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Note 14 - Leases | 3 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Lessee, Leases [Text Block] | NOTE 14 - LEASES The Company leases certain manufacturing facilities along with a small office space, several forklifts, several small tooling items, and various items of office equipment. All but two of the Company’s leases are operating leases. Leases have a remaining term of one to seven years some of which have an option to renew. The Company does not assume renewals in determining the lease term unless the renewals are deemed reasonably certain. The lease agreements do not contain any material residual guarantees or material variable lease payments. The Company has periodically entered into short-term operating leases with an initial term of twelve months or less. The Company elected not to record these leases on the balance sheet. The rent expense for these leases was immaterial for September 30, 2025, and 2024. The Company has certain leases that contain lease and non-lease components and has elected to utilize the practical expedient to account for these components together as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. The Company used its incremental borrowing rate when determining the present value of lease payments.
|  | Three Months Ended |
|  | September 30 |
(In thousands) |  | 2025 |  |  | 2024 |
Operating lease cost |  | $ | 1,875 |  |  | $ | 1,622 |
Financing lease cost: |  |  |  |  |  |  |  |
Amortization of right of use assets |  |  | - |  |  |  | 73 |
Interest on lease liabilities |  |  | - |  |  |  | 11 |
Variable lease cost |  |  | - |  |  |  | 7 |
Sublease income |  |  | - |  |  |  | (39 | )
Total lease cost |  | $ | 1,875 |  |  | $ | 1,674 |
|  | Three Months Ended |
Supplemental Cash Flow Information |  | September 30 |
(in thousands) |  | 2025 |  |  | 2024 |
Cash flows from operating leases |  |  |  |  |  |  |  |
Fixed payments - operating lease cash flows |  | $ | 1,753 |  |  | $ | 1,629 |
Liability reduction - operating cash flows |  | $ | 1,687 |  |  | $ | 1,380 |
Cash flows from finance leases |  |  |  |  |  |  |  |
Interest - operating cash flows |  | $ | - |  |  | $ | 11 |
Repayments of principal portion - financing cash flows |  | $ | - |  |  | $ | 83 |
Operating Leases: |  | September 30, 2025 |  |  | June 30, 2025 |
Total operating right-of-use assets |  | $ | 16,570 |  |  | $ | 17,187 |
Accrued Expenses |  |  | 5,695 |  |  |  | 6,037 |
Long-term operating lease liability |  |  | 11,687 |  |  |  | 12,047 |
Total operating lease liabilities |  | $ | 17,382 |  |  | $ | 18,084 |
Weighted Average remaining Lease Term (in years) |  |  | 3.32 |  |  |  | 3.49 |
Weighted Average Discount Rate |  |  | 5.78 | % |  |  | 5.70 | %
In fiscal 2025, the Company terminated its finance lease in Akron, Ohio as of June 30, 2025. In conjunction with the termination of the finance lease, the Company entered into a new lease to expand its production capabilities in its Houston, Texas location. The new lease is effective October 1, 2025, and expires September 30, 2035.
Maturities of Lease Liability: |  | Operating Lease Liabilities |  |  | Finance Lease Liabilities |  |  | Net Lease Commitments |
2026 |  | $ | 6,357 |  |  | $ | - |  |  | $ | 6,357 |
2027 |  |  | 5,931 |  |  |  | - |  |  |  | 5,931 |
2028 |  |  | 3,544 |  |  |  | - |  |  |  | 3,544 |
2029 |  |  | 2,039 |  |  |  | - |  |  |  | 2,039 |
2030 |  |  | 1,212 |  |  |  | - |  |  |  | 1,212 |
Thereafter |  |  | 68 |  |  |  | - |  |  |  | 68 |
Total lease payments |  | $ | 19,151 |  |  | $ | - |  |  | $ | 19,151 |
Less: Interest |  |  | (1,769 | ) |  |  | - |  |  |  | (1,769 | )
Present Value of Lease Liabilities |  | $ | 17,382 |  |  | $ | - |  |  | $ | 17,382 |

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