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Note 16 - Restructuring Costs | 12 Months Ended
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Jun. 30, 2021
Notes to Financial Statements |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 16 – RESTRUCTURING COSTS In fiscal 2019, 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 sale of the New Windsor facility occurred during the first quarter of fiscal 2020. The net proceeds were $12.3 million resulting in a gain of $4.8 million. In addition, in the third quarter of fiscal 2020, the Company sold its North Canton, Ohio facility. The net proceeds were $7.7 million resulting in a net gain of $3.7 million. The Company relocated the production at the North Canton facility to smaller, leased facility in Akron, Ohio during the fourth quarter of fiscal 2020. The Company also incurred $0.6 million of expense to write-down inventory which is not included in the tables below. Other restructuring costs incurred in fiscal 2020 related to the realignment of the Company’s manufacturing footprint at its Houston, Texas facility. The realignment occurred as the result of the movement of equipment related to the closure of the New Windsor facility along with preparations to receive additional equipment resulting from the relocation of the North Canton facility. The following table presents information about restructuring (gains) costs recorded in fiscal years 2021 and 2020:
(In thousands) |  | 2021 |  |  | 2020 |
Exit costs |  | $ | (14 | ) |  | $ | 636 |
Impairment of fixed assets and accelerated depreciation |  |  | - |  |  |  | 59 |
Gain on sale of facility |  |  | - |  |  |  | (8,562 | )
Manufacturing realignment costs |  |  | - |  |  |  | 276 |
Total |  | $ | (14 | ) |  | $ | (7,591 | )
The following table presents restructuring (gains) costs incurred by line item in the consolidated statement of operations in which the costs are included:
(In thousands) |  | 2021 |  |  | 2020 |
Cost of goods sold |  | $ | (14 | ) |  | $ | 980 |
Operating expenses |  |  | - |  |  |  | (8,571 | )
Total |  | $ | (14 | ) |  | $ | (7,591 | )
The following table presents information about restructuring (gains) costs by segment for the periods indicated:
(In thousands) |  | 2021 |  |  | 2020 |
Lighting Segment |  | $ | - |  |  | $ | (4,674 | )
Display Solutions Segment |  |  | (14 | ) |  |  | (2,940 | )
Corporate and Eliminations |  |  | - |  |  |  | 23 |
Total |  | $ | (14 | ) |  | $ | (7,591 | )
The following table presents a roll forward of the beginning and ending liability balances related to the restructuring costs:
|  | Balance as of |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Balance as of |
|  | June 30, |  |  | Restructuring |  |  |  |  |  |  |  |  |  |  | June 30, |
(In thousands) |  | 2020 |  |  | Expense |  |  | Payments |  |  | Adjustments |  |  | 2021 |
Severance and termination benefits |  | $ | 27 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 27 |
Other restructuring costs |  |  | - |  |  |  | (14 | ) |  |  | 14 |  |  |  | - |  |  |  | - |
Total |  | $ | 27 |  |  | $ | (14 | ) |  | $ | 14 |  |  | $ | - |  |  | $ | 27 |
Refer to Note 15 for information regarding additional severance expenses that are not included in the restructuring costs identified in this footnote.

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