0000037472-23-000024 | 10-K | XBRL Viewer

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Other Noncurrent Assets (Tables)

12 Months Ended

Jun. 30, 2023

Other Noncurrent Assets [Abstract]

Schedule Of Other Noncurrent Assets



	June 30,
(in thousands)	2023		2022
Cash value of life insurance	$	1,063	$	1,052
VAT receivable		3,865		—
Other		880		889
Total	$	5,808	$	1,941

Other Noncurrent Assets

12 Months Ended

Jun. 30, 2023

Other Noncurrent Assets [Abstract]

Other Noncurrent Assets

7. OTHER NONCURRENT ASSETS



	June 30,
(in thousands)	2023		2022
Cash value of life insurance	$	1,063	$	1,052
VAT receivable		3,865		—
Other		880		889
Total	$	5,808	$	1,941

Schedule II: Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Accounts Receivable Allowance [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	$ 2,980	$ 3,240	$ 1,770
(Additions) Reductions to Income	(230)	126	1,618
Deductions from Reserves	(150)	(386)	(148)
Balance at End of Year	$ 2,600	$ 2,980	3,240
VAT Allowance [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year			237
Deductions from Reserves			$ (237)

Benefit And Retirement Plans (Narrative) (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Pension and Other Postretirement Benefits [Line Items]
Company's matching contribution to retirement savings plans	$ 1,600	$ 2,000	$ 1,000
Number of plans \| item	1
Payments for Restructuring	$ 1,290	962
Expense reduction		(200)
Pension Fund Multi Employer Plan Termination [Member]
Pension and Other Postretirement Benefits [Line Items]
Payments for Restructuring		$ 1,200
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%

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
OPERATING ACTIVITIES:
Net income	$ 14,778	$ 1,853	$ 23,048
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	4,572	5,171	5,210
Deferred income taxes	(7,154)		2,111
Stock-based compensation expense	3,191	1,020	3,738
Changes in (recoveries) provision for losses on accounts receivable	(380)	(260)	1,470
Change in reserve for VAT receivable			(237)
(Gain) on disposition of capital assets	(313)	(1,782)	(5,948)
Changes in operating assets and liabilities:
Trade receivables	3,318	15,140	(25,239)
Inventories	19,136	19,913	(90,560)
Other current assets	(1,467)	4,470	9,351
Other assets	(3,865)	(542)	(90)
Accounts payable - trade	(7,320)	(35,809)	39,893
Accrued liabilities	(1,270)	(769)	3,957
Other long-term liabilities	(237)	(412)	604
Net cash provided by (used in) operating activities	22,989	7,993	(32,692)
INVESTING ACTIVITIES:
Purchases of investments			(47)
Proceeds from sale of investments			46
Proceeds from sale of capital assets	340	1,937	18,643
Capital expenditures	(4,790)	(3,853)	(2,580)
Net cash (used in) provided by investing activities	(4,450)	(1,916)	16,062
FINANCING ACTIVITIES:
Dividends paid	(3,241)	(3,911)	(2,622)
Treasury stock purchases	(3,700)	(35,052)	(29,757)
Proceeds from lines of credit	363,805	265,093	8,500
Payments on lines of credit	(373,271)	(230,854)	(5,000)
Proceeds from issuance of common stock		117	94
Shares withheld for tax payments on vested shares and options exercised	(951)	(628)	(1,440)
Net cash (used in) financing activities	(17,358)	(5,235)	(30,225)
Increase (decrease) in cash and cash equivalents	1,181	842	(46,855)
Cash and cash equivalents at beginning of year	2,184	1,342	48,197
Cash and cash equivalents at end of year	3,365	2,184	1,342
SUPPLEMENTAL INFORMATION
Right-of-use assets exchanged for lease liabilities	38,775	16,814	22,770
Interest paid	1,069	743	10
Income taxes (refunded)	4,104	(823)	(5,556)
Capital expenditures in accounts payable	$ 311	$ 183	$ 133

Income Taxes (Components Of Income (Loss) Before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Income Taxes [Abstract]
United States	$ 6,680	$ 2,150	$ 33,353
Outside the United States	2,539	3,752	(1,886)
Income before income taxes	$ 9,219	$ 5,903	$ 31,467

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

Leases (Other Information Related To Leases And Future Minimum Lease Payments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases	$ 9,119	$ 6,612
Right-of-use assets obtained in exchange for lease liabilities: Operating leases	$ 38,775	$ 16,814	$ 22,770
Weighted-average remaining lease term (in years): Operating leases	9 years 1 month 6 days	5 years 2 months 12 days
Weighted-average discount rate: Operating leases	2.90%	3.20%

Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details) shares in Thousands	12 Months Ended
	Jun. 30, 2023 $ / 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	97
Weighted Average Remaining Life (Years)	6 years 8 months 12 days
Weighted Average, Exercise Price	$ 12.64
18.30 - 19.72 Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	18.30
Range of Price Upper	$ 19.72
Options Outstanding \| shares	6
Weighted Average Remaining Life (Years)	7 years 10 months 24 days
Weighted Average, Exercise Price	$ 18.30
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	57
Weighted Average Remaining Life (Years)	3 years 10 months 24 days
Weighted Average, Exercise Price	$ 24.18
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	29
Weighted Average Remaining Life (Years)	2 years 9 months 18 days
Weighted Average, Exercise Price	$ 32.27
43.09 - 47.45 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	43.09
Range of Price Upper	$ 47.45
Options Outstanding \| shares	13
Weighted Average Remaining Life (Years)	3 years 2 months 12 days
Weighted Average, Exercise Price	$ 45.28
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	202
Weighted Average Remaining Life (Years)	5 years 1 month 6 days
Weighted Average, Exercise Price	$ 20.98

Income Taxes (Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Income Taxes [Abstract]
Balance	$ 604	$ 640	$ 380
Reductions for tax positions of prior years		(72)
Additions based on tax positions related to the current year	10	70	260
Lapse of statute of limitations	(190)	(188)
Additions for tax positions of prior years		154
Balance	$ 424	$ 604	$ 640

Accrued Liabilities - Other (Tables)

12 Months Ended

Jun. 30, 2023

Accrued Liabilities - Other [Abstract]

Schedule Of Accrued Liabilities - Other



	June 30,
(in thousands)	2023		2022
Dividends	$	988	$	972
Warranty		1,057		1,047
Purchase commitments		—		1,734
Income taxes		—		1,513
Other		3,903		3,398
Total	$	5,948	$	8,664

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Dec. 24, 2022	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2021	Jul. 31, 2017	Aug. 31, 2016
Loss Contingencies [Line Items]
Environmental remediation		$ 2,800	$ 2,788
Legal and other related expenses				$ 12
Environmental Protection Agency (EPA) [Member]
Loss Contingencies [Line Items]
Estimated amount of possible loss					$ 5,500	$ 3,600
Settlement	$ 9,800
Estimated cost of remedial work			$ 3,600

Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2023 USD ($) segment item shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Jan. 20, 2022 USD ($)	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	9 years 1 month 6 days	5 years 2 months 12 days
Customer deposits	$ 70	$ 90
Advertising expenditures	5,100	5,800	$ 3,900
Design, research and development costs	2,100	2,900	1,900
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	3,800
Treasury Stock, Value, Acquired, Cost Method	3,700	35,052	$ 29,757
Treasury Stock, Value	$ 70,072	$ 66,372
Treasury Stock, Shares \| shares	3,117,930	2,890,000
Share repurchase program through January 19, 2025 [Member]
Finite-Lived Intangible Assets [Line Items]
Share repurchase				$ 30,000
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

Quarterly Financial Information - Unaudited (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Quarterly Financial Information - Unaudited [Abstract]
Net sales	$ 105,819	$ 99,052	$ 93,137	$ 95,684	$ 124,517	$ 140,408	$ 141,668	$ 137,689	$ 393,692	$ 544,282	$ 478,925
Gross margin	21,115	18,645	15,838	15,349	17,672	22,071	9,527	23,410	70,947	72,680	96,730
Operating income (loss)	4,236	2,116	3,762	428	3,566	5,814	(8,636)	5,873	10,542	6,617	31,200
Net income (loss)	$ 10,161	$ 1,475	$ 2,853	$ 289	$ (271)	$ 5,316	$ (7,545)	$ 4,353	$ 14,778	$ 1,853	$ 23,048
Earnings (loss) per share:
Basic	$ 1.97	$ 0.28	$ 0.54	$ 0.05	$ (0.05)	$ 0.84	$ (1.13)	$ 0.64	$ 2.83	$ 0.29	$ 3.20
Diluted	$ 1.91	$ 0.28	$ 0.53	$ 0.05	$ (0.05)	$ 0.82	$ (1.13)	$ 0.61	$ 2.74	$ 0.28	$ 3.09
Insurance proceeds received related to settlement of environmental remediation liability			$ 2,800
Valuation allowance					$ 9,838					$ 9,838

Credit Arrangements

12 Months Ended

Jun. 30, 2023

Credit Arrangements [Abstract]

Credit Arrangements

9. CREDIT ARRANGEMENTS

On August 28, 2020, the Company entered a two-year secured $25.0 million revolving line of credit with Dubuque Bank and Trust Company, with an interest rate of 1.50% plus LIBOR, subject to a floor of 3.00%. The revolving line of credit was secured by essentially all the Company’s assets, excluding real property, and required the Company to maintain compliance with certain financial and non-financial covenants. This line of credit was subsequently canceled in the first quarter of the fiscal year 2022.

On September 8, 2021, the Company, as the 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 an $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 million which, upon issuance, would be deemed advances under the revolving line of credit. Proceeds of borrowings were used to refinance all indebtedness owed to Dubuque Bank and Trust and for working capital purposes. The Company’s obligations under the Credit Agreement are secured by substantially all its assets, excluding real property. 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 to 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 April 18, 2022, the Company, as the borrower, entered a first amendment to the September 8, 2021, Credit Agreement (“First Amendment to the Credit Agreement”), with the Lender, and the lenders party thereto. The first amendment to the Credit Agreement changed the definition of the term ‘Payment Conditions’ and further defines default or event of default and the calculation of the Fixed Charge Coverage Ratio.

Subject to certain conditions, borrowings under the Credit Agreement initially bore interest at LIBOR plus 1.25% or 1.50% per annum. On May 24, 2023, the Company entered into a second amendment to the Credit Agreement (“Second Amendment to the Credit Agreement”) with the lender to transition the applicable interest rate from LIBOR to Secured Overnight Financing Rate (“SOFR”). Effective as of the date of the Second Amendment to the Credit Agreement, borrowings under the amended Credit Agreement bear interest at SOFR plus 1.36% to 1.61% or an effective interest rate of 6.42% on June 30, 2023.

As of June 30, 2023, there was $28.3 million outstanding under the Credit Agreement, exclusive of fees and letters of credit.

Letters of credit outstanding at the Lender as of June 30, 2023, totaled $1.1 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Income Taxes (Reconciliation Between The U.S. Federal Statutory Tax Rate And The Effective Tax Rate) (Details)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Income Taxes [Abstract]
Federal statutory tax rate	21.00%	21.00%	21.00%
State taxes, net of federal effect	5.20%	(0.70%)	4.00%
Foreign rate differential	2.80%	5.70%	2.80%
Uncertain tax positions	(2.10%)	(2.60%)
Stock based compensation	(0.50%)	(1.00%)	(1.40%)
Section 162(m)	2.50%	1.90%
Foreign adjustments	(0.10%)	(8.90%)
Deferred adjustments	0.70%		4.00%
Expired state credits	17.10%
Remeasurement of deferred tax assets and valuation	(106.70%)	42.80%	(3.70%)
Amended return impacts		7.80%
State rate change	(0.50%)	2.70%
Other	0.30%	(0.10%)	0.10%
Effective tax rate	(60.30%)	68.60%	26.80%

Subsequent Events

12 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

15. SUBSEQUENT EVENTS

There are no subsequent events as of August 25, 2023.

Property, Plant And Equipment

12 Months Ended

Jun. 30, 2023

Property, Plant And Equipment [Abstract]

Property, Plant And Equipment

4. PROPERTY, PLANT AND EQUIPMENT



	Estimated	June 30,
(in thousands)	Life (Years)	2023		2022
Land		$	3,457	$	3,457
Buildings and improvements	5-39		49,131		49,114
Machinery and equipment	3-7		19,824		17,684
Delivery equipment	3-5		2,962		2,979
Furniture and fixtures	3-7		3,558		3,599
Computer software and hardware	3-7		8,919		8,717
Construction in progress			4,231		3,023
Total			92,082		88,573
Less accumulated depreciation			(53,430)		(50,030)
Net		$	38,652	$	38,543

The Company recognized no impairment charges for fiscal years 2023, 2022, and 2021.

Restructuring (Roll-forward Of Accrued Restructuring Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance	$ 1,290	$ 1,522
Costs incurred		730
Expenses paid	(1,290)	(962)
Accrual, Ending balance		1,290	$ 1,522
One-Time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance	1,275	1,502
Costs incurred		(211)	433
Expenses paid	(1,275)	(16)
Accrual, Ending balance		1,275	1,502
Other Associated Costs [Member]
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance	15	20
Costs incurred		941	2,989
Expenses paid	$ (15)	(946)
Accrual, Ending balance		$ 15	$ 20

Stock-Based Compensation (Schedule Of Unvested Shares - Restricted Shares And RSUs) (Details) - Restricted Shares And RSUs [Member] - $ / shares shares in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares	35	56
Granted, Shares	66	5
Vested, Shares	(21)	(20)
Forfeited, Shares	(6)	(6)
Unvested at the end of period, Shares	74	35
Unvested at the beginning of period, Weighted average fair value per share	$ 26.72	$ 26.81
Granted, Weighted average fair value per share	19.30	33.78
Vested, Weighted average fair value per share	23.58	29.46
Forfeited, Weighted average fair value per share	18.41	24.12
Unvested at the end of period, Weighted average fair value	$ 21.67	$ 26.72

Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Total	$ 92,082	$ 88,573
Less accumulated depreciation	(53,430)	(50,030)
Net	38,652	38,543
Land [Member]
Property, Plant and Equipment [Line Items]
Total	3,457	3,457
Buildings & Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Total	49,131	49,114
Machinery And Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	19,824	17,684
Delivery Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	2,962	2,979
Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total	3,558	3,599
Computer Software And Hardware [Member]
Property, Plant and Equipment [Line Items]
Total	8,919	8,717
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total	$ 4,231	$ 3,023
Minimum [Member] \| Buildings & Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	5 years
Minimum [Member] \| Machinery And Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	3 years
Minimum [Member] \| Delivery Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	3 years
Minimum [Member] \| Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	3 years
Minimum [Member] \| Computer Software And Hardware [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	3 years
Maximum [Member] \| Buildings & Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	39 years
Maximum [Member] \| Machinery And Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	7 years
Maximum [Member] \| Delivery Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	5 years
Maximum [Member] \| Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	7 years
Maximum [Member] \| Computer Software And Hardware [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	7 years

Inventories

12 Months Ended

Jun. 30, 2023

Inventories [Abstract]

Inventories

3. INVENTORIES

A comparison of inventories is as follows:


	June 30,
(in thousands)	2023		2022
Raw materials	$	18,616	$	16,405
Work in process and finished parts		3,741		5,534
Finished goods		99,719		119,273
Total	$	122,076	$	141,212

Accrued Liabilities - Other (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Accrued Liabilities - Other [Abstract]
Dividends	$ 988	$ 972
Warranty	1,057	1,047
Purchase commitments		1,734
Income taxes		1,513
Other	3,903	3,398
Total	$ 5,948	$ 8,664

Restructuring (Tables)

12 Months Ended

Jun. 30, 2023

Restructuring [Abstract]

Summary Of Restructuring Costs


	For the years ended June 30,
(in thousands)	2023		2022		2021
Inventory impairment	$	—	$	—	$	45
One-time employee termination benefits		—		(211)		433
Other associated costs		—		941		2,989
Total restructuring and related expenses	$	—	$	730	$	3,467
Reported as:
Cost of goods sold	$	—	$	—	$	45
Operating expenses	$	—	$	730	$	3,422

Roll-forward Of Accrued Restructuring Costs



	One-time
	Employee		Other
	Termination		Associated
(in thousands)	Benefits		Costs		Total
Accrual balance at June 30, 2021	$	1,502	$	20	$	1,522
Costs incurred		(211)		941		730
Expenses paid		(16)		(946)		(962)
Accrual balance at June 30, 2022	$	1,275	$	15	$	1,290
Expenses paid		(1,275)		(15)		(1,290)
Accrual balance at June 30, 2023	$	—	$	—	$	—

Income Taxes (Primary Components Of Deferred Tax Assets And (Liabilities)) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Income Taxes [Abstract]
Accounts receivable	$ 654	$ 739
Inventory	1,490	2,448
Self-insurance	25	34
Payroll and related	938	740
Accrued liabilities	633	2,003
Property, plant and equipment	1,202	742
Investment tax credit	303	1,894
Valuation allowance		(9,838)
Net operating loss carryover	361	494
Lease assets	(17,158)	(10,468)
Lease liabilities	18,129	11,067
Other	577	$ 145
Total	$ 7,154

Summary Of Significant Accounting Policies

12 Months Ended

Jun. 30, 2023

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” or “Flexsteel” or “Our”) is one of the largest manufacturers, importers, and marketers of furniture products in the United States. Product offerings include a wide variety of furniture such as sofas, loveseats, chairs, reclining rocking chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture, and outdoor furniture. A featured component in most of the upholstered 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 sales force.

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.

ALLOWANCE FOR CREDIT LOSSES – The Company establishes an allowance for credit losses to reduce trade accounts receivable to an amount that reasonably approximates their net realizable value. The Company’s allowance for credit losses 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 – Inventories are stated at the lower of cost or net realizable value utilizing the first-in - first-out (“FIFO”) method. Our inventory valuation reflects markdowns for the excess of the cost over the amount expected to be realized and considers obsolete and excess inventory. Markdowns establish a new cost basis for the Company’s inventory. Subsequent changes in facts or circumstances do not result in the reversal of previously recorded markdowns or an increase in that newly established cost basis.

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 – 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 outbound shipping and handling charges for customer deliveries, 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 considerations 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, 2023, the Company had $0.07 million of customer deposits. As of June 30, 2022, the Company had $0.09 million of customer deposits.

The Company follows the following practical expedients and policy elections:

The Company does 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 outbound shipping and handling activities that occur after the product is received in the Company’s distribution centers, but 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. Inbound shipping and handling activities incurred to transport product to the Company’s distribution centers is expensed when the product is received by the Company, unless there are revenue surcharges to recover such costs, in which case 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)	2023		2022		2021
Residential	$	393,692	$	543,447	$	476,519
Contract		—		835		2,406
	$	393,692	$	544,282	$	478,925

ADVERTISING COSTS – are charged to selling, general and administrative expenses 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 $5.1 million, $5.8 million, and $3.9 million in fiscal years 2023, 2022, and 2021, respectively.

DESIGN, RESEARCH, AND DEVELOPMENT COSTS – are charged to selling, general and administrative expenses in the periods incurred. Expenditures for design, research, and development costs were approximately $2.1 million, $2.9 million, and $1.9 million in fiscal years 2023, 2022, and 2021, 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. 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 interim period tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences.

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)	2023	2022	2021
Basic shares	5,225	6,329	7,200

Potential common shares:
Stock options	62	113	151
Long-term incentive plan	98	61	117
	160	174	268

Diluted shares	5,385	6,503	7,468

Anti-dilutive shares	161	67	671

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 the 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. On January 20, 2022, the Board of Directors approved a new repurchase program authorizing the Company to purchase up to an additional $30 million of the Company’s common stock through January 19, 2025. As of October 31, 2020, the $6 million and $8 million repurchase programs were completed. The Company completed the share repurchases of the October 22, 2020 plan in February 2022. As of June 30, 2023, the Company has purchased a total of 3,117,930 shares at a cost of $70.1 million under the four programs and has $3.8 million remaining in the January 2022, $30 million share repurchase program.

Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Common stock, par value	$ 1	$ 1
Dividends declared per common share	0.60	0.60	$ 0.45
Total Par Value Of Common Shares [Member]
Common stock, par value	$ 1	$ 1	$ 1

Other Noncurrent Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Other Noncurrent Assets [Abstract]
Cash value of life insurance	$ 1,063	$ 1,052
VAT Receivable	3,865
Other	880	889
Total	$ 5,808	$ 1,941

Stock-Based Compensation

12 Months Ended

Jun. 30, 2023

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 the fair value as of grant date 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 $3.2 million, $1.0 million and $3.7 million for fiscal years 2023, 2022 and 2021, respectively.

On December 14, 2022, the Company’s shareholders approved the Flexsteel Industries, Inc. 2022 Equity Incentive Plan (“2022 Plan”).

The 2022 Plan replaces the Long-Term Incentive Compensation Plan (“LTIP”) and the 2013 Omnibus Stock Plan (collectively, the “Prior Plans”) and no further awards will be made under either of the Prior Plans, but these Prior Plans will continue to govern awards previously granted under them.

(1)2022 Equity Incentive Plan

The 2022 Plan is a long-term incentive plan pursuant to which awards may be granted to certain employees, independent contractors and directors of the Company, in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, performance shares or other stock-based awards. Awards for 10,925 shares were granted under the 2022 Plan in the year ended June 30, 2023 with a fair value per share of $19.95. These shares remain unvested and have no forfeitures as of June 30, 2023. These shares are included in the Restricted Shares and RSUs table below.

(2) Long-Term Incentive Compensation Plan (“LTIP”)

The LTIP provides for performance stock units (“PSUs”) to be awarded to officers and key employees based on performance goals set by the Compensation Committee of the Board of Directors (the “Committee”). For awards under the LTIP for the three year performance periods ending June 30, 2023, 2024, and 2025, participants may earn one-third of the award in each of

the three years based on meeting performance goals for that year. The Committee selected Adjusted Earnings Before Interest and Tax based on a defined percentage growth as the performance metric for the performance periods ending June 30, 2023, 2024, and 2025. In conjunction with each grant of PSUs, the Committee granted RSUs under the 2013 Omnibus Stock Plan that vest at the end of three years.

The table below sets forth, as of June 30, 2023, the number of unvested PSUs granted at the target performance level for the 2021-2023, 2022-2024, and 2023-2025 performance periods under the LTIP and the number of unvested RSUs granted in conjunction with the PSUs:


	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, 2021	107	$	13.89	142	$	13.36	249	$	13.59
Granted	27		42.35	41		42.35	68		42.35
Vested	(42)		17.23	—		—	(42)		17.23
Forfeited	(6)		38.62	(9)		38.61	(15)		38.61
Unvested as of June 30, 2022	86	$	19.53	174	$	18.87	260	$	19.09
Granted	62		19.27	91		19.27	153		19.27
Vested	(63)		12.64	(44)		17.23	(107)		14.53
Forfeited	(6)		23.02	(10)		23.02	(16)		23.02
Unvested as of June 30, 2023	79	$	24.56	211	$	19.19	290	$	20.65

Total unrecognized stock-based compensation related to the unvested PSUs at the target performance level and the related unvested RSUs was $2.2 million as of June 30, 2023, which is expected to be recognized over a period of 1.2 years.

(3) 2013 Omnibus Stock Plan, and 2009 Stock Option Plan

The 2013 Omnibus Stock Plan and 2009 Stock Option Plan were 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 further stock units will be granted under the 2013 Omnibus Stock Plan and the 2009 stock option plan.

Restricted Shares and RSUs

A summary of the activity in the Company’s unvested restricted shares and unvested RSUs, not granted in conjunction with PSUs, as of June 30, 2023, is presented below:


		Weighted average
	Shares	fair value
	(in thousands)	per share
Unvested as of June 30, 2021	56	$	26.81
Granted	5		33.78
Vested	(20)		29.46
Forfeited	(6)		24.12
Unvested as of June 20, 2022	35	$	26.72
Granted	66		19.30
Vested	(21)		23.58
Forfeited	(6)		18.41
Unvested as of June 20, 2023	74	$	21.67

Total unrecognized stock-based compensation related to unvested restricted shares and unvested RSUs (not granted in conjunction with the PSUs) was $0.8 million as of June 30, 2023, which is expected to be recognized over a weighted average period of 1.2 years.

Options

The weighted average grant date fair value of stock options granted during fiscal years 2023, 2022, and 2021 were none, none, and $6.77, respectively. The weighted average assumptions used to estimate these fair values were as follows:



	For the years ended June 30,
	2023		2022		2021
Dividend yield		—		—		3.4%
Expected volatility		—		—		43.2%
Risk-free interest rate		—		—		0.6%
Expected life (in years)		—		—		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, 2023, 2022, and 2021, is presented below:


		Weighted
	Shares	Average
	(in thousands)	Exercise Price
Outstanding at June 30, 2021	232	$	21.91
Granted	—		—
Exercised	(8)		15.75
Cancelled	(9)		36.58
Outstanding at June 30, 2022	215	$	21.50
Granted	—		—
Exercised	—		—
Cancelled	(13)		30.20
Outstanding at June 30, 2023	202	$	20.98

The following table summarizes information for options outstanding at June 30, 2023:


		Options	Weighted Average
Range of		Outstanding	Remaining	Exercise
Prices		(in thousands)	Life (Years)	Price
$	9.97 - 15.14	97	6.7	$	12.64
	18.30 - 19.72	6	7.9		18.30
	21.96 - 27.57	57	3.9		24.18
	31.06 - 32.80	29	2.8		32.27
	43.09 - 47.45	13	3.2		45.28
$	9.97 - 47.45	202	5.1	$	20.98

The Company does not have any unrecognized stock-based compensation expense related to options.

Stock-based compensation granted outside a plan

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. All 79,000 options remain outstanding as of June 30, 2023, with an exercise price of $9.97 and a remaining life of 6.8 years. There is no remaining unrecognized stock-based compensation expense related to these options.

During the quarter ended December 31, 2018, the Company awarded its Chief Executive Officer 55,000 options outside of any Company stock plans. All 55,000 options remain outstanding as of March 31, 2023, with an exercise price of $21.96 and a remaining life of 5.5 years. There is no remaining unrecognized stock-based compensation expense related to these options.

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Tax Credit Carryforward [Line Items]
Reversal of valuation allowance		$ 9,800
Unrecognized tax benefits that, if recognized, would affect the effective tax rate	$ 300	$ 400
State [Member]
Tax Credit Carryforward [Line Items]
NOL carryforward	400
Certain State Tax Credit Carryforward [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward	700
Expiring Between 2022 And 2029 [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward	$ 300
Minimum [Member]
Tax Credit Carryforward [Line Items]
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2025
Maximum [Member]
Tax Credit Carryforward [Line Items]
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2040

Income Taxes (Components Of The Gross Liabilities Related To Unrecognized Tax Benefits And The Related Deferred Tax Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Income Taxes [Abstract]
Gross unrecognized tax benefits	$ 424	$ 604
Accrued interest and penalties	132	189
Gross liabilities related to unrecognized tax benefits	556	793
Deferred tax assets	38	84
Valuation allowance		$ (84)
Net deferred tax assets	$ 38

Leases (Narrative) (Details) $ in Thousands	12 Months Ended
Leases (Narrative) (Details) $ in Thousands	Jun. 30, 2023 USD ($)	May 03, 2023 ft²	Jun. 30, 2022 USD ($)	Aug. 20, 2021 ft²
Short-term Debt [Line Items]
Lessee, Operating Lease, Lease Not yet Commenced, Option to Extend	options for two five-year extensions
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract	12 years
Lessee, Operating Lease, Lease Not yet Commenced, Renewal Term	5 years
Annual base rent	$ 3,200
Sublease area \| ft²		105,000
Sublease term	12 months
Sublease annual rent	$ 1,000
Operating lease right-of-use assets	68,294		$ 38,189
Lease liability			$ 72,153
Mexicali, Mexico [Member]
Short-term Debt [Line Items]
Area of Real Estate Property \| ft²				507,830
Operating lease right-of-use assets	32,400
Lease liability	$ 33,700

Schedule II: Valuation And Qualifying Accounts

12 Months Ended

Jun. 30, 2023

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, 2023, 2022 and 2021



(in thousands)	Balance at ‎Beginning of		(Additions) ‎Reductions to		Deductions from		Balance at End
Description	Year		Income		Reserves		of Year
Accounts Receivable Allowances:
2023	$	2,980	$	(230)	$	(150)	$	2,600
2022	$	3,240	$	126	$	(386)	$	2,980
2021	$	1,770	$	1,618	$	(148)	$	3,240



VAT Allowances:
2023	$	—	$	—	$	—	$	—
2022	$	—	$	—	$	—	$	—
2021	$	237	$	—	$	(237)	$	—

Restructuring

12 Months Ended

Jun. 30, 2023

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. These changes were initial outcomes driven by customer and product line profitability and footprint utilization analyses in the fourth quarter of fiscal 2019.

On June 18, 2019, the Company announced that it completed the analysis and the planning process and set forth the comprehensive transformation program to be executed over a two-year period, which included previously announced restructuring activities on May 15, 2019. The transformation program included activities such as business simplification, process improvement, exiting of non-core businesses, facility closures, and reductions in the workforce. The Company has 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 that 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 remaining properties listed for sale as part of the footprint optimization are included in Note 6, Assets Held for Sale. The Company completed 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, which were complete as of the fiscal year ended June 30, 2022, the Company had planned to incur pre-tax restructuring and related expenses of approximately $60 million over this two-year timeframe. Total cumulative restructuring and related costs incurred as of June 30, 2022, were $59.4 million. There were no costs related to the restructuring activities in the fiscal year ended June 30, 2023.

The following is a summary of restructuring costs:


	For the years ended June 30,
(in thousands)	2023		2022		2021
Inventory impairment	$	—	$	—	$	45
One-time employee termination benefits		—		(211)		433
Other associated costs		—		941		2,989
Total restructuring and related expenses	$	—	$	730	$	3,467
Reported as:
Cost of goods sold	$	—	$	—	$	45
Operating expenses	$	—	$	730	$	3,422

One-time employee termination benefits include costs for employee separation benefits. During the year ended June 30, 2022, the Company recorded a decrease in a pension plan liability that resulted in an expense reduction of $0.2 million and recorded a net settlement agreement of $0.4 million. Other associated costs include legal and professional fees, stock-based compensation expenses for retention restricted stock units in connection with the Company’s restructuring plan, ongoing facilities, and transition costs.

On March 22, 2021, the Company received notice of a class action lawsuit filed against Flexsteel Industries, Inc., and J.K. Dittmer and D.P. Schmidt as individuals, by a number of employees who had worked at the Dubuque Operations and Starkville plants prior to the closure of the locations due to the impact of COVID-19 on the business at that period of time. The allegations with the claim include failure to pay employee benefits as required by an ERISA-governed severance plan, failure of J.K. Dittmer and D.P. Schmidt to act with

respect to the ERISA-governed severance plan, and failure to provide 60-days’ notice or the equivalent amount of pay to the employees required by the WARN Act when the Company closed the Dubuque and Starkville locations. The parties participated in a lengthy mediation and on December 3, 2021, agreed to resolve the matter for $1.3 million. The matter was dismissed with prejudice on September 1, 2022. The Company paid $1.3 million in the year ended June 30, 2023.

During the quarter ended September 30, 2022, the Company paid all remaining costs associated with the restructuring program.

The roll forward of the accrued restructuring costs is as follows, for the years ended June 30, 2023, 2022, and 2021:



	One-time
	Employee		Other
	Termination		Associated
(in thousands)	Benefits		Costs		Total
Accrual balance at June 30, 2021	$	1,502	$	20	$	1,522
Costs incurred		(211)		941		730
Expenses paid		(16)		(946)		(962)
Accrual balance at June 30, 2022	$	1,275	$	15	$	1,290
Expenses paid		(1,275)		(15)		(1,290)
Accrual balance at June 30, 2023	$	—	$	—	$	—

Consolidated Statements Of Income And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Consolidated Statements Of Income And Comprehensive Income [Abstract]
Net sales	$ 393,692	$ 544,282	$ 478,925
Cost of goods sold	322,745	471,602	382,195
Gross margin	70,947	72,680	96,730
Selling, general and administrative	62,846	66,733	67,977
Restructuring expense		730	3,422
Environmental remediation	(2,788)
(Gain) on disposal of assets		(1,400)	(5,881)
Other expense	347
Litigation settlement costs			12
Operating income	10,542	6,617	31,200
Other income	18	121	277
Interest (expense)	(1,341)	(835)	(10)
Total other (expense) income	(1,323)	(714)	267
Income before income taxes	9,219	5,903	31,467
Income tax (benefit) expense	(5,559)	4,050	8,419
Net income	$ 14,778	$ 1,853	$ 23,048
Weighted average number of common shares outstanding:
Basic	5,225	6,329	7,200
Diluted	5,385	6,503	7,468
Earnings per share of common stock:
Basic	$ 2.83	$ 0.29	$ 3.20
Diluted	$ 2.74	$ 0.28	$ 3.09

Leases (Components Of Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease expense	$ 10,814	$ 6,804
Variable lease expense	1,799	1,069
Total lease expense	$ 12,613	$ 7,873

Summary Of Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2023

Summary Of Significant Accounting Policies [Abstract]

Description Of Business

Principles Of Consolidation

Use Of Estimates

Fair Value

Allowance for Credit Losses

Inventories

Property, Plant And Equipment

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

The Company follows 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)	2023		2022		2021
Residential	$	393,692	$	543,447	$	476,519
Contract		—		835		2,406
	$	393,692	$	544,282	$	478,925

Advertising Costs

Design, Research And Development Costs

Insurance

Income Taxes

Earnings Per Share (EPS)




	June 30,
(in thousands)	2023	2022	2021
Basic shares	5,225	6,329	7,200

Potential common shares:
Stock options	62	113	151
Long-term incentive plan	98	61	117
	160	174	268

Diluted shares	5,385	6,503	7,468

Anti-dilutive shares	161	67	671

Stock-Based Compensation

performance periods and are subject to verification of results and the Compensation Committee of the Board of Directors approval. See Note 11, Stock-Based Compensation.

Segment Reporting

Treasury Stock

Restructuring (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Dec. 03, 2021
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs		$ 1,290	$ 1,522
Restructuring Charges		730	3,422
Expense reduction		(200)
Commercial Office And Custom-Designed Hospitality Product Lines [Member]
Restructuring Cost and Reserve [Line Items]
Period of transformation program execution	2 years
Restructuring Charges		59,400
Minimum [Member] \| Commercial Office And Custom-Designed Hospitality Product Lines [Member]
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 60,000
One-Time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs		1,275	$ 1,502	$ 1,300
Expense reduction		(200)
Settlement agreement		$ 400
Settlement	$ 1,300

Summary Of Significant Accounting Policies (Disaggregation Of Net Sales By Product Category) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Net sales	$ 105,819	$ 99,052	$ 93,137	$ 95,684	$ 124,517	$ 140,408	$ 141,668	$ 137,689	$ 393,692	$ 544,282	$ 478,925
Residential [Member]
Net sales									$ 393,692	543,447	476,519
Contract[Member]
Net sales										$ 835	$ 2,406

- 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)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://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, 2023	Jun. 30, 2022	Jun. 30, 2021
Summary Of Significant Accounting Policies [Abstract]
Basic shares	5,225	6,329	7,200
Stock options	62	113	151
Long-term incentive plan	98	61	117
Potential common shares, total	160	174	268
Diluted shares	5,385	6,503	7,468
Anti-dilutive shares	161	67	671

Assets Held For Sale (Tables)

12 Months Ended

Jun. 30, 2023

Assets Held For Sale [Abstract]

Summary Of Assets Held For Sale



				Accumulated		Net Book
Location	Asset Category	Cost		Depreciation		Value
(in thousands)
Starkville, Mississippi	Building & building improvements	$	4,615	$	(4,254)	$	361
	Land & land improvements		694		(439)		255
		$	5,309	$	(4,693)	$	616

Stock-Based Compensation (Schedule Of Unvested Shares - Long-Term Incentive Compensation Plan RSUs) (Details) - Long-Term Incentive Compensation Plan [Member] - $ / shares shares in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares	260	249
Granted, Shares	153	68
Vested, Shares	(107)	(42)
Forfeited, Shares	(16)	(15)
Unvested at the end of period, Shares	290	260
Unvested at the beginning of period, Weighted average fair value per share	$ 19.09	$ 13.59
Granted, Weighted average fair value per share	19.27	42.35
Vested, Weighted average fair value per share	14.53	17.23
Forfeited, Weighted average fair value per share	23.02	38.61
Unvested at the end of period, Weighted average fair value	$ 20.65	$ 19.09
Time Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares	86	107
Granted, Shares	62	27
Vested, Shares	(63)	(42)
Forfeited, Shares	(6)	(6)
Unvested at the end of period, Shares	79	86
Unvested at the beginning of period, Weighted average fair value per share	$ 19.53	$ 13.89
Granted, Weighted average fair value per share	19.27	42.35
Vested, Weighted average fair value per share	12.64	17.23
Forfeited, Weighted average fair value per share	23.02	38.62
Unvested at the end of period, Weighted average fair value	$ 24.56	$ 19.53
Performance Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares	174	142
Granted, Shares	91	41
Vested, Shares	(44)
Forfeited, Shares	(10)	(9)
Unvested at the end of period, Shares	211	174
Unvested at the beginning of period, Weighted average fair value per share	$ 18.87	$ 13.36
Granted, Weighted average fair value per share	19.27	42.35
Vested, Weighted average fair value per share	17.23
Forfeited, Weighted average fair value per share	23.02	38.61
Unvested at the end of period, Weighted average fair value	$ 19.19	$ 18.87

Inventories (Tables)

12 Months Ended

Jun. 30, 2023

Inventories [Abstract]

Comparison Of Inventories


	June 30,
(in thousands)	2023		2022
Raw materials	$	18,616	$	16,405
Work in process and finished parts		3,741		5,534
Finished goods		99,719		119,273
Total	$	122,076	$	141,212

Stock-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2023

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,
	2023		2022		2021
Dividend yield		—		—		3.4%
Expected volatility		—		—		43.2%
Risk-free interest rate		—		—		0.6%
Expected life (in years)		—		—		5

Schedule Of Stock Option Plans


		Weighted
	Shares	Average
	(in thousands)	Exercise Price
Outstanding at June 30, 2021	232	$	21.91
Granted	—		—
Exercised	(8)		15.75
Cancelled	(9)		36.58
Outstanding at June 30, 2022	215	$	21.50
Granted	—		—
Exercised	—		—
Cancelled	(13)		30.20
Outstanding at June 30, 2023	202	$	20.98

Schedule Of Options Outstanding And Exercisable


		Options	Weighted Average
Range of		Outstanding	Remaining	Exercise
Prices		(in thousands)	Life (Years)	Price
$	9.97 - 15.14	97	6.7	$	12.64
	18.30 - 19.72	6	7.9		18.30
	21.96 - 27.57	57	3.9		24.18
	31.06 - 32.80	29	2.8		32.27
	43.09 - 47.45	13	3.2		45.28
$	9.97 - 47.45	202	5.1	$	20.98

Restricted Shares And RSUs [Member]

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

Schedule Of Unvested Shares - PSUs And RSUs


		Weighted average
	Shares	fair value
	(in thousands)	per share
Unvested as of June 30, 2021	56	$	26.81
Granted	5		33.78
Vested	(20)		29.46
Forfeited	(6)		24.12
Unvested as of June 20, 2022	35	$	26.72
Granted	66		19.30
Vested	(21)		23.58
Forfeited	(6)		18.41
Unvested as of June 20, 2023	74	$	21.67

Long-Term Incentive Compensation Plan [Member]

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

Schedule Of Unvested Shares - PSUs And RSUs


	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, 2021	107	$	13.89	142	$	13.36	249	$	13.59
Granted	27		42.35	41		42.35	68		42.35
Vested	(42)		17.23	—		—	(42)		17.23
Forfeited	(6)		38.62	(9)		38.61	(15)		38.61
Unvested as of June 30, 2022	86	$	19.53	174	$	18.87	260	$	19.09
Granted	62		19.27	91		19.27	153		19.27
Vested	(63)		12.64	(44)		17.23	(107)		14.53
Forfeited	(6)		23.02	(10)		23.02	(16)		23.02
Unvested as of June 30, 2023	79	$	24.56	211	$	19.19	290	$	20.65

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 3,365	$ 2,184
Trade receivables - less allowances: 2023, $2,600; 2022, $2,980	38,168	41,106
Inventories	122,076	141,212
Other	6,417	4,950
Assets held for sale	616	616
Total current assets	170,642	190,068
NONCURRENT ASSETS:
Property, plant and equipment, net	38,652	38,543
Operating lease right-of-use assets	68,294	38,189
Deferred income taxes	7,154
Other assets	5,808	1,941
TOTAL	290,550	268,741
CURRENT LIABILITIES:
Accounts payable - trade	24,745	32,147
Current portion of operating lease liabilities	7,179	6,361
Accrued liabilities:
Payroll and related items	9,955	6,385
Insurance	1,920	2,158
Restructuring costs		1,290
Advertising	5,358	4,052
Environmental remediation		3,570
Other	5,948	8,664
Total current liabilities	55,105	64,627
LONG-TERM LIABILITIES:
Operating lease liabilities, less current maturities	64,974	33,992
Line of credit	28,273	37,739
Other liabilities	577	823
Total liabilities	148,929	137,181
COMMITMENTS AND CONTINGENCIES (Note 13)
SHAREHOLDERS' EQUITY:
Common stock - $1 par value; authorized 15,000 shares; 8,292 shares issued and 5,174 shares outstanding as of June 30, 2023, and 8,190 shares issued and 5,300 shares outstanding as of June 30, 2022	8,292	8,190
Additional paid-in capital	36,605	34,467
Treasury stock, at cost; 3,118 shares and 2,890 shares as of June 30, 2023 and 2022, respectively	(70,072)	(66,372)
Retained earnings	166,796	155,275
Total shareholders' equity	141,621	131,560
TOTAL	$ 290,550	$ 268,741

Assets Held For Sale

12 Months Ended

Jun. 30, 2023

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. The Company completed the sale of the Dubuque, Iowa and one Harrison, Arkansas location during the year ended June 30, 2021. The Company completed the sale of the remaining Harrison, Arkansas facility during the year ended June 30, 2022. As of June 30, 2023, the Company continues to actively market the assets in Starkville, Mississippi. A summary of the assets held for sale is included in the table below as of June 30, 2023.



				Accumulated		Net Book
Location	Asset Category	Cost		Depreciation		Value
(in thousands)
Starkville, Mississippi	Building & building improvements	$	4,615	$	(4,254)	$	361
	Land & land improvements		694		(439)		255
		$	5,309	$	(4,693)	$	616

Assets Held For Sale (Summary Of Assets Held For Sale) (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations [Member] $ in Thousands	Jun. 30, 2023 USD ($)
Long Lived Assets Held-for-sale [Line Items]
Cost	$ 5,309
Accumulated Depreciation	(4,693)
Net Book Value	616
Buildings & Building Improvements [Member] \| Starkville, Mississippi [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	4,615
Accumulated Depreciation	(4,254)
Net Book Value	361
Land & Land Improvements [Member] \| Starkville, Mississippi [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	694
Accumulated Depreciation	(439)
Net Book Value	$ 255

Income Taxes (Income Tax Benefit (Provision)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Income Taxes [Abstract]
Federal - current	$ (799)	$ (2,966)	$ (5,480)
State and other - current	(796)	(1,084)	(828)
Deferred	7,154		(2,111)
Total	$ 5,559	$ (4,050)	$ (8,419)

- Definition

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

+ References + Details

Stock-Based Compensation (Schedule Of Stock Option Plans) (Details) - $ / shares shares in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Stock-Based Compensation [Abstract]
Shares, Outstanding at beginning balance	215	232
Shares, Exercised		(8)
Shares, Cancelled	(13)	(9)
Shares, Outstanding at ending balance	202	215
Weighted Average Exercise Price, Outstanding at beginning balance	$ 21.50	$ 21.91
Weighted Average Exercise Price, Exercised		15.75
Weighted Average Exercise Price, Cancelled	30.20	36.58
Weighted Average Exercise Price, Outstanding at ending balance	$ 20.98	$ 21.50

Commitments And Contingencies

12 Months Ended

Jun. 30, 2023

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 directed the Company to perform remedial design and remedial action for the Lane Street Site. The Order was to be effective May 29, 2018. To ensure completion of the remediation work, the EPA required the Company to secure financial assurance in the initial amount of $3.6 million, which as noted above, was the estimated cost of remedial work. The Company believed that financial assurance was not required because it met 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.

Despite the Company’s position that it did not cause or contribute to the contamination, the Company reached a settlement with the EPA and the State of Indiana, which was filed as a consent decree in the U.S. District Court for the Northern District of Indiana on October

24, 2022. The consent decree required Flexsteel to pay $9.8 million in resolution of the matter. Flexsteel also reached agreements with its insurance carriers for partial reimbursement of the settlement. During the quarter ended December 31, 2022, the Company made full payment in accordance with the settlement agreement and as a result of insurance proceeds received, the Company recorded income of $2.8 million for the quarter ended December 31, 2022, which is included in environmental remediation on the Consolidated Statements of Income and Comprehensive Income.

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.

Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2018	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense				$ 3,200	$ 1,000	$ 3,700
Weighted average grant date fair value				$ 0	$ 0	$ 6.77
Options remain outstanding				202,000	215,000	232,000
2022 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued under stock option plans				10,925
Weighted average grant date fair value				$ 19.95
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period				3 years
Total unrecognized stock-based compensation related to unvested shares				$ 800
Total unrecognized stock-based compensation, expected period				1 year 2 months 12 days
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 expense related to options				$ 0
2023, 2024, and 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for performance awards, years				3 years
2023, 2024, and 2025 [Member] \| Scenario, Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award				33.30%
Chief Financial Officer/Chief Operating Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation related to unvested shares	$ 0
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				$ 2,200
Total unrecognized stock-based compensation, expected period				1 year 2 months 12 days
Stock Option Plans, 2006 And 2009 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants				0
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	79,000	55,000
Weighted average exercise price of options			$ 21.96
Remaining life			5 years 6 months
Options remain outstanding			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]
Weighted average exercise price of options				$ 9.97
Remaining life				6 years 9 months 18 days
Options remain outstanding				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

Property, Plant And Equipment (Narrative) (Details) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Property, Plant And Equipment [Abstract]
Dubuque and Starkville property, plant and equipment impairment	$ 0	$ 0	$ 0

Property, Plant And Equipment (Tables)

12 Months Ended

Jun. 30, 2023

Property, Plant And Equipment [Abstract]

Schedule Of Property, Plant And Equipment



	Estimated	June 30,
(in thousands)	Life (Years)	2023		2022
Land		$	3,457	$	3,457
Buildings and improvements	5-39		49,131		49,114
Machinery and equipment	3-7		19,824		17,684
Delivery equipment	3-5		2,962		2,979
Furniture and fixtures	3-7		3,558		3,599
Computer software and hardware	3-7		8,919		8,717
Construction in progress			4,231		3,023
Total			92,082		88,573
Less accumulated depreciation			(53,430)		(50,030)
Net		$	38,652	$	38,543

Leases (Future Minimum Lease Payments) (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Leases [Abstract]
Payments in FY2024	$ 9,391
FY2025	9,225
FY2026	9,008
FY2027	9,073
FY2028	9,009
Thereafter	37,040
Total future minimum lease payments	82,746
Less imputed interest	10,593
Lease liability	$ 72,153

Accrued Liabilities - Other

12 Months Ended

Jun. 30, 2023

Accrued Liabilities - Other [Abstract]

Accrued Liabilities - Other

8. ACCRUED LIABILITIES – OTHER



	June 30,
(in thousands)	2023		2022
Dividends	$	988	$	972
Warranty		1,057		1,047
Purchase commitments		—		1,734
Income taxes		—		1,513
Other		3,903		3,398
Total	$	5,948	$	8,664

Inventories (Comparison Of Inventories) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Inventories [Abstract]
Raw materials	$ 18,616	$ 16,405
Work in process and finished parts	3,741	5,534
Finished goods	99,719	119,273
Total	$ 122,076	$ 141,212

Quarterly Financial Information - Unaudited (Tables)

12 Months Ended

Jun. 30, 2023

Quarterly Financial Information - Unaudited [Abstract]

Quarterly Financial Information



(in thousands, except per share amounts)	For the Quarter Ended
	September 30		December 31^(a)		March 31		June 30^(b)
Fiscal 2023:
Net sales	$	95,684	$	93,137	$	99,052	$	105,819
Gross margin		15,349		15,838		18,645		21,115
Operating income		428		3,762		2,116		4,236
Net income		289		2,853		1,475		10,161
Earnings per share:
Basic	$	0.05	$	0.54	$	0.28	$	1.97
Diluted	$	0.05	$	0.53	$	0.28	$	1.91

(a)During the quarter ended December 31, 2022, the Company recorded income of $2.8 million as a result of insurance proceeds received related to the settlement of the environmental remediation liability. See Note 13 Commitments and Contingencies, of the Notes to Consolidated Financial Statements, included in this Annual Report on Form 10-K for more information.

(b)During the quarter June 30, 2023, it was determined the Company has reached a more-likely- than-not position that the Company will realize the entirety of its deferred tax assets. Therefore, the Company has reversed the valuation allowance against the federal and state deferred tax assets recorded as of June 30, 2022 of $9.8 million. See Note 10 Income Taxes, included in this Annual Report on Form 10-K for more information.



	For the Quarter Ended
	September 30		December 31		March 31		June 30
Fiscal 2022:
Net sales	$	137,689	$	141,668	$	140,408	$	124,517
Gross margin		23,410		9,527		22,071		17,672
Operating income (loss)		5,873		(8,636)		5,814		3,566
Net income (loss)		4,353		(7,545)		5,316		(271)
Earnings (loss) per share:
Basic	$	0.64	$	(1.13)	$	0.84	$	(0.05)
Diluted	$	0.61	$	(1.13)	$	0.82	$	(0.05)

Leases

12 Months Ended

Jun. 30, 2023

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.

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 ASC 842 guidance was on July 1, 2022, the date the lessor made 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 ends on June 30, 2034, with options for two five-year extensions. Annual base rent under the lease is $3.2 million plus taxes, insurance, and common area maintenance costs. As of June 30, 2023, the Company has not begun operations in the Mexicali facility. On May 3^rd, 2023 the Company entered into a sublease with a third party for 105,000 square feet of the Mexicali with a term of 12 months. Annual rent under the sublease is $1 million, plus a proportionate share of taxes, insurance and common areas maintenance. The Company also expects to sublease substantially all of the remaining portions of the facility until the capacity is required.

At June 30, 2023 the Company determined that no impairment indicators exist with regard to the Mexicali lease given the current and expected sublease tenants and plans for future operations in the facility. At June 30, 2023 the right of use asset associated specifically with the Mexicali lease is $32.4 million and associated lease liability is $33.7 million. Sublease income received from the sub-tenant is offset against operating lease expense in the Company’s consolidated statements of income.

‎

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


(in thousands)	June 30, 2023		June 30, 2022
Operating lease expense	$	10,814	$	6,804
Variable lease expense		1,799		1,069
Total lease expense	$	12,613	$	7,873

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



Fiscal year	June 30, 2023		June 30, 2022
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,119	$	6,612

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	38,775	$	16,814

Weighted-average remaining lease term (in years):
Operating leases		9.1		5.2

Weighted-average discount rate:
Operating leases		2.9%		3.2%

Fiscal year			June 30, 2023
(in thousands)
Payments in FY2024			$	9,391
FY2025				9,225
FY2026				9,008
FY2027				9,073
FY2028				9,009
Thereafter				37,040
Total future minimum lease payments			$	82,746
Less imputed interest				10,593
Lease liability			$	72,153

Quarterly Financial Information - Unaudited

12 Months Ended

Jun. 30, 2023

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^(a)		March 31		June 30^(b)
Fiscal 2023:
Net sales	$	95,684	$	93,137	$	99,052	$	105,819
Gross margin		15,349		15,838		18,645		21,115
Operating income		428		3,762		2,116		4,236
Net income		289		2,853		1,475		10,161
Earnings per share:
Basic	$	0.05	$	0.54	$	0.28	$	1.97
Diluted	$	0.05	$	0.53	$	0.28	$	1.91



	For the Quarter Ended
	September 30		December 31		March 31		June 30
Fiscal 2022:
Net sales	$	137,689	$	141,668	$	140,408	$	124,517
Gross margin		23,410		9,527		22,071		17,672
Operating income (loss)		5,873		(8,636)		5,814		3,566
Net income (loss)		4,353		(7,545)		5,316		(271)
Earnings (loss) per share:
Basic	$	0.64	$	(1.13)	$	0.84	$	(0.05)
Diluted	$	0.61	$	(1.13)	$	0.82	$	(0.05)

Benefit And Retirement Plans (Tables)

12 Months Ended

Jun. 30, 2023

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	2023	2022	Plan Status	2023		2022		2021		Imposed	Agreement	in Plan
Central States SE and ‎SW Areas Pension Fund	366044243	Red	Red	Implemented	$	115	$	127	$	150	No	3/31/2025	6
Steelworkers Pension Trust	236648508	Green	Green	Not applicable		—		—		—	No	Not applicable	—
					$	115	$	127	$	150

- Definition

Tabular disclosure of information about multiemployer plan.

+ References

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+ Details

Stock-Based Compensation (Schedule Of Fair Value Of Options, Weighted Average Assumptions) (Details)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Stock-Based Compensation [Abstract]
Dividend yield			3.40%
Expected volatility			43.20%
Risk-free interest rate			0.60%
Expected life	0 years	0 years	5 years

Benefit And Retirement Plans

12 Months Ended

Jun. 30, 2023

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 $1.6 million, $2.0 million, and $1.0 million in fiscal years 2023, 2022, and 2021, 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, 2023, is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2023 and 2022 is for the plan’s year-end on December 31, 2022, and 2021, 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	2023	2022	Plan Status	2023		2022		2021		Imposed	Agreement	in Plan
Central States SE and ‎SW Areas Pension Fund	366044243	Red	Red	Implemented	$	115	$	127	$	150	No	3/31/2025	6
Steelworkers Pension Trust	236648508	Green	Green	Not applicable		—		—		—	No	Not applicable	—
					$	115	$	127	$	150

With the closure of the Company’s Dubuque, Iowa manufacturing facility, the collective bargaining agreement for the Steelworkers Pension Trust was terminated as of June 30, 2020. As of June 30, 2022, the Company had withdrawn from the Steelworkers Pension Trust and paid the previously recorded withdrawal liability of $1.2 million and recorded an expense reduction of $0.2 million for the year ended June 30, 2022, see Note 5 Restructuring.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Leases (Tables)

12 Months Ended

Jun. 30, 2023

Leases [Abstract]

Components Of Leases


(in thousands)	June 30, 2023		June 30, 2022
Operating lease expense	$	10,814	$	6,804
Variable lease expense		1,799		1,069
Total lease expense	$	12,613	$	7,873

Other Information Related To Leases And Future Minimum Lease Payments



Fiscal year	June 30, 2023		June 30, 2022
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,119	$	6,612

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	38,775	$	16,814

Weighted-average remaining lease term (in years):
Operating leases		9.1		5.2

Weighted-average discount rate:
Operating leases		2.9%		3.2%

Fiscal year			June 30, 2023
(in thousands)
Payments in FY2024			$	9,391
FY2025				9,225
FY2026				9,008
FY2027				9,073
FY2028				9,009
Thereafter				37,040
Total future minimum lease payments			$	82,746
Less imputed interest				10,593
Lease liability			$	72,153

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]	Total
Balance, beginning at Jun. 30, 2020	$ 8,008	$ 31,748	$ (1,563)	$ 137,312	$ 175,505
Long-term incentive compensation		2,321			2,321
Stock-based compensation	112	(24)			88
Stock options exercised, net	13	(30)			(17)
Treasury stock purchases			(29,757)		(29,757)
Cash dividends declared				(3,220)	(3,220)
Net income				23,048	23,048
Balance, ending at Jun. 30, 2021	8,133	34,015	(31,320)	157,140	167,968
Long-term incentive compensation		51			51
Stock-based compensation	50	291			341
Stock options exercised, net	7	110			117
Treasury stock purchases			(35,052)		(35,052)
Cash dividends declared				(3,718)	(3,718)
Net income				1,853	1,853
Balance, ending at Jun. 30, 2022	8,190	34,467	(66,372)	155,275	131,560
Long-term incentive compensation		1,813			1,813
Stock-based compensation	102	325			427
Treasury stock purchases			(3,700)		(3,700)
Cash dividends declared				(3,257)	(3,257)
Net income				14,778	14,778
Balance, ending at Jun. 30, 2023	$ 8,292	$ 36,605	$ (70,072)	$ 166,796	$ 141,621

- Definition

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

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Benefit And Retirement Plans (Schedule Of Multiemployer Plans) (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Multiemployer Plans [Line Items]
Company Contributions	$ 115	$ 127	$ 150
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	$ 115	$ 127	$ 150
Surcharge Imposed	No
Expiration Date of Collective Bargaining Agreement	Mar. 31, 2025
Number of Company Employees in Plan	6
Steelworkers Pension Trust [Member]
Multiemployer Plans [Line Items]
EIN/Pension Plan Number	236648508
Pension Protection Act Zone Status	Green	Green
Rehabilitation Plan Status	NA
Surcharge Imposed	No

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2023

Summary Of Significant Accounting Policies [Abstract]

Disaggregation Of Net Sales By Product Category



	For the years ended June 30,
(in thousands)	2023		2022		2021
Residential	$	393,692	$	543,447	$	476,519
Contract		—		835		2,406
	$	393,692	$	544,282	$	478,925

Schedule Of Earnings Per Share, Basic And Diluted




	June 30,
(in thousands)	2023	2022	2021
Basic shares	5,225	6,329	7,200

Potential common shares:
Stock options	62	113	151
Long-term incentive plan	98	61	117
	160	174	268

Diluted shares	5,385	6,503	7,468

Anti-dilutive shares	161	67	671

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Jun. 30, 2023	Aug. 25, 2023	Dec. 31, 2022
Document And Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Entity File Number	0-5151
Document Fiscal Year Focus	2023
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			$ 72,442,576
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		5,164,794
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCEIn Part III, portions of the registrant’s 2023 Proxy Statement to be filed with the Securities and Exchange Commission within 120 days of the Registrant’s fiscal year end.
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Minneapolis, MN
Amendment Flag	false

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Consolidated Balance Sheets [Abstract]
Trade receivables, allowance for doubtful accounts	$ 2,600	$ 2,980
Common stock, par value	$ 1	$ 1
Common stock, authorized	15,000,000	15,000,000
Common stock, issued	8,292,000	8,190,000
Common stock, outstanding	5,174,000	5,300,000
Treasury stock, shares	3,117,930	2,890,000

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2023

Income Taxes [Abstract]

Components Of Income (Loss) Before Income Taxes



(in thousands)	2023		2022		2021
United States	$	6,680	$	2,150	$	33,353
Outside the United States		2,539		3,752		(1,886)
Income before income taxes	$	9,219	$	5,902	$	31,467

Income tax benefit (provision)



(in thousands)	2023		2022		2021
Federal - current	$	(799)	$	(2,966)	$	(5,480)
State and other - current		(796)		(1,084)		(828)
Deferred		7,154		—		(2,111)
Total	$	5,559	$	(4,050)	$	(8,419)

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



	2023		2022		2021
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal effect	5.2		(0.7)		4.0
Foreign rate differential	2.8		5.7		2.8
Uncertain tax positions	(2.1)		(2.6)		—
Stock based compensation	(0.5)		(1.0)		(1.4)
Section 162(m)	2.5		1.9		—
Foreign adjustments	(0.1)		(8.9)		—
Deferred adjustments	0.7		—		4.0
Expired state credits	17.1		—		—
Remeasurement of deferred tax assets and valuation ‎allowance	(106.7)		42.8		(3.7)
Amended return impacts	—		7.8		—
State rate change	(0.5)		2.7		—
Other	0.3		(0.1)		0.1
Effective tax rate	(60.3)	%	68.6	%	26.8	%

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



	June 30,
(in thousands)	2023		2022
Gross unrecognized tax benefits	$	424	$	604
Accrued interest and penalties		132		189
Gross liabilities related to unrecognized tax benefits	$	556	$	793

Deferred tax assets		38		84
Valuation allowance		—		(84)
Net deferred tax assets	$	38	$	—

Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits


(in thousands)	2023		2022		2021
Balance at July 1	$	604	$	640	$	380
Reductions for tax positions of the prior year		—		(72)		—
Additions based on tax positions related to the current year		10		70		260
Lapse of statute of limitations		(190)		(188)		—
Addition for tax positions of the prior year		—		154		—
Balance at June 30	$	424	$	604	$	640

Primary Components Of Deferred Tax Assets And (Liabilities)


	June 30,
(in thousands)	2023		2022
Accounts receivable	$	654	$	739
Inventory		1,490		2,448
Self-insurance		25		34
Payroll and related		938		740
Accrued liabilities		633		2,003
Property, plant, and equipment		1,202		742
Investment tax credit		303		1,894
Valuation allowance		—		(9,838)
Net operating loss carryover		361		494
Lease assets		(17,158)		(10,468)
Lease liabilities		18,129		11,067
Other		577		145
Total	$	7,154	$	—

Restructuring (Summary Of Restructuring Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 730
Cost Of Goods Sold [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ 45
Operating Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	730	3,422
Inventory Impairment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs		45
One-Time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	(211)	433
Other Associated Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	941	2,989
Total Restructuring And Related Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 730	$ 3,467

Credit Arrangements (Narrative) (Details) $ in Millions			12 Months Ended
Credit Arrangements (Narrative) (Details) $ in Millions	Sep. 08, 2021 USD ($)	Aug. 28, 2020 USD ($)	Jun. 30, 2023 USD ($)
Short-term Debt [Line Items]
Letters of credit outstanding			$ 1.1
Credit Agreement [Member] \| Wells Fargo Bank N.A. [Member]
Short-term Debt [Line Items]
Interest rate	1.50%
Basis spread on interest rate	1.25%
Effective interest rate			6.42%
Debt term	5 years
Fixed coverage ratio			1.00
Credit Agreement [Member] \| Wells Fargo Bank N.A. [Member] \| Maximum [Member]
Short-term Debt [Line Items]
Credit agreement capacity	$ 85.0
Credit Agreement [Member] \| Wells Fargo Bank N.A. [Member] \| SOFR [Member] \| Minimum [Member]
Short-term Debt [Line Items]
Basis spread on interest rate			1.36%
Credit Agreement [Member] \| Wells Fargo Bank N.A. [Member] \| SOFR [Member] \| Maximum [Member]
Short-term Debt [Line Items]
Basis spread on interest rate			1.61%
Credit Agreement [Member] \| Wells Fargo Bank N.A. [Member] \| Letter Of Credit [Member]
Short-term Debt [Line Items]
Credit agreement capacity	$ 5.0
Secured Credit Agreement [Member] \| Dubuque Bank and Trust Company [Member]
Short-term Debt [Line Items]
Credit agreement capacity		$ 25.0
Basis spread on interest rate		1.50%
Debt term		2 years
Secured Credit Agreement [Member] \| Dubuque Bank and Trust Company [Member] \| Floor Rate [Member]
Short-term Debt [Line Items]
Basis spread on interest rate		3.00%
Secured Credit Agreement [Member] \| Wells Fargo Bank N.A. [Member]
Short-term Debt [Line Items]
Line of credit outstanding			$ 28.3

Income Taxes

12 Months Ended

Jun. 30, 2023

Income Taxes [Abstract]

Income Taxes

10. INCOME TAXES

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, 2023, it was determined the Company has reached a more-likely- than-not position that the Company will realize the entirety of its deferred tax assets. Therefore, the Company has reversed the valuation allowance against the federal and state deferred tax assets recorded as of June 30, 2022 of $9.8 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)	2023		2022		2021
United States	$	6,680	$	2,150	$	33,353
Outside the United States		2,539		3,752		(1,886)
Income before income taxes	$	9,219	$	5,902	$	31,467

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



(in thousands)	2023		2022		2021
Federal - current	$	(799)	$	(2,966)	$	(5,480)
State and other - current		(796)		(1,084)		(828)
Deferred		7,154		—		(2,111)
Total	$	5,559	$	(4,050)	$	(8,419)

‎

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



	2023		2022		2021
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal effect	5.2		(0.7)		4.0
Foreign rate differential	2.8		5.7		2.8
Uncertain tax positions	(2.1)		(2.6)		—
Stock based compensation	(0.5)		(1.0)		(1.4)
Section 162(m)	2.5		1.9		—
Foreign adjustments	(0.1)		(8.9)		—
Deferred adjustments	0.7		—		4.0
Expired state credits	17.1		—		—
Remeasurement of deferred tax assets and valuation ‎allowance	(106.7)		42.8		(3.7)
Amended return impacts	—		7.8		—
State rate change	(0.5)		2.7		—
Other	0.3		(0.1)		0.1
Effective tax rate	(60.3)	%	68.6	%	26.8	%

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



	June 30,
(in thousands)	2023		2022
Gross unrecognized tax benefits	$	424	$	604
Accrued interest and penalties		132		189
Gross liabilities related to unrecognized tax benefits	$	556	$	793

Deferred tax assets		38		84
Valuation allowance		—		(84)
Net deferred tax assets	$	38	$	—

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


(in thousands)	2023		2022		2021
Balance at July 1	$	604	$	640	$	380
Reductions for tax positions of the prior year		—		(72)		—
Additions based on tax positions related to the current year		10		70		260
Lapse of statute of limitations		(190)		(188)		—
Addition for tax positions of the prior year		—		154		—
Balance at June 30	$	424	$	604	$	640

The Company records interest expenses and penalties related to income taxes as income tax expenses 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, 2023, and 2022 that if recognized, would affect the effective tax rate was $0.3 million and $0.4 million respectively.

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


	June 30,
(in thousands)	2023		2022
Accounts receivable	$	654	$	739
Inventory		1,490		2,448
Self-insurance		25		34
Payroll and related		938		740
Accrued liabilities		633		2,003
Property, plant, and equipment		1,202		742
Investment tax credit		303		1,894
Valuation allowance		—		(9,838)
Net operating loss carryover		361		494
Lease assets		(17,158)		(10,468)
Lease liabilities		18,129		11,067
Other		577		145
Total	$	7,154	$	—

On June 30, 2023, certain state tax attribute carryforwards of $0.7 million were available, with $0.3 million of credits expiring beginning in fiscal years 2024 through 2029, and $0.4 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, 2023, it was determined that the Company has reached a more likely than not position that the Company will realize the entirety of its state attribute carryforwards and its U.S. federal deferred tax assets. Therefore, the Company has reversed the valuation allowance against the state attribute carryforward and the entirety of the deferred tax asset balance.

The Company is subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. Generally, fiscal years 2019 through 2023 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
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-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details