Note B - Inventories

6 Months Ended

Dec. 29, 2023

Notes to Financial Statements

Inventory Disclosure [Text Block]

B. Inventories

The major classes of inventories were as follows:

	December 29, 2023		June 30, 2023
Inventories:
Finished parts	$	65,089	$	66,956
Work in process		22,239		23,374
Raw materials		44,440		41,600
	$	131,768	$	131,930

In the first quarter of fiscal year 2024, the Company entered into an agreement to sell most of its boat management system product line located at one of its subsidiaries in Italy. The sale amount was below cost and resulted in the Company recognizing an inventory write-down of $2.1 million. The Company also evaluated its other boat management system inventory, not associated with the sale. This evaluation resulted in the Company recognizing an additional inventory write-down of $1.6 million for inventory located in the U.S. These write-downs were partially offset by certain liabilities transferred to the buyer at the time of the sale. The sale was completed in the second quarter of fiscal year 2024.