0001437749-21-002109.txt : 20210205 0001437749-21-002109.hdr.sgml : 20210205 20210205163451 ACCESSION NUMBER: 0001437749-21-002109 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20210204 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210205 DATE AS OF CHANGE: 20210205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STANDEX INTERNATIONAL CORP/DE/ CENTRAL INDEX KEY: 0000310354 STANDARD INDUSTRIAL CLASSIFICATION: REFRIGERATION & SERVICE INDUSTRY MACHINERY [3580] IRS NUMBER: 310596149 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07233 FILM NUMBER: 21596143 BUSINESS ADDRESS: STREET 1: 23 KEEWAYDIN DRIVE STREET 2: SUITE 300 CITY: SALEM STATE: NH ZIP: 03079 BUSINESS PHONE: 603-893-9701 MAIL ADDRESS: STREET 1: 23 KEEWAYDIN DRIVE STREET 2: SUITE 300 CITY: SALEM STATE: NH ZIP: 03079 8-K 1 sxi20210204_8k.htm FORM 8-K sxi20210204_8k.htm
false 0000310354 0000310354 2021-02-04 2021-02-04
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
 
Current Report
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): February 4, 2021
 
STANDEX INTERNATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
 
 
Delaware
 
1-7233
 
31-0596149
(State or other jurisdiction of
incorporation or organization)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
 
23 Keewaydin Drive, Salem, New Hampshire
 
03079
(Address of principal executive offices)
 
(Zip Code)
 
Registrant’s telephone number, including area code: (603) 893-9701
  
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, Par Value $1.50 Per Share
SXI
New York Stock Exchange
 
Not applicable
(Former name or former address, if changed since last report)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Emerging growth company  
 
If an emerging growth company, indicates by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
 
 

 
Standex International Corporation
 
SECTION 2 – FINANCIAL INFORMATION

ITEM 2.02 – RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS
 
On February 4, 2021, the registrant issued a press release announcing earnings for the second quarter ended December 31, 2020. A copy of the release is furnished herewith as Exhibit 99 and is incorporated herein by reference. This Current Report on Form 8-K and the press release attached hereto are being furnished by Standex International Corporation pursuant to item 2.02 of Form 8-K.
 
 
SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS
 
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
 
(c)
Exhibits – The following exhibits are provided as part of the information furnished under Items 2.02 of this Current Report on Form 8-K.
 
 
Exhibit No.
Description
 
 
99
  104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
FORWORD-LOOKING STATEMENTS
 
This current report on Form 8-K contains “forward-looking statements” within the meaning of the Private Securities Litigation Act of 1995 (the “Act”) that are intended to come within the safe harbor protection provided by the Act. By their nature, all forward-looking statements involve risks and uncertainties, and actual results may differ materially from those contemplated by the forward-looking statements. Several factors that could materially effect the Corporation’s actual results are identified in the press release as well as in the Corporation’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020.
 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
STANDEX INTERNATIONAL CORPORATION
(Registrant)
 
 
 
 /s/ Ademir Sarcevic
 
 
 
Ademir Sarcevic
Chief Financial Officer 
 
 
Date: February 5, 2021
 
 
Signing on behalf of the registrant and as principal financial officer
 
 
 
EX-99 2 ex_224461.htm EXHIBIT 99 ex_224461.htm

Exhibit 99

 

 

News Release

ex_224461img001.gif

 

STANDEX INTERNATIONAL CORPORATION ● SALEM, NH 03079 ● TEL (603) 893-9701 ● FAX (603) 893-7324 ● WEB www.standex.com

 

STANDEX REPORTS FISCAL SECOND QUARTER 2021 FINANCIAL RESULTS

 

 

Improved Sequential Performance Driven by Revenue Growth at Electronics, Scientific and Engraving Segments

 

Significant Free Cash Flow Generation Fueled by Strong Working Capital Performance

 

Previous Cost Actions Remain on Track, Implementing Additional Productivity Actions

 

Introducing Longer Term Financial Performance Targets

 

SALEM, NH – February 4, 2021Standex International Corporation (NYSE:SXI) today reported financial results for the second quarter of fiscal year 2021 ending December 31, 2020.

 

Summary Financial Results  Total Standex

 

 

 

 

 

($M except EPS and Dividends)

2Q21

2Q20 1

1Q21

Y/Y

Q/Q

Net Sales

$156.3

$153.7

$151.3

1.7%

3.3%

Operating Income

$16.7

$17.6

$14.4

-5.1%

16.6%

Net Income from Continuing Ops

$12.0

$12.3

$10.3

-2.3%

16.1%

 

     

 

 

EBITDA

$25.1

$25.1

$22.7

0.0%

10.6%

EBITDA margin

16.1%

16.4%

15.0%

-30 bps

+110 bps

Adjusted EBITDA

$26.2

$26.6

$24.8

-1.6%

5.6%

Adjusted EBITDA margin

16.8%

17.3%

16.4%

- 50 bps

+40 bps

 

 

 

 

 

 

Diluted EPS

$0.98

$0.99

$0.84

-1.0%

16.7%

Adjusted EPS

$1.05

$0.99

$0.96

6.1%

9.4%

Dividends per share

0.24

0.22

0.22

9.1%

9.1%

 

 

 

 

 

 

2Q Free Cash Flow

$17.0 

$3.6

$4.4

370.7%

284.0%

Net Debt to EBITDA

0.9x

0.8x

1.1x

12.0%

-15.5%

 

1Fiscal second quarter 2020 results have been adjusted to reflect the divestiture of Refrigerated Solutions Group on April 16, 2020

 

Second Quarter Fiscal 2021 Results

 

Commenting on the quarter’s results, President and Chief Executive Officer David Dunbar said, “We are very pleased with our second quarter results as our performance improved sequentially, end markets continued to show signs of recovery, and we are well-positioned for a stronger second half in fiscal 2021. In particular, the Electronics and Scientific segments experienced strong demand and have healthy backlogs. Our productivity initiatives are becoming further embedded within the organization, demonstrated by the sequential increase in adjusted operating margin in the quarter. We remain on track to deliver over $7 million in annual savings in fiscal 2021 from our cost actions.

 

“Our financial profile also further strengthened in the second quarter. We reported free cash flow of $17 million and have generated a 95% free cash flow to net income conversion rate through the first half of fiscal 2021. We ended the quarter with approximately $200 million in available liquidity and a net debt to adjusted EBITDA ratio of 0.9x. We continued to repatriate cash, approximately $17 million in the quarter, and are on track to repatriate about $35 million in fiscal 2021. With our financial position further strengthening, we expect to remain active in opportunistically repurchasing shares.

 

“In the second quarter, we continued to build on our solid start to the fiscal year and expect stronger results in the second half of fiscal 2021, both sequentially and year-over-year. We are actively engaged with our customers regarding emerging global trends that will shape the future of our end markets such as electric vehicles, renewable energy and 5G. Our technical expertise and strength of client relationships position us well for these opportunities as we continue to build on our portfolio of high-quality businesses. Our ongoing productivity and efficiency initiatives provide further opportunity to leverage these trends,” said Mr. Dunbar.

 

Outlook

 

“In fiscal third quarter 2021, we expect a moderate revenue and operating margin improvement compared to fiscal second quarter 2021 results. This reflects a sequential revenue increase at the Electronics, Scientific, Engineering Technologies, and Specialty Solutions segments. Engraving revenue is expected to decline sequentially reflecting both geographic mix and timing of projects but recover in fiscal fourth quarter 2021.

 

"Over the past few years, we have meaningfully transformed our portfolio around businesses with attractive growth and margin profiles, as well as strong end market and customer value propositions. As a result of these substantial changes, we believe it is now appropriate to provide a longer-term financial outlook.

 

“Specifically, we are targeting mid-single digit organic revenue growth on a compound annual basis, assuming continued macro-economic recovery, and an EBITDA margin in excess of 20%. We believe a free cash flow conversion ratio of approximately 100% is achievable under these assumptions. It is our expectation that with this financial performance we will increase our return on invested capital to above 12%. Finally, with our substantial financial flexibility, we plan to continue to execute on an active pipeline of organic and inorganic growth opportunities,” concluded Dunbar.

 

Second Quarter Segment Operating Performance

 

Electronics (39% of sales; 39% of segment operating income)

 

 

2Q21

2Q20

% Change

Electronics ($M)

   

 

Revenue

$60.2

$45.8

31.2%

Operating Income

10.0

7.8

28.1%

Operating Margin

16.6%

17.0%

 

 

Revenue increased approximately $14.3 million or 31.2% year-over-year reflecting a 14.5% organic growth rate and 3.6% increase related to foreign exchange. This growth reflected a broad-based geographical recovery with positive trends in markets such as automotive, including electric vehicles, appliances, and semiconductor equipment. The recent Renco acquisition contributed approximately $6 million to revenue or approximately 42% of the increase in year-over-year growth.

 

Operating income increased approximately $2.2 million or 28.1% year-over-year reflecting operating leverage associated with revenue growth, productivity initiatives, and profit contribution from Renco partially offset by increased raw material prices.

 

The Company expects a moderate increase in revenue and operating margin compared to fiscal second quarter 2021 due to further growth for relays in solar and electric vehicle applications as well as recovery in reed switch demand in transportation end markets.

 

Engraving (24% of sales; 26% of segment operating income)

 

 

2Q21

2Q20

% Change

Engraving ($M)

   

 

Revenue

$38.0

$38.3

-0.8%

Operating Income

6.5

6.9

-6.0%

Operating Margin

17.1%

18.1%

 

 

Revenue decreased approximately $0.3 million or 0.8% year-over-year and operating income was lower by approximately $0.4 million or 6% year-over-year. The results reflected volume decline associated with the economic impact of COVID-19 partially mitigated by ongoing productivity and expense savings initiatives. Sequentially, Engraving revenue increased 4.3% and operating margin improved approximately 100 basis points, reflecting a more favorable geographic mix and read out of productivity and cost actions.

 

In fiscal third quarter 2021, the Company expects a slight revenue decline and a moderate decline in operating margin compared to fiscal second quarter 2021, reflecting a less favorable geographic mix and timing of projects. The Company expects an increase in Engraving revenue and operating margin on a sequential and year-over-year basis in fiscal fourth quarter 2021.

 

Scientific (11% of sales; 17% of segment operating income)

 

 

2Q21

2Q20

% Change

Scientific ($M)

 

 

 

Revenue

$17.9

$15.4

16.1%

Operating Income

4.2

4.1

4.4%

Operating Margin

23.7%

26.3%

 

 

Revenue increased approximately $2.5 million or 16.1% year-over-year, reflecting positive trends at retail pharmaceutical chains and medical distribution companies, much of it associated with the demand for COVID vaccine storage. Operating income increased $0.1 million or 4.4% year-over-year, reflecting the volume increase balanced with investments to support growth opportunities.

 

In fiscal third quarter 2021, the Company expects a moderate to strong sequential increase in revenue driven by continued COVID-19 vaccine-storage demand. The Company expects operating margin to be slightly ahead of the second quarter results, reflecting volume increase balanced with reinvestment in the business for R&D and growth opportunities.

 

Engineering Technologies (11% of sales; 5% of segment operating income)

 

 

2Q21

2Q20

% Change

Engineering Technologies ($M)

   

 

Revenue

$17.5

$26.5

-33.9%

Operating Income

1.4

3.4

 -60.2%

Operating Margin

7.8%

12.9%

 

 

On a year-over-year basis, Engineering Technologies revenue and operating income decreased approximately $9.0 million or 33.9% and $2.1 million or 60.2%, respectively. This reflected the economic impact of COVID-19 on the commercial aviation market, especially engine parts manufacturing. On a sequential basis, operating margin increased approximately 500 basis points on a similar revenue level to fiscal first quarter 2021 as a result of product mix and ongoing productivity actions.

 

In fiscal third quarter 2021, the Company expects a moderate increase in revenue primarily due to the early stages of recovery in the commercial aviation end market. However. the Company expects operating margin to be sequentially similar to the second fiscal quarter of 2021 due to a higher sales mix of lower margin engine parts, partially offset by productivity initiatives.

 

Specialty Solutions (15% of sales; 13% of segment operating income)

 

  2Q21 2Q20 % Change

Specialty Solutions ($M)

   

 

Revenue

$22.8

$27.7

-17.8%

Operating Income

3.2

4.3

-26.0%

Operating Margin

14.1%

15.7%

 

 

On a year-over-year basis, Specialty Solutions revenue decreased approximately $4.9 million or 17.8% year-over-year with an operating income decline of $1.1 million or 26.0%. This reflected the economic impact of the COVID-19 pandemic on this segment’s end markets. On a sequential basis, the sales decline was primarily associated with seasonality and a lower number of shipping days in the quarter.

 

In fiscal third quarter 2021, the Company expects a moderate sequential increase in revenue and in operating margin, reflecting a gradual recovery in the food service industry and strong order trends in the refuse markets.

 

Capital Allocation

 

 

Share Repurchase: During the fiscal second quarter, the Company repurchased approximately 36,000 shares for $2.5 million. There is approximately $35 million remaining under the Board's current repurchase authorization.

 

 

Capital Expenditures: In fiscal second quarter 2021, Standex’s cash capital expenditures were $5.3 million compared to $3.7 million in the fiscal second quarter of 2020. Investments were focused on maintenance, safety, and the Company’s highest priority growth initiatives. The Company expects fiscal year 2021 capital expenditures between approximately $25 million to $28 million.

 

 

Dividends: On January 28, the Company declared a quarterly cash dividend of $0.24 per share, a 9% year-over-year increase. The dividend is payable on February 25, 2021 to shareholders of record on February 10, 2021. 

 

Balance Sheet and Cash Flow Highlights

 

 

Net Debt: Standex had net debt of $90.9 million at December 31, 2020 compared to $106.2 million at the end of the fiscal first quarter of 2021 and $80.3 million at the end of fiscal 2020. Net debt for the second quarter of 2021 consisted primarily of long-term debt of $200 million and cash and equivalents of $109.1 of which $80.1 million was held by foreign subsidiaries.

 

 

 

Standex repatriated approximately $17 million in fiscal second quarter 2021 and expects to repatriate $35 million in fiscal 2021. The Company’s net debt to Adjusted EBITDA leverage ratio was approximately 0.9x at the end of the fiscal second quarter 2021.

 

 

Cash Flow: Net cash provided by continuing operating activities for the three months ended December 31, 2020 was $22.3 million. The Company generated free cash flow after capital expenditures of $17.0 million, inclusive of a $4.8 million pension payment, primarily reflecting improvement in working capital management.  

 

Conference Call Details

 

Standex will host a conference call for investors tomorrow, February 5, 2021 at 8:30 a.m. ET. On the call, David Dunbar, President and CEO, and Ademir Sarcevic, CFO, will review the Company’s financial results and business and operating highlights. Investors interested in listening to the webcast and viewing the slide presentation should log on to the “Investors” section of Standex’s website under the subheading, “Events and Presentations,” located at www.standex.com.

 

A replay of the webcast will also be available on the Company’s website shortly after the conclusion of the presentation online through February 5, 2022. To listen to the teleconference playback, please dial (877) 344-7529 in the U.S. or (412) 317-0088 internationally; the passcode is 10150953. The audio playback via phone will be available through February 12, 2021. The webcast replay can be accessed in the “Investor Relations” section of the Company’s website, located at www.standex.com.

 

 

Use of Non-GAAP Financial Measures

 

In addition to the financial measures prepared in accordance with generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures, including non-GAAP adjusted income from operations, non-GAAP adjusted net income from continuing operations, free operating cash flow, EBITDA (earnings before interest, taxes, depreciation and amortization) adjusted EBITDA, adjusted EBITDA to net debt, and adjusted earnings per share. The attached financial tables reconcile non-GAAP measures used in this press release to the most directly comparable GAAP measures. The Company believes that the use of non-GAAP measures including the impact of restructuring charges, purchase accounting, insurance recoveries, discrete tax events, and acquisition costs help investors to obtain a better understanding of our operating results and prospects, consistent with how management measures and forecasts the Company's performance, especially when comparing such results to previous periods. An understanding of the impact in a particular quarter of specific restructuring costs, acquisition expenses, or other gains and losses, on net income (absolute as well as on a per-share basis), operating income or EBITDA can give management and investors additional insight into core financial performance, especially when compared to quarters in which such items had a greater or lesser effect, or no effect. Non-GAAP measures should be considered in addition to, and not as a replacement for, the corresponding GAAP measures, and may not be comparable to similarly titled measures reported by other companies.

 

About Standex

 

Standex International Corporation is a multi-industry manufacturer in five broad business segments: Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions with operations in the United States, Europe, Canada, Japan, Singapore, Mexico, Brazil, Turkey, South Africa, India and China. For additional information, visit the Company's website at http://standex.com/.

 

 

Forward-Looking Statements

 

Statements contained in this Press Release that are not based on historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terminology such as "should," "could," "may," "will," "expect," "believe," "estimate," "anticipate," "intend," "continue," or similar terms or variations of those terms or the negative of those terms. There are many factors that affect the Company's business and the results of its operations and that may cause the actual results of operations in future periods to differ materially from those currently expected or anticipated. These factors include, but are not limited to: the impact of pandemics such as the current coronavirus on employees, our supply chain, and the demand for our products and services around the world; materially adverse or unanticipated legal judgments, fines, penalties or settlements; conditions in the financial and banking markets, including fluctuations in exchange rates and the inability to repatriate foreign cash; domestic and international economic conditions, including the impact, length and degree of economic downturns on the customers and markets we serve and more specifically conditions in the automotive, construction, aerospace, transportation, food service equipment, consumer appliance, energy, oil and gas and general industrial markets; lower-cost competition; the relative mix of products which impact margins and operating efficiencies in certain of our businesses; the impact of higher raw material and component costs, particularly steel, certain materials used in electronics parts, petroleum based products, and refrigeration components; an inability to realize the expected cost savings from restructuring activities including effective completion of plant consolidations, cost reduction efforts including procurement savings and productivity enhancements, capital management improvements, strategic capital expenditures, and the implementation of lean enterprise manufacturing techniques; the potential for losses associated with the exit from or divestiture of businesses that are no longer strategic or no longer meet our growth and return expectations; the inability to achieve the savings expected from global sourcing of raw materials and diversification efforts in emerging markets; the impact on cost structure and on economic conditions as a result of actual and threatened increases in trade tariffs; the inability to attain expected benefits from acquisitions and the inability to effectively consummate and integrate such acquisitions and achieve synergies envisioned by the Company; market acceptance of our products; our ability to design, introduce and sell new products and related product components; the ability to redesign certain of our products to continue meeting evolving regulatory requirements; the impact of delays initiated by our customers; and our ability to increase manufacturing production to meet demand; and potential changes to future pension funding requirements. In addition, any forward-looking statements represent management's estimates only as of the day made and should not be relied upon as representing management's estimates as of any subsequent date. While the Company may elect to update forward-looking statements at some point in the future, the Company and management specifically disclaim any obligation to do so, even if management's estimates change.

 

Contact:

Ademir Sarcevic, CFO

(603) 893-9701

e-mail : InvestorRelations@Standex.com

 

 

 

Standex International Corporation

Condensed Consolidated Statements of Operations

(unaudited)

 

   

Three Months Ended

   

Six Months Ended

 
   

December 31,

   

December 31,

 

(In thousands, except per share data)

 

2020

   

2019

   

2020

   

2019

 
                                 

Net sales

  $ 156,283     $ 153,697     $ 307,569     $ 309,669  

Cost of sales

    98,267       95,901       194,816       193,646  

Gross profit

    58,016       57,796       112,753       116,023  
                                 

Selling, general and administrative expenses

    40,199       38,664       79,069       78,826  

Acquisition related costs

    570       773       596       1,507  

Restructuring costs

    509       720       1,996       2,199  
                                 

Income from operations

    16,738       17,639       31,092       33,491  
                                 

Interest expense

    1,601       1,928       3,086       4,050  

Other non-operating (income) / expense

    (60 )     588       (231 )     (331 )

Total

    1,541       2,516       2,855       3,719  
                                 

Income from continuing operations before income taxes

    15,197       15,123       28,237       29,772  

Provision for income taxes

    3,189       2,831       5,885       6,909  

Net income from continuing operations

    12,008       12,292       22,352       22,863  
                                 

Income (loss) from discontinued operations, net of tax

    (631 )     (54 )     (1,258 )     1,813  
                                 

Net income

  $ 11,377     $ 12,238     $ 21,094     $ 24,676  
                                 

Basic earnings per share:

                               

Income (loss) from continuing operations

  $ 0.98     $ 0.99     $ 1.83     $ 1.85  

Income (loss) from discontinued operations

    (0.05 )     -       (0.10 )     0.15  

Total

  $ 0.93     $ 0.99     $ 1.73     $ 2.00  
                                 

Diluted earnings per share:

                               

Income (loss) from continuing operations

  $ 0.98     $ 0.99     $ 1.82     $ 1.84  

Income (loss) from discontinued operations

    (0.05 )     -       (0.10 )     0.15  

Total

  $ 0.93     $ 0.99     $ 1.72     $ 1.99  
                                 

Average Shares Outstanding

                               

Basic

    12,195       12,376       12,213       12,359  

Diluted

    12,270       12,455       12,277       12,427  

 

 

 

 

Standex International Corporation

Condensed Consolidated Balance Sheets

(unaudited)

 

   

December 31,

   

June 30,

 

(In thousands)

 

2020

   

2020

 
                 

ASSETS

               

Current assets:

               

Cash and cash equivalents

  $ 109,110     $ 118,809  

Accounts receivable, net

    100,585       98,157  

Inventories

    90,710       85,031  

Prepaid expenses and other current assets

    20,430       18,870  

Income taxes receivable

    6,281       8,194  

Current assets- Discontinued Operations

    -       2,936  

Total current assets

    327,116       331,997  
                 

Property, plant, equipment, net

    135,733       132,533  

Intangible assets, net

    113,211       106,412  

Goodwill

    291,836       271,221  

Deferred tax asset

    16,123       17,322  

Operating lease right-of-use asset

    44,544       44,788  

Other non-current assets

    30,094       26,605  

Total non-current assets

    631,541       598,881  
                 

Total assets

  $ 958,657     $ 930,878  
                 

LIABILITIES AND STOCKHOLDERS' EQUITY

               
                 

Current liabilities:

               

Accounts payable

  $ 55,524     $ 54,910  

Accrued liabilities

    59,287       59,929  

Income taxes payable

    3,075       7,428  

Current Liabilities- Discontinued Operations

    -       610  

Total current liabilities

    117,886       122,877  
                 

Long-term debt

    200,032       199,150  

Operating lease long-term liabilities

    34,961       36,293  

Accrued pension and other non-current liabilities

    107,588       110,926  

Total non-current liabilities

    342,581       346,369  
                 

Stockholders' equity:

               

Common stock

    41,976       41,976  

Additional paid-in capital

    76,548       72,752  

Retained earnings

    843,038       827,656  

Accumulated other comprehensive loss

    (124,149 )     (147,659 )

Treasury shares

    (339,223 )     (333,093 )

Total stockholders' equity

    498,190       461,632  
                 

Total liabilities and stockholders' equity

  $ 958,657     $ 930,878  

 

 

 

Standex International Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(unaudited)

 

   

Six Months Ended

 
   

December 31,

 

(In thousands)

 

2020

   

2019

 
                 

Cash Flows from Operating Activities

               

Net income

  $ 21,094     $ 24,676  

Income (loss) from discontinued operations

    (1,258 )     1,813  

Income from continuing operations

    22,352       22,863  
                 

Adjustments to reconcile net income to net cash provided by operating activities:

               

Depreciation and amortization

    16,521       16,066  

Stock-based compensation

    4,288       4,820  

Non-cash portion of restructuring charge

    (492 )     (149 )

Life insurance benefit

    -       (1,302 )

Contributions to defined benefit plans

    (4,880 )     (1,932 )

Net changes in operating assets and liabilities

    (6,281 )     (23,636 )

Net cash provided by operating activities - continuing operations

    31,508       16,730  

Net cash provided by (used in) operating activities - discontinued operations

    2,254       4,930  

Net cash provided by (used in) operating activities

    33,762       21,660  

Cash Flows from Investing Activities

               

Expenditures for property, plant and equipment

    (10,145 )     (10,376 )

Expenditures for acquisitions, net of cash acquired

    (27,398 )     -  

Other investing activities

    275       2,020  

Net cash (used in) investing activities from continuing operations

    (37,268 )     (8,356 )

Net cash provided by (used in) investing activities from discontinued operations

    -       9,683  

Net cash provided by (used in) investing activities

    (37,268 )     1,327  

Cash Flows from Financing Activities

               

Proceeds from borrowings

    17,000       34,700  

Payments of debt

    (17,000 )     (45,500 )

Contingent consideration payment

    -       (872 )

Activity under share-based payment plans

    971       1,127  

Purchase of treasury stock

    (7,593 )     (946 )

Cash dividends paid

    (5,624 )     (5,186 )

Net cash provided by (used in) financing activities

    (12,246 )     (16,677 )
                 

Effect of exchange rate changes on cash

    6,053       (536 )
                 

Net changes in cash and cash equivalents

    (9,699 )     5,774  

Cash and cash equivalents at beginning of year

    118,809       93,145  

Cash and cash equivalents at end of period

  $ 109,110     $ 98,919  

 

 

 

Standex International Corporation

Selected Segment Data

(unaudited)

 

   

Three Months Ended

   

Six Months Ended

 
    December 31,    

December 31,

 

(In thousands)

 

2020

   

2019

   

2020

   

2019

 

Net Sales

                               
Electronics    $ 60,156     $ 45,834     $ 115,427     $ 92,452  

Engraving

    37,950       38,256       74,351       76,687  

Scientific

    17,893       15,414       34,556       30,164  

Engineering Technologies

    17,507       26,495       35,140       51,139  

Specialty Solutions

    22,777       27,698       48,095       59,227  

Total

  $ 156,283     $ 153,697     $ 307,569     $ 309,669  
                                 
Income from operations                                
Electronics   $ 9,962     $ 7,776     $ 18,497     $ 15,875  

Engraving

    6,501       6,916       12,374       13,454  

Scientific

    4,234       4,056       8,310       7,761  

Engineering Technologies

    1,363       3,422       1,831       6,781  

Specialty Solutions

    3,211       4,341       7,117       9,990  

Restructuring

    (509 )     (720 )     (1,996 )     (2,199 )

Acquisition Related Costs

    (570 )     (773 )     (596 )     (1,507 )

Corporate

    (7,454 )     (7,379 )     (14,445 )     (16,664 )

Total

  $ 16,738     $ 17,639     $ 31,092     $ 33,491  

 

 

 

Standex International Corporation

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)

 

   

Three Months Ended

           

Six Months Ended

         
   

December 31,

           

December 31,

         

(In thousands, except percentages)

 

2020

   

2019

   

% Change

   

2020

   

2019

   

% Change

 

Adjusted income from operations and adjusted net income from continuing operations:

                                               

Net Sales

  $ 156,283     $ 153,697       1.7 %   $ 307,569     $ 309,669       -0.7 %

Income from operations, as reported

  $ 16,738     $ 17,639       -5.1 %   $ 31,092     $ 33,491       -7.2 %

Income from operations margin

    10.7 %     11.5 %             10.1 %     10.8 %        

Adjustments:

                                               

Acquisition-related costs

    570       773               596       1,507          

Restructuring charges

    509       720               1,996       2,199          

Purchase accounting expenses

    -       -               592       -          

Adjusted income from operations

  $ 17,817     $ 19,132       -6.9 %   $ 34,276     $ 37,197       -7.9 %

Adjusted income from operations margin

    11.4 %     12.4 %             11.1 %     12.0 %        

Interest and other income (expense), net

    (1,541 )     (2,516 )             (2,855 )     (3,719 )        

Life insurance benefit

    -       -               -       (1,302 )        

Provision for income taxes

    (3,189 )     (2,831 )             (5,885 )     (6,909 )        

Other foreign tax adjustments

    -       (722 )             (196 )     (722 )        

Tax impact of above adjustments

    (226 )     (714 )             (662 )     (973 )        

Net income from continuing operations, as adjusted

  $ 12,862     $ 12,349       4.1 %   $ 24,678     $ 23,572       4.7 %
                                                 

EBITDA and Adjusted EBITDA:

                                               

Net income (loss) from continuing operations, as reported

  $ 12,008     $ 12,292       -2.3 %   $ 22,352     $ 22,863          

Net income from continuing operations margin

    7.7 %     8.0 %             7.3 %     7.4 %        

Add back:

                                               

Provision for income taxes

    3,189       2,831               5,885       6,909          

Interest expense

    1,601       1,928               3,086       4,050          

Depreciation and amortization

    8,328       8,085               16,521       16,066          

EBITDA

  $ 25,126     $ 25,136       0.0 %   $ 47,844     $ 49,888       -4.1 %

EBITDA Margin

    16.1 %     16.4 %             15.6 %     16.1 %        

Adjustments:

                                               

Acquisition-related costs

    570       773               596       1,507          

Restructuring charges

    509       720               1,996       2,199          

Life insurance benefit

    -       -               -       (1,302 )        

Purchase accounting expenses

    -       -               592       -          

Adjusted EBITDA

  $ 26,205     $ 26,629       -1.6 %   $ 51,028     $ 52,292       -2.4 %

Adjusted EBITDA Margin

    16.8 %     17.3 %             16.6 %     16.9 %        
                                                 

Free operating cash flow:

                                               

Net cash provided by operating activities - continuing operations, as reported

  $ 22,276     $ 7,289             $ 31,508     $ 16,730          

Less: Capital expenditures

    (5,325 )     (3,688 )             (10,145 )     (10,376 )        

Free operating cash flow

  $ 16,951     $ 3,601             $ 21,363     $ 6,354          

 

 

 

Standex International Corporation

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)

 

   

Three Months Ended

           

Six Months Ended

         

Adjusted earnings per share from continuing operations

 

December 31,

           

December 31,

         
   

2020

   

2019

   

%
Change

   

2020

   

2019

   

% Change

 
                                                 

Diluted earnings per share from continuing operations, as reported

  $ 0.98     $ 0.99       -1.0 %   $ 1.82     $ 1.84       -1.1 %
                                                 

Adjustments:

                                               

Acquisition-related costs

    0.04       0.03               0.04       0.09          

Restructuring charges

    0.03       0.03               0.13       0.13          

Life insurance benefit

    -       -               -       (0.10 )        

Other foreign tax adjustments

    -       (0.06 )             (0.02 )     (0.06 )        

Purchase accounting expenses

    -       -               0.04       -          

Diluted earnings per share from continuing operations, as adjusted

  $ 1.05     $ 0.99       6.1 %   $ 2.01     $ 1.90       5.9 %

 

 
EX-101.SCH 3 sxi-20210204.xsd XBRL TAXONOMY EXTENSION SCHEMA 000 - Document - Document And Entity Information link:calculationLink link:definitionLink link:presentationLink EX-101.DEF 4 sxi-20210204_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 5 sxi-20210204_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Entity [Domain] Legal Entity [Axis] Document Information [Line Items] Document Information [Table] Document, Type Document, Period End Date Entity, Registrant Name Entity, Incorporation, State or Country Code Entity, File Number Entity, Tax Identification Number Entity, Address, Address Line One Entity, Address, City or Town Entity, Address, State or Province Entity, Address, Postal Zip Code City Area Code Local Phone Number Title of 12(b) Security Trading Symbol Security Exchange Name Written Communications Soliciting Material Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Entity, Emerging Growth Company Amendment Flag Entity, Central Index Key EX-101.PRE 6 sxi-20210204_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE GRAPHIC 7 ex_224461img001.gif begin 644 ex_224461img001.gif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end XML 8 sxi20210204_8k_htm.xml IDEA: XBRL DOCUMENT 0000310354 2021-02-04 2021-02-04 false 0000310354 8-K 2021-02-04 STANDEX INTERNATIONAL CORPORATION DE 1-7233 31-0596149 23 Keewaydin Drive Salem NH 03079 603 893-9701 Common Stock SXI NYSE false false false false false XML 9 R1.htm IDEA: XBRL DOCUMENT v3.20.4
Document And Entity Information
Feb. 04, 2021
Document Information [Line Items]  
Entity, Registrant Name STANDEX INTERNATIONAL CORPORATION
Document, Type 8-K
Document, Period End Date Feb. 04, 2021
Entity, Incorporation, State or Country Code DE
Entity, File Number 1-7233
Entity, Tax Identification Number 31-0596149
Entity, Address, Address Line One 23 Keewaydin Drive
Entity, Address, City or Town Salem
Entity, Address, State or Province NH
Entity, Address, Postal Zip Code 03079
City Area Code 603
Local Phone Number 893-9701
Title of 12(b) Security Common Stock
Trading Symbol SXI
Security Exchange Name NYSE
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0000310354

EXCEL 10 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 11 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 12 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 13 FilingSummary.xml IDEA: XBRL DOCUMENT 3.20.4 html 1 96 1 false 0 0 false 0 false false R1.htm 000 - Document - Document And Entity Information Sheet http://www.sxi.com/20210204/role/statement-document-and-entity-information Document And Entity Information Cover 1 false false All Reports Book All Reports sxi20210204_8k.htm ex_224461.htm sxi-20210204.xsd sxi-20210204_def.xml sxi-20210204_lab.xml sxi-20210204_pre.xml http://xbrl.sec.gov/dei/2020-01-31 true false JSON 15 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "sxi20210204_8k.htm": { "axisCustom": 0, "axisStandard": 0, "contextCount": 1, "dts": { "definitionLink": { "local": [ "sxi-20210204_def.xml" ] }, "inline": { "local": [ "sxi20210204_8k.htm" ] }, "labelLink": { "local": [ "sxi-20210204_lab.xml" ], "remote": [ "https://xbrl.sec.gov/dei/2020/dei-doc-2020-01-31.xml" ] }, "presentationLink": { "local": [ "sxi-20210204_pre.xml" ] }, "referenceLink": { "remote": [ "https://xbrl.sec.gov/dei/2020/dei-ref-2020-01-31.xml" ] }, "schema": { "local": [ "sxi-20210204.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "https://xbrl.sec.gov/stpr/2018/stpr-2018-01-31.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd", "https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd", "http://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd", "https://xbrl.sec.gov/currency/2020/currency-2020-01-31.xsd", "https://xbrl.sec.gov/exch/2020/exch-2020-01-31.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd" ] } }, "elementCount": 26, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2020-01-31": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 96, "memberCustom": 0, "memberStandard": 0, "nsprefix": "sxi", "nsuri": "http://www.sxi.com/20210204", "report": { "R1": { "firstAnchor": { "ancestors": [ "div", "body", "html" ], "baseRef": "sxi20210204_8k.htm", "contextRef": "d20218K", "decimals": null, "first": true, "lang": "en-US", "name": "dei:EntityRegistrantName", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "000 - Document - Document And Entity Information", "role": "http://www.sxi.com/20210204/role/statement-document-and-entity-information", "shortName": "Document And Entity Information", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "body", "html" ], "baseRef": "sxi20210204_8k.htm", "contextRef": "d20218K", "decimals": null, "first": true, "lang": "en-US", "name": "dei:EntityRegistrantName", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 0, "tag": { "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Area code of city", "label": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "normalizedStringItemType" }, "dei_DocumentInformationLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "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.", "label": "Document Information [Line Items]" } } }, "localname": "DocumentInformationLineItems", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "stringItemType" }, "dei_DocumentInformationTable": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Container to support the formal attachment of each official or unofficial, public or private document as part of a submission package.", "label": "Document Information [Table]" } } }, "localname": "DocumentInformationTable", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.", "label": "Document, Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document, Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity, Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the City or Town", "label": "Entity, Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity, Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the state or province.", "label": "Entity, Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity, Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityDomain": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "All the names of the entities being reported upon in a document. Any legal structure used to conduct activities or to hold assets. Some examples of such structures are corporations, partnerships, limited liability companies, grantor trusts, and other trusts. This item does not include business and geographical segments which are included in the geographical or business segments domains.", "label": "Entity [Domain]" } } }, "localname": "EntityDomain", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "domainItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity, Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity, File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity, Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity, Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity, Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "employerIdItemType" }, "dei_LegalEntityAxis": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The set of legal entities associated with a report.", "label": "Legal Entity [Axis]" } } }, "localname": "LegalEntityAxis", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "stringItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre-commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-us": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Title of 12(b) Security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r4" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sxi.com/20210204/role/statement-document-and-entity-information" ], "xbrltype": "booleanItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r5": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" } }, "version": "2.1" } ZIP 16 0001437749-21-002109-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001437749-21-002109-xbrl.zip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end