0000037472-21-000023 | 10-K | XBRL Viewer

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Jun. 30, 2021	Sep. 02, 2021	Dec. 31, 2020
Document And Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Entity File Number	0-5151
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Registrant Name	FLEXSTEEL INDUSTRIES, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	42-0442319
Entity Address, Address Line One	385 BELL STREET
Entity Address, City or Town	DUBUQUE
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	52001-0877
City Area Code	563
Local Phone Number	556-7730
Title of 12(b) Security	Common Stock
Trading Symbol	FLXS
Security Exchange Name	NASDAQ
Entity Central Index Key	0000037472
Current Fiscal Year End Date	--06-30
Entity Public Float			$ 234,233,821
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Common Stock, Shares Outstanding		6,822,055
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE In Part III, portions of the registrant’s 2021 Proxy Statement to be filed with the Securities and Exchange Commission within 120 days of the Registrant’s fiscal year end.
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 1,342	$ 48,197
Trade receivables - less allowances: 2021, $3,240; 2020, $1,770	55,986	32,217
Inventories	161,125	70,565
Other	9,421	18,535
Assets held for sale	666	12,329
Total current assets	228,540	181,843
NONCURRENT ASSETS:
Property, plant and equipment, net	39,783	43,312
Operating lease right-of-use assets	27,057	8,683
Deferred income taxes		2,111
Other assets	1,399	1,310
TOTAL ASSETS	296,779	237,259
CURRENT LIABILITIES:
Accounts payable - trade	67,773	27,747
Current portion of operating lease liabilities	5,833	4,408
Accrued liabilities:
Payroll and related items	7,662	3,275
Insurance	3,062	3,787
Restructuring costs	1,522	1,961
Advertising	5,196	3,823
Environmental remediation	3,570	3,600
Other	5,133	4,861
Total current liabilities	99,751	53,462
LONG-TERM LIABILITIES:
Operating lease liabilities, less current maturities	24,317	7,607
Lines of credit	3,500
Other liabilities	1,243	685
Total liabilities	128,811	61,754
COMMITMENTS AND CONTINGENCIES (Note 14)
SHAREHOLDERS' EQUITY:
Common stock - $1 par value; authorized 15,000 shares; 8,133 shares issued and 6,848 shares outstanding as of June 30, 2021 and 8,008 shares issued and 7,876 outstanding as of June 30, 2020	8,133	8,008
Additional paid-in capital	34,015	31,748
Treasury stock, at cost; 1,284 shares and 132 shares as of June 30, 2021 and 2020, respectively	(31,320)	(1,563)
Retained earnings	157,140	137,312
Total shareholders' equity	167,968	175,505
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 296,779	$ 237,259

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Consolidated Balance Sheets [Abstract]
Trade receivables, allowance for doubtful accounts	$ 3,240	$ 1,770
Common stock, par value	$ 1	$ 1
Common stock, authorized	15,000,000	15,000,000
Common stock, issued	8,133,000	8,008,000
Common stock, outstanding	6,848,000	7,876,000
Treasury stock, shares	1,283,785	132,000

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Consolidated Statements Of Income [Abstract]
Net sales	$ 478,925	$ 366,926	$ 443,588
Cost of goods sold	382,195	313,873	373,648
Gross margin	96,730	53,053	69,940
Selling, general and administrative	67,977	72,442	81,298
Restructuring expense	3,422	34,222	10,048
ERP impairment			21,273
(Gain) on disposal of assets	(5,881)	(19,216)
Litigation settlement costs	12		475
Operating income (loss)	31,200	(34,395)	(43,154)
Other income	277	720	546
Interest (expense)	(10)	(82)
Total other income	267	638	546
Income (loss) before income taxes	31,467	(33,757)	(42,608)
Income tax provision (benefit)	8,419	(6,913)	(10,003)
Net income (loss)	$ 23,048	$ (26,844)	$ (32,605)
Weighted average number of common shares outstanding:
Basic	7,200	7,956	7,889
Diluted	7,468	7,956	7,889
Earnings (loss) per share of common stock
Basic	$ 3.20	$ (3.37)	$ (4.13)
Diluted	$ 3.09	$ (3.37)	$ (4.13)

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Consolidated Statements Of Comprehensive Income [Abstract]
Net income (loss)	$ 23,048	$ (26,844)	$ (32,605)
Other comprehensive income (loss):
Unrealized (losses) gains on securities		(18)	368
Reclassification of realized gains (losses) on securities to other income		7	(321)
Unrealized (losses) gains on securities before taxes		(11)	47
Income tax benefit (expense) related to securities gains (losses)		3	(13)
Net unrealized (losses) gains on securities		(8)	34
Minimum pension liability			2,727
Income tax expense related to minimum pension liability			(709)
Net minimum pension asset			2,018
Other comprehensive income (loss), net of tax		(8)	2,052
Comprehensive income (loss)	$ 23,048	$ (26,852)	$ (30,553)

Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands	Total Par Value Of Common Shares [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Total
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 30, 2018	$ 7,868	$ 26,321			$ 209,553	$ (2,044)		$ 241,698
Stock options exercised, net	5	76						81
Unrealized gain 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)
Stockholders' Equity Attributable to Parent, Ending Balance (ASU 2016-02 adoption [Member]) at Jun. 30, 2019				$ (66)			$ (66)
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2019	7,903	27,512			170,004	8		205,427
Stock options exercised, net	2	19						21
Unrealized gain on available for sale investments, net of tax						$ (8)		(8)
Long-term incentive compensation		447						447
Stock-based compensation	103	3,770						3,873
Treasury stock purchases			$ (1,563)					(1,563)
Cash dividends declared					(5,782)			(5,782)
Net income (loss)					(26,844)			(26,844)
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2020	8,008	31,748	(1,563)		137,312			175,505
Stock options exercised, net	13	(30)						(17)
Long-term incentive compensation		2,321						2,321
Stock-based compensation	112	(24)						88
Treasury stock purchases			(29,757)					(29,757)
Cash dividends declared					(3,220)			(3,220)
Net income (loss)					23,048			23,048
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2021	$ 8,133	$ 34,015	$ (31,320)		$ 157,140			$ 167,968

Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Consolidated Statements Of Changes In Shareholders' Equity [Abstract]
Common stock, par value	$ 1	$ 1	$ 1
Dividends declared per common share	$ 0.45	$ 0.71	$ 0.88

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
OPERATING ACTIVITIES:
Net income (loss)	$ 23,048	$ (26,844)	$ (32,605)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	5,210	8,370	7,440
Deferred income taxes	2,111	5,453	(6,121)
Stock-based compensation expense	3,738	4,877	1,355
Changes in provision for losses on accounts receivable	1,470	1,520	(40)
Change in reserve for VAT receivable	(237)	(1,998)	2,612
Dubuque and Starkville property, plant and equipment impairment	0	17,482
Right-of-use asset impairment		2,878
ERP impairment			21,273
(Gain) on disposition of capital assets	(5,948)	(19,033)	(71)
Defined benefit plan termination			2,455
Changes in operating assets and liabilities:
Trade receivables	(25,239)	4,419	3,136
Inventories	(90,560)	23,093	2,545
Other current assets	9,351	(5,040)	(3,540)
Other assets	(90)	208	(2,589)
Accounts payable - trade	39,893	9,334	5,128
Accrued liabilities	3,957	(6,018)	5,535
Other long-term liabilities	604	(414)	201
Net cash (used in) provided by operating activities	(32,692)	18,287	6,714
INVESTING ACTIVITIES:
Purchases of investments	(47)	(1,689)	(13,042)
Proceeds from sales of investments	46	1,695	28,970
Proceeds from sale of capital assets	18,643	20,467	248
Capital expenditures	(2,580)	(3,688)	(21,346)
Net cash provided by (used in) investing activities	16,062	16,785	(5,170)
FINANCING ACTIVITIES:
Dividends paid	(2,622)	(7,022)	(6,918)
Treasury stock purchases	(29,757)	(1,563)
Proceeds from lines of credit	8,500	15,000
Payments on line of credits	(5,000)	(15,000)
Proceeds from issuance of common stock	94	21	81
Shares withheld for tax payments on vested shares and options exercised	(1,440)	(558)	(210)
Net cash (used in) financing activities	(30,225)	(9,122)	(7,047)
(Decrease) increase in cash and cash equivalents	(46,855)	25,950	(5,503)
Cash and cash equivalents at beginning of year	48,197	22,247	27,750
Cash and cash equivalents at end of year	1,342	48,197	22,247
SUPPLEMENTAL INFORMATION
Cash paid for amounts included in lease liabilities	4,511	4,060
Right-of-use assets exchanged for lease liabilities	22,770	3,573
Interest paid	10	82
Income taxes (refunded) paid	(5,556)	(4,304)	1,190
Capital expenditures in accounts payable	$ 133	$ 75	$ 142

Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2021

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”) is one of the largest manufacturers, importers and online marketers of residential furniture and products in the United States. Product offerings include a wide variety of furniture such as sofas, loveseats, chairs, reclining and rocker-reclining chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs and bedroom furniture. A featured component in most of the furniture is a unique steel drop-in seat spring from which the name “Flexsteel” is derived. The Company distributes its products throughout the United States through its e-commerce channel and dealer network.

COVID-19 – in March 2020, a novel strain of coronavirus (“COVID-19”) was declared a global pandemic by the World Health Organization. This pandemic has negatively affected the U.S. and global economies, disrupted global supply chains and financial markets, led to significant travel and transportation restrictions, including mandatory business closures and orders to shelter in place. The Company’s business operations and financial performance for the fiscal year 2020 were impacted by COVID-19. During the year ended June 30, 2021, the Company has seen improvement in our business conditions as retailers have reopened and orders have increased, however, we continue to see supply chain challenges faced by the furniture industry due to limited availability of ocean containers and significant increases in ocean container rates, limited availability and inflationary pressures in key materials, and labor shortages both in Asia and the United States. The COVID-19 pandemic remains fluid and the extent of the impact to our business may be significant, however, we are unable to predict the extent or nature of these impacts at this time.

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 Generally Accepted Accounting Principles (GAAP) in the United States of America.

USE OF ESTIMATES – the preparation of consolidated financial statements in conformity with 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.

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. 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. For assets held for sale, if the net book value of the asset is greater than its estimated fair value less cost to sell, an impairment is recorded for the excess of net book value over estimated fair value less cost to sell.

ASSETS HELD FOR SALE – Assets held for sale represent land, buildings, machinery and equipment for locations that have met the criteria of “held for sale” accounting, as specified by Accounting Standards Codification (“ASC”) 360, “Property, Plant, and

Equipment.” Once an asset is classified as held for sale, the Company ceases deprecating the asset. The assets held for sale are being marketed for sale and it is the Company’s intention to complete the sale of the assets within the upcoming year.

RESTRUCTURING COSTS - The Company groups exit or disposal cost obligations into three categories: Involuntary employee termination benefits, costs to terminate contracts, and other associated costs. Involuntary employee termination benefits must be a one-time benefit, and this element of restructuring cost is recognized as incurred upon communication of the plan to the identified employees. Costs to terminate contracts are recognized upon termination agreement with the provider. Other associated restructuring costs are expensed as incurred. Any inventory impairment costs as a result of restructuring activities are accounted for as cost of goods sold.

LEASES – The Company accounts for its leases in accordance with Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) (“ASC 842”). ASC 842 requires lessees to (i) recognize a right of use asset (“ROU asset”) and a lease liability that is measured at the present value of the remaining lease payments, on the consolidated balance sheets, (ii) recognize a single lease cost, calculated over the lease term on a straight-line basis and (iii) classify lease related cash payments within operating and financing activities. The Company has made an accounting policy election to not recognize short-term leases on the consolidated balance sheets and all non-lease components, such as common area maintenance, were excluded. See Note 2, Leases, for the Company’s lease disclosures.

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 transferred 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 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 our 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.

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 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, 2021, the Company had $0.16 million of customer deposits. As of June 30, 2020, the Company had $0.2 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.

The following table disaggregates the Company’s net sales by product category:



	For the years ended June 30,
(in thousands)	2021		2020		2019
Residential	$	476,519	$	331,879	$	374,473
Contract		2,406		35,047		69,115
	$	478,925	$	366,926	$	443,588

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 $3.9 million, $3.4 million, and $4.3 million in fiscal years 2021, 2020 and 2019, respectively.

CREDIT LOSSES – In June 2016, the Financial Accounting Standards Board (“FASB“) issued ASU 2016-13 “Financial Instruments - Credit Losses (“Topic 326”)” and also issued subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04 and ASU 2019-05 (collectively Topic 326). Topic 326 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This replaces the existing incurred loss model with an expected loss model and requires the use of forward-looking information to calculate credit loss estimates. Topic 326 must be adopted by applying a cumulative effect adjustment to retained earnings. Effective July 1, 2020, the Company adopted Topic 326 and there was no impact to the Company’s financial statements.

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 $1.9 million, $4.0 million, and $4.4 million in fiscal years 2021, 2020 and 2019, 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 $250,000 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, net income as reported for each respective period is divided by the fully diluted weighted average number of shares outstanding:

‎




	June 30,
(in thousands)	2021	2020	2019
Basic shares	7,200	7,956	7,889

Potential common shares:
Stock options	151	—	-
Long-term incentive plan	117	—	-
	268	—	-

Diluted shares	7,468	7,956	7,889

Anti-dilutive shares	671	634	112

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 11, 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.

TREASURY STOCK – treasury stock purchases are stated at cost and presented as a reduction of equity on the consolidated balance sheets. On June 1, 2020, the Company’s Board of Directors authorized a $6 million share repurchase program through June 9, 2021. On August 20, 2020, the Company’s Board of Directors authorized an additional $8 million share repurchase program to begin on September 4, 2020, through September 3, 2021. On October 22, 2020, the Company’s Board of Directors authorized another $30 million share repurchase program through October 29, 2023. As of October 31, 2020, the $6 million and $8 million repurchase programs were completed. As of June 30, 2021, the Company has purchased a total of 1,283,785 shares at a cost of $31.3 million under the three programs and has $12.6 million remaining in the $30 million share repurchase program.

Unadopted Accounting Pronouncements

In December 2019, the FASB issued ASU 2019-12 “Income Taxes Simplifying the Accounting for Income Taxes (Topic 740)” as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also clarifies and simplifies other aspects of the accounting for income taxes. The amendments in this guidance are effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company does not expect adoption of the new guidance to have a significant impact on its financial statements.

Leases

12 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

2. LEASES

The Company accounts for its leases in accordance with ASU No. 2016-02, Leases (Topic 842) (“ASC 842”). ASC 842 requires lessees to (i) recognize a right of use asset (“ROU asset”) and a lease liability that is measured at the present value of the remaining lease payments, on the consolidated balance sheets, (ii) recognize a single lease cost, calculated over the lease term on a straight-line basis and (iii) classify lease related cash payments within operating and financing activities. The Company has made an accounting policy election to not recognize short-term leases on the consolidated balance sheets and all non-lease components, such as common area maintenance, were excluded. At any given time during the lease term, the lease liability represents the present value of the remaining lease payments, and the ROU asset is measured as the amount of the lease liability, adjusted for pre-paid rent, unamortized initial direct costs and the remaining balance of lease incentives received. Both the lease ROU asset and liability are reduced to zero at the end of the lease term.

The Company leases distribution centers and warehouses, manufacturing facilities, showrooms, and office space. At the lease inception date, the Company determines if an arrangement is, or contains a lease. Some of the Company’s leases include options to renew at similar terms. The Company assesses these options to determine if the Company is reasonably certain of exercising these options based on relevant economic and financial factors. Options that meet these criteria are included in the lease term at the lease commencement date.

For purposes of measuring the Company’s ROU asset and lease liability, the discount rate utilized by the Company was based on the average interest rates effective for the Company’s line of credit. Some of the Company’s leases contain variable rent payments, including common area maintenance and utilities. Due to the variable nature of these costs, they are not included in the measurement of the ROU asset and lease liability.

The components of the Company’s leases reflected on the Company’s consolidated statements of income were as follows:


(in thousands)	June 30, 2021			June 30, 2020
Operating lease expense	$	4,790	$		5,023
Variable lease expense		301			273
Total lease expense	$	5,091	$		5,296

Other information related to leases and future minimum lease payments under non-cancellable operating leases as were as follows:



Fiscal year	June 30, 2021		June 30, 2020
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,511	4,060

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	22,770	3,573

Weighted-average remaining lease term (in years):
Operating leases		4.5	1.8

Weighted-average discount rate:
Operating leases		3.2%	3.5%


Fiscal year	June 30, 2021		June 30, 2020
(in thousands)
Within one year	$	6,790	4,804
After one year and within two years		5,858	3,263
After two years and within three years		4,551	2,141
After three years and within four years		2,807	2,189
After four years and within five years		2,457	398
After five years		11,894	—
Total future minimum lease payments	$	34,357	12,795
Less – Discount		4,207	780
Lease liability	$	30,150	12,015

Inventories

12 Months Ended

Jun. 30, 2021

Inventories [Abstract]

Inventories

3. INVENTORIES

A comparison of inventories is as follows:



	June 30,
(in thousands)	2021		2020
Raw materials	$	22,500	$	11,119
Work in process and finished parts		6,234		3,925
Finished goods		132,391		55,521
Total	$	161,125	$	70,565

Property, Plant And Equipment

12 Months Ended

Jun. 30, 2021

Property, Plant And Equipment [Abstract]

Property, Plant And Equipment

4. PROPERTY, PLANT AND EQUIPMENT



	Estimated	June 30,
(in thousands)	Life (Years)	2021		2020
Land		$	3,457	$	3,498
Buildings and improvements	5-39		49,166		51,237
Machinery and equipment	3-7		17,038		16,781
Delivery equipment	3-5		3,203		15,701
Furniture and fixtures	3-7		3,628		3,676
Computer software and hardware	3-10		12,058		9,633
Construction in progress			377		1,478
Total			88,927		102,004
Less accumulated depreciation			(49,144)		(58,692)
Net		$	39,783	$	43,312

The Company recognized impairment charges of $0, $17.5 million, and $21.3 million in fiscal 2021, 2020 and 2019, respectively. The $17.5 million impairment charge in fiscal 2020 primarily resulted from the previously announced exit of the Company’s Vehicle Seating and remaining Hospitality product lines, which resulted in the closure of the Company’s Dubuque, Iowa and Starkville, Mississippi manufacturing facilities, and is recorded in restructuring expense on the Company’s consolidated statements of income. The Company recorded these assets as held for sale as of June 30, 2020, see Note 6 Assets held for Sale for more information. The $21.3 million impairment charge in fiscal 2019 was primarily due to reassessment of the Company’s future deployment related to its SAP implementation and is reflected in the ERP impairment of the Company’s consolidated statements of income.

Restructuring

12 Months Ended

Jun. 30, 2021

Restructuring [Abstract]

Restructuring

5. 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, and subsequently closed its Riverside, California manufacturing facility. On September 26, 2019, the Company closed on the sale of the Riverside property resulting in net proceeds to the Company of $19.6 million after customary closing costs, prorations, and sales commissions and the Company recorded a pre-tax gain of $18.9 million and is reflected in the Gain (loss) on disposal assets of the Company’s consolidated statements of income. These changes were initial outcomes driven from customer and product line profitability and footprint utilization analyses in the fourth quarter of fiscal 2019.

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 a two-year period, which includes previously announced restructuring activities on May 15, 2019. The transformation program includes activities such as business simplification, process improvement, exiting of non-core businesses, facility closures, and reductions in work force. The Company has substantially completed the portion of the restructuring activities related to the exit of the Commercial Office and custom-designed Hospitality product lines.

On April 28, 2020, the Company announced it will exit the Vehicle Seating and the remainder of the Hospitality product lines, and subsequently closed its Dubuque, Iowa and Starkville, Mississippi manufacturing facilities. The Company has completed substantially all the restructuring activities related to the exit of the Vehicle Seating and the remainder of the Hospitality product lines during fiscal 2021.

As a result of these planned actions, the Company planned to incur pre-tax restructuring and related expenses of approximately $56 to $58 million over this two-year timeframe and listed several properties for sale. Total cumulative restructuring and related costs incurred as of June 30, 2021, was $58.7 million.

The following is a summary of restructuring costs:


	For the years ended June 30,
(in thousands)	2021		2020		2019
Inventory impairment	$	45	$	3,241	$	7,653
One-time employee termination benefits		433		2,455		3,775
Contract (recoveries) termination costs		—		(58)		249
Fixed asset impairments		—		17,482		—
Other associated costs		2,989		14,343		6,024
Total restructuring and related expenses	$	3,467	$	37,463	$	17,701
Reported as:
Cost of goods sold	$	45	$	3,241	$	7,653
Operating expenses	$	3,422	$	34,222	$	10,048

Other associated costs include legal and professional fees, stock-based compensation expense for retention restricted stock units in connection with the Company’s restructuring plan, on-going facilities and transition costs.

The roll forward of the accrued restructuring costs is as follows, for the years ended June 30, 2021, 2020, and 2019:



			One-time
			Employee		Contract				Other
	Inventory		Termination		Termination		Fixed Asset		Associated
(in thousands)	Impairment		Benefits		Costs		Impairments		Costs		Total
Accrual balance at June 30, 2019	$	—	$	1,731	$	249	$	—	$	4,223	$	6,203
Costs incurred		3,241		2,455		(58)		17,482		14,343		37,463
Expenses paid		—		(2,573)		(81)		—		(15,409)		(18,063)
Non-cash		(3,241)		—		—		(17,482)		(2,919)		(23,642)
Accrual balance at June 30, 2020	$	—	$	1,613	$	110	$	—	$	238	$	1,961
Costs incurred		45		433		—		—		2,989		3,467
Expenses paid		(45)		(414)		(110)		—		(3,207)		(3,776)
Non-cash		—		(130)		—		—		—		(130)
Accrual balance at June 30, 2021	$	—	$	1,502	$	—	$	—	$	20	$	1,522

Assets Held For Sale

12 Months Ended

Jun. 30, 2021

Assets Held For Sale [Abstract]

Assets Held For Sale

6. ASSETS HELD FOR SALE

During fiscal year 2020, the Company committed to a plan to sell assets located at the Company’s Harrison, Arkansas, Dubuque, Iowa, and Starkville, Mississippi locations as part of the Company’s restructuring plan, see Note 5 Restructuring. A summary of the assets held for sale is included in the table below as of June 30, 2021.



				Accumulated		Net Book
Location	Asset Category	Cost		Depreciation		Value
(in thousands)
Harrison, Arkansas	Building & building improvements	$	1,000	$	(1,000)	$	—
	Land & land improvements		86		(36)		50
	Machinery & equipment		1,330		(1,330)		—
Starkville, Mississippi	Building & building improvements		4,615		(4,254)		361
	Land & land improvements		694		(439)		255
		$	7,725	$	(7,059)	$	666

Other Noncurrent Assets

12 Months Ended

Jun. 30, 2021

Other Noncurrent Assets [Abstract]

Other Noncurrent Assets

7. OTHER NONCURRENT ASSETS



	June 30,
(in thousands)	2021		2020
Cash value of life insurance	$	1,042	$	1,033
Other		357		277
Total	$	1,399	$	1,310

Accrued Liabilities - Other

12 Months Ended

Jun. 30, 2021

Accrued Liabilities - Other [Abstract]

Accrued Liabilities - Other

8. ACCRUED LIABILITIES – OTHER



	June 30,
(in thousands)	2021		2020
Dividends	$	1,165	$	567
Warranty		805		1,029
Other		3,163		3,265
Total	$	5,133	$	4,861

Credit Arrangements

12 Months Ended

Jun. 30, 2021

Credit Arrangements [Abstract]

Credit Arrangements

9. CREDIT ARRANGEMENTS

The Company had an unsecured credit agreement with Wells Fargo Bank N.A. (“Wells”) that provided short-term capital financing up to $10.0 million with interest of LIBOR plus 1%. The credit agreement expired on June 30, 2020 and there was no balance outstanding as June 30, 2020. Letters of credit outstanding at Wells as of June 30, 2020, totaled $1.2 million, of which $1.3 million of the Company’s cash held at Wells was pledged as collateral.

On August 28, 2020, the Company entered into a secured $25.0 million credit facility with Dubuque Bank & Trust Company, with a two-year term and interest of 1.50% plus LIBOR, subject to a floor of 3.0%, which floor was in effect on June 30, 2021. If LIBOR is redefined or becomes unavailable, the Bank has sole discretion to substitute another index and adjust the rate spread, however it cannot materially change the total interest cost without the Company’s advance written consent. The credit facility expires on August 28, 2022. The credit facility is secured by essentially all the Company’s assets, excluding real property and requires the Company maintain compliance with certain financial and non-financial covenants. The balance of borrowings at June 30, 2021 was $3.5 million.

Letters of credit outstanding at Wells Fargo Bank N.A. (“Wells”) as of June 30, 2021, totaled $1.1 million, of which $1.2 million of the Company’s cash held at Wells is pledged as collateral.

Income Taxes

12 Months Ended

Jun. 30, 2021

Income Taxes [Abstract]

Income Taxes

10. INCOME TAXES

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted and signed into law in response to the COVID-19 global pandemic. Certain provisions of the CARES Act impacted the fiscal year 2020. The CARES Act permits net operating losses (“NOLs”) incurred in tax years 2018, 2019, and 2020, (the Company’s fiscal years 2019, 2020 and 2021) to offset 100% of taxable income and be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The Company evaluated the impact of the CARES Act during the year ended June 30, 2020, and recorded an income tax receivable of $4.5 million for the benefit of carrying back the fiscal year 2020 NOL and an income tax receivable of $8.2M for the benefit of carryback the fiscal year 2019 NOL. As the Company is carrying the losses back to years beginning before January 1, 2018, the receivables were recorded at the previous 35% federal tax rate rather than the current statutory rate of 21%.

The Company recognizes deferred tax assets to the extent that they believe the assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operations. As of June 30, 2021, it was determined the Company has not reached a more likely than not position that the Company will realize all its deferred tax assets. Therefore, the Company has recorded a valuation allowance against the federal and state deferred tax assets of $7.3 million.

Income tax expense was calculated based upon the following components of income (loss) before income taxes for the years ended June 30:



(in thousands)	2021		2020		2019
United States	$	33,353	$	(32,395)	$	(42,457)
Outside the United States		(1,886)		(1,362)		(151)
Income (loss) before income taxes	$	31,467	$	(33,757)	$	(42,608)

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



(in thousands)	2021		2020		2019
Federal - current	$	(5,480)	$	12,668	$	3,933
State and other - current		(828)		(302)		(71)
Deferred		(2,111)		(5,453)		6,141
Total	$	(8,419)	$	6,913	$	10,003

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



	2021		2020		2019
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal effect	4.0		3.3		4.1
Foreign rate differential	2.8		—		—
Remeasurement of deferred tax assets and valuation allowance	(3.7)		(20.0)		0.1
Beginning of year true ups	4.0		—		—
Stock FMV over Award	(1.4)		—		—
Tax rate change on net operating loss carryback related to CARES Act	—		17.2		—
Other	0.1		(1.0)		(1.7)
Effective tax rate	26.8	%	20.5	%	23.5	%

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



	June 30,
(in thousands)	2021		2020
Gross unrecognized tax benefits	$	640	$	380
Accrued interest and penalties		195		160
Gross liabilities related to unrecognized tax benefits	$	835	$	540

Deferred tax assets		155		90
Valuation allowance		(155)		(90)
Net deferred tax assets	$	—	$	—

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


(in thousands)	2021		2020		2019
Balance at July 1	$	380	$	380	$	500
Additions based on tax positions related to the current year		260		—		—
Reductions for tax positions of prior years		—		—		(120)
Balance at June 30	$	640	$	380	$	380

The Company records interest expense 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. The amount of unrecognized tax benefits as of June 30, 2021, and 2020 that if recognized, would affect the effective tax rate was $0.6 million and $0.5 million respectively.

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


	June 30,
(in thousands)	2021		2020
Accounts receivable	$	825	$	484
Inventory		769		112
Self-insurance		35		118
Payroll and related		817		968
Accrued liabilities		1,403		3,066
Property, plant and equipment		(76)		1,445
Investment tax credit		2,158		2,164
Valuation allowance		(7,312)		(8,481)
Net operating loss carryover		388		1,085
Lease assets		(7,870)		(2,498)
Lease liabilities		8,708		3,456
Other		155		192
Total	$	—	$	2,111

At June 30, 2021, certain state tax attribute carryforwards of $2.5 million were available, with $0.6 million of credits expiring between 2021 and 2029, $1.6 million of credits with an indefinite carryforward period, and $4 million of state NOLs carryforward. Some of the state NOLs carryforward will have an indefinite carryforward and some will expire in varying amounts between 2025 and 2040. As of June 30, 2021, it was determined the Company has not reached a more likely than not position the Company will realize any portion of the state attribute carryforwards. Therefore, the Company has recorded a valuation allowance against the state attribute carryforward. As of June 30, 2021, it was determined the Company has not reached a more likely than not position that the Company will realize all of its U.S. federal deferred tax assets. Therefore, the Company has a recorded a valuation allowance against its U.S federal deferred tax assets for $7.3 million.

The Company is subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. Generally, tax years 2017-2020 remain open to examination by the Internal Revenue Service or other taxing jurisdictions to which the Company is subject.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Stock-Based Compensation

12 Months Ended

Jun. 30, 2021

Stock-Based Compensation [Abstract]

Stock-Based Compensation

11. STOCK-BASED COMPENSATION

The Company accounts for its stock-based compensation plans in accordance with ASC 718, Stock Compensation, which requires the Company to measure all share-based payments at grant date fair value and recognize the cost over the requisite service period. Restricted shares and restricted stock units (“RSUs”) generally vest over 1 to 3 years. Stock options are granted at an exercise price equal to the fair value of the Company’s common stock price at the grant date and are exercisable for up to 10 years. Stock-based compensation is included in selling, general and administrative, and restructuring expenses on the consolidated statements of income. The stock-based compensation expense included in restructuring expense were for retention RSUs in connection with the Company’s restructuring plan. Forfeitures are recognized as incurred.

Total stock-based compensation expense was $3.7 million, $4.6 million and $1.4 million for fiscal years 2021, 2020 and 2019, respectively.

The Company has two stock-based compensation plans available for granting awards to employees and directors.

(1) Long-Term Incentive Compensation Plan (“LTICP”)

The LTICP provides for RSUs 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 selected fully-diluted earnings per share and total shareholder return as the performance goal for the three-year performance period July 1, 2018 – June 30, 2021 (“2019-2021”). As of June 30, 2019, the performance period 2019-2021 was no longer attainable. For the July 1, 2019 – June 30, 2022 (“2020-2022”) and the July 1, 2020 – June 30, 2023 (“2021-2023”) three-year performance periods, the Committee selected Adjusted Earnings Before Interest and Tax with a defined percentage growth in fiscal year 2021 and 2022 as the performance goal. Since the 2019-2021 performance period is no longer attainable, only RSU’s granted for the 2020-2022 and 2021-2023 performance periods are included in the table below for the Company’s unvested LTICP RSUs during the year ended June 30, 2021:


	Time Based Vest			Performance Based Vest			Total
		Weighted average			Weighted average			Weighted average
		fair value			fair value			fair value
(shares in thousands)	Shares	per share		Shares	per share		Shares	per share
Unvested as of June 30, 2019	—	$	—	—	$	—	—	$	—
Granted	49		16.90	74		16.77	123		16.82
Forfeited	(5)		16.90	(30)		16.79	(35)		16.80
Unvested as of June 30, 2020	44	$	16.90	44	$	16.76	88	$	16.83
Granted	69		12.01	107		12.01	176		12.01
Forfeited	(6)		14.04	(9)		14.03	(15)		14.03
Unvested as of June 30, 2021	107	$	13.89	142	$	13.36	249	$	13.59

Total unrecognized stock-based compensation related to the unvested LTICP RSUs was $1.6 million as of June 30, 2021, which is expected to be recognized over a period of 1.6 years.

(2) 2013 Omnibus Stock Plan and 2009 Stock Option Plan

The 2013 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. No additional stock options can be granted under the 2009 stock option plan.

Restricted shares and RSUs

A summary of the activity in the Company’s unvested restricted shares and unvested RSUs as June 30, 2021, is presented below:


		Weighted average
	Shares	fair value
	(in thousands)	per share
Unvested as of June 30, 2019	55		28.55
Granted	249		14.83
Vested	(83)		19.05
Forfeited	(32)		22.64
Unvested as of June 30, 2020	189	$	15.24
Granted	28		32.10
Vested	(158)		16.22
Forfeited	(3)		18.10
Unvested as of June 20, 2021	56	$	20.01

Total unrecognized stock-based compensation related to unvested restricted shares and unvested RSUs was $0.7 million as of June 30, 2021, which is expected to be recognized over a weighted average period of 1.5 years.

Options

The weighted average grant date fair value of stock options granted during fiscal years 2021, 2020, and 2019 were $6.77, $1.77, and $5.85, respectively. The weighted average assumptions used to estimate these fair values were as follows:



	For the years ended June 30,
	2021		2020		2019
Dividend yield		3.4%		7.3%		3.5%
Expected volatility		43.2%		34.0%		32.7%
Risk-free interest rate		0.6%		0.9%		2.7%
Expected life (in years)		5		5		5

The expected volatility and expected life are determined based on historical data. The interest rate is based on U.S. Treasury risk-free rate in affect at the date of grant for the periods corresponding with the expected term of options.

A summary of the activity of the Company’s stock option plans during the years ended June 30, 2021, 2020 and 2019, is presented below:


		Weighted
	Shares	Average
	(in thousands)	Exercise Price
Outstanding at June 30, 2019	225	$	28.37
Granted	60		12.56
Exercised	(2)		8.55
Cancelled	(60)		30.74
Outstanding at June 30, 2020	223	$	23.70
Granted	43		17.93
Exercised	(27)		21.96
Cancelled	(7)		26.14
Outstanding at June 30, 2021	232	$	21.91

The following table summarizes information for options outstanding at June 30, 2021:


		Options	Weighted Average
Range of		Outstanding	Remaining	Exercise
Prices		(in thousands)	Life (Years)	Price
$	9.97 - 15.14	104	8.1	$	12.72
	19.72 - 18.30	15	5.1		19.11
	21.96 - 27.57	58	5.8		24.21
	31.06 - 32.80	32	4.9		32.30
	43.09 - 47.45	23	5.2		45.35
$	9.97 - 47.45	232	6.6	$	21.91

Total unrecognized stock-based compensation expense related to options was $0.02 million as of June 30, 2021, which is expected to be recognized over a period of 0.7 years.

Stock-based compensation granted outside a plan

During the quarter ended December 31, 2018, the Company awarded its Chief Executive Officer 55,000 options outside of any Company stock plans. During the quarter ended June 30, 2020, the Company awarded its Chief Financial Officer/Chief Operating Officer 79,000 options outside of any Company stock plans. Total unrecognized stock-based compensation expense related to options awarded outside a plan was $0.05 million as of June 30, 2021, which is expected to be recognized over a period of 1.4 years.

Benefit And Retirement Plans

12 Months Ended

Jun. 30, 2021

Benefit And Retirement Plans [Abstract]

Benefit And Retirement Plans

12. BENEFIT AND RETIREMENT PLANS

Defined Contribution and Retirement Plans

The Company sponsors a defined contribution retirement plan, which covers substantially all employees. The Company’s total matching contribution expense was $1.0 million, $2.3 million, and $2.6 million in fiscal years 2021, 2020 and, 2019, respectively.

Multi-employer Pension Plans

The Company contributes to one multi-employer defined benefit pension plan under the terms of collective-bargaining agreements that cover its union-represented employees.

The Company’s participation in the current and previous defined benefit pension plans for the annual period ended June 30, 2021, is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2021 and 2020 is for the plan’s year-end at December 31, 2020 and 2019, 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	2021	2020	Plan Status	2021		2020		2019		Imposed	Agreement	in Plan
Central States SE and ‎SW Areas Pension Fund	366044243	Red	Red	Implemented	$	150	$	157	$	154	No	3/31/2022	8
Steelworkers Pension Trust	236648508	Green	Green	No		—		279		412	No	Not applicable	—
Central Pension Fund	366052390	Green	Green	No		—		3		7	No	Not applicable	—
					$	150	$	439	$	573

With the closure of the Company’s Dubuque, Iowa and Starkville, Mississippi manufacturing facilities, the collective bargaining agreements for the Steelworkers Pension Trust and Central Pension Fund was terminated as of June 30, 2020. As of June 30, 2021, the Company has withdrawn from the Steelworkers Pension Trust and has recorded a withdrawal liability of $1.4 million for the years ending June 30, 2021, and June 30, 2020, as restructuring and related expenses, see Note 5 Restructuring.

The estimated cumulative cost to exit the Company’s Central States SE and SW Areas Pension Fund multi-employer plan was approximately $20.0 million on June 30, 2021. No liability has been recorded as of June 30, 2021, as the Company intends to continue to contribute to this plan.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
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-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Commitments And Contingencies

12 Months Ended

Jun. 30, 2021

Commitments and contingencies [Abstract]

Commitments And Contingencies

13. COMMITMENTS AND CONTINGENCIES

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 of 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 a $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 April 24, 2019, the Company signed an AOC with the EPA to conduct the upgradient investigation. The Company negotiated site access to the upgradient property over a period of months in 2019, followed by completion of sampling activities on that property on September 28-29, 2019. Following multiple exchanges from November 2019 through early 2020, the Company submitted a final and supplemental report to the EPA regarding the results of the upgradient investigation on June 17, 2020. Through agreement with the EPA the statute of limitations for potential claims by the EPA was extended through September 30, 2021.The Company reflected a $3.6 million liability in the consolidated balance sheets 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 balance sheets for the fiscal year ended June 30, 2021, 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.

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”). On April 29, 2019, Plaintiffs filed a second 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”). The Company agreed to resolve both Hernandez I and Hernandez II in principle and on a class-wide basis for $0.5 million. That settlement served to resolve the claims of the two Plaintiffs, as well as the approximately 270 remaining members of the class unless an individual class member asked to be excluded. The material terms of the settlement were captured in a Long-Form Settlement Agreement. The court granted final approval of the parties’ settlement in February 2021. The Company paid the final settlement amount of $0.5 million, in February 2021 and no accrued amounts remain in the consolidated balance sheets as of June 30, 2021.

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.

Quarterly Financial Information - Unaudited

12 Months Ended

Jun. 30, 2021

Quarterly Financial Information - Unaudited [Abstract]

Quarterly Financial Information - Unaudited

14. QUARTERLY FINANCIAL INFORMATION – UNAUDITED



(in thousands, except per share amounts)	For the Quarter Ended
	September 30		December 31		March 31		June 30
Fiscal 2021:
Net sales	$	105,239	$	119,106	$	118,408	$	136,172
Gross margin		22,815		24,378		23,124		26,413
Operating income		7,911		9,833		6,352		7,104
Net income		3,879		8,450		4,878		5,841
Earnings per share:
Basic	$	0.50	$	1.17	$	0.70	$	0.85
Diluted	$	0.49	$	1.13	$	0.67	$	0.81



	For the Quarter Ended
	September 30		December 31		March 31		June 30
Fiscal 2020:
Net sales	$	100,348	$	102,949	$	98,821	$	64,808
Gross margin		17,221		16,050		13,848		5,934
Operating income (loss)		12,683		(7,079)		(8,342)		(31,657)
Net income (loss)		9,551		(5,384)		(5,270)		(25,741)
Earnings (loss) per share:
Basic	$	1.20	$	(0.68)	$	(0.66)	$	(3.23)
Diluted	$	1.17	$	(0.68)	$	(0.66)	$	(3.23)

Subsequent Events	12 Months Ended
Subsequent Events	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	15. SUBSEQUENT EVENTS On September 8, 2021, the Company, as borrower, entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association (the “Lender”) and the other lenders party thereto. The Credit Agreement has a five-year term and provides for up to a $85 million revolving line of credit. Subject to certain conditions, the Credit Agreement also provides for the issuance of letters of credit in an aggregate amount up to $5,000,000 which, upon issuance, would be deemed advances under the revolving line of credit. The Company’s $1.2 million of letters of credit previously issued by Lender will be treated as outstanding under the Credit Agreement. Proceeds of borrowings shall be used to refinance all indebtedness owing to Dubuque Bank & Trust and for working capital purposes. The Company’s obligations under the Credit Agreement are secured by substantially all of its assets, excluding real property. Subject to certain conditions, borrowings under the Credit Agreement bear interest at 1.25% or 1.50% per annum plus LIBOR. If LIBOR becomes unavailable, the replacement rate will be determined pursuant to the terms of the Credit Agreement. The Credit Agreement contains customary representations, warranties and covenants, including a financial covenant to maintain a fixed coverage ratio of not less than 1.00:1.00. In addition, the Loan Agreement places restrictions on the Company’s ability to incur additional indebtedness, to create liens or other encumbrances, to sell or otherwise dispose of assets, and to merge or consolidate with other entities. On August 20, 2021, Flexsteel entered into a lease agreement for the construction of a 507,830 square foot manufacturing facility in Mexicali, Mexico. The lease commencement date under ASC842 guidance will be April 1, 2022, the date the lessor makes the building available for use by the Company for purposes of completing any leasehold improvements required by the Company prior to beginning operations. The 12-year lease term begins on June 1, 2022, and ends on May 31, 2034, with options for two five-year extensions. Annual base rent under the lease is $3.1 million plus taxes, insurance, and common area maintenance costs. On July 27, 2021, the Company entered into a Purchase and Sale Agreement for the sale of its Harrison, Arkansas facility (see note 6 Assets held for sale). Completion of the sale is dependent upon Buyer financing and completion of a Phase 1 environmental study.

Schedule II: Valuation And Qualifying Accounts

12 Months Ended

Jun. 30, 2021

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, 2021, 2020 and 2019



(in thousands)	Balance at ‎Beginning of ‎Year		(Additions) ‎Reductions to ‎Income		Deductions from ‎Reserves		Balance at End ‎of Year
Description
Accounts Receivable Allowances:
2021	$	1,770	$	1,618	$	(148)	$	3,240
2020	$	250	$	5,214	$	(3,694)	$	1,770
2019⁽¹⁾	$	290	$	110	$	(150)	$	250



VAT Allowances:
2021	$	237	$	—	$	(237)	$	0
2020	$	2,235	$	—	$	(1,998)	$	237
2019	$	—	$	2,612	$	(377)	$	2,235

(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, 2021

Summary of significant accounting policies [Abstract]

Description Of Business

COVID-19

Principles Of Consolidation

Use Of Estimates

Fair Value

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

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.

The following table disaggregates the Company’s net sales by product category:



	For the years ended June 30,
(in thousands)	2021		2020		2019
Residential	$	476,519	$	331,879	$	374,473
Contract		2,406		35,047		69,115
	$	478,925	$	366,926	$	443,588

Advertising Costs

Credit Losses

Design, Research And Development Costs

Insurance

Income Taxes

Earnings Per Share (EPS)

‎




	June 30,
(in thousands)	2021	2020	2019
Basic shares	7,200	7,956	7,889

Potential common shares:
Stock options	151	—	-
Long-term incentive plan	117	—	-
	268	—	-

Diluted shares	7,468	7,956	7,889

Anti-dilutive shares	671	634	112

Stock-Based Compensation

Segment Reporting

Treasury Stock

Unadopted Accounting Pronouncements

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2021

Summary of significant accounting policies [Abstract]

Disaggregation Of Net Sales By Product Category



	For the years ended June 30,
(in thousands)	2021		2020		2019
Residential	$	476,519	$	331,879	$	374,473
Contract		2,406		35,047		69,115
	$	478,925	$	366,926	$	443,588

Schedule Of Earnings Per Share, Basic And Diluted




	June 30,
(in thousands)	2021	2020	2019
Basic shares	7,200	7,956	7,889

Potential common shares:
Stock options	151	—	-
Long-term incentive plan	117	—	-
	268	—	-

Diluted shares	7,468	7,956	7,889

Anti-dilutive shares	671	634	112

Leases (Tables)

12 Months Ended

Jun. 30, 2021

Leases [Abstract]

Components Of Leases


(in thousands)	June 30, 2021			June 30, 2020
Operating lease expense	$	4,790	$		5,023
Variable lease expense		301			273
Total lease expense	$	5,091	$		5,296

Future minimum lease payments under non-cancellable operating leases



Fiscal year	June 30, 2021		June 30, 2020
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,511	4,060

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	22,770	3,573

Weighted-average remaining lease term (in years):
Operating leases		4.5	1.8

Weighted-average discount rate:
Operating leases		3.2%	3.5%


Fiscal year	June 30, 2021		June 30, 2020
(in thousands)
Within one year	$	6,790	4,804
After one year and within two years		5,858	3,263
After two years and within three years		4,551	2,141
After three years and within four years		2,807	2,189
After four years and within five years		2,457	398
After five years		11,894	—
Total future minimum lease payments	$	34,357	12,795
Less – Discount		4,207	780
Lease liability	$	30,150	12,015

Inventories (Tables)

12 Months Ended

Jun. 30, 2021

Inventories [Abstract]

Comparison Of Inventories



	June 30,
(in thousands)	2021		2020
Raw materials	$	22,500	$	11,119
Work in process and finished parts		6,234		3,925
Finished goods		132,391		55,521
Total	$	161,125	$	70,565

Property, Plant And Equipment (Tables)

12 Months Ended

Jun. 30, 2021

Property, Plant And Equipment [Abstract]

Schedule Of Property, Plant And Equipment



	Estimated	June 30,
(in thousands)	Life (Years)	2021		2020
Land		$	3,457	$	3,498
Buildings and improvements	5-39		49,166		51,237
Machinery and equipment	3-7		17,038		16,781
Delivery equipment	3-5		3,203		15,701
Furniture and fixtures	3-7		3,628		3,676
Computer software and hardware	3-10		12,058		9,633
Construction in progress			377		1,478
Total			88,927		102,004
Less accumulated depreciation			(49,144)		(58,692)
Net		$	39,783	$	43,312

Restructuring (Tables)

12 Months Ended

Jun. 30, 2021

Restructuring [Abstract]

Summary Of Restructuring Costs


	For the years ended June 30,
(in thousands)	2021		2020		2019
Inventory impairment	$	45	$	3,241	$	7,653
One-time employee termination benefits		433		2,455		3,775
Contract (recoveries) termination costs		—		(58)		249
Fixed asset impairments		—		17,482		—
Other associated costs		2,989		14,343		6,024
Total restructuring and related expenses	$	3,467	$	37,463	$	17,701
Reported as:
Cost of goods sold	$	45	$	3,241	$	7,653
Operating expenses	$	3,422	$	34,222	$	10,048

Components Of Restructuring Costs



			One-time
			Employee		Contract				Other
	Inventory		Termination		Termination		Fixed Asset		Associated
(in thousands)	Impairment		Benefits		Costs		Impairments		Costs		Total
Accrual balance at June 30, 2019	$	—	$	1,731	$	249	$	—	$	4,223	$	6,203
Costs incurred		3,241		2,455		(58)		17,482		14,343		37,463
Expenses paid		—		(2,573)		(81)		—		(15,409)		(18,063)
Non-cash		(3,241)		—		—		(17,482)		(2,919)		(23,642)
Accrual balance at June 30, 2020	$	—	$	1,613	$	110	$	—	$	238	$	1,961
Costs incurred		45		433		—		—		2,989		3,467
Expenses paid		(45)		(414)		(110)		—		(3,207)		(3,776)
Non-cash		—		(130)		—		—		—		(130)
Accrual balance at June 30, 2021	$	—	$	1,502	$	—	$	—	$	20	$	1,522

Assets Held For Sale (Tables)

12 Months Ended

Jun. 30, 2021

Assets Held For Sale [Abstract]

Summary Of Assets Held For Sale



				Accumulated		Net Book
Location	Asset Category	Cost		Depreciation		Value
(in thousands)
Harrison, Arkansas	Building & building improvements	$	1,000	$	(1,000)	$	—
	Land & land improvements		86		(36)		50
	Machinery & equipment		1,330		(1,330)		—
Starkville, Mississippi	Building & building improvements		4,615		(4,254)		361
	Land & land improvements		694		(439)		255
		$	7,725	$	(7,059)	$	666

Other Noncurrent Assets (Tables)

12 Months Ended

Jun. 30, 2021

Other Noncurrent Assets [Abstract]

Schedule Of Other Noncurrent Assets



	June 30,
(in thousands)	2021		2020
Cash value of life insurance	$	1,042	$	1,033
Other		357		277
Total	$	1,399	$	1,310

Accrued Liabilities - Other (Tables)

12 Months Ended

Jun. 30, 2021

Accrued Liabilities - Other [Abstract]

Schedule Of Accrued Liabilities - Other



	June 30,
(in thousands)	2021		2020
Dividends	$	1,165	$	567
Warranty		805		1,029
Other		3,163		3,265
Total	$	5,133	$	4,861

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2021

Income Taxes [Abstract]

Components Of Income (Loss) Before Income Taxes



(in thousands)	2021		2020		2019
United States	$	33,353	$	(32,395)	$	(42,457)
Outside the United States		(1,886)		(1,362)		(151)
Income (loss) before income taxes	$	31,467	$	(33,757)	$	(42,608)

Income Tax Provision



(in thousands)	2021		2020		2019
Federal - current	$	(5,480)	$	12,668	$	3,933
State and other - current		(828)		(302)		(71)
Deferred		(2,111)		(5,453)		6,141
Total	$	(8,419)	$	6,913	$	10,003

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



	2021		2020		2019
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal effect	4.0		3.3		4.1
Foreign rate differential	2.8		—		—
Remeasurement of deferred tax assets and valuation allowance	(3.7)		(20.0)		0.1
Beginning of year true ups	4.0		—		—
Stock FMV over Award	(1.4)		—		—
Tax rate change on net operating loss carryback related to CARES Act	—		17.2		—
Other	0.1		(1.0)		(1.7)
Effective tax rate	26.8	%	20.5	%	23.5	%

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



	June 30,
(in thousands)	2021		2020
Gross unrecognized tax benefits	$	640	$	380
Accrued interest and penalties		195		160
Gross liabilities related to unrecognized tax benefits	$	835	$	540

Deferred tax assets		155		90
Valuation allowance		(155)		(90)
Net deferred tax assets	$	—	$	—

Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits


(in thousands)	2021		2020		2019
Balance at July 1	$	380	$	380	$	500
Additions based on tax positions related to the current year		260		—		—
Reductions for tax positions of prior years		—		—		(120)
Balance at June 30	$	640	$	380	$	380

Primary Components Of Deferred Tax Assets And (Liabilities)


	June 30,
(in thousands)	2021		2020
Accounts receivable	$	825	$	484
Inventory		769		112
Self-insurance		35		118
Payroll and related		817		968
Accrued liabilities		1,403		3,066
Property, plant and equipment		(76)		1,445
Investment tax credit		2,158		2,164
Valuation allowance		(7,312)		(8,481)
Net operating loss carryover		388		1,085
Lease assets		(7,870)		(2,498)
Lease liabilities		8,708		3,456
Other		155		192
Total	$	—	$	2,111

Stock-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2021

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

Schedule Of Fair Value Of Options, Weighted Average Assumptions



	For the years ended June 30,
	2021		2020		2019
Dividend yield		3.4%		7.3%		3.5%
Expected volatility		43.2%		34.0%		32.7%
Risk-free interest rate		0.6%		0.9%		2.7%
Expected life (in years)		5		5		5

Schedule Of Stock Option Plans


		Weighted
	Shares	Average
	(in thousands)	Exercise Price
Outstanding at June 30, 2019	225	$	28.37
Granted	60		12.56
Exercised	(2)		8.55
Cancelled	(60)		30.74
Outstanding at June 30, 2020	223	$	23.70
Granted	43		17.93
Exercised	(27)		21.96
Cancelled	(7)		26.14
Outstanding at June 30, 2021	232	$	21.91

Schedule Of Options Outstanding And Exercisable


		Options	Weighted Average
Range of		Outstanding	Remaining	Exercise
Prices		(in thousands)	Life (Years)	Price
$	9.97 - 15.14	104	8.1	$	12.72
	19.72 - 18.30	15	5.1		19.11
	21.96 - 27.57	58	5.8		24.21
	31.06 - 32.80	32	4.9		32.30
	43.09 - 47.45	23	5.2		45.35
$	9.97 - 47.45	232	6.6	$	21.91

Restricted Shares And RSUs [Member]

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

Schedule Of Unvested Shares


		Weighted average
	Shares	fair value
	(in thousands)	per share
Unvested as of June 30, 2019	55		28.55
Granted	249		14.83
Vested	(83)		19.05
Forfeited	(32)		22.64
Unvested as of June 30, 2020	189	$	15.24
Granted	28		32.10
Vested	(158)		16.22
Forfeited	(3)		18.10
Unvested as of June 20, 2021	56	$	20.01

Long-Term Incentive Compensation Plan [Member]

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

Schedule Of Unvested Shares


	Time Based Vest			Performance Based Vest			Total
		Weighted average			Weighted average			Weighted average
		fair value			fair value			fair value
(shares in thousands)	Shares	per share		Shares	per share		Shares	per share
Unvested as of June 30, 2019	—	$	—	—	$	—	—	$	—
Granted	49		16.90	74		16.77	123		16.82
Forfeited	(5)		16.90	(30)		16.79	(35)		16.80
Unvested as of June 30, 2020	44	$	16.90	44	$	16.76	88	$	16.83
Granted	69		12.01	107		12.01	176		12.01
Forfeited	(6)		14.04	(9)		14.03	(15)		14.03
Unvested as of June 30, 2021	107	$	13.89	142	$	13.36	249	$	13.59

Benefit And Retirement Plans (Tables)

12 Months Ended

Jun. 30, 2021

Benefit And Retirement 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	2021	2020	Plan Status	2021		2020		2019		Imposed	Agreement	in Plan
Central States SE and ‎SW Areas Pension Fund	366044243	Red	Red	Implemented	$	150	$	157	$	154	No	3/31/2022	8
Steelworkers Pension Trust	236648508	Green	Green	No		—		279		412	No	Not applicable	—
Central Pension Fund	366052390	Green	Green	No		—		3		7	No	Not applicable	—
					$	150	$	439	$	573

- Definition

Tabular disclosure of information about multiemployer plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Quarterly Financial Information - Unaudited (Tables)

12 Months Ended

Jun. 30, 2021

Quarterly Financial Information - Unaudited [Abstract]

Quarterly Financial Information



(in thousands, except per share amounts)	For the Quarter Ended
	September 30		December 31		March 31		June 30
Fiscal 2021:
Net sales	$	105,239	$	119,106	$	118,408	$	136,172
Gross margin		22,815		24,378		23,124		26,413
Operating income		7,911		9,833		6,352		7,104
Net income		3,879		8,450		4,878		5,841
Earnings per share:
Basic	$	0.50	$	1.17	$	0.70	$	0.85
Diluted	$	0.49	$	1.13	$	0.67	$	0.81



	For the Quarter Ended
	September 30		December 31		March 31		June 30
Fiscal 2020:
Net sales	$	100,348	$	102,949	$	98,821	$	64,808
Gross margin		17,221		16,050		13,848		5,934
Operating income (loss)		12,683		(7,079)		(8,342)		(31,657)
Net income (loss)		9,551		(5,384)		(5,270)		(25,741)
Earnings (loss) per share:
Basic	$	1.20	$	(0.68)	$	(0.66)	$	(3.23)
Diluted	$	1.17	$	(0.68)	$	(0.66)	$	(3.23)

Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2021 USD ($) segment item shares	Jun. 30, 2020 USD ($) shares	Jun. 30, 2019 USD ($)	Oct. 22, 2020 USD ($)	Oct. 20, 2020 USD ($)	Aug. 20, 2020 USD ($)	Jun. 01, 2020 USD ($)
Finite-Lived Intangible Assets [Line Items]
Remaining operating lease terms	4 years 6 months	1 year 9 months 18 days
Customer deposits	$ 160	$ 200
Advertising expenditures	3,900	3,400	$ 4,300
Design, research and development costs	1,900	4,000	$ 4,400
Health care claims threshold for third party insurance	175
Workers' compensation threshold for third party insurance	$ 250
Number of customer with more than 10% net sales \| item	0
Number of reportable segment \| segment	1
Share repurchase	$ 30,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	12,600
Treasury Stock, Value, Acquired, Cost Method	29,757	1,563
Treasury Stock, Value	$ 31,320	$ 1,563
Treasury Stock, Shares \| shares	1,283,785	132,000
Share repurchase program through June 9, 2021 [Member]
Finite-Lived Intangible Assets [Line Items]
Share repurchase							$ 6,000
Treasury Stock, Value					$ 6,000
Share repurchase program September 4, 2020, through September 3, 2021 [Member]
Finite-Lived Intangible Assets [Line Items]
Share repurchase						$ 8,000
Treasury Stock, Value					$ 8,000
Share repurchase program through October 29, 2023 [Member]
Finite-Lived Intangible Assets [Line Items]
Share repurchase				$ 30,000

Summary Of Significant Accounting Policies (Disaggregation Of Net Sales By Product Category) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Net sales	$ 136,172	$ 118,408	$ 119,106	$ 105,239	$ 64,808	$ 98,821	$ 102,949	$ 100,348	$ 478,925	$ 366,926	$ 443,588
Residential [Member]
Net sales									476,519	331,879	374,473
Contract[Member]
Net sales									$ 2,406	$ 35,047	$ 69,115

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 280
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Summary Of Significant Accounting Policies (Computation of Earnings Per Share) (Details) - shares shares in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Summary of significant accounting policies [Abstract]
Basic shares	7,200	7,956	7,889
Stock options	151
Long-term incentive plan	117
Potential common shares, total	268
Diluted shares	7,468	7,956	7,889
Anti-dilutive shares	671	634	112

Leases (Components Of Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease expense	$ 4,790	$ 5,023
Variable lease expense	301	273
Total lease expense	$ 5,091	$ 5,296

Leases (Other Lease Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases	$ 4,511	$ 4,060
Right-of-use assets obtained in exchange for lease liabilities: Operating leases	$ 22,770	$ 3,573
Weighted-average remaining lease term (in years): Operating leases	4 years 6 months	1 year 9 months 18 days
Weighted-average discount rate: Operating leases	3.20%	3.50%

Leases (Future Minimum Lease Payments) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Within one year	$ 6,790	$ 4,804
After one year and within two years	5,858	3,263
After two years and within three years	4,551	2,141
After three years and within four years	2,807	2,189
After four years and within five years	2,457	398
After five years	11,894
Total future minimum lease payments	34,357	12,795
Less - Discount	4,207	780
Lease liability	$ 30,150	$ 12,015

Inventories (Comparison Of Inventories) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Inventories [Abstract]
Raw materials	$ 22,500	$ 11,119
Work in process and finished parts	6,234	3,925
Finished goods	132,391	55,521
Total	$ 161,125	$ 70,565

Property, Plant And Equipment (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Property, Plant And Equipment [Abstract]
ERP impairment			$ 21,273
Dubuque and Starkville property, plant and equipment impairment	$ 0	$ 17,482

Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Line Items]
Total	$ 88,927	$ 102,004
Less accumulated depreciation	(49,144)	(58,692)
Net	39,783	43,312
Land [Member]
Property, Plant and Equipment [Line Items]
Total	3,457	3,498
Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Total	49,166	51,237
Machinery And Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	17,038	16,781
Delivery Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	3,203	15,701
Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total	3,628	3,676
Computer Software And Hardware [Member]
Property, Plant and Equipment [Line Items]
Total	12,058	9,633
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total	$ 377	$ 1,478
Minimum [Member] \| Buildings and 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 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

Restructuring (Narrative) (Details) - USD ($) $ in Thousands			12 Months Ended
	Sep. 26, 2019	May 15, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs			$ 1,522	$ 1,961	$ 6,203
Restructuring Charges			3,422	34,222	$ 10,048
Gain (Loss) on Sale of Property Plant Equipment	$ 18,900		5,881	$ 19,216
Commercial Office And Custom-Designed Hospitality Product Lines [Member]
Restructuring Cost and Reserve [Line Items]
Percent of revenue related to restructuring plan		7.00%
Restructuring Charges			58,700
Minimum [Member] \| Commercial Office And Custom-Designed Hospitality Product Lines [Member]
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs			56,000
Maximum [Member] \| Commercial Office And Custom-Designed Hospitality Product Lines [Member]
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs			$ 58,000
Manufacturing Facility [Member] \| Riverside, CA [Member]
Restructuring Cost and Reserve [Line Items]
Gain (Loss) on Sale of Property Plant Equipment	$ 19,600

Restructuring (Summary Of Restructuring Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 3,467	$ 37,463	$ 17,701
Cost Of Goods Sold [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	45	3,241	7,653
Operating Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	3,422	34,222	10,048
Inventory Impairment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	45	3,241	7,653
One-time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	433	2,455	3,775
Contract (recoveries) termination costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs		(58)	249
Fixed Asset Impairments [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs		17,482
Other Associated Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 2,989	$ 14,343	$ 6,024

Restructuring (Roll Forward of Accrued Restructuring Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance	$ 1,961	$ 6,203
Costs incurred	3,467	37,463	$ 17,701
Expenses paid	(3,776)	(18,063)
Non-cash	(130)	(23,642)
Accrual, Ending balance	1,522	1,961	6,203
Inventory Impairment [Member]
Restructuring Cost and Reserve [Line Items]
Costs incurred	45	3,241	7,653
Expenses paid	(45)
Non-cash		(3,241)
One-time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance	1,613	1,731
Costs incurred	433	2,455	3,775
Expenses paid	(414)	(2,573)
Non-cash	(130)
Accrual, Ending balance	1,502	1,613	1,731
Contract (recoveries) termination costs [Member]
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance	110	249
Costs incurred		(58)	249
Expenses paid	(110)	(81)
Accrual, Ending balance		110	249
Fixed Asset Impairments [Member]
Restructuring Cost and Reserve [Line Items]
Costs incurred		17,482
Non-cash		(17,482)
Other Associated Costs [Member]
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance	238	4,223
Costs incurred	2,989	14,343	6,024
Expenses paid	(3,207)	(15,409)
Non-cash		(2,919)
Accrual, Ending balance	$ 20	$ 238	$ 4,223

Assets Held For Sale (Summary Of Assets Held For Sale) (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations [Member] $ in Thousands	Jun. 30, 2021 USD ($)
Long Lived Assets Held-for-sale [Line Items]
Cost	$ 7,725
Accumulated Depreciation	(7,059)
Net Book Value	666
Buildings and improvements [Member] \| Starkville, Mississippi [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	4,615
Accumulated Depreciation	(4,254)
Net Book Value	361
Buildings and improvements [Member] \| Harrison, Arkansas [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	1,000
Accumulated Depreciation	(1,000)
Land and Land Improvements [Member] \| Starkville, Mississippi [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	694
Accumulated Depreciation	(439)
Net Book Value	255
Land and Land Improvements [Member] \| Harrison, Arkansas [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	86
Accumulated Depreciation	(36)
Net Book Value	50
Machinery And Equipment [Member] \| Harrison, Arkansas [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	1,330
Accumulated Depreciation	$ (1,330)

Other Noncurrent Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Other Noncurrent Assets [Abstract]
Cash value of life insurance	$ 1,042	$ 1,033
Other	357	277
Total	$ 1,399	$ 1,310

Accrued Liabilities - Other (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Accrued Liabilities - Other [Abstract]
Dividends	$ 1,165	$ 567
Warranty	805	1,029
Other	3,163	3,265
Total	$ 5,133	$ 4,861

Credit Arrangements (Narrative) (Details) - USD ($)		12 Months Ended
Credit Arrangements (Narrative) (Details) - USD ($)	Aug. 28, 2020	Jun. 30, 2021
Wells Fargo Bank N.A. [Member]
Short-term Debt [Line Items]
Cash held as collateral		$ 1,200,000
Letters of credit outstanding		1,100,000
Unsecured Short-Term Agreement, Interest Rate 1.50% [Member] \| Libor Plus 1 [Member]
Short-term Debt [Line Items]
Credit agreement capacity		$ 10,000,000.0
Interest rate under prime rate		1.00%
Unsecured Short-Term Agreement, Interest Rate 1.50% [Member] \| Letter Of Credit [Member]
Short-term Debt [Line Items]
Line of credit outstanding		$ 1,200,000
Cash held as collateral		1,300,000
Unsecured Short-Term Agreement, Interest Rate 1.50% [Member] \| Line Of Credit [Member]
Short-term Debt [Line Items]
Line of credit outstanding		0
Secured Credit Agreement [Member]
Short-term Debt [Line Items]
Credit agreement capacity	$ 25,000,000.0
Line of credit outstanding		$ 3,500,000
Credit facility, expiration date	Aug. 28, 2022
Debt term		2 years
Secured Credit Agreement [Member] \| Minimum [Member]
Short-term Debt [Line Items]
Interest rate under prime rate	3.00%
Secured Credit Agreement [Member] \| Libor Plus 1 [Member]
Short-term Debt [Line Items]
Basis spread on interest rate	1.50%

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Tax Credit Carryforward [Line Items]
Effective federal statutory income tax rate	21.00%	21.00%	21.00%	35.00%
Valuation allowance	$ 7,312	$ 8,481
Unrecognized tax benefits that, if recognized, would affect the effective tax rate	600	$ 500
Tax Year 2019 [Member]
Tax Credit Carryforward [Line Items]
Income tax receivable	8,200
Tax Year 2020 [Member]
Tax Credit Carryforward [Line Items]
Income tax receivable	4,500
Federal [Member]
Tax Credit Carryforward [Line Items]
Valuation allowance	7,300
State [Member]
Tax Credit Carryforward [Line Items]
NOL carryforward	4,000
Certain State Tax Credit Carryforward [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward	2,500
Expiring Between 2021 And 2029 [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward	600
Indefinite Carryforward [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward	$ 1,600

Income Taxes (Components Of Income (Loss) Before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Income Taxes [Abstract]
United States	$ 33,353	$ (32,395)	$ (42,457)
Outside the United States	(1,886)	(1,362)	(151)
Income (loss) before income taxes	$ 31,467	$ (33,757)	$ (42,608)

Income Taxes (Income Tax Benefit (Provision)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Income Taxes [Abstract]
Federal - current	$ (5,480)	$ 12,668	$ 3,933
State and other - current	(828)	(302)	(71)
Deferred	(2,111)	(5,453)	6,141
Total	$ (8,419)	$ 6,913	$ 10,003

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes (Reconciliation Between The U.S. Federal Statutory Tax Rate And The Effective Tax Rate) (Details)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Income Taxes [Abstract]
Federal statutory tax rate	21.00%	21.00%	21.00%	35.00%
State taxes, net of federal effect	4.00%	3.30%	4.10%
Foreign rate differential	2.80%
Remeasurement of deferred tax assets and valuation	(3.70%)	(20.00%)	0.10%
Beginning of year true ups	4.00%
Stock FMV over Award	(1.40%)
Tax rate change on net operating loss carryback		17.20%
Other	0.10%	(1.00%)	(1.70%)
Effective tax rate	26.80%	20.50%	23.50%

Income Taxes (Components Of The Gross Liabilities Related To Unrecognized Tax Benefits And The Related Deferred Tax Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Income Taxes [Abstract]
Gross unrecognized tax benefits	$ 640	$ 380
Accrued interest and penalties	195	160
Gross liabilities related to unrecognized tax benefits	835	540
Deferred tax assets	155	90
Valuation allowance	$ (155)	$ (90)

Income Taxes (Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2019
Income Taxes [Abstract]
Balance	$ 380	$ 500
Additions based on tax positions related to the current year	260
Reductions for tax positions of prior years		(120)
Balance	$ 640	$ 380

Income Taxes (Primary Components Of Deferred Tax Assets And (Liabilities)) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Income Taxes [Abstract]
Accounts receivable	$ 825	$ 484
Inventory	769	112
Self-insurance	35	118
Payroll and related	817	968
Accrued liabilities	1,403	3,066
Property, plant and equipment		1,445
Property, plant and equipment	(76)
Investment tax credit	2,158	2,164
Valuation allowance	(7,312)	(8,481)
Net operating loss carryover	388	1,085
Lease assets	(7,870)	(2,498)
Lease liabilities	8,708	3,456
Other	$ 155	192
Total		$ 2,111

Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2020 shares	Dec. 31, 2018 shares	Jun. 30, 2021 USD ($) item $ / shares shares	Jun. 30, 2020 USD ($) $ / shares	Jun. 30, 2019 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value \| $ / shares			$ 6.77	$ 1.77	$ 5.85
Number of plans \| item			2
Total stock-based compensation expense			$ 3,700	$ 4,600	$ 1,400
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation related to unvested shares			$ 700
Total unrecognized stock-based compensation, expected period			1 year 6 months
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period options are exercisable			10 years
Total unrecognized stock-based compensation, expected period			8 months 12 days
Total unrecognized stock-based compensation expense related to options			$ 20
2020-2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period			3 years
2020-2022 And 2021-2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period			3 years
Long-Term Incentive Compensation Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation related to unvested shares			$ 1,600
Total unrecognized stock-based compensation, expected period			1 year 7 months 6 days
Stock Option Plans, 2006 And 2009 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants \| shares			0
Stock-based Compensation Outside A Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation related to unvested shares			$ 50
Total unrecognized stock-based compensation, expected period			1 year 4 months 24 days
Stock-based Compensation Outside A Plan [Member] \| Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued under stock option plans \| shares		55,000
Stock-based Compensation Outside A Plan [Member] \| Chief Financial Officer/Chief Operating Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued under stock option plans \| shares	79,000
Minimum [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period			1 year
Maximum [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period			3 years

Stock-Based Compensation (Schedule Of Unvested Shares - Long-Term Incentive Compensation Plan RSUs) (Details) - $ / shares shares in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares	88
Granted, Shares	176	123
Forfeited, Shares	(15)	(35)
Unvested at the end of period, Shares	249	88
Unvested at the beginning of period, Weighted average fair value per share	$ 16.83
Granted, Weighted average fair value per share	12.01	$ 16.82
Forfeited, Weighted average fair value per share	14.03	16.80
Unvested at the end of period, Weighted average fair value	$ 13.59	$ 16.83
Time Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares	44
Granted, Shares	69	49
Forfeited, Shares	(6)	(5)
Unvested at the end of period, Shares	107	44
Unvested at the beginning of period, Weighted average fair value per share	$ 16.90
Granted, Weighted average fair value per share	12.01	$ 16.90
Forfeited, Weighted average fair value per share	14.04	16.90
Unvested at the end of period, Weighted average fair value	$ 13.89	$ 16.90
Performance Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares	44
Granted, Shares	107	74
Forfeited, Shares	(9)	(30)
Unvested at the end of period, Shares	142	44
Unvested at the beginning of period, Weighted average fair value per share	$ 16.76
Granted, Weighted average fair value per share	12.01	$ 16.77
Forfeited, Weighted average fair value per share	14.03	16.79
Unvested at the end of period, Weighted average fair value	$ 13.36	$ 16.76

Stock-Based Compensation (Schedule Of Unvested Shares - Restricted Shares And RSUs) (Details) - $ / shares shares in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares	88
Granted, Shares	176	123
Forfeited, Shares	(15)	(35)
Unvested at the end of period, Shares	249	88
Unvested at the beginning of period, Weighted average fair value per share	$ 16.83
Granted, Weighted average fair value per share	12.01	$ 16.82
Forfeited, Weighted average fair value per share	14.03	16.80
Unvested at the end of period, Weighted average fair value	$ 13.59	$ 16.83
Restricted Shares And RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares	189	55
Granted, Shares	28	249
Vested, Shares	(158)	(83)
Forfeited, Shares	(3)	(32)
Unvested at the end of period, Shares	56	189
Unvested at the beginning of period, Weighted average fair value per share	$ 15.24	$ 28.55
Granted, Weighted average fair value per share	32.10	14.83
Vested, Weighted average fair value per share	16.22	19.05
Forfeited, Weighted average fair value per share	18.10	22.64
Unvested at the end of period, Weighted average fair value	$ 20.01	$ 15.24

Stock-Based Compensation (Schedule Of Fair Value Of Options, Weighted Average Assumptions) (Details)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Stock-Based Compensation [Abstract]
Dividend yield	3.40%	7.30%	3.50%
Expected volatility	43.20%	34.00%	32.70%
Risk-free interest rate	0.60%	0.90%	2.70%
Expected life	5 years	5 years	5 years

Stock-Based Compensation (Schedule Of Stock Option Plans) (Details) - $ / shares shares in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Stock-Based Compensation [Abstract]
Shares, Outstanding at beginning balance	223	225
Shares, Granted	43	60
Shares, Exercised	(27)	(2)
Shares, Cancelled	(7)	(60)
Shares, Outstanding at ending balance	232	223
Weighted Average Exercise Price, Outstanding at beginning balance	$ 23.70	$ 28.37
Weighted Average Exercise Price, Granted	17.93	12.56
Weighted Average Exercise Price, Exercised	21.96	8.55
Weighted Average Exercise Price, Cancelled	26.14	30.74
Weighted Average Exercise Price, Outstanding at ending balance	$ 21.91	$ 23.70

Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details) shares in Thousands	12 Months Ended
	Jun. 30, 2021 $ / shares shares
9.97 - 15.14 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	$ 9.97
Range of Price Upper	$ 15.14
Options Outstanding \| shares	104
Weighted Average Remaining Life, Years	8 years 1 month 6 days
Weighted Average, Exercise Price	$ 12.72
19.72 - 18.30 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	19.72
Range of Price Upper	$ 18.30
Options Outstanding \| shares	15
Weighted Average Remaining Life, Years	5 years 1 month 6 days
Weighted Average, Exercise Price	$ 19.11
21.96 - 27.57 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	21.96
Range of Price Upper	$ 27.57
Options Outstanding \| shares	58
Weighted Average Remaining Life, Years	5 years 9 months 18 days
Weighted Average, Exercise Price	$ 24.21
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	32
Weighted Average Remaining Life, Years	4 years 10 months 24 days
Weighted Average, Exercise Price	$ 32.30
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	23
Weighted Average Remaining Life, Years	5 years 2 months 12 days
Weighted Average, Exercise Price	$ 45.35
9.97 - 47.45 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	9.97
Range of Price Upper	$ 47.45
Options Outstanding \| shares	232
Weighted Average Remaining Life, Years	6 years 7 months 6 days
Weighted Average, Exercise Price	$ 21.91

Benefit And Retirement Plans (Narrative) (Details) $ in Millions	12 Months Ended
	Jun. 30, 2021 USD ($) item	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)
Pension and Other Postretirement Benefits [Line Items]
Company's matching contribution to retirement savings plans	$ 1.0	$ 2.3	$ 2.6
Number of plans \| item	1
Restructuring and related expenses	$ 1.4	$ 1.4
Pension Fund multi-employer plan Terminaton [Member}
Pension and Other Postretirement Benefits [Line Items]
Cumulative cost to exit multi-employer plans	20.0
Liability	$ 0.0
Minimum [Member] \| Plans in yellow zone [Member]
Pension and Other Postretirement Benefits [Line Items]
Percentage of plans funded	65.00%
Minimum [Member] \| Plans in green zone [Member]
Pension and Other Postretirement Benefits [Line Items]
Percentage of plans funded	80.00%
Maximum [Member] \| Plans in red zone [Member]
Pension and Other Postretirement Benefits [Line Items]
Percentage of plans funded	65.00%
Maximum [Member] \| Plans in yellow zone [Member]
Pension and Other Postretirement Benefits [Line Items]
Percentage of plans funded	80.00%

Benefit And Retirement Plans (Schedule Of Multiemployer Plans) (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)
Multiemployer Plans [Line Items]
Company Contributions	$ 150	$ 439	$ 573
Central States SE and SW Areas Pension Fund [Member]
Multiemployer Plans [Line Items]
EIN/Pension Plan Number	366044243
Pension Protection Act Zone Status	Red	Red
Rehabilitation Plan Status	Implemented
Company Contributions	$ 150	$ 157	154
Surcharge Imposed	No
Expiration Date of Collective Bargaining Agreement	Mar. 31, 2022
Number of Company Employees in Plan	8
Steelworkers Pension Trust [Member]
Multiemployer Plans [Line Items]
EIN/Pension Plan Number	236648508
Pension Protection Act Zone Status	Green	Green
Rehabilitation Plan Status	No
Company Contributions		$ 279	412
Surcharge Imposed	No
Central Pension Fund [Member]
Multiemployer Plans [Line Items]
EIN/Pension Plan Number	366052390
Pension Protection Act Zone Status	Green	Green
Rehabilitation Plan Status	No
Company Contributions		$ 3	$ 7
Surcharge Imposed	No

Commitments and Contingencies (Narrative) (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2016 USD ($)	Jun. 30, 2021 USD ($) plaintiff item	Jun. 30, 2020 USD ($)	Jul. 31, 2017 USD ($)	Aug. 31, 2016 USD ($)
Loss Contingencies [Line Items]
Estimated amount of possible loss				$ 5,500	$ 3,600
Environmental remediation	$ 3,600
Employment Matters [Member]
Loss Contingencies [Line Items]
Settlement			$ 500
Number of plaintiffs \| plaintiff		2
Number of class members \| item		270
Accrued liabilities		$ 0
Accrued Liabilities, Current		$ 0
Settlement amount paid			$ 500

Quarterly Financial Information - Unaudited (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Quarterly Financial Information - Unaudited [Abstract]
Net sales	$ 136,172	$ 118,408	$ 119,106	$ 105,239	$ 64,808	$ 98,821	$ 102,949	$ 100,348	$ 478,925	$ 366,926	$ 443,588
Gross margin	26,413	23,124	24,378	22,815	5,934	13,848	16,050	17,221	96,730	53,053	69,940
Operating income (loss)	7,104	6,352	9,833	7,911	(31,657)	(8,342)	(7,079)	12,683	31,200	(34,395)	(43,154)
Net income (loss)	$ 5,841	$ 4,878	$ 8,450	$ 3,879	$ (25,741)	$ (5,270)	$ (5,384)	$ 9,551	$ 23,048	$ (26,844)	$ (32,605)
Earnings Per Share [Abstract]
Basic	$ 0.85	$ 0.70	$ 1.17	$ 0.50	$ (3.23)	$ (0.66)	$ (0.68)	$ 1.20	$ 3.20	$ (3.37)	$ (4.13)
Diluted	$ 0.81	$ 0.67	$ 1.13	$ 0.49	$ (3.23)	$ (0.66)	$ (0.68)	$ 1.17	$ 3.09	$ (3.37)	$ (4.13)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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Subsequent Events (Details)	Sep. 08, 2021 USD ($)	Aug. 20, 2021 USD ($) ft²	Jun. 30, 2021 USD ($)
Wells Fargo Bank N.A. [Member]
Subsequent Event [Line Items]
Letters of credit outstanding			$ 1,100,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Area of leased property \| ft²		507,830
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract		12 years
Lessee, Operating Lease, Lease Not yet Commenced, Option to Extend		options for two five-year extensions.
Operating Leases, Rent Expense, Minimum Rentals		$ 3,100,000
Subsequent Event [Member] \| Dubuque Bank and Trust [Member] \| Senior secured revolving credit facility [Member]
Subsequent Event [Line Items]
Letters of credit outstanding	$ 1,200,000
Subsequent Event [Member] \| Wells Fargo Bank N.A. [Member] \| Senior secured revolving credit facility [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 85,000,000
Debt Instrument, Term	5 years
Subsequent Event [Member] \| Wells Fargo Bank N.A. [Member] \| Senior secured revolving credit facility [Member] \| Minimum [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Fixed coverage ratio	100.00%
Subsequent Event [Member] \| Wells Fargo Bank N.A. [Member] \| Senior secured revolving credit facility [Member] \| Maximum [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Subsequent Event [Member] \| Wells Fargo Bank N.A. [Member] \| Letter Of Credit [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000

Schedule II: Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Accounts Receivable Allowance [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	$ 1,770	$ 250	$ 290
(Additions) Reductions to Income	1,618	5,214	110
Deductions from Reserves	(148)	(3,694)	(150)
Balance at End of Year	3,240	1,770	250
VAT Allowance [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	237	2,235
(Additions) Reductions to Income			2,612
Deductions from Reserves	(237)	(1,998)	(377)
Balance at End of Year	0	237	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	$ 1,770	250
Balance at End of Year		1,770	250
Accounting Standards Update 2014-09 [Member] \| Restatement Adjustment [Member] \| Accounts Receivable Allowance [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year		$ 800
Balance at End of Year			$ 800