XML 114 R23.htm IDEA: XBRL DOCUMENT
v3.19.2

Note 15 - Restructuring Costs | 12 Months Ended
--- | ---
Jun. 30, 2019
Notes to Financial Statements |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 1 5 – RESTRUCTURING COSTS On October 29, 2018, the Company announced plans to close its lighting manufacturing facility in New Windsor, New York. The closure was part of ongoing actions to align the Company’s supply chain to more cost effectively serve the changing requirements of the lighting market. The Company moved production to its other existing facilities in the third and fourth quarters of fiscal 2019 with the completion of the transfer in May 2019. The closure allowed the Company to improve utilization of existing manufacturing capacity and will generate annual savings of approximately $4.0 million. Further, the Company previously announced that it entered into a definitive agreement to sell the New Windsor, New York manufacturing facility for approximately $12 million. It is likely the formal sale of the facility will occur in the first quarter of fiscal 2020 which is expected to generate a book gain. The sale of the facility is listed as an asset held for sale as of June 30, 2019. As of June 30, 2019, the Company has incurred restructuring costs of $1,650,000 related to the closure of the New Windsor, New York facility. The Company also incurred $1,119,000 of expense in fiscal 2019 to write-down inventory which is not included in the tables below. In the first quarter of fiscal 2019, management approved the closure of its 12,000 square foot leased facility in Hawthorne, California. The facility was used as a warehouse and for light assembly of light fixtures. The Company has moved the light assembly to its Blue Ash, Ohio facility. The restructuring charges consist primarily of transportation costs to move inventory to Blue Ash, the impairment of equipment, costs to restore the leased facility, and severance benefits. As of June 31, 2019, the Company has incurred restructuring costs of $156,000 related to the closure of the Hawthorne facility. The Company also incurred $148,000 of expense to write-down inventory which is a re-valuation of the previous estimate and which is not included in the tables below. The following table presents information about restructuring costs recorded in fiscal 2019:
|  | Total |
|  | Fiscal 2019 |
(In thousands) |  | Restructuring |
|  | Costs |
Severance and other termination benefits |  | $ | 537 |
Lease obligation |  |  | 99 |
Impairment of fixed assets and accelerated depreciation |  |  | 427 |
Other |  |  | 743 |
Total |  | $ | 1,806 |
The following table presents restructuring costs incurred by line item in the consolidated statement of operations in which the costs are included:
|  | Total |  |  | Total |
|  | Fiscal 201 9 |  |  | Fiscal 2018 |
(In thousands) |  | Restructuring |  |  | Restructuring |
|  | Costs |  |  | Costs |
Cost of Goods Sold |  | $ | 1,441 |  |  | $ | -- |
Operating Expenses |  |  | 365 |  |  |  | -- |
Total |  | $ | 1,806 |  |  | $ | -- |
The following table presents information about restructuring costs by segment for the periods indicated:
|  | Total |  |  | Total |
|  | Fiscal 2019 |  |  | Fiscal 2018 |
(In thousands) |  | Restructuring |  |  | Restructuring |
|  | Expenses |  |  | Expenses |
Lighting Segment |  | $ | 1,757 |  |  | $ | -- |
Graphics Segment |  |  | -- |  |  |  | -- |
Corporate and Eliminations |  |  | 49 |  |  |  | -- |
Total |  | $ | 1,806 |  |  | $ | -- |
The following table presents a roll forward of the beginning and ending liability balances related to the restructuring costs:
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Balance as of June 30, 2018 |  |  | Restructuring Expense |  |  | Payments |  |  | Adjustments |  |  | Balance as of June 30, 2019 |
Severance and termination benefits |  | $ | -- |  |  | $ | 537 |  |  | $ | (301 | ) |  | $ | -- |  |  | $ | 236 |
Facility repairs |  |  | -- |  |  |  | 99 |  |  |  | (99 | ) |  |  | -- |  |  |  | -- |
Other restructuring costs |  |  | -- |  |  |  | 743 |  |  |  | (743 | ) |  |  | -- |  |  |  | -- |
Total |  | $ | -- |  |  | $ | 1,379 |  |  | $ | (1,143 | ) |  | $ | -- |  |  | $ | 236 |
Refer to Note 14 for information regarding additional severance expenses that are not included in the restructuring costs identified in this footnote.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration