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Note 17 - Restructuring

3 Months Ended

Sep. 30, 2014

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

17) Restructuring

The Company has undertaken cost reduction and facility consolidation initiatives that have resulted in severance, restructuring, and related charges. A summary of charges by initiative is as follows (in thousands):

	Three Months Ended
	September 30, 2014
Fiscal 2015	Involuntary Employee Severance and Benefit Costs		Other		Total
Restructuring initiatives	$	34	$	3	$	37
Prior year initiatives		125		700		825
	$	159	$	703	$	862

	Three Months Ended
	September 30, 2013
Fiscal 2014	Involuntary Employee Severance and Benefit Costs		Other		Total
Restructuring initiatives	$	351	$	3,383	$	3,734
Prior year initiatives		72		-		72
	$	423	$	3,383	$	3,806

2015 Restructuring Initiatives

The Company has continued to focus on our efforts to reduce cost and improve productivity across our businesses, particularly through headcount reductions in the Engraving Group during the first quarter primarily in Europe. Restructuring expenses related to all 2015 initiatives are expected to be $3.8 million, of which less than $0.1 million was incurred during the first quarter.

Activity in the reserves related to fiscal year 2015 restructuring initiatives is as follows (in thousands):

	Involuntary Employee Severance and Benefit Costs			Other			Total
Restructuring liabilities at June 30, 2014	$	-		$	-		$	-
Additions and adjustments		34			3			37
Payments		(22	)		(3	)		(25	)
Restructuring liabilities at September 30, 2014	$	12		$	-		$	12

Prior Year Initiatives

The Company previously announced a consolidation of our Food Service Equipment Group Cheyenne, Wyoming plant into its Mexico facility. During the first quarter of fiscal year 2014 we recorded a non-cash expense of $3.3 million related to the impairment of long-lived assets in Cheyenne. During fiscal year 2015, restructuring expenses related to this initiative are expected to be $1.3 million, of which $0.8 million was incurred during the first quarter of 2015 and the cumulative expense related to this initiative is $10.8 million.

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

	Involuntary Employee Severance and Benefit Costs			Other			Total
Restructuring liabilities at June 30, 2014	$	555		$	-		$	555
Additions and adjustments		125			700			825
Payments		(441	)		(645	)		(1,086	)
Restructuring liabilities at September 30, 2014	$	239		$	55		$	294

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

	Three Months Ended
	September 30, 2014
	Involuntary Employee Severance and Benefit Costs		Other		Total
Food Service Equipment Group	$	114	$	561	$	675
Engraving Technologies Group		34		3		37
Electronics Products Group		11		139		150
	$	159	$	703	$	862

	Three Months Ended
	September 30, 2013
	Involuntary Employee Severance and Benefit Costs		Other		Total
Food Service Equipment Group	$	18	$	3,328	$	3,346
Engraving Technologies Group		245		7		252
Electronics Products Group		160		48		208
	$	423	$	3,383	$	3,806

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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