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Note 17 - Restructuring

3 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

17)      Restructuring

The Company has undertaken a number of initiatives that have resulted in severance, restructuring, and related charges.  Related charges may include third party assistance with analysis and implementation of these activities.

2025 Restructuring Initiatives

The Company continues to focus its efforts to reduce cost and improve productivity across its businesses. Restructuring expenses primarily related to facility rationalizations and consolidations.  The Company expects the 2025 restructuring activities to be completed by fiscal year 2026. 

Prior Year Restructuring Initiatives 

Restructuring expenses primarily related to headcount reductions and other cost saving initiatives within our Engraving and Electronics segments.  The Company expects the prior year restructuring activities to be completed by fiscal year 2025.

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

		Three Months Ended
		September 30, 2024
Fiscal Year 2025		Involuntary Employee Severance and Benefit Costs				Other				Total
Current year initiatives		$	266			$	165			$	431
Prior year initiatives			344				311				655
		$	610			$	476			$	1,086

		Three Months Ended
		September 30, 2023
Fiscal Year 2024		Involuntary Employee Severance and Benefit Costs				Other				Total
Current year initiatives		$	1,427			$	345			$	1,772
Prior year initiatives			126				8				134
		$	1,553			$	353			$	1,906

Activity in the restructuring liability 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, 2024		$	-			$	-			$	-
Additions and adjustments			266				165				431
Payments			(266	)			(165	)			(431	)
Restructuring liabilities at September 30, 2024		$	-			$	-			$	-

Prior Year Initiatives		Involuntary Employee Severance and Benefit Costs				Other				Total
Restructuring liabilities at June 30, 2024		$	1,253			$	194			$	1,447
Additions and adjustments			344				311				655
Payments			(362	)			(436	)			(798	)
Restructuring liabilities at September 30, 2024		$	1,235			$	69			$	1,304

Prior Year		Involuntary Employee Severance and Benefit Costs				Other				Total
Restructuring liabilities at June 30, 2023		$	1,104			$	192			$	1,296
Additions and adjustments			1,553				353				1,906
Payments			(1,144	)			(365	)			(1,509	)
Restructuring liabilities at September 30, 2023		$	1,513			$	180			$	1,693

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

		Three Months Ended
		September 30, 2024
		Involuntary Employee Severance and Benefit Costs				Other				Total
Engraving		$	531			$	476			$	1,007
Corporate			79				-				79
		$	610			$	476			$	1,086

		Three Months Ended
		September 30, 2023
		Involuntary Employee Severance and Benefit Costs				Other				Total
Electronics		$	244			$	31			$	275
Engraving			793				322				1,115
Engineering Technologies			42				-				42
Corporate			474				-				474
		$	1,553			$	353			$	1,906

Restructuring expense is expected to be approximately $4.0 million for the remainder of fiscal year 2025.

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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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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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