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Note 19 - Restructuring

9 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

19) Restructuring

The Company has undertaken a number of initiatives that have resulted in severance, restructuring, and related charges.

2021 Restructuring Initiatives

The Company continues to focus its efforts to reduce cost and improve productivity across its businesses, particularly through headcount reductions, facility closures, and consolidations. Restructuring expenses primarily related to headcount reductions and other cost saving initiatives. The Company expects the 2021 restructuring activities to be completed by 2022.

Prior Year Restructuring Initiatives

Restructuring expenses primarily related to headcount reductions and facility rationalization within our Specialty Solutions segment. The Company also incurred restructuring expenses related to third party assistance with analysis and implementation of these activities. The Company expects the prior year restructuring activities to be completed by 2021.

A summary of charges by initiative is as follows (in thousands):

		*Three Months Ended*												*Nine Months Ended*
		*March 31, 2021*												*March 31, 2021*
Fiscal 2021		*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*				*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*
Current year initiatives		$	292			$	178			$	470			$	755			$	540			$	1,295
Prior year initiatives			12				-				12				906				277				1,183
		$	304			$	178			$	482			$	1,661			$	817			$	2,478

		*Three Months Ended*												*Nine Months Ended*
		*March 31, 2020*												*March 31, 2020*
Fiscal 2020		*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*				*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*
Current year initiatives		$	413			$	184			$	597			$	2,208			$	529			$	2,737
Prior year initiatives			-				(4	)			(4	)			-				55				55
		$	413			$	180			$	593			$	2,208			$	584			$	2,792

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

Current Year Initiatives		*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*
Restructuring liabilities at June 30, 2020		$	-			$	-			$	-
Additions and adjustments			755				540				1,295
Payments			(755	)			(540	)			(1,295	)
Restructuring liabilities at March 31, 2021		$	-			$	-			$	-

Prior Year Initiatives		*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*
Restructuring liabilities at June 30, 2020		$	520			$	18			$	538
Additions and adjustments			906				277				1,183
Payments			(1,426	)			(295	)			(1,721	)
Restructuring liabilities at March 31, 2021		$	-			$	-			$	-

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

		*Three Months Ended*												*Nine Months Ended*
		*March 31, 2021*												*March 31, 2021*
		*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*				*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*
Electronics		$	56			$	16			$	72			$	307			$	21			$	328
Engraving			248				162				410				528				510				1,038
Engineering Technologies			-				-				-				37				-				37
Specialty Solutions			-				-				-				673				286				959
Corporate			-				-				-				116				-				116
		$	304			$	178			$	482			$	1,661			$	817			$	2,478

		*Three Months Ended*												*Nine Months Ended*
		*March 31, 2020*												*March 31, 2020*
		*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*				*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*
Electronics		$	67			$	69			$	136			$	67			$	128			$	195
Engraving			246				93				339				1,378				438				1,816
Engineering Technologies			15				-				15				15				-				15
Specialty Solutions			20				18				38				261				18				279
Corporate			65				-				65				487				-				487
		$	413			$	180			$	593			$	2,208			$	584			$	2,792

Restructuring expense is expected to be approximately $0.7 million for the remainder of fiscal year 2021.