Note 14 - Restructuring Costs

3 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

NOTE 14 – RESTRUCTURING COSTS

In the first quarter of fiscal 2020, the Company sold its New Windsor, New York facility. The net proceeds from the sale were $12.3 million resulting in a gain of $4.8 million. The Company also incurred additional restructuring costs totaling $0.2 million in the first quarter of fiscal 2020 related to the closure of the New Windsor facility, which impacted both the Lighting and Graphics segment.

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

	Three Months Ended
	September 30
(In thousands)	2020		2019
Exit costs	$	3	$	184
Impairment of fixed assets and accelerated depreciation		-		49
Gain on sale of facility		-		(4,821	)
Total	$	3	$	(4,588	)

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							September 30,
(In thousands)	2020		Expense		Payments			Adjustments		2020
Severance and termination benefits	$	27	$	-	$	-		$	-	$	27
Other restructuring costs		-		3		(3	)		-	$	-
Total	$	27	$	3	$	(3	)	$	-	$	27