Note 14 - Restructuring Costs

6 Months Ended

Dec. 31, 2019

Restructuring and Related Activities Disclosure [Text Block]

NOTE

– RESTRUCTURING COSTS

In the

first

quarter of fiscal

2020,

the Company sold its New Windsor, New York facility. The net proceeds from the sale was

$12.3

million resulting in a gain of

$4.8

million. Restructuring costs incurred in the

first

quarter of fiscal

2020

related to the closure of the New Windsor facility, which impacted both the Lighting and Graphics segment. Restructuring costs incurred in the

second

quarter of fiscal

2020

related to the realignment of the Company’s manufacturing footprint at its Houston, Texas facility, which impacted the Graphics segment. The realignment occurred as the result of the movement of equipment related to the closure of the New Windsor facility along with preparations to receive additional equipment resulting from the relocation of the North Canton, Ohio facility. Total restructuring costs were

$276,000

and

$509,000

for the

three

and

six

months ended

December 31, 2019,

respectively.

The following table presents information about restructuring costs for the periods indicated:

	Three Months Ended				Six Months Ended
	December 31				December 31
(In thousands)	2019		2018		2019			2018

Severance benefits	$	-	$	202	$	-		$	221
Impairment of fixed assets and accelerated depreciation		-		185		49			228
Facility repairs		-		7		-			47
Gain on sale of facility		-		-		(4,821	)		-
Exit costs		-		7		184			60
Manufacturing realignment costs		276		-		276			-
Total	$	276	$	401	$	(4,312	)	$	556

The following table presents a roll forward of the beginning and ending liability balances related to the restructuring costs:

	Balance as of									Balance as of
	June 30,		Restructuring							December 31,
(In thousands)	2019		Expense		Payments			Adjustments		2019

Severance and termination benefits	$	236	$	-	$	(186	)	$	-	$	50
Other restructuring costs		-		460		(460	)		-	$	-
Total	$	236	$	460	$	(646	)	$	-	$	50