View Filing Data

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Jun. 30, 2019	Aug. 19, 2019	Dec. 31, 2018
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	FLEXSTEEL INDUSTRIES INC
Entity Central Index Key	0000037472
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 142,178,198
Entity Common Stock, Shares Outstanding		7,920,900
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Trading Symbol	FLXS
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
ASSETS
Cash and cash equivalents	$ 22,247	$ 27,750
Investments		15,951
Trade receivables - less allowances: 2019, $250; 2018, $1,100	38,157	41,253
Inventories	93,659	96,204
Other	11,904	8,476
Total current assets	165,967	189,634
NONCURRENT ASSETS:
Property, plant and equipment, net	79,238	90,725
Deferred income taxes	7,564	1,455
Other assets	1,518	2,479
TOTAL	254,287	284,293
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable - trade	18,414	17,228
Accrued liabilities:
Payroll and related items	4,428	5,459
Insurance	4,554	4,439
Restructuring costs	6,203
Advertising	3,497	4,192
Environmental remediation	3,600	3,600
Other	7,068	6,011
Total current liabilities	47,764	40,929
LONG-TERM LIABILITIES:
Other liabilities	1,096	1,666
Total liabilities	48,860	42,595
COMMITMENTS AND CONTINGENCIES (Note 13)
SHAREHOLDERS' EQUITY:
Common stock - $1 par value; authorized 15,000,000 shares; outstanding 2019, 7,902,708 shares; 2018, 7,868,298 shares	7,903	7,868
Additional paid-in capital	27,512	26,321
Retained earnings	170,004	209,553
Accumulated other comprehensive loss	8	(2,044)
Total shareholders' equity	205,427	241,698
TOTAL	$ 254,287	$ 284,293

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Consolidated Balance Sheets [Abstract]
Trade receivables, allowance for doubtful accounts	$ 250	$ 1,100
Common stock, par value	$ 1	$ 1
Common stock, authorized	15,000,000	15,000,000
Common stock, outstanding	7,902,708	7,868,298

Consolidated Statements Of Income - USD ($) shares in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Consolidated Statements Of Income [Abstract]
Net sales	$ 443,588,000	$ 489,180,000	$ 468,764,000
Cost of goods sold	(373,648,000)	(390,961,000)	(360,113,000)
Gross margin	69,940,000	98,219,000	108,651,000
Selling, general and administrative	(81,298,000)	(71,949,000)	(72,562,000)
Environmental remediation		3,600,000
ERP impairment	(21,273,000)	0	0
Restructuring expense	(10,048,000)
Gain on sale of facility		1,835,000
Litigation settlement (costs) reimbursements	(475,000)	0	1,175,000
Operating income (loss)	(43,154,000)	24,505,000	37,264,000
Other income (expense):
Other income (expense)	546,000	621,000	322,000
Interest expense
Total	546,000	621,000	322,000
Income (loss) before income taxes	(42,608,000)	25,126,000	37,586,000
Income tax benefit (provision)	10,003,000	(7,460,000)	(13,800,000)
Net income (loss)	$ (32,605,000)	$ 17,666,000	$ 23,786,000
Weighted average number of common shares outstanding:
Basic	7,889	7,848	7,782
Diluted	7,889	7,919	7,886
Earnings per share of common stock
Basic	$ (4.13)	$ 2.25	$ 3.06
Diluted	$ (4.13)	$ 2.23	$ 3.02

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Consolidated Statements Of Comprehensive Income [Abstract]
Net income (loss)	$ (32,605)	$ 17,666	$ 23,786
Other comprehensive income (loss):
Unrealized (losses) gains on securities	368	(197)	(87)
Reclassification of realized gains (losses) on securities to other income	(321)	142	145
Unrealized (losses) gains on securities before taxes	47	(55)	58
Income tax benefit (expense) related to securities gains (losses)	(13)	17	(22)
Net unrealized (losses) gains on securities	34	(38)	36
Minimum pension liability	2,727	56	771
Income tax (expense) benefit related to minimum pension liability	(709)	(15)	(292)
Net minimum pension asset	2,018	41	479
Other comprehensive gain, net of tax	2,052	3	515
Comprehensive income (loss)	$ (30,553)	$ 17,669	$ 24,301

Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands	Total Par Value Of Common Shares [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Total
Balance, period start at Jun. 30, 2016	$ 7,700	$ 23,259	$ 180,919	$ (2,228)	$ 209,650
Issuance of common stock:
Stock options exercised, net	79	999			1,078
Unrealized (gain) loss on available for sale investments, net of tax				36	36
Long-term incentive compensation	35	(213)			(178)
Stock-based compensation	8	647			655
Excess tax benefit from stock-based payment arrangements		1,494			1,494
Minimum pension liability adjustment, net of tax				479	479
Cash dividends declared			(6,240)		(6,240)
Net income (loss)			23,786		$ 23,786
Dividends declared per common share					$ 0.80
Balance, period end at Jun. 30, 2017	7,822	26,186	198,465	(1,713)	$ 230,760
Issuance of common stock:
Stock options exercised, net	17	216			233
Unrealized (gain) loss on available for sale investments, net of tax				(38)	(38)
Long-term incentive compensation	20	(858)			(838)
Stock-based compensation	9	777			786
Minimum pension liability adjustment, net of tax				41	41
Cash dividends declared			(6,912)		(6,912)
Net income (loss)			17,666		$ 17,666
Dividends declared per common share					$ 0.88
Balance, period end at Jun. 30, 2018	7,868	26,321	209,553	(2,044)	$ 241,698
Issuance of common stock:
ASU 2018-02 adoption			334	(334)
Stock options exercised, net	5	76			81
Unrealized (gain) loss on available for sale investments, net of tax				34	34
Long-term incentive compensation	7	(315)			(308)
Stock-based compensation	23	1,430			1,453
Minimum pension liability adjustment, net of tax				2,018	2,018
Cash dividends declared			(6,944)		(6,944)
Net income (loss)			(32,605)		$ (32,605)
Dividends declared per common share					$ 0.88
Balance, period end at Jun. 30, 2019	$ 7,903	$ 27,512	$ 170,004	$ 8	$ 205,427

Consolidated Statements Of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements Of Cash Flows - USD ($)	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
OPERATING ACTIVITIES:
Net (loss) income	$ (32,605,000)	$ 17,666,000	$ 23,786,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	7,440,000	7,367,000	7,936,000
Deferred income taxes	(6,121,000)	286,000	1,606,000
Stock-based compensation expense	1,355,000	501,000	1,609,000
Excess tax benefit from stock-based payment arrangements			(1,494,000)
Changes in provision for losses on accounts receivable	(40,000)	(100,000)	(100,000)
Loss reserve for uncollectable VAT	2,612,000
ERP impairment	21,273,000	0	0
Restructuring expense	10,048,000
Cash payments for restructuring	(3,845,000)
Gain on disposition of capital assets	(71,000)	(1,792,000)	(512,000)
Gain on life insurance policies
Defined benefit plan termination	2,455,000
Changes in operating assets and liabilities:
Trade receivables	3,136,000	1,209,000	2,356,000
Inventories	2,545,000	3,193,000	(13,492,000)
Other current assets	(3,540,000)	(1,299,000)	1,036,000
Other assets	(2,589,000)	22,000	450,000
Accounts payable - trade	5,128,000	(1,874,000)	4,028,000
Accrued liabilities	(668,000)	2,546,000	477,000
Other long-term liabilities	201,000	(431,000)	(1,298,000)
Net cash provided by operating activities	6,714,000	27,294,000	26,388,000
INVESTING ACTIVITIES:
Purchases of investments	(13,042,000)	(42,230,000)	(30,537,000)
Proceeds from investments	28,970,000	44,172,000	12,474,000
Proceeds from sale of capital assets	248,000	6,152,000	1,848,000
Capital expenditures	(21,346,000)	(29,447,000)	(13,457,000)
Net used in investing activities	(5,170,000)	(21,353,000)	(29,672,000)
FINANCING ACTIVITIES:
Dividends paid	(6,918,000)	(6,746,000)	(6,062,000)
Proceeds from issuance of common stock	81,000	233,000	1,078,000
Shares issued to employees, net of shares withheld	(210,000)	(552,000)	(1,132,000)
Excess tax benefit from stock-based payment arrangements			(1,494,000)
Net cash (used in) provided by financing activities	(7,047,000)	(7,065,000)	(4,622,000)
(Decrease) increase in cash and cash equivalents	(5,503,000)	(1,124,000)	(7,906,000)
Cash and cash equivalents at beginning of period	27,750,000	28,874,000	36,780,000
Cash and cash equivalents at end of year	22,247,000	27,750,000	28,874,000
SUPPLEMENTAL INFORMATION
Income taxes paid	1,190,000	8,460,000	9,780,000
Capital Expenditures in accounts payable	$ 142,000	$ 4,084,000	$ 1,740,000

Summary Of Significant Accounting Policies

12 Months Ended

Jun. 30, 2019

Summary Of Significant Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

DESCRIPTION OF BUSINESS – Flexsteel Industries, Inc. and Subsidiaries (the “Company”) incorporated in 1929 celebrated its 125th anniversary of the Company’s founding in 1893 during 2018. Flexsteel Industries, Inc. is one of the oldest and largest manufacturers, importers and marketers of residential and contract upholstered and wooden furniture products in the United States. Over the generations the Company has built a committed retail and consumer following based on its patented, guaranteed-for-life Blue Steel SpringTM – the all-riveted, high-carbon, steel-banded seating platform that gives upholstered and leather furniture the strength and comfort to last a lifetime. With offerings for use in home, healthcare, and recreational seating, the Company distributes its furniture throughout the United States and Canada through the Company’s sales force and various independent representatives.

PRINCIPLES OF CONSOLIDATION – the consolidated financial statements include the accounts of Flexsteel Industries, Inc. and its wholly owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. The Company’s consolidated financial statements and results of operations are based on consolidated financial statements prepared in accordance with GAAP in the United States of America.

USE OF ESTIMATES – the preparation of consolidated financial statements in conformity with Generally Accepted Accounting Principles (GAAP) in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Ultimate results could differ from those estimates.

FAIR VALUE – the Company’s cash and cash equivalents, investments, accounts receivable, other current assets, accounts payable and certain accrued liabilities are carried at amounts which reasonably approximate their fair value due to their short-term nature. GAAP on fair value measurement for certain financial assets and liabilities require that each asset and liability carried at fair value be classified into one of the following categories: Level 1: Quoted market prices in active markets for identical assets and liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; or Level 3: Unobservable inputs that are not corroborated by market data. The Company has not changed its valuation techniques in measuring the fair value of any financial assets and liabilities during the period.

INVESTMENTS - during fiscal year 2019, the Company purchased available-for-sale securities, U.S. Treasury bills and U.S. Agencies, which are recorded at fair market value. These securities are classified as “Investments” in the consolidated balance sheets. Unrealized gains or losses are recorded in “Accumulated other comprehensive loss.” The fair market value and book value of the investments were $0.0 million and $16.0 million for the fiscal years ended June 30, 2019 and 2018, respectively. These assets are classified as Level 1 in accordance with fair value measurements described above.

ACCOUNTS RECEIVABLE ALLOWANCES – the Company establishes accounts receivable allowances to reduce trade accounts receivable to an amount that reasonably approximates their net realizable value. The Company’s accounts receivable allowances consist of an allowance for doubtful accounts which is established through review of open accounts, historical collection, and historical write-off amounts and an allowance for estimated returns on sales of the Company’s products which is based on historical product returns, as well as existing product return authorizations. The Company records a provision against revenue for estimated returns on sales of its products in the same period that the related revenues are recognized. The amount ultimately realized from trade accounts receivable may differ from the amount estimated in the consolidated financial statements.

INVENTORIES – are stated at the lower of cost or net realizable value utilizing the first‑in - first‑out (“FIFO”) method.

PROPERTY, PLANT AND EQUIPMENT – is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets.

VALUATION OF LONG–LIVED ASSETS – the Company periodically reviews the carrying value of long-lived assets and estimated depreciable or amortizable lives for continued appropriateness. This review is based upon projections of anticipated future cash flows and is performed whenever events or changes in circumstances indicate that asset carrying values may not be recoverable or that the estimated depreciable or amortizable lives may have changed

Flexsteel Industries Inc. began the implementation process to convert its operating and accounting systems to SAP during fiscal 2016. Flexsteel incurred various software, consulting and internal salaries costs that were capitalized. In fourth quarter of fiscal 2018, Flexsteel placed into service 20% of the capitalized costs related to SAP and began to depreciate those assets over useful lives of 36 months for software costs and 60 months for consulting and internal salary implementation costs. The 20% represented the two product lines that went live with the system in the fourth quarter of fiscal 2018: Home Styles and Commercial Office. After significant disruption during the initial implementation phase, and a subsequent analysis of root cause and corrective action activities, the Company stopped further implementation across the network and focused on stabilization of the new ERP system environment. Concurrently, the Company completed a thorough evaluation of the work completed to date, its usefulness in the context of future deployments and the potential for revised project scope. Through this analysis the Company developed a plan for the future implementation of SAP. This plan, which focuses on simplifying our processes and use of the system, allowed more specific analysis regarding the usability of items contained in our construction in progress. As a result of this analysis, the Company recorded an impairment charge against capitalized costs of $21.3 million ($18.7 million in the quarter ended March 31, 2019, and $2.6 million in the quarter ended June 30, 2019).

No impairments of long-lived assets or changes in depreciable or amortizable lives were incurred during fiscal years 2018 and 2017.

LEASES – We conduct a significant portion of our manufacturing and distribution operations from leased locations. The leases generally require payment of real estate taxes, insurance and common area maintenance, in addition to rent. For most of our locations, the remaining life is less than 5 years with one or more renewal options thereafter. Some leases also contain escalation clauses. For leases that contain predetermined fixed escalations of the minimum rent, we recognize the related rent expense on a straight-line basis from the date we take possession of the property to the end of the initial lease term. We record any difference between the straight-line rent amounts and amounts payable under the leases as part of deferred rent, in accrued liabilities or long-term liabilities, as appropriate. Cash or lease incentives received upon entering into certain leases ("tenant allowances") are recognized on a straight-line basis as a reduction to rent from the date we take possession of the property through the end of the initial lease term. We record the unamortized portion of tenant allowances as a part of deferred rent, in accrued liabilities or long-term liabilities, as appropriate. Refer to Note 13, Commitments and Contingencies, for maturity details.

WARRANTY – the Company estimates the amount of warranty claims on sold product that may be incurred based on current and historical data. The actual warranty expense could differ from the estimates made by the Company based on product performance.

REVENUE RECOGNITION – Revenue is recognized when control of the promised goods or services is performed to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. We generate revenue primarily by manufacturing and delivering upholstered and wooden furniture products to independent furniture retailers in the United States. Each unit of furniture is a separate performance obligation. We satisfy our performance obligations when control of our product is passed to our customer, which is the point in time that are customers are able to direct the use of and obtain substantially all of the remaining economic benefit of the goods or services. Net sales consist of product sales and shipping and handling charges, net of adjustments for returns and allowances. Shipping and handling costs are included in cost of goods sold.

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASC 2014-09, Revenue from Contracts with Customers (Topic 606), which provides a framework for the recognition of revenue, with the objective that recognized revenues properly reflect amounts an entity is entitled to receive in exchange for goods and services. The guidance is effective for annual reporting periods beginning after December 15, 2017, the Company’s fiscal year 2019. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). The Company adopted the modified retrospective method on July 1, 2018. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements as revenue is recognized when product ownership and risk of loss is transferred to the customer, collectability is probable and the Company has no remaining performance obligations. Thus, the timing of revenue recognition is not impacted by the new standard.

The Company’s revenues result from the sale of goods and reflect the consideration to which the Company expects to be entitled. Revenue is reduced by appropriate allowances, estimated returns, price concessions, or similar adjustments as applicable. The Company records revenue based on a five-step model in accordance with Accounting Standards Codification ("ASC") 2014-09, Revenue from Contracts with Customers (Topic 606). For its customer contracts, typically purchase orders, the Company identifies the performance obligations (goods), determines the transaction price, allocates the contract transaction price to the performance obligations, and recognizes the revenue when the performance obligation is transferred to the customer. A good is transferred when the customer obtains control of that good and risk of loss transfers at a point in time.

Provisions for customer volume rebates, product returns, discounts and allowances are variable consideration and are recorded as a reduction of revenue in the same period the related sales are recorded. Such provisions are calculated based upon historical data and discount percentages, set with each customer. Consideration given to customers for cooperative advertising is recognized as a reduction of revenue except to the extent there is a distinct good or service and evidence of the fair value of the advertising, in which case the expense is classified as selling, general and administrative expense (SG&A).

The Company has a limited lifetime warranty on all products. The Company does not offer the option to purchase warranties. The Company accounts for warranties under ASC 460, Guarantees, and not as variable consideration related to revenue.

Occasionally the Company receives deposits from customers before it has transferred control of the product to customers, resulting in contract liabilities. These contract liabilities are reported within “Accounts payable - trade” in the consolidated balance sheets. As of June 30, 2019, the Company had $1.1 million of customer deposits. As of June 30, 2018, the Company had $2.2 million of customer deposits.

Upon adoption of ASC 606, the Company elected the following practical expedients and policy elections:

The Company did not adjust contract prices for the effects of a significant financing component, as it expects the period when the goods or services are transferred to the customer and when the customer pays for those goods and services to be less than a year.

Costs for shipping and handling activities that occur before the customer obtains control of the product are accounted for as fulfillment activities. Accordingly, these expenses are recorded at the same time the Company recognizes revenue.

Incremental costs of obtaining a contract, specifically commissions, are recorded as an SG&A expense when incurred.

All taxes imposed on and concurrent with revenue-producing transactions and collected by the Company from a customer, including sales, use, excise, and franchise taxes are excluded from the measurement of the transaction price.

These accounting treatments are consistent with the ASC 606 standard as adopted. Therefore, there was no impact to the consolidated financial statements.

Adoption of this standard did not result in significant changes to the Company’s accounting policies, business processes, systems or controls, or have a material impact on financial position, results from operations and cash flows or related disclosures. As such, prior period financial statements were not adjusted.

The following table disaggregates the Company’s net sales by product category for the year ended June 30, (in millions):


		2019		2018
Residential	$	374.5	$	413.7
Contract		69.1		75.5
Total	$	443.6	$	489.2

ADVERTISING COSTS – are charged to selling, general and administrative expense in the periods incurred. The Company conducts no direct-response advertising programs and there are no assets related to advertising recorded on the consolidated balance sheets. Advertising expenditures, primarily shared customer advertising in which an identifiable benefit is received and national trade-advertising programs, were approximately $4.3 million, $5.1 million and $7.3 million in fiscal years 2019, 2018 and 2017, respectively.

DESIGN, RESEARCH AND DEVELOPMENT COSTS – are charged to selling, general and administrative expense in the periods incurred. Expenditures for design, research and development costs were approximately $4.4 million, $3.9 million and $3.7 million in fiscal years 2019, 2018 and 2017, respectively.

INSURANCE – the Company is self-insured for health care and most workers’ compensation up to predetermined amounts above which third party insurance applies. The Company purchases specific stop-loss insurance for individual health care claims in excess of $175,000 per plan year. For workers’ compensation the Company retains the first $450,000 per claim and purchases excess coverage up to the statutory limits for amounts in excess of the retention limit. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using certain actuarial assumptions followed in the insurance industry and based on Company experience. The Company records these insurance accruals within “Accrued liabilities – insurance” on the consolidated balance sheets.

INCOME TAXES – the Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company recognizes in its financial statements the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.

EARNINGS PER SHARE (EPS) – basic EPS of common stock is based on the weighted-average number of common shares outstanding during each fiscal year. Diluted EPS of common stock includes the dilutive effect of potential common shares outstanding. The Company’s potential common shares outstanding are stock options, shares associated with the long-term management incentive compensation plan and non-vested restricted shares. The Company calculates the dilutive effect of outstanding options using the treasury stock method; all options are anti-dilutive when there is a loss. Anti-dilutive shares are not included in the computation of diluted EPS when their exercise price was greater than the average closing market price of the common shares. The Company calculates the dilutive effect of shares related to the long-term management incentive compensation plan and non-vested shares based on the number of shares, if any, that would be issuable if the end of the fiscal year were the end of the contingency period.

In computing EPS for the fiscal years 2019, 2018 and 2017, net income as reported for each respective period is divided by the fully diluted weighted average number of shares outstanding:


	June 30,
(in thousands)	2019	2018	2017

Basic shares	7,889	7,848	7,782
Potential common shares:
Stock options	–	54	86
Long-term incentive plan	–	17	18
	–	71	104

Diluted shares	7,889	7,919	7,886

Anti-dilutive shares	112	40	–

STOCK–BASED COMPENSATION – the Company recognizes compensation expense related to the cost of employee services received in exchange for Company equity interests based on the award’s fair value at the date of grant. The Company recognizes long-term incentive compensation plan expenses during the three-year performance periods; stock awards are issued following the end of the performance periods and are subject to verification of results and Compensation Committee of the Board of Directors approval. See Note 9 Stock-Based Compensation.

SEGMENT REPORTING – the Company operates in one reportable segment, furniture products. The Company’s operations involve the distribution of manufactured and imported furniture for residential and contract markets. The Company’s furniture products are sold primarily throughout the United States and Canada by the Company’s internal sales force and various independent representatives. The Company makes minimal export sales. No single customer accounted for more than 10% of net sales.

Unadopted Accounting Pronouncements

ASC 840, Leases. The effects of adopting the new standard (ASC 842, Leases) in fiscal 2020 will be

recognized as a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal first quarter. We will elect the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carryforward the historical lease classification as operating or capital leases. The most significant impact of adoption will be the recognition of right of use assets and lease liabilities in the range of approximately $12.6 million to $13.4 million for operating leases. We currently estimate the cumulative pre-tax impact of these changes to retained earnings to be immaterial in fiscal 2020. We do not believe the standard will materially affect our consolidated statements of earnings or cash flows. As part of our adoption, we have also modified our internal control procedures and processes.

Inventories

12 Months Ended

Jun. 30, 2019

Inventories [Abstract]

Inventories

2. INVENTORIES

A comparison of inventories is as follows:



(in thousands)	June 30,
	2019		2018
Raw materials	$	14,182	$	13,335
Work in process and finished parts		6,408		7,195
Finished goods		73,069		75,674
Total	$	93,659	$	96,204

Property, Plant And Equipment

12 Months Ended

Jun. 30, 2019

Property, Plant and Equipment [Abstract]

Property, Plant And Equipment

3. PROPERTY, PLANT AND EQUIPMENT



(in thousands)	Estimated	June 30,
	Life (Years)	2019		2018
Land		$	5,684	$	5,684
Buildings and improvements	5-39		86,299		66,823
Machinery and equipment	3-7		32,402		32,127
Delivery equipment	3-5		20,181		21,697
Furniture and fixtures	3-7		4,151		4,034
Computer software and hardware	3-10		11,051		30,000
Construction in progress			-		14,239
Total			159,768		174,604
Less accumulated depreciation			(80,530)		(83,879)
Net		$	79,238	$	90,725

Accrued Restructuring

12 Months Ended

Jun. 30, 2019

Accrued Restructuring [Abstract]

Accrued Restructuring

4. ACCRUED RESTRUCTURING

On May 15, 2019, the Company announced its plans to exit the Commercial Office and custom-designed Hospitality product lines which represent approximately 7% of its revenue. In addition, the Company will permanently close its Riverside, California manufacturing facility. These changes were initial outcomes driven from customer and product line profitability and footprint utilization analyses. The changes are designed to increase organizational effectiveness, gain manufacturing efficiencies and provide cost savings that can be invested in growing the business.

On June 18, 2019, the Company announced it completed the analysis and planning process and set forth the comprehensive transformation program to be executed over the next two years, which includes previously announced restructuring activities. The transformation program includes activities such as business simplification, process improvement, exiting of non-core businesses, facility closures, and reductions in work force over the next two years.

As a result of these planned actions, the Company expects to incur pre-tax restructuring and related expenses of approximately $48 to $53 million over this two-year timeframe of which $36 to $40 million will be cash and $12 - $13 million non-cash. In addition, the Company plans to list several properties for sale when the footprint optimization is completed. When sold, the Company expects to generate $45 to $55 million in proceeds dependent upon market conditions at time of sale.

The components of restructuring costs are as follows (in thousands):

	Accrued			Accrued
	Restructuring		Expenses	Restructuring
	6/30/2018	Cost incurred	Paid	6/30/2019
One-time employee termination benefits	$ -	$ 3,775	$2,044	$1,731
Contract termination costs	-	249	-	249
Other associated costs	-	6,024	1,801	4,223
Total	$ -	$ 10,048	$3,845	$6,203

Other Noncurrent Assets

12 Months Ended

Jun. 30, 2019

Other Noncurrent Assets [Abstract]

Other Noncurrent Assets

5. OTHER NONCURRENT ASSETS



(in thousands)	June 30,
	2019		2018
Cash value of life insurance	$	1,024	$	1,016
Other		494		1,463
Total	$	1,518	$	2,479

Accrued Liabilities - Other

12 Months Ended

Jun. 30, 2019

Accrued Liabilities - Other [Abstract]

Accrued Liabilities - Other

6. ACCRUED LIABILITIES – OTHER



(in thousands)	June 30,
	2019		2018
Dividends	$	1,758	$	1,731
Warranty		1,060		1,160
Other		4,250		3,120
Total	$	7,068	$	6,011

Credit Arrangements	12 Months Ended
Credit Arrangements	Jun. 30, 2019
Credit Arrangements [Abstract]
Credit Arrangements	7. CREDIT ARRANGEMENTS The Company entered into an unsecured credit agreement on June 30, 2019, that provides short-term working capital financing up to $10.0 million with interest of LIBOR (as published by the ICE Benchmark Administration Limited, a United Kingdom company) plus 1% (3.40% at June 30, 2019), including up to $4.0 million of letters of credit. Letters of credit outstanding at June 30, 2019 totaled $1.3 million. Other than the outstanding letters of credit, the Company did not utilize borrowing availability under the credit facility, leaving borrowing availability of $8.7 million as of June 30, 2019. The credit agreement expires June 30, 2020. At June 30, 2019, the Company was in compliance with all of the financial covenants contained in the credit agreement. The Company maintains an unsecured $10.0 million line of credit, with interest at prime (Wall Street Journal US Prime Rate) minus 2% (3.5% at June 30, 2019). No amount was outstanding on the line of credit at June 30, 2019. This line of credit matures December 31, 2019.

Income Taxes

12 Months Ended

Jun. 30, 2019

Income Taxes [Abstract]

Income Taxes

8. INCOME TAXES

In determining the provision for income taxes, the Company uses an estimated annual effective tax rate that is based on the annual income, statutory tax rates and permanent differences between book and tax. This includes recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns to the extent pervasive evidence exists that they will be realized in future periods. The deferred tax balances are adjusted to reflect tax rates by tax jurisdiction, based on currently enacted tax laws, which are expected to be in effect in the years in which the temporary differences are expected to reverse. In accordance with the Company’s income tax policy, significant or unusual items are separately recognized when they occur.

The components of the gross liabilities related to unrecognized tax benefits and the related deferred tax assets are as follows:



	June 30,
(in thousands)	2019		2018
Gross unrecognized tax benefits	$	350	$	500
Accrued interest and penalties		110		100
Gross liabilities related to unrecognized tax benefits	$	460	$	600

Deferred tax assets	$	80	$	100

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:




(in thousands)		2019		2018		2017
Balance at July 1	$	500	$	320	$	610
Additions based on tax positions related to the current year		-		270		130
Additions for tax positions of prior years		-		-		-
Reductions for tax positions of prior years		(120)		(90)		(420)
Balance at June 30	$	380	$	500	$	320

The Company records interest and penalties related to income taxes as income tax expense in the consolidated statements of income. The Company does not expect that there will be any positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months. Unrecognized tax benefits did not increase in the current year due to the loss situation.

The income tax provision is as follows for the years ended June 30:



(in thousands)	2019		2018		2017
Federal - current	$	(3,933)	$	6,731	$	11,015
State and other - current		71		443		1,179
Deferred		(6,141)		286		1,606
Total	$	(10,003)	$	7,460	$	13,800

Reconciliation between the U.S. federal statutory tax rate and the effective tax rate is as follows for the years ended June 30:



	2019		2018		2017
Federal statutory tax rate	21.0	%	28.1	%	35.0	%
State taxes, net of federal effect	4.1		2.7		2.7
Other	(1.6)		(1.1)		(1.0)
Effective tax rate	23.5	%	29.7	%	36.7	%

The primary components of deferred tax assets and (liabilities) are as follows:


	June 30,
(in thousands)	2019		2018
Accounts receivable	$	260	$	290
Inventory		40		50
Self-insurance		200		240
Payroll and related		570		610
Accrued liabilities		2,960		1,750
Property, plant and equipment		(3,200)		(2,390)
Investment tax credit		2,340		2,550
Valuation allowance		(1,700)		(1,745)
Net operating loss carryover		5,940		-
Other		150		100
Total	$	7,560	$	1,455

At June 30, 2019, certain state tax credit carryforwards of $2.3 million were available, with $0.7 million expiring between 2020 and 2028 and $1.6 million with an indefinite carryforward period.

The Company is subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. Generally, tax years 2015–2018 remain open to examination by the Internal Revenue Service or other taxing jurisdictions to which the Company is subject. As of June 30, 2019, there were no ongoing federal or state income tax audits.

At June 30, 2019, federal and state NOL carryforwards were $5.0 million and $0.9 million, respectively. The federal and some state net operating losses will have an indefinite carryforward. The remainder of the state net operating losses will expire in varying amounts between 2024 and 2039.

On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Reform”), was enacted, which, among numerous provisions reduced the federal statutory corporate tax rate from 35% to 21%. Based on the provisions of the Tax Reform, the Company remeasured its deferred tax assets and liabilities and adjusted its estimated annual federal income tax rate to incorporate the lower corporate tax rate into the tax provision. For the fiscal year ended June 30, 2019, the Company utilized a rate of 21%.

The Company early adopted the FASB issued Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASU 2018-02), which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Reform on June 30, 2018. The Company reclassified $0.3 million from accumulated other comprehensive income to retained earnings related to the Company’s minimum pension liability.

Stock-Based Compensation

12 Months Ended

Jun. 30, 2019

Stock-Based Compensation [Abstract]

Stock-Based Compensation

9. STOCK-BASED COMPENSATION

The Company has two stock-based compensation methods available when determining employee compensation.

(1)

Long-Term Incentive Compensation Plans

Long-Term Incentive Compensation Plan

The long-term incentive compensation plan provides for shares of common stock to be awarded to officers and key employees based on performance targets set by the Compensation Committee of the Board of Directors (the “Committee”). The Company’s shareholders previously approved 700,000 shares to be issued under the plan. As of June 30, 2019, 102,183 shares have been issued. The Committee selected fully-diluted earnings per share as the performance goal for the three-year performance periods July 1, 2016 – June 30, 2019 (2017-2019), July 1, 2017 – June 30, 2020 (2018-2020) and July 1, 2018 – June 30, 2021 (2019-2021). The Committee also selected total shareholder return as a performance goal for the executive officers for the three-year performance periods 2018-2020 and 2019-2021. Stock awards will be issued to participants as soon as practicable following the end of the performance periods subject to verification of results and Committee approval. The compensation cost related to the number of shares to be granted under each performance period is fixed on the grant date, which is the date the performance period begins.

During fiscal years 2019, 2018 and 2017, the Company issued 9,675, 30,539 and 59,375 shares for the three-year performance periods July 1, 2015 – June 30, 2018 (2016-2018), July 1, 2014 – June 30, 2017 (2015-2017) and July 1, 2013 – June 30, 2016 (2014-2016), respectively.

The Company recorded plan (income)/expense of ($0.2) million, ($0.4) million and $0.9 million for fiscal years ended June 30, 2019, 2018 and 2017, respectively. If the target performance goals for 2017-2019, 2018-2020 and 2019-2021 would be achieved, the total amount of compensation cost recognized over the requisite performance periods would be $0.8 million, $0.5 million and $0.3 million for each of the performance periods, respectively.

The aggregate number of shares that could be awarded to key executives if the minimum, target or maximum performance goals are met is as follows:


(in thousands)
Performance Period	Minimum	Target		Maximum
Fiscal Year 2017 - 2019	8		19	37
Fiscal Year 2018 - 2020	3		8	16
Fiscal Year 2019 - 2021	3		6	12

(2)

Stock Plans

Omnibus Stock Plan

The Omnibus Stock Plan is for key employees, officers and directors and provides for the granting of incentive and nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights and performance units. The Company’s shareholders previously approved 700,000 shares to be issued under the plan.

Under the Omnibus Stock Plan, options were granted at an exercise price equal to the fair market value of the underlying common stock at the date of grant and exercisable for up to 10 years. It is the Company’s policy to issue new shares upon exercise of stock options. The Company accepts shares of the Company’s common stock as payment for the exercise price of options. These shares received as payment are retired upon receipt.

For fiscal years 2019, 2018 and 2017, the Company issued options for 100,392, 21,439 and 24,317 common shares at a weighted average exercise price of $26.89, $45.21 and $47.45 (the fair market value on the date of grant), respectively. For fiscal years ended June 30, 2019, 2018 and 2017, the Company recorded expense of $0.6 million, $0.2 million and $0.3 million, respectively. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants in fiscal years 2019, 2018 and 2017, respectively, under this plan; dividend yield of 3.5%, 1.8% and 1.5%; expected volatility of 32.7%, 31.1% and 30.8%; risk-free interest rate of 2.7%, 1.7% and 1.2%; and an expected life of 5 years. The expected volatility and expected life are determined based on historical data. The weighted-average grant date fair value of stock options granted during fiscal years 2019, 2018 and 2017 were $5.85, $10.87 and $11.76, respectively. The cash proceeds from stock options exercised were $0.0 million, $0.0 million and $0.7 million for fiscal years ended 2019, 2018 and 2017, respectively. There was no income tax benefit related to the exercise of stock options for fiscal years ended June 30, 2019, 2018 and 2017.

Under the plan, the Company issued 15,585, 8,016 and 6,997 restricted shares to non-executive directors as compensation and recorded expense of $0.4 million, $0.3 million and $0.4 million during fiscal years ended June 30, 2019, 2018, and 2017, respectively.

During the fiscal year ended June 30, 2019, the Company recorded $0.2 million compensation expense for grants of an aggregate 18,789 restricted stock units under the plan to two executive officers as per their notification of award letters dated July 1, 2018. The Company also recorded $0.1 million compensation expense for grants of an aggregate 26,961 options under the plan to three executive officers as per their notification of award letters dated January 15, 2019.

The Company awarded 30,000 restricted stock units, 30,000 options and 3,186 restricted stock shares to its Chief Executive Officer per notification of award letters dated December 28, 2018. The Company recorded $0.5 million compensation expense during the fiscal year related to these grants to the Chief Executive Officer.

The Company granted 4,169 restricted stock units as inducement grants to non-executive officers during the fiscal year at a nominal expense.

During the fiscal year ended June 30, 2018, the Company recorded $0.3 million compensation expense for grants of an aggregate 6,280 restricted stock units under the plan to two executive officers as per their notification of award letters dated July 1, 2017.

At June 30, 2019, there were 227,897 shares available for future grants.

2006 and 2009 Stock Option Plans

The stock option plans were for key employees, officers and directors and provided for granting incentive and nonqualified stock options. Under the plans, options were granted at an exercise price equal to the fair market value of the underlying common stock at the date of grant and exercisable for up to 10 years. All options were exercisable when granted. No additional options can be granted under the 2006 and 2009 stock option plans. There were no options granted and no expense was recorded under these plans during the fiscal years ended June 30, 2019, 2018 and 2017.

The cash proceeds from stock options exercised were $0.1 million, $0.2 million and $0.4 million for fiscal years ended 2019, 2018 and 2017, respectively. The income tax benefit related to the exercise of stock options were $0.0 million, $0.1 million and $0.6 million for fiscal years ended 2019, 2018 and 2017, respectively.

(3)

Outside a Plan

During the fiscal year ended June 30, 2019, the Company awarded its President and Chief Executive Officer 55,000 options outside any Company stock plan. The Company recorded $0.1 million compensation expense related to this grant during the fiscal year ended June 30, 2019.

(4)

Summary

A summary of the status of the Company’s stock option plans as of June 30, 2019, 2018 and 2017 and the changes during the years then ended is presented below:



					Aggregate
	Shares		Weighted Average		Intrinsic Value
	(in thousands)		Exercise Price		(in thousands)
Outstanding at June 30, 2017	187		27.21	$	5,039
Granted	21		45.21
Exercised	(21)		18.89
Canceled	(21)		26.77
Outstanding at June 30, 2018	166		30.65	$	1,841
Granted	100		26.89
Exercised	(5)		15.50
Canceled	(36)		36.59
Outstanding at June 30, 2019	225	$	28.37	$	72

The following table summarizes information for options outstanding and exercisable at June 30, 2019:



			Weighted Average
	Range of	Options	Remaining		Exercise
	Prices	Outstanding	Life (Years)		Price
		(in thousands)
$	8.55 - 13.90	14,000	1.7	$	11.91
	17.23 - 19.77	24,600	2.7		18.82
	20.50 - 27.57	94,548	7.4		24.22
	31.06 - 32.80	53,778	7.3		32.27
	43.09 - 47.45	38,238	7.2		45.33
$	8.55 - 47.45	225,164	6.5	$	28.37

Benefit And Retirement Plans

12 Months Ended

Jun. 30, 2019

Benefit And Retirement Plans [Abstract]

Benefit And Retirement Plans

10. BENEFIT AND RETIREMENT PLANS

Defined Contribution and Retirement Plans

The Company sponsors various defined contribution retirement plans, which cover substantially all employees, other than employees covered by multi-employer pension plans under collective bargaining agreements. Total retirement plan expense was $2.7 million, $2.8 million and $2.3 million in fiscal years 2019, 2018 and 2017, respectively. The amounts include $2.6 million, $1.7 million and $0.8 million in fiscal years 2019, 2018 and 2017, for the Company’s matching contribution to retirement savings plans.

Multi-employer Pension Plans

The Company contributes to three multi-employer defined benefit pension plans under the terms of collective-bargaining agreements that cover its union-represented employees. The risks of participating in these multi-employer plans are different from single-employer plans in the following aspects:

· Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers.

· If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be shared by the remaining participating employers.

· If a participating employer chooses to stop participating in some of its multi-employer plans, the employer may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability.

The Company’s participation in these plans for the annual period ended June 30, 2019, is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2019 and 2018 is for the plan’s year-end at December 31, 2018 and 2017, respectively. The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are between 65 percent and 80 percent funded, and plans in the green zone are at least 80 percent funded.



		Pension Protection										Expiration Date	Number of
		Act Zone Status				Company Contributions						of Collective	Company
	EIN/Pension	June 30,		Rehabilitation		(in thousands)					Surcharge	Bargaining	Employees
Pension Fund	Plan Number	2019	2018	Plan Status		2019		2018		2017	Imposed	Agreement	in Plan

Central States SE and SW Areas Pension Fund	36-6044243	Red	Red	Implemented	$	154	$	150	$	166	No	3/31/2022	9


Steelworkers Pension Trust	23-6648508	Green	Green	No		412		345		308	No	4/10/2020	175

Central Pension Fund	36-6052390	Green	Green	No		7		6		6	No	2/15/2023	2
					$	573	$	501	$	480

The estimated cumulative cost to exit the Company’s multi-employer plans was approximately $18.0 million on June 30, 2019.

Defined Benefit Plan

The DMI Furniture Pension plan is terminated. The last distribution was made on March 22, 2019. The IRS determination letter was received on November 28, 2018. In total, $8.9 million was distributed from the plan to 362 participants. Of that number, $6.5 million was used to purchase annuities for 261 participants. Another $2.5 million was paid out in lump sum distributions. Final filing to the Pension Benefit Guarantee Corporation was made on April 23, 2019. As part of the termination of the plan, the Company recognized a pre-tax pension expense during the third quarter of fiscal 2019 of $2.5 million.

Retirement benefits were based on years of credited service multiplied by a dollar amount negotiated under collective bargaining agreements. The Company’s policy is to fund normal costs and amortization of prior service costs at a level that is equal to or greater than the minimum required under the Employee Retirement Income Security Act of 1974 (ERISA). As of June 30, 2019, the Company did not have any assets or liabilities recorded for a defined benefit plan. As of June 30, 2018, the Company recorded an asset related to the funded status of the defined pension plan recognized on the Company’s consolidated balance sheets in other assets of $0.5 million. The accumulated benefit obligation was $0.0 million and $8.1 million at fiscal years ended June 30, 2019 and 2018, respectively. The Company recorded expense of $0.0 million, $0.2 million and $0.2 million during fiscal years 2019, 2018 and 2017, respectively, related to the plan.

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Jun. 30, 2019

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Income (Loss)

11.ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)


The components of accumulated other comprehensive income (loss), net of income taxes, are as follows:
	June 30,
(in thousands)	2019		2018		2017
Pension and other post-retirement benefit adjustments, net of tax (1)	$	-	$	(1,684)	$	(1,725)
Adoption of ASU 2018-02		-		(334)		-
Available-for-sale securities, net of tax (2)		8		(26)		12
Total accumulated other comprehensive income (loss)	$	8	$	(2,044)	$	(1,713)

(1)

The tax effect on the pension and other post-retirement benefit adjustments is a tax benefit of $0.0 million, $0.7 million and $1.1 million at June 30, 2019, 2018 and 2017, respectively.

(2)

The tax effect on the available-for-sale securities is a tax benefit $0.0 million at June 30, 2019, 2018 and 2017.

Litigation	12 Months Ended
Litigation	Jun. 30, 2019
Litigation [Abstract]
Litigation	12. LITIGATION Environmental Matters – In March 2016, the Company received a General Notice Letter for the Lane Street Groundwater Superfund Site (the “Lane Street Site”) located in Elkhart, Indiana from the U.S. Environmental Protection Agency (EPA). In April 2016, the EPA issued their proposed clean-up plan for groundwater pollution and request for public comment. The Company responded to the request for public comment in May 2016. The EPA issued a Record Decision selecting a remedy in August 2016 and estimated total costs to remediate of $3.6 million. In July 2017, the EPA issued a Special Notice Letter to the Company demanding that the Company perform the remedy selected and pay for the remediation cost and past response costs of $5.5 million. On October 12, 2017, the Company, after consultation with its insurance carriers, offered an amount, fully reimbursable by insurance coverage, to the EPA to resolve this matter. On November 6, 2017, the settlement offer extended on October 12, 2017 was rejected. In April 2018, the EPA issued a Unilateral Administrative Order for Remedial Design and Remedial Action (the “Order”) against the Company. The Order was issued under Section 106(a) of the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), 42 U.S.C. §9606(a). The Order directs the Company to perform remedial design and remedial action for the Lane Street Site. The Order was to be effective May 29, 2018. To ensure completion of the remediation work, the EPA required the Company to secure financial assurance in the initial amount of $3.6 million, which as noted above, is the estimated cost of remedial work. The Company believes that financial assurance is not required because it meets the relevant financial test criteria as provided in the Order. In May 2018, the EPA agreed to suspend enforcement of the Order so that the Company could conduct environmental testing upgradient to its former manufacturing location pursuant to an Administrative Order on Consent (AOC). On July 5, 2018, the EPA proposed a draft AOC, to which the Company provided revisions. During the latter part of 2018, Flexsteel submitted to the EPA its proposed work plan for the upgradient testing to be conducted pursuant to the draft AOC. The EPA provided comments on that documentation on December 4, 2018. On January 23, 2019, Flexsteel submitted responses to the EPA’s comments and revised work plan documents. On April 24, 2019, the Company signed the finalized AOC with the EPA to conduct the upgradient investigation. The Company reflected a $3.6 million liability in the consolidated financial results for the fiscal year ended June 30, 2018. Despite the Company’s position that it did not cause nor contribute to the contamination, the Company continues to reflect this liability in the consolidated financials for the fiscal year ended June 30, 2019 in accordance with FASB issued Asset Retirement and Environmental Obligations (ASC 410-30). The Company continues to evaluate the Order, its legal options and insurance coverages to assert its defense and recovery of current and future expenses related to this matter. Indiana Civil Litigation – In December 2013, the Company entered into a confidential agreement to settle the Indiana Civil Litigation. The Company paid $6.25 million to Plaintiffs to settle the matter without admission of wrongdoing. During fiscal year 2017, the recovery of litigation settlement and defense costs from insurance carriers was completed. During fiscal year 2018, the Company recorded no expenses or expense reimbursements related to the Indiana Civil Litigation in the consolidated statements of income. The Company received $1.2 million during the fiscal year ended June 30, 2017 for recovery of litigation settlement costs from insurers. These amounts are recorded as “Litigation settlement (costs) reimbursements” in the consolidated statements of income. During the fiscal year ended June 30, 2017, the Company recorded $0.3 million in legal and other related expenses that were incurred responding to the lawsuits and pursuing insurance coverage. These expenses are included in SG&A expense in the consolidated statements of income. During the fiscal year ended June 30, 2017, the Company received approximately $1.2 million from insurance carriers to reimburse the Company for certain legal defense costs. These reimbursement amounts are recorded in SG&A as a reduction of legal expenses. Employment matters – The lawsuit entitled Juan Hernandez, et al. v. Flexsteel Industries, Inc. (“Hernandez I”), was filed on February 21, 2019 in the Superior Court for the County of Riverside by former employees Juan Hernandez and Richard Diaz (together, “Plaintiffs”). Flexsteel removed the action to the United States District Court for the Central District of California on March 25, 2019. Through their attorneys, Plaintiffs allege a series of wage-and-hour claims for: (1) failure to pay minimum wages; (2) failure to pay overtime; (3) failure to provide meal periods; (4) failure to authorize and permit rest periods; (5) failure to provide accurate wage statements; (6) failure to timely pay final wages; (7) failure to reimburse for all business expenses; and (8) unfair competition. Plaintiffs seek to bring these eight causes of action on behalf of a proposed class of all current and former employees who held a non-exempt, hourly position in California since March 25, 2015. On April 29, 2019, Plaintiffs filed a second and similarly titled lawsuit in the Superior Court for the County of Riverside (“Hernandez II”). Hernandez II is brought by the same attorneys as Hernandez I and features a single cause of action for civil penalties under the Private Attorneys General Act (“PAGA”). Plaintiffs seek to bring the PAGA cause of action on behalf of a proposed group of all current and former employees who held a non-exempt, hourly position in California since February 21, 2018. The Hernandez I case is still in the early stages, with the parties agreeing to defer most activities, including the exchange of initial rounds of written discovery, in an effort to explore a potential early resolution of this matter. Hernandez II was only recently filed, and Flexsteel has not yet filed its responsive pleading. In connection with the closure of its manufacturing facility in Riverside, California, Flexsteel obtained individual releases of claims from approximately 53 persons who would otherwise be part of the class. Flexsteel agreed with Plaintiffs to engage in a full-day mediation with third-party mediator on August 14, 2019. Those mediation efforts were ultimately successful, with Flexsteel agreeing to resolve both Hernandez I and Hernandez II in principle and on a class-wide basis for $0.5 million. That settlement will serve to resolve the claims of the two Plaintiffs, as well as the approximately 270 remaining members of the class and unless an individual class member asks to be excluded. At present, the material terms of the settlement are captured in a Memorandum of Agreement, which will be supplemented in the next 30-to-90 days with a long-form Stipulation of Settlement. Flexsteel anticipates that obtaining final approval of the parties’ settlement from the court will take at least six months and potentially longer, such that any settlement payments will not be made until calendar year 2020. The settlement amount of $0.5 million, however, has been accrued during the fiscal year ended June 30, 2019. Other Proceedings – From time to time, the Company is subject to various other legal proceedings, including lawsuits, which arise out of, and are incidental to, the conduct of the Company’s business. The Company does not consider any of such other proceedings that are currently pending, individually or in the aggregate, to be material to its business or likely to result in a material effect on its consolidated operating results, financial condition, or cash flows.

Commitments And Contingencies

12 Months Ended

Jun. 30, 2019

Commitments And Contingencies [Abstract]

Commitments And Contingencies

13. COMMITMENTS AND CONTINGENCIES

FACILITY LEASES – the Company leases certain facilities and equipment under various operating leases. These leases require the Company to pay the lease cost, operating costs, including property taxes, insurance, and maintenance. Total lease expense related to the various operating leases was approximately $4.9 million, $4.8 million and $4.6 million in fiscal years 2019, 2018 and 2017, respectively.

Expected future minimum commitments under operating leases as of June 30, 2019 were as follows:

(

Fiscal Year Ended June 30,
2020		4,880
2021		3,884
2022		2,229
2023		1,283
2024		1,330
Thereafter		-
	$	13,606

Supplementary Quarterly Financial Information

12 Months Ended

Jun. 30, 2019

Supplementary Quarterly Financial Information [Abstract]

Supplementary Quarterly Financial Information

14. SUPPLEMENTARY QUARTERLY FINANCIAL INFORMATION – UNAUDITED



(in thousands, except per share amounts)	FOR THE QUARTER ENDED
	September 30		December 31		March 31		June 30
Fiscal 2019:
Net sales	$	113,487	$	118,352	$	111,542	$	100,207
Gross margin		21,791		21,474		21,328		5,347
ERP impairment		-		-		(18,668)		(2,605)
Restructuring expense		-		-		-		(10,048)
Litigation settlement reimbursements (costs)		-		-		-		(475)
Net income (loss)		1,296		1,566		(15,552)		(19,916)
Earnings per share:
Basic	$	0.16	$	0.20	$	(1.97)	$	(2.52)
Diluted	$	0.16	$	0.20	$	(1.97)	$	(2.52)



	FOR THE QUARTER ENDED
	September 30		December 31		March 31		June 30
Fiscal 2018:
Net sales (1)	$	119,834	$	129,392	$	126,861	$	113,093
Gross margin		26,140		27,402		27,632		17,044
Environmental remediation		-		-		(3,600)		-
Gain on sale of facility		1,835		-		-		-
Net income		6,180		6,221		3,079		2,186
Earnings per share:
Basic	$	0.79	$	0.79	$	0.39	$	0.28
Diluted	$	0.78	$	0.78	$	0.39	$	0.28

(1)

During the quarter ended June 30, 2018, the Company recorded a $4.4 million fiscal year-to-date correction of an immaterial error related to variable consideration provided to customers. The correction decreased net sales and SG&A expenses.

Subsequent Event	12 Months Ended
Subsequent Event	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Event	15. SUBSEQUENT EVENTS On August 29, 2019, Flexsteel Industries, Inc. entered into an Agreement of Purchase and Sale and Joint Escrow Instructions dated August 26, 2019 to sell the Riverside property located at 7227 Central Avenue, Riverside, California for $20.5 million to Greenlaw Acquisitions, LLC. There is a $0.5 million non-refundable deposit placed in escrow and the closing is scheduled for September 26, 2019. The property is being sold “As-Is, Where-Is”.

Schedule II: Valuation And Qualifying Accounts

12 Months Ended

Jun. 30, 2019

Schedule II: Valuation And Qualifying Accounts [Abstract]

Schedule II: Valuation And Qualifying Accounts

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended June 30, 2019, 2018 and 2017


(in thousands) Description		Balance at Beginning of Year		(Additions) Reductions to Income		Deductions from Reserves		Balance at End of Year
Accounts Receivable Allowances:
2019…(1)…………….	$	290	$	110	$	(150)	$	250
2018..............................		1,200	$	(80)	$	(20)	$	1,100
2017..............................	$	1,300		70	$	(170)	$	1,200


VAT Allowances:
2019…………..………….	–	2,612	(377)	2,235
2018…………..………….	–	–	–	–
2017…………..………….	–	–	–	–

(1)

The beginning balance was adjusted by $0.8 million for the adoption of Revenue Recognition ASU 2014-9.

Summary Of Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2019

Summary Of Significant Accounting Policies [Abstract]

Principles Of Consolidation

Use Of Estimates

Fair Value

Investments

Accounts Receivable Allowances

Inventories

INVENTORIES – are stated at the lower of cost or net realizable value utilizing the first‑in - first‑out (“FIFO”) method.

Property, Plant And Equipment

PROPERTY, PLANT AND EQUIPMENT – is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets.

Valuation Of Long-Lived Assets

No impairments of long-lived assets or changes in depreciable or amortizable lives were incurred during fiscal years 2018 and 2017.

Leases

Warranty

Revenue Recognition

Upon adoption of ASC 606, the Company elected the following practical expedients and policy elections:

Incremental costs of obtaining a contract, specifically commissions, are recorded as an SG&A expense when incurred.

These accounting treatments are consistent with the ASC 606 standard as adopted. Therefore, there was no impact to the consolidated financial statements.

The following table disaggregates the Company’s net sales by product category for the year ended June 30, (in millions):


		2019		2018
Residential	$	374.5	$	413.7
Contract		69.1		75.5
Total	$	443.6	$	489.2

Advertising Costs

Design, Research And Development Costs

Insurance

Income Taxes

Earnings Per Share (EPS)

In computing EPS for the fiscal years 2019, 2018 and 2017, net income as reported for each respective period is divided by the fully diluted weighted average number of shares outstanding:


	June 30,
(in thousands)	2019	2018	2017

Basic shares	7,889	7,848	7,782
Potential common shares:
Stock options	–	54	86
Long-term incentive plan	–	17	18
	–	71	104

Diluted shares	7,889	7,919	7,886

Anti-dilutive shares	112	40	–

Stock-Based Compensation

Segment Reporting

New Accounting Pronouncements, Policy

Unadopted Accounting Pronouncements

ASC 840, Leases. The effects of adopting the new standard (ASC 842, Leases) in fiscal 2020 will be

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2019

Summary Of Significant Accounting Policies [Abstract]

Disaggregation Of Net Sales By Product Category


		2019		2018
Residential	$	374.5	$	413.7
Contract		69.1		75.5
Total	$	443.6	$	489.2

Schedule of Earnings Per Share, Basic and Diluted


	June 30,
(in thousands)	2019	2018	2017

Basic shares	7,889	7,848	7,782
Potential common shares:
Stock options	–	54	86
Long-term incentive plan	–	17	18
	–	71	104

Diluted shares	7,889	7,919	7,886

Anti-dilutive shares	112	40	–

Inventories (Tables)

12 Months Ended

Jun. 30, 2019

Inventories [Abstract]

Comparison Of Inventories



(in thousands)	June 30,
	2019		2018
Raw materials	$	14,182	$	13,335
Work in process and finished parts		6,408		7,195
Finished goods		73,069		75,674
Total	$	93,659	$	96,204

Property, Plant And Equipment (Tables)

12 Months Ended

Jun. 30, 2019

Property, Plant and Equipment [Abstract]

Schedule Of Property, Plant And Equipment



(in thousands)	Estimated	June 30,
	Life (Years)	2019		2018
Land		$	5,684	$	5,684
Buildings and improvements	5-39		86,299		66,823
Machinery and equipment	3-7		32,402		32,127
Delivery equipment	3-5		20,181		21,697
Furniture and fixtures	3-7		4,151		4,034
Computer software and hardware	3-10		11,051		30,000
Construction in progress			-		14,239
Total			159,768		174,604
Less accumulated depreciation			(80,530)		(83,879)
Net		$	79,238	$	90,725

Accrued Restructuring (Table)

12 Months Ended

Jun. 30, 2019

Accrued Restructuring [Abstract]

Components Of Restructuring Costs

	Accrued			Accrued
	Restructuring		Expenses	Restructuring
	6/30/2018	Cost incurred	Paid	6/30/2019
One-time employee termination benefits	$ -	$ 3,775	$2,044	$1,731
Contract termination costs	-	249	-	249
Other associated costs	-	6,024	1,801	4,223
Total	$ -	$ 10,048	$3,845	$6,203

Other Noncurrent Assets (Tables)

12 Months Ended

Jun. 30, 2019

Other Noncurrent Assets [Abstract]

Schedule Of Other Noncurrent Assets



(in thousands)	June 30,
	2019		2018
Cash value of life insurance	$	1,024	$	1,016
Other		494		1,463
Total	$	1,518	$	2,479

Accrued Liabilities - Other (Tables)

12 Months Ended

Jun. 30, 2019

Accrued Liabilities - Other [Abstract]

Schedule Of Accrued Liabilities - Other



(in thousands)	June 30,
	2019		2018
Dividends	$	1,758	$	1,731
Warranty		1,060		1,160
Other		4,250		3,120
Total	$	7,068	$	6,011

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2019

Income Taxes [Abstract]

Components Of The Gross Liabilities Related To Unrecognized Tax Benefits And The Related Deferred Tax Assets



	June 30,
(in thousands)	2019		2018
Gross unrecognized tax benefits	$	350	$	500
Accrued interest and penalties		110		100
Gross liabilities related to unrecognized tax benefits	$	460	$	600

Deferred tax assets	$	80	$	100

Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits




(in thousands)		2019		2018		2017
Balance at July 1	$	500	$	320	$	610
Additions based on tax positions related to the current year		-		270		130
Additions for tax positions of prior years		-		-		-
Reductions for tax positions of prior years		(120)		(90)		(420)
Balance at June 30	$	380	$	500	$	320

Income Tax Provision



(in thousands)	2019		2018		2017
Federal - current	$	(3,933)	$	6,731	$	11,015
State and other - current		71		443		1,179
Deferred		(6,141)		286		1,606
Total	$	(10,003)	$	7,460	$	13,800

Reconciliation Between The U.S. Federal Statutory Tax Rate And The Effective Tax Rate



	2019		2018		2017
Federal statutory tax rate	21.0	%	28.1	%	35.0	%
State taxes, net of federal effect	4.1		2.7		2.7
Other	(1.6)		(1.1)		(1.0)
Effective tax rate	23.5	%	29.7	%	36.7	%

Primary Components Of Deferred Tax Assets And (Liabilities)


	June 30,
(in thousands)	2019		2018
Accounts receivable	$	260	$	290
Inventory		40		50
Self-insurance		200		240
Payroll and related		570		610
Accrued liabilities		2,960		1,750
Property, plant and equipment		(3,200)		(2,390)
Investment tax credit		2,340		2,550
Valuation allowance		(1,700)		(1,745)
Net operating loss carryover		5,940		-
Other		150		100
Total	$	7,560	$	1,455

Stock-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2019

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule Of Stock Option Plans



					Aggregate
	Shares		Weighted Average		Intrinsic Value
	(in thousands)		Exercise Price		(in thousands)
Outstanding at June 30, 2017	187		27.21	$	5,039
Granted	21		45.21
Exercised	(21)		18.89
Canceled	(21)		26.77
Outstanding at June 30, 2018	166		30.65	$	1,841
Granted	100		26.89
Exercised	(5)		15.50
Canceled	(36)		36.59
Outstanding at June 30, 2019	225	$	28.37	$	72

Schedule Of Options Outstanding And Exercisable



			Weighted Average
	Range of	Options	Remaining		Exercise
	Prices	Outstanding	Life (Years)		Price
		(in thousands)
$	8.55 - 13.90	14,000	1.7	$	11.91
	17.23 - 19.77	24,600	2.7		18.82
	20.50 - 27.57	94,548	7.4		24.22
	31.06 - 32.80	53,778	7.3		32.27
	43.09 - 47.45	38,238	7.2		45.33
$	8.55 - 47.45	225,164	6.5	$	28.37

New Long-Term Management Incentive Compensation Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule Of Aggregate Number Of Shares And Cash That Could Be Awarded To Key Executives


(in thousands)
Performance Period	Minimum	Target		Maximum
Fiscal Year 2017 - 2019	8		19	37
Fiscal Year 2018 - 2020	3		8	16
Fiscal Year 2019 - 2021	3		6	12

Benefit And Retirement Plans (Tables)

12 Months Ended

Jun. 30, 2019

Multiemployer Plans [Abstract]

Schedule Of Multiemployer Plans



		Pension Protection										Expiration Date	Number of
		Act Zone Status				Company Contributions						of Collective	Company
	EIN/Pension	June 30,		Rehabilitation		(in thousands)					Surcharge	Bargaining	Employees
Pension Fund	Plan Number	2019	2018	Plan Status		2019		2018		2017	Imposed	Agreement	in Plan

Central States SE and SW Areas Pension Fund	36-6044243	Red	Red	Implemented	$	154	$	150	$	166	No	3/31/2022	9


Steelworkers Pension Trust	23-6648508	Green	Green	No		412		345		308	No	4/10/2020	175

Central Pension Fund	36-6052390	Green	Green	No		7		6		6	No	2/15/2023	2
					$	573	$	501	$	480

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Jun. 30, 2019

Accumulated Other Comprehensive Income (Loss) [Abstract]

Components Of Accumulated Other Comprehensive Income (Loss)


The components of accumulated other comprehensive income (loss), net of income taxes, are as follows:
	June 30,
(in thousands)	2019		2018		2017
Pension and other post-retirement benefit adjustments, net of tax (1)	$	-	$	(1,684)	$	(1,725)
Adoption of ASU 2018-02		-		(334)		-
Available-for-sale securities, net of tax (2)		8		(26)		12
Total accumulated other comprehensive income (loss)	$	8	$	(2,044)	$	(1,713)

(1)

The tax effect on the pension and other post-retirement benefit adjustments is a tax benefit of $0.0 million, $0.7 million and $1.1 million at June 30, 2019, 2018 and 2017, respectively.

(2)

The tax effect on the available-for-sale securities is a tax benefit $0.0 million at June 30, 2019, 2018 and 2017.

Commitments And Contingencies (Tables)

12 Months Ended

Jun. 30, 2019

Commitments And Contingencies [Abstract]

Expected Future Minimum Commitments Under Operating Leases

(

Fiscal Year Ended June 30,
2020		4,880
2021		3,884
2022		2,229
2023		1,283
2024		1,330
Thereafter		-
	$	13,606

Supplementary Quarterly Financial Information (Tables)

12 Months Ended

Jun. 30, 2019

Supplementary Quarterly Financial Information [Abstract]

Supplementary Quarterly Financial Information


(in thousands, except per share amounts)	FOR THE QUARTER ENDED
	September 30		December 31		March 31		June 30
Fiscal 2019:
Net sales	$	113,487	$	118,352	$	111,542	$	100,207
Gross margin		21,791		21,474		21,328		5,347
ERP impairment		-		-		(18,668)		(2,605)
Restructuring expense		-		-		-		(10,048)
Litigation settlement reimbursements (costs)		-		-		-		(475)
Net income (loss)		1,296		1,566		(15,552)		(19,916)
Earnings per share:
Basic	$	0.16	$	0.20	$	(1.97)	$	(2.52)
Diluted	$	0.16	$	0.20	$	(1.97)	$	(2.52)



	FOR THE QUARTER ENDED
	September 30		December 31		March 31		June 30
Fiscal 2018:
Net sales (1)	$	119,834	$	129,392	$	126,861	$	113,093
Gross margin		26,140		27,402		27,632		17,044
Environmental remediation		-		-		(3,600)		-
Gain on sale of facility		1,835		-		-		-
Net income		6,180		6,221		3,079		2,186
Earnings per share:
Basic	$	0.79	$	0.79	$	0.39	$	0.28
Diluted	$	0.78	$	0.78	$	0.39	$	0.28

(1)

Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Investments				$ 15,951,000
Percentage of ERP assets placed into service	20.00%
ERP impairment	$ 2,605,000	$ 18,668,000	$ 21,273,000	0	$ 0
Customer deposits	$ 1,100,000		1,100,000	2,200,000
Advertising expenditures			4,300,000	5,100,000	7,300,000
Design, research and development costs			4,400,000	$ 3,900,000	$ 3,700,000
Health care claims threshold for third party insurance			175,000
Workers' compensation threshold for third party insurance			$ 450,000
Maximum [Member]
Remaining operating lease terms	5 years		5 years
Computer Software [Member]
Useful life of assets place into service			36 months
Consulting And Internal Salary Implementation Costs [Member]
Useful life of assets place into service			60 months
Accounting Standards Update 2016-02 [Member] \| Minimum [Member]
Expected impact of ASU			$ 12,600,000
Accounting Standards Update 2016-02 [Member] \| Maximum [Member]
Expected impact of ASU			$ 13,400,000

Summary Of Significant Accounting Policies (Disaggregation Of Net Sales By Product Category) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Net sales	$ 100,207	$ 111,542	$ 118,352	$ 113,487	$ 113,093	$ 126,861	$ 129,392	$ 119,834	$ 443,588	$ 489,180	$ 468,764
Residential [Member]
Net sales									374,500	413,700
Contract[Member]
Net sales									$ 69,100	$ 75,500

Summary Of Significant Accounting Policies (Computation of Earnings Per Share) (Details) - shares shares in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Summary Of Significant Accounting Policies [Abstract]
Basic	7,889	7,848	7,782
Stock options		54	86
Long-term incentive plan		17	18
Potential common shares, total		71	104
Diluted	7,889	7,919	7,886
Anti-dilutive shares	112	40

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Inventories [Abstract]
Raw materials	$ 14,182	$ 13,335
Work in process and finished parts	6,408	7,195
Finished goods	73,069	75,674
Total inventories	$ 93,659	$ 96,204

Property, Plant And Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Property, Plant and Equipment [Line Items]
Total	$ 159,768	$ 174,604
Less accumulated depreciation	(80,530)	(83,879)
Net	79,238	90,725
Land [Member]
Property, Plant and Equipment [Line Items]
Total	5,684	5,684
Buildings And Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Total	86,299	66,823
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	32,402	32,127
Delivery Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	20,181	21,697
Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total	4,151	4,034
Computer Software and Hardware [Member]
Property, Plant and Equipment [Line Items]
Total	11,051	30,000
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total		$ 14,239
Minimum [Member] \| Buildings And Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)		5 years
Minimum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)		3 years
Minimum [Member] \| Delivery Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)		3 years
Minimum [Member] \| Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)		3 years
Minimum [Member] \| Computer Software and Hardware [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)		3 years
Maximum [Member] \| Buildings And Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	39 years
Maximum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	7 years
Maximum [Member] \| Delivery Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	5 years
Maximum [Member] \| Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	7 years
Maximum [Member] \| Computer Software and Hardware [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	10 years

Accrued Restructuring (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	May 15, 2019	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs		$ 6,203
Exit The Commercial Office And Custom-Designed Hospitality Product Lines [Member]
Restructuring Cost and Reserve [Line Items]
Percent of revenue related to restructuring plan	7.00%
Period of transformation program execution		2 years
Exit The Commercial Office And Custom-Designed Hospitality Product Lines [Member] \| Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs		$ 53,000
Expected restructuring costs, Cash		40,000
Expected restructuring costs, Non-cash		13,000
Expected generation of cash		55,000
Exit The Commercial Office And Custom-Designed Hospitality Product Lines [Member] \| Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs		48,000
Expected restructuring costs, Cash		36,000
Expected restructuring costs, Non-cash		12,000
Expected generation of cash		$ 45,000

Accrued Restructuring (Components Of Restructuring Costs) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Costs incurred	$ 10,048	$ 10,048
Expenses Paid		3,845
Accrued Restructuring	6,203	6,203
One-time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Costs incurred		3,775
Expenses Paid		2,044
Accrued Restructuring	1,731	1,731
Contract Termination Costs [Member]
Restructuring Cost and Reserve [Line Items]
Costs incurred		249
Accrued Restructuring	249	249
Other Associated Costs [Member]
Restructuring Cost and Reserve [Line Items]
Costs incurred		6,024
Expenses Paid		1,801
Accrued Restructuring	$ 4,223	$ 4,223

Other Noncurrent Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Other Noncurrent Assets [Abstract]
Cash value of life insurance	$ 1,024	$ 1,016
Other	494	1,463
Total	$ 1,518	$ 2,479

Accrued Liabilities - Other (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Accrued Liabilities - Other [Abstract]
Dividends	$ 1,758	$ 1,731
Warranty	1,060	1,160
Other	4,250	3,120
Total	$ 7,068	$ 6,011

Credit Arrangements (Details) - USD ($) $ in Millions	12 Months Ended
Credit Arrangements (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018
Letter Of Credit [Member]
Line of Credit Facility [Line Items]
Credit agreement capacity	$ 4.0
Line of Credit Facility, Amount Outstanding	1.3
Unsecured [Member]
Line of Credit Facility [Line Items]
Credit agreement capacity	$ 10.0
Interest rate under prime rate	2.00%
Line of Credit Facility, Amount Outstanding	$ 0.0
Line of Credit Facility, Interest Rate at Period End	3.50%
Line Of Credit [Member]
Line of Credit Facility [Line Items]
Credit agreement capacity	$ 10.0
Interest rate over LIBOR	1.00%
Line of Credit Facility, Amount Outstanding		$ 0.0
Line of Credit Facility, Remaining Borrowing Capacity	$ 8.7
Line of Credit Facility, Interest Rate at Period End	3.40%

Income Taxes (Narrative) (Details) - USD ($) $ in Millions		6 Months Ended		12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2018	Dec. 21, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Tax Credit Carryforward [Line Items]
Effective federal statutory income tax rate		21.00%	35.00%	21.00%	28.10%	35.00%
Reclassified from aoci to retained earnings, ASU 2018-02 related	$ 0.3
Federal [Member]
Tax Credit Carryforward [Line Items]
NOL carryforwad				$ 5.0
State [Member]
Tax Credit Carryforward [Line Items]
NOL carryforwad				0.9
Certain State Tax Credit Carryforward [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward				2.3
Expiring Between 2020 And 2028 [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward				0.7
Indefinite Carryforward [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward				$ 1.6

Income Taxes (Components Of The Gross Liabilities Related To Unrecognized Tax Benefits And The Related Deferred Tax Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Income Taxes [Abstract]
Gross unrecognized tax benefits	$ 350	$ 500
Accrued interest and penalties	110	100
Gross liabilities related to unrecognized tax benefits	460	600
Deferred tax assets	$ 80	$ 100

Income Taxes (Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Income Taxes [Abstract]
Balance	$ 500	$ 320	$ 610
Additions based on tax positions related to the current year		270	130
Additions for tax positions of prior years
Reductions for tax positions of prior years	(120)	(90)	(420)
Balance	$ 380	$ 500	$ 320

Income Taxes (Income Tax Provision) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Income Taxes [Abstract]
Federal - current	$ (3,933)	$ 6,731	$ 11,015
State - current	71	443	1,179
Deferred	(6,141)	286	1,606
Total	$ (10,003)	$ 7,460	$ 13,800

Income Taxes (Reconciliation Between The U.S. Federal Statutory Tax Rate And The Effective Tax Rate) (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2018	Dec. 21, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Income Taxes [Abstract]
Federal statutory tax rate	21.00%	35.00%	21.00%	28.10%	35.00%
State taxes, net of federal effect			4.10%	2.70%	2.70%
Other			(1.60%)	(1.10%)	(1.00%)
Effective tax rate			23.50%	29.70%	36.70%

Income Taxes (Primary Components Of Deferred Tax Assets And (Liabilities)) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Components Of Deferred Tax Assets And Liabilities [Line Items]
Long-term	$ 7,564	$ 1,455
Accounts Receivable [Member]
Components Of Deferred Tax Assets And Liabilities [Line Items]
Long-term	260	290
Inventory [Member]
Components Of Deferred Tax Assets And Liabilities [Line Items]
Long-term	40	50
Self-Insurance [Member]
Components Of Deferred Tax Assets And Liabilities [Line Items]
Long-term	200	240
Payroll and Related [Member]
Components Of Deferred Tax Assets And Liabilities [Line Items]
Long-term	570	610
Accrued Liabilities [Member]
Components Of Deferred Tax Assets And Liabilities [Line Items]
Long-term	2,960	1,750
Property, Plant and Equipment [Member]
Components Of Deferred Tax Assets And Liabilities [Line Items]
Long-term	(3,200)	(2,390)
Investment Tax Credit [Member]
Components Of Deferred Tax Assets And Liabilities [Line Items]
Long-term	2,340	2,550
Valuation Allowance [Member]
Components Of Deferred Tax Assets And Liabilities [Line Items]
Long-term	(1,700)	(1,745)
Net Operating Loss Carryover [Member]
Components Of Deferred Tax Assets And Liabilities [Line Items]
Long-term	5,940
Other [Member]
Components Of Deferred Tax Assets And Liabilities [Line Items]
Long-term	$ 150	$ 100

Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Jan. 15, 2019	Dec. 28, 2018	Jul. 01, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess tax benefit from stock-based payment arrangements						$ 1,494
2014-2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued						59,375
2015-2017[Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued					30,539
2016-2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued				9,675
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued				15,585	8,016	6,997
Compensation cost				$ 400	$ 300	$ 400
Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost				$ 500
Chief Executive Officer [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued		3,186
Chief Executive Officer [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued		30,000
Chief Executive Officer [Member] \| Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued		30,000
Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued					6,280
Compensation cost					$ 300
Non-Executive Officers [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued				4,169
Stock Option Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for performance awards, years				10 years
Compensation cost				$ 0	$ 0	$ 0
Options issued under stock option plans				0	0	0
Proceeds from Stock Options Exercised				$ 100	$ 200	$ 400
Excess tax benefit from stock-based payment arrangements				$ 0	100	600
Stock Option Plans [Member] \| Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued				55,000
Compensation cost				$ 100
New Long-Term Management Incentive Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares approved to be issued under plan				700,000
Shares issued				102,183
Compensation cost				$ (200)	(400)	900
New Long-Term Management Incentive Compensation Plan [Member] \| 2017-2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for performance awards, years				3 years
Compensation cost				$ 800
New Long-Term Management Incentive Compensation Plan [Member] \| 2018-2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for performance awards, years				3 years
Compensation cost				$ 500
New Long-Term Management Incentive Compensation Plan [Member] \| 2019-2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for performance awards, years				3 years
Compensation cost				$ 300
New Omnibus Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares approved to be issued under plan				700,000
Compensation cost				$ 600	$ 200	$ 300
Period options are excercisable				10 years
Options issued under stock option plans				100,392	21,439	24,317
Weighted average exercise price of options				$ 26.89	$ 45.21	$ 47.45
Dividend yield				3.50%	1.80%	1.50%
Expected volatility				32.70%	31.10%	30.80%
Risk-free interest rate				2.70%	1.70%	1.20%
Expected life				5 years
Weighted average grant date fair value				$ 5.85	$ 10.87	$ 11.76
Shares available for future grants				227,897
Proceeds from Stock Options Exercised				$ 0	$ 0	$ 700
Excess tax benefit from stock-based payment arrangements				$ 0	$ 0	$ 0
New Omnibus Stock Plan [Member] \| Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued	26,961		18,789
Compensation cost	$ 100		$ 200
Minimum [Member] \| 2017-2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants					8,000
Minimum [Member] \| 2018-2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants					3,000
Minimum [Member] \| 2019-2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants					3,000
Target [Member] \| 2017-2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants					19,000
Target [Member] \| 2018-2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants					8,000
Target [Member] \| 2019-2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants					6,000
Maximum [Member] \| 2017-2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants					37,000
Maximum [Member] \| 2018-2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants					16,000
Maximum [Member] \| 2019-2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants					12,000

Stock-Based Compensation (Schedule Of Aggregate Number Of Shares And Cash That Could Be Awarded To Key Executives) (Details) shares in Thousands	Jun. 30, 2018 shares
2017-2019 [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	8
2017-2019 [Member] \| Target [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	19
2017-2019 [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	37
2018-2020 [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	3
2018-2020 [Member] \| Target [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	8
2018-2020 [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	16
2019-2021 [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	3
2019-2021 [Member] \| Target [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	6
2019-2021 [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	12

Stock-Based Compensation (Schedule Of Stock Option Plans) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Stock-Based Compensation [Abstract]
Shares, Outstanding and exercisable	166	187
Shares, Granted	100	21
Shares, Exercised	(5)	(21)
Shares, Canceled	(36)	(21)
Shares, Outstanding and exercisable	225	166
Weighted Average Exercise Price, Outstanding and exercisable	$ 30.65	$ 27.21
Weighted Average Exercise Price, Granted	26.89	45.21
Weighted Average Exercise Price, Exercised	15.50	18.89
Weighted Average Exercise Price, Canceled	36.59	26.77
Weighted Average Exercise Price, Outstanding and exercisable	$ 28.37	$ 30.65
Aggregate Intrinsic Value	$ 72	$ 1,841	$ 5,039

Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details) shares in Thousands	12 Months Ended
	Jun. 30, 2019 $ / shares shares
8.55 - 13.90 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	$ 8.55
Range of Price Upper	$ 13.90
Options Outstanding \| shares	14,000
Weighted Average Remaining Life, Years	1 year 8 months 12 days
Weighted Average Exercise Price	$ 11.91
17.23 - 19.77 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	17.23
Range of Price Upper	$ 19.77
Options Outstanding \| shares	24,600
Weighted Average Remaining Life, Years	2 years 8 months 12 days
Weighted Average Exercise Price	$ 18.82
20.50 - 27.57 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	20.50
Range of Price Upper	$ 27.57
Options Outstanding \| shares	94,548
Weighted Average Remaining Life, Years	7 years 4 months 24 days
Weighted Average Exercise Price	$ 24.22
31.06 - 32.80 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	31.06
Range of Price Upper	$ 32.80
Options Outstanding \| shares	53,778
Weighted Average Remaining Life, Years	7 years 3 months 18 days
Weighted Average Exercise Price	$ 32.27
43.09 - 47.45 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	43.09
Range of Price Upper	$ 47.45
Options Outstanding \| shares	38,238
Weighted Average Remaining Life, Years	7 years 2 months 12 days
Weighted Average Exercise Price	$ 45.33
8.55 - 47.45 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	8.55
Range of Price Upper	$ 47.45
Options Outstanding \| shares	225,164
Weighted Average Remaining Life, Years	6 years 6 months
Weighted Average Exercise Price	$ 28.37

Benefit And Retirement Plans (Narrative) (Details) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Aug. 31, 2018 USD ($) employee	Mar. 31, 2019 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)
Benefit And Retirement Plans [Abstract]
Total pension and retirement plan expense			$ 2.7	$ 2.8	$ 2.3
Company's matching contribution to retirement savings plans			2.6	1.7	0.8
Cumulative cost to exit multi-employer plans			18.0
Assets for Plan Benefits, Defined Benefit Plan				0.5
Accumulated benefit obligation			0.0	8.1
Pension plan expense			$ 0.0	$ 0.2	$ 0.2
Total distribution from the plan	$ 8.9
Number of participants who received distributions \| employee	362
Amount used to purchase annuities, defined benefit plans	$ 6.5
Number of participants, annuities purchased from \| employee	261
Additional amount paid out as lump sum, defined benefit plan	$ 2.5
Pre-tax pension expense		$ 2.5

Benefit And Retirement Plans (Schedule Of Multiemployer Plans) (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)
Multiemployer Plans [Line Items]
Multiemployer Plan, Period Contributions	$ 573	$ 501	$ 480
Central States SE and SW Areas Pension Fund [Member]
Multiemployer Plans [Line Items]
Multiemployer Plan, number of employees	9
Entity Tax Identification Number	366044243
Multiemployer Plans, Certified Zone Status	Red	Red
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan	Implemented
Multiemployer Plan, Period Contributions	$ 154	$ 150	166
Multiemployer Plans, Surcharge	No
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date	Mar. 31, 2022
Steelworkers Pension Trust [Member]
Multiemployer Plans [Line Items]
Multiemployer Plan, number of employees	175
Entity Tax Identification Number	236648508
Multiemployer Plans, Certified Zone Status	Green	Green
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan	No
Multiemployer Plan, Period Contributions	$ 412	$ 345	308
Multiemployer Plans, Surcharge	No
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date	Apr. 10, 2020
Central Pension Fund [Member]
Multiemployer Plans [Line Items]
Multiemployer Plan, number of employees	2
Entity Tax Identification Number	366052390
Multiemployer Plans, Certified Zone Status	Green	Green
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan	No
Multiemployer Plan, Period Contributions	$ 7	$ 6	$ 6
Multiemployer Plans, Surcharge	No
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date	Feb. 15, 2023

Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
ASU 2018-02 adoption
Total accumulated other comprehensive income (loss)	$ 8	(2,044)
Tax effect on the pension and other post-retirement benefit adjustments, tax benefit	0	700	$ 1,100
Tax effect on the available-for-sale securities, tax benefit	0	0	0
Accumulated Other Comprehensive (Loss) Income [Member]
Pension and other post-retirement benefit adjustments		(1,684)	(1,725)
ASU 2018-02 adoption		(334)
Available-for-sale securities, net of tax	8	(26)	12
Total accumulated other comprehensive income (loss)	$ 8	$ (2,044)	$ (1,713)

Litigation (Details) - USD ($)		3 Months Ended			12 Months Ended
Litigation (Details) - USD ($)	Aug. 14, 2019	Jun. 30, 2019	Mar. 31, 2018	Dec. 31, 2013	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017	Jul. 31, 2017
Litigation settlement (costs) reimbursements				$ 6,250,000	$ 475,000	$ 0	$ (1,175,000)
Legal and other related expenses							300,000
Insurance reimbursements							$ 1,200,000
Litigation Settlement Reimbursements		$ 475,000
Environmental remediation			$ 3,600,000			3,600,000
Environmental remediation liability		$ 3,600,000			$ 3,600,000	$ 3,600,000
Environmental Issue [Member]
Loss Contingency, Estimate of Possible Loss								$ 5,500,000
Subsequent Event [Member]
Litigation settlement (costs) reimbursements	$ 500,000

Commitments And Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Commitments And Contingencies [Abstract]
2020		$ 4,880
2021		3,884
2022		2,229
2023		1,283
2024		1,330
Thereafter
Total		13,606
Lease expense	$ 4,900	$ 4,800	$ 4,600

Supplementary Quarterly Financial Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales	$ 100,207,000	$ 111,542,000	$ 118,352,000	$ 113,487,000	$ 113,093,000	$ 126,861,000	$ 129,392,000	$ 119,834,000	$ 443,588,000	$ 489,180,000	$ 468,764,000
Gross margin	5,347,000	21,328,000	21,474,000	21,791,000	17,044,000	27,632,000	27,402,000	26,140,000	69,940,000	98,219,000	108,651,000
Environmental remediation						(3,600,000)				(3,600,000)
Gain on sale of facility								1,835,000		1,835,000
ERP impairment	(2,605,000)	(18,668,000)							(21,273,000)	0	0
Restructuring expense	(10,048,000)								(10,048,000)
Litigation settlement reimbursements (costs)	(475,000)
Net income (loss)	$ (19,916,000)	$ (15,552,000)	$ 1,566,000	$ 1,296,000	$ 2,186,000	$ 3,079,000	$ 6,221,000	$ 6,180,000	$ (32,605,000)	$ 17,666,000	$ 23,786,000
Earnings per share: Basic	$ (2.52)	$ (1.97)	$ 0.20	$ 0.16	$ 0.28	$ 0.39	$ 0.79	$ 0.79	$ (4.13)	$ 2.25	$ 3.06
Earnings per share: Diluted	$ (2.52)	$ (1.97)	$ 0.20	$ 0.16	$ 0.28	$ 0.39	$ 0.78	$ 0.78	$ (4.13)	$ 2.23	$ 3.02
Immaterial Error Related To Variable Consideration Provided To Customers [Member] \| Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales					$ (4,400,000)

Subsequent Event (Details) - USD ($) $ in Thousands		12 Months Ended
Subsequent Event (Details) - USD ($) $ in Thousands	Aug. 29, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Subsequent Event [Line Items]
Agreement to sell property		$ 248	$ 6,152	$ 1,848
Subsequent Event [Member]
Subsequent Event [Line Items]
Agreement to sell property	$ 20,500
Non-refundable deposit placed in escrow	$ 500

Schedule II: Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Accounts Receivable Allowance [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	$ 290	$ 1,200	$ 1,300
(Additions) Reductions to Income	110	(80)	70
Deductions from Reserves	(150)	(20)	(170)
Balance at End of Year	250	290	$ 1,200
VAT Allowance [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year
(Additions) Reductions to Income	2,612
Deductions from Reserves	(377)
Balance at End of Year	2,235
Previously Reported [Member] \| Accounts Receivable Allowance [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	$ 1,100
Balance at End of Year		$ 1,100

Schedule II: Valuation And Qualifying Accounts (Additional Information) (Details) - Accounts Receivable Allowance [Member] - USD ($) $ in Thousands	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning balance adjustment	$ 250		$ 290	$ 1,200	$ 1,300
Restatement Adjustment [Member] \| Accounting Standards Update 2014-09 [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning balance adjustment		$ (800)