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Note 17 - Restructuring

9 Months Ended

Mar. 31, 2025

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												Nine Months Ended
		March 31, 2025												March 31, 2025
Fiscal Year 2025		Involuntary Employee Severance and Benefit Costs				Other				Total				Involuntary Employee Severance and Benefit Costs				Other				Total
Current year initiatives		$	1,356			$	410			$	1,766			$	2,136			$	669			$	2,805
Prior year initiatives			100				110			$	210				524				653				1,177
		$	1,456			$	520			$	1,976			$	2,660			$	1,322			$	3,982

		Three Months Ended												Nine Months Ended
		March 31, 2024												March 31, 2024
Fiscal Year 2024		Involuntary Employee Severance and Benefit Costs				Other				Total				Involuntary Employee Severance and Benefit Costs				Other				Total
Current year initiatives		$	1,885			$	2,060			$	3,945			$	3,671			$	3,312			$	6,983
Prior year initiatives			7				85				92				189				131				320
		$	1,892			$	2,145			$	4,037			$	3,860			$	3,443			$	7,303

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			2,286				519				2,805
Payments			(1,501	)			(519	)			(2,020	)
Restructuring liabilities at March 31, 2025		$	785			$	-			$	785

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			524				654				1,178
Payments			(1,576	)			(788	)			(2,364	)
Restructuring liabilities at March 31, 2025		$	201			$	60			$	261

Prior Year		Involuntary Employee Severance and Benefit Costs				Other				Total
Restructuring liabilities at June 30, 2023		$	1,104			$	192			$	1,296
Additions and adjustments			3,860				3,443				7,303
Payments			(2,949	)			(3,459	)			(6,408	)
Restructuring liabilities at March 31, 2024		$	2,015			$	176			$	2,191

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

		Three Months Ended												Nine Months Ended
		March 31, 2025												March 31, 2025
		Involuntary Employee Severance and Benefit Costs				Other				Total				Involuntary Employee Severance and Benefit Costs				Other				Total
Engraving		$	850			$	149			$	999			$	947			$	149			$	1,096
Electronics			606				371				977				1,634				1,173				2,807
Corporate			-				-				-				79				-				79
		$	1,456			$	520			$	1,976			$	2,660			$	1,322			$	3,982

		Three Months Ended												Nine Months Ended
		March 31, 2024												March 31, 2024
		Involuntary Employee Severance and Benefit Costs				Other				Total				Involuntary Employee Severance and Benefit Costs				Other				Total
Electronics		$	84			$	5			$	89			$	675			$	444			$	1,119
Engraving			1,048				2,140				3,188				1,884				2,999				4,883
Engineering Technologies			-				-				-				55				-				55
Corporate			760				-				760				1,246				-				1,246
		$	1,892			$	2,145			$	4,037			$	3,860			$	3,443			$	7,303

Restructuring expense is expected to be approximately $1.0 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
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482017/420-10-50-1

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