0000950170-24-102402 | 10-K | XBRL Viewer

Print Document

Leases (Components Of Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease expense	$ 9,772	$ 10,814
Variable lease expense	1,853	1,799
Total lease expense	$ 11,625	$ 12,613

Subsequent Events	12 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	15. SUBSEQUENT EVENTS There are no subsequent events as of August 30, 2024.

Subsequent Events

12 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

15. SUBSEQUENT EVENTS

There are no subsequent events as of August 30, 2024.

Assets Held For Sale

12 Months Ended

Jun. 30, 2024

Property, Plant and Equipment Assets Held-for-Sale Disclosure [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 Starkville, Mississippi location as part of the Company’s restructuring plan, see Note 5 Restructuring. The Company completed the sale of the Starkville, Mississippi location in the year ended June 30, 2024. The Company received proceeds of $3.9 million and recorded a gain of $3.3 million related to the sale.

During fiscal year 2024, the Company committed to a plan to sell assets located at the Company's Dublin, Georgia location as part of the Company's announced closure of the facility. As of June 30, 2024, the Company is actively marketing the facility and property in Dublin, Georgia. A summary of the assets held for sale is included in the table below as of June 30, 2024.


				Accumulated			Net Book
Location	Asset Category	Cost		Depreciation			Value
(in thousands)
Dublin, Georgia	Building & building improvements	$	6,798	$	(5,326	)	$	1,472
	Land & land improvements		444		(209	)		235
		$	7,242	$	(5,535	)	$	1,707

Inventories (Comparison Of Inventories) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Inventory, Net [Abstract]
Raw materials	$ 14,030	$ 18,616
Work in process and finished parts	2,654	3,741
Finished goods	79,893	99,719
Total	$ 96,577	$ 122,076

Stock-Based Compensation (Schedule Of Stock Option Plans) (Details) - $ / shares shares in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Shares, Outstanding at beginning balance	202	215
Shares, Exercised	(3)
Shares, Cancelled	(19)	(13)
Shares, Outstanding at ending balance	180	202
Weighted Average Exercise Price, Outstanding at beginning balance	$ 20.98	$ 21.5
Weighted Average Exercise Price, Exercised	32.13
Weighted Average Exercise Price, Cancelled	27.4	30.2
Weighted Average Exercise Price, Outstanding at ending balance	$ 20.01	$ 20.98

Inventories

12 Months Ended

Jun. 30, 2024

Inventory, Net [Abstract]

Inventories

3. INVENTORIES

A comparison of inventories is as follows:


	June 30,
(in thousands)	2024		2023
Raw materials	$	14,030	$	18,616
Work in process and finished parts		2,654		3,741
Finished goods		79,893		99,719
Total	$	96,577	$	122,076

Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands	Total	Total Par Value Of Common Shares [Member]	Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]
Balance, beginning at Jun. 30, 2021	$ 167,968	$ 8,133	$ 34,015	$ (31,320)	$ 157,140
Stock options exercised, net	117	7	110
Long-term incentive compensation	51		51
Stock-based compensation	341	50	291
Treasury stock purchases	(35,052)			(35,052)
Cash dividends declared	(3,718)				(3,718)
Net Income (Loss)	1,853				1,853
Balance, ending at Jun. 30, 2022	131,560	8,190	34,467	(66,372)	155,275
Long-term incentive compensation	1,813		1,813
Stock-based compensation	427	102	325
Treasury stock purchases	(3,700)			(3,700)
Cash dividends declared	(3,257)				(3,257)
Net Income (Loss)	14,778				14,778
Balance, ending at Jun. 30, 2023	141,621	8,292	36,605	(70,072)	166,796
Stock options exercised, net	88	3	85
Long-term incentive compensation	3,505		3,505
Stock-based compensation	(510)	112	(622)
Treasury stock purchases	(1,659)			(1,659)
Cash dividends declared	(3,206)				(3,206)
Net Income (Loss)	10,528				10,528
Balance, ending at Jun. 30, 2024	$ 150,367	$ 8,407	$ 39,573	$ (71,731)	$ 174,118

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2

+ Details

Leases (Other Information Related To Leases And Future Minimum Lease Payments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases	$ 9,502	$ 9,119
Cash received from subleasing of operating lease: Operating cash flows received from subleasing of operating lease	2,744	175
Right-of-use assets obtained in exchange for lease liabilities: Operating leases	$ 797	$ 38,775
Weighted-average remaining lease term (in years): Operating leases	8 years 2 months 12 days	9 years 1 month 6 days
Weighted-average discount rate: Operating leases	3.10%	2.90%

Income Taxes

12 Months Ended

Jun. 30, 2024

Income Tax Disclosure [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 had reached a more-likely-than-not position that the Company will realize the entirety of its deferred tax assets. Therefore, the Company reversed the previously recorded valuation allowance against the federal and state deferred tax assets recorded as of June 30, 2022 of $9.8 million. As of June 30, 2024 the Company maintains is determination that it is more-likely-than-not that deferred tax assets will be realized.

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


(in thousands)	2024		2023		2022
United States	$	15,348	$	6,680	$	2,150
Outside the United States		202		2,539		3,752
Income before income taxes	$	15,550	$	9,219	$	5,902

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


(in thousands)	2024			2023			2022
Federal - current	$	(4,708	)	$	(799	)	$	(2,966	)
State and other - current		(1,768	)		(796	)		(1,084	)
Deferred		1,454			7,154			—
Total	$	(5,022	)	$	5,559		$	(4,050	)

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


	2024				2023				2022
Federal statutory tax rate		21.0		%		21.0		%		21.0		%
State taxes, net of federal effect		4.7				5.2				(0.7	)
Foreign rate differential		2.1				2.8				5.7
Uncertain tax positions		1.1				(2.1	)			(2.6	)
Stock based compensation		(1.1	)			(0.5	)			(1.0	)
Section 162(m)		4.2				2.5				1.9
Foreign adjustments		1.7				(0.1	)			(8.9	)
Expired state credits		0.6				17.1				—
Research & development credit		(4.8	)			—				—
Remeasurement of deferred tax assets and valuation allowance		0.3				(106.7	)			42.8
Amended return impacts		—				—				7.8
State rate change and other state items		2.1				(0.5	)			2.7
Other		0.4				1.0				(0.1	)
Effective tax rate		32.3		%		(60.3	)	%		68.6		%

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


	June 30,
(in thousands)	2024		2023
Gross unrecognized tax benefits	$	607	$	424
Accrued interest and penalties		172		132
Gross liabilities related to unrecognized tax benefits	$	779	$	556
Deferred tax assets		84		38
Valuation allowance		—		—
Net deferred tax assets	$	84	$	38

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


(in thousands)	2024		2023			2022
Balance at July 1	$	424	$	604		$	640
Reductions for tax positions of the prior year		—		—			(72	)
Additions based on tax positions related to the current year		183		10			70
Lapse of statute of limitations		—		(190	)		(188	)
Addition for tax positions of the prior year		—		—			154
Balance at June 30	$	607	$	424		$	604

The Company records interest expense and penalties related to income taxes as income tax expense in the consolidated statements of income. The Company does not expect that there will be any positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months. The amount of unrecognized tax benefits as of June 30, 2024, and 2023 that if recognized, would affect the effective tax rate was $0.4 million and $0.3 million respectively.

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


	June 30,
(in thousands)	2024			2023
Accounts receivable	$	602		$	654
Inventory		1,995			1,490
Self-insurance		22			25
Payroll and related		1,001			938
Accrued liabilities		668			633
Property, plant, and equipment		1,100			1,202
Investment tax credit		185			303
Valuation allowance		(52	)		—
Net operating loss carryover		7			361
Lease assets		(15,160	)		(17,158	)
Lease liabilities		16,185			18,129
Research & development expenditure		1,909			—
Other		145			577
Total	$	8,607		$	7,154

On June 30, 2024, certain state tax attribute carryforwards of $0.2 million were available, with $0.2 million of credits expiring beginning in fiscal years 2025 through 2028, and $0.1 million of state NOLs carryforward. Some of the state NOL carryforwards will have an indefinite carryforward and some will expire in varying amounts between 2039 and 2041. As of June 30, 2024, 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.

The Company is subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. Generally, fiscal years 2020 through 2024 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Accrued Liabilities - Other

12 Months Ended

Jun. 30, 2024

Other Liabilities, Current [Abstract]

Accrued Liabilities - Other

8. ACCRUED LIABILITIES – OTHER


	June 30,
(in thousands)	2024		2023
Dividends	$	973	$	988
Warranty		1,017		1,057
Income taxes		362		—
Other		4,675		3,903
Total	$	7,027	$	5,948

Other Noncurrent Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Other Assets, Noncurrent Disclosure [Abstract]
Cash value of life insurance		$ 1,063
VAT Receivable	$ 11,447	3,865
Other	879	880
Total	$ 12,326	$ 5,808

Accrued Liabilities - Other (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Other Liabilities, Current [Abstract]
Dividends	$ 973	$ 988
Warranty	1,017	1,057
Income taxes	362
Other	4,675	3,903
Total	$ 7,027	$ 5,948

Summary Of Significant Accounting Policies (Narrative) (Details)	12 Months Ended
	Jun. 30, 2024 USD ($) Customer Segment shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jan. 20, 2022 USD ($)	Oct. 31, 2020 USD ($)	Oct. 22, 2020 USD ($)	Aug. 20, 2020 USD ($)	Jun. 01, 2020 USD ($)
Finite-Lived Intangible Assets [Line Items]
Remaining operating lease terms	8 years 2 months 12 days	9 years 1 month 6 days
Customer deposits	$ 140,000	$ 70,000.00
Advertising expenditures	5,900,000	5,100,000	$ 5,800,000
Design, research and development costs	2,100,000	2,100,000	2,900,000
Health care claims threshold for third party insurance	175,000
Workers' compensation threshold for third party insurance	$ 250,000
Number of customer with more than 10% net sales \| Customer	0
Number of reportable segment \| Segment	1
Share repurchase	$ 30,000,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	2,100,000
Treasury Stock, Value, Acquired, Cost Method	1,659,000	3,700,000	$ 35,052,000
Treasury Stock, Value	$ 71,731,000	$ 70,072,000
Treasury Stock, Common, Shares \| shares	3,207,158	3,118,000
Share repurchase program through January 19, 2025 [Member]
Finite-Lived Intangible Assets [Line Items]
Share repurchase				$ 30,000,000
Share repurchase program through June 9, 2021 [Member]
Finite-Lived Intangible Assets [Line Items]
Share repurchase								$ 6,000,000
Treasury Stock, Value					$ 6,000,000
Share repurchase program September 4, 2020, through September 3, 2021 [Member]
Finite-Lived Intangible Assets [Line Items]
Share repurchase							$ 8,000,000
Treasury Stock, Value					$ 8,000,000
Share repurchase program through October 29, 2023 [Member]
Finite-Lived Intangible Assets [Line Items]
Share repurchase						$ 30,000,000

Income Taxes (Primary Components Of Deferred Tax Assets And (Liabilities)) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Accounts receivable	$ 602	$ 654
Inventory	1,995	1,490
Self-insurance	22	25
Payroll and related	1,001	938
Accrued liabilities	668	633
Property, plant and equipment	1,100	1,202
Investment tax credit	185	303
Valuation allowance	(52)		$ (9,800)
Net operating loss carryover	7	361
Lease assets	(15,160)	(17,158)
Lease liabilities	16,185	18,129
Research & development expenditure	1,909
Other	145	577
Total	$ 8,607	$ 7,154

Restructuring (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Feb. 05, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs					$ 1,290
Restructuring Charges		$ 400	$ 2,600	$ 2,982	730
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
Manufacturing Network Optimization [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 3,000
Minimum [Member] \| Commercial Office And Custom-Designed Hospitality Product Lines [Member]
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs		$ 60,000		$ 60,000
Minimum [Member] \| Manufacturing Network Optimization [Member]
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	2,500
Maximum [Member] \| Manufacturing Network Optimization [Member]
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 3,200
One-Time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs					1,275
Expense reduction					(200)
Settlement agreement					$ 400

Income Taxes (Components Of The Gross Liabilities Related To Unrecognized Tax Benefits And The Related Deferred Tax Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits	$ 607	$ 424
Accrued interest and penalties	172	132
Gross liabilities related to unrecognized tax benefits	779	556
Deferred tax assets	84	38
Net deferred tax assets	$ 84	$ 38

Property, Plant And Equipment (Tables)

12 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule Of Property, Plant And Equipment


	Estimated	June 30,
(in thousands)	Life (Years)	2024			2023
Land		$	3,226		$	3,457
Buildings and improvements	5-39		41,968			49,131
Machinery and equipment	3-7		20,864			19,824
Delivery equipment	3-5		2,570			2,962
Furniture and fixtures	3-7		3,226			3,558
Computer software and hardware	3-7		10,033			8,919
Construction in progress			1,439			4,231
Total			83,326			92,082
Less accumulated depreciation			(46,617	)		(53,430	)
Net		$	36,709		$	38,652

Assets Held For Sale (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Property, Plant and Equipment Assets Held-for-Sale Disclosure [Abstract]
Proceeds received		$ 3.9
Sale of income	$ 3.3	$ 3.3

Benefit And Retirement Plans (Tables)

12 Months Ended

Jun. 30, 2024

Retirement Benefits [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	2024	2023	Plan Status	2024		2023		2022		Imposed	Agreement	in Plan
Central States SE and SW Areas Pension Fund	366044243	Red	Red	Implemented	$	109	$	115	$	127	No	3/31/2025		7
Steelworkers Pension Trust	236648508	Green	Green	Not applicable		—		—		—	No	Not applicable		—
					$	109	$	115	$	127

- Definition

Tabular disclosure of information about multiemployer plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480547/715-80-55-8

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-9

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-9

+ Details

Summary Of Significant Accounting Policies

12 Months Ended

Jun. 30, 2024

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 depreciating 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, 2024, the Company had $0.14 million of customer deposits. As of June 30, 2023, the Company had $0.07 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.

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 $5.9 million, $5.1 million, and $5.8 million in fiscal years 2024, 2023, and 2022, 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, $2.1 million, and $2.9 million in fiscal years 2024, 2023, and 2022, 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)	2024		2023		2022
Basic shares		5,170		5,225		6,329

Potential common shares:
Stock options		117		62		113
Long-term incentive plan		232		98		61

Diluted shares		5,519		5,385		6,503

Anti-dilutive shares		37		161		67

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 the residential market. 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, 2024, the Company has purchased a total of 3,207,158 shares at a cost of $71.7 million under the four programs and has $2.1 million remaining in the January 2022, $30 million share repurchase program.

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule Of Earnings Per Share, Basic And Diluted

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)	2024		2023		2022
Basic shares		5,170		5,225		6,329

Potential common shares:
Stock options		117		62		113
Long-term incentive plan		232		98		61

Diluted shares		5,519		5,385		6,503

Anti-dilutive shares		37		161		67

Income Taxes (Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Balance	$ 424	$ 604	$ 640
Reductions for tax positions of prior years			(72)
Additions based on tax positions related to the current year	183	10	70
Lapse of statute of limitations		(190)	(188)
Additions for tax positions of prior years			154
Balance	$ 607	$ 424	$ 604

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, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares	74	35
Granted, Shares	4	66
Vested, Shares	(58)	(21)
Forfeited, Shares	(4)	(6)
Unvested at the end of period, Shares	16	74
Unvested at the beginning of period, Weighted average fair value per share	$ 21.67	$ 26.72
Granted, Weighted average fair value per share	21.14	19.3
Vested, Weighted average fair value per share	21.71	23.58
Forfeited, Weighted average fair value per share	19.4	18.41
Unvested at the end of period, Weighted average fair value	$ 21.96	$ 21.67

Assets Held For Sale (Tables)

12 Months Ended

Jun. 30, 2024

Property, Plant and Equipment Assets Held-for-Sale Disclosure [Abstract]

Summary Of Assets Held For Sale


				Accumulated			Net Book
Location	Asset Category	Cost		Depreciation			Value
(in thousands)
Dublin, Georgia	Building & building improvements	$	6,798	$	(5,326	)	$	1,472
	Land & land improvements		444		(209	)		235
		$	7,242	$	(5,535	)	$	1,707

Restructuring (Summary Of Restructuring Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 2,982
Operating Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2,982	$ 730
One-Time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2,558	(211)
Fixed Asset Impairments [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	74
Other Associated Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	350	941
Total Restructuring And Related Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 2,982	$ 730

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details) shares in Thousands	12 Months Ended
	Jun. 30, 2024 $ / 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)	5 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	18.3
Range of Price Upper	$ 19.72
Options Outstanding \| shares	6
Weighted Average Remaining Life (Years)	6 years 10 months 24 days
Weighted Average, Exercise Price	$ 18.3
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	39
Weighted Average Remaining Life (Years)	4 years 6 months
Weighted Average, Exercise Price	$ 22.64
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	$ 32.8
Options Outstanding \| shares	26
Weighted Average Remaining Life (Years)	1 year 10 months 24 days
Weighted Average, Exercise Price	$ 32.3
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	12
Weighted Average Remaining Life (Years)	2 years 3 months 18 days
Weighted Average, Exercise Price	$ 45.33
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	180
Weighted Average Remaining Life (Years)	4 years 8 months 12 days
Weighted Average, Exercise Price	$ 20.01

Quarterly Financial Information - Unaudited (Tables)

12 Months Ended

Jun. 30, 2024

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information


(in thousands, except per share amounts)	For the Quarter Ended
	September 30		December 31		March 31(a)		June 30(b)
Fiscal 2024:
Net sales	$	94,603	$	100,108	$	107,219	$	110,822
Gross profit		18,410		21,950		23,317		23,567
Operating income		1,918		4,584		2,982		7,596
Net income		752		3,051		1,803		4,922
Earnings per share:
Basic	$	0.15	$	0.59	$	0.35	$	0.95
Diluted	$	0.14	$	0.57	$	0.33	$	0.89

(a)

During the quarter ended March 31, 2024, the Company recorded expense of $2.6 million as a result of the restructuring activity associated with the closure of the Dublin, Georgia facility. See Note 5 Restructuring, 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, 2024, the Company recorded income of $3.3 million associated with the sale of the Starkville, Mississippi facility. See Note 6, Assets Held for Sale, of the Notes to Consolidated Financial Statements, included in this Annual Report on Form 10-K for more information. The Company recorded expense of $0.4 million as a result of the restructuring activity associated with the closure of the Dublin, Georgia facility. See Note 5 Restructuring, of the Notes to Consolidated Financial Statements, included in this Annual Report on Form 10-K for more information.


	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 profit		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.

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 4,761	$ 3,365
Trade receivables - less allowances: 2024, $2,440; 2023, $2,600	44,238	38,168
Inventories	96,577	122,076
Other	8,098	6,417
Assets held for sale	1,707	616
Total current assets	155,381	170,642
NONCURRENT ASSETS:
Property, plant and equipment, net	36,709	38,652
Operating lease right-of-use assets	61,439	68,294
Deferred income taxes	8,607	7,154
Other assets	12,326	5,808
TOTAL	274,462	290,550
CURRENT LIABILITIES:
Accounts payable - trade	25,830	24,745
Current portion of operating lease liabilities	7,517	7,179
Accrued liabilities:
Payroll and related items	12,059	9,955
Insurance	1,900	1,920
Sales and advertising related items	6,073	5,358
Other	7,027	5,948
Total current liabilities	60,406	55,105
LONG-TERM LIABILITIES:
Operating lease liabilities, less current maturities	58,076	64,974
Line of credit	4,822	28,273
Other liabilities	791	577
Total liabilities	124,095	148,929
COMMITMENTS AND CONTINGENCIES (Note 13)
SHAREHOLDERS' EQUITY:
Common stock - $1 par value; authorized 15,000 shares; 8,407 shares issued and 5,200 shares outstanding as of June 30, 2024, and 8,292 shares issued and 5,174 shares outstanding as of June 30, 2023	8,407	8,292
Additional paid-in capital	39,573	36,605
Treasury stock, at cost; 3,207 shares and 3,118 shares as of June 30, 2024 and 2023, respectively	(71,731)	(70,072)
Retained earnings	174,118	166,796
Total shareholders' equity	150,367	141,621
TOTAL	$ 274,462	$ 290,550

Stock-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2024

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

Schedule Of Stock Option Plans


				Weighted
	Shares			Average
	(in thousands)			Exercise Price
Outstanding at June 30, 2022		215		$	21.50
Cancelled		(13	)		30.20
Outstanding at June 30, 2023		202		$	20.98
Exercised		(3	)		32.13
Cancelled		(19	)		27.40
Outstanding at June 30, 2024		180		$	20.01

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		5.7	$	12.64
	18.30 - 19.72		6		6.9		18.30
	21.96 - 27.57		39		4.5		22.64
	31.06 - 32.80		26		1.9		32.30
	43.09 - 47.45		12		2.3		45.33
$	9.97 - 47.45		180		4.7	$	20.01

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, 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
Granted		4			21.14
Vested		(58	)		21.71
Forfeited		(4	)		19.40
Unvested as of June 20, 2024		16		$	21.96

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, 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
Granted		66			18.91		99			18.91		165			18.91
Vested		(21	)		42.31		(75	)		12.15		(96	)		18.76
Forfeited		(27	)		20.80		(53	)		18.76		(80	)		19.45
Unvested as of June 30, 2024		97		$	17.92		182		$	22.07		279		$	20.65

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Inventories (Tables)

12 Months Ended

Jun. 30, 2024

Inventory, Net [Abstract]

Comparison Of Inventories

A comparison of inventories is as follows:


	June 30,
(in thousands)	2024		2023
Raw materials	$	14,030	$	18,616
Work in process and finished parts		2,654		3,741
Finished goods		79,893		99,719
Total	$	96,577	$	122,076

Leases (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Short-term Debt [Line Items]
Operating lease right-of-use assets	$ 61,439	$ 68,294
Lease liability	$ 65,593

Leases (Future Minimum Lease Payments) (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
Payments in FY2025	$ 9,418
FY2026	9,208
FY2027	9,378
FY2028	9,144
FY2029	8,064
Thereafter	28,976
Total future minimum lease payments	74,188
Less imputed interest	8,595
Lease liability	$ 65,593

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, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares	290	260
Granted, Shares	165	153
Vested, Shares	(96)	(107)
Forfeited, Shares	(80)	(16)
Unvested at the end of period, Shares	279	290
Unvested at the beginning of period, Weighted average fair value per share	$ 20.65	$ 19.09
Granted, Weighted average fair value per share	18.91	19.27
Vested, Weighted average fair value per share	18.76	14.53
Forfeited, Weighted average fair value per share	19.45	23.02
Unvested at the end of period, Weighted average fair value	$ 20.65	$ 20.65
Time Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares	79	86
Granted, Shares	66	62
Vested, Shares	(21)	(63)
Forfeited, Shares	(27)	(6)
Unvested at the end of period, Shares	97	79
Unvested at the beginning of period, Weighted average fair value per share	$ 24.56	$ 19.53
Granted, Weighted average fair value per share	18.91	19.27
Vested, Weighted average fair value per share	42.31	12.64
Forfeited, Weighted average fair value per share	20.8	23.02
Unvested at the end of period, Weighted average fair value	$ 17.92	$ 24.56
Performance Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares	211	174
Granted, Shares	99	91
Vested, Shares	(75)	(44)
Forfeited, Shares	(53)	(10)
Unvested at the end of period, Shares	182	211
Unvested at the beginning of period, Weighted average fair value per share	$ 19.19	$ 18.87
Granted, Weighted average fair value per share	18.91	19.27
Vested, Weighted average fair value per share	12.15	17.23
Forfeited, Weighted average fair value per share	18.76	23.02
Unvested at the end of period, Weighted average fair value	$ 22.07	$ 19.19

Restructuring (Tables)

12 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Summary Of Restructuring Costs


	For the years ended June 30,
(in thousands)	2024		2023		2022
One-time employee termination benefits		2,558		—		(211	)
Fixed asset impairments		74		—		—
Other associated costs		350		—		941
Total restructuring and related expenses	$	2,982	$	—	$	730
Reported as:
Operating expenses	$	2,982	$	—	$	730

Roll-forward Of Accrued Restructuring Costs


	One-time
	Employee			Fixed Asset			Other
	Termination			Impairment			Associated
(in thousands)	Benefits			Costs			Costs			Total
Accrual balance at June 30, 2022	$	1,275		$	—		$	15		$	1,290
Costs incurred		—			—			—			—
Expenses paid		(1,275	)		—			(15	)		(1,290	)
Accrual balance at June 30, 2023	$	—		$	—		$	—		$	—
Costs incurred		2,558			74			350			2,982
Expenses paid		(2,558	)		(74	)		(350	)		(2,982	)
Accrual balance at June 30, 2024	$	—		$	—		$	—		$	—

Benefit And Retirement Plans

12 Months Ended

Jun. 30, 2024

Retirement Benefits [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 $1.8 million, $1.6 million, and $2.0 million in fiscal years 2024, 2023, and 2022, 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 fiscal year ended June 30, 2024, is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2024 and 2023 is for the plan’s year-end on December 31, 2023, and 2022, 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	2024	2023	Plan Status	2024		2023		2022		Imposed	Agreement	in Plan
Central States SE and SW Areas Pension Fund	366044243	Red	Red	Implemented	$	109	$	115	$	127	No	3/31/2025		7
Steelworkers Pension Trust	236648508	Green	Green	Not applicable		—		—		—	No	Not applicable		—
					$	109	$	115	$	127

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Credit Arrangements

12 Months Ended

Jun. 30, 2024

Debt Disclosure [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 6.7% on June 30, 2024.

As of June 30, 2024, there was $4.8 million outstanding under the Credit Agreement, exclusive of fees and letters of credit.

Letters of credit outstanding at the Lender as of June 30, 2024, totaled $1.0 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Other Noncurrent Assets

12 Months Ended

Jun. 30, 2024

Other Assets, Noncurrent Disclosure [Abstract]

Other Noncurrent Assets

7. OTHER NONCURRENT ASSETS



	June 30,
(in thousands)	2024		2023
Cash value of life insurance	$	—	$	1,063
VAT receivable		11,447		3,865
Other		879		880
Total	$	12,326	$	5,808

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Components Of Income Before Income Taxes


(in thousands)	2024		2023		2022
United States	$	15,348	$	6,680	$	2,150
Outside the United States		202		2,539		3,752
Income before income taxes	$	15,550	$	9,219	$	5,902

Income tax (provision) benefit

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


(in thousands)	2024			2023			2022
Federal - current	$	(4,708	)	$	(799	)	$	(2,966	)
State and other - current		(1,768	)		(796	)		(1,084	)
Deferred		1,454			7,154			—
Total	$	(5,022	)	$	5,559		$	(4,050	)

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


	2024				2023				2022
Federal statutory tax rate		21.0		%		21.0		%		21.0		%
State taxes, net of federal effect		4.7				5.2				(0.7	)
Foreign rate differential		2.1				2.8				5.7
Uncertain tax positions		1.1				(2.1	)			(2.6	)
Stock based compensation		(1.1	)			(0.5	)			(1.0	)
Section 162(m)		4.2				2.5				1.9
Foreign adjustments		1.7				(0.1	)			(8.9	)
Expired state credits		0.6				17.1				—
Research & development credit		(4.8	)			—				—
Remeasurement of deferred tax assets and valuation allowance		0.3				(106.7	)			42.8
Amended return impacts		—				—				7.8
State rate change and other state items		2.1				(0.5	)			2.7
Other		0.4				1.0				(0.1	)
Effective tax rate		32.3		%		(60.3	)	%		68.6		%

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


	June 30,
(in thousands)	2024		2023
Gross unrecognized tax benefits	$	607	$	424
Accrued interest and penalties		172		132
Gross liabilities related to unrecognized tax benefits	$	779	$	556
Deferred tax assets		84		38
Valuation allowance		—		—
Net deferred tax assets	$	84	$	38

Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits

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


(in thousands)	2024		2023			2022
Balance at July 1	$	424	$	604		$	640
Reductions for tax positions of the prior year		—		—			(72	)
Additions based on tax positions related to the current year		183		10			70
Lapse of statute of limitations		—		(190	)		(188	)
Addition for tax positions of the prior year		—		—			154
Balance at June 30	$	607	$	424		$	604

Primary Components Of Deferred Tax Assets And (Liabilities)


	June 30,
(in thousands)	2024			2023
Accounts receivable	$	602		$	654
Inventory		1,995			1,490
Self-insurance		22			25
Payroll and related		1,001			938
Accrued liabilities		668			633
Property, plant, and equipment		1,100			1,202
Investment tax credit		185			303
Valuation allowance		(52	)		—
Net operating loss carryover		7			361
Lease assets		(15,160	)		(17,158	)
Lease liabilities		16,185			18,129
Research & development expenditure		1,909			—
Other		145			577
Total	$	8,607		$	7,154

Commitments And Contingencies

12 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [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.

Schedule II: Valuation And Qualifying Accounts (Details) - Accounts Receivable Allowance [Member] - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	$ 2,600	$ 2,980	$ 3,240
(Additions) Reductions to Income	(144)	(230)	126
Deductions from Reserves	(16)	(150)	(386)
Balance at End of Year	$ 2,440	$ 2,600	$ 2,980

Accrued Liabilities - Other (Tables)

12 Months Ended

Jun. 30, 2024

Other Liabilities, Current [Abstract]

Schedule Of Accrued Liabilities - Other


	June 30,
(in thousands)	2024		2023
Dividends	$	973	$	988
Warranty		1,017		1,057
Income taxes		362		—
Other		4,675		3,903
Total	$	7,027	$	5,948

Income Taxes (Components Of Income Before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
United States	$ 15,348	$ 6,680	$ 2,150
Outside the United States	202	2,539	3,752
Income before income taxes	$ 15,550	$ 9,219	$ 5,902

Stock-Based Compensation

12 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement, Noncash Expense [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 $4.6 million, $3.2 million and $1.0 million for fiscal years 2024, 2023, and 2022, 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. For periods beginning on or after July 1, 2023, restricted stock units ("RSUs") and performance stock units ("PSUs") granted to officers and key employees as part of long-term compensation programs are issued from the 2022 Plan. RSUs and PSUs awarded from the 2022 Plan are included in the Long-Term Incentive Compensation or Restricted Share and RSUs tables below.

(2)

Long-Term Incentive Compensation Plan (“LTIP”)

The LTIP provides for 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”). In conjunction with each grant of PSUs, the Committee granted RSUs under the 2013 Omnibus Stock Plan that vested at the end of three years. No further awards will be issued under this plan.

(3)

2013 Omnibus Stock Plan, and 2009 Stock Option Plan

The 2013 Omnibus Stock Plan was 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 this plan.

Long-Term Incentive Compensation

The table below sets forth, as of June 30, 2024, the number of unvested PSUs granted at the target performance level for the 2022-2024, 2023-2025, and 2024-2026 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, 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
Granted		66			18.91		99			18.91		165			18.91
Vested		(21	)		42.31		(75	)		12.15		(96	)		18.76
Forfeited		(27	)		20.80		(53	)		18.76		(80	)		19.45
Unvested as of June 30, 2024		97		$	17.92		182		$	22.07		279		$	20.65

Total unrecognized stock-based compensation related to the unvested PSUs at the target performance level and the related unvested RSUs was $2.0 million as of June 30, 2024, which is expected to be recognized over a period of 1.5 years.

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, 2024, is presented below:


				Weighted average
	Shares			fair value
	(in thousands)			per share
Unvested as of June 30, 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
Granted		4			21.14
Vested		(58	)		21.71
Forfeited		(4	)		19.40
Unvested as of June 20, 2024		16		$	21.96

Total unrecognized stock-based compensation related to unvested restricted shares and unvested RSUs (not granted in conjunction with the PSUs) was $0.2 million as of June 30, 2024, which is expected to be recognized over a weighted average period of 1.6 years.

Options

No stock options were granted during fiscal years 2024, 2023, and 2022.

A summary of the activity of the Company’s stock option plans during the years ended June 30, 2024, 2023, and 2022, is presented below:


				Weighted
	Shares			Average
	(in thousands)			Exercise Price
Outstanding at June 30, 2022		215		$	21.50
Cancelled		(13	)		30.20
Outstanding at June 30, 2023		202		$	20.98
Exercised		(3	)		32.13
Cancelled		(19	)		27.40
Outstanding at June 30, 2024		180		$	20.01

The following table summarizes information for options outstanding at June 30, 2024:


		Options		Weighted Average
Range of		Outstanding		Remaining		Exercise
Prices		(in thousands)		Life (Years)		Price
$	9.97 - 15.14		97		5.7	$	12.64
	18.30 - 19.72		6		6.9		18.30
	21.96 - 27.57		39		4.5		22.64
	31.06 - 32.80		26		1.9		32.30
	43.09 - 47.45		12		2.3		45.33
$	9.97 - 47.45		180		4.7	$	20.01

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 former Chief Financial Officer/Chief Operating Officer (current Chief Executive Officer) 79,000 options outside of any Company stock plans. All 79,000 options remain outstanding as of June 30, 2024, with an exercise price of $9.97 and a remaining life of 5.8 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 former Chief Executive Officer 55,000 options outside of any Company stock plans. All 55,000 options remain outstanding as of June 30, 2024, with an exercise price of $21.96 and a remaining life of 4.5 years. There is no remaining unrecognized stock-based compensation expense related to these options.

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Dec. 24, 2022	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023	Jul. 31, 2017	Aug. 31, 2016
Loss Contingencies [Line Items]
Environmental remediation		$ 2,800		$ 2,788
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

Quarterly Financial Information - Unaudited (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 110,822	$ 107,219	$ 100,108	$ 94,603	$ 105,819	$ 99,052	$ 93,137	$ 95,684	$ 412,752	$ 393,692	$ 544,282
Gross profit	23,567	23,317	21,950	18,410	21,115	18,645	15,838	15,349	87,244	70,947	72,680
Operating income (loss)	7,596	2,982	4,584	1,918	4,236	2,116	3,762	428	17,080	10,542	6,617
Net income	$ 4,922	$ 1,803	$ 3,051	$ 752	$ 10,161	$ 1,475	$ 2,853	$ 289	$ 10,528	$ 14,778	$ 1,853
Earnings (loss) per share:
Basic	$ 0.95	$ 0.35	$ 0.59	$ 0.15	$ 1.97	$ 0.28	$ 0.54	$ 0.05	$ 2.04	$ 2.83	$ 0.29
Diluted	$ 0.89	$ 0.33	$ 0.57	$ 0.14	$ 1.91	$ 0.28	$ 0.53	$ 0.05	$ 1.91	$ 2.74	$ 0.28
Insurance proceeds received related to settlement of environmental remediation liability							$ 2,800
Restructuring expense	$ 400	$ 2,600							$ 2,982		$ 730
Sale of income	3,300								3,300
Valuation allowance	$ 52								$ 52		$ 9,800

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES:
Net Income (Loss)	$ 10,528	$ 14,778	$ 1,853
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	3,997	4,572	5,171
Deferred income taxes	(1,454)	(7,154)
Stock-based compensation expense	4,647	3,191	1,020
Changes in (recoveries) provision for losses on accounts receivable	(160)	(380)	(260)
(Gain) on disposition of capital assets	(2,839)	(313)	(1,782)
Changes in operating assets and liabilities:
Trade receivables	(5,910)	3,318	15,140
Inventories	25,499	19,136	19,913
Other current assets	(1,681)	(1,467)	4,470
Other assets	(6,518)	(3,865)	(542)
Accounts payable - trade	1,373	(7,320)	(35,809)
Accrued liabilities	4,177	(1,270)	(769)
Other long-term liabilities	224	(237)	(412)
Net cash provided by operating activities	31,883	22,989	7,993
INVESTING ACTIVITIES:
Proceeds from sale of capital assets	4,179	340	1,937
Capital expenditures	(4,772)	(4,790)	(3,853)
Net cash (used in) investing activities	(593)	(4,450)	(1,916)
FINANCING ACTIVITIES:
Dividends paid	(3,219)	(3,241)	(3,911)
Treasury stock purchases	(1,659)	(3,700)	(35,052)
Proceeds from Short-Term Debt	367,818	363,805	265,093
Payments on lines of credit	(391,270)	(373,271)	(230,854)
Proceeds from issuance of common stock	88		117
Shares withheld for tax payments on vested shares and options exercised	(1,652)	(951)	(628)
Net cash (used in) financing activities	(29,894)	(17,358)	(5,235)
Increase in cash and cash equivalents	1,396	1,181	842
Cash and cash equivalents at beginning of year	3,365	2,184	1,342
Cash and cash equivalents at end of year	4,761	3,365	2,184
SUPPLEMENTAL INFORMATION
Interest paid	1,694	1,069	743
Income taxes (refunded)	4,296	4,104	(823)
Capital expenditures in accounts payable	$ 23	$ 311	$ 183

Assets Held For Sale (Summary Of Assets Held For Sale) (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations [Member] $ in Thousands	Jun. 30, 2024 USD ($)
Long Lived Assets Held-for-sale [Line Items]
Cost	$ 7,242
Accumulated Depreciation	(5,535)
Net Book Value	1,707
Buildings & Building Improvements [Member] \| Dublin, Georgia [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	6,798
Accumulated Depreciation	(5,326)
Net Book Value	1,472
Land & Land Improvements [Member] \| Dublin, Georgia [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	444
Accumulated Depreciation	(209)
Net Book Value	$ 235

Income Taxes (Income Tax (Provision) Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Federal - current	$ (4,708)	$ (799)	$ (2,966)
State and other - current	(1,768)	(796)	(1,084)
Deferred	1,454	7,154
Total	$ (5,022)	$ 5,559	$ (4,050)

- Definition

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

+ References + Details

Leases (Tables)

12 Months Ended

Jun. 30, 2024

Leases [Abstract]

Components Of Leases

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


(in thousands)	June 30, 2024		June 30, 2023
Operating lease expense	$	9,772	$	10,814
Variable lease expense		1,853		1,799
Total lease expense	$	11,625	$	12,613

Other Information Related To Leases And Future Minimum Lease Payments

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


Fiscal year	June 30, 2024			June 30, 2023
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,502		$	9,119

Cash received from subleasing of operating lease:
Operating cash flows received from subleasing of operating lease	$	2,744		$	175

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	797		$	38,775

Weighted-average remaining lease term (in years):
Operating leases		8.2			9.1

Weighted-average discount rate:
Operating leases		3.1	%		2.9	%

Fiscal year				June 30, 2024
(in thousands)
Payments in FY2025				$	9,418
FY2026					9,208
FY2027					9,378
FY2028					9,144
FY2029					8,064
Thereafter					28,976
Total future minimum lease payments				$	74,188
Less imputed interest					8,595
Lease liability				$	65,593

Benefit And Retirement Plans (Schedule Of Multiemployer Plans) (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Multiemployer Plan [Line Items]
Company Contributions	$ 109	$ 115	$ 127
Central States SE and SW Areas Pension Fund [Member]
Multiemployer Plan [Line Items]
EIN/Pension Plan Number	366044243
Pension Protection Act Zone Status	Red	Red
Rehabilitation Plan Status	Implemented
Company Contributions	$ 109	$ 115	$ 127
Surcharge Imposed	No
Expiration Date of Collective Bargaining Agreement	Mar. 31, 2025
Number of Company Employees in Plan	7
Steelworkers Pension Trust [Member]
Multiemployer Plan [Line Items]
EIN/Pension Plan Number	236648508
Pension Protection Act Zone Status	Green	Green
Rehabilitation Plan Status	NA
Surcharge Imposed	No

Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2023
Common stock, par value	$ 1	$ 1
Common Stock, Dividends, Per Share, Declared	$ 0.6	$ 0.6	$ 0.6
Total Par Value Of Common Shares [Member]
Common stock, par value				$ 1

Restructuring (Roll-forward Of Accrued Restructuring Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance		$ 1,290
Costs incurred	$ 2,982
Expenses paid	(2,982)	(1,290)
Accrual, Ending balance			$ 1,290
One-Time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance		1,275
Costs incurred	2,558		(211)
Expenses paid	(2,558)	(1,275)
Accrual, Ending balance			1,275
Fixed Asset Impairment Costs [Member]
Restructuring Cost and Reserve [Line Items]
Costs incurred	74
Expenses paid	(74)
Other Associated Costs [Member]
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance		15
Costs incurred	350		941
Expenses paid	$ (350)	$ (15)
Accrual, Ending balance			$ 15

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2022	Jun. 30, 2023
Tax Credit Carryforward [Line Items]
Reversal of valuation allowance		$ 9.8
Unrecognized tax benefits that, if recognized, would affect the effective tax rate	$ 0.4		$ 0.3
State [Member]
Tax Credit Carryforward [Line Items]
NOL carryforward	0.1
Certain State Tax Credit Carryforward [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward	0.2
Expiring Between 2022 And 2029 [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward	$ 0.2
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, 2041

Other Noncurrent Assets (Tables)

12 Months Ended

Jun. 30, 2024

Other Assets, Noncurrent Disclosure [Abstract]

Schedule Of Other Noncurrent Assets



	June 30,
(in thousands)	2024		2023
Cash value of life insurance	$	—	$	1,063
VAT receivable		11,447		3,865
Other		879		880
Total	$	12,326	$	5,808

Summary Of Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2024

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.

•

Advertising Costs

Design, Research And Development Costs

Insurance

Income Taxes

Earnings Per Share (EPS)


	June 30,
(in thousands)	2024		2023		2022
Basic shares		5,170		5,225		6,329

Potential common shares:
Stock options		117		62		113
Long-term incentive plan		232		98		61

Diluted shares		5,519		5,385		6,503

Anti-dilutive shares		37		161		67

Stock-Based Compensation

Segment Reporting

Treasury Stock

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, 2024 USD ($)
Short-term Debt [Line Items]
Letters of credit outstanding			$ 1.0
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			6.70%
Debt term	5 years
Fixed coverage ratio			1
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			$ 4.8

Property, Plant And Equipment

12 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant And Equipment

4. PROPERTY, PLANT AND EQUIPMENT


	Estimated	June 30,
(in thousands)	Life (Years)	2024			2023
Land		$	3,226		$	3,457
Buildings and improvements	5-39		41,968			49,131
Machinery and equipment	3-7		20,864			19,824
Delivery equipment	3-5		2,570			2,962
Furniture and fixtures	3-7		3,226			3,558
Computer software and hardware	3-7		10,033			8,919
Construction in progress			1,439			4,231
Total			83,326			92,082
Less accumulated depreciation			(46,617	)		(53,430	)
Net		$	36,709		$	38,652

The Company recognized no impairment charges for fiscal years 2024, 2023, and 2022.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false
Mr. Derek Schmidt [Member]
Trading Arrangements, by Individual
Name	Mr. Derek Schmidt
Title	officer
Rule 10b5-1 Arrangement Terminated	true
Non-Rule 10b5-1 Arrangement Terminated	true
Termination Date	May 10, 2024

Restructuring

12 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring

5. RESTRUCTURING

Exit of Commercial Office, Hospitality and Vehicle Seating

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 these restructuring activities in the fiscal years ended June 30, 2023 and June 30, 2024.

Manufacturing Network Optimization

On February 5, 2024, the Company announced its plan to close its Dublin, Georgia manufacturing facility. The closure was completed in the fourth quarter of fiscal year 2024. As a result of the closure the Company expected to incur pre-tax restructuring expense of approximately $2.5 to $3.2 million. Total cumulative restructuring costs related to the planned action were $3.0 million. The Dublin, Georgia facility and property are listed for sale following the closure. See Note 6, Assets Held For Sale for more information.

The following is a summary of restructuring costs:


	For the years ended June 30,
(in thousands)	2024		2023		2022
One-time employee termination benefits		2,558		—		(211	)
Fixed asset impairments		74		—		—
Other associated costs		350		—		941
Total restructuring and related expenses	$	2,982	$	—	$	730
Reported as:
Operating expenses	$	2,982	$	—	$	730

One-time employee termination benefits include costs for employee separation benefits.

During the year ended June 30, 2024, the Company recorded one-time employee termination benefits, fixed asset impairment charges and other associated costs related to the Dublin closure. Other associated costs include legal and professional fees, inventory and equipment transfer costs, and other transition costs.

During the year ended June 30, 2022, the Company recorded a decrease in a pension plan liability related to the exit of commercial office, hospitality and vehicle seating activities 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.

All expenses related to the manufacturing network optimization restructuring plan were incurred and paid during the year ended June 30, 2024. The Company paid all remaining costs associated with the exit of commercial office, hospitality and vehicle seating restructuring program in the year ended June 30, 2023.

The roll forward of the accrued restructuring costs is as follows, for the years ended June 30, 2024, 2023, and 2022:


	One-time
	Employee			Fixed Asset			Other
	Termination			Impairment			Associated
(in thousands)	Benefits			Costs			Costs			Total
Accrual balance at June 30, 2022	$	1,275		$	—		$	15		$	1,290
Costs incurred		—			—			—			—
Expenses paid		(1,275	)		—			(15	)		(1,290	)
Accrual balance at June 30, 2023	$	—		$	—		$	—		$	—
Costs incurred		2,558			74			350			2,982
Expenses paid		(2,558	)		(74	)		(350	)		(2,982	)
Accrual balance at June 30, 2024	$	—		$	—		$	—		$	—

Benefit And Retirement Plans (Narrative) (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($) Item	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Pension and Other Postretirement Benefits [Line Items]
Company's matching contribution to retirement savings plans	$ 1,800	$ 1,600	$ 2,000
Number of plans \| Item	1
Payments for Restructuring	$ 2,982	$ 1,290
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%

Stock-Based Compensation (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2020	Dec. 31, 2018	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense			$ 4,600,000	$ 3,200,000	$ 1,000,000
Shares available for future grants			0	0	0
Options remain outstanding			180,000	202,000	215,000
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			$ 200,000
Total unrecognized stock-based compensation, expected period			1 year 7 months 6 days
Employee Stock Option
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
Former Chief Financial Officer/Chief Operating Officer (Current Chief Executive 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]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants			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			$ 2,000,000
Total unrecognized stock-based compensation, expected period			1 year 6 months
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] \| Former 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			4 years 6 months
Options remain outstanding			55,000,000
Stock-based Compensation Outside A Plan [Member] \| Former Chief Financial Officer/Chief Operating Officer (Current Chief Executive Officer) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price of options			$ 9.97
Remaining life			5 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

Summary Of Significant Accounting Policies (Computation of Earnings Per Share) (Details) - shares shares in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Basic shares	5,170	5,225	6,329
Stock options	117	62	113
Long-term incentive plan	232	98	61
Diluted shares	5,519	5,385	6,503
Anti-dilutive shares	37	161	67

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 4,922	$ 1,803	$ 3,051	$ 752	$ 10,161	$ 1,475	$ 2,853	$ 289	$ 10,528	$ 14,778	$ 1,853

- Definition

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

+ References

+ Details

Schedule II: Valuation And Qualifying Accounts

12 Months Ended

Jun. 30, 2024

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, 2024, 2023, and 2022


(in thousands)	Balance at Beginning of		(Additions) Reductions to			Deductions from			Balance at End
Description	Year		Income			Reserves			of Year
Accounts Receivable Allowances:
2024	$	2,600	$	(144	)	$	(16	)	$	2,440
2023	$	2,980	$	(230	)	$	(150	)	$	2,600
2022	$	3,240	$	126		$	(386	)	$	2,980

Consolidated Statements Of Income And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 412,752	$ 393,692	$ 544,282
Cost of goods sold	325,508	322,745	471,602
Gross profit	87,244	70,947	72,680
Selling, general and administrative	70,444	62,846	66,733
Restructuring expense	2,982		730
Environmental remediation		(2,788)
(Gain) on disposal of assets	(3,262)		(1,400)
Other expense		347
Operating income	17,080	10,542	6,617
Other income	20	18	121
Interest (expense)	(1,550)	(1,341)	(835)
Total other (expense)	(1,530)	(1,323)	(714)
Income before income taxes	15,550	9,219	5,903
Income tax expense (benefit)	5,022	(5,559)	4,050
Net income	$ 10,528	$ 14,778	$ 1,853
Weighted average number of common shares outstanding:
Basic	5,170	5,225	6,329
Diluted	5,519	5,385	6,503
Earnings per share of common stock:
Basic	$ 2.04	$ 2.83	$ 0.29
Diluted	$ 1.91	$ 2.74	$ 0.28

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Jun. 30, 2024	Aug. 30, 2024	Dec. 29, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Securities Act File Number	0-5151
Document Fiscal Year Focus	2024
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, $1.00 Par Value
Trading Symbol	FLXS
Security Exchange Name	NASDAQ
Entity Central Index Key	0000037472
Current Fiscal Year End Date	--06-30
Entity Public Float			$ 86,640,256
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
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Common Stock, Shares Outstanding		5,203,627
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE In Part III, portions of the registrant’s 2024 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

Leases

12 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

2. LEASES

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

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

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

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


(in thousands)	June 30, 2024		June 30, 2023
Operating lease expense	$	9,772	$	10,814
Variable lease expense		1,853		1,799
Total lease expense	$	11,625	$	12,613

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


Fiscal year	June 30, 2024			June 30, 2023
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,502		$	9,119

Cash received from subleasing of operating lease:
Operating cash flows received from subleasing of operating lease	$	2,744		$	175

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	797		$	38,775

Weighted-average remaining lease term (in years):
Operating leases		8.2			9.1

Weighted-average discount rate:
Operating leases		3.1	%		2.9	%

Fiscal year				June 30, 2024
(in thousands)
Payments in FY2025				$	9,418
FY2026					9,208
FY2027					9,378
FY2028					9,144
FY2029					8,064
Thereafter					28,976
Total future minimum lease payments				$	74,188
Less imputed interest					8,595
Lease liability				$	65,593

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Statement of Financial Position [Abstract]
Trade receivables, allowance for doubtful accounts	$ 2,440	$ 2,600
Common stock, par value	$ 1	$ 1
Common stock, authorized	15,000,000	15,000,000
Common stock, issued	8,407,000	8,292,000
Common stock, outstanding	5,200,000	5,174,000
Treasury stock, shares	3,207,158	3,118,000

Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Total	$ 83,326	$ 92,082
Less accumulated depreciation	(46,617)	(53,430)
Net	36,709	38,652
Land [Member]
Property, Plant and Equipment [Line Items]
Total	3,226	3,457
Buildings & Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Total	41,968	49,131
Machinery And Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	20,864	19,824
Delivery Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	2,570	2,962
Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total	3,226	3,558
Computer Software And Hardware [Member]
Property, Plant and Equipment [Line Items]
Total	10,033	8,919
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total	$ 1,439	$ 4,231
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

Property, Plant And Equipment (Narrative) (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Dubuque and Starkville property, plant and equipment impairment	$ 0	$ 0	$ 0

Quarterly Financial Information - Unaudited

12 Months Ended

Jun. 30, 2024

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information - Unaudited

14. QUARTERLY FINANCIAL INFORMATION – UNAUDITED


(in thousands, except per share amounts)	For the Quarter Ended
	September 30		December 31		March 31(a)		June 30(b)
Fiscal 2024:
Net sales	$	94,603	$	100,108	$	107,219	$	110,822
Gross profit		18,410		21,950		23,317		23,567
Operating income		1,918		4,584		2,982		7,596
Net income		752		3,051		1,803		4,922
Earnings per share:
Basic	$	0.15	$	0.59	$	0.35	$	0.95
Diluted	$	0.14	$	0.57	$	0.33	$	0.89

(a)

(b)


	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 profit		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)

(b)

Income Taxes (Reconciliation Between The U.S. Federal Statutory Tax Rate And The Effective Tax Rate) (Details)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Federal statutory tax rate	21.00%	21.00%	21.00%
State taxes, net of federal effect	4.70%	5.20%	(0.70%)
Foreign rate differential	2.10%	2.80%	5.70%
Uncertain tax positions	1.10%	(2.10%)	(2.60%)
Stock based compensation	(1.10%)	(0.50%)	(1.00%)
Section 162(m)	4.20%	2.50%	1.90%
Foreign adjustments	1.70%	(0.10%)	(8.90%)
Expired state credits	0.60%	17.10%
Research & development credit	(4.80%)
Remeasurement of deferred tax assets and valuation	0.30%	(106.70%)	42.80%
Amended return impacts			7.80%
State rate change and other state items	2.10%	(0.50%)	2.70%
Other	0.40%	1.00%	(0.10%)
Effective tax rate	32.30%	(60.30%)	68.60%