falsedesktopSXI2020-12-31000143774921002090{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Large accelerated filer ☒\t \t \tAccelerated filer ☐\t \nNon-accelerated filer ☐\t \t \tSmaller reporting company ☐\t \n \t \t \tEmerging growth company ☐\t \n", "q10k_tbl_1": " \t \tPage No.\nPART I.  FINANCIAL INFORMATION:\t\t \n \t \t \nItem 1.\t \t \n \t \t \n \tCondensed Consolidated Balance Sheets as of December 31 2020 and June 30 2020 (unaudited)\t3\n \t \t \n \tCondensed Consolidated Statements of Operations for the three and six months ended December 31 2020 and 2019 (unaudited)\t4\n \t \t \n \tCondensed Consolidated Statements of Comprehensive Income for the three and six months ended December 31 2020 and 2019 (unaudited)\t5\n \t \t \n \tCondensed Consolidated Statement of Stockholders’ Equity for the three and six months ended December 31 2020 and 2019 (unaudited)\t6\n \t \t \n \tCondensed Consolidated Statements of Cash Flows for the six months ended December 31 2020 and 2019 (unaudited)\t8\n \t \t \n \tNotes to Unaudited Condensed Consolidated Financial Statements\t9\n \t \t \nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t26\n \t \t \nItem 3.\tQuantitative and Qualitative Disclosures about Market Risk\t38\n \t \t \nItem 4.\tControls and Procedures\t39\n \t \t \nPART II.  OTHER INFORMATION:\t\t \n \t \t \nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\t40\n \t \t \nItem 5.\tOther Information\t40\n \t \t \nItem 6.\tExhibits\t41\n", "q10k_tbl_2": "(In thousands except per share data)\t \tDecember 31 2020\t\t \t \tJune 30 2020\t\t \nASSETS\t \t \t \t \t \t \t \t \nCurrent Assets:\t \t \t \t \t \t \t \t \nCash and cash equivalents\t \t109110\t\t \t \t118809\t\t \nAccounts receivable less allowance for credit losses of $1976 and $1451 at December 31 2020 and June 30 2020 respectively\t \t \t100585\t \t \t \t98157\t \nInventories\t \t \t90710\t \t \t \t85031\t \nPrepaid expenses and other current assets\t \t \t20430\t \t \t \t18870\t \nIncome taxes receivable\t \t \t6281\t \t \t \t8194\t \nCurrent Assets - Discontinued Operations\t \t - \t\t\t \t \t2936\t \nTotal current assets\t \t \t327116\t \t \t \t331997\t \nProperty plant and equipment net\t \t \t135733\t \t \t \t132533\t \nIntangible assets net\t \t \t113211\t \t \t \t106412\t \nGoodwill\t \t \t291836\t \t \t \t271221\t \nDeferred tax asset\t \t \t16123\t \t \t \t17322\t \nOperating lease right-of-use asset\t \t \t44544\t \t \t \t44788\t \nOther non-current assets\t \t \t30094\t \t \t \t26605\t \nTotal non-current assets\t \t \t631541\t \t \t \t598881\t \nTotal assets\t \t958657\t\t \t \t930878\t\t \n \t \t \t \t \t \t \t \t \nLIABILITIES AND STOCKHOLDERS' EQUITY\t \t \t \t \t \t \t \t \nCurrent Liabilities:\t \t \t \t \t \t \t \t \nAccounts payable\t \t55524\t\t \t \t54910\t\t \nAccrued liabilities\t \t \t59287\t \t \t \t59929\t \nIncome taxes payable\t \t \t3075\t \t \t \t7428\t \nCurrent liabilities-Discontinued Operations\t \t - \t\t\t \t \t610\t \nTotal current liabilities\t \t \t117886\t \t \t \t122877\t \nLong-term debt\t \t \t200032\t \t \t \t199150\t \nOperating lease long-term liabilities\t \t \t34961\t \t \t \t36293\t \nAccrued pension and other non-current liabilities\t \t \t107588\t \t \t \t110926\t \nTotal non-current liabilities\t \t \t342581\t \t \t \t346369\t \n \t \t \t \t \t \t \t \t \nCommitments and Contingencies (Note 16)\t \t - \t\t\t \t - \t\t\n \t \t \t \t \t \t \t \t \nStockholders' equity:\t \t \t \t \t \t \t \t \nCommon stock par value $1.50 per share 60000000 shares authorized 27984278 issued 12181112 and 12235786 outstanding at December 31 2020 and June 30 2020\t \t \t41976\t \t \t \t41976\t \nAdditional paid-in capital\t \t \t76548\t \t \t \t72752\t \nRetained earnings\t \t \t843038\t \t \t \t827656\t \nAccumulated other comprehensive loss\t \t )\t(124149\t\t \t )\t(147659\t\nTreasury shares: 15803166 shares at December 31 2020 and 15748492 shares at June 30 2020\t \t )\t(339223\t\t \t )\t(333093\t\nTotal stockholders' equity\t \t \t498190\t \t \t \t461632\t \nTotal liabilities and stockholders' equity\t \t958657\t\t \t \t930878\t\t \n", "q10k_tbl_3": " \t \tThree Months Ended\t\t\t\t\t\t \t \tSix Months Ended\t\t\t\t\t\t \n \t \tDecember 31\t\t\t\t\t\t \t \tDecember 31\t\t\t\t\t\t \n(In thousands except per share data)\t \t2020\t\t \t \t2019\t\t \t \t2020\t\t \t \t2019\t\t \nNet sales\t \t156283\t\t \t \t153697\t\t \t \t307569\t\t \t \t309669\t\t \nCost of sales\t \t \t98267\t \t \t \t95901\t \t \t \t194816\t \t \t \t193646\t \nGross profit\t \t \t58016\t \t \t \t57796\t \t \t \t112753\t \t \t \t116023\t \nSelling general and administrative expenses\t \t \t40199\t \t \t \t38664\t \t \t \t79069\t \t \t \t78826\t \nAcquisition related costs\t \t \t570\t \t \t \t773\t \t \t \t596\t \t \t \t1507\t \nRestructuring costs\t \t \t509\t \t \t \t720\t \t \t \t1996\t \t \t \t2199\t \nTotal operating expenses\t \t \t41278\t \t \t \t40157\t \t \t \t81661\t \t \t \t82532\t \nIncome from operations\t \t \t16738\t \t \t \t17639\t \t \t \t31092\t \t \t \t33491\t \nInterest expense\t \t \t1601\t \t \t \t1928\t \t \t \t3086\t \t \t \t4050\t \nOther non-operating (income) expense\t \t )\t(60\t\t \t \t588\t \t \t )\t(231\t\t \t )\t(331\t\nIncome from continuing operations before income taxes\t \t \t15197\t \t \t \t15123\t \t \t \t28237\t \t \t \t29772\t \nProvision for income taxes\t \t \t3189\t \t \t \t2831\t \t \t \t5885\t \t \t \t6909\t \nNet income from continuing operations\t \t \t12008\t \t \t \t12292\t \t \t \t22352\t \t \t \t22863\t \nIncome (loss) from discontinued operations net of income taxes\t \t )\t(631\t\t \t )\t(54\t\t \t )\t(1258\t\t \t \t1813\t \nNet income\t \t11377\t\t \t \t12238\t\t \t \t21094\t\t \t \t24676\t\t \n \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \nBasic earnings (loss) per share:\t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \nContinuing operations\t \t0.98\t\t \t \t0.99\t\t \t \t1.83\t\t \t \t1.85\t\t \nDiscontinued operations\t \t )\t(0.05\t\t \t - \t\t\t \t )\t(0.10\t\t \t \t0.15\t \nTotal\t \t0.93\t\t \t \t0.99\t\t \t \t1.73\t\t \t \t2.00\t\t \nDiluted earnings (loss) per share:\t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \nContinuing operations\t \t0.98\t\t \t \t0.99\t\t \t \t1.82\t\t \t \t1.84\t\t \nDiscontinued operations\t \t )\t(0.05\t\t \t - \t\t\t \t )\t(0.10\t\t \t \t0.15\t \nTotal\t \t0.93\t\t \t \t0.99\t\t \t \t1.72\t\t \t \t1.99\t\t \n \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \nWeighted average number of shares:\t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \nBasic\t \t \t12195\t \t \t \t12376\t \t \t \t12213\t \t \t \t12359\t \nDiluted\t \t \t12270\t \t \t \t12455\t \t \t \t12277\t \t \t \t12427\t \n", "q10k_tbl_4": " \t \tThree Months Ended\t\t\t\t\t\t \t \tSix Months Ended\t\t\t\t\t\t \n \t \tDecember 31\t\t\t\t\t\t \t \tDecember 31\t\t\t\t\t\t \n(In thousands)\t \t2020\t\t \t \t2019\t\t \t \t2020\t\t \t \t2019\t\t \nNet income\t \t11377\t\t \t \t12238\t\t \t \t21094\t\t \t \t24676\t\t \nOther comprehensive income (loss):\t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \nDefined benefit pension plans:\t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \nActuarial gains (losses) and other changes in unrecognized costs\t \t(258)\t\t\t \t(354)\t\t\t \t(473)\t\t\t \t(6)\t\t\nAmortization of unrecognized costs\t \t \t1669\t \t \t \t1440\t \t \t \t3335\t \t \t \t2874\t \nDerivative instruments:\t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \nChange in unrealized gains (losses)\t \t \t356\t \t \t )\t(1390\t\t \t )\t(215\t\t \t )\t(237\t\nAmortization of unrealized gains (losses) into interest expense\t \t \t534\t \t \t \t1182\t \t \t \t1121\t \t \t )\t(19\t\nForeign currency translation gains (losses)\t \t \t11082\t \t \t \t4425\t \t \t \t20601\t \t \t )\t(1170\t\nOther comprehensive income (loss) before tax\t \t13383\t\t \t \t5303\t\t \t \t24369\t\t \t \t1442\t\t \n \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \nIncome tax provision (benefit):\t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \nDefined benefit pension plans:\t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \nActuarial gains (losses) and other changes in unrecognized costs\t \t54\t\t \t \t70\t\t \t \t100\t\t \t \t23\t\t \nAmortization of unrecognized costs\t \t )\t(400\t\t \t )\t(348\t\t \t )\t(800\t\t \t )\t(693\t\nDerivative instruments:\t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \nChange in unrealized gains (losses)\t \t \t5\t \t \t \t134\t \t \t \t118\t \t \t \t109\t \nAmortization of unrealized gains (losses) into interest expense\t \t )\t(140\t\t \t )\t(14\t\t \t )\t(277\t\t \t )\t(7\t\nIncome tax provision (benefit) to other comprehensive income (loss)\t \t(481)\t\t\t \t(158)\t\t\t \t(859)\t\t\t \t(568)\t\t\n \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \nOther comprehensive income (loss) net of tax\t \t \t12902\t \t \t \t5145\t \t \t \t23510\t \t \t \t874\t \nComprehensive income (loss)\t \t24279\t\t \t \t17383\t\t \t \t44604\t\t \t \t25550\t\t \n", "q10k_tbl_5": " \t \t \t   \t \t \t   \t \t \t   \t \tAccumulated Other\t \t \t \t   \t \t \t   \t \t \t \t \n \t \t \t   \t \tAdditional\t \t \t \t   \t \tComprehensive\t \t \t \t   \t \t \t   \t \tTotal\t\t \nFor the Six month period ended December 31 2020\t \tCommon\t \t \tPaid-in\t \t \tRetained\t \t \tIncome\t \t \tTreasury Stock\t\t\t\t \t \tStockholders’\t\t \n(in thousands except as specified)\t \tStock\t \t \tCapital\t \t \tEarnings\t \t \t(Loss)\t \t \tShares\t \t \tAmount\t \t \tEquity\t\t \nBalance June 30 2020\t \t41976\t \t \t72752\t \t \t827656\t \t \t(147659)\t\t \t \t15748  \t \t(333093)\t\t \t461632\t\t \nStock issued under incentive compensation plans and employee purchase plans\t \t - \t\t \t )\t(492\t \t - \t\t \t - \t\t \t )\t(69\t \t \t1463  \t \t \t971\t \nStock-based compensation\t \t - \t\t \t \t4288  \t \t - \t\t \t - \t\t \t - \t\t \t - \t\t \t \t4288\t \nTreasury stock acquired\t \t - \t\t \t - \t\t \t - \t\t \t - \t\t \t \t124  \t \t )\t(7593\t \t )\t(7593\t\nComprehensive income:\t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t \t \nNet income\t \t - \t\t \t - \t\t \t \t21094  \t \t - \t\t \t - \t\t \t - \t\t \t \t21094\t \nForeign currency translation adjustment\t \t - \t\t \t - \t\t \t - \t\t \t \t20601  \t \t - \t\t \t - \t\t \t \t20601\t \nPension net of tax of $0.7 million\t \t - \t\t \t - \t\t \t - \t\t \t \t2162  \t \t - \t\t \t - \t\t \t \t2162\t \nChange in fair value of derivatives net of tax of $0.2 million\t \t - \t\t \t - \t\t \t - \t\t \t \t747  \t \t - \t\t \t - \t\t \t \t747\t \nDividends declared ($0.46 per share)\t \t - \t\t \t - \t\t \t )\t(5712\t \t - \t\t \t - \t\t \t - \t\t \t )\t(5712\t\nBalance December 31 2020\t \t41976\t \t \t76548\t \t \t843038\t \t \t(124149)\t\t \t \t15803  \t \t(339223)\t\t \t498190\t\t \n \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t \t \nFor the Six month period ended December 31 2019\t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t \t \n(in thousands except as specified)\t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t \t \nBalance June 30 2019\t \t41976\t \t \t65515\t \t \t818282\t \t \t(137278)\t\t \t \t15650  \t \t(324182)\t\t \t464313\t\t \nStock issued under incentive compensation plans and employee purchase plans\t \t - \t\t \t )\t(129\t \t - \t\t \t - \t\t \t )\t(61\t \t \t1256  \t \t \t1127\t \nStock-based compensation\t \t - \t\t \t \t4820  \t \t - \t\t \t - \t\t \t - \t\t \t - \t\t \t \t4820\t \nTreasury stock acquired\t \t - \t\t \t - \t\t \t - \t\t \t - \t\t \t \t13  \t \t )\t(946\t \t )\t(946\t\nComprehensive income:\t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t - \t\t\nNet income\t \t - \t\t \t - \t\t \t \t24676  \t \t - \t\t \t - \t\t \t - \t\t \t \t24676\t \nForeign currency translation adjustment\t \t - \t\t \t - \t\t \t - \t\t \t )\t(1170\t \t - \t\t \t - \t\t \t )\t(1170\t\nPension net of tax of $0.7 million\t \t - \t\t \t - \t\t \t - \t\t \t \t2198  \t \t - \t\t \t - \t\t \t \t2198\t \nChange in fair value of derivatives net of tax of $0.3 million\t \t - \t\t \t - \t\t \t - \t\t \t )\t(154\t \t - \t\t \t - \t\t \t )\t(154\t\nDividends declared ($0.42 per share)\t \t - \t\t \t - \t\t \t )\t(5260\t \t - \t\t \t - \t\t \t - \t\t \t )\t(5260\t\nBalance December 31 2019\t \t41976\t \t \t70206\t \t \t837698\t \t \t(136404)\t\t \t \t15602  \t \t(323872)\t\t \t489604\t\t \n", "q10k_tbl_6": " \t \t \t   \t \t \t   \t \t \t   \t \tAccumulated Other\t \t \t \t   \t \t \t   \t \t \t \t \n \t \t \t   \t \tAdditional\t \t \t \t   \t \tComprehensive\t \t \t \t   \t \t \t   \t \tTotal\t\t \nFor the Three month period ended December 31 2020\t \tCommon\t \t \tPaid-in\t \t \tRetained\t \t \tIncome\t \t \tTreasury Stock\t\t\t\t \t \tStockholders’\t\t \n(in thousands except as specified)\t \tStock\t \t \tCapital\t \t \tEarnings\t \t \t(Loss)\t \t \tShares\t \t \tAmount\t \t \tEquity\t\t \nBalance September 30 2020\t \t41976\t \t \t74035\t \t \t834645\t \t \t(137051)\t\t \t \t15780  \t \t(337037)\t\t \t476568\t\t \nStock issued under incentive compensation plans and employee purchase plans\t \t - \t\t \t )\t(20\t \t - \t\t \t - \t\t \t )\t(14\t \t \t297  \t \t \t277\t \nStock-based compensation\t \t - \t\t \t \t2533  \t \t - \t\t \t - \t\t \t - \t\t \t - \t\t \t \t2533\t \nTreasury stock acquired\t \t - \t\t \t - \t\t \t - \t\t \t - \t\t \t \t37  \t \t )\t(2483\t \t )\t(2483\t\nComprehensive income:\t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t \t \nNet income\t \t - \t\t \t - \t\t \t \t11377  \t \t - \t\t \t - \t\t \t - \t\t \t \t11377\t \nForeign currency translation adjustment\t \t - \t\t \t - \t\t \t - \t\t \t \t11082  \t \t - \t\t \t - \t\t \t \t11082\t \nPension net of tax of $0.3 million\t \t - \t\t \t - \t\t \t - \t\t \t \t1064  \t \t - \t\t \t - \t\t \t \t1064\t \nChange in fair value of derivatives net of tax of $0.1 million\t \t - \t\t \t - \t\t \t - \t\t \t \t756  \t \t - \t\t \t - \t\t \t \t756\t \nDividends declared ($0.24 per share)\t \t - \t\t \t - \t\t \t )\t(2984\t \t - \t\t \t - \t\t \t - \t\t \t )\t(2984\t\nBalance December 31 2020\t \t41976\t \t \t76548\t \t \t843038\t \t \t(124149)\t\t \t \t15803  \t \t(339223)\t\t \t498190\t\t \n \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t \t \nFor the Three month period ended December 31 2019\t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t \t \n(in thousands except as specified)\t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t \t \nBalance September 30 2019\t \t41976\t \t \t68196\t \t \t828226\t \t \t(141549)\t\t \t \t15611  \t \t(323928)\t\t \t472921\t\t \nStock issued under incentive compensation plans and employee purchase plans\t \t - \t\t \t )\t(52\t \t - \t\t \t - \t\t \t )\t(11\t \t \t231  \t \t \t179\t \nStock-based compensation\t \t - \t\t \t \t2062  \t \t - \t\t \t - \t\t \t - \t\t \t - \t\t \t \t2062\t \nTreasury stock acquired\t \t - \t\t \t - \t\t \t - \t\t \t - \t\t \t \t2  \t \t )\t(175\t \t )\t(175\t\nComprehensive income:\t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t   \t \t \t \t \nNet income\t \t - \t\t \t - \t\t \t \t12238  \t \t - \t\t \t - \t\t \t - \t\t \t \t12238\t \nForeign currency translation adjustment\t \t - \t\t \t - \t\t \t - \t\t \t \t4425  \t \t - \t\t \t - \t\t \t \t4425\t \nPension net of tax of $0.3 million\t \t - \t\t \t - \t\t \t - \t\t \t \t808  \t \t - \t\t \t - \t\t \t \t808\t \nChange in fair value of derivatives net of tax of $0.3 million\t \t - \t\t \t - \t\t \t - \t\t \t )\t(88\t \t - \t\t \t - \t\t \t )\t(88\t\nDividends declared ($0.22 per share)\t \t - \t\t \t - \t\t \t )\t(2766\t \t - \t\t \t - \t\t \t - \t\t \t )\t(2766\t\nBalance December 31 2019\t \t41976\t \t \t70206\t \t \t837698\t \t \t(136404)\t\t \t \t15602  \t \t(323872)\t\t \t489604\t\t \n", "q10k_tbl_7": " \t \tSix Months Ended\t\t\t\t\t\t \n \t \tDecember 31\t\t\t\t\t\t \n(In thousands)\t \t2020\t\t \t \t2019\t\t \nCash flows from operating activities\t \t \t \t \t \t \t \t \nNet income\t \t21094\t\t \t \t24676\t\t \nIncome (loss) from discontinued operations\t \t )\t(1258\t\t \t \t1813\t \nIncome from continuing operations\t \t \t22352\t \t \t \t22863\t \nAdjustments to reconcile net income to net cash provided by (used in) operating activities:\t \t \t \t \t \t \t \t \nDepreciation and amortization\t \t \t16521\t \t \t \t16066\t \nStock-based compensation\t \t \t4288\t \t \t \t4820\t \nNon-cash portion of restructuring charge\t \t )\t(492\t\t \t )\t(149\t\nLife insurance benefit\t \t - \t\t\t \t )\t(1302\t\nContributions to defined benefit plans\t \t )\t(4880\t\t \t )\t(1932\t\nNet changes in operating assets and liabilities\t \t )\t(6281\t\t \t )\t(23636\t\nNet cash provided by operating activities - continuing operations\t \t \t31508\t \t \t \t16730\t \nNet cash provided by (used in) operating activities - discontinued operations\t \t \t2254\t \t \t \t4930\t \nNet cash provided by operating activities\t \t \t33762\t \t \t \t21660\t \nCash flows from investing activities\t \t \t \t \t \t \t \t \nExpenditures for property plant and equipment\t \t )\t(10145\t\t \t )\t(10376\t\nExpenditures for acquisitions net of cash acquired\t \t )\t(27398\t\t \t - \t\t\nOther investing activity\t \t \t275\t \t \t \t2020\t \nNet cash provided by (used in) investing activities - continuing operations\t \t )\t(37268\t\t \t )\t(8356\t\nNet cash provided by (used in) investing activities - discontinued operations\t \t - \t\t\t \t \t9683\t \nNet cash provided by (used in) investing activities\t \t )\t(37268\t\t \t \t1327\t \nCash flows from financing activities\t \t \t \t \t \t \t \t \nBorrowings on revolving credit facility\t \t \t17000\t \t \t \t34700\t \nPayments of revolving credit facility\t \t )\t(17000\t\t \t )\t(45500\t\nContingent consideration payment\t \t - \t\t\t \t )\t(872\t\nActivity under share-based payment plans\t \t \t971\t \t \t \t1127\t \nPurchases of treasury stock\t \t )\t(7593\t\t \t )\t(946\t\nCash dividends paid\t \t )\t(5624\t\t \t )\t(5186\t\nNet cash provided by (used in) financing activities\t \t )\t(12246\t\t \t )\t(16677\t\nEffect of exchange rate changes on cash and cash equivalents\t \t \t6053\t \t \t )\t(536\t\nNet change in cash and cash equivalents\t \t )\t(9699\t\t \t \t5774\t \nCash and cash equivalents at beginning of year\t \t \t118809\t \t \t \t93145\t \nCash and cash equivalents at end of period\t \t109110\t\t \t \t98919\t\t \n \t \t \t \t \t \t \t \t \nSupplemental Disclosure of Cash Flow Information:\t \t \t \t \t \t \t \t \nCash paid during the year for:\t \t \t \t \t \t \t \t \nInterest\t \t2527\t\t \t \t3415\t\t \nIncome taxes net of refunds\t \t8363\t\t \t \t9589\t\t \n", "q10k_tbl_8": " \t \tPreliminary Allocation September 30 2020\t\t \t \tAdjustments\t \t \tAdjusted Preliminary Allocation December 31 2020\t\t \nFair value of business combination:\t \t \t \t \t \t \t   \t \t \t \t \nCash payments\t \t29530\t\t \t \t0\t \t \t29530\t\t \nLess cash acquired\t \t )\t(2132\t\t \t - \t\t \t )\t(2132\t\nFair value of contingent consideration\t \t \t3000\t \t \t - \t\t \t \t3000\t \nTotal\t \t30398\t\t \t \t0\t \t \t30398\t\t \n", "q10k_tbl_9": " \t \tPreliminary Allocation September 30 2020\t\t \t \tAdjustments\t \t \tAdjusted Preliminary Allocation December 31 2020\t\t \nIdentifiable assets acquired and liabilities assumed:\t \t \t \t \t \t \t   \t \t \t \t \nOther acquired assets\t \t4762\t\t \t \t(240)\t\t \t4522\t\t \nInventories\t \t \t5446\t \t \t - \t\t \t \t5446\t \nProperty plant & equipment\t \t - \t\t\t \t \t410  \t \t \t410\t \nIdentifiable intangible assets\t \t \t10400\t \t \t - \t\t \t \t10400\t \nGoodwill\t \t \t14153\t \t \t )\t(170\t \t \t13983\t \nDebt assumed\t \t )\t(712\t\t \t - \t\t \t )\t(712\t\nLiabilities assumed\t \t )\t(3651\t\t \t - \t\t \t )\t(3651\t\nTotal\t \t30398\t\t \t \t0\t \t \t30398\t\t \n", "q10k_tbl_10": " \t \tThree Months Ended\t\t\t\t \t \tSix Months Ended\t\t\t\t \n \t \tDecember 31\t\t\t\t \t \tDecember 31\t\t\t\t \n \t \t2020\t \t \t2019\t \t \t2020\t \t \t2019\t \nDeferred compensation arrangements\t \t0\t \t \t467\t \t \t0\t \t \t1170\t \nOther acquisition-related costs\t \t \t570  \t \t  306\t \t \t \t596  \t \t  337\t \nTotal\t \t570\t \t \t773\t \t \t596\t \t \t1507\t \n", "q10k_tbl_11": " \t \tThree Months Ended\t\t\t\t\t\t \nRevenue by Product Line\t \tDecember 31 2020\t\t \t \tDecember 31 2019\t\t \n \t \t \t \t \t \t \t \t \nElectronics\t \t60156\t\t \t \t45834\t\t \n \t \t \t \t \t \t \t \t \nEngraving Services\t \t \t34976\t \t \t \t35671\t \nEngraving Products\t \t \t2974\t \t \t \t2585\t \nTotal Engraving\t \t \t37950\t \t \t \t38256\t \n \t \t \t \t \t \t \t \t \nScientific\t \t \t17893\t \t \t \t15414\t \n \t \t \t \t \t \t \t \t \nEngineering Technologies\t \t \t17507\t \t \t \t26495\t \n \t \t \t \t \t \t \t \t \nHydraulics Cylinders and Systems\t \t \t10623\t \t \t \t11316\t \nMerchandising & Display\t \t \t6041\t \t \t \t8692\t \nPumps\t \t \t6113\t \t \t \t7690\t \nTotal Specialty Solutions\t \t \t22777\t \t \t \t27698\t \n \t \t \t \t \t \t \t \t \nTotal Revenue by Product Line\t \t156283\t\t \t \t153697\t\t \n", "q10k_tbl_12": " \t \tSix Months Ended\t\t\t\t\t\t \nRevenue by Product Line\t \tDecember 31 2020\t\t \t \tDecember 31 2019\t\t \n \t \t \t \t \t \t \t \t \nElectronics\t \t115427\t\t \t \t92452\t\t \n \t \t \t \t \t \t \t \t \nEngraving Services\t \t \t69296\t \t \t \t71737\t \nEngraving Products\t \t \t5055\t \t \t \t4950\t \nTotal Engraving\t \t \t74351\t \t \t \t76687\t \n \t \t \t \t \t \t \t \t \nScientific\t \t \t34556\t \t \t \t30164\t \n \t \t \t \t \t \t \t \t \nEngineering Technologies\t \t \t35140\t \t \t \t51139\t \n \t \t \t \t \t \t \t \t \nHydraulics Cylinders and Systems\t \t \t22954\t \t \t \t25064\t \nMerchandising & Display\t \t \t13239\t \t \t \t18515\t \nPumps\t \t \t11902\t \t \t \t15648\t \nTotal Specialty Solutions\t \t \t48095\t \t \t \t59227\t \n \t \t \t \t \t \t \t \t \nTotal Revenue by Product Line\t \t307569\t\t \t \t309669\t\t \n", "q10k_tbl_13": " \t \tThree Months Ended\t\t \t \tSix Months Ended\t\t \t \tThree Months Ended\t\t \t \tSix Months Ended\t\t \nNet sales\t \tDecember 31 2020\t\t \t \tDecember 31 2020\t\t \t \tDecember 31 2019\t\t \t \tDecember 31 2019\t\t \nUnited States\t \t91392\t\t \t \t183506\t\t \t \t92460\t\t \t \t186502\t\t \nAsia Pacific\t \t \t30610\t \t \t \t57474\t \t \t \t24560\t \t \t \t48906\t \nEMEA (1)\t \t \t30364\t \t \t \t59182\t \t \t \t32462\t \t \t \t66762\t \nOther Americas\t \t \t3917\t \t \t \t7407\t \t \t \t4215\t \t \t \t7499\t \nTotal\t \t156283\t\t \t \t307569\t\t \t \t153697\t\t \t \t309669\t\t \n", "q10k_tbl_14": " \t \tThree Months Ended\t\t\t\t \nTiming of Revenue Recognition\t \tDecember 31 2020\t \t \tDecember 31 2019\t \nProducts and services transferred at a point in time\t \t147167\t \t \t144229\t \nProducts transferred over time\t \t \t9116  \t \t  9468\t \nNet Sales\t \t156283\t \t \t153697\t \n", "q10k_tbl_15": " \t \tSix Months Ended\t\t\t\t \nTiming of Revenue Recognition\t \tDecember 31 2020\t \t \tDecember 31 2019\t \nProducts and services transferred at a point in time\t \t290638\t \t \t293717\t \nProducts transferred over time\t \t \t16931  \t \t  15952\t \nNet Sales\t \t307569\t \t \t309669\t \n", "q10k_tbl_16": " \t \tBalance at Beginning of Period\t\t \t \tAdditions\t\t \t \tDeductions\t\t \t \tBalance at End of Period\t\t \nSix months ended December 31 2020\t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \nContract assets:\t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \nPrepaid and other current assets\t \t9140\t\t \t \t13774\t\t \t \t13305\t\t \t \t9609\t\t \nContract liabilities:\t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \nCustomer deposits\t \t \t2298\t \t \t \t4382\t \t \t \t6315\t \t \t \t365\t \n", "q10k_tbl_17": " \t \tDecember 31 2020\t\t\t\t \nRevenue recognized in the period from:\t \tThree months ended\t \t \tSix months ended\t \nAmounts included in the contract liability balance at the beginning of the period\t \t1418\t \t \t2298\t \n", "q10k_tbl_18": " \t \tDecember 31 2020\t\t\t\t\t\t\t\t\t\t\t\t\t \n \t \tTotal\t\t \t \tLevel 1\t \t \tLevel 2\t\t \t \tLevel 3\t\t \nAssets\t \t \t \t \t \t \t   \t \t \t \t \t \t \t \t \nMarketable securities - deferred compensation plan\t \t2852\t\t \t \t2852\t \t \t0\t\t \t \t0\t\t \n \t \t \t \t \t \t \t   \t \t \t \t \t \t \t \t \nLiabilities\t \t \t \t \t \t \t   \t \t \t \t \t \t \t \t \nForeign exchange contracts\t \t3083\t\t \t \t0\t \t \t3083\t\t \t \t0\t\t \nInterest rate swaps\t \t \t6019\t \t \t - \t\t \t \t6019\t \t \t - \t\t\nContingent acquisition payments (a)\t \t \t3000\t \t \t - \t\t \t - \t\t\t \t \t3000\t \n", "q10k_tbl_19": " \t \tJune 30 2020\t\t\t\t\t\t\t\t\t\t\t\t \n \t \tTotal\t\t \t \tLevel 1\t \t \tLevel 2\t \t \tLevel 3\t\t \nAssets\t \t \t \t \t \t \t   \t \t \t   \t \t \t \t \nMarketable securities - deferred compensation plan\t \t2065\t\t \t \t2065\t \t \t0\t \t \t0\t\t \nForeign exchange contracts\t \t - \t\t\t \t - \t\t \t - \t\t \t - \t\t\nInterest rate swaps\t \t0\t\t \t \t - \t\t \t - \t\t \t - \t\t\n \t \t \t \t \t \t \t   \t \t \t   \t \t \t \t \nLiabilities\t \t \t \t \t \t \t   \t \t \t   \t \t \t \t \nForeign exchange contracts\t \t2477\t\t \t \t0\t \t \t2477\t \t \t0\t\t \nInterest rate swaps\t \t \t6667\t \t \t - \t\t \t \t6667  \t \t - \t\t\nContingent acquisition payments (a)\t \t \t1343\t \t \t - \t\t \t - \t\t \t \t1343\t \n", "q10k_tbl_20": " \t \tThree Months Ended\t\t\t\t \t \tSix Months Ended\t\t\t\t \n \t \tDecember 31\t\t\t\t \t \tDecember 31\t\t\t\t \n \t \t2020\t \t \t2019\t \t \t2020\t \t \t2019\t \nNet Sales\t \t0\t \t \t36888\t \t \t0\t \t \t77354\t \nIncome (loss) from Operations\t \t731\t \t \t(70)\t\t \t(1170)\t\t \t2711\t \nProfit (loss) Before Taxes\t \t(847)\t\t \t(80)\t\t \t(1673)\t\t \t2532\t \nBenefit (Provision) for Taxes\t \t216\t \t \t26\t \t \t415\t \t \t(719)\t\nNet income (loss) from Discontinued Operations\t \t(631)\t\t \t(54)\t\t \t(1258)\t\t \t1813\t \n", "q10k_tbl_21": " \t \tDecember 31 2020\t\t \t \tJune 30 2020\t\t \nRaw materials\t \t42268\t\t \t \t37257\t\t \nWork in process\t \t \t24364\t \t \t \t25527\t \nFinished goods\t \t \t24078\t \t \t \t22247\t \nTotal\t \t90710\t\t \t \t85031\t\t \n", "q10k_tbl_22": " \t \tJune 30 2020\t\t \t \tAcquisitions\t \t \tTranslation Adjustment\t \t \tDecember 31 2020\t\t \nElectronics\t \t131582\t\t \t \t13983\t \t \t5296\t \t \t150861\t\t \nEngraving\t \t \t77195\t \t \t - \t\t \t \t452  \t \t \t77647\t \nScientific\t \t \t15454\t \t \t - \t\t \t - \t\t \t \t15454\t \nEngineering Technologies\t \t \t43685\t \t \t - \t\t \t \t884  \t \t \t44569\t \nSpecialty Solutions\t \t \t3305\t \t \t - \t\t \t - \t\t \t \t3305\t \nTotal\t \t271221\t\t \t \t13983\t \t \t6632\t \t \t291836\t\t \n", "q10k_tbl_23": " \t \tDecember 31 2020\t\t \t \tJune 30 2020\t\t \nBalance at beginning of year\t \t1781\t\t \t \t1911\t\t \nAcquisitions and other\t \t \t104\t \t \t )\t(86\t\nWarranty expense\t \t \t1012\t \t \t \t1783\t \nWarranty claims\t \t )\t(1026\t\t \t )\t(1827\t\nBalance at end of period\t \t1871\t\t \t \t1781\t\t \n", "q10k_tbl_24": " \t \tDecember 31 2020\t\t \t \tJune 30 2020\t\t \nBank credit agreements\t \t200712\t\t \t \t200000\t\t \nTotal funded debt\t \t \t200712\t \t \t \t200000\t \nIssuance Cost\t \t )\t(680\t\t \t )\t(850\t\nTotal long-term debt\t \t200032\t\t \t \t199150\t\t \n", "q10k_tbl_25": " \t \tDecember 31 2020\t\t \t \tJune 30 2020\t\t \nPayroll and employee benefits\t \t23159\t\t \t \t24084\t\t \nWorkers' compensation\t \t \t3089\t \t \t \t2743\t \nWarranty\t \t \t1871\t \t \t \t1781\t \nFair value of derivatives\t \t \t9102\t \t \t \t9144\t \nOther\t \t \t22066\t \t \t \t22177\t \nTotal\t \t59287\t\t \t \t59929\t\t \n", "q10k_tbl_26": "Effective Date\t \tNotional Amount\t \t \tFixed Interest Rate\t \tMaturity\t \tDecember 31 2020\t \t \tJune 30 2020\t \nMay 24 2017\t \t25000\t \t \t1.88%\t \tApril 24 2022\t \t(592)\t\t \t(815)\t\nAugust 6 2018\t \t25000\t \t \t2.83%\t \tAugust 6 2023\t \t )\t(1812\t \t )\t(2167\nMarch 23 2020\t \t100000\t \t \t0.91%\t \tMarch 23 2025\t \t )\t(2435\t \t )\t(2485\nApril 24 2020\t \t25000\t \t \t0.88%\t \tApril 24 2025\t \t )\t(577\t \t )\t(585\nMay 24 2020\t \t25000\t \t \t0.91%\t \tMarch 24 2025\t \t )\t(603\t \t )\t(615\n \t \t \t \t \t \t \t \t \t(6019)\t\t \t(6667)\t\n", "q10k_tbl_27": "Currency\t \tDecember 31 2020\t\t \t \tJune 30 2020\t\t \nUSD\t \t - \t\t\t \t \t287\t \nEUR\t \t \t5750\t \t \t \t5750\t \nSGD\t \t \t37158\t \t \t \t64696\t \nCAD\t \t \t20600\t \t \t \t20600\t \n", "q10k_tbl_28": " \tLiability Derivatives\t\t\t\t\t\t\t\t\t \n \tDecember 31 2020\t\t\t\t \tJune 30 2020\t\t\t\t \nDerivative designated\tBalance\t \t \t \t \tBalance\t \t \t \t \nas hedging instruments\tSheet\t \t \t \t \tSheet\t \t \t \t \n \tLine Item\t \tFair Value\t\t \tLine Item\t \tFair Value\t\t \nInterest rate swaps\tAccrued Liabilities\t \t6019\t\t \tAccrued Liabilities\t \t6667\t\t \nForeign exchange contracts\tAccrued Liabilities\t \t \t3083\t \tAccrued Liabilities\t \t \t2477\t \n \t \t \t9102\t\t \t \t \t9144\t\t \n", "q10k_tbl_29": " \t \tThree Months Ended\t\t\t\t \t \tSix Months Ended\t\t\t\t \n \t \tDecember 31\t\t\t\t \t \tDecember 31\t\t\t\t \n \t \t2020\t \t \t2019\t \t \t2020\t \t \t2019\t \nInterest rate swaps\t \t(24)\t\t \t(546)\t\t \t(481)\t\t \t(443)\t\nForeign exchange contracts\t \t \t380  \t \t ) (844\t\t \t \t266  \t \t  206\t \n \t \t356\t \t \t(1390)\t\t \t(215)\t\t \t(237)\t\n", "q10k_tbl_30": "Details about Accumulated\t \t \t   \t \t   \t \t \t \t   \t \t   \t \tAffected line item\nOther Comprehensive\t \tThree Months Ended\t\t\t\t \t \tSix Months Ended\t\t\t\t \tin the Unaudited\nIncome (Loss) Components\t \tDecember 31\t\t\t\t \t \tDecember 31\t\t\t\t \tCondensed Statements\n \t \t2020\t \t \t2019\t \t \t2020\t \t \t2019\t \tof Operations\nInterest rate swaps\t \t572\t \t \t59\t \t \t1128\t \t \t29\t \tInterest expense\nForeign exchange contracts\t \t )\t(38\t \t  1123\t \t \t )\t(7\t \t ) (48\t\tOther non-operating income\n \t \t534\t \t \t1182\t \t \t1121\t \t \t(19)\t\t \n", "q10k_tbl_31": " \t \tU.S. Plans\t\t\t\t \t \tNon-U.S. Plans\t\t\t\t \n \t \tThree Months Ended\t\t\t\t \t \tThree Months Ended\t\t\t\t \n \t \tDecember 31\t\t\t\t \t \tDecember 31\t\t\t\t \n \t \t2020\t \t \t2019\t \t \t2020\t \t \t2019\t \nService cost\t \t1\t \t \t1\t \t \t55\t \t \t10\t \nInterest cost\t \t \t1860  \t \t  2271\t \t \t \t178  \t \t  213\t \nExpected return on plan assets\t \t )\t(3253\t \t ) (3288\t\t \t )\t(155\t \t ) (221\t\nRecognized net actuarial loss\t \t \t1483  \t \t  1275\t \t \t \t186  \t \t  165\t \nAmortization of prior service cost\t \t - \t\t \t - \t\t \t )\t(1\t \t - \t\nNet periodic benefit cost\t \t91\t \t \t259\t \t \t263\t \t \t167\t \n", "q10k_tbl_32": " \t \tU.S. Plans\t\t\t\t \t \tNon-U.S. Plans\t\t\t\t \n \t \tSix Months Ended\t\t\t\t \t \tSix Months Ended\t\t\t\t \n \t \tDecember 31\t\t\t\t \t \tDecember 31\t\t\t\t \n \t \t2020\t \t \t2019\t \t \t2020\t \t \t2019\t \nService cost\t \t2\t \t \t2\t \t \t110\t \t \t20\t \nInterest cost\t \t \t3720  \t \t  4542\t \t \t \t354  \t \t  418\t \nExpected return on plan assets\t \t )\t(6506\t \t ) (6575\t\t \t )\t(307\t \t ) (432\t\nRecognized net actuarial loss\t \t \t2967  \t \t  2551\t \t \t \t369  \t \t  323\t \nAmortization of prior service cost\t \t - \t\t \t - \t\t \t )\t(2\t \t - \t\nNet periodic benefit cost\t \t183\t \t \t520\t \t \t524\t \t \t329\t \n", "q10k_tbl_33": "Amounts recognized in the consolidated balance sheets consist of:\t \tDecember 31 2020\t \t \tJune 30 2020\t \nPrepaid benefit cost\t \t5130\t \t \t4663\t \nCurrent liabilities\t \t )\t(536\t \t )\t(503\nNon-current liabilities\t \t )\t(70080\t \t )\t(77172\nNet amount recognized\t \t(65486)\t\t \t(73012)\t\n", "q10k_tbl_34": " \t \tFiscal Year 2021\t\t\t\t \t \tFiscal Year 2020\t\t\t\t \t \tRemaining\t\t \n \t \tThree Months Ended\t \t \tSix Months Ended\t \t \tThree Months Ended\t \t \tSix Months Ended\t \t \tContributions\t\t \nContributions to defined benefit plans\t \tDecember 31 2020\t \t \tDecember 31 2020\t \t \tDecember 31 2019\t \t \tDecember 31 2019\t \t \tFY 2021\t\t \nUnited States funded plan\t \t4776\t \t \t4776\t \t \t1468\t \t \t1468\t \t \t4748\t\t \nUnited States unfunded plan\t \t \t52  \t \t  104\t \t \t \t58  \t \t \t114  \t \t \t107\t \nUnited Kingdom\t \t - \t\t \t - \t\t \t \t193  \t \t \t377  \t \t - \t\t\nGermany unfunded plan\t \t - \t\t \t - \t\t \t - \t\t \t - \t\t \t \t297\t \nIreland\t \t - \t\t \t - \t\t \t - \t\t \t - \t\t \t \t70\t \n \t \t4828\t \t \t4880\t \t \t1719\t \t \t1959\t \t \t5222\t\t \n", "q10k_tbl_35": " \t \tThree Months Ended\t\t\t\t\t\t \t \tSix Months Ended\t\t\t\t\t\t \n \t \tDecember 31\t\t\t\t\t\t \t \tDecember 31\t\t\t\t\t\t \n \t \t2020\t\t \t \t2019\t\t \t \t2020\t\t \t \t2019\t\t \nBasic - Average shares outstanding\t \t \t12195\t \t \t \t12376\t \t \t \t12213\t \t \t \t12359\t \nDilutive effect of unvested restricted stock awards\t \t \t75\t \t \t \t79\t \t \t \t64\t \t \t \t68\t \nDiluted - Average shares outstanding\t \t \t12270\t \t \t \t12455\t \t \t \t12277\t \t \t \t12427\t \n", "q10k_tbl_36": " \t \tDecember 31 2020\t \t \tJune 30 2020\t \nForeign currency translation adjustment\t \t(10445)\t\t \t(31046)\t\nUnrealized pension losses net of tax\t \t )\t(107718\t \t )\t(109880\nUnrealized losses on derivative instruments net of tax\t \t )\t(5986\t \t )\t(6733\nTotal\t \t(124149)\t\t \t(147659)\t\n", "q10k_tbl_37": " \t•\tElectronics – manufacturing and selling of electronic components for applications throughout the end-user market spectrum;\n \t•\tEngraving – provides mold texturizing slush molding tools project management and design services roll engraving hygiene product tooling low observation vents for stealth aircraft and process machinery for a number of industries; \n \t•\tScientific – specialty temperature-controlled equipment for the medical scientific pharmaceutical biotech and industrial markets; \n \t•\tEngineering Technologies – provides net and near net formed single-source customized solutions in the manufacture of engineered components for the aviation aerospace defense energy industrial medical marine oil and gas and manned and unmanned space markets; \n \t•\tSpecialty Solutions – an aggregation of three operating segments that manufacture and sell refrigerated heated and dry merchandizing display cases custom fluid pump solutions and single and double acting telescopic and piston rod hydraulic cylinders. \n", "q10k_tbl_38": " \t \tThree Months Ended December 31\t\t\t\t\t\t\t\t\t\t\t\t\t\t \n \t \tNet Sales\t\t\t\t\t\t \t \tIncome from Operations\t\t\t\t\t\t \n \t \t2020\t\t \t \t2019\t\t \t \t2020\t\t \t \t2019\t\t \nSegment:\t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \nElectronics\t \t60156\t\t \t \t45834\t\t \t \t9962\t\t \t \t7776\t\t \nEngraving\t \t \t37950\t \t \t \t38256\t \t \t \t6501\t \t \t \t6916\t \nScientific\t \t \t17893\t \t \t \t15414\t \t \t \t4234\t \t \t \t4056\t \nEngineering Technologies\t \t \t17507\t \t \t \t26495\t \t \t \t1363\t \t \t \t3422\t \nSpecialty Solutions\t \t \t22777\t \t \t \t27698\t \t \t \t3211\t \t \t \t4341\t \nCorporate\t \t - \t\t\t \t - \t\t\t \t )\t(7454\t\t \t )\t(7379\t\nRestructuring costs\t \t - \t\t\t \t - \t\t\t \t )\t(509\t\t \t )\t(720\t\nAcquisition-related costs\t \t - \t\t\t \t - \t\t\t \t )\t(570\t\t \t )\t(773\t\nSub-total\t \t156283\t\t \t \t153697\t\t \t \t16738\t\t \t \t17639\t\t \nInterest expense\t \t \t \t \t \t \t \t \t \t \t1601\t \t \t \t1928\t \nOther non-operating (income) expense\t \t \t \t \t \t \t \t \t \t )\t(60\t\t \t \t588\t \nIncome from continuing operations before income taxes\t \t \t \t \t \t \t \t \t \t15197\t\t \t \t15123\t\t \n", "q10k_tbl_39": " \t \tSix Months Ended December 31\t\t\t\t\t\t\t\t\t\t\t\t\t\t \n \t \tNet Sales\t\t\t\t\t\t \t \tIncome from Operations\t\t\t\t\t\t \n \t \t2020\t\t \t \t2019\t\t \t \t2020\t\t \t \t2019\t\t \nSegment:\t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \nElectronics\t \t115427\t\t \t \t92452\t\t \t \t18497\t\t \t \t15875\t\t \nEngraving\t \t \t74351\t \t \t \t76687\t \t \t \t12374\t \t \t \t13454\t \nScientific\t \t \t34556\t \t \t \t30164\t \t \t \t8310\t \t \t \t7761\t \nEngineering Technologies\t \t \t35140\t \t \t \t51139\t \t \t \t1831\t \t \t \t6781\t \nSpecialty Solutions\t \t \t48095\t \t \t \t59227\t \t \t \t7117\t \t \t \t9990\t \nCorporate\t \t - \t\t\t \t - \t\t\t \t )\t(14445\t\t \t )\t(16664\t\nRestructuring costs\t \t - \t\t\t \t - \t\t\t \t )\t(1996\t\t \t )\t(2199\t\nAcquisition-related costs\t \t - \t\t\t \t - \t\t\t \t )\t(596\t\t \t )\t(1507\t\nSub-total\t \t307569\t\t \t \t309669\t\t \t \t31092\t\t \t \t33491\t\t \nInterest expense\t \t \t \t \t \t \t \t \t \t \t3086\t \t \t \t4050\t \nOther non-operating (income) expense\t \t \t \t \t \t \t \t \t \t )\t(231\t\t \t )\t(331\t\nIncome from continuing operations before income taxes\t \t \t \t \t \t \t \t \t \t28237\t\t \t \t29772\t\t \n", "q10k_tbl_40": " \t \tThree Months Ended\t\t\t\t\t\t\t \t \tSix Months Ended\t\t\t\t\t\t\t \n \t \tDecember 31 2020\t\t\t\t\t\t\t \t \tDecember 31 2020\t\t\t\t\t\t\t \nFiscal 2021\t \tInvoluntary Employee Severance and Benefit Costs\t \t \tOther\t \t \tTotal\t \t \tInvoluntary Employee Severance and Benefit Costs\t \t \tOther\t \t \tTotal\t \nCurrent year initiatives\t \t222\t \t \t201\t \t \t423\t \t \t463\t \t \t362\t \t \t825\t \nPrior year initiatives\t \t \t82  \t \t  4\t \t \t  86\t \t \t \t894  \t \t  277\t \t \t  1171\t \n \t \t304\t \t \t205\t \t \t509\t \t \t1357\t \t \t639\t \t \t1996\t \n", "q10k_tbl_41": " \t \tThree Months Ended\t\t\t\t\t\t \t \tSix Months Ended\t\t\t\t\t\t\t \n \t \tDecember 31 2019\t\t\t\t\t\t \t \tDecember 31 2019\t\t\t\t\t\t\t \nFiscal 2020\t \tInvoluntary Employee Severance and Benefit Costs\t \t \tOther\t   \tTotal\t \t \tInvoluntary Employee Severance and Benefit Costs\t \t \tOther\t \t \tTotal\t \nCurrent year initiatives\t \t795\t \t \t(134)\t \t661\t \t \t1795\t \t \t345\t \t \t2140\t \nPrior year initiatives\t \t - \t\t \t  59\t   \t  59\t \t \t - \t\t \t  59\t \t \t  59\t \n \t \t795\t \t \t(75)\t \t720\t \t \t1795\t \t \t404\t \t \t2199\t \n", "q10k_tbl_42": "Current Year Initiatives\t \tInvoluntary Employee Severance and Benefit Costs\t\t \t \tOther\t\t \t \tTotal\t\t \nRestructuring liabilities at June 30 2020\t \t0\t\t \t \t0\t\t \t \t0\t\t \nAdditions and adjustments\t \t \t463\t \t \t \t362\t \t \t \t825\t \nPayments\t \t )\t(463\t\t \t )\t(362\t\t \t )\t(825\t\nRestructuring liabilities at December 31 2020\t \t0\t\t \t \t0\t\t \t \t0\t\t \n", "q10k_tbl_43": "Prior Year Initiatives\t \tInvoluntary Employee Severance and Benefit Costs\t\t \t \tOther\t\t \t \tTotal\t\t \nRestructuring liabilities at June 30 2020\t \t520\t\t \t \t18\t\t \t \t538\t\t \nAdditions and adjustments\t \t \t893\t \t \t \t278\t \t \t \t1171\t \nPayments\t \t )\t(1367\t\t \t )\t(296\t\t \t )\t(1663\t\nRestructuring liabilities at December 31 2020\t \t46\t\t \t \t0\t\t \t \t46\t\t \n", "q10k_tbl_44": " \t \tThree Months Ended\t\t\t\t\t\t\t\t \t \tSix Months Ended\t\t\t\t\t\t\t\t\t \n \t \tDecember 31 2020\t\t\t\t\t\t\t\t \t \tDecember 31 2020\t\t\t\t\t\t\t\t\t \n \t \tInvoluntary Employee Severance and Benefit Costs\t \t \tOther\t \t \tTotal\t\t \t \tInvoluntary Employee Severance and Benefit Costs\t\t \t \tOther\t \t \tTotal\t\t \nElectronics\t \t82\t \t \t0\t \t \t82\t\t \t \t251\t\t \t \t5\t \t \t256\t\t \nEngraving\t \t \t190  \t \t  201\t \t \t \t391\t \t \t \t280\t \t \t  348\t \t \t \t628\t \nEngineering Technologies\t \t \t2  \t \t - \t\t \t \t2\t \t \t \t37\t \t \t - \t\t \t \t37\t \nSpecialty Solutions\t \t - \t\t \t  4\t \t \t \t4\t \t \t \t673\t \t \t  286\t \t \t \t959\t \nCorporate\t \t \t30  \t \t - \t\t \t \t30\t \t \t \t116\t \t \t - \t\t \t \t116\t \n \t \t304\t \t \t205\t \t \t509\t\t \t \t1357\t\t \t \t639\t \t \t1996\t\t \n", "q10k_tbl_45": " \t \tThree Months Ended\t\t\t\t\t\t\t \t \tSix Months Ended\t\t\t\t\t\t\t\t \n \t \tDecember 31 2019\t\t\t\t\t\t\t \t \tDecember 31 2019\t\t\t\t\t\t\t\t \n \t \tInvoluntary Employee Severance and Benefit Costs\t \t \tOther\t   \tTotal\t\t \t \tInvoluntary Employee Severance and Benefit Costs\t \t \tOther\t \t \tTotal\t\t \nElectronics\t \t0\t \t \t59\t   \t59\t\t \t \t0\t \t \t59\t \t \t59\t\t \nEngraving\t \t \t572  \t \t ) (134\t \t \t438\t \t \t \t1132  \t \t  345\t \t \t \t1477\t \nEngineering Technologies\t \t - \t\t \t - \t \t - \t\t\t \t - \t\t \t - \t\t \t - \t\t\nSpecialty Solutions\t \t \t150  \t \t - \t \t \t150\t \t \t \t241  \t \t - \t\t \t \t241\t \nCorporate\t \t \t73  \t \t - \t \t \t73\t \t \t \t422  \t \t - \t\t \t \t422\t \n \t \t795\t \t \t(75)\t \t720\t\t \t \t1795\t \t \t404\t \t \t2199\t\t \n", "q10k_tbl_46": " \t \tThree Months Ended\t\t\t\t \t \tSix Months Ended\t\t\t\t \n \t \tDecember 31\t\t\t\t \t \tDecember 31\t\t\t\t \n(In thousands except percentages)\t \t2020\t \t \t2019\t \t \t2020\t \t \t2019\t \nNet sales\t \t156283\t \t \t153697\t \t \t307569\t \t \t309669\t \nGross profit margin\t \t %\t37.1\t \t % 37.6\t\t \t %\t36.7\t \t % 37.5\t\nIncome from operations\t \t \t16738  \t \t  17639\t \t \t \t31092  \t \t  33491\t \n", "q10k_tbl_47": " \t \tThree Months Ended\t\t \t \tSix Months Ended\t\t \n(In thousands)\t \tDecember 31 2020\t\t \t \tDecember 31 2020\t\t \nNet sales prior year period\t \t153697\t\t \t \t309669\t\t \nComponents of change in sales:\t \t \t \t \t \t \t \t \nOrganic sales change\t \t )\t(6524\t\t \t )\t(19326\t\nEffect of acquisitions\t \t \t6017\t \t \t \t11913\t \nEffect of exchange rates\t \t \t3093\t \t \t \t5313\t \nNet sales current period\t \t156283\t\t \t \t307569\t\t \n", "q10k_tbl_48": " \t \tAs of December 31 2020\t\t\t\t\t\t \t \tAs of December 31 2019\t\t\t\t\t\t \n \t \tTotal Backlog\t\t \t \tBacklog under 1 year\t\t \t \tTotal Backlog\t\t \t \tBacklog under 1 year\t\t \nElectronics\t \t77243\t\t \t \t76190\t\t \t \t52341\t\t \t \t52257\t\t \nEngraving\t \t \t23194\t \t \t \t15710\t \t \t \t21722\t \t \t \t19372\t \nScientific\t \t \t9849\t \t \t \t9849\t \t \t \t3534\t \t \t \t3534\t \nEngineering Technologies\t \t \t87984\t \t \t \t56495\t \t \t \t117082\t \t \t \t93802\t \nSpecialty Solutions\t \t \t17746\t \t \t \t14262\t \t \t \t17419\t \t \t \t14716\t \nTotal\t \t216016\t\t \t \t172506\t\t \t \t212098\t\t \t \t183681\t\t \n", "q10k_tbl_49": " \t \tThree Months Ended\t\t\t\t \t \t \t \t \t \tSix Months Ended\t\t\t\t \t \t \t \t \n \t \tDecember 31\t\t\t\t %\t \t\t\t \t \tDecember 31\t\t\t\t %\t \t\t\t \n(In thousands except percentages)\t \t2020\t \t \t2019\t \t \tChange\t\t \t \t2020\t \t \t2019\t \t \tChange\t\t \nNet sales\t \t60156\t \t \t45834\t \t \t %\t31.2\t\t \t115427\t \t \t92452\t \t \t %\t24.9\t\nIncome from operations\t \t \t9962  \t \t  7776\t \t \t %\t28.1\t\t \t \t18497  \t \t  15875\t \t \t %\t16.5\t\nOperating income margin\t \t %\t16.6\t \t % 17.0\t\t \t \t \t \t \t %\t16.0\t \t % 17.2\t\t \t \t \t \n", "q10k_tbl_50": " \t \tThree Months Ended\t\t\t\t \t \t \t \t \t \tSix Months Ended\t\t\t\t \t \t \t \t \n \t \tDecember 31\t\t\t\t %\t \t\t\t \t \tDecember 31\t\t\t\t \t \t %\t\t\n(In thousands except percentages)\t \t2020\t \t \t2019\t \t \tChange\t\t \t \t2020\t \t \t2019\t \t \tChange\t\t \nNet sales\t \t37950\t \t \t38256\t \t \t \t(0.8\t%)\t \t74351\t \t \t76687\t \t \t \t(3.0\t%)\nIncome from operations\t \t \t6501  \t \t  6916\t \t \t \t(6.0\t%)\t \t \t12374  \t \t  13454\t \t \t \t(8.0\t%)\nOperating income margin\t \t %\t17.1\t \t % 18.1\t\t \t \t \t \t \t %\t16.6\t \t % 17.5\t\t \t \t \t \n", "q10k_tbl_51": " \t \tThree Months Ended\t\t\t\t \t \t \t \t \t \tSix Months Ended\t\t\t\t \t \t \t \t \n \t \tDecember 31\t\t\t\t %\t \t\t\t \t \tDecember 31\t\t\t\t %\t \t\t\t \n(In thousands except percentages)\t \t2020\t \t \t2019\t \t \tChange\t\t \t \t2020\t \t \t2019\t \t \tChange\t\t \nNet sales\t \t17893\t \t \t15414\t \t \t %\t16.1\t\t \t34556\t \t \t30164\t \t \t %\t14.6\t\nIncome from operations\t \t \t4234  \t \t  4056\t \t \t %\t4.4\t\t \t \t8310  \t \t  7761\t \t \t %\t7.1\t\nOperating income margin\t \t %\t23.7\t \t % 26.3\t\t \t \t \t \t \t %\t24.0\t \t % 25.7\t\t \t \t \t \n", "q10k_tbl_52": " \t \tThree Months Ended\t\t\t\t \t \t \t \t \t \tSix Months Ended\t\t\t\t \t \t \t \t \n \t \tDecember 31\t\t\t\t %\t \t\t\t \t \tDecember 31\t\t\t\t %\t \t\t\t \n(In thousands except percentages)\t \t2020\t \t \t2019\t \t \tChange\t\t \t \t2020\t \t \t2019\t \t \tChange\t\t \nNet sales\t \t17507\t \t \t26495\t \t \t \t(33.9\t%)\t \t35140\t \t \t51319\t \t \t \t(31.5\t%)\nIncome from operations\t \t \t1363  \t \t  3422\t \t \t \t(60.2\t%)\t \t \t1831  \t \t  6781\t \t \t \t(73.0\t%)\nOperating income margin\t \t %\t7.8\t \t % 12.9\t\t \t \t \t \t \t %\t5.2\t \t % 13.3\t\t \t \t \t \n", "q10k_tbl_53": " \t \tThree Months Ended\t\t\t\t \t \t \t \t \t \tSix Months Ended\t\t\t\t \t \t \t \t \n \t \tDecember 31\t\t\t\t %\t \t\t\t \t \tDecember 31\t\t\t\t %\t \t\t\t \n(In thousands except percentages)\t \t2020\t \t \t2019\t \t \tChange\t\t \t \t2020\t \t \t2019\t \t \tChange\t\t \nNet sales\t \t22777\t \t \t27698\t \t \t \t(17.8\t%)\t \t48095\t \t \t59227\t \t \t \t(18.8\t%)\nIncome from operations\t \t \t3211  \t \t  4341\t \t \t \t(26.0\t%)\t \t \t7117  \t \t  9990\t \t \t \t(28.8\t%)\nOperating income margin\t \t %\t14.1\t \t % 15.7\t\t \t \t \t \t \t %\t14.8\t \t % 16.9\t\t \t \t \t \n", "q10k_tbl_54": " \t \tThree Months Ended\t\t\t\t \t \t \t \t \t \tSix Months Ended\t\t\t\t \t \t \t \t \n \t \tDecember 31\t\t\t\t %\t \t\t\t \t \tDecember 31\t\t\t\t %\t \t\t\t \n(In thousands except percentages)\t \t2020\t \t \t2019\t \t \tChange\t\t \t \t2020\t \t \t2019\t \t \tChange\t\t \nIncome (loss) from operations:\t \t \t   \t \t \t   \t \t \t \t \t \t \t   \t \t \t   \t \t \t \t \nCorporate\t \t(7454)\t\t \t(7379)\t\t \t %\t1.0\t\t \t(14445)\t\t \t(16664)\t\t \t \t(13.3\t%)\nAcquisition-related costs\t \t )\t(570\t \t )\t(773\t \t \t(26.3\t%)\t \t )\t(596\t \t )\t(1507\t \t \t(60.5\t%)\nRestructuring\t \t )\t(509\t \t )\t(720\t \t \t(29.3\t%)\t \t )\t(1996\t \t )\t(2199\t \t \t(9.2\t%)\n", "q10k_tbl_55": " \t \tThree Months Ended December 31\t\t\t\t \t \tSix Months Ended December 31\t\t\t\t\t \n \t \t2020\t \t \t2019\t \t \t2020\t \t \t2019\t\t \nNet Sales\t \t0\t \t \t36888\t \t \t0\t \t \t77354\t\t \n \t \t \t   \t \t \t   \t \t \t   \t \t \t \t \nProfit (loss) Before Taxes\t \t(847)\t\t \t(80)\t\t \t(1673)\t\t \t2532\t\t \nBenefit (Provision) for Taxes\t \t \t216  \t \t \t26  \t \t \t415  \t \t )\t(719\t\nNet income (loss) from Discontinued Operations\t \t(631)\t\t \t(54)\t\t \t(1258)\t\t \t1813\t\t \n", "q10k_tbl_56": "(In thousands)\t \tDecember 31 2020\t\t \t \tJune 30 2020\t\t \nLong-term debt\t \t200032\t\t \t \t199150\t\t \nLess cash and cash equivalents\t \t )\t(109110\t\t \t )\t(118809\t\nNet debt\t \t \t90922\t \t \t \t80341\t \nStockholders' equity\t \t \t498190\t \t \t \t461632\t \nTotal capitalization\t \t589112\t\t \t \t541973\t\t \n", "q10k_tbl_57": "Period\t \t(a) Total number of shares (or units) purchased\t\t \t \t(b) Average price paid per share (or unit)\t\t \t \t(c) Total number of shares (or units) purchased as part of publicly announced plans or programs\t\t \t \t(d) Maximum number (or appropriate dollar value) of shares (or units) that may yet be purchased under the plans or programs\t\t \nOctober 1 - October 31 2020\t \t \t315\t \t \t59.68\t\t \t \t \t315\t \t \t38114323\t\t \n \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \nNovember 1 - November 30 2020\t \t \t36298\t \t \t67.89\t\t \t \t \t36298\t \t \t \t35649908\t \n \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \nDecember 1 - December 31 2020\t \t - \t\t\t \t0\t\t \t \t - \t\t\t \t \t35649908\t \n \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \t \nTotal\t \t \t36613\t \t \t67.31\t\t \t \t \t36613\t \t \t35649908\t\t \n", "q10k_tbl_58": " \t3.1\tBy-Laws of Standex as amended and restated effective February 2 2021\n \t31.1\tPrincipal Executive Officer’s Certification Pursuant to Rule 13a-14(a)/15d-14(a) and Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\n \t31.2\tPrincipal Financial Officer’s Certification Pursuant to Rule 13a-14(a)/15d-14(a) and Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\n \t32\tPrincipal Executive Officer and Principal Financial Officer Certifications Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\n \t101\tThe following materials from this Quarterly Report on Form 10-Q formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Condensed Consolidated Balance Sheets (ii) Condensed Consolidated Statements of Operations (iii) Condensed Consolidated Statements of Comprehensive Income (iv) Condensed Consolidated Statements of Cash Flows and (v) Notes to Unaudited Condensed Consolidated Financial Statements.\n \t104\tCover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).\n", "q10k_tbl_59": " \t\t \n \t \tSTANDEX INTERNATIONAL CORPORATION\n \t \t \nDate:\tFebruary 5 2021\t/s/ ADEMIR SARCEVIC\n \t \tAdemir Sarcevic\n \t \tVice President/Chief Financial Officer\n \t \t(Principal Financial & Accounting Officer)\n \t \t \nDate:\tFebruary 5 2021\t/s/  SEAN C. VALASHINAS\n \t \tSean C. Valashinas\n \t \tVice President/Chief Accounting Officer/Assistant Treasurer\n"}{"bs": "q10k_tbl_2", "is": "q10k_tbl_3", "cf": "q10k_tbl_7"}None
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Africa.The fair value of our contingent consideration arrangement is determined based on our evaluation as to the probability and amount of any deferred compensation that has been earned to 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2020
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-7233
STANDEX INTERNATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Delaware
31-0596149
(State of incorporation)
(IRS Employer Identification No.)
23 KEEWAYDIN DRIVE, Salem, New Hampshire
03079
(Address of principal executive offices)
(Zip Code)
(603) 893-9701
(Registrant’s telephone number, including area code)
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
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate 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. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES☐ NO ☒
The number of shares of Registrant's Common Stock outstanding on February 4, 2021 was 12,356,728.
1
STANDEX INTERNATIONAL CORPORATION
INDEX
Page No.
PART I. FINANCIAL INFORMATION:
Item 1.
Condensed Consolidated Balance Sheets as of December 31, 2020 and June 30, 2020 (unaudited)
Accounts receivable, less allowance for credit losses of $1,976 and $1,451 at December 31, 2020 and June 30, 2020, respectively
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, and 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
Commitments and Contingencies (Note 16)
-
-
Stockholders' equity:
Common stock, par value $1.50 per share, 60,000,000 shares authorized, 27,984,278 issued, 12,181,112 and 12,235,786 outstanding at December 31, 2020 and June 30, 2020
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: 15,803,166 shares at December 31, 2020 and 15,748,492 shares at June 30, 2020
(339,223
)
(333,093
)
Total stockholders' equity
498,190
461,632
Total liabilities and stockholders' equity
$
958,657
$
930,878
See notes to unaudited condensed consolidated financial statements
3
STANDEX INTERNATIONAL CORPORATION
Unaudited Condensed Consolidated Statements of Operations
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
Total operating expenses
41,278
40,157
81,661
82,532
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
)
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 income taxes
(631
)
(54
)
(1,258
)
1,813
Net income
$
11,377
$
12,238
$
21,094
$
24,676
Basic earnings (loss) per share:
Continuing operations
$
0.98
$
0.99
$
1.83
$
1.85
Discontinued operations
(0.05
)
-
(0.10
)
0.15
Total
$
0.93
$
0.99
$
1.73
$
2.00
Diluted earnings (loss) per share:
Continuing operations
$
0.98
$
0.99
$
1.82
$
1.84
Discontinued operations
(0.05
)
-
(0.10
)
0.15
Total
$
0.93
$
0.99
$
1.72
$
1.99
Weighted average number of shares:
Basic
12,195
12,376
12,213
12,359
Diluted
12,270
12,455
12,277
12,427
See notes to unaudited condensed consolidated financial statements
4
STANDEX INTERNATIONAL CORPORATION
Unaudited Condensed Consolidated Statements of Comprehensive Income
Three Months Ended
Six Months Ended
December 31,
December 31,
(In thousands)
2020
2019
2020
2019
Net income
$
11,377
$
12,238
$
21,094
$
24,676
Other comprehensive income (loss):
Defined benefit pension plans:
Actuarial gains (losses) and other changes in unrecognized costs
$
(258
)
$
(354
)
$
(473
)
$
(6
)
Amortization of unrecognized costs
1,669
1,440
3,335
2,874
Derivative instruments:
Change in unrealized gains (losses)
356
(1,390
)
(215
)
(237
)
Amortization of unrealized gains (losses) into interest expense
534
1,182
1,121
(19
)
Foreign currency translation gains (losses)
11,082
4,425
20,601
(1,170
)
Other comprehensive income (loss) before tax
$
13,383
$
5,303
$
24,369
$
1,442
Income tax provision (benefit):
Defined benefit pension plans:
Actuarial gains (losses) and other changes in unrecognized costs
$
54
$
70
$
100
$
23
Amortization of unrecognized costs
(400
)
(348
)
(800
)
(693
)
Derivative instruments:
Change in unrealized gains (losses)
5
134
118
109
Amortization of unrealized gains (losses) into interest expense
(140
)
(14
)
(277
)
(7
)
Income tax provision (benefit) to other comprehensive income (loss)
$
(481
)
$
(158
)
$
(859
)
$
(568
)
Other comprehensive income (loss), net of tax
12,902
5,145
23,510
874
Comprehensive income (loss)
$
24,279
$
17,383
$
44,604
$
25,550
See notes to unaudited condensed consolidated financial statements
5
Unaudited Consolidated Statements of Stockholders' Equity
Standex International Corporation and Subsidiaries
Accumulated Other
Additional
Comprehensive
Total
For the Six month period ended December 31, 2020
Common
Paid-in
Retained
Income
Treasury Stock
Stockholders’
(in thousands, except as specified)
Stock
Capital
Earnings
(Loss)
Shares
Amount
Equity
Balance, June 30, 2020
$
41,976
$
72,752
$
827,656
$
(147,659
)
15,748
$
(333,093
)
$
461,632
Stock issued under incentive compensation plans and employee purchase plans
-
(492
)
-
-
(69
)
1,463
971
Stock-based compensation
-
4,288
-
-
-
-
4,288
Treasury stock acquired
-
-
-
-
124
(7,593
)
(7,593
)
Comprehensive income:
Net income
-
-
21,094
-
-
-
21,094
Foreign currency translation adjustment
-
-
-
20,601
-
-
20,601
Pension, net of tax of $0.7 million
-
-
-
2,162
-
-
2,162
Change in fair value of derivatives, net of tax of $0.2 million
-
-
-
747
-
-
747
Dividends declared ($0.46 per share)
-
-
(5,712
)
-
-
-
(5,712
)
Balance, December 31, 2020
$
41,976
$
76,548
$
843,038
$
(124,149
)
15,803
$
(339,223
)
$
498,190
For the Six month period ended December 31, 2019
(in thousands, except as specified)
Balance, June 30, 2019
$
41,976
$
65,515
$
818,282
$
(137,278
)
15,650
$
(324,182
)
$
464,313
Stock issued under incentive compensation plans and employee purchase plans
-
(129
)
-
-
(61
)
1,256
1,127
Stock-based compensation
-
4,820
-
-
-
-
4,820
Treasury stock acquired
-
-
-
-
13
(946
)
(946
)
Comprehensive income:
-
Net income
-
-
24,676
-
-
-
24,676
Foreign currency translation adjustment
-
-
-
(1,170
)
-
-
(1,170
)
Pension, net of tax of $0.7 million
-
-
-
2,198
-
-
2,198
Change in fair value of derivatives, net of tax of $0.3 million
-
-
-
(154
)
-
-
(154
)
Dividends declared ($0.42 per share)
-
-
(5,260
)
-
-
-
(5,260
)
Balance, December 31, 2019
$
41,976
$
70,206
$
837,698
$
(136,404
)
15,602
$
(323,872
)
$
489,604
6
Unaudited Consolidated Statements of Stockholders' Equity
Standex International Corporation and Subsidiaries
Accumulated Other
Additional
Comprehensive
Total
For the Three month period ended December 31, 2020
Common
Paid-in
Retained
Income
Treasury Stock
Stockholders’
(in thousands, except as specified)
Stock
Capital
Earnings
(Loss)
Shares
Amount
Equity
Balance, September 30, 2020
$
41,976
$
74,035
$
834,645
$
(137,051
)
15,780
$
(337,037
)
$
476,568
Stock issued under incentive compensation plans and employee purchase plans
-
(20
)
-
-
(14
)
297
277
Stock-based compensation
-
2,533
-
-
-
-
2,533
Treasury stock acquired
-
-
-
-
37
(2,483
)
(2,483
)
Comprehensive income:
Net income
-
-
11,377
-
-
-
11,377
Foreign currency translation adjustment
-
-
-
11,082
-
-
11,082
Pension, net of tax of $0.3 million
-
-
-
1,064
-
-
1,064
Change in fair value of derivatives, net of tax of $0.1 million
-
-
-
756
-
-
756
Dividends declared ($0.24 per share)
-
-
(2,984
)
-
-
-
(2,984
)
Balance, December 31, 2020
$
41,976
$
76,548
$
843,038
$
(124,149
)
15,803
$
(339,223
)
$
498,190
For the Three month period ended December 31, 2019
(in thousands, except as specified)
Balance, September 30, 2019
$
41,976
$
68,196
$
828,226
$
(141,549
)
15,611
$
(323,928
)
$
472,921
Stock issued under incentive compensation plans and employee purchase plans
-
(52
)
-
-
(11
)
231
179
Stock-based compensation
-
2,062
-
-
-
-
2,062
Treasury stock acquired
-
-
-
-
2
(175
)
(175
)
Comprehensive income:
Net income
-
-
12,238
-
-
-
12,238
Foreign currency translation adjustment
-
-
-
4,425
-
-
4,425
Pension, net of tax of $0.3 million
-
-
-
808
-
-
808
Change in fair value of derivatives, net of tax of $0.3 million
-
-
-
(88
)
-
-
(88
)
Dividends declared ($0.22 per share)
-
-
(2,766
)
-
-
-
(2,766
)
Balance, December 31, 2019
$
41,976
$
70,206
$
837,698
$
(136,404
)
15,602
$
(323,872
)
$
489,604
7
STANDEX INTERNATIONAL CORPORATION
Unaudited Condensed Consolidated Statements of Cash Flows
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 (used in) 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 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 activity
275
2,020
Net cash provided by (used in) investing activities - continuing operations
(37,268
)
(8,356
)
Net cash provided by (used in) investing activities - discontinued operations
-
9,683
Net cash provided by (used in) investing activities
(37,268
)
1,327
Cash flows from financing activities
Borrowings on revolving credit facility
17,000
34,700
Payments of revolving credit facility
(17,000
)
(45,500
)
Contingent consideration payment
-
(872
)
Activity under share-based payment plans
971
1,127
Purchases 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 and cash equivalents