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Significant Accounting Policies (Policies) | 9 Months Ended
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Mar. 31, 2019
Accounting Policies [Abstract] |
Consolidation, Policy [Policy Text Block] | Consolidation: A summary of the Company’s significant accounting policies is included in Note 1 to the audited consolidated financial statements of the Company’s fiscal 2018 Annual Report on Form 10 -K. Significant changes to our accounting policies as a result of adopting ASU- 2014 - 09 “Revenue from Contracts with Customers” (Topic 606 ) are discussed below.
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition: The Company recognizes revenue when it satisfies the performance obligation in its customer contracts or purchase orders. Most of the Company’s products have a single performance obligation which is satisfied at a point in time when control is transferred to the customer. Control is generally transferred at time of shipment when title and risk of ownership passes to the customer. For customer contracts with multiple performance obligations, the Company allocates the transaction price and any discounts to each performance obligation based on relative standalone selling prices. Payment terms are typically within 30 to 90 days from the shipping date, depending on our terms with the customer. The Company offers standard warranties that do not represent separate performance obligations. Installation is a separate performance obligation, except for our digital signage products. For digital signage products, installation is not a separate performance obligation as the product and installation is the combined item promised in digital signage contracts. The Company is not always responsible for installation of products it sells and has no post-installation responsibilities other than standard warranties. A number of the Company's products are highly customized. As a result, these customized products do not have an alternative use. For these products, the Company has a legal right to payment for performance to date and generally does not accept returns on these items. The measurement of performance is based upon cost plus a reasonable profit margin for work completed. Because there is no alternative use and there is a legal right to payment, the Company transfers control of the item as the item is being produced and therefore, recognizes revenue over time. The customized product types are as follows:
| ● | Customer specific branded print graphics
| ● | Electrical components based on customer specifications
| ● | Digital signage and related media content
The Company also offers installation services. Installation revenue is recognized over time as our customer simultaneously receives and consumes the benefits provided through the installation process. For these customized products and installation services, revenue is recognized using a cost-based input method: recognizing revenue and gross profit as work is performed based on the relationship between the actual cost incurred and the total estimated cost for the contract. Disaggregation of Revenue The Company disaggregates the revenue from contracts with customers by the timing of revenue recognition because the Company believes it best depicts the nature, amount, and timing of our revenue and cash flows. The table presents a reconciliation of the disaggregation by reportable segments.
|  | Three Months Ended |  |  | Nine Months Ended |
( In thousands) |  | March 31, 2019 |  |  | March 31, 2019 |
|  | Lighting Segment |  |  | Graphics Segment |  |  | Lighting Segment |  |  | Graphics Segment |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products and services transferred at a point in time |  | $ | 46,364 |  |  | $ | 10,339 |  |  | $ | 157,931 |  |  | $ | 42,790 |
Products and services transferred over time |  |  | 6,421 |  |  |  | 9,708 |  |  |  | 19,940 |  |  |  | 26,669 |
|  | $ | 52,785 |  |  | $ | 20,047 |  |  | $ | 177,871 |  |  | $ | 69,459 |
Type of Product and Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current technology products |  | $ | 46,195 |  |  | $ | 4,427 |  |  | $ | 153,771 |  |  | $ | 9,178 |
Legacy products |  |  | 6,133 |  |  |  | 11,160 |  |  |  | 22,156 |  |  |  | 45,346 |
Turnkey services and other |  |  | 457 |  |  |  | 4,460 |  |  |  | 1,944 |  |  |  | 14,935 |
|  | $ | 52,785 |  |  | $ | 20,047 |  |  | $ | 177,871 |  |  | $ | 69,459 |
New technology products include LED lighting and controls, electronic circuit boards, and digital signage solutions. Legacy products include lighting fixtures utilizing light sources other than LED technology and printed two and three dimensional graphic products. Turnkey services and other includes installation services along with shipping and handling charges. Practical Expedients and Exemptions
| ● | The Company’s contracts with customers have an expected duration of one year or less, as such the Company applies the practical expedient to expense sales commissions as incurred, and have omitted disclosures on the amount of remaining performance obligations.
| ● | Shipping costs that are not material in context of the delivery of products are expensed as incurred.
| ● | The Company’s accounts receivable balance represents the Company’s unconditional right to receive payment from its customers with contracts. Payments are generally due within 30 to 90 days of completion of the performance obligation and invoicing, therefore, payments do not contain significant financing components.
| ● | The Company collects sales tax and other taxes concurrent with revenue-producing activities which are excluded from revenue. Shipping and handling costs are treated as fulfillment activities and included in cost of products and services sold on the Consolidated Statements of Operations.
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Exchange : Assets and liabilities of foreign operations are translated using period end exchange rates. Revenue and expenses are translated using average exchange rates during each period reported.
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements: On July 1, 2018, the Company adopted ASU 2014 - 09. “Revenue from Contracts with Customers,” (Topic 606 ) using the modified retrospective adoption method which requires a cumulative effect adjustment to the opening balance of retained earnings. This approach was applied to contracts that were not completed as of June 30, 2018. Results for reporting periods beginning July 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The Company recorded a net increase to beginning retained earnings of $591,000 on July 1, 2018 due to the cumulative impact of adopting Topic 606, as described below.
( In thousands) |  | Balance as of June 30, 2018 |  |  | Adjustments |  |  | Opening Balance as of July 1, 2018 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable, net |  | $ | 50,609 |  |  | $ | 4,935 |  |  | $ | 55,544 |
Inventories, net |  | $ | 50,994 |  |  | $ | (4,167 | ) |  | $ | 46,827 |
Other long-term assets, net |  | $ | 9,786 |  |  | $ | (177 | ) |  | $ | 9,609 |
Shareholders' Equity: |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  | $ | 15,124 |  |  | $ | 591 |  |  | $ | 15,715 |
In February 2016, the Financial Accounting Standards Board issued ASU 2016 - 02, “Leases.” The amended guidance requires an entity to recognize assets and liabilities that arise from leases. The amended guidance is effective for financial statements issued for fiscal years and interim periods within those years, beginning after December 15, 2018, or the Company’s fiscal year 2020, with early adoption permitted. The Company has an implementation team tasked with reviewing our lease obligations and determining the impact of the new standard to its financial statements. The Company will continue to evaluate the new standard’s impact to its financial statements.
Subsequent Events, Policy [Policy Text Block] | Subsequent Events: The Company has evaluated subsequent events for potential recognition and disclosure through the date the consolidated financial statements were filed. No items were identified during this evaluation that required adjustment to or disclosure in the accompanying financial statements other than noted below. In April 2019, the Company announced that it entered into a definitive agreement to sell its manufacturing facility in New Windsor, New York. Under the terms of the agreement, the Company will receive approximately $12 million of gross proceeds related to the sale and expects to report a gain between $3 million to $5.5 million. The transaction is expected to close on or before June 30, 2019 subject to the final approval from the New Windsor town officials. On April 9, 2019, Howard E. Japlon, Executive Vice President, Human Resources & General Counsel of LSI, notified LSI of his resignation from his position with LSI to pursue opportunities in the Chicago, Illinois area. Also, effective April 12, 2019 Jeffrey Croskey, Chief Commercial Officer, resigned from his position with LSI to pursue other opportunities.
Reclassification, Policy [Policy Text Block] | Reclassifications: Certain prior year amounts have been reclassified to conform to the current year presentation within the cash flows from operating activities section and cash flows from financing activities section of the statement of cash flows. These reclassifications have no impact on net income or earnings per share.

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- Definition Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.3A-02) -URI http://asc.fasb.org/extlink&oid=116822174&loc=d3e355033-122828 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.3A-03) -URI http://asc.fasb.org/extlink&oid=116822174&loc=d3e355100-122828 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18780-107790 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109239629&loc=d3e5614-111684 + Details
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