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Note 17 - Restructuring

6 Months Ended

Dec. 31, 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												Six Months Ended
		December 31, 2024												December 31, 2024
Fiscal Year 2025		Involuntary Employee Severance and Benefit Costs				Other				Total				Involuntary Employee Severance and Benefit Costs				Other				Total
Current year initiatives		$	515			$	92			$	607			$	780			$	258			$	1,038
Prior year initiatives			80				233				313				424				544				968
		$	595			$	325			$	920			$	1,204			$	802			$	2,006

		Three Months Ended												Six Months Ended
		December 31, 2023												December 31, 2023
Fiscal Year 2024		Involuntary Employee Severance and Benefit Costs				Other				Total				Involuntary Employee Severance and Benefit Costs				Other				Total
Current year initiatives		$	359			$	907			$	1,266			$	1,786			$	1,252			$	3,038
Prior year initiatives			56				38				94				182				46				228
		$	415			$	945			$	1,360			$	1,968			$	1,298			$	3,266

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			781				257				1,038
Payments			(781	)			(257	)			(1,038	)
Restructuring liabilities at December 31, 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			423				545				968
Payments			(1,261	)			(603	)			(1,864	)
Restructuring liabilities at December 31, 2024		$	415			$	136			$	551

Prior Year		Involuntary Employee Severance and Benefit Costs				Other				Total
Restructuring liabilities at June 30, 2023		$	1,104			$	192			$	1,296
Additions and adjustments			182				46				228
Payments			(985	)			(63	)			(1,048	)
Restructuring liabilities at December 31, 2023		$	301			$	175			$	476

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

		Three Months Ended												Six Months Ended
		December 31, 2024												December 31, 2024
		Involuntary Employee Severance and Benefit Costs				Other				Total				Involuntary Employee Severance and Benefit Costs				Other				Total
Engraving		$	498			$	325			$	823			$	1,028			$	802			$	1,830
Electronics			97				-				97				97				-				97
Corporate			-				-				-				79				-				79
		$	595			$	325			$	920			$	1,204			$	802			$	2,006

		Three Months Ended												Six Months Ended
		December 31, 2023												December 31, 2023
		Involuntary Employee Severance and Benefit Costs				Other				Total				Involuntary Employee Severance and Benefit Costs				Other				Total
Electronics		$	347			$	408			$	755			$	591			$	439			$	1,030
Engraving			43				537				580				836				859				1,695
Engineering Technologies			13				-				13				55				-				55
Corporate			12				-				12				486				-				486
		$	415			$	945			$	1,360			$	1,968			$	1,298			$	3,266

Restructuring expense is expected to be approximately $3.0 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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-Topic 420
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