Dec. 31, 2024
Insider Trading Arr Line Items  
Material Terms of Trading Arrangement [Text Block]

ITEM 5. OTHER INFORMATION

 

None.

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
v3.25.0.1
Significant Accounting Policies (Policies)
6 Months Ended
Dec. 31, 2024
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 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)

 

December 31, 2024

   

December 31, 2023

 
   

Lighting

Segment

   

Display

Solutions

Segment

   

Lighting

Segment

   

Display

Solutions

Segment

 

Timing of revenue recognition

                               

Products and services transferred at a point in time

  $ 48,366     $ 68,046     $ 54,619     $ 29,268  

Products and services transferred over time

    9,844       21,478       10,176       14,942  
    $ 58,210     $ 89,524     $ 64,795     $ 44,210  

 

 

   

Three Months Ended

 
   

December 31, 2024

   

December 31, 2023

 
   

Lighting

Segment

   

Display

Solutions

Segment

   

Lighting

Segment

   

Display

Solutions

Segment

 

Type of Product and Services

                               

LED lighting, digital signage solutions, electronic circuit boards

  $ 47,580     $ 9,310     $ 53,116     $ 8,791  

Poles, other display solution elements

    9,945       60,726       10,968       24,829  

Project management, installation services, shipping and handling

    685       19,488       711       10,590  
    $ 58,210     $ 89,524     $ 64,795     $ 44,210  

 

 

   

Six Months Ended

 
   

December 31, 2024

   

December 31, 2023

 
   

Lighting

Segment

   

Display

Solutions

Segment

   

Lighting

Segment

   

Display

Solutions

Segment

 

Timing of revenue recognition

                               

Products and services transferred at a point in time

  $ 96,577     $ 130,140     $ 112,271     $ 69,256  

Products and services transferred over time

    20,069       39,043       20,165       30,754  
    $ 116,646     $ 169,183     $ 132,436     $ 100,010  

 

 

   

Six Months Ended

 
   

December 31, 2024

   

December 31, 2023

 
   

Lighting

Segment

   

Display

Solutions

Segment

   

Lighting

Segment

   

Display

Solutions

Segment

 

Type of Product and Services

                               

LED lighting, digital signage solutions, electronic circuit boards

  $ 95,009     $ 17,746     $ 108,607     $ 17,724  

Poles, other display solution elements

    20,338       116,429       22,351       59,698  

Project management, installation services, shipping and handling

    1,299       35,008       1,478       22,588  
    $ 116,646     $ 169,183     $ 132,436     $ 100,010  

 

 

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.

v3.25.0.1
Note 2 - Summary of Significant Accounting Policies (Tables)
6 Months Ended
Dec. 31, 2024
Notes Tables  
Disaggregation of Revenue [Table Text Block]
   

Three Months Ended

 

(In thousands)

 

December 31, 2024

   

December 31, 2023

 
   

Lighting

Segment

   

Display

Solutions

Segment

   

Lighting

Segment

   

Display

Solutions

Segment

 

Timing of revenue recognition

                               

Products and services transferred at a point in time

  $ 48,366     $ 68,046     $ 54,619     $ 29,268  

Products and services transferred over time

    9,844       21,478       10,176       14,942  
    $ 58,210     $ 89,524     $ 64,795     $ 44,210  
   

Three Months Ended

 
   

December 31, 2024

   

December 31, 2023

 
   

Lighting

Segment

   

Display

Solutions

Segment

   

Lighting

Segment

   

Display

Solutions

Segment

 

Type of Product and Services

                               

LED lighting, digital signage solutions, electronic circuit boards

  $ 47,580     $ 9,310     $ 53,116     $ 8,791  

Poles, other display solution elements

    9,945       60,726       10,968       24,829  

Project management, installation services, shipping and handling

    685       19,488       711       10,590  
    $ 58,210     $ 89,524     $ 64,795     $ 44,210  
   

Six Months Ended

 
   

December 31, 2024

   

December 31, 2023

 
   

Lighting

Segment

   

Display

Solutions

Segment

   

Lighting

Segment

   

Display

Solutions

Segment

 

Timing of revenue recognition

                               

Products and services transferred at a point in time

  $ 96,577     $ 130,140     $ 112,271     $ 69,256  

Products and services transferred over time

    20,069       39,043       20,165       30,754  
    $ 116,646     $ 169,183     $ 132,436     $ 100,010  
   

Six Months Ended

 
   

December 31, 2024

   

December 31, 2023

 
   

Lighting

Segment

   

Display

Solutions

Segment

   

Lighting

Segment

   

Display

Solutions

Segment

 

Type of Product and Services

                               

LED lighting, digital signage solutions, electronic circuit boards

  $ 95,009     $ 17,746     $ 108,607     $ 17,724  

Poles, other display solution elements

    20,338       116,429       22,351       59,698  

Project management, installation services, shipping and handling

    1,299       35,008       1,478       22,588  
    $ 116,646     $ 169,183     $ 132,436     $ 100,010  
v3.25.0.1
Note 3 - Acquisition of EMI Industries, LLC (Tables)
6 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Recognized Identified Assets Acquired and Liabilities 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  
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [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 Acquisition, 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  
v3.25.0.1
Note 4 - Segment Reporting Information (Tables)
6 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
   

Three Months Ended

   

Six Months Ended

 

(In thousands)

 

December 31

   

December 31

 
   

2024

   

2023

   

2024

   

2023

 

Net Sales:

                               

Lighting Segment

  $ 58,210     $ 64,795     $ 116,646     $ 132,436  

Display Solutions Segment

    89,524       44,210       169,183       100,010  
    $ 147,734     $ 109,005     $ 285,829     $ 232,446  
                                 

Operating Income (Loss):

                               

Lighting Segment

  $ 5,972     $ 8,856     $ 11,731     $ 17,609  

Display Solutions Segment

  $ 8,127       3,302       15,834       10,521  

Corporate and Eliminations

    (5,640 )     (4,339 )     (9,975 )     (9,283 )
    $ 8,459     $ 7,819     $ 17,590     $ 18,847  
                                 

Capital Expenditures:

                               

Lighting Segment

  $ 509     $ 1,151     $ 1,221     $ 2,013  

Display Solutions Segment

  $ 529       529       576       1,048  

Corporate and Eliminations

    28       276       28       288  
    $ 1,066     $ 1,956     $ 1,825     $ 3,349  
                                 

Depreciation and Amortization:

                               

Lighting Segment

  $ 1,281     $ 1,293     $ 2,493     $ 2,602  

Display Solutions Segment

  $ 1,656       989       3,291       1,965  

Corporate and Eliminations

  $ 81       75       174       161  
    $ 3,018     $ 2,357     $ 5,958     $ 4,728  
Reconciliation of Assets from Segment to Consolidated [Table Text Block]
   

December 31,

2024

   

June 30, 2024

 

Total Assets:

               

Lighting Segment

  $ 119,006     $ 130,695  

Display Solutions Segment

    215,824       208,248  

Corporate and Eliminations

    9,715       9,857  
    $ 344,545     $ 348,800  
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

Inter-segment sales

                               
   

Three Months Ended

   

Six Months Ended

 

(In thousands)

 

December 31

   

December 31

 
   

2024

   

2023

   

2024

   

2023

 

Lighting Segment inter-segment net sales

  $ 6,053     $ 5,286     $ 12,037     $ 12,150  
                                 

Display Solutions Segment inter-segment net sales

  $ 133     $ (15 )   $ 304     $ 440  
v3.25.0.1
Note 5 - Earnings Per Common Share (Tables)
6 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
   

Three Months Ended

   

Six Months Ended

 
   

December 31

   

December 31

 
   

2024

   

2023

   

2024

   

2023

 
                                 

BASIC EARNINGS PER SHARE

                               
                                 

Net income

  $ 5,647     $ 5,906     $ 12,329     $ 13,934  
                                 

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

    28,848       27,979       28,681       27,858  

Weighted average vested restricted stock units outstanding

    72       76       81       78  

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

    1,010       969       999       954  

Weighted average shares outstanding

    29,930       29,024       29,761       28,890  
                                 

Basic earnings per common share

  $ 0.19     $ 0.20     $ 0.41     $ 0.48  
                                 
                                 

DILUTED EARNINGS PER SHARE

                               
                                 

Net income

  $ 5,647     $ 5,906     $ 12,329     $ 13,934  
                                 

Weighted average shares outstanding:

                               
                                 

Basic

    29,930       29,024       29,761       28,890  
                                 

Effect of dilutive securities (a):

                               

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

    946       1,019       948       1,059  

Weighted average shares outstanding

    30,876       30,043       30,709       29,949  
                                 

Diluted earnings per common share

  $ 0.18     $ 0.20     $ 0.40     $ 0.47  
                                 
                                 

Anti-dilutive securities (b)

    265       -       265       -  
v3.25.0.1
Note 6 - Inventories, Net (Tables)
6 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
   

December 31,

   

June 30,

 

(In thousands)

 

2024

   

2024

 
                 

Inventories:

               

Raw materials

  $ 49,388     $ 52,644  

Work-in-progress

    6,891       6,244  

Finished goods

    13,147       12,025  

Total Inventories

  $ 69,426     $ 70,913  
v3.25.0.1
Note 7 - Accrued Expenses (Tables)
6 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Accrued Liabilities [Table Text Block]
   

December 31,

   

June 30,

 

(In thousands)

 

2024

   

2024

 
                 

Accrued Expenses:

               

Customer prepayments

  $ 8,714     $ 8,475  

Compensation and benefits

    9,110       9,704  

Accrued warranty

    6,653       6,623  

Operating lease liabilities

    5,619       5,560  

Accrued sales commissions

    2,691       3,937  

Accrued Freight

    2,353       2,270  

Accrued FICA

    492       513  

Finance lease liabilities

    327       324  

Other accrued expenses

    6,696       6,038  

Total Accrued Expenses

  $ 42,655     $ 43,444  
v3.25.0.1
Note 8 - Goodwill and Other Intangible Assets (Tables)
6 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Goodwill [Table Text Block]

Goodwill

         

Display

         

(In thousands)

 

Lighting

   

Solutions

         
   

Segment

   

Segment

   

Total

 

Balance as of December 31, 2024

                       

Goodwill

  $ 70,971     $ 75,773     $ 146,744  

Accumulated impairment losses

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

Goodwill, net as of December 31, 2024

  $ 9,208     $ 48,248     $ 57,456  
                         

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

 

December 31, 2024

 

(In thousands)

 

Gross

                 
   

Carrying

   

Accumulated

   

Net

 
   

Amount

   

Amortization

   

Amount

 

Amortized Intangible Assets

                       

Customer relationships

  $ 69,573     $ 23,227     $ 46,346  

Patents

    268       268       -  

LED technology firmware, software

    24,126       17,876       6,250  

Trade name

    2,658       1,319       1,339  

Non-compete

    400       217       183  

Total Amortized Intangible Assets

    97,025       42,907       54,118  
                         

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     $ 42,907     $ 71,100  

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

   

Six Months Ended

 
   

December 31

   

December 31

 

(In thousands)

 

2024

   

2023

   

2024

   

2023

 
                                 

Amortization Expense of Other Intangible Assets

  $ 1,408     $ 1,190     $ 2,816     $ 2,380  
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

(In thousands)

       

2025

  $ 5,739  

2026

  $ 5,733  

2027

  $ 5,512  

2028

  $ 5,125  

2029

  $ 4,497  

After 2029

  $ 30,328  
v3.25.0.1
Note 9 - Debt (Tables)
6 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Debt [Table Text Block]
   

December 31,

   

June 30,

 

(In thousands)

 

2024

   

2024

 
                 

Secured line of credit

  $ 24,803     $ 38,766  

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

    13,383       15,463  

Total debt

  $ 38,186     $ 54,229  

Less: amounts due within one year

    3,571       3,571  

Total amounts due after one year, net

  $ 34,615     $ 50,658  
v3.25.0.1
Note 12 - Supplemental Cash Flow Information (Tables)
6 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]
   

Six Months Ended

 

(In thousands)

 

December 31

 
   

2024

   

2023

 

Cash Payments:

               

Interest

  $ 1,460     $ 1,006  

Income taxes

  $ 2,321     $ 3,375  
                 

Non-cash investing and financing activities

               

Issuance of common shares as compensation

  $ 225     $ 225  

Issuance of common shares to fund deferred compensation plan

  $ 994     $ 943  

Issuance of common shares to fund ESPP plan

  $ 110     $ 98  
v3.25.0.1
Note 14 - Leases (Tables)
6 Months Ended
Dec. 31, 2024
Notes Tables  
Lease, Cost [Table Text Block]
   

Three Months Ended

   

Six Months Ended

 
   

December 31

   

December 31

 

(In thousands)

 

2024

   

2023

   

2024

   

2023

 
                                 

Operating lease cost

  $ 1,610     $ 993     $ 3,231     $ 1,900  

Financing lease cost:

                               

Amortization of right of use assets

    73       73       145       146  

Interest on lease liabilities

    10       14       22       28  

Variable lease cost

    -       22       7       44  

Sublease income

    -       (116 )     (39 )     (232 )

Total lease cost

  $ 1,693     $ 986     $ 3,366     $ 1,886  

Supplemental Cash Flow Information:

 

Six Months Ended

 
   

December 31

 

(In thousands)

 

2024

   

2023

 
                 

Cash flows from operating leases

               

Fixed payments - operating cash flows

  $ 3,298     $ 1,778  

Liability reduction - operating cash flows

  $ 2,813     $ 1,537  
                 

Cash flows from finance leases

               

Interest - operating cash flows

  $ 21     $ 28  

Repayments of principal portion - financing cash flows

  $ 168     $ 156  

Operating Leases:

 

December 31,

   

June 30,

 
   

2024

   

2024

 
                 

Total operating right-of-use assets

  $ 15,517     $ 15,912  
                 

Accrued expenses (Current liabilities)

  $ 5,619     $ 5,560  

Long-term operating lease liability

    10,694       11,267  

Total operating lease liabilities

  $ 16,313     $ 16,827  
                 

Weighted Average remaining Lease Term (in years)

    3.40       3.49  
                 

Weighted Average Discount Rate

    5.82 %     5.90 %

Finance Leases:

 

December 31,

   

June 30,

 
   

2024

   

2024

 
                 

Buildings under finance leases

  $ 2,033     $ 2,033  

Equipment under finance leases

    -       41  

Accumulated depreciation

    (1,355 )     (1,232 )

Total finance lease assets, net

  $ 678     $ 842  
                 

Accrued expenses (Current liabilities)

  $ 327     $ 324  

Long-term finance lease liability

    468       636  

Total finance lease liabilities

  $ 795     $ 960  
                 

Weighted Average remaining Lease Term (in years)

    2.33       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

  $ 5,619     $ 327     $ (38 )   $ 5,908  

2026

    5,360       362       -       5,722  

2027

    4,337       150       -       4,487  

2028

    1,319       -       -       1,319  

2029

    972       -       -       972  

Thereafter

    489       -       -       489  

Total lease payments

  $ 18,096     $ 839     $ (38 )   $ 18,897  

Less: Interest

    (1,783 )     (44 )             (1,827 )

Present Value of Lease Liabilities

  $ 16,313     $ 795             $ 17,070  
v3.25.0.1
Note 15 - Income Taxes (Tables)
6 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   

Three Months Ended

   

Six Months Ended

 
   

December 31

   

December 31

 
   

2024

   

2023

   

2024

   

2023

 

Reconciliation of effective tax rate:

                               
                                 

Provision for income taxes at the anticipated annual tax rate

    26.7

%

    25.6

%

    26.2 %     26.3 %

Uncertain tax positions

    (1.5 )     (2.8 )     (0.2 )     (0.6 )

Deferred Income Tax Adjustment

    -       -       1.1       -  

Share-based compensation

    (2.0 )     (2.7 )     (5.8 )     (4.2 )

Effective tax rate

    23.2

%

    20.1

%

    21.3 %     21.5 %
v3.25.0.1
Note 2 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Net Sales $ 147,734 $ 109,005 $ 285,829 $ 232,446
Lighting Segment [Member]        
Net Sales 58,210 64,795 116,646 132,436
Lighting Segment [Member] | Transferred at Point in Time [Member]        
Net Sales 48,366 54,619 96,577 112,271
Lighting Segment [Member] | Transferred over Time [Member]        
Net Sales 9,844 10,176 20,069 20,165
Lighting Segment [Member] | LED Lighting, Digital Signage, Electronic Circuit Boards [Member]        
Net Sales 47,580 53,116 95,009 108,607
Lighting Segment [Member] | Poles, Other Display Solution Elements [Member]        
Net Sales 9,945 10,968 20,338 22,351
Lighting Segment [Member] | Project Management, Installation Services, Shipping and Handling [Member]        
Net Sales 685 711 1,299 1,478
Display Solutions Segment [Member]        
Net Sales 89,524 44,210 169,183 100,010
Display Solutions Segment [Member] | Transferred at Point in Time [Member]        
Net Sales 68,046 29,268 130,140 69,256
Display Solutions Segment [Member] | Transferred over Time [Member]        
Net Sales 21,478 14,942 39,043 30,754
Display Solutions Segment [Member] | LED Lighting, Digital Signage, Electronic Circuit Boards [Member]        
Net Sales 9,310 8,791 17,746 17,724
Display Solutions Segment [Member] | Poles, Other Display Solution Elements [Member]        
Net Sales 60,726 24,829 116,429 59,698
Display Solutions Segment [Member] | Project Management, Installation Services, Shipping and Handling [Member]        
Net Sales $ 19,488 $ 10,590 $ 35,008 $ 22,588
v3.25.0.1
Note 3 - Acquisition of EMI Industries, LLC (Details Textual) - USD ($)
2 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Apr. 18, 2024
Jun. 30, 2024
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Sep. 30, 2021
Payments to Acquire Businesses, Gross       $ 59,000 $ (0)      
Line of Credit Facility, Maximum Borrowing Capacity               $ 100,000,000
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax           $ 36,303,000 $ 38,798,000  
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          
Business Acquisition, Transaction Costs 1,000,000              
Business Combination, Acquired Receivables, Gross Contractual Amount $ 11,900,000              
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual   $ 18,100,000            
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual   $ 700,000            
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax           $ 36,300,000    
v3.25.0.1
Note 3 - Acquisition of EMI Industries, LLC - Schedule of Assets Acquired (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Apr. 18, 2024
Goodwill $ 57,456 $ 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
v3.25.0.1
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
v3.25.0.1
Note 3 - Acquisition of EMI Industries, LLC - Pro Forma Information (Details) - USD ($)
$ in Thousands
12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Sales $ 535,849 $ 578,169
Gross Profit 141,788 147,967
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax $ 36,303 $ 38,798
v3.25.0.1
Note 4 - Segment Reporting Information (Details Textual)
6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Number of Operating Segments 2  
Intersegment Revenue Markup Percentage 10.00%  
Revenue Benchmark [Member] | Customer Concentration Risk [Member]    
Number of Major Customers 0 0
v3.25.0.1
Note 4 - Segment Reporting Information - Summarized Financial Information by Operating Segments (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Net Sales $ 147,734 $ 109,005 $ 285,829 $ 232,446
Operating Income (Loss) 8,459 7,819 17,590 18,847
Capital Expenditures 1,066 1,956 1,825 3,349
Depreciation and amortization 3,018 2,357 5,958 4,728
Corporate and Eliminations [Member]        
Operating Income (Loss) (5,640) (4,339) (9,975) (9,283)
Capital Expenditures 28 276 28 288
Depreciation and amortization 81 75 174 161
Lighting Segment [Member]        
Net Sales 58,210 64,795 116,646 132,436
Lighting Segment [Member] | Operating Segments [Member]        
Operating Income (Loss) 5,972 8,856 11,731 17,609
Capital Expenditures 509 1,151 1,221 2,013
Depreciation and amortization 1,281 1,293 2,493 2,602
Display Solutions Segment [Member]        
Net Sales 89,524 44,210 169,183 100,010
Display Solutions Segment [Member] | Operating Segments [Member]        
Operating Income (Loss) 8,127 3,302 15,834 10,521
Capital Expenditures 529 529 576 1,048
Depreciation and amortization $ 1,656 $ 989 $ 3,291 $ 1,965
v3.25.0.1
Note 4 - Segment Reporting Information - Identifiable Assets by Segment (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Total Assets $ 344,545 $ 348,800
Corporate and Eliminations [Member]    
Total Assets 9,715 9,857
Lighting Segment [Member] | Operating Segments [Member]    
Total Assets 119,006 130,695
Display Solutions Segment [Member] | Operating Segments [Member]    
Total Assets $ 215,824 $ 208,248
v3.25.0.1
Note 4 - Segment Reporting Information - Intersegment Revenues (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Net sales $ 147,734 $ 109,005 $ 285,829 $ 232,446
Lighting Segment [Member]        
Net sales 58,210 64,795 116,646 132,436
Display Solutions Segment [Member]        
Net sales 89,524 44,210 169,183 100,010
Intersegment Eliminations [Member] | Lighting Segment [Member]        
Net sales 6,053 5,286 12,037 12,150
Intersegment Eliminations [Member] | Display Solutions Segment [Member]        
Net sales $ 133 $ (15) $ 304 $ 440
v3.25.0.1
Note 5 - Earnings per Common Share - Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Net Income $ 5,647 $ 6,682 $ 5,906 $ 8,028 $ 12,329 $ 13,934
Weighted average shares outstanding during the period, net of treasury shares (in shares) 28,848   27,979   28,681 27,858
Weighted average vested restricted stock units outstanding (in shares) 1,010   969   999 954
Weighted average shares outstanding (in shares) 29,930   29,024   29,761 28,890
Basic earnings per common share (in dollars per share) $ 0.19   $ 0.2   $ 0.41 $ 0.48
Basic (in shares) 29,930   29,024   29,761 28,890
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any (in shares) [1] 946   1,019   948 1,059
Weighted average shares outstanding (in shares) 30,876   30,043   30,709 29,949
Diluted earnings per common share (in dollars per share) $ 0.18   $ 0.2   $ 0.4 $ 0.47
Anti-dilutive securities (b) (in shares) [2] 265   0   265 0
Restricted Stock Units (RSUs) [Member]            
Weighted average vested restricted stock units outstanding (in shares) 72   76   81 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 six months ended December 31, 2024, and December 31, 2023, 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.
v3.25.0.1
Note 6 - Inventories, Net - Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Raw materials $ 49,388 $ 52,644
Work-in-progress 6,891 6,244
Finished goods 13,147 12,025
Total Inventories $ 69,426 $ 70,913
v3.25.0.1
Note 7 - Accrued Expenses - Accrued Expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Customer prepayments $ 8,714 $ 8,475
Compensation and benefits 9,110 9,704
Accrued warranty 6,653 6,623
Operating lease liabilities 5,619 5,560
Accrued sales commissions 2,691 3,937
Accrued freight 2,353 2,270
Accrued FICA 492 513
Finance lease liabilities 327 324
Other accrued expenses 6,696 6,038
Total Accrued Expenses $ 42,655 $ 43,444
v3.25.0.1
Note 8 - Goodwill and Other Intangible Assets (Details Textual)
6 Months Ended
Dec. 31, 2024
Number of Reporting Units 3
Lighting Segment [Member]  
Number of Reporting Units 1
Display Solutions Segment [Member]  
Number of Reporting Units 2
v3.25.0.1
Note 8 - Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Goodwill $ 146,744 $ 146,685
Accumulated impairment losses (89,288) (89,288)
Goodwill, net 57,456 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 75,773 75,714
Accumulated impairment losses (27,525) (27,525)
Goodwill, net $ 48,248 $ 48,189
v3.25.0.1
Note 8 - Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
finite lived, gross $ 97,025 $ 97,025
finite lived, accumulated amortization 42,907 40,091
finite lived, net 54,118 56,934
indefinite lived 16,982 16,982
Total Other Intangible Assets 114,007 114,007
Other intangible assets, net 71,100 73,916
Trademarks and Trade Names [Member]    
indefinite lived 16,982 16,982
Customer Relationships [Member]    
finite lived, gross 69,573 69,573
finite lived, accumulated amortization 23,227 21,332
finite lived, net 46,346 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 2,658 2,658
finite lived, accumulated amortization 1,319 1,265
finite lived, net 1,339 1,393
Noncompete Agreements [Member]    
finite lived, gross 400 400
finite lived, accumulated amortization 217 168
finite lived, net 183 $ 232
Technology-Based Intangible Assets [Member]    
finite lived, gross 24,126  
finite lived, accumulated amortization 17,876  
finite lived, net $ 6,250  
v3.25.0.1
Note 8 - Goodwill and Other Intangible Assets - Amortization Expense of Other Intangible Assets (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Amortization Expense of Other Intangible Assets $ 1,408 $ 1,190 $ 2,816 $ 2,380
v3.25.0.1
Note 8 - Goodwill and Other Intangible Assets - Future Amortization Expense (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
2025 $ 5,739
2026 5,733
2027 5,512
2028 5,125
2029 4,497
After 2029 $ 30,328
v3.25.0.1
Note 9 - Debt (Details Textual) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended
Sep. 30, 2021
Dec. 31, 2024
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   5.70%
Line of Credit Facility, Remaining Borrowing Capacity   $ 50.2
Term Loan [Member]    
Debt Instrument, Face Amount 25.0  
Debt Instrument, Annual Principal Payment $ 3.6  
Debt Instrument, Term 5 years  
v3.25.0.1
Note 9 - Debt - Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Secured line of credit $ 24,803 $ 38,766
Long Term Debt 38,186 54,229
Less: amounts due within one year 3,571 3,571
Total amounts due after one year, net 34,615 50,658
Term Loan [Member]    
Long Term Debt $ 13,383 $ 15,463
v3.25.0.1
Note 9 - Debt - Debt (Details) (Parentheticals) - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 30, 2024
Term Loan [Member]    
Debt Issuance Costs, Net $ 10 $ 14
v3.25.0.1
Note 10 - Cash Dividends (Details Textual) - USD ($)
$ / shares in Units, $ in Millions
1 Months Ended 6 Months Ended
Jan. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Payments of Dividends, Total   $ 3.0 $ 2.8
Dividends Payable   $ 0.2 $ 0.1
Annual Indicated per Share Dividend Rate   $ 0.2  
O2025Q3 Dividends [Member] | Subsequent Event [Member]      
Quarterly Indicated Per Share Dividend Rate $ 0.05    
Dividends Payable, Date to be Paid Feb. 11, 2025    
Dividends Payable, Date of Record Feb. 03, 2025    
v3.25.0.1
Note 11 - Equity Compensation (Details Textual) - USD ($)
$ / shares in Units, $ in Millions
1 Months Ended 3 Months Ended 6 Months Ended
Nov. 30, 2022
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Nov. 30, 2021
Share-Based Payment Arrangement, Expense   $ 1.1   $ 0.8 $ 2.2 $ 2.0  
LSi Employee Stock Purchase Plan (ESPP) [Member]              
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares   234,000     234,000   270,000
Employee Stock Ownership Plan (ESOP), Discount Percentage             10.00%
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP         8,000    
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   1,403,708     1,403,708    
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 (in dollars per share)     $ 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 (in dollars per share)     $ 14.92        
v3.25.0.1
Note 12 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Interest $ 1,460 $ 1,006
Income taxes 2,321 3,375
Issuance of common shares as compensation 225 225
Issuance of common shares to fund deferred compensation plan 994 943
Issuance of common shares to fund ESPP plan $ 110 $ 98
v3.25.0.1
Note 13 - Commitments and Contingencies (Details Textual)
$ in Thousands
Dec. 31, 2024
USD ($)
Standby Letters of Credit [Member]  
Letters of Credit Outstanding, Amount $ 0
v3.25.0.1
Note 14 - Leases (Details Textual)
6 Months Ended
Dec. 31, 2024
Minimum [Member]  
Lessee, Leases, Remaining Term 1 year
Maximum [Member]  
Lessee, Leases, Remaining Term 7 years
v3.25.0.1
Note 14 - Leases - Operating Lease Information (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2024
Operating lease cost $ 1,610 $ 993 $ 3,231 $ 1,900  
Total operating right-of-use assets 15,517   15,517   $ 15,912
Buildings under finance leases 2,033   2,033   2,033
Fixed payments - operating cash flows     3,298 1,778  
Operating lease liabilities 5,619   5,619   5,560
Liability reduction - operating cash flows     2,813 1,537  
Long-term operating lease liability 10,694   10,694   11,267
Accumulated depreciation (1,355)   (1,355)   (1,232)
Amortization of right of use assets 73 73 145 146  
Interest - operating cash flows     21 28  
Total operating lease liabilities 16,313   16,313   16,827
Total finance lease assets, net $ 678   678   $ 842
Repayments of principal portion - financing cash flows     $ 168 156  
Weighted Average remaining Lease Term (in years) (Year) 3 years 4 months 24 days   3 years 4 months 24 days   3 years 5 months 26 days
Accrued expenses (Current liabilities) $ 327   $ 327   $ 324
Interest on lease liabilities $ 10 14 $ 22 28  
Weighted Average Discount Rate 5.82%   5.82%   5.90%
Long-term finance lease liability $ 468   $ 468   $ 636
Total finance lease liabilities 795   795   $ 960
Variable lease cost $ 0 22 $ 7 44  
Weighted Average remaining Lease Term (in years) (Year) 2 years 3 months 29 days   2 years 3 months 29 days   2 years 9 months 29 days
Weighted Average Discount Rate 4.86%   4.86%   4.86%
Sublease income $ 0 (116) $ (39) (232)  
Total lease cost 1,693 $ 986 3,366 $ 1,886  
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
v3.25.0.1
Note 14 - Leases - Maturities of Lease Liability (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
2025, operating lease $ 5,619  
2025, finance lease 327  
2025, operating sublease (38)  
2025, net lease commitments 5,908  
2026, operating lease 5,360  
2026, finance lease 362  
2026, operating sublease 0  
2026, net lease commitments 5,722  
2027, operating lease 4,337  
2027, finance lease 150  
2027, operating sublease 0  
2027, net lease commitments 4,487  
2028, operating lease 1,319  
2028, finance lease 0  
2028, operating subleases 0  
2028, net lease commitments 1,319  
2029, operating lease 972  
2029, finance lease 0  
2029, operating subleases 0  
2029, net lease commitments 972  
Thereafter, operating lease 489  
Thereafter, finance lease 0  
Thereafter, operating subleases 0  
Thereafter, net lease commitments 489  
Total lease payments, operating lease 18,096  
Total lease payments, finance lease 839  
Total lease payments, operating sublease 38  
Total lease payments, net lease commitments 18,897  
Less: Interest, operating lease (1,783)  
Less: Interest, finance lease (44)  
Less: Interest, net lease commitments (1,827)  
Present Value of Lease Liabilities, operating lease 16,313 $ 16,827
Present Value of Lease Liabilities, finance lease 795 $ 960
Present Value of Lease Liabilities, net lease commitments $ 17,070  
v3.25.0.1
Note 15 - Income Taxes - Reconciliation of Income Tax Rate (Details)
3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Provision for income taxes at the anticipated annual tax rate 26.70% 25.60% 26.20% 26.30%
Uncertain tax positions (1.50%) (2.80%) (0.20%) (0.60%)
Deferred Income Tax Adjustment 0.00% 0.00% 1.10% 0.00%
Share-based compensation 2.00% 2.70% 5.80% 4.20%
Effective tax rate 23.20% 20.10% 21.30% 21.50%